3Q17 Summary of M&A and Investment Activity in the Marketing, Media, and Technology Industries: 860 Transactions Totaling a Reported $43.

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1 ` 3Q17 Summary of M&A and Investment Activity in the : 860 Totaling a $43.6 Billion Digital Media/Commerce was the Most Active Segment with 338, Followed by Marketing Technology with 270 ; Digital Media/Commerce was the Highest Value Segment with $21.8 Billion in Deal Value During 3Q17, Petsky Prunier tracked 860 M&A and investment transactions for a total of $43.6 billion across five broad segments: Digital Media/Commerce, Digital Advertising, Marketing Technology, Agency & Marketing Services, and Traditional Media. Digital Media/Commerce and Marketing Technology were the most active segments with 338 and 270 transactions, respectively, while Digital Media/Commerce was the highest reported value segment totaling $21.8 billion. 3Q16 3Q17 M&A and Investment Activity $ in Billions 3Q17 M&A and Investment Activity $ in Millions DOLLAR VALUE $49.5 $54.9 Tribune / Sinclair $58.5 Scripps Networks / Discovery Commun. Digital Advertising $3,777 Digital Media / Commerce $21,764 $34.7 $23.0 DEAL VOLUME Q16 4Q16 1Q17 2Q17 3Q17 Marketing Technology $8,038 Agency & Marketing Services $2,031 Traditional Media $7,984 * valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for 2Q17 for Traditional Media does not include Sinclair Broadcast Group s pending $6.6 billion TEV acquisition of Tribune Media, including cash, stock, and net debt. The aggregate total for 3Q17 does not include Discovery Communications pending $14.9 billion TEV acquisition of Scripps Networks, including cash, stock, and net debt. Page 1

2 M&A Activity Acquisitions accounted for 47 percent of total transactions and 57 percent of reported value in 3Q17. Excluding Discovery Communications pending $14.9 billion acquisition of Scripps Networks, Digital Media/Commerce was the most valuable M&A segment with 94 transactions, of which 24 were reported for $8.1 billion in value. The most active subsegment was ecommerce with 40 acquisitions. in the segment announced during 3Q17 included: Liberty Media s $2.7 billion pending acquisition of HSN in a transaction that will see the company combined with Liberty owned QVC Direct to consumer mattress company Purple s sale to SPAC Global Partner Acquisition Corp. in a transaction valuing the company at $1.1 billion The acquisition of apartment marketplace ForRent.com by CoStar Group owned Dominion Enterprises for a reported $385 million The $328 million acquisition of online jewelry retailer R2Net by Signet GrubHub s acquisition of Yelp s Eat24 delivery service for $287.5 million Marketing Technology was the most active M&A segment with 108 transactions, of which 25 were reported for $5.1 billion in value. Compared with 2Q17, reported acquisition activity within the segment was up 11 percent, while volume was up 79 percent in the third quarter. CRM was the most active subsegment throughout 3Q17 with 18 acquisitions, a 50 percent increase in volume from the second quarter of the year. in the segment announced during 3Q17 included: The majority stake taken by Disney in Major League Baseball online streaming platform BAMTec in a transaction valuing the company at $3.8 billion HIS Markit s majority stake acquisition of automotivemastermind, a provider of predictive analytics and marketing automation technology for the automotive industry, from JMI Equity in a transaction valuing the company at $545 million Pitney Bowes $475 million acquisition of ecommerce software and technology company Newgistics The acquisition of MaxPoint Interactive by Valassis, a subsidiary of Harland Clarke, in a transaction valuing the company at $108 million Transaction activity in the Agency & Marketing Services segment was up 35 percent from 2Q17 with 104 transactions, of which 15 were reported for more than $830 million in aggregate value. Select transactions in the segment announced during 3Q17 included: The $175 million acquisition of interactive gifting and incentives company CashStar by BlackHawk Networks Societe BIC s sale of its BIC Graphics promotional products division to H.I.G. Capital for $80 million UDG Healthcare s acquisitions of Cambridge BioMarketing, an industry leading advisor for orphan and rare disease drug launches, in a transaction valuing the company at $35 million (A Petsky Prunier led transaction) and healthcare communications agency MicroMass Communications in a deal valued at $75.8 million Page 2

3 The majority recapitalization of Medical Knowledge Group, an analytics driven and technology enabled, multichannel healthcare marketing and communications provider servicing the biopharmaceutical industry, by MTS Health Investors (A Petsky Prunier led transaction) There were 42 M&A transactions in the Digital Advertising segment in the third quarter of 2017, of which 20 reported $3.4 billion in value. The Ad Networks/Exchanges and Mobile Marketing subsegments, together, accounted for nearly one third of the segment s total M&A activity with seven and six transactions, respectively. in the segment, a number of which involved the acquisition of public companies by competitors, announced during 3Q17 included: Red Ventures pending acquisition of Bankrate in a transaction valuing the company at $1.4 billion, as well as its acquisition of technology enabled sales and marketing solutions company Allconnect (A Petsky Prunier led transaction) RTL Group s acquisition of the remaining 35 percent of shares in online video advertising platform SpotXchange, bringing its total ownership to 100% in a transaction valuing the company at $404 million The pending acquisition of Rocket Fuel in a transaction valuing the company at $145 million by Vector Capital backed Sizmek RhythmOne s pending acquisition of digital video advertising company YuMe in a transaction valuing the company at $112.1 million BlueFocus International s pending merger with Fluent from cogint in a transaction that will see the merged companies form a new public company that will have more than $500 million in annualized revenue in 2018 (A Petsky Prunier led transaction); in a separate transaction, cogint will spin off its IDI assets into a new public company to be called Red Violet Investment Activity There were 455 investments during 3Q17, of which 419 reported $18.6 billion in value. activity for venture and growth capital investments was up seven percent from the second quarter of 2017, while value was down 33 percent. Eighty nine percent of investments were made in the Digital Media/Commerce and Marketing Technology segments with 244 and 162 deals announced, respectively. Digital Media/Commerce was the highest value segment during the quarter with 235 deals reporting $13.6 billion in value. Investments in the segment during 3Q17 included: Online sports retail company Fanatics $1 billion investment at a reported valuation of $4.5 billion from Softbank Ride sharing company Via s $250 million round of funding led by Daimler The $200 million investment received by Reddit at a reported valuation of $1.8 billion from Andreessen Horowitz, Sequoia Capital, Coatue Management, Vy Capital, and Fidelity Investments Sofina and BlackRock s $162 million investment in online health and beauty retailer The Hut Group at a reported valuation of $3.2 billion Page 3

4 Marketing Technology was the second most active investment segment with 162 transactions, of which 145 reported $3.0 billion in value. Analytics & Targeting and Commerce Management investments accounted for nearly one third of the segment s activity with 37 and 15 investments, respectively. Investments in the segment during 3Q17 included: The $75 million Insight Venture Partners led investment in consumer guidance and engagement platform WalkMe Customer data platform Segment s $64 million round of funding from Accel Partners, Y Combinator, Thrive Capital, and New Enterprise Associates Spectrum Equity s $63 million investment in traffic and shared content analytics company Bitly The $60 million Lightspeed Venture Partners led investment in search driven analytics platform ThoughtSpot Gift card marketplace Raise s Series C investment of $60 million from Accel, PayPal, NEA and Bessemer Venture Partners, bringing the company s total funding since 2011 to, reportedly, more than $147 million There were 28 investments in the Digital Advertising segment, of which 24 reported more than $330 million in value. The most active subsegments were Comparison Shopping and Vertical Search, announcing six investments each. Comparison Shopping was the highest value subsegment with $175 million in reported investment value. Digital Advertising investments during 3Q17 included: Pet sitting network Rover.com s $65 million round of funding from Spark Capital, Bespoke Strategies, StepStone Group, Madrona Venture Group, and Menlo Ventures The $39 million round of funding raised by car comparison site Carwow from Accel Partners, Balderton Capital, and Vitruvian Partners The $21.4 million Mediaocean led investment in TV and digital video advertising solution VideoAmp Buyer & Investor Activity Excluding Discovery Communications pending $14.9 billion acquisition of Scripps Networks, strategic buyers accounted for 92 percent of all control transactions in 3Q17. Of the 376 strategic deals announced, 87 were reported for $22.8 billion in value. Three quarters of strategic activity was in the Digital Media/Commerce, Marketing Technology, and Agency & Marketing Services segments. The most active strategic acquirers were advertising holding companies WPP and Dentsu with seven and four transactions announced, respectively. Buyout firms completed 29 acquisitions in 3Q17, of which 10 were reported for $2.2 billion in value. Nearly half of all buyout transactions were in the Marketing Technology segment with 13 deals, of which four reported $1.1 billion in value. Buyout transactions announced in 3Q17 included: BlackRock s acquisition of Clarion Events from Providence Equity Partners in a transaction valued at a reported $781 million The acquisition of digital media measurement software and analytics company DoubleVerify by Providence Equity Partners for a reported $350 million Page 4

5 TA Associates backed DiscoverOrg s acquisition of sales intelligence platform RainKing in a transaction reportedly valued at more than $100 million GTCR s acquisition of a majority stake in Simpli.fi, a leading programmatic advertising platform built for the scale of localization and personalization (A Petsky Prunier led transaction) 3Q17 Most Active Strategic Buyers by Buyer Representative Targets Venture and growth capital investors accounted for 455 transactions, of which 419 were reported for $18.6 billion in value. Compared to 2Q17, investment activity was up seven percent while value was down 33 percent. Accel Partners and Sequoia Capital were the most active investors during 3Q17 with each completing 16 and 10 investments, respectively. Page 5

6 3Q17 Most Active Investors by Investor Representative Investments IPO Activity Internet enabled real estate brokerage Redfin, entertainment and streaming company Roku, Argentina based online travel company Despegar.com, Finland based mobile gaming studio Rovio, and China based online retailer Secoo completed IPOs in the third quarter, with only Secoo pricing below its initial range. Singaporebased entertainment company Sea submitted its IPO filing in 3Q17, but has yet to price. *All values as of 5pm ET on 9/30/17. Transaction values include only reported up front cash payments and do not account for any potential future performance based compensation unless noted. Page 6

7 Quarterly M&A and Investment Activity by Segment Most Active Digital Media/Commerce s Value ecommerce , , ,945 4% (29%) Mobile Content/Apps 39 1, , ,739 38% (31%) Digital Marketplace 49 3, , ,189 2% (56%) Gaming 35 1, , ,871 (26%) (35%) Social Media/Apps ,862 (8%) (57%) Niche Content ,797 (24%) (34%) Web Search/Portals NM NM Total , ,764 1,268 80,052 2% (33%) Most Active Digital Advertising s Ad Networks/Exchanges ,352 57% 1,715% Vertical Search ,844 38% 158% Comparison Shopping % 59% Mobile Marketing (27%) (76%) Digital Promotion/Coupon (30%) (100%) Affiliate/CPA Network % 8% Digital Video , % 247% Local Search ,416 (50%) 16% Online Lead Generation , ,975 (57%) 19,287% Game Advertising NM NM Search Marketing (50%) (100%) Services (100%) (100%) Total 72 1, , ,012 (3%) 94% Most Active Marketing Technology s Analytics & Targeting 35 1, , ,613 49% 43% CRM ,996 16% 17% MRM/Workflow Management % 171% Commerce Management ,390 31% 171% Content Management ,274 90% 42% /Messaging Software % (53%) Search & Discovery ,131 0% 70% SFA/Lead Management ,229 (48%) (60%) Social Technology (21%) 10% Other 81 2, , ,780 (10%) 3% Total 254 6, ,038 1,004 30,145 6% 18% Page 7

8 Most Active Agency & Marketing Services s Digital Agency % 1% Public Relations % NM Specialty Agency , , % NM Design Agency % NM General Agency 4 4, ,265 50% (100%) Healthcare Agency % NM Loyalty/Retention % NM Promotion Agency % NM Experiential Marketing ,323 (20%) NM Social Agency % NM Ad Specialty/Premiums % 9% Database/Analytics % NM Other ,262 67% 2,398% Total 80 4, , ,190 38% (53%) Traditional Media Entertainment Media 24 1, ,414 13% (70%) B-to-B Media ,461 10% 2,184% Consumer Magazine Publishing (23%) NM Broadcast Television , , % 155% Newspaper Publishing (14%) 634% Consumer Book Publishing , , % 11,065% Traditional Outdoor , % 154% Digital Place-Based Media (25%) (100%) Radio ,485 (100%) NM Total 65 2, , ,197 11% 203% About Petsky Prunier LLC Petsky Prunier is one of the leading investment banks in the technology, media, marketing, ecommerce, and healthcare industries. Our firm's merger and acquisition and private placement advisory services reflect a unique blend of product specialization and industry expertise. Together with strategic consulting firm Winterberry Group, a Petsky Prunier company, our organization represents one of the largest industry specific advisors providing strategic and transactional services. We offer global reach supplemented through our partnerships with investment bank The Mountain Capital Group in China, as well as Allegro Advisors and o3 Capital in India. Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity. For press inquiries, please contact Amy LaBan at or alaban@petskyprunier.com. Page 8

9 Representative Recent *Approximate Transaction Value Page 9