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2015 STRICTLY PRIVATE AND CONFIDENTIALSaaS2015 Market Review

QUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

About Results InternationalA MARKET-LEADING CORPORATE FINANCE ADVISORY FIRMWITH GLOBAL REACH40 person team; 250+ completed transactions

Broad global network

Creative solutions

Senior level focus on every transaction

Founded in 1991

Entrepreneurial and owner-managedDEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORSAND BROAD INDUSTRY NETWORKS

MarketingHealthcareTechnology

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Results International Global SaaS IndicesDec-15Jan-15Feb-15Mar-15Apr-15May-15Jun-15Jul-15Aug-15Sep-15Oct-15Nov-15Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisationSources: Capital IQ and Results analysisLAST 12 MONTH SHARE PRICE PERFORMANCE17.5%14.2%4.6%5.7%5.1%Q4 2015 PERFORMANCELarge Cap9.6%Mid Cap10.2%Small Cap12.8%Global SaaS9.9%

QUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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Global SaaS Universe: Large & Mid Cap Share Price Performance

Note: Based on share prices as at 31st December 2015Sources: Capital IQ and Results analysisLAST 12 MONTH SHARE PRICE PERFORMANCEQ4 2015LARGE CAPMID CAP

QUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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Global SaaS Universe: Small Cap Share Price Performance

These companies have IPOd within the last 12 months, the share price movement represents the change between each stocks respective IPO dates and the 31st December 2015Note: Based on share prices as at 31st December 2015Sources: Capital IQ and Results analysisLAST 12 MONTH SHARE PRICE PERFORMANCEQ4 2015SMALL CAP

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QUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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Global SaaS: Valuation Benchmarks(1) Global SaaS represents the median of all stocks in Large Cap, Mid Cap and Small Cap, with no weighting appliedNotes: EV = Enterprise Value; financials calendarised to December year end; median values reportedSee Selected Publicly Traded Companies (slides 6 and 7) for details of companies included in each categorySources: Capital IQ and analyst reportsREVENUE GROWTH (2015-16E)EV / REVENUE 2015EEBITDA MARGIN 2015EEV / EBITDA 2015EQUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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Global SaaS: Selected Publicly Traded CompaniesNote: Based on share prices as at 31st December 2015Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 100x EV / EBITDA; Net debt includes minority interest Note: Market cap classifications categorised by CY2015E revenue:Large Cap: Revenues greater than $500mMid Cap: Revenues between $200m and $500mSmall Cap: Revenues less than $200mSources: Capital IQ and Results analysisQUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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Note: Based on share prices as at 31st December 2015Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 100x EV / EBITDA; Net debt includes minority interest Note: Market cap classifications categorised by CY2015E revenue:Large Cap: Revenues greater than $500mMid Cap: Revenues between $200m and $500mSmall Cap: Revenues less than $200mSources: Capital IQ and Results analysis

Global SaaS: Selected Publicly Traded Companies (Cont.)QUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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Contact UsDisclaimer: This document has been produced by Results International Group LLP (Results) and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of Results officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.Authorised and regulated by the Financial Conduct Authority.Mark WilliamsDIRECTOR LONDONt +44 (0)20 7514 8242e mwilliams@resultsig.com27 Soho Square, London, W1D 3AYt +44 20 7629 7575

588 Broadway, Suite 1010, New York, 10012 | t +1 646 747 65003 Pickering Street, Nankin Row #03-03, Singapore, 048660 | t +65 6221 3575Pierre-Georges RoyPARTNER NEW YORKt +1 (0)646 747 6505e pgroy@resultsig.comChris LewisPARTNER LONDONt +44 (0)20 7514 8236e clewis@resultsig.com Maurice WatkinsPARTNER NEW YORKt +1 (0)646 747 6500e mwatkins@resultsig.comAndrew KeffordPARTNER APACt +65 (0)6221 3575e akefford@resultsig.comQUARTERLY TECH REPORT 2015 ANNUAL REVIEW: SAAS

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