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Comps Analysis

(in millions, except per share data)

Market Data Financial Data EV/Revenue EV/EBITDA

Company Name Market Capitalization Net Debt Minority Interest Enterprise Value LTM Total Revenue 2019E Total Revenue LTM EBITDA(excl. SBC) 2019E EBITDA (excl. SBC) 2019E Revenue Growth 2019E EBITDA Growth 2019E EBITDA Margin LTM 2019E LTM 2019E

Online Direct Sales

Coinance $229,700 ($5,198) $3,548 $228,050 $182,724 $365,342 -$20,806 $13,700 99.9% -165.8% -96.3% 1.2x 0.6x -11.0x 16.6x

Macrowd $113,244 $38,694 $2,091 $154,029 $77,838 $78,808 $22,119 $39,095 1.2% 76.7% -50.4% 2.0x 2.0x 7.0x 3.9x

Avistry $50,727 ($20,108) $8,152 $38,771 $386,142 $674,444 $112,130 $159,529 74.7% 42.3% -76.3% 0.1x 0.1x 0.3x 0.2x

Magove $290,130 $46,367 $1,086 $337,583 $241,894 $416,862 $66,528 $102,137 72.3% 53.5% -75.5% 1.4x 0.8x 5.1x 3.3x

Trental $121,050 ($35,622) $7,700 $93,128 $124,842 $162,240 $37,828 $40,513 30.0% 7.1% -75.0% 0.7x 0.6x 2.5x 2.3x

Mean $160,970 $4,827 $4,515 $170,312 $202,688 $339,539 $43,560 $70,995 55.6% 2.8% -74.7% 1.1x 0.8x 0.8x 5.3x

Median $121,050 ($5,198) $3,548 $154,029 $182,724 $365,342 $37,828 $40,513 72.3% 42.3% -75.5% 1.7x 1.1x -4.5x 7.2x

Company Co. Online Direct Sales $198,551 $356,527

Company Co. Online Direct Sales (min)

Company Co. Online Direct Sales (max)

Retail Direct Sales

Sparkzia $199,642 $20,248 $12,705 $232,595 $83,129 $156,476 $16,204 $21,798 88.2% 34.5% -86.1% 2.8x 1.5x 14.4x 10.7x

Holyvore $121,189 $17,411 $8,726 $147,326 $146,087 $165,263 $51,562 $87,583 13.1% 69.9% -47.0% 1.0x 0.9x 2.9x 1.7x

Keyrean $69,980 $15,276 $12,855 $98,111 $48,133 $56,800 $10,186 $17,550 18.0% 72.3% -69.1% 2.0x 1.7x 9.6x 5.6x

Sagence $43,391 ($5,635) $8,707 $46,463 $145,168 $234,488 $5,099 $6,052 61.5% 18.7% -97.4% 0.3x 0.2x 9.1x 7.7x

Mean $108,551 $11,825 $10,748 $131,124 $105,629 $153,257 $20,763 $33,246 45.2% 48.8% -74.9% 1.5x 1.1x 9.0x 6.4x

Median $95,585 $16,344 $10,716 $122,719 $114,149 $160,869 $13,195 $19,674 39.8% 52.2% -77.6% 0.0x 0.0x 0.0x 0.0x

Company Co. Retail Direct Sales $91,538 $144,350

Company Co. Retail Direct Sales (min)

Company Co. Retail Direct Sales (max)

Online Marketplace

Natewie $279,645 ($57,268) $3,880 $226,257 $45,642 $86,117 $26,501 $24,557 88.7% -7.3% -71.5% 5.0x 2.6x 8.5x 9.2x

Bayspark $170,504 ($44,276) $803 $127,031 $115,189 $214,693 $92,509 $138,765 86.4% 50.0% -35.4% 1.1x 0.6x 1.4x 0.9x

Qmarket $364,074 $57,455 $954 $422,483 $42,445 $80,583 $3,137 $24,560 89.9% 682.8% -69.5% 10.0x 5.2x 134.7x 17.2x

Mean $271,408 ($14,696) $1,879 $258,590 $67,759 $127,131 $40,716 $62,627 88.3% 241.8% -58.8% 5.3x 2.8x 48.2x 9.1x

Median $279,645 ($44,276) $954 $226,257 $45,642 $86,117 $26,501 $24,560 88.7% 50.0% -69.5% 0.0x 0.0x 0.0x 0.0x

Company Co. Online Marketplace $58,703 $115,889

Company Co. Online Marketplace (min)

Company Co. Online Marketplace (max)

Service Package

Proviary $47,397 $4,187 $159 $51,743 $82,317 $83,077 $52,674 $40,560 0.9% -23.0% -51.2% 0.6x 0.6x 1.0x 1.3x

Metrol $124,353 $3,180 $76 $127,609 $29,057 $36,055 $24,200 $23,646 24.1% -2.3% -34.4% 4.4x 3.5x 5.3x 5.4x

Codesk $69,094 $11,972 $307 $81,373 $3,425 $4,578 $2,983 $2,752 33.7% -7.7% -39.9% 23.8x 17.8x 27.3x 29.6x

CommerceDock $39,550 $17,254 $474 $57,278 $11,642 $18,404 $6,512 $14,429 58.1% 121.6% -21.6% 4.9x 3.1x 8.8x 4.0x

Netwell $165,798 $7,317 $76 $173,191 $39,903 $69,841 $19,655 $11,290 75.0% -42.6% -83.8% 4.3x 2.5x 8.8x 15.3x

Mean $89,238 $8,782 $218 $98,239 $33,269 $42,391 $21,205 $18,535 38.4% 9.2% -46.2% 7.6x 5.5x 10.2x 11.1x

Median $69,094 $7,317 $159 $81,373 $29,057 $36,055 $19,655 $14,429 33.7% -7.7% -39.9% 0.1x 0.3x 0.1x 0.1x

Company Co. Service Package $25,110 $33,476

Company Co. Service Package (min)

Company Co. Service Package (max)

Company Co. Sum-Of-The-Parts (SOTP) Valuation

Company Co. Total (2019E Revenue) $25,139 $1,790

# Shares Outstanding (millions) 613

Company Co. Target Price

Company Co. Target Price (min)

Company Co. Target Price (max)

What is the mean 2019E EV/Revenue multiple in the Online Direct Sales comps group in 2019?

1.1x

1.2x

0.8x

0.6x

What is Company Co.'s enterprise value in the Service Package segment based on 2019E total revenue and 2019E mean EV/Revenue multiple?

104,184

191,032

110,275

184,314

What is Company Co.'s total enterprise value calculated based on 2019E revenue and 2019E mean EV/Revenue multiple?

788,531

802,836

953,141

862,632

What is Company Co.'s target price calculated based on 2019E revenue and 2019E mean EV/Revenue multiple?

1,242

1,266

1,363

1,511