The latest issue of our Q4 2015 Mobile Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in Internet Advertising, is now available. Highlights include: - M&A activity reached a 3-year high in Q3 2015 - Investment volume and aggregate values slowed from earlier year highs - Wireless and diversified infrastructure companies are trading at a median LTM revenue multiple of 2.1x - IoT / M2M companies continue to outperform the NASDAQ and S&P indexes while their counterparts in mobile software & solutions also remain market leaders

1. Confidential
Mobile Market Update
4Q 2015
Member FINRA

2. 2Confidential
Mobile Market Update
 Capital Markets – IoT / M2M companies continue to outperform the NASDAQ and S&P indexes
while their counterparts in mobile software & solutions also remain market leaders. Handsets,
wireless and diversified infrastructure, and mobile marketing and advertising companies trail the
broader market indices
 Trading Multiples – Wireless and diversified infrastructure companies are trading at a median
LTM revenue multiple of 2.2x, outpacing mobile software & solutions companies, IoT / M2M
companies, mobile advertising & marketing companies, and handsets firms
 M&A Activity – M&A activity reached a 3-year high in 3Q 2015 with 120 deals, continuing a
streak of increased mobile M&A activity which saw none of the prior four quarters dip below 90
acquisitions in each period. The aggressive pace slowed to 93 transactions recorded in 4Q 2015.
Notable recent transactions include LeTV’s $700 million move with its majority ownership stake
in Yidao Yongche, an aggressive rival to its counterpart Uber in China, and Laird’s car connectivity
purchase of mobile device integration company Novero
 Investment Activity – Investment volume and aggregate values slowed from early year highs to
98 investments and $3.8 billion in value for Q4 2015. Notable recent investments include Uber
Technologies’ $2.1 billion raise and mobile video blogging company Yixia’s $200 million round

3. 3Confidential
Since 2013, IoT / M2M (+93.3%) and mobile software and solutions companies (+54.8%) have
outperformed the S&P 500 while handsets companies (+13.5%), wireless & diversified infrastructure
(+13.0%) companies, and mobile marketing & advertising (-11.0%) companies have underperformed on
the whole
(50.0%)
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
Mobile Capital Markets Performance
NASDAQ: + 60.9%
S&P 500: +39.8%
Mobile Software & Solutions: +54.8%
Mobile Marketing &
Advertising: (11.0%)
Wireless & Diversified
Infrastructure: +13.0%
Handsets: +13.5%
_______
Source: Capital IQ as of 12/31/15; refer to public comparables for constituents
IoT / M2M: +93.3%

4. 4Confidential
2.0x
0.9x
2.8x
1.6x
1.4x
1.2x
1.4x
1.1x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
LTM Revenue Multiple
Mobile Comparable Public Companies
Median:
1.4x
Mobile Software & Solutions
_______
Source: Capital IQ as of 12/31/15; companies arranged by descending enterprise value
2.3x
0.7x
1.2x
1.0x
0.7x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
LTM Revenue Multiple
Median:
1.0x
IoT / M2M

5. 5Confidential
2.1x
2.7x
10.7x
1.0x
1.4x
2.5x
0.9x
2.3x 2.3x
1.3x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
LTM Revenue Multiple
Mobile Comparable Public Companies (Cont.)
Median:
2.2x
Wireless & Diversified Infrastructure
_______
Source: Capital IQ as of 12/31/15; companies arranged by descending enterprise value
Mobile Marketing & Advertising
1.6x
2.0x
0.3x
0.3x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
LTM Revenue Multiple
Median:
1.0x

6. 6Confidential
Mobile Comparable Public Companies (Cont.)
Handsets
_______
Source: Capital IQ as of 12/31/15; companies arranged by descending enterprise value
2.9x
0.6x
0.3x 0.2x
2.6x
1.6x
0.1x
0.2x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
LTM Revenue Multiple
Median:
0.4x

7. 7Confidential
Mobile Comparable Public Companies
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 12/31/15 Low High Cap. Value LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
Mobile Software & Solutions
Amdocs Nasdaq:DOX $54.57 $45.75 $61.46 $8,347 $7,213 2.0x 2.0x 1.9x 10.2x 9.5x 9.1x
Convergys NYSE:CVG 24.89 18.81 26.60 2,436 2,580 0.9x 0.9x 0.8x 7.0x 6.9x 6.4x
Synchronoss Nasdaq:SNCR 35.23 27.86 52.45 1,529 1,562 2.8x 2.7x 2.3x 9.9x 7.8x 6.6x
CSG Nasdaq:CSGS 35.98 23.72 38.85 1,130 1,215 1.6x 1.6x 1.6x 9.3x 6.9x 6.5x
Xura Nasdaq:MESG 24.58 16.95 26.63 615 631 1.4x 2.3x 1.7x 13.8x NA 7.1x
TeleCommunication Systems Nasdaq:TSYS 4.97 2.79 4.99 333 425 1.2x 1.1x 1.1x 12.0x 10.1x 8.4x
Spok Holdings (fka USA Mobility) Nasdaq:SPOK 18.32 15.26 21.73 385 271 1.4x NA NA 6.3x NA NA
RedKnee TSX:RKN 2.14 1.98 3.77 238 240 1.1x 1.1x 1.0x 9.4x 7.8x 5.5x
High 2.8x 2.7x 2.3x 13.8x 10.1x 9.1x
Mean 1.5x 1.7x 1.5x 9.8x 8.2x 7.1x
Median 1.4x 1.6x 1.6x 9.7x 7.8x 6.6x
Low 0.9x 0.9x 0.8x 6.3x 6.9x 5.5x
IoT / M2M
CalAmp Nasdaq:CAMP $19.93 $14.01 $21.82 $738 $653 2.3x 2.3x 2.1x 16.1x 13.3x 11.8x
Sierra Wireless TSX:SW 15.69 13.49 41.04 511 423 0.7x 0.7x 0.6x 10.9x 8.9x 7.5x
Telit AIM:TCM 3.15 2.62 5.27 375 375 1.2x 1.1x 1.0x 15.0x 8.9x 6.4x
Digi Nasdaq:DGII 11.38 8.23 13.53 295 203 1.0x 0.9x 0.9x 15.9x 12.5x 9.6x
Novatel Nasdaq:MIFI 1.67 1.58 6.89 88 158 0.7x 0.7x 0.5x NM NA 10.6x
High 2.3x 2.7x 2.3x 13.8x 10.1x 9.1x
Mean 1.2x 1.7x 1.5x 9.8x 8.2x 7.1x
Median 1.0x 1.6x 1.6x 9.7x 7.8x 6.6x
Low 0.7x 0.9x 0.8x 6.3x 6.9x 5.5x

8. 8Confidential
Mobile Comparable Public Companies (Cont.)
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 12/31/15 Low High Cap. Value LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
Wireless & Diversified Infrastructure
Cisco Nasdaq:CSCO $27.16 $23.03 $30.31 $138,013 $103,535 2.1x 2.1x 2.1x 7.6x 7.3x 7.3x
QUALCOMM Nasdaq:QCOM 49.99 45.93 75.30 75,384 69,025 2.7x 2.9x 2.9x 8.0x 7.8x 7.4x
CCI Corp NYSE:CCI 86.45 75.78 89.44 28,792 40,749 10.7x 11.1x 10.8x 19.4x 19.1x 18.7x
Ericsson OM:ERIC B 9.75 8.92 14.22 31,703 28,739 1.0x 1.0x 1.0x 7.0x 7.7x 6.7x
Nokia HLSE:NOKIA 7.16 5.33 8.55 25,973 21,291 1.4x 1.5x 1.4x 10.5x 9.7x 9.3x
Motorola Solutions NYSE:MSI 68.45 56.40 72.97 12,215 14,414 2.5x 2.5x 2.5x 11.4x 11.1x 10.2x
ZTE Corp SZSE:000063 2.87 2.18 4.46 11,909 13,461 0.9x 0.9x 0.8x 21.0x 11.5x 10.5x
Juniper Networks NYSE:JNPR 27.60 21.24 32.39 10,699 10,664 2.3x 2.2x 2.1x 10.9x 8.2x 7.9x
Ruckus NYSE:RKUS 10.71 9.11 13.50 1,037 816 2.3x 2.2x 1.9x 47.6x 15.1x 11.2x
Aerohive NYSE:HIVE 5.11 3.43 8.35 255 186 1.3x 1.2x 1.0x NM NA NA
High 10.7x 11.1x 10.8x 47.6x 19.1x 18.7x
Mean 2.7x 2.8x 2.6x 15.9x 10.8x 9.9x
Median 2.2x 2.1x 2.0x 10.9x 9.7x 9.3x
Low 0.9x 0.9x 0.8x 7.0x 7.3x 6.7x

9. 9Confidential
Mobile Comparable Public Companies (Cont.)
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 12/31/15 Low High Cap. Value LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
Mobile Marketing and Advertising
Opera Software OB:OPERA $5.71 $4.89 $11.95 $830 $908 1.6x 1.6x 1.6x 9.8x 10.0x 7.2x
1000mercis ENXTPA:ALMIL 40.66 38.01 48.97 127 112 2.0x 2.0x 2.0x 8.3x 9.1x 8.0x
Marchex Nasdaq:MCHX 3.89 3.51 5.32 161 52 0.3x 0.4x 0.4x 7.8x 3.4x 4.7x
InternetQ AIM:INTQ 0.94 0.65 5.50 37 41 0.3x 0.2x 0.2x 2.2x 1.5x 1.2x
High 2.0x 2.0x 2.0x 8.3x 9.1x 8.0x
Mean 1.1x 0.9x 0.9x 6.1x 4.7x 4.6x
Median 1.0x 0.4x 0.4x 7.8x 3.4x 4.7x
Low 0.3x 0.2x 0.2x 2.2x 1.5x 1.2x
Handsets & Hardware
Apple Nasdaq:AAPL $118.30 $92.00 $134.54 $659,686 $682,166 2.9x 2.9x 2.7x 8.3x 8.2x 8.1x
Samsung KOSE:A005930 1,070.75 877.84 1,283.19 138,464 95,908 0.6x 0.6x 0.5x 2.5x 2.4x 2.3x
LG Electronics KOSE:A066570 45.72 33.40 54.64 7,447 14,378 0.3x 0.3x 0.3x 5.6x 5.5x 5.0x
Lenovo SEHK:992 1.02 0.78 1.85 11,281 11,667 0.2x 0.2x 0.2x 9.6x 35.6x 7.4x
Trimble Navigation Nasdaq:TRMB 21.45 15.90 27.62 5,408 6,045 2.6x 2.7x 2.6x 16.3x 12.5x 11.3x
BlackBerry TSX:BB 9.25 5.76 10.88 4,868 3,887 1.6x 1.6x 1.8x 8.5x 8.3x 9.9x
HTC TSEC:2498 2.37 1.22 4.88 1,949 605 0.1x 0.2x 0.2x NM NA NA
Coolpad SEHK:2369 0.20 0.14 0.42 877 524 0.2x 0.2x 0.2x 21.4x 5.5x 4.6x
High 2.9x 2.9x 2.7x 21.4x 35.6x 11.3x
Mean 1.1x 1.1x 1.1x 10.3x 11.1x 6.9x
Median 0.4x 0.4x 0.4x 8.5x 8.2x 7.4x
Low 0.1x 0.2x 0.2x 2.5x 2.4x 2.3x

10. 10Confidential
Mobile Comparable Public Companies (Cont.)
_______
Source: Capital IQ
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '14A-'15E '15E-'16E GM LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
Mobile Software & Solutions
Amdocs Nasdaq:DOX Sep 2015 2% 4% 36% $3,644 $3,662 $3,809 $704 $761 $796
Convergys NYSE:CVG Sep 2015 3% 3% 36% 2,963 2,953 3,052 370 373 405
Synchronoss Nasdaq:SNCR Sep 2015 26% 18% 59% 552 578 679 157 200 235
CSG Nasdaq:CSGS Sep 2015 NM 4% 49% 749 749 778 131 176 186
Xura Nasdaq:MESG Oct 2015 (43%) 38% 37% 462 270 373 46 NA 89
TeleCommunication Systems Nasdaq:TSYS Sep 2015 6% 5% 39% 364 382 401 35 42 51
Spok Holdings (fka USA Mobility) Nasdaq:SPOK Sep 2015 NA NA 66% 194 NA NA 43 NA NA
RedKnee TSX:RKN Sep 2015 (15%) 11% 59% 223 220 244 25 31 44
IoT / M2M
CalAmp Nasdaq:CAMP Nov 2015 NM 12% 36% $279 $278 $313 $41 $49 $55
Sierra Wireless TSX:SW Sep 2015 12% 11% 32% 612 612 682 39 48 57
Telit AIM:TCM Jun 2015 13% 17% 40% 312 333 390 25 42 58
Digi Nasdaq:DGII Sep 2015 11% 2% 46% 213 215 220 13 16 21
Novatel Nasdaq:MIFI Sep 2015 28% 23% 25% 218 238 293 (13) NA 15

11. 11Confidential
Mobile Comparable Public Companies (Cont.)
_______
Source: Capital IQ
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '14A-'15E '15E-'16E GM LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
Wireless & Diversified Infrastructure
Cisco Nasdaq:CSCO Oct 2015 3% 1% 61% $49,598 $49,470 $49,793 $13,674 $14,277 $14,240
QUALCOMM Nasdaq:QCOM Sep 2015 (12%) (1%) 60% 25,281 23,863 23,720 8,669 8,867 9,352
CCI Corp NYSE:CCI Sep 2015 (1%) 3% 64% 3,795 3,666 3,763 2,098 2,128 2,179
Ericsson OM:ERIC B Sep 2015 NM 1% 36% 28,765 28,994 29,286 4,082 3,729 4,291
Nokia HLSE:NOKIA Sep 2015 (10%) 13% 44% 14,920 13,847 15,712 2,027 2,200 2,280
Motorola Solutions NYSE:MSI Oct 2015 (3%) NM 48% 5,836 5,718 5,728 1,261 1,293 1,408
ZTE Corp SZSE:000063 Sep 2015 7% 10% 32% 14,346 14,523 15,955 642 1,171 1,276
Juniper Networks NYSE:JNPR Sep 2015 4% 5% 63% 4,640 4,833 5,062 974 1,296 1,346
Ruckus NYSE:RKUS Sep 2015 15% 16% 68% 359 375 437 17 54 73
Aerohive NYSE:HIVE Sep 2015 10% 24% 67% 142 151 188 (42) NA NA
Mobile Marketing and Advertising
Opera Software OB:OPERA Sep 2015 18% 20% 35% $577 $576 $693 $93 $91 $126
1000mercis ENXTPA:ALMIL Jun 2015 1% 16% 23% 55 57 66 13 12 14
Marchex Nasdaq:MCHX Sep 2015 (19%) (1%) 46% 148 147 146 7 15 11
InternetQ AIM:INTQ Jun 2015 10% 15% 25% 155 176 203 19 28 34
Handsets & Hardware
Apple Nasdaq:AAPL Sep 2015 18% 5% 40% $233,715 $236,185 $247,422 $82,487 $82,850 $83,266
Samsung KOSE:A005930 Sep 2015 (10%) 3% 38% 168,981 170,887 175,440 38,335 40,312 41,419
LG Electronics KOSE:A066570 Sep 2015 (11%) 4% 22% 48,330 48,103 49,998 2,585 2,594 2,871
Lenovo SEHK:992 Sep 2015 7% 5% 15% 48,291 47,541 50,068 1,216 327 1,573
Trimble Navigation Nasdaq:TRMB Oct 2015 (5%) 3% 56% 2,295 2,271 2,343 372 484 537
BlackBerry TSX:BB Nov 2015 NM (9%) 46% 2,356 2,356 2,133 456 471 393
HTC TSEC:2498 Sep 2015 (38%) (10%) 20% 4,363 3,691 3,335 (164) NA NA
Coolpad SEHK:2369 Jun 2015 (15%) 15% 11% 2,418 2,730 3,146 24 96 113

12. 12Confidential
55
40
45
53
65
70
98 100
93
99
120
93
$0.5 $1.1
$2.6 $2.2
$22.9
$5.9
$2.7
$1.9 $1.6
$2.5 $2.4
$1.0
0
20
40
60
80
100
120
140
0
5
10
15
20
25
30
1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015
# Deals$ in billions
Deal Volume Deal Value ($B)
Mobile M&A Volume Exhibiting Consistent Growth
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
Average LTM revenue multiple excludes 50x+ revenue multiples
Average LTM Revenue Multiple
2013 2014 2015
2.6x 1.7x 2.2x
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Epocrates /
athenahealth
($293)
Waze /
Google
($966)
91 Wireless /
Baidu
($1,850)
Supercell /
Softbank Corp.
($1,530)
WhatsApp /
Facebook
($19,000)
Motorola
(assets) / Zebra
($3,450)
TOA Tech. /
Oracle
($550)
BrightRoll /
Yahoo!
($640)
MyFitnessPal /
UnderArmour
($475)
China Mobile
Games/
Pegasus Inv.
($689)
FL Mobile /
Jinxing Inv.
($626)
Yidao Yongche /
LeTV
($700)
mFoundry /
Fidelity
($120)
Parse /
Facebook
($85)
MoPub /
Twitter
($350)
Fiberlink /
IBM
($300)
AirWatch /
VMware
($1,540)
AutoNavi /
Alibaba
($1,580)
LiveRail /
Facebook
($382)
Telerik /
Progress
($263)
Paydiant /
PayPal
($280)
TellApart /
Twitter
($533)
Good Tech. /
Blackberry
($425)
Undertone /
Perion
($130)
Crashlytics /
Twitter
($38)
Meridian /
Aruba Net.
($16)
JumpTap /
Millennial
($221)
MapMyFitness
/ UnderArmour
($150)
Viber Media /
Rakuten
($900)
Check /
Intuit
($360)
Flurry /
Yahoo!
($270)
Acompli /
Microsoft
($200)
Red Bend /
Harman Int’l
($170)
Domob /
BlueFocus
($289)
AtHoc /
Blackberry
($250)
Novero /
Laird
($71)

13. 13Confidential
_______
Source: 451 Group, acquirer press release, Good Technology S-1 filing, conference call transcripts
Mobile M&A Case Study
On September 4, 2015
HAS ACQUIRED
Transaction Overview
• $425 million acquisition of Good Technology by Blackberry
• All cash offer
• Good Technology had $212 million in CY14 revenue and was forecasted for $160 million
in CY16 revenue (from impacts of deferred revenue of IP licenses and customer
overlaps), representing a 2.0x CY14 and 2.7x CY16 revenue multiple respectively
• Good Technology was not profitable in CY14
Target Description
• Provides mobile device management, messaging, security and Intranet access software for use
on a broad range of handheld devices for businesses and government agencies globally. Also
provides related managed and systems integration services
Transaction Commentary
• “By acquiring Good, BlackBerry will better solve one of the biggest struggles for CIOs today,
especially those in regulated industries: securely managing devices across any platform. By
providing even stronger cross-platform capabilities our customers will not have to compromise
on their choice of operating systems, deployment models or any level of privacy and security,”
said John Chen, BlackBerry Executive Chairman and CEO
• “Good has worked hard to deliver the highest levels of security across operating systems and
applications. Our trusted Good solutions will also help BlackBerry to accelerate its Internet of
Things platform for managing endpoints beyond mobile devices,” said Christy Wyatt, Good
Chairman and CEO
• Furthermore, BlackBerry’s COO Marty Beard emphasized the combination’s “common heritage
in security”, highlighting the logical extension of BlackBerry’s existing strategy to expand into
mobile enterprise security platforms

14. 14Confidential
Top Acquirers in Mobile
Buyer # Acquisitions Total Value ($M) Targets
23 936
AdMovate, Bignoggins Productions, BrightRoll, Cooliris, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, Jybe, Loki Studios,
Luminate, MessageMe, Meh Labs (Blink), Propeld (Alike), Quik.io, Qwiki, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid),
Tomfoolery (Anchor), Wander
20 1,096
Agawi, Bitspin, Bump Technologies, Enterproid (Divide), Firebase, Flexycore, Fly Labs, Green Throttle Games, Input Factory, Jetpac, Jibe
Mobile, mDialog, Pixate, Quest Visual, RelativeWave, Timeful, Tinker Square, wavii, Waze, WIMM Labs
11 30 AlgoTrim, Burstly, Catch.com, Coherent Navigation, Concept.io, Embark, Mapsense, Metaio, Perceptio, Prss, SnappyLabs
10 300 Acompli, Capptain, Datazen Software, DoubleLabs, FieldOne Systems, HockeyApp, id8, Mobile Data Labs, Sunrise
Buyer Total Value ($M) Targets
19,100 Branch Media, Luma, Osmeta, Parse, WhatsApp
1,850 91 Wireless Websoft
1,580 AutoNavi Holdings
1,540 AirWatch
1,530 Supercell
1,096
Agawi, Bitspin, Bump Technologies, Enterproid (Divide), Firebase, Flexycore, Fly Labs, Green Throttle Games, Input Factory, Jetpac, Jibe Mobile, mDialog,
Pixate, Quest Visual, RelativeWave, Timeful, Tinker Square, wavii, Waze, WIMM Labs
936
AdMovate, Bignoggins Productions, BrightRoll, Cooliris, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, Jybe, Loki Studios, Luminate,
MessageMe, Meh Labs (Blink), Propeld (Alike), Quik.io, Qwiki, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid), Tomfoolery (Anchor), Wander
900 Viber Media
Top Acquirers by Volume – 10+ Acquisitions, 2013 – Present
Top Acquirers by Total Transaction Value – $750M or More, 2013 – Present
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed values

15. 15Confidential
4Q 2015 Mobile Investment Volume Off 2015 Highs
_______
Source: PitchBook; includes announced transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
159 163
203
192
222
211
253
211 213
189
168
98
$711
$643
$896 $1,091
$1,912
$2,425 $2,107
$2,115
$2,132
$2,702
$7,152
$3,835
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
0
50
100
150
200
250
300
1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015
$ in millions# Investments Investment Volume Investment Value ($M)
Top 3 Investments by Quarter ($M)
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
GenBand
($343)
AirWatch
($225)
Uber
($258)
Idea Cellular
($490)
Tango
($283)
Uber
($1,188)
Delivery Hero
($350)
Koudai
($350)
Ele.me
($350)
Context Logic
($514)
Didi Kuaidi
($3,000)
Uber
($2,100)
WhatsApp
($53)
Kakao
($63)
Delivery Hero
($80)
Flipboard
($101)
Wuxi
($200)
Garena
($118)
Lookout
($150)
Instacart
($220)
Hungama Digital
($100)
Iwjw
($120)
Uber
($1,000)
WePiao
($235)
Urban Airship
($25)
Affirmed Ntwks
($51)
Rdio
($75)
Telogis
($93)
Snapdeal
($134)
Mozido
($103)
Pluralsight
($135)
Guahao
($107)
Shenzhen
Wangzhi Tech
($100)
WePiao
($105)
Ele.me
($630)
Yixia
($200)

16. 16Confidential
Top Notable Investors In Mobile
Investor Investments Targets
94
AgilOne, Backwater Technologies, Beijing Century Technology, Beijing Datacom Century IT, Days Billion Technology, Beijing Perfect Creative, Blue
Danube Labs, Carousell, Chukong Technologies, Citrus Payment Solutions, Clari, CooTek, Cryptopy Technologies, Dayima.com, Drawbridge, Druva
Software, Ele.me, Feidee, Girnar Software, Inkling Systems, Instacart, July Systems, Kahuna, Keen Labs, Luminate Wireless, MangoMan Consumer
Electronics, Mishi, Mobvoi, Moovit, Myfriday.cn, Near, Nubank, Octro, On Haiaihaisi IT, PicsArt, Plain Vanilla Games, Relcy, Shanghai Bai Sheng IT,
Shopular, Skillz, Skyhigh Networks, Strava, Thanx, TinyOwl Technology, Trippy, Ver se' Innovation, WeLab, WhisperText, WizRocket Technologies,
Wuxi Maimaibao, Yixia, Yunmanman, Zhongshan Communication, Zilingo, Zomato, Zoomcar
61
Azumio, Blablacar, CartoDB, Centrify, Clinkle, CrownIT, Dasher, Dronebase, Emergent VR, Fever Labs, Flaregames, ForgeRock, Gametime United,
Hammer & Chisel, Hotel Tonight, Industrial Toys, InfinyPool, Invoice2go, Lola, Lookout, MobStac, Mubble, Neumob, Nextbit Systems, OpenX
Software, Skydio, Space Ape, SwiftKey, UrbanClap Technologies, URX, UserTesting, Vinted, Wallapop, WizRocket Technologies, Zenoti
57
Almalence, Apperian, Audyssey, Beijing Unispreadtrum, Bluebank, BlueStack, CaféX, Clinkle, Delta ID, EyeSmart, Fortumo, FreedomPop, Genband,
Gengo, Guangdong Appscomm, Hangtime, Helpshift, Hungama Digital Media, Incoming Media, INRIX, InVisage, ip.access, iZettle, Joyent, July
Systems, LeWa Technology, LISNR, Microprogram, Navita Tecnologia, NetSpeed Systems, Nexmo, Occipital, Olive Telecom, Qnovo, Rancard, Reebonz,
Reflektion, Screenovate, Shanghai Ailiao IT, SkyCross, Snapdeal, Swrve, Thunder Software, Urban Airship, Venafi, Zinitix, Zumigo, Zya
57
8sec, Ad Hoc Labs, Andy OS, Anyadir Education, BetterDoctor, BuildersCloud, Carousell, Cleanly, Eko Communications, First Opinion, Foverever Snap,
Gosmith, GoSpotCheck, Greengar Studios, Guidekick, Hinge, Innoz Technologies, Iterable, Keen Labs, Merchbar, Mojio, Neuron Fuel, Okpanda,
OLSET, Online Permissions Technologies, Ordrx, Parenthooods, PayDragon, PayrollHero.com, PinMyPet, Pogoseat, PriceBaba, Roomkey Technologies,
Shoppr, SkyGiraffe, SnowShoeFood, Sonar, Sunrise Atelier, Supahands, Tamatem, Telepathic, TotSpot, Vangoart, Videogram, WillCall, WishPlz,
Woomoo, YaSabe, Zeemi.tv, ZipZap
56
AllMobilize, AppVirality, askem TLV, Bar Pass, Beijing Technology, BuildersCloud, Chai Energy, Chance, CreatingEV, Culligence Software, DabKick,
DailyRounds, Deck App Technologies, Diting Technology, EvoMob, Hermetic, i7 Networks, Idotools, Igloo, iReff, Kanisi, KO-SU, Lanmei, Linglong Salon,
LionHeart Innovations, Liquid Commerce, MediSafe Project, MISingularity, MobileReady, My Manisku, Ping ++, Powzy, Prism Bill Pay, Productive
Mobile, Raven Tech, Run Mobile, Sensorberg, Sensoro, Shanghai Wemart eCommerce, SkyGiraffe, SmartNotify, Solvebot, StoneMountain, UBQT,
UnlockYourBrain, UXCam, WAG Mobile, Wozhi Tech, XYSec Labs, Zoomcar, Zula
52
AdYapper, Amino, Augur Technologies, Avuba, Brandfolder, Brewbot, Change Collective, Clandestine Development, Colatris, Crowdly, DaoPay, Dash
Labs, Digital Manufacturing, Fancred, FeedPack, Final, Findit, flck.me, Lassy Project, Leanplum, Moni Technologies, Nexercise, Numerous, Ordrx,
Owlet Baby Care, Package Zen, Pathful, Patient IO, Peerby, Perfect Glass App, Placester, Prism Bill Pay, ProductGram, ROCKI, ShortCut,
SnowShoeFood, Spitfire Athlete, Sportsy, Stand in, Sundar, Synch, Testlio, Touchbase, TYFFON, WiCastr, Yosko
49
99Taxis, AppsDaily, August Home, Beijing Unisound, BlueStack, Chukong Technologies, Clearcare, Cubic Telecom, Curbside, Cyanogen, Deck App
Technologies, Emprego Ligado, Ineda Systems, Kaleo Software, Infinypool Payment, Leanworks, Lookout, MangoPlate, Mantis Vision, MediSafe
Project, Naldo, Navdy, OpenSignal, Peak, Playdek, Sense360, Seworks, Shanghai CooTek, Siklu, Simplest Software, Tapingo, Verve Mobile, Voluntis,
Workspot, Zoom Video Communications
Top Notable Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

17. 17Confidential
Top Seed Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
500 Startups 57
8sec, Ad Hoc Labs, Andy OS, Anyadir Education, BetterDoctor, BuildersCloud, Carousell, Cleanly, Eko Communications, First Opinion, Foverever Snap, Gosmith,
GoSpotCheck, Greengar Studios, Guidekick, Hinge, Innoz Technologies, Iterable, Keen Labs, Merchbar, Mojio, Neuron Fuel, Okpanda, OLSET, Online Permissions
Technologies, Ordrx, Parenthooods, PayDragon, PayrollHero.com, PinMyPet, Pogoseat, PriceBaba, Roomkey Technologies, Shoppr, SkyGiraffe, SnowShoeFood,
Sonar, Sunrise Atelier, Supahands, Tamatem, Telepathic, TotSpot, Vangoart, Videogram, WillCall, WishPlz, Woomoo, YaSabe, Zeemi.tv, ZipZap
Techstars 52
AdYapper, Amino, Augur Technologies, Avuba, Brandfolder, Brewbot, Change Collective, Clandestine Development, Colatris, Crowdly, DaoPay, Dash Labs, Digital
Manufacturing, Fancred, FeedPack, Final, Findit, flck.me, Lassy Project, Leanplum, Moni Technologies, Nexercise, Numerous, Ordrx, Owlet Baby Care, Package Zen,
Pathful, Patient IO, Peerby, Perfect Glass App, Placester, Prism Bill Pay, ProductGram, ROCKI, ShortCut, SnowShoeFood, Spitfire Athlete, Sportsy, Stand in, Sundar,
Synch, Testlio, Touchbase, TYFFON, WiCastr, Yosko
Kima
Ventures
37
7-hugs Labs, Agentdesks, Andy OS, BetterDoctor, Caktus, Curve, Dispatch, Final, Flaviar, Gosmith, Heyku, Instaply, Jackpocket, Keecker, Labrdr, Leanplum, Mango,
Mobi Rider, MyCrowd, Navdy, Navendis, Nonyelu, Pixalate, Podo, Pogoseat, SimpliField, SixDoors, Smore, Toze Labs, Travelnuts, Trusting Social, Tulip Retail, Useful
Systems, Webaoo, Whally, Whatt
Y Combinator 32
Apptimize, Authbox, BloomThat, Emailio, Estimote, Final, Fixed, Flaviar, HD Trade Services, HoverChat, Hum, Lob, LocalOn, Mixerbox, Nightingale App, Notice
Software, One Signal, Parenthoods, PayDragon, Povio, Reebee, Sonalight, Strikingly, Syrp, Two Tap, Tyrant, Whirlscape, ZowPow
SV Angel 21
Cargomatic, Confide, Coopkanics, DroneBase, Layer, Lugg, PayDragon, Pushbullet, Shopservices, Sonalight, Strikingly, Sunrise Atelier, Swipe Labs, Teleport, Two Tap,
Veri, Vertical Mass, WillCall, Wit Dot Media, WUT
Slow Ventures 18 Cord, Dash Labs, Dwellers, Fixed, Freebird, Friendsy, Heal, Life Before Us, Nexar, Parenthoods, Resy Network, Strut, Swipe Labs, Wag Labs, WillCall, WUT, Yett, Yoi
Eniac
Ventures
17 Basket, BioBeats, Change Collective, DSSV, Hinge, MaestroIQ, mParticle, Navdy, Neumob, Owlet Baby Care, Reactor Labs, Sneeky, StockUp, Strut, Testfire, WUT
Plug and Play
Ventures
15 Beaming, DabKick, Dasher, KaChing!, Mbaas Development, Muzley, Neumob, Number25, OLSET, Podo, ProxToMe, Riffsy, Tinyview, Waldo
Structure
Capital
15 appLoud, Cargomatic, DoLightful, Fixed, Ghostruck, Gosmith, Honk Technologies, Kash, Merchbar, Pogoseat, Saucey, Shyp, The League, Wag Labs, WillCall
DreamIt
Ventures
15
Bar & Club Stats, Charlie Contacts, emocha Mobile Health, GamePress, Grassroots Unwired, Knowledge Diffusion, Medlio, Meerkat, Miner, Notorious, Parkloco, Psico
Smart Apps, Redberry Mobile, SnipSnap App, Stat

18. 18Confidential
Top Series A Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
Sequoia
Capital
26
Backwater Technologies, Beijing Perfect Creative Technology, Carousell, Clari, Cryptopy Technologies, Girnar Software, Instacart, Kahuna, Keen Labs, Luminate
Wireless, NuBank, Octro, On Haiaihaisi IT, PicsArt, Plain Vanilla Games, Relcy, Shopular, Thanx, TinyOwl Technology, Trippy, WeLab, WizRocket Technologies, Zilingo,
Zoomcar India
500 Startups 20
App.io, Bloodhound, Carousell, Catch That Bus, Clip, Eaze Solutions, Kudo, Mediaspike, Mojio, Next Door Learning Solutions, Shots Mobile, Silverpush, SkyGiraffe,
SpotHero, Sprig, Tableapp, Trocafone, VERSUS IQ, Videogram, Virool
Accel Partners 20
Azumio, CrownIT, Fever Labs, Gametime United, Hammer & Chisel, Industrial Toys, Invoice2go, Lola, Mubble, MySmartPrice, Neumob, Nextbit Systems, Shuddle,
Sprig, UrbanClap, URX, Vinted, Wallapop, WizRocket, Zenoti
NEA 14 BetterDoctor, Bitglass, Branch Metrics, Cape Productions, DataVisor, GQQii, Luminate Wireless, mNectar, Movius Interactive, Pager, SocialRadar, Spare5, Tuya
Matrix
Partners
14
Atzuche, Bee Cave Games, Bugsnag, Confer Technologies, Edaixi, Hoodinn Interactive, Klook Travel Technology, Machinity, Reebonz, Shenzhen Wangzhi Technology,
Tasteful, The Flatiron School, Wuhu Cube Network Information Service
Greycroft
Partners
13 Azimo, Fortumo, Giddy (Boxed), Kaleo Software, Motivation Science, Plain Vanilla Games, Playdek, Playdots, Scopely, When I Work, Wochit
Google
Ventures
13 Amino, Hey, Jello Labs, KeepTruckin, LotusFlare, MediaSpike, MobileDay, N3twork, Nextbit Systems, Niantic, Product Hunt, Spruce, URX
SV Angel 13 Amino, BloomThat, Cargomatic, Coopkanics, FiftyThree, Instacart, Jello Labs, Product Hunt, Reserve Media, Studio SBV, TIKL, URX, Zesty
Qualcomm
Ventures
12 99Taxis, Emprego Ligado, MangoPlate, MediSafe Project, Naldo, Navdy, OpenSignal, Peak, Playdek, Simplest Software, Workspot, Zoom
BoxGroup 11 Adcade, Amino, Betable, ChatID, Giddy (Boxed), Hightower, Informed Data Systems, Jello Labs, Studio SBV, The Flatiron School, Veri

19. 19Confidential
Top Series B Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
Sequoia
Capital
29
Beijing Perfect Creative Technology, Blue Danube Labs, Citrus Payment Solutions, Clari, Cryptopy Technologies, Dayima, Drawbridge, Faaso’s Food Services, Feidee,
Girnar Software, Instacart, Kahuna, Mishi, Mobvoi, Moovit, Myfriday.cn, Near, NuBank, On Haiaihaisi IT, Shanhai Bai Sheng IT, Skillz, Skyhigh Networks, TinyOwl
Technology, True Software, Ver se’ Innovation, WhisperText, Wuxi Maimaibao IT, Yunmanman, Zoomcar India
Accel Partners 13
CartoDB, Fever Labs, Flaregames, ForgeRock, Hammer & Chisel, MobStac, MySmartPrice Web Technology, Origami Logic, Roofoods, Sprig, SwiftKey, UrbanClap
Technologies, Vinted
Intel Capital 11 Apperian, CafeX, Gengo, LISNR, NetSpeed Systems, Nexmo, Occipital, Qnovo, Reflektion, Swrve New Media, Zumigo
Matrix
Partners
11 Adelphic, Aquto, Atzuche, Confer Technologies, Edaixi, Eleme, Fastback Networks, PinGuo Technology, Quri, Shenzhen Wangzhi Technology, The Flatiron School
Qualcomm
Ventures
10 99Taxis, AppsDaily, August Home, Beijing Unisound IT, ClearCare, Curbside, Ineda Systems, Kaleo Software, Leanworks, Workspot

20. 20Confidential
Top Series C Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
Sequoia
Capital
16
AgilOne, Beijing Century Technology, Beijing Days Billion Technology, CooTek IT, Citrus Payment Solutions, Dayima.com, Druva Software, Eleme, Inkling Systems,
Instacart, Moovit, Skyhigh Networks, True Software, Ver se’ Innovation, WhisperText, Yunmanman
Accel Partners 9 BlaBlaCar, ForgeRock, Invoice2go, Origami Logic, Roofoods, Space Ape, UserTesting, Vinted, Wallapop
Qualcomm
Ventures
7 Cootek IT, Cyanogen, ip.access, Siklu, Tapingo, Verve Mobile, Zoom
Tenaya
Capital
7 AgilOne, Capriza, Druva Software, FutureSimple, Inkling Systems, ItsOn, Smartling
Index
Ventures
7 BlaBlaCar, Cyanogen, DoubleDutch, Flipboard, FutureSimple, iZettle, Roofoods
Intel Capital 7 Apperian, Gengo, ip.access, iZettle, Nexmo, Snapdeal, Zya
GGV Capital 6 ContextLogic, DraftKings, lwjw, Quixey, WePiao
Matrix
Partners
6 Affirmed Networks, Edaijia, Eleme, Fastback Networks, Quri, Shenzhen Wangzhi Technology
US Venture
Partners
6 PlaceIQ, Quixey, Smartling, Wayin, Zerto
KPCB 6 Apperian, Flipboard, Instacart, Remind, True Software, Yixia

21. 21Confidential
Top Series D+ Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
Sequoia
Capital
9 Chukong Technologies, Druva Software, Eleme, Straya, Yixia, Zomato Media
Accel Partners 8 Centrify, Hotel Tonight, Lookout, OpenX, Roofoods
Index
Ventures
8 Centrify, DoubleDutch, iZettle, Lookout, OpenX, Roofoods
Intel Capital 7 INRIX, InVisage Technologies, iZettle, Joyent, Urban Airship
GGV Capital 6 Chukong Technologies, DraftKings, Hotel Tonight, InVisage Technologies, lwjw
Battery
Ventures
5 90min, Avalara, Fastly, Hotel Tonight, Zerto
US Venture
Partners
5 AltoBeam,Electric Cloud, Hotel Tonight, Smartling, Zerto
Atlas
Ventures
5 DataXu, DraftKings, Integral Ad Science
KPCB 5 One Kings Lane, ServiceMax, Uber Technologies
Bessemer
Venture
Partners
5 DoubleDutch, Smule, Thinking Phone Networks

22. 22Confidential
Recent Awards and Nominations
Headwaters Technology, Media & Telecom (TMT) team has won awards for
Online and Mobile Tech Deal of the Year and Consumer Services Deal of the Year
and back-to-back M&A Advisor TMT Deal of the Year awards
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A DIVISION OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
Financial Advisor to
the Seller
2013 TMT DEAL OF
THE YEAR <$100M
CONSUMER
SERVICES
DEAL OF THE YEAR
CROSS BORDER DEAL
OF THE YEAR
2014 TMT DEAL OF
THE YEAR <$100M
CORPORATE / STRATEGIC
ACQUISITION OF THE
YEAR
2014 ONLINE AND
MOBILE TECH DEAL
OF THE YEAR
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
2012 TMT DEAL OF
THE YEAR <$100M
7th ANNUAL
INTERNATIONAL M&A AWARDS
2015 WINNER
HAS ACQUIRED
Financial Advisor to
the Buyer

23. 23Confidential
Deep Industry Focus Leads to Successful Transactions
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
CERTAIN ASSETS
ACQUIRED BY
Financial Advisor to
the Seller
HAS ACQUIRED
Financial Advisor to
the Buyer
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
HAS DIVESTED MOST OF
ITS ASSETS TO
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
STRATEGIC PARTNERSHIP
WITH
Sole Advisor
_______
Certain transactions completed by Headwaters MB bankers at prior firms
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
Financial Advisor to
the Seller

24. 24Confidential
Contact
www.headwatersmb.com
Gary Moon
Managing Director
Head of Technology, Media & Telecom
Investment Banking
Office: (415) 766-3862
Cell: (650) 515-8734
gmoon@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105
Ryan McCarthy
Director
Technology, Media & Telecom
Investment Banking
Office: (415) 766-3864
Cell: (203) 984-9057
rmccarthy@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105

25. 25Confidential
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced
merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any
security. Any reference to or omission of any reference to any company in this newsletter should not be construed as a recommendation to
buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any
security or company based on this newsletter. The newsletter is published solely for the general information of clients and friends of
Headwaters MB, LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual
recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all
investors.
This newsletter is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should
not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks, and other factors that may
cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. Opinions
expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The
companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to include any company in this newsletter is
unrelated in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or
reproduced in any form, or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein
should not be construed as legal advice.
Disclaimer