Analysis of recent transactions in Advertising Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. page A L P S V E N T U R E P A R T N E R S 1
TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP
This report is intended solely for the informational and is not intended to be and should not be used by any other person or entity. No other
person or entity is entitled to rely, in any manner or for any purpose, on this report.
ADVERTISING!
M&A Tearsheet 2019!

2. page A L P S V E N T U R E P A R T N E R S 2
Merger & Acquisition Summary - Advertising
Valuation Summary
Total Deal Value ($mm) 46,515
Average Deal Value ($mm) 150
Average TEV/Revenue 2.6x
Average TEV/EBITDA 14.9x
Average Day Prior Premium (%) 18%
Average Week Prior Premium (%) 21%
Average Month Prior Premium (%) 21%
*Source: CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2013 – March 25, 2019
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Transaction Ranges
Greater than $1 billion 9
$500 - $999.9 mm 12
$100 - $499.9 mm 37
Less than $100 mm 253

3. page A L P S V E N T U R E P A R T N E R S 3
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis
2.8x 2.3x 3.1x
2.1x 2.2x
4.4x
17.8x
13.9x 14.3x 13.6x
14.8x
19.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2014 2015 2016 2017 2018 2019
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year
Average TEV/Revenue 2.8x 2.3x 3.1x 2.1x 2.2x 4.4x 2.5x
Average TEV/EBITDA 17.8x 13.9x 14.3x 13.6x 14.8x 19.1x 14.9x
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4. page A L P S V E N T U R E P A R T N E R S 4
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis
1 3
-
3 1 1 6
1 2 1 2 -
8
3
13
6 6
1
41
66
59
50
33
4
-
10
20
30
40
50
60
70
2014 2015 2016 2017 2018 2019
Number of Transactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2014 2015 2016 2017 2018 2019 5 Year
Average Deal Value 180.0 137.2 79.6 146.9 242.4 256.0 157.2
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5. page A L P S V E N T U R E P A R T N E R S 5
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 24.6% Americas – 34.1% Europe/MENA/Africa – 41.2%
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Region / Transactions Number Total Value Average Size
Asia Pacific 144 11,464 80
Europe/MENA/Africa 108 19,172 178
Americas 59 15,878 269

6. page A L P S V E N T U R E P A R T N E R S 6
Investment Focus
*Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis
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Geographic Location Number of Transactions Average Historical Multiples Average Transaction size (USD mn)
China 57 4.8x 89.8
United States 54 2.8x 293.4
United Kingdom 46 1.6x 173.4
Japan 19 1.5x 159.0
Thailand 14 2.4x 5.6
Australia 14 1.9x 137.6
Hong Kong 13 3.0x 23.6
Poland 11 1.6x 4.1
Germany 10 1.2x 56.7
South Korea 9 1.2x 87.7
France 8 1.4x 865.5
Singapore 5 3.0x 14.5
Malaysia 5 2.8x 9.6
Italy 5 1.3x 5.7
Switzerland 4 1.9x 454.0
Others 37 2.1x 52.7

7. page A L P S V E N T U R E P A R T N E R S 7
Largest Transactions
Target Deal Value ($mm)
UBM plc $6,164
Oath Inc. $4,720
Havas SA $3,216
Conversant LLC $2,449
Havas SA $1,782
Havas SA $1,628
Asatsu-DK Inc. $1,208
Infront Sports & Media AG $1,189
OOO KEH eCommerce $1,160
Dealer Dot Com, Inc. $994
*Source – CapitalIQ, AlpsVP Analysis
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8. page A L P S V E N T U R E P A R T N E R S 8
IND UST RY INSIG HT S

9. page A L P S V E N T U R E P A R T N E R S 9
Industry Outlook (1/2)
[1] Source: Advertising Agencies in US published by IBISWorld, Feb 2019
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US Advertising Agencies Industry1
The Advertising Agencies industry provides creative services, advice, account management and production of
advertising material across different channels for its clients. Industry operators also plan and buy media space in
periodicals, newspapers, radio and TV or other media. Over the five years to 2019, the Advertising Agencies industry
has benefited from growing corporate profit, consumer spending and per capita disposable income. As a result,
companies have increasingly sought industry services to help them capture a growing portion of consumer spending.
Overall, IBISWorld estimates industry revenue to increase an annualized 4.2% during the five-year period to $54.5
billion, including growth of 3.3% in 2019 alone. Profit, measured as earnings before taxes and interest, is expected to
comprise 7.6% of industry revenue in 2019.
14.2%
13.8%
12.1%
10.1%9.2%
8.6%
7.7%
24.3%
Automotive Consumer packaged goods
Technology, media and telecommunication Food and beverage producers
Retail Travel and entertainment
Financial Services Others
Growing consumer spending and low unemployment,
combined with increased corporate profit, have provided
companies with the means and motivation to invest in
advertising services. Businesses have been able to
allocate more funds toward marketing as the broader
economy and corporate profit have grown. Corporate
profit is estimated to increase at an annualized rate of
1.8% over the five years to 2019. During the period, rising
demand for digital services has motivated more
companies to enter the industry. Over the five years to
2019, the number of industry enterprises is estimated to
grow at an annualized rate of 2.0% to 70,139 companies.
Merger and acquisition activity has also been high,
particularly amid larger companies that have sought to
expand their digital capabilities by acquiring specialized
agencies.

10. page A L P S V E N T U R E P A R T N E R S 10
Industry Outlook (2/2)
[1] Source: Advertising Agencies in US published by IBISWorld, Feb 2019
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US Advertising Agencies Industry1
Over the five years to 2024, industry revenue is anticipated to continue growing at an annualized rate of 2.2% to $60.8
billion. Industry operators are anticipated to continue benefiting from growing corporate profit and consumer spending.
Furthermore, as companies adapt to benefits from the growth of digital platforms, clients will seek integrated marketing
solutions that combine multiple media platforms, resulting in more demand for industry services. To an extent, cross-
platform advertising has posed an arduous task for advertisers, due to hurdles related to securing methodology and
metrics for cross-platform analysis. Ultimately, however, it poses a potential opportunity moving forward for new
companies to differentiate themselves in the industry.
46.5 49.1 50.8 52.7 54.5 55.7 56.8 57.9 59.3 60.8
4.7%
5.7%
3.5%
3.8%
3.3%
2.2%
1.9% 2.0%
2.4% 2.5%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
10
20
30
40
50
60
70
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AdvertisingAgenciesinUSRevenue($B)
Market Size ($B) Growth (%age)

11. page A L P S V E N T U R E P A R T N E R S 11
Alps Venture Partners has established
a team of experts that have experience
in valuing businesses across diverse
industry sectors and all developmental
stages; ranging from clients with seed
funding to pre-IPO stage.
With the team having experience of
both valuations and audits, our detailed
and insightful valuation appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.

12. page A L P S V E N T U R E P A R T N E R S 12
Corporate Finance Services
We provide clients with high quality
research, analytical and advisory
support for transactions. We offer a
range of services such as initial
opportunity assessment, market
analysis, financial modeling,
commercial and financial due
diligence, valuation, capital structure
planning, and deal structuring.
v Investment Opportunity
Assessment
v Target Identification
v Preparation of Pitch Books
v Buyer & Seller Services
v Fairness Opinions
v Financial Modeling
v Business and Financial Due
Diligence etc.
Transaction advisory Financial Modeling
Whether it is evaluating new
business ventures, proposed
transactions or financial and
operational strategies, a robust and
dynamic financial model is an
integral component to the decision-
making process.
Transaction Identification
We can help by global target
identification considering the
requirements with maximum
synergy.
The financial due diligence process
is a necessity to any transaction. Our
aim is to enable owners and
managers to make such investments
with confidence by supporting and
advising at every stage. We will help
reduce the risk – and stress – of
investing at home or in another
country.
Due Diligence
Custom Research
We provide clients with customized
research report, model, decks with
client specific requirements such as:
v Business plan development,
v Diagnostic review of operations
v Competitor benchmark analysis
v Intellectual Property
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13. page A L P S V E N T U R E P A R T N E R S 13
Financial Reporting and Tax Compliance Services
IRC 409a
We have experience of handling
more than 2000+ 409a valuations
across Industries. With the team
having experience of both valuations
and audits, our detailed and
insightful Section 409A appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.
Fair Value Measurement
We help PE and VC clients to
comply with ASC 820 and IFRS 13
standard’s complex provisions and
avoid any audit issues in their
quarterly and annual reporting.
Relative TSR Programs
We value the awards with Relative
TSR metrics, using sophisticated
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value new grants.
Our business valuation experienced
team along with the team of veteran
Patent lawyers position us uniquely
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Goodwill and Investment
Impairment testing.
ASC 350 / IAS 38
ASC 718 (FAS 123R)/IFRS 2
Our experienced team at Alps
Venture Partners has performed
hundreds of stock options valuations
for ASC 718 for privately held
companies and publicly listed
companies across diverse industry
sectors and enterprise development
stages.
ASC 805 / IFRS 3
We have unmatched proficiency in
delivering Business Combinations
Accounting solutions to clients in
v a r i e d i n d u s t r i e s . O u r
comprehensive USPAP compliant
appraisal reports are auditable and
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stay focused on the deal.
IRC 83 B Election
Alps Venture Partners has extensive
experience in assisting companies
seeking to comply with IRC 83 B
election. Failing to make a timely
83(b) election may lead to disastrous
tax consequences for a start-up
company founder or employee.
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14. page A L P S V E N T U R E P A R T N E R S 14
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