FASTER GROWTH IS REWARDED – 10% GROWTH = +1.0X IN REVENUE MULTIPLE 10.0x 45 Public Cloud Companies +10% growth results in +1.0x Rev Mult 9.0x 8.0x Atlassian Corporation Workday e 7.0x The Ultimate Software Group ServiceNow l Xero p i t Veeva l 6.0x Shopify Mu Proofpoint Zendesk NetSuite Instructure e 5.0x Salesforce u Medidata Solutions New Relic n Cornerstone OnDemand ve 4.0x Qualys Demandware HubSpot e Cvent LinkedIn Appfolio, Inc. R LogMein Benefitfocus Wix 6 3.0x RealPage BroadSoft Textura 1 y = 10.181x + 1.1297 0 Constant Contact Mindbody, Inc 2 2.0x Intralinks 2 Mobileiron R = 0.36068 Bazaarvoice LivePerson Xactly Castlight Health 1.0x Jive Software Lifelock Marin Software 0.0x 10% 20% 30% 40% 50% 60% -1.0x ’15-’16 Revenue Growth Source: 45 companies in BVP Cloud Index. CapIQ www.bvp.com/cloud 16