THINK ONE FINANCING AHEAD ARR Revenue Multiples of Cloud Companies Peak – Mar 2014 12.0x ~10x Current 10.0x 9.8x 8.0x 6.0x 4.0x Trough – Feb 2016 2.0x Trough – May 2014 4.6x 0.0x 5.8x 1/1/1/1/11/1/11/1/12/1/12/1/12/1/13/1/13/1/13/1/14/1/14/1/14/1/15/1/15/1/15/1/16/1/16/1/16/1/17/1/17/1/17/1/18/1/18/1/18/1/19 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 5 9 1 S o u r c e : C a p I Q , i n t e r n a l s o u r c e s a n d c o m p a n y a n n o u n c e m e n t s . P r i c e d a s o f 1 / 2 3 / 2 0 1 9 Note: Use quarterly revenue times four as a proxy for ARR. I n c l u d e s 5 2 p u b l i c c l o u d c o m p a n i e s i n t h e E M C L O U D . S A A S T R A N N U A L 2 0 1 9