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Kathleen ThomasManaging Director

Managing Director Managing Director Managing DirectorManaging Director Director, BD Chief Operating OfficerDirector

Co-PresidentFounder & CEO Managing DirectorManaging Director Managing DirectorManaging Director Managing Director Managing Director

Managing Director Chief Operating Officer EVP, Professional ServicesGroup

Chief Marketing OfficerManaging Director Director

2

Managing Director

MSI and Morpace are leading market research firms.

Turnkey Intelligence is a leading sports research and advisory firm.

Challenger is a leading performance improvement platform, focused on sales, marketing and customer service in-person and online training.

FC Business Intelligence is a leading B2B events and information business.

MediaMonks is a leading global creative production platform.

IABHC is a leading provider of education for front-line clinicians, treatment center executives, and public health professionals.

FuseFX is a leading independent visual effects studio providing services for episodic television, feature films, commercials, and VR productions.

Hargrove is a leading experiential events and exhibitions production company.

PennWell is a leading integrated B2B events and information company serving the energy, safety, technology and healthcare sectors

JHI is a leading multi-channel marketing communications, education and data provider serving pharmaceutical, eye care & healthcare professionals.

ThinkHR is a leading provider of trusted HR knowledge software and services.

Dennis Publishing is a leading consumer media and e-commerce organization.

Kimble Applications is a global leader in professional services automation.

Webcollage is a leading product content management SaaS platform for global brands and retailers.

WS&A is a leading tech-enabled survey and analytics platform providing insights to support corporate planning and business outcomes.

FMAV is a leading audiovisual and live event production company.

MTM provides Learning & Development data and analytics solutions for corporations to measure the effectiveness of their L&D investment.

MERGE is a leading integrated healthcare marketing and technology development agency.

ZRG Partners is a leading global executive search firm.

OPEN Health is a leading multi-disciplinary health communications and market access group.

PBM is a leading business media and communications company serving the home furnishings and gift industries.

3

M&A Advisory and Sector Expertise Across Converging Categories4

Marcus AnselmManaging Director

6Source: Statista via Recode, Zenith

188 184178 179 175 173 174 174 174 173 170

168

48

61

7685

95

109120

131

147

160171

180

40

60

80

100

120

140

160

180

200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020*

Minu

tes

TV

Internet

188

48

171

170

Note: * - forecast; Source: eMarketer

2% 2% 3% 3% 3% 4% 4% 4% 5% 5% 6% 6% 7% 8%10%

12%14%

16%18%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020* 2021*

2%

14%

7

4% 4% 6% 7% 9% 12% 14% 16% 17% 20% 23% 26%31% 34% 38% 40% 44% 47%

54%37% 37% 37% 36% 36%

36%37%

38% 39%39%

39%38%

36%35%

34% 33%34%

35%32%60% 58% 58% 57% 55% 52% 48% 45% 44% 41% 38% 36% 33% 30% 28% 27%

22% 18% 14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020* 2021*

Digital TV Everything else

Source: JEGI | CLARITY Insights

4%

44%

8

Source: Statistic Brain Research Institute 9

DEMANDS UNIQUE AND CREATIVE TECHNOLOGY SKILLS

Source: Deloitte, McKinsey 10

Source: Deloitte, McKinsey 11

Source: Coca Cola Company 12

Note: 1. Top 10 Marketing Companies according to Agency Spotter; Source: Coca Cola Company 13

14

93154

15

AgencyServices

Full ServiceDigital

SpecialistDigital

MarketingTech

StrategicCommunications

TechServices

Ad Tech ContentProduction

ConsultancyServices

Research

Transactions by target capability

Source: Capital IQ and JEGI | CLARITY research. Global transactions announced between 01/01/2018 and 31/12/2018 where the target is within the Marketing Services space

Generalist

Generalist

Specialist

2018

64%

16

2003 2018

Source: JEGI | CLARITY estimates

Non-Traditional Marketing Services Buyers

17

Integration of technology, content and data

Across multiple platforms

Personalised content at scale … globally

18

19

Adam GrossManaging Director

SELLERS OFSERVICES AND

PRODUCTS

B2B MARKETINGSOLUTIONS

BUYERS ANDEND USERS

Platforms Used to Bring Buyers and Sellers Together And Ultimately Help Sellers Drive Buying Decisions

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▪ B2B Marketing Solutions comprise a diverse array of products:➢ Print and digital media➢ Events➢ Email marketing➢ Content marketing➢ Marketing data

➢ Search marketing➢ Sales enablement➢ Lead/demand generation➢ Market research➢ Industry data

B2B Marketing Solutions are integrating across all channels, with different sets of data, insights and analytics to reach the right

buyers, at the right time with the right product or service

Source: Outsell Information Industry Outlook Report

B2B Marketing Solutions TAM

3.1% Growth $38.2

2 Years Ago

$42.0

Today

$39.4 6.6% Growth

Last Year

4.9% CAGR Over Last Two Years(billions)

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Large Cap leaders have set the standard for B2B marketing models, through user-friendly software platforms that utilize data, insights and analytics to

connect buyers and sellers

Company Insight TTMEV/Revenue

TTMEV/EBITDA

➢ Customer Relationship Management platform➢ Helps companies service existing customers and identify and

target new potential customers➢ Data, insights, and analytics driven software

➢ PR cloud➢ Covers a client’s communications needs, helping them reach,

target and engage audiences➢ Embedded in the workflow, utilizing insights, intelligence and

data to target the right audiences with the right message

➢ Online Professional Network ➢ Creates economic opportunities for executives, with a focus

on sales, job opportunities, and references/referrals➢ Underpinned by data, insights, and analytics

8.3x 88.0x

4.3x 13.9x

10.4x NM

Source: CapitalIQ 23

SUBSCRIBERS

▪ 6+ million opted-in subscribers (can be targeted vertically and horizontally)

CORPORATIONS& ASSOCIATIONS

▪ 200+ corporation and association relationships

MARKETERS

▪ Highly efficient and actionable way for marketers to reach key target audiences

Tech-enabled B2B marketing solutions enabling marketers to reach target audiences by delivering trusted content to

decision-makers via email

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Source: PitchbookNote: 2018 data is annualized, from actual data through September

B2B Marketing Solutions M&A

$36.5

2018

$32.1 13.7% Growth

2017

(billions)

B2B Marketing Solutions saw $36.5 billion of M&A transaction value in 2018, representing a 13.7% growth rate over 2017

25

Sources: CapitalIQ and Preqin

Confidence

Capital

Underpinned by a scarcity of quality assets in the market, which is driving pricing

Corporations have

strong balance sheets

($3Tr in cash) and a

growth imperative

Despite recent dips, US

equity markets trading

at historically high

levels

US economy grew

approximately 3% in

2018

Unemployment is at

historically low

levels – 3.9% YE2018

Debt markets remain

vibrant

Private equity firms

look to invest $1.8Tr of

dry powder

26

Take PrivatePre-Arranged Merger

Buyer Seller Type

Strategic Acquisition

Strategic Acquisition

Strategic Acquisition

Strategic Acquisition

Strategic Acquisition

Strategic Acquisition

Strategic Acquisition

Buyer Seller Type

PE Buyout

PE Buyout

PE Buyout

PE Buyout

PE Buyout

PE Buyout

PE Buyout

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EV $245 million; 2.8x revenue ($87.5 mm)

➢ Transformation & Growth

➢ Doubled Forrester’s addressable market, from $20B to $40B

➢ Brings Forrester’s strategy expertise together with SD’s operations expertise

➢ Delivers actionable intelligence and expert guidance to B2B companies

➢ Helps executives elevate sales, marketing and product performance

Source: CapitalIQ

acquires

28

➢ Growth and consolidation

➢ Looking for a high-quality events platform in North America to enhance and expand its global events portfolio

➢ North American events can be expanded across Clarion’s events platform globally

➢ A diversified and integrated B2B media and events company

➢ Strong marketing solutions platform, including 40 events, primarily in North America

Source: JEGI Proprietary Data

acquires

29

Models and Metrics Agency & Media Tech-Enabled

ServicesBusiness Info/

Software

Valuation Multiple Expansion

Multiples expand as revenue becomes more contractual (“visible”), solutions become more embedded (“stickier”) and margins expand

Revenue Model Project / Retainer Annual / Visible Contractual

Delivery Model Project Management Managed Service Dashboard / Data Feed

Pricing Model Cost-plus Solution-based License

EBITDA Margin 15-20% 20-25% 25%+

Revenue Multiple Tipping Point

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Data, insights, and analytics are now table stakes

According to PWC, there is a new market force that could contribute up to $15.7 trillion to the global economy by 2030

This powerful market force enables brands to personalize the customer experience, analyze data to make intelligent decisions, and adjust those

decisions in real-time

31

Artificial Intelligence

32

33

Michael HirschManaging Director

Joseph SanbornManaging Director &

Co-Head of Tech Banking

Source: SMB Group estimates, U.S. Census Bureau data, and World Bank estimates

Mid-Market Businesses(100-1,000 Employees)

Small Businesses(< 100 Employees)

Upper Mid-Market Businesses

(1,000-2,500 Employees)

SMB Market Segments

▪6.4 million firms ▪113 million employees ▪$2.5+ trillion revenue ▪$250+ billion IT spend

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Retail

▪ Auto Dealers▪ Grocery▪ Neighborhood Stores▪ Pharmacies▪ Restaurants

Consumer Services

▪ Child Care▪ Health and Wellness▪ Home Services▪ Tutoring▪ Vehicle Repair

Community

▪ Associations▪ Local Government▪ Not-for-Profit▪ Religious Institutions▪ Sports and Leisure

Professional Services

▪ Accounting/Tax▪ Dental & Medical▪ Insurance▪ Legal▪ Real Estate

36

Cloud

Mobile

APIIntegration

“Five Forces”

WorkforceShifts

Digital Marketing /Advertising

37

COO

CTO

CIOCRO

CFO

CPO

CMOLarge IT Organizations

+CEO

System Integrators

38

SMB Business Requirements

+

SMB “Point Applications”

Family Members

TeamA Handful of

Key Employees

39

Customer Acquisition

Customer Engagement

…emmm…..

Administration Service/Fulfillment

Source: Preqin, 451 Research, Pitchbook

Growth Equity

(Strategic Growth)

Venture Capital Private Equity

▪ Willingness to embrace smaller market opportunities

▪ Comfortable with 20-50% growth rates in companies vs. 50-100%+ requirements of VCs

▪ “Goldilock’s view” of balancing between high burn of VC-backed vs. cash flow needs of PE

▪ Leveraging proven technologies developed in the enterprise market

40

Horizontal (Version 1.0)Customer Acquisition Customer Engagement Service/Fulfillment Administration

Vertical (Version 2.0)

Professional Services

Consumer Services

Community

Retail

41

Public ConsolidatorsPE-Backed Holding Companies

Acqu

isitio

ns

42

▪ Huge investment in vertical SMB software companies

▪ Redefining models to capture more wallet share

▪ Early stages of growth of vertical market offerings

43

Jeff BeckerManaging Director &

Co-Head of Tech Banking

Tactical / Record Keeping

Cost Center

Perpetual License Model

Little Innovation

45

3. Emergence of SaaS

2. People Are Biggest Resources/Expenses

4. High Venture Capital and IPO Activity

1. Automated ERP, SCM, etc.

HCM is Highly Strategic Today

46

47

2000-2005

SaaS HCM Emerges▪ Focused on HR

power users▪ Basic process

automation▪ Venture capital

flows into HCM

2013-Present

Next-Gen HCM▪ Expanded to users

throughout enterprise

▪ Data and Analytics to drive enterprise decision making

▪ PE and Growth Equity dominate transactions

2005-2010

Leaders Emerge

2010-2013

Consolidation Craze

48

Historically Low Unemployment

Skills Gap

War for Talent

HCM Solutions Address Enterprise “Pain Points”

49

GigEconomy

Millennials in Workforce

Need Predictive Insights

70%

90%

110%

130%

150%

170%

190%

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19

JEGI HCM Index S&P 500 Russell 2000 IndexIndexed Stock Performance

▪ Huge TAM = $193 billion growing at 9% CAGR ▪ Early adopter of SaaS▪ Strong macro tailwinds▪ Large horizontal opportunity

TAM Source: The Starr Conspiracy Intelligence Unit 50

Strategic Deals Financial Deals

51

▪ Future is about using Data/Analytics and AI to either:➢ Make HR professionals/processes more productive and effective➢ Optimize the “employee experience”, much like has been done for the

“customer experience”

Target

Engage

Measure

Upgrade

Retain

Employee Consumer

52

Recent JEGI HCM Deals

Team’s Pre-JEGI HCM Deals

53