2

ABOUT THE DATAThe information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target isheadquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industrygroup and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to theinformation to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted.

ABOUT THE DATAThe information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target isheadquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industrygroup and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to theinformation to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted. 3

| Medical TechnologyAs of: 12/31/2019

Category / Company

USD in millions except per share priceLast Equity Enterprise EBITDAPrice Value Value Margin 2018A LTM NTM 2018A LTM

Last Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA

Valuation Statistics Multiples Data

EV / Revenue (x) EV / EBITDA (x)

NTM

4Source: S&P Capital IQ; ArkMalibuEV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful

Biotechnology & Life SciencesAlexion Pharmaceuticals, Inc. 108.15 23,933 24,583 50.3% 6.0 5.2 4.6 12.5 10.3Biogen Inc. 296.73 53,543 55,536 54.6% 4.7 3.9 3.9 9.1 7.2Bio-Rad Laboratories, Inc. 370.03 11,075 10,761 16.3% 2.8 4.7 4.5 18.7 28.6Eurofins Scientific SE 554.60 9,914 13,618 17.7% 2.2 2.9 2.5 12.6 16.3Gilead Sciences, Inc. 64.98 82,209 84,493 29.4% 3.5 3.8 3.7 7.2 12.9Illumina, Inc. 331.74 48,766 47,471 32.0% 13.3 13.7 12.4 39.7 42.9IQVIA Holdings Inc. 154.51 29,981 41,448 17.4% 3.9 3.8 3.6 18.1 21.9Lonza Group Ltd 364.69 27,077 30,632 26.4% 3.9 5.2 4.9 15.4 19.7Mettler-Toledo International Inc. 793.28 19,320 20,463 25.9% 5.2 6.9 6.7 21.0 26.5Regeneron Pharmaceuticals, Inc. 375.48 41,049 38,909 32.2% 6.1 5.1 4.7 15.6 15.9Sartorius Stedim Biotech S.A. 165.75 15,279 15,396 28.7% 7.0 9.9 8.6 24.3 34.3Vertex Pharmaceuticals Incorporated 218.95 56,303 52,956 25.0% 14.1 14.6 11.9 56.7 58.5Waters Corporation 233.65 15,055 16,091 34.7% 5.6 6.7 6.5 16.0 19.3

Median 296.73 27,077 30,632 28.7% 5.2 5.2 4.7 16.0 19.7

Medical DevicesAbiomed, Inc. 170.59 7,703 7,270 32.3% 20.6 8.9 7.6 70.4 27.4Align Technology, Inc. 279.04 21,992 21,267 24.6% 8.7 9.3 7.7 32.3 38.4Baxter International Inc. 83.62 42,693 45,578 23.6% 3.2 4.1 3.9 14.3 17.3Boston Scientific Corporation 45.22 63,029 73,952 26.4% 5.7 7.1 6.3 21.3 27.0Coloplast A/S 124.11 26,364 26,444 34.5% 7.9 9.8 9.1 22.5 28.4Edwards Lifesciences Corporation 233.29 48,657 47,971 30.6% 8.7 11.6 10.3 28.7 37.7Hologic, Inc. 52.21 13,828 16,335 31.0% 4.5 4.9 4.8 14.3 15.7IDEXX Laboratories, Inc. 261.13 22,400 23,304 27.2% 7.8 9.9 9.0 30.3 36.5Intuitive Surgical, Inc. 591.15 68,321 65,516 34.9% 14.5 15.4 13.6 38.4 44.2Olympus Corporation 15.54 19,980 21,312 21.5% 1.5 2.9 2.9 12.1 13.4ResMed Inc. 154.97 22,283 23,416 30.4% 6.9 8.7 7.9 23.2 29.3Smith & Nephew plc 24.27 21,196 23,324 28.2% 3.8 4.5 4.4 14.5 16.2Stryker Corporation 209.94 78,602 85,346 28.5% 4.8 5.9 5.5 17.7 20.6

6.86.9

22.512.06.7

35.516.317.524.110.229.124.218.117.5

23.029.415.421.425.930.714.433.633.713.725.114.718.8

| Medical TechnologyAs of: 12/31/2019

Category / Company

USD in millions except per share priceLast Equity Enterprise EBITDAPrice Value Value Margin 2018A LTM NTM 2018A LTM

Last Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA

Valuation Statistics Multiples Data

EV / Revenue (x) EV / EBITDA (x)

NTM

5Source: S&P Capital IQ; ArkMalibuEV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful

Sysmex Corporation 68.54 14,309 13,995 26.8% 3.7 5.1 4.8 14.2 19.4Terumo Corporation 35.75 26,755 27,629 26.1% 4.1 4.8 4.6 16.7 18.5Wright Medical Group N.V. 30.48 3,918 4,949 11.6% 4.7 5.4 5.0 38.9 46.7Zimmer Biomet Holdings, Inc. 149.68 30,787 38,895 30.3% 3.8 4.9 4.8 11.5 16.2

Median 124.11 22,400 23,416 28.2% 4.8 5.9 5.5 21.3 27.0

Healthcare TechnologyAllscripts Healthcare Solutions, Inc. 9.82 1,594 2,503 7.4% 1.9 1.4 1.4 42.8 19.3Cerner Corporation 73.39 23,052 23,591 19.8% 3.2 4.2 4.0 13.5 21.3Craneware plc 34.17 905 855 28.3% 12.1 11.5 11.2 41.6 40.7Evolent Health, Inc. 9.05 759 979 -6.4% 2.7 1.2 1.0 NM NMHMS Holdings Corp. 29.60 2,608 2,591 23.3% 4.2 4.2 3.7 20.2 18.0Inovalon Holdings, Inc. 18.82 2,917 3,844 27.2% 6.0 6.4 5.6 29.8 23.3M3, Inc. 30.41 20,633 20,184 27.6% 8.9 18.1 15.7 32.6 65.6NextGen Healthcare, Inc. 16.07 1,052 1,060 7.4% 1.9 2.0 1.9 26.4 26.9Omnicell, Inc. 81.72 3,427 3,430 13.5% 3.3 4.0 3.6 33.3 29.6Tabula Rasa HealthCare, Inc. 48.68 1,016 1,218 4.0% 6.5 4.5 3.7 69.0 114.5Teladoc Health, Inc. 83.72 6,060 6,034 -6.0% 9.2 11.6 9.3 NM NMVeeva Systems Inc. 140.66 20,900 19,433 30.2% 14.7 19.0 14.8 58.1 62.9

Median 32.29 2,762 3,011 16.6% 5.1 4.4 3.9 32.9 28.3

Diversified Medical TechnologyAbbott Laboratories 86.86 153,608 169,476 24.7% 4.7 5.4 5.1 20.1 21.9AbbVie Inc. 88.54 130,935 159,131 47.0% 5.3 4.8 4.6 12.7 10.3Agilent Technologies, Inc. 85.31 26,462 27,487 24.8% 4.3 5.3 5.0 17.8 21.5Amgen Inc. 241.07 143,240 152,664 51.1% 5.5 6.5 6.2 10.2 12.8Becton, Dickinson and Company 271.97 73,707 92,533 29.9% 5.1 5.4 5.1 17.1 17.9Danaher Corporation 153.48 110,521 117,229 23.8% 4.2 5.7 5.6 16.9 24.1Johnson & Johnson 145.87 383,911 399,063 34.6% 4.4 4.9 4.7 12.8 14.1Koninklijke Philips N.V. 48.84 43,729 48,546 12.5% 1.8 2.3 2.1 15.1 18.1

17.416.924.714.221.4

NM12.7

11.018.228.2

109.1

33.422.013.516.751.8

40.922.0

18.78.5

19.211.416.621.813.212.0

| Medical TechnologyAs of: 12/31/2019

Category / Company

USD in millions except per share priceLast Equity Enterprise EBITDAPrice Value Value Margin 2018A LTM NTM 2018A LTM

Last Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA

Valuation Statistics Multiples Data

EV / Revenue (x) EV / EBITDA (x)

NTM

6Source: S&P Capital IQ; ArkMalibuEV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful

Medtronic plc 113.45 152,066 168,440 30.6% 4.5 5.5 5.2 14.2 17.8PerkinElmer, Inc. 97.10 10,788 12,843 20.9% 3.9 4.5 4.2 19.7 21.7Roche Holding AG 324.22 276,491 288,217 38.3% 3.8 4.5 4.4 10.0 11.8Siemens Healthineers AG 48.05 47,973 52,008 19.3% 3.0 3.2 3.0 16.9 16.5Thermo Fisher Scientific Inc. 324.87 130,270 146,768 25.6% 4.5 5.8 5.5 18.2 22.7

Median 113.45 130,270 146,768 25.6% 4.4 5.3 5.0 16.9 17.9

14.821.116.1

16.118.411.0