Positive signs of a continued recovery were prevalent in Q1 2021, with vaccinations gaining critical mass, GDP showing growth, and the country opening back up for business. Additionally, M&A continues to be a tidal wave of activity, preparing to make landfall in Q4 2021.

1. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
1
M&A and Capital Markets Update
1 Q 2 0 2 1

2. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
ClicktoeditMastertitlestyle
M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Agenda
II
Forbes M+A
Overview
2
I
Capital
Markets
Overview

3. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
I. Capital Markets Overview
3

4. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Q1 MarketRecap
“Heading into 2021, questions and uncertainty abounded regarding the new administration taking office, the vaccine rollout, and how the post-COVID recovery would continue.
With a full quarter in the books, it appears that the U.S. economy is off to a great start with both the public markets and GDP showing positive growth, and we remain
cautiously optimistic heading into Q2. For the first time in a year, the world began to open as the vaccine gained critical mass, with ~25% of Americans getting vaccinated
through Q1. Additionally, the American Rescue Plan (ARP) was signed into law on March 12, providing for $503 billion of relief funding and helping to add 600,000 jobs.
Unfortunately, it was not all positive news in Q1, with the labor market still being the largest strain on the economy. According to S&P, the labor market is 9.5 million jobs short
of pre-COVID levels and nearly 10 million remain unemployed. The big economic challenge for Q2 will be to see a material improvement in the jobs reports and as more of the
country opens, hopefully the demand for labor intensifies. M&A is a different animal, with tidal wave of record deal volume surging towards year end 2021. This is driven by
several factors, including 2020 deals coming back to market, continued record levels of private equity dry powder, and impending capital gains tax hikes looming in 2022. As we
march through 2021, we will be keeping a close eye on the deal volume, value, and multiples.”
JJ Lane – Vice President
CAPITAL MARKETS OVERVIEW
4
“Heading into 2021, questions and uncertainty abounded regarding the new administration taking
office, the vaccine rollout, and how the post-COVID recovery would continue. With a full quarter in the
books, it appears that the U.S. economy is off to a great start with both the public markets and GDP
showing positive growth, and we remain cautiously optimistic heading into Q2. For the first time in a
year, the world began to open as the vaccine gained critical mass, with ~25% of Americans getting
vaccinated through Q1.
Additionally, the American Rescue Plan (ARP) was signed into law on March 12, providing for $503
billion of relief funding and helping to add 600,000 jobs. Unfortunately, it was not all positive news in
Q1, with the labor market still being the largest strain on the economy. According to S&P, the labor
market is 9.5 million jobs short of pre-COVID levels and nearly 10 million remain unemployed. The big
economic challenge for Q2 will be to see a material improvement in the jobs reports and as more of the
country opens, hopefully the demand for labor intensifies.
M&A is a different animal, with tidal wave of record deal volume surging towards year end 2021. This is
driven by several factors, including 2020 deals coming back to market, continued record levels of private
equity dry powder, and impending capital gains tax hikes looming in 2022. As we march through 2021,
we will be keeping a close eye on the deal volume, value, and multiples.”
JJ Lane – Vice President

5. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Jan-21 Feb-21 Mar-21
At Least One Dose Fully Vaccinated
RecoveryDrivenbyVaccinationsbutLimitedbyWeak
Unemployment
Note: (1) Middle market defined as transactions with values at or below $250 million. Sources: GF Data, Capital IQ
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Unemployment Continued to Decline but is Still Above YoY Levels Due to COVID
Mar 20: 4.4%
Mar 21: 6.0%
↑36%
Apr 20: 14.7%
6.8x
Average Middle Market
EV/EBITDA Multiple
$3.8 T
Current Cash Balance of
S&P 500 Companies
84%
Of Deals Closed Had an
EV Below $250 Million
CAPITAL MARKETS OVERVIEW
5
7.7%
1.7%
First Quarter COVID-19 Vaccinations in the United States
15.2%
7.6%
29.8%
16.6%
6.0%
U.S. Unemployment rate
as of March 31, 2021

6. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0.0%
1.0%
2.0%
3.0%
4.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
10 Year 20 Year 30 Year
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Sources: Capital IQ, St. Louis Fed, European Central Bank, U.S. Department of the Treasury as of 3/31/2021
0.07%
2.4%
2.3%
1.7%
PublicMarketStrengthandGDPGrowthLeadingtheWay
3Q 2020: 3,363
4Q 2020: 3,756
↑5.8%
S&P 500 Maintained Steady Growth and Began the Year Strong… …While U.S. Real GDP Grew for First Time Since 1Q 2020
Fed Funds Rate Held Flat… …As Treasury Yields Began to Climb
Q2:
-9.5%
Q3:
-2.9%
1Q 2021: 3,973
Q4:
-2.9%
CAPITAL MARKETS OVERVIEW
6
Q1:
0.4%

7. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Note: (1) Middle market defined as transactions with values at or below $250 million. Sources: GF Data, Capital IQ
CAPITAL MARKETS OVERVIEW
7
($ in billions)
$717
$908
$1,081
$667
$877
$548
$257 $747
$1,035 $989
11,802
11,093
10,611
10,682 11,243
10,209
6,913
9,276
11,902 11,394
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2018 2019 2020 2021
Deal Value Deal Count
$322 $413 $501 $288 $306 $159
$60
$316 $452 $308
1,464 1,348 1,318
1,430 1,489 1,297
664
1,022
1,328
1,128
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2018 2019 2020 2021
Deal Value Deal Count
…With the U.S. M&A Market Following the Global Trend
Global M&A Activity Off Dipped Slightly…
U.S. Middle Market Deal Volume Started Strong in 1Q(1) Cash Reserves Rose as Corporates Slowed Spending
($ in billions)
($ in billions)
1,098 1,050 997 1,109 1,109 1,019
559
781
940 802
263 221 221
229 252
221
78
154
263
213
103
77 100
92
128
57
27
87
125
113
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2018 2019 2020 2021
Under $100M $100M-$500M +$500M
$2,121 $2,093 $2,155 $2,176 $2,287
$2,958
$3,353 $3,330 $3,538
$3,811
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2018 2019 2020 2021
S&P 500 Cash Balance
M&AActivitySaw SlightDeclinein Q1…

8. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Note(s): YTD 2021 as of 3/31/2021; (1) Middle market defined as transactions with values at or below $250 million. Sources: Pitchbook, GF Data, Capital IQ
…WhileM&AValuationsFollowedSuit
CAPITAL MARKETS OVERVIEW
8
$30.9 $30.1 $31.0 $32.2 $35.0 $37.5 $40.0 $37.0 $38.0 $30.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Median Deal Value Average
6.7x 7.1x
7.9x
6.9x
7.7x
8.3x
7.6x
6.9x 6.8x
6.4x
7.0x
6.3x
8.9x
Manufacturing Business Services Health Care Consumer Distribution Media & Telecom Technology
2020 2021
7.2x 7.2x
7.1x 7.1x
6.8x
2017 2018 2019 2020 2021*
EV/EBITDA Multiples
$34.2M Historical
Average
Median Middle Market M&A Deal Values Decreased Slightly(1)…
($ in millions)
…As Well As U.S. Middle Market EV / EBITDA Multiples
Middle Market EV / EBITDA Multiples Stayed Strong with Technology Deals Experiencing the Largest Increase
No Publicly
Available
Transaction
Details

9. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Note: YTD 2021 data as of 3/31/2021. Sources: Pitchbook, GF Data, Capital IQ
CAPITAL MARKETS OVERVIEW
U.SPrivateEquityM&AEnvironment
9
1,614 1,543
2,027 2,120 2,238 2,465
3,023 3,128 3,050
710
1,289 1,082
1,332 1,447 1,368
1,500
1,611 1,488 1,245
242
56% 59% 60% 59% 62% 62%
65% 68%
71%
75%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Add-On Non Add-On Add-On %
$106 $160 $178 $159 $224 $272 $206 $322 $213 $88
218
304
399 394
420
482
413
448
289
97
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital Raised Number of Funds
4.7x 6.0x 6.7x 5.6x 6.6x 6.1x 6.3x 6.9x 5.9x 7.5x
4.1x
4.3x
5.9x
4.9x
6.7x 5.9x 5.9x 8.0x
7.3x
3.6x
8.7x
10.2x
12.6x
10.5x
13.3x
11.9x 12.3x
14.9x
13.2x
11.1x
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Debt/EBITDA Equity/EBITDA
PE Buyout Multiples Start Out Below 4Q 2020
PE Fundraising Began Year on a Strong Note PE Add-On Deals Continued to Increase as a % of Total Deals
 PE buyout multiples remained at high levels as IT deals are
on pace to surpass 2020 levels, keeping overall multiples
at a high level
 Fundraising saw 2021 begin on a promising note, raising just
under $90 billion across 97 new funds, signaling a rebound
from a low 2020
 Add-on deals remained strong in 1Q 2021 at 75%,
continuing the trend seen in 4Q 2020
$106 $160 $178 $159 $224 $272 $206 $322 $213 $88
218
304
399 394
420
482
413
448
289
97
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital Raised Number of Funds

10. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Sources: GF Data, Capital IQ LCD, SPP Capital
CAPITAL MARKETS OVERVIEW
LeverageMultiples& Pricing
10
45.9%
33.9% 39.7% 35.7%
9.7%
7.7% 8.6%
32.2% 42.8% 39.6% 40.6%
21.9%
13.5% 13.1% 15.1%
$10-$25mm $25-$50mm $50-$100mm $100-$250mm
Senior Debt Sub Debt Equity Rollover Equity
3.3x 3.0x 3.2x 3.1x
3.7x
0.8x
0.8x 0.7x 0.6x
0.3x
4.1x
3.8x 3.9x
3.7x
4.0x
2017 2018 2019 2020 2021
Senior Debt / EBITDA Sub Debt / EBITDA
Debt Multiples
Debt Pricing(1)
Debt & Equity Contribution

11. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
II. The Forbes M+A Overview
11

12. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
12
The Forbes M+A Group is a market-leading boutique investment bank. We are hyper-focused
on businesses that have strong growth outlooks and solid foundations of market leadership,
compelling and enduring business models, and attractive sectors.
We’ve built a different model to create extraordinary results for these elite companies. We
work with a select few clients each year, swarm them with deep senior experience and
expertise, and engineer customized processes using unconventional techniques to move
quickly and deliver maximum value.
Our typical clients range in size from $20-500 million in enterprise value.
ADVISORY SERVICES EXPERIENCE + RESULTS
LOCAL + GLOBAL REACH
 Business sales
 Business acquisitions
 Senior debt raises
 Mezzanine debt raises
 Private equity raises
 ESOP corporate finance
 Exit Optimization™
 Founded in 2004
 $85 billion and 285 years of
combined deal experience
 100+ years of industry and
entrepreneurial experience
 Fierce client advocate that
consistently achieves outlier results
and raving fans
 20+ industry awards over past 5
years
 Offices in Denver, Salt Lake and
Nashville provide local access and
accountability
 AM&AA affiliation leverages over
600 transaction advisors
worldwide
 Deep connectivity with 1000’s of
strategic acquirers, private equity
groups, and non-traditional lenders
across the globe
TheForbesM+AOverview

13. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
Our sector specialists have extensive relationships and knowledge of trends across the following subsectors
Industryand Sector Experience
BUSINESS SERVICES
 Advertising
 Commercial Services & Supplies
 Construction
 Consulting Services
 Education
 Facilities Services
 Financial Services
 Government Contractors
 Green Industries
 IT Services
 Janitorial & Sanitation
 Lawn Care, Pest Control, Grounds
Maintenance, Irrigation &
Landscaping
 Professional & Technical Services
 Real Estate
 Security
HEALTHCARE
 Facilities & Alternate Sites
 Healthcare IT
 Home Health Care
 Life Science Tools & Services
 Medical Devices
 Providers & Services
 Telemedicine
CONSUMER
 Consumer Products
 Consumer Services
 Death Care
 eCommerce
 Family Entertainment Centers (FECs)
 Fitness & Wellness
 Food & Beverage
 Franchise
 Hotels, Restaurants, & Entertainment
 Outdoor & Leisure
 Pet Care & Products
INDUSTRIALS
 Aerospace & Defense
 Agriculture
 Automotive
 Building Products
 Cannabis
 Construction & Specialty Trades
 Distribution
 Energy Equipment & Services
 Environmental
 Manufacturing
 Transportation & Logistics
TECHNOLOGY
 AdTech / Digital Marketing
 Data & Analytics
 Digital Gaming
 Hardware, Components & Storage
 Media
 Software & SaaS
 UAV’s
13
THE FORBES M+A OVERVIEW

14. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
~ Tres Coors, CEO of Novelty
Lights
~ Christine Crane, CEO of
BoldLeads
~ Bob Roth, Partner at Kutak
Rock
“Their industry knowledge,
relationships with buyers,
extensive transaction
experience, and adaptive and
creative deal making were
essential in achieving an
outcome that met our goals.”
“Forbes is like a bulldog with a
rag in its mouth. If there is a deal
that serves the interests of their
client, those guys don’t let go
until it crosses the finish line.”
“They exceeded every
expectation by taking the time to
understand our objectives,
delivering the best possible
partner and terms.”
“Their guidance was invaluable
as we reviewed offers and
negotiated a deal structure that
was exactly what we needed.”
~ Doug Larson, President at
Eldorado Artesian Springs
“We wanted to entrust the
business to an advisor with
similar core values and high-
quality standards.”
~ Tom Tolkacz, CEO of
Swingle
“PASCO selected The Forbes
M+A Group amongst competing
advisory firms because of their
reputation for identifying
excellent strategic partners.”
~ Ryan Zeiger, CEO of PASCO
“From identifying the perfect
buyer, to maximizing our value,
and ultimately continuing our
legacy, the Forbes M+A team
was there from start to finish.”
~ Stephanie White, CEO of
Top Gun
“The Forbes M+A Group was
recommended to us as a
company that would truly
partner with us to achieve our
goals.”
~ Mike Franklin, President of
TouchSource
THE FORBES M+A OVERVIEW
WhatClientsandAdvisorsSay
14

15. M & A a n d C a p i t a l M a r k e t s U p d a t e – 1 Q 2 0 2 1
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THE FORBES M+A OVERVIEW
2020