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7 Mile AdvisorsSectorwatch:Digital SignageMarch 2021

Digital Signage4Sector Dashboard5Public Basket Overview6Public Basket Performance8Operational Metrics11Valuation Comparison14Recent Deals15Appendix7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document.All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treatedas confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.2

Overview7MA provides Investment Banking & AdvisoryServices to the Business Services and TechnologyIndustries globally.DASHBOARD Summary metrics on the sector Commentary on market momentum by comparing themost recent 12-month performance against the last 3year averages.PUBLIC BASKET PERFORMANCE Summary valuation and operating metrics for a basket ofcomparable public companies.We advise on M&A and private capital transactions and provide marketassessments and benchmarking. As a close-knit team with a long historytogether and a laser focus on our target markets, we help our clients selltheir companies, raise capital, grow through acquisitions, and evaluate newmarkets.VALUATION COMPARISONWe publish our sectorwatch, a review of M&A and operational trends inthe industries we focus. Graphical, detailed comparison of valuation multiples forthe public basket.RECENT DEALS The most recently announced deals in the sector

DashboardREVENUE GROWTH MOMENTUMOperating Metrics-4.6%1 - year revenue growth compared to revenue growth average for last 3 years - Current revenuegrowth rate is less than the average of the last 3 years, indicating that the market may be flatteningor declining23.1%Median LTM EBITDA Margin %M&A Activity60Median LTM GP Margin %19.3%Median LTM Rev. Growth %500%4010%20%30%40%50%60%70%Valuation30Median Price / LTM Earnings10.7x20Median TEV / LTM EBIT10.5x10Median TEV / LTM EBITDA3.7x02011201220132014201520162017Deal Count2018201920202021Median TEV / LTM Revenue0.4x0x10x20x30x40x50x4

Public Basket OverviewUnited StatesDigital SignageAsia5

Public BasketTEV mLTMEBITDA mLTM Rev mRevGrowthYoYGP %EBITDA %TEV / Rev XTEV /EBITDA X# FTEsRev / FTE kSamsung 0%8.4%0.3x3.7x246,512257Lg 000177Au ,378237Leyard Optoelectronic 00221Company6

Mar-11Jul-13TEV/EBITDA - MedianTEV/Revenue - MedianTEV/EBITDA - AverageTEV/Revenue - Average0xTEV/Revenue - Sep-12Jun-12Mar-12Dec-11Sep-11Mar-161xMar-16Public Revenue Multiples over TimeDec-15TEV/EBITDA - TDA - -12Nov-11Sep-11Jul-11May-11Public BasketPublic EBITDA Multiples over Time10x8x4x6x2x0xTEV/Revenue - Average7

Operational MetricsLTM Gross Profit Margin %LTM EBITDA %Samsung ElectronicsSamsung ElectronicsLeyard OptoelectronicCompanyNCRPanasonicLg DisplayNCRPanasonicLg DisplayAu %15%20%25%30%8

Operational MetricsLTM Revenue perFull Time Employee x 000’sLTM Revenue Growth %Samsung ElectronicsSamsung ElectronicsLg DisplayLg DisplayNCRPanasonicFlexLeyard OptoelectronicCompanyPanasonicAu OptronicsAu OptronicsNCRLeyard %)(5%)-5% - 500 1,000 1,500 2,0009

Operational MetricsAverage DaysSales OutstandingAccounts Receivable TurnoverFlexAu OptronicsNCRLg DisplayLeyard OptoelectronicCompanySamsung ElectronicsSamsung ElectronicsPanasonicPanasonicLeyard OptoelectronicCompanyLg DisplayNCRAu 10

ValuationTEV / LTM RevenueTEV / LTM EBITDALeyard OptoelectronicCompanyAu OptronicsSamsung ElectronicsLg DisplayNCRNCRLg DisplayFlexAu OptronicsSamsung x2x2x3x0x5x10x15x11

ValuationTEV / LTM EBITPrice / LTM EarningsNCRNCRAu OptronicsSamsung ElectronicsSamsung ElectronicsPanasonicPanasonicLg DisplayLg DisplayAu x12

ValuationHistorical Valuation Multiplesversus Gross ProfitHistorical Valuation Multiplesversus Revenue Growth .7%LTM x2x4x7x7xLTM M GP%EBITDA(x)LTM RGR%13

Recent TransactionsTotal TransactionAmountTarget Revenue(TTM at time ofdeal)TEV /RevenueTEV / r-2123-Feb-2102-Feb-21Nordland SystemsAdMobilizeConvergent Media ataOwlScreenScapeFylloBertram Capital B/HIVeracompSistem9Jeff Burgess & AssociatesDolphin EntertainmentExclusive SolufakSpectrioQuad VisionCTI SolutionsPyramid ComputerNet Display SystemsEcoDigital MediaMaas & RoosIndustry WeaponEiffageThe Jordan CompanyIT Support BusinessVelocity (Holland)micLCS (France)Genstar CapitalBertram Capital Management51.75----25-Sep-20Sahara Presentation SystemsBoxlight96.52---21-Sep-20Market MusicMuzlab0.05---14

Digital Signage - March 2021AppendixPublic BasketContact Information15

Public BasketPanasonicPanasonicPanasonic is a conglomerate that has diversifiedfrom its consumer electronics roots.It has five main business units: appliances (air conditioners, refrigerators, laundry machines, and TVs); life solutions (LED lighting,housing systems, and solar panels; connected solutions (PCs, factory automations, and in-flight entertainment systems); automotive(infotainment systems and rechargeable batteries); and industrial solutions (electronic devices). After the crisis in 2012, presidentKazuhiro Tsuga has focused on shifting the business portfolio to increase the proportion of B2B businesses to mitigate the toughcompetition in consumer electronics products.16

Public BasketPanasonicRevenue Multiples - .0xTEV/RevenueAverageEBITDA Multiples - PanasonicP/E Multiples - /EBITDA (Analyst Normalized)AverageP/E (Analyst Normalized)AverageCompany NameDateDeal SynopsisJoint Venture (Equinor & NorskHydro & Panasonic)18-Nov-20Panasonic, Equinor and Norsk Hydro entered into definitive agreement to form a joint venture for an undisclosed amount on November 18,2020. The joint venture intends for future development and growth in the energy and battery sector in the European region.Blue Yonder (Arizona)20-May-20New Mountain Capital sold a 20% stake in the company to Panasonic for 1.1 billion on May 20, 2020.17

Public BasketLg DisplayLg DisplayLG Display is a South Korea-based company that isprincipally engaged in developing, manufacturing andselling TFT-LCD and OLED display panels.The company's products consist of panels for notebook computers, monitors, televisions, smartphones, tablets, and others. Thecompany conducts direct sales through overseas subsidiaries in a number of countries, including the United States, Germany, Japan,Taiwan, China, and Singapore. These subsidiaries conduct sales activities and offer technical support to clients. The companygenerates the majority of its revenue from overseas markets, with the rest from South Korea.18

Public BasketLg DisplayEBITDA Multiples - Lg DisplayRevenue Multiples - Lg DisplayP/E Multiples - Lg V/EBITDA (Analyst Normalized)AverageP/E (Analyst Normalized)AverageCompany NameDateDeal SynopsisLG Display Manufacturer (LGDisplay Co)10-Jul-18The asset was formed as a joint venture between LG Display and an undisclosed investor on July 10, 2018.CYNORA14-Sep-17The company raised EUR 25 million of Series B venture funding from LG Display and Samsung Ventures Investment on September 14, 2017,putting the pre-money valuation at an estimated EUR 80 million. The funds will be used to support the company in the development of aportfolio of organic emitting materials for AMOLED displays that covers the full range of colors.19

Public BasketFlexFlexFlex Ltd is a contract electronics manufacturing companies,providing comprehensive electronics design, manufacturing,and product management services to global electronics andtechnology companies.The company operates in four segments: Communications and Enterprise Compute, Consumer Technologies Group, Industrial andEmerging Industries, and High Reliability Solutions. It generates maximum revenue from the Industrial & Emerging Industriessegment. Geographically, it derives a majority of revenue from the Americas and also has a presence in Asia and Europe.20

Public BasketFlexP/E Multiples - FlexEBITDA Multiples - FlexRevenue Multiples - y NameDateAptarGroup (Libertyville BusinessUnit)3/23/20Bright Machines1/6/20P/E (Analyst Normalized)TEV/EBITDA (Analyst Normalized)AverageDeal SynopsisThe company, a subsidiary of AptarGroup (NYSE: ATR), was acquired by Flextronics Software Systems (NAS: FLEX) for an undisclosedamount on September 3, 2019.The company raised 179 million of Series A venture funding in a deal led by Eclipse Ventures on October 23, 2018, putting the company'spre-money valuation at 500 million. Flextronics Software Systems, BMW i Ventures, Lux Capital Management, EDBI and two other investorsalso participated in the round. The company intends to use the fund to expand the Bright Machines team and accelerate the company'ssoftware roadmap and its robotics operations.21

Public BasketNCRNCRNCR Corp designs and services automated systemsthat streamline interactions between businesses andconsumers.The company is the largest global vendor of ATMs and also sells point-of-sale terminals and self-service check-out systems for retailstores, and self-check-in kiosks for airlines and hotels. The firm derives the majority of its revenue from overseas.22

Public BasketNCRRevenue Multiples - NCREBITDA Multiples - NCRP/E Multiples - V/EBITDA (Analyst Normalized)AverageP/E (Analyst Normalized)AverageCompany NameDateDeal SynopsisTerafina08-Feb-21The company was acquired by NCR (NYS: NCR) for an undisclosed amount on February 8, 2021.Cardtronics11-Jan-21The company reached a definitive agreement to be acquired by NCR (NYS: NCR) for 1.7 billion on January 11, 2021. This acquisition willaccelerate and expand the NCR-as-a-service strategy and will enable the combined company to seamlessly connect retail and bankcustomers while capitalizing on the banking industry's transition toward infrastructure outsourcing.23

Public BasketAu OptronicsAu OptronicsAU Optronics Corp is a Taiwan-based company thatmanufactures and distributes thin-film-transistor liquidcrystal-display (TFT-LCD) panels to original equipmentmanufacturers.Its panels range from 17 inches to 85 inches and are used in television sets, desktop monitors, notebooks, and tablets. The firm'ssmaller solar business also produces solar materials, such as ingots and solar wafers to sell to installers, solar system integrators andproperty developers. AU Optronics has manufacturing facilities in Taiwan, Japan, and Malaysia.24

Public BasketAu OptronicsRevenue Multiples - Au OptronicsEBITDA Multiples - Au OptronicsP/E Multiples - Au eAverageTEV/EBITDAP/E (Analyst Normalized)AverageAverageCompany NameDateDeal SynopsisTolyy20-Mar-18The company raised nearly CNY 100 million of Series A venture funding from Hon Hai Precision, Au Optronics and Hangsheng Electronicson March 20, 2018.ComQi08-Feb-18The company was acquired by Au Optronics (TAI: 2409) for 28 million on February 8, 2018.25

Public BasketLeyard Optoelectronic CompanyLeyard Optoelectronic CompanyLeyard Optoelectronic Co Ltd is a manufacturer ofLED video displays, information displays and LEDlighting solutions.The product portfolio of the company includes LED video walls, LCD video walls, large format LCD displays, 4K LCD displays, rearprojection video walls, touch displays, processing and players, rental and staging solutions, accessories and others.26