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WWW.THECFIGROUP.COM | SOFTWARE AND IT SERVICES M&A PULSE JANUARY 2017 | 1

SOFTWARE AND IT SERVICES M&A PULSE2016 YEAR IN REVIEW

I N S I D E T H I S I S S U E

CASE STUDIES OF SUCCESFUL CROSS-BORDER DEALS PAGE 3-4

SECURITY SOFTWARE AND SERVICES SHOW HIGHEST VALUATIONS PAGE 5

M&A ACTIVITY AND VALUATION PER SUB-CATEGORY PAGES 6–14

2016 RECORDED THE HIGHEST LEVEL OF BUY-OUTS IN YEARS PAGE 16WWW.THECFIGROUP.COM

Amsterdam ● Budapest ● Cardiff ● Chicago ● Detroit ● Düsseldorf ● Lisbon ● London ● Madrid ● Milan ● Mumbai ● Munich ● Paris ● Riga ● Rio de Janeiro Santiago de Chile ● São Paulo ● Shanghai ● Tallinn ● Tel Aviv ● Tokyo ● Toronto ● Vancouver ● Vilnius ● Warsaw ● Zurich


Corporate Finance International (‘CFI’) is pleased to present theinaugural issue of our Software and IT Services M&A Pulse forJanuary 2017. This report provides commentary and analysis oncurrent trading market trends, and merger and acquisitiondynamics within the Software and IT Services sector.

We hope you find this edition informative and we would encourageyou to reach out to our European sector specialists, RamonSchuitevoerder , Clément Barbot or Nicolas Gutbrod, if youwould like to discuss our perspective on current sector trends andM&A opportunities or our relevant sector and transactionexperience.

I N T R O D U C T I O N

CFI is a group of middle-market investment banks and corporatefinance advisory boutiques with over 200 bankers specializing incross-border acquisitions, divesti tures, capital raising, and relatedservices all over the world. CFI focuses exclusively on middlemarket transactions, with deal sizes ranging from €10 million to€500 million. In 2016, CFI completed 70 M&A transactions,involving parties in 19 countries and 4 continents.

Our Software and IT Services team is dedicated to providing best-in-class, cross-border merger & acquisition advisory services tofamily and entrepreneurially owned companies, private equityfunds and financial sponsors, and publicly traded companies. Ourextensive sector knowledge and transaction experience spans theInfrastructure & IT Management, Security, BI/Data Analytics,Horizontal and Vertical Enterprise Software, Fintech, Adtech &Martech, IT Services, Managed Services/ISP & Hosting, andNear- and Offshoring domains.

Our professionals have global relationships with leadingtechnology companies and financial investors. Thoughtful advice,deep experience and sector focus that supports in-depthunderstanding of trends and developments impacting our clients,and years of experience structuring and negotiating complextransactions have resulted in a relevant track record, with manylong-term relationships with clients who are seeking extraordinaryvalue.

Ramon Schuitevoerder

Amsterdam, Netherlands

T +31 88 20 60 346 M +31 6 21 22 49 02

E [email protected]

Clément Barbot

Paris, France

T +33 1 44 13 88 18 M +33 6 32 56 88 74

E [email protected]

Nicolas Gutbrod

Stuttgart, Düsseldorf and Munich, Germany

T +49 89 459 29 400 M +49 170 70 23 889

E [email protected]

S E L E C T I O N O F 2 0 1 6 T R A N S A C T I O N S

acquires

Sell-side

acquires

Sell-side

acquires

Sell-side

exits

Sell-side

has recapped with

Sell-side

acquires

Buy-side

acquires

Sell-side

acquires

Sell-side

acquires

Sell-side

acquires

Sell-side

acquires

Sell-side

Infrastructure/ IT Management

Tech Enabled Services

EnterpriseSoftware

Martech Infrastructure/ IT Management

Managed Print/IT Services

Fintech Infrastructure/ IT Management

Application Development

EnterpriseSoftware

Infrastructure/ IT Management

acquires

Buy-side

EnterpriseSoftware

Tim Brotheron

London, United Kingdom

T +44 778 714 8208 M +44 845 643 5500

E [email protected]


C A S E S T U D Y ( I )

acquires

Sell-side

COMPANY OVERVIEWWith operations and about 140 employees in the Netherlands, Belgium and Germany, LoginConsultants is an international IT services company dedicated to supporting the entire end usercomputing lifecycle, with expertise in managing all aspects of the transition to a VDI computeenvironment. Login Consultants helps design, build, migrate and maintain end user computingsolutions in an optimal balance between business demand, cost and IT control. It has extensiveexperience and expertise working with technologies from leading VDI solutions vendors such asMicrosoft, Citrix and VMware. Furthermore, i t has a track record in creating business relevant add-ons for industry VDI standards, and recently developed its own Desktop-as-a-Service (DaaS) cloudsolution. Login Consultants is widely viewed as a subject matter expert ahead of the pack inadvising enterprises through the transition to a VDI platform, including the requirements arounddata migration, desktop deployment and application delivery.

MARKETING HIGHLIGHTS• The multi-bill ion dollar VDI software and services market is expected to grow at a 36% CAGR

until 2019, with Western Europe expected to be a major area for adoption*.• “Sticky” business model with repeat sales from existing customers representing over 80% of

total revenue and average commercial relationship tenure of 5+ years.• Partnerships with top-tier technology vendors, including vast experience onboarding to Citrix,

Microsoft and VMWare.• Team leverages proprietary expertise, supporting products and templates with its own best

practices framework.

BUYEROrange S.A. is one of the main telecom operators in the world, with annual sales amounting to €40billion in 2015 and is listed on the Euronext Stock Exchange in Paris, France. At the end of year2015, the Orange Group served 263 million customers around the world. Orange stands amongstthe world leaders of communication services to multinational corporations. Orange is also a leadingprovider of global IT and telecommunication services to multinational companies, under the brandOrange Business Services (‘OBS’).

PROCESS HIGHLIGHTS• CFI acted as the lead corporate finance advisor to the sellers, with the Dutch and French teams

seamlessly coordinating and executing important aspects of the transaction, which resulted inCFI exceeding our clients' expectations.

*Source: Gartner, TechNavio. Visiongain

ELECTED BEST DEAL AT THE DUTCH

TRANSACTION DETAILS TEAM

Transaction type:Sell-side M&A

Sector:Infrastructure / IT Management

Deal Value:Undisclosed

Ramon SchuitevoerderNetherlands

Clément BarbotFrance

Pieter de VriesNetherlands

Lara SouhokaNetherlands


C A S E S T U D Y ( I I )

COMPANY OVERVIEWDürr AG is one of the leading global players in mechanical and plant engineering with an expertisein automation processes. The public listed firm operates in 28 countries with a workforce of circa14,700 people. Dürr offers products, systems and services, that enable efficient manufacturingprocesses in various industries. The company generated more than €3.6 billion revenue in 2015,from which approximately 60% from accounts for automobile manufacturers and related suppliers.Further, the company’s market segments include mechanical engineering and chemical &pharmaceutical industries.

TARGETiTAC Software AG was founded in 1998 as a spin-off of Bosch’s telecommunications division. Overthe years, the company has equipped 140 factories worldwide in a wide scale of industries, withcloud-based MES software iTAC.MES.Suite. iTAC’s customer base includes original equipmentmanufacturers (OEMs), automotive component suppliers and major manufacturers in the segmentstelecommunications, electronics and medical technology. In 2015, iTAC generated a revenue ofcirca €15 million.

ACQUISITION RATIONALE• The acquisition allows Dürr to extend its current activities in the field of Manufacturing

Execution Systems (MES) – the central component of Industry 4.0 and industrial Internet ofThings (IoT). Together with iTACm, Dürr will further develop the existing Dürr MESsoftware EcoEMOS. MES software integrates machinery and plant production lines withintelligent networks.

PROCESS HIGHLIGHTS• iTAC was acquired during an international M&A auction process, whereby CFI acted as the lead

corporate finance advisor to Dürr. Due to CFI’s outstanding effort and extensive experience,our client has successfully acquired all shares from numerous venture firms, including, TVMCapital, Co-Investor, SAP Ventures and Pari Group.

TRANSACTION DETAILS TEAM

Transaction type:Buy-side M&A

Sector:Enterprise Software

Deal Value:Undisclosed

Nicolas GutbrodGermany

acquires

Buy-side

EnterpriseSoftware

ELECTED BEST DEAL MAKER


2 0 1 6 S U M M A R Y

Trading multiples per sub-category

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

EV/Sales EV/EBITDA

0%

20%

40%

60%

80%

100%

120%

Cross-border Domestic

Type of deals Type of buyers

0%

20%

40%

60%

80%

100%

120%

Financial Strategic


I N F R A S T R U C T U R E / I T M A N A G E M E N T T R A N S A C T I O N A C T I V I T Y

SELECT TRANSACTIONS IN INFRASTRUCTURE / IT MANAGEMENT 2016

# TRANSACTIONS BY BUYER TYPE # CROSS BORDER TRANSACTIONS AND COUNTRIES OF ORIGIN

STOCK MARKET VALUATIONS

Announceddate

Buyer Target Target description Enterprise Value (‘EV’)

EV/ Revenues

EV/EBITDA

Dec-16 CA Technologies Automic Software GmbH Provides business automation software. EUR 600m

Oct-16 Akamai Technologies Soha Systems Provides cloud-based third-party access control SaaS to IT businesses, enabling access to applications that are hosted in data centers and to Microsoft SharePoint on enterprise networks.

USD 60m

Oct-16 Enea AB Qosmos SA Provides IP traffic classification and network intelligence software used in physical, SDN and NFV architectures.

EUR 53m 3.7x

Sep-16 Micro Focus International Hewlett PackardEnterprise

HPE's software business division, which provides systems management, security, content management, application delivery, and analytic software for enterprises.

EUR 7,767m 2.8x 13.5x

Jul-16 Riverbed Technology Aternity Provides SaaS and mobile APM software tools, enabling the monitoring of applications. USD 55m 1.8x

Jul-16 Thoma Bravo LLC Imprivata Inc. Provides single sign-on (SSO) and password management software, as well as appliance-based authentication and employee access management systems for hospitals and healthcare providers.

USD 544m 4.4x

Jul-16 Orange Login Consultants Provides virtual desktop infrastructure software and solutions. CFI DEAL - CONFIDENTIALJun-16 Fortinet Inc. AccelOps Inc. Provides hybrid on-premises and hosted data center, and cloud monitoring software and SaaS for

businesses.USD 28m 4.7x

May-16 Micro Focus International Serena Software Provider of application lifecycle management (ALM) software. EUR 482m 3.2x 6.5x

Feb-16 Silver Lake Partners & Thoma Bravo

SolarWinds Inc. Enterprise-class IT and infrastructure management software. USD 4,217m 8.7x

30%

29%

41%

Same sector Financials Different sector

TRENDS IN M&A• On the back of increased cloud adoption, BYOD trends and

more complex hybrid cloud offerings, IT managers have tobuild out networks that need to have capacity, perform, andoffer secure corporate IT access.

• The ever rising spend on cloud – both SaaS and IaaS – willignite deal making with both strategic and financial buyers.

• In 2016, strategic buyers have increasingly engaged in M&A tocomplete their Infrastructure/IT Management offering,including notable cross-border transactions of CATechnologies (Automic) and Orange (Login).

• Most strategic (listed) companies in this sector showed doubledigit (topline) growth in 2015-2016, which is reflected inhealthy trading multiples.

52%

10%

11%

27%

Others India

United Kingdom United States

67%

33%

Domestic Cross border

Company Name Country HQRevenues

FY2015Revenues

2016FEBITDAFY2015

Market cap EV/Revenues EV/EBITDA (current)

EV/EBITDA (3 year avg)

EV/EBITDA (next FY)

Akamai Technologies Inc United States of America 1,946.2 2,201.0 794.7 10,991.7 5.6x 12.2x 10.6x 11.2xArista Networks Inc United States of America 754.4 1,051.5 224.9 6,462.6 7.8x 26.1x 15.0x 15.9xBrocade Communications Systems Inc United States of America 2,207.2 2,439.6 584.7 4,826.5 2.3x 7.8x 6.1x 7.4xCA Inc United States of America 3,523.0 3,829.2 1,618.4 12,626.9 3.4x 7.6x 6.8x 7.6xCitrix Systems Inc United States of America 3,007.6 3,223.9 914.6 13,249.6 4.5x 12.4x 10.3x 11.8xCommVault Systems Inc United States of America 517.7 589.9 68.3 2,214.5 3.6x 24.3x 19.7x 19.5xF5 Networks Inc United States of America 1,829.1 2,019.6 702.1 8,991.2 4.5x 10.7x 9.1x 9.5xMicro Focus International PLC United Kingdom 1,119.8 1,311.6 491.8 5,864.1 6.1x 11.2x 9.1x 10.5xNetApp Inc United States of America 4,972.7 5,143.9 863.4 9,238.6 1.3x 6.6x 6.1x 6.1xNetScout Systems Inc United States of America 898.5 1,140.0 236.8 2,743.8 3.0x 9.6x 7.8x 8.8xPegasystems Inc United States of America 619.5 751.4 114.2 2,613.7 3.9x 19.2x 13.9x 16.4xSoftware AG Germany 873.1 875.7 273.4 2,724.3 3.1x 9.7x 8.0x 9.4xProgress Software Corp United States of America 380.0 390.0 122.1 1,475.8 3.6x 11.5x 8.7x 10.7xRadware Ltd Israel 195.1 187.6 37.2 612.6 2.5x 41.1x 29.2x 43.6xRed Hat Inc United States of America 1,830.1 2,275.8 476.4 11,907.0 6.3x 19.0x 19.4x 16.6xServiceNow Inc United States of America 923.2 1,308.5 150.1 11,632.2 12.3x 45.8x 41.7x 30.7xVMware Inc United States of America 6,115.6 6,665.9 2,123.5 30,821.3 4.1x 10.6x 9.6x 9.9x

Mean 4.6x 16.8x 13.6x 14.5xMedian 3.9x 11.5x 9.6x 10.7x(in EUR millions)

Market Capitalization and Enterprise Value as of 1 January 2017

Infra_Harddata

Company NameTickerCountry HQLTM as ofRevenuesFY2015Revenues2016FEBITDAFY2015Market capEV/Revenues EV/EBITDA (current)EV/EBITDA (3 year avg)EV/EBITDA (next FY)

Akamai Technologies IncUnited States of America1,946.22,201.0794.710,991.75.6x12.2x10.6x11.2x

Arista Networks IncUnited States of America754.41,051.5224.96,462.67.8x26.1x15.0x15.9x

Brocade Communications Systems IncUnited States of America2,207.22,439.6584.74,826.52.3x7.8x6.1x7.4x

CA IncUnited States of America3,523.03,829.21,618.412,626.93.4x7.6x6.8x7.6x

Citrix Systems IncUnited States of America3,007.63,223.9914.613,249.64.5x12.4x10.3x11.8x

CommVault Systems IncUnited States of America517.7589.968.32,214.53.6x24.3x19.7x19.5x

F5 Networks IncUnited States of America1,829.12,019.6702.18,991.24.5x10.7x9.1x9.5x

Micro Focus International PLCUnited Kingdom1,119.81,311.6491.85,864.16.1x11.2x9.1x10.5x

NetApp IncUnited States of America4,972.75,143.9863.49,238.61.3x6.6x6.1x6.1x

NetScout Systems IncUnited States of America898.51,140.0236.82,743.83.0x9.6x7.8x8.8x

Pegasystems IncUnited States of America619.5751.4114.22,613.73.9x19.2x13.9x16.4x

Software AGGermany873.1875.7273.42,724.33.1x9.7x8.0x9.4x

Progress Software CorpUnited States of America380.0390.0122.11,475.83.6x11.5x8.7x10.7x

Radware LtdIsrael195.1187.637.2612.62.5x41.1x29.2x43.6x

Red Hat IncUnited States of America1,830.12,275.8476.411,907.06.3x19.0x19.4x16.6x

ServiceNow IncUnited States of America923.21,308.5150.111,632.212.3x45.8x41.7x30.7x

VMware IncUnited States of America6,115.66,665.92,123.530,821.34.1x10.6x9.6x9.9x

Mean 4.6x16.8x13.6x14.5x

Median3.9x11.5x9.6x10.7x

(in EUR millions)


Security_Harddata


Barracuda Networks IncUnited States of America283.4332.652.31,066.23.3x14.0x16.1x12.3x

Check Point Software Technologies LtdIsrael1,490.21,637.3850.314,051.38.6x15.1x13.4x13.6x

SecureWorks CorpUnited States of America397.9812.6

Cyberark Software LtdIsrael142.0207.339.51,452.98.7x21.6x20.5x18.4x

FireEye IncUnited States of America550.3687.0-110.21,936.72.7x50.9x

Fortinet IncUnited States of America922.81,193.9147.94,957.64.5x20.9x20.4x16.2x

Guidance Software IncUnited States of America94.5102.8-0.3216.52.1x55.1x21.6x

Intercede Group PLCUnited Kingdom14.111.7-2.233.21.9x75.9x

F-Secure OyjFinland147.6157.028.2551.43.5x21.1x15.1x17.5x

Palo Alto Networks IncUnited States of America1,237.31,711.1244.610,905.98.2x24.6x25.8x17.8x

Proofpoint IncUnited States of America242.7353.74.22,855.611.5x86.1x80.2x60.7x

Qualys IncUnited States of America146.7187.950.61,074.56.2x14.5x15.1x12.3x

Imperva IncUnited States of America211.0243.410.31,199.54.5x82.7x

Sophos Group PLCUnited Kingdom427.3507.457.41,418.63.9x21.5x19.9x17.6x

Symantec CorpUnited States of America3,164.83,833.21,089.214,166.73.4x7.1x7.8x5.6x

Verisign IncUnited States of America935.71,037.4633.47,566.88.0x10.3x10.3x10.0x

Varonis Systems IncUnited States of America112.4155.2-8.3672.75.1x

Trend Micro IncJapan988.81,066.2312.04,744.33.7x10.4x9.7x9.5x

VASCO Data Security International IncUnited States of America216.7182.850.9521.91.9x17.9x17.7x15.8x

Zix CorpUnited States of America49.155.213.3252.04.6x15.2x13.9x13.9x

Mean 5.1x21.4x22.7x26.2x


(in EUR millions)


BI_Harddata


Datawatch CorpUnited States of America27.530.8-7.362.41.4x

Hortonworks IncUnited States of America108.1170.6-75.6480.33.6x

Inovalon Holdings IncUnited States of America396.8410.1137.61,440.52.6x10.8x10.2x10.0x

MicroStrategy IncUnited States of America486.5472.9142.52,146.43.5x13.9x11.3x12.3x

Open Text CorpCanada1,650.12,022.5607.67,722.45.1x11.7x10.0x11.0x

Splunk IncUnited States of America606.5879.932.46,600.49.3x75.4x77.6x49.7x

Tableau Software IncUnited States of America583.2762.781.33,050.84.0x37.8x63.8x40.9x

Mean 4.2x29.9x34.6x24.8x


(in EUR millions)


MSS_Harddata


Cheops Technology France SAFrance41.3

Dada SpAItaly62.264.510.550.61.3x7.6x6.6x6.5x

Endurance International Group Holdings IncUnited States of America672.8988.4240.91,251.83.3x8.5x9.1x7.7x

GoDaddy IncUnited States of America1,444.51,676.1303.25,520.54.4x16.8x11.3x14.4x

Internap CorpUnited States of America286.7285.571.785.31.4x5.3x7.0x5.2x

InterXion Holding NVNetherlands386.6419.4171.32,332.47.3x14.8x12.3x13.2x

iomart group PLCUnited Kingdom97.7103.641.4384.14.3x9.6x8.3x9.0x

Proact IT Group ABSweden7,343.47,716.72,354.119,295.53.9x10.6x9.5x10.2x

Level 3 Communications IncUnited States of America98.2118.914.3129.41.8x9.4x6.0x7.6x

Melbourne IT LtdAustralia142.1

Redcentric PLCUnited Kingdom138.6130.232.7157.1

United Internet AGGermany3,715.73,970.3771.27,604.52.5x10.9x11.4x9.8x

Mean 3.4x10.4x9.1x9.3x


(in EUR millions)


ITServices_Harddata


Accenture PLCIreland; Republic of29,304.832,781.64,936.772,411.52.3x12.4x10.6x11.5x

Acando ABSweden223.2228.919.1272.21.2x13.9x8.5x9.5x

Atea ASANorway2,928.93,416.697.0920.20.3x8.7x8.4x8.0x

Atos SEFrance10,686.011,698.41,200.410,502.21.0x7.2x5.6x6.6x

Bechtle AGGermany2,831.33,066.1155.92,075.20.7x11.3x9.8x10.3x

Cap Gemini SAFrance11,915.012,575.61,526.013,750.91.3x9.3x7.7x8.8x

Capita PLCUnited Kingdom5,921.75,571.0930.34,156.81.2x8.6x12.2x8.7x

Computacenter PLCUnited Kingdom3,940.33,797.7152.21,151.70.3x7.1x7.4x6.9x

CGI Group IncCanada7,297.97,442.71,339.112,418.81.8x9.0x8.1x8.6x

Computer Sciences CorpUnited States of America6,378.87,324.2972.27,958.91.5x7.5x6.1x6.9x

Devoteam SAFrance485.3551.033.4471.30.9x8.8x5.6x7.9x

Fujitsu LtdJapan38,630.936,709.62,638.810,942.60.3x5.3x4.6x4.5x

GFI Informatique SAFrance894.0959.569.6543.20.6x7.9x6.9x7.2x

Indra Sistemas SASpain2,850.42,720.1130.71,704.90.8x10.3x9.8x8.4x

NEC CorpJapan22,996.022,651.41,469.96,571.90.4x7.2x7.0x6.5x

Neurones SAFrance399.4444.4542.11.1x9.4x6.8x8.5x

Nippon Telegraph and Telephone CorpJapan94,002.894,387.025,472.883,810.81.4x4.9x4.4x4.8x

Ordina NVNetherlands348.3355.513.8195.20.5x9.2x6.2x6.5x

Reply SpAItaly705.6785.898.71,103.61.6x10.3x8.8x9.1x

Sopra Steria Group SAFrance3,584.43,741.6283.72,209.40.8x8.3x6.9x7.5x

Tieto OyjFinland1,460.11,501.8207.41,916.71.3x9.8x8.7x9.4x

Mean 1.0x8.9x7.6x7.9x


(in EUR millions)


FinTech_Harddata


Bango PLCUnited States of America4.13.1-4.651.38.7x

Basware OyjFinland143.4148.911.9521.63.4x41.2x93.9x70.9x

Bottomline Technologies (DE) IncUnited States of America304.3319.166.5964.63.3x15.3x14.3x13.8x

Dalenys SABelgium70.367.01.2118.41.5x

Earthport PLCUnited Kingdom25.635.7-15.0120.84.1x20.0x

Fidelity National Information Services IncUnited States of America5,841.18,928.11,800.223,615.65.7x12.0x9.2x11.1x

Fiserv IncUnited States of America4,813.15,222.31,612.321,943.15.3x14.1x12.0x13.1x

Ingenico Group SAFrance2,197.32,291.3508.04,665.52.2x10.7x12.3x9.8x

Jack Henry & Associates IncUnited States of America1,201.41,337.2418.46,595.55.4x13.8x11.9x13.4x

Monitise PLCUnited Kingdom77.7

PayPoint plcUnited Kingdom162.0140.373.5799.04.5x10.3x10.5x9.9x

Paysafe Group PLCIsle of Man546.6929.8136.02,133.94.6x9.1x7.7x8.1x

Qiwi PLCCyprus129.9166.671.6733.93.9x5.2x7.1x5.2x

Simcorp A/SDenmark277.9291.074.21,917.86.8x26.8x22.2x25.2x

Temenos Group AGSwitzerland481.9590.9179.64,610.810.1x22.5x16.1x20.0x

Worldline SAFrance1,227.01,311.7235.33,531.92.6x12.6x10.3x9.9x

Worldpay Group PLCUnited Kingdom1,267.51,301.9524.36,334.06.5x15.6x13.3x13.8x

Mean 4.9x16.1x18.5x17.5x


(in EUR millions)


EntrSoftware_Harddata


Cegid Group SAUnited Kingdom264.6253.770.51,410.54.8x18.9x16.3x17.0x

Constellation Software IncFrance282.1306.876.8567.02.2x8.2x5.9x6.9x

Dassault Systemes SECanada1,652.12,006.5400.49,157.45.6x18.1x15.5x16.1x

Enghouse Systems LtdFrance2,839.53,042.3884.918,621.96.1x16.7x15.4x15.3x

International Business Machines CorpCanada221.8236.762.51,066.14.6x16.2x15.1x14.0x

Intuit IncUnited States of America74,957.375,381.118,276.9150,130.12.4x10.0x8.7x9.5x

Micro Focus International PLCUnited States of America4,152.94,790.51,556.227,981.36.7x15.3x13.0x13.6x

Microsoft CorpUnited Kingdom1,119.81,311.6491.85,864.16.1x11.2x9.1x10.5x

Oracle CorpUnited States of America83,443.588,864.831,355.6459,582.14.9x11.7x9.9x10.8x

SAP SEUnited States of America33,018.935,565.714,841.9150,038.04.2x8.7x8.8x8.3x

Sage Group PLCGermany20,797.022,011.27,635.0101,732.45.2x14.8x12.3x13.8x

Mean 4.8x13.6x11.8x12.3x


(in EUR millions)


AdTech_Harddata


Adgorithms LtdIsrael19.61.913.00.9x

Bazaarvoice IncUnited States of America179.2188.81.1385.11.9x31.1x17.7x

Brightcove IncUnited States of America119.0144.67.0258.72.0x32.9x24.0x23.0x

Criteo SAFrance473.3688.3127.82,491.54.6x10.5x10.0x8.2x

HubSpot IncUnited States of America161.2254.1-15.81,591.99.3x

Marin Software IncUnited States of America97.790.8-7.186.40.6x22.4x

Matomy Media Group LtdIsrael241.1242.022.9131.10.6x9.4x9.4x7.5x

New Relic IncUnited States of America159.5244.8-46.21,400.67.7x

RhythmOne PLCUnited States of America171.3-9.3183.333.4x9.7x

Rocket Fuel IncUnited States of America419.2237.30.174.10.2x6.6x51.0x46.6x

Taptica International LtdIsrael67.6110.26.6122.31.6x5.1x5.1x4.8x

Rubicon Project IncUnited States of America206.3245.054.0346.11.2x3.8x7.5x4.2x

Mean 3.0x11.4x19.2x16.0x


(in EUR millions)


Offshore_Harddata


Cognizant Technology Solutions CorpUnited States of America11,090.712,773.52,478.832,334.82.6x10.5x10.3x9.7x

HCL Technologies LtdIndia6,514.616,357.29.7x9.4x

Infosys LtdIndia8,305.39,659.42,271.732,337.53.4x10.8x11.0x9.8x

Larsen & Toubro Infotech LtdIndia899.81,623.59.0x3.0x9.3x

Persistent Systems LtdIndia308.9403.555.3690.52.0x9.4x10.3x7.7x

Tata Consultancy Services LtdIndia14,463.316,521.74,072.265,254.54.3x13.5x13.9x12.4x

Tech Mahindra LtdIndia3,517.24,020.1573.36,660.51.7x9.3x10.6x8.0x

Wipro LtdIndia6,909.77,690.21,498.716,411.92.0x9.2x9.9x8.3x

Mean 2.7x10.3x9.8x9.3x


(in EUR millions)


StockReturn_Harddata

IT servicesNearshoringMSSNasdaqDow JonesS&PStoxxNasdaqDow JonesS&PStoxxInfrastructureSecurityBISoftwareFinTechAdTech

1/1/2016100.00%100.00%100.00%100.00%100.00%100.00%100.00%1/1/2016100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%

1/2/2016100.00%100.00%100.00%100.00%100.00%100.00%100.00%1/2/2016100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%

1/3/201698.86%96.85%98.26%97.92%98.42%98.47%97.50%1/3/201697.92%98.42%98.47%97.50%98.71%97.63%98.50%98.44%98.45%97.69%

1/4/201699.35%96.85%97.74%97.62%98.47%98.67%98.12%1/4/201697.62%98.47%98.67%98.12%98.10%97.21%97.16%98.60%98.82%97.66%

1/5/201698.59%95.13%97.27%96.72%97.00%97.36%96.86%1/5/201696.72%97.00%97.36%96.86%96.35%96.06%95.36%97.91%99.94%95.90%

1/6/201696.56%94.27%95.38%93.61%94.68%94.99%94.65%1/6/201693.61%94.68%94.99%94.65%92.83%93.08%90.97%95.21%99.05%93.68%

1/7/201696.13%92.72%93.95%92.80%93.67%93.91%93.16%1/7/201692.80%93.67%93.91%93.16%91.58%89.80%89.59%95.15%98.81%93.74%

1/8/201696.13%92.72%93.95%92.80%93.67%93.91%93.16%1/8/201692.80%93.67%93.91%93.16%91.58%89.80%89.59%95.15%98.81%93.74%

1/9/201696.13%92.72%93.95%92.80%93.67%93.91%93.16%1/9/201692.80%93.67%93.91%93.16%91.58%89.80%89.59%95.15%98.81%93.74%

1/10/201695.89%93.37%92.84%93.10%93.99%93.99%92.83%1/10/201693.10%93.99%93.99%92.83%90.93%89.39%90.04%94.75%97.85%95.15%

1/11/201696.54%99.66%92.46%94.27%94.70%94.77%93.71%1/11/201694.27%94.70%94.77%93.71%91.18%90.04%90.50%95.94%98.76%93.52%

1/12/201697.17%96.50%90.47%90.79%92.49%92.27%94.12%1/12/201690.79%92.49%92.27%94.12%89.51%90.05%86.94%93.85%97.72%91.06%

1/13/201696.33%100.72%91.18%92.94%93.90%93.94%92.61%1/13/201692.94%93.90%93.94%92.61%90.72%91.50%89.03%94.04%97.00%94.99%

1/14/201694.59%98.24%88.89%89.86%91.52%91.78%89.78%1/14/201689.86%91.52%91.78%89.78%88.86%89.26%87.80%91.64%94.88%91.95%

1/15/201694.59%98.24%88.89%89.86%91.52%91.78%89.78%1/15/201689.86%91.52%91.78%89.78%88.86%89.26%87.80%91.64%94.88%91.95%

1/16/201694.59%98.24%88.89%89.86%91.52%91.78%89.78%1/16/201689.86%91.52%91.78%89.78%88.86%89.26%87.80%91.64%94.88%91.95%

1/17/201693.23%98.24%87.54%89.86%91.52%91.78%89.42%1/17/201689.86%91.52%91.78%89.42%88.61%89.28%87.52%90.78%93.93%94.41%

1/18/201694.76%100.33%88.15%90.00%91.69%91.84%90.73%1/18/201690.00%91.69%91.84%90.73%88.25%86.79%80.57%91.82%94.45%92.84%

1/19/201692.58%99.18%86.68%89.74%90.13%90.67%87.53%1/19/201689.74%90.13%90.67%87.53%87.39%85.54%78.50%89.98%91.03%91.38%

1/20/201692.45%98.86%87.52%89.89%90.87%91.19%89.46%1/20/201689.89%90.87%91.19%89.46%87.81%86.01%79.73%89.97%90.51%91.81%

1/21/201695.28%101.31%90.52%92.72%92.20%93.22%92.46%1/21/201692.72%92.20%93.22%92.46%89.91%88.58%83.91%91.95%92.91%92.57%

1/22/201695.28%101.31%90.52%92.72%92.20%93.22%92.46%1/22/201692.72%92.20%93.22%92.46%89.91%88.58%83.91%91.95%92.91%92.57%

1/23/201695.28%101.31%90.52%92.72%92.20%93.22%92.46%1/23/201692.72%92.20%93.22%92.46%89.91%88.58%83.91%91.95%92.91%92.57%

1/24/201695.45%101.99%89.69%91.24%90.90%91.65%91.84%1/24/201691.24%90.90%91.65%91.84%88.63%86.84%80.66%92.10%91.91%89.79%

1/25/201695.54%103.67%90.04%92.13%92.68%93.07%92.71%1/25/201692.13%92.68%93.07%92.71%89.92%87.10%80.52%92.08%92.11%88.29%

1/26/201696.54%102.16%89.41%89.65%91.30%91.98%93.02%1/26/201689.65%91.30%91.98%93.02%89.01%85.05%78.89%91.74%91.75%88.80%

1/27/201695.31%102.70%90.00%91.03%92.09%92.53%91.45%1/27/201691.03%92.09%92.53%91.45%86.32%84.04%77.54%91.35%90.44%89.24%

1/28/201696.39%105.92%93.06%93.26%94.55%95.01%93.65%1/28/201693.26%94.55%95.01%93.65%88.46%86.57%82.06%93.90%92.33%90.91%

1/29/201696.39%105.92%93.06%93.26%94.55%95.01%93.65%1/29/201693.26%94.55%95.01%93.65%88.46%86.57%82.06%93.90%92.33%90.91%

1/30/201696.39%105.92%93.06%93.26%94.55%95.01%93.65%1/30/201693.26%94.55%95.01%93.65%88.46%86.57%82.06%93.90%92.33%90.91%

1/31/201696.84%104.37%93.71%93.43%94.45%94.96%93.46%1/31/201693.43%94.45%94.96%93.46%88.34%87.02%84.73%94.23%90.95%92.14%

2/1/201695.28%100.81%91.78%91.25%92.65%93.09%91.40%2/1/201691.25%92.65%93.09%91.40%85.73%84.59%82.52%92.35%89.93%90.23%

2/2/201693.91%101.89%90.95%90.74%93.79%93.59%89.86%2/2/201690.74%93.79%93.59%89.86%86.62%84.41%82.06%91.91%89.40%91.29%

2/3/201693.81%100.01%89.78%90.64%94.28%93.74%89.66%2/3/201690.64%94.28%93.74%89.66%86.76%83.85%84.24%91.42%90.05%92.87%

2/4/201692.50%98.20%86.72%87.21%92.99%91.89%88.79%2/4/201687.21%92.99%91.89%88.79%83.12%78.26%69.92%89.46%88.56%86.27%

2/5/201692.50%98.20%86.72%87.21%92.99%91.89%88.79%2/5/201687.21%92.99%91.89%88.79%83.12%78.26%69.92%89.46%88.56%86.27%

2/6/201692.50%98.20%86.72%87.21%92.99%91.89%88.79%2/6/201687.21%92.99%91.89%88.79%83.12%78.26%69.92%89.46%88.56%86.27%

2/7/201689.34%90.53%82.84%85.62%91.89%90.48%85.25%2/7/201685.62%91.89%90.48%85.25%79.53%73.00%65.89%86.60%84.46%81.93%

2/8/201687.47%87.35%81.04%85.30%91.81%90.41%83.66%2/8/201685.30%91.81%90.41%83.66%78.71%68.82%64.94%87.55%83.11%80.04%

2/9/201687.66%89.24%83.07%85.76%91.19%90.39%85.54%2/9/201685.76%91.19%90.39%85.54%81.09%71.95%67.76%87.73%84.15%82.31%

2/10/201685.33%86.97%82.06%85.66%89.59%89.16%81.86%2/10/201685.66%89.59%89.16%81.86%79.87%73.08%68.11%85.80%82.41%83.38%

2/11/201685.63%90.35%83.26%87.10%91.59%91.12%84.76%2/11/201687.10%91.59%91.12%84.76%81.73%73.41%69.91%87.14%84.10%84.30%

2/12/201685.63%90.35%83.26%87.10%91.59%91.12%84.76%2/12/201687.10%91.59%91.12%84.76%81.73%73.41%69.91%87.14%84.10%84.30%

2/13/201685.63%90.35%83.26%87.10%91.59%91.12%84.76%2/13/201687.10%91.59%91.12%84.76%81.73%73.41%69.91%87.14%84.10%84.30%

2/14/201688.78%90.35%84.22%87.10%91.59%91.12%87.76%2/14/201687.10%91.59%91.12%87.76%82.12%74.13%69.91%88.08%85.74%84.30%

2/15/201688.70%92.46%86.22%89.22%92.98%92.77%87.33%2/15/201689.22%92.98%92.77%87.33%84.62%77.97%72.37%89.31%86.16%87.50%

2/16/201690.71%95.37%88.99%91.53%94.57%94.41%89.95%2/16/201691.53%94.57%94.41%89.95%87.42%79.92%76.29%92.32%87.04%90.36%

2/17/201691.41%94.31%88.76%90.39%94.33%93.95%89.99%2/17/201690.39%94.33%93.95%89.99%88.05%79.19%75.26%93.12%87.95%89.85%

2/18/201690.98%94.12%87.67%90.70%94.20%93.95%89.22%2/18/201690.70%94.20%93.95%89.22%89.55%79.98%77.26%93.22%87.05%91.66%

2/19/201690.98%94.12%87.67%90.70%94.20%93.95%89.22%2/19/201690.70%94.20%93.95%89.22%89.55%79.98%77.26%93.22%87.05%91.66%

2/20/201690.98%94.12%87.67%90.70%94.20%93.95%89.22%2/20/201690.70%94.20%93.95%89.22%89.55%79.98%77.26%93.22%87.05%91.66%

2/21/201691.42%95.42%87.37%92.31%95.59%95.39%90.89%2/21/201692.31%95.59%95.39%90.89%90.66%82.21%77.55%94.30%87.44%92.32%

2/22/201690.68%93.89%87.71%90.69%94.46%94.15%89.67%2/22/201690.69%94.46%94.15%89.67%89.43%81.90%75.51%93.48%86.95%91.15%

2/23/201690.24%94.66%89.29%91.60%94.78%94.59%87.37%2/23/201691.60%94.78%94.59%87.37%90.37%83.19%77.67%93.12%85.38%93.47%

2/24/201691.15%96.53%90.75%92.56%96.07%95.72%89.34%2/24/201692.56%96.07%95.72%89.34%91.88%85.27%78.71%94.63%84.34%94.80%

2/25/201692.50%96.18%92.45%92.43%95.72%95.54%90.87%2/25/201692.43%95.72%95.54%90.87%93.09%87.23%80.85%94.59%84.64%96.18%

2/26/201692.50%96.18%92.45%92.43%95.72%95.54%90.87%2/26/201692.43%95.72%95.54%90.87%93.09%87.23%80.85%94.59%84.64%96.18%

2/27/201692.50%96.18%92.45%92.43%95.72%95.54%90.87%2/27/201692.43%95.72%95.54%90.87%93.09%87.23%80.85%94.59%84.64%96.18%

2/28/201692.18%96.07%92.57%91.62%94.98%94.73%91.59%2/28/201691.62%94.98%94.73%91.59%92.14%86.36%82.57%94.99%83.37%96.67%

2/29/201693.93%98.23%93.69%94.77%97.09%97.11%93.02%2/29/201694.77%97.09%97.11%93.02%94.71%89.70%86.40%97.43%86.02%97.39%

3/1/201694.58%97.32%95.01%94.79%97.30%97.52%93.69%3/1/201694.79%97.30%97.52%93.69%94.07%90.17%83.61%96.80%86.51%98.54%

3/2/201694.49%97.53%94.15%94.59%97.56%97.87%93.23%3/2/201694.59%97.56%97.87%93.23%94.33%90.79%84.49%96.36%86.72%99.82%

3/3/201695.35%97.42%94.62%94.67%97.93%98.20%93.93%3/3/201694.67%97.93%98.20%93.93%93.86%91.17%83.92%96.36%89.12%99.44%

3/4/201695.35%97.42%94.62%94.67%97.93%98.20%93.93%3/4/201694.67%97.93%98.20%93.93%93.86%91.17%83.92%96.36%89.12%99.44%

3/5/201695.35%97.42%94.62%94.67%97.93%98.20%93.93%3/5/201694.67%97.93%98.20%93.93%93.86%91.17%83.92%96.36%89.12%99.44%

3/6/201694.91%96.14%94.28%94.07%98.33%98.29%93.68%3/6/201694.07%98.33%98.29%93.68%94.10%91.91%85.47%95.97%88.65%99.96%

3/7/201694.16%94.26%92.75%93.20%97.68%97.17%92.67%3/7/201693.20%97.68%97.17%92.67%92.80%89.84%83.74%95.70%87.61%97.88%

3/8/201694.84%94.48%93.80%93.85%97.90%97.67%93.16%3/8/201693.85%97.90%97.67%93.16%93.48%90.36%83.92%96.04%87.17%98.04%

3/9/201694.71%93.36%92.24%93.70%97.87%97.69%91.50%3/9/201693.70%97.87%97.69%91.50%92.68%89.34%83.35%94.53%86.66%95.79%

3/10/201696.11%96.15%93.29%95.45%99.15%99.33%94.11%3/10/201695.45%99.15%99.33%94.11%95.02%91.86%86.86%95.78%87.85%98.63%

3/11/201696.11%96.15%93.29%95.45%99.15%99.33%94.11%3/11/201695.45%99.15%99.33%94.11%95.02%91.86%86.86%95.78%87.85%98.63%

3/12/201696.11%96.15%93.29%95.45%99.15%99.33%94.11%3/12/201695.45%99.15%99.33%94.11%95.02%91.86%86.86%95.78%87.85%98.63%

3/13/201696.98%98.17%94.19%95.57%99.24%99.20%94.82%3/13/201695.57%99.24%99.20%94.82%94.38%91.71%86.15%96.31%88.36%97.69%

3/14/201697.77%98.02%92.15%95.57%99.37%99.02%93.72%3/14/201695.57%99.37%99.02%93.72%93.32%88.87%83.35%96.15%88.43%94.91%

3/15/201698.47%99.53%92.80%96.42%99.80%99.58%93.76%3/15/201696.42%99.80%99.58%93.76%94.70%89.29%84.91%96.85%89.10%95.02%

3/16/201698.56%99.23%92.75%96.33%100.70%100.24%93.67%3/16/201696.33%100.70%100.24%93.67%95.63%90.58%85.02%97.21%89.49%95.46%

3/17/201698.95%100.11%93.62%96.57%101.39%100.68%93.97%3/17/201696.57%101.39%100.68%93.97%96.53%91.33%86.63%97.22%88.95%96.53%

3/18/201698.95%100.11%93.62%96.57%101.39%100.68%93.97%3/18/201696.57%101.39%100.68%93.97%96.53%91.33%86.63%97.22%88.95%96.53%

3/19/201698.95%100.11%93.62%96.57%101.39%100.68%93.97%3/19/201696.57%101.39%100.68%93.97%96.53%91.33%86.63%97.22%88.95%96.53%

3/20/201698.70%100.57%93.21%96.93%101.51%100.78%93.71%3/20/201696.93%101.51%100.78%93.71%96.77%91.88%88.05%97.09%89.62%95.93%

3/21/201699.44%99.44%93.11%97.17%101.28%100.69%93.56%3/21/201697.17%101.28%100.69%93.56%97.51%91.89%88.59%97.63%90.30%95.85%

3/22/201699.25%99.80%91.85%96.38%100.82%100.05%93.49%3/22/201696.38%100.82%100.05%93.49%96.13%89.62%85.91%97.64%91.09%93.72%

3/23/201699.24%101.93%92.07%96.45%100.90%100.01%92.03%3/23/201696.45%100.90%100.01%92.03%96.23%89.44%86.10%97.63%90.30%92.24%

3/24/201699.28%101.93%92.07%96.45%100.90%100.01%92.03%3/24/201696.45%100.90%100.01%92.03%96.23%89.37%86.10%97.63%90.30%92.24%

3/25/201699.28%101.93%92.07%96.45%100.90%100.01%92.03%3/25/201696.45%100.90%100.01%92.03%96.23%89.37%86.10%97.63%90.30%92.24%

3/26/201699.28%101.93%92.07%96.45%100.90%100.01%92.03%3/26/201696.45%100.90%100.01%92.03%96.23%89.37%86.10%97.63%90.30%92.24%

3/27/201699.66%101.70%91.81%96.28%101.01%100.07%92.03%3/27/201696.28%101.01%100.07%92.03%96.12%89.69%85.43%97.40%90.26%92.62%

3/28/201699.80%104.09%92.51%97.87%101.57%100.95%92.53%3/28/201697.87%101.57%100.95%92.53%98.03%91.01%88.07%98.78%91.03%94.42%

3/29/2016100.55%105.44%93.85%98.38%102.04%101.38%93.84%3/29/201698.38%102.04%101.38%93.84%98.61%92.19%88.03%99.27%91.35%94.36%

3/30/2016100.65%105.84%94.04%98.22%101.86%101.18%92.77%3/30/201698.22%101.86%101.18%92.77%98.91%92.61%87.55%99.21%91.55%93.81%

3/31/2016100.08%106.51%93.57%99.30%102.47%101.81%91.47%3/31/201699.30%102.47%101.81%91.47%99.16%92.55%87.95%99.58%91.87%93.10%

4/1/2016100.08%106.51%93.57%99.30%102.47%101.81%91.47%4/1/201699.30%102.47%101.81%91.47%99.16%92.55%87.95%99.58%91.87%93.10%

4/2/2016100.08%106.51%93.57%99.30%102.47%101.81%91.47%4/2/201699.30%102.47%101.81%91.47%99.16%92.55%87.95%99.58%91.87%93.10%

4/3/201699.47%104.36%93.23%98.85%102.16%101.49%91.87%4/3/201698.85%102.16%101.49%91.87%98.17%92.75%88.65%99.67%91.24%92.59%

4/4/201698.40%103.42%90.93%97.95%101.41%100.48%89.98%4/4/201697.95%101.41%100.48%89.98%97.20%91.14%87.80%98.88%90.42%90.75%

4/5/201698.61%104.04%91.81%99.58%102.05%101.53%90.74%4/5/201699.58%102.05%101.53%90.74%98.17%92.90%89.23%99.27%90.69%92.65%

4/6/201698.24%101.49%91.21%98.07%101.06%100.33%89.97%4/6/201698.07%101.06%100.33%89.97%96.80%91.21%87.37%98.22%90.24%92.12%

4/7/201698.90%101.77%91.70%98.06%101.26%100.61%91.11%4/7/201698.06%101.26%100.61%91.11%97.15%90.91%86.16%98.32%91.00%91.70%

4/8/201698.90%101.77%91.70%98.06%101.26%100.61%91.11%4/8/201698.06%101.26%100.61%91.11%97.15%90.91%86.16%98.32%91.00%91.70%

4/9/201698.90%101.77%91.70%98.06%101.26%100.61%91.11%4/9/201698.06%101.26%100.61%91.11%97.15%90.91%86.16%98.32%91.00%91.70%

4/10/201698.79%101.47%91.31%97.70%101.15%100.33%91.42%4/10/201697.70%101.15%100.33%91.42%96.28%89.66%86.40%98.22%90.47%90.02%

4/11/201699.44%100.60%91.68%98.54%102.09%101.30%91.95%4/11/201698.54%102.09%101.30%91.95%95.51%88.99%87.04%98.82%90.72%90.13%

4/12/2016100.78%102.27%93.85%99.84%103.14%102.30%94.47%4/12/201699.84%103.14%102.30%94.47%97.68%91.75%90.24%99.59%92.01%91.17%

4/13/2016101.70%102.12%93.54%99.84%103.24%102.32%94.74%4/13/201699.84%103.24%102.32%94.74%97.21%91.65%90.68%99.56%92.31%90.95%

4/14/2016100.47%101.64%93.39%99.59%103.08%102.22%94.39%4/14/201699.59%103.08%102.22%94.39%96.44%91.89%90.10%99.69%92.14%91.11%

4/15/2016100.47%101.64%93.39%99.59%103.08%102.22%94.39%4/15/201699.59%103.08%102.22%94.39%96.44%91.89%90.10%99.69%92.14%91.11%

4/16/2016100.47%101.64%93.39%99.59%103.08%102.22%94.39%4/16/201699.59%103.08%102.22%94.39%96.44%91.89%90.10%99.69%92.14%91.11%

4/17/2016100.53%102.16%93.88%100.08%103.68%102.88%94.80%4/17/2016100.08%103.68%102.88%94.80%97.47%92.67%89.90%100.30%91.56%92.65%

4/18/2016101.21%101.28%93.62%99.46%103.95%103.19%96.26%4/18/201699.46%103.95%103.19%96.26%96.84%91.55%89.05%102.43%92.75%92.29%

4/19/2016100.93%101.68%93.94%99.53%104.19%103.26%96.70%4/19/201699.53%104.19%103.26%96.70%97.95%91.74%89.57%102.00%92.93%92.88%

4/20/2016101.21%101.61%92.72%99.54%103.56%102.74%96.37%4/20/201699.54%103.56%102.74%96.37%99.42%92.17%92.96%101.07%92.76%94.06%

4/21/2016101.30%102.26%93.37%98.07%103.68%102.75%96.04%4/21/201698.07%103.68%102.75%96.04%99.86%93.35%93.94%100.00%92.85%93.72%

4/22/2016101.30%102.26%93.37%98.07%103.68%102.75%96.04%4/22/201698.07%103.68%102.75%96.04%99.86%93.35%93.94%100.00%92.85%93.72%

4/23/2016101.30%102.26%93.37%98.07%103.68%102.75%96.04%4/23/201698.07%103.68%102.75%96.04%99.86%93.35%93.94%100.00%92.85%93.72%

4/24/2016100.89%101.88%92.53%98.07%103.53%102.57%95.53%4/24/201698.07%103.53%102.57%95.53%99.43%93.43%92.78%99.84%93.41%92.97%

4/25/2016100.95%102.58%93.37%97.60%103.60%102.75%95.71%4/25/201697.60%103.60%102.75%95.71%99.85%93.55%92.63%99.77%93.87%93.72%

4/26/2016101.57%102.50%93.44%96.78%103.89%102.92%96.00%4/26/201696.78%103.89%102.92%96.00%100.93%95.35%92.03%100.00%94.17%94.59%

4/27/2016100.87%101.09%93.82%95.59%102.72%102.00%96.17%4/27/201695.59%102.72%102.00%96.17%99.45%93.92%92.11%98.71%93.29%94.51%

4/28/2016100.18%98.82%92.08%95.07%102.40%101.49%94.04%4/28/201695.07%102.40%101.49%94.04%98.67%93.01%90.83%98.00%91.26%93.45%

4/29/2016100.18%98.82%92.08%95.07%102.40%101.49%94.04%4/29/201695.07%102.40%101.49%94.04%98.67%93.01%90.83%98.00%91.26%93.45%

4/30/2016100.18%98.82%92.08%95.07%102.40%101.49%94.04%4/30/201695.07%102.40%101.49%94.04%98.67%93.01%90.83%98.00%91.26%93.45%

5/1/201699.99%98.82%91.79%95.99%103.06%102.27%93.97%5/1/201695.99%103.06%102.27%93.97%98.52%94.00%91.97%98.37%92.21%94.48%

5/2/2016100.45%97.58%91.22%95.08%102.28%101.40%92.31%5/2/201695.08%102.28%101.40%92.31%96.61%92.31%90.89%98.02%92.18%94.27%

5/3/2016100.19%97.39%91.50%94.41%101.71%100.81%91.19%5/3/201694.41%101.71%100.81%91.19%95.97%91.35%90.60%98.11%92.20%90.64%

5/4/2016100.66%97.48%92.36%94.35%101.77%100.79%91.51%5/4/201694.35%101.77%100.79%91.51%95.92%91.37%88.78%97.89%93.02%89.76%

5/5/2016100.32%102.62%92.03%94.83%102.22%101.10%91.15%5/5/201694.83%102.22%101.10%91.15%96.43%88.86%87.48%97.64%92.82%89.89%

5/6/2016100.32%102.62%92.03%94.83%102.22%101.10%91.15%5/6/201694.83%102.22%101.10%91.15%96.43%88.86%87.48%97.64%92.82%89.89%

5/7/2016100.32%102.62%92.03%94.83%102.22%101.10%91.15%5/7/201694.83%102.22%101.10%91.15%96.43%88.86%87.48%97.64%92.82%89.89%

5/8/2016100.87%103.07%92.64%95.08%102.03%101.18%91.62%5/8/201695.08%102.03%101.18%91.62%96.73%89.33%87.75%98.15%94.20%89.88%

5/9/2016101.75%104.58%94.25%96.48%103.28%102.43%92.52%5/9/201696.48%103.28%102.43%92.52%98.41%90.71%89.94%99.53%94.74%90.37%

5/10/2016102.23%103.54%93.34%95.55%102.07%101.47%92.08%5/10/201695.55%102.07%101.47%92.08%97.66%90.21%89.97%99.17%94.85%91.10%

5/11/2016101.92%103.59%92.67%95.13%102.12%101.45%91.59%5/11/201695.13%102.12%101.45%91.59%97.69%89.35%88.92%99.22%94.40%90.87%

5/12/2016102.01%103.95%92.06%94.76%101.08%100.61%92.06%5/12/201694.76%101.08%100.61%92.06%97.99%89.92%88.48%98.70%94.69%90.72%

5/13/2016102.01%103.95%92.06%94.76%101.08%100.61%92.06%5/13/201694.76%101.08%100.61%92.06%97.99%89.92%88.48%98.70%94.69%90.72%

5/14/2016102.01%103.95%92.06%94.76%101.08%100.61%92.06%5/14/201694.76%101.08%100.61%92.06%97.99%89.92%88.48%98.70%94.69%90.72%

5/15/2016102.12%104.70%91.87%96.01%102.08%101.59%92.08%5/15/201696.01%102.08%101.59%92.08%99.03%90.73%90.20%99.24%94.07%91.09%

5/16/2016102.16%104.43%90.94%94.68%101.06%100.64%92.07%5/16/201694.68%101.06%100.64%92.07%98.32%90.08%89.70%98.89%94.31%92.39%

5/17/2016102.35%105.04%90.78%95.05%101.04%100.66%92.93%5/17/201695.05%101.04%100.66%92.93%99.22%91.16%90.06%99.16%95.09%92.10%

5/18/2016101.75%105.03%91.21%94.52%100.52%100.29%91.84%5/18/201694.52%100.52%100.29%91.84%98.29%91.11%89.70%98.54%94.67%91.53%

5/19/2016102.78%106.53%91.92%95.62%100.89%100.90%93.07%5/19/201695.62%100.89%100.90%93.07%99.95%92.83%91.91%99.79%95.67%93.57%

5/20/2016102.78%106.53%91.92%95.62%100.89%100.90%93.07%5/20/201695.62%100.89%100.90%93.07%99.95%92.83%91.91%99.79%95.67%93.57%

5/21/2016102.78%106.53%91.92%95.62%100.89%100.90%93.07%5/21/201695.62%100.89%100.90%93.07%99.95%92.83%91.91%99.79%95.67%93.57%

5/22/2016103.37%104.62%91.39%95.44%100.85%100.69%92.68%5/22/201695.44%100.85%100.69%92.68%100.28%93.12%92.24%99.93%95.74%93.40%

5/23/2016103.81%106.51%92.46%97.49%102.07%102.06%94.89%5/23/201697.49%102.07%102.06%94.89%102.18%95.39%94.20%100.77%96.55%94.87%

5/24/2016106.67%106.02%92.89%98.21%102.89%102.75%96.18%5/24/201698.21%102.89%102.75%96.18%102.27%95.38%95.13%101.33%96.35%95.37%

5/25/2016106.73%105.48%92.94%98.47%102.76%102.73%96.28%5/25/201698.47%102.76%102.73%96.28%102.41%96.14%95.15%101.81%96.82%95.24%

5/26/2016107.31%105.80%93.61%99.02%103.01%103.16%96.49%5/26/201699.02%103.01%103.16%96.49%102.98%95.13%95.81%102.51%98.10%96.48%

5/27/2016107.31%105.80%93.61%99.02%103.01%103.16%96.49%5/27/201699.02%103.01%103.16%96.49%102.98%95.13%95.81%102.51%98.10%96.48%

5/28/2016107.31%105.80%93.61%99.02%103.01%103.16%96.49%5/28/201699.02%103.01%103.16%96.49%102.98%95.13%95.81%102.51%98.10%96.48%

5/29/2016107.70%105.80%93.00%99.02%103.01%103.16%96.63%5/29/201699.02%103.01%103.16%96.63%102.99%95.00%95.87%102.48%98.24%96.48%

5/30/2016108.02%104.17%93.24%99.27%102.53%103.06%95.86%5/30/201699.27%102.53%103.06%95.86%104.09%96.13%96.85%103.21%97.68%97.90%

5/31/2016107.66%103.66%93.03%99.19%102.54%103.17%94.90%5/31/201699.19%102.54%103.17%94.90%104.75%97.01%97.95%103.33%97.06%98.19%

6/1/2016107.86%104.00%93.96%99.43%102.82%103.46%94.97%6/1/201699.43%102.82%103.46%94.97%105.64%98.09%99.40%103.15%96.93%99.05%

6/2/2016107.60%102.02%94.27%98.96%102.64%103.16%94.08%6/2/201698.96%102.64%103.16%94.08%104.99%98.01%97.61%102.61%96.95%97.87%

6/3/2016107.60%102.02%94.27%98.96%102.64%103.16%94.08%6/3/201698.96%102.64%103.16%94.08%104.99%98.01%97.61%102.61%96.95%97.87%

6/4/2016107.60%102.02%94.27%98.96%102.64%103.16%94.08%6/4/201698.96%102.64%103.16%94.08%104.99%98.01%97.61%102.61%96.95%97.87%

6/5/2016107.20%102.40%94.34%99.27%103.28%103.65%94.41%6/5/201699.27%103.28%103.65%94.41%105.56%97.45%98.89%102.83%97.87%97.51%

6/6/2016107.51%103.03%94.43%99.03%103.38%103.78%95.53%6/6/201699.03%103.38%103.78%95.53%106.76%97.47%98.97%103.13%98.62%98.11%

6/7/2016107.68%104.49%95.00%99.20%103.75%104.11%95.04%6/7/201699.20%103.75%104.11%95.04%106.70%98.13%99.05%102.89%98.63%98.94%

6/8/2016107.27%103.47%94.29%99.02%103.64%103.94%94.08%6/8/201699.02%103.64%103.94%94.08%106.16%97.12%98.21%102.81%98.53%98.32%

6/9/2016106.40%102.29%93.07%97.88%102.97%103.03%91.64%6/9/201697.88%102.97%103.03%91.64%104.40%95.59%95.20%101.00%97.29%97.00%

6/10/2016106.40%102.29%93.07%97.88%102.97%103.03%91.64%6/10/201697.88%102.97%103.03%91.64%104.40%95.59%95.20%101.00%97.29%97.00%

6/11/2016106.40%102.29%93.07%97.88%102.97%103.03%91.64%6/11/201697.88%102.97%103.03%91.64%104.40%95.59%95.20%101.00%97.29%97.00%

6/12/2016104.17%101.93%91.51%97.02%102.23%102.21%89.80%6/12/201697.02%102.23%102.21%89.80%103.28%95.52%94.72%100.69%95.91%95.07%

6/13/2016103.08%102.84%90.71%97.07%101.90%102.03%87.88%6/13/201697.07%101.90%102.03%87.88%103.06%95.49%94.27%100.20%95.54%94.63%

6/14/2016103.41%101.24%90.55%96.72%101.71%101.85%88.85%6/14/201696.72%101.71%101.85%88.85%103.25%96.06%94.56%99.13%95.43%94.82%

6/15/2016101.53%101.38%89.94%97.06%102.23%102.16%88.13%6/15/201697.06%102.23%102.16%88.13%103.06%95.48%94.71%98.67%94.60%94.75%

6/16/2016102.57%101.11%90.72%95.93%101.91%101.84%89.52%6/16/201695.93%101.91%101.84%89.52%102.96%95.48%94.15%98.94%95.15%95.65%

6/17/2016102.57%101.11%90.72%95.93%101.91%101.84%89.52%6/17/201695.93%101.91%101.84%89.52%102.96%95.48%94.15%98.94%95.15%95.65%

6/18/2016102.57%101.11%90.72%95.93%101.91%101.84%89.52%6/18/201695.93%101.91%101.84%89.52%102.96%95.48%94.15%98.94%95.15%95.65%

6/19/2016105.76%104.05%91.37%96.52%102.64%102.42%93.17%6/19/201696.52%102.64%102.42%93.17%104.36%97.00%97.04%100.68%97.22%98.84%

6/20/2016106.17%104.54%91.34%96.82%102.78%102.69%93.88%6/20/201696.82%102.78%102.69%93.88%104.77%98.01%97.68%101.26%97.08%98.87%

6/21/2016106.43%104.73%91.01%96.62%102.51%102.52%94.25%6/21/201696.62%102.51%102.52%94.25%104.29%96.36%96.55%101.30%96.71%99.41%

6/22/2016107.46%106.32%92.22%98.05%103.80%103.86%95.72%6/22/201698.05%103.80%103.86%95.72%106.42%98.59%98.27%102.76%98.22%101.97%

6/23/2016102.07%98.84%88.19%93.98%100.41%100.27%88.69%6/23/201693.98%100.41%100.27%88.69%100.38%93.46%92.94%99.21%93.91%98.44%

6/24/2016102.07%98.84%88.19%93.98%100.41%100.27%88.69%6/24/201693.98%100.41%100.27%88.69%100.38%93.46%92.94%99.21%93.91%98.44%

6/25/2016102.07%98.84%88.19%93.98%100.41%100.27%88.69%6/25/201693.98%100.41%100.27%88.69%100.38%93.46%92.94%99.21%93.91%98.44%

6/26/201697.69%94.48%85.10%92.00%98.92%98.46%84.58%6/26/201692.00%98.92%98.46%84.58%95.25%89.75%87.47%96.30%89.83%94.03%

6/27/201699.74%95.41%86.81%94.13%100.49%100.24%87.16%6/27/201694.13%100.49%100.24%87.16%97.27%91.30%89.66%98.84%91.89%97.69%

6/28/2016102.08%97.36%87.95%95.86%102.13%101.94%90.25%6/28/201695.86%102.13%101.94%90.25%99.38%93.97%92.67%100.67%94.93%99.39%

6/29/2016102.88%97.62%88.91%97.08%103.46%103.30%91.29%6/29/201697.08%103.46%103.30%91.29%101.04%96.11%93.05%102.05%95.50%100.93%

6/30/2016103.23%97.55%89.42%97.52%103.56%103.49%92.00%6/30/201697.52%103.56%103.49%92.00%101.10%96.42%93.47%102.40%95.52%101.63%

7/1/2016103.23%97.55%89.42%97.52%103.56%103.49%92.00%7/1/201697.52%103.56%103.49%92.00%101.10%96.42%93.47%102.40%95.52%101.63%

7/2/2016103.23%97.55%89.42%97.52%103.56%103.49%92.00%7/2/201697.52%103.56%103.49%92.00%101.10%96.42%93.47%102.40%95.52%101.63%

7/3/2016102.80%97.55%89.45%97.52%103.56%103.49%91.26%7/3/201697.52%103.56%103.49%91.26%100.89%96.16%93.60%102.16%95.04%102.12%

7/4/2016101.39%96.15%88.18%96.92%102.96%102.81%89.56%7/4/201696.92%102.96%102.81%89.56%99.65%95.33%92.22%101.65%93.60%100.79%

7/5/2016100.27%96.81%87.20%97.69%103.39%103.34%87.89%7/5/201697.69%103.39%103.34%87.89%100.46%95.09%93.04%101.44%92.75%102.87%

7/6/2016100.94%96.93%88.14%98.03%103.27%103.25%88.94%7/6/201698.03%103.27%103.25%88.94%101.11%95.78%94.10%101.74%93.36%103.21%

7/7/2016101.78%98.85%89.61%99.57%104.67%104.78%90.57%7/7/201699.57%104.67%104.78%90.57%103.96%98.90%96.29%103.19%95.59%105.08%

7/8/2016101.78%98.85%89.61%99.57%104.67%104.78%90.57%7/8/201699.57%104.67%104.78%90.57%103.96%98.90%96.29%103.19%95.59%105.08%

7/9/2016101.78%98.85%89.61%99.57%104.67%104.78%90.57%7/9/201699.57%104.67%104.78%90.57%103.96%98.90%96.29%103.19%95.59%105.08%

7/10/2016103.32%99.73%89.72%100.15%105.11%105.12%92.21%7/10/2016100.15%105.11%105.12%92.21%104.89%100.77%97.98%104.47%97.13%105.48%

7/11/2016104.15%99.60%91.04%100.65%105.77%105.82%93.27%7/11/2016100.65%105.77%105.82%93.27%106.03%101.04%100.52%104.97%97.04%107.41%

7/12/2016104.56%99.82%92.77%100.39%105.91%105.83%93.14%7/12/2016100.39%105.91%105.83%93.14%106.00%100.82%99.14%104.71%98.56%105.09%

7/13/2016105.37%100.59%92.51%101.07%106.64%106.36%93.94%7/13/2016101.07%106.64%106.36%93.94%106.58%100.99%99.20%106.04%99.05%106.34%

7/14/2016105.14%98.59%92.61%100.92%106.69%106.27%93.77%7/14/2016100.92%106.69%106.27%93.77%106.42%100.40%98.99%105.64%98.45%106.24%

7/15/2016105.14%98.59%92.61%100.92%106.69%106.27%93.77%7/15/2016100.92%106.69%106.27%93.77%106.42%100.40%98.99%105.64%98.45%106.24%

7/16/2016105.14%98.59%92.61%100.92%106.69%106.27%93.77%7/16/2016100.92%106.69%106.27%93.77%106.42%100.40%98.99%105.64%98.45%106.24%

7/17/2016105.84%98.97%93.47%101.57%106.78%106.51%94.00%7/17/2016101.57%106.78%106.51%94.00%106.87%101.41%99.52%106.28%100.60%107.34%

7/18/2016106.40%98.43%93.49%101.22%106.92%106.36%93.59%7/18/2016101.22%106.92%106.36%93.59%107.51%100.90%99.31%106.31%100.50%107.08%

7/19/2016107.74%100.25%94.35%102.39%107.12%106.79%94.63%7/19/2016102.39%107.12%106.79%94.63%108.99%102.01%102.46%108.10%100.69%108.48%

7/20/2016107.43%99.55%94.02%102.17%106.70%106.43%94.56%7/20/2016102.17%106.70%106.43%94.56%108.42%100.55%99.49%107.35%100.79%108.04%

7/21/2016107.72%99.64%93.98%102.58%106.99%106.88%94.49%7/21/2016102.58%106.99%106.88%94.49%109.44%102.38%100.65%107.61%101.13%109.08%

7/22/2016107.72%99.64%93.98%102.58%106.99%106.88%94.49%7/22/2016102.58%106.99%106.88%94.49%109.44%102.38%100.65%107.61%101.13%109.08%

7/23/2016107.72%99.64%93.98%102.58%106.99%106.88%94.49%7/23/2016102.58%106.99%106.88%94.49%109.44%102.38%100.65%107.61%101.13%109.08%

7/24/2016108.35%99.71%94.02%102.58%106.57%106.58%94.66%7/24/2016102.58%106.57%106.58%94.66%109.87%102.93%101.08%108.19%101.67%109.94%

7/25/2016108.41%100.08%94.43%102.71%106.46%106.61%94.76%7/25/2016102.71%106.46%106.61%94.76%110.79%103.11%101.03%108.38%101.74%110.63%

7/26/2016109.40%99.45%94.15%103.37%106.46%106.49%95.19%7/26/2016103.37%106.46%106.49%95.19%109.93%102.76%100.58%108.76%101.16%111.26%

7/27/2016109.48%98.84%93.52%103.76%106.37%106.66%94.24%7/27/2016103.76%106.37%106.66%94.24%110.71%104.66%101.53%109.28%101.49%111.96%

7/28/2016110.45%98.14%93.63%103.95%106.24%106.82%94.95%7/28/2016103.95%106.24%106.82%94.95%111.12%103.44%101.23%109.15%100.83%114.11%

7/29/2016110.45%98.14%93.63%103.95%106.24%106.82%94.95%7/29/2016103.95%106.24%106.82%94.95%111.12%103.44%101.23%109.15%100.83%114.11%

7/30/2016110.45%98.14%93.63%103.95%106.24%106.82%94.95%7/30/2016103.95%106.24%106.82%94.95%111.12%103.44%101.23%109.15%100.83%114.11%

7/31/2016110.29%99.81%93.59%104.49%106.09%106.69%94.36%7/31/2016104.49%106.09%106.69%94.36%110.88%102.63%101.74%108.92%100.45%114.49%

8/1/2016109.12%98.79%91.10%103.72%105.60%106.06%93.07%8/1/2016103.72%105.60%106.06%93.07%108.94%101.60%101.05%108.26%99.46%113.44%

8/2/2016108.50%99.31%90.50%104.04%105.82%106.37%93.10%8/2/2016104.04%105.82%106.37%93.10%109.61%101.76%101.99%108.11%99.04%109.92%

8/3/2016109.27%100.37%91.93%104.24%105.80%106.39%93.77%8/3/2016104.24%105.80%106.39%93.77%109.57%102.12%98.51%109.00%98.98%112.22%

8/4/2016109.83%101.97%91.63%105.24%106.85%107.25%94.82%8/4/2016105.24%106.85%107.25%94.82%110.93%102.50%96.96%110.05%100.05%112.75%

8/5/2016109.83%101.97%91.63%105.24%106.85%107.25%94.82%8/5/2016105.24%106.85%107.25%94.82%110.93%102.50%96.96%110.05%100.05%112.75%

8/6/2016109.83%101.97%91.63%105.24%106.85%107.25%94.82%8/6/2016105.24%106.85%107.25%94.82%110.93%102.50%96.96%110.05%100.05%112.75%

8/7/2016109.91%99.63%92.05%105.11%106.77%107.16%94.86%8/7/2016105.11%106.77%107.16%94.86%110.79%101.84%96.71%110.14%100.68%113.36%

8/8/2016110.34%98.53%93.75%105.34%106.79%107.20%95.78%8/8/2016105.34%106.79%107.20%95.78%111.26%102.26%96.11%110.67%101.61%114.13%

8/9/2016110.20%98.29%94.22%105.08%106.59%106.91%95.58%8/9/2016105.08%106.59%106.91%95.58%111.33%102.25%95.94%110.20%101.82%114.69%

8/10/2016110.25%97.94%94.50%105.49%107.23%107.39%96.36%8/10/2016105.49%107.23%107.39%96.36%111.94%103.09%97.10%110.84%101.87%115.05%

8/11/2016110.23%99.46%94.65%105.57%107.03%107.31%96.20%8/11/2016105.57%107.03%107.31%96.20%111.91%102.56%96.94%110.61%101.39%115.81%

8/12/2016110.23%99.46%94.65%105.57%107.03%107.31%96.20%8/12/2016105.57%107.03%107.31%96.20%111.91%102.56%96.94%110.61%101.39%115.81%

8/13/2016110.23%99.46%94.65%105.57%107.03%107.31%96.20%8/13/2016105.57%107.03%107.31%96.20%111.91%102.56%96.94%110.61%101.39%115.81%

8/14/2016110.75%98.91%94.54%105.99%107.35%107.59%96.19%8/14/2016105.99%107.35%107.59%96.19%112.84%103.55%97.83%111.03%101.93%117.33%

8/15/2016110.55%97.91%93.91%105.37%106.90%107.04%95.40%8/15/2016105.37%106.90%107.04%95.40%112.14%104.09%96.83%110.52%101.60%115.61%

8/16/2016110.08%97.38%92.72%105.54%107.02%107.22%94.57%8/16/2016105.54%107.02%107.22%94.57%111.74%103.48%95.79%110.18%102.04%115.31%

8/17/2016110.29%97.28%93.09%105.61%107.14%107.44%95.28%8/17/2016105.61%107.14%107.44%95.28%113.84%104.57%96.31%110.28%102.02%115.11%

8/18/2016110.68%97.63%93.19%105.56%106.90%107.30%94.48%8/18/2016105.56%106.90%107.30%94.48%114.37%105.28%96.80%110.55%102.58%114.91%

8/19/2016110.68%97.63%93.19%105.56%106.90%107.30%94.48%8/19/2016105.56%106.90%107.30%94.48%114.37%105.28%96.80%110.55%102.58%114.91%

8/20/2016110.68%97.63%93.19%105.56%106.90%107.30%94.48%8/20/2016105.56%106.90%107.30%94.48%114.37%105.28%96.80%110.55%102.58%114.91%

8/21/2016110.93%98.68%93.63%105.61%106.78%107.24%94.56%8/21/2016105.61%106.78%107.24%94.56%113.91%105.21%96.28%110.43%102.63%114.32%

8/22/2016111.48%99.39%94.05%105.81%106.87%107.44%95.49%8/22/2016105.81%106.87%107.44%95.49%114.78%106.46%99.43%110.92%102.90%114.93%

8/23/2016111.64%98.56%93.75%105.09%106.52%106.91%95.88%8/23/2016105.09%106.52%106.91%95.88%114.36%106.24%98.19%110.52%103.51%114.18%

8/24/2016111.18%98.39%93.22%104.92%106.34%106.78%95.04%8/24/2016104.92%106.34%106.78%95.04%114.85%106.21%98.23%110.49%103.27%113.67%

8/25/2016111.64%98.91%92.77%105.09%106.05%106.62%95.53%8/25/2016105.09%106.05%106.62%95.53%114.26%106.35%97.96%111.00%104.39%114.45%

8/26/2016111.64%98.91%92.77%105.09%106.05%106.62%95.53%8/26/2016105.09%106.05%106.62%95.53%114.26%106.35%97.96%111.00%104.39%114.45%

8/27/2016111.64%98.91%92.77%105.09%106.05%106.62%95.53%8/27/2016105.09%106.05%106.62%95.53%114.26%106.35%97.96%111.00%104.39%114.45%

8/28/2016111.58%98.88%92.79%105.25%106.64%107.14%95.38%8/28/2016105.25%106.64%107.14%95.38%114.45%106.52%99.27%110.86%104.45%114.74%

8/29/2016111.77%98.98%93.17%104.93%106.37%106.95%95.83%8/29/2016104.93%106.37%106.95%95.83%114.32%106.65%98.85%111.39%104.13%115.21%

8/30/2016111.46%98.17%94.42%104.83%106.08%106.71%95.48%8/30/2016104.83%106.08%106.71%95.48%113.49%105.70%98.80%110.99%103.74%117.12%

8/31/2016111.86%98.43%94.35%105.10%106.18%106.71%95.52%8/31/2016105.10%106.18%106.71%95.52%113.98%107.24%98.93%111.52%104.69%118.54%

9/1/2016112.64%99.77%95.30%105.41%106.58%107.13%97.49%9/1/2016105.41%106.58%107.13%97.49%114.71%108.49%99.39%112.00%104.63%119.04%

9/2/2016112.64%99.77%95.30%105.41%106.58%107.13%97.49%9/2/2016105.41%106.58%107.13%97.49%114.71%108.49%99.39%112.00%104.63%119.04%

9/3/2016112.64%99.77%95.30%105.41%106.58%107.13%97.49%9/3/2016105.41%106.58%107.13%97.49%114.71%108.49%99.39%112.00%104.63%119.04%

9/4/2016113.26%99.77%95.25%105.41%106.58%107.13%97.54%9/4/2016105.41%106.58%107.13%97.54%114.71%108.53%99.39%111.92%105.22%118.84%

9/5/2016113.19%100.28%95.78%106.05%106.83%107.42%97.21%9/5/2016106.05%106.83%107.42%97.21%114.73%108.56%100.08%111.57%104.45%119.64%

9/6/2016113.60%99.80%95.61%106.10%106.76%107.41%97.50%9/6/2016106.10%106.76%107.41%97.50%114.68%108.80%99.76%111.70%104.72%121.98%

9/7/2016113.47%96.00%95.58%105.52%106.51%107.19%97.17%9/7/2016105.52%106.51%107.19%97.17%114.99%108.40%99.46%112.21%105.33%121.73%

9/8/2016113.70%94.34%93.73%102.97%104.38%104.74%96.08%9/8/2016102.97%104.38%104.74%96.08%113.05%106.09%97.77%110.44%104.53%120.35%

9/9/2016113.70%94.34%93.73%102.97%104.38%104.74%96.08%9/9/2016102.97%104.38%104.74%96.08%113.05%106.09%97.77%110.44%104.53%120.35%

9/10/2016113.70%94.34%93.73%102.97%104.38%104.74%96.08%9/10/2016102.97%104.38%104.74%96.08%113.05%106.09%97.77%110.44%104.53%120.35%

9/11/2016113.09%96.46%93.73%104.75%105.70%106.20%95.13%9/11/2016104.75%105.70%106.20%95.13%113.90%106.72%99.77%110.70%103.88%119.93%

9/12/2016112.59%93.98%92.87%103.87%104.29%104.72%94.11%9/12/2016103.87%104.29%104.72%94.11%112.61%105.74%97.96%110.14%103.81%120.48%

9/13/2016112.97%92.22%92.94%104.36%104.12%104.66%94.02%9/13/2016104.36%104.12%104.66%94.02%113.11%105.68%98.01%110.22%103.28%123.37%

9/14/2016113.33%92.35%92.72%105.92%105.10%105.67%94.58%9/14/2016105.92%105.10%105.67%94.58%114.45%106.03%98.73%111.01%103.75%125.00%

9/15/2016113.13%90.90%93.81%105.88%104.62%105.29%93.84%9/15/2016105.88%104.62%105.29%93.84%113.78%104.78%98.74%110.05%103.64%125.38%

9/16/2016113.13%90.90%93.81%105.88%104.62%105.29%93.84%9/16/2016105.88%104.62%105.29%93.84%113.78%104.78%98.74%110.05%103.64%125.38%

9/17/2016113.13%90.90%93.81%105.88%104.62%105.29%93.84%9/17/2016105.88%104.62%105.29%93.84%113.78%104.78%98.74%110.05%103.64%125.38%

9/18/2016114.03%90.92%94.58%105.42%104.60%105.29%94.86%9/18/2016105.42%104.60%105.29%94.86%114.26%104.79%98.62%110.79%104.14%123.16%

9/19/2016114.13%90.23%94.29%105.61%104.65%105.32%94.79%9/19/2016105.61%104.65%105.32%94.79%113.71%104.44%98.63%111.24%104.01%122.24%

9/20/2016115.19%91.15%94.43%106.62%105.55%106.41%95.21%9/20/2016106.62%105.55%106.41%95.21%114.87%105.30%99.59%111.94%104.43%122.99%

9/21/2016116.04%92.58%93.41%107.40%106.09%107.06%96.79%9/21/2016107.40%106.09%107.06%96.79%116.30%106.50%100.60%112.46%104.82%123.99%

9/22/2016115.80%92.95%93.64%106.73%105.38%106.49%96.07%9/22/2016106.73%105.38%106.49%96.07%115.89%107.47%100.36%112.06%103.89%124.68%

9/23/2016115.80%92.95%93.64%106.73%105.38%106.49%96.07%9/23/2016106.73%105.38%106.49%96.07%115.89%107.47%100.36%112.06%103.89%124.68%

9/24/2016115.80%92.95%93.64%106.73%105.38%106.49%96.07%9/24/2016106.73%105.38%106.49%96.07%115.89%107.47%100.36%112.06%103.89%124.68%

9/25/2016115.46%92.47%93.11%105.87%104.47%105.63%94.52%9/25/2016105.87%104.47%105.63%94.52%115.19%106.40%99.82%111.37%103.87%123.74%

9/26/2016115.47%92.93%93.27%106.90%105.21%106.28%94.58%9/26/2016106.90%105.21%106.28%94.58%116.17%107.15%100.02%111.66%103.46%124.99%

9/27/2016115.59%93.83%93.51%107.08%105.81%106.81%95.28%9/27/2016107.08%105.81%106.81%95.28%116.80%107.47%100.38%112.02%103.30%125.43%

9/28/2016114.57%94.03%93.08%106.32%104.75%105.87%95.32%9/28/2016106.32%104.75%105.87%95.32%115.92%106.57%98.56%112.10%103.05%124.75%

9/29/2016114.21%80.78%92.67%107.09%105.65%106.67%95.38%9/29/2016107.09%105.65%106.67%95.38%116.70%107.23%99.31%112.36%103.15%124.85%

9/30/2016114.21%80.78%92.67%107.09%105.65%106.67%95.38%9/30/2016107.09%105.65%106.67%95.38%116.70%107.23%99.31%112.36%103.15%124.85%

10/1/2016114.21%80.78%92.67%107.09%105.65%106.67%95.38%10/1/2016107.09%105.65%106.67%95.38%116.70%107.23%99.31%112.36%103.15%124.85%

10/2/2016114.74%86.41%92.63%106.91%105.36%106.34%95.47%10/2/2016106.91%105.36%106.34%95.47%116.70%107.24%99.43%112.69%104.43%125.49%

10/3/2016114.67%85.80%92.45%106.76%104.89%105.85%96.30%10/3/2016106.76%104.89%105.85%96.30%117.10%107.53%99.42%113.06%104.25%125.44%

10/4/2016114.48%87.42%93.10%107.14%105.51%106.28%95.76%10/4/2016107.14%105.51%106.28%95.76%117.31%107.77%98.85%112.50%103.67%125.41%

10/5/2016114.67%88.02%92.63%107.06%105.44%106.33%95.35%10/5/2016107.06%105.44%106.33%95.35%117.01%106.95%97.72%112.02%103.89%124.33%

10/6/2016113.40%86.35%92.74%106.87%105.29%106.00%94.43%10/6/2016106.87%105.29%106.00%94.43%116.17%106.47%97.34%111.49%103.93%124.21%

10/7/2016113.40%86.35%92.74%106.87%105.29%106.00%94.43%10/7/2016106.87%105.29%106.00%94.43%116.17%106.47%97.34%111.49%103.93%124.21%

10/8/2016113.40%86.35%92.74%106.87%105.29%106.00%94.43%10/8/2016106.87%105.29%106.00%94.43%116.17%106.47%97.34%111.49%103.93%124.21%

10/9/2016113.36%86.54%92.60%107.47%105.77%106.46%95.12%10/9/2016107.47%105.77%106.46%95.12%116.38%106.63%99.03%111.80%103.15%125.43%

10/10/2016112.65%85.43%91.66%106.00%104.68%105.22%94.59%10/10/2016106.00%104.68%105.22%94.59%114.90%105.14%98.14%111.48%103.25%124.15%

10/11/2016112.71%85.61%91.81%105.95%104.77%105.33%94.11%10/11/2016105.95%104.77%105.33%94.11%114.28%104.01%95.26%110.82%103.54%123.92%

10/12/2016112.34%88.16%90.83%105.61%104.52%105.02%93.24%10/12/2016105.61%104.52%105.02%93.24%113.68%103.16%94.51%110.49%102.66%122.80%

10/13/2016112.45%86.38%90.99%105.72%104.73%105.04%94.53%10/13/2016105.72%104.73%105.04%94.53%113.30%102.85%94.21%110.87%103.43%122.46%

10/14/2016112.45%86.38%90.99%105.72%104.73%105.04%94.53%10/14/2016105.72%104.73%105.04%94.53%113.30%102.85%94.21%110.87%103.43%122.46%

10/15/2016112.45%86.38%90.99%105.72%104.73%105.04%94.53%10/15/2016105.72%104.73%105.04%94.53%113.30%102.85%94.21%110.87%103.43%122.46%

10/16/2016112.06%85.90%90.48%105.46%104.45%104.74%93.79%10/16/2016105.46%104.45%104.74%93.79%112.95%102.10%93.67%110.36%102.74%121.32%

10/17/2016113.65%86.14%90.55%106.37%104.87%105.35%95.29%10/17/2016106.37%104.87%105.35%95.29%113.73%102.37%94.09%110.66%102.29%123.01%

10/18/2016113.87%86.48%90.87%106.31%105.09%105.57%95.63%10/18/2016106.31%105.09%105.57%95.63%115.00%100.32%95.82%110.74%102.54%124.04%

10/19/2016113.63%85.87%90.09%106.23%104.87%105.44%95.82%10/19/2016106.23%104.87%105.44%95.82%114.47%99.96%96.89%110.44%101.41%124.01%

10/20/2016113.81%85.13%90.20%106.62%104.78%105.43%95.82%10/20/2016106.62%104.78%105.43%95.82%114.86%101.38%97.14%111.29%101.66%124.80%

10/21/2016113.81%85.13%90.20%106.62%104.78%105.43%95.82%10/21/2016106.62%104.78%105.43%95.82%114.86%101.38%97.14%111.29%101.66%124.80%

10/22/2016113.81%85.13%90.20%106.62%104.78%105.43%95.82%10/22/2016106.62%104.78%105.43%95.82%114.86%101.38%97.14%111.29%101.66%124.80%

10/23/2016113.55%86.62%90.69%107.82%105.20%105.90%95.81%10/23/2016107.82%105.20%105.90%95.81%115.76%101.85%98.35%111.79%101.52%126.00%

10/24/2016112.78%86.99%90.44%107.44%104.91%105.52%95.46%10/24/2016107.44%104.91%105.52%95.46%115.38%101.25%96.61%110.78%101.16%125.62%

10/25/2016112.29%87.45%89.79%106.81%105.07%105.35%95.08%10/25/2016106.81%105.07%105.35%95.08%115.74%100.54%96.66%110.03%100.37%122.59%

10/26/2016112.14%88.29%89.80%106.32%104.91%105.05%95.07%10/26/2016106.32%104.91%105.05%95.07%116.09%99.63%95.75%109.96%99.95%121.45%

10/27/2016112.34%88.82%90.07%105.68%104.86%104.74%94.80%10/27/2016105.68%104.86%104.74%94.80%116.75%100.71%97.04%110.19%100.46%120.04%

10/28/2016112.34%88.82%90.07%105.68%104.86%104.74%94.80%10/28/2016105.68%104.86%104.74%94.80%116.75%100.71%97.04%110.19%100.46%120.04%

10/29/2016112.34%88.82%90.07%105.68%104.86%104.74%94.80%10/29/2016105.68%104.86%104.74%94.80%116.75%100.71%97.04%110.19%100.46%120.04%

10/30/2016112.77%88.39%89.27%105.59%104.76%104.73%94.26%10/30/2016105.59%104.76%104.73%94.26%118.47%101.02%96.81%110.96%100.65%118.74%

10/31/2016111.26%88.68%88.66%104.87%104.18%104.05%93.19%10/31/2016104.87%104.18%104.05%93.19%117.45%100.08%96.52%109.96%99.77%118.07%

11/1/2016110.15%88.51%88.56%104.03%103.75%103.40%92.06%11/1/2016104.03%103.75%103.40%92.06%116.73%98.50%93.41%109.14%99.17%116.68%

11/2/2016110.82%88.98%86.84%103.02%103.59%102.95%92.07%11/2/2016103.02%103.59%102.95%92.07%117.25%98.97%90.64%108.81%99.97%113.09%

11/3/2016110.06%89.81%86.34%102.62%103.35%102.79%91.23%11/3/2016102.62%103.35%102.79%91.23%116.41%99.44%93.80%108.36%100.43%113.80%

11/4/2016110.06%89.81%86.34%102.62%103.35%102.79%91.23%11/4/2016102.62%103.35%102.79%91.23%116.41%99.44%93.80%108.36%100.43%113.80%

11/5/2016110.06%89.81%86.34%102.62%103.35%102.79%91.23%11/5/2016102.62%103.35%102.79%91.23%116.41%99.44%93.80%108.36%100.43%113.80%

11/6/2016111.08%94.94%81.89%105.05%105.43%105.01%92.77%11/6/2016105.05%105.43%105.01%92.77%118.63%102.82%96.09%109.65%102.08%115.38%

11/7/2016110.96%95.19%83.58%105.71%105.83%105.39%93.09%11/7/2016105.71%105.83%105.39%93.09%118.66%102.25%97.03%109.58%101.53%115.34%

11/8/2016110.68%91.77%83.94%106.13%107.23%106.49%94.55%11/8/2016106.13%107.23%106.49%94.55%119.35%103.20%98.79%109.51%101.84%117.32%

11/9/2016110.96%93.27%83.45%104.51%108.40%106.69%94.28%11/9/2016104.51%108.40%106.69%94.28%118.80%104.01%99.81%108.86%101.75%117.36%

11/10/2016110.31%93.54%83.68%104.61%108.62%106.55%93.87%11/10/2016104.61%108.62%106.55%93.87%119.98%106.59%100.64%108.81%100.84%118.62%

11/11/2016110.31%93.54%83.68%104.61%108.62%106.55%93.87%11/11/2016104.61%108.62%106.55%93.87%119.98%106.59%100.64%108.81%100.84%118.62%

11/12/2016110.31%93.54%83.68%104.61%108.62%106.55%93.87%11/12/2016104.61%108.62%106.55%93.87%119.98%106.59%100.64%108.81%100.84%118.62%

11/13/2016110.30%93.54%83.65%103.56%108.73%106.54%94.09%11/13/2016103.56%108.73%106.54%94.09%119.99%106.20%100.27%107.94%100.11%116.31%

11/14/2016110.39%93.94%84.41%104.89%109.02%107.29%94.36%11/14/2016104.89%109.02%107.29%94.36%120.96%106.68%100.59%108.61%100.46%117.06%

11/15/2016111.15%96.08%84.56%105.47%108.73%107.13%94.16%11/15/2016105.47%108.73%107.13%94.16%121.35%107.22%100.39%109.16%103.07%117.65%

11/16/2016111.43%97.98%85.29%106.19%108.91%107.60%94.79%11/16/2016106.19%108.91%107.60%94.79%122.39%107.23%101.36%110.67%103.58%118.03%

11/17/2016111.88%96.55%86.09%105.81%108.72%107.36%94.43%11/17/2016105.81%108.72%107.36%94.43%122.78%107.08%99.86%111.29%103.66%118.92%

11/18/2016111.88%96.55%86.09%105.81%108.72%107.36%94.43%11/18/2016105.81%108.72%107.36%94.43%122.78%107.08%99.86%111.29%103.66%118.92%

11/19/2016111.88%96.55%86.09%105.81%108.72%107.36%94.43%11/19/2016105.81%108.72%107.36%94.43%122.78%107.08%99.86%111.29%103.66%118.92%

11/20/2016112.00%95.70%85.72%106.87%109.19%108.10%94.68%11/20/2016106.87%109.19%108.10%94.68%123.90%107.48%100.00%111.53%103.95%118.53%

11/21/2016112.55%92.21%87.06%107.17%109.55%108.32%94.91%11/21/2016107.17%109.55%108.32%94.91%124.04%106.37%100.42%111.51%104.02%119.40%

11/22/2016112.63%89.73%87.64%106.76%109.86%108.40%94.84%11/22/2016106.76%109.86%108.40%94.84%123.50%106.22%100.11%111.02%103.78%119.70%

11/23/2016113.08%89.73%87.69%106.76%109.86%108.40%95.15%11/23/2016106.76%109.86%108.40%95.15%123.52%106.29%100.01%111.49%103.54%119.53%

11/24/2016113.06%92.41%87.90%107.09%110.22%108.79%95.33%11/24/2016107.09%110.22%108.79%95.33%123.59%106.51%100.75%111.78%103.62%119.64%

11/25/2016113.06%92.41%87.90%107.09%110.22%108.79%95.33%11/25/2016107.09%110.22%108.79%95.33%123.59%106.51%100.75%111.78%103.62%119.64%

11/26/2016113.06%92.41%87.90%107.09%110.22%108.79%95.33%11/26/2016107.09%110.22%108.79%95.33%123.59%106.51%100.75%111.78%103.62%119.64%

11/27/2016112.72%99.36%87.42%106.83%109.94%108.27%94.56%11/27/2016106.83%109.94%108.27%94.56%122.88%104.66%98.92%111.57%103.58%118.29%

11/28/2016112.54%97.04%86.88%107.16%110.06%108.40%94.89%11/28/2016107.16%110.06%108.40%94.89%123.33%103.99%98.61%111.80%104.29%117.49%

11/29/2016111.89%96.05%87.01%105.88%110.07%108.13%95.20%11/29/2016105.88%110.07%108.13%95.20%122.46%103.29%97.40%110.72%103.07%117.47%

11/30/2016111.62%94.24%84.55%104.29%110.43%107.78%94.87%11/30/2016104.29%110.43%107.78%94.87%119.82%100.51%94.10%109.26%101.34%113.72%

12/1/2016111.11%94.13%84.44%104.40%110.32%107.82%94.43%12/1/2016104.40%110.32%107.82%94.43%119.86%100.55%94.81%108.88%99.86%113.52%

12/2/2016111.11%94.13%84.44%104.40%110.32%107.82%94.43%12/2/2016104.40%110.32%107.82%94.43%119.86%100.55%94.81%108.88%99.86%113.52%

12/3/2016111.11%94.13%84.44%104.40%110.32%107.82%94.43%12/3/2016104.40%110.32%107.82%94.43%119.86%100.55%94.81%108.88%99.86%113.52%

12/4/2016112.28%95.50%85.47%105.22%110.56%108.41%94.99%12/4/2016105.22%110.56%108.41%94.99%121.39%102.15%96.58%109.22%100.86%114.64%

12/5/2016112.64%96.48%87.34%105.44%110.74%108.75%95.96%12/5/2016105.44%110.74%108.75%95.96%121.82%101.80%96.18%109.03%100.08%114.26%

12/6/2016114.18%99.74%87.81%106.76%112.29%110.06%96.87%12/6/2016106.76%112.29%110.06%96.87%123.21%102.85%96.95%110.54%99.79%114.57%

12/7/2016114.17%98.11%88.99%106.91%112.62%110.28%98.09%12/7/2016106.91%112.62%110.28%98.09%123.53%103.93%97.55%110.32%100.31%114.37%

12/8/2016114.64%97.52%88.10%107.66%113.35%110.87%99.06%12/8/2016107.66%113.35%110.87%99.06%123.44%103.81%97.13%110.75%101.04%115.75%

12/9/2016114.64%97.52%88.10%107.66%113.35%110.87%99.06%12/9/2016107.66%113.35%110.87%99.06%123.44%103.81%97.13%110.75%101.04%115.75%

12/10/2016114.64%97.52%88.10%107.66%113.35%110.87%99.06%12/10/2016107.66%113.35%110.87%99.06%123.44%103.81%97.13%110.75%101.04%115.75%

12/11/2016114.48%97.61%86.90%107.22%113.55%110.76%98.60%12/11/2016107.22%113.55%110.76%98.60%122.77%102.42%95.55%110.76%100.69%114.98%

12/12/2016114.89%99.04%86.65%108.48%114.13%111.41%99.67%12/12/2016108.48%114.13%111.41%99.67%123.71%102.60%92.05%111.61%99.64%115.77%

12/13/2016114.95%98.43%85.39%108.19%113.53%110.60%99.17%12/13/2016108.19%113.53%110.60%99.17%123.86%101.83%89.50%111.77%100.54%115.43%

12/14/2016115.87%99.24%86.59%108.43%113.83%110.99%100.03%12/14/2016108.43%113.83%110.99%100.03%124.74%101.72%89.76%112.36%101.31%114.38%

12/15/2016115.73%98.29%88.15%108.06%113.79%110.81%100.37%12/15/2016108.06%113.79%110.81%100.37%123.97%101.36%90.67%112.09%100.59%115.40%

12/16/2016115.73%98.29%88.15%108.06%113.79%110.81%100.37%12/16/2016108.06%113.79%110.81%100.37%123.97%101.36%90.67%112.09%100.59%115.40%

12/17/2016115.73%98.29%88.15%108.06%113.79%110.81%100.37%12/17/2016108.06%113.79%110.81%100.37%123.97%101.36%90.67%112.09%100.59%115.40%

12/18/2016116.13%99.06%90.69%108.47%113.99%111.01%100.25%12/18/2016108.47%113.99%111.01%100.25%124.82%102.58%91.31%112.63%101.37%116.02%

12/19/2016116.20%98.58%90.35%108.85%114.45%111.38%100.73%12/19/2016108.85%114.45%111.38%100.73%124.87%103.21%91.30%112.62%101.75%115.68%

12/20/2016115.89%98.33%93.51%108.75%114.29%111.13%100.52%12/20/2016108.75%114.29%111.13%100.52%124.89%102.69%90.19%112.27%101.80%115.09%

12/21/2016115.60%98.63%94.36%108.46%114.17%110.94%100.32%12/21/2016108.46%114.17%110.94%100.32%123.32%101.10%87.60%112.42%101.74%114.30%

12/22/2016116.28%98.71%95.76%108.57%114.25%111.07%100.36%12/22/2016108.57%114.25%111.07%100.36%124.06%101.87%89.53%112.41%102.96%113.66%

12/23/2016116.28%98.71%95.76%108.57%114.25%111.07%100.36%12/23/2016108.57%114.25%111.07%100.36%124.06%101.87%89.53%112.41%102.96%113.66%

12/24/2016116.28%98.71%95.76%108.57%114.25%111.07%100.36%12/24/2016108.57%114.25%111.07%100.36%124.06%101.87%89.53%112.41%102.96%113.66%

12/25/2016116.25%98.71%95.76%108.57%114.25%111.07%100.36%12/25/2016108.57%114.25%111.07%100.36%124.06%101.90%89.53%112.41%102.96%113.66%

12/26/2016116.66%98.94%96.67%109.09%114.30%111.29%100.50%12/26/2016109.09%114.30%111.29%100.50%124.46%102.75%90.36%112.51%103.40%114.26%

12/27/2016116.93%98.11%98.06%108.30%113.74%110.46%100.79%12/27/2016108.30%113.74%110.46%100.79%123.57%101.65%89.12%112.90%103.96%113.50%

12/28/2016117.13%98.16%98.46%108.13%113.67%110.43%100.44%12/28/2016108.13%113.67%110.43%100.44%123.66%101.59%89.30%112.88%103.66%113.62%

12/29/2016117.21%97.89%97.96%107.02%113.38%109.96%100.76%12/29/2016107.02%113.38%109.96%100.76%123.19%101.58%89.47%112.77%104.00%113.93%

12/30/2016117.21%97.89%97.96%107.02%113.38%109.96%100.76%12/30/2016107.02%113.38%109.96%100.76%123.19%101.58%89.47%112.77%104.00%113.93%

97.96%107.02%113.38%109.96%100.76%107.02%113.38%109.96%100.76%101.58%

IT 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