Q2 2024 Market Update

INDUSTRY UPDATE |Q2 2024 1.Houlihan Lokey Overview32.Key Industry Trends by Sector103.Key News Stories164.Selected Q2 2024 Transactions255.Public Markets Overview306.Appendix37 1.Houlihan Lokey Overview32.Key Industry Trends by Sector103.Key News Stories164.Selected Q2 2024 Transactions255.Public Markets Overview306.Appendix37 Digital Infrastructure Industry Update—Q2 2024 Dear Clients and Friends, Houlihan Lokey is pleased to present its Digital Infrastructure Industry Update for Q2 2024. We haveincluded topical news stories, transaction announcements, public markets valuation data, and industryinsights to help keep you abreast of this dynamic and constantly evolving industry. Houlihan Lokey now has ~40 financial professionals between the U.S. and Europe covering the digitalinfrastructure sector. This update also includes the latest from Houlihan Lokey’s Capital Markets team, one of the largestand most active non-balance-sheet placement agents on Wall Street. The Capital Markets Groupbrings real-time knowledge of and insight into what is achievable in today’s volatile markets based onrecent and in-process financing transactions. We hope you find this quarterly update to be informative and that it serves as a valuable resource toyou. If there is additional content you would find useful for future updates, please do not hesitate tocall or email us with your suggestions. Regards, Jason HillCo-Head of U.S. Tech, GlobalHead of Digital InfrastructureJDHill@HL.com+1 617.947.7295 Christian MaherManaging DirectorChristian.Maher@HL.com+44 (0) 79 0024 3308 Clayton FunkManaging DirectorCFunk@HL.com+1 816.820.0169 Bill FanningManaging DirectorBFanning@HL.com+1 415.205.7242 Jesse NicholsManaging DirectorJesse.Nichols@HL.com+1 720.202.1481 Chris GodsmarkManaging DirectorChris.Godsmark@HL.com+44 (0) 79 7040 6784 Max GilbertManaging DirectorMax.Gilbert@HL.com+44 (0) 78 2499 7547 Brian PryorManaging DirectorBPryor@HL.com+1 650.996.7295 Ed WirgmanManaging DirectorEd.Wirgman@HL.com+44 (0) 79 1900 4811 Sean HewDirectorSHew@HL.com+1 305.877.8807 Greg WidroeManaging DirectorGWidroe@HL.com+1 916.425.9659 Charlie HartwickSenior Vice PresidentFinancial SponsorsCHartwick@HL.com+1 310.788.5394 Gregg NewmanManaging DirectorCapital MarketsGNewman@HL.com+1 646.221.8141 Sean FitzgeraldManaging DirectorCapital MarketsSFitzgerald@HL.com+1 917.837.0069 Mario MannaManaging DirectorCapital MarketsMario.Manna@HL.com+1 203.253.5685 Industry Subsectors Covered Broadband andConnectivityProviders Accomplishments—Q2 2024 in Review Houlihan Lokey continued its position as a leading investment banking advisor to digitalinfrastructure and connectivity companies, having recently advised Connect De Moines on its saleto Cologix; Glass Routes on its growth financing from Post Road Group; Focus Group on its sale toHg; Colohouse on its acquisition of Hivelocity; Lit Fibre on its pending sale to CityFibre; Apogee onits sale to Boldyn Networks; INdigital on its sale to Novacap; Surf Internet on its debt raise fromDigitalBridge, CPPIB, and Boundary Street; DigitalBridge-backed VX Fiber on its merger withFreedom Fibre; and Charter Communications on the sale of its tower portfolio to Everest andTowerCo. The Digital Infrastructure team has earned a reputation for providing superior service and achievingoutstanding results in M&A advisory, capital raising, restructuring, and financial and valuationadvisory. A trusted advisor, the group combines extensive market capabilities with in-depth industryknowledge to help clients maximize shareholder value. The Digital Infrastructure team is part of Houlihan Lokey’s global Technology Group, with more than150 finance professionals dedicated to delivering superior results and outstanding service in thetechnology sector. Case Study: Connect De MoinesDigital Infrastructure Transaction Snapshot On June 1, 2024, Connect Des Moines was acquired byCologix, a leading North American interconnection andhyperscale edge data center platform. Cologix’s carrier-dense data center footprint comprises 700+ networks,350+ cloud service providers, and 30+ on-ramps. Cologix’s operations span over 40 data centers in 11North American markets. In addition to the two facilities, Cologix committed topurchasing additional land in the Des Moines market withsupplemental build capacity to meet customer demand. Our Role Houlihan Lokey served as the exclusive sellside advisor to Connect Des Moines and assisted inmarketing, structuring, and negotiating the transaction. This transaction further demonstrates the Houlihan Lokey Digital Infrastructure team’s leadingposition in advising data center companies, specifically carrier hotels and platforms with a stronginterconnection strategy. Client Profile Connect Des Moines is a data center operator in Des Moines, Iowa, that was founded in 2010 as anon-ramp to access fiber from Denver to Chicago.Since its founding, the company’s data center in Des Moines has grown to