November 2015 M&A and Investment Summary Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 9

3 Additional Monthly M&A and Investment Activity Data 43

4 About Petsky Prunier 53

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2 | M&A and Investment Summary November 2015 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 363 deals were announced in November 2015, of which 242 were worth $27.4 billion in aggregate reported value . Digital Media/Commerce was the most active and highest reported value segment with 104 deals announced — 85 of these transactions reported $11.3 billion in value . The Software segment announced 79 transactions, of which 55 were reported worth $5 billion . Strategic buyers announced 142 deals (41 reported $23.2 billion of value) . VC/Growth Capital investors announced 212 transactions (200 reported $4.1 billion of value) . Buyout investors announced nine deals during the month (one reported $2.8 billion of value)

November 2015 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 104 29% $11,252.0 41% 26 $8,968.8 0 - 78 $2,283.2 Software 79 22% 5,002.2 18% 29 1,658.1 1 2,775.2 49 568.9 Marketing Technology 68 19% 2,266.7 8% 20 1,732.5 3 - 45 534.2 Business Services 37 10% 2,974.7 11% 22 2,521.3 4 - 11 453.4 Digital Advertising 31 9% 4,830.8 18% 11 4,658.8 0 - 20 172.0 Agency & Marketing Services 23 6% 40.5 0% 21 32.5 0 - 2 8.0 Information 12 3% 306.8 1% 6 250.0 1 - 5 56.8 Traditional*Intercontinental Media Exchange’s $7.4 billion 9acquisition of Interactive2% Data has been680.2 excluded to limit2% comparative distortions7 628.2 0 - 2 52.0 Total 363 100% 27,354.0 100% 142 20,450.2 9 2,775.2 212 4,128.5

3 | M&A and Investment Summary November 2015 M&A and Investment Summary for All Segments

Transaction Distribution . Aggregate reported transaction value of $27.4 billion in November was up 68 percent from October 2015 and up 89 percent from November 2014 . Strategic activity accounted for 75 percent of reported deal value during the month and included significant transactions: • Activision Blizzard’s $5.9 billion acquisition of mobile gaming company King Digital Entertainment • The purchase of vacation rental marketplace Homeaway by Expedia for $4.3 billion • Diebold’s acquisition of Wincor Nixdorf, a provider of IT Solutions for retailers, for $1.8 billion • Endurance International’s purchase of small-business marketing tools provider Constant Contact for $1.1 billion • Cisco’s $700 million purchase of collaboration solutions provider Acano

$120.0 $500.0 $108.4 $110.0 $100.0 Bright $400.0 $90.0 House/ Charter $80.0 $70.0 $300.0 $60.0 Time $50.0 Warner/ $40.4 $200.0 $40.0 Charter Sungard $25.9 $26.7 $27.4 $30.0 $23.5 $23.1 Veritas $23.7 $18.8 $18.3 Solera $100.0 $20.0 Inter. Data $14.5 $11.2 $15.0 $10.0 410 380 385 425 456 492 458 466 448 376 403 424 363 $- $-

Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.

4 | M&A and Investment Summary November 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Business Services Wincor Nixdorf 1 IT Consulting/Systems Integration Diebold, Inc. $ 1,994.6 $ 100.0 $ - 19.9x NA GFI Informatique S.A. 2 IT Consulting/Systems Integration Mannai Corporation QSC 596.0 17.0 - 35.1x NA Polaris Consulting & Services Limited 3 IT Consulting/Systems Integration Virtusa Corporation 302.7 854.0 58.0 0.4x 5.2x B.E. Smith, Inc. Staffing AMN Healthcare, Inc. 160.0 298.2 34.2 0.5x 4.7x Geotext Translations, Inc. Legal Consulting Lionbridge Technologies, Inc. 17.3 2,427.0 154.0 0.0x 0.1x Digital Advertising Youku Tudou, Inc. Digital Video Alibaba Group Holding, Inc. 4,481.3 926.0 69.5 4.8x 64.5x OPTIMATIC Media, Inc. Digital Video Matomy Media Group 25.0 15.2 - 1.6x NA

Digital Media/Commerce King Digital Entertainment Gaming Activision Blizzard, Inc. 4,759.5 2,104.4 725.7 2.3x 6.6x Homeaway.com,Inc. Classifieds/Auctions/P-to-P Expedia, Inc. 3,347.8 485.3 61.4 6.9x 54.5x iProperty Group Limited 4 Web Search/Portals REA Group Limited 543.6 20.0 (0.6) 27.2x NM Classmates, Inc. Social Media/Apps PeopleConnect Holdings, Inc. 30.0 52.4 - 0.6x NA

Marketing Technology Constant Contact, Inc. Email/Messaging Software Endurance International Group, Inc. 931.4 353.5 43.9 2.6x 21.2x MarketShare Partners LLC Analytics & Targeting NeuStar, Inc. 390.0 57.0 - 6.8x NA Fluent, Inc. Marketing Data IDI, Inc. 255.0 126.0 19.9 2.0x 12.8x Software MedAssets, Inc. Healthcare Information Pamplona Capital Management 2,775.2 764.2 217.8 3.6x 12.7x Trust Group of Companies ERP Software Sabre Corporation 154.0 40.0 - 3.9x NA Fox-IT Group Security Software NCC Group, Inc. 140.6 30.0 - 4.7x NA

Traditional Media DreamHack AB B-to-B Media Modern Times Group MTG AB 28.2 8.8 - 3.2x NA

1 92.8 percent stake acquisition, 2 51 percent stake acquisition, 3 59.4 percent stake, 4 77.3 percent stake purchase

5 | M&A and Investment Summary November 2015 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Nov-15 Yirendai Ltd. China Digital Media/Commerce $ 100.0 $ 156.8 NA Nov-15 Atlassian Corp. United States Software 250.0 319.5 NA Nov-15 Ameriquest, Inc. United States Business Services 100.0 65.0 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Jul-15 Apptio, Inc. United States Software NA 100.0 NA Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1

6 | M&A and Investment Summary November 2015 LTM IPO Performance (1/2)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2015 1st Trading Day Nov-15 NYSE:INST Instructure, Inc. United States $16.00-$18.00 16.00 $18.00 up 12.5% 18.74 4.1% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 14.48 (1.8%) Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 10.11 0.1% Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 12.04 (7.9%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 12.91 (19.4%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 16.80 6.7% Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 17.13 (36.0%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 21.25 (25.4%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 14.10, up 17% 16.39 16.2% Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 9.78 12.4% Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 28.72 (3.2%) Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 17.65 52.7% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 28.25 (10.7%) Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 16.28 (13.7%) May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 26.34 (7.0%) May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 7.81 (25.2%) May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 32.29 17.4% Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 7.12 (32.8%) Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 9.31 (69.0%) Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 7.23 (29.7%) Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 31.07 18.8% Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 1.62 (84.7%) Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 14.00 (39.7%) Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 37.61 20.9% Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 9.95 (64.4%) Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 13.27 (22.0%) Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 3.57 (59.4%) Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 16.99 (35.6%) 7 | M&A and Investment Summary November 2015 LTM IPO Performance (2/2)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2015 1st Trading Day Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 18.75 34.0%

Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 12.02 (48.5%) Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 2.77 (61.3%) Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 7.34 (24.7%)

8 | M&A and Investment Summary November 2015 Digital Media/Commerce

. Of the total $11.3 billion in value reported in the Digital Media/Commerce segment, $9 billion in Strategic transactions were announced, while an additional $2.3 billion in Venture/Growth Capital investments were made . eCommerce was the most active subsegment across all segments with 45 transactions announced, of which 39 were reported for $1.5 billion. Select acquisitions from the subsegment include: • The FMR-led $500 million investment in members-only eCommerce company Jet.com . Select Digital Media/Commerce transactions include: • REA Group’s acquisition of online real estate classifieds company iProperty Group for $420 million • The $100 million round of funding raised by Airbnb at a valuation of $25.5 billion from undisclosed investors • Pandora’s purchase of bankrupt music streaming company Rdio’s technology and IP assets for $75 million

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 45 43% $1,464.2 13% 6 $75.0 0 - 39 $1,389.2 Classifieds/Auctions/P-to-P 14 13% 3,956.2 35% 5 3,654.9 0 - 9 301.3 Mobile Content/Apps 13 13% 84.9 1% 5 - 0 - 8 84.9 Social Media/Apps 13 13% 414.8 4% 1 30.0 0 - 12 384.8 Niche Content 10 10% 82.4 1% 4 - 0 - 6 82.4 Gaming 8 8% 4,829.3 43% 4 4,788.7 0 - 4 40.6 Web Search/Portals 1 1% 420.2 4% 1 420.2 0 - 0 - Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Total 104 100% 11,252.0 100% 26 8,968.8 0 0.0 78 2,283.2

9 | M&A and Investment Summary November 2015 Digital Media and Internet Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apple Inc. 118.30 -12% $659,561.7 $682,041.7 $233,715.0 $82,487.0 35.3% 27.9% 2.9x 8.3x Blucora, Inc. 10.63 -36% $435.7 $361.5 $486.7 $64.8 13.3% -23.9% 0.7x 5.6x Demand Media, Inc. 6.04 -12% 120.4 82.4 134.5 (17.6) NM -25.6% 0.6x NM Everyday Health, Inc. 6.15 -60% 199.1 275.9 213.3 19.9 9.3% 22.4% 1.3x 13.9x Facebook, Inc. 104.24 -6% 294,790.1 279,082.1 15,938.0 6,655.0 41.8% 42.3% 17.5x 41.9x Fitbit Inc. 28.72 -45% 6,438.6 5,863.1 1,516.6 319.4 21.1% 0.0% 3.9x 18.4x Glu Mobile, Inc. 3.38 -52% 443.8 261.4 261.7 13.8 5.3% 41.4% 1.0x 18.9x Google Inc. 762.85 -4% 517,634.7 455,219.7 71,763.0 23,304.0 32.5% 12.8% 6.3x 19.5x GoPro, Inc. 20.40 -73% 2,805.5 2,292.4 1,817.3 294.3 16.2% 62.0% 1.3x 7.8x IAC/InterActiveCorp 62.79 -26% 5,574.2 5,779.1 3,213.0 410.0 12.8% 7.0% 1.8x 14.1x LinkedIn Corporation 243.11 -12% 31,868.4 29,920.8 2,772.4 229.5 8.3% 37.1% 10.8x NM MeetMe, Inc. 2.67 -14% 121.9 108.3 50.0 5.3 10.5% 11.7% 2.2x 20.6x Netflix, Inc. 123.33 -7% 52,709.8 52,500.2 6,440.9 372.1 5.8% 24.0% 8.2x NM Pandora Media, Inc. 13.80 -39% 2,945.2 2,581.6 1,095.9 (37.7) NM 26.0% 2.4x NM RealNetworks Inc. 4.14 -44% 150.1 37.8 130.9 (62.2) NM -23.6% 0.3x NM TheStreet, Inc. 1.71 -32% 59.6 32.1 68.0 1.0 1.5% 16.0% 0.5x 32.1x Twitter, Inc. 25.40 -53% 17,346.84 15,459.76 1,986.64 (208.41) NM 70.3% 7.8x NM United Online, Inc. 11.50 -37% 170.41 70.76 204.35 24.87 12.2% NA 0.3x 2.8x WebMD Health Corp. 45.49 -7% 1,677.9 1,868.2 607.0 128.6 21.2% 7.6% 3.1x 14.5x XO Group Inc. 16.84 -9% 442.2 355.9 140.6 18.3 13.0% 1.0% 2.5x 19.4x Yahoo! Inc. 33.81 -35% 31,928.6 4,629.7 4,948.0 477.1 9.6% 6.8% 0.9x 9.7x Zynga, Inc. 2.58 -17% 2,407.1 1,337.3 771.5 (16.2) NM 14.4% 1.7x NM

Average 3.0x 12.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.7x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Google Inc. pricing represents (Nasdaq:GOOGL)

10 | M&A and Investment Summary November 2015 Digital Media and Internet Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 217.97 -8% $75,336.4 $70,750.3 $9,711.4 $2,525.0 26.0% 38.6% 7.3x 28.0x Changyou.com Limited China 22.29 -37% 1,158.6 842.3 815.6 293.9 36.0% 11.1% 1.0x 2.9x CyberAgent Inc. Japan 42.12 -28% 2,643.7 2,330.2 2,124.5 326.0 15.3% 23.9% 1.1x 7.1x DeNA Co., Ltd. Japan 15.73 -28% 2,280.5 1,703.5 1,214.8 292.8 24.1% -5.1% 1.4x 5.8x Forgame Holdings Limited * China 1.71 -54% 239.7 41.6 99.3 (0.2) NM -35.0% 0.4x NM G5 Entertainment AB (publ) Sweden 4.98 -12% 43.8 40.3 34.3 2.6 7.6% 39.3% 1.2x 15.4x GameLoft SE * France 6.11 -9% 519.2 482.6 271.2 7.8 2.9% 3.5% 1.8x 61.7x Gree, Inc. Japan 4.87 -32% 1,138.5 552.4 721.1 189.8 26.3% -25.4% 0.8x 2.9x iDreamSky Technology Limited * China 12.62 -34% 548.7 449.4 223.8 2.9 1.3% 0.0% 2.0x NM International Game Technology PLC United Kingdom 15.53 -27% 3,084.2 11,280.3 3,877.9 1,245.9 32.1% -0.5% 2.9x 9.1x iProperty Group Limited * Malaysia 2.79 -2% 524.4 519.3 20.0 (0.6) NM 15.8% 26.0x NM King Digital Entertainment plc Ireland 17.69 -2% 5,511.0 4,590.7 2,104.3 725.7 34.5% -9.2% 2.2x 6.3x Kongzhong Corp. China 6.86 -20% 322.8 243.9 198.3 51.7 26.1% -5.1% 1.2x 4.7x Mixi, Inc. Japan 40.90 -25% 3,447.8 2,765.0 1,447.5 698.0 48.2% 301.8% 1.9x 4.0x NCsoft Corporation South Korea 192.32 -10% 3,838.5 3,020.4 706.5 240.5 34.0% 2.8% 4.3x 12.6x Naver Corporation South Korea 545.42 -20% 16,071.8 15,016.2 2,625.0 760.2 29.0% 17.7% 5.7x 19.8x NetEase, Inc. China 166.66 -5% 21,785.9 18,345.0 2,888.7 989.9 34.3% 72.1% 6.4x 18.5x NEXON Co., Ltd. Japan 15.85 -3% 6,866.8 6,096.4 1,564.9 679.1 43.4% 13.9% 3.9x 9.0x Pacific Online Ltd. China 0.34 -49% 379.6 339.1 173.4 44.3 25.5% 18.1% 2.0x 7.7x Phoenix New Media Limited China 4.90 -51% 348.7 210.6 254.3 20.1 7.9% 1.0% 0.8x 10.5x Rediff.com India Limited * India 1.05 -57% 29.0 20.7 14.3 (7.2) NM -9.3% 1.4x NM Renren Inc. * China 3.41 -23% 1,155.7 983.5 54.8 (76.1) NM -31.6% 17.9x NM Sky-mobi Limited * China 2.64 -63% 74.2 (14.9) 123.0 - 0.0% 0.0% NM NM Taomee Holdings Ltd. * China 3.10 -26% 109.7 37.4 35.6 (3.8) NM -21.8% 1.1x NM Tomorrow Focus AG Germany 3.70 -39% 215.9 230.6 189.3 10.5 5.6% 92.5% 1.2x 21.9x Weibo Corporation * China 18.60 -10% 3,843.6 3,498.0 434.1 41.4 9.5% 44.5% 8.1x 84.5x WeMade Entertainment Co., Ltd. * South Korea 30.69 -49% 509.5 484.6 112.3 (10.7) NM -22.3% 4.3x NM Yandex N.V. Netherlands 16.63 -29% 5,303.6 5,121.7 858.6 263.6 30.7% 17.0% 6.0x 19.4x YY Inc. China 60.58 -26% 3,319.2 3,515.6 813.0 188.8 23.2% 65.6% 4.3x 18.6x

Average 2.6x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x)

11 | M&A and Investment Summary November 2015 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 7.73 -43% $501.4 $757.7 $1,150.8 $68.5 6.0% 51.4% 0.7x 11.1x Amazon.com, Inc. 664.80 -3% 311,633.0 315,792.0 100,588.0 7,007.0 7.0% 18.0% 3.1x 45.1x Apple Inc. 118.30 -12% 659,561.7 682,041.7 233,715.0 82,487.0 35.3% 27.9% 2.9x 8.3x Blucora, Inc. 10.63 -36% 435.7 361.5 486.7 64.8 13.3% -23.9% 0.7x 5.6x Blue Nile Inc. 36.46 -7% 420.5 387.4 487.5 16.9 3.5% 5.5% 0.8x 22.9x CafePress Inc. 4.25 -21% 72.0 32.6 136.4 (1.8) NM 39.1% 0.2x NM CDW Corporation 43.17 -8% 7,264.4 10,789.4 12,620.4 952.1 7.5% 7.5% 0.9x 11.3x Chegg, Inc. 7.26 -18% 638.0 535.7 317.6 20.5 6.5% 6.8% 1.7x 26.1x Copart, Inc. 39.47 -1% 4,745.7 4,877.8 1,144.5 390.3 34.1% -2.5% 4.3x 12.5x eBay Inc. 29.59 -56% 35,527.4 37,665.4 17,705.0 4,889.0 27.6% 61.0% 2.1x 7.7x Etsy, Inc. 9.31 -74% 1,043.7 767.8 250.5 6.1 2.4% 45.4% 3.1x NM Expedia Inc. 123.11 -12% 15,984.5 17,601.7 6,329.7 702.7 11.1% 13.9% 2.8x 25.1x FTD Companies, Inc. 26.52 -26% 760.2 1,050.1 1,079.6 100.1 9.3% 69.4% 1.0x 10.5x Alphabet Inc. 762.85 -4% 517,634.7 455,219.7 71,763.0 23,304.0 32.5% 12.8% 6.3x 19.5x GrubHub Inc. 25.64 -47% 2,177.5 1,882.4 335.2 86.8 25.9% 46.0% 5.6x 21.7x HSN, Inc. 49.90 -37% 2,618.5 3,256.2 3,710.3 329.0 8.9% 6.3% 0.9x 9.9x IAC/InterActiveCorp 62.79 -26% 5,574.2 5,779.1 3,213.0 410.0 12.8% 7.0% 1.8x 14.1x Liberty Interactive Corporation $26.48 -16% 16,910.7 21,409.7 9,871.0 1,744.0 17.7% -5.5% 2.2x 12.3x Liberty Ventures 43.01 -5% 6,107.9 5,336.9 1,147.0 (191.0) NM 0.0% 4.7x NM Liquidity Services, Inc. 6.82 -38% 208.4 112.9 397.1 20.4 5.1% -19.9% 0.3x 5.5x Match Group, Inc. 14.48 -9% 555.1 3,339.8 991.9 260.5 26.3% 0.0% 3.4x 12.8x Overstock.com Inc. 13.16 -52% 332.1 250.5 1,647.9 20.5 1.2% 15.7% 0.2x 12.2x PetMed Express, Inc. 16.80 -9% 338.4 280.7 227.6 32.4 14.2% -0.5% 1.2x 8.7x The Priceline Group Inc. 1,248.85 -15% 62,172.7 64,563.3 9,064.1 3,437.7 37.9% 11.3% 7.1x 18.8x Shutterfly, Inc. 45.90 -7% 1,612.8 1,862.2 994.7 93.0 9.3% 17.2% 1.9x 20.0x Shutterstock, Inc. 36.27 -54% 1,308.7 1,026.6 400.4 49.8 12.4% 31.4% 2.6x 20.6x Spark Networks, Inc. 3.87 -24% 99.4 85.0 51.7 9.0 17.4% -20.0% 1.6x 9.5x Stamps.com Inc. 101.36 -5% 1,682.68 1,585.30 185.93 47.03 25.3% 34.9% 8.5x 33.7x U.S. Auto Parts Network, Inc. 2.48 -26% 84.5 100.1 294.1 5.4 1.8% 7.8% 0.3x 18.7x EVINE Live Inc. 1.86 -73% 106.3 162.4 683.0 6.8 1.0% 2.5% 0.2x 23.9x Wayfair Inc. 37.91 -33% 3,189.2 2,863.9 1,918.7 (116.0) NM 59.1% 1.5x NM

Average 1.9x 14.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (25.7x)

12 | M&A and Investment Summary November 2015 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 60.21 -28% $ 8,373.6 $ 8,174.9 $ 539.8 $ (178.0) NM 134.6% 15.1x NM Alibaba Group Holding Limited * China 84.08 -24% 211,244.9 207,898.6 13,532.0 4,497.7 33.2% 35.7% 15.4x 46.2x Cnova N.V. * Netherlands 2.77 -68% 1,222.4 1,316.9 4,058.7 (3.8) NM 10.6% 0.3x NM E-Commerce China Dangdang Inc. * China 7.08 -38% 573.0 307.6 1,451.6 (5.7) NM 21.4% 0.2x NM eLong Inc. * China 17.00 -38% 624.5 438.2 154.8 (155.9) NM -10.6% 2.8x NM JD.com, Inc. * China 30.68 -19% 41,970.8 39,125.5 25,390.1 (207.8) NM 60.7% 1.5x NM Jiayuan.com International Ltd. China 6.90 -27% 205.3 125.0 110.9 4.9 4.4% 22.7% 1.1x 25.4x Jumei International Holding Limited China 8.77 -69% 1,273.4 876.1 1,045.6 28.0 2.7% 78.2% 0.8x 31.2x LightInTheBox Holding Co., Ltd. * China 3.33 -50% 159.4 104.2 377.2 (38.5) NM 18.5% 0.3x NM Mercadolibre, Inc. Argentina 123.24 -20% 5,441.9 5,397.9 632.4 188.5 29.8% 19.4% 8.5x 28.6x PChome Online Inc. Taiwan 9.39 -39% 937.4 810.6 673.6 34.3 5.1% 16.5% 1.2x 23.6x Rakuten, Inc. Japan 12.59 -35% 17,936.8 18,944.8 5,754.9 1,288.2 22.4% 20.2% 3.3x 14.7x Travelport Worldwide Limited United Kingdom 13.31 -28% 1,643.8 4,035.8 2,182.0 377.0 17.3% 2.3% 1.8x 10.7x Vipshop Holdings Limited China 16.53 -46% 9,614.5 9,291.5 5,594.0 354.8 6.3% 89.9% 1.7x 26.2x

Average 3.1x 23.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (36.6x)

13 | M&A and Investment Summary November 2015 Digital Advertising

. There was a total of 31 transactions announced in the Digital Advertising segment, of which 24 were worth more than $4.8 billion in reported value . Digital video was the most valuable subsegment with seven transactions worth a reported $4.6 billion in value . Select Transactions: • Alibaba’s $4.5 billion purchase of China-based internet television company Youku Tudou • All Web Leads’ $165 million acquisition of Bankrate’s insurance division InsuranceQuotes.com • The acquisition of programmatic video advertising company Optimatic by digital marketing services provider Matomy Media for $25 million • Gravity4’s purchase of multi-screen advertising technology company Pixel

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 7 23% $4,550.7 94% 3 $4,506.8 0 - 4 $43.9 Vertical Search 7 23% 40.4 1% 1 - 0 - 6 40.4 Digital Promotion/Coupon 6 19% 45.3 1% 2 - 0 - 4 45.3 Local Search 4 13% 27.3 1% 1 - 0 - 3 27.3 Mobile Marketing 3 10% 5.0 0% 2 - 0 - 1 5.0 Online Lead Generation 3 10% 153.6 3% 2 152.0 0 - 1 1.6 Ad Networks/Exchanges 1 3% 8.5 0% 0 - 0 - 1 8.5 Other* 0 0% 0.0 0% 0 - 0 - 0 0.0 Total 31 100% 4,830.8 100% 11 4,658.8 0 0.0 20 172.0

14 | M&A and Investment Summary November 2015 Digital Advertising Public Company Valuation (1/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $286.85 -8% $ 17,537.4 $ 32,091.8 $ 6,176.6 $ 1,608.4 26.0% 24.6% 5.2x 20.0x Angie's List, Inc. $10.81 -4% 632.6 633.4 340.0 20.0 5.9% 12.7% 1.9x 31.7x Autobytel Inc. 24.57 -2% 258.0 267.5 122.8 10.9 8.9% 21.7% 2.2x 24.6x Bankrate, Inc. 14.58 -8% 1,448.9 1,602.4 551.8 112.7 20.4% 4.1% 2.9x 14.2x Blinkx plc 0.36 -41% 144.2 69.7 200.4 (8.5) NM -17.1% 0.3x NM Blucora, Inc. 10.63 -36% 435.7 361.5 486.7 64.8 13.3% -23.9% 0.7x 5.6x Care.com, Inc. 6.90 -19% 222.0 162.3 143.2 (19.7) NM 35.5% 1.1x NM Constant Contact, Inc. 31.29 -28% 1,005.2 824.7 361.9 45.5 12.6% 13.6% 2.3x 18.1x Demand Media, Inc. 6.04 -12% 120.4 82.4 134.5 (17.6) NM -25.6% 0.6x NM DHI Group, Inc. 9.32 -15% 490.8 558.5 262.5 66.7 25.4% 3.6% 2.1x 8.4x Digital Globe Services Inc. 1.00 -61% 29.9 29.6 40.3 2.0 5.0% 3.4% 0.7x 14.8x Facebook, Inc. * 104.24 -6% 294,790.1 279,082.1 15,938.0 6,655.0 41.8% 42.3% 17.5x 41.9x Google Inc. 762.85 -4% 517,634.7 455,219.7 71,763.0 23,304.0 32.5% 12.8% 6.3x 19.5x Groupon, Inc. 2.89 -66% 1,775.3 1,068.2 3,235.1 85.8 2.7% 10.5% 0.3x 12.4x HomeAway, Inc. 35.36 -13% 3,403.0 2,822.3 485.3 61.4 12.6% 13.6% 5.8x 46.0x IAC/InterActiveCorp 62.79 -26% 5,574.2 5,779.1 3,213.0 410.0 12.8% 7.0% 1.8x 14.1x MaxPoint Interactive, Inc. 1.62 -86% 42.3 21.0 137.7 (13.2) NM 49.5% 0.2x NM Monster Worldwide, Inc. 6.44 -22% 587.9 744.9 727.5 95.4 13.1% -2.9% 1.0x 7.8x QuinStreet, Inc. 4.89 -28% 220.1 174.5 285.3 (2.3) NM 3.8% 0.6x NM ReachLocal, Inc. 1.02 -73% 30.0 38.0 402.6 (28.5) NM -19.3% 0.1x NM RetailMeNot, Inc. 9.76 -55% 511.6 315.9 253.4 50.1 19.8% -0.9% 1.2x 6.3x Rocket Fuel Inc. 3.49 -81% 150.2 150.5 475.7 (53.9) NM 34.1% 0.3x NM Rovi Corporation 11.81 -55% 976.0 1,835.3 510.9 155.4 30.4% -8.8% 3.6x 11.8x The Rubicon Project, Inc. 14.75 -28% 654.6 574.7 196.3 (7.0) NM 75.9% 2.9x NM TiVo Inc. 8.99 -29% 880.01 526.36 480.64 87.96 18.3% 8.3% 1.1x 6.0x Travelzoo Inc. 8.50 -41% 125.2 95.6 132.8 10.3 7.7% -15.1% 0.7x 9.3x LendingTree, Inc. * 101.88 -27% 1,249.7 1,143.5 219.7 22.9 10.4% 37.4% 5.2x 49.8x Tremor Video, Inc. 2.05 -37% 106.8 41.3 177.8 (14.9) NM 15.5% 0.2x NM TripAdvisor Inc. 82.37 -12% 11,876.7 11,478.7 1,471.0 366.0 24.9% 25.6% 7.8x 31.4x TrueCar, Inc. 8.03 -68% 664.0 567.3 251.7 (34.3) NM 31.6% 2.3x NM TubeMogul, Inc. 12.38 -48% 433.9 351.2 158.3 (11.3) NM 58.0% 2.2x NM

15 | M&A and Investment Summary November 2015 Digital Advertising Public Company Valuation (2/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. 25.40 -53% $ 17,346.8 $ 15,459.8 $ 1,986.6 $ (208.4) NM 70.3% 7.8x NM Voltari Corporation 6.80 -69% 61.2 98.5 12.2 (15.2) NM 287.8% 8.0x NM Web.com Group, Inc. 24.21 -7% 1,231.6 1,661.3 539.7 104.0 19.3% -0.2% 3.1x 16.0x Yahoo! Inc. 33.81 -35% 31,928.6 4,629.7 4,948.0 477.1 9.6% 6.8% 0.9x 9.7x Yelp Inc. * 30.13 -48% 2,267.5 1,898.6 505.9 16.2 3.2% 49.5% 3.8x 117.2x YuMe, Inc. 3.24 -49% 111.5 63.1 176.5 (11.5) NM 1.0% 0.4x NM Zillow Group, Inc. 26.03 -41% 4,607.9 4,301.2 567.6 (15.7) NM 94.5% 7.6x NM

Average 2.4x 23.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.1x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value.

16 | M&A and Investment Summary November 2015 Digital Advertising Public Company Valuation (3/3)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adgorithms LTD * Israel $0.50 -78% $ 30.6 $ (2.6) $ 25.6 $ 0.0 0.1% 0.0% NM NM Criteo SA France 40.76 -29% 2,537.3 2,239.5 1,188.0 100.6 8.5% 64.2% 1.9x 22.3x Ctrip.com International Ltd. China 53.51 -7% 10,544.9 11,732.2 1,563.2 17.3 1.1% 44.6% 7.5x NM InternetQ PLC United Kingdom 2.22 -60% 89.7 93.3 154.5 19.0 12.3% 9.1% 0.6x 4.9x Just Dial Limited India 14.14 -42% 996.8 874.2 94.3 26.6 28.2% 27.9% 9.3x 32.9x LeGuide.com S.A. France 34.34 -3% 124.7 93.8 34.8 (0.6) NM -26.4% 2.7x NM MakeMyTrip Limited India 18.04 -39% 757.4 650.9 300.4 (18.6) NM 5.0% 2.2x NM Matomy Media Group Ltd. Israel 1.62 -56% 148.2 162.9 254.9 19.3 7.6% 25.1% 0.6x 8.4x Opera Software ASA Norway 6.23 -50% 904.8 981.6 576.8 92.8 16.1% 38.7% 1.7x 10.6x Pacific Online Ltd. China 0.34 -49% 379.6 339.1 173.4 44.3 25.5% 18.1% 2.0x 7.7x Rightmove plc * United Kingdom 60.22 -5% 5,733.4 5,715.8 282.6 205.5 72.7% 17.4% 20.2x 27.8x Septeni Holdings Co., Ltd. Japan 19.01 -2% 492.6 411.6 539.1 26.3 4.9% 18.8% 0.8x 15.6x Taptica International Ltd Israel 0.96 -64% 64.0 42.2 66.2 7.0 10.6% 20.8% 0.6x 6.0x TradeDoubler AB Sweden 0.68 -54% 28.60 21.29 199.85 (4.98) NM -6.0% 0.1x NM XLMedia PLC Channel Islands 1.11 -11% 223.2 182.1 67.6 21.9 32.4% 76.2% 2.7x 8.3x Yandex N.V. Netherlands 16.63 -29% 5,303.6 5,121.7 858.6 263.6 30.7% 17.0% 6.0x 19.4x Youku Tudou Inc. * China 26.87 -15% 5,263.9 4,346.2 926.0 70.3 7.6% 51.6% 4.7x 61.8x Zhaopin Ltd. China 15.58 -17% 847.1 592.8 208.7 50.7 24.3% 19.2% 2.8x 11.7x

Average 2.7x 19.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

17 | M&A and Investment Summary November 2015 Marketing Technology

. The Marketing Technology segment announced 68 transactions, of which 50 reported a total of $2.3 billion in value . Analytics & Targeting was the most active and valuable subsegment with 11 transactions announced, nine of which reported more than $530 million in value . Select Transactions: • Neustar’s $390 million acquisition of digital analytics and measurement company MarketShare • The pending acquisition of digital marketing firm Fluent by IDI for $100 million in cash and 15,000,000 shares of common stock (Petsky Prunier led transaction) • Zeta Interactive’s $85 million acquisition of eBay Enterprise’s CRM division • The $40.3 million acquisition of business intelligence solutions provider Razorsight by Synchronoss Technologies • Evolution Media Partners and TRPG Growth’s $30 million investment in mobile marketing engagement platform Swrve

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 11 16% $538.5 24% 3 $390.0 0 - 8 $148.5 Commerce Management 7 10% 14.5 1% 1 - 2 - 4 14.5 Content Management 7 10% 50.0 2% 0 - 0 - 7 50.0 Social Technology 7 10% 23.7 1% 3 9.0 0 - 4 14.7 CRM 5 7% 134.2 6% 1 85.0 0 - 4 49.2 SFA/Lead Management 5 7% 112.3 5% 0 - 0 - 5 112.3 Mobile Technology 4 6% 28.6 1% 1 - 0 - 3 28.6 Other* 22 32% 1,364.9 60% 11 1,248.5 1 - 10 93.4 Total 68 100% 2,266.7 100% 20 1,732.5 3 0.0 45 534.2

18 | M&A and Investment Summary November 2015 Marketing Technology Public Company Valuation (1/3)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated * 91.46 -1% $ 45,620.19 $ 43,857.55 $ 4,562.44 $ 1,098.85 24.1% 10.9% 9.6x 39.9x AppFolio, Inc. 16.39 -18% 549.5 509.6 67.8 (12.2) NM 0.0% 7.5x NM Bazaarvoice, Inc. 4.63 -51% 372.9 326.8 196.7 (17.6) NM 9.3% 1.7x NM Blackbaud Inc. 61.78 -6% 2,847.3 3,072.7 614.9 97.6 15.9% 12.5% 5.0x 31.5x Brightcove Inc. 6.98 -17% 228.0 205.9 131.0 (1.0) NM 6.1% 1.6x NM ChannelAdvisor Corporation 13.11 -42% 329.7 272.9 95.0 (18.4) NM 16.5% 2.9x NM Constant Contact, Inc. 31.29 -28% 1,005.2 824.7 361.9 45.5 12.6% 13.6% 2.3x 18.1x Covisint Corporation 2.59 -22% 102.7 61.0 82.1 (21.2) NM -10.6% 0.7x NM Cvent, Inc. 36.13 -1% 1,515.7 1,357.1 176.1 2.4 1.4% 31.8% 7.7x NM Demandware, Inc. 51.15 -33% 1,927.6 1,744.9 214.2 (31.5) NM 46.3% 8.1x NM eBay Inc. 29.59 -56% 35,527.4 37,665.4 17,705.0 4,889.0 27.6% 61.0% 2.1x 7.7x Endurance International Group 13.97 -41% 1,913.9 2,984.0 720.2 186.0 25.8% 21.2% 4.1x 16.0x Five9,Holdings, Inc. Inc. 6.65 -3% 335.9 323.0 121.1 (22.0) NM 23.0% 2.7x NM GoDaddy Inc. 31.07 -7% 2,035.4 3,017.7 1,553.6 104.6 6.7% 17.6% 1.9x 28.9x HubSpot, Inc. 54.21 -7% 1,848.4 1,744.5 163.0 (54.1) NM 56.6% 10.7x NM Interactive Intelligence Group Inc. * 34.46 -32% 747.8 717.7 375.7 9.0 2.4% 10.7% 1.9x 80.1x IBM Corporation 139.42 -21% 135,252.8 165,501.8 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.7x Jive Software, Inc. 5.02 -22% 381.0 274.0 193.3 (22.8) NM 13.5% 1.4x NM LivePerson Inc. 7.80 -46% 447.0 406.2 238.1 16.6 7.0% 19.9% 1.7x 24.5x Marin Software Incorporated 3.89 -56% 144.2 114.1 106.5 (27.3) NM 13.1% 1.1x NM Marketo, Inc. 30.27 -15% 1,310.7 1,204.8 193.9 (57.2) NM 42.8% 6.2x NM MicroStrategy Inc. 173.37 -23% 1,970.3 1,513.4 535.2 140.5 26.2% -10.3% 2.8x 10.8x MINDBODY, Inc. 17.65 -4% 692.1 608.0 93.3 (25.6) NM 0.0% 6.5x NM NetSuite Inc. 85.40 -25% 6,788.3 6,698.2 692.8 (57.7) NM 34.9% 9.7x NM Nuance Communications, Inc. 20.93 -4% 6,480.6 8,067.6 1,931.1 246.4 12.8% 0.4% 4.2x 32.7x Oracle Corporation 38.97 -17% 166,192.6 152,753.6 38,078.0 15,787.0 41.5% -1.1% 4.0x 9.7x PayPal Holdings, Inc. 35.26 -17% 43,076.8 38,777.8 8,885.0 1,895.0 21.3% 0.0% 4.4x 20.5x Press Ganey Holdings, Inc. * 32.29 -11% 1,701.6 1,871.1 309.2 28.5 9.2% 12.7% 6.1x 65.8x PROS Holdings, Inc. 24.59 -16% 730.2 687.7 180.1 (29.2) NM 5.4% 3.8x NM PTC Inc. 36.04 -16% 4,127.6 4,522.3 1,255.2 225.3 17.9% -7.5% 3.6x 20.1x Qlik Technologies, Inc. 31.81 -26% 2,958.68 2,637.50 590.05 2.68 0.5% 10.1% 4.5x NM Rightside Group, Ltd. 7.89 -24% 149.8 128.8 208.6 (3.3) NM 12.4% 0.6x NM Rovi Corporation 11.81 -55% 976.04 1,835.28 510.94 155.42 30.4% -8.8% 3.6x 11.8x The Rubicon Project, Inc. 14.75 -28% 654.6 574.7 196.3 (7.0) NM 75.9% 2.9x NM salesforce.com, inc. * 79.69 -4% 52,914.2 53,620.0 6,302.4 399.8 6.3% 24.2% 8.5x 134.1x

19 | M&A and Investment Summary November 2015 Marketing Technology Public Company Valuation (2/3)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Sizmek Inc. 4.63 -45% $ 137.0 $ 72.1 $ 166.2 $ 8.6 5.2% -1.9% 0.4x 8.4x Square, Inc. 12.04 -14% 3,623.4 3,964.2 1,143.7 (95.4) NM 0.0% 3.5x NM Synchronoss Technologies, Inc. 39.37 -25% 1,737.2 1,770.3 551.8 157.3 28.5% 30.1% 3.2x 11.3x Tableau Software, Inc. 97.03 -26% 7,028.0 6,277.9 593.8 (8.6) NM 69.1% 10.6x NM Teradata Corporation 29.91 -36% 3,978.0 3,814.0 2,572.0 442.0 17.2% -6.1% 1.5x 8.6x Verint Systems Inc. 46.85 -29% 2,911.2 3,296.6 1,161.1 164.8 14.2% 8.3% 2.8x 20.0x Xactly Corporation 9.78 -8% 285.1 241.8 67.1 (13.3) NM 0.0% 3.6x NM Zendesk, Inc. 25.61 -9% 2,271.6 1,990.9 184.7 (65.3) NM 66.3% 10.8x NM

Adjusted Weighted Average 4.4x 13.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.3x)

20 | M&A and Investment Summary November 2015 Marketing Technology Public Company Valuation (3/3)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. * China 7.81 -47% $ 392.52 $ 255.93 $ 356.28 $ 4.90 1.4% 68.2% 0.7x 52.2x Bitauto Holdings Limited * China 26.85 -72% 1,615.6 1,058.8 589.5 22.4 3.8% 90.5% 1.8x 47.4x ChinaCache International Holdings Ltd. China 7.38 -53% 191.2 104.6 217.3 6.0 2.7% -0.3% 0.5x 17.6x InfraStrata plc * United Kingdom 0.04 -61% 5.4 4.5 0.0 (1.6) NM -68.9% 173.4x NM Infosystems S.A. Poland 0.23 -64% 0.9 1.3 2.0 1.0 52.2% 0.0% 0.7x 1.3x Mercadolibre, Inc. Argentina 123.24 -20% 5,441.9 5,397.9 632.4 188.5 29.8% 19.4% 8.5x 28.6x Open Text Corporation Canada 48.45 -22% 5,879.5 6,757.2 1,832.7 509.9 27.8% 4.5% 3.7x 13.3x Opera Software ASA Norway 6.23 -50% 904.8 981.6 576.8 92.8 16.1% 38.7% 1.7x 10.6x Sage Group plc United Kingdom 8.83 -1% 9,524.24 10,154.02 2,172.20 588.18 27.1% 6.1% 4.7x 17.3x SAP SE Germany 78.87 -4% 94,270.1 100,280.3 22,217.5 7,164.8 32.2% 15.7% 4.5x 14.0x Shopify Inc. Canada 26.34 -37% 2,012.4 1,825.5 170.2 (10.1) NM 0.0% 10.7x NM Sky-mobi Limited China 2.64 -63% 74.2 (14.9) 123.0 - 0.0% 0.0% NM NM <== Formula Change Weborama France 9.04 -11% 31.1 31.2 30.4 1.1 3.6% 0.9% 1.0x 28.5x Wix.com ltd Israel 24.85 -13% 986.4 885.9 188.2 (47.4) NM 50.3% 4.7x NM

Adjusted Weighted Average 4.7x 14.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (98.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (39.3x)

21 | M&A and Investment Summary November 2015 Agency & Marketing Services

. There were 23 transactions announced in the Agency & Marketing Services segment in November. Digital Agency was the most active subsegment with 11 transactions . Select transactions: • Publicis Touchpoint Solutions’ $33 million purchase of PDI’s Commercial Services Business • DDB Worldwide Communications Group’s acquisition of Brazil-based advertising agency Grupo ABC • The acquisition of digital media consulting firm Spree7 by MediaMath • Bruin Sports Capital’s purchase of experiential marketing agency Engine Shop • The purchase of search engine marketing firm Digital Net Agency by eBay Enterprise Marketing Solutions

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM

Digital Agency 11 48% $3.8 9% 10 - 0 - 1 $3.8 Media Planning/Buying 3 13% - 0% 3 - 0 - 0 - Design Agency 2 9% - 0% 2 - 0 - 0 - Public Relations 2 9% - 0% 2 - 0 - 0 - B-to-B Agency 1 4% - 0% 1 - 0 - 0 - Database/Analytics 1 4% 4.2 10% 0 - 0 - 1 4.2 Experiential Marketing 1 4% - 0% 1 - 0 - 0 - Performance/Contract Sales 1 4% 32.5 80% 1 32.5 0 - 0 - Other* 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 23 100% 40.5 100% 21 32.5 0 0.0 2 8.0

22 | M&A and Investment Summary November 2015 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.32 -18% $ 113.0 $ 127.9 $ 265.1 $ 10.3 3.9% 1.3% 0.5x 12.4x Creston plc United Kingdom 1.91 -22% 110.8 114.7 120.9 17.9 14.8% 4.5% 0.9x 6.4x Dentsu Inc. * Japan 56.08 -5% 15,989.6 17,195.6 (286.5) 1,371.7 -478.8% NM NM 12.5x Enero Group Limited Australia 0.61 -17% 52.0 35.4 163.6 7.4 4.5% -0.2% 0.2x 4.8x Globant S.A. * Luxembourg 35.16 -8% 1,195.7 1,123.0 237.4 28.2 11.9% 24.4% 4.7x 39.8x Havas France 8.43 -9% 3,519.1 3,674.4 2,263.4 366.5 16.2% 13.2% 1.6x 10.0x Huntsworth plc United Kingdom 0.60 -20% 190.6 241.2 260.9 31.4 12.0% -0.4% 0.9x 7.7x M&C Saatchi plc United Kingdom 5.02 -16% 361.4 367.3 274.1 25.5 9.3% 6.0% 1.3x 14.4x MDC Holdings Inc. United States 26.23 -16% 1,282.3 2,013.4 1,835.8 115.3 6.3% 10.5% 1.1x 17.5x Next Fifteen Communications Group plc United Kingdom 3.56 -3% 239.1 251.7 180.3 21.6 12.0% 0.0% 1.4x 11.7x Omnicom Group Inc. United States 73.92 -9% 17,907.5 21,712.7 15,176.2 2,228.5 14.7% 0.0% 1.4x 9.7x OPT Holding, Inc. Japan 5.31 -20% 137.1 132.8 538.7 19.6 3.6% -0.7% 0.2x 6.8x Porta Communications Plc United Kingdom 0.11 -33% 30.3 42.0 48.3 2.1 4.4% 186.2% 0.9x 19.8x Publicis Groupe SA France 63.09 -27% 13,133.4 16,224.6 9,400.2 1,723.2 18.3% 21.3% 1.7x 9.4x The Interpublic Group of Companies, Inc. United States 23.00 -3% 9,346.0 10,470.7 7,624.7 1,005.5 13.2% 2.3% 1.4x 10.4x WPP plc United Kingdom 23.11 -5% 29,860.8 35,462.7 18,713.0 3,589.9 19.2% 6.6% 1.9x 9.9x

Adjusted Weighted Average 1.7x 10.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)

23 | M&A and Investment Summary November 2015 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $22.90 -2% $ 1,783.3 $ 1,811.6 $ 1,033.4 $ 157.5 15.2% 11.3% 1.8x 11.5x Aimia Inc. Canada 7.35 -35% 1,160.6 1,268.0 1,856.8 140.6 7.6% 3.8% 0.7x 9.0x Alliance Data Systems Corporation * United States 286.85 -8% 17,537.4 27,236.6 6,176.6 1,608.4 26.0% 24.6% 4.4x 16.9x CSG Systems International Inc. United States 35.73 -8% 1,168.2 1,253.3 748.9 131.2 17.5% -0.4% 1.7x 9.5x Data Group Ltd. Canada 0.04 -94% 0.9 64.2 226.9 13.9 6.1% -3.5% 0.3x 4.6x DST Systems Inc. United States 122.28 -9% 4,231.4 4,844.1 2,808.3 411.1 14.6% 3.6% 1.7x 11.8x Fair Isaac Corporation * United States 95.25 -2% 2,960.0 3,481.9 838.8 189.6 22.6% 6.3% 4.2x 18.4x Harte-Hanks Inc. United States 3.76 -55% 230.3 281.5 512.0 46.1 9.0% -8.5% 0.5x 6.1x High Co. SA France 7.64 -8% 79.3 38.9 156.1 12.9 8.3% 5.0% 0.2x 3.0x Insignia Systems Inc. United States 2.89 -35% 33.6 14.6 26.8 2.2 8.4% -1.4% 0.5x 6.5x Multiplus SA Brazil 9.68 -14% 1,569.9 1,160.5 543.0 119.8 22.1% 23.1% 2.1x 9.7x PDI, Inc. United States 0.79 -71% 13.2 31.7 140.1 (14.9) NM 13.7% 0.2x NM Pitney Bowes Inc. United States 21.60 -15% 4,256.3 6,795.0 3,625.0 840.6 23.2% -5.8% 1.9x 8.1x Points International Ltd. Canada 10.62 -22% 163.5 124.4 280.9 10.6 3.8% 8.4% 0.4x 11.7x Viad Corp United States 30.87 -6% 621.6 676.1 1,060.5 79.0 7.4% 1.6% 0.6x 8.6x

Adjusted Weighted Average 1.6x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.9x)

24 | M&A and Investment Summary November 2015 Traditional Media

. There were nine transactions announced in the Traditional Media segment in November, of which four reported a total of more than $680 million in aggregate reported value; all but two transactions reported this month were acquisitions . Select Transactions: • DMG Entertainment’s $370 million majority acquisition of media and entertainment company Eastern Broadcasting from Carlyle Group • Modern Times Group’s $28 million acquisition of eSports event organizer DreamHack • The acquisition of reality TV production company Pilgrim Studios by Lionsgate Entertainment • LRP Conference’s acquisition of HR and recruiting best practices forum Recruiting Trends Conference from Diversified Communications

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Broadcast Television 3 33% $625.0 92% 2 $600.0 0 - 1 $25.0 Entertainment Media 3 33% - 0% 3 - 0 - 0 - B-to-B Media 2 22% 28.2 4% 2 28.2 0 - 0 - Consumer Book Publishing 1 11% 27.0 4% 0 - 0 - 1 27.0 Cable & Satellite Television 0 0% - 0% 0 - 0 - 0 - Consumer Magazine Publishing 0 0% - 0% 0 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 9 100% 680.2 100% 7 628.2 0 0.0 2 52.0

25 | M&A and Investment Summary November 2015 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $50.48 -21% $ 23,802.8 $ 32,468.8 $ 13,657.0 $ 3,073.0 22.5% -0.3% 2.4x 10.6x Discovery Communications, Inc. United States 31.14 -13% 17,910.5 24,802.5 6,424.0 2,484.0 38.7% 4.9% 3.9x 10.0x Time Warner Inc. United States 69.98 -23% 55,947.6 77,129.6 28,564.0 8,020.0 28.1% 4.1% 2.7x 9.6x Twenty-First Century Fox, Inc. United States 29.51 -25% 58,464.6 73,235.6 27,177.0 6,131.0 22.6% -16.9% 2.7x 11.9x Viacom, Inc. United States 49.79 -36% 19,848.3 31,807.3 13,268.0 4,118.0 31.0% -3.7% 2.4x 7.7x The Walt Disney Company * United States 113.47 -7% 187,586.1 204,783.1 52,465.0 15,643.0 29.8% 7.5% 3.9x 13.1x

Adjusted Weighted Average 3.3x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.4x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $14.00 -28% $ 1,770.0 $ 1,753.6 $ 610.4 $ 169.3 27.7% -0.8% 2.9x 10.4x Global Sources Ltd. Bermuda 9.00 -8% 272.1 213.0 181.1 34.6 19.1% -4.2% 1.2x 6.2x Informa plc United Kingdom 9.39 -2% 6,083.4 7,458.9 1,865.4 573.5 30.7% 4.5% 4.0x 13.0x TechTarget, Inc. * United States 8.65 -32% 279.5 259.0 113.1 16.9 15.0% 13.9% 2.3x 15.3x UBM plc United Kingdom 7.62 -14% 3,370.6 4,203.7 1,323.0 306.7 23.2% 10.2% 3.2x 13.7x

Adjusted Weighted Average 3.5x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.3x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $3.95 -29% $ 91.8 $ 170.9 $ 96.1 $ 18.5 19.2% 74.2% 1.8x 9.3x Cumulus Media Inc. United States 0.40 -91% 92.8 2,496.9 1,189.1 234.9 19.8% -1.7% 2.1x 10.6x Emmis Communications Corp. United States 0.62 -72% 28.1 323.2 237.3 39.0 16.4% 7.3% 1.4x 8.3x Entercom Communications Corp. United States 12.11 -9% 480.9 1,004.3 395.2 94.8 24.0% 4.6% 2.5x 10.6x Pandora Media, Inc. United States 13.80 -39% 2,945.2 2,581.6 1,095.9 (37.7) NM 26.0% 2.4x NM Radio One Inc. United States 1.74 -59% 84.1 1,060.5 451.2 121.4 26.9% 1.8% 2.4x 8.7x Salem Media Group, Inc. United States 5.66 -29% 144.1 425.8 262.6 45.8 17.4% -0.3% 1.6x 9.3x Sirius XM Holdings Inc. * United States 4.11 -2% 21,421.8 26,675.2 4,464.9 1,564.0 35.0% 9.2% 6.0x 17.1x Spanish Broadcasting System Inc. United States 5.15 -30% 37.4 430.0 143.0 41.3 28.9% -3.1% 3.0x 10.4x Townsquare Media, Inc. United States 11.43 -20% 204.1 775.8 421.9 96.5 22.9% 18.5% 1.8x 8.0x

Adjusted Weighted Average 2.3x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x)

26 | M&A and Investment Summary November 2015 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $81.31 -6% $ 5,885.9 $ 8,550.3 $ 2,511.4 $ 848.2 33.8% 25.5% 3.4x 10.1x Sky plc United Kingdom 16.65 -6% 28,276.2 36,544.4 15,708.4 2,706.4 17.2% 34.1% 2.3x 13.5x Cablevision Systems Corporation United States 30.50 -8% 8,440.2 17,198.4 6,511.8 1,751.3 26.9% 1.5% 2.6x 9.8x CBS Corporation United States 50.48 -21% 23,802.8 32,468.8 13,657.0 3,073.0 22.5% -0.3% 2.4x 10.6x Charter Communications, Inc. * United States 187.36 -6% 21,030.5 54,332.5 9,602.0 3,318.0 34.6% 7.9% 5.7x 16.4x Comcast Corporation United States 60.86 -6% 149,247.4 196,427.4 72,997.0 24,540.0 33.6% 7.4% 2.7x 8.0x Crown Media Holdings Inc. United States 5.67 -8% 2,039.4 2,319.4 454.2 325.3 71.6% 13.6% 5.1x 7.1x Discovery Communications, Inc. United States 31.14 -13% 17,910.5 24,802.5 6,424.0 2,484.0 38.7% 4.9% 3.9x 10.0x Dish Network Corp. United States 62.71 -22% 29,049.5 41,472.0 14,971.9 3,048.7 20.4% 3.3% 2.8x 13.6x Entravision Communications Corporation United States 8.39 -12% 739.5 1,026.1 254.0 74.4 29.3% 7.2% 4.0x 13.8x General Communication Inc. United States 20.77 -7% 798.1 2,188.3 966.0 318.8 33.0% 7.4% 2.3x 6.9x Gray Television, Inc. United States 16.75 -7% 1,234.7 2,389.3 605.8 230.9 38.1% 42.3% 3.9x 10.3x Grupo Televisa, S.A.B. Mexico 5.63 -24% 16,273.0 20,595.0 5,150.1 1,980.6 38.5% 12.4% 4.0x 10.4x Liberty Global plc United Kingdom 42.41 -28% 35,363.2 82,296.8 18,296.0 8,271.2 45.2% 1.1% 4.5x 9.9x Media General, Inc. United States 15.53 -14% 1,986.1 4,228.4 1,155.7 311.5 26.9% 103.4% 3.7x 13.6x Nexstar Broadcasting Group, Inc. United States 58.59 -3% 1,794.0 3,261.3 842.4 295.6 35.1% 46.1% 3.9x 11.0x Scripps Networks Interactive, Inc. United States 56.80 -30% 7,302.6 11,583.2 2,835.6 1,278.3 45.1% 7.0% 4.1x 9.1x Sinclair Broadcast Group, Inc. United States 35.10 -2% 3,324.7 7,070.8 2,221.2 744.2 33.5% 24.1% 3.2x 9.5x TEGNA Inc. United States 28.25 -27% 6,262.8 10,900.1 6,440.0 1,572.8 24.4% 93.0% 1.7x 6.9x The E. W. Scripps Company * United States 21.94 -24% 1,840.1 2,162.4 1,031.8 112.4 10.9% 81.3% 2.1x 19.2x Time Warner Cable Inc. United States 184.77 -5% 52,326.4 74,577.4 23,415.0 7,829.0 33.4% 3.6% 3.2x 9.5x Time Warner Inc. United States 69.98 -23% 55,947.6 77,129.6 28,564.0 8,020.0 28.1% 4.1% 2.7x 9.6x

Adjusted Weighted Average 3.0x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.9x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $24.64 -17% $ 2,117.8 $ 2,468.8 $ 830.8 $ 48.4 5.8% 26.9% 3.0x 51.0x Eros International Plc United Kingdom 9.72 -75% 540.6 786.1 337.7 99.4 29.4% 37.4% 2.3x 7.9x Lions Gate Entertainment Corp. United States 33.94 -18% 5,044.2 6,457.2 2,283.1 186.7 8.2% -11.0% 2.8x 34.6x Live Nation Entertainment, Inc. United States 25.39 -14% 5,137.7 6,575.8 7,080.9 514.9 7.3% 2.5% 0.9x 12.8x SFX Entertainment, Inc. United States 0.28 -95% 27.7 325.8 402.4 (86.3) NM 17.4% 0.8x NM Twenty-First Century Fox, Inc. United States 29.51 -25% 58,464.6 73,235.6 27,177.0 6,131.0 22.6% -16.9% 2.7x 11.9x Liberty Media Corporation * United States 40.51 -4% 13,241.3 26,736.3 4,682.0 1,419.0 30.3% 6.9% 5.7x 18.8x Village Roadshow Limited Australia 4.84 -14% 776.3 1,081.6 762.3 115.6 15.2% 3.5% 1.4x 9.4x World Wrestling Entertainment Inc. United States 16.99 -28% 1,289.6 1,212.7 633.1 67.0 10.6% 21.7% 1.9x 18.1x

Adjusted Weighted Average 2.6x 14.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.5x)

27 | M&A and Investment Summary November 2015 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $5.45 -29% $ 347.9 $ 234.3 $ 192.6 $ (44.8) NM -12.2% 1.2x NM APG|SGA SA Switzerland 369.73 -10% 1,107.2 1,020.7 338.5 82.6 24.4% 4.7% 3.0x 12.4x Clear Channel Outdoor Holdings Inc. United States 5.25 -55% 1,885.1 6,824.5 2,836.1 695.6 24.5% -4.4% 2.4x 9.8x Clear Media Ltd. Hong Kong 1.00 -23% 542.1 487.7 231.8 96.1 41.5% 6.4% 2.1x 5.1x JCDecaux SA France 37.07 -17% 7,865.5 7,921.3 2,917.1 570.6 19.6% 10.1% 2.7x 13.9x Lamar Advertising Co. United States 58.41 -5% 5,642.3 7,581.6 1,334.1 557.9 41.8% 5.0% 5.7x 13.6x Mood Media Corporation United States 0.20 -69% 35.8 673.5 477.1 85.1 17.8% -4.4% 1.4x 7.9x National CineMedia, Inc. United States 15.87 -5% 975.9 2,070.8 433.2 208.4 48.1% 10.1% 4.8x 9.9x NTN Buzztime Inc. United States 0.19 -68% 17.6 19.6 24.7 (4.6) NM -4.3% 0.8x NM Tom Group Ltd. * Hong Kong 0.25 -35% 973.4 1,294.2 184.0 8.7 4.7% -15.1% 7.0x 149.1x

Adjusted Weighted Average 3.7x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (59.5x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation * United States $5.54 -58% $ 119.4 $ 43.1 $ 272.2 $ 1.4 0.5% -0.3% 0.2x 30.1x Daily Mail and General Trust plc United Kingdom 10.76 -28% 3,607.2 4,892.4 2,788.4 473.9 17.0% 1.7% 1.8x 10.3x Emmis Communications Corp. United States 0.62 -72% 28.1 323.2 237.3 39.0 16.4% 7.3% 1.4x 8.3x Gannett Co., Inc. United States 17.08 -5% 1,964.8 1,822.0 2,964.6 401.8 13.6% 0.0% 0.6x 4.5x Glacier Media, Inc. Canada 0.61 -52% 54.2 148.9 173.1 12.4 7.2% 2.6% 0.9x 12.0x John Wiley & Sons Inc. United States 51.59 -21% 3,031.8 3,513.3 1,807.5 337.9 18.7% 0.3% 1.9x 10.4x Martha Stewart Living Omnimedia Inc. * United States 6.07 -15% 349.0 307.2 94.2 11.2 11.9% -36.3% 3.3x 27.4x Meredith Corporation United States 46.65 -18% 2,398.6 3,193.8 1,607.7 293.4 18.2% 8.4% 2.0x 10.9x News Corporation United States 14.35 -18% 7,972.2 6,259.2 8,539.0 757.0 8.9% 2.4% 0.7x 8.3x Scholastic Corporation United States 42.72 -8% 1,527.0 1,282.4 1,636.5 96.4 5.9% 10.9% 0.8x 13.3x The E. W. Scripps Company United States 21.94 -24% 1,840.1 2,162.4 1,031.8 112.4 10.9% 81.3% 2.1x 19.2x The McClatchy Company United States 1.58 -60% 135.7 1,081.9 1,080.8 163.7 15.1% -7.9% 1.0x 6.6x The New York Times Company United States 14.08 -3% 2,279.4 2,067.0 1,579.2 249.3 15.8% -0.5% 1.3x 8.3x Time Inc. United States 16.64 -36% 1,826.6 2,872.6 3,083.0 399.0 12.9% -7.8% 0.9x 7.2x

Adjusted Weighted Average 1.3x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.3x)

28 | M&A and Investment Summary November 2015 Software

. Within the Software segment, $1.7 billion in reported value involved Strategic buyers, while more than $500 million in investments were announced . Security Software was the most active subsegment with 16 transactions, 15 of which accounted more than $570 million in value, including: • The $280 million acquisition of cloud security startup Elastica by Blue Coat Systems . Select Transactions: • The $2.7 billion acquisition of healthcare asset management company MedAssets by Pamplona Capital • The $167 million acquisition of cybersecurity solutions provider Fox-IT Group by NCC Group • Quality Systems’ $165 million acquisition of SaaS-based healthcare technology company HealthFusion • ViaWest’s $163 million purchase of cloud hosting solutions company INetU from BV Investment Partners

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Security 16 20% $573.0 11% 3 $439.3 0 - 13 $133.7 Healthcare 12 15% 3,062.2 61% 2 190.0 1 2,775.2 9 97.0 Collaboration 7 9% 32.1 1% 1 - 0 - 6 32.1 HR 6 8% 750.3 15% 2 700.0 0 - 4 50.3 ERP 6 8% 166.0 3% 4 154.0 0 - 2 12.0 Cloud Computing 4 5% 162.5 3% 4 162.5 0 - 0 - Other* 28 30% 256.1 5% 13 12 0 0 15 243.8 Total 79 100% 5,002.2 100% 29 1,658.1 1 2,775.2 49 568.9

29 | M&A and Investment Summary November 2015 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 37.51 -2% 1,266.6 1,419.5 255.9 89.9 35.1% 25.1% 5.5x 15.8x Epiq Systems, Inc. United States 13.53 -29% 507.6 893.9 478.1 63.5 13.3% 4.7% 1.9x 14.1x First Data Corporation United States 16.80 -7% 15,106.6 39,012.6 7,722.0 2,612.0 33.8% 3.5% 5.1x 14.9x Fidessa group plc United Kingdom 28.95 -24% 1,101.8 1,009.0 446.2 78.1 17.5% 2.5% 2.3x 12.9x Guidewire Software, Inc. United States 59.33 -8% 4,240.3 3,668.7 383.1 17.3 4.5% 5.4% 9.6x NM Intuit Inc. United States 100.20 -8% 26,453.2 26,829.2 4,293.0 1,169.0 27.2% 1.4% 6.2x 23.0x Management Consulting Group PLC United Kingdom 0.22 -24% 106.3 169.1 380.5 18.3 4.8% -6.5% 0.4x 9.2x Model N, Inc. United States 11.64 -8% 310.4 219.4 93.8 (15.1) NM 14.7% 2.3x NM NetSuite Inc. United States 85.40 -25% 6,788.3 6,698.2 692.8 (57.7) NM 34.9% 9.7x NM Performant Financial Corporation United States 1.98 -72% 98.0 116.2 158.0 10.7 6.8% -26.7% 0.7x 10.8x Q2 Holdings, Inc. United States 27.48 -10% 1,063.9 944.3 100.6 (15.0) NM 38.5% 9.4x NM RealPage, Inc. * United States 22.21 -4% 1,741.0 1,766.4 451.3 40.8 9.0% 14.1% 3.9x 43.3x Solera Holdings Inc. United States 53.74 -5% 3,613.6 6,342.5 1,174.1 421.0 35.9% 11.9% 5.4x 15.1x SS&C Technologies Holdings, Inc. United States 71.90 -7% 7,324.6 9,649.7 900.1 294.4 32.7% 20.1% 10.7x 32.8x Tyler Technologies, Inc. * United States 178.44 -2% 6,056.1 5,808.3 559.5 126.5 22.6% 17.5% 10.4x 45.9x

Adjusted Weighted Average 7.1x 21.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.7x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 15.23 -3% 2,878.7 3,453.5 1,381.6 98.2 7.1% -0.5% 2.5x 35.2x athenahealth, Inc. * United States 167.75 -2% 6,513.7 6,695.8 880.4 68.3 7.8% 23.8% 7.6x 98.0x Cegedim SA France 35.92 -23% 501.4 692.8 563.7 77.1 13.7% 214.3% 1.2x 9.0x Cerner Corporation United States 59.60 -21% 20,389.5 20,555.6 4,103.4 1,133.0 27.6% 29.0% 5.0x 18.1x Civitas Solutions, Inc. United States 26.21 -6% 971.9 1,604.7 1,343.1 142.7 10.6% 10.3% 1.2x 11.2x Computer Programs & Systems Inc. United States 48.72 -23% 550.7 512.2 184.2 35.3 19.1% -12.2% 2.8x 14.5x Craneware plc United Kingdom 12.15 -4% 326.2 286.1 44.8 13.4 29.8% 5.3% 6.4x 21.4x HealthEquity, Inc. * United States 33.00 -8% 1,888.3 1,739.4 107.1 28.7 26.8% 45.6% 16.2x 60.6x McKesson Corporation United States 189.35 -22% 43,571.2 49,095.2 187,716.0 4,213.0 2.2% 17.5% 0.3x 11.7x MedAssets, Inc. United States 30.13 -4% 1,788.4 2,586.1 764.2 217.8 28.5% 10.4% 3.4x 11.9x Medidata Solutions, Inc. * United States 45.83 -25% 2,537.6 2,500.0 382.8 40.1 10.5% 19.5% 6.5x 62.3x Quality Systems Inc. United States 16.25 -13% 989.0 878.2 499.3 57.2 11.5% 8.0% 1.8x 15.4x Streamline Health Solutions, Inc. United States 1.80 -59% 33.5 44.7 28.2 (7.4) NM 2.8% 1.6x NM USMD Holdings, Inc. United States 8.00 -56% 88.1 127.8 320.8 (3.8) NM 15.6% 0.4x NM USMD Holdings, Inc. United States 8.00 -56% 88.1 127.8 320.8 (3.8) NM 15.6% 0.4x NM Veeva Systems Inc. United States 28.86 -14% 3,821.5 3,482.0 382.0 89.1 23.3% 32.2% 9.1x 39.1x

Adjusted Weighted Average 2.8x 15.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.5x) 30 | M&A and Investment Summary November 2015 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $31.76 -17% $ 1,865.8 $ 1,293.7 $ 310.1 $ 93.4 30.1% 11.3% 4.2x 13.9x Benefitfocus, Inc. United States 40.52 -15% 1,180.8 1,146.4 171.0 (47.0) NM 34.1% 6.7x NM Castlight Health, Inc. United States 4.00 -70% 378.6 231.4 68.5 (79.1) NM 88.9% 3.4x NM Cornerstone OnDemand, Inc. United States 35.91 -12% 1,955.6 1,971.9 320.2 (59.2) NM 32.3% 6.2x NM DHI Group, Inc. United States 9.32 -15% 490.8 558.5 262.5 66.7 25.4% 3.6% 2.1x 8.4x LinkedIn Corporation * United States 243.11 -12% 31,868.4 29,920.8 2,772.4 229.5 8.3% 37.1% 10.8x 130.4x Monster Worldwide, Inc. United States 6.44 -22% 587.9 744.9 727.5 95.4 13.1% -2.9% 1.0x 7.8x Paycom Software, Inc. United States 43.60 -6% 2,576.9 2,554.4 203.6 40.9 20.1% 48.4% 12.5x 62.5x Paylocity Holding Corporation United States 43.94 -6% 2,233.7 2,155.0 166.7 (6.0) NM 42.0% 12.9x NM The Ultimate Software Group, Inc. United States 197.50 -9% 5,659.5 5,538.8 582.9 65.6 11.3% 20.8% 9.5x 84.4x Workday, Inc. United States 83.71 -12% 16,072.3 14,684.0 1,065.2 (164.4) NM 51.4% 13.8x NM

Adjusted Weighted Average 11.0x 60.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (101.4x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.27 -21% $ 277.9 $ 217.8 $ 94.4 $ 18.3 19.4% 2.1% 2.3x 11.9x AVG Technologies N.V. Netherlands 21.09 -28% 1,103.8 1,224.8 419.0 121.9 29.1% 11.5% 2.9x 10.0x Check Point Software Technologies Ltd. United States 87.29 -1% 15,786.8 14,487.7 1,592.4 841.8 52.9% 8.9% 9.1x 17.2x Cisco Systems, Inc. United States 27.25 -10% 138,323.2 103,845.2 49,598.0 13,674.0 27.6% 4.9% 2.1x 7.6x Cheetah Mobile Inc. China 19.30 -47% 2,748.1 2,575.4 494.1 43.8 8.9% 117.5% 5.2x 58.9x CyberArk Software, Ltd. Israel 43.29 -43% 1,370.5 1,120.8 145.7 33.0 22.7% 67.9% 7.7x 33.9x FireEye, Inc. United States 22.88 -59% 3,673.7 3,201.3 581.2 (388.9) NM 71.0% 5.5x NM Fortinet Inc. * United States 36.02 -28% 6,204.9 5,296.8 936.7 61.4 6.6% 29.4% 5.7x 86.3x Gemalto NV Netherlands 63.09 -32% 5,554.0 6,078.4 3,153.7 514.6 16.3% 18.6% 1.9x 11.8x Imperva Inc. United States 74.63 -4% 2,345.5 2,091.7 213.0 (47.8) NM 37.1% 9.8x NM Imprivata, Inc. United States 11.92 -45% 298.1 246.9 113.9 (15.0) NM 27.2% 2.2x NM Infoblox Inc. United States 15.04 -46% 898.8 548.7 333.4 (7.9) NM 31.5% 1.6x NM Juniper Networks, Inc. United States 30.13 -7% 11,625.7 11,590.9 4,639.8 974.0 21.0% -3.3% 2.5x 11.9x Mimecast Limited United Kingdom 10.11 -6% 546.0 581.2 128.4 18.5 14.4% 0.0% 4.5x 31.4x Mobileye N.V. * Israel 43.60 -32% 9,447.9 9,268.5 208.7 66.5 31.9% 54.2% 44.4x 139.4x NQ Mobile Inc. China 4.21 -38% 376.4 431.7 368.9 (14.7) NM 18.8% 1.2x NM Palo Alto Networks, Inc. United States 187.34 -7% 16,094.2 15,825.2 1,033.0 (108.6) NM 56.0% 15.3x NM Proofpoint, Inc. United States 73.31 -3% 2,960.8 2,885.2 246.7 (49.3) NM 36.8% 11.7x NM Qihoo 360 Technology Co. Ltd. China 67.90 -7% 8,755.3 9,242.8 1,630.3 439.4 27.0% 64.2% 5.7x 21.0x Symantec Corporation United States 19.58 -28% 13,226.8 11,609.8 6,153.0 1,734.0 28.2% -7.9% 1.9x 6.7x Trend Micro Inc. Japan 40.74 -4% 5,560.8 4,548.9 1,026.1 348.2 33.9% 9.3% 4.4x 13.1x VeriSign, Inc. United States 89.44 -4% 9,973.2 9,943.7 1,042.7 652.2 62.6% 4.3% 9.5x 15.2x

Adjusted Weighted Average 4.3x 10.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (25.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (68.7x) 31 | M&A and Investment Summary November 2015 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $93.21 -5% $ 8,295.0 $ 7,518.0 $ 945.5 $ 431.2 45.6% 3.0% 8.0x 17.4x Autodesk, Inc. * United States 63.47 -2% 14,356.9 13,559.5 2,520.4 170.7 6.8% 3.5% 5.4x 79.4x AVEVA Group plc United Kingdom 33.01 -7% 2,109.7 1,950.7 309.8 66.1 21.3% -4.7% 6.3x 29.5x Dassault Systemes SA France 79.58 -5% 20,161.1 18,882.6 3,031.3 802.6 26.5% 24.2% 6.2x 23.5x

Adjusted Weighted Average 6.3x 22.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (65.9x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $91.46 -1% $ 45,620.2 $ 43,857.5 $ 4,562.4 $ 1,098.9 24.1% 10.9% 9.6x 39.9x CA, Inc. United States 28.11 -16% 12,333.0 11,671.0 4,096.0 1,286.0 31.4% -6.1% 2.8x 9.1x CommVault Systems, Inc. * United States 40.98 -25% 1,856.8 1,456.8 583.6 13.5 2.3% -4.9% 2.5x 108.3x Covisint Corporation United States 2.59 -22% 102.7 61.0 82.1 (21.2) NM -10.6% 0.7x NM Endurance International Group Holdings, Inc. United States 13.97 -41% 1,913.9 2,984.0 720.2 186.0 25.8% 21.2% 4.1x 16.0x First Data Corporation United States 16.80 -7% 15,106.6 39,012.6 7,722.0 2,612.0 33.8% 3.5% 5.1x 14.9x Guidance Software, Inc. United States 6.10 -40% 186.7 168.8 107.6 (6.5) NM -0.7% 1.6x NM Hortonworks Inc. United States 16.99 -43% 785.4 671.7 99.2 (215.4) NM 124.1% 6.8x NM IBM Corporation United States 139.42 -21% 135,252.8 165,501.8 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.7x IntraLinks Holdings, Inc. United States 10.23 -20% 596.1 617.4 272.3 10.7 3.9% 8.5% 2.3x 57.8x NetSuite Inc. United States 85.40 -25% 6,788.3 6,698.2 692.8 (57.7) NM 34.9% 9.7x NM Opera Software ASA Norway 6.23 -50% 904.8 981.6 576.8 92.8 16.1% 38.7% 1.7x 10.6x Oracle Corporation United States 38.97 -17% 166,192.6 152,753.6 38,078.0 15,787.0 41.5% -1.1% 4.0x 9.7x salesforce.com, inc. * United States 79.69 -4% 52,914.2 53,620.0 6,302.4 399.8 6.3% 24.2% 8.5x 134.1x Rapid7, Inc. United States 17.13 - 712.5 588.5 99.6 (27.4) NM 0.0% 5.9x NM ServiceNow, Inc. * United States 87.01 -4% 13,834.6 13,572.5 917.8 (114.9) NM 50.5% 14.8x NM Textura Corporation United States 24.15 -23% 630.0 556.8 80.9 (4.7) NM 41.6% 6.9x NM Varonis Systems, Inc. United States 17.85 -54% 459.8 354.8 117.1 (20.9) NM 25.5% 3.0x NM

Adjusted Weighted Average 4.6x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (86.5x)

32 | M&A and Investment Summary November 2015 Information

. The Information segment reported 12 transactions worth more than $300 million in reported value . Healthcare Information was the most active subsegment with seven deals, followed by the Financial Information subsegment with two transactions . Select Transactions: • Computer Programs and Systems’ $250 million purchase of electronic health records company Healthland from Francisco Partners • The $30 million investment in healthcare expense information company HealthiestYou by Frontier Capital • LexisNexis Legal & Professional’s acquisition of intellectual-property information company Lex Machina • The buyout of medical information company Examination Management Services by Beecken Petty O’Keefe

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 7 58% $259.6 85% 3 $250.0 1 - 3 $9.6 Financial Information 2 17% 17.2 6% 1 - 0 - 1 17.2 Credit/Risk Management Information 1 8% - 0% 1 - 0 - 0 - HR Information 1 8% 30.0 10% 0 - 0 - 1 30.0 Legal Information 1 8% - 0% 1 - 0 - 0 - Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Geo-Demo Information 0 0% - 0% 0 - 0 - 0 - IT Information 0 0% - 0% 0 - 0 - 0 - Total 12 100% 306.8 100% 6 250.0 1 0.0 5 56.8

33 | M&A and Investment Summary November 2015 Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $54.98 -9% $ 6,519.9 $ 6,967.9 $ 324.2 $ 689.4 $ 2,733.1 $ 580.5 21.2% 6.4% 2.5x 12.0x Computershare Limited Australia 8.43 -15% 4,654.2 5,807.7 555.9 1,769.1 1,966.2 531.3 27.0% -2.2% 3.0x 10.9x CoreLogic, Inc. United States 36.86 -13% 3,249.2 4,493.7 136.9 1,314.8 1,482.7 336.0 22.7% 6.8% 3.0x 13.4x CoStar Group Inc. * United States 209.24 -6% 6,798.0 6,792.5 351.8 375.0 674.9 79.2 11.7% 26.0% 10.1x 85.7x DST Systems Inc. United States 122.28 -9% 4,231.4 4,844.1 103.0 498.2 2,808.3 411.1 14.6% 3.6% 1.7x 11.8x Dun & Bradstreet Corp. United States 107.79 -21% 3,894.8 5,371.4 137.8 1,786.6 1,700.5 426.0 25.1% 6.6% 3.2x 12.6x Envestnet, Inc. United States 32.47 -44% 1,165.1 1,106.0 198.9 147.6 399.3 48.6 12.2% 22.4% 2.8x 22.8x Equifax Inc. United States 111.50 -1% 13,210.0 14,473.8 84.2 1,480.9 2,621.9 912.2 34.8% 9.7% 5.5x 15.9x Experian plc Ireland 18.53 -3% 17,923.8 21,262.1 155.0 3,421.0 4,656.0 1,486.0 31.9% -4.8% 4.6x 14.3x FactSet Research Systems Inc. United States 169.53 -4% 7,026.8 6,879.4 182.9 35.0 1,006.8 363.3 36.1% 9.4% 6.8x 18.9x Fair Isaac Corporation United States 95.25 -2% 2,960.0 3,481.9 84.4 648.0 838.8 189.6 22.6% 6.3% 4.2x 18.4x Fidelity National Information Services, Inc. United States 63.67 -13% 17,964.7 22,569.1 446.4 5,043.3 6,409.5 1,660.1 25.9% 1.8% 3.5x 13.6x Financial Engines, Inc. United States 36.03 -22% 1,855.6 1,528.4 317.2 - 305.5 60.7 19.9% 11.6% 5.0x 25.2x McGraw Hill Financial, Inc. United States 96.47 -12% 26,075.8 28,979.8 1,720.0 1,494.0 5,228.0 2,166.0 41.4% 5.3% 5.5x 13.4x Moody's Corporation United States 103.12 -9% 20,386.8 21,799.7 2,047.5 3,106.1 3,496.1 1,602.1 45.8% 8.0% 6.2x 13.6x Morningstar Inc. United States 80.75 -7% 3,570.5 3,307.8 257.1 35.0 783.6 248.0 31.6% 5.3% 4.2x 13.3x MSCI Inc. United States 70.12 -2% 7,199.6 7,785.0 455.0 800.0 1,053.2 459.1 43.6% 7.2% 7.4x 17.0x Reis, Inc. United States 25.03 -9% 281.6 255.6 27.2 - 47.4 14.1 29.7% 19.1% 5.4x 18.1x SEI Investments Co. United States 54.39 -2% 8,954.7 8,307.1 624.8 - 1,321.6 396.5 30.0% 6.4% 6.3x 21.0x Thomson Reuters Corporation United States 40.52 -3% 31,124.9 39,631.8 1,299.0 8,870.0 12,272.0 2,592.0 21.1% -3.2% 3.2x 15.3x Verisk Analytics, Inc. United States 74.95 -9% 12,698.7 15,724.6 149.2 3,319.7 1,972.3 922.1 46.8% 16.1% 8.0x 17.1x Workiva Inc. United States 18.75 0% 764.8 706.6 86.4 24.2 135.5 (39.0) NM 27.7% 5.2x NM

Adjusted Weighted Average 4.9x 15.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.9x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $22.90 -2% $ 1,783.3 $ 1,811.6 $ 123.2 $ 272.2 $ 1,033.4 $ 157.5 15.2% 11.3% 1.8x 11.5x Alliance Data Systems Corporation United States 286.85 -8% 17,537.4 32,091.8 822.3 14,651.5 6,176.6 1,608.4 26.0% 24.6% 5.2x 20.0x Brainjuicer Group Plc United Kingdom 5.35 -18% 68.0 60.1 8.3 - 39.4 6.9 17.5% 0.7% 1.5x 8.7x Cello Group Plc United Kingdom 1.32 -18% 113.0 127.9 1.8 17.3 265.1 10.3 3.9% 1.3% 0.5x 12.4x comScore, Inc. * United States 42.10 -35% 1,640.0 1,529.2 187.9 30.5 361.3 23.0 6.4% 14.5% 4.2x 66.4x Cross Marketing Inc. Japan 3.47 -32% 62.6 76.4 13.1 25.9 80.0 7.3 9.1% 38.1% 1.0x 10.5x Ebiquity plc United Kingdom 2.09 -11% 152.7 194.0 14.3 54.9 113.5 17.9 15.7% 7.9% 1.7x 10.9x GfK SE Germany 36.81 -20% 1,343.8 1,751.8 106.3 528.9 1,692.6 234.3 13.8% 3.9% 1.0x 7.5x Harte-Hanks Inc. United States 3.76 -55% 230.3 281.5 31.2 73.5 512.0 46.1 9.0% -8.5% 0.5x 6.1x InnerWorkings Inc. United States 8.56 -1% 461.5 576.8 15.6 111.9 1,005.7 35.4 3.5% 0.9% 0.6x 16.3x Intage Holdings Inc. Japan 14.43 -21% 288.0 247.8 60.9 6.3 375.2 42.6 11.3% 3.7% 0.7x 5.8x Ipsos SA France 20.92 -29% 947.5 1,551.0 189.3 803.7 1,945.3 222.9 11.5% 6.0% 0.8x 7.0x NeuStar, Inc. United States 25.20 -23% 1,336.0 1,761.6 412.0 787.4 1,022.2 407.4 39.9% 7.7% 1.7x 4.3x Nielsen N.V. Netherlands 46.68 -5% 16,994.2 24,176.2 331.0 7,482.0 6,181.0 1,538.0 24.9% -1.4% 3.9x 15.7x Onvia Inc. * United States 3.80 -31% 28.4 20.5 8.4 0.0 23.4 0.2 1.0% 4.0% 0.9x 89.4x Pearson plc United Kingdom 12.43 -46% 10,082.8 13,718.0 608.6 4,396.9 7,837.7 896.4 11.4% 1.2% 1.8x 15.3x Rentrak Corporation * United States 48.39 -43% 744.0 666.6 79.0 - 115.7 5.2 4.5% 30.5% 5.8x 127.3x YouGov plc United Kingdom 2.27 -4% 236.2 221.1 5.8 0.3 119.0 10.2 8.6% 13.0% 1.9x 21.7x

Adjusted Weighted Average 3.6x 16.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.2x) 34 | M&A and Investment Summary November 2015 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $1.01 -23% $ 143.2 $ 165.1 $ 2.2 $ 25.0 $ 104.4 $ 9.2 8.8% 0.0% 1.6x 18.0x CEB Inc. United States 77.27 -16% 2,557.0 2,972.9 124.1 493.3 925.6 218.1 23.6% 3.7% 3.2x 13.6x Forrester Research Inc. United States 32.64 -21% 579.1 474.9 110.8 - 313.4 34.9 11.1% 1.5% 1.5x 13.6x Gartner Inc. * United States 93.30 -2% 7,730.5 8,199.3 357.6 715.0 2,103.3 337.6 16.1% 7.4% 3.9x 24.3x IHS Inc. United States 123.31 -9% 8,407.1 10,228.6 225.9 2,129.1 2,307.9 584.1 25.3% 4.5% 4.4x 17.5x Informa plc United Kingdom 9.39 -2% 6,083.4 7,458.9 59.0 1,492.7 1,865.4 573.5 30.7% 4.5% 4.0x 13.0x National Research Corp. United States 34.00 -13% 440.7 409.5 40.6 7.0 101.1 29.3 29.0% 4.6% 4.1x 14.0x Markit Ltd. United Kingdom 29.50 -4% 5,298.6 5,697.7 119.5 542.1 1,093.3 393.0 35.9% 5.4% 5.2x 14.5x NIC Inc. United States 20.41 -2% 1,339.3 1,216.8 107.4 - 287.2 74.2 25.8% 7.6% 4.2x 16.4x Premier, Inc. United States 34.36 -14% 1,498.5 1,494.2 387.2 17.9 1,048.6 340.4 32.5% 16.6% 1.4x 4.4x Proofpoint, Inc. * United States 73.31 -3% 2,960.8 2,885.2 410.7 335.7 246.7 (49.3) NM 36.8% 11.7x NM Reed Elsevier plc(1) United Kingdom 18.03 -3% 36,967.8 42,960.0 233.7 6,225.9 9,510.4 2,309.6 24.3% 4.5% 4.5x 18.6x Solera Holdings Inc. United States 53.74 -5% 3,613.6 6,342.5 479.6 2,484.0 1,174.1 421.0 35.9% 11.9% 5.4x 15.1x Tarsus Group plc Ireland 3.43 -4% 348.9 423.0 20.6 89.3 112.3 33.8 30.1% -2.2% 3.8x 12.5x TechTarget, Inc. United States 8.65 -32% 279.5 259.0 21.3 - 113.1 16.9 15.0% 13.9% 2.3x 15.3x The Advisory Board Company * United States 53.84 -11% 2,255.6 2,759.1 49.6 564.3 722.3 76.2 10.5% 0.0% 3.8x 36.2x UBM plc United Kingdom 7.62 -14% 3,370.6 4,203.7 179.7 1,007.4 1,323.0 306.7 23.2% 10.2% 3.2x 13.7x Wolters Kluwer NV Netherlands 34.55 -5% 10,082.2 12,274.4 568.1 2,861.6 4,409.9 1,099.4 24.9% 11.9% 2.8x 11.2x

Adjusted Weighted Average 4.1x 16.0x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)

35 | M&A and Investment Summary November 2015 Business Services

. The Business Services segment reported 37 transactions in November worth nearly $3 billion in reported value . The IT Consulting/Systems Integration and Logistics subsegments together accounted for more than half of the segments total activity with 12 and seven transactions, respectively . Select Transactions: • Mannai Corporation’s majority acquisition of IT services provider GFI Informatique for more than $300 million • AMN Healthcare Services $160 million purchase of executive search firm B.E. Smith • The Bertelsmann-led $105 million investment in online training startup Udacity at a valuation of $1 billion • WebbMason Marketing’s acquisition of information management and analytics consulting firm Spry Enterprises

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 12 32% $2,344.0 79% 10 $2,344.0 2 - 0 - Logistics 7 19% 51.9 2% 2 - 0 - 5 51.9 Corporate Training 6 16% 401.5 13% 0 - 0 - 6 401.5 Staffing 4 11% 160.0 5% 4 160.0 0 - 0 - Healthcare Consulting 2 5% - 0% 2 - 0 - 0 - Call Center 1 3% - 0% 0 - 1 - 0 - Engineering Consulting 1 3% - 0% 1 - 0 - 0 - HR Consulting 1 3% - 0% 1 - 0 - 0 - Other* 3 8% 17.3 1% 2 17.3 1 0.0 0 0.0 Total 37 100% 2,974.7 100% 22 2,521.3 4 0.0 11 453.4

36 | M&A and Investment Summary November 2015 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 22.82 -30% 204.7 184.3 15.8 0.1 309.6 28.1 9.1% 2.0% 0.6x 6.6x FTI Consulting, Inc. United States 37.38 -19% 1,568.2 1,983.2 240.0 711.0 1,762.1 200.7 11.4% 0.9% 1.1x 9.9x Information Services Group, Inc. United States 3.73 -25% 138.7 176.7 13.1 52.0 208.6 18.2 8.7% -0.6% 0.8x 9.7x Navigant Consulting Inc. United States 17.50 -3% 832.7 975.5 3.9 171.4 821.3 120.7 14.7% 10.3% 1.2x 8.1x ICF International Inc. United States 35.63 -19% 685.0 1,011.4 7.4 360.0 1,127.9 111.2 9.9% 12.4% 0.9x 9.1x Huron Consulting Group Inc. United States 58.01 -26% 1,271.5 1,678.0 16.8 468.2 814.5 159.7 19.6% -1.8% 2.1x 10.5x The Hackett Group, Inc. * United States 18.94 -5% 556.5 549.4 16.2 18.3 228.9 26.4 11.5% 11.0% 2.4x 20.8x Towers Watson & Co. United States 134.51 -5% 9,340.5 8,950.3 842.3 240.0 3,662.5 727.4 19.9% 3.2% 2.4x 12.3x

Adjusted Weighted Average 2.1x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.8x)

($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 86.26 -5% 39,783.7 38,567.0 1,665.9 9.2 11,086.4 2,312.7 20.9% 6.3% 3.5x 16.7x Barrett Business Services Inc. United States 44.65 -16% 321.6 334.5 4.4 45.2 723.6 39.2 5.4% 19.5% 0.5x 8.5x Capita plc United Kingdom 19.15 -5% 12,681.2 15,523.9 768.5 3,624.0 7,227.6 1,069.0 14.8% 10.8% 2.1x 14.5x DHI Group, Inc. United States 9.32 -15% 490.8 558.5 32.7 104.3 262.5 66.7 25.4% 3.6% 2.1x 8.4x Edenred SA France 20.72 -30% 4,784.4 5,734.2 913.4 1,902.5 1,126.1 363.1 32.2% 7.8% 5.1x 15.8x Insperity, Inc. United States 43.16 -22% 1,055.6 844.7 189.4 - 2,549.5 96.8 3.8% 9.9% 0.3x 8.7x LinkedIn Corporation * United States 243.11 -12% 31,868.4 29,920.8 3,033.4 1,104.0 2,772.4 229.5 8.3% 37.1% 10.8x 130.4x Marsh & McLennan Companies, Inc. United States 55.30 -8% 28,847.1 32,096.1 930.0 3,936.0 12,801.0 2,772.0 21.7% -0.1% 2.5x 11.6x Monster Worldwide, Inc. United States 6.44 -22% 587.9 744.9 107.7 209.0 727.5 95.4 13.1% -2.9% 1.0x 7.8x Paychex, Inc. United States 54.25 -1% 19,559.3 19,021.6 536.6 - 2,795.8 1,189.3 42.5% 8.7% 6.8x 16.0x Professional Diversity Network LLC United States 0.60 -89% 8.8 4.7 6.4 0.5 38.2 (6.7) NM 664.3% 0.1x NM Towers Watson & Co. United States 134.51 -5% 9,340.5 8,950.3 842.3 240.0 3,662.5 727.4 19.9% 3.2% 2.4x 12.3x TriNet Group, Inc. United States 19.75 -48% 1,382.9 1,741.4 128.4 509.8 2,537.3 124.2 4.9% 22.5% 0.7x 14.0x WageWorks, Inc. United States 42.54 -35% 1,529.0 1,130.0 496.4 79.1 329.7 54.2 16.4% 34.9% 3.4x 20.8x

Adjusted Weighted Average 3.5x 14.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (54.8x)

37 | M&A and Investment Summary November 2015 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 107.22 -2% $ 66,991.6 $ 63,169.6 $ 4,028.6 $ 27.2 $ 31,047.9 $ 5,146.2 16.6% 3.5% 2.0x 12.3x Amdocs Limited Channel Islands 56.57 -8% 8,693.3 7,559.3 1,401.7 - 3,643.5 678.8 18.6% 2.2% 2.1x 11.1x Bechtle AG Germany 94.69 -3% 1,988.5 1,936.6 132.9 81.8 3,087.4 155.5 5.0% 11.1% 0.6x 12.5x Booz Allen Hamilton Holding Corporation United States 30.45 -3% 4,520.3 5,934.8 151.5 1,616.7 5,321.4 493.9 9.3% 0.4% 1.1x 12.0x Broadridge Financial Solutions, Inc. United States 54.98 -9% 6,519.9 6,967.9 324.2 689.4 2,733.1 580.5 21.2% 6.4% 2.5x 12.0x Business & Decision SA France 6.09 -30% 48.0 85.5 6.5 45.6 245.8 13.4 5.5% 11.3% 0.3x 6.4x Cap Gemini S.A. France 92.25 -7% 15,897.6 14,460.8 6,394.9 4,864.4 12,338.6 1,344.5 10.9% 9.0% 1.2x 10.8x CGI Group, Inc. Canada 43.61 -2% 13,397.1 14,764.8 212.1 1,683.8 7,679.3 1,311.5 17.1% -2.0% 1.9x 11.3x Cognizant Technology Solutions Corporation United States 64.58 -7% 39,269.1 36,168.4 3,566.5 1,062.5 11,925.7 2,372.8 19.9% 20.8% 3.0x 15.2x Computer Sciences Corporation United States 31.33 -57% 4,348.1 5,169.1 2,199.0 2,618.0 11,329.0 964.0 8.5% -12.0% 0.5x 5.4x CSG Systems International Inc. United States 35.73 -8% 1,168.2 1,253.3 194.0 285.1 748.9 131.2 17.5% -0.4% 1.7x 9.5x Digi International Inc. United States 12.51 -8% 316.5 224.3 91.3 - 212.9 12.8 6.0% 10.5% 1.1x 17.5x Globant S.A. * Luxembourg 35.16 -8% 1,195.7 1,123.0 63.7 0.9 237.4 28.2 11.9% 24.4% 4.7x 39.8x International Business Machines Corporation United States 139.42 -21% 135,252.8 165,501.8 8,760.0 38,668.0 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.7x Infosys Limited India 16.37 -10% 37,413.9 32,820.9 4,655.0 - 9,024.0 2,536.0 28.1% 5.8% 3.6x 12.9x ITS Group France 6.61 -27% 50.6 58.3 13.1 19.1 210.9 8.5 4.0% 17.7% 0.3x 6.8x NCI, Inc. United States 16.51 -4% 220.5 231.8 0.4 19.5 323.5 27.0 8.4% 0.3% 0.7x 8.6x NTT Data Corporation Japan 48.69 -5% 13,657.9 15,777.0 1,735.2 3,229.5 13,022.2 2,004.0 15.4% 9.3% 1.2x 7.9x Perficient Inc. United States 17.48 -19% 617.4 669.7 6.8 60.0 450.2 54.4 12.1% 9.5% 1.5x 12.3x Tata Consultancy Services Limited * India 35.58 -15% 70,109.4 67,012.0 3,231.6 22.9 15,492.3 3,944.1 25.5% 14.3% 4.3x 17.0x Wipro Ltd. India 8.62 -15% 21,158.3 18,409.2 4,358.5 1,285.0 7,455.0 1,641.4 22.0% 6.9% 2.5x 11.2x

Adjusted Weighted Average 2.5x 11.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.4x)

38 | M&A and Investment Summary November 2015 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $4.60 -19% $ 37.1 $ 45.2 $ 9.7 $ 17.8 $ 47.0 $ (1.6) NM -12.9% 1.0x NM Cenveo Inc. United States 1.57 -42% 106.6 1,339.0 12.2 1,252.2 1,904.1 149.4 7.8% 4.8% 0.7x 9.0x Communisis plc United Kingdom 0.65 -31% 135.0 186.6 40.8 94.7 547.7 38.1 7.0% 9.4% 0.3x 4.9x Cineplex Inc. * Canada 37.57 -2% 2,370.0 2,677.6 19.0 321.9 967.3 165.7 17.1% 5.7% 2.8x 16.2x Contax Participacoes S.A. Brazil 0.04 -94% 13.1 276.5 144.2 458.2 833.5 33.9 4.1% -5.0% 0.3x 8.2x Convergys Corporation United States 25.76 -3% 2,512.4 2,656.6 208.0 337.8 2,962.7 370.1 12.5% 13.1% 0.9x 7.2x Elanders AB Sweden 6.96 -15% 184.5 293.4 48.8 155.0 502.0 44.5 8.9% 30.4% 0.6x 6.6x Eniro AB Sweden 0.13 -88% 63.0 273.7 9.9 229.9 307.6 47.7 15.5% -20.1% 0.9x 5.7x Exlservice Holdings, Inc. United States 46.77 -2% 1,541.3 1,428.2 172.5 71.0 597.9 88.0 14.7% 22.5% 2.4x 16.2x Firstsource Solutions Limited India 0.67 -2% 450.1 603.6 23.2 167.7 460.6 57.1 12.4% -3.1% 1.3x 10.6x Genpact Limited Bermuda 25.20 -3% 5,359.8 5,699.9 444.0 821.4 2,416.0 408.2 16.9% 8.0% 2.4x 14.0x InnerWorkings Inc. United States 8.56 -1% 461.5 576.8 15.6 111.9 1,005.7 35.4 3.5% 0.9% 0.6x 16.3x Luxoft Holding, Inc. * SwitzerlandSwitzerland 77.47 -2% 2,548.2 2,466.9 59.9 0.8 592.7 109.3 18.4% 30.5% 4.2x 22.6x MAXIMUS, Inc. United States 56.75 -19% 3,707.8 3,847.4 81.9 166.8 2,099.8 310.9 14.8% 23.5% 1.8x 12.4x Quad/Graphics, Inc. United States 10.32 -57% 511.9 2,023.8 13.6 1,488.2 4,767.2 494.9 10.4% -0.4% 0.4x 4.1x Quintiles Transnational Holdings Inc. United States 67.99 -15% 8,369.1 10,001.4 803.6 2,491.3 4,261.9 781.5 18.3% 3.8% 2.3x 12.8x R.R. Donnelley & Sons Company United States 16.09 -20% 3,358.0 6,790.8 295.4 3,746.8 11,391.5 1,064.1 9.3% 0.9% 0.6x 6.4x Salmat Limited Australia 0.52 -56% 83.3 75.4 37.4 19.6 383.4 11.3 3.0% 10.0% 0.2x 6.6x Serco Group plc United Kingdom 1.66 -53% 1,809.5 2,228.5 247.1 682.3 5,846.8 (990.1) NM -11.4% 0.4x NM St Ives plc United Kingdom 3.27 -4% 431.4 526.0 18.1 82.7 538.9 71.7 13.3% 4.2% 1.0x 7.3x StarTek, Inc. United States 3.49 -66% 54.4 91.0 6.4 38.3 264.1 1.6 0.6% 5.9% 0.3x 57.7x Sykes Enterprises, Incorporated United States 31.82 -4% 1,356.2 1,199.5 222.4 65.0 1,299.0 154.0 11.9% -1.1% 0.9x 7.8x Teleperformance S.A. France 83.12 -4% 4,747.5 5,159.6 340.7 768.6 3,532.2 464.5 13.2% 27.8% 1.5x 11.1x TeleTech Holdings Inc. United States 29.02 -6% 1,404.5 1,445.7 93.8 116.1 1,283.1 163.8 12.8% 5.0% 1.1x 8.8x Trans Cosmos, Inc. Japan 24.79 -11% 1,019.9 837.0 253.2 6.4 1,776.2 99.8 5.6% 10.7% 0.5x 8.4x Transcontinental Inc. Canada 16.23 -1% 1,267.2 1,497.2 41.7 277.3 1,605.4 311.7 19.4% 4.2% 0.9x 4.8x Cimpress N.V. Netherlands 92.24 -2% 2,896.6 3,673.0 110.5 652.7 1,536.0 200.0 13.0% 15.6% 2.4x 18.4x West Corporation United States 25.50 -29% 2,122.2 5,339.8 158.5 3,457.5 2,274.8 661.4 29.1% 27.9% 2.3x 8.1x Xchanging plc United Kingdom 2.72 -3% 674.3 747.9 179.3 228.3 836.0 (0.9) NM -14.4% 0.9x NM

Adjusted Weighted Average 1.1x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.1x)

39 | M&A and Investment Summary November 2015 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 3.5x 2.0x 7.0x 4.6x Internationally-based Digital Media and Internet 4.2x 2.0x 6.1x 5.9x US-based eCommerce 2.4x 1.8x 4.2x 4.0x Internationally-based eCommerce 3.9x 1.6x 11.8x 2.4x US-based Digital Advertising 3.0x 2.0x 9.7x 2.4x Internationally-based Digital Advertising 3.9x 2.2x 7.9x 5.5x US-based Marketing Technology 4.3x 3.6x 4.5x 4.4x Internationally-based Marketing Technology 3.6x 3.7x 4.7x 4.7x Agency 1.4x 1.3x 1.4x 1.7x Marketing Services 1.4x 0.7x 3.2x 1.6x Traditional Media 2.5x 2.4x 3.3x 3.1x Software 5.5x 5.0x 5.2x 4.7x Information 3.7x 3.8x 4.7x 4.5x Business Services 1.4x 0.9x 3.0x 2.1x

As of close of business on 11/30/15

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

40 | M&A and Investment Summary November 2015 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 16.5x 14.5x 17.5x 13.2x Internationally-based Digital Media and Internet 17.6x 10.5x 22.4x 21.1x US-based eCommerce 16.6x 12.8x 19.3x 13.5x Internationally-based eCommerce 25.8x 25.8x 34.9x 20.4x US-based Digital Advertising 23.3x 14.8x 26.3x 23.3x Internationally-based Digital Advertising 18.3x 11.7x 20.6x 21.8x US-based Marketing Technology 17.7x 20.0x 24.8x 13.8x Internationally-based Marketing Technology 23.1x 17.4x 15.1x 14.9x Agency 12.7x 10.2x 10.8x 10.4x Marketing Services 9.7x 9.3x 14.0x 9.9x Traditional Media 13.8x 10.3x 11.7x 11.3x Software 32.5x 15.8x 26.2x 13.7x Information 21.4x 14.7x 18.1x 16.1x Business Services 12.4x 10.5x 21.6x 12.9x

As of close of business on 11/30/15

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

41 | M&A and Investment Summary November 2015 PPLLC Indices LTM Share Pricing Trends

Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%

140% 140% • S&P 500 –  1.3 % • S&P 500 –  1.3 %

130% 125% • Digital Advertising –  27.7 % •  Digital Media/Commerce – 21.5 % 120%

110% • Traditional Media – (0.9 %) 110% 100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 –  1.3 % 140% • S&P 500 –  1.3 % 140% 130% 130% • Marketing Technology – (5.8 %) • Agency –  6.8 % 120% 120% • Marketing Services –  7.5 % 110% 110%

100% 100%

90% (%) Performance Index 90% Index Performance (%) Performance Index

80% 80% Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15

Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 –  1.3 % 140% • S&P 500 –  1.3 % 140% 130% • Software –  1.2 % 130% • Information –  8.2 % 120% 120% 110% • Business Services – (4.8 %) 110% 100% 100%

Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 80% Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Software S&P 500 Index (^SPX) Note: LTM as of 11/30/2015 Information Business Services S&P 500 Index (^SPX) 42 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed King Digital Entertainment Digital Media/Commerce Activision Blizzard, Inc. $ 4,759.5 Youku Tudou, Inc. Digital Advertising Alibaba Group Holding Ltd. 4,481.8 HomeAway.com, Inc. Digital Media/Commerce Expedia, Inc. 3,347.8 Wincor Nixdorf Business Services Diebold, Inc. 1,805.0 Constant Contact, Inc. Marketing Technology Endurance International Group, Inc. 931.4 Acano Limited Software Cisco Systems, Inc. 700.0 Eastern Broadcasting Co., Ltd. Traditional Media DMG Entertainment, Inc. 600.0 iProperty Group Limited Digital Media/Commerce REA Group Limited 420.2 MarketShare Partners LLC Marketing Technology NeuStar, Inc. 390.0 GFI Informatique S.A. Business Services Mannai Corporation QSC 304.0 Elastica, Inc. Software Blue Coat Systems, Inc. 280.0 Fluent, Inc. Marketing Technology IDI, Inc. 255.0 Healthland, Inc. Information Computer Programs and Systems, Inc. 250.0 CommonFloor.com Digital Media/Commerce Quikr India Private Limited 200.0 HealthFusion, Inc. Software Quality Systems, Inc. 190.0 Polaris Consulting & Services Limited Business Services Virtusa Corporation 179.8 INetU Inc. Software ViaWest, Inc. 162.5 B.E. Smith, Inc. Business Services AMN Healthcare, Inc. 160.0 Trust Group of Companies Software Sabre Corporation 154.0 Fox-IT Group Software NCC Group, Inc. 140.6 Insurancequotes, Inc. Digital Advertising All Web Leads, Inc. 140.0 CarWale Group Digital Media/Commerce Cartrade.com 90.0 eBay Enterprise, Inc., CRM Division Marketing Technology Zeta Interactive 85.0 Rdio, Inc. Digital Media/Commerce Pandora Media, Inc. 75.0 Alliance Global Services Business Services EPAM Systems, Inc. 50.0 Razorsight, Inc. Marketing Technology Synchronoss Technologies, Inc. 40.3 PDI, Inc., Commercial Services Business Assets Agency & Marketing Services Publicis Touchpoint Solutions 32.5 Classmates, Inc. Digital Media/Commerce PeopleConnect Holdings, Inc. 30.0 DreamHack AB Traditional Media Modern Times Group MTG AB 28.2 Akamon Entertainment Ltd. Digital Media/Commerce Imperus Technologies Corporation 25.3 OPTIMATIC Media, Inc. Digital Advertising Matomy Media Group 25.0 PointRoll, Inc. Marketing Technology Sizmek, Inc. 20.0 Bloxx Ltd. Software Akamai Technologies, Inc. 18.7 Geotext Translations, Inc. Business Services Lionbridge Technologies, Inc. 17.3 Xcira LLC Digital Media/Commerce Ritchie Bros. Auctioneers, Inc. 17.1 Opsmatic, Inc. Software New Relic, Inc. 12.3 ShoeMoney Media Group, Inc. Digital Advertising Go Social Media 12.0 Socialware, Inc. Marketing Technology Proofpoint, Inc. 9.0 Bellsoft, Inc. Business Services AMERI Holdings, Inc. 5.2 Digitote Limited Digital Media/Commerce Contagious Gaming, Inc. 4.0 SphereUp Ltd. Marketing Technology Zoomd Ltd. 1.8

43 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed A Company Agency & Marketing Services HL Group Partners, LLC $ - AMERICA's Media Marketing, Inc. Agency & Marketing Services Panoptic Media Marketing, Inc. - Cleartag Agency & Marketing Services J. Walter Thompson Company - dc3 Agency & Marketing Services Cummins&Partners - Digital Net Agency, Inc. Agency & Marketing Services eBay Enterprise Marketing Solutions, Inc. - DQ&A Media Group Agency & Marketing Services incuBeta Holdings - Engine Shop, LLC Agency & Marketing Services WPP Group - Essence Digital Limited Agency & Marketing Services WPP Group - Fifth Room Creative Agency & Marketing Services R&J Strategic Communications - Glickman Shamir Samsonov Advertising Co. Ltd. Agency & Marketing Services Publicis Groupe S.A. - Grupo ABC Agency & Marketing Services Omnicom Group, Inc. - Helder Marketing & Communicatie B.V. Agency & Marketing Services WPP Group - Langland Advertising Design & Marketing Ltd Agency & Marketing Services Publicis Healthcare Communications Group - Larsen Design Office, Inc. Agency & Marketing Services RAZR Marketing, Inc. - ManvsMachine Ltd. Agency & Marketing Services Landor Associates - Marketing Inspirations, Inc. Agency & Marketing Services Allied Integrated Marketing - MEplusYOU Agency & Marketing Services Moroch Partners - PML Group Agency & Marketing Services Dentsu Aegis Network, Inc. - Spree7 GmbH Agency & Marketing Services MediaMath, Inc. - Yonder Media (Pty) Ltd. Agency & Marketing Services WPP Group - Advanced Knowledge Networks, Inc. Business Services CentriLogic, Inc. - Akumina Business Services Persistent Systems Ltd. - Avenue 9 Solutions Limited Business Services Jones Lang LaSalle, IP, Inc. - EmployeeScreenIQ, Inc. Business Services SterlingBackcheck - Imagic, Inc. Business Services Circle Graphics, Inc. - Infield Systems Limited Business Services Wood Mackenzie Ltd. - Junction Solutions Business Services RSM US LLP - Medical Management Corporation of America Business Services PracticeMax, Inc. - Next Medical Staffing Business Services Health Carousel LLC - Pickingo Logixpress Private Limited Business Services Shadowfax Technologies Pvt. Ltd. - Spry Enterprises, Inc. Business Services WebbMason, Inc. - The Camden Group Business Services GE Healthcare - The JM Group Business Services Staffing 360 Solutions, Inc. - Timberhorn IT Solutions LLC Business Services ettain group, Inc. - Zipments Business Services Deliv, Inc. - Donde, Inc. Digital Advertising Mobify - KissMyAds Digital Advertising Stroer Media SE - Pixels Limited Digital Advertising Gravity4, Inc. - Shopmium SAS Digital Advertising Quotient Technology, Inc. - Sosh Digital Advertising Postmates, Inc. - TreatMe Digital Advertising AussieCommerce Group - Wantering Digital Advertising Clique Media, Inc. - 44 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Advanced Graphic Products Inc. Digital Media/Commerce Follett Corporation $ - AlwaysOnVacation, Inc. Digital Media/Commerce Monaker Group - Dumbo NYC Digital Media/Commerce Blank Slate Factory, Inc. - Engine Room Games Limited Digital Media/Commerce Unity Technologies - fashion4home GmbH Digital Media/Commerce Home24 GmbH - Fly Labs Inc. Digital Media/Commerce Google, Inc. - Geotagg Technologies Private Limited Digital Media/Commerce Ola - Guesterly Digital Media/Commerce Chatbooks, Inc. - Houseplans LLC Digital Media/Commerce Hanley Wood Exhibitions, Inc. - Padang Digital Media/Commerce Vanity Trove Ptd. Ltd. - Papyrus Editor Digital Media/Commerce YourStory Media Private Limited - POPxo Digital Media/Commerce Google, Inc. - Shop-Hers, Inc. Digital Media/Commerce Tradesy, Inc. - Uncover Digital Media/Commerce Velocity Mobile Limited - Wildsoft F1 Digital Media/Commerce Motorsport.com, Inc. - Zepper Services Pvt. Ltd. Digital Media/Commerce Taskbob - 1DocWay Information Genoa, a QoL Healthcare Company - C6 Intelligence Information Mergermarket Group - Lex Machina, Inc. Information LexisNexis Legal Business - Redwood Outcomes Information Precision for Value LLC - Tick Data, Inc. Information OneMarketData - adaptiv.io Marketing Technology Swrve Media, Inc. - Artisan Mobile, Inc. Marketing Technology Tune, Inc. - Booshaka Marketing Technology Sprinklr - Decision First Technologies, Inc. Marketing Technology Protiviti, Inc. - Ellipse Communications, Inc. Marketing Technology On-Site.com, Inc. - Flaspohler Research Group Marketing Technology NMG Consulting Limited - GeoResults, Inc. Marketing Technology ShareTracker LLC - MileIQ Marketing Technology Microsoft Corporation - SEOshop Group B.V. Marketing Technology Lightspeed POS, Inc. - Small World Labs Marketing Technology Personify Inc. - Solve Media, Inc. Marketing Technology Adiant - Sycara, Inc. Marketing Technology SIM Partners - 4tell Solutions LP Software Rubicon Technology Partners - Advanced Event Systems Software Sport Ngin - Appenlight Software RhodeCode, Inc. - BankSmarts Solutions Software NumberMall Private Limited - Bebop Software Google, Inc. - Forum Analytics LLC Software CBRE Group - Fuze Software ThinkingPhones - Gravitant, Inc. Software International Business Machines Corporation - imason, Inc. Software New Signature, Inc. - 45 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Ionic App Labs Software Migme $ - iVantage Health Analytics Software The Chartis Group - KidoZen, Inc. Software Mad Mobile, Inc. - Parklet, Inc. Software Greenhouse Software, Inc. - Protecode Inc. Software Synopsys, Inc - QED Financial Systems, Inc. Software Broadridge Financial Solutions, Inc. - Raymark Xpert Business Systems, Inc. Software Mi9 Retail - Reddwerks Corporation Software Dematic Corporation - SecureReset, Inc. Software Courion Corporation - SPARC Software Services Business Assets Software Booz Allen Hamilton, Inc. - Synergic Partners SL Software Telefonica, S.A. - VulcanoSec Software Chef Software, Inc. - Fashion Television International Limited Traditional Media Fashion One Television LLC - Film Roman LLC Traditional Media Waterman Entertainment, Inc. - Maverick Visuals LLC Traditional Media Uppercut Studios, Inc. - Pilgrim Studios, Inc. Traditional Media Lions Gate Entertainment Corporation - Recruiting Trends Conference Traditional Media LRP Conferences -

46 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed MedAssets, Inc. Information Pamplona Capital Management LLP $ 2,775.2

Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Levementum Business Services Inoca Capital Partners, LLC - Marco, Inc. Business Services Norwest Venture Partners - Synoptek, Inc. Business Services Sverica Capital Management LLC - Webhelp Groupe Business Services Kohlberg Kravis Roberts & Company L.P. - Examination Management Services, Inc. Information Beecken Petty O'Keefe & Company - MarketLive, Inc. Marketing Technology Vista Equity Partners - National Research Group, Inc. Marketing Technology The Stagwell Group LLC - Shopatron, Inc. Marketing Technology Vista Equity Partners -

47 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Jet.com, Inc. Digital Media/Commerce FMR LLC $ 500.0 Tenable Network Security Software Accel Partners 250.0 Beijing Weiying Technology Digital Media/Commerce Dalian Wanda Group Corporation Ltd. 235.0 HotChalk, Inc. Business Services Bertelsmann SE & Co. KGaA 230.0 Yixia Tech Digital Media/Commerce Sequoia Capital 200.0 Udacity, Inc. Business Services Andreessen Horowitz 105.0 Deliveroo Digital Media/Commerce Index Ventures 100.0 Guvera Ltd. Digital Media/Commerce AMMA Private Equity 100.0 Airbnb, Inc. Digital Media/Commerce Undisclosed 100.0 Fiverr International Limited Digital Media/Commerce Bessemer Venture Partners 60.0 Careem Networks FZ LLC Digital Media/Commerce STC Ventures 60.0 Zhihu Digital Media/Commerce Tencent Holdings Ltd. 55.0 Naaptol Online Shopping Private Limited Digital Media/Commerce New Enterprise Associates 51.7 GetYourGuide, Inc. Digital Media/Commerce Kohlberg Kravis Roberts & Company L.P. 50.0 Gainsight Marketing Technology Bessemer Venture Partners 50.0 TigerText, Inc. Software Norwest Venture Partners 50.0 Varsity Tutors LLC Digital Media/Commerce Technology Crossover Ventures 50.0 Handy, Inc. Digital Media/Commerce FMR LLC 50.0 Atzuche.com Digital Media/Commerce Matrix Partners 47.0 Turo Digital Media/Commerce Kleiner Perkins Caufield & Byers 47.0 Evariant Marketing Technology Salesforce Ventures 42.3 Knewton, Inc. Business Services Accel Partners 42.0 PlanGrid, Inc. Software Sequoia Capital 40.0 Perfecto Mobile, Inc. Software Technology Crossover Ventures 35.0 Coveo Solutions Inc. Marketing Technology IQ Ventures 35.0 iboss Cybersecurity Software Goldman Sachs Private Capital Investing 35.0 N3 LLC Marketing Technology RedBird Capital Partners 35.0 Craftsvilla.com Digital Media/Commerce Sequoia Capital 34.0 Schoology, Inc. Software Intel Capital 32.0 Avenida Digital Media/Commerce Tiger Global Management, LLC 30.0 Healthiest You Corporation Information Frontier Capital, LLC 30.0 CCP Games Digital Media/Commerce New Enterprise Associates 30.0 ClassPass, Inc. Digital Advertising Google Ventures 30.0 Swrve Media, Inc. Marketing Technology TPG Growth 30.0 CircleUp Network, Inc. Digital Media/Commerce Union Square Ventures 30.0 Macat International Limited Digital Media/Commerce (Private Investors) 30.0 S. Chand & Company Pvt. Ltd. Traditional Media International Finance Corporation 27.0 Placester, Inc. Marketing Technology New Enterprise Associates 27.0 ClearSky Data Software General Catalyst Partners LLC 27.0 IIX, Inc. Software New Enterprise Associates 26.0 UrbanClap Technologies India Pvt. Ltd. Digital Media/Commerce Bessemer Venture Partners 25.0 PresenceLearning Software Birchmere Ventures 25.0 48 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Innit, Inc. Digital Media/Commerce Undisclosed $ 25.0 FilmRise Traditional Media Harlan Capital Partners 25.0 UniPlaces Limited Digital Media/Commerce Atomico Ventures 24.0 Stuart Business Services GeoPost S.A. 23.4 Blueprint Software Systems, Inc. Software Centana Growth Partners 23.0 Appier Marketing Technology Sequoia Capital 23.0 CrunchyRoll, Inc. Digital Media/Commerce Otter Media 22.0 Bhinneka Mentari Dimensi, PT Digital Media/Commerce Ideosource 22.0 LucidWorks, Inc. Marketing Technology Allegis Capital 21.0 Goldstar Events, Inc. Digital Media/Commerce Undisclosed 20.3 Umbel Corporation Marketing Technology Cielo Private Equity 20.0 ProtectWise, Inc. Software Crosslink Capital 20.0 LoveCrafts Collective Ltd. Digital Media/Commerce Balderton Capital 20.0 H20.ai Marketing Technology Nexus Venture Partners 20.0 TicketManager Marketing Technology Kayne Partners 20.0 Cask Data, Inc. Software Safeguard Scientifics, Inc. 20.0 M.Gemi Digital Media/Commerce Accel Partners 18.0 Makeus Co. Ltd. Digital Advertising Capstone Partners 17.4 MoneyFarm SIM S.p.a. Information United Ventures 17.2 Confer Technologies, Inc. Software Foundation Capital 17.0 Fortscale Security Ltd. Software UST Global 16.0 Numecent Holdings Ltd. Software Deutsche Telekom AG 15.5 iguaz.io Software Magma Venture Partners 15.0 LE TOTE, Inc. Digital Media/Commerce Lerer Hippeau Ventures 15.0 Taskbucks Marketing Technology Times Internet Ltd. 15.0 VideoAmp, Inc. Digital Advertising RTL Group 15.0 Invoice2go Corporation Marketing Technology Accel Partners 15.0 Lon Operations LLC Digital Media/Commerce Bessemer Venture Partners 14.3 OpenHouse Realty, Inc. Digital Advertising Triangle Peak Partners, LP 13.5 Salesfusion, Inc. Marketing Technology Noro-Moseley Partners 13.5 AppDome Ltd. Software Menlo Ventures 13.0 MindCare Solutions Software Epiphany Health Ventures 12.8 MindTickle, Inc. Business Services Accel Partners 12.5 Align Commerce, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 12.5 Fever Labs, Inc. Digital Advertising Accel Partners 12.0 Quizlet, Inc. Business Services Union Square Ventures 12.0 Transfix.io Software Founder Collective 12.0 SnapApp LLC Marketing Technology Providence Equity Partners, Inc. 12.0 Tatilbudur Digital Advertising MCI Management S.A. 11.7 The Dodo.com, Inc. Digital Media/Commerce SoftBank Capital 11.5 Melty Group Digital Media/Commerce Serena Capital 11.1 relayr GmbH Software Kleiner Perkins Caufield & Byers 11.0 49 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Nestpick Global Services GmbH Digital Advertising Rocket Internet GmbH $ 11.0 Contactually, Inc. Marketing Technology Correlation Ventures 10.8 VictorOps, Inc. Software Foundry Group 10.6 Sportpursuit Ltd. Digital Media/Commerce DFJ Esprit 10.0 PatientPop, Inc. Marketing Technology Toba Capital 10.0 Zola, Inc. Digital Media/Commerce Canvas Venture Fund 10.0 Meilaapp Digital Advertising Morningside Group 10.0 CB Insights Marketing Technology RSTP 10.0 17 Media Digital Media/Commerce Infinity Venture Partners 10.0 Lisnr, Inc. Marketing Technology Intel Capital 10.0 Jugnoo Business Services PayTM Mobile Solutions 10.0 PatientPing, Inc. Information Google Ventures 9.6 Qikpod Business Services Accel Partners 9.0 Cymmetria, Inc. Software Sherpa Ventures 9.0 Xometry Inc. Software Highland Capital Partners 8.8 BuildingConnected, Inc. Digital Advertising Crosslink Capital 8.5 Sidecar Marketing Technology Ascent Venture Partners 8.0 Apsalar, Inc. Marketing Technology Thomvest Ventures 8.0 Amplience Ltd Marketing Technology Silicon Valley Bank 8.0 Joyable, Inc. Digital Media/Commerce Thrive Capital 8.0 Watchwith Digital Advertising Rogers Venture Partners 8.0 TinyOwl Technology Pvt. Ltd. Digital Media/Commerce Sequoia Capital 7.7 Ruby Ribbon, Inc. Digital Media/Commerce DBL Investors 7.5 Viv Labs, Inc. Marketing Technology Pritzker Group Venture Capital 7.5 Styletag Digital Media/Commerce Embassy Group 7.5 Unitive, Inc. Marketing Technology Ignition Partners LLC 7.5 Havenly, Inc. Digital Media/Commerce Foundry Group 7.5 Steton Technology Group Software Access Holdings Management Company LLC 7.5 Movago GmbH Business Services DN Capital 7.4 PhishLabs Software Fulcrum Equity Partners 7.0 Fandor Digital Media/Commerce Starz, LLC 7.0 Covata Limited Software FIL Limited 6.9 Eventboard Software Greycroft Partners 6.5 Shelfbucks Digital Advertising Undisclosed 6.5 Zenchef Marketing Technology Kima Ventures 6.5 Salary Finance Limited Software Brightbridge Ventures 6.1 Rhumbix Marketing Technology Greylock Partners 6.1 Tubi TV Digital Media/Commerce Foundation Capital 6.0 Jobber Marketing Technology Point Nine Capital 6.0 Seeq Corporation Software (Private Investors) 6.0 Chefs Basket Digital Media/Commerce SAIF Partners 6.0 PoPin Software Greylock Partners 6.0 50 | M&A and Investment Summary November 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Watchmaster.com Digital Media/Commerce Piton Capital $ 5.5 Cogito Corporation Marketing Technology Romulus Capital 5.5 Fuzzy Logix, LLC Software New Science Ventures 5.5 Townsquared, Inc. Digital Media/Commerce August Capital Management 5.3 Chronext AG Digital Media/Commerce Partech Ventures 5.3 Clarisite Ltd. Marketing Technology Lazarus Israel Opportunities Fund 5.0 test IO Software Turn/River Capital 5.0 TinyRX, Inc. Digital Advertising Google Ventures 5.0 Mavrck Marketing Technology Kepha Partners 5.0 myHealthTeams, Inc. Digital Media/Commerce Adams Street Partners, LLC 5.0 Appcast Software Baird Capital Partners 5.0 Gamesco Digital Media/Commerce (Private Investors) 5.0 PeerSpace, Inc. Digital Media/Commerce Foundation Capital 5.0 Yello, Inc. Software First Analysis 5.0 POKKT Digital Advertising Icon Ventures, Inc. 5.0 Panjo Digital Media/Commerce Spark Capital 4.6 Coconala Digital Media/Commerce Nissay Capital 4.4 FLEXE, Inc. Digital Media/Commerce Second Avenue Partners 4.4 SweetIQ Analytics Corporation Agency & Marketing Services Plaza Ventures 4.2 Skulpt, Inc. Digital Media/Commerce Caerus AG 4.1 ZoneTV Marketing Technology BEST Funds 4.1 Zenedge LLC Software TELUS Ventures 4.0 Kaodim Digital Media/Commerce 500 Startups 4.0 Digg, Inc. Digital Media/Commerce Digital Garage, Inc. 4.0 Huuuge, Inc. Digital Media/Commerce Korea Investment Partners 4.0 Affinio.com Marketing Technology BRaVe Ventures 4.0 Deporvillage SL Digital Media/Commerce Cabiedes & Partners 4.0 Hitbox Digital Media/Commerce Wargaming LLP 4.0 JadoPado Ltd. Digital Media/Commerce BECO Capital 4.0 IPV Limited Marketing Technology Calculus Capital 3.9 Once Upon A Time Marketing Limited Agency & Marketing Services Calculus Capital 3.8 Eve Sleep Ltd Digital Media/Commerce DN Capital 3.8 CashKaro Digital Advertising Kalaari Capital 3.8 AlayaCare, Inc. Software Recap Health Ventures 3.6 Super Home, Inc. Digital Media/Commerce Lux Capital 3.6 Cinematique LLC Digital Advertising Pumori Capital 3.5 Freebird, Inc. Digital Advertising General Catalyst Partners LLC 3.5 twoXAR, Inc. Software Andreessen Horowitz 3.4 CoPromote Marketing Technology ff Venture Capital 3.2 HeyPillow Technology Private Limited Digital Advertising Hampton Capital 3.0 Hivemapper, Inc. Software Google Ventures 3.0 Premonition LLC Software Undisclosed 3.0 51 | M&A and Investment Summary November 2015 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 ($ in Millions) Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Circle Medical Technologies, Inc. Digital Media/Commerce Collaborative Fund $ 2.9 Zipdrug, Inc. Digital Media/Commerce Lux Capital 2.6 FLUVIP SAS Marketing Technology Velum Ventures 2.5 Ideal Candidate Software Undisclosed 2.5 RootsRated LLC Digital Media/Commerce Undisclosed 2.5 SafeDK Mobile Ltd. Digital Media/Commerce Kaedan Capital Group 2.3 Yallo, Inc. Digital Media/Commerce Carmel Ventures 2.3 Panaseer Limited Software Notion Capital 2.3 Oppex Ltd. Marketing Technology Initial Capital 2.3 HealthCrowd Digital Media/Commerce Herlitz Inventory Management, Inc. 2.1 GlovoApp23, SL Business Services Cube Investments 2.1 Blue Triangle Technologies, Inc. Marketing Technology (Private Investors) 2.1 RentoMojo Digital Media/Commerce Accel Partners 2.0 Hostmaker Digital Media/Commerce DN Capital 2.0 TruSTAR Technology LLC Software Resolute Ventures 2.0 ShopCo Technologies Marketing Technology (Private Investors) 2.0 Zilingo Pte Ltd. Digital Media/Commerce Sequoia Capital 2.0 Marketing.AI Marketing Technology (Private Investors) 2.0 Cleanify Holdings, Inc. Digital Advertising 500 Startups 1.8 Satvacart Retail LLP Digital Media/Commerce Palaash Ventures 1.8 SmartReno Digital Advertising (Private Investors) 1.6 CodinGame SAS Digital Media/Commerce (Private Investors) 1.6 Onegini B.V. Software (Private Investors) 1.5 PHHHOTO, Inc. Digital Media/Commerce WME 1.5 Kuddly, Inc. Digital Media/Commerce Exponential Partners 1.5 Spiro Technologies, Inc. Marketing Technology (Private Investors) 1.5 The Better Software Company, Inc. Marketing Technology ff Venture Capital 1.4 Zeplin.io Software (Private Investors) 1.2 TripScope, Inc. Digital Advertising (Private Investors) 1.2 Wellmo Mobile Wellness Solutions MWS Oy Software Undisclosed 1.1 SeamlessMD Software BDC Capital 1.1 Tripvisto Nusantara Jaya Digital Media/Commerce Gobi Partners 1.0

52 | M&A and Investment Summary November 2015 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships with investment bank Altium in Europe, as well as The Mountain Capital Group in China, and Allegro Advisors and o3 Capital in India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership

53 | M&A and Investment Summary November 2015 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions

2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor Deal Count Deal Count 1 Petsky Prunier 21 65 2 Goldman Sachs 17 50 3 Morgan Stanley 15 43 4 JP Morgan 14 31 5 Nomura Holdings 12 39 5 Ernst & Young 12 24 7 China Renaissance Partners 11 36 7 PwC 11 34 7 Deloitte 11 18 7 AGC Partners 11 30 11 GCA Savvian 10 41

Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and more than 90 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, ecommerce, and media industries and has significant momentum . More than 20 transactions completed in YTD 2015 and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers

54 | M&A and Investment Summary November 2015

Representative Recent Transactions*

Pending $160,000,000*

a leading digital provider of subscription- has sold based, consumer product images and a leading content-driven, strategic a leading digital database marketing a portfolio company of related data to the retail food industry digital agency and advertising technology company has received a significant a leading developer of enterprise a leading technology and data-driven has been sold to growth investment from a portfolio company of mobility software the most innovative digital strategy, has signed a definitive agreement to be digital marketing services and user experience, and software sold to analytics company development firm has been sold to has been sold to has been sold to to has been sold to a portfolio company of

(NYSE: DLX) (NYSE: IDI) (NYSE: ACN)

*Approximate Value

$120,000,000 $74,000,000*

the leading eCommerce media network a portfolio company of in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions a fast-growing, direct-to-consumer a leading provider of software-based a leading provider of data-driven, retailer of envelopes and related products for orphan and rare disease a big data marketing analytics and database wine eCommerce company social media brand advocacy solutions full-funnel B2B marketing solutions has been sold to has been sold to pharmaceutical drugs technology and solutions company has received a significant has been sold to Aperion Management has been sold to has been sold to investment from has been sold to has acquired and to

(NYSE EVDY) (NASDAQ: EXLS) (NASDAQ: ICLR)

*Approximate Value

$65,000,000 $280,000,000*

a leading supplier of data on healthcare has sold a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end professionals and administrator of one a leading data-driven patient a global leader in quantitative data digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the of the largest practitioner-level medical the leader in data-driven identification and engagement platform collection and reporting software systems professionals on behalf of leading display, and email insurance industry claims databases in the U.S. advocacy campaigns that provides its members access to pharmaceutical companies has sold a majority stake to has been sold to to healthcare education, patient savings, has been sold to has been sold to has been sold to and other valuable programs has been sold to a division of has been sold to a portfolio company of (NYSE: OMC) (NYSE: EVDY) (NYSE: RUK) (NYSE: WTM)

*Approximate Enterprise Value

$50,000,000

a disruptive, rapidly a leading SaaS provider of social intelligence, a leading targeted direct marketing expanding marketplace for a leading SaaS-based, cross channel analytics, insights, and engagement one of the largest digital agencies specializing a leading provider of marketing solutions the leading film and television information, company that connects new movers insurance clicks, calls, and leads a leading global SaaS-based campaign management platform has been sold to in multi-channel content marketing solutions to destinations, resorts, and other data, and related software company with local business tag management, data management, for B2C marketers for the life sciences industry travel-related businesses has sold a majority stake to has been sold to has merged with an affiliate of and marketing attribution provider has been sold to which is being combined with has been recapitalized to support future has been sold to growth with significant debt financing has been sold to from a division of both portfolio companies of and (NASDAQ: CTSH) (NYSE: WTM)

*For a more comprehensive list, please click here.

55 | M&A and Investment Summary November 2015