Technology, Media & Telecom

TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr.Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

HARRIS WILLIAMS & CO. OVERVIEW

CONTENTS HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM . IDM OVERVIEW . WHAT WE’RE READING KEY FACTS . SELECT M&A TRANSACTIONS – 2Q 2016 . IDM M&A ACTIVITY . Approximately 250 . IDM SECTOR OVERVIEWS professionals across seven . IDM PRIVATE PLACEMENTS OVERVIEW offices in the U.S. and Europe . IDM PUBLIC COMPARABLES OVERVIEW . TECHNOLOGY IPO OVERVIEW . Strategic relationships in . DEBT MARKET OVERVIEW India and China . APPENDIX: PUBLIC COMPARABLES DETAIL . 10 industry groups TMT CONTACTS

HW&Co. Office UNITED STATES Network Office Jeff Bistrong Managing Director [email protected] HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS Sam Hendler Managing Director [email protected] INTERNET & DIGITAL MEDIA SOFTWARE / SAAS Mike Wilkins . AdTech and Marketing . eCommerce . Enterprise Software . IT and Tech-enabled Managing Director [email protected] Solutions . Media, Content, and . Data and Analytics Services EUROPE . Data and Information Gaming . Infrastructure and . Data Center and Services Security Software Managed Services Thierry Monjauze Managing Director [email protected] TMT VERTICAL FOCUS AREAS . Education . Fintech . Manufacturing . Public Sector and Non-Profit TO SUBSCRIBE PLEASE EMAIL: *[email protected] . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, Infrastructure and Logistics

SELECT 2016 AND 2015 HW&CO. TMT TRANSACTIONS

Baarsma B2C trades as:

has been has been acquired by has acquired has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by recapitalized by

PAGE | 1 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

DEAL SPOTLIGHT – NORTHSTAR TRAVEL GROUP HW&Co.’s TMT Group advised The Wicks Group and its portfolio company, Northstar Travel Group, on its sale to Wasserstein & Co.

. Northstar has exhibited impressive growth in recent years through both organic and inorganic initiatives that have expanded its solution suite and geographic footprint. a portfolio company of . Wasserstein is partnering with Northstar to provide the capital and investment experience intended to support Northstar’s continued transformation and growth.

has been acquired by . The new partnership with Wasserstein will build upon past successes by leveraging resources that will aid the company in continued geographic expansion, new product development, and strategic acquisitions.

June 7, 2016

ABOUT NORTHSTAR TRAVEL GROUP

. Northstar is the leading provider of business-to-business information, content, events, data, research, custom content, and software dedicated to the global travel and meeting industries. . Northstar Travel Group is the parent company of best-in-class brands including Travel Weekly, TravelAge West, Business Travel News, Successful Meetings, Meetings & Conventions, Travel Weekly China, M&C China, Phocuswright, and Inntopia. . The company is based in Secaucus, NJ with offices in New York, NY; Glen Ellyn, IL; Los Angeles, CA; Winston-Salem, NC; Stowe, VT, and international offices in Singapore, Beijing, and Shanghai.

PAGE | 2 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

HARRIS WILLIAMS & CO. INTERNET & DIGITAL MEDIA (IDM) OVERVIEW

Primary IDM Contact ABOUT THE SECTOR Mike Wilkins Managing Director Harris Williams & Co.’s Technology, Media & Telecom (“TMT”) Group is dedicated to providing 575 Market Street, 31st Floor superior merger & acquisition and capital markets advisory services to market leading companies. San Francisco, California 94105 We are pleased to issue the 2Q 2016 Internet & Digital Media Sector Update, which provides Office: 415.217.3411 commentary and analysis on the current IDM M&A environment and market trends. Mobile: 415.722.4550 [email protected]

SECTION CONTENTS

AdTech and Marketing Solutions eCommerce • Advertising Networks and Search Portals • Marketplace • Marketing Technology • Travel • eCommerce Enablement • Flash Sales, Promotional, and Coupons • Vertical eCommerce

Data and Information Services Media, Content, and Gaming • Proprietary Data Networks • Digital Media • Community Based Information Services • Online Content • Social Media • Gaming

SELECT HW&CO. INTERNET & DIGITAL MEDIA TRANSACTIONS

Provider of B2B Leading Baarsma B2C trades as: Leading B2C Provider of Cloud-based Provider of news, inbound eCommerce online information data-driven information, demand wine retail community and analytics marketing and data, software generation platform in management platform for analytics tools and custom and sales Europe has been acquired by solutions has been acquired by the aviation has been acquired by to the has been acquired by has been acquired by has been acquired by content conversion industry automotive solutions for platform industry the travel industry

PAGE | 3 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

WHAT WE’RE READING

WAL-MART EXPANDS FREE TWO-DAY SHIPPING (JUNE 29, 2016)

Wal-Mart is making a strong push in eCommerce with recent strides that will better enable the company to compete with Amazon Prime. The retailing giant announced plans to increase the breadth of its online listings, engaging additional third-party sellers and raising aggregate SKU’s to roughly 10 million. Additionally, the company will now offer free two- day shipping to all U.S. customers via its “ShippingPass” program —a response to Prime offered at nearly half cost. The service improvement is part of a $2 billion investment intended to drive Wal-Mart’s development in eCommerce. Other brick-and-mortar retailers are faltering, as the infrastructure needed to shorten delivery windows—warehouse construction, inventory/transportation management technologies, etc.—erodes margins at too great a level. Amazon can bankroll such infrastructure with its cloud business and Wal-Mart with its sizable balance sheet. Yet some wonder whether retailers today can afford not to invest in eCommerce infrastructure given shifting purchase behavior. The Wall Street Journal

THE BATTLE FOR THE POST-DIGITAL WORLD (JUNE 7, 2016)

The evolution of marketing has progressed from pre-digital marketing’s one-to-many approach to digital marketing’s data-driven, one-to-one personalization approach, and is now shifting to a post-digital marketing method of “one-to-moment” marketing. These one-to-moments are considered a marketer’s opportunity to anticipate what a customer wants and to deliver a brand promise no matter the location or time of day. The big four of Amazon, Apple, Facebook, and Google have recently launched Amazon Dash and Echo, Apple iOS 9, Facebook bots, and Google Now, respectively, to compete for consumers’ attention. The more they embed themselves into natural consumer behaviors, the more they become the go-to platforms for businesses that want to connect with consumers through the one-to-moments approach. At the same time, the big four are collecting valuable consumer data that they can use to serve up more relevant content to their users, based upon searches, purchases, check-ins, and social media activity. TechCrunch

IBM WATSON’S DATA-CRUNCHING GAINS TRACTION WITH MARKETING FIRMS (MAY 18, 2016)

IBM Watson’s data-crunching capabilities are gaining traction among companies in the marketing space as brands seek to make better use of data in their marketing efforts. Watson, which gained fame after beating top human competitors on “Jeopardy” five years ago, analyzes troves of data to uncover patterns that humans might miss. The supercomputer is particularly adept at mining “unstructured data” including social media posts, videos, and images that can reveal consumer preferences outside of traditional data warehouses. So far, Watson has partnered with over 550 organizations including notable efforts with Havas Group and Turner Broadcasting to leverage its cognitive computing capabilities in order to deliver personalized campaigns and messages for target audiences. The Wall Street Journal

MEDIA WEBSITES BATTLE FALTERING AD REVENUE AND TRAFFIC (APRIL 17, 2016)

The recent overall decline in advertising revenue and web traffic has caused great anxiety in online publishing. In the wake of Mashable’s financing round and subsequent layoffs, many in the investment community believe that this trend could be symptomatic of a systemic change that is here to stay. Consumers are increasingly shifting their media consumption habits from desktop to mobile, and advertising dollars are going with them. Instead of visiting news websites, consumers are refreshing their news feeds. Social platforms such as Facebook, Twitter, Google, and Snapchat have been the beneficiaries of the diverted ad-spend, and publishers are hurriedly seeking to adapt. In response, numerous media companies are doubling-down efforts to create quality branded content that can be integrated into the evolving feature set of social media platforms. Most are assessing just how they might fit into consumers’ mobile pattern of behavior while still maintaining the strengths that have sustained them up until this point. The New York Times

FACEBOOK BOT PLATFORM TO TRANSFORM ENTIRE INDUSTRIES (APRIL 13, 2016)

The arrival of chatbots as a potentially transformational technology has been elevated as Facebook unveiled plans for its Messenger platform. The social media giant is making a bet that its artificial intelligence tools will allow the company to better deliver on a powerful, ever-important value proposition: convenience. They, and many, believe that chatbots will enable consumers to interact with brands in a more direct, intuitive manner, and that people are tired of downloading new apps, remembering new usernames/passwords, and dealing in interactions that some have dubbed “clunky.” Facebook has already partnered with a number of blue-chip companies in Bank of America, Burger King, Expedia, and CNN (amongst others) to build tailored experiences that will serve Messenger’s 1 billion+ monthly users. If chatbots are successful, industries such as eCommerce and online travel could be subject to the same sort of disintermediation via social media that has upended news and music publishers in recent years. Financial Times

PAGE | 4 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

SELECT IDM M&A TRANSACTIONS – 2Q 2016

Closed 6/17/16 Cision acquires PR Newswire from UBM . PR Newswire distributes news releases and other marketing messages for companies based primarily in North America. . Connecting over 30,000 customers to their target audiences, PR Newswire’s customers range from Fortune 2000 multinationals to public relations agencies to small businesses and government entities. . Along with brands including Gorkana Group and iContact, Cision is seeking to build a comprehensive platform that would enable clients to manage the entire life cycle of communications—comprised of influencer discovery, content distribution, Ent. Value: $872m EV / Revenue: 2.9x engagement, and campaign analysis. Revenue: $300m EV / EBITDA: N/A

Announced 6/13/16 Microsoft’s pending acquisition of LinkedIn . LinkedIn operates the world’s largest online professional network with more than 433 million members and 19% year-over-year membership growth. . The company enables members to create, manage, and share their professional identities, while additionally offering an educational platform to subscribers (Lynda.com), as well as a human resources product to enterprise customers (Recruiter). . The combined entity will be able to realize meaningful synergies by connecting Microsoft’s Office programs with LinkedIn’s Ent. Value: $24.4b EV / Revenue: 7.6x professional network, both of which have nearly saturated their markets. Revenue: $3.2b EV / EBITDA: 72.8x

Announced 6/10/16 Axel Springer’s pending acquisition of eMarketer . eMarketer is a digital marketing research company that provides independent reports and analysis to over 1,100 subscription customers worldwide. . eMarketer’s data, reports, and insights enable professionals to understand marketing trends, interpret consumer behavior, and obtain the data needed to develop winning strategies. . The acquisition strengthens Axel Springer’s paid content solutions and expands its presence in the U.S., while giving eMarketer Ent. Value: $269m EV / Revenue: 5.9x an expanded reach in international markets, particularly in Europe. Revenue: $45m EV / EBITDA: 19.9x

Announced 6/2/16 Thoma Bravo’s pending acquisition of Qlik . Qlik provides business intelligence software solutions to a broad range of end markets. . Qlik’s Business Discovery platform “QlikView” combines enterprise-class analytics and search functionality with the simplicity and ease-of-use often found in office productivity software tools. . As the need for analytical solutions grows, Thoma Bravo seeks to accelerate Qlik’s growth through its platform-based approach to business intelligence and analytics. Ent. Value: $2.5b EV / Revenue: 4.0x Revenue: $631m EV / EBITDA: NM

Announced 5/31/16 Vista Equity’s pending acquisition of Marketo . Marketo provides a cloud-based marketing software platform that equips mid-level and enterprise B2B organizations with a toolset that allows them to better execute their relationship marketing efforts. . The platform enables effective execution, management, and measurement of marketing activities, helping organizations to acquire new customers, build relationships, improve sales effectiveness, and drive revenue growth. . The investment would allow Vista to improve its foothold in advertising and marketing tech with an asset that offers solutions to Ent. Value: $1.5b EV / Revenue: 6.6x the increasingly difficult challenge of capturing users’ attention. Revenue: $226m EV / EBITDA: NM

PAGE | 5 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

IDM ACQUISITION ACTIVITY – STRATEGIC ACQUIRERS

MOST ACTIVE STRATEGIC ACQUIRERS OF IDM ASSETS BY VOLUME

(Number of Transactions) . The ten most active strategic IDM 2016 YTD 6 buyers of the past several years 2015 have completed a combined 19 acquisitions in 2016 YTD. 7 2014 2013 . LinkedIn, historically an active 2 1 2012 acquirer in the space, reached a 4 17 9 definitive agreement to be 2011 purchased by Microsoft for $24.4 9 4 2 billion. 2 2 4 2 . Google continues to lead the pack 6 7 7 16 4 3 1 with six acquisitions in 2016 YTD, 1 4 2 1 1 5 3 2 3 3 4 including the purchase of Anvato, a 5 4 4 content protection and contextual 2 3 2 4 1 6 4 2 1 3 4 ad-tech solutions company that will 3 2 3 11 2 1 1 be integrated into Google’s cloud platform.

GLOBAL STRATEGIC ACQUIRER IDM M&A ACTIVITY BY VOLUME

(Number of Transactions) . After a strong first quarter, strategic M&A activity declined with only 119 deals in 2Q 2016. . Second quarter activity represents a 38.3% decline from 1Q 2016 and the lowest level of in over three years. . Certain active IDM strategic 228 acquirers have been focused on 206 215 194 193 their own M&A processes (e.g. 180 185 189 167 166 164 Yahoo and LinkedIn), while others 148 142 choose to focus more on 119 integrating past acquisitions and executing internal growth initiatives.

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16

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IDM ACQUISITION ACTIVITY – PRIVATE EQUITY INVESTORS

MOST ACTIVE PRIVATE EQUITY INVESTORS OF NEW IDM PLATFORMS BY VOLUME

(Number of Transactions) . Vista Equity Partners has been an 2016 YTD active private equity acquirer of 2015 new IDM platforms in 2016 YTD with 2014 four acquisitions. 4 2 2013 0 . Collectively, the 10 most active 4 5 2012 2 private equity acquirers of IDM 6 1 2 2011 assets executed 18 platform 7 3 acquisitions in 2016 YTD. 7 5 6 7 3 1 5 2 1 3 5 3 6 3 3 2 5 3 5 3 4 3 1 3 4 8 2 2 7 4 1 1 5 4 5 2 2 2 2 1 1 1 1

GLOBAL NEW PLATFORM PRIVATE EQUITY IDM M&A ACTIVITY BY VOLUME

(Number of Transactions) . Private equity investment in new IDM platforms declined to the lowest levels since 2Q 2013 registering only twelve platform acquisitions in 2Q 2016. . Macroeconomic uncertainty due to Britain’s exit from the European Union and the upcoming US presidential election have been key factors contributing to the lower 28 29 pace of private equity acquisitions. 24 21 20 19 19 17 17 17 17 12 11 12

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16

PAGE | 7 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

ADTECH AND MARKETING SOLUTIONS – M&A MARKET SUMMARY

ADTECH AND MARKETING M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . AdTech and Marketing Solutions M&A deal volume 3.6x slowed to 36 deals in 2Q 2016. 87

. Private equity sponsors 76 76 3.0x account for 2 of the 36 deals— 68 2.8x 2.8x falling slightly below the level 65 2.5x of 1Q 2016. 57 58 57 2.3x 2.2x 2.1x 2.2x 51 . The median revenue multiple 48 47 1.9x 45 1.7x increased to 2.2x, buoyed by 42 1.6x 1.6x 1.6x a high-profile take-private 36 transaction from Vista Equity (Cvent).

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16

NOTABLE ADTECH AND MARKETING SOLUTIONS M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . The AdTech and Marketing Pending EQT Partners AB Sitecore Danmark A/S Develops an online platform for managing customer experience services. NA NA Solutions sector continues to Pending Gannett Co., Inc. ReachLocal, Inc. Offers a comprehensive suite of online marketing solutions for SMBs. $156 0.4x consolidate, with 94% of Pending Bertelsmann smartclip AG Develops online video marketing space to deliver multiscreen video advertising formats. $56 NA Pending Vista Equity Partners Cvent, Inc. Designs and develops business intelligence software solutions. $1,342 6.7x transactions in 2Q 2016 06/30/16 Pamlico Capital Prize Logic Provides digital promotions for large consumer brands and retailers. NA NA involving strategic acquirers. 06/16/16 Microsoft Corp. Wand Labs, Inc. Develops integrated mobile communication software. NA NA 06/01/16 Clickdealer Asia Pte Ltd. Fiksu, Inc. Provides mobile marketing technology connecting brands, agencies, and advertisers. NA NA . Despite large transactions at 06/01/16 Internet Brands, Inc. ACE Tech, Inc. Provides financial services for car dealers. NA NA high multiples, AdTech 05/09/16 FreeWheel Media, Inc. Sticky ADS TV SA Provides a video advertising platform. $110 NA valuations for smaller assets 04/29/16 Telenor ASA Tapad, Inc. Provides marketing technology solutions. $379 NA are below prior highs, as many 04/01/16 Sykes Enterprises, Inc. Clear Link Technologies LLC Provides a hosted marketing and data automation platform. $207 HW&CO. CONFIDENTIAL1.9x 03/09/16 Web.com Group, Inc. Yodle, Inc. Provides online marketing services to local business owners. $342 NM companies struggle to 03/08/16 IBM ecx.io Designs commerce and digital marketing services and platforms. NA NA demonstrate differentiation 03/02/16 Time, Inc. Viant, Inc. Provides a platform to plan and measure digital media investments. NA NA and sustainability. 02/23/16 Oracle Corp. AddThis, Inc. Operates a social sharing and analytics platform for sharing online content. $200 NA 02/09/16 Endurance International Group Constant Contact, Inc. Provides online marketing tools for small businesses, nonprofits, and associations. $847 2.3x . The same dynamic, however, 01/21/16 Adobe Systems Comscore, Digital Analytix Business Provides solutions to help discover, analyze and communicate key business insights. NA NA has seemingly fueled buyer 12/24/15 RNTS Media NV Heyzap, Inc. Operates a local services marketplace and consumer review site. $45 NA opportunism, as many smaller 11/18/15 Quest Ventures Ltd. SLYCE, Inc. Provides imaging technology visual search software to enable eCommerce. $85 NM AdTech assets have traded at 10/30/15 Metaps, Inc. Nextapps, Inc. Develops mobile advertising platform application. $35 NA relatively attractive multiples MEDIAN $178 2.1x for buyers.

PAGE | 8 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

DATA AND INFORMATION SERVICES – M&A MARKET SUMMARY

DATA AND INFO SERVICES M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . Data and Information Services M&A volume fell in 2Q 2016, approaching levels most 65 64 60 60 59 60 recently seen in 2013, largely 57 58 5.7x due to a 37% decline in 52 acquisition volume by 5.0x 4.6x strategic buyers. 45 44 4.5x 4.4x 41 42 4.1x . Median revenue multiples in 38 3.7x 3.5x 3.5x the sector increased to 5.7x for 3.1x 2Q 2016, with multiple 2.7x transactions reinforcing strong 2.3x valuations for companies with 2.1x unique, proprietary data sets. 1.6x

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16

NOTABLE DATA AND INFO SERVICES M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . The Data and Information Pending Axel Springer SE eMarketer, Inc. Provides marketing insight and media research, analysis, and consultancy services. $269 5.9x Services sector saw two major Pending XIO Group J.D. Power & Associates, Inc. Provides marketing information, customer surveys, and consulting services. $1,100 NA transactions this quarter Pending Quintiles Transnational Holdings, Inc. IMS Health Holdings, Inc. Provides data and information services to the healthcare industry. $12,912 4.2x Pending IHS, Inc. Markit Ltd. Provides information, insights, and analytics. $6,177 5.5x involving non-automated, 07/01/16 Asset International, Inc. Factset Market Metrics & Matrix Solutions Provides market research services and customer and business intelligence solutions. $175 NA qualitative research providers 06/01/16 Market Track LLC Channel IQ Provides online retail intelligence, channel management, and brand protection solutions. NA NA in eMarketer and FactSet. 05/17/16 RealPage, Inc. AssetEye, Inc. Provides data aggregation, reporting, and collaboration platform. NA NA 04/19/16 Sabre Corp. Airpas Aviation AG Provides software solutions and consulting services for the aviation industry. NA NA . Buyers continue to focus on 03/14/16 App Annie, Inc. AppScotch, Inc. Develops an application marketing/advertisement platform. NA NA assets that provide unique 02/25/16 Nasdaq, Inc. Marketwired Canada Ltd. Provides news distribution and reporting, social media monitoring, and analytics solutions. NA NA proprietary data sets that are 02/22/16 Zillow Group, Inc. Naked Apartments, Inc. Owns and operates a search portal which lists the apartments for sale. $13 NA 02/10/16 IHS, Inc. Oil Price Information Service LLC Operates a database of worldwide petroleum pricing and news information. $650 NA deep and vertically focused, 02/04/16 LinkedIn Corp. Connectifier, Inc. Online platform for discovering, qualifying, and connecting with candidates. NA NA as evidenced by the 02/04/16 Vencap Technologies LLC Allant Group Provides cross channel marketing and advertising services. NA NA acquisitions of AppScotch, 02/02/16 Realestate.com.au Pty Ltd. iProperty Group Ltd. Develops and operates internet-based real estate property portals. $531 24.8x and Channel IQ. 01/29/16 comScore, Inc. Rentrak Corp. Operates as a media measurement and advanced consumer targeting company. $684 6.3x 01/08/16 Computer Programs & Systems Healthland, Inc. Provides integrated healthcare information technology solutions healthcare providers. $250 NA 12/31/15 Catena Media plc Right Casino Media Ltd. Operates an online casino comparison website. $14 NA 12/28/15 IHS, Inc. CarProof Corp. Collects, compiles, and provides used vehicle history data and reports. $469 NA 11/23/15 FocusVision Worldwide, Inc. 24tru, Inc. Provides a web-based video platform for qualitative research. NA NA 09/15/15 Genscape, Inc. Locus Energy LLC Provides monitoring software and data analytics for generation systems. NA NA

MEDIAN $500 5.9x

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ECOMMERCE– M&A MARKET SUMMARY

ECOMMERCE M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . eCommerce M&A volume remained relatively flat to 1Q 2016 levels, with 35 deals closed in the 64 8.2x 7.8x quarter. 7.4x 53 54 51 52 . The number of reported platform 6.3x private equity transactions 46 5.8x 44 5.7x declined to three, representing a 42 5.5x 40 5.0x significant decline from 4Q 2015 38 37 35 34 35 and 1Q 2016 levels of seven and 4.2x 4.3x eight, respectively. 3.7x . With the strong strategic buyer 2.4x momentum, median revenue 1.9x multiples grew to 6.3x—the highest 1.7x level in two years.

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16

NOTABLE ECOMMERCE M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE

. The acquisition of One King’s Pending eBay, Inc. Ticketbis SL Develops and operates an online ticket exchange platform. $165 6.4x Lane by Bed Bath & Beyond Pending JD.com, Inc. Dada Nexus Ltd. Operates a crowdsourcing delivery platform. $1,400 NA demonstrates the continued 07/11/16 salesforce.com, inc. Demandware, Inc. Provides cloud-based digital commerce solutions for retailers and branded manufacturers. $2,670 10.5x trend of brick-and-mortar 07/01/16 Stamps.com, Inc. ShippingEasy Group, Inc. Provides online shipping services. $63 NA 06/23/16 Providence Equity Partners LLC OEConnection LLC Provides original equipment replacement solutions. NA NA retailers acquiring online 06/20/16 JD.com, Inc. The Store Corp. Offers grocery, electronics, and apparel online. $2,918 NA properties that operate in 06/14/16 Bed Bath & Beyond, Inc. One Kings Lane, Inc. Engages in the online retail of home decor and furniture products. NA NA complementary market 05/12/16 LetGo Wallapop US Operations Operates an online platform for consumers to post classified ads. NA NA verticals. 05/12/16 Auctionata AG Paddle 8, Inc. Operates as an online auction house for selling artwork. NA NA 05/11/16 GrubHub, Inc. LAbite.com, Inc. Offers food delivery services for businesses. $65 0.8x . Accor’s acquisition of 04/05/16 Accor SA Onefinestay Provides hospitality services for stays in the finest homes. $168 NA Onefinestay, a booking 03/24/16 Ebates, Inc. Shopular, Inc. Develops a mobile application for shoppers. NA NA 03/23/16 Falcon Investment Advisors Clarus Commerce LLC Develops and markets subscription Websites to save consumers time and money. NA NA engine for overnights at luxury 02/01/16 Hudson's Bay Co. Gilt Groupe, Inc. Provides an online shopping destination for luxury goods. $250 0.4x private properties, exemplifies 01/27/16 Electra Private Equity PhotoBox Ltd. Provides online digital photo services. $619 1.9x a response by the traditional 01/12/16 Vista Equity Partners Vivid Seats Ltd. Sells sports, concerts, and theater events tickets online. NA NA hotel establishment to recent 12/29/15 All Web Leads, Inc. Insurancequotes, Inc. Operate as online marketplace for purchasing insurance products and services. $165 NA industry disruption by Airbnb 12/29/15 Gilde Equity Management Baarsma Wine Group Holding Distributes quality wines online. $65 HW&CO. CONFIDENTIAL0.9x 12/15/15 Expedia, Inc. HomeAway, Inc. Operates an online vacation rental property marketplace. $3,098 6.4x and HomeAway. 12/02/15 Vista Equity Partners MarketLive, Inc. Provides an eCommerce technology platform and services for online retailers. NA NA

MEDIAN $209 1.9x

PAGE | 10 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

MEDIA, CONTENT, AND GAMING – M&A MARKET SUMMARY

MEDIA, CONTENT & GAMING M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . Media, Content, and Gaming

volume dropped to 38 85 84 transactions, of which only 80 one was a private equity 77 6.0x

acquisition. 68 67 65 5.1x 62 61 4.8x 4.7x 4.8x . Second quarter activity 58 56 represents a significant drop 53 4.2x 50 3.8x from the 84 total deals in 1Q 3.7x 2016. 38 2.9x 2.7x 2.7x . Median reported revenue 2.6x 2.5x multiples dropped slightly to 2.0x 4.2x despite the larger multiples coming from PlayTech’s acquisition of Quickspin and Microsoft’s acquisition of LinkedIn. 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16

NOTABLE MEDIA, CONTENT, AND GAMING M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . Verizon and Hearst partnered Pending Microsoft Corp. LinkedIn Corp. Operates an online professional network. $24,378 7.6x in a 50-50 joint venture to Pending Internet Brands, Inc. Fodors LLC Markets and publishes content for the travel and tourism industry. NA NA acquire Complex Media, an Pending Tencent Holdings Ltd. Supercell Oy Provides online browser-based games for iPhone and iPad devices. $10,111 NA Pending Verizon Communications Complex Media, Inc. Provides a multi-media platform for its audience targeting young male consumers. $300 NA online publisher that caters to 07/12/16 NBCUniversal Media Sport Ngin, Inc. Provides a sports management and media platform. NA NA young men; the two buyers 06/28/16 AT&T, Inc. QuickPlay Media, Inc. Provides mobile interactive multimedia services. NA NA also paired up a month prior 06/22/16 Purch Group, Inc. Business.com Media, Inc. Provides marketing and advertising services for executives to run and grow businesses. NA NA to invest in AwesomenessTV, a 06/20/16 Bankrate, Inc. NextAdvisor, Inc. Provide online sources for reviews of credit cards, personal finance, and interest services. $225 NA network targeting young 06/20/16 Twitter, Inc. Magic Pony Technology Ltd. Develops machine-learning based approaches for visual processing. $150 NA 06/17/16 Cision US, Inc. PR Newswire Association LLC Distributes news releases and other marketing messages for companies. $872 2.9x women. 05/24/16 Playtech Plc Quickspin AB Develops and distributes gaming software for social and gambling market. $56 8.3x 05/18/16 Charter Communications, Inc. Time Warner Cable, Inc. Provides Internet, cloud, video, high-speed data, and voice services. $78,209 3.4x . Other large strategic buyers, 04/05/16 Alibaba Group Youku Tudou, Inc. Operates a platform that enables users to share video content. $4,359 4.5x including Twitter, AT&T, 03/15/16 Shanghai Hongtou Network Jagex Ltd. Develops and publishes free-to-play online games for players around the world. $300 NA Alibaba, Charter 03/09/16 Facebook, Inc. Masquerade Technologies, Inc. Provides solutions for videoconferencing, utilizing live video for customer interaction. NA NA Communications, and 02/23/16 Activision Blizzard, Inc. King Digital Entertainment Plc Produces and distributes digital games on multiple platforms. $4,770 2.3x Microsoft, have all been 02/17/16 Fandango, Inc. (California) Flixster, Inc. Operates an online platform that enables users to discover, watch, and store movies. NA NA 02/12/16 ASICS Corp. FitnessKeeper, Inc. Develops an application and operates an online community for personal fitness programs. NA NA active in the quarter. 01/20/16 Spotify Technology SA Soundwave Analytics Ltd. Provides Soundwave, a music analytics application. NA NA 11/17/15 New Sports Group Ltd. Wuxi Xinyou Network Technology Co. Develops online games in China. $143 NA 09/22/15 ChiWay Entertainment, Inc. People Are Awesome Ltd. Provides an online platform for uploading and viewing stunt videos. NA NA

MEDIAN $586 3.9x

PAGE | 11 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

SELECT RECENT IDM PRIVATE PLACEMENTS

ROUND TOTAL DATE COMPANY SECTOR ROUND INVESTORS (CURRENT ROUND) DESCRIPTION SIZE ($M) RAISED ($M)

Cross Culture Ventures, e.Ventures, Greycroft, The Prov ides online retail serv ices for quality healthy foods, 06/27/16 eCommerce B $111 $149 Inv us Group v itamins, home goods, and beauty supplies.

AdTech & Prov ides data-driv en technology and programmatic Columbia Partners, Accel Partners, Greycroft Partners, 06/16/16 Marketing Late Stage $34 $90 expertise to unify digital adv ertising across platforms, screens, iNov ia Capital Solutions and formats.

Media, Content Prov ides an online audio sharing platform that lets anyone 06/14/16 Late Stage $70 $293 Twitter Ventures & Gaming instantly create, record, and upload sounds and music.

Data & 06/08/16 Information A $28 $28 83North Management, Accel Partners Prov ides process-mining and big data analytics solutions. Serv ices

Media, Content Battery Ventures, Google Capital, Sutter Hill Ventures, Operates an online jobs and career community and offers 06/03/16 Late Stage $40 $202 & Gaming T. Rowe Price, Tiger Global Management job listings, as well as access to user-generated content.

06/02/16 eCommerce Late Stage $60 $173 Naspers Ventures Prov ides a platform for online teaching and learning.

Operates a mobile application enabling users to arrange 06/02/16 eCommerce Late Stage $3,500 $13,500 Public Inv estment Fund (Saudia Arabia) and schedule transportation

Prov ides a content discov ery platform that brings Media, Content Yaron Galai (Co-Founder and CEO of Outbrain) and 05/10/16 Late Stage $45 $204 personalized, relev ant online, mobile, and v ideo content to & Gaming other undisclosed inv estors audiences.

Rev olution Capital, General Catalyst, American Prov ides content management, shopping cart, knowledge 05/10/16 eCommerce Late Stage $30 $155 Express Ventures, SoftBank, Telstra Ventures, GGV management, and email marketing solutions. Capital, Split Rock Partners, Tenaya Capital

AdTech & Prov ides a marketing solutions platform for financial 05/10/16 Marketing A $35 $35 Updata Partners institutions. Solutions

Media, Content Operates a publishing platform that enables users to share 04/21/16 C $50 $132 Spark Capital, Andreessen Horowitz, Google Ventures & Gaming stories, ideas, and unique perspectiv es.

04/12/16 eCommerce A $35 $35 Lev el Equity Prov ides online v acation rental and management solutions.

Data & RSE Ventures, Lyrical Partners, Rockbridge Growth Prov ides sports analytics software that builds v ideo and 04/12/16 Information B $20 $42 Equity, Admiral Capital Group data management tools for sports teams. Serv ices

Note: Financial information presented above represents reported capital raised only. PAGE | 12 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

PUBLIC IDM VALUATION MULTIPLES BY SECTOR

STOCK PERFORMANCE (1- & 3-YEAR) REVENUE MULTIPLE ANALYSIS 2Q 2016 VS. 2Q 2015

(36.3%) Social Media 139.8% 12.2x 2Q 2015 2Q 2016

30.5% Bellwethers 106.0%

8.4x 9.9% Search Portals 53.6%

5.9x 5.6x 6.0x 5.8x (11.5%) 5.4x Travel 4.7x 26.9% 4.3x

3.3x 2.9x (14.8%) 2.7x 2.6x 2.5x Community Info 2.3x 2.4x 2.4x 2.2x 2.1x 2.1x 2.1x 2.0x (10.9%) 2.0x 2.0x 1.7x 0.8x (8.8%) Marketplace 16.8% Social Media Bellwethers Search Portals Travel Community Info Marketplace Local Online Digital Media Data Networks Gaming Marketing Tech Vertical Promotional eCommerce (19.3%) Local O nline (28.3%) EBITDA MULTIPLE ANALYSIS 2Q 2016 VS. 2Q 2015

(18.7%) Digital Media 5.8% 2Q 2015 2Q 2016 (17.5%) Data Networks (3.8%)

11.4% Gamin g 84.9% 37.7x 36.1x 37.6x (14.0%) Marketing Tech (56.6%) 25.1x 21.3x 21.6x 19.8x 18.7x 18.5x 18.4x 17.5x 18.7x (2.3%) 17.5x 17.2x 18.0x16.8x Vertical eCommerce 16.6x 15.4x 16.7x 15.0x 13.8% 14.5x 16.5x 12.4x 10.5x 11.1x 10.7x

(33.7%) Promotional (62.5%) Social Media Bellwethers Search Portals Travel Community Info Marketplace Local Online Digital Media Data Networks Gaming Marketing Tech Vertical Promotional eCommerce 1-Year Performance 3-Year Performance

As of June 30, 2016. PAGE | 13 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

KEY METRICS BY SECTOR – COMPARABLE PUBLIC IDM COMPANIES

COMP SET MEDIANS CORRELATION WITH EV / REVENUE MULTIPLE

EV / LTM REVENUE MULTIPLE NTM REVENUE GROWTH NTM EBITDA GROWTH LTM EBITDA MARGIN NTM REVENUE GROWTH NTM EBITDA GROWTH LTM EBITDA MARGIN

Social Media 8.4x 27% (16%) 12% 81% 31% 60%

Bellwethers 6.0x 11% 58% 20% 58% - 85%

Search Portals 5.8x 13% (6%) 29% - - -

Travel 4.3x 11% 17% 14% 77% 75% 10%

Community Info 3.3x 5% 9% 26% - 31% 75%

Marketplace 2.7x 15% (47%) 20% 35% 38% 59%

Local Online 2.4x 25% 85% 13% 83% - 96%

Digital Media 2.2x 9% 61% 17% 67% - 83%

Data Networks 2.1x 10% 13% ` 13% - - 38%

Gaming 2.1x 14% 1% 20% 66% - 65%

Marketing Tech 2.0x 21% (74%) 11% 66% 3% 86%

Vertical eCommerce 1.7x 9% 46% 13% 88% 49% 88%

Promotional 0.8x 12% 10% 10% 45% - -

As of June 30, 2016. PAGE | 14 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

SUMMARY OF TECHNOLOGY IPOS

RECENT U.S. IPO ACTIVITY (BY OFFERING SIZE)

$0 - 50M $50 - 100M $100 - 250M $250M + . The IPO market has been in the doldrums, with activity hitting a seven-year low in 1Q 18 2016, though 2Q showed reason to be 16 hopeful for 2H 2016. 15 . Twilio, which went public in June, raising 13 13 $150 million, was the largest IPO of the

11 11 quarter. Besides Twilio, the only other technology company to IPO this year has been SecureWorks, which went public in 8 7 April, raising $112 million at $14 a share, a 6 lower price than it had originally expected. 5 . Despite public market turbulence, the tech 3 sector continues to be remarkably patient 2 as many technology companies have 0 raised a significant amount of private

1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 1Q-16 2Q-16 capital, and can afford to be opportunistic about when and how to approach the IPO 2013 Total: 48 2014 Total: 47 2015 Total: 31 2016 Total: 2 market.

OFFERING SIZE AT IPO (LTM) MARKET CAP AT IPO (LTM) REVENUE GROWTH (1YR PRIOR TO IPO)

All tech IPOs over the last 12 months All tech IPOs over the last 12 months All tech IPOs over the last 12 months

$0 - 50M $50 - 100M $100 - 250M $250M + $0-50M $50-500M $500M-$1B $1B+ < 25% 25 - 75% > 75%

5% 8% 15%

31% 23% 40% 35% 45%

40%

38% 20%

PAGE | 15 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

KEY PERFORMANCE METRICS FOR RECENT IDM IPOS

160.0%

140.0% 117.4% 107.0% 120.0% 106.2% 90.5% 100.0% 51.3% 72.5%

Growth 68.0% 80.0% 61.1% 52.4% 53.2% 53.3% 49.7% 47.3% 50.4% 60.0% 43.5%

40.0%

% % Revenue 10.6% 12.5% 9.1% 20.0%

0.0%

(20.0%)

125.0%

98.3% 100.0% 80.9% 73.7% 75.0% 70.0%

53.0% 50.0% 36.5% 32.0% 33.1% 34.5% 25.6% 19.5% 25.0% 17.0% 14.7% 14.7% 17.5% 7.4% 9.9% 3.3% 0.6% 0.0% (1.2%) (1.2%) (9.0%) (6.1%) (25.0%) (16.2%) (23.2%) (31.3%) (28.3%) (29.7%)

Stock Stock Performance (35.0%) (40.1%) (50.0%) (43.7%) (41.6%)

(75.0%) (71.3%)

(100.0%)

(125.0%) Circle Size Denotes Revenue ($)

IPO DATE 11/6/13 1/23/14 3/6/14 3/27/14 4/1/14 7/17/14 7/23/14 9/18/14 10/1/14 10/9/14 12/10/14 3/5/15 3/19/15 4/15/15 5/20/15 7/1/15 11/18/15 11/18/15

OFFER PRICE $26.0 $17.0 $16.0 $14.0 $15.0 $7.0 $11.0 $68.0 $29.0 $25.0 $15.0 $11.5 £3.5 $16.0 $17.0 $26.0 $9.0 $12.0

OFFERING SIZE ($M) $1,820.0 $91.0 $168.0 $0.0 $101.6 $43.8 $91.7 $21,767.2 $319.0 $125.0 $870.0 $74.8 £2,042.0 $266.7 $130.9 $192.5 $243.0 $400.0

OFFER TO CURRENT (35.0%) (31.3%) (16.2%) (43.7%) (9.0%) 70.0% (28.3%) 17.0% 34.5% 73.7% (71.3%) (6.1%) 36.5% (40.1%) 80.9% 19.5% 0.6% 25.6%

As of June 30, 2016. PAGE | 16 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 2Q 2016

DEBT MARKET OVERVIEW

MIDDLE MARKET LBO LOAN MULTIPLES MIDDLE MARKET LBO VOLUME BY QUARTER

Defined as Issuers with EBITDA of $50 Million or Less Defined as Issuers with EBITDA of $50 Million or Less . Middle market LBO loan multiples FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA Institutional Pro Rata tightened in 1H 2016 with a median total leverage of 4.5x $2.0B $2.0B 5.6x $1.9B EBITDA. 5.3x 5.3x $1.8B 4.7x 4.7x 4.8x . Middle market LBO 4.5x 4.5x 4.5x $1.6B 4.3x 4.2x 4.3x $1.5B loan volumes 4.1x 4.0x decreased in 2Q 2016, 3.8x 3.8x 3.4x $1.2B $1.2B which is consistent 3.3x with the decline in $1.0B $0.9B M&A activity in both volume and deal $0.6B$0.7B value. $0.5B $0.4B

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H'16 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16

LBO LOAN VOLUME BY INDUSTRY MEDIAN LBO DEBT PERCENTAGES

Percentage of Total Purchase Price . Technology 1H 2016 New-Issue LBO Loan Volume: $1.5 billion companies were the Healthcare 19.7% second largest 66% recipients of LBO loans 63% 60% in 2016. Technology 60% 60% 15.9% 58% 57% . Lenders continue to demand higher equity Insurance 14.5% 49% contributions from 55% sponsors as evidenced 50% by the decline in debt Food & Beverage 13.8% as percentage of total purchase price to a Automotive 11.4% nine-year low of 49%.

Services & Leasing 9.1%

Other 15.5% 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H 2016

PAGE | 17 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 2Q 2016

SELECT HW&CO. TMT TRANSACTIONS

has received an has been has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by investment from recapitalized by

APPLICATION ERP / BUSINESS SUPPLY CHAIN DATA DIGITAL HEALTHCARE HEALTHCARE EDUCATION HEALTHCARE MARKETING SOFTWARE MANAGEMENT SOFTWARE ANALYTICS MEDIA TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY

has received a has received a minority has been acquired by has been acquired by has merged with has been acquired by significant equity has been acquired by has been acquired by has been acquired by has acquired equity investment from investment from

REAL ESTATE MARKETING DIGITAL ERP / BUSINESS ERP / BUSINESS HEALTHCARE IT FINANCIAL HEALTHCARE HEALTHCARE SOFTWARE ANALYTICS MEDIA MANAGEMENT MANAGEMENT TECHNOLOGY SERVICES TECHNOLOGY TECHNOLOGY TECHNOLOGY

has been has been acquired by has acquired has been acquired by has been acquired by has merged with has been acquired by has been acquired by has been acquired by has been acquired by recapitalized by

ENERGY HEALTHCARE INFRASTRUCTURE INFRASTRUCTURE SUPPLY CHAIN HEALTHCARE SUPPLY CHAIN HEALTHCARE MANAGED LEGAL TECHNOLOGY TECHNOLOGY SOFTWARE SOFTWARE SOFTWARE TECHNOLOGY SOFTWARE TECHNOLOGY SERVICES TECHNOLOGY

has been has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by recapitalized by

HEALTHCARE HEALTHCARE FINANCIAL HEALTHCARE NON-PROFIT NON-PROFIT DATA INFRASTRUCTURE HEALTHCARE ECOMMERCE TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY SOFTWARE SOFTWARE ANALYTICS SOFTWARE TECHNOLOGY RETAIL

has received a has become a wholly- has received a has received a minority has been acquired by has been acquired by majority investment has been acquired by has been acquired by to be acquired by has been acquired by owned subsidiary of majority equity investment from from investment from

EDUCATION ENERGY HEALTHCARE MARKETING PUBLIC SECTOR HCM ENERGY TECH-ENABLED HEALTHCARE HCM TECHNOLOGY TECHNOLOGY TECHNOLOGY ANALYTICS SOFTWARE SOFTWARE TECHNOLOGY SERVICES TECHNOLOGY SOFTWARE

PAGE | 18 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY UNIVERSE

Internet Bellwethers Alphabet Amazon.com Facebook Yahoo!

Adv ertising Networks / Search Portals Alphabet Baidu, Inc. Yahoo! Yahoo! Japan Nav er Yandex N.V. & &

Marketing Technology Adobe Criteo SA HubSpot The Rubicon Project TubeMogul Bazaarv oice QuinStreet Rocket Fuel Solutions

AdTech Endurance Marketing Marketing Local Online Adv ertising GoDaddy Wix.com Web.com Tucows Marchex International

Proprietary Data Networks Alliance Data Acxiom comScore Neustar YouGov Plc

Community Based Information Serv ices CoStar Group Zillow Group Auto Trader Group Rightmov e Yelp Moneysupermarket 51job Autohome Bankrate Angie's List Data & Data

Services Community Based Information Serv ices

Information Information Care.com DHI Group Monster Worldwide (cont'd)

Marketplace Amazon.com Alibaba Group eBay JD.com Liberty Interactiv e Rakuten MercadoLibre 58.com Cnov a Shopify

Marketplace (cont'd) Wayfair LendingClub Ov erstock.com

Trav el Priceline Ctrip.com Expedia TripAdv isor MakeMyTrip Trav elzoo

Quotient Flash Sales / Promotional / Coupons Groupon RetailMeNot Technology

eCommerce 1-800- Vertical eCommerce Cimpress GrubHub Shutterfly Shutterstock Stamps.com Etsy Chegg PetMed Express Blue Nile FLOWERS.COM

Vertical eCommerce (cont'd) eHealth

Digital Media & Online Content Tencent IAC SINA Corporation Pandora WebMD Health Sohu.com XO Group Blucora TechTarget Ev eryday Health,

Digital Media & Online Content (cont'd) Demand Media Townsquare Media

Social Media Facebook Twitter Weibo Momo Match Group Spark

Gaming Ubisoft Take-Two Gaming Activ ision Blizzard NetEase Electronic Arts Nintendo Zynga GREE Gameloft iDreamSky

Entertainment Interactiv e Media / Content / / Content / Media Gaming (cont'd) Glu Mobile

PAGE | 19 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. LTM EBITDA Earnings

INTERNET BELLWETHERS Internet Alphabet Inc. GOOGL $421,930 $444,30486.8%29.5%58.3%11.8% (3.7%)31.3%5.7x6.0x18.3x28.1x Bellwethers Amazon.com, Inc. AMZN 345,655337,65097.8%63.6%153.7%20.2% 25.3%7.5%3.2x2.6x43.3x NM Advertising Facebook, Inc. FB 309,420264,20894.4%31.5%360.6%43.8% 45.3%46.0%17.3x11.9x37.6x72.0x Networks / Yahoo! Inc. YHOO 30,83135,67993.9%(4.5%)48.8%8.1% (29.1%)9.7%6.2x8.7x NMNM Search Portals Median $327,537 $300,92994.2%30.5%106.0% 16.0% 10.8%20.5%6.0x7.3x37.6x 50.0x Marketing Technology ADVERTISING NETWORKS / SEARCH PORTALS Local Online Alphabet Inc. GOOGL $421,930 $444,304 86.8% 29.5% 58.3% 11.8% (3.7%) 31.3% 5.7x 6.0x 18.3x 28.1x Advertising Baidu, Inc. BIDU 52,242 44,706 75.8% (16.9%) 78.5% 32.8% 8.9% 26.4% 4.9x 4.5x 18.7x 8.4x Yahoo! Inc. YHOO 30,831 35,679 93.9% (4.5%) 48.8% 8.1% (29.1%) 9.7% 6.2x 8.7x NM NM Proprietary Data Yahoo Japan Corporation 4689-JP 21,677 25,093 88.1% 10.1% (13.0%) 52.2% 52.6% 30.0% 4.0x 2.8x 13.3x 17.6x Networks NAVER Corp. 035420-KR 16,798 20,318 93.3% 9.7% 96.4% 17.9% 19.3% 28.2% 5.8x 4.9x 20.7x 44.3x Yandex NV YNDX 6,514 6,099 94.2% 45.4% (22.1%) (25.8%) 16.6% 30.0% 6.7x 5.7x 22.2x 38.6x Community Median $26,254 $30,386 90.7% 9.9% 53.6% 14.8% 12.7% 29.1% 5.8x 5.3x 18.7x 28.1x Based Info Services

MARKETING TECHNOLOGY Marketplace

Adobe Systems Incorporated ADBE $45,948 $47,915 95.3% 18.3% 107.2% 14.8% 22.5% 28.5% 8.7x 7.8x 30.4x 53.5x Criteo SA CRTO 2,607 2,797 80.1% (8.3%) NA 36.0% 32.5% 9.1% 5.0x 3.7x 21.6x 47.0x Travel HubSpot, Inc. HUBS 1,400 1,517 72.2% (11.7%) NA 57.0% 42.2% NM 7.7x 5.4x NM NM Rubicon Project, Inc. RUBI 506 662 67.0% (9.0%) NA 98.3% 18.8% 10.9% 2.0x 1.7x 18.7x NM Flash Sales / TubeMogul, Inc. TUBE 348 426 72.9% (16.4%) NA 58.2% 26.8% NM 1.9x 1.5x NM NM Promotional / Bazaarv oice, Inc. BV 265 329 65.6% (32.3%) (56.6%) 4.5% 1.1% NM 1.3x 1.3x NM NM Coupons QuinStreet, Inc. QNST 121 161 52.1% (45.0%) (59.0%) NA 6.6% NM 0.4x 0.4x NM NM Rocket Fuel, Inc. FUEL 110 97 26.8% (71.1%) NA 13.0% (42.0%) NM 0.2x 0.4x NM NM Vertical eCommerce Median $427 $544 69.6% (14.0%) (56.6%) 25.4% 20.7% 10.9% 2.0x 1.6x 21.6x 50.2x

Digital Media & LOCAL ONLINE ADVERTISING Online Content

GoDaddy, Inc. GDDY $2,956 $2,557 88.2% 10.3% NA 15.9% 14.4% 9.8% 1.8x 1.6x 18.8x NM Endurance International Group Holdings, Inc.EIGI 3,174 1,267 40.2% (56.7%) NA 17.7% 58.8% 24.8% 4.3x 2.7x 17.2x NM Social Media Wix.com Ltd. WIX 1,110 1,224 99.8% 28.7% NA 43.5% 35.6% NM 5.5x 4.0x NM NM Web.com Group, Inc. WEB 1,639 925 69.8% (24.6%) (28.3%) (0.1%) 38.9% 21.8% 3.0x 2.2x 13.8x 10.3x Gaming Tucows Inc. TCX 267 258 75.6% (14.0%) 231.0% 17.1% 13.0% 13.0% 1.5x 1.4x 11.9x 22.7x Marchex, Inc. MCHX 41 120 61.9% (33.1%) (47.1%) (18.4%) (0.6%) 1.3% 0.3x 0.3x 21.9x NM Median $1,375 $1,074 72.7% (19.3%) (28.3%) 16.5% 25.0% 13.0% 2.4x 1.9x 17.2x 16.5x

As of June 30, 2016. Enterprise value and market capitalization figures in ‘000s USD. PAGE | 20 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

PROPRIETARY DATA NETWORKS Internet Alliance Data Systems Corporation ADS $28,948 $11,548 63.7% (33.1%) 8.7% 21.4% 10.1% 28.5% 4.5x 4.1x 15.8x 20.9x Bellwethers Acxiom Corporation ACXM 1,707 1,711 93.3% 25.2% (7.1%) (16.7%) 4.3% 13.4% 2.0x 1.9x 15.0x NM Advertising comScore, Inc. SCOR 791 1,353 36.7% (55.3%) (3.8%) 12.1% 40.5% 10.1% 2.1x 1.5x 21.3x NM Networks / NeuStar, Inc. NSR 2,291 1,278 72.0% (17.5%) (52.9%) 9.0% 16.9% 40.5% 2.2x 1.9x 5.4x 7.3x Search Portals YouGov plc YOU-GB 224 234 81.4% 37.1% 105.7% 13.0% (2.8%) 12.9% 1.8x 1.9x 14.0x 31.7x Median $1,707 $1,353 72.0% (17.5%) (3.8%) 12.1% 10.1% 13.4% 2.1x 1.9x 15.0x 20.9x Marketing Technology

COMMUNITY BASED INFORMATION SERVICES Local Online Advertising CoStar Group, Inc. CSGP $6,969 $7,118 97.8% 8.6% 66.9% 23.6% 18.0% 13.0% 9.8x 8.3x NM NM Zillow Group, Inc. ZG 6,265 6,293 40.9% 33.3% 105.6% 97.8% 29.0% NM 9.7x 7.5x NM NM Proprietary Data Auto Trader Group PLC AUTO-GB 5,284 4,717 69.8% (0.7%) NA 2.6% (2.6%) 64.0% 12.5x 13.0x 19.5x 24.7x Networks Rightmov e plc RMV-GB 4,717 4,604 77.0% (5.6%) 51.7% 15.0% (1.2%) 72.1% 16.1x 16.3x 22.3x 27.5x Yelp Inc. YELP 1,928 2,065 69.8% (28.5%) (10.8%) 45.6% 27.2% 1.5% 3.5x 2.8x NM NM Community Moneysupermarket.com Group plc MONY-GB 1,964 1,984 65.6% (20.1%) 26.0% 13.5% (5.1%) 37.3% 4.6x 4.8x 12.2x 20.5x Based Info Services 51job Inc JOBS 1,063 1,740 82.3% (14.8%) (11.1%) 10.1% 5.4% 30.3% 3.3x 3.1x 10.7x 17.7x Autohome, Inc. ATHM 1,687 1,036 39.8% (59.2%) NA 59.4% 69.9% 36.3% 3.1x 1.8x 8.4x 6.6x Marketplace Bankrate, Inc. RATE 788 676 47.3% (27.1%) (47.9%) (32.0%) 8.3% 26.0% 2.1x 2.0x 8.2x 38.3x Angie's List, Inc. ANGI 380 382 57.9% 14.6% (75.3%) 9.2% 1.1% 6.8% 1.1x 1.1x 16.2x 37.3x Care.com, Inc. CRCM 340 380 97.3% 100.3% NA 18.8% 16.0% NM 2.5x 2.1x NM NM Travel DHI Group, Inc. DHX 381 323 59.4% (27.6%) (31.8%) (1.1%) (7.3%) 24.8% 1.5x 1.6x 5.9x NM Monster Worldwide, Inc. MWW 267 213 29.0% (62.7%) (52.3%) (13.4%) (4.7%) 13.1% 0.4x 0.4x 3.1x 16.2x Flash Sales / Median $1,687 $1,740 65.6% (14.8%) (10.9%) 13.5% 5.4% 26.0% 3.3x 2.8x 10.7x 22.6x Promotional / Coupons

MARKETPLACE Vertical Amazon.com, Inc. AMZN $345,655 $337,650 97.8% 63.6% 153.7% 20.2% 25.3% 7.5% 3.2x 2.6x 43.3x NM eCommerce Alibaba Group BABA 199,625 198,449 92.0% (3.6%) NA 29.3% 37.5% 35.8% 12.6x 9.8x 35.1x 17.7x eBay Inc. EBAY 28,413 26,896 35.1% (7.9%) 5.1% (2.3%) 2.7% 32.6% 3.3x 3.2x 10.1x 13.8x Digital Media & Online Content JD.com, Inc. JD 26,596 24,322 59.7% (36.2%) NA 54.7% 33.7% NM 0.9x 0.7x NM NM Liberty Interactiv e QVCA 21,699 17,458 80.2% (8.8%) 28.5% (4.9%) 6.6% 18.2% 2.2x 2.0x 11.9x 20.1x Rakuten, Inc. 4755-JP 15,933 15,386 62.5% (34.9%) (10.5%) 19.2% 34.2% 21.9% 2.7x 2.0x 12.4x 41.9x Social Media MercadoLibre, Inc. MELI 6,170 6,212 98.3% (0.6%) 29.9% 17.1% 15.3% 27.4% 9.5x 8.2x 34.5x 58.7x 58.com Inc. WUBA 5,116 5,220 65.3% (27.9%) NA 175.8% (72.1%) NM 1.1x 4.1x NM NM Cnov a NV CNV 2,477 2,184 87.3% (9.7%) NA (17.7%) (4.0%) NM 0.7x 0.7x NM NM Gaming Shopify, Inc. SHOP 2,286 1,968 74.8% (1.1%) NA 94.9% 69.3% NM 11.2x 6.6x NM NM Wayfair, Inc. W 2,984 1,844 68.6% 2.7% NA 70.6% 56.6% NM 1.3x 0.8x NM NM LendingClub Corp LC 5,158 1,641 28.4% (70.5%) NA 72.3% (45.7%) NA 5.3x 9.7x NM NM Ov erstock.com, Inc. OSTK 305 408 67.1% (28.7%) (46.2%) 10.7% 3.6% 1.5% 0.2x 0.2x 11.9x NM Median $6,170 $6,212 68.6% (8.8%) 16.8% 20.2% 15.3% 20.0% 2.7x 2.6x 12.4x 20.1x

As of June 30, 2016. Enterprise value and market capitalization figures in ‘000s USD. PAGE | 21 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

TRAVEL Internet Priceline Group Inc PCLN $65,168 $61,970 84.6% 8.5% 48.5% 9.3% 15.9% 38.3% 7.1x 6.1x 18.5x 24.3x Bellwethers Ctrip.com CTRP 20,831 19,041 71.8% 16.1% 149.5% 45.6% 66.8% 6.4% 12.0x 7.2x NM 47.7x Advertising Expedia, Inc. EXPE 17,872 14,489 75.7% (0.8%) 71.1% 15.8% 33.3% 14.4% 2.7x 2.0x 18.6x 19.0x Networks / TripAdv isor, Inc. TRIP 8,865 8,546 68.4% (26.0%) 5.3% 19.7% 5.5% 21.8% 5.9x 5.6x 27.2x 43.2x Search Portals MakeMyTrip Ltd. MMYT 622 627 64.6% (22.2%) 5.2% 12.1% (37.6%) NM 1.9x 6.3x NM NM Marketing Trav elzoo Inc. TZOO 87 113 62.8% (26.4%) (71.1%) (0.3%) (6.4%) 7.0% 0.6x 0.7x 8.7x 10.4x Technology Median $13,368 $11,517 70.1% (11.5%) 26.9% 14.0% 10.7% 14.4% 4.3x 5.9x 18.5x 24.3x

Local Online FLASH SALES / PROMOTIONAL / COUPONS Advertising Groupon, Inc. GRPN $1,259 $1,877 61.1% (33.7%) (62.5%) (2.3%) (3.1%) 2.3% 0.4x 0.4x 17.8x NM Proprietary Data Quotient Technology Incorporated QUOT 957 1,112 95.8% 26.4% NA 7.0% 11.6% NM 4.0x 3.6x NM NM Networks RetailMeNot, Inc. SALE 191 376 42.8% (55.5%) NA (5.9%) 14.3% 17.1% 0.8x 0.7x 4.5x 31.7x Median $957 $1,112 61.1% (33.7%) (62.5%) (2.3%) 11.6% 9.7% 0.8x 0.7x 11.1x 31.7x Community Based Info Services VERTICAL eCOMMERCE

Cimpress N.V. CMPR $3,733 $2,910 90.9% 9.4% 84.6% 0.0% 18.7% 13.2% 2.5x 1.9x 18.9x 31.6x Marketplace GrubHub, Inc. GRUB 2,338 2,632 85.6% (1.9%) NA 42.5% 30.2% 25.3% 6.5x 5.0x 25.5x NM Shutterfly, Inc. SFLY 1,822 1,606 94.8% (2.3%) (18.5%) 15.0% 8.8% 12.8% 1.7x 1.6x 13.5x NM Shutterstock, Inc. SSTK 1,378 1,603 76.9% (22.1%) (18.3%) 29.6% 19.0% 13.2% 3.2x 2.7x 24.5x NM Travel Stamps.com Inc. STMP 1,684 1,525 70.6% 20.0% 122.0% 45.3% 51.1% 30.0% 7.9x 5.2x 26.2x NM Etsy, Inc. ETSY 901 1,084 40.9% (31.5%) NA 39.8% 29.2% 6.1% 3.3x 2.6x NM NM Flash Sales / Promotional / Chegg, Inc. CHGG 375 451 56.6% (34.6%) NA (1.1%) (17.5%) 1.1% 1.2x 1.5x NM NM Coupons PetMed Express, Inc. PETS 342 384 91.0% 7.6% 46.0% 2.3% 2.1% 14.1% 1.5x 1.4x 10.3x 18.7x 1-800-FLOWERS.COM, Inc. FLWS 643 320 82.8% (13.5%) 46.4% NA 4.0% 6.8% 0.6x 0.5x 8.4x 15.8x Vertical Blue Nile, Inc. NILE 290 318 70.2% (9.8%) (28.7%) 1.4% (0.9%) 4.1% 0.6x 0.6x 14.6x 30.2x eCommerce eHealth, Inc. EHTH 189 255 83.4% 15.3% (38.5%) 5.5% 6.1% NA 1.0x 0.9x NM NM Median $901 $1,084 82.8% (2.3%) 13.8% 5.5% 8.8% 12.8% 1.7x 1.6x 16.8x 24.4x Digital Media & Online Content

Social Media

Gaming

As of June 30, 2016. Enterprise value and market capitalization figures in ‘000s USD. PAGE | 22 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

DIGITAL MEDIA & ONLINE CONTENT Internet Tencent Holdings Ltd. 700-HK $199,030 $213,548 98.7% 13.8% 189.4% 27.7% 28.9% 41.9% 12.2x 9.4x 29.1x 46.6x Bellwethers IAC IAC 5,158 4,133 66.5% (29.7%) 18.4% 3.9% (0.3%) 11.8% 1.6x 1.6x 13.6x 34.6x Advertising SINA Corp. SINA 2,448 3,624 95.0% 0.1% (6.8%) 14.6% 8.7% 5.6% 2.8x 2.6x 50.0x NM Networks / Pandora Media, Inc. P 2,712 2,848 55.1% (18.8%) (34.3%) 26.4% 22.2% NM 2.3x 1.9x NM NM Search Portals WebMD Health Corp. WBMD 3,140 2,248 86.0% 33.3% 92.7% 9.6% 10.5% 25.1% 4.9x 4.5x 19.7x 35.1x Sohu.com, Inc. SOHU 724 1,464 63.6% (34.4%) (39.1%) 15.8% (7.4%) 18.6% 0.4x 0.4x 2.0x NM Marketing Technology XO Group Inc. XOXO 354 462 95.9% 6.7% 48.7% (1.4%) 9.1% 16.3% 2.5x 2.3x 15.4x NM Blucora, Inc. BCOR 872 428 63.5% (34.7%) (45.8%) (79.7%) NA 24.5% 7.4x 1.9x 30.3x NM Local Online TechTarget, Inc. TTGT 235 262 74.0% (10.3%) 82.0% 5.3% 8.1% 15.7% 2.1x 1.9x 13.4x 36.4x Advertising Ev eryday Health, Inc. EVDY 341 262 60.1% (37.7%) NA 25.9% 10.7% 12.0% 1.5x 1.3x 12.3x NM Demand Media, Inc. DMD 74 105 79.9% (18.6%) (57.6%) (26.9%) (8.5%) NM 0.6x 0.6x NM NM Proprietary Data Townsquare Media, Inc. TSQ 699 83 55.8% (40.4%) NA 18.0% 20.6% 21.2% 1.6x 1.3x 7.5x 8.4x Networks Median $798 $963 70.3% (18.7%) 5.8% 12.1% 9.1% 17.4% 2.2x 1.9x 14.5x 35.1x Community Based Info SOCIAL MEDIA Services

Facebook, Inc. FB $309,420 $264,208 94.4% 31.5% 360.6% 43.8% 45.3% 46.0% 17.3x 11.9x 37.6x NM Marketplace Twitter, Inc. TWTR 9,721 11,869 43.6% (52.2%) NA 58.1% 23.4% NM 4.4x 3.6x NM NM Weibo Corp WB 5,874 2,748 96.3% 69.3% NA 43.5% 30.3% 12.2% 12.3x 9.4x NM NM Momo Inc MOMO 1,579 1,453 59.5% (36.3%) NA 200.4% 59.5% 8.6% 11.8x 7.4x NM NM Travel Match Group, Inc. MTCH 5,108 587 93.2% NA NA 14.9% 20.8% 26.2% 5.0x 4.1x 19.1x 4.9x Spark Networks, Inc. LOV 36 41 38.2% (48.4%) (81.0%) (21.9%) (19.6%) 3.8% 0.7x 0.9x 19.8x NM Flash Sales / Median $5,491 $2,100 76.3% (36.3%) 139.8% 43.6% 26.8% 12.2% 8.4x 5.8x 19.8x 4.9x Promotional / Coupons

GAMING Vertical eCommerce Activ ision Blizzard, Inc. ATVI $32,533 $29,256 99.1% 60.3% 177.5% 5.8% 35.8% 38.9% 7.0x 5.1x 17.9x 33.2x NetEase, Inc. NTES 21,434 25,404 100.0% 34.1% 204.7% 91.0% 45.7% 32.7% 5.9x 4.1x 18.1x 23.7x Digital Media & Electronic Arts Inc. EA 22,319 22,833 97.0% 11.4% 226.8% (3.2%) 12.8% 24.8% 5.1x 4.6x 20.6x 19.8x Online Content Nintendo Co., Ltd. 7974-JP 8,989 20,141 67.7% (16.9%) 20.7% (8.2%) 17.2% 8.3% 2.1x 1.8x 25.7x NM Ubisoft Entertainment SA UBI-FR 4,238 4,079 95.7% 103.4% 168.4% (4.8%) 23.3% 44.4% 2.8x 2.3x 6.2x 39.6x Take-Two Interactiv e Software, Inc. TTWO 2,130 3,217 94.4% 38.1% 146.7% 30.5% 13.6% 15.8% 1.5x 1.3x 9.5x NM Social Media Zynga Inc. ZNGA 1,309 1,842 84.1% (12.3%) (18.9%) 10.8% (2.1%) NM 1.7x 1.7x NM NM GREE, Inc. 3632-JP 638 1,358 90.2% (2.0%) (33.1%) NA (10.2%) 24.1% 1.4x 0.9x 5.8x 25.6x Gaming Gameloft SE GFT-FR 712 754 92.1% 103.5% 23.2% 12.7% 5.0% 6.6% 2.5x 2.4x 38.2x NM iDreamSky Technology DSKY 553 315 98.1% 10.0% NA 63.4% 43.8% 12.4% 2.1x 1.5x 17.1x 42.3x Glu Mobile Inc. GLUU 125 291 33.9% (64.5%) (6.4%) 12.0% (12.0%) 4.0% 0.5x 0.6x 12.6x NM Median $2,130 $3,217 94.4% 11.4% 84.9% 10.8% 13.6% 20.0% 2.1x 1.8x 17.5x 29.4x

As of June 30, 2016. Enterprise value and market capitalization figures in ‘000s USD. PAGE | 23 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 2Q 2016

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HARRIS WILLIAMS & CO.

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