Venture Capital Activity TMT: Transactions Since 2001

Weekly Internet / Digital Media / SaaS Sector Summary

Week of February 18th, 2013 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

160 130

150 22% 125 46% 22% 21% 140 120 18% 34% 17% 130 27% 16% 24% 115 16% 23% 120 13%

10% 110 10% 9% 110 8% 105 100 1%

100 90

80 95 02/15/12 05/16/12 08/16/12 11/15/12 02/15/13 11/15/12 12/07/12 12/31/12 01/23/13 02/15/13

(1) (2) (3) (4) NASDAQ Search / Online Advertising Internet Commerce Internet Content Publishers

(5) (6) (7) (8) Diversified Marketing Media Conglomerates Gaming SaaS

Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, DGIT, GOOG, MCHX, MM, MSFT, QNST, RLOC, VCLK, VELT, YHOO, YNDX. 2) Internet Commerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, STMP, TZOO, VPRT. 3) Internet Content Composite includes: AOL, DHX, DMD, EHTH, IACI, MOVE, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, OMC, PUB-FR, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 035420-KR, 036570-KR, 2432-JP, 3632-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, DWRE, ET, JIVE, LPSN, MKTG, N, NOW, RP, ULTI, WDAY. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 2/15/13 Low High Value Debt Value LTM CY 12E CY 13E LTM CY 12E CY 13E LTM CY 12E CY 13E Growth PEG 13E/12E Y/Y MRQ Search / Online Advertising

Google Inc. $792.89 $556.52 $793.26 $261,387 ($40,878) $220,509 4.4x 4.2x 3.6x 13.5x 11.8x 10.0x 24.5x 19.9x 17.5x 15.7% 1.1 16.6% 36.2% Microsoft Corporation 28.01 26.26 32.95 234,619 (53,880) 180,739 2.5 2.5 2.1 6.3 6.1 5.2 15.4 10.7 9.1 9.5% 1.0 16.6% 2.7% Yahoo! Inc. 21.02 14.35 21.43 24,854 (4,059) 20,795 4.2 4.7 4.5 14.3 12.5 12.5 6.4 19.0 18.6 12.3% 1.5 3.1% 1.6% Yandex N.V. 25.59 16.60 42.01 8,375 (382) 7,993 9.5 8.5 6.5 21.5 18.9 14.2 35.0 30.6 23.2 34.2% 0.7 31.9% 45.5% ValueClick, Inc. 26.96 13.80 27.17 2,028 6 2,034 3.1 3.1 2.7 10.1 9.5 8.1 22.1 16.5 14.6 15.1% 1.0 13.8% 9.3% Millennial Media Inc. 14.20 9.00 27.90 1,112 (122) 990 6.4 5.4 3.4 NM NM 56.1 NM NM 96.8 NM NM 58.4% 88.0% Blucora, Inc. 16.56 10.73 18.63 676 (88) 588 1.4 1.5 1.2 8.1 7.1 5.6 30.7 10.0 7.2 17.5% 0.4 18.0% 46.3% Blinkx plc 1.33 0.51 1.44 483 (42) 442 2.9 2.7 2.3 26.8 26.8 17.5 NM 39.3 26.7 NA NA 19.9% 83.9% ReachLocal, Inc. 12.42 6.25 14.29 354 (95) 259 0.6 0.6 0.5 15.9 11.1 8.5 NM NM NM 18.0% NM 17.7% 20.5% QuinStreet, Inc. 6.39 5.41 11.90 273 (8) 265 0.8 0.8 0.9 6.2 4.5 5.4 NM 86.0 NM 15.0% NM (7.1%) (20.7%) Velti Plc 4.02 3.07 14.65 261 (14) 247 1.0 0.9 0.7 8.2 3.5 3.4 NM 7.5 8.9 28.7% 0.3 21.2% 63.4% Digital Generation, Inc. 8.98 7.51 13.20 248 386 635 1.6 1.6 1.6 5.7 5.0 4.7 NM NM 15.9 16.3% 1.0 3.3% 10.9% Marchex, Inc. 3.82 2.99 5.18 142 (36) 106 0.7 0.8 0.7 26.8 5.9 5.4 NM NM NM 26.1% NM 7.0% (12.6%)

Mean 3.0 x 2.9 x 2.4 x 13.6 x 10.2 x 12.0 x 22.3 x 26.6 x 23.8 x 18.9% 0.9 17.0% 28.9% Median 2.5 2.5 2.1 11.8 8.3 8.1 23.3 19.0 16.7 16.3% 1.0 16.6% 20.5%

Internet Content

IAC/InterActiveCorp $41.70 $38.20 $55.57 $3,515 ($175) $3,341 1.2x 1.2x 1.0x 8.1x 7.0x 5.4x 23.0x 14.7x 11.4x 20.7% 0.5 16.2% 28.2% AOL Inc. 39.52 16.80 43.93 3,027 (361) 2,667 1.2 1.2 1.2 6.3 6.4 6.3 3.5 18.0 20.2 7.5% 2.7 4.2% 3.9% Shutterfly, Inc. 41.95 23.52 42.67 1,524 (245) 1,279 2.0 2.1 1.7 15.5 12.6 9.2 68.8 32.0 24.9 17.8% 1.4 24.3% 33.4% Zillow, Inc. 44.93 23.00 47.85 1,502 (194) 1,308 11.2 11.5 7.7 NM 62.6 41.3 NM NM NM 31.3% NM 48.3% 72.6% Renren Inc. 3.23 3.00 7.87 1,215 (892) 323 2.0 1.9 1.3 NM NM NM NM NM NM NM NM 43.3% 47.2% Bankrate, Inc. 10.30 9.90 25.95 1,030 110 1,141 2.5 2.4 2.5 10.1 8.7 10.2 35.5 17.2 20.9 22.5% 0.9 (3.3%) (18.0%) Trulia, Inc. 35.35 14.69 38.22 966 (90) 876 12.9 13.2 8.7 NM NM 80.5 NM NM NM 20.0% NM 51.9% 75.1% WebMD Health Corp. 17.39 13.13 27.84 852 (169) 683 1.4 1.5 1.6 17.2 10.6 11.6 NM NM NM 16.3% NM (9.4%) (13.0%) Web.com Group, Inc. 17.69 12.22 19.72 834 678 1,511 3.7 3.1 2.9 26.6 10.4 9.8 NM 11.2 8.9 14.0% 0.6 7.1% 51.4% Demand Media, Inc. 7.91 6.20 12.50 674 (113) 561 1.6 1.5 1.3 8.6 5.5 4.7 NM 20.9 16.9 22.4% 0.8 14.1% 20.5% Monster Worldwide, Inc. 5.32 5.01 10.40 591 16 607 0.7 0.7 0.7 4.3 3.9 3.7 10.4 17.4 14.5 13.0% 1.1 (7.4%) (10.3%) comScore, Inc. 16.25 11.30 23.93 579 (47) 532 2.1 2.1 1.9 28.0 12.2 10.7 NM NM NM 34.9% NM 11.0% 9.2% United Online, Inc. 6.34 3.63 6.69 577 136 713 0.8 0.8 0.8 5.9 5.3 5.4 15.6 9.6 10.2 NA NA (0.1%) (2.7%) Dice Holdings, Inc. 9.77 6.95 10.99 572 4 576 2.9 3.0 2.7 8.1 7.5 7.2 16.6 16.5 15.3 16.1% 0.9 11.9% 11.4% eHealth, Inc. 19.71 14.34 28.17 399 (141) 258 1.7 1.6 1.5 12.5 10.5 8.7 58.0 30.8 31.8 16.7% 1.9 9.4% 5.1% Move, Inc. 9.85 6.92 10.06 387 (27) 360 1.8 1.8 1.6 21.7 13.7 10.7 82.1 26.4 20.1 27.0% 0.7 13.2% 11.6% RealNetworks Inc. 7.83 6.75 10.72 276 (271) (1) 5 0.0 NA NA NM NA NA 6.1 NA NA NA NA NA (16.1%) XO Group Inc. 9.40 7.22 10.04 243 (73) 171 1.3 1.3 1.2 9.3 6.7 5.8 29.7 28.1 22.7 NA NA 6.9% 2.2% TechTarget, Inc. 4.71 3.99 7.66 186 (57) 129 1.3 1.3 1.3 8.7 6.7 9.9 47.1 19.9 67.3 NA NA 1.0% (12.4%) TheStreet, Inc. (1) 1.80 1.20 2.30 59 18 77 1.5 NA NA NM NA NA NM NA NA NA NA NA (19.1%)

Mean 2.7 x 2.9 x 2.3 x 12.7 x 11.9 x 14.2 x 33.0 x 20.2 x 21.9 x 20.0% 1.2 13.5% 14.0% Median 1.6 1.7 1.6 9.3 8.1 9.2 26.4 18.0 20.1 18.9% 0.9 10.2% 7.1%

Internet Commerce

Amazon.com Inc. $265.09 $176.50 $284.72 $120,497 ($7,063) $113,434 1.9x 1.8x 1.5x 45.2x 32.6x 23.4x NM NM NM 45.3% NM 22.5% 22.0% eBay Inc. 56.70 34.24 57.27 73,512 (4,889) 68,623 4.9 4.9 4.2 16.7 14.7 12.6 28.5 24.2 20.6 15.0% 1.4 16.3% 18.1% priceline.com Incorporated 702.26 553.43 774.96 35,018 (3,216) 31,802 6.3 6.1 5.0 17.3 16.3 13.2 26.5 22.7 18.7 20.2% 0.9 20.0% 17.4% Liberty Interactive Corporation 21.58 15.93 22.05 11,757 5,564 17,321 1.7 1.7 1.6 9.5 9.2 8.5 20.6 21.8 16.7 15.5% 1.1 5.3% 3.0% Netflix, Inc. 189.51 52.81 190.00 10,611 (316) 10,295 2.9 2.9 2.4 NM 73.3 36.3 NM NM NM 28.7% NM 18.7% 8.0% Expedia Inc. 64.58 30.97 68.09 8,743 (689) 8,055 2.0 2.0 1.7 12.5 10.3 9.0 29.9 20.8 18.9 13.3% 1.4 16.9% 23.8% Copart, Inc. 36.32 22.58 37.47 4,532 298 4,830 5.2 5.1 4.7 14.0 13.4 11.9 25.2 24.1 20.5 13.9% 1.5 8.6% 5.9% HomeAway, Inc. 24.77 19.19 27.47 2,058 (244) 1,814 6.8 6.5 5.4 37.4 22.7 18.0 NM NM 77.0 28.7% 2.7 20.6% 19.6% OpenTable, Inc. 55.49 33.53 56.41 1,261 (104) 1,157 7.2 7.2 6.1 23.4 16.6 14.1 53.9 33.3 29.2 20.1% 1.5 17.3% 15.6% Vistaprint N.V. 36.37 28.17 43.42 1,220 166 1,386 1.3 1.3 1.1 13.1 10.3 9.0 52.2 22.5 19.0 21.9% 0.9 13.4% 16.2% Digital River Inc. 14.05 12.87 19.10 497 (396) 101 0.3 0.3 0.3 2.8 1.6 1.6 NM 14.5 20.0 10.0% 2.0 2.5% (9.5%) Blue Nile Inc. 31.94 22.94 43.54 399 (86) 313 0.8 0.8 0.7 20.0 13.7 12.8 50.7 44.7 39.8 18.1% 2.2 10.0% 21.2% Stamps.com Inc. 23.76 18.62 32.49 371 (47) 324 2.8 2.8 2.6 12.4 11.1 9.9 10.3 14.2 12.8 20.0% 0.6 7.2% 10.5% Travelzoo Inc. 21.32 16.56 27.94 328 (62) 266 1.8 1.8 1.7 8.6 8.1 8.7 18.7 16.3 18.3 NA NA 6.9% 5.3% Overstock.com Inc. 12.38 4.97 17.65 290 (94) 197 0.2 0.2 0.2 7.0 6.2 7.0 20.0 19.0 27.5 10.6% 2.6 7.3% 8.9% 1-800-Flowers.com Inc. 4.21 2.70 4.39 273 (5) 267 0.4 0.4 0.3 6.5 6.2 5.2 21.0 21.7 15.5 16.0% 1.0 5.8% 5.5% CafePress Inc. 6.98 4.44 22.69 119 (37) 83 0.4 0.4 0.3 6.2 5.1 5.7 NM 17.5 34.0 11.0% 3.1 17.6% 25.5%

Mean 2.7 x 2.7 x 2.3 x 15.8 x 16.0 x 12.2 x 29.8 x 22.7 x 25.9 x 19.3% 1.6 12.8% 12.8% Median 1.9 1.8 1.7 12.8 11.1 9.9 25.9 21.7 20.0 17.1% 1.4 13.4% 15.6%

Notes: 2 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Comcast Corporation $41.24 $28.09 $42.00 $109,586 $28,043 $137,629 2.2x 2.2x 2.1x 6.9x 7.0x 6.6x 18.1x 21.3x 17.5x 15.6% 1.1 3.2% 6.0% The Walt Disney Company 55.61 40.88 55.62 100,400 14,250 114,650 2.7 2.7 2.5 10.5 10.1 9.0 17.9 18.3 15.7 11.0% 1.4 7.8% 5.2% Time Warner Inc. 53.52 33.62 53.89 49,881 17,030 66,911 2.3 2.3 2.2 9.4 9.7 8.9 17.3 16.6 14.6 10.6% 1.4 3.2% (0.4%) Viacom, Inc. 59.46 44.85 60.84 29,431 7,718 37,149 2.8 2.8 2.7 9.5 9.3 8.5 14.0 14.6 12.0 12.9% 0.9 4.3% (16.1%) CBS Corporation 44.64 28.85 45.87 28,364 5,214 33,578 2.4 2.3 2.3 9.6 9.5 8.9 18.0 17.5 15.2 11.9% 1.3 2.3% (2.3%) Discovery Communications, Inc. 70.30 42.79 72.10 25,677 3,946 29,623 6.6 6.6 5.4 14.8 14.1 12.1 28.0 26.3 20.6 19.2% 1.1 21.1% 8.5% Sony Corporation 14.01 13.49 14.49 14,057 5,495 19,552 0.3 0.3 0.3 5.8 4.1 3.6 NM NM 32.6 3.0% 10.9 (6.0%) (4.9%) Lions Gate Entertainment Corp. 20.41 11.26 20.67 2,759 1,320 4,079 1.6 1.6 1.6 20.5 18.1 11.5 60.5 87.9 15.8 31.1% 0.5 0.6% 130.2%

Mean 2.6 x 2.6 x 2.4 x 10.9 x 10.2 x 8.6 x 24.8 x 28.9 x 18.0 x 14.4% 2.3 4.6% 15.8% Median 2.4 2.3 2.3 9.6 9.6 8.9 18.0 18.3 15.7 12.4% 1.2 3.2% 2.4%

Publishers

News Corp. $28.90 $18.32 $28.93 $67,183 $8,651 $75,834 2.2x 2.2x 2.1x 11.1x 11.0x 10.0x 17.3x 18.7x 16.3x 16.0% 1.0 6.7% 5.0% Thomson Reuters Corporation 30.60 26.48 31.02 25,304 5,895 31,199 2.3 2.4 2.4 11.1 8.9 9.1 12.3 15.0 16.2 5.3% 3.1 (0.3%) (5.0%) Pearson plc 18.38 17.12 20.21 14,751 2,150 16,902 1.8 1.7 1.7 10.4 9.7 9.6 10.0 13.4 13.4 5.8% 2.3 (1.9%) 4.4% Gannett Co., Inc. 20.16 12.17 20.61 4,633 1,397 6,030 1.1 1.1 1.1 5.2 5.2 5.3 11.3 8.7 9.1 5.7% 1.6 (1.3%) 9.4% Lagardere SCA 34.86 24.68 36.06 4,455 2,192 6,647 0.7 0.7 0.7 9.2 8.7 8.3 NM 14.6 12.9 2.9% 4.4 2.4% (24.3%) The Washington Post Company 414.41 327.00 417.93 3,058 (272) 2,785 0.7 0.7 0.7 5.3 5.0 5.2 24.1 20.5 21.3 NA NA (2.0%) (0.1%) UBM plc 11.90 7.90 12.31 2,905 842 3,747 2.4 2.4 2.6 10.6 10.5 10.6 23.1 12.7 12.9 4.4% 2.9 (8.5%) 4.8% The New York Times Company 8.99 5.88 11.07 1,335 163 1,498 0.8 0.7 0.8 5.6 5.6 5.3 8.6 18.6 18.4 NM NM (1.3%) (10.4%) The E. W. Scripps Company 11.61 8.19 11.69 638 (10) 628 0.7 0.7 0.8 6.2 4.5 7.6 34.1 14.4 67.3 NA NA (7.7%) 30.8%

Mean 1.4 x 1.4 x 1.4 x 8.3 x 7.7 x 7.9 x 17.6 x 15.2 x 20.9 x 6.7% 2.6 (1.5%) 1.6% Median 1.1 1.1 1.1 9.2 8.7 8.3 14.8 14.6 16.2 5.5% 2.6 (1.3%) 4.4%

Diversified Marketing

WPP plc $16.25 $11.38 $16.31 $20,557 $4,488 $25,045 1.6x 1.5x 1.5x 10.0x 9.0x 8.8x 15.2x 13.7x 13.2x 8.6% 1.5 (0.7%) 3.0% Experian plc 16.84 13.33 17.29 16,630 2,113 18,743 4.1 4.0 3.7 12.2 11.7 10.9 51.1 20.5 17.9 11.6% 1.5 7.8% 6.2% Omnicom Group Inc. 57.71 45.11 58.16 15,246 2,489 17,735 1.2 1.2 1.2 8.5 8.5 8.1 16.0 16.0 14.6 9.9% 1.5 4.1% 2.4% Publicis Groupe SA 66.78 46.88 67.21 13,302 (270) 13,032 1.5 1.5 1.4 7.8 8.5 7.6 15.1 15.8 14.2 12.4% 1.2 8.7% 14.8% Nielsen Holdings N.V. 32.40 25.02 33.98 11,734 6,296 18,030 3.2 3.2 3.1 11.6 11.3 10.5 43.2 17.7 15.0 15.3% 1.0 4.9% 3.0% Equifax Inc. 55.17 41.33 59.83 6,642 1,584 8,226 3.8 3.8 3.5 12.6 11.7 10.1 24.9 18.7 15.3 11.9% 1.3 8.0% 9.5% The Interpublic Group of Companies, Inc. 12.57 9.04 12.68 5,423 479 5,902 0.8 0.8 0.8 7.3 6.8 6.2 15.7 16.1 13.7 16.4% 0.8 3.0% (3.2%) Havas 6.58 4.65 6.71 2,515 617 3,133 1.4 1.3 1.3 9.4 8.6 8.1 17.2 14.5 12.8 11.2% 1.1 4.2% (5.4%) Acxiom Corporation 17.92 12.66 19.02 1,323 74 1,397 1.3 1.3 1.3 6.3 5.9 6.3 23.4 23.5 24.3 12.2% 2.0 0.3% (2.8%) Valassis Communications Inc. 30.38 18.70 30.54 1,192 507 1,699 0.8 0.8 0.8 5.9 5.6 5.4 11.0 9.7 8.6 26.7% 0.3 (3.0%) (0.9%) Harte-Hanks Inc. 7.61 5.14 9.81 478 77 555 0.7 0.7 0.7 6.2 6.5 6.1 NM 13.0 12.0 NM NM (3.8%) (8.8%) MDC Partners Inc. 12.86 9.13 15.11 400 399 798 0.8 0.8 0.7 24.8 7.6 6.4 NM NM NM 6.0% NM 7.3% 13.6%

Mean 1.8 x 1.7 x 1.7 x 10.2 x 8.5 x 7.9 x 23.3 x 16.3 x 14.7 x 12.9% 1.2 3.4% 2.6% Median 1.4 1.3 1.3 8.9 8.5 7.8 16.6 16.0 14.2 11.9% 1.2 4.1% 2.7%

Notes: 3 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Tencent Holdings Ltd. $35.39 $24.70 $36.24 $64,990 ($2,370) $62,620 9.9x 9.0x 6.9x 23.3x 21.5x 17.0x 35.0x 31.3x 24.6x 24.3% 1.0 30.2% 56.6% Activision Blizzard, Inc. 14.37 10.45 14.52 15,990 (4,375) 11,615 2.4 2.4 2.7 7.4 6.7 8.0 14.3 12.8 16.8 10.3% 1.6 (11.0%) 25.7% NHN Corporation 227.65 217.96 229.50 10,206 (955) 9,250 4.5 4.1 3.5 13.2 13.1 10.7 22.8 22.5 18.7 17.8% 1.0 17.7% 19.8% NetEase, Inc. 51.41 37.00 65.54 6,733 (2,529) 4,204 3.2 3.2 2.7 6.6 6.8 5.8 11.6 11.9 10.3 12.7% 0.8 17.6% 9.4% Electronic Arts Inc. 16.97 10.77 17.86 5,092 (938) 4,154 1.1 1.1 1.0 10.6 9.7 5.8 31.0 36.2 12.9 12.7% 1.0 9.0% (13.1%) DeNA Co., Ltd. 27.80 27.10 29.82 3,730 (573) 3,156 1.4 NA 1.3 3.3 NA 3.4 7.6 NA 7.6 12.3% 0.6 NA 36.3% Gree, Inc. 11.59 11.20 27.52 2,715 (214) 2,501 1.3 1.3 1.4 2.8 2.9 3.4 5.5 5.2 6.3 5.5% 1.1 (6.0%) (15.6%) Zynga, Inc. 3.20 2.09 15.91 2,509 (1,185) 1,324 1.0 1.1 1.2 24.5 8.3 17.1 NM NM NM 22.8% NM (12.3%) (0.0%) NCsoft Corporation 124.22 120.98 126.52 2,468 (449) 2,019 3.6 2.9 2.6 24.4 10.2 7.2 NA 20.2 13.1 46.1% 0.3 12.3% 40.0% Changyou.com Limited 30.48 17.00 32.90 1,608 (179) 1,429 2.3 2.3 1.9 3.8 3.9 3.4 5.8 5.8 5.2 11.7% 0.4 20.0% 6.2% Giant Interactive Group, Inc. 6.13 4.11 6.61 1,450 (372) 1,078 3.3 3.1 2.7 5.1 4.8 4.3 7.9 7.2 6.6 12.8% 0.5 16.8% 20.4% Ubisoft Entertainment SA 10.75 6.46 10.79 1,019 189 1,208 0.9 0.7 0.7 3.5 2.0 1.9 19.2 14.0 12.6 60.9% 0.2 3.8% 7.3% Shanda Games Limited 3.04 2.71 5.92 833 (140) 693 0.9 0.9 0.9 2.4 2.5 2.6 4.4 4.2 4.1 9.3% 0.4 2.9% (18.9%) Perfect World Co., Ltd. 11.81 8.92 17.46 571 (225) 346 0.8 0.8 0.7 2.3 2.6 2.4 5.0 5.6 5.0 NM NM 9.7% (0.4%) Glu Mobile, Inc. 2.34 1.99 5.90 154 (22) 132 1.5 1.5 1.5 NM NM NM NM NM NM 37.5% NM 2.0% 38.3%

Mean 2.5 x 2.5 x 2.1 x 9.5 x 7.3 x 6.6 x 14.2 x 14.7 x 11.1 x 21.2% 0.8 8.1% 14.1% Median 1.5 1.9 1.5 5.8 6.7 5.0 9.7 12.4 10.3 12.7% 0.7 9.3% 9.4%

Social Media & New Platform

Facebook, Inc. $28.32 $17.55 $45.00 $67,462 ($7,270) $60,192 11.8x 12.0x 9.1x 50.7x 21.5x 17.4x NM 54.6x 48.6x 28.2% 1.7 32.1% 40.1% LinkedIn Corporation 162.66 84.10 163.00 17,478 (750) 16,728 17.2 17.6 11.2 NM 82.0 47.1 NM NM NM 66.6% NM 56.8% 81.0% Groupon, Inc. 5.96 2.60 20.63 3,905 (1,201) 2,704 1.2 1.2 1.0 18.4 9.7 10.0 NM 35.6 25.2 24.6% 1.0 17.6% 32.2% Pandora Media, Inc. 12.98 7.08 26.00 2,208 (81) 2,127 5.5 5.0 3.6 NM NM NM NM NM NM 36.7% NM 40.3% 60.0% Yelp, Inc. 21.96 14.10 31.96 1,390 (95) 1,295 9.4 9.5 6.1 NM NM 61.5 NM NM NM 20.0% NM 54.8% 65.3%

Mean 9.0 x 9.0 x 6.2 x 34.6 x 37.7 x 34.0 x NM 45.1 x 36.9 x 35.2% 1.4 40.3% 55.7% Median 9.4 9.5 6.1 34.6 21.5 32.2 NM 45.1 36.9 28.2% 1.4 40.3% 60.0%

SaaS salesforce.com, inc $175.03 $120.18 $178.91 $25,633 ($27) $25,606 9.0x 8.4x 6.6x NM 49.4x 37.9x NM NM 87.6x 28.3% 3.1 26.6% 34.9% Workday, Inc. 50.44 45.05 57.21 8,373 (770) 7,603 32.3 28.1 17.9 NM NM NM NM NM NM 50.0% NM 57.2% 141.0% NetSuite Inc. 68.36 40.94 75.75 4,898 (186) 4,712 15.3 15.4 11.7 NM NM NM NM NM NM 26.4% NM 30.8% 32.6% ServiceNow, Inc. 33.86 22.62 41.77 4,233 (315) 3,919 16.1 16.4 10.0 NM NM NM NM NM NM 61.7% NM 63.1% 29.9% Concur Technologies, Inc. 69.50 53.33 76.15 3,865 (230) 3,635 7.9 7.9 6.2 81.1 31.9 28.6 NM 77.6 69.0 24.5% 2.8 26.3% 22.3% The Ultimate Software Group, Inc. 95.99 67.54 106.40 2,621 (58) 2,563 7.7 7.7 6.3 60.0 40.9 29.9 NM 91.6 69.9 27.6% 2.5 22.6% 26.7% RealPage, Inc. 23.61 16.03 26.99 1,781 (11) 1,770 5.8 5.5 4.5 51.8 24.1 18.0 NM 49.9 37.2 25.0% 1.5 20.8% 23.0% ExactTarget, Inc. 23.50 17.25 29.88 1,600 (212) 1,388 5.2 4.8 3.8 NM NM NM NM NM NM 30.0% NM 28.1% 35.4% Cornerstone OnDemand, Inc. 30.91 18.02 34.13 1,560 (71) 1,490 12.6 12.6 8.2 NM NM NM NM NM NM 40.2% NM 53.5% 62.7% Jive Software, Inc. 15.71 10.63 28.15 1,010 (135) 876 7.7 7.8 5.8 NM NM NM NM NM NM 26.5% NM 35.2% 44.5% Demandware, Inc. 29.38 21.35 34.27 873 (102) 771 9.7 10.1 7.9 NM NM NM NM NM NM 32.5% NM 27.0% 41.4% LivePerson Inc. 13.42 11.37 19.60 750 (103) 646 4.1 4.1 3.5 36.7 22.2 19.9 NM 44.0 41.3 25.4% 1.6 17.3% 16.3% Bazaarvoice, Inc. 7.49 6.37 21.10 535 (142) 394 3.0 2.6 2.1 NM NM NM NM NM NM NA NA 27.6% 54.4% Constant Contact, Inc. 15.44 11.50 31.93 472 (94) 378 1.5 1.5 1.3 16.3 10.3 8.7 37.7 27.8 24.5 29.6% 0.8 13.8% 15.2% Responsys, Inc. 6.84 5.47 12.97 334 (100) 234 1.5 1.5 1.3 12.5 8.9 7.5 50.5 34.0 30.5 22.0% 1.4 15.6% 19.6% Brightcove, Inc. 6.62 5.95 25.50 184 (30) 154 1.8 1.8 1.5 NM NM NM NM NM NM NA NA 19.5% 31.3%

Mean 8.8 x 8.5 x 6.2 x 43.1 x 26.8 x 21.5 x 44.1 x 54.2 x 51.4 x 32.1% 2.0 30.3% 39.5% Median 7.7 7.8 6.0 44.3 24.1 19.9 44.1 47.0 41.3 28.0% 1.6 26.8% 32.0%

Notes: 4 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months

Notes: Multiples <0x or >100x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Excludes cash and stock earnout of up to $105MM. (2) Implied Aggregate Value based on New York Times estimate. (3) LTM Revenue multiple based on 451 Research estimate. (4) Implied Aggregate Value based on acquisition of 61.6% stake in Trivago. Avg. 12/21/12 EUR/USD FX rate of 1.3235 used to convert purchase price of €434MM in cash and €43MM in Expedia stock. 5 (5) Implied Aggregate Value based on Gigaom estimate. (6) Implied Aggregate Value based on acquisition of 80% stake.

Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

Notes: Multiples <0x or >100x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Excludes unrecognized stock-based compensation for stock options and RSUs. (2) LTM revenue multiple based on 451 Group estimate for CY2011. 6 (3) Avg. 9/20/2012 EUR/USD FX rate of 1.2947 used to convert €437MM purchase price. NTM multiples use 2013 estimates. (4) Avg. 8/21/2012 EUR/USD FX rate of 1.2474 used to convert €50MM purchase price. Filed IPOs Internet / Digital Media / SaaS: IPOs In Registration

7 Notes: Source: Dealogic, CapitalIQ and SEC.gov. Venture Capital Activity TMT: Transactions Since 2001

10 $19.5Bn 1,600

9 1,400 8 $16.9Bn 7 1,200

6 (1) 1,000

5 $Bn 800 4

3 600 Number of Investments

2 400 1

0 200

Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

3 3 1 4 3 1 4 3 1 4 3 1 4 3 1 4 3 1 4 1 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

01 01 02 02 03 04 04 05 06 06 07 08 08 09 10 10 11 12 12 01 01 01 01 02 02 03 03 03 04 04 05 05 05 06 06 07 07 07 08 08 09 09 09 10 10 11 11 11 12 12

Quarter - Year (2) (2) (3) TMT VC-Backed IPO Exit Value TMT VC-Backed M&A Exit Value Number of TMT VC Investments

Notes: (1) Includes Facebook IPO at Exit Value of $16.0Bn. (2) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of: Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware. (3) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 8 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007(1)

5030 2,0001,250

45 1,750 25 40 1,000 1,500 (1) 35 20 1,250 30 750 (1)

2515 1,000

$MM $MM 20 750500 10

Number Number of Financings 15 Number ofFinancings 500 10 250 5 250 5

0 0

Jul-07 Sep-07 Nov-07 Feb-11 Apr-11 Jun-11 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Aug-07 Oct-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Mar-11 May-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

May Feb Feb Mar Mar Apr Apr May Feb Mar Apr Mar Apr May Apr May Feb May Feb Mar

Jan Sep Jan Jun Nov Jul Nov Jul Aug Dec Aug Sep Jun Jul Aug Nov Dec Jul Aug Sep Dec Jan Jun Aug Sep Dec Jan Jun Sep Nov Jan Jun Jul

Oct Oct Oct

0 Oct 0

- - - - -

------

- - - 09 10 - 07 08 ------11

------

- 07 08 10 11 - 07 08 - 09 - 09 - 10

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

07 08 09 10 10 11 11 07 07 07 08 08 08 09 09 09 10 10

07 11 08 09 10

Amount Raised ($MM) Number of Financings Amount Raised ($MM) Number of Financings

Notes: Source: DowJones VentureWire. Only financings > $10MM included. 9 (1) Chart excludes Groupon’s $377MM raise on 12/29/10 and Facebook’s $1.5Bn raise on 1/21/11. Actual amounts raised in the months of 12/2010 and 1/2011 are $1,406.5MM and $2,765.8MM respectively. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Quad Learning Washington, D.C. 14-Feb-13 Series A $11 NEA New Atlantic Ventures, Comcast Ventures Provider of free online courses $11 www.quadlearninginc.com

Verve Mobile Associated Press, BlueRun Ventures, Crosscut Ventures, Iron Encinitas, CA 13-Feb-13 Series C $14 Nokia Growth Partners Provider of a location-based mobile advertising platform in the United States $31 Capital, Qualcomm Ventures www.vervemobile.com

InVisage Technologies Charles River Ventures, Nokia Growth Partners, RockPort Menlo Park, CA 13-Feb-13 Series D $20 GGV Capital Developer of image sensor technology for mobile devices $60 Capital, InterWest Partners, Intel Capital, OnPoint Technologies www.invisageinc.com

Infinio Systems Highland Capital Partners, Lightspeed Venture Partners, Cambridge, MA 13-Feb-13 Series A $10 Bessemer Venture Partners Developer of storage performance software solutions $10 Founder Collective www.infinio.com

Persado New York, NY 13-Feb-13 Series A $15 Bain Capital Ventures NA Provides automation for marketing content generation $15 www.persado.com

Cylance Irvine, CA 13-Feb-13 Series A $15 Khosla Ventures Fairhaven Capital Developer of a suite of security products and services $15 www.cylance.com

On Deck Capital Contour Venture Partners, First Round Capital, Khosla New York, NY 13-Feb-13 Series D $42 Institutional Venture Partners Ventures, Lighthouse Capital Partners, RRE Ventures, Village Provides an online lending platform for small businesses $96 www.ondeckcapital.com Ventures, SAP Ventures

Snapchat Venice, CA 12-Feb-13 Series B $14 Benchmark Capital NA Provider of a mobile photo and video sharing application (app) $65 www.snapchat.com

Nok Nok Labs Palo Alto, CA 12-Feb-13 Series A $15 Onset Ventures DCM Developer of a technology for user identification $15 www.noknok.com

Nextdoor.com Allen & Co, Benchmark Capital, Bezos Expeditions, Shasta Developer of a social networking platform for the user's neighborhood or local San Francisco, CA 12-Feb-13 Series B $22 Greylock Partners $40 Ventures, DAG, Google Ventures, Pinnacle Ventures community www.nextdoor.com

Sailthru AOL Ventures, Draper Fisher Jurvetson Gotham, Hatteras Provider of a platform that delivers relevant, personalized content to users via New York, NY 11-Feb-13 Series B $19 Benchmark Capital Capital Investment Management, Lerer Ventures, Metamorphic $28 email, the Web, or advertising channels www.sailthru.com Ventures, Pilot Group, RRE Ventures, Thrive Capital

RepairPal San Francisco, CA 11-Feb-13 Series B $13 Cars.com Castrol innoVentures, Tugboat Ventures Provider of an automobile repair and maintenance information platform $25 www.repairpal.com

DataXu Boston, MA 7-Feb-13 Series D $27 Thomvest Ventures Atlas Venture, Flybridge Capital Partners, Menlo Ventures Provider of strategic marketing technology for online display advertisers $64 www.dataxu.com

Notes: 10 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Livefyre Provider of a website that turns publisher content into the center of discussion San Francisco, CA 6-Feb-13 Series C $15 U.S. Venture Partners Greycroft Partners, Cue Ball, HillsVen Group, ff Venture Capital $21 by aggregating comments from around the Web www.livefyre.com

Urban Airship Foundry Group, Intel Capital, True Ventures, Salesforce.com, Portland, OR 6-Feb-13 Series D $25 August Capital Provider of content delivery solutions for mobile devices $47 Verizon Ventures www.urbanairship.com

Spredfast Austin, TX 5-Feb-13 Series C $18 OpenView Venture Partners Austin Ventures, InterWest Partners Provider of social media management solutions $34 www.spredfast.com

eBaoTech Cathay Capital Private Equity Shanghai, China 5-Feb-13 Series A $36 FTV Capital Develops software that allows insurance companies to store customers' data $36 www.ebaotech.com

Hailo London, United Kingdom Accel Partners, Atomico, Felicis Ventures, KDDI, Phenomen 5-Feb-13 Series C $31 Union Square Ventures Provider of a mobile network for taxi cab drivers and passengers $51 www.hailocab.com Ventures, Red Swan Ventures LLC, Wellington Partners

WhiteHat Security Altos Ventures, Authosis Ventures, Garage Technology Santa Clara, CA 5-Feb-13 Later Stage Equity $31 JMI Equity Ventures, Horizon Ventures, Investor Growth Capital, Startup Provider of Web application security software services $53 www.whitehatsec.com Capital Ventures, Tuputele Ventures, ZAP Ventures

New Relic T. Rowe Price, Benchmark Capital, Trinity Ventures, Tenaya Provider of a software-as-a-Service (SaaS)-based cloud application San Francisco, CA 5-Feb-13 Later Stage Equity $80 Insight Venture Partners Capital, Allen & Co., Four Rivers Group, DAG Ventures, performance management tool that monitors, troubleshoots, and tunes $117 www.newrelic.com Dragoneer Investment Group, Passport Ventures application performance in real time

Game Insight Moscow, Russia 5-Feb-13 Series A $25 IMI.VC NA Provides a mobile gaming network $25 www.game-insight.com

JIBE Polaris Partners, DFJ Gotham, Draper Fisher Jurvetson, New York, NY 5-Feb-13 Series B $10 Longworth Venture Partners Provider of a job search site $17 Zelkova, Lerer Ventures, Thrive Capital www.jibe.com

WSO2 Palo Alto, CA 4-Feb-13 Series C $10 Toba Capital Cisco Systems Inc., Intel Capital, Quest Software Developer of open source technology for Web services $21 www.wso2.com

42Floors 500 Startups LP, Andreessen Horowitz, Bessemer Venture San Francisco, CA 31-Jan-13 Series B $12 New Enterprise Associates Partners, Founder Collective, Thrive Capital, Columbus Nova Provider of an online commercial real estate search platform $18 www.42floors.com Technology Partners, SV Angel, Y Combinator

PagerDuty Harrison Metal, Baseline Ventures, Ignition Partners, Webb San Francisco, CA 31-Jan-13 Series A $11 Andreessen Horowitz Developer of software providing alarm dispatching service $11 Investment Network www.pagerduty.com

FanDuel Provider of a website that allows news surfers to bet on the outcome of events New York, NY 30-Jan-13 Series C $11 Comcast Ventures Bullpen Capital, Piton Capital, Pentech Ventures $18 in the news www.hubdub.com

Notes: 11 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

NewVoiceMedia Basingstoke, United Kingdom 29-Jan-13 Series B $20 Highland Capital Partners Europe MMC Ventures, Notion Capital, Eden Ventures Provider of a contact center telephony solution using cloud-based technology $31 www.newvoicemedia.com

Convercent Provider of software to help businesses help their employees comply with Greenwood Village, CO 29-Jan-13 Series A $10 Azure Capital Partners Mantucket Capital, City National Bank $10 corporate policies and regulations www.convercent.com

WatchDox Millennium Technology Value Palo Alto, CA 29-Jan-13 Series C $12 Blackstone, Gemini Israel Funds, Shasta Ventures Provider of a document-centric security platform $35 Partners www.watchdox.com

DataGravity Nashua, NH 29-Jan-13 Series B $30 Andreessen Horowitz Charles River Ventures, General Catalyst Partners Developer of software aiming to simplify data management $42 www.datagravity.com

Puppet Labs Cisco Systems, Google Ventures, Kleiner Perkins Caufield & Portland, OR 23-Jan-13 Series D $30 VMware Inc. Provider of enterprise IT automation solutions $46 Byers, Radar Partners, True Ventures www.puppetlabs.com

AppDynamics Greylock Partners, Kleiner Perkins Caufield & Byers, Provider of application performance management (APM) and monitoring San Francisco, CA 23-Jan-13 Series D $50 Institutional Venture Partners $87 Lightspeed Venture Partners solutions www.appdynamics.com

Accel Partners, Benchmark, CompuCredit, Crosslink Capital, Prosper Marketplace DAG Ventures, Draper Fisher Jurvetson, QED Investors, San Francisco, CA 22-Jan-13 Series F $20 Sequoia Capital Provider of a peer-to-peer (P2P) lending marketplace $95 Meritech Capital Partners, Omidyar Network, Tomorrow www.prosper.com Ventures, Volition Capital

iPinYou Beijing, China 18-Jan-13 Series B $20 China Broadband Capital Vangoo Investment Partners, Forward Capital Operator of a real-time bidding advertising exchange $30 www.ipinyou.com.cn

OpenX Software Accel Partners, Index Ventures, SAP Ventures, Mitsui & Co., Pasadena, CA 17-Jan-13 Series E $23 Samsung Venture Investment Corp. Provider of digital and mobile advertising technology $70 Presidio Ventures www.openx.com

Keek AGF Investments, Pinetree Capital, Toronto, Canada 17-Jan-13 Series B $18 Cranson Capital Provider of free social video platform $31 Plazacorp Ventures www.keek.com

Lynda.com Provides online computer skills training for consumers, Carpinteria, CA 16-Jan-13 Series A $103 Accel Partners, Spectrum Equity Meritech Capital Partners $103 businesses, and schools www.lynda.com

PICS Auditing Provider of software-as-a-service (SaaS) services that help corporations Irvine, CA 16-Jan-13 Series A $35 Norwest Venture Partners NA $35 manage the contractor screening process www.picsauditing.com

OnApp Provider of a cloud software solution that enables hosting companies and London, U.K. 16-Jan-13 Series B $20 LDC NA $27 telecoms service providers to virtualize their server assets www.onapp.com

Notes: 12 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Zettaset Brocade Communications Systems, Draper Fisher Jurvetson, Mountain View, CA 16-Jan-13 Series B $10 HighBAR Partners Provider of data processing platforms $13 Epic Ventures www.zettaset.com

Ayasdi Palo Alto, CA 16-Jan-13 Series B $10 Khosla Ventures Floodgate Provider of interactive analysis and visualization software $13 www.ayasdi.com

SevOne Wilmington, DE 15-Jan-13 Series C $150 Bain Capital Ventures HarbourVest Partners, Osage Ventures Provider of application and network management software $154 www.sevone.com

Tongal Marina Del Rey, CA 14-Jan-13 Series B $15 Insight Venture Partners NA Provider of a social platform for marketers to produce creative video content $16 www.tongal.com

JanRain Split Rock Partners, Salesforce.com, Epic Ventures, RPM Millennium Technology Value Portland, OR 14-Jan-13 Series C $33 Ventures, DFJ Frontier, Anthem Venture Partners, Emergence Provider of online identity management platforms $53 Partners www.janrain.com Capital

Mirantis Provides a vendor-neutral implementation of OpenStack, an open-source cloud- Mountain View, CA 11-Jan-13 Series A $10 Dell Ventures Intel Capital, WestSummit Capital $10 computing platform for public and private clouds www.mirantis.com

ScaleArc Developer of database infrastructure software designed to simplify the way Santa Clara, CA 10-Jan-13 Series C $12 Accel Partners Trinity Ventures, Nexus Venture Partners $18 database environments are deployed and managed www.scalearc.com

Guavus QuestMark Partners, Artiman Ventures, Intel Capital, Sofinnova San Mateo, CA 10-Jan-13 Series D $30 Investor Growth Partners Provider of software for analyzing sensor and network generated data $78 Ventures www.guavus.com

SR Labs New York, NY 9-Jan-13 Series A $53 Insight Venture Partners NA Provider of market data and exchange solutions $53 www.srtechlabs.com

Aereo FirstMark Capital, First Round Capital, High Line Venture Provider of an entertainment video platform to access live, over-the-air Long Island City, NY 8-Jan-13 Series B $38 IAC and Highland Capital Partners $59 Partners television (TV) www.aereo.com

Chartboost San Francisco, CA 8-Jan-13 Series B $19 Sequoia Capital TransLink Capital, SK Telecom Ventures, XG Ventures Provider of an ad serving technology and marketplace for game publishers $21 www.chartboost.com

Host Analytics Advanced Technology Ventures, Next World Capital, StarVest Redwood City, CA 8-Jan-13 Series D $17 Not disclosed Provider of cloud corporate performance management (CPM) solutions $47 Partners, Trident Capital www.hostanalytics.com

Panaya Benchmark Capital, Hasso Plattner Ventures, Gemini Israel Saddle Brook, NJ 8-Jan-13 Series D $16 Battery Ventures Provider of a SaaS (software as a service) for automating SAP upgrades $41 Funds, Tamares www.panayainc.com

Notes: 13 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

InsideSales.com Provider of cloud-based inside sales software and solutions for inside sales Provo, UT 8-Jan-13 Series B $35 U.S. Venture Partners Hummer Winblad Venture Partners $39 professionals www.insidesales.com

Shape Security Allegis Capital, Kleiner Perkins Caufield & Byers, Google Menlo Park, CA 7-Jan-13 Series B $20 Venrock Provider of Web security technology $26 Ventures, TomorrowVentures www.shapesecurity.com

Infusionsoft Chandler, AZ Arthur Ventures, Mohr Davidow Ventures, Signal Peak 7-Jan-13 Series C $54 Goldman Sachs Provider of customer relationship software (CRM) for small enterprises $71 www.infusionsoft.com Ventures, vSpring Capital

Mosaic Oakland, CA 7-Jan-13 Series B $10 Not disclosed Serious Change, Spring Ventures, U.S. Department of Energy Developer of a crowdfunding platform for solar energy projects $13 www.solarmosaic.com

GetYourGuide Spark Capital Partners, Highland Zurich, Switzerland 7-Jan-13 Series A $14 PROfounders Capital Provider of a booking website for tours and activities $14 Capital Partners Europe www.getyourguide.com

Leap Motion Andreessen Horowitz, Highland Capital Partners, Intel Capital, San Francisco, CA 4-Jan-13 Series B $30 Founders Fund Management Developer of 3-D motion-control and motion-sensing technology $44 SOSventures Investments www.leapmotion.com

Notes: 14 Source: DowJones VentureWire. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

Sale of Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock Acquired by Acquired by

Fairness Opinion for We Advised the Seller We Advised the Seller Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller January 2013 September 2012 August 2012 August 2012 June 2012 June 2012 May 2012 May 2012 April 2012

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock Acquired by Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller March 2012 February 2012 January 2012 December 2011 December 2011 November 2011 November 2011 October 2011 October 2011

Merger with Preferred Stock Preferred Stock Acquired By Preferred Stock Acquired By Acquired by Acquired by Acquired by

We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised lolapps We Advised the Seller September 2011 August 2011 August 2011 August 2011 August 2011 August 2011 July 2011 July 2011 May 2011

Acquired By Sale of Subscription Acquisition of JV from Sale of Business Unit Acquired by Secondary Acquired by Preferred Stock Acquired by Music Service to Mogae Consultants Six Apart KK to Sale

We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Founders We Advised the Seller Financial Advisor We Advised the Seller April 2011 March 2011 January 2011 January 2011 January 2011 January 2011 December 2010 December 2010 December 2010

Acquisition of Preferred Stock Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Buyer Financial Adviser We advised the seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller November 2010 October 2010 October 2010 August 2010 July 2010 July 2010 June 2010 June 2010 June 2010

15 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo

th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. 11-1 Marunouchi 1-chome San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 United States United States Japan Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100

Alex Chefetz Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Tomohiko Kubota Managing Director Managing Director Managing Director Managing Director Managing Director Vice President

Phone: (212) 999-7084 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: +81 (3) 6212-7129 Mobile: (917) 972-7756 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Sachio Kuninori John Lambros Ashley Ma Clifford Platt Joshua Wepman Executive Director Managing Director Vice President Vice President Director

Phone: +81 (3) 6212-7226 Phone: (212) 999-7083 Phone: (212) 999-7076 Phone: (415) 318-3622 Phone: (212) 999-7092 [email protected] Mobile: (917) 744-9011 Mobile: (917) 575-0103 Mobile: (917) 796-7782 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected]