Marketing, Media, Technology, and Service Industries M&A & October 2012 Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 26 About Petsky Prunier 34

M&A & INVESTMENT SUMMARY OCTOBER 2012 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A tot al of 310 dldeals worth approxi mat tlely $6.9 billion were announce d in OtOcto ber 2012 • Digital Media/Commerce was the most active and highest value segment with 114 transactions worth approximately $3.2 billion • Strategic buyers announced 137 deals for approximately $3.5 billion (44% of total volume) • VC/ investors announced 167 deals for approximately $1. 8 billion • investors announced six deals for approximately $1.6 billion

OCTOBER 2012 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 114 37% 3,161.9 46% 32 978.9 2 1,590.4 80 592.7 Marketing Technology 81 26% 813.9 12% 31 500.4 0 0.0 50 313.5 Software & Information 59 19% 1,924.0 28% 35 1,610.3 2 0.0 22 313.6 Agency/Consulting 25 8% 376.6 5% 21 326.6 1 40.3 3 9.8 Digggital Advertising 16 5% 119.4 2% 9 82.9 0 0.0 7 36.5 Out-of-Home & Specialty Media 10 3% 544.2 8% 6 25.0 1 0.0 3 519.2 Marketing Services 5 2% 3.2 0% 3 0.0 0 0.0 2 3.2 Total 310 100% 6,943.2 100% 137 3,524.2 6 1,630.7 167 1,788.4

Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months $14.0 $11.9 $11.5 $11.4 $12.0 $9.2 $10.0 $7.9 $7.7 $8.0 $6.4 $6.4 $6.9 Value

$6.0 $3.8

($BN) $4.0 $2.5 $2.3 orted $1.9 $2.0

Rep 297 269 253 206 220 263 289 258 261 256 247 221 310 $‐ 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

M&A & INVESTMENT SUMMARY OCTOBER 2012 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions)

Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Ancestry.com Inc. eCommerce Advisers $1,590.4 $460.2 $151.2 3.5x 10.5x Gloops Gaming NEXON Corporation 468.4 305.0 38.5 1.5x 12.2x XING Social Media/Apps Burda Digital 280.7 87.7 27.5 3.2x 10.2x PriceGrabber, LowerMyBills and ClassesUSA.com eCommerce (Management Buyout) 80.0 283.0 20.0 0.3x 4.0x Marketing Technology Heiler Software BI Tools Informatica Corporation 103.9 24.4 0.4 4.3x NM Agency/Consulting Vertis Communications DM Agency Quad/Graphics, Inc. 258.5 1,100.0 60.0 0.2x 4.3x Software & Information Serasa Financial Information Experian plc 5,067.6 870.0 - 5.8x NA Out-of-Home & Specialty Media Variety Magazine B-to-B Media Penske Media Corporation 25.0 30.0 6.0 0.8x 4.2x

IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Shutterstock, Inc. eCommerce IPO $543.3 $144.1 $24.1 3.8x 22.5x Marketing Technology Fleetmatics Group Limited Mobile Tec hnology IPO 600. 6 108. 1 18. 7 56x5.6x 32. 1x Software & Information Workday, Inc. Human Capital Software IPO 4,553.3 199.1 (75.8) 22.9x NM

* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

M&A & INVESTMENT SUMMARY OCTOBER 2012 4 SECURITIES IN REGISTRATION ($ in Millions)

Aggre gate LTM Date Company Name Segment Offering Value Rev EBITDA

Oct-12 YY, Inc. Digital Media/Commerce $100.0 $82.7 $2.9

Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0

Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM

Mar-12 LegalZoom.com, Inc. Digital Media/Commerce 96.00 173.60 12.3

Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9

Mar-12 Reval Holdings Software & Information 75.00 47.00 NM

M&A & INVESTMENT SUMMARY OCTOBER 2012 5 LTM IPO PERFORMANCE ($ in Millions)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Oct 31, 2012 1st Trading Day Oct-12 FLTX Fleetmatics Group Limited $15.00-$17.00 $17.00 $22.30, up 31% $21.69 (2.7%)

Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 23.75 9.6% Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, up 74% 48.50 (0.4%) Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24,00, up 41.8% 22.55 (6.0%) Aug-12 ELOQ Eloqua, Inc. United States 10.00-11.50 11.50 12.89, up 12% 23.33 81.0%

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 9.87 (()6.9%) Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 17.50 29.6% Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 33.13 (0.2%) Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 54.98 3.5%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 30.65 23.7% May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 7.54 (60.5%) May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 21.11 (44.8%) May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 19.39 53.9%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 10.02 73.7% Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 16.61 (22.0%) Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.21 (6.3%) Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 28.03 (21.0%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 6.18 (67.5%) Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 29.69 22.0% Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 23.32 (7.1%) Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 16.03 (35.9%)

Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 10.03 82.4% Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.89 20.0% Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 24.10 (2.0%) Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.49 (19.9%)

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 12.76 (22.7%) Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 12.62 (16.7%) Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 11.20 (25.6%) Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 12.18 (25.3%)

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.24 (76.4%) Nov- 11 ANGI Angie' s List, Inc. United States 11. 00- 13. 00 13. 00 16. 26, up 25% 11. 44 (29. 6%) Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 4.12 (84.2%)

M&A & INVESTMENT SUMMARY OCTOBER 2012 6 DIGITAL ADVERTISING Transactions by Subsegment and Buyer Type

• The were 16 transactions announced in the Digital Advertising segment worth approximately $120 million • Select acquisitions › DealerTrack ‘s $49 million acquisition of ClickMotive, an interactive marketing solutions provider with core competencies in search marketing › TeleNav’s $23 million acquisition of ThinkNear, a hyper-local mobile advertising firm offering services that drives customers to merchants by distributing mobile coupons • Select investments › The $11 million investment in Brandscreen, which operates a demand side platform that connects media buyers and trading desks with real-time advertising exchanges, from Macquarie Capital, Southern Cross Venture Partners and SingTel Innov8

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Networks/Exchanges 6 38% 19.2 16% 4 0.0 0 0.0 2 19.2 Digital Video 5 31% 14.0 12% 1 0.0 0 0.0 4 14.0 Mobile Marketing 2 13% 25.8 22% 1 22.5 0 0.0 1 3.3 Search Marketing 2 13% 48.9 41% 2 48.9 0 0.0 0 0.0 Affiliate/CPA Network 1 6% 11.5 10% 1 11.5 0 0.0 0 0.0 Total 16 100% 119.4 100% 9 82.9 0 0.0 7 36.5

M&A & INVESTMENT SUMMARY OCTOBER 2012 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $681.79 -12% $222,968.0 $185,136.0 $41,722.0 $8,121.0 $47,543.0 $15,347.0 32.3% 32.9% 3.9x 12.1x

Bankrat e, Inc . United States $10.97 -58% $1,096.7 $1,212.5 $78.0 193.8 $473.8 $140.2 29.6% 37.2% 2.6x 8.6x Bluc ora, Inc . United States 17.28 -7% 698.3 631.0 141.9 74.6 339.5 68.5 20.2% 64.7% 1.9x 9.2x Constant Contact, Inc. United States 17.10 -47% 521.5 440.4 81.1 - 233.9 24.3 10.4% 20.0% 1.9x 18.1x eHealth, Inc. United States 20.53 -5% 405.2 283.1 122.1 - 150.5 17.9 11.9% -7.0% 1.9x 15.8x ExactTarget, Inc. * United States 22.51 -25% 1,486.5 1,275.0 211.6 - 248.0 (0.4) NM 0.0% 5.1x NM Hi- Media S.A. France 2.75 -41% 121.8 144.3 30.5 51.3 270.3 23.2 8.6% -7.7% 0.5x 6.2x IAC/InterActiveCorp United States 52.69 -5% 4,613 .5 3,869 .4 945.8 95.8 2,435 .0 351.0 14.4% 34.5% 16x1.6x 11.0x Millennial Media Inc. * United States 14.73 -47% 1,130.6 1,007.2 123.5 - 132.1 (3.9) NM 0.0% 7.6x NM Motric ity, Inc . * United States 0.42 -81% 19.2 23.0 17.6 21.5 116.6 (11.5) NM -6.0% 0.2x NM OPT, Inc. Japan 1,130.65 -12% 166.4 27.9 156.9 5.8 880.4 22.6 2.6% 18.5% 0.0x 1.2x Pacific Online Ltd. China 0.34 -37% 368.1 329.8 38.3 - 106.5 46.7 43.9% 19.3% 3.1x 7.1x QuinStreet, Inc. United States 6.87 -45% 293.8 296.1 105.3 107.6 370.5 58.6 15.8% -8.1% 0.8x 5.1x ReachLocal, Inc. * United States 11.73 -16% 333.5 238.9 94.6 - 414.6 5.7 1.4% 24.0% 0.6x 41.6x Responsys, Inc. United States 9.19 -29% 445.8 347.2 100.1 1.6 148.7 19.4 13.1% 27.2% 2.3x 17.9x Septeni Holdings Co., Ltd. Japan 901.24 -12% 113.5 72.5 65.7 15.2 495.3 21.6 4.4% 15.8% 0.1x 3.4x The Active Network, Inc. * United States 9.95 -44% 593.3 497.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.3x 88.9x TradeDoubler AB Sweden 2.06 -62% 87.9 60.7 25.9 - 371.6 12.9 3.5% 8.6% 0.2x 4.7x Tree.Com, Inc. * United States 15.15 -11% 172.4 77.7 94.7 - 54.0 (11.8) NM -6.9% 1.4x NM ValueClick, Inc. United States 16.60 -24% 1,246.5 1,330.9 88.2 172.5 632.4 178.8 28.3% 32.6% 2.1x 7.4x Velti Plc Ireland 7.52 -49% 487.0 450.6 44.7 8.3 235.8 30.8 13.1% 66.0% 1.9x 14.6x Yandex N.V. * Netherlands 22.24 -47% 7,259.8 6,892.0 367.8 - 748.3 327.2 43.7% 54.7% 9.2x 21.1x Yahoo! Inc. United States 15.84 -5% 18,764.3 16,936.1 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.4x 13.0x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (7.0x) Low 0.0x 1.2x an d EBITDA multi pl es that are 1.0 st and ard devi ati ons ab ove the me a n (36.7 x) . Mean 2.3x 16.4x Median 1.9x 10.1x Note: Revenue and EBITDA multiples for Google and Mic rosoft exc luded from Summary Multiples. Weighted Avg 4.1x 14.2x Adj. W Avg* 2.9x 13.9x High 9.2x 88.9x

M&A & INVESTMENT SUMMARY OCTOBER 2012 8 AGENCY/CONSULTING Transactions by Subsegment and Buyer Type

• Digital Agency was the most active subsegment with eight deals announced. The highest value segment was DM Agency worth approximately $264 million • Select acquisitions › Quad/Graphics’ $256 million acquisition of Vertis Communications, provider of retail advertising inserts, direct marketing solutions and in-store marketing solutions › Gresham ’s $40 million acquisition of U.K.-based Investis, an online corporate communication services provider › VSA Partners’ acquisition of Tender Creative, a digital creative agency offering digital design, development and branding solutions

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 8 32% 72.0 19% 7 63.0 0 0.0 1 9.0 Branded Communications 3 12% 0.0 0% 3 0.0 0 0.0 0 0.0 Design Agency 3 12% 0.0 0% 3 0.0 0 0.0 0 0.0 DM Agency 2 8% 263.6 70% 2 263.6 0 0.0 0 0.0 Public Relations 2 8% 40.3 11% 1 0.0 1 40.3 0 0.0 Experiential Marketing 2 8% 0.0 0% 2 0.0 0 0.0 0 0.0 Healthcare Consulting 2 8% 0.8 0% 1 0.0 0 0.0 1 0.8 Ethnic/Multicultural Agency 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0 Marketing Consulting 1 4% 000.0 0% 0 000.0 0 000.0 1 000.0 Other Consulting 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 25 100% 377 100% 21 327 1 40 3 10

M&A & INVESTMENT SUMMARY OCTOBER 2012 9 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acquity Group Limited Hong Kong $10.03 -9% $235.9 $203.9 $130.2 $27.0 20.8% 0.0% 1.6x 7.5x Aegis Group plc * United Kingdom 3.76 -1% 4,327.2 4,827.2 1,902.1 330.8 17.4% 18.9% 2.5x 14.6x Cello Group Plc United Kingdom 0.66 -12% 54.5 76.5 212.2 12.5 5.9% 8.1% 0.4x 6.1x Charm Communications Inc. China 4.81 -60% 187.3 70.9 220.1 31.2 14.2% -6.2% 0.3x 2.3x Chime Communic ations plc United Kingdom 3.53 -14% 281.8 248.6 563.5 42.7 7.6% 20.4% 0.4x 5.8x Dent su Inc . Japan 23.91 -29% 5,957.5 4,615.4 24,251.1 901.8 3.7% 6.6% 0.2x 5.1x Enero Group Limited Australia 0.52 -59% 44.2 24.4 343.1 4.7 1.4% -16.0% 0.1x 5.2x Havas Franc e 5215.21 -11% 1,990 .1 2,630 .7 2,166 .4 333.8 15.4% 7.2% 1.2x 7.9x Huntsworth plc United Kingdom 0.76 -23% 193.0 304.5 276.6 44.4 16.1% 1.0% 1.1x 6.9x M&C Saatchi plc United Kingdom 2.88 -4% 182.6 164.1 257.3 29.5 11.5% 18.2% 0.6x 5.6x MDC Partners Inc. * Canada 11.98 -32% 371.7 967.8 999.9 59.2 5.9% 19.5% 1.0x 16.3x Next Fifteen Communications Group plc United Kingdom 1.70 -3% 99.3 112.2 142.8 18.2 12.7% 14.7% 0.8x 6.2x Omnicom Group Inc. United States 48.91 -11% 12,921.1 16,095.2 14,127.7 2,132.5 15.1% 3.8% 1.1x 7.5x Public is Groupe SA France 55.41 -5% 10,904.3 12,146.6 7,860.8 1,431.2 18.2% 11.1% 1.5x 8.5x Sapient Corp. United States 10.26 -26% 1,411.0 1,245.2 1,064.5 135.4 12.7% 13.7% 1.2x 9.2x The Interpublic Group of Companies, Inc . United States 10.90 -10% 4,764.7 5,374.2 7,021.6 849.6 12.1% 3.7% 0.8x 6.3x WPP plc Ireland 13.45 -5% 16,989.6 21,947.8 16,124.9 2,503.2 15.5% 7.1% 1.4x 8.8x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (2.2x) Low 0.1x 2.3x and EBITDA multiples that are 1.0 standard deviations above the mean (11.0x). Mean 1.0x 7.6x Median 1.0x 6.9x Weighted Avg 1.2x 8.3x Adj. W Avg* 1.1x 7.8x High 2.5x 16.3x

M&A & INVESTMENT SUMMARY OCTOBER 2012 10 DIGITAL MEDIA/COMMERCE Transactions by Subsegment and Buyer Type

• eCommerce was the most active and highest value subsegments with 34 transactions announced worth approximately $1.9 billion • Select acquisitions › Permira Advisers’ $1.6 billion acquisition of genealogy Website Ancestry.com › NEXON’ s $468 million acquisition of Gloops, a mobile games developer › Yelp’s $50 million acquisition of Germany-based Qype, which operates a user-generated local reviews Website • Select investments › The $40 million investment in Switzerland-based HouseTrip, which operates a holiday rental booking Website, led by Accel Partners › The $32 million investment in Spartoo, a France-based online retailer of shoes and handbags, led by Sofina of Belgium › The $26 million investment in Pearl.com (fka JustAnswer), which operates a Website for connecting people with verified professionals to help answer questions and solve problems, led by

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 34 30% 1,940.2 61% 8 30.0 1 1,590.4 25 319.8 Social Media/Apps 29 25% 324.6 10% 7 216.7 0 0.0 22 108.0 Mobile Content/Apps 17 15% 54.2 2% 5 20.0 0 0.0 12 34.2 Local Search 10 9% 84.5 3% 3 50.5 0 0.0 7 34.0 Gaming 9 8% 681.4 22% 5 660.7 0 0.0 4 20.7 Classifieds/Auctions/P-to-P 8 7% 66.0 2% 2 1.0 0 0.0 6 65.0 Niche Content 6 5% 11.1 0% 1 0.0 1 0.0 4 11.1 Vertical Search 1 1% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 114 100% 3,162 100% 32 979 2 1,590 80 593

M&A & INVESTMENT SUMMARY OCTOBER 2012 11 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $240.00 -9% $108,495.6 $103,525.6 $4,970.0 $0.0 $54,326.0 $1,939.0 3.6% 34.9% 1.9x 53.4x eBay Inc. United States 49.97 -2% 64,660.4 60,043.4 5,754.0 2,082.0 13,458.7 3,934.2 29.2% 25.0% 4.5x 15.3x Facebook, Inc. United States 19.00 -58% 40,705.0 31,223.0 10,188.0 706.0 4,327.0 1,048.0 24.2% 0.0% 7.2x 29.8x priceline.com Incorporated United States 560.50 -28% 27,926.9 25,541.4 3,942.3 1,446.7 4,807.6 1,682.2 35.0% 31.9% 5.3x 15.2x

1-800-Flowers.com Inc. United States $3.52 -15% $227.4 $227.8 $28.9 $29.3 $716.3 $39.0 5.4% 6.6% 0.3x 5.8x AirMedia Group Inc. China 2.07 -48% 129.6 14.2 114.0 - 286.4 20.6 7.2% 17.1% 0.0x 0.7x Ancestry.com Inc. United States 29.18 -14% 1,254.8 1,185.2 69.6 - 434.9 142.3 32.7% 22.7% 2.7x 8.3x Angie's List, Inc. * United States 9.32 -53% 538.4 476.7 76.5 14.8 119.1 (54.0) NM 69.7% 4.0x NM AOL Inc. United States 36.27 -4% 3,408.4 2,062.3 1,468.5 108.4 2,169.0 447.6 20.6% -3.8% 1.0x 4.6x Bet fair Group PLC United Kingdom 11.77 -19% 1,177.5 960.7 219.8 - 632.5 104.9 16.6% -0.9% 1.5x 9.2x BIDZ.com, Inc. * United States 0.62 -30% 11.4 9.4 2.0 - 74.2 (7.3) NM -22.5% 0.1x NM Blinkx plc United States 0.82 -68% 298.5 260.1 38.4 - 114.4 12.8 11.2% 73.1% 2.3x 20.4x Blue Nile Inc . United States 37.72 -25% 468.4 415.4 53.7 0.7 361.4 13.3 3.7% 5.4% 1.1x 31.3x Bluefly Inc . * United States 1.08 -53% 30.8 29.0 1.7 - 97.0 (20.2) NM 3.8% 0.3x NM CafePress Inc. United States 5.49 -76% 93.8 35.5 61.2 2.9 193.1 17.4 9.0% 29.0% 0.2x 2.0x CyberAgent Inc. Japan 1,885.67 -47% 1,220.7 362.3 886.0 12.3 1,662.2 267.4 16.1% 15.5% 0.2x 1.4x Demand Media, Inc . United States 9.63 -23% 771.5 677.3 94.2 - 345.2 58.5 16.9% 15.9% 2.0x 11.6x DeNA Co. , Ltd. Japan 30.96 -30% 4,378.8 3,687.0 730.9 - 1,985.1 893.6 45.0% 28.8% 1.9x 4.1x Dice Holdings, Inc. United States 8.50 -23% 528.1 486.5 56.5 15.0 188.7 76.2 40.4% 20.1% 2.6x 6.4x E-Commerce China Dangdang Inc. * China 4.05 -64% 323.9 113.2 226.4 15.7 697.2 (68.8) NM 58.5% 0.2x NM Ediets.com Inc. * United States 0.32 -74% 4.6 5.5 0.1 1.0 22.5 (4.0) NM -10.3% 0.2x NM eHealth, Inc. United States 20.53 -5% 405.2 283.1 122.1 - 150.5 17.9 11.9% -7.0% 1.9x 15.8x Expedia Inc. United States 52.10 -14% 7,072.1 6,035.4 2,393.5 1,249.3 3,664.1 688.3 18.8% 17.3% 1.6x 8.8x G5 Entertainment AB (publ) Sweden 5.32 -28% 42.6 40.2 2.3 - 9.2 2.7 29.2% 88.3% 4.4x 15.0x GameLoft SA France 6.93 -2% 550.9 494.0 55.8 0.5 241.8 29.4 12.2% 21.1% 2.0x 16.8x Glu Mobile, Inc . * United States 3.28 -44% 213.7 189.2 24.5 - 77.2 (16.7) NM 18.5% 2.4x NM Gree, Inc . Japan 17.37 -51% 4,068.2 3,372.8 910.3 218.4 1,979.6 1,056.7 53.4% 146.6% 1.7x 3.2x Groupon, Inc. United States 4.69 -85% 3,065.8 1,879.0 1,189.8 - 2,049.9 105.6 5.2% 117.6% 0.9x 17.8x Hollywood Media Corp. * United States 1.31 -13% 30.4 28.0 2.4 0.0 3.4 (5.1) NM NA 8.2x NM HomeAway, Inc . United States 25.34 -34% 2,090.8 1,869.6 221.3 - 255.3 46.1 18.1% 27.2% 7.3x 40.5x HSN, Inc . United States 48.48 -2% 2,698.1 2,756.0 181.3 239.2 3,262.0 272.0 8.3% 7.2% 0.8x 10.1x International Game Tec hnology United States 13.00 -28% 3,472.3 5,200.8 241.3 1,969.8 2,059.4 726.6 35.3% 8.9% 2.5x 7.2x Jiayuan.com International Ltd. China 6.37 -60% 201.7 106.5 95.2 - 57.6 8.2 14.3% 0.0% 1.8x 12.9x Kayak Software Corporation United States 30.52 -18% 1,175.5 1,367.6 65.5 - 265.4 51.6 19.4% 32.9% 5.2x 26.5x Kongzhong Corp. China 5.80 -29% 248.4 75.4 173.0 - 167.2 24.3 14.5% 10.0% 0.5x 3.1x LeGuide.com S.A. France 33.22 -10% 116.6 74.7 - - 43.8 10.5 24.0% 22.1% 1.7x 7.1x LinkedIn Corporation * United States 106.72 -15% 11,280 .8 10,663 .7 617.1 - 723.9 91.1 12.6% 101.9% 14.7 x 117.0x 0 Liquidity Servic es, Inc . United States 39.94 -40% 1,238.0 1,194.9 84.6 41.5 432.2 91.3 21.1% 40.6% 2.8x 13.1x MakeMyTrip Limited * India 14.80 -56% 550.0 452.3 98.0 0.3 208.7 4.4 2.1% 45.9% 2.2x 101.8x Merc adolibre, Inc . * Argentina 85.23 -18% 3,762.9 3,596.5 170.6 0.2 340.7 123.8 36.3% 36.8% 10.6x 29.1x Mixi, Inc. Japan 1,718.03 -55% 266.5 130.0 135.4 - 173.7 48.5 27.9% -12.4% 0.7x 2.7x Move, Inc. United States 8.12 -19% 319.2 274.0 45.2 - 190.8 15.7 8.2% -3.2% 1.4x 17.5x Nexon Co. Ltd. Japan 12.52 -41% 5,437.5 4,583.5 1,722.0 280.3 1,138.7 621.6 NM 25.6% 4.0x 7.4x Netflix, Inc. United States 64.98 -51% 3,608.6 3,195.3 813.3 400.0 3,456.4 228.1 6.6% 30.1% 0.9x 14.0x OpenTable, Inc. United States 43.59 -18% 985.3 913.4 71.9 - 150.4 42.8 28.5% 22.0% 6.1x 21.3x Orbitz Worldwide, Inc . United States 2.25 -53% 236.3 506.3 170.4 440.4 770.8 106.7 13.8% 0.9% 0.7x 4.7x Overstock.com Inc. United States 11.10 -6% 260.3 217.3 60.0 17.0 1,055.7 8.6 0.8% -3.6% 0.2x 25.1x Pacific Online Ltd. China 0.34 -37% 368.1 329.8 38.3 - 106.5 46.7 43.9% 19.3% 3.1x 7.1x Pandora Media, Inc. * United States 9.10 -65% 1,536.8 1,454.5 82.3 - 338.4 (26.7) NM 66.4% 4.3x NM Perform Group plc. * United Kingdom 7.20 0% 1,720.9 1,684.7 54.1 15.3 196.8 35.4 18.0% 53.4% 8.6x 47.6x

M&A & INVESTMENT SUMMARY OCTOBER 2012 12 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA PC Connection, Inc. United States 10.28 -20% 271.9 210.0 63.4 1.5 2,170.1 59.3 2.7% 5.2% 0.1x 3.5x PC Home Online Inc. Taiwan 5.68 -12% 464.2 373.1 101.4 - 484.8 17.9 3.7% 16.4% 0.8x 20.9x PC Mall Inc. United States 6.06 -10% 72.9 153.9 8.6 89.5 1,462.3 20.4 1.4% 0.2% 0.1x 7.5x Phoenix New Media Limited China 3.67 -53% 286.0 109.9 176.1 - 168.9 23.1 13.7% 51.9% 0.7x 4.7x Qihoo 360 Technology Co. Ltd China 21.96 -17% 2,621.0 2,263.6 359.1 - 251.9 58.2 23.1% 169.9% 9.0x 38.9x Rakut en, Inc . Japan 9.66 -16% 12,689.8 11,394.9 5,266.2 3,971.2 5,039.2 1,154.9 22.9% 12.0% 2.3x 9.9x RealNet works Inc . United States 7.65 -33% 268.5 (14.4) 282.9 - 297.1 (34.6) NM - 16.4% NM 0.4x Rediff.com India Limited * India 3.95 -65% 109.0 84.4 - - 18.2 (7.2) NM -17.2% 4.6x NM Renren Inc. * China 3363.36 -57% 1,303 .5 381.4 922.1 - 143.9 (56.8) NM 0.0% 2.7x NM Scripps Networks Interactive, Inc. United States 63.19 -5% 9,414.8 10,913.1 261.8 1,384.1 2,193.6 1,006.3 45.9% 10.4% 5.0x 10.8x Shutterfly, Inc. United States 29.84 -40% 1,074.0 955.9 118.1 - 530.6 51.2 9.6% 52.4% 1.8x 18.7x Shutterstock, Inc. United States 22.83 -9% 749.7 734.7 15.0 - 144.1 24.1 16.7% 0.0% 5.1x 30.5x Sify Technologies Limited India 2.51 -61% 330.3 349.2 - - 144.9 10.6 7.3% 1.9% 2.4x 32.9x Sky-mobi Limited China 2.37 -61% 76.5 (18.1) 94.6 - 105.9 4.6 4.3% -0.8% NM NM Spark Networks, Inc. * United States 6.28 -8% 129.8 117.1 12.7 - 55.1 (1.8) NM 28.3% 2.1x NM Stamps.com Inc. United States 20.62 -39% 338.5 286.5 52.0 - 108.7 20.4 18.7% 17.1% 2.6x 14.1x Taomee Holdings Ltd. China 3.60 -51% 132.1 10.2 122.0 - 42.1 8.0 18.9% 0.0% 0.2x 1.3x TechTarget, Inc . United States 5045.04 -36% 199.0 143.9 55.0 - 104.9 18.0 17.2% 54%5.4% 14x1.4x 80x8.0x The Active Network, Inc. * United States 9.95 -44% 593.3 497.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.3x 88.9x TheStreet, Inc. * United States 1.57 -32% 51.6 10.9 40.7 - 53.9 (3.2) NM - 7.3% 0.2x NM TripAdvisor Inc. United States 29.93 -37% 4,260.0 4,196.1 478.2 414.4 699.5 300.8 43.0% 24.0% 6.0x 14.0x Trulia, Inc. * United States 22.44 -16% 591.9 591.6 10.4 10.1 51.3 (7.2) NM 0.0% 11.5x NM United Online, Inc . United States 5.47 -12% 495.8 628.2 111.4 243.8 874.8 134.5 15.4% -5.2% 0.7x 4.7x ValueVision Media Inc. * United States 2.43 -36% 118.9 118.7 38.2 38.0 554.5 (8.0) NM - 5.5% 0.2x NM WebMD Health Corp. United States 14.23 -65% 698.5 534.3 964.2 800.0 505.4 65.3 12.9% -12.4% 1.1x 8.2x WebMediaBrands Inc * United States 2.50 -74% 15.3 19.4 3.6 7.6 14.1 (1.5) NM 32.1% 1.4x NM Yahoo! Inc. United States 15.84 -5% 18,764.3 16,936.1 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.4x 13.0x Yandex N.V. Netherlands 22.24 -47% 7,259.8 6,892.0 367.8 - 748.3 327.2 43.7% 54.7% 9.2x 21.1x Yelp, Inc. * United States 24.61 -23% 1,506.8 1,384.1 122.6 - 107.2 (13.5) NM 0.0% 12.9x NM Youku Tudou Inc. * China 19.60 -40% 2,283.0 1,738.7 546.3 2.0 193.4 (1.7) NM 107.3% 9.0x NM Zillow, Inc . * United States 36.61 -22% 1,194.4 1,124.8 69.6 - 89.5 9.9 11.1% 99.4% 12.6x 113.6x Zynga, Inc. * United States 2.40 -85% 1,823.1 706.2 1,216.9 100.0 1,271.5 (458.2) NM 43.1% 0.6x NM

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.7x) Low 0.1x 0.4x and EBITDA multiples that are 1.0 standard deviations above the mean (40.6x). Mean 3.1x 18.2x MdiMedian 181.8x 10.3 x Note: Revenue and EBITDA multiples for Amazon.com, eBay, Fac ebook and priceline.com exc luded from Summary Multiples. Weighted Avg 4.6x 21.1x Adj. W Avg* 3.5x 13.7x High 12.9x 113.6x

M&A & INVESTMENT SUMMARY OCTOBER 2012 13 MARKETING TECHNOLOGY Transactions by Subsegment and Buyer Type

• Content Management was the most active subsegment with 12 transactions. The highest value subsegment was BI Tools worth approximately $418 million • Select acquisitions › Informatica’s $104 million acquisition of Heiler Software, which provides a central master data management system for enterprise product information and enterprise online procurement › ExactTarget’s $96 million acquisition of Pardot, which offers cloud-based B-to-B marketing automation solutions made for companies with multi-touch sales cycles • Select investments › The $34 million investment in Attivio, which provides a unified information access platform that integrates, joins and presents structured data, from

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Content Management 12 15% 80.0 10% 4 21.0 0 0.0 8 59.0 BI Tools 10 12% 417.7 51% 5 353.9 0 0.0 5 63.8 Mobile Technology 9 11% 53.9 7% 3 30.0 0 0.0 6 23.9 Analytics & Reporting 7 9% 25.3 3% 2 0.0 0 0.0 5 25.3 Commerce Management 6 7% 16.6 2% 2 0.0 0 0.0 4 16.6 Social Technology 6 7% 10.4 1% 2 0.0 0 0.0 4 10.4 CRM 4 5% 5.9 1% 1 0.0 0 0.0 3 5.9 Product/Price Software 4 5% 212.1 0% 3 000.0 0 000.0 1 212.1 Online Targeting/Optimization 3 4% 96.6 12% 2 95.5 0 0.0 1 1.1 MRM/Workflow Management 3 4% 1.7 0% 1 0.0 0 0.0 2 1.7 Email/Messaging Software 4 5% 41.0 5% 1 0.0 0 0.0 3 41.0 Ad Serving 2 2% 3.2 0% 1 0.0 0 0.0 1 3.2 Other* 11 14% 60 7% 4 0 0 0 7 60 Total 81 100% 814 100% 31 500 0 0 50 313 *Other includes Marketing Asset Management, Media Management System, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, Web to Print and Website Creation/Hosting

M&A & INVESTMENT SUMMARY OCTOBER 2012 14 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $33.24 -4% $16,455.6 $14,719.2 $3,247.4 $1,511.0 $4,402.4 $1,505.3 34.2% 8.1% 3.3x 9.8x salesforce.com, inc United States 149.01 -10% 20,712.4 20,163.1 1,107.7 558.3 2,643.3 116.2 4.4% 36.5% 7.6x 173.5x

Akamai Technologies, Inc. United States $36.37 -10% $6,448.6 $5,952.1 $496.5 - $1,256.4 $504.4 40.1% 15.1% 4.7x 11.8x Bazaarvoic e, Inc . * United States 13.96 -34% 964.0 821.2 142.8 - 119.7 (21.3) NM 62.6% 6.9x NM Bitauto Holdings Limited China 4.94 -22% 203.5 127.8 75.6 - 130.6 17.9 13.7% 0.0% 1.0x 7.2x Blackbaud Inc. United States 24.00 -29% 1,084.2 1,323.5 21.2 260.5 395.4 63.2 16.0% 12.9% 3.3x 21.0x Bright c ove, Inc . * United States 12.24 -52% 334.6 282.3 53.6 - 76.8 (10.6) NM 48.3% 3.7x NM CCaCaceeaoahinaCache International CCahina 5509.09 -40% 116.7 69.0 47.9 003.3 112.7 1336.6 12.1% 0.0% 0.6x 5.1x Demandware, Inc . * United States 32.62 -5% 948.9 846.0 110.0 7.1 66.5 (2.4) NM 45.0% 12.7x NM Digital Generation, Inc. United States 10.43 -50% 287.9 1,296.9 57.0 1,066.0 382.1 115.4 30.2% 45.7% 3.4x 11.2x Digit al River Inc . United States 13.97 -39% 497.6 207.4 644.0 353.8 400.7 57.7 14.4% 7.3% 0.5x 3.6x Eloqua, Inc. * United States 20.20 -8% 647.2 644.0 5.0 1.9 84.7 0.9 1.1% 42.3% 7.6x NM ExactTarget, Inc. * United States 22.51 -25% 1,486.5 1,275.0 211.6 - 248.0 (0.4) NM 0.0% 5.1x NM Fleetmatics Group Limited Ireland 21.75 -9% 748.6 765.3 8.2 24.8 108.1 18.7 17.3% 0.0% 7.1x 40.9x Informatic a Corporation United States 29.22 -46% 3,171.2 2,606.0 565.3 - 809.5 181.4 22.4% 12.4% 3.2x 14.4x InnerWorkings Inc. United States 14.15 -6% 706.4 766.7 12.8 73.0 723.0 32.2 4.5% 31.4% 1.1x 23.8x Interac tive Intelligenc e United States 29.72 -13% 573.0 508.2 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 28.3x JDA Software Group Inc. United States 34.05 -2% 1,465.9 1,376.9 362.4 273.5 665.5 180.3 27.1% 8.5% 2.1x 7.6x Jive Software, Inc. * United States 11.52 -59% 717.5 572.2 157.2 12.0 95.6 (37.6) NM 56.8% 6.0x NM Keynote Systems Inc. United States 13.43 -47% 238.1 192.6 45.5 - 121.5 18.6 15.3% 26.5% 1.6x 10.4x LivePerson Inc. United States 15.61 -20% 868.7 768.2 100.6 - 146.1 23.7 16.2% 21.4% 5.3x 32.4x Merc adolibre, Inc . Argentina 85.23 -18% 3,762.9 3,596.5 170.6 0.2 340.7 123.8 36.3% 36.8% 10.6x 29.1x NQ Mobile Inc . China 7.26 -43% 319.0 196.0 128.6 0.7 60.1 7.2 11.9% 113.4% 3.3x 27.4x Open Text Corp. Canada 51.32 -18% 2,999.3 3,036.0 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.5x 9.1x PROS Holdings, Inc. United States 19.01 -8% 521.0 449.9 71.2 - 106.6 11.2 10.5% 31.5% 4.2x 40.2x Rovi Corporat ion United States 13.60 -74% 1,459.0 2,062.3 873.2 1,476.4 692.4 217.6 31.4% 13.5% 3.0x 9.5x SlSplunk , Inc. * UiUnited States 31.51 -21% 3,049 .1 2,780 .8 268.3 - 156.0 (11.0) NM 0.0% 17.8x NM Synacor, Inc. United States 6.12 -66% 165.4 135.5 35.1 5.1 114.4 9.6 8.4% 0.0% 1.2x 14.1x Teradata Corporation United States 72.29 -11% 12,188.1 11,649.1 821.0 282.0 2,553.0 636.0 24.9% 20.2% 4.6x 18.3x The Active Network, Inc. * United States 9.95 -44% 593.3 497.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.3x 88.9x TIBCO Software Inc. United States 26.47 -24% 4,327.7 4,210.4 675.5 557.0 1,017.6 234.5 23.0% 16.7% 4.1x 18.0x Verint Systems Inc. United States 27.08 -17% 1,077.1 1,788.5 173.3 594.0 820.4 134.4 16.4% 10.2% 2.2x 13.3x Vocus Inc. * United States 17.72 -28% 366.8 418.4 27.6 1.7 137.9 1.1 0.8% 29.9% 3.0x NM Weborama France 22.02 -32% 76.8 69.7 13.5 6.5 33.8 6.0 17.8% 35.7% 2.1x 11.6x

Summaryyp Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (11.7x) Low 0.5x 3.6x and EBITDA multiples that are 1.0 standard deviations above the mean (38.7x). Mean 4.3x 20.7x Median 3.3x 14.2x Weighted Avg 5.4x 15.4x Note: Revenue and EBITDA multiples for Adobe Systems and Salesforc e.c om exc luded from Summary Multiples. Adj. W Avg* 4.5x 16.7x High 17.8x 88.9x

M&A & INVESTMENT SUMMARY OCTOBER 2012 15 SOFTWARE & INFORMATION Transactions by Subsegment and Buyer Type

• Healthcare Software was the most active subsegment within Software & Information with 19 transactions, while Financial Information was the highest value subsegment worth $1.5 billion • Select acquisitions › Experian’s $1.5 billion acquisition of Serasa, a Brazil-based financial information and analysis company › Accelrys Software’s $30 million acquisition of Aegis Analytics, which provides manufacturing enterprise compliance software and services • Select investments › The $75 million investment in Homecare Homebase, a healthcare software company providing cloud-based solutions for the homecare and hospice industries › The $38 million investment in Dyn, an Infrastructure-as-a-Service company, led by North Bridge Growth Equity

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM HlthHealthcare SSftoftware 19 32% 118.4 6% 11 808.0 0 000.0 8 110.3 ERP Software 12 20% 88.3 5% 7 30.0 1 0.0 4 58.3 Financial Software 7 12% 77.0 4% 5 62.0 0 0.0 2 15.0 Infrastructure Software 6 10% 108.0 6% 1 0.0 0 0.0 5 108.0 Market Research 4 7% 17.8 1% 2 0.5 1 0.0 1 17.3 Human Capital Management Software 2 3% 4.7 0% 0 0.0 0 0.0 2 4.7 Financial Information 1 2% 1,500.0 78% 1 1,500.0 0 0.0 0 0.0 Healthcare Information 1 2% 9.8 1% 1 9.8 0 0.0 0 0.0 Other* 6 10% 1,510 78% 6 1,510 0 0 0 0 Total 59 100% 1,924 100% 35 1,610 2 0 22 314

*Other includes Credit/Risk Management Infornation, Credit/Risk Software, Engineering Software, Engineering/Scientific/Tech Information, Geo-Demo Information, Geo- Demo Software, Human Capital Management Consulting, Human Capital Management Information, IT Information, Legal Information, Legal Software, Marketing Data, Prod/duct/Price Inf ormation and Uncl assif fdfied Software

M&A & INVESTMENT SUMMARY OCTOBER 2012 16 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $8.61 -10% $478.2 $334.3 $143.9 - $153.8 $15.3 9.9% 19.5% 2.2x 21.9x Actuate Corporation United States 6.08 -17% 299.6 218.7 80.9 - 140.2 31.3 22.4% 1.6% 1.6x 7.0x Acxiom Corporation United States 17.08 -10% 1,281.1 1,376.3 179.3 274.5 1,126.2 235.9 20.9% 0.6% 1.2x 5.8x Adobe Systems Inc. United States 33.24 -4% 16,455.6 14,719.2 3,247.4 1,511.0 4,402.4 1,505.3 34.2% 8.1% 3.3x 9.8x Advent Software, Inc. United States 23.26 -21% 1,178.2 1,093.7 132.0 47.5 347.5 71.5 20.6% 14.7% 3.1x 15.3x Advisory Board Co. United States 47.03 -9% 1,627.3 1,582.1 45.2 - 394.6 63.7 16.2% 33.0% 4.0x 24.8x Akamai Technologies, Inc. United States 36.37 -10% 6,448.6 5,952.1 496.5 - 1,256.4 504.4 40.1% 15.1% 4.7x 11.8x Allianc e Data Systems Corporation United States 144.33 -1% 7,203.1 14,231.0 766.3 7,794.2 3,517.1 1,067.6 30.4% 14.1% 4.0x 13.3x Alloc ate Software plc . United Kingdom 1.26 -13% 80.9 73.9 12.8 6.2 56.3 8.0 14.2% 21.7% 1.3x 9.2x Allsc ripts Healthc are Solutions, Inc . United States 13.58 -37% 2,326.1 2,696.7 120.4 491.0 1,486.6 237.1 15.9% 19.9% 1.8x 11.4x Arbitron Inc. United States 36.61 -14% 956.6 943.8 12.8 - 436.5 123.4 28.3% 7.1% 2.2x 7.7x athenahealth, Inc. * United States 73.31 -25% 2,659.1 2,478.9 180.2 - 398.5 50.0 12.5% 32.4% 6.2x 49.6x Automatic Data Processing, Inc. United States 58.42 -3% 28,294.5 26,732.8 1,578.5 16.8 10,665.2 2,333.5 21.9% 8.0% 2.5x 11.5x Aveva Group plc United Kingdom 32.83 -1% 2,232.1 1,945.6 286.2 - 313.3 95.3 30.4% 12.6% 6.2x 20.4x AVG Technologies N.V. Netherlands 10.32 -33% 561.3 634.9 123.7 197.4 311.0 83.9 27.0% 0.0% 2.0x 7.6x Blackbaud Inc. United States 24.00 -29% 1,084.2 1,323.5 21.2 260.5 395.4 63.2 16.0% 12.9% 3.3x 21.0x Booz Allen Hamilton Holding Corporation United States 12.35 -36% 1,636.4 2,255.4 336.1 955.1 5,844.8 495.6 8.5% 2.6% 0.4x 4.6x Brainjuic er Group Plc United Kingdom 5.69 -3% 71.2 67.4 3.8 - 34.5 4.8 14.0% 20.6% 2.0x 14.0x Broadridge Financ ial Solutions, Inc . United States 22.93 -8% 2,800.5 3,004.4 320.5 524.4 2,303.5 340.0 14.8% 6.3% 1.3x 8.8x Cegedim SA France 18.91 -51% 264.1 890.1 72.7 681.5 1,151.6 181.8 15.8% -5.3% 0.8x 4.9x Cello Group Plc United Kingdom 0.66 -12% 54.5 76.5 1.9 23.4 212.2 12.5 5.9% 8.1% 0.4x 6.1x Cerner Corporation United States 70.43 -20% 12,056.1 11,252.3 980.0 176.1 2,415.7 658.1 27.2% 24.5% 4.7x 17.1x Cision AB Sweden 8.06 -15% 119.6 183.3 7.6 68.2 142.1 24.5 17.2% -4.0% 1.3x 7.5x comScore, Inc. United States 14.87 -38% 523.9 485.9 50.3 12.3 243.9 18.4 7.5% 17.3% 2.0x 26.4x Concur Technologies, Inc. * United States 66.22 -13% 3,641.1 3,409.1 481.2 248.5 417.1 52.5 12.6% 25.7% 8.2x 64.9x Constant Contact, Inc. United States 17.10 -47% 521.5 440.4 81.1 - 233.9 24.3 10.4% 20.0% 1.9x 18.1x CoreLogic, Inc. United States 26.51 -6% 2,792.5 3,306.9 282.4 794.6 1,441.3 259.5 18.0% 11.7% 2.3x 12.7x Cornerstone OnDemand, Inc. * United States 28.99 -11% 1,454.0 1,392.1 67.0 5.0 93.1 (19.8) NM 72.2% 14.9x NM CoStar Group Inc. * United States 77.47 -10% 2,185.1 2,253.8 104.2 172.8 283.8 52.6 18.5% 19.7% 7.9x 42.9x CRA International Inc . United States 16.07 -42% 165.1 126.4 41.8 2.3 282.9 27.4 9.7% 0.0% 0.4x 4.6x Craneware plc United Kingdom 6.83 -31% 184.3 154.9 28.8 - 41.1 11.3 27.6% 7.7% 3.8x 13.6x Digital Generation, Inc. United States 10.43 -50% 287.9 686.9 57.0 456.0 382.1 115.4 30.2% 45.7% 1.8x 6.0x Digit al River Inc . United States 13.97 -39% 497.6 207.4 644.0 353.8 400.7 57.7 14.4% 7.3% 0.5x 3.6x Dun & Bradstreet Corp. United States 80.84 -7% 3,628.3 4,527.1 118.6 1,013.6 1,724.8 519.5 30.1% 1.3% 2.6x 8.7x E2open, Inc. * United States 16.67 -6% 417.7 379.1 40.0 1.4 70.2 3.5 5.0% 0.0% 5.4x 108.0x Ebiquity plc United Kingdom 1.57 -1% 86.3 106.6 10.0 29.9 85.9 13.8 16.0% 19.8% 1.2x 7.7x Ebix Inc. UitdUnited StSttates 21.92 -19% 834.4 888.4 26.8 80.7 178.2 76.5 42.9% 18.2% 5.0x 11.6x Envestnet, Inc. United States 13.61 -2% 439.3 425.9 13.4 - 133.2 16.0 12.0% 18.1% 3.2x 26.6x EPIQ Systems, Inc. United States 12.28 -16% 441.2 676.4 6.9 242.1 311.0 71.3 22.9% 32.2% 2.2x 9.5x Epocrates, Inc. * United States 9.56 -20% 237.2 155.3 81.9 - 110.7 0.0 0.0% -0.7% 1.4x NM Equifax Inc. United States 50.43 -2% 6,044.7 6,853.0 183.1 968.8 2,058.6 672.8 32.7% 7.5% 3.3x 10.2x Experian plc Ireland 17.15 -2% 16,976.8 19,104.2 261.0 2,227.0 4,487.0 1,495.0 33.3% 15.5% 4.3x 12.8x FactSet Research Systems Inc. United States 91.07 -17% 4,050.1 3,847.1 203.0 - 805.8 306.8 38.1% 10.9% 4.8x 12.5x Fair Isaac Corp. United States 43.71 -5% 1,479.3 1,832.6 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.7x Fidelity National Information Servic es, Inc . United States 32.41 -7% 9,548.4 14,028.7 533.8 4,871.1 5,850.2 1,708.5 29.2% 5.8% 2.4x 8.2x Fidessa group plc United Kingdom 21.96 -23% 811.2 730.0 79.5 - 443.1 90.6 20.4% 43%4.3% 16x1.6x 81x8.1x Financ ial Engines, Inc . United States 23.53 -6% 1,099.0 945.5 153.4 - 162.5 28.2 17.3% 25.6% 5.8x 33.6x Forrester Research Inc. United States 29.06 -27% 651.5 415.0 236.4 - 293.8 52.0 17.7% 10.4% 1.4x 8.0x FTI Consulting, Inc. United States 25.38 -44% 1,020.9 1,652.3 166.0 797.4 1,596.0 264.1 16.5% 9.0% 1.0x 6.3x

M&A & INVESTMENT SUMMARY OCTOBER 2012 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Gart ner Inc . United States 45.63 -11% 4,262.9 4,312.5 150.5 200.1 1,540.1 254.6 16.5% 12.1% 2.8x 16.9x GfK SE Germany 45.92 -14% 1,676.3 2,290.0 88.2 634.3 1,817.8 257.4 14.2% 6.6% 1.3x 8.9x Green Dot Corporation United States 10.03 -72% 359.6 210.9 194.4 45.7 527.0 98.3 18.6% 21.4% 0.4x 2.1x Harris Interac tive Inc . United States 1.35 -17% 77.5 72.2 11.5 6.2 147.5 10.3 7.0% -8.2% 0.5x 7.0x Harte- Hanks Inc . United States 6.57 -36% 414.0 496.0 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.5x IHS Inc . United States 89.65 -25% 5,911.3 6,624.3 298.4 1,011.5 1,486.2 308.3 20.7% 20.3% 4.5x 21.5x Infoblox Inc. * United States 17.71 -27% 821.2 664.6 156.6 - 169.2 (0.8) NM 27.4% 3.9x NM Informa plc Switzerland 6.54 -10% 3,934.0 5,290.6 83.3 1,412.4 1,976.5 561.4 28.4% 1.8% 2.7x 9.4x IfInformati ca Corporati on UiUnited States 29.22 -46% 3,171 .2 2,606 .0 565.3 - 809.5 181.4 22.4% 12.4% 3.2x 14.4x Information Servic es Group, Inc . United States 1.22 -18% 44.1 96.6 14.2 66.6 184.4 12.1 6.6% 23.0% 0.5x 8.0x InnerWorkings Inc. United States 14.15 -6% 706.4 766.7 12.8 73.0 723.0 32.2 4.5% 31.4% 1.1x 23.8x Interac tive Intelligence Group Inc. United States 29.72 -13% 573.0 508.2 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 28.3x International Datac asting Corporation * Canada 0.20 -43% 12.2 7.8 4.4 0.0 29.6 (1.4) NM -18.1% 0.3x NM Ipsos SA France 31.58 -15% 1,430.7 2,344.6 96.2 968.6 2,081.1 232.4 11.2% 40.3% 1.1x 10.1x Isoftstone Holdings Limited China 4.86 -56% 271.0 228.0 60.1 15.0 337.9 33.4 9.9% 42.7% 0.7x 6.8x JDA Software Group Inc. United States 34.05 -2% 1,465.9 1,376.9 362.4 273.5 665.5 180.3 27.1% 8.5% 2.1x 7.6x John Wiley & Sons Inc. United States 44.00 -15% 2,644.2 3,011.2 149.3 516.3 1,763.4 326.7 18.5% -0.1% 1.7x 9.2x Kenexa Corp. * United States 45.89 -1% 1,266 .6 1,210 .0 89.7 28.3 318.0 26.7 84%8.4% 32.1% 38x3.8x 45.4x Keynote Systems Inc. United States 13.43 -47% 238.1 192.6 45.5 - 121.5 18.6 15.3% 26.5% 1.6x 10.4x Lender Processing Services, Inc. United States 29.07 -6% 2,462.1 3,409.6 138.5 1,086.0 2,092.5 255.6 12.2% -6.7% 1.6x 13.3x Macdonald Dettwiler & Associates Ltd. Canada 49.71 -20% 1,583.1 1,446.4 236.4 103.4 682.0 156.1 22.9% -10.4% 2.1x 9.3x MedAssets, Inc. United States 17.28 -7% 1,010.7 1,952.8 5.4 947.5 613.2 182.1 29.7% 27.6% 3.2x 10.7x Mediware Information Systems, Inc. United States 21.98 -1% 186.8 146.6 40.2 - 64.6 13.6 21.1% 16.3% 2.3x 10.8x Merge Healthcare Inc orporated United States 3.33 -53% 307.0 521.9 35.6 250.0 248.0 48.5 19.6% 24.2% 2.1x 10.8x Moody's Corp. United States 45.62 -2% 10,141.3 10,619.8 839.5 1,238.3 2,386.0 1,009.1 42.3% 5.6% 4.5x 10.5x Morningstar Inc . United States 63.16 -2% 3,056.6 2,668.3 389.9 - 645.3 182.5 28.3% 6.9% 4.1x 14.6x MSCI Inc. United States 27.02 -29% 3,290.9 3,807.4 359.8 876.2 918.8 413.9 45.0% 00%0.0% 41x4.1x 92x9.2x National Research Corp. United States 49.69 -6% 338.0 340.4 11.2 13.6 80.7 25.8 32.0% 15.3% 4.2x 13.2x Navigant Consulting Inc. United States 10.61 -27% 547.4 715.4 - 168.0 720.7 103.4 14.4% 9.6% 1.0x 6.9x Nielsen Holdings N.V. Netherlands 31.45 -2% 11,358.6 17,945.6 283.0 6,866.0 5,569.0 1,373.0 24.7% 1.6% 3.2x 13.1x Onvia Inc. United States 3.83 -11% 32.6 20.7 12.1 0.1 22.2 1.3 5.7% -11.7% 0.9x 16.2x Open Text Corp. Canada 51.32 -18% 2,999.3 3,036.0 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.5x 9.1x Palo Alto Networks, Inc. * United States 60.02 -17% 4,075.0 3,752.4 322.6 - 255.1 10.0 3.9% 115.1% 14.7x NM Parametric T ec hnology Corporation United States 20.22 -30% 2,400.5 2,302.4 238.0 140.0 1,269.8 220.6 17.4% 15.9% 1.8x 10.4x Paychex, Inc. United States 32.55 -6% 11,830.5 11,439.6 390.9 - 2,244.9 959.9 42.8% 5.4% 5.1x 11.9x Proofpoint, Inc. * United States 12.51 -30% 398.2 321.7 81.4 4.8 93.7 (11.4) NM 0.0% 3.4x NM PROS Holdings, Inc . United States 19.01 -8% 521.0 449.9 71.2 - 106.6 11.2 10.5% 31.5% 4.2x 40.2x Qlik Tec hnologies, Inc . * United States 20.55 -39% 1,758.1 1,563.0 195.1 - 348.5 22.5 6.5% 29.7% 4.5x 69.4x Quality Systems Inc . United States 18.15 -62% 1,077.1 942.2 134.9 - 447.7 122.2 27.3% 20.7% 2.1x 7.7x RealPage, Inc . United States 21.33 -26% 1,598.9 1,588.1 45.8 35.0 292.0 38.3 13.1% 32.0% 5.4x 41.5x Reed Elsevier plc United Kingdom 9.73 -9% 21,675.5 10,069.1 3.8 11.4 9,342.4 2,663.3 28.5% 0.0% 1.1x 3.8x Reis, Inc . United States 10.99 -8% 117.6 97.9 19.7 - 28.5 5.5 19.3% 11.4% 3.4x 17.8x Sage Group plc United Kingdom 4.95 -5% 6,044.7 5,849.2 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.7x 9.4x salesforce.com, inc * United States 149.01 -10% 20,712.4 20,163.1 1,107.7 558.3 2,643.3 116.2 4.4% 36.5% 7.6x 173.5x Solera Holdings Inc . United States 26.60 NA 1,924.8 2,562.4 508.2 1,145.9 790.2 338.5 42.8% 15.4% 3.2x 7.6x ServiceNow, Inc. * United States 34.35 -18% 4,232.0 4,212.2 88.3 - 196.3 (20.4) NM 0.0% 21.5x NM SPS Commerce, Inc. * United States 37.97 -7% 546.2 510.7 35.5 - 65.7 5.5 8.4% 31.5% 7.8x 92.8x SS&C T ec hnologies Holdings, Inc . United States 24.67 -9% 1,927.1 2,939.7 134.5 1,147.1 404.5 151.5 37.4% 15.6% 7.3x 19.4x

M&A & INVESTMENT SUMMARY OCTOBER 2012 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Streamline Health Solutions, Inc. United States 6.15 -7% 77.1 77.2 4.1 4.1 19.3 2.6 13.5% 9.4% 4.0x 29.6x Temenos Group AG Switzerland 15.19 -30% 1,046.9 1,211.4 62.6 223.7 453.9 53.5 11.8% -5.3% 2.7x 22.6x The Dolan Company United States 5.00 -54% 151.6 333.6 1.2 174.0 275.9 43.6 15.8% -5.1% 1.2x 7.6x The Hackett Group, Inc. United States 3.90 -41% 118.8 137.0 13.8 32.0 206.9 20.3 9.8% 8.7% 0.7x 6.8x The Mc Graw-Hill Companies, Inc . United States 56.09 -1% 15,716.4 16,935.4 839.0 1,199.0 6,306.0 1,771.0 28.1% 0.6% 2.7x 9.6x Thomson Reuters Corporation United States 28.52 -7% 23,544.1 29,354.9 1,892.0 7,198.0 13,693.0 3,348.0 24.5% 1.5% 2.1x 8.8x TIBCO Software Inc. United States 26.47 -24% 4,327.7 4,210.4 675.5 557.0 1,017.6 234.5 23.0% 16.7% 4.1x 18.0x The Ultimate Software Group, Inc. * United States 96.41 -9% 2,580.8 2,519.8 72.1 11.0 297.9 30.9 10.4% 21.0% 8.5x 81.4x ViVerint Systems Inc. UiUnited States 27.08 -17% 1,077 .1 1,788 .5 173.3 594.0 820.4 134.4 16.4% 10.2% 2.2x 13.3x Verisk Analytics, Inc. United States 46.50 -9% 7,711.3 8,865.5 102.0 1,256.2 1,411.4 624.4 44.2% 15.6% 6.3x 14.2x Vocus Inc. * United States 17.72 -28% 366.8 418.4 27.6 1.7 137.9 1.1 0.8% 29.9% 3.0x NM WageWorks, Inc. United States 18.22 -4% 504.9 288.2 261.3 44.6 154.5 21.2 13.7% 22.0% 1.9x 13.6x Wolters Kluwer NV Netherlands 19.66 -1% 5,820.8 8,808.0 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 2.0x 8.1x YouGov PLC United Kingdom 1.26 -4% 122.9 111.5 11.7 0.5 91.2 9.4 10.3% 3.6% 1.2x 11.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (8.4x) Low 0.2x 2.3x and EBITDA multiples that are 1.0 standard deviations above the mean (41.9x). Mean 3.2x 18.5x Median 2.7x 10.9x Weighted Avg 3.8x 22.0x Adj. W Avg* 3.5x 11.4x High 15.6x 169.8x

M&A & INVESTMENT SUMMARY OCTOBER 2012 19 OOH & SPECIALTY MEDIA Transactions by Subsegment and Buyer Type

• There were 10 acquisitions in the Out-of-Home & Specialty Media segment for approximately $544 million • Select acquisitions › Penske Media’s $25 million acquisition of Variety, a Hollywood trade publication provider • Select investments › The $517 million investment in Dorna Sports, operates as an international sports management, marketing and media company, from the Canada Pension Plan Investment Board

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B-to-B Media 5 50% 25.0 5% 4 25.0 1 0.0 0 0.0 Entertainment Media 3 30% 517.2 95% 2 0.0 0 0.0 1 517.2 Traditional Outdoor 2 20% 2.0 0% 0 0.0 0 0.0 2 2.0 Total 10 100% 544 100% 6 25 1 0 3 519

M&A & INVESTMENT SUMMARY OCTOBER 2012 20 OOH & SPECIALTY MEDIA PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.07 -48% $129.6 $14.2 $114.0 $0.0 $286.4 $20.6 7.2% 17.1% 0.0x 0.7x Clear Channel Outdoor Holdings Inc . United States 6.45 -57% 2,302.4 6,788.8 491.3 4,742.2 2,977.1 692.9 23.3% 1.7% 2.3x 9.8x Clear Media Ltd. Hong Kong 0.54 -15% 285.3 161.3 135.4 - 194.6 76.8 39.5% 10.4% 0.8x 2.1x DHX Media Ltd. * Canada 1.89 -5% 100.5 107.7 22.0 29.1 71.2 7.0 9.9% 31.1% 1.5x 15.3x Foc us Media Holding Ltd. Hong Kong 23.99 -20% 3,101.7 2,676.7 650.8 207.5 899.7 331.0 36.8% 44.5% 3.0x 8.1x JCDecaux SA France 23.00 -25% 5,102.7 5,216.2 398.6 555.0 3,211.3 715.1 22.3% 5.1% 1.6x 7.3x Lamar Advertising Co. * United States 39.05 -2% 3,645.6 5,736.4 98.9 2,189.7 1,156.1 500.7 43.3% 4.1% 5.0x 11.5x Mood Media Corporation Canada 2.42 -45% 413.2 884.4 14.9 470.4 422.3 112.9 26.7% 104.3% 2.1x 7.8x National CineMedia, Inc . United States 15.59 -8% 874.4 1,750 .0 74.6 865.2 439.8 210.6 47.9% 26%2.6% 40x4.0x 83x8.3x NTN Buzztime Inc. * United States 0.18 -64% 12.8 10.5 2.5 0.3 24.1 (0.5) NM - 2.8% 0.4x NM Tom Group Ltd. * Hong Kong 0.12 -12% 471.8 692.6 110.1 285.8 301.4 1.2 0.4% -0.2% 2.3x NM Valassis Communications Inc. United States 25.85 -7% 1,028.2 1,554.2 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.6x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (4.9x) Low 0.0x 0.7x and EBITDA multiples that are 1.0 standard deviations above the mean (11.9x). Mean 2.0x 7.6x Median 1.9x 8.0x Weighted Avg 2.7x 8.3x Adj. W Avg* 2.1x 8.5x High 5.0x 15.3x

M&A & INVESTMENT SUMMARY OCTOBER 2012 21 MARKETING SERVICES Transactions by Subsegment and Buyer Type

• There were five acquisitions in the Marketing Services segment in October • Select acquisitions › SGS International’s acquisition of Stevenson Color, a provider of graphics services to branded consumer products companies and retailers › SproutLoud Media Networks’ acquisition of Synergy Brand Management, a brand management agency specializing in the franchise industry • Select investments › The investment in Hunter Straker, a Canada-based company offering package design, strategic planning, retail consulting, promotional marketing and in-store materials, from Mosaic Sales Solutions

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM# $MM Retail Services 2 40% 0.0 0% 1 0.0 0 0.0 1 0.0 Collections 1 20% 0.0 0% 1 0.0 0 0.0 0 0.0 Logistics 1 20% 3.2 100% 0 0.0 0 0.0 1 3.2 Printing Services 1 20% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 5 100% 3.2 100% 3 0.0 0 0.0 2 3.2

M&A & INVESTMENT SUMMARY OCTOBER 2012 22 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.08 -10% $1,281.1 $1,376.3 $179.3 $274.5 $1,126.2 $235.9 20.9% 0.6% 1.2x 5.8x Aimia Inc. Canada 14.89 -2% 2,564.8 2,876.7 268.0 583.2 2,092.2 279.6 13.4% 0.0% 1.4x 10.3x Alliance Data Systems * United States 144.33 -1% 7,203.1 14,231.0 642.2 7,542.0 3,517.1 1,067.6 30.4% 14.1% 4.0x 13.3x AMREP Corporation United States 6.88 -34% 41.3 42.4 22.0 23.1 83.4 3.4 4.1% -10.4% 0.5x 12.4x Cenveo Inc. United States 2.15 -59% 136.7 1,346.0 14.1 1,223.4 1,856.8 207.6 11.2% 5.7% 0.7x 6.5x Consolidated Graphics, United States 29.91 -46% 299.9 458.6 8.1 166.9 1,040.2 102.9 9.9% -1.9% 0.4x 4.5x Convergys Corporation United States 15.89 -4% 1,786.6 1,090.3 757.0 60.7 2,311.2 281.6 12.2% 11.7% 0.5x 3.9x Dat a Group Inc Canada 3.71 -37% 87.1 188.1 - 98.1 330.4 28.0 8.5% 2.1% 0.6x 6.7x DST Systems Inc . United States 55.95 -4% 2,467.4 3,307.4 374.4 1,214.4 2,500.8 363.0 14.5% -4.8% 1.3x 9.1x Elanders AB Sweden 3.39 -12% 77.1 174.7 11.6 104.4 275.1 31.1 11.3% 7.2% 0.6x 5.6x Fair Isaac Corp. * United States 43.71 -5% 1,479.3 1,832.6 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.7x Harte-Hanks Inc . United States 6.57 -36% 414.0 496.0 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.5x InnerWorkings Inc. * United States 14.15 -6% 706.4 766.7 12.8 73.0 723.0 32.2 4.5% 31.4% 1.1x 23.8x Innotrac Corp. United States 2.09 -20% 27.2 27.9 2.3 3.0 92.2 4.3 4.7% 13.3% 0.3x 6.5x Insignia Systems Inc. * United States 1.66 -32% 22.6 3.0 19.6 - 16.0 (6.9) NM -37.8% 0.2x NM Points International Ltd. * Canada 9.27 -31% 140.6 107.0 32.6 - 126.1 5.5 4.3% 12.9% 0.8x 19.6x Quad/Graphics, Inc. United States 18.83 -11% 887.3 2,236.2 17.6 1,365.8 4,248.8 597.2 14.1% -3.2% 0.5x 3.7x R.R . Donnelley & Sons United States 10.49 -37% 1,891 .0 5,302 .4 369.0 3,761 .4 10,457 .6 1,266 .9 12.1% 05%0.5% 05x0.5x 42x4.2x StarTek, Inc. * United States 2.94 -14% 44.6 33.2 11.4 - 198.1 (3.7) NM -19.8% 0.2x NM Sykes Enterprises, United States 13.78 -27% 590.3 385.7 204.7 - 1,112.4 113.4 10.2% -4.6% 0.3x 3.4x Teleperformanced France 30.46 -1% 1,687.3 1,661.5 200.9 169.4 2,777.9 360.2 13.0% 2.6% 0.6x 4.6x TeleTech Holdings Inc. United States 17.01 -9% 927.6 851.3 170.6 80.9 1,186.2 138.9 11.7% 5.3% 0.7x 6.1x Transcontinental Inc. Canada 9.86 -27% 781.0 1,292.9 28.5 534.9 2,100.1 373.3 17.8% 3.9% 0.6x 3.5x Valassis Communic ations United States 25.85 -7% 1,028.2 1,554.2 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.6x Viad Corp United States 20.68 -12% 419.0 351.3 78.0 2.6 928.8 35.3 3.8% -0.2% 0.4x 9.9x Vistaprint N.V. Netherlands 34.19 -21% 1,171.2 1,338.0 62.2 229.0 1,020.3 111.6 10.9% 24.9% 1.3x 12.0x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.8x) Low 0.2x 3.4x and EBITDA multiples that are 1.0 standard deviations above the mean (13.1x). Mean 0.7x 7.7x Median 0.6x 5.9x Weighted Avg 0.9x 7.2x Adj. W Avg* 0.8x 6.4x High 2.8x 23.8x

M&A & INVESTMENT SUMMARY OCTOBER 2012 23 OCTOBER SUMMARY TRADING VALUATION INFORMATION

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.3x 1.9x 4.1x 2.9x Agenc y/Consulting 1.0x 1.0x 1.2x 1.1x OOH & Specialty Media 2.0x 1.9x 2.7x 2.1x Digital Media/Commerce 3.1x 1.8x 4.6x 3.5x Marketing Tec hnology 4.3x 3.3x 5.4x 4.5x Software & Information 3.2x 2.7x 3.8x 3.5x Marketing Servic es 0.7x 0.6x 0.9x 0.8x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 16.4x 10.1x 14.2x 13.9x Agenc y/Consulting 7.6x 6.9x 8.3x 7.8x OOH & Specialty Media 7.6x 8.0x 8.3x 8.5x Digital Media/Commerce 18.2x 10.3x 21.1x 13.7x Marketing Tec hnology 20.7x 14.2x 15.4x 16.7x Software & Information 18.5x 10.9x 22.0x 11.4x Marketing Servic es 777.7x 595.9x 727.2x 646.4x

As of close of business on 10/31/12.

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.

M&A & INVESTMENT SUMMARY OCTOBER 2012 24 PPLLC INDICES – LTM as of 10/31/12

130 140

(%) 120 130 (%)

110 120

100 110

90 100

80 90 ndex Performance ndex Performance II I

70 80 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12

S&P 500 Digital Advertising S&P 500 Agency/Consulting 130 130

120 120 (%) e (%) ee cc 110 110

100 100

90

90 80

80 70 Index Performan Index Performanc

60 70 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12

S&P 500 Marketing Technology S&P 500 Digital Media/Com merce OOH & Specialty Media 120 130

115 120 e (%) e (%) cc cc 110

110 105

100 100

95

90 90 Index Performan Index Performan

85 80 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12

S&P 500 Software & Inform ation S&P 500 Marketing Services

M&A & INVESTMENT SUMMARY OCTOBER 2012 25 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed Lucasfilm Ltd. Walt Disney Co. $4,050.0 Serasa Experian plc 1,500.0 Gloops NEXON Corporation 468.4 Vertis Communications Quad/Graphics, Inc. 258.5 Red Bend Software International Business Machines Corporation 250.0 XING Burda Digital 216.7 Pokelabo GREE, Inc. 173.0 Heiler Software Informatica Corporation 103.9 Pardot ExactTarget, Inc. 95.5 PriceGrabber, LowerMyBills and ClassesUSA.com (Management Buyout) 80.0 Zephyr Associates Informa PLC 62.0 Qype GmbH Yelp!, Inc. 50.0 ClickMotive DealerTrack, Inc. 48.9 Aegis Analytics Corporation Accelrys Software, Inc. 30.0 EZ Prints CafePress, Inc. 30.0 Viewdle Google, Inc. 30.0 Variety Ma gazine Penske Media Corporation 25.0 ThinkNear, Inc. TeleNav, Inc. 22.5 iGoDigital, LLC ExactTarget, Inc. 21.0 WorldMate Carlson Wagonlit Travel 20.0 Ongame Network Amaya Gaming Group 19.3 Relocation.com LLC Move, Inc. 11.5 pH Associates Chime Communications, PLC 9.8 Sy.Med Development HealthStream, Inc. 8.0 Friars 573 Mission Marketing Group Limited 5.1 Stampwants.com Stanley Gibbons Group 1.0 Club Vibes Media International myzone Media, Inc. 0.5

Strategic Undisclosed Infotree Web Services, LLC ForeSite Technologies - 1000memories, Inc. Ancestry.com Inc. - 80/20, Inc. Square, Inc. - Abel & Cole Limited William Jackson Food Group - Accu-Med PointClickCare - Acuitec HealthTech Holdings, Inc. - Adometry, TagScan Technology Ad-Juster, Inc. - AdRevolution Operations, LLC Tactara, LLC - Aleph Global Taxi Magic - ALI Solutions, Inc. Noble Systems Corporation - Aquafadas Kobo, Inc. - Arkovi RegEd -

M&A & INVESTMENT SUMMARY OCTOBER 2012 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Artefact Logibec Groupe Informatique Ltee - ArtM Communications Group Grey Group - Avanon Thomson Reuters - avVenta Worldwide, Inc. Accenture plc - Black Atoms Lattice Engines - Buyfolio Zillow - CapSite Healthcare Information and Management Systems Societ - Color Labs, Inc. Apple Inc. - Creditors Interchange Receivable Management Mercantile Adjustment Bureau - DMLT eFront - Dutchsoftware WoodWing Software BV - EatNow Catch Group - EFEM International Fair & Organization United Business Media Limited - Emmis Interactive Marketron Broadcast Solutions - Escalate Media LP H.I.G. Growth Partners, LLC - Financial Research Corporation, Intellectual Property and Research Products Asset International - Flozio Demand Bridge, LLC - Foghorn Games Playsino - Full Partner, LLC Synduit, LLC - Geoloqi ESRI - Geoloqi ESRI - GetSpotOn , Inc. - GlobalEdge Marketing Consultants GfK SE - Gravity Collection Sports Network Rounder - Guidon Performance Solutions, LLC TeleTech Holdings, Inc. - Hablar Aegis Group - HardMetrics iQor - Health Data Essentials Peak Health Solutions, Inc. - Health Language Wolters Kluwer Health, Inc. - Hotel Booking Solutions, Inc. IBS Software Services Private Limited - HSMWorks Aps Autodesk, Inc. - IBIS Advisors Arthur J. Gallagher - iCONNECT Direct DMS Business DealerTrack Canada, Inc. - Improve Digital PubliGroupe SA - InforMed Health Care Solutions Conifer Health Solutions - Iris Associates 2020 - Irokeesi Aegis Group plc - JumpTime OpenX - k102 Grey Group -

M&A & INVESTMENT SUMMARY OCTOBER 2012 27 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed KinLogix Medical Telus Corporation - L&O Public Relations Mobility Public Relations - Liquid Spins Max Sound Corporation - LucidMedia Networks, Inc. Videology - LXE Software Mortgage Builder Software - Makeover Solutions, Inc. StyleCaster Media Group - Marketing Pilot Software LLC Microsoft Corporation - MED3000 McKesson Corporation - MEI Computer Technology Group AFS Technologies, Inc. - Metals Economics Group SNL Financial - Mingle Myriad Interactive Media, Inc. - Miro Technologies The Boeing Company - MyCase Inc. AppFolio, Inc. - notebooksbiliger.de ElectronicPartner Handel SE - Octagon Research Solutions, Inc. Accenture plc - One to One Global Pte. Ltd. Foolproof - Online Print Solutions Electronics for Imaging, Inc. - Open Road Entertainment Happy Hour Creative - OpenTech Systems Rocket Softw are, Inc. - OptionEase Solium Capital, Inc. - Parallel Smart Media Asia Alpha Entertainment Parallel Media Group - Particle Apple Inc. - Penton Media, Four Marketing Brands Access Intelligence, Inc. - Pinhole Press liveBooks, Inc. - Pinhole Pro liveBooks, Inc. - Platts, Inc. Kingsman - Pluto Technologies Cemtrex Inc. - Popover Games Playsino - PrimaTable Hotel Tonight, Inc. - Prime Access, Inc. Global Advertising Strategies, Inc. - Printroom Brand Affinity Technologies - Progress Software businesses - Sonic, Savvion, Actional and DXSI Trilogy Enterprises - Pyxis Systems Polaris Financial Technology Limited - Quiterian Actuate Corporation - Quofore International AFS Technologies, Inc. - Recombinant Data Deloitte Consulting - Redkite Financial Markets NICE Systems, Ltd. - Rovion, Inc. Gannett Company, Inc. - Saatchi & Saatchi Arachnid Saatchi & Saatchi Worldwide -

M&A & INVESTMENT SUMMARY OCTOBER 2012 28 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Savingforcollege.com's 529 Conference and Boot Camp Asset International - SinDelantal Just-Eat.co.uk Ltd. - Skoreit.com Beezid.com - Social Dynamx Lithium Technologies - Spiral Software Invensys Operations Management - Stamped, Inc. Yahoo!, Inc. - StartupDigest Startup Weekend - Stevenson Color SGS International, Inc. - SublimeNZ Professional Public Relations - Synergy Brand Management SproutLoud Media Networks, LLC - TekInsure eBaoTech - Tender Creative LLC VSA Partners - The Real Estate Ad Network Onthehouse Holdings - Trusteria.com Fiore Communications, Inc. - Urbantag Tagged, Inc. - Ventures in Digital Media AlphaBird, Inc. - Viamente Marathon Data Systems - Villij Tout’d - Vine , Inc. - wahwah.fm Senzari - Wanderfly, Inc. TripAdvisor, Inc. - ZAO Begun Rambler Media Ltd. -

M&A & INVESTMENT SUMMARY OCTOBER 2012 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Ancestry.com Inc. Permira Advisers $1,590.4 Investis Ltd. Gresham Private Equity 40.3 Buyout Deals Undisclosed Accellos, Inc. Accel-KKR , LLC - OneSource Information Services, Inc. GTCR, LLC - Vistage International TowerBrook Capital Partners - W omensforum.com H.I.G. Capital LLC - VC/Growth Capital Values Disclosed Dorna Sports Canada Pension Plan Investment Board $517.2 Homecare Homebase (Unnamed Fund Contributors) 75.0 Zalando GmbH Commerzbank AG 53.0 HouseTrip SA Accel Partners 40.0 Dyn, Inc. North Bridge Growth Equity 38.0 Attivio, Inc. Oak Investment Partners 34.0 The Rainmaker Group Norwest Venture Partner 33.8 Spartoo SAS SoFina GmbH 32.4 Emailvision, Inc. Izurium Capital Management 30.0 D-Wave Systems, Inc. LLC 30.0 Fancy, Inc. (Individual Investors) 26.0 Borro Ltd. Canaan Partners 26.0 Pearl .com LLC ClikCrosslink CCitlapital 26.0 BloomReach, Inc. New Enterprise Associates 25.0 Zenoss, Inc. LP 25.0 Parchment, Inc. The Raine Group, LLC 23.5 Pentaho Investor New Enterprise Associates 23.0 Glassdoor DAG Ventures 20.0 Conductor Investor Growth Capital 20.0 Meteor Entertainment Benchmark Capital 18.0 textPlus The Raine Group, LLC 18.0 IfAInfoArmy, Inc. NtNorwest VVtenture PPtartners 17.3 OneTwoTrip Atomico Ventures 16.0 Decisyon, Inc. Axel Johnson 15.0 Rap Genius Andreessen Horowitz 15.0 Perfecto Mobile Globespan Capital Partners 15.0 ThredUp Highland Capital Partners 14.5 Intacct Corporation Split Rock Partners, LLC 13.5 Secret Escapes 12.8 QuantiaMD Fuse Capital 12.0 Brandscreen, Inc. Macquarie Capital Group 11.2 Mail Bypass, Inc. North Bridge Venture Partners 11.0 Gravity GRP Partners 10.6 Beyond the Rack Limited Wellington Financial LP 10.0

M&A & INVESTMENT SUMMARY OCTOBER 2012 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed 7digital Limited (Unnamed Fund Contibuters) $10.0 Side.Cr, LLC Google Ventures 10.0 Sideca r Google Ventures 10.0 Betterment LLC Menlo Ventures 10.0 Validity Sensors, Inc. TeleSoft Partners 10.0 Skyfire Labs, Inc. Panorama Capital, LLC 10.0 buuteeq, Inc. 10.0 Airstrip Technologies Wellcome Trust, Investment Division 10.0 ConnectEDU, Inc. Allen & Co. 9.5 Vizury Interactive Solutions Nokia Growth Partnersn 9.0 Jelli, Inc. Intel Capital 9.0 isocket Foundry Group 8.0 iJento MMC Ventures 8.0 Reflexion Health West Health Investment Fund 8.0 Lockerz, LLC Caufield & Byers 7.5 Prism SkyLabs Triangle Peak Partners, LP 7.5 Branding Brand Insight Venture Partners 7.5 Dhingana Lightspeed Venture Partners 7.0 Rewarder, Inc. , LLC 7.0 Healthrageous, Inc. North Bridge Venture Partners 6.5 Gigwalk, Inc. August Capital Management 6.0 The Founders Club First Round Capital 6.0 UrbanSitter Canaan Partners 6.0 ShoeDazzle.com, Inc. (Unnamed Fund Contibuters) 6.0 Zmags North Atlantic Capital 6.0 TopFloor, Inc. Polaris Venture Partners 6.0 WalkMe Gemini Israel Ventures 5.5 LocBox Labs 500 Startups 5.1 Sharethrough, Inc. North Bridge Venture Partners 5.0 Acumen Brands, Inc (Unnamed Fund Contibuters) 5.0 Frank & Oak Bertelsmann Digital Media Investments 5.0 PublicStuff, LLC (()Unnamed Fund Contibuters) 5.0 Tvinci Ltd. Kaedan Capital Group 4.5 Anametrix, Inc. TVC Capital 4.4 Visual Sciences, Inc. TVC Capital 4.4 Freespee AB Sunstone Capital A/S 4.3 Trifacta, Inc. Accel Partners 4.3 Eruditor Group Intel Capital 4.0 BuildDirect.com Technologies BDC 4.0 Upworthy.com NEA 4.0 Gigggas Hosting S.L. Bonsai Venture Capp,ital, S.A., SCR 3.9 QuickMobile, Inc. BDC Venture Capital 3.3 Kabbee Ltd. Samos Investments Advisory Ltd 3.3 Inigral, Inc. Retro Venture Partners 3.3 PeoplePerHour Index Ventures 3.2

M&A & INVESTMENT SUMMARY OCTOBER 2012 31 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Shutl e.Ventures $3.2 InSkin Media Beringea 3.2 Helpshift True Ventures 3.2 Datahug DFJ Espirit 3.2 Shiftgig I2A Fund 303.0 Oyster Founders Fund 3.0 Insightly, Inc. Emergence Capital Partners 3.0 getTalent SuccessFactors, Inc. 2.6 SMRTV (Unnamed Fund Contributors) 2.5 Givit ATA Ventures 2.5 Expect Labs, Inc. KPG Ventures 2.4 Condition ONE, LLC (Angel Investors) 2.4 Instacart Canaan Partners 2.3 Lettuce LLC 500 Startups 2.1 The Resumator Birchmere Ventures 2.1 Selectable Media, Inc. Avalon Ventures 2.0 VitaPortal Prostar Capital 2.0 Talkbits Runa Capital 2.0 Handybook, Inc. Highland Capital Partners 2.0 BuzzMob Pegasus Capital Advisors, L. P. 2.0 StyleCaster Media Group LLC 2.0 FSA Store Originate Ventures 2.0 AdverCar Canaan Partners 2.0 Streak Battery Ventures 1.9 Flashnotes Atlas Ventures 1.8 RightCare Solutions, Inc. Compass Investment Partners, LLP 1.8 Grantoo, LLC (Angel Investors) 1.7 Tictail 1.6 SA Ignite Aligned Partners 1.6 SmartAsset Javelin Venture Partners 1.5 Yotpo Rhodium 1.5 Trades y Rincon Venture Partners 1.5 Cubie Messenger (Unnamed Fund Contibuters) 1.5 Punchbowl Software, Inc. Silicon Valley 1.5 Samba Mobile (Angel Investors) 1.5 Cozy Services Ltd. The Social+Capital Partnership 1.5 Re gisterPatient.com, Inc. Harbert Venture Partners 1.4 Rivet & Sway (Private Investors) 1.3 ConWeaver Fraunhofer Venture 1.3 Appy Couple ff Venture Capital 1.2 Retty, Inc. GREE Ventures, Inc. 1.2 Zapier Bessemer Venture Partners 1.2 Libboo, Inc. Mass Ventures 1.1 Perfect Audience New World Ventures, LLC 1.1 Pug Pharm Productions Goal Holdings Group 1.0

M&A & INVESTMENT SUMMARY OCTOBER 2012 32 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Tixdaq (Angel Investors) $1.0 Pickie DFJ Gotham Ventures 1.0 Fanatix (Angel Investors) 1.0 Za gster, Inc. LaunchCapital LLC 1.0 Referly New Enterprise Associates 101.0 Swarm (Private Investors) 1.0 Contacts+ TriplePoint Capital 1.0 Charged.fm (Unnamed Fund Contibuters) 1.0 Level Eleven Detroit Venture Partners 1.0 Boxever BloomEquity 1.0 CallApp Software Ltd. Giza Venture Capital 1.0 GraphDive, Inc. Crosslink Capital 1.0 Little Bird (Angel Investors) 1.0 StageBitz ANU Connect Ventures 0.9 Trendabl, Inc. 0.9 Preen.Me Horizon Ventures 0.8 TrialBee Industrifonden 0.8 Laffster 0.8 Namely, Inc. Lerer Ventures 0.8 Compstak, Inc. 500 Startups 0.6 Efficsys Infotech (Angel Investors) 0.6 MiSiedo (Individual Investors) 0.5 CourseHorse New York Angels, Inc. 0.5 Flayvr (Angel Investors) 0.5 VC/Growth Capital Undisclosed Ajubeo Grey Mountain Partners - All Campus LLC Noson Lawen Partners - Cartavi FireStarter Fund - Daylife, Inc. NewsCred - eBuddy GREE, Inc. - fabfab Pinova Capital - Flurish, Inc. Andreessen Horowitz - Guanxi Singtel Innov8 - Guanxi Singtel Innov8 - HolidayInsider AG Dertour GmbH & Co. KG - Hunter Straker Mosaic Sales Solutions - iZettle AB American Express Company - Jolted Media Group Hazestone - LionWorks PeopleFund - Llamasoft, Inc. Nike Inc. - LLC Russ Outdoor JCDecaux S.A. - musicplayr 24/7 GmbH Holtzbrinck Ventures - PromoBucket Almi Invest -

M&A & INVESTMENT SUMMARY OCTOBER 2012 33 Petsky Prunier: Maximizing Shareholder Value

• Found ed in 1999 • Focused solely on the internet, marketing, media, technology, healthcare and services industries • More than 35 focused professionals › Unique combination of and consulting expertise • New York-based with West Coast office and Chicago presence • Sell-side and private placement close rate is unmatched at our level of deal volume • Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers • Together with strategic consulting firm WiWinterberrynterberry Group, one of the largest industry-specific advisors providing strategic and transactional services • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

INVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation •Marketing • Strategic Development and Competitive Analysis • Capital Raising and Private •Media Placements • M&A Transaction Due Diligence Support •Healthcare and Valuation Analysis • Corporate Divestitures • Services • AiitiAcquisition Stt/TtStrategy/Target IdtifitiIdentification •M&A Advisory •Software • Publishing and Thought Leadership • Fairness Opinions • Technology • Internet

M&A & INVESTMENT SUMMARY OCTOBER 2012 34 Petsky Prunier was Ranked #1 by Bloomberg in 2011 for Mid-Market Internet & Advertising Transactions*

Rank Adviser Deal Count 1 Petsky Prunier 19 2GCA Savvian Group Corp 14 3 No mura Ho ldings Inc 13 4 Goldman Sachs & Co 12 4 China Renaissance Partners 12 6 Jordan Edmiston Group 10 6 Sumitomo Mitsui Financial Group Inc 10 8 Deutsche Bank AG 9 8Morgan Stanley 9 8 KPMG Corp Finance 9 11 Bank of America Merrill Lynch 8 11 Credit Suisse 8 13 JP Morgan 7 13 RBC Capital Markets 7 13 Jefferies Group Inc 7 16 Barclays Capital 5 16 Partners Inc 5 16 Daiwa Securities Group Inc 5 16 Lazard Ltd 5 16 Rothschild 5 *Based on number of deals announced in 2011 valued at $500 million or less

More than 40 transactions closed in the last two years:

• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings

• Across a broad universe of industries, including digital advertising and marketing, digital media, technology and software, information services, and healthcare

M&A & INVESTMENT SUMMARY OCTOBER 2012 35 REPRESENTATIVE RECENT TRANSACTIONS

a leading provider of digital a leading provider of a leadi ng didigit ita l direc t mar ke ting a leader in global healthcare production services to brands and transportation-based digital company utilizing a proprietary a leader in technology and global primary market research and a dynamic display media and agencies media networks has sold its a provider of a cloud-based database to provide customer in-app advertising for Facebook, influence network mapping retargeting company acquisition solutions for major brands integration platform for the digital has been sold to has received a mezzanine debt Apple (iOS), and Android a leader in multichannel retail, Sports Marketing Print marketing industry has been sold investment from has received an equity investment from developers ecommerce and loyalty has been acquired by Division to has received $15M financing led marketing services to has received $66M investment by has been sold to from a portfolio company of with debt financing from (JASDAQ:4755) (NYSE:ACN)

has sold has sold has been sold to has sold (Nasdaq: TREE) a leading provider of taxi-based has sold has sold the top independent outdoor media has acquired direct-to-consumer marketer of A leading urban and dental savings plans and a global digital marketing agency multicultural agency has been sold to a leading provider of integrated to a leading market services a leading online lead has been sold to a leading provider of services for a unit of data, technology and analytics and BPO company generation business domain name registration, solutions a pioneer in measuring the acquisition, brokerage and sales to to a subsidiary of a leading data management and to impact of promotion on to physician prescribing behavior audience optimization platform (NYSE: PAY) (DMP) company (NasdaqGS: LEDR) (NYSE: IPG)

has sold (TSX: PTO) has merged with a leading advertising a portfolio company of one of North America’s largest a leading online video technology company Vestar Capital Partners mobile marketing and gateway has received a majority advertising network has been sold to investment from has been sold to has sold solution providers a premier provider has received a growth capital and has been sold to has been sold to of affinity programs for investment from universities and colleges to to a portfolio company of a portfolio company of (Xetra: DPW.DE) (Nasdaq:GSIC) Parthenon Capital Partners KRG Capital Partners

New Digital Group

has sold has sold a division of a leading performance-based a digital communications agency advertising network has sold the with a proprietary software a premier provider of benchmark- assets of a provider of multichannel platform serving based advisory services to the has been sold to a leading online community for marketing software services has been sold to biopharmaceutical companies pharmaceutical and biotech a leading national in-store automotive enthusiasts industry advertising network and shopper and social networking has been sold to has been sold to has acquired marketing company technology platform has been acquired by to to to

(Nasdaq: RRD)

(NASDAQ: TREE) a provider of accredited (NASDAQ: TREE) has sold one of the largest and fast a global marketing services a leading direct response continuing education programs has acquired certain assets of has sold company has acquired certain assets of television media company growing providers of for clinicians has been acquired by a portfolio company of out-of-home integrated media an operating company of has received a major MIVA Media and marketing programs investment from reaching an interactive direct marketing an online directory service a leading pay-per-click consumers in specialty venues company specializing in providing trusted lead contextual online advertising a movie review and consumer in a combination that creates lead generation for the for-profit, generation and marketing has been sold to has acquired certain assets has divested one of its network entertainment site to the world’s leading loyalty post-secondary education market services for home of marketing services divisions management provider improvement professionals to across the country

M&A & INVESTMENT SUMMARY OCTOBER 2012 36