DM Sector Summary Report 9-9-09

Weekly Internet/Digital Media Sector Summary

Week of September 7 th , 2009 Industry Stock Market Valuation Internet / Digital Media

Last 12 Months Last 3 Months

120 135

130 110 7% 27% 125 100 0% -3% 120 -8% 18% 90 -10% 16% 115 -18% 10% 80 -19% 110 8% 7% 105 6% 70

100 60 95 50 90

40 85 09/05/08 10/27/08 12/19/08 02/09/09 04/03/09 05/25/09 07/17/09 09/08/09 06/05/09 06/18/09 07/02/09 07/15/09 07/29/09 08/11/09 08/25/09 09/08/09

(1) (2) (3) NASDAQ Search / Online Advertising eCommerce Internet Content

(4) (5) (6) Publishers Diversified Marketing Media Conglomerates

Notes: 1) Search/Online Advertising Composite includes: MSFT, GOOG, YHOO, IACI, VCLK, MCHX, INSP, LOOK, MIVA, BLNX. 2) eCommerce Composite includes: AMZN, EBAY, CPRT, EXPE, PCLN, SHOU, NFLX, GSIC, FLWS, OSTK, STMP, DSCM, ALOY, TZOO, ABTL, VPRT, NILE, LINTA. 3) Internet Content Composite includes: BIDU, WBMD, RNWK, KNOT, NAPS, TSCM, DIET, SCOR, WWWW, UNTD, MOVE, DHX, MWW, EHTH, SFLY, TTGT, INET. 4) Publishers Composite includes: PSO, MMB-FR, WPO, GCI, UBM-GB, NYT, SSP, TRI, NWS.A. 5) Diversified Marketing Composite includes: EFX, ACXM, HHS, IUSA, VCI, WPP, OMC, PIG, PUB, AGS, HAV, MDCA. 6) Media Conglomerates Composite includes: DIS, TWX, SNE, VIA.B, CBS, MVL, LGF, PLA, EXPN, CMCSA, DISCA. Public Company Valuations - Media & Internet 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 9/8/09 Low High Value Debt Value CY 09E CY 010E CY 09E CY 010E CY 09E CY 010E Growth PEG 010E/09E Y/Y MRQ Search / Online Advertising

Microsoft Corp. $24.82 $14.87 $27.74 $221,163 ($25,701) $195,462 3.3 x 3.2 x 8.4 x 8.4 x 14.8 x 13.8 x 10.0% 1.4 3.8% (17.3%) Google Inc. (Cl A) 458.62 247.30 474.35 145,117 (19,344) 125,773 7.4 6.4 12.0 10.4 21.1 18.6 20.1% 0.9 14.1% 2.9% Yahoo! Inc. 14.49 8.94 20.82 20,335 (3,791) 16,544 3.6 3.4 10.5 9.7 37.9 33.4 14.4% 2.3 4.3% (12.5%) IAC/InterActiveCorp. 18.98 13.23 19.56 2,270 (1,767) 504 0.4 0.4 3.5 2.7 63.1 30.9 16.3% 1.9 5.2% (78.7%) ValueClick Inc. 10.49 4.66 12.39 914 (104) 810 1.5 1.5 5.9 5.5 16.4 15.4 14.0% 1.1 3.5% (23.3%) InfoSpace Inc. 8.25 5.07 11.94 291 (200) 91 0.5 0.5 4.5 3.7 22.1 16.4 65.0% 0.3 9.9% 14.2% Marchex Inc. (Cl B) 4.70 2.98 14.15 119 (29) 90 1.0 1.0 8.3 7.8 56.4 46.0 19.3% 2.4 0.6% (43.6%) Blinkx PLC 0.26 0.14 0.54 73 (22) 51 3.4 2.5 NA NA NM NM NA NA 37.1% NA

Mean 2.6 x 2.4 x 7.6 x 6.9 x 33.1 x 24.9 x 22.7% 1.5 9.8% (22.6%) Median 2.4 2.0 8.3 7.8 22.1 18.6 16.3% 1.4 4.8% (17.3%)

Internet Content

Monster Worldwide Inc. $16.61 $5.95 $20.47 $2,091 ($154) $1,937 2.1 x 2.1 x 18.9 x 15.6 x NM 83.7 x 25.7% 3.3 0.7% (37.0%) WebMD Health Corp. (Cl A) 32.78 13.63 35.00 1,892 (247) 1,645 3.8 3.5 15.6 12.8 44.0 36.5 22.5% 1.6 9.6% 10.6% United Online Inc. 7.44 3.76 10.90 624 265 889 0.9 0.9 3.7 3.7 5.5 5.8 11.0% 0.5 0.3% 113.3% eHealth Inc. 18.20 8.38 19.60 451 (160) 291 2.2 1.9 9.3 7.9 30.3 25.5 20.8% 1.2 15.6% 21.6% RealNetworks Inc. 3.29 1.97 6.49 443 (363) 81 0.1 0.1 9.3 9.9 NM NM 20.5% NM 2.3% (11.1%) ComScore Inc. 14.51 6.63 22.51 437 (74) 364 2.8 2.5 13.5 10.7 81.4 47.3 21.2% 2.2 13.4% 9.1% Move Inc. 2.70 0.64 2.99 417 (47) 370 1.7 1.6 13.2 11.4 36.0 22.5 27.0% 0.8 6.4% (11.1%) Dice Holdings Inc. 6.14 2.10 8.75 384 12 395 3.6 3.9 9.0 9.9 38.9 33.9 18.3% 1.8 (9.2%) (32.9%) Knot Inc. 9.88 5.35 11.42 333 (76) 257 2.4 2.3 17.4 13.9 NM 57.3 23.6% 2.4 6.5% 2.8% Shutterfly Inc. 13.02 5.62 16.54 331 (64) 268 1.2 1.1 6.9 5.5 NM 65.1 17.2% 3.8 11.2% 9.6% Internet Brands Inc. (Cl A) 7.17 4.43 8.00 300 (62) 238 2.4 2.1 6.0 4.9 27.2 20.5 25.0% 0.8 15.4% (8.1%) TechTarget Inc. 6.13 2.13 8.45 256 (68) 188 2.2 2.0 13.1 10.7 37.6 31.4 11.0% 2.9 8.7% (26.0%) Web.com Group Inc. 5.18 2.05 6.45 136 (35) 102 1.0 0.9 5.0 4.5 8.1 8.5 27.2% 0.3 3.1% (17.2%) TheStreet.com 2.43 1.69 7.20 74 (65) 9 0.2 0.2 NM NM NM NM 15.0% NM 1.4% (26.0%)

Mean 1.9 x 1.8 x 10.8 x 9.3 x 34.3 x 36.5 x 20.4% 1.8 6.1% (1.9%) Median 2.1 1.9 9.3 9.9 36.0 32.7 21.0% 1.7 6.4% (11.1%)

Internet Commerce

Amazon.com Inc. $80.90 $34.68 $94.40 $34,933 ($3,103) $31,830 1.4 x 1.2 x 19.5 x 16.0 x 45.2 x 36.8 x 21.3% 1.7 19.9% 14.5% eBay Inc. 21.83 9.91 24.32 28,169 (2,615) 25,555 3.0 2.8 8.6 8.1 14.5 13.5 16.2% 0.8 7.6% (4.4%) priceline.com Inc. 157.64 45.15 159.89 6,664 (532) 6,132 2.7 2.4 13.2 10.9 21.5 18.5 17.5% 1.1 15.9% 17.5% Expedia Inc. 22.88 6.00 23.87 6,014 (37) 5,977 2.1 1.9 7.8 7.1 19.1 16.7 15.0% 1.1 9.5% (3.2%) Liberty Media Holding Corp. Interactive Series A 9.88 1.97 15.17 5,599 5,520 11,119 1.4 1.3 7.1 6.5 21.5 14.3 NA NA 6.7% (0.9%) Copart Inc. 35.61 22.54 46.96 2,996 (119) 2,877 3.8 3.5 10.3 NA 19.8 16.6 14.1% 1.2 9.0% (10.8%) Netflix Inc. 41.48 17.90 50.24 2,382 (216) 2,165 1.3 1.1 8.0 7.0 23.0 19.3 16.8% 1.2 18.3% 21.0% VistaPrint N.V. 39.99 11.75 46.27 1,719 (115) 1,604 2.8 2.4 12.8 10.5 22.1 18.5 24.5% 0.8 19.6% 22.4% Digital River Inc. 34.90 16.88 45.45 1,346 (342) 1,005 2.5 2.4 9.0 8.1 18.5 16.7 11.0% 1.5 6.1% (1.8%) GSI Commerce Inc. 17.01 5.69 18.75 898 142 1,040 1.1 1.0 10.8 9.4 NM NM 21.5% NM 8.0% (3.1%) Blue Nile Inc. 54.52 18.34 58.97 792 (47) 745 2.6 2.3 28.1 23.7 67.8 51.4 24.3% 2.1 12.4% (5.2%) drugstore.com inc. 2.41 0.65 2.89 241 (35) 205 0.5 0.5 20.1 12.3 NM NM NA NA 10.8% (18.3%) Travelzoo Inc. 11.12 3.72 14.48 183 (16) 167 1.8 1.8 20.0 16.4 NM 74.1 NA NA 3.8% 11.5% Stamps.com Inc. 9.02 7.14 15.22 146 (46) 100 1.2 1.2 11.3 11.1 31.8 32.8 18.0% 1.8 (0.2%) (5.7%) 1-800-Flowers.com Inc. Cl A 2.95 0.85 6.90 78 87 165 0.2 0.2 4.3 3.7 25.5 13.8 15.5% 0.9 6.7% (21.2%)

Mean 1.9 x 1.7 x 12.7 x 10.8 x 27.5 x 26.4 x 18.0% 1.3 10.3% 0.8% Median 1.8 1.8 10.8 9.9 21.8 18.5 17.1% 1.2 9.0% (3.1%)

Notes: Source: Reuters, FactSet and Street Estimates Multiples <0 or >100 considered NM. Public Company Valuations - Media & Internet Financial Metrics

$MM, Except Per Share Data

Walt Disney Co. $26.28 $15.14 $34.85 $48,843 $10,566 $59,409 1.7 x 1.6 x 7.8 x 7.3 x 14.8 x 13.6 x 9.3% 1.5 3.4% (6.9%) Comcast Corp. (Cl A) 16.47 11.10 21.88 47,266 28,986 76,252 2.1 2.1 5.5 5.3 15.1 14.0 8.0% 1.8 3.3% 4.5% Time Warner Inc. 27.87 15.40 35.19 33,043 10,489 43,532 1.5 1.5 6.6 6.5 13.8 12.6 11.0% 1.1 0.9% (41.1%) Sony Corp. (ADS) 26.90 15.64 37.04 27,022 709 27,731 0.4 0.4 9.5 5.7 NM 95.4 NA NA (2.6%) (12.0%) Viacom Inc. (Cl B) 25.22 11.60 30.17 15,316 7,124 22,440 1.7 1.6 7.6 7.2 12.3 11.2 7.9% 1.4 3.0% (14.5%) CBS Corp (Cl B) 10.83 3.06 17.27 6,715 6,645 13,360 1.1 1.0 7.6 6.8 23.1 14.2 9.0% 1.6 3.1% (11.4%) Marvel Entertainment Inc. 48.64 22.82 49.30 3,818 (119) 3,699 7.6 5.8 19.4 12.3 35.4 22.0 14.5% 1.5 31.3% (25.9%) Discovery Communications Inc. Series A 26.65 10.02 27.02 3,587 3,135 6,722 1.9 1.8 4.9 4.6 20.1 17.1 11.1% 1.5 6.1% NA Lions Gate Entertainment Corp. 6.46 3.65 9.82 757 548 1,305 0.9 0.8 95.7 16.2 NM 43.1 7.6% 5.7 5.4% 50.0% Playboy Enterprises Inc. (Cl B) 2.69 1.03 4.50 77 76 153 0.6 0.5 4.2 8.5 NM 17.9 NA NA 23.9% (15.2%)

Mean 1.9 x 1.7 x 16.9 x 8.0 x 19.2 x 26.1 x 9.8% 2.0 7.8% (8.1%) Median 1.6 1.5 7.6 7.0 15.1 15.6 9.1% 1.5 3.4% (12.0%)

Publishers

News Corp. (Cl A) $11.18 $4.95 $14.40 $29,224 $7,749 $36,973 1.2 x 1.2 x 7.6 x 7.0 x 15.0 x 13.2 x 4.7% 2.8 3.3% (10.7%) Thomson Reuters Corporation 30.90 19.30 34.96 25,617 6,338 31,955 2.5 2.5 9.5 8.7 17.3 15.2 11.5% 1.3 0.7% 5.3% Pearson PLC (ADS) 12.46 8.17 12.61 10,100 3,244 13,343 1.5 1.5 9.1 9.0 13.3 13.2 11.9% 1.1 (0.4%) NA Lagardere S.C.A. 44.44 24.63 54.95 5,828 3,641 9,469 1.2 1.2 13.2 12.8 15.6 14.0 6.0% 2.3 0.2% (40.5%) Washington Post Co. (Cl B) 435.00 300.16 627.29 3,527 (259) 3,268 NA NA NA NA NA NA NA NA NA (0.8%) United Business Media Ltd. 7.94 5.43 10.52 1,938 365 2,302 2.6 2.7 13.1 13.4 15.8 16.7 13.0% 1.3 (5.1%) NA Gannett Co. Inc. 7.96 1.85 20.93 1,869 3,404 5,273 0.9 1.0 5.5 5.6 5.4 5.6 4.0% 1.4 (1.6%) (17.8%) New York Times Co. (Cl A) 7.20 3.44 16.75 1,034 975 2,010 0.8 0.9 8.7 8.3 NM 47.2 3.0% 15.7 (4.4%) NA E.W. Scripps Co. (Cl A) 7.11 0.67 7.99 300 31 331 0.4 0.4 12.5 10.3 NM NM NA NA (5.9%) (70.8%)

Mean 1.4 x 1.4 x 9.9 x 9.4 x 13.7 x 17.9 x 7.7% 3.7 (1.7%) (22.6%) Median 1.2 1.2 9.3 8.9 15.3 14.0 6.0% 1.4 (1.0%) (14.2%)

Diversified Marketing

Omnicom Group Inc. $36.39 $20.09 $44.44 $11,309 $2,044 $13,352 1.1 x 1.1 x 8.2 x 8.0 x 14.2 x 13.5 x 11.3% 1.2 1.9% (17.4%) WPP PLC 8.56 4.57 9.97 10,733 3,447 14,180 1.6 1.7 11.9 11.5 19.5 18.8 4.7% 4.0 (1.6%) NA Experian PLC 8.38 4.27 8.83 8,600 1,523 10,123 4.3 4.1 13.6 13.0 22.1 21.0 10.0% 2.1 3.6% NA Publicis Groupe S.A. 38.16 18.80 38.38 7,480 892 8,372 1.8 1.8 10.6 10.3 19.5 19.8 5.8% 3.4 1.6% 14.1% Equifax Inc. 26.97 19.38 37.19 3,408 1,090 4,499 2.5 2.4 7.6 7.2 11.9 11.1 9.0% 1.2 3.5% (9.3%) Interpublic Group Of Cos. 6.40 2.57 9.39 3,111 267 3,378 0.6 0.6 5.5 4.9 29.8 19.2 10.2% 1.9 0.5% (19.7%) Aegis Group PLC 1.82 0.66 2.05 2,110 362 2,472 1.8 1.8 12.9 12.7 21.5 21.3 8.3% 2.6 (1.1%) NA Havas S.A. 3.80 1.58 3.96 1,635 144 1,779 1.2 1.2 9.3 9.1 18.9 17.9 6.0% 3.0 (0.9%) (5.8%) Harte-Hanks Inc. 12.02 4.43 14.22 764 181 946 1.1 1.1 7.4 7.4 15.3 13.5 4.0% 3.4 (0.3%) (21.5%) Valassis Communications Inc. 15.40 1.05 16.25 741 952 1,693 0.8 0.8 7.1 6.8 14.1 12.3 NA NA (0.4%) (8.6%) Acxiom Corp. 8.93 6.35 15.11 705 395 1,100 1.0 1.0 4.2 4.1 16.5 14.1 15.0% 0.9 (3.4%) (22.7%) infoGROUP Inc. 6.18 2.24 7.70 355 182 537 1.1 1.1 6.1 5.1 12.1 8.7 NA NA 2.3% (35.1%) MDC Partners Inc. (Cl A) 6.35 2.19 7.99 178 148 326 0.6 0.6 5.1 4.7 38.5 19.1 16.8% 1.1 4.1% (1.6%)

Mean 1.5 x 1.5 x 8.4 x 8.1 x 19.5 x 16.2 x 9.2% 2.3 0.7% (12.7%) Median 1.1 1.1 7.6 7.4 18.9 17.9 9.0% 2.1 0.5% (13.3%)

Notes: Source: Reuters, FactSet and Street Estimates Multiples <0 or >100 considered NM. Digital Media Precedent Acquisitions 1/1/2007 to Present ($MM)

Announced AV / LTM AV / NTM Acquirer Target Aggregate Value AV / LTM Sales AV / NTM Sales Date EBITDA EBITDA

9/1/2009 Investor Group (1) $2,025 5.1x NA NA NA

8/25/2009 ~$75 NA NA NA NA

8/9/2009 $530 1.4x NA NA NA

8/4/2009 $106 5.9x NM NA NA

7/22/2009 $890 0.9x NA NA NA

7/22/2009 $525 3.3x 12.6x 3.3x 10.1x

7/7/2009 $80 2.7x 6.9x 2.1x 6.0x

4/15/2009 $1,208 5.8x 27.2x 5.4x 23.1x

1/30/2009 $138 0.3x 21.3x NA NA

1/27/2009 $50 NA NA NA NA

1/6/2009 NA NA NA NA NA

12/22/2008 $1,370 2.8x 7.6x 2.4x 6.6x Ad Assets

12/8/2008 $600 1.5x NA NA NA

10/23/2008 $96 NA NA 0.9x 3.0x

10/21/2008 $95 NA NA NA NA

10/6/2008 $945 NA NA NA NA

10/6/2008 $380 NA NA NA NA

9/15/2008 $121 1.0x NM 0.9x NA

8/29/2008 $422 3.1x 14.3x 2.7x 10.2x

8/3/2008 $125 5.0x 12.5x NA NA

6/26/2008 $100 NA NA NA NA

6/23/2008 ~$250 NA NA NA NA Digital Media Precedent Acquisitions 1/1/2007 to Present ($MM)

Announced AV / LTM AV / NTM Acquirer Target Aggregate Value AV / LTM Sales AV / NTM Sales Date EBITDA EBITDA

5/15/2008 $1,800 4.2x 31.3x 3.7x 17.8x

5/14/2008 $160 NA NA NA NA

5/14/2008 $100 NA NA NA NA

4/28/2008 $300 NM NA 10.0x NA

4/17/2008 $75 NA NA NA NA

4/7/2008 $225 NA NA NA NA

3/12/2008 $850 NA NA 7.0x 15.0x

3/5/2008 $150 10.0x NA NA NA

3/3/2008 $75 NA NA NA NA

2/29/2008 NA NA NA NA NA

2/24/2008 $2,008 2.3x 6.5x 2.2x 6.5x

2/12/2008 $160 NM NA NA NA

2/4/2008 $125 NA NA NA NA

1/31/2008 $300 2.8x 37.5x 2.3x 21.4x

1/14/2008 $265 NA NA NA NA

1/6/2008 $100 NA NA NA NA

1/4/2008 $61 NA NA NA NA

1/3/2008 $65 NA NA NA NA

12/20/2007 $200 NA NA NA NA

12/7/2007 $275 1.9x 10.2x NA NA

12/5/2007 NA NA NA NA NA

12/4/2007 NA NA NA NA NA Digital Media Precedent Acquisitions 1/1/2007 to Present ($MM)

Announced AV / LTM AV / NTM Acquirer Target Aggregate Value AV / LTM Sales AV / NTM Sales Date EBITDA EBITDA

12/4/2007 $55 NA NA NA NA

12/4/2007 NA NA NA NA NA

11/26/2007 $170 NA NA NA NA

11/7/2007 $340 5.0x NA NA NA

10/18/2007 $250 NA NA NA NA (Mobile Business)

10/15/2007 $135 2.9x NA 2.2x NA Mobile Services

10/11/2007 VG Holdings $860 NA NA NA NA

10/11/2007 NA NA NA NA NA

10/4/2007 $185 NA NA NA NA

9/17/2007 $350 14.0x NA 10.0x NA

9/17/2007 $225 6.5x NA NA NA Online Directory Business

9/17/2007 $100 NA NA NA NA

9/4/2007 $300 3.0x 15.0x 2.3x 12.0x

8/29/2007 $68 NA NA NA NA

8/27/2007 $90 NA NA NA NA

8/1/2007 $350 7.0x NA NA 35.0x

8/8/2007 $47 2.8x NM 1.5x NA

7/26/2007 $345 6.9x 23.0x NA NA

7/24/2007 $275 9.2x NA 3.1x NA

7/24/2007 $100 3.3x 16.7x NA NA

7/23/2007 $97 NA NA NA NA

7/17/2007 $60 NA NA NA NA Digital Media Precedent Acquisitions 1/1/2007 to Present ($MM)

Announced AV / LTM AV / NTM Acquirer Target Aggregate Value AV / LTM Sales AV / NTM Sales Date EBITDA EBITDA

7/16/2007 $352 NA NA NA NA

6/20/2007 $100 NA NA NA NA

6/8/2007 (2) $830 NA NA NA NA

5/30/2007 $280 NA NA NA NA

5/30/2007 $75 NA NA NA NA

5/23/2007 $100 NM NM NA NA

5/18/2007 $5,768 11.7x 44.1x 8.8x 35.0x

5/17/2007 $654 3.0x 31.3x 2.3x 20.5x

5/7/2007 $300 NA NA NA NA

4/30/2007 $850 19.3x NA 11.0x NA

4/19/2007 NA NA NA NA NA

4/19/2007 $240 6.0x NM 4.4x 20.0x

4/19/2007 $110 6.4x NA NA NA

4/16/2007 $3,110 10.4x 30.1x 8.3x 24.1x

2/28/2007 $28 NA NA NA NA

2/2/2007 (3) $250 3.6x NA 2.5x NA

1/3/2007 $113 NA NA NA NA

Notes: Median 3.9x 18.3x 2.7x 18.1x Sales multiples <0x or >20x, and EBITDA multiples <0x or >50x considered NM. Mean 5.1x 20.0x 4.3x 16.9x Transactions with Aggregate Value <$50 MM not included. (1) Represents the acquisition of 65% of Skype. (2) Represents the acquisition of 66% of NexTag. (3) Represents the acquisition of a majority stake in AKQA. TMT Venture Capital Activity Quarterly Since 2001

9.0 1600

8.0 1400

7.0 1200 6.0

5.0 1000 $Bn 4.0 800

3.0 600 Investments of Number 2.0

400 1.0

- 200 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1

'0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 '0 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9

Year - Quarter

(1) (2) (3) TMT IPO Offer Value TMT M&A Deal Value Number of TMT VC Investments

Notes: 1) TMT IPO Exits source: VentureXpert Analytics. 2) TMT M&A Exits source: VentureSource Analytics. 3) Number of TMT VC Investments source: Thomson MoneyTree Report. Digital Media Private Financing Activity Weekly Since January 2007

12 280410

240 10

200 8

160 6 $MM 120

Number of Financings 80

2 40

0 0 1 3 4 5 6 7/2 8/2 10/ 11/07/0712/12/01 2 3 4 6 7 8/1 9/1 10/22/0811/26/081 2 3 4 5 6 7/2 9/0 /31/ /07 /1 /1 /2 /16/ /20 /26 /3 /0 /0 2/31/0 /04/ /11 /15 /2 /2 1 6 0 5 9 0 0 4 9 3 7 0 4 9 2 0 /0 /0 /0 /07 /07 /07 3/07 0 /0 /0 /0 /0 /08 /08 /08 0 /0 /0 /0 /09 /09 /09 7 7 7 7 8 8 8 8 8 9 9 9 9 7 8 Week Ending

Amount Raised ($MM) Number of Financings

Notes: Source: DowJones VentureWire. Only financings > $10MM included. Digital Media Private Financings 1/1/2008 to Present ($MM) (1)

Announced Total Name Date Round Amount Lead Investor Other Investors Brief Business Description Raised MyShape 1-Sep-09 Series D $12 DFJ Growth Fund Pasadena Angels, Tech Coast Creator of e-commerce technology that matches women's body $25 Pasadena, CA Angels and Tenaya Capital measurements with garment details to create the perfect fit www.myshape.com Smith & Tinker 25-Aug-09 Series B $29 DCM Alsop Louie Partners, Foundry Multi-player PC gaming with offline, handheld play on a proprietary $29 Bellevue, WA Group, Leo Capital Holdings, Vulcan device www.smithandtinker.com Capital Mint 13-Aug-09 Series C $14 DAG Ventures Founders Fund, Benchmark Capital, Online personal finance service $31 San Francisco, CA Shasta Ventures, First Round www.mint.com Capital, Sherpalo Ventures MediaMath 5-Aug-09 Series A $13 Safeguard Scientifics QED Investors, European Founders Provides advertising agencies with the technology and back-office $13 New York, NY Inc Fund services to trade across the many display advertising sources www.mediamath.com Traffiq 5-Aug-09 Series B $10 Grotech Ventures, Court Square Ventures Helps advertisers manage their digital media buying $17 New York, NY Greenhill SAVP www.traffiq.com IBiquity Digital Corp 3-Aug-09 Series D $21 New Venture Partners Creating a digital radio system for the U.S. $96 Columbia, MD www.ibiquity.com Cross MediaWorks 3-Aug-09 NA $17 BIA Digital Partners Spring Capital Partners Provides media sales and advertising services to the television NA Scottsdale, AZ advertising industry www.cross-mediaworks.com LibreDigital 29-Jul-09 Series B $15 Triangle Peak Partners Adams Capital Management Develops technology for publishers that helps bring content to new $22 Austin, TX digital formats, such as e-readers and iPhones www.libredigital.com Ning 22-Jul-09 Series E $15 Lightspeed Venture Social networking website $119 New York, NY Partners www.ning.com Just-Eat 14-Jul-09 NA $18 Index Ventures Venrex Investment Management European site for ordering meals online NA London, UK www.just-eat.com Gilt Groupe 2-Jul-09 Series B $40 General Atlantic Matrix Partners Online, membership-based luxury-fashion retailer $45 New York, NY www.gilt.com 2tor 23-Jun-09 Series A $10 Redpoint Ventures Novak Biddle Venture Partners, City Online education company created last year by Princeton Review $10 New York, NY Light Capital www.2tor.com YCD Multimedia 23-Jun-09 Series E $12 Pitango Venture Provider of digital signage $30 Shefayim, Israel Capital, Arts Alliance www.ycdmultimedia.com Digital Ventures Tumri 22-Jun-09 Series C $15 Time Warner Accel Partners, Tenaya Capital, A merchandising and advertising network that delivers targeted $32 Mountain View, CA Investments Shasta Ventures, Silicon Valley Bank products to online consumers www.tumri.com Boku 17-Jun-09 Series B $13 Benchmark Capital Index Ventures, Khosla Ventures Provides people the ability to pay for virtual goods on Web sites such NA San Francisco, CA as Facebook www.boku.com Seatwave 2-Jun-09 Series D $17 Accel Partners Adinvest, Atlas Ventures, Fidelity Fan-to-fan ticket exchange $17 London, UK Ventures, Mangrove Capital Partners www.seatwave.com Sugar 2-Jun-09 Series C $16 Sequoia Capital Women-focused online media company $31 San Francisco, CA www.sugarinc.com Peer 39 28-May-09 Series C $11 Evergreen Venture Canaan Partners, Dawntreader Technology that enables advertisers to choose where they seek to $22 New York, NY Partners Ventures, Silicon Valley Bank reach users www.peer39.com Facebook 26-May-09 NA $200 Digital Sky Online social networking community $578 Palo Alto, CA Technologies www.facebook.com OpenX Technologies 26-May-09 Series C $10 DAG Ventures Accel Partners, Index Ventures, An online ad company $31 Pasadena, CA Mangrove Capital, First Round www.openx.com Capital Onestop Internet 5-May-09 Series A $13 Bessemer Venture Provides end-to-end e-commerce technology and fulfillment for $13 Los Angeles, CA Partners retailers seeking to sell products online www.onestop.com Goom Radio 15-Apr-09 NA $16 Wellington Partners, Elaia Partners, An online radio station offering proprietary "HD Sound" technology NA Jersey City, NJ Partech International and custom station options www.goomradio.com Collective Media 14-Apr-09 Series B $20 Accel Partners Greycroft Partners, iNova Capital Online ad network that specializes in audience targeting and NA New York, NY optimization solutions for publishers and advertisers www.collective.com Cooliris 13-Apr-09 Series B $15 Kleiner Perkins Caulfield & Byers, Places video ads on web pages and builds products that facilitate $16 Palo Alto, CA DAG Ventures, T-Mobile Venture user navigation and exploration of the Web www.cooliris.com Fund, Westly Group Rubicon Project 13-Apr-09 Series B $13 Clearstone Venture Partners, IDG Helps web companies monetize ad space and provides an ad quality $33 Los Angeles, CA Ventures Asia, Mayfield protection program www.runiconproject.com TouchCommerce 9-Apr-09 Series E $10 Sierra Ventures Dolphin Equity Partners, Emergence Helps Web sites increase the conversion of web traffic into sales $38 Agoura Hills, CA Capital, Hudson Ventures, Partech www.touchcommerce.com International JiWire 8-Apr-09 Series B $11 Panorama Capital Comcast Interactive Capital, DFJ Creator of a Wi-Fi advertising platform $18 San Francisco, CA Frontier www.jiwire.com Glam Media 7-Apr-09 Series E-2 $10 Mizuho Venture Capital A stable of internet sites geared towards women and designed to $105 San Francisco, CA attract premium-brand advertisers www.glam.com Digital Media Private Financings 1/1/2008 to Present ($MM) (1)

Announced Total Name Date Round Amount Lead Investor Other Investors Brief Business Description Raised BuyVIP 6-Apr-09 NA $15 Kennet Partners Bertelsmann Digital Media An online shopping network NA Madrid, Spain Investments, 3i Group, Molins www.buyvip.com Capital Inversion Revolution Money 6-Apr-09 Series C $42 Goldman Sachs, Citigroup, Morgan Internet payment platform $92 St. Petersburg, FL Stanley www.revolutionmoney.com LoopNet 31-Mar-09 PIPE $50 Calera Capital Rustic Canyon Partners, Trinity Online commercial real estate marketplace NA San Francisco, CA Ventures www.loopnet.com Visible Measures Corp. 27-Mar-09 Series C $10 Northgate Capital General Catalyst Partners, Mohr Provides metrics on internet video usage for top-name entertainment $29 Boston, MA Davidow companies www.visiblemeasures.com Buzz Media 19-Mar-09 Series D $13 Focus Ventures Anthem Ventures, New Enterprise Music and entertainment online media company $44 Los Angeles, CA Associates, Redpoint Ventures, www.buzz-media.com Sutter Hill Auditude 11-Mar-09 Series B $11 Redpoint Ventures Greylock Partners Provides online video advertising $23 Palo Alto, CA www.auditude.com RazorGator 10-Mar-09 Debt $10 Hercules Technology Website that sells hard-to-get tickets for sports and entertainment $44 Beverly Hills, CA Growth Capital events worldwide www.razorgator.com SendMe 5-Mar-09 Series D $12 Triangle Peak Partners Amicus Capital, GrandBanks Capital, Sells mobile content via subscription to several interconnected $35 San Francisco, CA Spark Capital, True Ventures websites www.sendmemobile.com Zoom Media 5-Mar-09 Series A $30 ABS Capital Partners Provides targeted and digital out-of-home media and promotional $30 Montreal, Can. / New York, NY programs for brand advertisers www.zoom-media.com EBIZ.mobility 4-Mar-09 Series B $10 Zitelman Group Online payment processing company NA Jerusalem, Israel www.ebizmobility.com M3X Media 26-Feb-09 NA $11 Agile Opportunity Fund Technology platform that that brings together digital entertainment NA West Palm Beach, FL www.mthreex.com Imagini Holdings 26-Feb-09 Series B $14 Horizon Ventures Atomico, NorthZone Ventures Developed technology that offers online advertisers detailed profiling $19 London, UK information about their online target audiences http://visualdna.com Indoor Direct 24-Feb-09 Series B $23 Syncom Venture Northwood Ventures, Poseidon Digital out-of-home media network NA Addison, TX Partners Enterprises www.indoordirect.com Tremor Media 20-Feb-09 Series C $18 Meritech Capital Provides advertisers with both in-banner and in-stream video $37 New York, NY Partners advertising opportunities www.tremormedia.com SynthaSite 18-Feb-09 Series B $20 Reinet Fund Offers a service that allows users to create web sites using an Ajax- $25 San Francisco, CA based drag-and-drop interface in a web browser without knowledge www.synthasite.com of HTML or programming Offerpal Media 17-Feb-09 Series B $15 D.E. Shaw Ventures InterWest Partners, North Bridge Offers a monetization platform for social applications, online $20 Fremont, CA Venture Partners communities, social games, virtual worlds and mobile applications www.offerpalmedia.com Twitter Inc. 17-Feb-09 Series C $35 Benchmark Capital, A microblogging platform $55 San Francisco, CA Institutional Venture www.twitter.com Partners Outbrain 12-Feb-09 Series B $12 Carmel Ventures Gemini Israel Funds, Lightspeed Creator of a free widget or API to provide readers with a rating $19 New York, NY Venture Partners, GlenRock Israel platform and personalized reading recommendations www.outbrain.com VirtuOz 29-Jan-09 Series B $11 Mohr Davidow Ventures Inventures Group, Galileo Partners Offers a virtual customer service representative for websites $13 Redwood City www.virtuoz.com Schoolwires 15-Jan-09 Series A $15 Kennet Partners Offers online educational services $15 State College, PA www.schoolwires.com Nurien Software Corp. 15-Jan-09 Series A-1 $10 Northern Light Venture Globespan Capital Partners, New Provides a social network and virtual worlds site in which people $25 Seoul, South Korea Capital Enterprise Associates, QiMing create photo-realistic 3D avatars and objects www.nurien.com Venture Partners Deca.tv 12-Jan-09 Series B $15 Rustic Canyon Mayfield Fund, General Catalyst Provider of online video. $15 Santa Monica, CA Ventures Partners, Atomico Investments www.deca.tv Yodle 12-Jan-09 Series C $10 Jafco Ventures Draper Fisher Jurvetson Growth, Sells online ad space to small businesses $25 New York, NY Bessemer Venture Partners www.yodle.com RatePoint 8-Jan-09 Series B $10 Castile Ventures .406 Ventures, Prism VentureWorks Offers technology for online merchant reputation management $17 Needham, MA www.ratepoint.com ClickSquared 7-Jan-09 Series B $11 JMI Equity ABS Ventures, Flybridge Capital Provides tools for marketing campaigns across several NA Waltham, MA Partners communication streams, including email, web sites and mobile www.clicksquared.com Taptu 18-Dec-08 NA $10 3i Group, Sofinnova Developer of a search engine for mobile devices NA Cambridge, England Partners http://taptu.com Chegg 17-Dec-08 Series C $25 Kleiner Perkins Foundation Capital, Gabriel Venture Has an online service that allows students to rent textbooks $34 Santa Clara, CA Caufield & Byers Partners, Primera Capital www.chegg.com BlueKai 16-Dec-08 Series B $11 Battery Ventures Redpoint Ventures Operates an online exchange of data relevant to advertising buyers $14 Bellevue, WA www.bluekai.com Digital Media Private Financings 1/1/2008 to Present ($MM) (1)

Announced Total Name Date Round Amount Lead Investor Other Investors Brief Business Description Raised NetShelter 15-Dec-08 Series A $11 Rho Canada, GrowthWorks Develops branded marketing campaigns for niche web sites $13 Toronto, CA Canadian Fund, JLA Ventures www.netshelter.net Kosmix 9-Dec-08 Series D $20 Accel Partners, Lightspeed Venture Developer of a categorization engine for web searches $55 Mountain View, CA Partners, DAG Ventures www.kosmix.com Private Sales 1-Dec-08 Series C $13 Partech International Mangrove Capital Partners, Operates online shopping network Brands4friends which sells original NA Berlin, Germany Holtzbrinck Ventures goods from fashion and lifestyle brands at reduced prices www.brands4friends.de KickApps 26-Nov-08 Series C $14 North Atlantic Capital Prism Ventures, SoftBank Capital, Offers products based on its social media platform - Widget and $31 New York, NY Spark Capital Video Player Studio, a drag-and-drop widget and custom video player www.kickapps.com authoring environment Goodmail 21-Nov-08 Series C $20 Bessemer Venture DCM, Emergence Capital Partners, Company developing secured email systems NA Mountain View, CA Partners Softbank Capital Angie's List Inc. 19-Nov-08 Debt $18 Lighthouse Capital Operator of a website that enables customers to connect with and $53 Indianapolis, IN Partners rate local service providers be2 12-Nov-08 NA $19 Index Ventures An online match making website NA London, UK RockYou Inc. 3-Nov-08 Series C $17 Softbank Japan, SK Telecom Developer of widget for web and mobile applications NA San Mateo, CA Ventures HeliumKaloBios Pharmaceuticals Inc. 24-Sep-0829-Oct-08Series DA $17$20 SignatureGenzyme Ventures,Capital NorthportAlloy Ventures, Private 5AM Equity Ventures, GBS APharmaceutical portal for user-generated company with content seven on antibody a range drugs of subjects. in clinical trials $48 $17 Andover, MA Playfish 28-Oct-08 Series B $17 Accel Partners, Index Launched five games that run on social networks NA London, UK Ventures LinkedIn 24-Oct-08 Series D $23 Goldman Sachs, McGraw-Hill SAP Professional social networking website. $100 Mountain View, CA Ventures, Bessemer Venture Mail.com 23-Oct-08 NA $35 Quadrangle Capital Partners Provides web-based email services and other white label services. NA New York, NY Partners Like.com 23-Oct-08 Series C $32 Menlo Ventures Crosslink Capital, Bay Partners, Visual search engine, where the contents of photos are used to $51 San Mateo, CA BlueRun Ventures, Leapfrog search and retrieve similar items. e-Rewards, Inc. 8-Oct-08 NA $60 TA Associates PolarisVentures Venture Partners, Sutter Hill Conducts internet-based, invitation only, panel research mostly for NA Dallas, TX Ventures market research firms. Oberon Media Inc. 7-Oct-08 NA $20 Infinity I-China Fund NA Provider of a gaming platform, which manages billing and advertising, NA New York, NY and casual game publishing, which provides production and distribution. Zvents, Inc 1-Oct-08 Series C $24 Nokia, AT&T, Red Rock Ventures, Developer of a local search engine. $31 Menlo Park, CA VantagePoint Venture Partners Verimatrix 26-Sep-08 Series C $20 Goldman Sachs Cipio Partners, Crescendo Provides content security for internet protocol television. $43 San Diego, CA Investments, Mission Ventures Digg 25-Sep-08 NA $29 Highland Capital A social networking site whose users vote on their favorite news $40 San Francisco, CA Partners stories. Trion World Network 24-Sep-08 Series C $70 Act II Capital DCM, Trinity Ventures, Rustic Platform to create online games that fix the problems of packaged NA Redwood City, CA Canyon, Time Warner, Peacock software games such as piracy. Leapfrog Online 10-Sep-08 NA $30 North Bridge Growth Equity Provides media planning and buying programs for Fortune 500 NA Evanston, IL Equity marketers that find, convert, and monetize the right customers. Active Network 28-Aug-08 Series B $80 ESPN, Inc. Canaan Partners, North Bridge Online community and provider of application technology for active $275 San Diego, CA Venture Partners, Performance lifestyle and sports groups Conviva 25-Aug-08 Series B $20 UV Partners NewEquity Enterprise Partners Associates, Provides live video internet experience $29 San Mateo, CA Foundation Capital Turn 21-Aug-08 Series C $15 Focus Ventures Norwest Venture Partners, Trident Provides an online ad targeting service $38 Redwood, CA Capital, Shasta Ventures La La 11-Aug-08 NA $20 Warner Music Group Provides music streaming and downloads $29 Palo Alta, CA Corp. Imeem 11-Aug-08 NA $15 Warner Music Group Operator of social media network where users create, recommend NA Palo Alto, CA Corp. and discover music, video, art and pop culture media and connect directly with people Zynga 22-Jul-08 Series B $30 Kleiner, Perkins, Avalon Ventures, Foundry Group, Offers a variety of games that operate on multiple social networks $30 San Francisco, CA Caufield & Byers Institutional Venture Partners and Web sites. ContextWeb Inc. 22-Jul-08 Series D $26 Investor Growth Capital Draper Fisher Jurvetson, Draper Contextual advertising company $54 New York, NY Fisher Jurvetson Gotham Ventures, Truste 15-Jul-08 Series A NA Accel Partners DFJ California, DFJ New England, Offers global privacy certification and seal programs. NA San Francisco, CA Sojern Inc. 15-Jul-08 Series A $16 Norwest Venture Partners, Trident Company places targeted ads and content on boarding passes that NA New York, NY Capital customers print at home Trulia Inc. 11-Jul-08 Series D $15 Deep Fork Capital Accel Partners, Sequoia Capital, Real estate search engine $33 San Francisco, CA Fayez Sarofim & Co. Plimus Inc. 9-Jul-08 Series A $18 Susquehanna Growth NA Provider of infrastructure tools for e-commerce $18 San Diego, CA Equity Mevio Inc. 9-Jul-08 Series C $15 Crosslink Capital Kleiner Perkins Caufield & Byers, Online video start-up $39 San Francisco, CA Sequoia Capital, Sherpalo Ventures, DAG Ventures Twitter Inc. 25-Jun-08 Series B $15 Spark Capital Bezos Expeditions, Union Square Microblogging service provider NA San Francisco, CA Ventures, Digital Garage Atcor Holdings Inc. 23-Jun-08 NA $50 Austin Ventures Company focused on acquiring and operating digital media, NA Austin, TX advertising and marketing businesses LinkedIn Inc. 18-Jun-08 Series D $53 Bain Capital Ventures Sequoia Capital, Greylock Partners, Business-networking Web site $80 Mountain View, CA Bessemer Venture Partners RockYou Inc. 10-Jun-08 Series C $35 DCM Lightspeed Venture Partners, Social media widget companies NA San Mateo, CA Partech International, Sequoia Capital FirstRain Inc. 9-Jun-08Series AA-2 $15 Ampersand Ventures, Oak Provides investors with daily reports about the Web activity around $68 Foster City, CA Investment Partners, Onset Ventures their portfolio companies and investment sectors Digital Media Private Financings 1/1/2008 to Present ($MM) (1)

Announced Total Name Date Round Amount Lead Investor Other Investors Brief Business Description Raised [x+1] Inc. 29-May-08 NA $16 Advanced Technology Hudson Venture Partners, Blue Chip Provider of predictive online marketing technologies that equip online $36 New York, NY Ventures Venture Company marketers with real-time, automated decision-making to improve engagement and lift conversion rates Openlane Inc. 27-May-08 NA $25 Meritech Capital August Capital, RPM Ventures, Online auction service for wholesale used cars $67 Menlo Park, CA Partners Zilkha Venture Partners Flock Inc. 23-May-08 Series D $15 Fidelity Ventures Bessemer Venture Partners, Social browser the enables people to easily use their social $28 Redwood City, CA Catamount Ventures, Shasta networking and social media services while they are on any site Ventures Clearspring Technologies Inc. 21-May-08 Series C $18 New Enterprise Novak Biddle Venture Partners, Nigel Provider of widget publishing and distribution system to place widgets $35 Arlington, VA Associates Morris on social networks and other Web sites, and a widget ad network to place ads Wetpaint Inc. 19-May-08 Series C $25 DAG Ventures Accel Partners, Frazier Technology Social publishing service provider that lets their users quickly write $40 Seattle, WA Ventures, Trinity Ventures their own comments and upload images, video or other content Xshares Group LLC 26-Jun-08 NA $15 Designer and sponsor of exchange-traded funds $35 New York, NY www.xsharesadvisors.com Social Gaming Network Inc. 13-May-08 Series A $15 Greylock Partners Founders Fund, Columbia Capital, Provider of social games designed to benefit from the connections $15 Palo Alto, CA Novak Biddle Venture Partners between friends on social networks Facebook Inc. 12-May-08 Debt $100 TriplePoint Capital NA Social-networking start-up $340 Palo Alto, CA Spot Runner Inc. 7-May-08 Series C $51 Daily Mail, General Trust, Grupo Internet advertising agency that lets local businesses affordably $111 Los Angeles, CA Televisa SAB, Legg Mason Capital produce, plan and buy television ads through its Web site Management, Groupe Arnault/LVMH

MarketLive Inc. 6-May-08 Series E $20 Jafco Ventures, Globespan Capital, Sequoia Capital, Provider of enterprise-class e-commerce retail technology and $48 Petaluma, CA Northgate Capital Sigma Partners services that help companies sell goods online Meebo Inc. 1-May-08 Series C $25 Jafco Ventures Time Warner Investments, KTB Provider of widget chat rooms $38 Mountain View, CA Ventures, Draper Fisher Jurvetson, Sequoia Capital Sezmi Corp. 1-May-08 Series A $18 Morgenthaler Ventures, Index Ventures, Legend Ventures, Provider of a new form of television broadcasting integrating online $18 Belmont, CA Omni Capital TD Fund, Western Technology content Silverpop Systems Inc. 25-Apr-08 NA $15 D.E. Shaw & Co. Draper Fisher Jurvetson Email marketing company $50 Atlanta, GA Ning Inc. 22-Apr-08 Series D $60 Developer of platform that allows anyone to create and customize a $560 Palo Alto, CA social network Travel Ad Network LLC 21-Apr-08 NA $15 Rho Ventures Village Ventures Partner for advertisers wishing to target travel decision-makers in the NA New York, NY online travel ad market Federated Media Publishing Inc. 16-Apr-08 NA $50 Oak Investment Generated revenue for its partner sites and event organizers through $58 Sausalito, CA Partners integrated sponsorships, advertising and other marketing services for global brands Cuill Inc. 16-Apr-08 Series B $25 Madrone Capital Tugboat Ventures, Greylock Partners Stealthy start-up that says it is building a new type of search engine $33 Menlo Park, CA Partners Move Networks Inc. 15-Apr-08 Series C $46 Benchmark Capital Cisco Systems Inc., Comcast Developer of high-definition online video technology $57 American Fork, UT Interactive Media, Grupo Televisa SAB, Steamboat Ventures, Hummer Winbald Venture Partners

Angie's List Inc. 11-Apr-08 NA $35 Battery Ventures NA Operator of a Web site that allows consumers to connect with and $48 Indianapolis, IN rate local service providers Coremetrics Inc. 4-Apr-08 Series E $60 3i Group Accel Partners, FTVentures, Web analytics company also offering some Web marketing services $171 San Mateo, CA Highland Capital Partners MarketTools Inc. 4-Apr-08 Series E $23 Advanced Equities Inc. On-demand Web marketer $83 San Francisco, CA MediaXstream Inc. 1-Apr-08 Series A $20 Constellation Ventures Columbia Venture Corp. Content delivery network for the production and broadcasting $20 Summit, NJ industries Compare Networks 1-Apr-08 Series A NA Alta Communications Provides product information and industry news for health and life NA San Francisco, CA science professionals

Demand Media Inc. 27-Mar-08 Series D-1 $35 Goldman Sachs, Oak Investment Domain name company $355 Los Angeles, CA Partners Become Inc. 26-Mar-08 Series C $18 TPG Growth NA Shopping comparison Web site $29 Mountain View, CA Thumbplay Inc. 18-Mar-08 Series E $18 Brookside Capital Mobile content seller $36 New York, NY Partners, Cross Creek SendMe Inc. 18-Mar-08 Series C $15 GrandBanksCapital Capital Spark Capital, True Ventures Company uses interconnected Web sites to peddle mobile content $23 San Francisco, CA Nextumi Inc. 13-Mar-08 Series B $15 Draper Fisher Jurvetson Blue Chip Venture Company, Illinois Provider of service that allows people to share and article, photo, NA Dublin, OH Ventures, DFJ Mercury, Queen City video or music file without leaving the site they're on Next New Networks Inc. 13-Mar-08 Series B $15 Goldman Sachs, BobAngels, Pittman, RPM SabanVentures Media Group, Provider of online "micro channels" each of which focuses on specific $23 New York, NY Velocity Interactive Spark Capital topics and has video programs Group SearchME Inc. 12-Mar-08 Series D $15 Sequoia Capital, DAG Ventures, Visual search company that provides the search results in a visual $31 Mountain View, CA Lehman Brothers format using Flash technology that presents each result as a full page

Highwinds Network Group Inc. 11-Mar-08 Series A $55 General Catalyst Content distribution provider that ensures better access to content $55 Winter Park, FL Partners, Alta because of geographically proximity and less heavily loaded caches Communications Mzinga Inc. 4-Mar-08 Series D & $33 W Capital Partners GE Equity, Knowledge Industries Corporate social-networking company NA Burlington, MA debt LLC, Bluecrest Capital Finance Turn Inc. 3-Mar-08 Series B $15 Norwest Venture Partners, Shasta Display advertising marketplace $23 Redwood City, CA Ventures, Trident Capital Yelp Inc. 28-Feb-08 Series C $15 DAG Ventures Benchmark Capital, Bessemer Business review site that allows users to post and rank local $31 San Francisco, CA Venture Partners, Max Levchin businesses Digital Media Private Financings 1/1/2008 to Present ($MM) (1)

Announced Total Name Date Round Amount Lead Investor Other Investors Brief Business Description Raised Panther Express Inc. 27-Feb-08 Series B $16 Index Ventures Gold Hill Capital, Greylock Partners Content delivery network that delivers Web pages to users based on $22 New York, NY their geographic location TidalTV Inc. 27-Feb-08 Series A $15 New Enterprise Company plans to bring television experience to PCs $15 Baltimore, MA Associates, Valhalla IPP Of America Inc. 21-Feb-08 Series B $21 OldPartners Lane LP Hamilton Investment Partners, Provider of electronic payment services predominantly to immigrants $26 Fairfield, NJ Edison Venture Fund Jackpot Rewards Inc. 20-Feb-08 Series A $17 Peter Lynch, Jack Conners, Chuck Online sweepstakes service that promises million-dollar prizes and $17 Newton, MA Clough, Tom McDonnell credit card-style cash back on purchases, while donating a big chunk of profits to charity Seatwave Ltd. 12-Feb-08 Series C $25 Fidelity Ventures Atlas Venture, Mangrove Capital Fan-to-fan ticket exchange market $36 London, UK Partners, Adinvest Badoo Ltd. 11-Feb-08 Series A $31 Finam NA Social networking site $31 London, UK Kobalt Music Group Ltd. 6-Feb-08 Series B $16 Balderton Capital Spark Ventures PLC Independent music publisher providing a modern, efficient and NA London, UK transparent music publishing model GlobalScholar Corp. 4-Feb-08 Series B $27 Knowledge Universe Peter Neupert Online tutoring and curriculum-development company $43 Bellevue, WA Education, Accel Esty Inc. 31-Jan-08 Series D $27 AccelPartners Partners Union Square Ventures, Burda Online marketplace of goods created by users, mission to help people $32 Brooklyn, NY Media make a living from their own handicrafts hi5 Networks Inc. 30-Jan-08 Debt $15 Hercules Technology NA Social networking site $35 San Francisco, CA Growth Capital Inc. Mainstream Holdings Inc. 28-Jan-08 NA $30 HomeDepot, Vantis Capital Digital media company operating a social media and e-commerce site $56 West Palm Beach, FL Management LLC aimed at users in their late twenties Rubicon Project 28-Jan-08 Series B $15 Mayfield Fund IDG Ventures Asia, Stanford Online advertising optimization service $21 Los Angeles, CA University, University of California Berkeley, Matt Coffin, Clearstone Venture Partners Integrated Media Measurement Inc. 25-Jan-08 NA $25 Kantar Media Draper Fisher Jurvetson, Advanced Developer of an end-to-end media measurement system that links $39 San Mateo, CA Technology Ventures media exposure to consumer action Adchemy Inc. 25-Jan-08 Series C $19 Mayfield Fund Hellman & Friedman LLC, August Customer acquisition technology provider that offers companies a $27 Redwood City, CA Capital, Josh Kopelman, Georges chance to hedge their risk on online advertising Harik, Terry Garnett, Ashish Gupta, Pat House, M.R. Rangaswami Inform Technologies 24-Jan-08 NA $15 Spark Capital NA Company helps publishers insert contextual links within online content $25 New York, NY Automattic Inc. 24-Jan-08 NA $29 New York Times Co., Polaris Venture Distributor of WordPress blogging software $30 San Francisco, CA Partners, True Ventures, Radar Partners Gain Capital Group LLC 23-Jan-08 NA $117 3i Group VantagePoint Venture Partners Online foreign exchange company NA Bedminster, NJ Quantcast Corp. 23-Jan-08 Series B $20 Founders Fund Polaris Venture Partners Company uses tags to help Web publishers measure their site traffic NA San Francisco, CA in a more appealing way for advertisers Slide Inc. 22-Jan-08 NA $50 Fidelity Investments, NA Network of online widgets NA San Francisco, CA T.Rowe Price Covario Inc. 22-Jan-08 Series B $15 FTVentures Dubilier & Co., Voyager Capital Helps large companies analyze and manage their online marketing $21 La Jolla, CA Openads 16-Jan-08 Series B $16 Accel Partners Index Ventures, First Round Capital, Open source ad-serving firm $21 London, UK Mangrove Capital Partners, O'Reilly Metaweb Technologies Inc. 16-Jan-08 Series B $43 Goldman Sachs Benchmark Capital, Omidyar Offers a system at Freebase.com to organize information on the $58 San Francisco, CA Network, Millennium Technology Internet for easy use by applications Ventures JobFox Inc. 9-Jan-08 Series C $20 Draper Fisher Jurvetson New Enterprise Associates, Menlo Online job search provider $40 Mclean, VA Growth Fund Ventures MFG.com Inc. 9-Jan-08 Series D $26 Fidelity Ventures, European Founders Fund Online marketplace for manufacturing industries $44 Atlanta, GA Fidelity Asia Ventures Earth Class Mail Inc. 9-Jan-08 Series A $13 Ignition Partners Keiretsu Forum Virtual post office where customer mail is sent to the company, $13 Seattle, WA envelopes are scanned and images emailed to the customer, who www.earthclassmail.com then decides which letters to discard Ice.com Inc. 4-Jan-08 Series B $47 Polaris Venture Ignition Partners Online jeweler NA Montreal, Canada Partners www.ice.com

Notes: (1) All information culled exclusively from DowJones VentureWire . GCA Savvian Advisors Leadership in Digital Media Transactions

1UP Digital Network Sold Stake in Minority Preferred Acquired by Investment by Preferred Preferred to Preferred Preferred Preferred Stock Stock Stock Stock Stock We advised We advised Financial Advisor Financial Advisor the seller the seller Financial Advisor Financial Advisor Financial Advisor Financial Advisor February 2009 January 2009 January 2009 December 2008 November 2008 August 2008 July 2008 July 2008

Acquisition of Acquired by Preferred Stock and Acquired by Preferred Preferred Preferred Preferred Recapitalization Mobile Services Stock Business Stock Stock Stock We advised We advised We advised Financial Advisor Placement Agent Financial Advisor the seller Placement Agent Financial Advisor the buyer the seller June 2008 April 2008 March 2008 February 2008 January 2008 January 2008 December 2007 December 2007

Acquired by Acquired by Acquisition of Acquired by Senior Credit Merger with Minority Preferred Facility Investment In Stock Frontline We advised We advised We advised We advised Management the seller the seller the buyer the seller Financial Advisor Placement Agent We advised INTAC December 2007 December 2007 October 2007 October 2007 October 2007 October 2007 October 2007 August 2007

Acquired by Sale of its CDN Acquired by Acquired by Acquired by Services Business to Preferred Innovation Interactive Preferred Preferred Stock Management Stock Stock We advised We advised We advised We advised We advised Financial Advisor the buyer Placement Agent the seller the seller Financial Advisor the seller the seller June 2007 June 2007 June 2007 May 2007 May 2007 April 2007 April 2007 January 2007

Acquired by Acquisitions of Notes Acquired by Acquisition Senior Credit Notes and Preferred Stock Preferred Facility Facility Membership Units Securities We advised Financial Advisor Financial Advisor We advised We advised the seller Financial Advisor Financial Advisor Financial Advisor and Agent and Agent the buyer the seller October 2006 September 2006 June 2006 June 2006 March 2006 December 2005 December 2005 November 2005

Acquired by Acquired by Common Stock Acquisition of Preferred Senior Credit Initial Minority Stock Facility Capitalization Recapitalization We advised the We advised the majority shareholder We advised Class A Financial Advisor and We advised of IGN Entertainment the seller Placement Agent Financial Advisor Shareholders Placement Agent Placement Agent the buyer November 2005 September 2005 August 2005 July 2005 June 2005 June 2005 April 2005 April 2005 GCA Savvian Advisors Digital Media Team

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