Marketing, Media, Technology, and Service Industries M&A & July 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 24 About Petsky Prunier 35

M&A & INVESTMENT SUMMARY JULY 2012 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A tot al of 255 deal s worth approxi mat el y $16 billion were announced in Jul y 2012 • Digital Media/Commerce was the most active segment with 83 transactions • & Information was the highest value segment worth approximately $7.2 billion • Strategic buyers announced 92 deals for approximately $11.4 billion (36% of total volume) • VC/Growth Capital investors announced 152 deals for approximately $1.6 billion • Buyout investors announced 11 deals for approximately $2.9 billion

JULY 2012 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 83 33% 1,527.5 10% 26 774.6 0 0.0 57 752.9 Marketing Technology 77 30% 973.6 6% 25 603.0 1 8.0 51 362.6 Software & Information 42 16% 7,216.0 45% 10 4,219.9 5 2,733.1 27 263.0 Agency/Consulting 18 7% 5,134.1 32% 17 5,117.1 0 0.0 1 17.0 Digital Advertising 15 6% 262.1 2% 3 45.0 1 98.0 11 119.1 Marketing Services 11 4% 171.1 1% 4 80.0 3 65.0 4 26.1 Out-of-Home & Specialty Media 9 4% 727.4 5% 7 702.4 1 10.0 1 15.0 Total 255 100% 16,011.8 100% 92 11,542.0 11 2,914.1 152 1,555.6 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months 27.0 $25.1 $23.3 24.0

21.0 $10.3 18.0 HPQ/ $16.0 AU $14.6 15.0 $13.4 $11.5 12.0 $11.2 $11.0 $10.8 $10.4 $8.8 $9.9 9.0 e ($ in in billions) ($ e

uu 606.0 $4.5

Val 3.0 231 266 275 284 294 259 243 222 226 260 280 231 255 - Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12

M&A & INVESTMENT SUMMARY JULY 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 Le Jardin de Catherine eCommerce Mr. Bricolage SA $18.9 $31.6 - 0.6x NA Marketing Technology Zencoder Content Management Brightcove, Inc. 30.0 2.0 1.2 15.0x 25.0 Oversi Networks Ltd. Allot Communications Ltd 16.0 8.0 - 2.0x NA Press Index Social Technology Kantar Media 13.8 20.0 0.7 0.7x 19.7 Agency/Consulting Aegis Group plc Media Planning/Buying Dentsu, Inc. 4,761.1 1,766.7 323.5 2.7x 14.7 Catch Stone Advertising Digital Agency Aegis Group plc 86.0 21.5 - 4.0x NA MMPI Canada Experiential Marketing Informa PLC 53.0 24.5 - 2.2x NA Software & Information Quest Software ERP Software Dell, Inc. 2,237.1 881.5 160.3 2.5x 14.0 MModal IP LLC Healthcare Software One Equity Partners, LLC 1,057.0 450.0 114.5 2.3x 9.2 GeoEye Geo-Demo Information DigitalGlobe, Inc. 453.0 359.1 174.6 1.3x 2.6 Breaking Point Systems Unclassified Software Ixia 160.0 46.9 40.8 3.4x 3.9 20-20 Technologies, Inc. Engineering Software Vector Capital Corporation 71.2 69.9 7.6 1.0x 9.4 Out-of-Home & Specialty Media CinemaxX Entertainment Media Vue Entertainment Ltd. 257. 4 251. 7 37 . 7 10x1.0x 68 6.8 Classic Media, Inc. Entertainment Media DreamWorks LLC 155.0 82.2 - 1.9x NA Eye Corp Pty Ltd.(1 ) Traditional Outdoor Outdoor Media Operations 120.0 - 16.0 NA 7.5

IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Kayak Software Corporation eCommerce IPO $971.2 $245.2 $41.9 4.0 x 23.2x Software & Information Palo Alto Networks Infrastructure Software IPO 2,376.6 219.7 8.0 10.8x 297.1x E2open, Inc. ERP Software IPO 364.4 63.9 1.1 5.7x 331.3x

(1) Eye Corp EBITDA multiple per FNArena * IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

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

Aggregate LTM Date Company Name Segment O ffering Value Rev EBITDA

Jul-12 Performant Financial Corporation Marketing Services $161.6 $173.8 $58.8

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

Mar-12 Shutterstock, Inc. Digital Media/Commerce 115.00 132.40 24.0

M&A & INVESTMENT SUMMARY JULY 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 Jul 31, 2012 1st Trading Day Jul-12 EOPN E2open, Inc. United States $15.00-$17.00 $15.00 $13.50, down 10% $12.60 (6.7%) Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 33.56 1.1%

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 57.14 7.5% Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 27.00 9.0% May-12 FB United States 36.00-38.00 38.00 38.23, flat 21.71 (43.2%) May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 18.05 (5.5%) May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 14.19 12.6%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 9.90 71.6% Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.82 (2.0%) Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 21.01 (1.4%) Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 29.40 (17.1%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.97 (58.1%) Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 24.57 1.0% Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 22.80 (9.2%) Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 9.93 (60.3%) Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 5.56 1.1% Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.84 19.8% Mar-12 Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 19.96 (18.8%) Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.03 (23.4%) Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 15.50 (6.1%) Fb12Feb-12 BCOV BiBrig htcove, Inc. UitdUnited SttStates 10. 00- 12. 00 11. 00 15. 15, up 36% 14. 81 (2. 2%) Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 22.10 49.9% Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 20.03 33.1% Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 20.76 27.3%

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.95 (68.9%) Nov- 11 ANGI Angie's List, Inc. United States 11. 00- 13. 00 13. 00 16. 26, up 25% 13. 00 (20. 0%) Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 6.66 (74.5%)

M&A & INVESTMENT SUMMARY JULY 2012 6 DIGITAL ADVERTISING Transactions by Segment and Buyer Type

• Mobile Marketing was the most active segment with seven announced transactions worth approximately $77 million, while Digital Video was the highest value worth approximately $128 million • Select acquisitions › Madison Dearbon Partners’ $98 million acquisition of QuickPlay Media, a Canada-based cloud video services company › Deutsche Post’s acquisition of Germany-based IntelliAd Media, a digital marketing agency specializing in optimizing search ad purchases • Select investments › The $28 million investment in JumpTap, a mobile ad network operator that reaches approximately 263 million people worldwide, led by Keating Capital › The $27 million investment in SAY Media, an online video platform and ad network company, led by New Enterprise Associates, Shea Ventures and Correlation Ventures › The $20 million investment in I-Media, a company claiming to be China’s largest mobile ad network operator, led by Kleiner Perkins Caufield & Byers

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Mobile Marketing 7 47% 76.6 29% 1 5.0 0 0.0 6 71.6 Digital Video 4 27% 128.0 49% 0 0.0 1 98.0 3 30.0 Ad Networks/Exchanges 2 13% 17.5 7% 0 0.0 0 0.0 2 17.5 Search Marketing 2 13% 40.0 15% 2 40.0 0 0.0 0 0.0 Total 15 100% 262.1 100% 3 45.0 1 98.0 11 119.1

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Inc. United States $632.68 -6% $206,907.4 $173,306.4 $47,616.0 $7,707.0 $43,162.0 $15,451.0 35.8% 29.5% 4.0x 11.2x Microsoft Corporation United States 29.41 -11% 246,555.7 197,286.7 58,348.0 13,148.0 73,723.0 30,714.0 41.7% 5.4% 2.7x 6.4x

Bankrat e, Inc . United States $17.57 -32% $1,756.6 $1,872.3 $64.5 193.7 $473.8 $139.4 29.4% 37.2% 4.0x 13.4x Bluc ora, Inc . United States 15.36 -8% 619.5 552.0 129.9 84.2 339.5 67.4 19.9% 64.7% 1.6x 8.2x Constant Contact, Inc. United States 16.00 -50% 462.0 380.9 143.0 - 233.9 23.9 10.2% 20.0% 1.6x 16.0x eHealth, Inc. United States 17.83 -4% 349.3 227.2 116.2 - 150.5 16.8 11.1% -7.0% 1.5x 13.5x ExactTarget, Inc. United States 22.01 -26% 1,450.6 1,239.1 211.5 - 227.5 (4.8) NM 0.0% 5.4x NM Hi- Media S. A. France 2392.39 -50% 108. 0 146. 1 23. 3 62. 1 298. 7 26. 2 88%8.8% 36%3.6% 05x0.5x 56x5.6x IAC/InterActiveCorp United States 52.47 -3% 4,596.4 3,852.3 775.6 95.8 2,435.0 356.8 14.7% 34.5% 1.6x 10.8x Millennial Media Inc. United States 9.30 -67% 707.6 776.5 9.1 - 115.1 (2.7) NM 0.0% 6.7x NM Motric ity, Inc . United States 0.47 -91% 21.7 25.6 10.4 21.0 116.6 (13.7) NM -12.2% 0.2x NM OPT, Inc. Japan 1,083.84 -19% 159.5 19.1 173.8 8.9 880.4 21.4 2.4% 18.5% 0.0x 0.9x Pacific Online Ltd. China 0.33 -45% 356.6 288.0 68.6 - 101.5 46.1 45.4% 25.9% 2.8x 6.3x QuinStreet, Inc. United States 8.88 -34% 392.2 394.6 115.4 108.2 370.5 59.7 16.1% -8.1% 1.1x 6.6x Responsys, Inc. United States 10.63 -34% 511.2 415.5 97.5 1.8 142.9 23.7 16.6% 36.3% 2.9x 17.6x Septeni Holdings Co Ltd Japan 641.62 -38% 80.7 38.2 62.5 13.5 495.3 21.8 4.4% 15.8% 0.1x 1.8x The Active Network, Inc. * United States 14.03 -41% 820.7 739.1 95.0 13.4 359.1 10.1 2.8% 24.2% 2.1x 73.3x TradeDoubler AB Sweden 2.28 -57% 97.3 57.6 40.5 - 392.2 17.6 4.5% 7.4% 0.1x 3.3x Tree.Com, Inc. United States 13.14 -3% 148.3 89.3 59.0 - 53.9 (16.7) NM -1.7% 1.7x NM Tudou Holdings Limited * China 25.52 -43% 745.2 648.0 110.4 13.2 91.0 (49.9) NM 70.6% 7.1x NM ValueClick, Inc. United States 15.34 -30% 1,237.0 1,234.4 107.7 105.0 596.5 169.5 28.4% 32.1% 2.1x 7.3x Velti Plc Ireland 5.68 -63% 356.5 325.2 41.0 9.6 211.4 22.9 10.8% 63.2% 1.5x 14.2x Yandex N.V. * Netherlands 19.74 -53% 6,443.7 6,075.9 349.3 - 748.3 327.2 43.7% 54.7% 8.1x 18.6x Yahoo! Inc. United States 15.99 -5% 19,552.6 17,815.5 2,209.9 40.0 4,979.8 1,306.4 26.2% -10.6% 3.6x 13.6x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2. 0 standard deviations above the mean (7. 3x) Low 000.0x 090.9x and EBITDA multiples that are 1.0 standard deviations above the mean (29.9x). Mean 2.6x 13.6x Median 1.6x 10.8x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 4.0x 13.8x Adj. W Avg* 3.3x 13.6x High 8.1x 73.3x

M&A & INVESTMENT SUMMARY JULY 2012 8 AGENCY/CONSULTING Transactions by Segment and Buyer Type

• Digital Agency was the most active segment with six deals announced, while the highest value segment was Media Planning/Buying worth approximately $4.8 billion • Select acquisitions › Dentsu’s $4.8 billion acquisition of Japanese advertising company Aegis Group › Aegis Group’ s $86 million acquisition of Catch Stone Advertising, a China-based digital media and marketing services company › Informa’s acquisition of MMPI Canada, a Canadian producer of trade shows, conferences and consumer shows, for $53 million, and its acquisition of MediaPro, which operates events for the media and marketing community › Mudd Group’s acquisition of TargetClick Marketing Solutions, a Web design and development, strategic online and social media marketing agency

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 6 33% 163.0 3% 5 146.0 0 0.0 1 17.0 General Agency 3 17% 42.0 1% 3 42.0 0 0.0 0 0.0 Experiential Marketing 2 11% 68.0 1% 2 68.0 0 0.0 0 0.0 Media Planning/Buying 2 11% 4,781.1 93% 2 4,781.1 0 0.0 0 0.0 Public Relations 2 11% 55.0 1% 2 55.0 0 0.0 0 0.0 Design Agency 1 6% 15.0 0% 1 15.0 0 0.0 0 0.0 Ethnic//gyMulticultural Agency 1 6% 5.0 0% 1 5.0 0 0.0 0 0.0 Social Agency 1 6% 5.0 0% 1 5.0 0 0.0 0 0.0 Total 18 100% 5,134 100% 17 5,117 0 0 1 17

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acquity Group Limited Hong Kong $10.21 0% $240.1 $237.7 $119.4 $24.4 20.4% 0.0% 2.0x 9.7x Aegis Group plc * United Kingdom 3.68 0% 4,233.4 4,413.4 1,766.7 320.3 18.1% 20.6% 2.5x 13.8x Cello Group Plc United Kingdom 0.58 -21% 47.3 60.3 207.9 13.4 6.4% 6.9% 0.3x 4.5x Charm Communications Inc. China 4.80 -62% 186.9 61.9 251.4 41.4 16.5% 18.2% 0.2x 1.5x Chime Communic ations plc United Kingdom 2.87 -28% 229.6 225.9 507.3 46.7 9.2% 8.7% 0.4x 4.8x Dent su Inc . Japan 26.38 -23% 6,572.7 5,692.9 22,971.2 815.2 3.5% 3.3% 0.2x 7.0x Enero Group Limited Australia 0.55 -57% 47.3 16.5 512.3 34.8 6.8% -0.2% 0.0x 0.5x Havas Franc e 4834.83 -12% 1, 845. 6 1, 896. 0 2, 137. 1 322. 4 15.1% 5.6% 0.9x 5.9x Huntsworth plc United Kingdom 0.70 -36% 173.5 284.4 274.4 40.7 14.8% 1.5% 1.0x 7.0x M&C Saatchi plc United Kingdom 2.29 -8% 145.2 126.3 238.4 27.6 11.6% 22.4% 0.5x 4.6x MDC Partners Inc. * Canada 9.44 -47% 292.8 883.5 999.9 43.9 4.4% 19.2% 0.9x 20.1x Next Fifteen Communications Group plc United Kingdom 1.43 -6% 83.4 95.9 142.8 18.2 12.7% 14.7% 0.7x 5.3x Omnicom Group Inc. United States 49.57 -5% 13,166.7 16,099.5 14,101.9 2,116.4 15.0% 6.7% 1.1x 7.6x Public is Groupe SA France 49.59 -7% 9,760.8 10,934.0 7,860.8 1,451.5 18.5% 11.1% 1.4x 7.5x Sapient Corp. United States 9.71 -30% 1,370.1 1,166.9 1,040.1 130.3 12.5% 18.0% 1.1x 9.0x The Interpublic Group of Companies, Inc . United States 9.78 -20% 4,275.1 4,884.6 7,021.6 849.6 12.1 % 3.7% 0.7x 5.7x WPP plc Ireland 12.76 -3% 16,111.1 20,312.4 15,599.3 2,432.4 15.6% 7.4% 1.3x 8.4x

Summary Multiples *Calc ulation is market c ap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x) Low 0.0x 0.5x and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x). Mean 0.9x 7.2x Median 0.9x 7.0x Weighted Avg 1.2x 8.0x Adj. W Avg* 1.1x 7.5x High 2.5x 20.1x

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

• Social Media/Apps was the most active segment with 21 transactions announced. Gaming was the highest value segment worth approximately $552 million • Select acquisitions › Sony Computer Entertainment’s $380 million acquisition of , which operates as a cloud-based gaming company › Salesforce.com’s $70 million acquisition of Canada-based GoInstant, which offers a browser that allows two or more people to search the Web together › Autodesk’s $60 million acquisition of Socialcam, which offers a mobile app for recording and sharing videos • Select investments › The $105 million investment in fab.com , which operates a design-oriented flash sales site, led by Atomico Ventures › The $100 million investment in GitHub, which offers developers a site where they can store, write and collaborate on software-coding projects, led by Andreessen Horowitz

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Media/Apps 21 25% 258.4 17% 6 49.0 0 0.0 15 209.4 eCommerce 19 23% 337.5 22% 2 18.7 0 0.0 17 318.8 Gaming 14 17% 552.1 36% 3 394.8 0 0.0 11 157.3 Mobile Content/Apps 12 14% 127.1 8% 6 92.5 0 0.0 6 34.6 Classifieds/Auctions/P-to-P 8 10% 52.2 3% 2 25.0 0 0.0 6 27.2 Niche Content 5 6% 109.6 7% 5 109.6 0 0.0 0 0.0 Vertical Search 1 1% 0.7 0% 0 0.0 0 0.0 1 0.7 Web Search/Portals 1 1% 70.0 5% 1 70.0 0 0.0 0 0.0 Comparison Shopping 1 1% 15.0 1% 1 15.0 0 0.0 0 0.0 Virtual Goods 1 1% 5.0 0% 0 0.0 0 0.0 1 5.0 Total 83 100% 1,527 100% 26 775 0 0 57 753

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $233.30 -5% $105,466.8 $100,496.8 $4,970.0 $0.0 $54,326.0 $1,939.0 3.6% 34.9% 1.8x 51.8x eBay Inc. United States 44.30 -4% 57,088.1 53,416.1 5,754.0 2,082.0 13,020.7 3,758.2 28.9% 29.5% 4.1x 14.2x Facebook, Inc. United States 21.71 -52% 46,510.8 37,028.8 10,188.0 706.0 4,327.0 1,048.0 24.2% 0.0% 8.6x 35.3x priceline.com Incorporated United States 661.74 -15% 32,950.0 30,956.2 3,618.7 1,441.6 4,583.5 1,546.6 33.7% 38.5% 6.8x 20.0x

1-800-Flowers.com Inc. United States $3.51 -15% $227.4 $235.6 $24.9 $33.1 $737.0 $37.4 5.1% 12.5% 0.3x 6.3x AirMedia Group Inc. China 1.77 -56% 110.8 (9.5) 117.9 - 276.9 10.0 3.6% 14.1% NM NM Ancestry.com Inc. United States 33.47 -8% 1,426.4 1,356.8 69.6 - 434.9 141.5 32.5% 22.7% 3.1x 9.6x Angie's List, Inc. United States 13.00 -34% 750.9 689.2 76.5 14.8 119.1 (54.1) NM 69.7% 5.8x NM AOL Inc. United States 31.86 -2% 2,991.7 1,645.6 1,468.5 108.4 2,169.0 447.6 20.6% -3.8% 0.8x 3.7x Bet fair Group PLC United Kingdom 11.98 -15% 1,191.2 978.8 219.8 - 632.5 132.3 20.9% -0.9% 1.5x 7.4x BIDZ.com, Inc. United States 0.74 -18% 13.6 12.0 1.6 - 79.6 (6.6) NM -21.6% 0.2x NM Blinkx plc United Kingdom 0.62 -75% 224.1 186.4 38.4 - 114.4 12.8 11.2% 73.1% 1.6x 14.6x Blue Nile Inc . United States 25.68 -49% 355.1 294.5 53.7 0.7 361.4 13.3 3.7% 5.4% 0.8x 22.2x Bluefly Inc . United States 1.20 -57% 34.3 31.7 2.5 - 98.9 (16.5) NM 9.8% 0.3x NM CyberAgent Inc. Japan 1,980.92 -46% 1,282.4 1,040.6 270.2 12.3 1,662.2 267.4 16.1% 15.5% 0.6x 3.9x Demand Media, Inc . United States 11.12 -6% 865.5 769.9 95.6 - 331.6 57.4 17.3% 18.9% 2.3x 13.4x DeNA Co., Lt d. Japan 21.79 -61% 3,117.7 2,428.0 699.0 - 1,768.3 837.3 47.4% 29.3% 1.4x 2.9x Dic e Holdingg,s, Inc . United States 7.54 -34% 468.4 426.9 56.5 15.0 188.7 76.2 40.4% 20.1% 2.3x 5.6x E-Commerce China Dangdang Inc. China 5.04 -55% 402.7 181.6 221.1 - 637.2 (57.8) NM 59.3% 0.3x NM Ediets.com Inc. United States 0.25 -84% 3.6 4.3 0.3 1.0 22.3 (4.9) NM -11.9% 0.2x NM Expedia Inc. United States 56.99 -8% 7,735.9 6,699.1 2,393.5 1,249.3 3,664.1 688.3 18.8% 17.3% 1.8x 9.7x G5 Entertainment AB (publ) Sweden 5.11 -29% 40.9 38.2 2.8 - 8.1 3.1 38.2% 88.0% 4.7x 12.3x GameLoft SA France 5.74 -13% 445.6 400.1 49.4 1.4 223.9 33.2 14.8% 14.1% 1.8x 12.1x Glu Mobile, Inc . United States 4.80 -19% 309.6 280.7 24.5 - 77.2 (17.9) NM 18.5% 3.6x NM Gree, Inc . Japan 15.92 -56% 3,721.6 3,061.5 626.9 - 1,689.6 895.6 53.0% 157.7% 1.8x 3.4x Groupon, Inc . United States 6.66 -79% 4,301.0 3,144.2 1,161.0 - 1,874.2 (45.0) NM 232.2% 1.7x NM Hollywood Media Corp. United States 1.27 -22% 29.4 26.1 3.4 0.0 3.5 (4.8) NM NA 7.4x NM HomeAway, Inc . United States 22.96 -50% 1,887.3 1,666.1 221.3 - 255.3 46.1 18.1% 27.2% 6.5x 36.1x HSN, Inc . United States 42.36 -3% 2,441.3 2,371.2 181.3 239.2 3,262.0 272.0 8.3% 5.9% 0.7x 8.7x International Game Tec hnology United States 11.32 -38% 3,341.7 5,070.2 241.3 1,969.8 2,059.4 721.1 35.0% 8.9% 2.5x 7.0x Jiayuan.com International Ltd. China 4.10 -75% 129.8 34.6 95.2 - 55.6 6.1 11.0% 64.4% 0.6x 5.7x Kayak Software Corporation United States 33.56 -5% 1,264.3 1,221.5 43.9 - 245.2 41.9 17.1% 31.4% 5.0x 29.1x Kongzhong Corp. China 7.74 -5% 331.5 153.3 178.2 - 159.4 21.7 13.6% 9.3% 1.0x 7.1x LeGuide.com S.A. France 34.41 1% 120.7 85.6 46.4 5.0 41.0 14.5 35.2% 13.0% 2.1x 5.9x LinkedIn Corporation * United States 102.65 -15% 10,603.9 9,983.1 617.1 - 723.9 87.4 12.1% 101.9% 13.8x 114.2x Liquidity Servic es, Inc . United States 45.72 -31% 1,426.9 1,383.8 84.6 41.5 432.2 91.3 21.1% 39.4% 3.2x 15.2x MakeMyTrip Limited * India 16. 58 -51% 616. 1 529. 0 87. 5 0. 3 196. 6 6. 3 32%3.2% 57. 6% 272.7x 84. 22x Mixi, Inc. Japan 1,453.36 -68% 225.4 92.0 126.5 - 161.8 40.7 25.1% -21.0% 0.6x 2.3x Move, Inc. United States 9.21 -8% 361.6 319.3 45.2 - 190.8 15.7 8.2% -3.2% 1.7x 20.4x Nexon Co. Ltd. Japan 20.76 -4% 9,001.9 7,406.5 1,722.0 280.3 1,138.7 621.6 NM 25.6% 6.5x NM Netflix, Inc. United States 56.85 -77% 3,157.1 2,743.8 813.3 400.0 3,456.4 228.1 6.6% 30.1% 0.8x 12.0x OpenTable, Inc. United States 36.36 -46% 820.6 762.8 71.9 - 150.4 42.9 28.5% 22.0% 5.1x 17.8x Orbitz Worldwide, Inc. United States 4.34 -4% 451.8 704.6 187.7 440.5 771.7 113.7 14.7% 2.2% 0.9x 6.2x Overstock.com Inc. United States 8.04 -32% 188.5 145.5 60.0 17.0 1,055.7 8.6 0.8% -3.6% 0.1x 16.8x Pacific Online Ltd. China 0.33 -45% 356.7 288.0 68.6 - 101.5 46.1 45.4% 25.9% 2.8x 6.3x Pandora Media, Inc. United States 9.87 -62% 1,642.1 1,561.5 80.6 - 304.1 (()20.8) NM 81.9% 5.1x NM Perform Group plc. * United Kingdom 5.80 -16% 1,386.1 1,287.7 118.1 20.2 160.6 26.5 16.5% 53.0% 8.0x 48.6x PC Connection, Inc. United States 11.89 -8% 313.9 265.9 63.4 1.5 2,170.1 59.3 2.7% 5.2% 0.1x 4.5x PC Home Online Inc. Taiwan 5.57 -20% 455.3 370.9 101.8 3.4 477.0 18.4 3.9% 20.7% 0.8x 20.2x PC Mall Inc. United States 5.72 -28% 68.8 142.9 8.6 82.7 1,461.6 18.3 1.2% 3.3% 0.1x 7.8x

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Phoenix New Media Limited China 3.93 -58% 306.3 117.7 188.6 - 161.5 23.9 14.8% 68.7% 0.7x 4.9x Qihoo 360 Technology Co. Ltd China 14.75 -44% 1,760.5 1,398.6 363.5 - 214.2 58.5 27.3% 202.1% 6.5x 23.9x Rakut en, Inc . Japan 9.96 -18% 13,083.5 11,987.2 4,845.5 3,749.3 4,752.9 1,063.4 22.4% 10.7% 2.5x 11.3x Reac hLoc al, Inc . United States 12.51 -30% 356.4 261.8 90.8 - 414.6 6.5 1.6% 24.0% 0.6x 40.0x RealNet works Inc . United States 7.48 -43% 260.0 93.0 167.0 - 315.3 (28.4) NM -12.5% 0.3x NM Rediff.com India Ltd. India 3.05 -73% 84.2 47.2 - - 18.2 (7.2) NM -17.2% 2.6x NM Renren Inc . China 3.73 -60% 1,468.7 418.0 1,050.7 - 129.5 (34.5) NM 55.9% 3.2x NM Scripps Networks Interactive, Inc. United States 53.73 -7% 8,164.9 9,315.3 645.5 1,384.0 2,126.6 995.8 46.8% 10.1% 4.4x 9.4x Shutter flfly, Inc. UiUnite d States 31. 85 -42% 1, 145. 3 1, 027. 2 143. 9 - 530. 6 51. 2 9.6% 52.4% 1.9x 20.1x Sify Technologies Limited India 2.11 -67% 178.5 202.3 - - 134.1 10.6 7.9% 0.5% 1.5x 19.1x Sky-mobi Limited China 1.90 -74% 62.1 (30.3) 92.5 - 108.8 7.1 6.6% 1.5% NM NM Spark Networks, Inc. United States 5.38 -8% 110.8 98.3 12.5 - 52.1 (0.9) NM 26.2% 1.9x NM Stamps.com Inc. United States 20.11 -40% 331.1 264.9 49.1 - 108.7 20.3 18.7% 17.1% 2.4x 13.1x Taomee Holdings Ltd. China 3.84 -74% 139.9 18.7 121.1 - 43.4 11.6 26.8% 3.7% 0.4x 1.6x TechTarget, Inc. United States 4.00 -49% 157.4 104.3 53.1 - 106.6 18.4 17.3% 10.5% 1.0x 5.7x The Active Network, Inc. * United States 14.03 -41% 820.7 739.1 95.0 13.4 359.1 10.1 2.8% 24.2% 2.1x 73.3x TheStreet, Inc. United States 1.45 -49% 47.5 12.3 35.2 - 56.5 (3.7) NM - 2.3% 0.2x NM TripAdvisor Inc. United States 36. 57 -24% 5, 205. 1 5, 141. 2 208. 6 414. 6 699. 5 300. 7 43. 0% 24. 0% 74x7.4x 17. 1x United Online, Inc . United States 4.20 -32% 380.5 512.9 137.7 260.6 874.8 131.2 15.0% -5.2% 0.6x 3.9x ValueVision Media Inc . United States 1.81 -72% 88.3 83.8 42.5 38.0 551.4 (8.4) NM - 5.1% 0.2x NM WebMD Health Corp. United States 15.10 -62% 748.7 584.5 1,142.1 800.0 505.4 65.3 12.9% -12.4% 1.2x 9.0x WebMediaBrands Inc United States 0.62 -56% 26.1 30.2 3.3 7.6 14.1 (1.3) NM 32.1% 2.1x NM Yahoo! Inc. United States 15.99 -5% 19,552.6 17,815.5 1,910.5 130.1 4,979.8 1,306.4 26.2% -10.6% 3.6x 13.6x Yandex N.V. Netherlands 19.74 -53% 6,443.7 6,075.9 349.3 - 748.3 327.2 43.7% 54.7% 8.1x 18.6x Yelp, Inc. * United States 18.82 -41% 1,150.7 1,019.9 130.7 - 94.2 (13.5) NM 0.0% 10.8x NM Youku Inc. China 16.42 -50% 1,885.0 1,311.8 575.7 2.4 165.0 (1.7) NM 122.9% 7.9x NM Zillow, Inc . * United States 36.52 -17% 1,052.5 969.5 83.1 - 77.6 9.2 11.8 % 113.3% 12.5x 105.5x Zynga, Inc. United States 2.81 -82% 2,070.0 953.0 1,062.7 - 1,271.5 (458.2) NM 43.1% 0.7x NM

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) Low 0.1x 1.6x and EBITDA multiples that are 1.0 standard deviations above the mean (43.4x). Mean 2.8x 19.1x Median 1.8x 11.7x Note: Revenue and EBITDA multiples for Amazon.com, eBay, Fac ebook and priceline.com exc luded from Summary Multiples. Weighted Avg 4.5x 19.8x Adj. W Avg* 3.6x 12.3x High 13.8x 114.2x

M&A & INVESTMENT SUMMARY JULY 2012 13 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type

• Content Management was the most active segments with 20 transactions. The highest value segment was Social Technology worth approximately $336 million • Select acquisitions › Google acquisition of Wildfire Interactive, which offers a social marketing campaign management platform, for a rumored $250 million › Brightcove’s $30 million acquisition of Zencoder, an audio and video encoding/transcoding software as a service company • Select investments › The $28 million investment in Asana, an enterprise workflow tool provider, led by The Founders Fund › The $17 million investment in music intelligence company The Echo Nest, which offers a music management platform for media companies and developers, led by Norwest Venture Partners

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Content Management 20 26% 232.0 22% 4 57.0 1 98.0 15 77.0 Social Technology 12 15% 336.4 31% 5 298.0 0 0.0 7 38.4 Commerce Management 7 9% 59.9 6% 2 35.0 0 0.0 5 24.9 Analytics & Reporting 6 8% 39.7 4% 2 25.0 0 0.0 4 14.7 Mobile Technology 5 6% 42.8 4% 0 0.0 0 0.0 5 42.8 Media Management System 4 5% 54.0 5% 1 10.0 0 0.0 3 44.0 Online Targeting/Optimization 4 5% 46.4 4% 1 10.0 0 0.0 3 36.4 Content Delivery Network 3 4% 56.0 5% 3 56.0 0 0.0 0 0.0 Email/Messaging Software 3 4% 43.0 4% 1 25.0 1 8.0 1 10.0 MRM/Workflow Management 3 4% 30.2 3% 0 0.0 0 0.0 3 30.2 Product/Price Software 3 4% 40.0 4% 2 35.0 0 0.0 1 5.0 SEM/SEO Tools 2 3% 12.0 1% 0 0.0 0 0.0 2 12.0 Other* 6 8% 79 7% 4 52 0 0 2 27 Total 78 100% 1,072 100% 25 603 2 106 51 363

*Other includes Ad Serving, BI Tools, CRM, Data Quality, Teleservices/eServices and Website Creation/Hosting

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $30.69 -12% $15,092.2 $13,604.2 $2,998.1 $1,510.1 $4,335.0 $1,492.5 34.4% 7.1% 3.1x 9.1x salesforce.com, inc United States 124.57 -24% 17,190.7 17,030.4 710.4 550.1 2,457.6 105.9 4.3% 37.7% 6.9x 160.8x

Akamai Technologies, Inc. United States $35.13 -10% $6,253.1 $5,756.6 $404.5 - $1,256.4 $501.2 39.9% 15.1% 4.6x 11.5x Bazaarvoic e, Inc . United States 14.90 -29% 907.1 781.9 125.2 - 106.1 (20.6) NM 64.6% 7.4x NM Bitauto Holdings Limited China 4.03 -48% 166.0 78.5 87.5 - 117.2 16.0 13.7% 48.3% 0.7x 4.9x Blackbaud Inc. United States 25.96 -24% 1,138.6 1,092.6 46.0 - 378.9 68.3 18.0% 12.5% 2.9x 16.0x Bright c ove, Inc . United States 13.68 -46% 373.3 321.0 60.6 - 76.8 (10.8) NM 48.3% 4.2x NM CCaCaceeaoahinaCache International CCahina 558.18 -39% 11888.8 59.7 59.7 006.6 105. 8 13.7 13.0% 50.4% 0.6x 4.3x Demandware, Inc . * United States 23.33 -27% 678.0 573.5 109.3 4.7 61.0 1.4 2.3% 48.7% 9.4x 414.9x Digital Generation, Inc. United States 10.42 -60% 287.3 1,294.4 59.9 1,067.0 353.6 119.3 33.7% 40.0% 3.7x 10.8x Digit al River Inc . United States 14.22 -45% 524.8 234.6 701.0 353.8 400.7 57.7 14.4% 7.3% 0.6x 4.1x ExactTarget, Inc. United States 22.01 -26% 1,450.6 1,239.1 211.5 - 227.5 (4.8) NM 0.0% 5.4x NM Informatic a Corporation United States 29.28 -46% 3,169.7 2,604.4 566.0 - 809.5 181.4 22.4% 12.4% 3.2x 14.4x InnerWorkings Inc. United States 11.86 -15% 578.2 633.1 16.6 71.4 677.2 30.6 4.5% 31.5% 0.9x 20.7x Interac tive Intelligenc e United States 24.50 -36% 470.2 405.5 64.7 - 217.4 17.9 8.2% 13.1% 1.9x 22.7x JDA Software Group Inc. United States 29.32 -16% 1,247.6 1,235.3 285.5 273.2 671.8 164.6 24.5% 8.8% 1.8x 7.5x Jive Software, Inc. * United States 19.20 -32% 1,186.3 1,032.8 165.9 12.4 86.5 (38.7) NM 64.2% 11.9x NM Keynote Systems Inc. United States 13.50 -48% 236.2 190.8 43.6 - 121.5 18.5 15.2% 26.5% 1.6x 10.3x LivePerson Inc. United States 17.93 -9% 986.7 886.1 107.9 - 146.1 23.6 16.2% 21.4% 6.1x 37.5x Merc adolibre, Inc . Argentina 65.52 -37% 2,892.5 2,738.2 158.6 0.2 321.2 113.1 35.2% 38.3% 8.5x 24.2x NQ Mobile Inc . China 7.82 -38% 343.6 213.0 131.0 - 49.0 6.0 12.2% 114.3% 4.3x 35.5x Open Text Corp. Canada 46.25 -27% 2,699.0 2,794.4 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.4x 8.6x PROS Holdings, Inc. United States 13.31 -36% 363.9 293.0 70.9 - 102.3 11.2 10.9% 36.1% 2.9x 26.2x Rovi Corporat ion United States 13.41 -74% 1,438.6 2,006.4 906.8 1,474.6 713.1 237.0 33.2% 26.2% 2.8x 8.5x Splunk, Inc. * United States 28.95 -23% 2,799.3 2,533.2 266.1 - 137.5 (10.4) NM 0.0% 18.4x NM Synacor, Inc. United States 8.86 -51% 238.2 208.2 35.1 5.1 114.4 9.6 8.4% 0.0% 1.8x 21.7x The Active Network, Inc. United States 14.03 -41% 820.7 739.1 95.0 13.4 359.1 10.1 2.8% 24.2% 2.1x 73.3x TIBCO Software Inc. United States 27.09 -22% 4,390.9 4,298.6 647.3 553.9 991.5 225.4 22.7% 19.8% 4.3x 19.1x Verint Systems Inc. United States 26.39 -19% 1,033.0 1,728.9 189.8 595.6 803.0 132.7 16.5% 9.9% 2.2x 13.0x Vocus Inc. United States 16.49 -40% 388.9 440.5 27.6 1.7 137.9 (4.3) NM 29.9% 3.2x NM Weborama France 22.23 -27% 77.6 72.9 11.5 6.6 31.5 5.7 18.2% 46.5% 2.3x 12.7x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (11.9x) Low 0.6x 4.1x and EBITDA multiples that are 1.0 standard deviations above the mean (119.8x). Mean 4.2x 35.8x Median 2.9x 14.4x Weighted Avg 5.5x 21.1x Note: Revenue and EBITDA multiples for Adobe Systems and Salesforce.com excluded from Summary Multiples. Adj. W Avg* 4.4x 17.1x High 18.4x 414.9x

M&A & INVESTMENT SUMMARY JULY 2012 15 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type

• Infrastructure Software was the most active segment within Software & Information with 20 transactions. The highest value segment was ERP Software worth approximately $2.3 billion • Select acquisitions › Dell’s $2.2 billion acquisition of Quest Software, a provider of database applications and other enterprise systems management software products › Hellman & Friedman’s $1.5 billion acquisition of Wood Mackenzie, a UK-based provider of energy market research and analysis › One Equity Partners’ $1.1 billion acquisition of MModal, a provider of documentation and speech recognition solutions for the healthcare industry • Select investments › The $54 million investment in Sportradar, a Switzerland-based provider of sports-related live data and fraud detection services to media companies, sports federations, and government agencies, from EQT Partners › The $25 million investment in Sonatype, a provider of component lifecycle management solutions, led by New Enterprise Associates

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Infrastructure Software 20 48% 521.1 7% 2 285.0 2 104.9 16 131.2 Market Research 6 14% 1,564.9 22% 2 60.0 1 1,500.0 3 4.9 Healthcare Software 4 10% 1,576.5 22% 1 493.0 1 1,057.0 2 26.5 ERP Software 3 7% 2, 284. 1 32% 2 225912,259.1 0 000.0 1 25. 0 Financial Software 2 5% 17.2 0% 0 0.0 0 0.0 2 17.2 Human Capital Management Software 2 5% 669.8 9% 2 669.8 0 0.0 0 0.0 Legal Software 2 5% 4.3 0% 0 0.0 0 0.0 2 4.3 Engineering Software 1 2% 71.2 1% 0 0.0 1 71.2 0 0.0 Other* 2 5% 507 7% 1 453 0 0 1 54 Total 42 100%7,216100%10 4,220 52,733 27 263

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $8.12 -4% $450.8 $305.4 $167.1 - $153.8 $15.3 9.9% 14.2% 2.0x 20.0x Actuate Corporation United States 6.46 -12% 318.4 250.7 80.9 - 140.2 31.3 22.4% 1.6% 1.8x 8.0x Acxiom Corporation United States 16.77 -1% 1,265.8 1,360.0 179.3 273.5 1,126.2 236.0 21.0% -4.4% 1.2x 5.8x Adobe Systems Inc. United States 30.88 -11% 15,185.6 13,697.6 2,998.1 1,510.1 4,335.0 1,492.5 34.4% 7.1% 3.2x 9.2x Advent Software, Inc. United States 22.76 -23% 1,153.0 1,069.8 130.7 47.5 347.5 71.5 20.6% 14.7% 3.1x 15.0x Advisory Board Co. United States 44.99 -13% 1,555.6 1,510.4 45.2 - 394.6 63.6 16.1% 29.3% 3.8x 23.8x Akamai Technologies, Inc. United States 35.18 -10% 6,262.0 5,765.5 496.6 - 1,256.4 501.2 39.9% 15.1% 4.6x 11.5x Allianc e Data Systems Corporation United States 130.00 -6% 6,546.2 13,423.1 642.2 7,519.1 3,450.5 1,032.3 29.9% 17.4% 3.9x 13.0x Alloc ate Software plc . United Kingdom 1.17 -11% 74.8 68.0 12.8 6.2 56.4 9.1 16.2% 21.7% 1.2x 7.5x Allsc ripts Healthc are Solutions, Inc . United States 9.20 -58% 1,755.8 1,925.8 175.7 345.7 1,473.5 246.7 16.7% 37.1% 1.3x 7.8x Arbitron Inc. United States 35.07 -18% 927.7 916.7 11.1 - 436.5 122.7 28.1% 7.1% 2.1x 7.5x athenahealth, Inc. * United States 91.50 -6% 3,293.9 3,138.5 155.4 - 376.3 50.3 13.4% 34.2% 8.3x 62.3x Automatic Data Processing, Inc. United States 56.55 -2% 27,657.8 25,982.0 1,578.5 16.8 10,665.2 2,279.0 21.4% 8.0% 2.4x 11.4x Aveva Group plc United Kingdom 28.01 -2% 1,902.9 1,622.2 286.2 - 313.3 95.3 30.4% 12.6% 5.2x 17.0x AVG Technologies N.V. Netherlands 10.03 -35% 545.5 640.4 123.7 197.4 311.0 83.3 26.8% 0.0% 2.1x 7.7x Blackbaud Inc. United States 26.98 -21% 1,183.3 1,137.4 46.0 - 378.9 68.3 18.0% 12.5% 3.0x 16.6x Booz Allen Hamilton Holding Corporation United States 17.43 -6% 2,309.5 2,790.5 336.1 955.1 5,844.8 495.6 8.5% 2.6% 0.5x 5.6x Brainjuic er Group Plc United Kingdom 5.07 -4% 63.5 57.7 5.7 - 32.2 4.6 14.2% 26.6% 1.8x 12.6x Broadridge Financ ial Solutions Inc . United States 21.17 -15% 2,644.0 2,989.5 218.8 564.3 2,279.3 394.4 17.3% 6.4% 1.3x 7.6x Cegedim SA France 29.06 -24% 405.5 975.5 95.0 695.8 1,184.1 195.8 16.5% -1.6% 0.8x 5.0x Cello Group Plc United Kingdom 0.56 -24% 45.7 58.8 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.4x Cerner Corporation United States 73.92 -16% 12,653.5 11,849.7 980.0 176.1 2,415.7 658.1 27.2% 24.5% 4.9x 18.0x Cision AB Sweden 7.29 -20% 108.2 169.9 7.6 68.2 142.1 24.5 17.2% -4.0% 1.2x 6.9x comScore, Inc. United States 15.40 -36% 542.6 512.5 50.3 12.3 243.9 18.4 7.5% 17.3% 2.1x 27.8x Concur Technologies, Inc. United States 67.54 -3% 3,699.2 3,469.2 481.2 248.5 417.1 52.5 12.6% 25.7% 8.3x 66.0x Constant Contact, Inc. United States 16.77 -48% 484.2 403.1 81.1 - 233.9 23.9 10.2% 20.0% 1.7x 16.9x CoreLogic, Inc. United States 23.00 -5% 2,422.8 2,937.2 282.4 794.6 1,441.3 259.5 18.0% 11.7% 2.0x 11.3x Cornerstone OnDemand, Inc. * United States 23.78 -6% 1,183.6 1,101.0 87.2 4.6 81.3 (20.7) NM 63.2% 13.5x NM Corporate Executive Board Co. United States 46.13 -3% 1,545.8 1,360.9 184.9 - 517.7 132.1 25.5% 13.7% 2.6x 10.3x CoStar Group Inc. * United States 82.53 -4% 2,327.8 2,396.5 104.2 172.8 283.8 52.6 18.5% 19.7% 8.4x 45.6x CRA International Inc . United States 15.49 -45% 160.8 119.1 41.8 - 282.9 27.6 9.8% 0.0% 0.4x NM Craneware plc United Kingdom 4.39 -54% 118.5 94.7 23.6 - 40.3 9.6 23.8% 27.2% 2.3x 9.9x Digital Generation, Inc. United States 10.66 -59% 293.9 691.0 59.9 457.0 353.6 119.3 33.7% 40.0% 2.0x 5.8x Digit al River Inc . United States 17.79 -27% 656.6 366.4 644.0 353.8 400.7 57.7 14.4% 7.3% 0.9x 6.4x Dun & Bradstreet Corp. United States 80.19 -7% 3,838.2 4,567.3 117.7 842.8 1,757.7 520.0 29.6% 4.4% 2.6x 8.8x E2open, Inc. * United States 12.60 -13% 314.1 316.3 10.1 12.3 63.9 1.1 1.6% 0.0% 4.9x 300.9x Ebiqu ity plc UitdUnited KidKingdom 1421.42 -1% 77. 4 97. 2 10. 0 29. 9 85. 9 13. 7 15.9% 19.8% 1.1x 7.1x Ebix Inc. United States 21.69 -19% 791.1 803.5 37.9 50.3 172.7 75.3 43.6% 22.8% 4.7x 10.7x Envestnet, Inc. United States 12.21 -7% 393.5 323.0 70.6 0.2 126.6 17.3 13.7% 19.8% 2.6x 18.6x EPIQ Systems, Inc. United States 11.29 -23% 406.8 642.0 6.9 242.1 314.1 74.9 23.9% 33.4% 2.0x 8.6x Epocrates, Inc. United States 7.54 -56% 185.7 104.1 81.6 - 111.7 2.6 2.4% 2.6% 0.9x 39.6x Inc. United States 46.84 -5% 5,614.4 6,422.7 183.1 968.8 2,058.6 672.8 32.7% 7.5% 3.1x 9.5x Experian plc Ireland 14.88 -5% 14,719.3 16,803.3 261.0 2,227.0 4,487.0 1,495.0 33.3% 15.5% 3.7x 11.2x FactSet Research Systems Inc. United States 92.96 -15% 4,134.1 3,892.0 242.1 - 790.1 295.3 37.4% 12.4% 4.9x 13.2x Fair Isaac Corp. United States 43.29 -4% 1,465.1 1,818.4 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.6x Fidelity National Information Servic es, Inc . United States 31. 44 -10% 9, 268. 6 13, 741. 3 533. 8 4, 863. 5 5, 850. 2 1, 708. 5 29. 2% 47%4.7% 23x2.3x 80x8.0x Fidessa group plc United Kingdom 21.99 -20% 810.2 730.8 79.5 - 443.1 90.6 20.4% 4.3% 1.6x 8.1x Financ ial Engines, Inc . United States 18.77 -25% 863.5 717.3 153.4 - 162.5 28.2 17.3% 25.6% 4.4x 25.5x Forrester Research Inc. United States 28.54 -28% 645.3 402.0 243.3 - 293.8 51.7 17.6% 10.4% 1.4x 7.8x FTI Consulting, Inc. United States 25.53 -43% 1,026.9 1,642.4 166.0 797.4 1,596.0 264.1 16.5% 9.0% 1.0x 6.2x

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA FX Allianc e Inc United States 22.10 -2% 628.1 572.0 68.8 - 122.9 47.8 38.9% 15.6% 4.7x 12.0x Gart ner Inc . United States 44.39 -5% 4,140.7 4,251.9 139.0 250.1 1,540.1 254.2 16.5% 12.1% 2.8x 16.7x GfK SE Germany 47.03 -5% 1,716.8 2,258.0 104.0 637.6 1,878.1 279.0 14.9% 6.4% 1.2x 8.1x Green Dot Corporation United States 10.44 -71% 374.3 225.6 194.4 45.7 527.0 98.3 18.6% 21.4% 0.4x 2.3x Harris Interac tive Inc . United States 1.15 -15% 65.8 60.1 13.2 7.4 159.8 7.7 4.8% -0.2% 0.4x 7.8x Harte- Hanks Inc . United States 6.30 -38% 396.9 484.4 30.4 117.9 831.7 90.4 10.9% -4.0% 0.6x 5.4x IHS Inc. United States 110.27 -1% 7,254.1 7,833.3 268.2 847.5 1,439.3 294.3 20.5% 23.2% 5.4x 26.6x Infoblox Inc. * United States 21.01 -10% 960.3 802.9 157.4 - 163.6 1.8 1.1% 0.0% 4.9x 443.6x IfInforma plc SiSwitzer lan d 5805.80 -17% 3, 488. 1 4, 817. 0 83. 3 1, 412. 4 1, 976. 5 561. 4 28.4% 1.8% 2.4x 8.6x Informatic a Corporation United States 29.51 -46% 3,194.6 2,629.3 565.3 - 809.5 181.4 22.4% 12.4% 3.2x 14.5x Information Servic es Group, Inc . United States 1.30 -16% 46.8 98.2 17.0 68.3 184.4 12.1 6.6% 37.9% 0.5x 8.1x InnerWorkings Inc. United States 11.99 -14% 584.5 639.4 16.6 71.4 677.2 30.6 4.5% 31.5% 0.9x 20.9x Interac tive Intelligence Group Inc. United States 26.08 -32% 500.6 435.8 64.8 - 217.4 17.9 8.2% 13.1% 2.0x 24.4x International Datac asting Corporation Canada 0.22 -44% 13.3 6.2 7.2 0.0 31.1 (1.2) NM -17.9% 0.2x NM Ipsos SA France 29.09 -22% 1,317.5 2,054.2 217.0 978.3 1,770.6 237.5 13.4% 19.5% 1.2x 8.6x Isoftstone Holdings Limited China 4.67 -63% 260.4 205.7 71.9 15.1 312.8 34.4 11.0% 45.8% 0.7x 6.0x JDA Software Group Inc. United States 29.58 -15% 1,258.7 1,246.4 285.5 273.2 671.8 164.6 24.5% 8.8% 1.9x 7.6x Kenexa Corp. United States 23. 81 -30% 650. 8 601. 7 83. 0 29. 0 300. 8 25. 6 85%8.5% 38. 8% 20x2.0x 23. 5x Keynote Systems Inc. United States 13.75 -47% 240.6 195.2 45.5 - 121.5 18.5 15.2% 26.5% 1.6x 10.5x Lender Processing Services, Inc. United States 24.67 -9% 2,084.9 3,118.6 138.5 1,077.6 2,092.5 400.1 19.1% -7.4% 1.5x 7.8x Macdonald Dettwiler & Associates Ltd. Canada 54.88 -6% 1,746.9 1,611.4 236.4 103.4 682.0 156.1 22.9% -10.4% 2.4x 10.3x MedAssets, Inc. United States 13.19 -18% 769.3 1,741.3 5.4 939.9 613.2 182.1 29.7% 27.6% 2.8x 9.6x Mediware Information Systems Inc. United States 13.79 -11% 113.5 76.1 37.4 - 63.9 12.5 19.5% 21.0% 1.2x 6.1x Merge Healthcare Inc orporated United States 2.96 -59% 273.0 490.1 33.0 249.7 248.0 48.7 19.6% 24.2% 2.0x 10.1x Moody's Corp. United States 40.53 -6% 9,009.8 9,488.3 839.5 1,238.3 2,386.0 1,009.1 42.3% 5.6% 4.0x 9.4x Morningstar Inc . United States 58.07 -9% 2,810.3 2,420.4 389.9 - 645.3 185.7 28.8% 6.9% 3.8x 13.0x MSCI Inc. United States 33.15 -13% 4,029.3 4,645.9 460.2 1,076.8 918.8 413.6 45. 0% 00%0.0% 51x5.1x 11. 2x National Research Corp. United States 50.32 -5% 341.3 347.4 7.9 14.0 78.4 24.2 30.9% 19.1% 4.4x 14.4x Navigant Consulting Inc. United States 11.63 -20% 600.1 768.1 - 168.0 720.7 103.4 14.4% 9.6% 1.1x 7.4x Nielsen Holdings N.V. Netherlands 28.50 -9% 10,293.1 16,880.1 283.0 6,866.0 5,559.0 1,365.0 24.6% 3.8% 3.0x 12.4x Onvia Inc. United States 3.95 -8% 33.6 21.8 12.0 0.2 22.5 1.3 5.9% -13.9% 1.0x 16.4x Open Text Corp. Canada 45.00 -28% 2,626.0 2,721.5 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.3x 8.4x Palo Alto Networks, Inc. * United States 57.14 -8% 3,805.6 3,715.3 90.3 - 219.7 8.0 3.6% 0.0% 16.9x 464.1x Parametric Tec hnology Corporation United States 21.54 -26% 2,557.2 2,459.1 238.0 140.0 1,269.8 220.6 17.4% 15.9% 1.9x 11.1x Paychex, Inc. United States 32.69 -2% 11,858.6 11,542.3 316.3 - 2,229.8 951.7 42.7% 7.0% 5.2x 12.1x Proofpoint, Inc. United States 13.82 -22% 429.1 530.8 13.2 5.0 87.7 (11.0) NM 0.0% 6.1x NM PROS Holdings, Inc . United States 13.94 -32% 381.1 310.2 71.2 - 106.6 11.2 10.5% 31.5% 2.9x 27.7x Qlik Tec hnologies, Inc . United States 20.00 -40% 1,707.2 1,512.1 195.1 - 348.5 22.5 6.5% 29.7% 4.3x 67.1x Quality Systems Inc . United States 16.16 -68% 959.0 824.1 134.9 - 447.7 120.9 27.0% 20.7% 1.8x 6.8x RealPage, Inc . United States 22.22 -23% 1,631.6 1,627.0 45.8 35.0 292.0 29.7 10.2% 32.0% 5.6x 54.7x Reed Elsevier NV Netherlands 11.75 -1% 8,648.2 8,655.5 3.8 11.4 - - NM 0.0% NM NM Reis, Inc . United States 10.40 -7% 111.1 93.6 19.7 - 28.5 5.6 19.6% 11.4% 3.3x 16.7x Sage Group plc United Kingdom 4.51 -7% 5,631.1 5,439.6 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.5x 8.8x salesforce.com, inc * United States 124.36 -25% 17,161.7 17,001.4 710.4 550.1 2,457.6 105.9 4.3% 37.7% 6.9x 160.5x Solera Holdings Inc . United States 39.05 -35% 2,713.4 3,434.7 372.8 995.4 773.9 331.1 42.8% 17.7% 4.4x 10.4x ServiceNow, Inc. * United States 26.60 NA 1,924.8 1,829.3 95.5 - 169.0 (11.3) NM 0.0% 10.8x NM SPS Commerce, Inc. United States 32.30 -3% 400.1 364.6 35.5 - 65.7 5.5 8.4% 31.5% 5.5x 66.2x SS&C Tec hnologies Holdings, Inc . United States 24.30 -10% 1,895.4 1,938.4 41.9 85.0 375.5 138.7 36.9% 10.5% 5.2x 14.0x Streamline Health Solutions, Inc. United States 4.34 -5% 45.3 49.3 3.1 7.1 18.4 2.1 11.5% 1.2% 2.7x 23.3x

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Temenos Group AG Switzerland 12.49 -38% 860.5 1,018.4 59.1 223.7 453.9 53.5 11.8% -5.3% 2.2x 19.0x The Dolan Company United States 4.79 -56% 148.4 328.5 1.2 172.1 275.9 43.6 15.8% -5.5% 1.2x 7.5x The Hackett Group, Inc. United States 4.25 -35% 128.9 156.2 12.8 40.0 205.1 20.3 9.9% 10.2% 0.8x 7.7x The Mc Graw-Hill Companies, Inc . United States 46.84 -6% 13,124.6 14,343.6 839.0 1,199.0 6,306.0 1,771.0 28.1% 0.6% 2.3x 8.1x Thomson Reuters Corporation United States 27.73 -12% 22,885.2 28,625.5 1,892.0 7,198.0 13,693.0 3,287.0 24.0% 1.5% 2.1x 8.7x TIBCO Software Inc. United States 27.12 -22% 4,395.8 4,303.4 647.3 553.9 991.5 225.4 22.7% 19.8% 4.3x 19.1x The Ultimate Software Group, Inc. United States 89.60 -10% 2,386.0 2,324.9 72.1 11.0 297.9 30.9 10.4% 21.0% 7.8x 75.1x Verint Systems Inc. United States 26.26 -20% 1,027.9 1,723.8 189.8 595.6 803.0 132.7 16.5% 9.9% 2.1x 13.0x VikVerisk AliAnalytics, Inc. UiUnite d States 47. 79 -6% 7, 924. 7 9, 078. 9 102. 0 1, 256. 2 1, 411. 4 624. 4 44.2% 15.6% 6.4x 14.5x Vocus Inc. United States 16.48 -40% 388.6 440.2 27.6 1.7 137.9 (4.3) NM 29.9% 3.2x NM WageWorks, Inc. United States 14.07 -12% 362.1 208.7 197.9 44.5 144.6 20.0 13.9% 19.9% 1.4x 10.4x Wolters Kluwer NV Netherlands 16.52 -7% 4,889.8 7,677.0 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 1.7x 7.0x YouGov PLC United Kingdom 1.18 -1% 114.5 98.7 16.3 - 93.0 8.1 8.7% 18.2% 1.1x 12.2x

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 (97.6x). Mean 3.1x 28.2x Medi an2.3x10.7x Weighted Avg 3.8x 28.2x Adj. W Avg* 3.6x 14.3x High 16.9x 464.1x

M&A & INVESTMENT SUMMARY JULY 2012 19 OOH & SPECIALTY MEDIA Transactions by Segment and Buyer Type

• There were eight acquisitions and one investment in the Out-of-Home & Specialty Media segment for a combined total of approximately $727 million • Select acquisitions › Vue Entertainment’s $257 acquisition of Germany-based CinemaxX, which operates and manages multiplex cinemas › Dreamworks Animation’s $155 million acquisition of Classic Media, a family entertainment company › Outdoor Media Operations’ $145 million acquisition of Eye Corp. an Australian out-of-home media company • Select investments › The $15 million investment in Netpulse Media Network, maker of an interactive entertainment kiosk for gym equitipment, from AAtugust CCitlapital

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 4 44% 527.4 73% 3 427.4 1 100.0 0 0.0 Digital Place-Based Media 2 22% 30.0 4% 1 15.0 0 0.0 1 15.0 Traditional Outdoor 2 22% 160.0 22% 2 160.0 0 0.0 0 0.0 B-to-B Media 1 11% 10.0 1% 0 0.0 1 10.0 0 0.0 Total 9 100% 727 100% 6 602 2 110 1 15

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $1.70 -58% $106.5 ($13.8) $117.9 $0.0 $276.9 $10.0 3.6% 14.1% NM NM Clear Channel Outdoor Holdings Inc . United States 4.96 -67% 1,770.4 6,021.3 491.3 4,742.2 2,977.1 704.1 23.6% 1.7% 2.0x 8.6x Clear Media Ltd. Hong Kong 0.55 -12% 293.3 177.9 125.3 - 191.3 73.0 38.2% 17.8% 0.9x 2.4x Foc us Media Holding Ltd. Hong Kong 18.91 -43% 2,444.9 2,071.1 590.7 197.6 845.6 317.3 37.5% 49.4% 2.4x 6.5x JCDecaux SA France 19.72 -32% 4,375.6 4,482.9 398.6 555.0 3,211.3 718.4 22.4% 5.1% 1.4x 6.2x Lamar Advertising Co. * United States 29.93 -12% 2,790.8 4,942.6 35.9 2,187.6 1,144.5 498.1 43.5% 3.7% 4.3x 9.9x Mood Media Corporation Canada 2.73 -37% 465.8 898.2 36.1 469.8 381.2 104.3 27.4% 134.9% 2.4x 8.6x National CineMedia, Inc . United States 14.07 -14% 788.9 1,684.5 82.7 889.0 443.7 214.8 48.4% 7.3% 3.8x 7.8x NTN Buzztime Inc . United States 0140.14 -72% 10. 0 7. 2 3. 1 0. 4 23. 9 (0. 9) NM -44%4.4% 03x0.3x NM Tom Group Ltd. Hong Kong 0.09 -16% 341.1 534.5 123.8 274.5 299.5 (3.1) NM - 5.6% 1.8x NM Valassis Communications Inc. United States 22.61 -16% 966.8 1,486.6 75.2 595.1 2,182.6 268.9 12.3% -5.8% 0.7x 5.5x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (4.6x) Low 0.3x 2.4x and EBITDA multiples that are 1.0 standard deviations above the mean (9.3x). Mean 2.0x 7.0x Median 1.9x 7.2x Weighted Avg 2.3x 7.1x Adj. W Avg* 2.3x 6.7x High 4.3x 9.9x

M&A & INVESTMENT SUMMARY JULY 2012 21 MARKETING SERVICES Transactions by Segment and Buyer Type

• There were seven acquisitions and four investments for a combined total of approximately $171 million in the Marketing Services segment • Select acquisitions › Johnson & Quin’s $20 million acquisition of American Mailers, which provides data processing, logistics management, and direct-mail production services › Procurian’s $20 million acquisition of Media IQ, a boutique software, services, and information firm specializing in media auditing, measurement, and benchmarking › Pareto’s acquisition of The Promotional Specialists, a Canada-based provider of promotional products for brand-oriented clients • Select investments › The $15 million investment in iMapData, a decision support solution company serving the government and commercial markets, from Frontier Capital

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Specialty/Premiums 2 18% 20.0 12% 1 15.0 0 0.0 1 5.0 Database/Analytics 2 18% 35.0 20% 1 20.0 0 0.0 1 15.0 Lettershop 2 18% 45.0 26% 1 20.0 1 25.0 0 0.0 Logistics 2 18% 40.0 23% 0 0.0 2 40.0 0 0.0 Loyalty/Retention 2 18% 6.1 4% 0 0.0 0 0.0 2 6.1 Retail Services 1 9% 25.0 15% 1 25.0 0 0.0 0 0.0 Total 11 100% 171.1 100% 4 80.0 3 65.0 4 26.1

M&A & INVESTMENT SUMMARY JULY 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $15.93 -6% $1,202.4 $1,296.6 $229.6 $279.3 $1,126.2 $236.0 21.0% -4.4% 1.2x 5.5x Aimia Inc. Canada 13.21 -7% 2,299.0 2,626.4 232.6 573.2 2,141.8 279.6 13.1% 2.1% 1.2x 9.4x Alliance Data Systems * United States 128.37 -7% 6,464.1 13,341.0 399.0 6,657.5 3,450.5 1,032.3 29.9% 17.4% 3.9x 12.9x AMREP Corp. United States 6.12 -32% 36.7 30.2 26.9 22.0 85.3 4.2 5.0% -11.8% 0.4x 7.1x Cenveo Inc. United States 1.91 -65% 121.2 1,353.6 9.3 1,241.8 1,887.8 207.0 11.0% 9.0% 0.7x 6.5x Consolidated Graphics, United States 23.70 -58% 236.4 394.1 6.1 163.7 1,045.2 103.1 9.9% -0.8% 0.4x 3.8x Convergys Corporation United States 15.03 -1% 1,689.9 1,031.8 431.0 121.8 2,311.2 276.6 12.0% 11.7% 0.4x 3.7x Dat a Group Inc Canada 4.41 -25% 103.7 204.6 0.2 101.1 335.1 29.3 8.8% 1.0% 0.6x 7.0x DST Systems Inc . United States 50.57 -11% 2,220.0 3,218.7 361.6 1,360.3 2,500.8 349.6 14.0% 8.4% 1.3x 9.2x Elanders AB Sweden 3.61 -17% 82.1 177.1 13.2 112.8 275.1 31.1 11.3% 7.2% 0.6x 5.7x Fair Isaac Corp. * United States 42.79 -5% 1,448.1 1,801.4 191.1 512.0 650.6 188.7 29.0% 5.9% 2.8x 9.5x Harte-Hanks Inc . United States 6.17 -40% 388.7 476.2 30.4 117.9 845.6 94.1 11.1% -1.7% 0.6x 5.1x Innotrac Corp. United States 1.58 -4% 20.6 20.3 1.1 0.8 87.9 3.0 3.4% 8.2% 0.2x 6.8x Insignia Systems Inc. United States 1.70 -55% 23.1 2.8 20.3 - 16.0 (7.0) NM -37.8% 0.2x NM Points International Ltd. * Canada 12.33 -5% 187.0 149.5 37.6 - 122.5 4.6 3.7% 21.7% 1.2x 32.8x Quad/Graphics, Inc. United States 15.47 -51% 729.7 2,115.6 27.1 1,412.2 4,291.8 604.6 14.1% 12.8% 0.5x 3.5x R.R. Donnelley & Sons United States 12.50 -26% 2,253.3 5,664.7 415.0 3,755.3 10,457.6 1,271.5 12.2% 0.5% 0.5x 4.5x StarTek, Inc. United States 3003.00 -24% 45. 5 35. 0 10. 5 - 210. 8 (5. 7) NM -18. 1% 02x0.2x NM Sykes Enterprises, United States 14.30 -25% 628.3 432.3 196.0 - 1,147.9 119.6 10.4% -0.6% 0.4x 3.6x Teleperformance France 24.21 -10% 1,341.5 1,305.3 211.6 174.8 2,777.9 354.8 12.8% 2.5% 0.5x 3.7x TeleTech Holdings Inc. United States 15.95 -15% 884.7 805.5 172.8 87.5 1,186.2 138.7 11.7% 5.3% 0.7x 5.8x Transcontinental Inc. Canada 9.53 -39% 776.0 1,289.7 22.4 541.5 2,078.3 388.7 18.7% 0.2% 0.6x 3.3x Valassis Communic ations United States 22.61 -16% 966.8 1,486.6 107.2 604.1 2,182.6 268.9 12.3% -5.8% 0.7x 5.5x Viad Corp United States 17.02 -27% 344.7 284.1 71.6 2.9 928.8 34.2 3.7% -0.2% 0.3x 8.3x Vistaprint N.V. Netherlands 34.57 -20% 1,179.5 1,346.3 52.1 126.5 1,020.3 114.6 11.2% 24.9% 1.3x 11.7x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.9x) Low 0.2x 3.3x and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x). Mean 0.7x 7.4x Median 0.6x 5.7x Weighted Avg 0.9x 6.5x Adj. W Avg* 0.7x 6.2x High 2.8x 32.8x

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

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.6x 1.6x 4.0x 3.3x Agenc y/Consulting 0.9x 0.9x 1.2x 1.1x OOH & Specialty Media 2.0x 1.9x 2.3x 2.3x Digital Media/Commerce 2.8x 1.8x 4.5x 3.6x Marketing Tec hnology 4.2x 2.9x 5.5x 4.4x Software & Information 3.1x 2.3x 3.8x 3.6x Marketing Servic es 0.7x 0.6x 0.9x 0.7x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 13.6x 10.8x 13.8x 13.6x Agenc y/Consulting 7.2x 7.0x 8.0x 7.5x OOH & Specialty Media 7.0x 7.2x 7.1x 6.7x Digital Media/Commerce 19.1x 11.7x 19.8x 12.3x Marketing Tec hnology 35.8x 14.4x 21.1x 17.1x Software & Information 28.2x 10.7x 28.2x 14.3x Marketing Services 7.4x 5.7x 6.5x 6.2x

As of close of business on 07/31/12.

*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 JULY 2012 24 U.S. TRADITIONAL MEDIA 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 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $4.22 -35% $92.2 $50.9 $55.7 - $448.8 $45.7 10.2% -5.8% 0.1x 1.1x AMC Networks Inc. * United States 42.73 -8% 3,065.4 5,118.7 224.2 2,277.5 1,241.1 470.7 37.9% 12.5% 4.1x 10.9x American Greetings Corp. United States 12.88 -42% 398.6 563.6 60.2 225.2 1,684.6 196.8 11.7% 4.9% 0.3x 2.9x Cablevision Systems United States 15.34 -33% 4,158.7 14,837.4 493.5 11,157.7 6,704.5 2,210.1 33.0% 6.0% 2.2x 6.7x CBS Corporation United States 33.07 -6% 21,437.5 26,567.5 794.0 5,924.0 14,659.0 3,331.0 22.7% 4.4% 1.8x 8.0x Comcast Corporation United States 33.55 -1% 89,376.9 138,900.9 2,435.0 37,785.0 59,470.0 19,373.0 32.6% 30.2% 2.3x 7.2x DIRECT V, Inc . United States 50.10 -1% 32,815.4 46,015.4 4,526.0 17,461.0 27,953.0 6,880.0 24.6% 12.7% 1.6x 6.7x Disc overy * United States 49.30 -11% 18,183.8 21,715.8 1,135.0 4,237.0 4,462.0 1,975.0 44.3% 12.7% 4.9x 11.0x DreamWorks Animat ion * United States 17.99 -17% 1,516.7 1,435.6 89.4 - 678.6 88.4 13.0% -14.2% 2.1x 16.2x Gannett Co., Inc. United States 14.16 -13% 3,276.9 4,978.3 157.5 1,665.3 5,179.4 995.0 19.2% -3.4% 1.0x 5.0x Harte-Hanks Inc . United States 6.17 -40% 388.7 476.2 30.4 117.9 845.6 94.1 11.1% -1.7% 0.6x 5.1x John Wiley & Sons Inc. United States 46.74 -9% 2,787.0 3,039.4 259.8 512.3 1,782.7 341.6 19.2% 2.3% 1.7x 8.9x Meredith Corp. United States 33.17 -5% 1,475.0 1,829.2 24.7 420.0 1,376.7 244.8 17.8% -1.7% 1.3x 7.5x News Corp. United States 23.01 -2% 54,671.0 60,585.0 10,686.0 15,460.0 34,298.0 6,769.0 19.7% 5.4% 1.8x 9.0x Scholastic Corporation United States 29.74 -26% 936.0 957.8 111.8 222.5 2,148.8 247.3 11.5% 13.8% 0.4x 3.9x T he Mc Graw-Hill United States 46.68 -7% 13,079.7 14,298.7 932.0 1,198.0 6,306.0 1,771.0 28.1% 0.6% 2.3x 8.1x The New York Times United States 7.63 -10% 1,123.3 1,469.4 431.3 774.3 2,325.3 373.5 16.1% 1.4% 0.6x 3.9x Time Warner Cable Inc. United States 85. 60 -1% 26, 749. 5 51, 267. 5 2, 637. 0 27, 147. 0 19, 982. 0 7, 159. 0 35. 8% 46%4.6% 26x2.6x 72x7.2x Time Warner Inc. United States 39.60 -1% 37,577.4 54,986.4 2,877.0 19,520.0 28,984.0 6,939.0 23.9% 3.9% 1.9x 7.9x Valassis Communic ations United States 22.61 -16% 966.8 1,486.6 107.2 604.1 2,182.6 268.9 12.3% -5.8% 0.7x 5.5x Viacom, Inc. United States 46.23 -7% 24,497.3 31,280.3 1,135.0 7,778.0 15,102.0 4,256.0 28.2% 18.0% 2.1x 7.3x Walt Disney Co. United States 48.82 -3% 87,259.2 101,420.2 3,731.0 16,029.0 41,508.0 10,243.0 24.7% 5.0% 2.4x 9.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (4.1x) Low 0.1x 1.1x and EBITDA multiples that are 1.0 standard deviations above the mean (10.5x). Mean 1.8x 7.3x Median 1.8x 7.3x Weighted Avg 2.2x 8.3x Adj. W Avg* 2.1x 8.1x High 4.9x 16.2x

M&A & INVESTMENT SUMMARY JULY 2012 25 PPLLC INDICES – LTM as of 7/31/12

120 120 %) %) (( 110 (( 110

100 100

90 90

80 80 dex Performance dex Performance Performance dex nn nn I I 70 70 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12

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

120 120 %)

110 %) (( (( 110

100

100

90

90 80

70 80 dex Performance Performance dex Index Performance Performance Index nn

60 I Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 70 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12

S&P 500 Digital Media/Commerce OOH & Specialty Media

S&P 500 Marketing Technology

115 120

110 110 (%) (%) ee ee 105 100

100 90 95

80 90

70 85 Index Performanc PerformancIndex 80 60 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12

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

M&A & INVESTMENT SUMMARY JULY 2012 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed Aegis Group plc Dentsu, Inc. $4,761.1 Quest Software Dell, Inc. 2,237.1 SHL Group The Corporate Executive Board 660.0 MaxIT Healthcare Holdings Vitalize Consulting Solutions, Inc. 493.0 GEGeoEye Dig ita lGlo be, Inc. 453. 0 Gaikai B.V. Sony Computer Entertainment Worldwide Studios 380.0 CinemaxX Vue Entertainment Ltd. 257.4 Wildfire Interactive, Inc. Google, Inc. 250.0 Breaking Point Systems Ixia 160.0 Classic Media, Inc. DreamWorks LLC 155.0 Eye Corp Pty Ltd. Outdoor Media Operations 120.0 Catch Stone Advertising Aegis Group plc 86.0 GoInstant Salesforce. com 70. 0 Socialcam, Inc. Autodesk, Inc. 60.0 MMPI Canada Informa PLC 53.0 Invention Machine IHS, Inc. 40.0 Zencoder Brightcove, Inc. 30.0 Mackolik Internet Hizmetleri Ticaret PERFORM Group PLC 22.6 TRA, Inc. TiVo, Inc. 20.0 American Mailers Johnson & Quin, Inc. 20.0 Media IQ Procurian, Inc. 20. 0 Oversi Networks Ltd. Allot Communications Ltd 16.0 GSA Media AllOver Media 15.0 Le Jardin de Catherine Mr. Bricolage SA 14.2 MOG Beats Electronics, LLC 14.0 Press Index Kantar Media 12.0 UUMC Limited 10.0 PeopleCube Asure Software, Inc. 9.8 Rent Mine Online Inc. RealPagg,e, Inc. 6.0 The Social Feed .com, Inc. 5.0 Playyoo Probability plc 4.8 AGL SAS Cupid plc 4.5 UpNext LLC Amazon.com, Inc. 2.5 Algo Anywhere 500px, Inc. 2.0

Strategic Undisclosed 5th Finger Merkle, Inc. - Adnamic Magnetic - Alchemedia GroupM Worldwide, Inc. -

M&A & INVESTMENT SUMMARY JULY 2012 27 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Alchemy Communications Group Regan Communications Group - Alloy Entertainment Warner Brothers Entertainment, Inc. - American Outdoor Advertising Lamar Advertising Company - Auction Genius vAuto - Bartle Bogle Hegarty Limited Publicis Groupe S.A. - Besser Betreut Care.com, Inc. - Bixti.com Elo7 - BjM Promotions Halo Branded Solutions - Blue Gecko Datavail Corporation - Boondoggle Havas - Boxcar Kwaga Corporation - Castfire, Inc. AlphaBird, Inc. - Codella Marketing Alexander’s Print Advantage - Dingo Mobile GoGo Cast Inc. - Due North Communications 58Ninety, Inc. - DynamicOps, Inc. VMware, Inc. - Exopolis, Inc. McGarrah Jesse - Findability Group Volume 9, Inc. - Hub'Sales Business & Decision SA - HyperQuality, Inc. Spoken Communications - Impact1 MrTees.com - Inception Media, Digital Services Business Bonded Services Group - IntelliAd Media GmbH Deutsche Post AG - Involver Oracle Corporation - Jingu Rebellion Media - KKLD Commarco Holding - Lonny Zimbio, Inc. - MarkMonitor, Inc. Thomson Reuters - McKinney & Silver Cheil Worldwide, Inc. - MediaPro Informa PLC - Metaflow Solutions InMobi - MMGT Labs InMobi - Msnbc.com NBC Universal - Okezone.com Linktone Ltd. - Onlycart.com Gripsell Technologies Pvt. Ltd. - Pangea Media, Quiz and Sweepstakes Business Adknowledge, Inc. -

M&A & INVESTMENT SUMMARY JULY 2012 28 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Parthenon Media Group British Sky Broadcasting Group plc - PersonalityCafe.com CrowdGather, Inc. - Plum Nokia Corporation - Ryma Technology Solutions OneDesk, Inc.- Sense Networks, Inc. Twitter, Inc. - Sermo, Inc. WorldOne Research Ltd. - ShopForCloud RightScale, Inc. - ShoutOmatic LLC Excel Corporation - SkyHealth Azumio, Inc. - Sparrow Google, Inc. - Spot Influence SppgotRight Inc. - Sword Ciboodle Kana Software, Inc. - TapEngage Dropbox - The Promotional Specialists Pareto Corporation - The Vox Collective Profero, Inc. - Thinkdesign + Communications Moire Marketing Partners - Upside Software SciQuest.com, Inc. - Weather Underground, Inc. The Weather Channel - Wha t's Nex t Mar ke ting Ron ShSachs Commun itiications -

M&A & INVESTMENT SUMMARY JULY 2012 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Wood Mackenzie Ltd. Hellman & Friedman, LLC $1,724.1 MModal IP LLC One Equity Partners, LLC 1,057.0 QuickPlay Media Madison Dearborn Partners, Inc. 98.0 20-20 Technologies, Inc. Vector Capital Corporation 71.2 Tessella Plc Management Buyout 27.9 Buyout Deals Undisclosed Cross Match Technologies, Inc. Francisco Partners - DataSource, Inc. Inverness Graham Investments - Eclipse Advantage, Inc. LaSalle Capital Group, LP - Network Global Logistics Quad-C Management, Inc. - Northstar Travel Media, LLC The Wicks Group of Companies, L.L.C. - Zeta Email Solutions CAIVIS Acquisition Corporation - VC/Growth Capital Values Disclosed fab.com Atomico Ventures $105.0 GitHub, Inc. Andreessen Horowitz 100.0 JustFabulous Rho Capital Partners, Inc. 76.0 Sportrader AG EQT Partners 54.0 DocuSign, Inc. (Angel Investors) 47.5 Asana FdFounders FdFund 28. 0 JumpTap, Inc. Keating Capital 27.5 SAY Media New Enterprise Associates 27.0 Sonatype, Inc. New Enterprise Associates 25.0 Edmodo, Inc. New Enterprise Associates 25.0 AlienVault, Inc. Trident Capital 22.4 Analyte Health Apex Venture Partners 22.0 Ticketfly, Inc. SAP Ventures 22.0 FuzeBox Index Ventures 20.0 Origami Blue Mind Candy Ltd 20.0 I-Media Kleiner Perkins Caufield & Byers 20.0 Nextdoor.com, Inc. DAG Ventures 18.6 Totsy Rho Capital Partners, Inc. 18.5 The Echo Nest Corporation Norwest Venture Partners 17.0 Egnyte, Inc. Google Ventures 16.0 Boundary, Inc. Scale Venture Partners 15.0 Netpulse Media Network, Inc. August Capital Management 15.0 Chute Corporation Freestyle Capital 15.0 AdRoll, Inc. Foundation Capital 15.0 Bitly, Inc. Khosla Ventures 15.0

M&A & INVESTMENT SUMMARY JULY 2012 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed iMapData, Inc. Frontier Capital, LLC $15.0 Firespotter Labs Andreessen Horowitz 15.0 Revinate, Inc. Benchmark Capital 14.5 Tout.com World Wrestling Entertainment, Inc. 13.4 Dynamic Signal Venrock Associates 13.3 33Across, Inc. Pelion Venture Partners 13.1 TaskRabbit, Inc. Shasta Ventures 13.0 WhoSay, Inc. Comcast Ventures 12.0 Paydiant, Inc. Mantella Venture Partners 12.0 Kiip, Inc. Relay Ventures 11.0 Tealium Battery Ventures 10.5 Needle, Inc. Shasta Ventures 10.5 FiftyOne Vintage Capital Partners 10. 1 NuoDB, Inc. Morgenthaler Ventures 10.0 Zumbox, Inc. Computershare, Inc. 10.0 Fiksu, Inc. QUALCOMM Ventures 10.0 Backupify Symantec Corporation 9.0 FREECULTR Sequoia Capital 9.0 Cloudability, Inc. 500 Startups 8.7 Mitre Media iNovia Capital 8.5 Origgpo Networks Corporation iNovia Capital 8.5 SteelHouse, Inc. QUALCOMM Ventures 8.3 TopHatMonocle, Inc. Emergence Capital Partners 8.0 Social Point S.L. Idinvest Partners 7.4 Racemi, Inc. Paladin Capital 7.0 FullContact, Inc. Foundry Group 7.0 Portalarium, Inc. m8 Capital 7.0 Clustrix, Inc. Sequoia Capital 6.8 LockPath, Inc. El Dorado Ventures 6.0 WdStWordStream, Inc. Sigma Par tners, LLC 606.0 WordStream, Inc. Sigma Partners, LLC 6.0 Loggly, Inc. Matrix Partners 5.7 Poptent, LLC MK Capital Management LLC 5.5 Seculert Ltd. Norwest Venture Partners 5.4 SaveUp, Inc. BlueRun Ventures 5.0 aPriori Sigma Partners, LLC 5.0 Read It Later, Inc. Foundation Capital 5.0 Dailybreak.com GSV Capital 5.0 WellFX CMT Ventures 5.0 Lyst Ltd. DFJ Esprit 5.0 Pocket Change Google Ventures 5.0

M&A & INVESTMENT SUMMARY JULY 2012 31 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Utah Street Labs Foundation Capital $5.0 YesVideo, Inc. Greystripe, Inc. 5.0 Openbucks (Private Investors) 4.8 KnowledgeTree SA Ltd. River Cities Capital Fund 4.8 Practo Technologies Pvt. Ltd. Sequoia Capital 4.5 BaubleBar, Inc. Accel Partners 4.5 Sonic Notify, Inc. Raptor Ventures, LLC 4.3 Parlay Labs, Inc. General Catalyst Partners LLC 4.0 littleBits Electronics, Inc. True Ventures 3.7 Tapingo Carmel Ventures 3.5 Triposo Interwest Partners 3.5 Adapx, Inc. OVP Venture Partners 3.0 MapMyFitness, Inc. Square 1 Bank 303.0 CivicScience, Inc. New Atlantic Ventures 2.9 9GAG, Inc. Freestyle Capital 2.8 Consensus Point, LLC Relevance Capital 2.6 Jawfish Games Inc. Founders Fund 2.6 Clavis Technology Delta Partners 2.4 Jetpac Khosla Ventures 2.4 Space Monkey (Unnamed Fund Contibuters) 2.3 Shelby.tv Avalon Ventures 2.2 UppSite Matomy Media Group 2.1 Lex Machina, Inc. X/Seed Capital Management 2.0 Datacratic BDC Venture Capital 2.0 Tip or Skip, Inc. 500 Startups 2.0 GiveForward, Inc. Founder Collective 2.0 Commerce Sciences Innovation Endeavors LLC 1.8 AppHero, Inc. OMERS Ventures 1.8 Instacanvas, Inc. First Round Capital 1.7 PUPop-Up PtPantry GRP Par tners 171.7 Chaordix Yaletown Venture Partners, Inc. 1.5 ThriveHive Founder Collective 1.5 Bizzabo Kaedan Capital Group 1.5 NatureShare Vermont Seed Capital Fund 1.5 Pinfluencer Freestyle Capital 1.4 Tout’d Warner Hill Angels 1.4 Videolicious Amazon.com, Inc. 1.4 DraftKings, Inc. Atlas Venture 1.4 Bomoda.com iNovia Capital 1.4 PayDragon Rustic Canyon Partners 1.4 Retention Science Mohr, Davidow Ventures 1.3

M&A & INVESTMENT SUMMARY JULY 2012 32 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Real5d.com DoubleRock Venture Capital $1.2 LogEntries Polaris Venture Partners 1.1 Phoenix Guild, Inc. YouWeb 1.1 Everpix Index Ventures 1.0 Olapic, Inc. Great Oaks Venture Capital 1.0 Olapic, Inc. Bonobos, Inc. 1.0 Booshaka SV Angel, LLC 1.0 PealTiX 500 Startups 1.0 Apptopia (Private Investors) 1.0 TreSensa, Inc. (Angel Investors) 1.0 RentHome, LLC (Angel Investors) 1.0 Eruptive Games (Angel Investors) 1.0 Shopcastr Mantella Venture Partners 101.0 YBUY, Inc. TomorrowVentures, LLC 1.0 youAPPi (Angel Investors) 1.0 WillCall SV Angel, LLC 0.9 StackSocial Inc. (Unnamed Fund Contibuters) 0.8 Open Air Publishing SV Angel, LLC 0.8 Chicisimo S.L. VitaminaK 0.8 Keen.io. 500 Startups 0.8 Zipp,line Games, Inc. Benaroyypa Capital 0.8 BalconyTV Polaris Venture Partners 0.8 Datical Inc Austin Ventures 0.7 Pipedrive Satori Capital 0.7 Love With Food 500 Startups 0.7 iSpot.tv, Inc. (Angel Investors) 0.6 Skift (Angel Investors) 0.5 Hello La Mode (Angel Investors) 0.5 S4Style Golden Seeds LLC 0.5 VC/Grow th Cap ita l Undisclosed Acceleration Partners, LLC WPP Digital - Yi Xin NTT Docomo, Inc. - Betable Ltd. Greylock Management - Carpooling.com Daimler - CinnaFilm Inc. Flywheel Ventures - ePetWorld GmbH Blumberg Capital - Forgame Tech Co., Ltd. TA Associates - GoodData Corporation Tenaya Capital - NewsWhip (Angel Investors) - nRelate Ask.com -

M&A & INVESTMENT SUMMARY JULY 2012 33 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Undisclosed OwnerIQ, Inc. Atlas Venture - Rancard Solutions Ltd. Intel Capital - Shareaholic, Inc. Kepha Partners - Stamped, Inc. CrunchFund - This Is Open (Unnamed Fund Contibuters) - Tonara Carmel Ventures -

M&A & INVESTMENT SUMMARY JULY 2012 34 Petsky Prunier: Maximizing Shareholder Value

• Found ed in 1999 • Focused solely on the internet, marketing, media, technology, healthcare and services industries • Over 35 focused professionals › Unique combination of investment banking 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 JULY 2012 35 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 Evercore 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 JULY 2012 36 REPRESENTATIVE RECENT TRANSACTIONS

has sold has been sold to a leading digital direct marketing a leader in global healthcare company utilizing a proprietary a leader in technology and global primary market research and the top independent has sold its database to provide customer a provider of a cloud-based in-app advertising for Facebook, influence network mapping direct-to-consumer marketer of acquisition solutions for major brands integration platform for the digital Apple (iOS), and Android a leader in multichannel retail, dental savings plans and Sports Marketing Print marketing industry has been sold a global digital marketing agency has received an equity investment from developers ecommerce and loyalty Division marketing services to has been sold a leading provider of services for a unit of has received a growth equity to to has received $66M investment investment led by has been sold to domain name registration, from a portfolio company of acquisition, brokerage and sales a leading data management and with debt financing from to audience optimization platform (DMP) company

has sold has sold its has sold has sold (Nasdaq: TREE) a leading provider of taxi-based has sold Niche Market Media has sold a leading advertising outdoor media has acquired A leading urban and Buying Business technology company multicultural agency a leading provider of media has been sold to a leading provider of integrated has been sold to to buying, out-of-home and a premier provider a leading market services data, technology and analytics a leading online lead sampling services in niche of affinity programs for and BPO company solutions generation business markets universities and colleges to a pioneer in measuring the to to a subsidiary of to impact of promotion on to physician prescribing behavior (NYSE: PAY) (Xetra: DPW.DE) (NasdaqGS: LEDR) (NYSE: IPG) (Nasdaq: PSEC)

has merged with (TSX: PTO) has sold the a portfolio company of one of North America’s largest a leading online video Experiential Marketing Business of Vestar Capital Partners mobile marketing and gateway has received a majority advertising network has been sold to investment from a provider of multichannel has sold solution providers marketing software services and has been sold to has received a growth capital has been sold to investment from has been sold to to to a portfolio company of a portfolio company of (Nasdaq:GSIC) Parthenon Capital Partners KRG Capital Partners (Nasdaq: RRD)

New Digital Group

has sold has sold a division of a leading performance-based a digital communications agency a global marketing services advertising network has sold the company with a proprietary software a premier provider of benchmark- assets of has been acquired by platform serving based advisory services to the has been sold to a leading online community for 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 acquired marketing company technology platform has been acquired by to to to in a combination that creates the world’s leading loyalty management provider

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

M&A & INVESTMENT SUMMARY JULY 2012 37