Digital Media and Sector Update Spring 2012 Banker Profile

• AGC is the most active tech boutique in the country, having closed over 160 transactions since 2003 • Digital Media practice has a history of generating exceptional valuations for industry leaders • Team based in with offices in , Minneapolis, , and London

Jon Guido, Head, Digital Media Partner, , Boston Contact: P: (617) 261-4126 E: [email protected]

Jon is a partner in the Investment Banking Group of AGC Partners with a focus on digital media, internet, tech enabled services and communications sectors. In his 13 years as an investment banker, Jon has completed more than 55 strategic and financing transactions with leading technology companies and investors such as ACS, Constant Contact, , eBay, IAC, Tekelec, , 3Com, Welsh, Carson, Anderson & Stowe, and The Carlyle Group.

Jon helped launch AGC Partners in February of 2003, coordinating the infrastructure build, capital raise and recruiting effort. As Chief Operating Officer for AGC, Jon works with the Founding Partners to develop and implement the firm's financial, operational and business development strategies. Prior to joining AGC, Jon worked in SG Cowen's Group.

Jon lives in Topsfield, MA with his wife, Sarah, and their three daughters. He is actively involved in his community, particularly with youth development facility improvement. Jon received a B.A. with honors from Colgate University.

1

I. Market Commentary

II. Synopsis, Comparable and Deal Analyses

III. Overview of AGC Partners I. Market Commentary Digital Media & Internet Market Update

Median LTM Revenue Multiple 6.0x Although the pace of tech M&A activity remained flat in 1Q12, the Digital Media & 5.2x 5.0x Internet (DM&I) deal-making climate has experienced a significant uptick in 4.0x 3.9x 4.0x volume 3.1x 3.0x 2.5x 2.1x 2.0x 2.0x  The number of DM&I deals valued at $20M+ was up 100% in respect to 4Q1 2.0x 1.6x

1.0x  There were 24 deals in the quarter, dramatically reversing the sharp decline in

0.0x activity witnessed in 4Q11  The NASDAQ finished the quarter up 20% and remains up 136% since the lows Number of M&A Transactions of 2009 130 124 106 105 95 96 89 Despite the relatively high degree of skepticism about the overall IPO market, 80 55 1Q12 saw a 100% increase in pricings, bringing an end to the stale closing months 55 35 29 30 of 2011. More than two-thirds of 1Q12 DM&I pricings have traded above their offer 30 24 12 price 5  ’s highly anticipated public offering saw valuation expectations rise Number of IPO Pricings 8.9% the last week of 1Q12 to roughly $103B 42 36 36  New issuers saw strong after-market interest from investors as DM&I stocks rose 30 an average 55% in value 24 22 19 16 18 14  Lower volatility in stock markets and broadly improving economic indicators are 12 9 9 6 3 4 helping to spur investor demand for new issues in 2012 2 1 0 The recent uptick in private placement activity by strategic and financial players Number of Private Placements and a continued lack of pricing agreement between entrepreneurs and 800 678 corporations has reversed the downward momentum in private placement activity 612 570 600 577 that began in July 2011

417 400  The number of private placements of $5M+ was up 22% relative to 4Q11 but down roughly 16% YoY 182 197 179 200 153 120  There were 153 deals, reversing the steady downward momentum in 2H11 when

0 the number of private placements fell from 197 in 2Q11 to 120 in 4Q11

* Indicates annualized data 4 Sources: Capital IQ, The 451 Group, VentureWire, Business Insider, IPO Monitor, TechCrunch, The Wall Street Journal and DealBook, Dow Jones “IPOs Heat Up, M&A slows for VC Companies,” M&A and IPOs >=$20M; Private Placements >=$5M; Targets / Issuers and / or Acquirers based in the U.S. or Canada What the Data Doesn’t Show: Undisclosed Value M&A Deals

. Growth in undisclosed transactions continues in 2011  U.S. tech companies disclosed values for roughly 19% of all transactions closed, a decrease from 25% disclosed in 2010  The Software/IT Services and DM&I sectors have accounted for the bulk of tech M&A activity, in terms of disclosed and undisclosed values, with the balance falling within the other major tech sectors, including Semiconductors, Fin Tech, Healthcare IT, Hardware and Components, and Security

Target Acquirer Est. Value ($M) Business Description

Hunch.com eBay $80 Online recommendation site

VideoSurf 70 Video

Chomp Apple 50 Mobile app reviewer

Displaybank IHS 45 Research and consulting for display industry

Babble Media Walt Disney 40 Online parenting magazine

SPB Software 40 Mobile applications

Mobile Theory Opera Software 25 Mobile advertising

Rhomobile Motorola Solutions 25 Native mobile application builder

KODAK Gallery Shutterfly 25 Online photo gallery

Letsbuy.com 20 Internet retailer

Sources: TechCrunch, The 451 Group, The Wall Street Journal, Bloomberg.com, PwC’s Deals Practice, “US technology M&A insights”, March 2012, Deals selected with transaction value over $20m in the last 6 months

5 Exit Opportunities are Heating Up with Soaring Valuations

. 9 DM&I companies floated IPO shares in 1Q12, accounting for more than half of the 16 pricings across all sectors of technology; last year that percentage was nearly 70% . Consumer Internet, Social Media, and Mobile businesses have been a driving force behind IPO momentum in the last 12 months with median gross proceeds of $114M and a median revenue multiple of 8.2x, versus $88M and 2.7x respectively, for the balance of tech IPOs . The majority of DM&I public offerings have seen their stock prices pop on the first day of trading – even more so than other tech IPOs, with an average after-market performance of 55% compared to 13% for all offerings in the quarter

IPO Pricings in the Last Twelve Months Company Sub-Sector Largest Shareholders Offer Price Gross Proceeds ($M) After-Market EV / LTM Rev. 1. LinkedIn Social Media Bessemer, Greylock $45 $353 127% 18.9x 2. Jive Softw are Digital Media Platform & Services Sequoia, Kleiner Perkins 12 161 126% 19.4x 3. Brightcove Digital Media Platform & Services General Catalyst, Management 11 55 125% 10.1x 4. Demandw are eCommerce General Catalyst, North Bridge Venture 16 88 86% 16.1x 5. Milllennial Media Mobile Bessemer, Columbia Capital, Charles River 13 133 81% 16.8x 6. Yelp Content Bessemer, Elevation Partners, Benchmark 15 107 79% 19.1x 7. Zillow Content Benchmark, TCV 20 69 78% 14.2x 8. Bazaarvoice Digital Media Platform & Services Austin Ventures, Battery Ventures 12 114 66% 12.1x 9. Synacor Digital Media Platform & Services Walden International, Crystal Internet 5 34 51% 2.5x 10. Angie's List Content Battery Ventures, T. Row e Price 13 114 45% 11.1x 11. ExactTarget Digital Media Platform & Services Technology Crossover, Greenspring 19 162 37% 7.9x 12. Zynga Gaming Kleiner Perkins, Avalon, Foundry, IVP 10 1,000 32% 6.7x 13. The Active Netw ork Digital Media Platform & Services ABS Ventures, Austin, Canaan, CRV 15 46 12% 2.6x 14. Carbonite Infrastructure Menlo, Performance Direct, Crosslink 10 63 10% 3.4x 15. Yandex Advertising Baring Vostok, Tiger Global 25 1,304 7% 13.4x 16. Tudou Holdings Social Media Crescent Peak, Sennett, IDG, GGV 29 174 2% 8.8x 17. CafePress eCommerce Sequoia, PacRim, Stratim Capital 19 86 1% 1.7x 18. HomeAw ay eCommerce Austin, Escalate, Ventures, IVP 27 216 (6%) 8.2x 19. NetQin Mobile Mobile Ceyuan Ventures, Sequoia 12 89 (7%) 8.2x 20. Groupon eCommerce NEA, Accel 20 700 (8%) 6.7x 21. Boingo Wireless Infrastructure ATEL, Mitsui 14 78 (10%) 3.3x 22. Vipshop eCommerce DCM 7 72 (32%) 0.8x 23. Phoenix New Media Content Bertelsmann, Intel Capital 11 140 (33%) 2.4x 24. Pandora Content Allen & Co., Crosslink, Garage, GGV 16 235 (36%) 5.8x 25. Jiayuan.com Social Media Qiming Weichuang Ventures 11 78 (53%) 1.3x 26. Renren Social Media Accel, Alibaba, DCM 14 743 (61%) 9.5x 27. FriendFinder Content Interactive Brand Development 10 50 (86%) 1.5x MEDIAN $14 $114 10.1% 8.2x

Sources: Capital IQ, IPO Monitor; After-Market performance and EV based on closing prices as of 3/31/12, LTM Rev. as of 12/31/11, Businessweek (“Millennial Media Gain May Spur Mobile-Technology IPOs“), PwC “Technology, Industrial and Sectors Lead New Offerings” 3/31/12

6 Recent Filings and Outlook for the IPO Market

. The IPO market for North American companies – as well as foreign companies listing on major US and European exchanges – saw strong momentum in 1Q12 with 9 pricings and 3 filings, up from 4 and zero, respectively in 4Q11  Last year saw a number of key offerings with gross proceeds north of $500M - from Yandex, Zynga, RenRen and Groupon - though the median offering amount in 1Q12 has fallen to $88M from $161M in 4Q11 and $151M for CY11  Lighter offer sizes are suggestive of investors’ growing appetite for smaller players with explosive growth, addressing young but potentially enormous market opportunities across the DM&I landscape . According to Business Insider and TechCrunch, investors and entrepreneurs are now awaiting filings from the next group of high-growth DM&I companies like , , Instagram and Pinterest  As investors await the next crop of $500M+ IPOs, Facebook’s debut is reportedly being targeting for May and could raise as much as $10B at a valuation of $100B+, producing the largest-ever Internet offering  The latest private market valuations for other highly anticipated DM&I public offerings from Twitter and LivingSocial have been as high as $8.4B and $5B, respectively, according to VentureBeat

Recent Filings

Company Sub-Sector Largest Shareholders Amount ($M) CY11 Rev. Growth LTM EBITDA Margins

1. Facebook Social Media , DST Global $5,000 88% 56%

2. AdChina Advertising ND 100 86% 7%

3. MobiTV Video / Mobile Gefinor, Oak, Menlo, Redpoint 75 27% 4%

4. Acquity Group eCommerce / Advertising ND 55 47% 19%

5. Kayak eCommerce Accel, General Catalyst, NVP 50 32% 22%

MEDIAN $75 39% 13%

Sources: SEC Filings, Capital IQ, BusinessWeek, TechCrunch, VentureBeat “ Twitter’s Revenue Tripled Since Last Year, and It’s Valuation Doubled”, “LivingSocial set to raise almost $200M at $5B valuation”, Hoover’s, WSJ “Pop Culture: IPOs Roaring Back”, Companies above include DM&I filings in the last 6 months that haven’t priced yet

7 Venture Financing: Digital Media & Internet at the Forefront

. In 1Q12, VCs committed $2.9 billion to 153 companies in the Digital Media & Internet space, which represents a 15% increase in dollar value and a 28% rise in transaction volume compared to 4Q11

. While the top 25% of private placements by size represented nearly 65% of the committed capital in 1Q12, there was a 10% uptick in the volume of investments under $10 million compared to 1Q11

Investors Est. Valuation ($M) Funds Raised ($M) Date Sub-Sector $100 Jun-11 Content DST, Accel, Kleiner Perkins, Founders Fund, Balderton $1,000 ND Feb-11 Music 100 May-11 Andreessen Horow itz, DST, Greylock, Sequoia, 2 Others 1,000 eCommerce 7 Nov-10 100 Jun-11 Visa, Benchmark, Khosla, Kleiner Perkins, Sequoia, First Round 1,000 Mobile ND Apr-11 50 Jun-11 Mobile Andreessen Horow itz, O'Reilly AlphaTech, Union Square 250 20 Jun-10 Social Media 85 May-11 Canaan, Google Ventures, Intel Capital, Pinnacle, Redpoint, 3 Others 500 Social Gaming 30 Jan-11 Payments Sequoia Capital ND 100 Jun-11 eCommerce 85 Feb-12 Founders Fund, Charles River Ventures, DFJ ND Digital Media 17 Sep-11

Ontario Teachers' Pension Plan; Bertelsmann Digital Media Investments ND 85 Jan-12 Gaming

Battery Ventures, Insight Venture Partners, Eastern Advisors ND 165 Mar-12 Content

50 Jan-12 Social Media Kleiner, Perkins, Caufield & Byers; GGV Capital ND 10 Jan-11 Platform Mobile American Express ND 125 Jan-12 eCommerce

Sources: Wall Street Journal, “Looking Beyond Twitter, Zynga in VC Web Deals”; Data provided by CapitalIQ through 3/31/12, for companies that have announced a minimum of one round of financing with a disclosed amount of $45M+ in 2011, subject to having raised between $50M and $400M in disclosed financings since 2009

8 II. Synopsis, Comparable and Deal Analyses Pulse of the Technology Capital Markets

. After six straight quarters of ~115 tech Number of M&A Transactions Median LTM Revenue Multiple M&A deals of $20M and above, 125 125 121 120 transaction volume fell to the low 80s in 3.0x 2.9x 109 2.8x 105 both 4Q11 and 1Q12 102 2.6x 100 2.5x  The good news is that broader global 2.2x 83 2.0x 80 2.0x 1.9x economic indicators have improved, and 1.8x 75 70 1.7x that valuations in 1Q12 were up 1.6x 1.5x significantly with a median of nearly 3x 50 compared to the three-year norm of ~2x 1.0x LTM revenues

. The current trajectory of private Number of Private Placements Number of PE and VC Funds Closed placements has flattened relative to the 400 384 75 slowdown in 4Q11 while fundraising 67 341 329 324 activity has seen a marked uptick YTD 317 60 300 286 246  With fresh capital of $500M+ across 240 238 45 39 39 39 funds raised YTD by Summit Partners, 34 200 , 30 23 Ventures, Canaan Partners and General Catalyst – and the healthy IPO market of 100 15 late – the stage is set for a continuation of the momentum in tech financing rounds that spanned 1Q10 through 3Q11 Number of IPO Pricings Number of IPO Filings

25 25 . Tech IPOs appear to be ‘full steam ahead’ 22 20 20 in 2012 based on sustained momentum in 20 16 15 15 14 pricings and filings from the end of last 15 15 13 13 13 13 12 11 10 year 9 10 8 10 7 6 5  Of new issues YTD, the average after- 5 5 market performance is over 20% with a 0 0 median LTM revenue multiple of 3.5x

Sources: S&P Capital IQ; Dow Jones VentureWire; Disclosed M&A transactions of $20M+ and private placements of $5M+ involving North American, European targets and / or acquirers; IPO issuers listed on major US or European exchanges with gross proceeds of $20M+ Performance

(USD in millions) Market Data Operating Data Enterprise EV / Revenue EV / EBITDA CY Revenue CY EBITDA Revenue Growth EBITDA Margin LQ Gross LQ Adj. Company (c) Value (a)(b) LTM 2012E LTM 2012E LTM 2012E LTM 2012E 11A/'10A 12E/'11A LTM 2012E Margin (e) Op. Mgn.(d) Online Advertising & Marketing

Google $168,475 4.4x 3.6x 12.0x 8.7x $37,905 $46,702 $14,093 $19,275 29% 23% 37% 41% 65% 33%

Yahoo! 16,311 3.3x 3.7x 12.0x 12.4x 4,984 4,412 1,359 1,310 (21%) (11%) 27% 30% 70% 20%

Yandex 8,276 13.3x 8.7x 30 19 624 951 278 429 52% 52% 44% 45% 77% 40%

IAC / InterActiveCorp 3,302 1.6x 1.3x 11.6x 7.3x 2,059 2,536 285 455 26% 23% 14% 18% 63% 10%

ValueClick 1,655 3.0x 2.3x 10.3x 7.5x 560 712 161 220 30% 27% 29% 31% 32% 25%

DG FastChannel 661 2.0x 1.6x 5.4x 4.5x 324 419 123 147 34% 29% 38% 35% 70% 23%

QuinStreet 455 1.2x 1.1x 6.5x 5.3x 394 418 70 86 3% 6% 18% 20% 25% 10%

ReachLocal 109 0.3x 0.2x NM 5.8x 375 441 3 19 29% 18% 1% 4% 51% 0%

Marchex 128 0.9x 0.8x NM 6.3x 147 151 8 20 50% 3% 5% 13% 45% 0% Median $1,655 2.0x 1.6x 11.6x 7.3x $560 $712 $161 $220 29% 23% 27% 30% 63% 20% Content

Walt Disney $90,001 2.2x 2.1x 9.0x 8.2x $40,956 $42,997 $9,958 $11,026 5% 5% 24% 26% 20% 20%

Pandora 1,546 5.6x 3.7x NM NM 274 416 (7) (19) 99% 52% (2%) (4%) 33% (10%)

WebMD Health 969 1.7x 1.9x 7.5x 9.0x 559 507 130 108 5% (9%) 23% 21% 65% 25% AOL 1,449 0.7x 0.7x 4.1x 4.9x 2,202 2,109 355 298 (9%) (4%) 16% 14% 33% 11%

Ancestry.com 963 2.4x 2.1x 7.1x 6.2x 400 461 135 156 33% 15% 34% 34% 83% 27%

XING 271 3.2x 2.7x 9.4x 8.3x 85 100 29 33 18% NA 34% 33% 68% 22% Median $1,209 2.3x 2.1x 7.5x 8.2x $479 $484 $132 $132 11% 5% 24% 23% 49% 21% Digital Media Platform & Services

Adobe $15,411 3.6x 3.4x 10.6x 8.1x $4,234 $4,495 $1,455 $1,914 11% 7% 34% 43% 90% 27%

Rovi 3,985 5.8x 5.2x 16.8x 11.0x 691 771 237 361 28% 12% 34% 47% 89% 22%

HomeAway 1,776 7.7x 6.4x NM 22.5x 230 279 41 79 37% 21% 18% 28% 85% 9%

Shutterfly 848 1.8x 1.5x 18.2x 9.1x 473 556 47 93 54% 17% 10% 17% 59% 28%

The Active Network 875 2.6x 2.0x 44.3x 18.4x 337 431 20 48 21% 28% 6% 11% 52% (17%)

TiVo 960 4.0x 4.2x NM -37.9x 238 228 (112) (25) 8% (4%) (47%) (11%) 49% (67%) comScore 668 2.9x 2.4x 63.7x 11.3x 232 278 10 59 33% 20% 5% 21% 69% 2%

Constant Contact 734 3.4x 2.9x 33.5x 15.8x 214 251 22 46 23% 17% 10% 18% 72% 9%

Limelight Networks 181 1.1x 0.9x 83.5x 7.9x 171 190 2 23 11% 11% 1% 12% 55% (14%) Median $875 3.4x 2.9x 33.5x 11.6x $238 $279 $22 $59 23% 17% 10% 18% 69% 9%

Notes (a) Based on closing stock prices on March 31, 2012 (b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherw ise noted) and preferred stock, less cash & equivalents (c) Projections represent Wall Street estimates (d) Adjusted operating margin excludes extraordinary and non-recurring items

Source: CapitalIQ

11 Public Company Performance (cont’d.)

(USD in millions) Market Data Operating Data Enterprise EV / Revenue EV / EBITDA CY Revenue CY EBITDA Revenue Growth EBITDA Margin LQ Gross LQ Adj. Company (c) Value (a)(b) LTM 2012E LTM 2012E LTM 2012E LTM 2012E 11A/'10A 12E/'11A LTM 2012E Margin (e) Op. Mgn.(d) eCommerce .com $80,695 1.7x 1.3x 47.2x 30.9x $48,077 $62,831 $1,709 $2,611 41% 31% 4% 4% 21% 1% eBay 42,114 3.6x 3.0x 12.7x 9.5x 11,652 13,847 3,313 4,428 27% 19% 28% 32% 69% 22% priceline.com 35,732 8.2x 6.4x 24.6x 17.8x 4,356 5,542 1,453 2,010 41% 27% 33% 36% 73% 31%

Netflix 5,760 1.8x 1.6x 13.4x 45.2x 3,205 3,657 429 127 48% 14% 13% 3% 34% 8%

Mercadolibre 4,142 13.9x 10.4x 38.7x 28.4x 299 399 107 146 38% 34% 36% 37% 76% 33%

Ctrip.com 2,322 4.2x 3.4x 12.7x 12.3x 555 676 183 190 27% 22% 33% 28% 76% 25%

OpenTable 865 6.2x 5.1x 20.6x 12.8x 140 168 42 68 41% 21% 30% 40% 72% 29%

Blue Nile 322 0.9x 0.8x 17.5x 13.0x 348 389 18 25 5% 12% 5% 6% 21% 6%

Travelzoo 304 2.0x 1.9x 8.1x 7.2x 148 164 37 42 32% 11% 25% 26% 90% 23%

PetMed Express 206 0.9x 0.9x 7.5x 8.1x 233 236 28 25 1% 1% 12% 11% 34% 12% Overstock.com 43 0.0x 0.0x -36.4x 3.4x 1,054 1,164 (1) 13 (3%) 10% (0%) 1% 16% (1%) Median $2,322 2.0x 1.9x 13.4x 12.8x $555 $676 $107 $127 32% 19% 25% 26% 69% 22% eLearning & Training K12 $767 1.2x 1.0x 12.9x 7.6x $618 $754 $60 $101 38% 22% 10% 13% 39% 4%

Capella Education 357 0.8x 0.8x 3.8x 3.7x 430 429 93 97 1% (0%) 22% 23% 60% 18%

Archipelago Learning 292 4.0x 3.6x 13.3x 13.0x 73 81 22 23 25% 10% 30% 28% 91% 27%

Rosetta Stone 91 0.3x 0.3x NM NM 268 278 (20) (7) 4% 3% (7%) (2%) 82% (4%) Median $324 1.0x 0.9x 12.9x 7.6x $349 $353 $41 $60 14% 7% 16% 18% 71% 11% Gaming Activision Blizzard $10,724 2.3x 2.3x 7.1x 6.5x $4,755 $4,591 $1,514 $1,638 7% (3%) 32% 36% 49% 3%

Electronic Arts 4,135 1.1x 0.9x 133.4x 6.2x 3,865 4,398 31 668 11% 14% 1% 15% 48% (18%)

DeNA 3,739 2.1x 1.9x 4.4x 4.2x 1,760 2,017 846 885 43% 15% 48% 44% 81% 40%

Square Enix 1,544 1.0x 0.9x 6.6x 4.9x 1,596 1,764 233 317 (16%) 10% 15% 18% 37% 10%

Take-Two Interactive Software 1,226 1.4x NA NM NM 860 NA (28) NA (29%) NA (3%) NA 46% 9%

Changyou.com 1,117 2.3x 2.0x 3.5x 3.5x 485 566 315 316 37% 17% 65% 56% 85% 63%

Giant Interactive 1,006 3.5x 2.9x 5.4x 4.8x 284 341 185 211 41% 20% 65% 62% 86% 59%

Glu Mobile 287 4.3x 3.3x NM NM 66 87 (12) (7) 3% 31% (0) (0) 83% (55%) Median $1,385 2.2x 2.0x 6.0x 4.8x $1,228 $1,764 $209 $317 9% 15% 23% 36% 65% 9%

Notes 15% (a) Based on closing stock prices on March 31, 2012 (b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherw ise noted) and preferred stock, less cash & equivalents (c) Projections represent Wall Street estimates (d) Adjusted operating margin excludes extraordinary and non-recurring items

Source: CapitalIQ

12 Public Company Performance (cont’d.)

(USD in millions) Market Data Operating Data Enterprise EV / Revenue EV / EBITDA CY Revenue CY EBITDA Revenue Growth EBITDA Margin LQ Gross LQ Adj. Company (c) Value (a)(b) LTM 2012E LTM 2012E LTM 2012E LTM 2012E 11A/'10A 12E/'11A LTM 2012E Margin (e) Op. Mgn.(d)

Infrastructure

VeriSign $5,556 7.2x 6.3x 13.9x 10.8x $772 $880 $401 $516 13% 14% 52% 59% 79% 47% j2 Global Communications 1,073 3.2x 3.0x 6.9x 5.9x 330 354 156 182 29% 7% 47% 51% 83% 45%

EarthLink 1,251 1.0x 0.9x 3.9x 4.3x 1,314 1,346 317 294 111% 2% 24% 22% 54% 9%

LoopNet 683 7.9x 7.1x 45.6x 23.0x 87 97 15 30 11% 11% 17% 31% 86% 14%

United Online 559 0.6x 0.6x 3.8x 3.4x 898 891 146 162 (2%) (1%) 16% 18% 50% 13% Median $1,073 3.2x 3.0x 6.9x 5.9x $772 $880 $156 $182 13% 7% 24% 31% 79% 14%

Mobile

Velti $691 3.7x 2.4x 31.4x 8.2x $189 $289 $22 $85 63% 53% 12% 29% 72% 34%

Buongiorno 274 0.9x 0.8x 9.9x 6.3x 304 348 28 43 6% 15% 9% 12% 245% 8%

Dada 85 0.8x NA 7.1x NA 104 NA 12 NA (49%) NA 11% NA 12% (22%)

Motricity 67 0.5x 0.7x NM NM 122 97 (9) (9) (9%) (20%) (8%) (10%) 52% (32%) Median $180 0.9x 0.8x 9.9x 7.3x $155 $289 $17 $43 (1%) 15% 10% 12% 62% (7%)

Social Media

LinkedIn $9,587 18.4x 11.2x 150.9x 56.1x $522 $859 $64 $171 115% 65% 12% 20% 86% 6%

Monster Worldwide 1,093 1.1x 1.1x 7.9x 6.6x 1,040 983 139 164 14% (6%) 13% 17% 52% 8%

Renren 1,100 9.3x 6.2x NM NM 118 177 (22) (48) 54% 50% (18%) (27%) 70% (53%)

Dice Holdings 561 3.1x 2.9x 7.7x 7.2x 179 197 73 78 39% 10% 41% 40% 93% 35%

FriendFinder Networks 489 1.5x 1.4x 5.7x 6.3x 331 342 85 77 (4%) 3% 26% 23% 65% 12%

Cupid 245 2.9x 2.1x 15.8x 9.4x 83 118 16 26 108% 41% 19% 22% 84% 11%

XO Group 168 1.4x 1.2x 10.8x 7.1x 124 137 15 23 10% 10% 12% 17% 82% 0.1x

Jiayuan.com 64 1.2x 1.0x 9.2x 6.5x 53 66 7 10 107% 25% 13% 15% 67% (5%) Median $525 2.2x 1.8x 9.2x 7.1x $152 $187 $40 $52 46% 18% 13% 19% 76% 10%

Notes (a) Based on closing stock prices on March 31, 2012 (b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherw ise noted) and preferred stock, less cash & equivalents (c) Projections represent Wall Street estimates (d) Adjusted operating margin excludes extraordinary and non-recurring items

Source: CapitalIQ

13 M&A and Private Placements: Annual Top Five

Top 5 M&A Deals by Year (2008-2012) Top 5 Private Placements by Year (2008-2012)

Target Acquirer Value ($M) Company Investor(s) Amount ($M)

1. CNET Networks CBS $1,870 1. Renren Joho Capital, SOFTBANK $430 2. DoubleClick Google 3,110 2. HomeAway IVP, Redpoint, TCV 250 3. CNET Networks CBS 1,870 3. Oversee.net Oak Hill Capital Partners 150 4. CareerBuilder.com Gannett 1,350 4. Rearden Commerce American Express, Foundation, Oak Investment Partners 100 5. Fast Search & Transfer Microsoft 1,060 5. SpinVox Allen & Co., GLG Partners, Goldman Sachs, 4 Others 100

2008 TOTAL $9,260 2008 TOTAL $1,030

1. NBC $22,850 1. QVC ND $983 2. NBC (20% Stake) General Electric 5,800 2. GXS ND 785 3. Silver Lake, Index, Andreessen Horowitz 2,025 3. Facebook Mail.ru 200 4. Ticketmaster Live Nation 1,693 4. Zynga IVP, Mail.ru, Andreessen Horowitz, Tiger Global 180 5. Omniture Adobe Systems 1,676 5. Augere France Telecom, Vedanta, New Silk Route 125

2009 TOTAL $34,044 2009 TOTAL $2,273

1. SkillSoft , Berkshire Partners, Bain Capital $1,206 1. Jingdong Century Tiger Global, DST Global, Wal-Mart $1,500 2. Art Technology Group Oracle 1,033 2. QVC ND 1,000 3. Playdom Walt Disney 763 3. Groupon Fidelity, , Battery, Kleiner Perkins, TCV, 5 Others 494 4. ITA Software Google 700 4. FriendFinder ND 551 5. Sonic Solutions Rovi 646 5. EMOBILE Goldman Sachs, Blackstone, eAccess 516

2010 TOTAL $4,348 2010 TOTAL $4,061

1. Skype Microsoft $8,500 1. Facebook ND $1,000 2. SAVVIS CenturyLink 3,084 2. Cequel ND 643 3. GSI Commerce eBay 2,381 3. LivingSocial IVP, Lightspeed, T. Rowe Price, Amazon.com 565 4. Go Daddy KKR, Silver Lake, TCV 2,250 4. Zynga Fidelity, Morgan Stanley, Kleiner Perkins 500 5. PopCap Games Electronic Arts 1,250 5. Twitter Kleiner Perkins, DST Global 400

2011 YTD TOTAL $17,465 2011 YTD TOTAL $3,108

Drilling Info Battery Ventures, Insight Venture Partners, Eastern Advisors Private Fund 1. Tudou Youku $1,100 1. $165 Lianlian Pay American Express 125 2. Double Down International Game Technology 415 2. Trion Worlds Ontario Teachers' Pension Plan, Bertelsmann Digital Media Investments 85 3. Archipelago Learning PLATO Learning 290 3. EPIC Ventures, Intel Capital, Greycroft Partners, Liberty Global Ventures 85 4. Radvision Avaya 218 4. Charles River Ventures, DFJ, MeriTech Capital Partners, U.S. Venture Partners 85 5. OMGPOP Zynga 210 5.

2012 YTD Total $2,233 2012 YTD Total $545

Sources: Capital IQ, The 451 Group, TechCrunch, Company Press Releases; Data through 3/31/12

14 Transaction Distribution by Sub-Sector

2011 1Q12

Social Media, Social Media, M&A Mobile, 9% 4% Advertising, 6% Advertising, Mobile, 6% 13% 14% Content, 13%

Infrastructure, Content, 10% 15% Infrastructure, 26% Digital Media Digital Media Platform & Gaming, 10% Platform & Services, 22% Services, 15% eLearning & Gaming, 9% Training, 1% eLearning & eCommerce, eCommerce, Training, 4% 9% 9%

Social Media, Advertising, Financing 9% 13% Social Media, Advertising, 6% 8% Mobile, Content, Content, 10% 7% 13% Mobile, 13%

Infrastructure Digital Media , Platform & 11% Services, 20% Infrastructure, Digital Media 24% Platform, Gaming, 5% 19%

Gaming, 5% eCommerce, eLearning & 20% Training, 2% eCommerce, eLearning & 19% Training, 1% Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data through 3/31/12

15 Top Acquirers in Digital Media and Internet: 2009 – 2012

Company Acquisition Amount ($M) Company Acquisition Amount ($M) Company Acquisition Amount ($M)

1. Kiva Systems $775 1. interCLICK $270 1. Mototola Mobility $12,500 2. Zappos.com 545 2. Maktoob 164 2. Zagat Suvey 150 3. Quidsi 115 3. Maven 162 3. DailyDeal.de 114 4. LOVEFiLM 97 4. Dapper 55 4. Milk ND 5. Yieldex 10 5. FoxyTunes 35 5. Clever Sense ND 6. Yap ND 6. 5to1.com 28 6. Apture ND 7. Pushbutton ND 7. IntoNow 15 7. Katango ND 8. PartnerAlliances ND 8. Cirius Technologies ND 8. PittPatt ND 9. BuyVIP ND 9. Koprol ND 9. Fridge ND 10. Amie Street ND 10. Citizen Sports ND 10. Punchd Labs ND

1. Marvel Entertainment $3,876 1. GSI Commerce $2,400 1. Telmap $300 2. Playdom 763 2. Zong 240 2. Go2Market 160 3. Club Penguin 700 3. GittiGidiyor.com 235 3. InfiniBand 125 4. Ideal Bite 20 4. Brands4Friends 200 4. RealNetworks (patents) 120 5. Kaboose Internet Assets 18 5. bill safe ND 5. Services Coalition ND 6. Babble Media ND 6. Hunch ND 6. CSI ND 7. Rocket Pack ND 7. Gifts Project ND 7. Totolity ND 8. Togetherville ND 8. Magento ND 8. CoFluent ND 9. iParenting Media ND 9. MissionFish ND 9. GraphTech ND 10. Kerpoof Studios ND 10. Where ND

1. Skype $8,500 1. TheHuffingtonPost.com $315 1. Mediacom $600 2. Opalis 60 2. goviral 75 2. Meetic 357 3. AVIcode 30 3. About.me 40 3. People Media 80 4. VideoSurf ND 4. Studionow 37 4. CozyBoots.com ND 5. ND 5. Outside.in 10 5. BuzzLabs ND 6. GroupMe ND 6. Localocracy.com 1 6. VoxPop ND 7. Sentillion ND 7. Hipster ND 7. OKCupid ND 8. Teamprise ND 8. YugaTech.com ND 8. DailyBurn ND 9. CG Solutions ND 9. Unblab ND 9. Singlesnet.com ND 10. Fullscope ND 10. TechCrunch ND 10. Urbanspoon ND

Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data from 1/1/2009 through 3/31/12 for public companies that have announced a minimum of ten acquisitions with at least one disclosed value of more than $250M

16

Top Investors in Digital Media and Internet: 2009 – 2012

Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)

1. GILT GROUPE $138 1. Spotify $67 1. Burbn $40 1. BOKU $35 2. Yammer 85 2. Code 42 Software 53 2. BOKU 35 2. Burbn 40 3. TrialPay 40 3. YapStone 50 3. CTERA 15 3. Apptio 50 4. Prosper Marketplace 17 4. Razer 50 4. Meteor Entertainment 10 4. Jumio 26 5. Doat Media 3.5 5. Hailo 17 5. Highlight ND 5. 3dna 6

Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) StarCite (Active Network) $60 Amobee ( Telecom) $324 Cotendo (Akamai) $268 Skype (Microsoft) $9,224 Focal Labs (RadiumOne) ND eTree Marketing (Flipkart) ND Vringo (Innovate/Protect) ND

Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) 1. Appirio $60 1. Qwilt $24 1. Honest Company $27 1. SquareTrade $238 2. Ruckus Wireless 25 2. Path 20 2. Game Closure 12 2. Blip Networks 11 3. 18 3. 12 3. plyfe 1 3. VM Turbo 10 4. Songkick.com 10 4. Extole 10 4. Radio Time ND 4. HookLogic 10 5. Karma Science 5 5. Pinwheel 7.5 5. Self Aware Games ND 5. Sneakpeeq 8

Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Cotendo (Akamai) $268 Six Times Seven (Groupon) $36 Tripit (Concur) $118 Kiva Systems (Amazon) $775 Loopt (Green Dot) 30 (Twitter) ND OutStart (Kenexa) 39 AppAssure (Dell) ND

Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data announced dates from 1/1/2009 through 3/31/12 for private investment firms that have been disclosed participants in funding rounds 17

Top Investors in Digital Media and Internet: 2009 – 2012 (cont’d.)

Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) 1. Cvent $136 1. $45 1. Yammer $85 1. Drilling Info $165 2. BOKU 35 2. TrialPay 40 2. Game Closure 12 2. TrialPay 40 3. Compasslabs 12 3. RightScale 25 3. Sincerely 3 3. Neolane 27 4. Stormpath 2 4. Chegg 25 4. Scan 2 4. Viddy 6 5. Meh Labs 1 5. StumbleUpon 17 5. Blueprint Labs 1 5. Backplane 5

Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) SiliconBlue (Lattice) $63 Pixtronix (QUALCOMM) $185 BNI Video (Cisco) $100 Bazaarvoice (GAP) $25 Loopt (Green Dot) 30 Vringo (Innovate) ND Hipster (AOL) ND Adku (Groupon) 10

Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)

1. LifeLock $100 1. Tremor Video $37 1. Beyond the Rack $37 1. LifeLock $100 2. MiaSole 55 2. Cardlytics 33 2. 2tor 26 2. Marketo 50 3. 2tor 26 3. Switchfly 24 3. SCVNGR 21 3. Klout 30 4. Avalanche Technology 12 4. SilverRail Technologies 15 4. Game Closure 12 4. The Honest Company 27 5. Viddy 6 5. Blip Networks 11 5. Disconnect 1 5. Inspirato 20

Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) OMGPOP (Zynga) $180 ID Analytics (LifeLock) ND FanSnap (Nextag) ND LoopNet (CoStar Group) $752 Hunch (eBay) ND SkillSlate (TaskRabbit) ND Gotuit (Digitalsmiths) ND ngmoco (Dena) 400

Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data announced dates from 1/1/2009 through 3/31/12 for private investment firms that have been disclosed participants in funding rounds 18

Top Investors in Digital Media and Internet: 2009 – 2012 (cont’d.)

Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) 1. Klout $30 1. LegalZoom.com $66 1. The Honest Company $27 1. Tapjoy $30 2. Chegg 25 2. ShoeDazzle 40 2. ZestCash 23 2. Apperian 12 3. Fixmo 23 3. Stickybits 7 3. AppDynamics 20 3. Macheen 10 4. AppDynamics 20 4. JIBE 6 4. Skyfire Labs 8 4. Awareness 3 5. Dollar Shave Club 1 5. Wantful 6 5. Ihaveu.com ND 5. SPIL Games ND

Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Pixtronix (QUALCOMM) ND LOLaps (Six Waves) ND Somo (Facebook) ND Philo Media (LocalResponse) ND Katango (Google) ND ChipIn (InMobi) ND Ning (Glame Media) ND Umber (Mobile Intelligence) ND

Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) 1. $85 1. Netflix $200 1. Twilio $17 1. July Systems $15 2. 50 2. Internet Pipeline 71 2. Funding Circle 16 2. Pet360 18 3. eToro 15 3. Roku 50 3. Edmodo 15 3. Real Enterprise Solutions 13 4. Fitnesskeeper 10 4. JustFabulous 33 4. AdaptiveBlue 12 4. Interactions 10 5. Skillshare 3 5. Merkle 1 5. Dwolla 5 5. Coaxis 10

Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) OMGPOP (Zynga) $180 Tiny Prints (Shutterfly) $357 Twitter (Kingdom Holding) $400 iContact (Vocus) $189 KickApps (KIT digital) 43 GMI (Lisghtspeed Online) ND Outside.in (Patch Media) ND Jobs2Web (SuccessFactors) 110

Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data announced dates from 1/1/2009 through 3/31/12 for private investment firms that have been disclosed participants in funding rounds 19 2012 M&A Activity by Sub-Sector

Advertising Announced Target Acquirer Value ($M)

01/01/2012 RJ Palmer MDC Partners $25 MEDIAN $25

Content Announced Target Acquirer Value ($M)

03/01/2012 Tudou Youku $1,144

02/13/2012 Eastman Kodak, Certain Assets of Online Photo Service Shutterfly 24

03/13/2012 Trident Microsystems, Certain Assets of Digital Television Sigma Designs 21 MEDIAN $24

Digital Media Platform & Services Announced Target Acquirer Value ($M)

01/09/2012 CaseCentral Guidance Softw are $54

03/08/2012 Tamarac Envestnet 54

03/16/2012 Sonar Cornerstone OnDemand 34

03/11/2012 Onvia Symphony Technology Group 31

03/29/2012 OMERS Ventures 20 MEDIAN $34 eCommerce Announced Target Acquirer Value ($M)

02/12/2012 Jump On It Hungry Machine $43

03/22/2012 Glamour Sales Neiman Marcus 28 MEDIAN $36 eLearning & Training Announced Target Acquirer Value ($M)

03/05/2012 Archipelago Learning PLATO Learning $290

03/02/2012 OutStart Kenexa 39 MEDIAN $39

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12 20 2012 M&A Activity by Sub-Sector (cont’d.)

Gaming Announced Target Acquirer Value ($M)

01/31/2012 Double Down Interactive International Game Technology $415

03/21/2012 OMGPOP Zynga 180 MEDIAN $298

Infrastructure & Services Announced Target Acquirer Value ($M)

03/07/2012 Radvision Avaya $218

03/27/2012 MANDIC Riverwood Capital 55

01/30/2012 Compliance 360 (SaaS) SAI Global 42

03/14/2012 Nolij Perceptive Software 32

01/05/2012 Cycleo Semtech 21

03/09/2012 Network Billing Systems and Interconnect Systems Group Fusion 20 MEDIAN $37

Mobile Announced Target Acquirer Value ($M)

02/07/2012 Miyowa Synchronoss Technologies $59

02/16/2012 Loopt Green Dot 43 MEDIAN $51

Social Media Announced Target Acquirer Value ($M)

01/23/2012 Allrecipes.com Meredith $175 MEDIAN $175

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12 21 2011 M&A Activity: Top Deals by Sub-Sector

Advertising Announced Target Acquirer Value ($M) 06/15/2011 MediaMind Technologies DG FastChannel $524 08/01/2011 Dotomi ValueClick 292 03/12/2011 Adenyo Motricity 142 01/31/2011 GoViral AOL Europe 97 11/14/2011 LesPAC Mediagrif Interactive 71 04/21/2011 Greystripe ValueClick Media 70 08/30/2011 chors GmbH And EyeWonder DG FastChannel 66 05/26/2011 MerchantCircle Reply! 60 04/11/2011 Tatto Ozura World 60 MEDIAN $71

Content Announced Target Acquirer Value ($M) 05/16/2011 PRIMEDIA TPG Capital $532 02/06/2011 HuffingtonPost.com AOL 315 01/20/2011 LOVEFiLM Amazon.com 115 10/06/2011 New Bay Softw are Research In Motion 100 02/28/2011 SideReel Rovi 36 08/01/2011 Instructables Autodesk 32 03/03/2011 Eurekahedge Mizuho Corporate Bank 25 MEDIAN $100

Digital Media Platform & Services Announced Target Acquirer Value ($M) 11/04/2011 The Endurance International Group Warburg Pincus; Goldman Sachs $975 03/30/2011 Radian6 Technologies .com Canada 350 04/18/2011 Kosmix / @WalmartLabs Wal-Mart 300 12/22/2011 Cotendo Akamai Technologies 268 12/16/2011 Webs VistaPrint USA 118 08/08/2011 Plimus Great Hill Partners 115 02/04/2011 Inlet Technologies Cisco Systems 95 03/21/2011 Accordent Technologies Polycom 50 04/06/2011 Eviivo Investcorp Technology Partners 49 01/27/2011 KickApps KIT digital 43 03/16/2011 Polymedia KIT digital 39 MEDIAN $115 Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M

22 2011 M&A Activity: Top Deals by Sub-Sector (cont’d.) eCommerce Announced Target Acquirer Value ($M) 03/27/2011 GSI Commerce eBay $2,381 04/27/2011 LoopNet CoStar Group 752 03/23/2011 Drugstore.com Walgreen 436 03/21/2011 Tiny Prints Shutterfly 357 11/08/2011 Kobo Rakuten 315 12/07/2011 Wiggle Bridgepoint 282 01/05/2011 Football Fanatics GSI Commerce 277 02/17/2011 HauteLook Nordstrom 270 02/09/2011 PlaySpan CyberSource 190 01/01/2011 TSYS Merchant Solutions Total System Services 174 04/28/2011 Shopzilla Symphony Technology Group 165 10/24/2011 Albumprinter Vistaprint 90 08/22/2011 Multifamily Technology Solutions RealPage 74 11/17/2011 eLong Expedia Asia Pacific- Limited 72 03/07/2011 BeatThatQuote.com Google 61 05/12/2011 Home Loan Center Discover Bank 56 06/08/2011 SeamlessWeb Professional Solutions Spectrum Equity Investors 50 01/20/2011 OP Payments Optimal Payments 50 05/24/2011 eCarList DealerTrack / AAX 45 03/03/2011 eReinsure.com Lots Intermediate 37 07/08/2011 Screamin Media Group Local.com 33 07/14/2011 Prospectiv Direct Affinion Group ND MEDIAN $165 eLearning & Training Announced Target Acquirer Value ($M) 07/01/2011 Blackboard Providence Equity Partners $1,805 08/22/2011 Renaissance Learning PLATO Learning 453 09/15/2011 Connections Education Pearson 400 04/26/2011 Plateau Systems SuccessFactors 290 MEDIAN $426

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M

23 2011 M&A Activity: Top Deals by Sub-Sector (cont’d.)

Gaming Announced Target Acquirer Value ($M)

07/11/2011 PopCap Games Electronic Arts $1,250

04/26/2011 Bigpoint Summit Partners, TA Associates 350

02/02/2011 Riot Games Holdings 231

04/21/2011 OpenFeint GREE International 104

09/30/2011 Full Tilt Poker Groupe Bernard Tapie 80

08/02/2011 Griptonite Glu Mobile 68

05/30/2011 Cryptic Studios Perfect World 50 MEDIAN $104

Infrastructure & Services Announced Target Acquirer Value ($M)

05/10/2011 Skype Microsoft $8,500

04/26/2011 SAVVIS CenturyLink 3,084

06/30/2011 Go Daddy KKR, Silver Lake, Technology Crossover Ventures 2,250

10/23/2011 Rightnow Technologies Oracle Corporation 1,763

08/03/2011 Netw ork Solutions Web.com Group 756

02/01/2011 NaviSite 333

09/23/2011 Group NBT HgCapital 231

02/09/2011 Alog Soluções de Tecnologia Equinix, Riverw ood Capital 126

10/20/2011 BNI Video Cisco Systems 99

06/01/2011 Hew lett-Packard (Visual Collaboration Business) Polycom 89

08/21/2011 Attenda Darw in 83

03/04/2011 iWeb Group Novacap, Caisse de Depot et Placement, Bank Street 65 MEDIAN $282

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M

24 2011 M&A Activity: Top Deals by Sub-Sector (cont’d.)

M obile Announced Target Acquirer Value ($M)

07/07/2011 Zong PayPal $240

03/20/2011 Snaptu Facebook 70

06/29/2011 Nokia (Branded Messaging Business) Synchronica 25

04/10/2011 PushLife Google 25

MEDIAN $48

Social M edia Announced Target Acquirer Value ($M)

05/30/2011 Meetic Match.com $363

01/12/2011 TripIt Concur Technologies 118

07/19/2011 Insider Guides Quepasa 100

02/01/2011 Humor Rainbow / OKCupid Match.com 90

09/26/2011 QianJun Renren 80

11/14/2011 Mr. Youth LBI International 40

MEDIAN $95

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M

25 2012 Private Financings: Advertising & Content

Advertising Announced Company Investor(s) Amount ($M) 02/14/2012 Resonate Networks iNovia Capital, Greycroft Partners, Revolution Growth $22

01/19/2012 Bluefin Labs Redpoint Ventures, Time Warner Investments, SoftBank Capital 12

02/14/2012 CompassLabs NEA, Presidio STX 12

03/21/2012 Integrate Comcast Ventures, Foundry Group, Liberty Global Ventures 11

MEDIAN $12

Content

Announced Company Investor(s) Amount ($M) 03/06/2012 Axel Springer Digital Classifieds General Atlantic $311

01/02/2012 SoundCloud Kleiner, Perkins, Caufield & Byers, GGV Capital 50

02/21/2012 Digital Access , ru-Net II 30

01/10/2012 Thought Equity Motion Investcorp technology Partners 28

02/14/2012 Aereo Highland Capital, FirstMark Capital, First Round Capital 21

02/27/2012 ND 17

03/13/2012 RetailFX Spark Capital 15

02/21/2012 Wheelz Zipcar, Fontinalis Partners 14

01/12/2012 Everyday Health ND 12

03/08/2012 Songkick.com Sequoia Capital, , SoftTech 10

01/16/2012 Cellcast Asia Vertex Venture 10

02/27/2012 SavingStar DCM, First Round Capital, Flybridge Capital Partners, IA 9

03/05/2012 Article One Partners Alleghany Capital 7

03/21/2012 Yummly Intel Capital, Unilever Ventures, First Round Capital 6

03/02/2012 DramaFever MK Capital 6

MEDIAN $14

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12

26 2012 Private Financings: Platforms & Services

Digital M edia Platforms & Services Announced Company Investor(s) Amount ($M) 01/05/2012 Lithium Technologies Benchmark Capital, NEA, SAP Ventures, Greenspring $53 01/31/2012 TrialPay DFJ, Greylock Partners, T. Rowe Price Group, QuestMark 40 01/01/2012 Klout Institutional Venture Partners, Venrock, Greycroft Partners 30 02/13/2012 Marin Software Benchmark Capital, CrossLink Capital, SAP Ventures, DAG 30 02/09/2012 Bazaarvoice General Atlantic, GAPCO 26 02/24/2012 Switchfly Canaan Partners, Azure Capital Partners, StarVest Partners 24 03/09/2012 Qwilt Accel Management, Redpoint Ventures 24 02/21/2012 Fluid Goldman Sachs Asset Management 24 02/08/2012 MuleSoft ND 16 02/05/2012 BriefingMedia GCP Capital Partners 16 02/02/2012 Leads360 Rustic Canyon Partners, Volition Capital 15 02/01/2012 Conviva Time Warner Investments 15 02/16/2012 PeopleMatter Intersouth Partners, Morgenthaler, Noro-Moseley Partners 14 03/15/2012 BrightEdge Technologies Altos Ventures, Battery Ventures, Intel Capital, Illuminate 13 01/24/2012 Adara Media August Capital, Morgenthaler, Onset Ventures, Baseline 12 01/05/2012 Maxymiser Investor , Pentech Ventures 12 01/01/2012 Wildfire Interactive ND 10 02/08/2012 Extole , Redpoint Ventures, Trident Capital 10 01/27/2012 Spongecell Safeguard Scientifics 10 03/27/2012 Sojern Focus Ventures, Norwest Venture Partners, Trident Capital 8 03/13/2012 DataSphere Technologies OVP Venture Partners, Ignition Partners 8 02/06/2012 Eccentex Russian Venture, Investment Arm, CJSC VTB Capital 8 02/23/2012 B5M Oak Investment Partners 7 01/10/2012 Zmags NorthCap Partners, Square 1 Bank, OpenView Venture Partners 7 03/15/2012 TopSchool ND 6 02/15/2012 Qyuki Digital Media Cisco Systems 5 03/06/2012 INgrooves ND 5 02/01/2012 Yomobi ND 5

MEDIAN $12

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12

27 2012 Private Financings: eCommerce

eCommerce Announc e d Compa ny Investor(s) Amount ($M) 01/19/2012 BeachMint Accel, NEA, Trinity Ventures, New World Ventures $36 03/14/2012 Wikimart Tiger Global Management 30 01/09/2012 Letao Morningside Ventures, The Tiger Fund, DT Capital Partners 30 03/13/2012 Despegar.com ND 22 02/09/2012 Myntra Designs Tiger Global Management, IDG Ventures 21 02/09/2012 Stripe Sequoia Capital 18 01/15/2012 Farfetch.com Advent Venture Partners, eVenture Capital Partners 18 03/21/2012 SilverRail Technologies Accel, Canaan Partners, Brook Venture Partners, Sutter Hill 15 03/20/2012 MyThings Accel, Iris Capital, T-Venture Holding, Carmel Ventures 15 01/09/2012 Mozido ND 15 02/12/2012 BrainBees Solutions IDG Ventures, SAIF Partners 14 03/09/2012 ShopBistro (USA) ND 12 01/16/2012 Comuto S.A.S. Accel, ISAI GESTION, SAS, Cabiedes & Partners, SCR 10 02/16/2012 BillMyParents ND 10 01/31/2012 MOGL Loyalty Services Austin Ventures, Sigma Partners, Avalon Ventures 10 03/05/2012 Nasty Gal Index Ventures 9 02/10/2012 Global Custom Commerce ND 9 03/29/2012 Sneakpeeq FirstMark Capital, Bain Capital Ventures, Meamorphic Ventures 8 02/28/2012 Zansaar.com Accel Management, Tiger Global Management 6 02/27/2012 Poppin Shasta Ventures, First Round Capital 6 03/20/2012 Wantful Greylock Partners, Polaris Venture Partners 6 02/29/2012 Xuba Capricorn Investment Group 5 02/22/2012 TeamBuy ND 5 01/20/2012 Dwolla A&I Ventures, Village Ventures, 5 01/12/2012 Acumen Brands Noro-Moseley Partners, Dillard's, BLH Venture Partners 5 01/12/2012 Alice.com ND 5 01/09/2012 Xingcheng Tech SEAVI Advent, Bridger Management 5 03/02/2012 Elo7 Insight Venture Partners 5

MEDIAN $ 10

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12

28 2012 Private Financings: eLearning & Gaming

eLearning & Training Announced Company Investor(s) Amount ($M) 01/04/2012 Kiwi Crate Mayfield Fund, Comcast Ventures, First Round Capital $5

MEDIAN $5

Gaming Announced Company Investor(s) Amount ($M) 01/09/2012 Trion Worlds Ontario Teachers' Pension Plan, Bertelsmann Digital Media $85 Investments 02/27/2012 Major League Gaming ND 13

02/29/2012 FunPlus Game GSR Ventures Management 12

02/24/2012 Game Closure Benchmark Capital, Charles River Ventures, Greylock 12

02/27/2012 Meteor Entertainment Benchmark Capital, FirstMark Capital 10

01/27/2012 Ignite Game Technologies ND 10

01/17/2012 Visiware Credit Agricole Private Equity, Entrepreneur Venture Gestion SA 6

03/21/2012 Red Robot Labs Next Media 5

MEDIAN $11

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12

29 2012 Private Financings: Infrastructure & Services

Infrastructure & Services Announced Company Investor(s) Amount ($M) 03/05/2012 Drilling Info Battery Ventures, Insight Venture Partners, Eastern Advisors $165 01/23/2012 Joyent El Dorado Ventures, EPIC Ventures, Intel Capital, Greycroft 85 01/18/2012 Internet Pipeline TechnologyPartners Crossover Ventures, NewSpring Capital 71 03/15/2012 Appirio General Atlantic, Sequoia Capital, GGV Capital 60 01/03/2012 iCIMS Susquehanna Growth Equity 36 02/16/2012 Fixnetix NYSE Euronext 28 03/14/2012 Adaptive Planning Norwest Venture Partners, Onset Ventures, Monitor Ventures 22 03/05/2012 Cloud Sherpas Columbia Capital 20 01/18/2012 Symplified Allegis Capital, Quest Software, Granite Ventures, Ignition 20 01/17/2012 Solera Networks AllegisPartners Capital, Trident Capital, Intel Capital, Signal Peak 20 01/27/2012 SecureKey Technologies ND 19 01/23/2012 True Ultimate Standards Everywhere Accel, JAFCO Ventures, DAG Ventures, Baseline Ventures 15 01/13/2012 M86 Security ND 14 02/01/2012 PlanSource Lemhi Ventures 12 02/01/2012 VideoPlaza Innovacom, QUALCOMM Ventures, Northzone Ventures 12 02/10/2012 Milyoni Oak Investment Partners, Thomvest Ventures , ATA 11 02/27/2012 Vaultive New Science Ventures, Harmony Venture Partners 10 02/09/2012 FirstFuel Software Battery Ventures, Nth Power, RockPort Capital Partners 10 02/01/2012 Numecent ND 10 01/31/2012 CardSpring Accel, Greylock Partners, Felicis Ventures, SV Angel 10 02/16/2012 NetBase Solutions ND 9 03/06/2012 Confidela Gemini Funds, Shasta Ventures, Blackstone Capital 9 01/26/2012 Free Stream Media August Capital 9 01/25/2012 Skyfire Labs Matrix Partners, Trinity Ventures, Lightspeed Venture Partners 8 01/10/2012 ManageKit Morgenthaler, Mangrove Capital Partners, Kima Ventures 8 02/22/2012 nScaled Doughty Hanson & Co. Technology Ventures, Almaz Capital 7 01/19/2012 Knowlarity Communications Sequoia Capital India 7 02/28/2012 Ginger Software Vaizra Ventures 6 01/06/2012 Trapit Horizon Ventures, Treehouse Capital 6 01/30/2012 Themis Solutions Acton Capital Partners, Point Nine Capital 6 01/17/2012 SeaWell Networks BDC , Northwater Capital Management 6 03/08/2012 Tracelytics Bain Capital, Google Ventures, Battery Ventures, Flybridge 5 01/27/2012 Kontiki New World Ventures, MK Capital, Cross Creek Capital 5 01/08/2012 Azuki Systems Sigma Partners, Kepha Partners 5 MEDIAN $10 Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12

30 2012 Private Financings: Mobile & Social Media

M obile Announced Company Investor(s) Amount ($M) 01/18/2012 Lianlian Pay American Express $125 03/12/2012 Burbn ND 40 03/15/2012 BOKU Benchmark Capital, NEA, Index Ventures, Khosla Ventures, DAG 35 01/18/2012 Jasper Wireless ND 25 03/02/2012 SCVNGR Highland Capital, Balderton Capital, Google Ventures 21 03/29/2012 Hailo Network Accel, Wellington Partners, Atomico Investment 17 01/09/2012 Verivo Software Commonwealth Capital Ventures, Ascent Venture Partners 17 02/29/2012 SugarSync DFJ, Sigma Partners, Hercules Technology Growth Capital 15 02/07/2012 July Systems Updata Partners, Intel Capital, Sequoia Capital India 15 03/07/2012 Apperian Bessemer Venture Partners, KPCB, North Bridge Growth Equity 12 02/28/2012 Verve Wireless ND 10 01/24/2012 Onavo Mobile Magma Venture Partners, Horizons Ventures, Sequoia Capital 10 02/23/2012 Pinger T-Venture Holding 8 02/16/2012 Pinwheel Redpoint Ventures, True Ventures, Betaworks, SV Angel 8 03/26/2012 Duda Mobile Pitango Venture Capital 6 02/03/2012 Viddy Battery Ventures, Bessemer Venture Partners, QUALCOMM 6 01/23/2012 Polar Mobile Group Georgian Partners 6 03/08/2012 Clover Network Sutter Hill Ventures, Andreessen Horowitz 6 03/21/2012 Red Robot Labs Next Media 5 02/17/2012 Duo Security True Ventures, Google Ventures, Resonant Venture Partners 5 MEDIAN $11 Social M edia Announced Company Investor(s) Amount ($M) 02/28/2012 Yammer Charles River, DFJ, MeriTech Capital, U.S. Venture Partners $85 02/28/2012 Ortsbo ND 30 01/18/2012 The Jetstream Quantum Capital Fund 30 02/13/2012 WayIn U.S. Venture Partners 14 01/13/2012 Polyvore Benchmark Capital, Matrix Partners, DAG 14 02/01/2012 Stylefantasia Accel Management, Index Ventures, Fidelity Growth 11 01/17/2012 OurStage ND 10 03/08/2012 3dna Andreessen Horowitz, SV Angel 6 01/06/2012 Piazza Technologies Bessemer Venture Partners, Felicis Ventures, Kapor Capital 6 MEDIAN $14

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12

31 2011 Selected Private Financings: Advertising

Advertising Announced Company Investor(s) Amount ($M) 05/31/2011 591tui.com Private Equity Group $100 03/07/2011 Shanghai Han Tao Information Consultation Lightspeed, TrustBridge, Qiming Weichuang, Sequoia 100 09/21/2011 Adchemy August Capital; Mayfield Fund; Microsoft Corporation 61 08/12/2011 Buddy Media Bay Partners; Insight; Institutional Venture Partners; GGV 54 06/21/2011 Reply! ND 41 11/10/2011 BrightRoll Adams Street Partners, Trident, Scale, Comerica, True 30 03/18/2011 JumpTap AllianceBernstein, General Catalyst, Redpoint, 3 Others 25 03/10/2011 RadiumOne Adams Street, DFJ Esprit, Trinity, CrossLink 21 09/20/2011 MindShare Sorenson Capital 20 09/19/2011 AdSage Meridian Capital, Sig Asia 20 04/02/2011 DataXu Atlas, Menlo, Flybridge 20 02/15/2011 YoYi Media Interactive Advertising Steamboat Ventures, Oak Investment Partners, Gobi 20 07/22/2011 edo interactive VantagePoint Venture Partners; Baird Venture Partners 20 08/12/2011 WhaleShark Media ND 18 10/03/2011 Clickable FirstMark, American Express, USV, Founders Fund 18 02/14/2011 Ubermedia Index, Accel, Revolution Ventures 18 10/28/2011 YuMe Samsung Venture Investment, TransLink Capital 18 03/29/2011 Marin Softw are Crosslink, Focus, DAG, Triangle Peak, Benchmark 16 03/10/2011 Western Tech., The Founders Fund, BlueRun, Ignition 15 07/26/2011 Monetate First Round Capital; OpenView Venture Partners 15 01/19/2011 Komli Media Helion, NVP, Nexus Venture Partners, DFJ 15 10/27/2011 4INFO DFJ, Gannett, U.S. Ventures, Vulcan Capital, 2 Others 14 09/22/2011 Visible Measures Corporation Mohr Davidow ; General Catalyst; Northgate; DAG 13 06/13/2011 TellApart Bain Capital, Greylock Partners 13 12/07/2011 Martini Media Netw ork Venrock, Granite Ventures, Reed Elsevier, 1 Other 13 03/09/2011 Flite General Catalyst, Sequoia, Hummer Winblad, Northgate 12 04/19/2011 Ticketfly High Peaks, Contour, Mohr Davidow 12 07/22/2011 PivotLink ND 10 09/29/2011 Yieldex Amazon; Madrona; Sequel; Hearst; FFP; Triangle Peak 10 01/03/2011 [x+1] Hudson Ventures, Intel Capital, ATV, Blue Chip 10 05/27/2011 Act-On Softw are Voyager Capital, Trinity, USVP, Cisco Systems 10 05/12/2011 Demandbase Altos, Adobe Ventures, Sigma, Sutter Hill 10 07/28/2011 Yext Institutional Venture Partners; Sutter Hill; 3 Others 10 03/01/2011 Opinmind ND 10 10/10/2011 madvertise Earlybird, Blumberg 10 06/09/2011 Taykey Crescent Point, SoftBank, Sequoia 9 01/05/2011 33Across Flybridge, First Round, QED Investors 9 12/16/2011 Trada Foundry Group; Google Ventures 9 12/13/2011 xAD Softbank; Palisades; Emergence; SVB Investment Arm 9 03/01/2011 MaxPoint Interactive Trinity, Madrona 8 07/18/2011 Lucid Commerce OVP Venture Partners; Rho Capital Partners; 3 Others 8 10/31/2011 Jivox Capital, Helion Venture Partners 8 07/25/2011 Baifendian IDG Capital Partners; Mingly China Grow th Fund 7 12/21/2011 Brand Affinity Technologies ND 7 10/24/2011 GumGum GRP Partners, NEA, First Round Capital 7 06/16/2011 Ow nerIQ Atlas, Egan-Managed, CommonAngels, 3 Others 7 MEDIAN $13 Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/3011 for Advertising companies that have announced rounds of funding >= $5M

32 2011 Selected Private Financings: Content

Content

Announced Company Investor(s) Amount ($M) 09/07/2011 TrueCar ND $200 06/18/2011 Spotify Accel, Kleiner Perkins, DST Global 100 03/07/2011 Beyond Oblivion New s Corp., Allen & Co., Wellcome Trust, InterTrust 77 03/15/2011 Brow nstone Publishing ND 60 02/09/2011 Cinsay Pepperw ood Partners 40 08/04/2011 BloomSpot Columbia Capital; InterWest; Menlo Ventures; 3 Others 35 04/09/2011 GrubHub ND 34 03/08/2011 TidalTV Valhalla, Comcast Ventures, NEA 31 01/17/2011 Pet Holdings / Cheezburger Foundry Group, SoftBank, Avalon, Madrona 30 08/17/2011 Consumer Agent Portal ND 30 08/15/2011 Bleacher Report Oak Investment Partners; CrossLink Capital; Hillsven 22 10/07/2011 ViKi Charles River, Greylock, Andreessen Horow itz, 3 Others 22 05/09/2011 tastytrade ND 21 03/09/2011 GrubHub Benchmark Capital, DAG 20 10/27/2011 Intent Media ND 20 01/28/2011 Mangrove Capital, Atomico, Skype Technologies 18 08/03/2011 Inkling Sequoia Capital; Pearson; JAFCO ; Tenaya Capital 17 04/14/2011 VideoSurf Verizon Ventures, Pitango 16 08/31/2011 RootMusic Mohr Davidow Ventures; GGV Capital; Northgate Capital 16 08/22/2011 Hudong Online Draper Fisher Jurvetson; DFJ DragonFund China 16 12/23/2011 BuzzFeed NEA; RRE Ventures; Hearst; Softbank; Lerer Ventures 16 01/07/2011 Scribd Charles River Ventures, SVB, MLC Investments, Redpoint 13 01/28/2011 Glassdoor Sutter Hill, Benchmark, Battery 12 04/11/2011 Main Street Connect ND 12 01/31/2011 Outbrain Gemini Israel, Carmel, Lightspeed, Rhodium, GlenRock 11 05/27/2011 Expert Media General Catalyst, Felicis, Sutter Hill, PAR Capital 11 12/22/2011 Blip.tv Canaan Partners; Bain Capital Ventures 11 03/25/2011 Virtual Wall Street ND 10 04/25/2011 Oyster Travel Scripps, The Travel Channel, Bain Capital Ventures 10 03/28/2011 Aigou.com SoftBank China, IDG, Alibaba.com 10 11/29/2011 Prima Cinema ND 8 10/31/2011 Main Street Connect ND 7 12/16/2011 Skyw ord Cox Media Group 6 10/28/2011 Mvibo ND 5 MEDIAN $17

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Content companies that have announced rounds of funding >= $5M

33 2011 Selected Private Financings: Digital Media Platform

Digital M edia Platforms & Services Announced Company Investor(s) Amount ($M) 09/12/2011 Zfere Equity Partners Fund $682 08/25/2011 Tumblr Greylock Partners 100 07/18/2011 Zfere Equity Partners Fund 100 05/18/2011 Mollyguard / Eventbrite Tiger Global 50 07/26/2011 ePals Microsoft; Jesselson; National Geographic Ventures 47 03/28/2011 Wixpress Mangrove, DAG, Benchmark, Insight, Bessemer 40 12/07/2011 Uber Technologies Benchmark, Menlo, Bezos Expeditions, Low ercase, 1 Other 39 12/02/2011 Outbrain Index, Carmel, Lightspeed 35 03/28/2011 ExactTarget Battery, Greenspring, Scale, TCV 30 12/31/2011 Klout Institutional Venture Partners; Kleiner Perkins; 3 Others 30 02/15/2011 Peerform ND 30 05/19/2011 Masterseek ND 26 12/30/2011 Jumio ND 26 02/24/2011 Syncapse ABS Capital Partners 25 06/23/2011 Animoto Madrona, Spectrum Equity, Amazon.com 25 08/05/2011 Thought Equity Motion Shamrock Capital Advisors 25 08/31/2011 ebuzzing GIMV; Lightspeed Venture Partners; TF1 Group 25 09/14/2011 Vidyo Menlo Ventures; Rho Capital; Star Ventures; 3 Others 23 04/15/2011 Magnet Systems ND 20 02/16/2011 Adsame Netw orks Technology Vertex Ventures, SIG Asia, Matrix 20 05/05/2011 Clearspring Technologies Novak Biddle, NEA, IVP 20 07/06/2011 Company.com ND 20 02/14/2011 Kaltura Intel Capital, Nexus, Avalon, .406, SVB 20 05/27/2011 Rally Softw are Development MeriTech 20 12/12/2011 Legend3D PAR Capital, Northw ater, Augustus 19 07/28/2011 Hearsay Labs New Enterprise Associates; Sequoia Capital 18 06/15/2011 Cotendo Benchmark, Tenaya Capital, Sequoia, Juniper Netw orks 17 05/26/2011 Batanga ND 17 10/31/2011 Clearspring Technologies ND 17 03/21/2011 Appia Venrock 15 09/07/2011 FUHU Foxconn Electronics; Kingston Digital 15 12/15/2011 Prezi Sunstone Capital; Accel Partners 14 06/17/2011 Spreecast ND 14 06/08/2011 ServiceMax Mayfield Fund, Trinity, Salesforce.com, Emergence 14 06/20/2011 2Catalyze ND 14 01/06/2011 Baynote JK&B, Hummer Winblad, SingTel, Steamboat Ventures 13 03/15/2011 DotCloud Benchmark, Trinity 13 04/27/2011 Magnet Systems Andreessen Horow itz 13 07/26/2011 Strava Sigma Partners; Madrone Capital Partners 13 04/08/2011 Digitalsmiths Chrysalis, Cisco Systems, Technicolor, .406, 2 Others 13 06/23/2011 Allegiance El Dorado Ventures, Allegis Capital, Rembrandt 12 04/28/2011 Clarizen Benchmark, Carmel, Opus, DAG 12 03/18/2011 InsideView Rembrandt, Emergence, Greenhouse, Foundation 12 10/26/2011 CashStar FTV Capital, Passport Capital 12 10/24/2011 Kaggle Index Ventures, Stanford Management Company, 2 Others 11 MEDIAN $20

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Digital Media Platform & Services companies that have announced rounds of funding >= $10M

34 2011 Selected Private Financings: eCommerce

eCommerce Announced Company Investor(s) Amount ($M) 04/04/2011 LivingSocial IVP, Lightspeed, T. Row e Price, Amazon.com $565 11/18/2011 LivingSocial Grotech Ventures, J.P. Morgan, Amazon.com 400 05/23/2011 55tuan CDH China, Goldman Sachs, Zero2IPO Ventures 200 06/20/2011 CSN Stores Battery, Great Hill Partners, HarbourVest Partners, Spark 165 07/29/2011 Flipkart General Atlantic; New Enterprise Associates 150 10/28/2011 WhaleShark Media Institutional Venture Partners, J.P. Morgan, 1 Other 150 04/15/2011 Gilt Groupe General Atlantic, Pinnacle, NEA, DFJ, Matrix, 4 Others 138 09/21/2011 Rearden Commerce , JPMP Capital, American Express 133 04/11/2011 Lashou.com Tenaya, Taishan Invest, GSR Ventures, NVP, 3 Others 110 05/30/2011 Airbnb Andreessen Horow itz, DST Global 100 06/07/2011 Yoopay.cn Sequoia 100 07/18/2011 Zfere Holdings Equity Partners 100 08/17/2011 ZOSHOW Netw ork Technology Warburg Pincus; KPCB China 100 05/19/2011 Shop Closeouts Consolidated Press, Tiger Global 84 04/14/2011 KupiVIP Russia Partners, Balderton, Accel, Mangrove, Bessemer 55 10/20/2011 CouponCabin JMI Equity 54 03/09/2011 FreshDirect Wm. Morrison Supermarkets 50 07/05/2011 Meituan Group Walden, Northern Light, Sequoia, Alibaba Group 50 04/01/2011 MobileBest ND 50 05/17/2011 Shanghai MediaV Advertising Lightspeed, GGV Capital, Soros Fund Management 50 07/28/2011 ShangPin.com Morningside Group, Steamboat 50 04/12/2011 Tuniu.com Sequoia, LOTTE, Rakuten, DCM, Highland, Gobi Partners 50 05/08/2011 Vipshop Sequoia China, DCM 50 05/27/2011 YapStone Accel, MeriTech 50 07/28/2011 ShangPin.com Morningside; Chengw ei Ventures; Steamboat Ventures 50 09/20/2011 GrubHub Benchmark; Mesirow ; Lightspeed; Greenspring; DAG 50 03/16/2011 Just-Eat Greylock, Redpoint, Index 48 03/23/2011 Yatra Online NVP, Intel Capital, Valiant Capital 45 08/02/2011 MeriTech Capital Partners 43 04/28/2011 ideeli Cue Ball, Next World, StarVest, Kodiak, Constellation 41 07/28/2011 SnapDeal / Jasper Infotech IndoUS, Nexus, Bessemer 40 02/23/2011 BookRenter.com Storm, Lighthouse, Comerica, Adams Capital, Focus, NVP 40 04/18/2011 Cleartrip Travel Services Concur Technologies 40 04/30/2011 fclub.cn Zero2IPO Ventures, IDG 40 05/23/2011 LaMiu China DCM 40 05/09/2011 ShoeDazzle.com Andreessen Horow itz, Polaris, Lightspeed 40 12/07/2011 Fab.com Menlo Ventures, Baroda Ventures, First Round, 3 Others 40 11/14/2011 Fashionandyou.com Mayfield, Norw est, Sequoia, Nokia Grow th Partners 40 10/14/2011 eTree Marketing Matrix Partners, Sequoia 40 11/09/2011 Beyond the Rack Highland, Rho, BDC, iNovia, Panorama, Tandem, 1 Other 37 11/04/2011 Zuora Benchmark, Greylock, Redpoint, Index, Shasta, Tenaya 36 06/29/2011 Braintree Payment Solutions Accel 34 11/02/2011 L18 Holdings Accel, NEA, FirstMark 34 09/08/2011 Cardlytics Groupe Aeroplan 33 05/16/2011 Dealfind.com Insight, Georgian Partners, Northleaf Capital 32 MEDIAN $ 49

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for eCommerce companies that have announced rounds of funding >= $15M

35 2011 Selected Private Financings: eLearning & Gaming

eLearning & Training Announced Company Investor(s) Amount ($M) 01/18/2011 TutorVista Global Pearson $127 01/28/2011 CollegeDegrees.com ND 35 02/07/2011 2tor City Light, Bessemer, Highland, Novak Biddle, Redpoint 33 03/21/2011 ePALS ND 20 10/03/2011 Tarena Technologies Goldman Sachs 20 05/27/2011 LearnVest Accel, Richmond Global, RoseTech, Circle Financial 19 12/08/2011 Edmodo Benchmark, Grelock, Union Square Ventures, Learn Capital 15 12/05/2011 DreamBox GSV Asset Management, Charter Fund, GSV Capital 11 11/23/2011 Bloomfire ND 10 07/01/2011 LiveMocha ND 8 MEDIAN $17

Gaming Announced Company Investor(s) Amount ($M) 02/17/2011 Zynga Fidelity, Morgan Stanley, Kleiner Perkins $500 04/14/2011 GREE International ND 133 05/26/2011 Kabam Canaan, Intel Capital, Google Ventures, Redpoint, 3 Others 85 07/27/2011 Gazillion Entertainment ND 49 03/10/2011 Rovio Mobile Accel, Atomico, Felicis Ventures 42 02/08/2011 OnLive HTC 40 01/20/2011 Kabam Intel Capital, Canaan, Redpoint 30 07/19/2011 Gaikai Benchmark Capital; NEA; Rustic Canyon; 2 Others 30 10/17/2011 Happy Elements DCM, Legend Capital 30 08/23/2011 Online Warmongers Cybergun 25 05/30/2011 w ooga Balderton, Holtzbrinck Ventures, Tenaya, Highland 24 05/13/2011 Crow dStar Intel Capital, Time Warner Investments, The9 23 04/29/2011 Funzio IDG 20 12/12/2011 91.com Vertex, Techno, DT Capital Partners 20 04/27/2011 PapayaMobile Keytone Ventures, DCM 18 01/20/2011 Graffiti Entertainment ND 17 08/09/2011 Zeebo ND 17 03/08/2011 Fourth Wall Studios ND 15 02/16/2011 KingNet Matrix, Kleiner Perkins, Zero2IPO 15 12/01/2011 Rumble Entertainment Khosla Ventures, Google Ventures 15 10/12/2011 Idle Games ND 15 08/24/2011 Chukong Technology Steamboat Ventures; Northern Light; Sequoia China 14 12/09/2011 CiiNOW Foundation Capital, Alcatel-Lucent 13 10/12/2011 Nubee JAFCO 13 06/30/2011 Badgeville El Dorado, NVP, Trinity, Webb Investment Netw ork 12 02/22/2011 Digital Chocolate Sutter Hill, DN Capital, Intel Capital, Bridgescale 12 05/25/2011 Supercell Accel, London Venture Partners 12 MEDIAN $17

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for eLearning & Training and Gaming companies that have announced rounds of funding >= $6M and $5M, respectively

36 2011 Selected Private Financings: Infrastructure & Services

Infrastructure and Services Announced Company Investor(s) Amount ($M) 01/13/2011 Cequel Communications ND $643 03/21/2011 PT Link Net CVC Capital Partners 187 12/08/2011 Klarna General Atlantic, Sequoia, DST Global 155 10/13/2011 Workday T. Row e Price, Janus Capital, Morgan Stanley, Bezos 85 02/17/2011 Qihoo 360 CDH China, TrustBridge, Highland, Sequoia 50 11/16/2011 Marketo Battery, Institutional Venture Partners, InterWest, 2 Others 50 02/18/2011 .net DFJ, USVP, Scale, MeriTech, 2 Others 48 01/21/2011 Nicira Netw orks Lightspeed, NEA 47 11/10/2011 ExactTarget ND 40 01/31/2011 21 Vianet Group Matrix, GGV Capital, MeriTech, Trinity Ventures, 4 Others 35 08/03/2011 Box.net Draper Fisher Jurvetson; Andreessen Horow itz; 4 Others 35 08/25/2011 DoubleVerify Institutional Venture Partners; JMI Equity; 2 Others 33 06/16/2011 Direct Media Technologies ND 30 09/29/2011 Blekko CMEA; U.S. Venture Partners; MLC; Yandex; PivotNorth 30 11/14/2011 Mapbar IDG Capital Partners, Renren 30 05/04/2011 PlumChoice Online PC Services Eastw ard, Gold Hill, M/C 26 11/29/2011 AgriWorld Exchange ND 23 02/22/2011 Bandw idth.Com Carmichael Partners 22 09/02/2011 MINDBODY Bessemer, Catalyst 21 09/27/2011 BrightTALK North Bridge Grow th Equity 21 05/13/2011 OpenX Technologies Accel, SAP Ventures, Mitsui, DAG, Presidio STX, Index, AOL 20 07/12/2011 CloudFlare NEA, Pelion Ventures, Venrock 20 06/06/2011 Silver Tail Systems Leapfrog, Seraph, Andreessen Horow itz, Startup Capital 20 09/19/2011 ArcSoft Intel Capital; Tudor Ventures 20 12/12/2011 Federal Tax Authority ND 19 11/21/2011 uTest Egan-Managed Capital, QuestMark, Longw orth, 2 Others 19 12/07/2011 Tw ilio Bessemer, Union Square Ventures, 500 Startups 17 11/21/2011 HouseTrip Index Ventures, Balderton Capital 17 09/08/2011 Steelw edge Softw are Mainsail Partners 16 12/08/2011 Bill.com August Capital, DCM, TTV Capital, Emergence, 2 Others 16 03/17/2011 Aryaka Netw orks Trinity, Mohr Davidow , Nexus Venture Partners 15 02/08/2011 Meraki Northgate Capital, Sequoia, DAG 15 11/04/2011 New Relic Benchmark, Trinity, Allen & Company, Tenaya, DAG, 1 Other 15 10/17/2011 Jaded Pixel Technologies Bessemer, FirstMark, Felicis, Georgian 15 08/10/2011 Couchbase Accel; Mayfield Fund; North Bridge; Ignition 14 12/19/2011 Accellion Riverw ood Capital 13 11/01/2011 WebFilings Bluestem Capital Partners 13 10/31/2011 Mendix Prime Ventures, Henq Invest 13 02/10/2011 Damballa Palomar, Paladin, Implay, Blumberg, Sigma, GRA, InterWest 12 02/28/2011 Clickatell DAG, Sequoia 12 07/28/2011 Bedrocket Media Ventures ND 12 MEDIAN $12

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Infrastructure companies that have announced rounds of funding >= $5M

37 2011 Selected Private Financings: Mobile

M obile Announced Company Investor(s) Amount ($M) 06/07/2011 Square Kleiner Perkins, Tiger Global $100 06/24/2011 Foursquare Labs Union Sq., Spark, O'Reilly AlphaTech, Andreessen Horow itz 50 03/24/2011 Color Labs Sequoia, SVB, Bain Capital Ventures 41 06/22/2011 Shazam Entertainment IVP, Kleiner Perkins, DN Capital, Russian Venture Company 32 07/01/2011 Tapjoy InterWest, North Bridge, Rho, JPMorgan, D.E. Shaw 30 10/18/2011 Waze Kleiner Perkins, Horizons Ventures 30 01/03/2011 Square Khosla, Sequoia, Benchmark Capital, Kleiner Perkins 28 12/05/2011 Gumi Shinsei, JAFCO, Mitsubishi UFJ Capital, 2 Others 26 01/21/2011 Control4 ND 25 02/14/2011 GetJar Netw orks Tiger Global, Accel 25 01/06/2011 Tapjoy North Bridge, D.E. Shaw , Rho, InterWest 21 05/06/2011 JiWire Comcast Ventures, Trident Capital, DFJ, NVP, Panorama 20 05/25/2011 Mobile Iron Foundation, Storm, NVP, Sequoia 20 04/12/2011 Payfone Rogers Ventures, Amex, Verizon Ventures, RRE, 2 Others 19 11/17/2011 mFoundry Intel, Mastercard, Fidelity, Motorola 18 01/21/2011 m-Via ND 17 01/06/2011 Bump Technologies Sherpalo, SV Angel, Andreessen Horow itz, Sequoia 17 06/09/2011 ThunderSoft QUALCOMM, ARM, Northern Light, CAS Ruiqi Internet 15 01/31/2011 ValueFirst Messaging NEA, Headland Capital 15 02/28/2011 ClairMail ND 15 01/31/2011 GOGII Matrix, GRP Partners, Kleiner Perkins 15 01/20/2011 LOC-AID Technologies H.I.G., Florida State Board of Administration, Intersouth 13 02/14/2011 Borqs Intel Capital 13 04/13/2011 Scanbuy Motorola Solutions Venture Capital, Hudson Ventures 13 04/07/2011 GoldSpot Media Berg and Berg Enterprises, EXA Ventures 12 10/28/2011 Smule Bessemer Venture Partners, Granite Ventures, Shasta 12 07/18/2011 Capriza Andreessen Horow itz 11 05/24/2011 fringland Pitango, North Bridge, Veritas Ventures 10 06/09/2011 AlterGeo Intel Capital, Almaz Capital 10 03/21/2011 Bubble Motion SingTel Ventures, Northgate, Palomar, Sequoia, Infocomm 10 03/23/2011 Tapas GSR Ventures Management 10 08/01/2011 Duomeng Zhisheng Netw ork Redpoint Ventures; Qiming Weichuang Venture Capital 10 03/08/2011 Apperian North Bridge, Kleiner Perkins, Bessemer, 2 Others 10 12/12/2011 Appconomy Western Technology Investment, Neusoft, 2 Others 10 11/18/2011 Fitnesskeeper Revolution, Spark, O'Reilly AlphaTech, Boston Seed Capital 10 07/06/2011 Zlango DAG 9 06/16/2011 Alphonso Labs Greycroft Partners, NEA, Lerer Ventures 9 03/25/2011 txteagle QUALCOMM Ventures, RBC Ventures, Flyw heel, Spark 9 04/18/2011 30 Second Softw are / Digby Daylight Partners, ATP Capital, Battery, S3 8 05/02/2011 Billing Revolution DCM, SK Telecom Ventures 8 05/16/2011 StackMob Trinity, Baseline, Harrison Metal 8 11/18/2011 Klip Benchmark, Matrix 8 02/15/2011 Catch.com Greylock, Excel Venture Management 7 01/26/2011 Smaato Aeris Capital, EDB Investments 7 06/01/2011 Fixmo iNovia Capital, Panorama, Extreme Ventures, Rho 7 05/19/2011 session M Highland, Kleiner Perkins 7 11/25/2011 Unw ired Nation ND 7 MEDIAN $13

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Mobile companies that have announced rounds of funding >= $5M

38 2011 Selected Private Financings: Social Media

Social M edia Announced Company Investor(s) Amount ($M) 01/02/2011 Facebook FBDC Investors / Goldman Sachs $1,000 07/05/2011 Tw itter Kleiner Perkins, DST Global 400 09/08/2011 Tw itter ND 400 07/12/2011 Dropbox / Evenflow ND 300 08/16/2011 Zoosk ND 75 03/25/2011 Noktacom Medya Internet Hizmetleri Sanayi ve Ticaret Intel Capital 50 03/29/2011 Lockerz Kleiner Perkins, 45 02/14/2011 Facebook Kleiner Perkins 38 06/29/2011 RockMelt First Round, Khosla, Accel, Andreessen Horow itz 30 10/07/2011 Pinterest Andreessen Horow itz 27 04/27/2011 Sittercity Apex, Point Judith, New World, Western Tech., 3 Others 23 03/15/2011 SocialVibe Redpoint, Pinnacle, JAFCO, NVP 20 05/06/2011 Jobvine ATA; CMEA; Trident 20 02/16/2011 Vitrue Comcast Ventures, General Catalyst, Scale, 2 Others 19 05/11/2011 BranchOut Accel, Redpoint, NVP, FLOODGATE 18 07/28/2011 Hearsay Social NEA, Sequoia 18 07/20/2011 Casual Collective Trinity Ventures; Lightspeed Venture Partners; JAFCO 18 03/09/2011 StumbleUpon August, Sherpalo, DAG, Accel, First Round 17 09/27/2011 Yammer Charles River Ventures; U.S. Venture Partners; 2 Others 17 07/22/2011 Quirky Norw est Venture Partners; RRE Ventures 16 02/10/2011 Raptr Tenaya Capital, DAG, Accel 15 04/13/2011 Sugar IVP, Sequoia 15 11/03/2011 How AboutWe.com ND 15 01/14/2011 Nextdoor.com Benchmark Capital, Shasta Ventures 15 10/09/2011 Shaker Menlo, Pitango, Innovation Endeavors, CrunchFund 15 02/16/2011 FON Technology Coral Group, Atomico 14 02/28/2011 stack exchange Union Square, Index, Spark 12 05/19/2011 GroupMe ND 12 04/25/2011 Big Head Labs Union Square, North Bridge 10 04/22/2011 Helium ND 10 03/11/2011 8th Bridge Split Rock; Trident Capital 10 05/18/2011 JUFWBE Technologies ND 10 04/07/2011 Zhubajie IDG 10 03/25/2011 diandian.com Sequoia, Ceyuan Ventures 10 01/27/2011 RockeTalk ND 10 08/31/2011 Webaroo Technology Charles River Ventures; Globespan; 4 Others 10 11/30/2011 Sportsvite ND 5 MEDIAN $17

Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Social Media companies that have announced rounds of funding >= $5M

39

A full-service, partner-owned, boutique investment bank Why Partner With AGC

. AGC Partners Drives Both Big and Small Deals to Strategic Outcomes  The most active M&A firm in all of technology boutique banking form 2009-2011  Emphasis on deals between $25mm and $250mm  Reputation for delivering compelling valuations – many years and hundreds of transactions worth of experience . Strong Relationships with the Leading Acquirers and Investors  In the last 90 days, we have held in-depth discussions with over 200 leading buyers regarding live M&A opportunities  Completed transactions with 21 of the largest technology acquirers and 11 of the largest technology investors . One of the Largest Global Technology Banking Teams  45-person team with 15 calling officers  Offices in Boston, NYC, San Francisco, Minneapolis, and London . Partners have Deep Sector Knowledge and the Ability to Uniquely Position the Underlying Story  Partners recognized as leading domain experts - Cloud, Comms, , Digital Media, FinTech, HCIT, Infrastructure, Internet, Mobile, SaaS, Security, Software  Each partner regularly publishes thought pieces on their sector of focus . Premier Industry Investor Conferences  Each 2-day event has 300+ companies, 1,000 attendees, 800+ one-on-ones, thoughtful and timely panel discussions  Many of the major strategic technology acquirers send their corporate development teams to meet with participants  We have held a combined total of 15 annual East and West Coast Conferences over the past 8 years . Engagements Led by Partners - not Handed Down to Junior Bankers  Each partner has a 15-25 year history and 50-250 deals of experience in technology M&A . Great Value – Higher Level Service at a Compelling Price  24/7 commitment from our partners that have skin in the game  Phenomenal references - virtually 100% of our clients will give glowing references of our passion, capability, commitment, creativity, thoughtfulness and finesse working towards these most strategic outcomes

41 AGC Partners Top-Ranked Tech Boutique 2009-2011

Top Tech Dealmakers 2009-2011  72 deals completed Firm Number of Transactions 1. Morgan Stanley 81 overall 2009-2011 2. Goldman Sachs 68 3. 59 . 24 in 2011 4. Jefferies 56 5. JP Morgan 55 . 28 in 2010 6. 51 7. AGC Partners 47 . 20 in 2009 8. Houlihan Lokey 43 9. Pagemill 41 10. 39 11. UBS 34  160+ transactions 12. 33 13. GCA Savvian 33 closed since inception 14. Signal Hill Updata 32 15. William Blair 32 in 2003 16. Stifel Nicolaus Weisel 31 17. Citigroup 29

18. Needham 27 19. Raymond James 27 20. Qatalyst Partners 26 *Deals only include American M&A deals in certain sectors; does not represent actual number of AGC’s completed deals Source: The 451 Group 42 One of the Largest Global Technology Banking Teams

AGC Partners’ 45-person team has deep domain and extensive technology transaction experience covering North America and Europe

 15 Calling Officers Minneapolis London  8 Project Boston Managers Menlo Park New York  17 Analysts  5 Business Development Professionals

43 AGC Partners Drives Big and Small Deals to Strategic Values

44 AGC’s Strong Track Record with the Largest Acquirers / Investors

Strategic Acquirers

Buyer AGC Transaction / Relationships Buyer AGC Transaction / Relationships

Sold TippingPoint to 3Com Sold Bowstreet and Ounce Labs to IBM

Sold Neocleus to Intel Sold Systech to ACS Sold InternetSafety.com to McAfee

Sold Enterprise Mobile, a Microsoft Company to Intermec Sold Software Company to Apple

Sold CXO and ExtendMedia to Cisco Systems Sold Akorri to NetApp

Sold Software Company to Citrix Sold Empirix and Secerno to Oracle

Sold Silverback Technologies and Boomi to Dell Sold Viridity to Schneider Electric

Sold Oco to Deloitte Sold TriGeo to SolarWinds

Sold Where to eBay Sold BindView and WholeSecurity to Symantec

Sold Asankya, Configuresoft, Authentica and Bus-Tech to EMC Sold Proginet to TIBCO Advised RSA on Cyota and Passmark acquisitions

Sold reCAPTCHA to Google Sold Fundamo to Visa

Sold OKCupid Sold TriCipher to VMware

Sold Sold Conduit Labs to Zynga

Growth Equity / PE Investors

45 Representative AGC Partners Buyer Relationships

Technology Platform

Business / IT Services Communications Internet / eCommerce Media / Content Security Software Storage

46 Representative AGC Partners Investor Relationships

Early Venture

.406 Ventures Charles River Ventures Flybridge Capital Partners Level Equity Point Judith Capital vSpring Capital ABS Ventures Clearstone Venture Partners Focus Ventures Lightspeed Venture Partners Prism VentureWorks Walden International Adams Capital Management CMEA Capital Foundation Capital Long River Ventures QuestMark Partners Advanced Technology Ventures Commonwealth Capital Founders Fund Longworth Venture Partners RRE Ventures European Funds Alloy Ventures Constellation (Highbridge) Garage Technology Ventures Madrona Venture Group Rustic Canyon Partners Advent Venture Partners Altos Ventures Coral Group Gemini Investors Masthead Venture Partners Saturn Partners Alven Capital Apex Venture Partners Crescendo Ventures GrandBanks Capital Mayfield Fund Scale Venture Partners Amadeus Capital Partners Appian Ventures Cross Atlantic Capital Greycroft Partners Nauta Capital Shasta Ventures Atomico Ventures Arcapita Ventures Dace Ventures Grotech Ventures NGEN Partners Sigma Partners Dawn Capital Ascent Venture Partners DAG Ventures GRP Partners Noro-Moseley Partners Sofinnova Ventures ePlanet Capital ATA Ventures Dolphin Equity Partners Hummer Winblad Venture Partners North Atlantic Capital Storm Ventures Fidelity Growth Partners Atlas Venture Egan-Managed Capital Ignition Partners Novak Biddle Venture Partners Summerhill Venture Partners IDG Ventures Azure Capital Partners El Dorado Ventures Intersouth Partners OpenView Venture Partners Sutter Hill Ventures Iris Capital Bay Partners Emergence Capital Partners InterWest Partners Opus Capital TL Ventures Northzone Ventures BlueRun Ventures Enterprise Partners JAFCO Ventures Outlook Ventures Trinity Ventures Octopus Ventures Boston Millennia Fairhaven Capital Kohlberg Ventures Palomar Ventures TriplePoint Capital Partech International Boulder Ventures First Round Capital Labrador Ventures Pelion Venture Partners True Ventures Pond Venture Partners Castile Ventures Flagship Ventures Leapfrog Ventures Pilot House Ventures Union Square Ventures Wellington Partners

Growth Equity to Mega

3i Group Crosslink Capital HarbourVest New Enterprise Associates StarVest Partners European Funds Abingworth Diamond Castle Hellman & Friedman North Bridge Sterling Partners Atlantic Bridge ABRY Partners DLJ Merchant (Credit Suisse) In-Q-Tel Norwest Equity Partners Stripes Group Balderton Capital ABS Capital Doll Capital Management Insight Venture Partners Norwest Venture Partners Summit Partners Bowmark Capital Accel Partners Draper Fisher Jurvetson Institutional Venture Partners Oak Investment Partners Susquehanna Growth Bridgepoint Accel-KKR EdgeStone Capital Partners Internet Capital Group (ICG) Sverica International Cinven Adams Street Partners Edison Ventures Investor Growth Capital (Investor AB) Paladin Capital Group Symmetric Capital Credit Agricole PE (Coller Capital) Altaris Capital Partners Element Partners JH Partners Symphony Technology Digital Sky Technologies Andreessen-Horowitz Elevation Partners JH Whitney Panorama Capital TA Associates Doughty Hanson & Co. Angeleno Group Eos Partners JK&B Capital Parallax Capital Technology Crossover Ventures Duke Street Apax Partners FirstMark Capital JMI Equity Pinnacle Ventures Tenaya Capital EQT Partners Arsenal Capital Partners FlatWorld Capital Kennet Partners Platinum Equity Thoma Bravo Equistone Partners (Barclays) Audax Group Francisco Partners Khosla Ventures PNC Equity Partners Thomas H. Lee Partners GIMV August Capital Frontenac Company KKR Polaris Venture Partners TPG Growth GMT Communications Austin Ventures FTV Capital Kleiner Perkins Providence Equity Partners Triangle Peak Partners HgCapital Avantce GE Capital Lake Capital Raine Group Trident Capital IDInvest Partners Bain Capital General Atlantic LLR Partners Redpoint Ventures Tudor Ventures Index Ventures Baker Capital General Catalyst M/C Partners Revolution Growth TVM Capital LDC (Lloyds) Bartley Capital Generation Partners Madison Dearborn Partners RFE Investment Updata Partners Lyceum Capital Battery Ventures GGV (Granite Global) Marlin Equity Partners Rho Capital US Venture Partners Oakley Capital Benchmark Capital Globespan Capital Partners Matrix Partners Ridgemont Equity (BofA) Valhalla Partners Palamon Capital Partners Bertram Capital Golden Gate Capital Menlo Ventures Riverside Partners VantagePoint Venture Partners Penta Capital Bessemer Venture Partners Goldman Sachs Meritage Funds Safeguard Scientifics Vector Capital Permira Advisers Blackstone Gores Group MeriTech Capital Partners Sequoia Capital Venrock Quilvest Private Equity Bridgescale Partners Graycliff (HSBC Capital) Mesirow Financial Serent Capital Veronis Suhler Stevenson Renaissance Partners Canaan Partners Great Hill Partners Sierra Ventures Vestar Capital Scottish Equity Partners Carlyle Group Greenspring (Montagu Newhall) Millennium Tech. Ventures Silver Lake Vista Equity Partners Seventure Partners (Natixis) Castanea Partners Greylock Partners Moelis Capital Partners Spark Capital Volition Capital Silverfleet Capital Partners Catalyst Investors Gryphon Investors Mohr Davidow Ventures Spectrum Equity Warburg Pincus Group Century Capital Management GTCR Morgenthaler Spire Capital Welsh, Carson, Anderson & Stowe Stirling Square CDIB Capital Halyard Capital Nautic Partners Split Rock Partners Weston Presidio Truffle Capital Chicago Growth Partners HIG Capital NewSpring Capital Staley Capital WestView Capital Vitruvian Partners Columbia Capital Highland Capital Partners Next World Capital Staple Street Capital WorldView Technology Partners Xange Private Equity

47 Premier Industry Investor Conferences

8th Annual West Coast Conference 8th Annual East Coast Conference February, 2012 - San Francisco September, 2011 - Boston . Largest AGC conference to date with 1,000+ Attendees . 270+ leading public and private emerging growth companies with median revenues of $25mm . 320+ fast-growing companies with median revenues of $25mm . 800+ attendees (PE / VC Investors, Corp. Dev. Execs, . 400+ investors representing 175+ leading PE / VC / Debt / Industry Professionals) Public Equity firms . Day 1 focus on emerging growth & Day 2 focus on Digital . 800+ one-on-one meetings Media / Internet / Mobile sectors . Day 1 focus on Security; Day 2 general technology . 750+ one-on-one investor meetings

Representative Top Acquirers Presenting at AGC Conferences Recent Panel Topics Include: . Technology M&A . Social Media in the Enterprise . Current Trends in Technology Financing . Digital Advertising . HCIT M&A Market . M&A Strategies in Digital Media . Platform vs. Tuck-In . Freemium Business Models . Storage and Data Center Markets . OTT Video . Communications M&A . Alternative Payments . Infrastructure Software M&A . Emerging Growth M&A . Defense M&A . Investing in Clean Tech . Future of Ad Tech . Healthcare Services . Local Mobile Commerce Convergence . Israel Tech Sector . New Models of Disruptive Commerce . Web 2.0 Security . Acquirers in Digital Media . Identity Mgmt & DLP Convergence . TV Everywhere . Security at the Source (Code) . Investing in Digital Media . Next Wave of Wireless Investment . The New Gaming Paradigm . Green Storage & Data Centers . Unlocking the Women’s Demographic . Energy Storage . Monetization of Digital Goods . Software: Doing More with Less . Virtualization & Cloud Security . Solar 2.0 Market Environment . The Trusted Cloud . Mortgage Technology . Convergence of Security & Systems . Alternative Sources of Capital for Mgmt. Emerging Growth Companies . Mobile Device Security & Mgmt. . Mobile Security – The Changing . Planet of the Apps: Survival Guide Threat and Remediation Landscape . Strategic Investing in Private Companies . Trends in Disruptive Commerce . The Big Data Explosion

48 AGC Partners Deal Activity by Geography – 162 Deals Since 2003

Canada (5) Europe (7)

West Coast (24)

China (1)

Israel (2)

South Africa (1)

Mid-West (23) East Coast (99)

49 AGC Partners Had Strong Momentum Through The Recession

2009 - 20 Deals Closed 2010 - 28 Deals Closed 2011 - 24 Deals Closed 2012 - 9 Deals Closed

M&A Advisory M&A Advisory M&A Advisory M&A Advisory Target Acquirer Target Acquirer Target Acquirer Target Acquirer

1 1 1 1

2 2 2 2

3 3 3 3

4 4 4 4

5 5 5 5

6 6 6 6

7 7 7 7 ND

8 8 8

9 9 9 ND

10 10 10

11 11 11

12 12 12

13 13 13

14 14 14

15 15 15

16 16 16

17 17

18 18 ND

19 19

20 20

21 21

22 22

23

24 Financings Financings Financings Financings Investor Company Investor Company Investor Company Investor Company

17 25 23 8 ND

18 ND 26 24 9

19 ND 27 ND

20 28 Red Oak Partners 80+ Deals Closed Since January 2009

50 What Our Clients Say About Us

“When this all started, I said I would never hire a banker. I am now glad that we did as the AGC team did an outstanding job of bringing this transaction together. We are very excited to be joining the eBay/PayPal family.”

— Walt Doyle, President and CEO of WHERE (America's acted as sole financial advisor to WHERE in April, 2011.)

“The KickApps team is delighted to be joining KIT digital at this exciting time for the IP Video and Social Media markets. Jon and his team have been great partners and advisers throughout the process, and we look forward to working with AGC again in the future.”

— Alex Blum, CEO of KickApps (America's acted as sole financial advisor to KickApps in January, 2011.)

"This marriage offers us the best of both worlds: the autonomy to continue pursuing OkCupid's original vision and the ability to leverage Match's reach and expertise to grow even faster. Jon Guido and the team at AGC were instrumental in helping us determine which party was the best fit and did whatever was needed to bring our transaction to a close. I would strongly recommend AGC as an M&A advisor.”

— Sam Yagan, CEO of OKCupid (America's acted as sole financial advisor to OKCupid in January, 2011.)

"We were very happy with the job that Jon Guido and the AGC team did in preparing us for this acquisition and guiding us through the process. I would strongly recommend AGC to others."

— Tom MacIssac, CEO of ExtendMedia (America's acted as sole financial advisor to ExtendMedia in August, 2010.)

“In a rapid manner, Jon Guido and the AGC team brought the Conduit story to the key decision makers at the top gaming and digital media acquirers and helped us find a great home for our company. Our team is excited about driving Zynga’s presence in Boston.”

— Nabeel Hyatt, CEO of Conduit Labs (America's acted as sole financial advisor to Conduit Labs in August, 2010.)

"AGC was instrumental in bringing this transaction to a successful close. They gracefully mediated the discussions, kept both parties focused on the 51 goal and worked their tails off, sacrificing family time and sleep. I would welcome the opportunity to work with AGC again in the future.”

— Stephan Ouaknine, President and CEO, Blueslice Networks (America's acted as sole financial advisor to Blueslice Networks in May, 2010.)