Weekly Internet / Digital Media / Saas Sector Summary

Weekly Internet / Digital Media / SaaS Sector Summary

Week of June 17th, 2013 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

160 120

41% 150 36% 115 36% 13% 140 34% 33% 10% 110 33% 9% 130 5% 24% 4% 120 21% 105 4% 16% 4%

110 100 0%

100

95 (5%) 90

80 90 06/14/12 09/13/12 12/13/12 03/14/13 06/14/13 03/14/13 04/05/13 04/29/13 05/22/13 06/14/13

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

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

Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, DGIT, GOOG, MCHX, MM, MRIN, MSFT, QNST, RLOC, VCLK, VELT, YHOO, YNDX. 2) Internet Commerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, STMP, TZOO, VPRT. 3) Internet Content Composite includes: AOL, DHX, DMD, EHTH, IACI, MOVE, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, OMC, PUB-FR, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 035420-KR, 036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, DWRE, ECOM, JIVE, LPSN, MRIN, MKTG, MKTO, N, NOW, RP, ULTI, WDAY. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 6/14/13 Low High Value Debt Value LTM CY 13E CY 14E LTM CY 13E CY 14E LTM CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Search / Online Advertising

Google Inc. $875.04 $557.09 $920.60 $290,309 ($42,722) $247,587 4.6x 4.1x 3.5x 14.7x 11.4x 9.6x 26.1x 18.9x 16.4x 16.3% 1.0 17.5% 31.2% Microsoft Corporation 34.40 26.26 35.78 287,278 (59,023) 228,255 3.0 2.7 2.6 7.5 6.6 6.0 17.7 11.5 10.8 9.0% 1.2 4.2% 17.7% Yahoo! Inc. 26.28 14.59 27.68 28,452 (2,977) 25,520 5.2 5.6 5.5 19.2 15.4 15.0 7.6 19.3 17.6 11.7% 1.5 2.3% (6.6%) Yandex N.V. 26.52 16.60 42.01 8,725 (348) 8,376 8.4 6.9 5.6 19.2 15.2 12.4 30.0 24.1 19.4 29.9% 0.6 24.0% 29.0% ValueClick, Inc. 24.51 13.80 32.25 1,868 (49) 1,819 2.7 2.5 2.2 8.6 7.2 6.4 18.7 13.3 11.9 15.9% 0.7 12.2% 13.0% Blucora, Inc. 18.36 12.00 18.92 753 (148) 604 1.3 1.3 1.1 7.4 6.3 5.4 22.5 9.9 8.3 17.3% 0.5 12.1% 42.9% Blinkx plc 1.94 0.52 2.21 710 (56) 654 3.3 3.0 2.6 23.2 19.9 14.3 41.3 31.7 22.9 NA NA 18.7% 66.1% Millennial Media Inc. 8.15 5.87 16.86 648 (133) 515 2.7 1.9 1.3 NM 29.7 11.4 NM 74.8 21.3 48.0% 0.4 45.5% 50.1% ReachLocal, Inc. 13.30 9.71 17.39 378 (88) 290 0.6 0.5 0.5 31.5 10.1 7.5 NM NM 70.9 27.5% 2.6 15.6% 17.1% Marin Software Incorporated 10.54 8.75 19.95 343 (109) 234 3.7 3.1 2.5 NM NM NM NM NM NM 25.0% NM 22.6% 32.2% QuinStreet, Inc. 7.56 5.41 10.15 324 (16) 308 1.0 1.0 1.0 8.1 6.6 7.2 NM NM 26.8 15.0% 1.8 (2.9%) (15.1%) Marchex, Inc. 5.86 2.99 6.33 220 (17) 203 1.5 1.4 1.2 89.0 13.7 9.1 NM 30.8 18.9 20.8% 0.9 13.6% 2.1% Digital Generation, Inc. 6.90 5.78 12.87 192 356 547 1.4 1.4 1.4 5.4 4.8 4.6 NM 43.1 18.0 20.0% 0.9 4.5% (0.9%) Velti Plc 1.46 1.38 10.43 129 31 160 0.6 0.7 0.6 NM 56.7 8.6 NM NM NM 23.7% NM 19.6% (20.8%)

Mean 2.9 x 2.6 x 2.3 x 21.3 x 15.7 x 9.0 x 23.4 x 27.8 x 21.9 x 21.5% 1.1 15.0% 18.4% Median 2.7 2.2 1.8 14.7 11.4 8.6 22.5 21.7 18.5 20.0% 0.9 14.6% 17.4%

Internet Content

IAC/InterActiveCorp $49.21 $38.20 $55.57 $4,120 ($100) $4,130 1.4x 1.3x 1.1x 9.2x 6.6x 5.5x 23.6x 12.4x 10.5x 22.7% 0.5 12.0% 15.9% AOL Inc. 36.04 25.29 43.93 2,791 (364) 2,439 1.1 1.1 1.1 5.1 5.6 5.3 3.1 19.1 16.0 18.7% 0.9 3.1% 1.7% Shutterfly, Inc. 50.90 25.01 52.57 1,933 (164) 1,768 2.7 2.3 2.0 21.2 12.2 10.0 94.2 29.4 23.3 24.2% 1.0 16.0% 27.8% Zillow, Inc. 53.09 23.00 63.76 1,833 (179) 1,654 12.4 9.0 6.5 NM 74.2 34.3 NM NM 88.8 41.0% 2.2 38.5% 70.7% WebMD Health Corp. 29.97 13.13 31.63 1,471 (199) 1,272 2.7 2.7 2.5 31.6 14.4 12.4 NM 61.7 49.0 9.5% 5.2 5.8% 5.4% Bankrate, Inc. 13.78 9.90 20.65 1,379 105 1,483 3.4 3.3 2.9 14.1 13.1 10.7 65.7 27.5 20.4 20.7% 1.0 11.4% (13.3%) Renren Inc. 3.21 2.52 4.79 1,216 (855) 361 1.9 1.5 1.1 NM NM NM NM NM NM NM NM 37.8% 45.2% Web.com Group, Inc. 21.81 13.25 22.85 1,039 686 1,726 4.0 3.3 3.0 25.2 11.2 10.0 NM 10.7 9.4 15.5% 0.6 9.5% 26.3% Trulia, Inc. 29.38 14.69 38.22 947 (204) 743 9.3 6.6 4.8 NM 64.7 22.9 NM NM 41.6 20.0% 2.1 37.3% 97.4% comScore, Inc. 22.69 11.30 23.06 810 (55) 755 2.9 2.7 2.4 39.3 14.6 12.5 NM 22.5 19.9 22.9% 0.9 12.6% 10.6% Demand Media, Inc. 8.24 7.39 12.50 714 (109) 604 1.5 1.4 1.2 8.5 5.4 4.7 84.3 19.9 16.9 15.0% 1.1 12.8% 16.7% United Online, Inc. 7.13 3.85 7.23 660 112 771 0.9 0.9 0.9 8.2 6.8 6.7 64.8 14.2 13.3 NA NA 0.6% 2.1% Monster Worldwide, Inc. 5.37 4.02 9.14 626 38 664 0.8 0.8 0.8 4.9 4.3 4.0 10.7 15.7 12.7 9.0% 1.4 1.1% (9.3%) Dice Holdings, Inc. 9.25 6.95 10.43 554 (12) 542 2.7 2.5 2.4 7.8 7.1 6.5 15.9 15.7 13.8 14.2% 1.0 7.5% 9.3% eHealth, Inc. 24.57 14.78 28.17 478 (114) 365 2.3 2.1 1.9 17.2 14.1 9.8 70.1 37.7 26.5 16.7% 1.6 13.5% 16.5% Move, Inc. 11.86 6.92 12.39 473 (30) 443 2.2 2.0 1.7 29.0 14.1 10.0 99.0 24.0 15.2 20.0% 0.8 12.5% 13.6% RealNetworks Inc. 7.33 6.75 8.82 260 (261) (1) NM NA NA NM NA NA NM NM NM NA NA NA (15.2%) XO Group Inc. 10.51 7.22 11.84 258 (75) 184 1.4 1.4 1.3 8.6 7.0 5.9 26.1 22.4 19.3 NA NA 7.0% 1.7% TechTarget, Inc. 4.20 3.99 6.04 161 (32) 129 1.4 1.4 1.4 11.5 12.8 9.8 82.1 46.7 34.1 NA NA 2.5% (17.6%) TheStreet, Inc. (1) 1.86 1.20 2.01 63 8 71 1.4 NA NA NM NA NA NM NA NA NA NA NA (1.8%)

Mean 3.0 x 2.6 x 2.2 x 16.1 x 16.9 x 10.6 x 53.3 x 25.3 x 25.3 x 19.3% 1.4 13.4% 15.2% Median 2.2 2.0 1.8 11.5 12.2 9.8 65.2 22.4 19.3 19.3% 1.0 11.7% 9.9%

Internet Commerce

Amazon.com Inc. $273.99 $212.61 $284.72 $124,732 ($4,855) $119,877 1.9x 1.6x 1.3x 44.2x 24.4x 18.3x NM NM 83.7x 45.4% 1.8 21.8% 21.9% eBay Inc. 51.29 38.06 58.04 66,564 (4,886) 61,678 4.2 3.8 3.2 14.3 11.3 9.6 24.9 18.7 15.9 16.1% 1.0 16.7% 14.4% priceline.com Incorporated 815.75 553.43 847.33 42,076 (3,719) 38,548 7.0 5.9 4.9 19.4 15.6 12.7 28.2 20.9 17.4 20.6% 0.8 20.2% 25.5% Netflix, Inc. 213.99 52.81 248.85 12,507 (326) 12,181 3.2 2.8 2.4 93.7 38.5 24.5 NM NM 64.6 50.9% 1.3 16.6% 17.7% Liberty Interactive Corporation 22.43 16.23 24.31 11,888 6,505 22,885 2.2 2.2 2.1 12.1 11.7 11.1 8.3 19.5 15.9 17.2% 0.9 5.3% 15.1% Expedia Inc. 58.01 43.44 68.09 7,840 (840) 7,466 1.8 1.6 1.4 11.7 8.6 7.3 45.6 17.3 14.8 12.4% 1.2 13.0% 24.0% Copart, Inc. 31.09 22.59 38.26 3,900 255 4,155 4.1 3.8 3.7 12.3 10.5 9.7 21.9 19.0 16.4 13.3% 1.2 3.4% 13.7% HomeAway, Inc. 30.04 19.58 34.30 2,552 (314) 2,237 7.6 6.6 5.5 39.6 22.5 18.0 NM NM 72.6 32.5% 2.2 20.5% 24.0% Vistaprint N.V. 47.16 28.17 48.88 1,539 187 1,727 1.5 1.4 1.3 16.0 12.0 9.4 53.5 21.3 15.8 21.4% 0.7 9.0% 11.7% OpenTable, Inc. 66.61 33.53 72.18 1,518 (97) 1,421 8.5 7.6 6.6 29.0 17.5 14.5 59.5 34.6 29.3 21.8% 1.3 15.4% 15.6% Overstock.com Inc. 26.93 6.12 28.37 637 (82) 555 0.5 0.4 0.4 17.1 13.3 11.5 32.8 25.5 20.4 26.1% 0.8 7.3% 18.9% Digital River Inc. 17.92 12.80 18.35 632 (337) 295 0.7 0.7 0.7 8.2 7.7 4.8 NM 30.2 27.7 10.0% 2.8 1.6% 11.0% Stamps.com Inc. 38.22 18.62 39.57 590 (47) 543 4.5 4.2 3.8 18.4 15.4 13.9 20.9 18.8 17.5 20.0% 0.9 9.6% 13.5% Blue Nile Inc. 37.14 22.94 43.54 460 (40) 420 1.0 0.9 0.8 29.0 17.5 14.0 52.7 45.7 35.2 20.3% 1.7 12.3% 16.9% Travelzoo Inc. 27.19 16.56 29.80 418 (66) 352 2.3 2.2 2.0 11.9 11.4 10.2 21.4 23.2 20.1 NA NA 7.4% 7.2% 1-800-Flowers.com Inc. 5.56 2.77 6.60 355 1 356 0.5 0.5 0.4 8.0 7.1 6.2 23.1 22.0 16.4 16.0% 1.0 4.4% 7.2% CafePress Inc. 6.24 4.44 15.41 107 (23) 83 0.4 0.3 0.3 8.0 6.1 3.8 NM 34.3 12.9 16.0% 0.8 11.5% 31.7%

Mean 3.1 x 2.7 x 2.4 x 23.1 x 14.8 x 11.7 x 32.7 x 25.1 x 29.2 x 22.5% 1.3 11.5% 17.1% Median 2.2 2.2 2.0 16.0 12.0 11.1 26.6 21.6 17.5 20.2% 1.1 11.5% 15.6% Notes: 2 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

The Walt Disney Company $63.80 $46.53 $67.89 $114,900 $12,985 $129,940 3.0x 2.8x 2.6x 11.4x 10.0x 9.3x 19.3x 17.8x 15.7x 11.1% 1.4 6.6% 9.6% Comcast Corporation 39.74 30.17 43.74 104,652 42,546 148,513 2.4 2.3 2.2 7.3 7.0 6.6 16.8 16.4 14.3 14.3% 1.0 6.1% 2.9% Time Warner Inc. 57.47 35.51 61.73 53,572 16,948 70,521 2.5 2.4 2.3 9.5 9.5 8.7 17.7 15.6 13.5 11.2% 1.2 4.1% (0.6%) Viacom, Inc. 66.77 44.85 70.91 32,378 7,673 40,204 3.1 2.9 2.8 10.5 9.1 8.6 16.2 13.4 11.5 12.8% 0.9 3.8% (5.9%) CBS Corporation 47.72 29.85 52.46 29,280 6,058 35,338 2.5 2.4 2.3 9.8 9.3 8.9 18.2 15.7 14.0 12.3% 1.1 2.0% 6.4% Discovery Communications, Inc. 76.38 48.59 81.43 27,551 3,955 31,541 6.9 5.7 5.1 16.1 13.0 11.5 29.7 22.9 17.9 20.1% 0.9 11.1% 6.5% Sony Corporation 20.31 8.15 25.48 20,528 (3,379) 22,312 0.3 0.3 0.3 7.1 3.8 3.5 47.6 16.3 27.1 17.0% 1.6 3.5% (5.4%) Lions Gate Entertainment Corp. 27.64 12.75 30.57 3,766 1,265 5,031 1.9 1.9 1.9 17.7 13.8 12.0 17.2 15.6 17.5 32.6% 0.5 (0.1%) 21.8%

Mean 2.8 x 2.6 x 2.4 x 11.2 x 9.5 x 8.6 x 22.8 x 16.7 x 16.4 x 16.4% 1.1 4.6% 4.4% Median 2.5 2.4 2.3 10.2 9.4 8.8 17.9 16.0 15.0 13.5% 1.1 4.0% 4.7%

Publishers

News Corp. $31.29 $19.77 $34.04 $72,439 $7,150 $83,419 2.4x 2.2x 2.0x 12.0x 10.8x 9.6x 12.5x 18.6x 14.9x 15.6% 1.0 7.3% 13.5% Thomson Reuters Corporation 33.09 26.19 36.12 27,442 7,005 34,810 2.6 2.7 2.7 11.5 10.2 9.7 15.8 18.0 16.4 3.8% 4.3 2.4% (4.2%) Pearson plc 18.54 17.10 20.43 14,971 1,957 16,967 2.1 1.8 1.8 11.3 10.7 9.7 32.5 15.2 13.3 4.7% 2.8 (2.2%) NA Gannett Co., Inc. 24.99 12.80 26.75 5,720 1,306 7,237 1.3 1.4 1.3 6.5 6.5 5.8 12.8 11.4 9.6 6.0% 1.6 4.4% 1.6% The Washington Post Company 484.38 327.00 494.07 3,595 (312) 3,296 0.8 0.8 0.8 6.0 5.8 5.8 93.5 24.6 18.1 NA NA (0.6%) 0.4% Lagardere SCA 27.37 25.40 39.80 3,512 2,241 5,861 0.6 0.6 0.6 8.5 7.7 7.2 30.1 10.8 10.6 11.1% 1.0 1.1% 1.7% UBM plc 10.53 8.35 12.47 2,568 947 3,559 2.7 2.6 2.5 11.3 10.7 10.3 14.6 12.2 11.4 4.7% 2.4 3.7% NA The New York Times Company 10.59 6.41 11.07 1,577 23 1,603 0.8 0.8 0.8 5.7 6.1 6.3 10.6 26.4 27.4 NA NA (1.3%) (2.0%) The E. W. Scripps Company 15.00 8.29 15.20 855 (29) 828 0.9 1.0 0.9 6.2 13.3 6.0 21.0 NM 14.5 NA NA 10.6% (4.1%)

Mean 1.6 x 1.5 x 1.5 x 8.8 x 9.1 x 7.8 x 27.0 x 17.1 x 15.1 x 7.6% 2.2 2.8% 1.0% Median 1.3 1.4 1.3 8.5 10.2 7.2 15.8 16.6 14.5 5.4% 2.0 2.4% 0.4%

Diversified Marketing

WPP plc $17.57 $11.59 $18.70 $24,286 $4,585 $29,277 1.7x 1.7x 1.6x 10.3x 9.9x 9.2x 17.2x 13.9x 12.5x 10.0% 1.3 5.1% 6.2% Experian plc 17.99 13.97 20.24 17,740 3,047 20,827 4.4 4.2 3.9 13.1 12.0 11.2 72.8 19.4 17.4 12.3% 1.4 7.9% 4.7% Omnicom Group Inc. 62.76 45.11 64.29 16,229 2,368 19,273 1.3 1.3 1.3 9.2 8.9 8.5 17.2 15.9 14.3 9.0% 1.6 4.6% 2.8% Publicis Groupe SA 72.74 46.83 76.90 15,276 (266) 15,067 1.7 1.6 1.5 9.0 8.7 8.1 16.4 15.2 14.1 10.4% 1.4 4.9% 14.8% Nielsen Holdings N.V. 34.33 25.02 37.09 12,838 6,105 18,992 3.4 3.3 3.1 12.1 11.3 10.5 44.2 15.9 14.4 16.4% 0.9 5.3% 3.1% Equifax Inc. 60.80 44.96 63.91 7,333 1,515 8,874 4.0 3.8 3.6 13.1 11.0 10.2 26.3 16.8 15.2 11.3% 1.3 7.1% 12.0% The Interpublic Group of Companies, Inc. 14.51 9.04 14.99 6,216 582 7,067 1.0 1.0 1.0 8.5 7.6 7.0 15.8 16.9 13.5 16.9% 0.8 4.1% 2.4% Havas 6.27 4.65 7.02 2,439 353 2,799 1.2 1.2 1.1 7.7 7.3 6.9 14.5 12.7 11.6 9.0% 1.3 3.5% 9.4% Acxiom Corporation 22.62 13.09 22.99 1,672 31 1,703 1.5 1.6 1.5 8.0 8.3 7.6 30.2 30.7 26.6 12.9% 2.1 3.9% (3.5%) Valassis Communications Inc. 26.45 19.17 31.34 1,027 487 1,514 0.7 0.7 0.7 5.4 5.2 5.2 9.5 8.4 7.7 23.7% 0.3 (0.5%) (7.0%) MDC Partners Inc. 18.31 9.03 18.43 583 481 1,241 1.1 1.1 1.0 23.6 9.0 8.1 NM NM 26.8 6.0% 4.5 6.3% 13.5% Harte-Hanks Inc. 8.85 5.14 9.81 553 46 599 0.8 0.8 0.8 7.1 6.4 6.2 NM 14.0 13.2 NM NM 0.2% (4.1%)

Mean 1.9 x 1.8 x 1.7 x 10.6 x 8.8 x 8.2 x 26.4 x 16.4 x 15.6 x 12.5% 1.5 4.4% 4.5% Median 1.4 1.4 1.4 9.1 8.8 8.1 17.2 15.9 14.2 11.3% 1.3 4.7% 3.9%

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

$MM, Except Per Share Data

Tencent Holdings Ltd. $38.76 $27.83 $40.59 $71,016 ($3,235) $67,921 8.8x 7.0x 5.5x 22.9x 18.7x 15.2x 32.5x 26.3x 21.5x 22.3% 1.0 25.7% 42.4% Activision Blizzard, Inc. 14.56 10.45 16.11 16,271 (4,618) 11,653 2.3 2.7 2.5 7.0 8.3 6.9 13.5 17.0 14.3 10.5% 1.4 8.1% 13.0% GungHo Online Entertainment, Inc. 12,692.71 176.35 17,243.93 14,618 (241) 14,409 25.4 7.4 5.6 45.4 20.8 19.1 52.6 23.0 16.7 35.8% 0.5 32.9% 721.6% NHN Corporation 248.96 190.48 286.61 11,161 (1,060) 10,106 4.5 3.8 3.3 13.5 11.9 9.6 21.4 20.4 16.4 18.9% 0.9 16.4% 19.7% NetEase, Inc. 61.00 37.00 65.08 7,920 (2,461) 5,447 4.0 3.5 3.1 8.5 7.1 6.1 13.2 11.5 10.4 12.2% 0.9 13.4% 11.0% Electronic Arts Inc. 21.81 10.77 23.66 6,676 (1,121) 5,555 1.5 1.3 1.4 17.1 6.6 8.1 70.4 14.5 18.6 16.1% 1.2 (3.1%) (11.6%) DeNA Co., Ltd. 21.77 16.95 36.22 2,921 (727) 2,241 1.0 1.0 1.1 2.5 2.6 2.7 6.2 6.4 6.4 3.8% 1.7 (9.1%) 6.9% NCsoft Corporation 139.10 110.75 255.16 2,765 (530) 2,252 3.1 3.2 2.6 NA 9.8 6.4 15.8 17.6 11.5 28.7% 0.4 26.1% 33.4% Zynga, Inc. 2.82 2.09 6.35 2,239 (1,169) 1,070 0.9 1.1 1.2 7.4 18.1 9.2 NM NM NM 15.7% NM (2.1%) (17.9%) Gree, Inc. 9.30 8.99 18.71 2,172 (160) 2,013 1.2 1.3 1.3 3.0 3.8 4.2 6.0 7.9 8.2 NM NM (0.9%) (28.2%) Giant Interactive Group, Inc. 7.60 4.20 8.64 1,821 (484) 1,351 3.8 3.4 3.0 5.8 5.3 4.5 11.2 8.0 7.4 12.8% 0.6 13.5% 14.1% Changyou.com Limited 31.01 17.00 32.90 1,644 (192) 1,525 2.3 2.0 1.8 3.6 3.6 3.3 5.6 5.4 4.8 9.8% 0.5 12.1% 29.8% Ubisoft Entertainment SA 13.66 6.57 14.20 1,305 (143) 1,162 0.7 0.6 0.6 7.6 1.9 1.7 15.9 13.1 11.2 32.8% 0.3 6.9% 15.5% Shanda Games Limited 3.86 2.68 4.40 1,040 (255) 798 1.1 1.1 1.0 3.3 3.4 3.3 6.5 5.6 5.4 8.0% 0.7 6.8% (20.9%) Perfect World Co., Ltd. 15.91 8.92 17.25 771 (257) 520 1.2 1.1 1.0 4.9 5.4 4.3 10.4 9.7 7.6 14.9% 0.5 13.7% (11.9%) Glu Mobile, Inc. 2.40 1.99 5.90 164 (21) 143 1.7 1.7 1.3 NM NM 19.0 NM NM NM NA NA 26.9% (11.2%)

Mean 4.0 x 2.6 x 2.3 x 10.9 x 8.5 x 7.7 x 20.1 x 13.3 x 11.5 x 17.3% 0.8 11.7% 50.4% Median 2.0 1.9 1.6 7.2 6.6 6.3 13.4 12.3 10.8 15.3% 0.7 12.7% 12.0%

Social Media & New Platform

Facebook, Inc. $23.63 $17.55 $45.00 $57,135 ($7,211) $49,924 9.1x 7.4x 5.9x 38.1x 14.0x 10.9x NM 41.3x 30.5x 27.5% 1.1 26.2% 37.8% LinkedIn Corporation 178.24 91.67 202.91 19,671 (830) 18,841 17.0 12.5 8.9 NM 52.5 34.3 NM NM 84.3 65.7% 1.3 40.9% 72.3% Groupon, Inc. 7.65 2.60 11.39 5,061 (1,166) 3,893 1.6 1.5 1.4 27.3 13.0 10.9 NM 44.0 26.8 27.3% 1.0 10.7% 7.5% Pandora Media, Inc. 15.40 7.08 19.37 2,692 (75) 2,617 5.5 4.1 3.0 NM NM 39.1 NM NM 53.2 45.0% 1.2 38.0% 55.4% Yelp, Inc. 30.84 16.32 32.88 1,987 (94) 1,893 12.1 8.6 6.1 NM 83.3 39.1 NM NM 66.8 15.0% 4.5 41.7% 68.5%

Mean 9.1 x 6.9 x 5.1 x 32.7 x 40.7 x 26.9 x NM 42.6 x 52.3 x 36.1% 1.8 31.5% 48.3% Median 9.1 7.4 5.9 32.7 33.2 34.3 NM 42.6 53.2 27.5% 1.2 38.0% 55.4%

SaaS

Salesforce.com, Inc $37.56 $30.05 $47.58 $22,158 ($405) $21,752 6.7x 5.5x 4.4x NM 33.3x 25.2x NM 91.8x 63.2x 27.3% 2.3 26.6% 28.4% Workday, Inc. 61.09 45.05 69.75 10,569 (784) 9,784 31.7 22.3 14.7 NM NM NM NM NM NM 44.0% NM 51.3% 61.3% NetSuite Inc. 85.94 47.07 95.76 6,341 (177) 6,164 18.6 15.1 11.9 NM NM NM NM NM NM 28.1% NM 27.4% 32.2% ServiceNow, Inc. 37.25 22.62 43.99 5,003 (339) 4,664 16.5 11.7 8.1 NM NM 67.1 NM NM NM 40.7% NM 45.4% 81.2% Concur Technologies, Inc. 79.01 57.70 84.86 4,411 (208) 4,203 8.7 7.3 5.9 NM 33.6 26.5 NM 73.7 61.1 24.5% 2.5 23.3% 17.5% The Ultimate Software Group, Inc. 111.85 84.49 116.67 3,092 (68) 3,024 8.6 7.4 6.0 62.4 52.5 28.4 NM 80.7 61.0 27.2% 2.2 22.5% 25.1% Cornerstone OnDemand, Inc. 44.09 20.94 45.46 2,250 (69) 2,181 16.6 12.0 8.5 NM NM NM NM NM NM 40.2% NM 40.0% 56.9% RealPage, Inc. 17.18 16.88 26.99 1,316 (23) 1,293 3.8 3.3 2.8 24.0 14.2 11.3 NM 29.1 23.3 25.0% 0.9 18.1% 19.6% Jive Software, Inc. 16.82 10.63 21.97 1,121 (134) 987 8.1 6.6 5.1 NM NM NM NM NM NM 30.0% NM 29.3% 33.7% Demandware, Inc. 34.02 21.35 34.27 1,026 (102) 924 11.0 9.3 6.9 NM NM NM NM NM NM 15.0% NM 34.4% 27.5% Bazaarvoice, Inc. 9.28 6.37 20.20 675 (95) 580 3.6 3.2 2.8 NM NM 65.1 NM NM NM NA NA 16.8% 37.9% Marketo, Inc. 18.03 17.50 26.77 645 (105) 540 8.2 6.5 5.1 NM NM NM NM NM NM NA NA 28.2% 61.6% Responsys, Inc. 12.16 5.47 12.59 600 (105) 495 2.9 2.6 2.2 25.4 17.8 14.6 93.6 67.0 50.7 16.3% 3.1 16.7% 27.5% Constant Contact, Inc. 16.26 11.50 21.22 499 (97) 402 1.5 1.4 1.3 21.1 9.0 7.5 42.6 24.5 19.5 28.9% 0.7 11.4% 13.8% LivePerson Inc. 8.58 8.03 19.60 473 (95) 378 2.3 2.1 1.9 26.5 17.8 12.7 NM 44.6 30.9 22.9% 1.4 15.6% 15.6% Marin Software Incorporated 10.54 8.75 19.95 343 (109) 234 3.7 3.1 2.5 NM NM NM NM NM NM 25.0% NM 22.6% 32.2% ChannelAdvisor Corporation 15.45 15.31 19.77 316 (71) 245 4.4 3.7 2.9 NM NM NM NM NM NM NA NA 27.8% 22.7% Brightcove, Inc. 8.19 4.89 17.17 230 (27) 203 2.2 1.9 1.6 NM 77.8 25.9 NM NM NM NA NA 17.4% 24.0%

Mean 8.8 x 7.0 x 5.3 x 31.9 x 32.0 x 28.4 x 68.1 x 58.8 x 44.3 x 28.2% 1.9 26.4% 34.4% Median 7.4 6.0 4.7 25.4 25.6 25.5 68.1 67.0 50.7 27.2% 2.2 24.9% 27.9%

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

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 6/11/2013 $1,100 NA NA NA NA

(2) 6/5/2013 ~$1,000 ~10.0x NA NA NA

6/4/2013 $2,558 8.1x NM 6.5x NM

5/20/2013 $76 1.6x NM 1.4x NA

(3) 5/19/2013 $1,100 NM NA 11.0x NA

(4) 5/8/2013 $333 7.4x NM 5.7x NM

(5) 5/1/2013 $150 NA NA NA NA

4/25/2013 $85 NA NA NA NA

4/25/2013 $370 NA NA NA NA

(6) 4/17/2013 ~$180 ~18.0x NA NA NA

4/11/2013 $90 NA NA NA NA

4/11/2013 $100 NA NA NA NA

(7) 3/28/2013 $150 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value based on TechCrunch estimate. (2) LTM revenue multiple based on 451 estimate. (3) LTM and NTM multiples based on CY2012 and CY2013 respectively, per AllThingsD. (4) NTM metrics based on consensus estimates as of 4/5/13, per CapitalIQ. (5) Aggregate Value is based on up-front consideration of $33MM and potential contingent payable consideration of $117MM. 5 (6) Aggregate Value based on TechCrunch estimate. (7) Excludes earnout of up to $50MM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 3/15/2013 ~$100 NA NA NA NA

2/26/2013 $110 3.8x NA NA NA

(2) 2/15/2013 $50 12.2x NA NA NA

(3) 2/6/2013 ~$100 NA NA NA NA

(4) 2/6/2013 $125 4.5x NA NA NA

2/4/2013 $50 NA NA NA NA

1/18/2013 $78 NA NA NA NA

(5) 12/21/2012 $1,024 7.7x NA NA NA

12/20/2012 NA NA NA NA NA

12/20/2012 $871 9.7x NM 8.1x NM

(6) 12/20/2012 $150 NA NA NA NA

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

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

10 $19.5Bn 1,600

9 1,400 8

$16.9Bn 7 1,200

6 (1) 1,000

5 $Bn 800 4

3 600 Number ofInvestments

2 400 1

0 200

Q1 '01 Q1 '01 Q2 '01 Q3 '01 Q4 '02 Q1 '02 Q2 '02 Q3 '02 Q4 '03 Q1 '03 Q2 '03 Q3 '03 Q4 '04 Q1 '04 Q2 '04 Q3 '04 Q4 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '06 Q1 '06 Q2 '06 Q3 '06 Q4 '07 Q1 '07 Q2 '07 Q3 '07 Q4 '08 Q1 '08 Q2 '08 Q3 '08 Q4 '09 Q1 '09 Q2 '09 Q3 '09 Q4 '10 Q1 '10 Q2 '10 Q3 '10 Q4 '11 Q1 '11 Q2 '11 Q3 '11 Q4 '12 Q1 '12 Q2 '12 Q3 '12 Q4 '13 Q1

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

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

5030 2,0001,250

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

2515 1,000

$MM $MM 20 750500 10

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

0 0

Mar-08 Sep-09 Mar-11 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13

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

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

Oct Oct Oct

0 Oct 0

- - - - -

------

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

------

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

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

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

07 11 08 09 10

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

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

($MM)

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

Thumbtack San Francisco, CA 13-Jun-13 Series B $13 Sequoia Capital Javelin Venture Partners, MHS Capital Partners Provider of an online search platform for local service providers $18 www.thumbtack.com

Bohemian Wrappsody American Express, Qualcomm Ventures, SEB Private Equity, Stockholm, Sweden 13-Jun-13 Series B $15 Not disclosed Provider of a social gift giving service using mobile devices or the Web $26 Greylock Partners, Atomico, Creandum www.wrapp.com

GoodData Andreessen Horowitz, Fidelity Growth Partners, General San Francisco, CA 12-Jun-13 Series D $22 Totvs Ventures Catalyst Partners, Next World Capital, Tenaya Capital, O'Reilly Provider of on-demand collaborative business intelligence (BI) solutions $76 www.gooddata.com AlphaTech Ventures, Windcrest Partners

Dataminr Venrock, Institutional Venture Deep Fork Capital, GSV Capital, Viceroy Capital, Wharton New York, NY 12-Jun-13 Series C $30 Provider of a real-time social media analytics platform $47 Partners Equity Partners www.dataminr.com

RelateIQ Battery Ventures, SV Angel, Morgenthaler Ventures, Stage One Mountain View, CA 12-Jun-13 Series B $20 Formation 8, Accel Partners Provides relationship management software $29 Capital www.relateiq.com

Twilio Redpoint Ventures, Bessemer Draper Fisher Jurvetson, 500 Startups, Founders Fund, Offers APIs to developers, enabling them to easily create communications San Francisco, CA 12-Jun-13 Series D $70 $103 Venture Partners Lowercase Capital, SV Angel, Union Square Ventures functions www.twilio.com

SageCloud Boston, MA 11-Jun-13 Series B $10 Braemar Energy Ventures Matrix Partners Provider of storage systems for archival and backup data $13 www.sagecloud.com

Affinity Solutions West Sussex, United Kingdom 10-Jun-13 Series C $21 Chestnut Hill Ventures NA Provides software for marketing programs and card-linked offers $36 www.affinitysolutions.com

Lamoda Summit Partners, J.P. Morgan Asset Management, Tengelmann Moscow, Russia 10-Jun-13 Series C $130 Access Industries Provider of an online fashion retail site $190 Ventures, Rocket Internet www.lamoda.ru

Fanatics Andreessen Horowitz, Bank of America, Insight Venture Jacksonville, FL 7-Jun-13 Later Stage Equity $170 Temasek Holdings, Alibaba Group Operator of an online retail store for officially licensed sports merchandise $395 Management www.fanatics.com

Brand Networks Provides technology and services that enable companies to run and measure Boston, MA 6-Jun-13 Series A $68 AEA Investors NA $68 all aspects of their social media marketing www.brandnetworksinc.com

Fastly San Francisco, CA 5-Jun-13 Series B $10 August Capital Battery Ventures, O'Reilly AlphaTech Ventures Provider of content-delivery network services $11 www.fastly.com

LeanWorks Wellington Partners, Octopus Investments, A-Grade Provider of a mobile app that offers a list of last-minute events for discounted London, United Kingdom 5-Jun-13 Series A $12 General Catalyst Partners $12 Investments, Slow Ventures prices www.yplanapp.com

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

($MM)

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

Personal Capital BlackRock Private Equity Partners, Institutional Venture Redwood City, CA 5-Jun-13 Series C $25 Crosslink Capital Provider of financial planning advisory services $52 Partners, Venrock www.personalcapital.com

Instructure Salt Lake City, UT 5-Jun-13 Series D $30 Bessemer Venture Partners Epic Ventures, OpenView Venture Partners, TomorrowVentures Provider of a cloud-based learning management system $40 www.instructure.com

Affirmed Networks Charles River Ventures, Deutsche Telekom, KCK Group, Acton, MA 5-Jun-13 Series C $51 Bessemer Venture Partners Lightspeed Venture Partners, Matrix Management, Vodafone Provider of solutions for the mobile data space $101 www.affirmednetworks.com Ventures

Thalmic Labs Kitchener, Canada 5-Jun-13 Series A $15 Intel, Spark Capital Y Combinator Provider of technologies for human-computer interaction $16 www.thalmic.com

BitSight Technologies Flybridge Capital Partners, Commonwealth Capital Ventures, Cambridge, MA 5-Jun-13 Series A $24 Not disclosed Provider of innovative big data analytics for risk management $24 Globespan Capital Partners, Menlo Ventures www.bitsighttech.com

Wireless Seismic Sugar Land, TX 4-Jun-13 Series D $13 Total Energy Ventures Chesapeake Energy, Energy Ventures Provider of a wireless seismic data acquisition system $51 www.wirelessseismic.com

Daqri Los Angeles, CA 4-Jun-13 Series A $15 Tarsadia Investments NA Provider of 4D augmented reality (AR) technology $15 www.daqri.com

ResearchGATE Accel Partners, Benchmark Capital, Dragoneer Investment Berlin, Germany 4-Jun-13 Series C $35 Tenaya Capital Provider of a professional network for scientists and researchers $35 Group, Founders Fund Management, Thrive Capital www.researchgate.net

AppLift Berlin, Germany 3-Jun-13 Series A $13 Prime Ventures HitFox Game Ventures Provider of a mobile games marketing platform NA www.applift.com

Visier San Francisco, CA 30-May-13 Series B $15 Summit Partners Foundation Capital Provider of Web-based analytic applications for human resources management $21 www.visier.com

Numecent Holdings Irvine, CA 29-May-13 Series C $14 T-Venture Holding Endeavour Ventures Provider of cloud computing services $23 www.numecent.com

TuneIn Authosis Ventures, General Catalyst Partners, Google Palo Alto, CA 29-May-13 Series C $25 Institutional Venture Partners Ventures, ICCP Venture Partners, Jafco Ventures, Sequoia Provider of a radio program and navigation tuning services $48 www.tunein.com Capital, Startup Capital Ventures

Five9 Adams Street Partners, City National Bank, Hummer Winblad Provider of on-demand call center solutions for customer interaction San Ramon, CA 29-May-13 Series D $22 SAP Ventures Venture Partners, Mosaic Venture Partners, Partech $63 management www.five9.com International

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

($MM)

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

Videology Boulder Ventures, Comcast Ventures, New Enterprise Baltimore, MD 28-May-13 Series D $60 Catalyst Investors Associates, New Markets Growth Fund, Pinnacle Ventures, Provider of enterprise technology for advertising and media companies $121 www.videologygroup.com SafeNet, Valhalla Partners

Automattic Blacksmith Capital, CNET, Polaris Partners, Radar Partners, San Francisco, CA 28-May-13 Series C $50 Tiger Global Management Developer of open source blogging solutions $80 The New York Times Company, True Ventures www.automattic.com

Easy Solutions Sunrise, FL 28-May-13 Series B $11 Medina Capital Promotora de Proyectos Provider of online fraud protection and information security services $12 www.easysol.net

WibiData Developer of software that helps Web companies manage and analyze user San Francisco, CA 23-May-13 Series B $15 Canaan Partners New Enterprise Associates, Google $21 data www.wibidata.com

Cloudscaling A cloud computing consulting company, provides strategy, execution, and San Francisco, CA 22-May-13 Series B $10 Trinity Ventures Seagate Technology, Juniper Networks $14 support services www.cloudscaling.com

Urturn Irvine, CA 22-May-13 Series A $13 Balderton Capital Management Debiomanagement Provider of a social platform for self-expression $13 www.urturn.com

Skyhigh Networks Cupertino, CA 22-May-13 Series B $20 Sequoia Capital Greylock Partners Provider of a platform to manage cloud services $27 www.skyhighnetworks.com

Interactions Cross Atlantic Capital Partners, North Hill Ventures, RED, Franklin, MA 22-May-13 Series E $40 SoftBank Capital Provider of virtual call-center solutions for customer care $88 Sigma Prime Ventures, Sigma West, Updata Partners www.interactions.net

Change.org San Francisco, CA 21-May-13 Series A $15 Omidyar Network NA Operator of an online petition site $15 www.change.org

Swipely First Round Capital, Greylock Partners, Index Ventures, Providence, RI 21-May-13 Series B $12 Shasta Ventures Provider of a payment platform $21 Lowercase Capital, SV Angel www.swipely.com

Adaptive Planning Cardinal Venture Capital, Monitor Ventures, Onset Ventures, Mountain View, CA 21-May-13 Later Stage Equity $45 Bessemer Venture Partners Provider of corporate performance management (CPM) solutions $98 Norwest Venture Partners, RBC Venture Partners www.adaptiveplanning.com

A-Grade Investments, Andreessen Horowitz, August Capital, Fab Baroda Ventures, Cinco Capital, DOCOMO Capital, First Round New York, NY 20-May-13 Later Stage Equity $250 Atomico Capital, German Startups Group Berlin, Mayfield, Menlo Provider of a design-oriented flash sales website $420 www.fab.com Ventures, Pinnacle Ventures, RTP, ru-Net, Thrive Capital, VTB Capital, Washington Post Company, Zelkova Ventures

Alteryx Irvine, CA 20-May-13 Series B $12 Toba Capital SAP Ventures Developer of business intelligence platform analytics software $18 www.alteryx.com

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

($MM)

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

MessageMe Andreessen Horowitz, First Round Capital, Google Ventures, San Francisco, CA 16-May-13 Series A $10 Greylock Partners Resolute.vc, SV Angel, The Social+Capital Partnership, True Provider of an application for mobile messages $10 www.messageme.com Ventures

Luvocracy San Francisco, CA 16-May-13 Series A $11 Kleiner Perkins Caufield & Byers CrunchFund, Google Ventures, RPM Ventures, XG Ventures Develops a marketplace to buy recommended pins, posts, tweets, and shares $11 www.luvocracy.com

Apptio Andreessen Horowitz, Greylock Partners, Madrona Venture Bellevue, WA 16-May-13 Series E $45 Janus Capital, Hillman Group, Shasta Ventures, T. Rowe Price Associates, Cisco Provider of on-demand technology business management (TBM) solutions $136 www.apptio.com Systems, Ignition Partners

BonitaSoft French National Fund for Digital Grenoble, France 16-May-13 Series C $13 Auriga Partners, Serena Capital, Ventech Provider of open source business process management (BPM) software $28 Society www.bonitasoft.com

Marqeta Emeryville, CA 16-May-13 Series B $14 Greylock Partners Granite Ventures, Commerce Ventures Provider of an online-to-offline commerce and payments platform $20 www.marqeta.com

Rocket Lawyer Google Ventures, Industry Ventures, LexisNexis, Investor San Francisco, CA 15-May-13 Series D $15 August Capital Provider of legal help services $53 Growth Capital www.rocketlawyer.com

Atlantis Computing Provider of virtual desktop infrastructure (VDI) storage and performance Mountain View, CA 15-May-13 Series D $20 Adams Street Partners Cisco Systems, El Dorado Ventures, Partech International $30 optimization solutions for IT organizations www.atlantiscomputing.com

PernixData San Jose, CA 15-May-13 Series B $20 Kleiner Perkins Caufield & Byers Lightspeed Venture Partners Developer of an enterprise storage software solution $27 www.pernixdata.com

Airware Andreessen Horowitz, Firelake Capital Management, First Newport Beach, CA 15-May-13 Series A $11 Not disclosed Round Capital, Google Ventures, Promus Capital, RRE Provider of autopilot systems for Unmanned Aerial Vehicles (UAV) $11 www.airware.com Ventures, Shasta Ventures, Y Combinator

Privalia Venta Directa Caixa Capital Risc, General Atlantic, Highland Capital Partners, Barcelona, Spain 14-May-13 Later Stage Equity $32 Sofina Provider of a Web site offering branded products at discounted prices $251 Index Ventures, Insight Venture Management, Nauta Capital www.privalia.com

Zoove Rogers Venture Partners, Panorama Palo Alto, CA 14-May-13 Series D $15 Worldview Technology Partners, Highland Capital Provider of mobile marketing solutions $73 Capital www.zoove.com

Cloudant Rackspace Hosting, Toba Capital, Avalon Ventures, In-Q-Tel, Boston, MA 14-May-13 Series B $12 Devonshire Investors Provider of a distributed database-as-a-service (DBaaS) $16 Samsung Ventures America, Y Combinator www.cloudant.com

Work Market Developer of a modular Web platform to help deliver and manage labor and New York, NY 12-May-13 Series C $10 SoftBank Capital Spark Capital, Union Square Ventures $21 services www.workmarket.com

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

($MM)

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

Extreme Reach Greycroft Partners, Long River Ventures, River Valley Investors, Provider of video advertisement serving, distribution, and management Needham, MA 9-May-13 Series D $50 Spectrum Equity $63 TD Bank, Village Ventures solutions www.extremereach.com

PerspecSys Ascent Venture Partners, Paladin Bolton, Canada 9-May-13 Series B $12 GrowthWorks, Intel Capital, MaRS Investment Accelerator Fund Provider of cloud data protection solutions for enterprises $20 Capital Group www.perspecsys.com

Movable Contour Venture Partners, ff Venture Capital, Metamorphic New York, NY 8-May-13 Series B $11 Intel Capital Developer of a technology that uses email as a container for live content $12 Ventures, Kima Ventures, MI Ventures www.movableink.com

Tuniu.com Beijing, China 8-May-13 Series D $50 Gobi Partners DCM, Highland Capital, Sequoia Capital China, Rakuten Group Offers online travel agent services in China $110 www.tuniu.com

HealthTap Palo Alto, CA 8-May-13 Series B $24 Khosla Ventures Mayfield Fund, Mohr Davidow Ventures, Innovation Endeavors Provider of a free online health resource for individuals $38 www.healthtap.com

Foodpanda Berlin, Germany 7-May-13 Series A $20 Not disclosed Rocket Internet, Kinnevik, Phenomen Ventures Provider of a online platform for food delivery $20 www.foodpanda.com

Polaris Wireless Palisades Ventures, ePlanet Ventures, DFJ, Draper Richards, Mountain View, CA 7-May-13 Series C $10 Industry Ventures Provider of a software technology to locate mobile phones $16 Sciens Venture Partners www.polariswireless.com

Joyus InterWest Partners, Time Warner Palo Alto, CA 6-May-13 Series C $12 Accel Partners, Harrison Metal Provider of a video shopping platform $19 Investments www.joyus.com

Clustrix ATA Ventures, Sequoia Capital, U.S. Venture Partners, Provider of Clustered Database Systems (CDS) technology for internet-scale San Francisco, CA 6-May-13 Series C $17 Not disclosed $47 Hercules Technology Growth Capital, Y Combinator applications www.clustrix.com

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

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

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

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

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

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

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor October 2011 October 2011 September 2011 August 2011 August 2011 August 2011 August 2011 August 2011 July 2011

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

We Advised lolapps We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Founders We Advised the Seller July 2011 May 2011 April 2011 March 2011 January 2011 January 2011 January 2011 January 2011 December 2010

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

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

15 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo

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

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

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

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

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