BlueBlue

0 0 7979 133133

122122 141141 181181

178178 186186 213213

211211 216216 233233

234234 235235 245245

OrangeOrange

241241 184184 0 0 April 2015 M&A and Investment Summary 245245 232232 184184

GreyGrey

138138 138138 138138

203203 203203 203203

221221 221221 Expertise. Commitment. Results. 221221 Table of Contents

Blue

0 79 133

122 141 181

178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245

Orange 3 Additional Monthly M&A and Investment Activity Data 39

241 184 0 4 About Petsky Prunier 52 245 232 184

Grey

138 138 138

203 203 203

221 221 221

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2 | M&A and Investment Summary April 2015 M&A and Investment Summary for All Segments

Blue

0 79 133

122 Transaction Distribution 141 181 . A total of 492 deals were announced in April 2015, of which 295 were worth $25.9 billion in aggregate reported value 178 186 213 . Digital Media was the most active segment with 142 deals announced, of which 98 were reported at $3.0 billion in aggregate value 211 216 233 . Software was the highest reported value segment with 114 transactions announced of which 71 were reported for $9.9 billion

234 235 . Strategic buyers announced 216, deals of which 44 were worth $14 billion in aggregate value 245

Orange . VC/Growth Capital investors announced 259 transactions, of which 245 were reported for $5.3 billion

241 184 . Buyout investors announced 17 deals during the month, six of which were worth $6.5 billion in reported aggregate value 0

245 232 184

Grey April 2014

138 138 BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 203 203 Digital Media/Commerce 142 29% $2,964.2 11% 45 $623.1 0 - 97 $2,341.1 221 Software 114 23% 9,931.3 38% 47 2,908.2 8 5,976.1 59 1,047.0 221 221 Marketing Technology 92 19% 2,854.1 11% 41 2,027.9 2 - 49 826.2 Digital Advertising 43 9% 1,559.2 6% 17 830.9 0 - 26 728.3 Business Services 34 7% 6,694.4 26% 19 6,547.1 2 - 13 147.3 Agency & Marketing Services 31 6% 56.5 0% 29 29.5 1 - 1 27.0 Information 23 5% 217.0 1% 8 - 1 41.0 14 176.0 Traditional Media 13 3% 1,598.6 6% 10 1,066.0 3 532.6 0 - Total 492 100% 25,875.2 100% 216 14,032.6 17 6,549.7 259 5,292.9

3 | M&A and Investment Summary April 2015 M&A and Investment Summary for All Segments

Blue

0 79 133

122 Transaction Distribution 141 181

178 . Aggregate reported transaction value in April increased 38 percent from March 2015 and 108 percent from April 2014 186 213 . Strategic activity accounted for 54 percent of reported deal value during the month and included: 211 216 233 • Capgemini’s $4.4 billion acquisition of IT outsourcing solutions provider iGate Corporation

234 235 245 • Raytheon’s majority purchase of network security company Websense from Vista Equity Partners for $1.8 billion

Orange • The $1.5 billion acquisition of online learning company Lynda.com by LinkedIn 241 184 0 • Mastercard’s $600 million purchase of price gauging, marketing, and merchandising analytics company Applied Predictive

245 232 Technologies 184 • Retail and commerce-focused digital ad platform TellApart’s $533 million acquisition by Twitter Grey

138 138 138 $90.0 $500.0

203 $80.0 203 203 $400.0 $70.0 $65.1

221 $60.0 221 221 $300.0 $50.0 $40.0 AT&T/ $37.5 DirecTV $31.3 $200.0 $30.0 $22.4 $22.8 $23.5 $25.9 $18.8 $20.0 $15.0 $100.0 $12.4 $14.5 $23.5 $11.2 $10.0 427 395 371 441 314 428 428 491 380 385 425 456 492 $- $- Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15

4 | M&A and Investment Summary April 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Blue

0 79 133 Selected Transactions With Multiples Information 122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Digital Advertising 178 Chango, Inc. Online Lead Generation The Rubicon Project 116.0 48.5 - 2.4x NA 186 213 Digital Media/Commerce Nakedwines.com, Inc. eCommerce Majestic Wine Plc 103.0 109.4 - 0.9x NA 211 216 233 Business Services iGate Corporation IT Consulting/Systems Integration Capgemini 4,431.1 1,268.2 254.2 3.5x 17.4x 234 Lynda.com, Inc. Training LinkedIn Corporation 1,500.0 150.0 - 10.0x NA 235 Scholastic Corporation's Educational Technology Business Training Houghton Mifflin Harcourt 575.0 248.7 67.6 2.3x 8.5x 245 Marketing Technology Orange Bronto Software, Inc. Email Services Netsuite, Inc. 200.0 40.0 3.0 5.0x 66.7x Orad Hi Tec Systems Ltd. Marketing Asset Management Avid Technology, Inc. 68.3 40.5 5.0 1.7x 13.7x 241 184 Smart AdServer Ad Serving Cathay Capital Private Equity 39.8 17.0 - 2.3x NA 0 MediaLets, Inc. Analytics & Reporting WPP Group 22.0 7.0 - 3.1x NA Escrow.com, Inc. Commerce Management Freelancer.com 7.5 5.0 1.2 1.5x 6.3x 245 232 Software 184 Informatica Corporation Data Management Permira Advisers 5,300.0 1,500.0 299.0 3.5x 17.7x TrustWave Holdings, Inc. Security SingTel 810.0 216.0 - 3.8x NA Grey Procera Networks, Inc. Infrastructure Francisco Partners 238.1 75.4 - 3.2x NA WatchDox, Inc. Security BlackBerry Ltd. 90.0 12.0 - 7.5x NA 138 138 Procserve Holdings Limited Financial BasWare Corporation 28.0 11.6 - 2.4x NA 138 Loqate, Inc. Geo-Demo GB Group PLC 13.4 5.4 - 2.5x NA IBEXI Solutions Pvt. Ltd. Financial Sapiens International Corporation N.V. 6.0 3.6 1.7x NA 203 203 203

221 221 221

5 | M&A and Investment Summary April 2015 Securities in Registration ($ in Millions)

Blue

0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Apr-15 Shopify United States Digital Media/Commerce 100.0 123.6 NA

178 Apr-15 Baozun E-Commerce China Marketing Technology 200.0 255.4 NA 186 213 Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA

211 Apr-15 Press Ganey Associates United States Information 100.0 61.3 NA 216 233 Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

234 Mar-15 Truvon Health Analytics United States Information 41.2 504.9 72.1 235 245 Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA

Orange May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA

241 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 184 0 Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 245 232 Mar-14 Globoforce Group plc Ireland Software NA NA NA 184

Grey

138 138 138

203 203 203

221 221 221

6 | M&A and Investment Summary April 2015 LTM IPO Performance (1/2)

Blue

0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from 122 141 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2015 1st Trading Day 181 Apr-15 NasdaqGS:APIC Apigee Corporation United States $16.00-$18.00 $17.00 10.60, down 8% $14.47 36.5% 178 Apr-15 NasdaqGS:ETSY Etsy, Inc. United States $14.00-$16.00 $16.00 30.00, up 86% $22.24 (25.9%) 186 213 Apr-15 NasdaqGM:WOWO Wowo Limited China $9.00-$11.00 $10.00 10.29, up 3% $8.95 (13.0%) 211 Apr-15 NYSE:GDDY GoDaddy Inc. United States $17.00-$19.00 $20.00 26.15, up 31% $25.07 (4.1%) 216 233 Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States $10.50-$12.50 $11.50 10.60, down 8% $7.37 (30.5%) 234 Jan-15 NYSE:BOX Box, Inc. United States $11.00-$13.00 $14.00 23.23, up 65% $17.11 (26.3%) 235 245 Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 32.49 4.5%

Orange Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 19.25 (31.2%)

241 Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 11.05 (35.1%) 184 0 Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 11.12 26.4%

245 Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 20.17 (23.5%) 232 184 Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 14.47 3.4% Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 17.45 (25.2%) Grey Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 5.65 (21.0%) 138 138 138 Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 6.16 (36.8%) Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 38.71 28.6% 203 203 Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 32.12 (14.8%) 203 Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States 11.00-13.00 12.00 13.44, up 12% 12.74 (5.2%) 221 221 Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 81.29 (13.4%) 221 Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00-23.00 17.00 16.61, down 2% 18.75 12.9% Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 62.95 110.3% Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 15.83 (3.5%) Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00-14.00 15.00 19.05, up 27% 8.78 (53.9%) Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 44.86 21.2% Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up 26% 26.21 48.9% Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 13.66 33.3% Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 14.40 25.2%

7 | M&A and Investment Summary April 2015 LTM IPO Performance (2/2)

Blue

0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from 122 141 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2015 1st Trading Day 181 Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 64.01 16.4% 178 186 Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.93 (8.1%) 213 Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.65 (3.9%)

211 Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 6.02 (45.4%) 216 233 Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 15.34 4.7%

234 May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 22.66 60.7% 235 245 May-14 NasdaqGS:JD JD.com, Inc. China $16.00-$18.00 19.00 $22.80, up 20% 33.56 47.2%

Orange May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 20.99 (17.8%)

241 May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 15.42 47.7% 184 0 May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 23.06 71.7%

245 232 184

Grey

138 138 138

203 203 203

221 221 221

8 | M&A and Investment Summary April 2015 Digital Media/Commerce

Blue

0 79 133

122 . Of the total $3.0 billion in value reported in the Digital Media/Commerce segment, $623 million in strategic transactions were 141 181 announced, while an additional $2.3 billion of Venture/Growth Capital investments were made

178 186 213 . eCommerce was the most active subsegment across all segments with 47 transactions announced, of which 37 were reported for $808

211 million. Select investments from the subsegment include: 216 233 • The T. Rowe Price-led $100 million round in online eyeglass retailer Warby Parker, at a valuation of $1.2 billion 234 235 245 . Select Digital Media/Commerce transactions include:

Orange

241 • Walt Disney Company’s $250 million investment in fantasy sports site DraftKings at a valuation of $900 million 184 0 • The $165 million investment in online credit marketplace Prosper Marketplace by Credit Suisse NEXT Investors with participation 245 232 from BBVA Ventures, Passport Capital, and Breyer Capital 184

Grey • Norwest Venture Partners acquisition of wine importer and wholesaler eCommerce platform WineAccess (A Petsky Prunier led

138 138 transaction) 138

203 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital

221 # % $MM % # $MM # $MM # $MM 221 221 eCommerce 47 33% $807.6 27% 12 $146.9 0 - 35 $660.7 Mobile Content/Apps 38 27% 633.8 21% 14 - 0 - 24 633.8 Classifieds/Auctions/P-to-P 25 18% 948.1 32% 4 446.2 0 - 21 501.9 Social Media/Apps 14 10% 117.7 4% 7 15.0 0 - 7 102.7 Gaming 10 7% 412.9 14% 2 - 0 - 8 412.9 Niche Content 7 5% 44.1 1% 5 15.0 0 - 2 29.1 Web Search/Portals 1 1% - 0% 1 - 0 - 0 - Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Total 142 100% 2,964.2 100% 45 623.1 0 0.0 97 2,341.1

9 | M&A and Investment Summary April 2015 Digital Media/Commerce Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 1-800-Flowers.com Inc. United States $10.57 -21% $ 683.9 $ 768.9 $ 1,080.6 $ 88.5 8.2% 45.6% 0.7x 8.7x 58.com Inc. * China 76.28 -9% 8,840.1 8,231.1 265.0 12.3 4.6% 81.8% 31.1x NM 178 Alibaba Group Holding Limited * China 81.29 -32% 202,193.8 193,852.6 11,417.3 4,787.3 41.9% 44.1% 17.0x 40.5x 186 213 Amazon.com Inc. * United States 421.78 -7% 196,414.9 199,664.9 91,964.0 4,871.0 5.3% 17.7% 2.2x 41.0x AOL Inc. United States 39.90 -20% 3,125.3 3,098.1 2,527.2 436.6 17.3% 8.9% 1.2x 7.1x 211 Baidu, Inc. China 200.28 -21% 70,344.4 65,591.8 8,433.0 2,688.9 31.9% 47.4% 7.8x 24.4x 216 Blucora, Inc. United States 13.67 -33% 558.4 488.1 539.4 84.4 233 15.7% -13.7% 0.9x 5.8x Blue Nile Inc. United States 27.21 -27% 323.2 232.5 473.5 15.8 3.3% 5.2% 0.5x 14.7x 234 CafePress Inc. * United States 4.12 -31% 72.4 43.2 153.2 (6.1) NM -10.8% 0.3x NM 235 Care.com, Inc. United States 6.42 -54% 205.1 133.2 116.7 (31.5) 245 * NM 43.2% 1.1x NM CDW Corporation United States 38.32 -3% 6,611.3 9,788.9 12,074.5 880.9 7.3% 12.1% 0.8x 11.1x Changyou.com Limited China 33.76 -1% 1,754.8 1,725.1 783.2 163.9 Orange 20.9% 5.7% 2.2x 10.5x Chegg, Inc. United States 7.43 -16% 638.3 548.9 304.8 23.9 7.8% 19.3% 1.8x 23.0x 241 Cnova N.V. * Netherlands 5.65 -34% 2,493.3 2,421.1 3,880.2 51.8 1.3% 19.7% 0.6x 46.8x 184 0 Copart, Inc. United States 35.57 -8% 4,497.5 4,592.6 1,163.8 417.4 35.9% 5.1% 3.9x 11.0x CyberAgent Inc. Japan 48.11 -20% 3,014.1 2,740.9 1,942.1 314.6 16.2% 32.1% 1.4x 8.7x 245 Demand Media, Inc. United States 6.41 -77% 117.9 70.1 172.4 14.4 8.3% -17.7% 0.4x 4.9x 232 184 DeNA Co., Ltd. Japan 19.99 -10% 2,591.9 2,011.6 1,219.0 341.5 28.0% -24.6% 1.7x 5.9x eBay Inc. United States 58.26 -4% 70,775.5 68,759.5 18,088.0 4,892.0 27.0% 9.2% 3.8x 14.1x Grey E-Commerce China Dangdang Inc. China 9.46 -42% 764.3 542.6 1,283.0 17.5 1.4% 25.8% 0.4x 31.1x eLong Inc. * China 17.53 -27% 631.1 384.0 169.7 (82.9) NM 1.3% 2.3x NM 138 Etsy, Inc. * United States 22.24 -38% 2,467.8 2,466.0 195.6 4.9 2.5% 56.4% 12.6x NM 138 138 Everyday Health, Inc. United States 12.26 -38% 387.0 426.2 184.3 20.5 11.1% 18.3% 2.3x 20.8x Expedia Inc. United States 94.23 -6% 12,045.1 12,454.2 5,936.5 726.9 12.2% 19.7% 2.1x 17.1x 203 Facebook, Inc. * United States 78.77 -8% 221,042.3 208,815.3 13,507.0 6,276.0 46.5% 51.5% 15.5x 33.3x 203 203 Forgame Holdings Limited * China 2.20 -48% 279.3 111.0 103.8 1.3 1.2% -45.6% 1.1x 86.4x G5 Entertainment AB (publ) Sweden 4.07 -12% 35.8 31.9 23.3 1.5 6.4% 82.1% 1.4x 21.5x 221 GameLoft SE France 5.27 -35% 451.8 388.9 275.1 16.6 6.0% -2.6% 1.4x 23.4x 221 221 Geeknet, Inc. * United States 9.00 -40% 60.6 5.8 140.7 (6.7) NM 1.8% 0.0x NM Glu Mobile, Inc. United States 6.76 -11% 728.9 663.3 248.0 16.9 6.8% 97.5% 2.7x 39.1x Google Inc. United States 548.77 -10% 370,580.2 312,846.2 67,839.0 21,898.0 32.3% 17.0% 4.6x 14.3x Gree, Inc. Japan 6.45 -25% 1,505.1 899.4 817.7 247.6 30.3% -27.9% 1.1x 3.6x GrubHub Inc. United States 41.17 -14% 3,449.3 3,151.1 283.5 77.4 27.3% 66.8% 11.1x 40.7x Hollywood Media Corp. * United States 0.72 -50% 16.3 (6.6) 0.4 (4.8) NM -31.1% NM 1.4x HSN, Inc. United States 62.42 -22% 3,272.7 3,340.8 3,588.0 313.3 8.7% 5.4% 0.9x 10.7x IAC/InterActiveCorp United States 69.82 -6% 5,735.0 5,966.1 3,141.8 449.2 14.3% 4.0% 1.9x 13.3x iDreamSky Technology Limited * China 8.78 -66% 371.6 224.9 158.7 1.7 1.1% 299.1% 1.4x NM International Game Technology PLC United Kingdom 20.36 -3% 4,486.4 7,705.8 3,715.6 1,270.9 34.2% 0.2% 2.1x 6.1x iProperty Group Limited * Malaysia 1.99 -33% 373.9 363.8 17.9 0.0 0.2% 14.6% 20.4x NM j2 Global, Inc. United States 69.37 -4% 3,346.5 3,410.4 599.0 249.2 41.6% 15.0% 5.7x 13.7x JD.com, Inc. * China 33.56 -9% 46,419.7 42,009.4 18,542.8 (669.4) NM 65.9% 2.3x NM

10 | M&A and Investment Summary April 2015 Digital Media/Commerce Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Jiayuan.com International Ltd. China 5.94 -14% $ 176.70 $ 103.81 $ 99.00 $ 2.68 2.7% 24.6% 1.0x 38.7x JobStreet Corp. Bhd. Malaysia 0.66 -84% 92.0 53.3 6.2 5.8 94.1% NM 8.6x 9.2x 178 Jumei International Holding Limited China 20.99 -47% 3,047.6 2,471.6 632.9 60.7 9.6% 31.0% 3.9x 40.7x 186 213 King Digital Entertainment plc Ireland 15.86 -32% 4,998.8 4,034.8 2,269.4 744.9 32.8% 20.4% 1.8x 5.4x Kongzhong Corp. China 6.90 -35% 324.7 200.7 227.6 40.8 17.9% 31.1% 0.9x 4.9x 211 LifeLock, Inc. United States 14.61 -24% 1,374.2 1,080.9 502.8 29.8 5.9% 27.3% 2.1x 36.2x 216 233 Liberty Interactive Corporation United States 28.76 -6% 13,610.8 18,573.8 10,499.0 1,764.0 16.8% 2.7% 1.8x 10.5x LightInTheBox Holding Co., Ltd. * China 4.88 -43% 233.5 152.4 382.4 (27.3) NM 30.8% 0.4x NM 234 LinkedIn Corporation * United States 252.13 -9% 31,737.7 29,306.1 2,383.3 240.2 10.1% 42.1% 12.3x NM 235 245 Liquidity Services, Inc. United States 9.36 -48% 280.6 206.4 498.9 48.5 9.7% -1.3% 0.4x 4.3x MeetMe, Inc. * United States 1.78 -45% 79.9 67.0 44.8 1.2 2.7% 11.0% 1.5x 55.9x Orange Mercadolibre, Inc. Argentina $142.33 -2% 6,284.6 6,196.5 556.5 186.9 33.6% 17.8% 11.1x 33.2x Mixi, Inc. Japan 39.46 -32% 3,283.5 2,937.2 618.2 263.2 42.6% 716.8% 4.8x 11.2x 241 NCsoft Corporation South Korea 190.21 -10% 3,796.2 2,975.5 768.4 286.4 37.3% 10.8% 3.9x 10.4x 184 0 Netflix, Inc. * United States 556.50 -3% 33,736.8 33,179.1 5,807.7 459.3 7.9% 25.7% 5.7x 72.2x NEXON Co., Ltd. Japan 12.72 -10% 5,497.6 4,865.2 1,443.4 634.3 43.9% 11.3% 3.4x 7.7x 245 Orbitz Worldwide, Inc. United States 11.72 -1% 1,309.3 1,570.3 932.0 140.0 15.0% 10.0% 1.7x 11.2x 232 184 Overstock.com Inc. United States 21.47 -21% 521.2 398.9 1,554.2 23.6 1.5% 16.6% 0.3x 16.9x Pacific Online Ltd. China 0.54 -19% 594.7 531.0 159.2 47.0 29.5% 16.5% 3.3x 11.3x Grey Pandora Media, Inc. * United States 17.84 -41% 3,771.9 3,390.3 957.3 (34.2) NM 30.4% 3.5x NM PChome Online Inc. * Taiwan 16.98 -2% 1,474.3 1,332.5 626.5 31.8 5.1% 21.9% 2.1x 41.9x 138 138 PetMed Express, Inc. United States 15.83 -10% 320.8 268.1 228.0 29.4 12.9% -3.3% 1.2x 9.1x 138 Phoenix New Media Limited China 7.21 -37% 533.2 319.4 264.1 43.4 16.4% 15.0% 1.2x 7.4x The Priceline Group Inc. United States 1,237.81 -7% 64,161.9 63,758.3 8,442.0 3,288.0 38.9% 24.3% 7.6x 19.4x 203 Rakuten, Inc. Japan 17.51 -12% 23,184.4 24,164.2 4,996.2 1,140.8 22.8% 15.4% 4.8x 21.2x 203 203 RealNetworks Inc. * United States 6.57 -22% 237.2 75.5 156.2 (61.9) NM -24.2% 0.5x NM Rediff.com India Limited * India 1.89 -51% 52.1 39.6 15.8 (10.6) NM -2.7% 2.5x NM 221 Renren Inc. * China 2.97 -19% 1,009.1 302.3 83.0 (89.8) NM -43.9% 3.6x NM 221 221 Shanda Games Limited China 6.85 0% 1,851.9 1,817.1 599.4 231.9 38.7% -14.4% 3.0x 7.8x Shutterfly, Inc. United States 44.76 -18% 1,696.0 1,650.7 944.5 87.3 9.2% 17.5% 1.7x 18.9x Shutterstock, Inc. * United States 67.49 -22% 2,419.4 2,131.2 328.0 46.6 14.2% 39.3% 6.5x 45.7x SNAP Interactive, Inc. * United States 0.21 -49% 8.1 7.5 13.6 (1.6) NM 7.5% 0.6x NM Spark Networks, Inc. United States 3.94 -37% 97.4 85.7 61.6 4.6 7.4% -11.2% 1.4x 18.7x Sportsman's Warehouse Holdings, United States 9.63 -5% 402.7 609.2 660.0 54.0 8.2% 2.6% 0.9x 11.3x Stamps.comInc. Inc. United States 61.89 -12% 1,012.7 965.3 147.3 38.5 26.2% 15.2% 6.6x 25.1x Taomee Holdings Ltd. * China 3.31 -42% 117.2 14.3 42.2 (0.8) NM -12.7% 0.3x NM TheStreet, Inc. * United States 1.79 -34% 62.4 27.9 61.1 (0.7) NM 12.1% 0.5x NM Travelport Worldwide Limited United Kingdom 15.83 -14% 1,937.2 4,251.2 2,148.0 383.0 17.8% 3.5% 2.0x 11.1x

11 | M&A and Investment Summary April 2015 Digital Media/Commerce Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 04/30/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Twitter, Inc. * United States 38.96 -30% $ 25,494.69 $ 23,538.24 $ 1,588.45 $ (335.23) NM 98.3% 14.8x NM U.S. Auto Parts Network, Inc. United States 1.60 -61% 54.1 69.9 283.5 5.4 1.9% 11.3% 0.2x 13.0x 178 United Online, Inc. United States 15.83 -13% 230.8 152.0 217.2 23.4 10.8% NA 0.7x 6.5x 186 213 EVINE Live Inc. United States 5.96 -15% 337.1 370.0 674.6 18.9 2.8% 5.3% 0.5x 19.6x Vipshop Holdings Limited * China 28.29 -8% 16,363.1 15,629.7 3,773.7 190.3 5.0% 122.4% 4.1x 82.1x 211 Wayfair Inc. * United States 32.12 -19% 2,679.7 2,263.9 1,319.0 (134.9) NM 44.0% 1.7x NM 216 233 WebMD Health Corp. United States 44.15 -17% 1,603.1 1,848.6 580.4 113.2 19.5% 12.6% 3.2x 16.3x Weibo Corporation * China 16.68 -36% 3,289.9 2,842.8 334.2 0.2 0.1% 77.5% 8.5x NM 234 235 WeMade Entertainment Co., Ltd. * South Korea 36.65 -24% 610.6 599.5 149.0 (18.2) NM -28.5% 4.0x NM 245 Wowo Limited * China 8.95 -23% 330.9 330.4 29.3 (43.0) NM 0.0% 11.3x NM XO Group Inc. United States 16.26 -13% 430.4 340.4 143.7 16.9 11.7% 7.4% 2.4x 20.2x Orange Yahoo! Inc. United States 42.57 -19% 39,934.2 6,599.5 4,711.4 598.7 12.7% 0.8% 1.4x 11.0x Yandex N.V. Netherlands 19.24 -46% 6,088.5 6,076.5 897.9 326.6 36.4% 23.2% 6.8x 18.6x 241 184 YY Inc. China 63.56 -34% 3,422.0 3,060.5 593.1 186.9 31.5% 101.7% 5.2x 16.4x 0 zulily, Inc. United States 12.47 -75% 1,538.8 1,165.0 1,200.1 27.5 2.3% 72.5% 1.0x 42.4x Zynga, Inc. * United States 2.45 -39% 2,253.9 1,337.3 690.4 (104.8) NM -20.9% 1.9x NM 245 232 184 Average 3.5x 17.8x

Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (39.3x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value 138 138 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 138

203 203 203

221 221 221

12 | M&A and Investment Summary April 2015 Digital Advertising

Blue

0 79 133

122 . There was a total of 43 transactions announced in the Digital Advertising segment worth a total of $1.6 billion in aggregate reported 141 181 value

178 186 213 . The Vertical Search was the most active subsegment, announcing 11 transactions worth a reported $127 million

211 216 . Digital Video was the highest value subsegment with 10 deals announced of which eight were worth $350 million in reported value 233

234 235 . Select acquisitions: 245 • Vivendi’s majority purchase of video sharing website Dailymotion from Orange for $235 million Orange

241 184 • The $200 million acquisition of commerce marketing company Bronto Software by NetSuite 0

245 • The Rubicon Project’s $116 million acquisition of digital advertising platform developer Chango 232 184

Grey

138 DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Vertical Search 11 26% $126.5 8% 2 - 0 - 9 $126.5

221 Digital Video 10 23% 349.5 22% 3 235.0 0 - 7 114.5 221 221 Online Lead Generation 7 16% 194.7 12% 4 126.0 0 - 3 68.7 Email Services 3 7% 212.3 14% 3 212.3 0 - 0 - Mobile Marketing 4 9% 6.0 0% 2 - 0 - 2 6.0 Ad Networks/Exchanges 3 7% 13.9 1% 2 11.6 0 - 1 2.3 Comparison Shopping 2 5% 286.0 18% 1 246.0 0 - 1 40.0 Other* 3 7% 370.3 24% 0 - 0 - 3 370.3 Total 43 100% 1,559.2 100% 17 830.9 0 0.0 26 728.3 *Other includes Digital Promotion/Coupons, Local Search

13 | M&A and Investment Summary April 2015 Digital Advertising Public Company Valuation (1/2)

Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Alliance Data Systems Corporation United States $297.31 -5% $ 18,502.8 $ 32,142.0 $ 5,671.2 $ 1,559.5 27.5% 26.1% 5.7x 20.6x

178 Angie's List, Inc. * United States $5.87 -55% 343.5 324.9 325.9 4.1 1.3% 22.5% 1.0x 79.3x 186 AOL Inc. United States 39.90 -20% 3,125.3 3,098.1 2,527.2 436.6 17.3% 8.9% 1.2x 7.1x 213 Autobytel Inc. United States 14.53 -10% 129.0 126.3 106.3 8.2 7.7% 35.6% 1.2x 15.4x

211 Bankrate, Inc. United States 12.40 -32% 1,295.0 1,416.0 531.0 119.5 22.5% 24.0% 2.7x 11.9x 216 Blinkx plc United States 0.54 -64% 216.4 107.9 241.7 12.7 5.3% 6.2% 0.4x 8.5x 233 Blucora, Inc. United States 13.67 -33% 558.4 488.1 539.4 84.4 15.7% -13.7% 0.9x 5.8x

234 Constant Contact, Inc. United States 34.85 -19% 1,121.4 942.3 343.2 40.6 11.8% 15.9% 2.7x 23.2x 235 Coupons.com Incorporated United States 12.53 -62% 1,037.0 843.5 221.8 (18.5) NM 32.1% 3.8x NM 245 Criteo SA France 41.46 -11% 2,529.5 2,195.2 901.9 74.1 8.2% 67.8% 2.4x 29.6x Ctrip.com International Ltd. China 63.68 -9% 9,045.1 9,163.7 1,184.6 4.6 0.4% 36.4% 7.7x NM Orange Demand Media, Inc. United States 6.41 -77% 117.9 70.1 172.4 14.4 8.3% -17.7% 0.4x 4.9x 241 DHI Group, Inc. United States 7.60 -34% 418.1 495.1 265.7 74.0 27.9% 18.8% 1.9x 6.7x 184 Digital Globe Services Inc. United States 0.75 -74% 22.5 22.7 39.6 2.6 6.6% 23.3% 0.6x 8.7x 0 Facebook, Inc. * United States 78.77 -8% 221,042.3 208,815.3 13,507.0 6,276.0 46.5% 51.5% 15.5x 33.3x

245 Google Inc. United States 548.77 -10% 370,580.2 312,846.2 67,839.0 21,898.0 32.3% 17.0% 4.6x 14.3x 232 Groupon, Inc. * United States 6.92 -18% 4,692.8 3,661.3 3,191.7 89.2 2.8% 24.0% 1.1x 41.0x 184 HomeAway, Inc. United States 27.95 -24% 2,652.2 2,132.2 460.1 63.5 13.8% 23.5% 4.6x 33.6x IAC/InterActiveCorp United States 69.82 -6% 5,735.0 5,966.1 3,141.8 449.2 14.3% 4.0% 1.9x 13.3x Grey InternetQ PLC United Kingdom 4.76 -16% 189.8 190.4 160.3 15.9 9.9% 26.8% 1.2x 11.9x 138 Just Dial Limited * India 16.82 -34% 1,185.5 1,093.4 88.8 25.5 28.8% 28.9% 12.3x 42.8x 138 138 LeGuide.com S.A. France 34.69 -4% 125.4 90.6 47.2 4.4 9.4% -14.5% 1.9x 20.4x MakeMyTrip Limited India 21.18 -41% 882.7 813.3 291.9 (8.2) NM 16.9% 2.8x NM 203 Millennial Media Inc. United States 1.55 -75% 217.1 168.7 296.2 (35.8) NM 14.3% 0.6x NM 203 203 Monster Worldwide, Inc. United States 5.89 -16% 537.1 708.4 770.0 68.7 8.9% -4.7% 0.9x 10.3x Opera Software ASA Norway 9.73 -30% 1,389.2 1,314.5 480.8 106.5 22.2% 60.2% 2.7x 12.3x 221 Pacific Online Ltd. China 0.54 -19% 594.7 531.0 159.2 47.0 221 29.5% 16.5% 3.3x 11.3x 221 QuinStreet, Inc. United States 5.43 -20% 241.6 195.2 275.3 (1.7) NM -7.6% 0.7x NM ReachLocal, Inc. United States 2.80 -73% 82.0 39.1 474.9 (33.4) NM -7.6% 0.1x NM RetailMeNot, Inc. United States 18.38 -47% 1,005.8 811.3 264.7 69.2 26.1% 26.1% 3.1x 11.7x Rightmove plc * United Kingdom 48.64 0% 4,708.6 4,691.4 260.3 191.5 73.6% 19.3% 18.0x 24.5x Rocket Fuel Inc. United States 8.01 -76% 337.6 317.4 408.6 (37.6) NM 69.8% 0.8x NM Rovi Corporation United States 18.51 -30% 1,701.8 2,499.5 533.9 176.0 33.0% -2.4% 4.7x 14.2x Septeni Holdings Co., Ltd. Japan 8.34 -30% 216.2 150.8 475.8 19.7 4.1% 13.5% 0.3x 7.7x The Rubicon Project, Inc. United States 17.47 -15% 739.7 642.6 125.3 (11.0) NM 49.5% 5.1x NM TiVo Inc. United States 11.05 -23% 1,054.94 664.54 451.48 79.75 17.7% 11.1% 1.5x 8.3x

14 | M&A and Investment Summary April 2015 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 TradeDoubler AB Sweden 0.83 -52% $ 35.22 $ 20.10 $ 221.44 $ 1.49 0.7% -13.4% 0.1x 13.5x 178 Travelzoo Inc. United States 13.14 -33% 193.6 139.0 138.4 12.7 9.2% -11.4% 1.0x 10.9x 186 LendingTree, Inc. United States 55.03 -17% 629.9 541.4 178.2 14.7 213 8.2% 17.9% 3.0x 36.8x Tremor Video, Inc. United States 2.50 -50% 128.5 50.7 159.5 (16.5) NM 21.0% 0.3x NM 211 TripAdvisor Inc. United States 80.49 -28% 11,550.9 11,325.9 1,246.0 375.0 30.1% 31.9% 9.1x 30.2x 216 TrueCar, Inc. United States 15.42 -38% 1,257.4 1,116.4 206.6 (39.8) 233 NM 54.3% 5.4x NM TubeMogul, Inc. United States 14.40 -40% 435.9 390.6 114.2 (1.0) NM 99.7% 3.4x NM 234 Twitter, Inc. * United States 38.96 -30% 25,494.7 23,538.2 1,588.4 (335.2) NM 98.3% 14.8x NM 235 245 Voltari Corporation United States 10.67 -51% 96.7 126.6 12.2 (15.5) NM 39.2% 10.3x NM Web.com Group, Inc. United States 18.37 -50% 954.0 1,429.8 542.7 104.4 19.2% 6.3% 2.6x 13.7x Orange Yahoo! Inc. United States 42.57 -19% 39,934.2 6,599.5 4,711.4 598.7 12.7% 0.8% 1.4x 11.0x Yelp Inc. * United States 39.39 -55% 2,936.7 2,605.5 419.6 28.2 6.7% 59.4% 6.2x 92.3x 241 Yandex N.V. Netherlands 19.24 -46% 6,088.5 6,076.5 897.9 326.6 36.4% 23.2% 6.8x 18.6x 184 0 Youku Tudou Inc. China 18.70 -24% 3,627.6 2,442.0 681.0 82.8 12.2% 37.6% 3.6x 29.5x YuMe, Inc. United States 5.13 -26% 171.1 107.0 177.8 (4.6) NM 17.6% 0.6x NM 245 Zhaopin Ltd. China 15.34 -18% 784.8 623.2 188.4 45.6 24.2% 27.5% 3.3x 13.7x 232 184 Zillow Group, Inc. * United States 97.64 -41% 5,709.4 5,336.8 325.9 (2.6) NM 65.0% 16.4x NM

Average 3.1x 16.2x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.0x) 138 138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 203 203 203

221 221 221

15 | M&A and Investment Summary April 2015 Marketing Technology

Blue

0 79 133

122 . The Marketing Technology segment announced 92 transactions worth a total of $2.9 billion in aggregate value 141 181 . Analytics & Targeting was the most active and highest value Marketing Technology subsegment with 24 transactions announced, worth 178 186 213 a total of $791 million in aggregate reported value

211 216 . Select acquisitions: 233

234 • Charter Communications and Arris Group’s joint acquisition of cloud TV interface company ActiveVideo for $135 million 235 245 • IT consulting firm Infosys’ $120 million acquisition of eCommerce experience solutions provider Kallidus Orange

241 184 . Select investments: 0

245 • In-store data analytics solutions provider RetailNext’s $125 million round of funding from Activant Capital Group with participation 232 184 from August Capital, Nokia Growth Partners, and Qualcomm Ventures

Grey MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM 203 203 203 Analytics & Targeting 24 26% $791.3 28% 11 $557.3 0 - 13 $234.0 Content Management 14 15% 41.8 1% 6 - 0 - 8 41.8 221 221 221 Mobile Technology 10 11% 499.8 18% 5 450.0 0 - 5 49.8 BI Tools 8 9% 800.0 28% 6 600.0 0 - 2 200.0 Commerce Management 6 7% 240.0 8% 2 127.5 0 - 4 112.5 CRM 6 7% 126.3 4% 1 - 0 - 5 126.3 SFA/Lead Management 4 4% 23.3 1% 1 - 0 - 3 23.3 Other* 20 22% 331.6 12% 9 293.1 2 - 9 35.0 Total 92 100% 2,854.1 100% 41 2,027.9 2 0.0 49 826.2

*Other includes Ad Serving, Content Delivery Network, Email/Messaging Software, Market Research, Marketing Data, MRM/Workflow Management, Search & Discovery, SEM/SEO Tools, Search & Discovery, Web to Print, and Website Creation/Hosting

16 | M&A and Investment Summary April 2015 Marketing Technology Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 04/30/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adobe Systems Incorporated * United States 76.06 -5% 38,050.5 36,775.3 4,256.1 843.5 19.8% 5.2% 8.6x 43.6x Bazaarvoice, Inc. United States 5.38 -43% 423.1 375.3 185.9 (22.5) NM 20.0% 2.0x NM 178 Bitauto Holdings Limited * China 59.48 -39% 3,652.3 3,458.1 396.5 95.4 24.1% 70.8% 8.7x 36.3x 186 213 Blackbaud Inc. United States 50.53 -1% 2,327.4 2,599.9 583.8 94.7 16.2% 13.2% 4.5x 27.4x Borderfree, Inc. United States 6.32 -64% 202.0 75.3 125.5 (0.2) NM 13.6% 0.6x NM 211 Brightcove Inc. United States 6.92 -37% 225.1 204.2 126.8 (3.1) NM 9.0% 1.6x NM 216 233 ChannelAdvisor Corporation United States 10.23 -65% 255.1 190.5 84.9 (28.2) NM 24.8% 2.2x NM ChinaCache International Holdings China 14.09 -19% 365.1 318.6 223.2 12.6 5.7% 25.5% 1.4x 25.2x 234 ConstantLtd. Contact, Inc. United States 34.85 -19% 1,121.4 942.3 343.2 40.6 235 11.8% 15.9% 2.7x 23.2x 245 Covisint Corporation United States 1.96 -73% 76.5 33.1 89.5 (33.7) NM -9.1% 0.4x NM Cvent, Inc. * United States 26.88 -11% 1,116.6 949.0 142.2 5.1 3.6% 28.0% 6.7x 184.5x Orange Dealertrack Technologies, Inc. United States 39.31 -22% 2,137.0 2,693.8 854.4 105.9 12.4% 77.4% 3.2x 25.4x Demandware, Inc. * United States 61.60 -14% 2,252.4 2,009.5 160.6 (21.2) NM 50.6% 12.5x NM 241 184 eBay Inc. United States 58.26 -4% 70,775.5 68,759.5 18,088.0 4,892.0 27.0% 9.2% 3.8x 14.1x 0 Endurance International Group United States 18.34 -22% 2,427.7 3,520.8 629.8 150.6 23.9% 21.1% 5.6x 23.4x Five9,Holdings, Inc. Inc. United States 5.43 -34% 269.4 238.8 103.1 (29.1) NM 22.5% 2.3x NM 245 232 HubSpot, Inc. United States 38.71 -13% 1,257.2 1,133.6 115.9 (46.8) NM 49.3% 9.8x NM 184 Informatica Corporation United States 48.07 0% 5,009.5 4,510.8 1,055.4 191.0 18.1% 8.0% 4.3x 23.6x Infosystems S.A. Poland 0.42 -56% 1.7 1.9 2.3 1.6 69.0% 0.0% 0.8x 1.2x Grey Interactive Intelligence Group Inc. United States 43.98 -33% 947.5 891.3 341.3 (0.6) NM 7.2% 2.6x NM 138 IBM Corporation United States 171.29 -13% 168,675.1 198,841.1 90,147.0 23,608.0 26.2% -7.3% 2.2x 8.4x 138 Jive Software, Inc. United States 5.38 -39% 402.3 294.7 178.7 (39.6) 138 NM 22.6% 1.6x NM LivePerson Inc. * United States 9.40 -36% 535.1 485.8 209.9 10.5 5.0% 18.1% 2.3x 46.3x 203 Marin Software Incorporated United States 6.04 -52% 221.9 156.8 99.4 (26.8) NM 28.5% 1.6x NM 203 203 Marketo, Inc. United States 28.45 -20% 1,198.3 1,101.0 163.7 (52.1) NM 50.9% 6.7x NM MaxPoint Interactive, Inc. United States 7.37 -34% 188.4 219.6 106.5 (9.0) NM 61.1% 2.1x NM 221 Mercadolibre, Inc. * Argentina 142.33 -2% 6,284.6 6,196.5 556.5 186.9 33.6% 17.8% 11.1x 33.2x 221 221 MicroStrategy Inc. United States 182.12 -8% 2,062.7 1,670.9 565.8 69.4 12.3% -3.1% 3.0x 24.1x NetSuite Inc. * United States 95.57 -16% 7,413.4 7,222.8 598.1 (49.6) NM 34.2% 12.1x NM Nuance Communications, Inc. * United States 15.33 -22% 4,987.3 6,545.5 1,927.5 186.7 9.7% 3.5% 3.4x 35.1x Open Text Corporation Canada 50.58 -18% 6,181.5 7,147.7 1,863.2 538.4 28.9% 26.1% 3.8x 13.3x Opera Software ASA Norway 9.73 -30% 1,389.2 1,314.5 480.8 106.5 22.2% 60.2% 2.7x 12.3x Oracle Corporation United States 43.62 -7% 190,491.6 179,408.6 38,840.0 16,787.0 43.2% 2.5% 4.6x 10.7x PROS Holdings, Inc. United States 22.23 -27% 655.7 605.1 185.8 (5.1) NM 28.3% 3.3x NM PTC Inc. United States 38.34 -4% 4,406.3 4,669.1 1,342.9 274.6 20.4% 2.2% 3.5x 17.0x Qlik Technologies, Inc. United States 34.79 -4% 3,174.2 2,893.2 565.9 3.1 0.5% 16.7% 5.1x NM Rightside Group, Ltd. United States 8.14 -52% 152.6 128.0 191.7 (9.1) NM 3.5% 0.7x NM Rovi Corporation United States 18.51 -30% 1,701.8 2,499.5 533.9 176.0 33.0% -2.4% 4.7x 14.2x The Rubicon Project, Inc. United States 17.47 -15% 739.7 642.6 125.3 (11.0) NM 49.5% 5.1x NM

17 | M&A and Investment Summary April 2015 Marketing Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 04/30/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Sage Group plc United Kingdom 7.47 -1% $ 8,006.54 $ 8,615.99 $ 2,119.88 $ 602.64 28.4% -5.0% 4.1x 14.3x salesforce.com, inc. * United States 72.82 -7% 47,737.6 48,939.8 5,373.6 168.6 3.1% 32.0% 9.1x 290.3x 178 186 SAP SE Germany 75.80 -4% 90,608.2 96,963.6 19,722.8 6,488.7 32.9% 8.6% 4.9x 14.9x 213 Sizmek Inc. United States 6.96 -32% 205.6 114.9 170.8 16.7 9.8% 6.0% 0.7x 6.9x Sungy Mobile Limited China 4.81 -73% 151.8 52.4 59.5 (9.5) NM 12.3% 0.9x NM 211 216 Synchronoss Technologies, Inc. United States 45.88 -15% 1,974.1 2,010.7 491.8 133.0 27.0% 33.2% 4.1x 15.1x 233 Tableau Software, Inc. * United States 97.84 -5% 6,959.1 6,278.4 412.6 19.8 4.8% 77.5% 15.2x NM Teradata Corporation United States 43.99 -6% 6,517.5 6,151.5 2,732.0 601.0 22.0% 1.5% 2.3x 10.2x 234 235 Verint Systems Inc. United States 61.43 -5% 3,741.4 4,164.4 1,128.4 159.7 14.2% 24.4% 3.7x 26.1x 245 Weborama France 7.83 -27% 26.9 25.6 32.3 1.6 5.1% -4.8% 0.8x 15.7x Wix.com ltd Israel 19.47 -13% 752.5 666.5 141.8 (53.0) NM 76.3% 4.7x NM Orange Zendesk, Inc. * United States 23.06 -18% 1,916.2 1,800.7 127.0 (59.6) NM 76.3% 14.2x NM

241 184 Adjusted Weighted Average 4.5x 14.3x 0

245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (94.3x) 232 184

Grey

138 138 138

203 203 203

221 221 221

18 | M&A and Investment Summary April 2015 Agency & Marketing Services

Blue

0 79 133

122 . There were 31 transactions announced in the Agency & Marketing Services segment in April. Digital Agency was the most active 141 181 subsegment with 15 transactions announced

178 186 213 . Select acquisitions:

211 216 • Promotional products distributor Accolade Promotion Group’s acquisition by Staples 233

234 • Dentsu Aegis Network’s acquisition of digital performance agency abaGada 235 245 • Insignia Capital Group’s acquisition of Metanexgen, a provider of multi-channel marketing solutions for pharmaceutical and Orange

241 biotechnology brands 184 0 • Merkle’s purchase of website analytics and optimization consultancy Pointmarc 245 232 184 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey

138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM

203 Digital Agency 15 48% $15.3 27% 15 $15.3 0 - 0 - 203 203 Public Relations 6 19% 27.0 48% 5 - 0 - 1 27.0

221 Healthcare Agency 2 6% - 0% 1 - 1 - 0 - 221 221 Loyalty/Retention 2 6% - 0% 2 - 0 - 0 - Social Agency 2 6% 14.2 25% 2 14.2 0 - 0 - Ad Specialty/Premiums 1 3% - 0% 1 - 0 - 0 - Branded Communications 1 3% - 0% 1 - 0 - 0 - DM Agency 1 3% - 0% 1 - 0 - 0 - Other* 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 31 100% 56.5 0% 29 29.5 1 0.0 1 27.0 *Other includes General Agency

19 | M&A and Investment Summary April 2015 Agency Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Cello Group Plc United Kingdom $1.39 -8% $ 118.1 $ 129.3 $ 264.7 $ 13.0 4.9% 6.4% 0.5x 10.0x Chime Communications plc United Kingdom 4.46 -22% 443.9 529.9 608.4 44.2 7.3% 30.5% 0.9x 12.0x 178 186 Creston plc United Kingdom 1.92 -4% 111.4 101.9 124.1 18.7 15.1% 3.8% 0.8x 5.5x 213 Dentsu Inc. Japan 46.60 -5% 13,439.2 13,690.9 19,953.0 1,283.6 6.4% 9.1% 0.7x 10.7x Enero Group Limited Australia 0.58 -43% 49.9 33.9 166.9 7.0 4.2% -10.0% 0.2x 4.8x 211 216 Globant S.A. * Luxembourg 21.01 -18% 710.0 649.1 199.6 28.7 14.4% 26.1% 3.3x 22.7x 233 Havas France 8.33 -12% 3,476.8 3,444.3 2,257.5 359.5 15.9% 5.2% 1.5x 9.6x Huntsworth plc United Kingdom 0.63 -31% 200.0 254.7 258.3 31.4 12.2% -3.9% 1.0x 8.1x 234 235 M&C Saatchi plc United Kingdom 4.98 -17% 352.2 349.7 264.0 23.6 8.9% 4.5% 1.3x 14.8x 245 MDC Partners Inc. United States 20.82 -30% 1,037.8 2,115.5 1,250.9 154.7 12.4% 6.4% 1.7x 13.7x Next Fifteen Communications Group plc United Kingdom 2.71 0% 175.3 190.7 171.3 18.7 10.9% 5.6% 1.1x 10.2x Orange Omnicom Group Inc. United States 75.76 -6% 18,509.1 22,201.0 15,284.8 2,245.6 14.7% 4.1% 1.5x 9.9x OPT, Inc. Japan 5.76 -17% 148.9 140.8 531.5 10.6 241 2.0% -1.7% 0.3x 13.3x 184 Porta Communications Plc * United Kingdom 0.12 -48% 32.9 39.4 54.9 0.9 1.6% 111.4% 0.7x 43.5x 0 Publicis Groupe SA France 83.81 -6% 17,674.9 16,606.9 8,781.7 1,643.8 18.7% 4.3% 1.9x 10.1x

245 The Interpublic Group of Companies, Inc. United States 20.84 -8% 8,605.6 9,897.5 7,575.6 969.2 12.8% 5.0% 1.3x 10.2x 232 WPP plc United Kingdom 23.45 -4% 29,966.6 33,965.2 17,967.6 3,145.5 17.5% 4.6% 1.9x 10.8x 184 Adjusted Weighted Average 1.5x 10.4x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.7x) 138 138

203 203 203

221 221 221

20 | M&A and Investment Summary April 2015 Marketing Services Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Acxiom Corporation United States $17.46 -40% $ 1,349.2 $ 1,518.4 $ 1,066.5 $ 174.3 16.3% -0.4% 1.4x 8.7x Aimia Inc. * Canada 11.07 -32% 1,870.5 2,159.5 2,131.8 110.8 5.2% 47.5% 1.0x 19.5x 178 186 Alliance Data Systems Corporation * United States 297.31 -5% 18,502.8 27,785.1 5,671.2 1,559.5 27.5% 26.1% 4.9x 17.8x 213 CSG Systems International Inc. United States 29.12 -6% 995.2 1,049.3 751.3 118.0 15.7% 0.5% 1.4x 8.9x Data Group Ltd. Canada 0.68 -21% 15.9 89.6 270.4 19.1 7.1% -1.2% 0.3x 4.7x 211 216 DST Systems Inc. United States 115.08 -3% 4,258.0 4,658.8 2,767.8 426.8 15.4% 4.1% 1.7x 10.9x 233 Fair Isaac Corporation * United States 88.46 -8% 2,746.9 3,318.0 815.8 181.9 22.3% 9.7% 4.1x 18.2x Harte-Hanks Inc. United States 6.79 -18% 425.2 451.1 542.1 54.0 10.0% -3.2% 0.8x 8.4x 234 235 High Co. SA France 5.75 -6% 59.9 24.9 157.1 13.2 8.4% -2.5% 0.2x 1.9x 245 Insignia Systems Inc. United States 2.99 -33% 36.5 19.6 26.4 1.7 6.3% -1.2% 0.7x 11.7x Multiplus SA Brazil 11.12 -8% 1,803.6 1,410.1 684.5 142.9 20.9% 10.2% 2.1x 9.9x Orange PDI, Inc. United States 1.27 -77% 20.6 24.0 119.9 (9.2) NM -18.2% 0.2x NM 241 Pitney Bowes Inc. United States 22.37 -21% 4,511.3 6,970.0 3,774.7 926.6 24.5% -3.2% 1.8x 7.5x 184 0 Points International Ltd. * Canada 11.21 -51% 175.4 140.1 254.9 8.1 3.2% 26.0% 0.5x 17.3x Viad Corp United States 26.57 -8% 532.2 628.6 1,043.8 68.9 6.6% 7.2% 0.6x 9.1x 245 232 Adjusted Weighted Average 1.9x 9.1x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.3x) Grey

138 138 138

203 203 203

221 221 221

21 | M&A and Investment Summary April 2015 Traditional Media

Blue

0 79 133

122 . There were 13 transactions announced in the Traditional Media segment in April worth a total of $1.6 billion in aggregate reported 141 181 value; all transactions reported this month were acquisitions

178 186 213 . Select Transactions:

211 216 • Television broadcast group ITV’s $950 million purchase of The Weinstein Group’s TV Division 233

234 • Nine Entertainment’s $499 million sale of its live entertainment division Nine Live to Affinity Equity Partners 235 245 • WME|IMG’s $100 million acquisition of bull-riding events operator Professional Bull Riders Orange

241 184 • Consumer shows and events promoter Blue Star Media’s acquisition of family friendly entertainment production company VEE 0 Corporation 245 232 184

Grey

138 TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Entertainment 6 46% $598.6 37% 5 $100.0 1 $498.6 0 -

221 Digital Place-Based Media 2 15% 34.0 2% 0 - 2 34.0 0 - 221 221 Broadcast Television 2 15% 950.0 59% 2 950.0 0 - 0 - B-to-B Media 1 8% 16.0 1% 1 16.0 0 - 0 - Traditional Outdoor 1 8% - 0% 1 - 0 - 0 - Other* 1 8% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 13 100% 1,598.6 100% 10 1,066.0 3 532.6 0 0.0

*Other includes Consumer Book Publishing

22 | M&A and Investment Summary April 2015 Traditional Media Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

Large Cap Diversified Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $62.13 -5% $ 30,865.0 $ 37,583.0 $ 13,806.0 $ 3,255.0 23.6% -1.4% 2.7x 11.5x 178 Discovery Communications, Inc. United States 32.36 -28% 20,814.1 28,202.1 6,265.0 2,489.0 39.7% 13.2% 4.5x 11.3x 186 Time Warner Inc. United States 84.41 -4% 69,351.5 89,562.5 27,683.0 7,613.0 213 27.5% 2.3% 3.2x 11.8x Twenty-First Century Fox, Inc. United States 34.08 -13% 71,875.8 82,474.8 32,585.0 6,965.0 21.4% 9.4% 2.5x 11.8x

211 Viacom, Inc. United States 69.45 -23% 28,164.0 41,301.0 13,834.0 3,688.0 26.7% 0.9% 3.0x 11.2x 216 The Walt Disney Company * United States 108.72 -3% 184,776.5 199,870.5 49,895.0 14,402.0 28.9% 8.4% 4.0x 13.9x 233 Adjusted Weighted Average 3.5x 11.6x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.9x)

B-to-B Media Orange Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 184 Euromoney Institutional Investor PLC United Kingdom $17.67 -4% $ 2,232.4 $ 2,301.9 $ 659.5 $ 208.6 31.6% 0.5% 3.5x 11.0x 0 Global Sources Ltd. Hong Kong 5.54 -39% 167.4 82.4 191.4 35.5 18.5% 0.0% 0.4x 2.3x Informa plc United Kingdom 8.56 -7% 5,548.2 6,897.0 1,772.0 531.1 30.0% 0.6% 3.9x 13.0x 245 TechTarget, Inc. * United States 10.82 -14% 358.0 333.2 106.2 13.3 12.5% 20.0% 3.1x 25.1x 232 184 UBM plc United Kingdom 8.67 -17% 3,836.7 4,725.8 1,163.1 276.5 23.8% -6.0% 4.1x 17.1x

Adjusted Weighted Average 3.8x 13.8x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.0x) 138 138 Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Beasley Broadcast Group Inc. * United States $4.85 -43% $ 112.7 $ 196.2 $ 58.7 $ 9.4 16.1% 4.6% 3.3x 20.8x 203 Cumulus Media Inc. United States 2.28 -67% 531.9 2,995.3 1,242.5 271.5 21.9% 12.9% 2.4x 11.0x Emmis Communications Corp. United States 1.34 -59% 58.4 366.3 231.5 37.5 16.2% 14.9% 1.6x 9.8x 221 221 Entercom Communications Corp. United States 11.88 -11% 451.4 899.8 379.8 94.1 24.8% 0.6% 2.4x 9.6x 221 Pandora Media, Inc. United States 17.84 -41% 3,771.9 3,390.3 957.3 (34.2) NM 30.4% 3.5x NM Radio One Inc. United States 3.57 -30% 170.5 1,133.4 436.1 123.6 28.3% -5.3% 2.6x 9.2x Salem Media Group, Inc. United States 4.88 -56% 123.9 401.4 266.5 46.3 17.4% 12.5% 1.5x 8.7x Sirius XM Holdings Inc. * United States 3.95 -2% 21,617.5 26,244.9 4,264.4 1,449.3 34.0% 9.4% 6.2x 18.1x Spanish Broadcasting System Inc. United States 6.20 -4% 45.1 433.8 146.3 39.1 26.7% -4.9% 3.0x 11.1x Townsquare Media, Inc. United States 13.66 -5% 237.3 753.0 373.9 95.3 25.5% 39.2% 2.0x 7.9x

Adjusted Weighted Average 3.2x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.3x)

23 | M&A and Investment Summary April 2015 Traditional Media Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $75.44 -3% $ 5,452.9 $ 8,310.2 $ 2,175.6 $ 681.3 31.3% 36.7% 3.8x 12.2x 178 Sky plc * United Kingdom 16.55 -2% 28,163.5 38,390.2 12,873.1 2,580.8 20.0% 12.0% 3.0x 14.9x 186 Cablevision Systems Corporation United States 19.98 -9% 5,508.6 14,360.7 6,460.9 1,786.3 27.6% 3.7% 2.2x 8.0x 213 CBS Corporation United States 62.13 -5% 30,865.0 37,583.0 13,806.0 3,255.0 23.6% -1.4% 2.7x 11.5x Charter Communications, Inc. United States 187.06 -6% 20,950.7 41,986.7 9,268.0 3,153.0 211 34.0% 9.8% 4.5x 13.3x 216 Comcast Corporation United States 57.76 -5% 146,704.0 191,849.0 68,775.0 23,160.0 33.7% 6.4% 2.8x 8.3x 233 Crown Media Holdings Inc. United States 3.75 -15% 1,348.8 1,686.2 425.4 331.6 77.9% 11.1% 4.0x 5.1x DIRECTV United States 90.71 -1% 45,606.6 62,174.6 33,260.0 8,030.0 24.1% 4.7% 1.9x 7.7x 234 235 Discovery Communications, Inc. United States 32.36 -28% 20,814.1 28,202.1 6,265.0 2,489.0 39.7% 13.2% 4.5x 11.3x 245 Dish Network Corp. United States 67.66 -16% 31,247.4 36,515.5 14,643.4 2,908.4 19.9% 5.3% 2.5x 12.6x Entravision Communications Corporation United States 6.54 -15% 574.1 886.6 242.0 75.4 31.2% 8.1% 3.7x 11.8x Orange General Communication Inc. United States 15.86 -10% 661.9 2,059.4 910.2 313.8 34.5% 12.1% 2.3x 6.6x Gray Television, Inc. United States 13.26 -10% 956.6 2,162.3 508.1 203.0 40.0% 46.7% 4.3x 10.6x 241 Grupo Televisa, S.A.B. Mexico 36.41 -4% 20,935.0 24,998.2 5,450.3 2,096.9 38.5% 10.5% 4.6x 11.9x 184 0 Liberty Global plc United Kingdom 52.14 -7% 45,012.9 91,442.6 18,248.3 8,215.2 45.0% 26.1% 5.0x 11.1x Media General, Inc. * United States 16.89 -29% 2,198.4 4,616.6 675.0 234.6 34.8% 150.1% 6.8x 19.7x 245 Nexstar Broadcasting Group, Inc. United States 58.46 -3% 1,822.3 2,935.0 631.3 234.8 37.2% 25.7% 4.6x 12.5x 232 Scripps Networks Interactive, Inc. United States 69.86 -19% 9,426.9 11,326.6 2,665.5 1,174.6 44.1% 5.3% 4.2x 9.6x 184 Sinclair Broadcast Group, Inc. United States 30.64 -15% 2,918.3 6,806.8 1,976.6 695.2 35.2% 45.0% 3.4x 9.8x The E. W. Scripps Company * United States 23.29 -19% 1,336.5 1,377.7 869.1 90.0 10.4% 6.4% 1.6x 15.3x Grey Time Warner Cable Inc. United States 155.52 -3% 43,937.2 66,680.2 23,007.0 7,928.0 34.5% 3.5% 2.9x 8.4x Time Warner Inc. United States 84.41 -4% 69,351.5 89,562.5 27,683.0 7,613.0 27.5% 2.3% 3.2x 11.8x 138 138 Ziggo N.V. * Netherlands 47.20 -2% 9,440.0 13,307.2 2,014.2 1,078.7 53.6% 2.7% 6.6x 12.3x 138 Adjusted Weighted Average 3.2x 10.1x

203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.3x) 203 Entertainment Media 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $26.06 -10% $ 2,233.0 $ 2,758.5 $ 703.9 $ 55.6 7.9% -2.2% 3.9x 49.6x Eros International Plc United Kingdom 17.69 -21% 953.5 1,148.3 259.0 65.5 25.3% 15.4% 4.4x 17.5x Lions Gate Entertainment Corp. United States 31.01 -13% 4,513.4 5,897.1 2,475.4 274.7 11.1% -8.1% 2.4x 21.5x Live Nation Entertainment, Inc. United States 25.06 -9% 5,051.9 5,837.6 6,860.0 503.4 7.3% 2.7% 0.9x 11.6x SFX Entertainment Inc. United States 4.37 -50% 407.8 646.0 354.4 (82.5) NM 107.9% 1.8x NM Twenty-First Century Fox, Inc. United States 34.08 -13% 71,875.8 82,474.8 32,585.0 6,965.0 21.4% 9.4% 2.5x 11.8x Liberty Media Corporation United States 38.38 -23% 13,061.0 26,811.0 4,450.0 1,200.0 27.0% 11.2% 6.0x 22.3x Village Roadshow Limited Australia 4.44 -33% 707.8 1,040.1 776.6 126.9 16.3% 2.9% 1.3x 8.2x World Wrestling Entertainment Inc. * United States 13.42 -35% 1,013.6 924.9 593.2 19.2 3.2% 16.4% 1.6x 48.3x

Adjusted Weighted Average 2.9x 13.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.1x)

24 | M&A and Investment Summary April 2015 Traditional Media Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

Out-of-Home Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $4.71 -10% $ 282.5 $ 219.3 $ 252.5 $ (20.2) NM -7.3% 0.9x NM 178 APG|SGA SA Switzerland 410.24 -3% 1,228.5 1,070.9 315.4 74.8 23.7% 2.2% 3.4x 14.3x 186 Clear Channel Outdoor Holdings Inc. United States 11.38 -2% 4,101.0 9,028.8 2,941.1 713.2 24.2% 0.3% 3.1x 12.7x 213 Clear Media Ltd. Hong Kong 1.18 -6% 632.5 507.6 227.1 92.9 40.9% 6.9% 2.2x 5.5x JCDecaux SA France 39.51 -1% 8,847.1 8,723.2 3,004.5 610.2 211 20.3% 6.3% 2.9x 14.3x 216 Lamar Advertising Co. United States 57.96 -5% 5,537.7 7,411.6 1,287.1 533.9 41.5% 3.3% 5.8x 13.9x 233 Mood Media Corporation United States 0.64 -1% 117.3 692.9 494.1 84.2 17.0% -3.7% 1.4x 8.2x National CineMedia, Inc. United States 15.24 -14% 936.8 1,993.2 394.0 185.1 47.0% -14.9% 5.1x 10.8x 234 235 NTN Buzztime Inc. United States 0.38 -43% 34.8 33.0 26.0 (2.2) NM 9.7% 1.3x NM 245 Tom Group Ltd. * Hong Kong 0.27 -12% 1,064.0 1,353.0 194.9 5.8 3.0% -21.6% 6.9x 232.5x

Adjusted Weighted Average 3.9x 13.4x Orange

241 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (117.3x) 184 0 Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 245 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 232 184 A. H. Belo Corporation * United States $6.69 -50% $ 145.8 $ 65.7 $ 273.8 $ 3.2 1.2% -24.9% 0.2x 20.6x Daily Mail and General Trust plc United Kingdom 13.80 -3% 4,737.6 5,846.0 2,938.1 481.3 16.4% 8.2% 2.0x 12.1x Emmis Communications Corp. United States 1.34 -59% 58.4 366.3 231.5 37.5 16.2% 14.9% 1.6x 9.8x Grey Gannett Co., Inc. United States 34.32 -9% 7,818.3 12,450.6 6,076.9 1,441.0 23.7% 14.1% 2.0x 8.6x 138 Glacier Media, Inc. Canada 1.14 -18% 101.7 205.1 214.0 22.0 10.3% -5.4% 1.0x 9.3x 138 John Wiley & Sons Inc. United States 56.88 -13% 3,338.6 3,767.3 1,837.9 341.4 18.6% 4.2% 2.0x 11.0x 138 Martha Stewart Living Omnimedia Inc. * United States 5.50 -18% 314.7 266.5 141.9 11.5 8.1% -11.7% 1.9x 23.2x Meredith Corporation United States 52.04 -9% 2,302.4 3,108.3 1,559.1 296.3 19.0% 6.4% 2.0x 10.5x 203 203 News Corporation United States 15.78 -14% 9,205.4 7,464.4 8,694.0 663.0 7.6% 2.4% 0.9x 11.3x 203 Scholastic Corporation United States 40.64 -11% 1,331.9 1,402.8 1,880.8 131.5 7.0% 5.7% 0.7x 10.7x The E. W. Scripps Company United States 23.29 -19% 1,336.5 1,377.7 869.1 90.0 10.4% 6.4% 1.6x 15.3x 221 The McClatchy Company United States 1.39 -77% 121.4 942.1 1,127.6 206.1 18.3% -8.6% 0.8x 4.6x 221 221 The New York Times Company United States 13.39 -18% 2,229.3 2,068.1 1,582.4 228.7 14.5% -0.3% 1.3x 9.0x Time Inc. United States 22.83 -12% 2,500.3 3,356.3 3,241.0 443.0 13.7% -3.1% 1.0x 7.6x

Adjusted Weighted Average 1.5x 10.4x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.6x)

25 | M&A and Investment Summary April 2015 Software

Blue

0 79 133

122 . Within the Software segment, a total of $2.9 billion in reported value involved strategic buyers, while another $1.0 billion in 141 181 investments were announced

178 186 213 . Security and Financial software were most active subsegment with 27 and 14 transactions announced, respectively

211 216 . Select acquisitions: 233

234 • Permira Adviser’s take private of enterprise data integration software developer Informatica for $5.3 billion 235 245 • SingTel’s $810 million acquisition of cybersecurity firm TrustWave Orange

241 184 • Francisco Partners take private of automated mobile workforce software developer ClickSoftware Technologies for $438 million 0

245 . Select investments: 232 184 • Cloud container company Docker’s $95 million round at a valuation of $1 billion from Insight Venture Partners with participation Grey from Coatue Management, Goldman Sachs, Greylock Partners, Sequoia Capital, and AME Cloud Ventures 138 138 138 SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 221 221 Security 27 24% $3,042.9 31% 11 $2,780.0 1 - 15 $262.9 221 Financial 14 12% 243.5 2% 4 34.0 1 - 9 209.5 Infrastructure 9 8% 305.5 3% 3 12.0 1 238.1 5 55.4 Healthcare 9 8% 81.5 1% 3 - 0 - 6 81.5 Software Development Tools 7 6% 17.4 0% 4 3.8 0 - 3 13.6 Big Data 6 5% 40.5 0% 2 - 0 - 4 40.5 Other* 36 32% 6,017.0 61% 17 23 5 5,738 14 255.6 Total 114 100% 9,931.3 100% 47 2,908.2 8 5,976.1 59 1,047.0 *Other includes Application Management, Cloud Computing, Collaboration, Credit/Risk, Data Management, Enterprise Mobility, Engineering, Geo-Demo, Infrastructure, Legal, Software Development Tools, and Virtualization

26 | M&A and Investment Summary April 2015 Software Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Financial & Credit/Risk Management Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $43.41 -2% $ 2,286.3 $ 2,470.2 $ 396.8 $ 102.8 25.9% 3.6% 6.2x 24.0x 178 Ebix Inc. United States 27.29 -14% 962.3 1,031.7 214.3 79.1 36.9% 4.7% 4.8x 13.0x 186 Epiq Systems, Inc. United States 17.91 -10% 667.8 939.3 435.7 56.1 213 12.9% -3.6% 2.2x 16.8x Fidessa group plc United Kingdom 34.33 -10% 1,304.6 1,186.7 428.6 77.9 18.2% -1.4% 2.8x 15.2x 211 Guidewire Software, Inc. * United States 49.95 -10% 3,504.6 2,959.2 369.4 32.0 8.7% 17.2% 8.0x 92.4x 216 Innovation Group plc United Kingdom 0.44 -18% 537.2 457.9 340.3 42.8 12.6% 2.6% 1.3x 10.7x 233 Intuit Inc. United States 100.33 -2% 27,763.9 26,895.9 4,582.0 1,400.0 30.6% 11.0% 5.9x 19.2x Management Consulting Group PLC United Kingdom 0.27 -41% 129.5 181.1 378.4 18.4 4.9% -5.6% 0.5x 9.8x 234 235 Model N, Inc. United States 11.75 -7% 301.4 205.0 82.3 (19.6) NM -18.6% 2.5x NM 245 NetSuite Inc. * United States 95.57 -16% 7,413.4 7,222.8 598.1 (49.6) NM 34.2% 12.1x NM Performant Financial Corporation United States 2.97 -73% 146.6 178.1 195.4 35.7 18.3% -23.5% 0.9x 5.0x Orange Q2 Holdings, Inc. United States 20.35 -7% 756.8 668.5 79.1 (15.0) NM 39.1% 8.4x NM RealPage, Inc. * United States 19.84 -14% 1,578.3 1,571.4 404.6 29.2 7.2% 7.3% 3.9x 53.8x 241 184 Solera Holdings Inc. United States 48.52 -30% 3,260.3 5,569.2 1,093.1 414.9 38.0% 22.8% 5.1x 13.4x 0 SS&C Technologies Holdings, Inc. United States 60.17 -8% 5,075.3 5,582.2 787.8 295.6 37.5% 8.6% 7.1x 18.9x Tyler Technologies, Inc. United States 121.95 -9% 4,106.4 3,911.7 515.4 115.0 22.3% 18.9% 7.6x 34.0x 245 232 Adjusted Weighted Average 6.0x 19.9x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.9x) Grey Healthcare Software 138 138 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 13.30 -23% 2,404.8 2,927.9 1,377.9 56.9 4.1% 0.4% 2.1x 51.4x 203 athenahealth, Inc. * United States 122.66 -20% 4,685.1 4,890.4 796.0 66.0 8.3% 25.9% 6.1x 74.1x 203 203 Cegedim SA France 36.83 -5% 515.0 1,088.6 597.3 105.2 17.6% 1.2% 1.8x 10.3x Cerner Corporation United States 71.81 -5% 24,697.8 23,407.2 3,312.8 962.0 29.0% 16.6% 7.1x 24.3x 221 Civitas Solutions, Inc. United States 18.75 -12% 692.8 1,337.4 1,286.4 134.1 10.4% 7.9% 1.0x 10.0x 221 Computer Programs & Systems Inc. United States 52.33 -22% 592.2 551.4 198.9 49.1 24.7% -2.2% 2.8x 11.2x 221 Craneware plc United Kingdom 9.49 0% 254.6 218.8 43.0 12.7 29.6% 1.3% 5.1x 17.2x HealthEquity, Inc. * United States 26.21 -6% 1,443.3 1,332.2 87.9 22.8 25.9% 41.7% 15.2x 58.5x McKesson Corporation United States 223.40 -4% 52,017.6 59,357.6 173,870.0 3,921.0 2.3% 33.7% 0.3x 15.1x MedAssets, Inc. United States 20.24 -21% 1,221.7 2,079.2 734.9 214.1 29.1% 8.3% 2.8x 9.7x Medidata Solutions, Inc. * United States 53.43 -9% 2,949.1 2,895.3 350.9 39.5 11.3% 20.9% 8.3x 73.3x Merge Healthcare Incorporated United States 4.97 -20% 479.7 734.7 215.8 36.3 16.8% -1.4% 3.4x 20.3x Quality Systems Inc. United States 15.60 -17% 940.2 815.3 477.0 43.0 9.0% 8.2% 1.7x 19.0x Streamline Health Solutions, Inc. United States 2.26 -61% 41.7 53.1 27.6 (9.0) NM -3.1% 1.9x NM USMD Holdings, Inc. United States 10.03 -54% 103.0 126.9 294.6 0.1 0.0% 25.5% 0.4x NM Veeva Systems Inc. United States 26.55 -21% 3,490.6 3,092.7 313.2 73.1 23.3% 49.0% 9.9x 42.3x

Adjusted Weighted Average 3.1x 19.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.1x) 27 | M&A and Investment Summary April 2015 Software Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) HR Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $36.00 -7% $ 2,124.3 $ 1,578.7 $ 295.5 $ 92.2 31.2% 13.9% 5.3x 17.1x 178 Benefitfocus, Inc. United States 34.55 -30% 983.3 981.2 137.4 (51.7) NM 31.2% 7.1x NM 186 213 Castlight Health, Inc. United States 7.53 -61% 700.8 508.3 45.6 (84.8) NM 251.5% 11.1x NM Cornerstone OnDemand, Inc. United States 28.63 -39% 1,544.0 1,487.0 263.6 (42.5) NM 42.4% 5.6x NM 211 Dice Holdings, Inc. United States 7.60 -34% 418.1 495.1 265.7 74.0 27.9% 18.8% 1.9x 6.7x 216 LinkedIn Corporation * United States 252.13 -9% 31,737.7 29,306.1 2,383.3 240.2 10.1% 42.1% 12.3x 122.0x 233 Monster Worldwide, Inc. United States 5.89 -16% 537.1 708.4 770.0 68.7 8.9% -4.7% 0.9x 10.3x Paycom Software, Inc. United States 31.61 -12% 1,845.1 1,846.9 150.9 22.0 234 14.6% 40.3% 12.2x 84.1x 235 Paylocity Holding Corporation United States 28.15 -15% 1,421.2 1,331.7 127.8 (9.4) NM 41.2% 10.4x NM 245 The Ultimate Software Group, Inc. United States 166.22 -9% 4,754.9 4,642.2 529.7 71.3 13.5% 22.2% 8.8x 65.1x Workday, Inc. * United States 91.21 -6% 17,283.0 15,919.0 787.9 (156.5) NM 68.0% 20.2x NM Orange Adjusted Weighted Average 11.0x 52.6x 241 184 0 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (98.0x)

Security Software 245 232 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 184 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $8.19 -7% $ 366.6 $ 307.6 $ 93.7 $ 20.8 22.2% 8.4% 3.3x 14.8x Grey AVG Technologies N.V. Netherlands 23.92 -3% 1,235.9 1,341.3 383.3 119.2 31.1% -3.2% 3.5x 11.2x Check Point Software Technologies Ltd. Israel 83.48 -5% 15,342.9 14,064.5 1,526.2 824.7 54.0% 8.0% 9.2x 17.1x 138 138 Cisco Systems, Inc. United States 28.83 -5% 147,169.6 114,684.6 48,083.0 13,979.0 29.1% 0.4% 2.4x 8.2x 138 Cheetah Mobile Inc. * China 22.66 -26% 3,226.6 2,979.8 284.4 26.0 9.1% 135.2% 10.5x 114.7x CyberArk Software, Ltd. * Israel 62.95 -11% 1,924.9 1,747.7 103.0 21.2 20.6% 55.7% 17.0x 82.4x 203 FireEye, Inc. United States 41.30 -11% 6,451.2 6,053.6 477.1 (399.6) NM 130.3% 12.7x NM 203 203 Fortinet Inc. * United States 37.74 -3% 6,373.0 5,569.0 814.3 71.9 8.8% 25.6% 6.8x 77.4x Gemalto NV Netherlands 93.03 -3% 8,144.7 7,598.4 2,983.9 482.5 16.2% 3.2% 2.5x 15.7x 221 Imperva Inc. United States 45.62 -14% 1,363.8 1,254.1 164.0 (53.0) NM 19.1% 7.6x NM 221 Imprivata, Inc. United States 14.93 -12% 356.6 279.3 97.0 (13.1) NM 36.4% 2.9x NM 221 Infoblox Inc. United States 23.56 -7% 1,334.9 1,035.0 267.0 (23.7) NM 8.7% 3.9x NM Juniper Networks, Inc. United States 26.43 -2% 10,725.0 10,464.6 4,524.4 832.8 18.4% -5.3% 2.3x 12.6x Mobileye N.V. * Israel 44.86 -26% 9,718.9 9,346.1 143.6 (12.1) NM 76.8% 65.1x NM NQ Mobile Inc. China 3.84 -70% 343.3 335.6 332.3 (66.7) NM 68.9% 1.0x NM Palo Alto Networks, Inc. United States 147.72 -7% 12,153.4 11,955.2 738.9 (76.9) NM 53.0% 16.2x NM Proofpoint, Inc. United States 53.98 -13% 2,127.2 2,097.8 210.7 (36.6) NM 40.6% 10.0x NM Qihoo 360 Technology Co. Ltd. China 60.30 -42% 7,775.3 7,820.0 1,390.7 344.3 24.8% 107.2% 5.6x 22.7x Symantec Corporation United States 24.93 -9% 17,008.3 15,363.3 6,615.0 1,920.0 29.0% -2.7% 2.3x 8.0x Trend Micro Inc. Japan 33.95 -7% 4,582.5 3,434.7 961.6 344.5 35.8% 6.4% 3.6x 10.0x VeriSign, Inc. United States 63.51 -7% 7,394.7 7,408.9 1,019.7 632.5 62.0% 4.3% 7.3x 11.7x

Adjusted Weighted Average 4.4x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (36.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (66.8x) 28 | M&A and Investment Summary April 2015 Software Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Engineering Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $85.84 -4% $ 7,698.4 $ 6,909.6 $ 936.0 $ 430.5 46.0% 8.7% 7.4x 16.1x 178 Autodesk, Inc. * United States 56.83 -13% 12,912.0 11,632.8 2,512.2 269.7 10.7% 10.5% 4.6x 43.1x 186 213 Aveva Group plc United Kingdom 25.99 -30% 1,659.5 1,480.6 348.4 94.8 27.2% -7.1% 4.2x 15.6x Dassault Systemes SA France 77.02 -4% 19,412.0 18,160.5 2,625.0 666.5 25.4% 17.3% 6.9x 27.2x 211 216 Adjusted Weighted Average 6.2x 23.6x 233

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.4x) 234 235 245 Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Orange Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Adobe Systems Incorporated * United States $76.06 -5% $ 38,050.5 $ 36,775.3 $ 4,256.1 $ 843.5 19.8% 5.2% 8.6x 43.6x 184 0 CA, Inc. United States 31.77 -5% 14,067.9 12,782.9 4,426.0 1,376.0 31.1% -0.4% 2.9x 9.3x CommVault Systems, Inc. United States 45.75 -19% 2,054.0 1,689.1 613.6 70.3 11.5% 8.1% 2.8x 24.0x 245 Covisint Corporation United States 1.96 -73% 76.5 33.1 89.5 (33.7) NM -9.1% 0.4x NM 232 Daegis Inc. United States 0.79 -43% 12.9 20.5 26.4 3.0 11.5% -20.9% 0.8x 6.8x 184 Endurance International Group Holdings, Inc. United States 18.34 -22% 2,427.7 3,520.8 629.8 150.6 23.9% 21.1% 5.6x 23.4x Guidance Software, Inc. United States 5.84 -42% 175.0 156.8 108.7 (5.7) NM -1.7% 1.4x NM Grey Hortonworks Inc. United States 20.17 -32% 869.7 665.2 46.0 (168.1) NM 71.8% 14.4x NM

138 IBM Corporation United States 171.29 -13% 168,675.1 198,841.1 90,147.0 23,608.0 26.2% -7.3% 2.2x 8.4x 138 Informatica Corporation United States 48.07 0% 5,009.5 4,510.8 1,055.4 191.0 18.1% 8.0% 4.3x 23.6x 138 IntraLinks Holdings, Inc. * United States 9.80 -20% 559.8 586.1 255.8 12.1 4.7% 9.1% 2.3x 48.6x NetSuite Inc. United States 95.57 -16% 7,413.4 7,222.8 598.1 (49.6) NM 34.2% 12.1x NM 203 203 Opera Software ASA Norway 9.73 -30% 1,389.2 1,314.5 480.8 106.5 22.2% 60.2% 2.7x 12.3x 203 Oracle Corporation United States 43.62 -7% 190,491.6 179,408.6 38,840.0 16,787.0 43.2% 2.5% 4.6x 10.7x Rally Software Development Corp. United States 14.46 -10% 370.1 303.5 87.5 (29.6) NM 17.7% 3.5x NM 221 salesforce.com, inc. United States 72.82 -7% 47,737.6 48,939.8 5,373.6 168.6 221 3.1% 32.0% 9.1x NM 221 ServiceNow, Inc. * United States 74.86 -10% 11,495.9 11,202.2 755.4 (121.9) NM 58.1% 14.8x NM Textura Corporation United States 26.17 -14% 671.9 604.6 68.4 (12.8) NM 28.4% 8.8x NM Varonis Systems, Inc. United States 28.75 -25% 712.8 601.0 101.3 (16.0) NM 35.8% 5.9x NM

Adjusted Weighted Average 4.6x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.9x)

29 | M&A and Investment Summary April 2015 Information Services

Blue

0 79 133

122 . The Information Services segment reported 23 transactions worth $217 million 141 181 . Healthcare Information was the most active subsegment with 15 deals announced followed by the Financial and HR Information 178 186 213 subsegments with three transactions apiece

211 216 . Select acquisitions: 233

234 • Synova Capital’s $41 million acquisition of financial decision information firm Defaqto 235 245 . Select Investments: Orange

241 184 • Sports and concert ticket information platform SeatGeek’s $62 million round of funding from Technology Crossover Ventures with 0 participation from Accel Partners and Mousse Partners 245 232 184 • Employee connection firm Relationship Science’s $31 million round from RIT Capital Partners and Hearst Corporation

Grey

138 138 INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 203 203 Healthcare Information 15 65% $75.2 35% 6 - 0 - 9 $75.2

221 Financial Information 3 13% 42.0 19% 1 - 1 41.0 1 1.0 221 221 HR Information 3 13% 37.8 17% 1 - 0 - 2 37.8 Legal Information 1 4% - 0% 0 - 0 - 1 - Product/Price Information 1 4% 62.0 29% 0 - 0 - 1 62.0 Credit/Risk Management Information 0 0% - 0% 0 - 0 - 0 - Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - Geo-Demo Information 0 0% - 0% 0 - 0 - 0 - Other* 0 0% - 0% 0 - 0 - 0 - Total 23 100% 217.0 100% 8 0.0 1 41.0 14 176.0

30 | M&A and Investment Summary April 2015 Information Services Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data)

Financial & Credit/Risk Management Information 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $53.92 -3% $ 6,516.9 $ 6,727.0 $ 2,622.6 $ 522.4 19.9% 4.6% 2.6x 12.9x 178 Computershare Limited Australia 9.70 -9% 5,395.7 6,618.3 1,994.7 471.8 23.7% -0.9% 3.3x 14.0x 186 213 CoreLogic, Inc. United States 39.11 -4% 3,528.2 4,735.7 1,443.7 330.3 22.9% 3.2% 3.3x 14.3x CoStar Group Inc. * United States 204.43 -4% 6,625.6 6,463.8 615.9 141.5 23.0% 35.1% 10.5x 45.7x 211 DST Systems Inc. United States 115.08 -3% 4,258.0 4,658.8 2,767.8 426.8 15.4% 4.1% 1.7x 10.9x 216 Dun & Bradstreet Corp. United States 127.67 -7% 4,600.1 5,942.7 1,681.8 467.1 27.8% 1.6% 3.5x 12.7x 233 Envestnet, Inc. * United States 51.26 -12% 1,796.9 1,732.9 348.7 39.0 11.2% 43.8% 5.0x 44.5x Equifax Inc. United States 96.93 -2% 11,535.3 13,006.0 2,503.7 872.7 34.9% 7.8% 5.2x 14.9x 234 235 Experian plc Ireland 17.95 -3% 17,457.0 21,094.6 4,890.0 1,709.0 34.9% 2.2% 4.3x 12.3x 245 FactSet Research Systems Inc. United States 157.39 -3% 6,573.6 6,461.1 960.9 346.5 36.1% 8.7% 6.7x 18.6x Fair Isaac Corporation United States 88.46 -8% 2,746.9 3,318.0 815.8 181.9 22.3% 9.7% 4.1x 18.2x Orange Fidelity National Information Services, Inc. United States 62.49 -9% 17,703.8 22,532.1 6,448.3 1,567.0 24.3% 5.5% 3.5x 14.4x Financial Engines, Inc. * United States 42.17 -16% 2,191.5 1,885.0 281.9 65.7 23.3% 18.0% 6.7x 28.7x 241 McGraw Hill Financial, Inc. United States 104.30 -4% 28,546.9 29,394.9 5,128.0 2,026.0 184 39.5% 8.7% 5.7x 14.5x 0 Moody's Corporation United States 107.52 -1% 21,724.6 22,825.0 3,432.7 1,574.0 45.9% 14.1% 6.6x 14.5x Morningstar Inc. United States 75.89 -3% 3,364.8 3,166.6 768.7 230.8 30.0% 8.2% 4.1x 13.7x 245 MSCI Inc. United States 61.19 -3% 6,877.9 7,169.1 1,019.8 419.5 41.1% -3.4% 7.0x 17.1x 232 Reis, Inc. United States 22.73 -21% 255.2 233.9 42.5 11.4 184 26.9% 16.7% 5.5x 20.4x SEI Investments Co. United States 45.66 -2% 7,586.0 6,942.7 1,289.1 390.6 30.3% 11.4% 5.4x 17.8x Thomson Reuters Corporation United States 40.93 -6% 32,298.6 40,446.9 12,521.0 2,761.0 22.1% -1.1% 3.2x 14.6x Grey Verisk Analytics, Inc. United States 75.04 -4% 11,891.3 13,040.8 1,796.5 827.8 46.1% 10.3% 7.3x 15.8x 138 Workiva LLC United States 14.47 -12% 581.5 505.2 112.7 (34.7) NM 32.3% 4.5x NM 138 138 Adjusted Weighted Average 4.8x 14.6x

203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.2x) 203 203 ($ in Millions, except stock price data)

Marketing Information 221 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.46 -40% $ 1,349.2 $ 1,518.4 $ 1,066.5 $ 174.3 16.3% -0.4% 1.4x 8.7x Alliance Data Systems Corporation United States 297.31 -5% 18,502.8 32,142.0 5,671.2 1,559.5 27.5% 26.1% 5.7x 20.6x Brainjuicer Group Plc United Kingdom 6.22 -21% 78.6 70.4 38.4 6.9 17.9% 0.8% 1.8x 10.2x Cello Group Plc United Kingdom 1.39 -8% 118.1 129.3 264.7 13.0 4.9% 6.4% 0.5x 10.0x comScore, Inc. * United States 52.36 -5% 2,121.3 2,104.7 329.2 22.9 6.9% 14.7% 6.4x 92.1x Cross Marketing Inc. Japan 3.48 -43% 62.8 74.9 68.0 6.5 9.5% 29.4% 1.1x 11.6x Ebiquity plc United Kingdom 1.95 -8% 141.6 189.0 113.1 18.7 16.5% 6.8% 1.7x 10.1x GfK SE Germany 38.29 -19% 1,397.6 1,825.7 1,758.7 250.0 14.2% -2.8% 1.0x 7.3x Harte-Hanks Inc. United States 6.79 -18% 425.2 451.1 542.1 54.0 10.0% -3.2% 0.8x 8.4x InnerWorkings Inc. United States 6.33 -33% 337.4 419.4 1,000.1 27.3 2.7% 12.3% 0.4x 15.4x

31 | M&A and Investment Summary April 2015 Information Services Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data)

Marketing Information (Contd.) 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 17.71 -6% $ 353.4 $ 304.2 $ 365.2 $ 48.0 13.1% 7.6% 0.8x 6.3x 178 Ipsos SA France 29.44 -12% 1,333.2 1,964.0 2,020.8 234.6 11.6% -1.5% 1.0x 8.4x 186 213 NeuStar, Inc. United States 30.00 -8% 1,661.0 2,103.5 985.1 380.1 38.6% 7.6% 2.1x 5.5x Nielsen N.V. Netherlands 44.94 -9% 16,622.8 23,711.8 6,257.0 1,528.0 24.4% 6.5% 3.8x 15.5x 211 Onvia Inc. United States 4.51 -18% 33.4 25.4 22.6 (0.0) NM 2.7% 1.1x NM 216 Pearson plc United Kingdom 20.28 -12% 16,434.0 19,137.1 7,596.0 1,080.0 14.2% -3.8% 2.5x 17.7x 233 Rentrak Corporation * United States 47.40 -46% 720.7 636.4 96.0 (2.7) NM 137.6% 6.6x NM YouGov PLC United Kingdom 1.87 -7% 191.9 186.2 106.6 9.0 8.4% 8.9% 1.7x 20.7x 234 235 Adjusted Weighted Average 3.7x 16.8x 245

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.4x)

241 Other Information 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $1.24 -2% $ 176.7 $ 199.1 $ 109.7 $ 12.8 11.6% 0.0% 1.8x 15.6x 245 232 Corporate Executive Board Co. United States 83.83 -4% 2,806.6 3,105.4 921.1 208.0 22.6% 9.8% 3.4x 14.9x 184 Forrester Research Inc. United States 34.79 -16% 628.1 523.5 314.2 32.9 10.5% 4.9% 1.7x 15.9x Gartner Inc. United States 82.98 -5% 7,262.6 7,305.2 2,021.4 339.2 16.8% 13.3% 3.6x 21.5x Grey IHS Inc. United States 125.47 -13% 8,632.1 10,395.5 2,252.6 538.7 23.9% 13.6% 4.6x 19.3x Informa plc Switzerland 8.56 -7% 5,548.2 6,897.0 1,772.0 531.1 30.0% 0.6% 3.9x 13.0x 138 National Research Corp. United States 35.50 -21% 426.6 394.8 98.8 32.2 32.5% 6.7% 4.0x 12.3x 138 138 Markit Ltd. United Kingdom 25.65 -7% 4,681.3 5,035.8 1,065.1 415.5 39.0% 12.4% 4.7x 12.1x NIC Inc. United States 17.00 -12% 1,124.7 1,036.8 272.1 71.2 26.2% 9.2% 3.8x 14.6x 203 Premier, Inc. United States 37.90 -3% 1,426.1 1,114.1 939.8 315.4 33.6% 2.8% 1.2x 3.5x 203 Proofpoint, Inc. * United States 53.98 -13% 2,127.2 2,097.8 210.7 (36.6) NM 40.6% 10.0x NM 203 Reed Elsevier plc(1) United Kingdom 16.63 -8% 35,098.4 42,037.8 9,944.2 3,154.3 31.7% 6.6% 4.2x 13.3x Solera Holdings Inc. United States 48.52 -30% 3,260.3 5,569.2 1,093.1 414.9 38.0% 22.8% 5.1x 13.4x 221 221 Tarsus Group plc Ireland 3.59 0% 362.2 431.2 94.4 29.8 31.5% -20.2% 4.6x 14.5x 221 TechTarget, Inc. * United States 10.82 -14% 358.0 333.2 106.2 13.3 12.5% 20.0% 3.1x 25.1x The Advisory Board Company * United States 51.89 -13% 2,189.0 2,101.3 581.6 49.9 8.6% 0.0% 3.6x 42.1x UBM plc United Kingdom 8.67 -17% 3,836.7 4,725.8 1,163.1 276.5 23.8% -6.0% 4.1x 17.1x Wolters Kluwer NV Netherlands 32.38 -10% 9,555.4 11,692.5 4,430.2 1,087.0 24.5% 2.7% 2.6x 10.8x

Adjusted Weighted Average 3.9x 14.4x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.5x)

32 | M&A and Investment Summary April 2015 Business Services

Blue

0 79 133

122 . Corporate Training was the most active subsegment with 13 deals announced while IT Consulting/Systems Integration was the highest 141 181 reported value subsegment with seven deals worth $4.5 billion

178 186 213 . Select acquisitions:

211 216 • Houghton Mifflin Harcourt’s $575 million purchase of Scholastic Corp.’s Education Services and Technology Business 233

234 • IT performance management services provider SolarWinds’ $41 million acquisition on log management services provider Papertrail 235 245 • KPMG’s acquisition of healthcare consulting firm Beacon Partners Orange

241 184 . Select Investments: 0

245 • Cloud IT services provider Appirio’s $35 million round of funding from FMR 232 184

Grey BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM

203 Corporate Training 13 38% $2,108.6 31% 7 $2,075.0 0 - 6 $33.6 203 203 IT Consulting/Systems Integration 7 21% 4,516.3 67% 4 4,472.1 0 - 3 44.2

221 Financial Consulting 5 15% 56.5 1% 1 - 1 - 3 56.5 221 221 Healthcare Consulting 2 6% 13.0 0% 1 - 0 - 1 13.0 BPO 1 3% - 0% 0 - 1 - 0 - Contact Center 1 3% - 0% 1 - 0 - 0 - Fulfillment 1 3% - 0% 1 - 0 - 0 - HR Consulting 1 3% - 0% 1 - 0 - 0 - Other* 3 9% 0.0 0% 3 0.0 0 0.0 0 0.0 Total 34 100% 6,694.4 100% 19 6,547.1 2 0.0 13 147.3

*Other includes Logistics, Management Consulting, and Staffing

33 | M&A and Investment Summary April 2015 Business Services Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

Consulting 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 29.20 -10% 268.8 251.6 308.2 29.3 9.5% 5.7% 0.8x 8.6x 178 FTI Consulting, Inc. United States 41.11 -4% 1,701.4 2,187.1 1,763.0 213.5 12.1% 5.5% 1.2x 10.2x 186 213 Information Services Group, Inc. United States 3.93 -27% 145.8 172.2 209.6 20.5 9.8% -0.6% 0.8x 8.4x Navigant Consulting Inc. United States 14.46 -21% 697.5 874.3 792.7 122.7 15.5% 9.1% 1.1x 7.1x 211 ICF International Inc. United States 38.50 -12% 752.9 1,090.8 1,050.1 96.0 9.1% 10.6% 1.0x 11.4x 216 Huron Consulting Group Inc. * United States 60.62 -23% 1,256.7 1,748.5 788.5 127.5 16.2% 2.8% 2.2x 13.7x 233 The Hackett Group, Inc. United States 9.60 -7% 286.5 290.2 213.5 22.2 10.4% 6.6% 1.4x 13.1x Towers Watson & Co. United States 126.91 -6% 8,875.2 8,484.5 3,619.8 690.6 19.1% 5.6% 2.3x 12.3x 234 235 Adjusted Weighted Average 2.0x 11.6x 245

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.3x)

241 HR Services 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 84.54 -6% 40,169.4 38,343.6 12,792.5 2,734.0 21.4% 16.5% 3.0x 14.0x 245 232 Barrett Business Services Inc. United States 44.47 -30% 317.6 331.5 668.0 (46.4) NM 20.0% 0.5x NM 184 Capita plc United Kingdom 17.58 -7% 11,633.5 14,253.0 6,823.2 1,010.5 14.8% 12.4% 2.1x 14.1x Dice Holdings, Inc. United States 7.60 -34% 418.1 495.1 265.7 74.0 27.9% 18.8% 1.9x 6.7x Grey Edenred SA France 26.76 -12% 6,064.9 6,400.7 1,159.6 369.2 31.8% 0.8% 5.5x 17.3x Insperity, Inc. United States 48.16 -13% 1,228.3 923.2 2,420.3 84.2 3.5% 6.1% 0.4x 11.0x 138 LinkedIn Corporation * United States 252.13 -9% 31,737.7 29,306.1 2,383.3 240.2 10.1% 42.1% 12.3x 122.0x 138 138 Marsh & McLennan Companies, Inc. United States 56.16 -4% 30,237.0 33,022.0 12,902.0 2,751.0 21.3% 4.1% 2.6x 12.0x Monster Worldwide, Inc. United States 5.89 -16% 537.1 708.4 770.0 68.7 8.9% -4.7% 0.9x 10.3x 203 Paychex, Inc. United States 48.39 -6% 17,576.6 16,955.8 2,686.4 1,137.7 42.4% 9.0% 6.3x 14.9x 203 Professional Diversity Network LLC United States 3.02 -47% 44.1 39.2 11.6 (5.2) NM 188.6% 3.4x NM 203 Towers Watson & Co. United States 126.91 -6% 8,875.2 8,484.5 3,619.8 690.6 19.1% 5.6% 2.3x 12.3x TriNet Group, Inc. United States 35.02 -8% 2,458.4 2,869.2 2,193.5 166.9 7.6% 33.4% 1.3x 17.2x 221 221 WageWorks, Inc. United States 50.40 -23% 1,794.2 1,460.1 267.8 43.0 16.1% 22.1% 5.5x 33.9x 221 Adjusted Weighted Average 3.3x 14.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.5x)

34 | M&A and Investment Summary April 2015 Business Services Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

IT Consulting/Systems Integration 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 92.65 -4% $ 58,022.5 $ 54,544.5 $ 30,902.0 $ 4,893.3 15.8% 7.4% 1.8x 11.1x 178 Amdocs Limited Channel Islands 55.07 -1% 8,555.7 7,263.2 3,611.6 700.0 19.4% 4.8% 2.0x 10.4x 186 213 Bechtle AG Germany 73.67 -14% 1,547.2 1,470.2 3,123.5 156.2 5.0% 13.5% 0.5x 9.4x Booz Allen Hamilton Holding Corporation United States 27.50 -12% 4,067.5 5,506.0 5,331.7 520.7 9.8% -5.2% 1.0x 10.6x 211 Broadridge Financial Solutions, Inc. United States 53.92 -3% 6,516.9 6,727.0 2,622.6 522.4 19.9% 4.6% 2.6x 12.9x 216 Business & Decision SA France 6.49 -6% 51.2 84.4 271.3 13.9 5.1% -5.0% 0.3x 6.1x 233 Cap Gemini S.A. France 89.00 -7% 14,128.6 12,898.3 12,797.9 1,312.1 10.3% 4.8% 1.0x 9.8x CGI Group, Inc. Canada 41.93 -12% 13,135.4 14,712.8 8,129.1 1,370.2 16.9% -0.8% 1.8x 10.7x 234 235 Cognizant Technology Solutions Corporation United States 58.54 -10% 35,738.6 33,601.4 10,262.7 2,092.9 20.4% 16.1% 3.3x 16.1x 245 Computer Sciences Corporation United States 64.45 -12% 9,090.5 9,446.5 12,593.0 1,319.0 10.5% -4.4% 0.8x 7.2x CSG Systems International Inc. United States 29.12 -6% 995.2 1,049.3 751.3 118.0 15.7% 0.5% 1.4x 8.9x Orange Digi International Inc. * United States 10.10 -6% 246.0 161.1 201.4 6.4 3.2% 4.1% 0.8x 25.2x Globant S.A. * Luxembourg 21.01 -18% 710.0 649.1 199.6 28.7 14.4% 26.1% 3.3x 22.7x 241 International Business Machines Corporation United States 171.29 -13% 168,675.1 198,841.1 90,147.0 23,608.0 184 26.2% -7.3% 2.2x 8.4x 0 Infosys Ltd. India 30.52 -17% 34,880.3 29,969.7 8,711.0 2,430.0 27.9% 5.6% 3.4x 12.3x ITS Group France 7.99 -19% 60.7 71.9 225.7 10.3 4.6% 61.9% 0.3x 7.0x 245 NCI, Inc. United States 10.16 -23% 132.4 158.7 308.9 23.4 7.6% -6.4% 0.5x 6.8x 232 NTT Data Corporation Japan 44.93 -4% 12,604.1 14,790.2 12,255.9 1,852.4 184 15.1% 10.2% 1.2x 8.0x Perficient Inc. United States 20.63 -4% 730.3 773.4 439.4 59.1 13.5% 23.2% 1.8x 13.1x Tata Consultancy Services Limited * India 38.76 -13% 75,919.2 73,002.3 15,140.1 3,916.1 25.9% 15.7% 4.8x 18.6x Grey Wipro Ltd. India 8.46 -20% 20,769.0 18,078.1 7,510.9 1,673.3 22.3% 8.1% 2.4x 10.8x 138 138 Adjusted Weighted Average 2.2x 10.2x 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.8x) 203 203 ($ in Millions, except stock price data) 203 Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 221 AMREP Corporation * United States $5.11 -27% $ 41.2 $ 44.6 $ 79.4 $ 2.7 3.4% 4.3% 0.6x 16.4x Cenveo Inc. United States 1.98 -49% 134.2 1,353.9 1,949.0 136.3 7.0% 9.6% 0.7x 9.9x Communisis plc United Kingdom 0.88 -17% 181.5 237.0 534.6 35.4 6.6% 27.0% 0.4x 6.7x Cineplex Inc. * Canada 39.88 -5% 2,515.4 2,775.2 1,066.2 170.1 16.0% 5.4% 2.6x 16.3x Contax Participacoes S.A. Brazil 0.44 -60% 203.0 548.7 1,298.8 155.3 12.0% -4.6% 0.4x 3.5x Convergys Corporation United States 22.68 -7% 2,253.3 2,417.3 2,855.5 356.2 12.5% 39.6% 0.8x 6.8x Elanders AB Sweden 5.91 -9% 156.8 270.0 450.4 35.8 8.0% 58.4% 0.6x 7.5x Eniro AB Sweden 0.20 -97% 81.1 366.5 332.1 59.1 17.8% -17.5% 1.1x 6.2x Exlservice Holdings, Inc. * United States 34.43 -13% 1,146.5 1,062.0 521.0 60.7 11.7% 7.6% 2.0x 17.5x Firstsource Solutions Limited India 0.47 -33% 311.0 415.7 483.1 59.0 12.2% 1.5% 0.9x 7.0x Genpact Limited Bermuda 21.86 -8% 4,809.8 5,167.0 2,338.4 372.0 15.9% 8.4% 2.2x 13.9x InnerWorkings Inc. * United States 6.33 -33% 337.4 419.4 1,000.1 27.3 2.7% 12.3% 0.4x 15.4x

35 | M&A and Investment Summary April 2015 Business Services Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

Outsourced Services (Contd.) 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 04/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. * SwitzerlandSwitzerland 51.83 -10% $ 1,702.7 $ 1,662.4 $ 489.5 $ 94.5 19.3% 29.5% 3.4x 17.6x 178 MAXIMUS, Inc. United States 64.01 -7% 4,215.7 4,067.2 1,761.4 277.0 15.7% 21.3% 2.3x 14.7x 186 213 Quad/Graphics, Inc. United States 21.54 -11% 1,051.2 2,476.2 4,862.4 545.0 11.2% 1.4% 0.5x 4.5x Quintiles Transnational Holdings Inc. United States 65.88 -6% 8,236.4 9,763.6 4,190.5 727.8 17.4% 7.8% 2.3x 13.4x 211 R.R. Donnelley & Sons Company United States 18.62 -8% 3,734.2 6,865.4 11,603.4 1,105.3 9.5% 10.7% 0.6x 6.2x 216 Salmat Limited Australia 0.61 -61% 96.6 87.7 388.0 6.4 1.6% 3.9% 0.2x 13.8x 233 Serco Group plc United Kingdom 2.05 -65% 2,233.4 3,225.4 6,163.8 (960.3) NM -7.7% 0.5x NM St Ives plc United Kingdom 2.66 -22% 346.6 412.7 507.4 59.0 11.6% 4.5% 0.8x 7.0x 234 235 StarTek, Inc. United States 8.34 -18% 128.6 133.9 250.1 9.6 3.9% 8.1% 0.5x 13.9x 245 Sykes Enterprises, Incorporated United States 25.03 -4% 1,083.6 943.4 1,327.5 138.0 10.4% 5.1% 0.7x 6.8x Teleperformance S.A. France 74.95 -6% 4,282.6 4,747.2 3,338.4 428.5 12.8% 13.4% 1.4x 11.1x Orange TeleTech Holdings Inc. United States 25.94 -13% 1,254.6 1,289.5 1,241.8 156.8 12.6% 4.1% 1.0x 8.2x Trans Cosmos, Inc. Japan 24.20 0% 995.8 750.5 1,660.0 93.3 5.6% 6.8% 0.5x 8.0x 241 Transcontinental Inc. Canada 15.34 -1% 1,197.2 1,576.5 1,634.8 304.5 184 18.6% 0.2% 1.0x 5.2x 0 Cimpress N.V. * Netherlands 83.94 -9% 2,736.8 3,109.3 1,451.9 200.8 13.8% 19.8% 2.1x 15.5x West Corporation United States 30.95 -14% 2,631.3 6,175.0 2,218.6 645.4 29.1% 4.6% 2.8x 9.6x 245 Xchanging PLC United Kingdom 1.88 -35% 464.8 476.7 893.8 113.3 12.7% -16.4% 0.5x 4.2x 232 184 Adjusted Weighted Average 1.7x 10.5x

Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.8x)

138 138 138

203 203 203

221 221 221

36 | M&A and Investment Summary April 2015 PPLLC Indices Valuation Summary Blue 0 79 133

122 Current Summary Trading Valuation Information 141 181 Revenue Multiples 178 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 186 213 Digital Media/Commerce 3.8x 2.0x 7.9x 4.4x Digital Advertising 3.9x 2.7x 8.2x 4.4x 211 216 Marketing Technology 233 4.5x 3.5x 4.8x 4.5x Agency 1.2x 1.1x 1.6x 1.5x 234 235 Marketing Services 1.5x 1.0x 3.4x 1.9x 245 Traditional Media 2.8x 2.6x 3.4x 3.3x

Orange Software 5.7x 4.7x 5.3x 4.7x

241 Information 3.8x 3.6x 4.6x 4.4x 184 0 Business Services 1.4x 0.9x 3.0x 2.1x

245 232 EBITDA Multiples 184 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

Grey Digital Media/Commerce 21.4x 14.7x 25.3x 19.6x Digital Advertising 21.1x 13.7x 20.0x 20.8x 138 138 Marketing Technology 138 35.7x 23.2x 32.7x 14.3x Agency 12.9x 10.2x 10.5x 10.4x 203 203 Marketing Services 11.0x 9.5x 14.7x 9.1x 203 Traditional Media 16.0x 11.2x 12.1x 11.7x 221 Software 28.9x 16.9x 17.6x 14.1x 221 221 Information 17.8x 14.4x 16.5x 15.0x Business Services 12.6x 10.6x 20.2x 12.4x

As of close of business on 04/30/15

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

37 | M&A and Investment Summary April 2015 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133 Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%

122 140% • S&P 500 –  10.7 % 141 140% • S&P 500 –  10.7 % 181 130% 125% • Digital Advertising –  1.4 % 178 • Digital Media/Commerce –  120% 186 15.1% 213 110% 110% 211 • Traditional Media –  3.2 % 100%

216 95% Index Performance (%) Performance Index 233 (%) Performance Index 90%

80% 234 80% 235 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 245 Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Orange Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% 241 184 140% • S&P 500 –  10.7 % 0 140% • S&P 500 –  10.7 %

130% 130% 245 • Marketing Technology –  15.0 % • Agency –  9.4 % 232 120% 120% 184 110% 110% • Marketing Services –  13.0 %

Grey 100% 100%

138

90% (%) Performance Index 90% 138 (%) Performance Index 138 80% 80% May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 203 203 Marketing Technology S&P 500 Index (^SPX) 203 Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance 150% Information & Business Services LTM Index Performance 221 150% 221 140% • S&P 500 –  10.7 % 221 140% • S&P 500 –  10.7 %

130% • Software –  2.4 % 130% 120% • Information –  15.8 % 120% 110% •  110% Business Services – 13.7 % 100% 100%

Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 80% May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Software S&P 500 Index (^SPX) Information Business Services S&P 500 Index (^SPX) Note: LTM as of 4/30/2015 38 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 186 Values Disclosed 213 iGate Corporation IT Consulting/Systems Integration Capgemini $ 4,431.1 Websense, Inc. Security Software Raytheon International, Inc. 1,800.0 211 Lynda.com, Inc. Corporate Training LinkedIn Corporation 1,500.0 216 233 The Weinstein Company TV Division Broadcast Television ITV plc 950.0 TrustWave Holdings, Inc. Security Software SingTel 810.0 234 Applied Predictive Technologies BI Tools MasterCard, Inc. 600.0 235 Scholastic Corporation's Educational Technology Business Corporate Training Houghton Mifflin Harcourt 575.0 245 TellApart, Inc. Analytics & Targeting Twitter, Inc. 532.6 Freecharge Mobile Technology Snapdeal.com 450.0 Orange Ganji.com Classifieds/Auctions/P-to-P 58.com 446.2

241 uSwitch, Inc. Comparison Shopping Zoopla Ltd. 246.0 184 DailyMotion Digital Video Vivendi S.A. 235.0 0 Bronto Software, Inc. Email Services Netsuite, Inc. 200.0 ActiveVideo Content Delivery Network Arris Group, Inc. 135.0 245 232 Kallidus, Inc. Commerce Management Infosys Limited 120.0 184 Chango, Inc. Online Lead Generation The Rubicon Project 116.0 Nakedwines.com, Inc. eCommerce Majestic Wine Plc 103.0 Grey Professional Bull Riders, Inc. Entertainment WME l IMG 100.0 WatchDox, Inc. Security Software BlackBerry Ltd. 90.0 138 Lacoon Mobile Security Security Software Check Point Software Technologies Ltd. 80.0 138 138 Orad Hi Tec Systems Ltd. Marketing Asset Management Avid Technology, Inc. 68.3 Embrane, Inc. Virtualization Technology Cisco Systems, Inc. 55.0 203 tenXer, Inc. MRM/Workflow Management Twitter, Inc. 50.0 203 WineAccess, Inc. eCommerce Norwest Venture Partners 42.0 203 Papertrail IT Consulting/Systems Integration SolarWinds, Inc. 41.0 Smart AdServer Ad Serving Cathay Capital Private Equity 39.8 221 221 Procserve Holdings Limited Financial Software BasWare Corporation 28.0 221 MediaLets, Inc. Analytics & Targeting WPP Group 22.0 Future of Education Technology Conference B-to-B Media LRP Conferences 16.0 Undercurrent LLC Digital Agency Quirky, Inc. 15.3 RocketHub, Inc. Social Media/Apps Efactor Group Corporation 15.0 CultureMap Niche Content ViewMarket 15.0 Social Media Link Social Agency From You Flowers, LLC 14.2 Loqate, Inc. Geo-Demo Software GB Group PLC 13.4 Avenlo, Inc. Email Services Matomy Media Group 12.3 Orchestrate.io Infrastructure Software CenturyLink, Inc. 12.0 Falk Real Time Ad Networks/Exchanges Fyber GmbH 11.6 Vikaran Solutions LLC Legal Software Patriot National, Inc. 10.0 Moment.me Online Lead Generation Wix.com, Inc. 10.0 Escrow.com, Inc. Commerce Management Freelancer.com 7.5 IBEXI Solutions Pvt. Ltd. Financial Software Sapiens International Corporation N.V. 6.0

39 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 abaGada Internet Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. $ - Accolade Promotion Group Agency & Marketing Services Staples, Inc. -

211 Allen & Caron, Inc. Agency & Marketing Services Dresner Corporate Services, Inc. - 216 AMDG Public Affairs Agency & Marketing Services The Martin Group, LLC - 233 Axia Limited Agency & Marketing Services Accenture plc - Billups & Associates, Inc. Agency & Marketing Services iCiDigital, Inc. - 234 235 Brierley & Partners Agency & Marketing Services Nomura Research Institute Ltd. - 245 CLM Marketing and Advertising Agency & Marketing Services Ivie & Associates - Confluence Marketing, Inc. Agency & Marketing Services Woodruff Sweitzer - Orange Digital Aptitude Agency & Marketing Services Mad Fish Digital, Inc. - Digital Intelligence Agency LLC Agency & Marketing Services 910 West LLC - 241 DMEautomotive LLC Agency & Marketing Services Solera Holdings, Inc. - 184 0 DynaMedia Of America, Inc. Agency & Marketing Services Intermark Group, Inc. - FLG Psyche LLC Agency & Marketing Services Social Toaster, LLC - 245 How Splendid Ltd. Agency & Marketing Services Creston plc - 232 184 KickStart Search Engine Marketing Agency & Marketing Services Wpromote, Inc. - Make It Rain Agency & Marketing Services DAC Group, Inc. - Message On Hold Plus, Inc. Agency & Marketing Services Spectrio LLC - Grey Net Driven Agency & Marketing Services Internet Brands, Inc. - 138 Plaid Social Labs, Inc. Agency & Marketing Services Corbis, Inc. - 138 Playbook Communications, Inc. Agency & Marketing Services Navigator Limited - 138 Pointmarc LLC Agency & Marketing Services Merkle, Inc. - Random42 Digital Healthcare Agency Agency & Marketing Services Vespa Capital - 203 203 RewardsNOW, Inc. Agency & Marketing Services Augeo Affinity Marketing - 203 Social Media Link Agency & Marketing Services From You Flowers, LLC - Spring Studio Agency & Marketing Services BBVA - 221 Undercurrent LLC Agency & Marketing Services Quirky, Inc. - 221 221 Vivid Brand Agency & Marketing Services Publicis Worldwide - Zlokower Company Agency & Marketing Services The CHR Group - Beacon Partners, Inc. Business Services KPMG LLP - Business Bounce Business Services Lendio, Inc. - Classroom24-7 Business Services Rizk Ventures - C-Learning Pty Ltd. Business Services Learning Seat Pty Ltd. - Continuum Performance Systems, Inc. Business Services MedHOK, Inc. - DAVIS Transportation Services LLC Business Services TransForce, Inc. (Private Company) - EasyPrep Business Services Toppr.com - Head2Head, Inc. Business Services WilsonHCG - Helix Education, Inc. Business Services Ellucian, Inc. - KnoahSoft, Inc. Business Services Avaya, Inc. - Morgan Clark & Company Business Services Mobiquity, Inc. - Naverisk Limited Business Services Eci Software Solutions - Ocean Business Services Orange Business Services - 40 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Sisk Mailing Service Business Services EU Services $ - 213 Software Craftsmanship Guild Business Services The Learning House, Inc. -

211 Appiterate Digital Advertising Flipkart.com - 216 BestTables Digital Advertising TripAdvisor, Inc. - 233 CoolerEmail, Inc. Digital Advertising GreenRope - Ezlike Digital Advertising Gravity4, Inc. - 234 235 Milyoni, Inc. Digital Advertising Photobucket, Inc. - 245 mygola, Inc. Digital Advertising MakeMyTrip Limited - NexTable, Inc. Digital Advertising Zomato Media - Orange Tumri, Inc. Digital Advertising Adobe Systems, Inc. - Vemm LLC Digital Advertising QuinStreet, Inc. - 241 YoBoHo Digital Advertising BroadbandTV Corp. - 184 0 All Media Network LLC Digital Media/Commerce blinkx, LLC - Aventones Digital Media/Commerce BlablaCar.com - 245 bab.la Digital Media/Commerce Oxford University Press, Inc. - 232 Boundless Learning, Inc. Digital Media/Commerce Valore - 184 Carpooling.com Digital Media/Commerce BlablaCar.com - ClickZ Network Digital Media/Commerce Contentive Ltd. - Grey Covestor LLC Digital Media/Commerce Interactive Brokers Group, Inc. - 138 DezignUp eServices Pvt. Ltd. Digital Media/Commerce Livspace - 138 Elto Digital Media/Commerce GoDaddy - 138 Fastbite Digital Media/Commerce Square, Inc. - Fetchnotes, Inc. Digital Media/Commerce Driftt, Inc. - 203 203 Fitmob, Inc. Digital Media/Commerce ClassPass, Inc. - 203 Friendable Digital Media/Commerce iHookup Social, Inc. - Get Satisfaction, Inc. Digital Media/Commerce Sprinklr - 221 HAIL Digital Media/Commerce Reserve Media, Inc. - 221 221 Hike Labs, Inc. Digital Media/Commerce Pinterest, Inc. - HomeSlice, Inc. Digital Media/Commerce Matchfire Co. LLC - IronPlanet, Inc. Digital Media/Commerce Cat Auction Services - Killermotorsports.com Digital Media/Commerce Vertana Group LLC - Learn the Heart Digital Media/Commerce Healio.com - Liber Entertainment, Inc. Digital Media/Commerce Aeria, Inc. - Lifecake Ltd. Digital Media/Commerce Canon Europe Ltd. - LiveToWin Digital Media/Commerce Publishers Clearing House - Makaan.com Digital Media/Commerce PropTiger Realty Pvt Ltd. - Makr Digital Media/Commerce Staples, Inc. - Matchify Services Private Limited Digital Media/Commerce Matrimony.com Limited - ParkPlease Digital Media/Commerce SpotHero, Inc. - PrepTalk, Inc. Digital Media/Commerce Unigo LLC - Refresh, Inc. Digital Media/Commerce LinkedIn Corporation - RentLinx LLC Digital Media/Commerce AppFolio, Inc. - 41 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Snapfish, Inc. Digital Media/Commerce District Photo, Inc. $ - Streetline, Inc. Digital Media/Commerce Kapsch TrafficCom AG -

211 Sunstorm Games LLC Digital Media/Commerce TabTale Ltd. - 216 Tixers Digital Media/Commerce OneUp Sports, LLC - 233 Tributes, Inc. Digital Media/Commerce Legacy.com, Inc. - VioVet Digital Media/Commerce Pethealth, Inc. - 234 235 Volo Digital Media/Commerce Rocket Internet GmbH - 245 Weilos, Inc. Digital Media/Commerce Weight Watchers International - WineAccess, Inc. Digital Media/Commerce Norwest Venture Partners - Orange Zurvu Digital Media/Commerce Reserve Media, Inc. - c2b Horizons LLC Information PatientBond LLC - 241 collegefeed, Inc. Information AfterCollege, Inc. - 184 0 FitHo Wellness Services Private Limited Information Practo Technologies Pvt. Ltd. - Phoenix Health Systems, Inc. Information Medsphere Systems Corporation - 245 Phytel, Inc. Information International Business Machines Corporation - 232 184 RateFillings.com Information SNL Financial - Trackstar, Inc. Information HealthPort - Valiant Health LLC Information Health Care Excel, Inc. - Grey AcreValue, Inc. Marketing Technology Granular, Inc. - 138 AnotherRound Apps Marketing Technology Satellite Logistics Group - 138 Appinions Inc. Marketing Technology ScribbleLive - 138 Arcplan, Inc. Marketing Technology Longview Solutions, Inc. - Authentify, Inc. Marketing Technology Early Warning Services, LLC - 203 203 Boomerang.com, Inc. Marketing Technology Emma, Inc. - 203 BuilderMT Marketing Technology MiTek Industries, Inc. - Civica Software Marketing Technology Events.com, Inc. - 221 Content Fleet GmbH Marketing Technology Stroer Media SE - 221 221 Datasea Marketing Technology Information Resources, Inc. - DataSong Marketing Technology MarketShare Partners LLC - Datazen Software, Inc. Marketing Technology Microsoft Corporation - Digital Voice Systems, Inc. Marketing Technology Avtex Solutions LLC - Gennius, Inc. Marketing Technology Quality Systems, Inc. - IF Technologies, Inc. Marketing Technology RemitDATA, Inc. - Lab Escape, Inc. Marketing Technology Teikametrics - MaplePOS Marketing Technology Zomato Media - New Momentum, Inc. Marketing Technology Market Track LLC - Octoshape ApS Marketing Technology Akamai Technologies, Inc. - OpBandit, Inc. Marketing Technology Vox Media, Inc. - Prodagio Software Marketing Technology Gimmal LLC - Prognos, Inc. Marketing Technology Antuit, Inc. - RootMetrics, Inc. Marketing Technology IHS, Inc. - Shoefitr, Inc. Marketing Technology Amazon.com, Inc. - 42 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 SocialExpress BVBA Marketing Technology Bynder B.V. $ - Splitforce Marketing Technology Localytics, Inc. -

211 TASCO Corporation Marketing Technology ARI Network Services, Inc. - 216 TecMarket Works, Inc. Marketing Technology The Cadmus Group, Inc. - 233 Verold, Inc. Marketing Technology Box, Inc. - Zing.co Marketing Technology BigCommerce Pty. Ltd. - 234 235 Anicut Systems Software CipherCloud, Inc. - 245 barometerIT Software Changepoint Corporation - BlueJimp Software Atlassian Pty. Ltd. - Orange Ciespace Corporation Software ESI Group SA - ClusterK Software Amazon Web Services - 241 Codebox Software Corvisa LLC - 184 0 Codenomicon Oy Software Synopsys, Inc - Critical Intelligence, Inc. Software iSIGHT Partners, Inc. - 245 Denovo Software M/C Partners - 232 184 Dude Solutions, Inc. Software Mobile311 LLC - Explorys, Inc. Software International Business Machines Corporation - iBwave Solutions, Inc. Software Corning Inc. - Grey IDenizen Smartware Pvt Ltd. Software Campus Management Corporation - 138 Immediate Insight, Inc. Software FireMon - 138 KnowledgePay, Inc. Software Dartican LLC - 138 Metrologic Group Software Astorg Partners - Modelon GmbH Software Dassault Systemes - 203 203 Neverfail Group Limited Software Artisan Infrastructure, Inc. - 203 OpDemand LLC Software Engine Yard, Inc. - Ovations Management Solutions Software Cendyn - 221 Picviz Labs SAS Software ESI Group SA - 221 221 PPM 2000, Inc. Software Resolver, Inc. - Provider Advantage NW, Inc. Software The SSI Group, Inc. - Public Engines, Inc. Software Motorola Solutions, Inc. - Quizzle Software Bankrate, Inc. - ReadyForZero, Inc. Software AvantCredit Corporation - Redspin, Inc. Software Auxilio, Inc. - Remedy Interactive, Inc. Software Enviance, Inc. - Rycan Technologies, Inc. Software Healthland - Security Confidence Software Nuspire Netowrks, Inc. - SequenceIQ, Inc. Software Hortonworks, Inc. - Springbrook Software, Inc. Software Accela, Inc. - Tokutek, Inc. Software Percona LLC - Toopher, Inc. Software Salesforce.com - Two Toasters LLC Software Ticketmaster Entertainment, Inc. - Uplink.to Software NanoTech Entertainment, Inc. - 43 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic and Buyout Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Jupiter Entertainment, Inc. Traditional Media Sky Broadcasting Group plc $ - MediaCo Outdoor Traditional Media Ocean Outdoor - 211 Outside Broadcast Traditional Media NEP Group, Inc. - 216 Pro-Mark Media Traditional Media BiP Solutions - 233 RoomLinX, Inc. Traditional Media Signal Point Holdings Corp. - TORQUE.TV Traditional Media The Enthusiast Network - 234 235 VEE Corporation Traditional Media Blue Star Media LLC - 245 Target Target Segment Buyer/Investor Reported TV Orange Buyout Deals

241 Values Disclosed 184 Informatica Corporation Data Management Software Permira Advisers $ 5,300.0 0 Nine Live Events Division Entertainment Affinity Equity Partners 498.6 ClickSoftware Technologies Ltd. Enterprise Mobility Francisco Partners 438.0 245 232 Procera Networks, Inc. Infrastructure Software Francisco Partners 238.1 184 Defaqto Limited Financial Information Synova Capital LLP 41.0 BrandShare Digital Place-Based Media Aperion Management LLC 34.0 Grey Target Target Segment Buyer/Investor Reported TV 138 Buyout Deals 138 138 Undisclosed metanexgen Agency & Marketing Services Insignia Capital Group, LLC $ - 203 Source4Teachers Business Services Nautic Partners LLC - 203 Wealth Enhancement Group Business Services Lightyear Capital LLC - 203 Harte-Hanks Market Intelligence, Inc. Marketing Technology Halyard Capital - The Aberdeen Group Marketing Technology Halyard Capital - 221 221 AFC Holdings Software Incline Equity Partners - 221 Bancsource, Inc. Software CapitalWorks, LLC - Fidelis Cybersecurity Solutions, Inc. Software Marlin Equity Partners - HealthcareSource Software Francisco Partners - Simeio Solutions LLC Software Welsh, Carson, Anderson & Stowe - BrandShare Traditional Media Aperion Management LLC - TouchTunes Music Corporation Traditional Media Searchlight Capital -

44 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 TicketMonster, Inc. Digital Promotion/Coupon Kohlberg Kravis Roberts & Company L.P. $ 360.0 Ola Mobile Content/Apps DST Global 314.0

211 DraftKings, Inc. Gaming The Walt Disney Company 250.0 216 Domo, Inc. BI Tools BlackRock, Inc. 200.0 233 Prosper Marketplace, Inc. Classifieds/Auctions/P-to-P Credit Suisse NEXT Investors 165.0 Funding Circle Limited Classifieds/Auctions/P-to-P DST Global 150.0 234 235 Glu Mobile, Inc. Gaming Tencent Holdings Ltd. 126.0 245 RetailNext, Inc. Analytics & Targeting Activant Capital Group LLC 125.0 Warby Parker eCommerce T. Rowe Price Group, Inc. 100.0 Orange Illumio, Inc. Security Software Accel Partners 100.0 Ucloud Information Technology Cloud Computing Technology Legend Capital 100.0 241 Docker, Inc. Virtualization Technology Insight Venture Partners 95.0 184 0 PrimeRevenue, Inc. Financial Software Brown Brothers Harriman & Co. 80.0 SeatGeek, Inc. Product/Price Information Technology Crossover Ventures 62.0 245 ZenPayroll, Inc. HR Software Google Capital 60.0 232 184 Vessel Digital Video Institutional Venture Partners 57.5 Shyp, Inc. Mobile Content/Apps Kleiner Perkins Caufield & Byers 50.0 Urban Ladder eCommerce Sequoia Capital 50.0 Grey Freshdesk, Inc. CRM Tiger Global Management, LLC 50.0 138 Shyp, Inc. Mobile Content/Apps Kleiner Perkins Caufield & Byers 50.0 138 Temando Pty Ltd. Commerce Management Neopost, Inc. 50.0 138 Refinery29 Online Lead Generation WPP Ventures 50.0 Zomato Media Vertical Search Info Edge (India) Limited 50.0 203 203 ezbob Classifieds/Auctions/P-to-P Oaktree Capital Management, LLC 46.0 203 Sprig, Inc. eCommerce Greylock Partners 45.0 Reliance Capital Management Financial Consulting Leapfrog Ventures 45.0 221 Vlocity, Inc. CRM Salesforce Ventures 42.8 221 221 Movile Commerce Management Naspers Ltd. 40.0 Lyst Ltd. eCommerce Accel Partners 40.0 The RealReal.com eCommerce Industry Ventures, LLC 40.0 CompareAsiaGroup Comparison Shopping The Goldman Sachs Group, Inc. 40.0 policybazaar.com Vertical Search Tiger Global Management, LLC 40.0 New Signature, Inc. Cloud Computing Technology Columbia Capital Corporation 35.0 Appirio, Inc. IT Consulting/Systems Integration FMR LLC 35.0 Grofers eCommerce Tiger Global Management, LLC 35.0 Global Fashion Group S.A. eCommerce Tengelmann Ventures 35.0 HyTrust, Inc. Virtualization Technology Vanedge Capital 33.0 NetBase Solutions, Inc. Social Media/Apps ORIX Venture Finance 33.0 Westwing Home & Living GmbH eCommerce Investment AB Kinnevik 33.0 Chef, Inc. Infrastructure Software Battery Ventures 32.0 Relationship Science LLC HR Information Hearst Communications, Inc. 31.0 MX, Inc. Financial Software Digital Garage, Inc. 30.0 45 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Adallom, Inc. Security Software Rembrandt Venture Partners $ 30.0 Duo Security, Inc. Security Software Redpoint Ventures 30.0

211 Altitude Digital Partners Digital Video FastPay 30.0 216 Visual Supply Company Social Media/Apps Accel Partners 30.0 233 iflix eCommerce Catcha Group Pte Ltd. 30.0 ZIRX Mobile Content/Apps Bessemer Venture Partners 30.0 234 235 Music Messenger Limited Mobile Content/Apps (Private Investors) 30.0 245 Sulekha.com New Media Pvt. Ltd. Social Media/Apps Norwest Venture Partners 28.0 Via Transportation, Inc. eCommerce Pitango Venture Capital 27.0 Orange LEWIS PR Public Relations HSBC Finance Corporation 27.0 Smule, Inc. Mobile Content/Apps Bessemer Venture Partners 26.0 241 BillTrust Financial Software The Goldman Sachs Group, Inc. 25.0 184 0 Mobikwik Financial Software Cisco Investments 25.0 Poshmark, Inc. Classifieds/Auctions/P-to-P Menlo Ventures 25.0 245 Jello Labs, Inc. eCommerce Box Group 25.0 232 184 Sharecare, Inc. Niche Content Wellington Management Company 25.0 Patch of Land, Inc. Classifieds/Auctions/P-to-P SF Capital, LLC 23.6 FirstFuel Software, Inc. Analytics & Targeting Next World Capital 23.0 Grey Acorns Grow, Inc. Mobile Content/Apps Greycroft Partners 23.0 138 Meican eCommerce Dianping 23.0 138 Tapingo Mobile Technology QUALCOMM Ventures 22.0 138 Kyriba Corporation Financial Software Iris Capital 21.0 Livongo Health, Inc. Healthcare Software Kleiner Perkins Caufield & Byers 21.0 203 203 Naaptol Online Shopping Private Limited eCommerce New Enterprise Associates 21.0 203 Signpost, Inc. CRM Georgian Partners 20.5 CliQr Tehcnologies, Inc. Application Management Software Google Ventures 20.0 221 Novu, Inc. Healthcare Software SSM Partners 20.0 221 221 Niara, Inc. Security Software New Enterprise Associates 20.0 Honor Technology, Inc. Healthcare Software Andreessen Horowitz 20.0 clypd, Inc. Analytics & Targeting RTL Group 19.4 Swirl Networks, Inc. Search & Discovery Hearst Ventures 18.0 Pixability, Inc. Digital Video Jump Capital 18.0 Craftsvilla.com eCommerce Sequoia Capital 18.0 EyeEm Mobile GmbH eCommerce Valar Ventures LP 18.0 Palerra, Inc. Security Software August Capital Management 17.0 RedSeal, Inc. Security Software Math Venture Partners 17.0 Noom, Inc. Mobile Content/Apps RRE Ventures LLC 16.2 Loop Commerce, Inc. Commerce Management (Private Investors) 16.0 Smava GmbH Classifieds/Auctions/P-to-P Phenomen Ventures 16.0 Green Chef, Inc. eCommerce New Enterprise Associates 16.0 CrossChx LLC Healthcare Information Khosla Ventures 15.0 Rocana Analytics & Targeting Google Ventures 15.0 46 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Placester, Inc. Online Lead Generation New Enterprise Associates $ 15.0 Aviso, Inc. Analytics & Targeting Scale Venture Partners 15.0

211 PicsArt, Inc. Mobile Content/Apps Sequoia Capital 15.0 216 DataTorrent, Inc. Big Data Technology GE Ventures 15.0 233 CareCloud Corporation Financial Software (Private Investors) 15.0 Pepperdata, Inc. Big Data Technology Wing Ventures 15.0 234 235 TaaSera, Inc. Security Software (Private Investors) 15.0 245 Origami, Inc. eCommerce SoftBank Capital 13.3 Arcadia Solutions LLC Healthcare Consulting (Private Investors) 13.0 Orange Fyusion, Inc. Mobile Content/Apps New Enterprise Associates 13.0 Validic Healthcare Information Kaiser Permanente Ventures 12.5 241 Gravie, Inc. Healthcare Information Split Rock Partners, LLC 12.5 184 0 Recorded Future, Inc. Content Management Reed Elsevier Ventures 12.0 Robosoft Technologies Pvt. Ltd. Gaming Ascent Capital 12.0 245 Vulcun Gaming Battery Ventures 12.0 232 184 CoreOS, Inc. Infrastructure Software Google Ventures 12.0 Asset Avenue, Inc. eCommerce DCM Ventures 11.1 TriPlay, Inc. Application Management Software Fortress Investment Group, LLC 11.0 Grey WindWard Analytics & Targeting Horizons Ventures Ltd. 10.8 138 CurrencyFair Limited Classifieds/Auctions/P-to-P Octopus Investments Limited 10.7 138 Number26 GmbH Mobile Content/Apps Valar Ventures LP 10.7 138 SalesLoft LLC SFA/Lead Management Emergence Capital 10.5 Hello Alfred eCommerce New Enterprise Associates 10.5 203 203 Unikey Technologies, Inc. Mobile Technology ff Venture Capital 10.0 203 Engagio SFA/Lead Management FirstMark Capital 10.0 Babajob Classifieds/Auctions/P-to-P Seek Ltd. 10.0 221 Yoyo Mobile Content/Apps Imperial Innovations 10.0 221 221 99designs Pty Ltd. Classifieds/Auctions/P-to-P Accel Partners 10.0 PepperTap eCommerce Sequoia Capital 10.0 ZopNow.com eCommerce Accel Partners 10.0 RealtyShares, Inc. eCommerce Menlo Ventures 10.0 Clarifai, Inc. Cloud Computing Technology Union Square Ventures 10.0 Soha Systems, Inc. Security Software Andreessen Horowitz 9.8 MD Insider Healthcare Software (Private Investors) 9.5 MyTime Mobile Content/Apps Upfront Ventures 9.3 RadPad, Inc. Vertical Search Altpoint Ventures 9.0 meQuilibrium Healthcare Information Safeguard Scientifics, Inc. 9.0 The Flatiron School Corporate Training Thrive Capital 9.0 Drivy.com Classifieds/Auctions/P-to-P Index Ventures 8.7 DocDoc Pte Ltd. Local Search Spark Labs Global Ventures 8.6 Dealerdirect nl Classifieds/Auctions/P-to-P Rocket Internet GmbH 8.6 Access Integrated Healthcare LLC Healthcare Information Penta Mezzanine Fund 8.5 47 | M&A and Investment Summary April 2015 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 ($ in Millions) Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy

Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5 Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Shots Mobile, Inc. Mobile Content/Apps WI Harper Group $ 8.5 Dealstruck, Inc. Financial Consulting Trinity Ventures 8.3

211 Jukely, Inc. Social Technology Northzone 8.0 216 Travel Triangle Vertical Search Bessemer Venture Partners 8.0 233 Zebra Medical Vision Ltd. Healthcare Information Khosla Ventures 8.0 Deep Information Sciences, Inc. Big Data Technology Sigma Prime Ventures 8.0 234 235 Attivo Networks, Inc. Security Software Bain Capital Ventures 8.0 245 npm, Inc. Software Development Tools Bessemer Venture Partners 8.0 Campus Jobs Classifieds/Auctions/P-to-P General Catalyst Partners LLC 7.8 Orange SureCash Pte Ltd. Mobile Technology Osiris Group 7.0 Pocket Content Management New Enterprise Associates 7.0 241 WaterSmart Software, Inc. CRM The Westly Group 7.0 184 0 NSS Labs, Inc. IT Consulting/Systems Integration LiveOak Venture Partners 7.0 Degreed, Inc. Corporate Training Signal Peak Ventures 7.0 245 Vacatia, Inc. Vertical Search Javelin Venture Partners 7.0 232 184 Brainbow Limited Gaming Creandum 7.0 2C2P Pte. Ltd. Financial Software GMO Venture Partners 7.0 Assured Labor, Inc. HR Information Thayer Ventures 6.8 Grey TradeGecko Pte. Ltd. Commerce Management Jungle Ventures 6.5 138 PathAR LLC Analytics & Targeting OCA Ventures 6.5 138 Snaps! Email/Messaging Software (Private Investors) 6.5 138 Custora, Inc. Analytics & Targeting Foundation Capital 6.5 Take East Easy S.P.R.L. eCommerce Rocket Internet GmbH 6.4 203 203 CanadaStays.com Vertical Search HomeAway.com, Inc. 6.0 203 1MG Technologies Pvt. Ltd. eCommerce Sequoia Capital 6.0 ApplePie Capital Classifieds/Auctions/P-to-P Signia Venture Partners 6.0 221 Icertis.com CRM Greycroft Partners 6.0 221 221 TouchBistro, Inc. Mobile Technology Relay Ventures 6.0 RebelMouse Content Management SoftBank Capital 6.0 Datical, Inc Infrastructure Software Mercury Fund 5.9 Nearpod, Inc. Corporate Training Rothenberg Ventures 5.6 ZappRX, Inc. Healthcare Software Atlas Venture 5.6 Full Measure Education, Inc. Corporate Training Safeguard Scientifics, Inc. 5.5 Accreon, Inc. Healthcare Information Mansa Capital 5.5 Gengo, Inc. Content Management Recruit Holdings Co., Ltd. 5.4 Forcare B.V. Healthcare Software Prime Ventures 5.4 NSONE, Inc. Security Software Flybridge Capital Partners 5.4 Joya Communications, Inc. Digital Video Battery Ventures 5.0 MediaPro, Inc. Corporate Training Clovis Point Capital 5.0 Diandao Mobile Content/Apps Banyan Capital 5.0 LocalOye.com eCommerce Tiger Global Management, LLC 5.0 Ello Social Media/Apps Foundry Group 5.0 48 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Sticky Analytics & Targeting Dawn Capital $ 5.0 Flashpoint Global Partners Security Software TechOperators LLC 5.0

211 FreeAgent Central Ltd. Financial Software SaaS Capital, Inc. 5.0 216 Flybits, Inc. Mobile Technology Vodafone Ventures 4.8 233 Raise.me Mobile Content/Apps Owl Ventures 4.5 Assetz Capital Classifieds/Auctions/P-to-P (Private Investors) 4.5 234 235 Stanza Mobile Content/Apps Metamorphic Ventures 4.3 245 Pledgeling LLC Mobile Content/Apps (Private Investors) 4.1 C Channel, Inc. Niche Content GREE, Inc. 4.1 Orange Lovethesign S.p.a. eCommerce United Ventures 4.0 Khorus Software LLC Enterprise Mobility (Private Investors) 4.0 241 Point.io Application Management Software (Private Investors) 4.0 184 0 Kaizen Platform, Inc. Content Management GREE Ventures, Inc. 4.0 Knotch, Inc. Analytics & Targeting Greylock Partners 4.0 245 FLYR, Inc. Online Lead Generation Montage Ventures 3.7 232 184 Magency Digital Mobile Content/Apps Sigma Gestion 3.7 InTurn eCommerce Forerunner Ventures 3.6 ResiModel, Inc. Vertical Search Osage Venture Partners 3.5 Grey Eat.Shop.Love eCommerce (Private Investors) 3.5 138 Yeloha, Inc. Classifieds/Auctions/P-to-P Carmel Ventures 3.5 138 Wrap Media LLC Mobile Marketing Raine Ventures 3.5 138 Tracxn.com Market Research SAIF Partners 3.5 StrataCloud Infrastructure Software Hallett Capital 3.4 203 203 Folloze, Inc. Content Management New Enterprise Associates 3.3 203 MoneyStream, Inc. Financial Consulting H&R Block, Inc. 3.2 Ticketbis, SL Classifieds/Auctions/P-to-P Active Venture Partners 3.2 221 Bedrock Data, Inc. Cloud Computing Technology .406 Ventures, LLC 3.1 221 221 Estimize, Inc. Social Media/Apps Contour Venture Partners 3.0 TripHobo, Inc. Vertical Search Kalaari Capital 3.0 Albeado, Inc. Credit/Risk Software Brillio 3.0 OpenFin, Inc. Software Development Tools Bain Capital, LLC 3.0 Campus Steps, Inc. Content Management Campus Explorer, Inc. 3.0 Educents.com eCommerce SoftTech VC, Inc. 2.9 DemoChimp LLC SFA/Lead Management Peak Ventures 2.8 WOO Sports, Inc. Mobile Content/Apps Prism VentureWorks 2.7 Phantom Cyber Security Software Foundation Capital 2.7 Drifty Company Software Development Tools Lightbank 2.6 Ayogo Health, Inc. Gaming Merck Global Health Innovation LLC 2.5 InstaBrand, Inc. Mobile Marketing TI Capital 2.5 CargoSense, Inc. Big Data Technology (Private Investors) 2.5 1COMM Medical, Inc. Healthcare Information NextLevel Venture Partners 2.5 ChatWork, Inc. Collaboration Software GMO Venture Partners 2.5 49 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 CodeFights, Inc. Gaming Felicis Ventures $ 2.4 4w Market Place srl Ad Networks/Exchanges DADA S.p.A. 2.3 211 Tray.io IT Consulting/Systems Integration True Ventures 2.2 216 The Luxury Closet eCommerce Middle East Venture Partners 2.2 233 Scalyr.com Infrastructure Software Google Ventures 2.1 Wingz Mobile Content/Apps (Private Investors) 2.0 234 235 ScoreStream, Inc. Social Media/Apps Sinclair Broadcast Group, Inc. 2.0 245 Onfleet, Inc. Analytics & Targeting CrunchFund 2.0 Traceall Global Ltd. Data Management Software Maven Capital 2.0 Orange Ferris Digital Video Upfront Ventures 2.0 Signal Analytics & Targeting Frontline Ventures 1.8 241 184 Headout, Inc. Mobile Content/Apps Version One Ventures 1.8 0 Bringhub, Inc. eCommerce BAM Ventures 1.8 PicnicHealth Healthcare Information Social+Capital 1.7 245 PlateJoy eCommerce Foundation Capital 1.7 232 184 Minube Social Media/Apps FJME Ventures 1.7 TripleMint Local Search Kima Ventures 1.7 UrbanClap Technologies India Pvt. Ltd. eCommerce Accel Partners 1.6 Grey Empathetics, Inc. Corporate Training Key Venture Partners 1.5 138 ThreatQuotient, Inc. Security Software Blu Venture Investors, LLC 1.5 138 TrackTik Security Software iNovia Capital 1.5 138 Ascend Consumer Finance Financial Software MuckerLab 1.5 Barnebys Classifieds/Auctions/P-to-P Active Venture Partners 1.3 203 203 SlamAd.com, Inc. Ad Serving (Private Investors) 1.3 203 Fliptu Social Technology (Private Investors) 1.2 Outdoor Voices, Inc. eCommerce General Catalyst Partners LLC 1.1 221 CoinTent, Inc. Content Management Foundry Group 1.1 221 221 Vuru Financial Information Draper Fisher Jurvetson 1.0 ReGlobe Classifieds/Auctions/P-to-P Bessemer Venture Partners 1.0 BrickVest Ltd. Classifieds/Auctions/P-to-P (Private Investors) 1.0 Frenzoo Ltd Gaming Fresco Capital 1.0 Samba Ads Digital Video Initial Capital 1.0 Zeemi.tv Digital Video 500 Startups 1.0 Honey.is Collaboration Software Point Nine Capital 1.0

50 | M&A and Investment Summary April 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Undisclosed 186 213 EazyDiner Private Limited Digital Advertising ChrysCapital $ - DriveWealth LLC Digital Media/Commerce Route 66 Ventures - 211 Fanli Digital Media/Commerce Rakuten, Inc. - 216 Progyny, Inc Digital Media/Commerce Kleiner Perkins Caufield & Byers - 233 Sumoware Ltd. Digital Media/Commerce Vendep Oy - Vyomo Digital Media/Commerce YouWeCan Ventures - 234 235 Risk Management Strategies, Inc. Information Alpine Investors, L.P. - 245 Emtec, Inc. Marketing Technology NewSpring Capital - Eucon GmbH Marketing Technology HgCapital - Orange One.com Marketing Technology Accel-KKR, LLC - PingThings, Inc. Marketing Technology GE Ventures - 241 184 Predixion Software, Inc. Marketing Technology Software AG - 0 Akanda Virtual Networking Software Double M Partners, LP - Skyport Systems Software Index Ventures - 245 WennSoft, Inc. Software LLR Partners, Inc. - 232 184

Grey

138 138 138

203 203 203

221 221 221

51 | M&A and Investment Summary April 2015 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions Blue

0 79 133 2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor 122 141 Deal Count Deal Count 181 1 Petsky Prunier 21 65 178 186 213 2 Goldman Sachs 17 50 211 216 233 3 Morgan Stanley 15 43

234 235 4 JP Morgan 14 31 245

Orange 5 Nomura Holdings 12 39

241 184 5 Ernst & Young 12 24 0

245 7 China Renaissance Partners 11 36 232 184 7 PwC 11 34 Grey

138 7 Deloitte 11 18 138 138 7 AGC Partners 11 30 203 203 203 11 GCA Savvian 10 41

221 221 221 Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and more than 80 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, ecommerce, and media industries and has significant momentum . 14 transactions completed in 2015 through April and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers

52 | M&A and Investment Summary April 2015

Petsky Prunier: Maximizing Shareholder Value

Blue

0 79 133 . Top-ranked, globally-oriented investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, 122 141 181 information, business services, and healthcare services industries

178 . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume 186 213 . Founded in 1999 211 216 . More than 50 focused professionals; growth of 40% since 2011 233

234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders Orange . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services 241 184 0 . Global reach enhanced through our partnerships with investment bank Altium, which operates from nine offices across Europe, as well

245 as Allegro Advisors in three offices in India, and HINA Group in China 232 184 . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

Grey

138 138 138

203 203 203

221 221 . M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and 221 . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership

53 | M&A and Investment Summary April 2015 Global Reach

Blue

0 79 Description Network 133

122 141 181 . In Europe, our partner Altium provides M&A and corporate

178 finance advisory services to companies, private equity firms, 186 213 and entrepreneurs

211 New York Palo Alto Frankfurt Munich 216 233 Las Vegas Chicago London Paris . Employee-owned and truly independent mid-market Boston Tampa Madrid Tel Aviv 234 235 financial advisory group. Manchester Zurich 245 Milan Orange . A leading advisor for more than 25 years, founded as 241 184 0 the corporate finance arm of private equity investor

245 Apax Partners 232 184

Grey . Altium operates 9 international offices in Europe and

138 has completed transactions across 12 countries in the 138 138 past five years 203 203 203 . In India, Allegro Advisors is a leading provider of investment 221 221 banking services to corporations and public institutions, with 221 offices in Bangalore, Mumbai, Delhi Bangalore Beijing . In China, Hina Group has provided M&A advisory and Delhi Shanghai corporate finance services on 50+ transactions Mumbai

54 | M&A and Investment Summary April 2015 Representative Recent Transactions

Blue

0 79 133 $120,000,000 $74,000,000*

122 141 the leading eCommerce media network a portfolio company of in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions 181 a leading next-generation digital strategy a fast-growing, direct-to-consumer a leading provider of software-based retailer of envelopes and related products for orphan and rare disease a big data marketing analytics and database and management consulting organization wine eCommerce company social media brand advocacy solutions has been sold to has been sold to pharmaceutical drugs technology and solutions company has received a significant has been sold to 178 Aperion Management has been sold to has been sold to has been sold to investment from has been sold to 186 and to 213

(NYSE EVDY) (NASDAQ: EXLS) (NASDAQ: ICLR) 211 216 233 *Approximate Value

234 235 $280,000,000* 245 a leading supplier of data on healthcare has sold professionals and administrator of one has sold a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading data-driven patient a global leader in quantitative data of the largest practitioner-level medical the leader in data-driven digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the Orange identification and engagement platform collection and reporting software systems claims databases in the U.S. advocacy campaigns professionals on behalf of leading display, and email insurance industry that provides its members access to pharmaceutical companies has been sold to has sold a majority stake to to has been sold to healthcare education, patient savings, 241 has been sold to has been sold to and other valuable programs has been sold to 184 a division of has been sold to 0 a portfolio company of (NYSE: OMC) (NYSE: RUK) (NYSE: EVDY) (NYSE: WTM) 245 232 184 *Approximate Enterprise Value

Grey $50,000,000 138 a disruptive, rapidly 138 a leading SaaS provider of social intelligence, a leading targeted direct marketing expanding marketplace for analytics, insights, and engagement a leading provider of marketing solutions insurance clicks, calls, and leads 138 one of the largest digital agencies specializing the leading film and television information, company that connects new movers a leading global SaaS-based the largest independent eCommerce in multi-channel content marketing solutions has been sold to to destinations, resorts, and other data, and related software company with local business tag management, data management, retailer of promotional products for the life sciences industry travel-related businesses has sold a majority stake to has been sold to has merged with an affiliate of and marketing attribution provider has been sold to has been recapitalized to support future has been sold to 203 which is being combined with has been sold to growth with significant debt financing 203 from 203 a division of both portfolio companies of and

(NASDAQ: CTSH) (NYSE: WTM) 221 221 221

a leading UK-based supplier of a premier global provider of SaaS-based healthcare software and IT services a leading SaaS-based, cross channel a technology company delivering highly online brand protection and campaign management platform targeted programmatic marketing a leading provider of transaction-based a portfolio company of domain recovery solutions a leading provider of online customer for B2C marketers a consumer enthusiast media one of the largest independent solutions using unstructured data media cost databases and software a portfolio company of and commerce company in-store media networks in the U.S for television, radio, and digital acquisition services to the advertising cost analysis insurance industry has been sold to has been sold to has received a $16MM Series B has been sold to investment led by has been sold to has been sold to has been sold to has been sold to

(AIM: EMIS) (NYSE: RATE) (Euronext Amsterdam: WKL)

55 | M&A and Investment Summary April 2015