Weekly Internet / Digital Media / Saas Sector Summary

Weekly Internet / Digital Media / SaaS Sector Summary

Week of October 28th, 2013 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

170 130 58% 55% 160 53% 125 46% 22% 150 43% 21% 120 43% 13% 43% 140 11% 40% 115 9% 32% 130 8% 8% 110 7% 120 7% 105 110

100 100

95 90

80 90 10/25/12 01/24/13 04/25/13 07/25/13 10/25/13 07/25/13 08/16/13 09/09/13 10/02/13 10/25/13

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

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

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 10/25/13 Low High Value Debt Value LTM CY 13E CY 14E LTM CY 13E CY 14E LTM CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Search / Online Advertising

Google Inc. $1,015.20 $636.00 $1,040.57 $339,236 ($44,280) $294,956 5.1x 5.0x 4.3x 16.5x 13.7x 11.4x 29.2x 22.9x 19.5x 16.7% 1.2 17.4% 5.6% Microsoft Corporation 35.73 26.26 36.43 298,273 (64,158) 234,115 2.9 2.8 2.7 7.5 7.4 7.3 13.4 13.2 12.7 7.9% 1.6 5.7% 15.7% Yahoo! Inc. 32.25 16.52 35.06 32,905 (1,709) 31,248 6.6 7.0 6.9 26.3 20.7 19.8 27.8 21.9 19.3 14.3% 1.3 2.8% (5.2%) Yandex N.V. 38.19 16.60 42.01 12,444 (368) 12,076 10.8 9.8 7.7 25.1 21.9 17.2 32.4 32.3 26.4 33.3% 0.8 27.2% 35.4% Rocket Fuel Inc. 61.72 50.90 68.56 2,006 (103) 1,902 11.9 8.5 4.7 NM NM NM NM NM NM NM NM 81.5% 136.7% ValueClick, Inc. 19.52 16.36 32.25 1,450 (25) 1,426 2.1 2.0 1.9 6.5 5.9 5.4 16.2 11.9 10.2 15.1% 0.7 8.1% 3.7% Blucora, Inc. 24.50 14.05 25.19 1,008 (172) 837 1.8 1.7 1.5 9.8 8.7 7.7 31.1 13.2 11.7 17.3% 0.7 15.4% 16.2% Blinkx plc 2.39 0.81 2.63 881 (56) 825 4.2 3.8 3.1 30.8 24.0 17.3 50.8 35.7 27.1 33.6% 0.8 19.6% 66.1% Millennial Media Inc. 6.95 5.87 16.86 566 (123) 444 2.1 1.7 1.1 NM 37.3 10.5 NM NM 23.5 NA NA 52.6% 44.7% Tremor Video, Inc. 10.35 6.25 11.09 513 (96) 417 3.4 3.1 2.4 NM NM 79.6 NM NM NM 28.0% NM 29.7% 40.7% QuinStreet, Inc. 9.46 5.41 9.71 409 (35) 374 1.2 1.2 1.2 11.1 8.6 8.3 NM NM NM 15.0% NM 3.4% (11.7%) Marin Software Incorporated 12.52 8.75 19.95 407 (115) 292 4.3 3.8 3.1 NM NM NM NM NM NM 25.0% NM 22.5% 40.4% ReachLocal, Inc. 12.84 9.99 17.39 360 (82) 278 0.6 0.5 0.5 29.9 9.2 7.0 NM NM 56.8 27.5% 2.1 15.1% 13.2% Marchex, Inc. 8.36 3.47 8.76 298 (19) 279 1.9 1.9 1.8 91.9 22.0 17.1 NM 53.4 43.2 47.0% 0.9 8.8% 14.7% YuMe, Inc. 8.98 7.80 12.08 287 (23) 264 2.0 1.7 1.3 33.5 62.3 24.9 73.0 NM 56.5 NA NA 31.2% 36.2% Velti Plc 0.27 0.22 7.55 24 29 37 0.2 0.2 0.2 NM NM 40.6 NM NM NM 20.0% NM 0.4% (46.8%)

Mean 3.8 x 3.4 x 2.8 x 26.3 x 20.1 x 19.6 x 34.2 x 25.6 x 27.9 x 23.1% 1.1 21.3% 25.4% Median 2.5 2.4 2.1 25.1 17.2 14.2 30.2 22.4 23.5 20.0% 0.9 16.4% 16.0%

Internet Content

IAC/InterActiveCorp $56.29 $38.20 $57.00 $4,671 ($107) $4,680 1.5x 1.5x 1.3x 9.8x 7.5x 6.2x 25.1x 14.5x 12.2x 20.2% 0.6 12.5% 17.5% Zillow, Inc. 79.86 23.00 103.00 2,999 (170) 2,829 18.6 14.8 10.5 NM NM 57.6 NM NM NM 43.0% NM 41.1% 69.0% AOL Inc. 36.67 29.16 43.93 2,821 (378) 2,454 1.1 1.1 1.0 5.0 5.3 4.9 28.7 18.0 15.8 17.4% 0.9 7.7% 1.9% Bankrate, Inc. 21.87 9.90 23.14 2,216 82 2,299 5.4 5.0 4.4 24.8 19.2 15.7 NM 41.9 30.3 21.3% 1.4 13.9% (13.6%) Shutterfly, Inc. 54.03 25.18 59.93 2,039 (128) 1,911 2.7 2.4 2.1 23.0 12.8 10.6 NM 39.4 33.6 29.8% 1.1 17.1% 34.8% WebMD Health Corp. 35.49 13.13 36.22 1,760 (226) 1,533 3.1 3.0 2.8 32.5 13.6 11.1 NM 38.5 25.9 9.5% 2.7 8.4% 11.2% Trulia, Inc. 43.86 14.69 52.71 1,661 (207) 1,454 15.7 10.8 6.5 NM 93.4 32.6 NM NM 54.9 20.0% 2.7 64.7% 76.6% Renren Inc. 3.71 2.52 4.63 1,405 (836) 569 2.9 2.9 2.3 NM NM NM NM NM NM NM NM 25.4% 10.7% Web.com Group, Inc. 29.44 13.25 33.70 1,403 652 2,055 4.5 3.9 3.5 25.3 13.3 11.9 NM 14.2 11.9 14.0% 0.9 9.9% 21.7% comScore, Inc. 27.97 12.26 29.86 997 (66) 932 3.4 3.3 2.9 42.9 16.6 13.5 NM 26.3 21.6 26.2% 0.8 12.6% 16.0% eHealth, Inc. 44.14 14.85 42.78 813 (98) 715 4.2 4.1 3.5 38.4 28.5 19.5 NM 68.7 43.1 16.7% 2.6 17.0% 11.8% United Online, Inc. 8.44 4.98 8.90 781 111 892 1.0 1.0 1.0 9.8 7.3 7.4 NM 15.2 13.8 NA NA 0.3% (4.4%) Move, Inc. 17.17 6.92 18.36 692 (32) 660 3.1 2.9 2.6 44.3 23.4 17.2 NM 41.5 28.5 22.5% 1.3 12.8% 16.6% Dice Holdings, Inc. 8.73 7.89 10.43 515 (15) 501 2.5 2.4 2.3 7.5 6.8 6.1 15.2 16.3 14.5 11.1% 1.3 6.0% 7.3% Monster Worldwide, Inc. 4.24 4.02 6.89 479 59 539 0.6 0.7 0.7 4.0 3.6 3.5 9.2 12.8 11.6 9.0% 1.3 (0.7%) (10.9%) Demand Media, Inc. 4.96 4.80 9.88 433 (50) 383 1.0 1.0 0.9 5.3 4.1 3.9 46.6 16.9 15.7 15.0% 1.0 8.4% 8.6% XO Group Inc. 13.87 7.22 14.31 342 (83) 259 2.0 1.9 1.8 11.4 9.3 8.5 31.4 33.4 31.5 NA NA 6.4% 4.4% RealNetworks Inc. 8.37 6.75 8.95 299 (237) 62 0.3 0.3 0.3 NM NA NA NM NM NM NA NA (8.7%) (23.9%) TechTarget, Inc. 5.01 4.00 5.95 194 (32) 162 1.7 1.8 1.7 21.4 16.6 12.6 NM 41.8 28.4 NA NA 5.1% (12.4%) TheStreet, Inc. (1) 2.37 1.49 2.56 80 5 85 1.7 NA NA NM NA NA NM NA NA NA NA NA 8.0%

Mean 3.9 x 3.4 x 2.7 x 20.4 x 17.6 x 14.3 x 26.0 x 29.3 x 24.6 x 19.7% 1.4 13.7% 12.5% Median 2.6 2.4 2.3 21.4 13.1 11.1 26.9 26.3 23.7 18.7% 1.3 9.9% 9.7%

Internet Commerce

Amazon.com Inc. $363.39 $218.18 $337.11 $166,027 ($4,646) $161,381 2.3x 2.2x 1.8x 49.4x 32.2x 23.4x NM NM NM 45.1% NM 22.1% 23.8% eBay Inc. 51.64 45.66 58.04 66,847 (5,740) 61,107 3.9 3.8 3.3 13.3 11.3 9.9 24.6 19.1 16.4 15.0% 1.1 15.4% 14.3% priceline.com Incorporated 1,070.85 568.62 1,098.70 55,150 (3,650) 51,500 8.8 7.7 6.3 24.5 20.2 16.1 35.2 26.8 21.8 21.9% 1.0 22.4% 26.6% Netflix, Inc. 328.03 60.49 389.16 19,438 (635) 18,803 4.5 4.3 3.6 88.2 54.4 33.6 NM NM 87.8 55.8% 1.6 18.7% 22.2% Liberty Interactive Corporation 26.72 18.69 27.34 13,670 5,032 23,224 2.2 2.3 2.1 11.8 12.1 11.4 10.5 23.8 19.5 18.5% 1.1 5.6% 11.9% Expedia Inc. 50.45 45.69 68.09 6,861 (1,021) 6,308 1.4 1.3 1.2 10.4 7.6 6.6 48.8 16.5 14.2 12.0% 1.2 12.9% 15.9% Copart, Inc. 32.67 27.05 38.26 4,101 328 4,428 4.2 4.0 3.7 13.2 12.2 10.8 23.5 22.5 18.8 12.4% 1.5 7.3% 16.4% HomeAway, Inc. 30.01 19.58 34.30 2,559 (336) 2,222 7.2 6.5 5.4 39.1 23.4 18.6 NM NM 80.5 29.9% 2.7 20.8% 20.9% Shutterstock, Inc. 69.63 21.40 76.12 2,416 (113) 2,303 11.6 10.1 8.0 53.0 48.0 33.3 44.2 86.9 63.4 31.0% 2.0 26.1% 39.8% Vistaprint N.V. 53.96 28.17 58.19 1,784 188 1,972 1.7 1.6 1.5 18.6 13.0 10.3 63.5 21.7 17.7 23.4% 0.8 8.3% 11.8% OpenTable, Inc. 70.87 41.68 78.36 1,626 (92) 1,534 8.8 8.2 7.0 28.3 19.3 15.7 58.1 37.5 32.1 19.4% 1.7 17.3% 15.2% Stamps.com Inc. 47.27 22.35 48.13 739 (84) 656 5.2 5.1 4.6 19.2 16.4 14.4 22.1 20.4 18.7 20.0% 0.9 10.2% 7.5% Digital River Inc. 19.17 12.80 20.29 657 (266) 391 1.0 1.0 1.0 13.4 12.1 8.0 NM 32.5 32.6 7.5% 4.4 (2.9%) 1.9% Overstock.com Inc. 24.95 10.80 35.60 593 (85) 508 0.4 0.4 0.4 17.5 11.2 11.4 25.6 21.7 23.3 27.0% 0.9 4.9% 18.0% Blue Nile Inc. 40.10 28.90 43.00 498 (47) 452 1.0 1.0 0.9 29.2 19.3 15.7 52.1 47.6 35.9 20.6% 1.7 12.0% 18.7% 1-800-Flowers.com Inc. 5.33 2.77 7.17 340 (0) 340 0.5 0.5 0.4 7.6 7.2 5.8 22.2 21.5 16.6 16.0% 1.0 5.1% 1.3% Travelzoo Inc. 21.18 16.56 33.95 325 (78) 247 1.6 1.6 1.5 9.1 8.7 7.4 NM 19.6 17.3 NA NA 5.8% 5.1% CafePress Inc. 5.97 4.44 7.47 102 (23) 79 0.3 0.3 0.3 10.1 5.9 4.0 NM 39.4 13.6 15.0% 0.9 10.1% 11.3%

Mean 3.7 x 3.4 x 2.9 x 25.3 x 18.6 x 14.2 x 35.9 x 30.5 x 31.2 x 23.0% 1.5 12.3% 15.7% Median 2.2 2.2 1.9 18.0 12.6 11.4 30.4 22.5 19.5 20.0% 1.1 11.1% 15.5% Notes: 2 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Comcast Corporation $48.17 $34.95 $47.99 $126,445 $41,495 $169,188 2.6x 2.6x 2.5x 8.2x 8.0x 7.5x 19.0x 19.7x 17.0x 13.6% 1.2 6.2% 7.0% The Walt Disney Company 69.26 46.53 69.20 123,729 11,071 137,171 3.1 3.0 2.8 12.0 10.8 10.0 21.0 20.0 17.0 12.8% 1.3 6.3% 4.4% Time Warner Inc. 70.26 42.61 70.52 64,640 17,383 82,024 2.8 2.8 2.7 10.6 10.8 10.1 19.0 18.8 16.4 12.3% 1.3 3.3% 10.2% Viacom, Inc. 84.94 47.61 85.35 40,510 7,769 48,450 3.6 3.5 3.3 12.1 11.2 10.3 19.1 17.5 14.6 12.8% 1.1 5.5% 13.9% CBS Corporation 59.80 31.84 59.98 36,167 6,141 42,308 2.9 2.8 2.7 11.6 11.0 10.5 22.2 19.4 17.0 13.5% 1.3 2.2% 11.1% Discovery Communications, Inc. 85.66 54.89 89.58 30,668 5,988 36,691 7.5 6.6 5.9 17.5 15.1 13.3 32.6 27.5 21.3 18.4% 1.2 11.7% 30.3% Sony Corporation 18.99 7.92 24.76 19,199 (966) 23,146 0.3 0.3 0.3 7.1 4.1 3.7 29.5 15.0 26.8 17.0% 1.6 7.1% (9.0%) Lions Gate Entertainment Corp. 36.71 14.58 37.81 5,007 1,297 6,304 2.2 2.3 2.3 19.6 17.6 14.5 18.7 22.4 23.4 17.5% 1.3 2.1% 20.8%

Mean 3.1 x 3.0 x 2.8 x 12.3 x 11.1 x 10.0 x 22.6 x 20.0 x 19.2 x 14.7% 1.3 5.5% 11.1% Median 2.8 2.8 2.7 11.8 10.9 10.2 20.1 19.5 17.0 13.6% 1.3 5.8% 10.7%

Publishers

Thomson Reuters Corporation $35.38 $25.50 $35.55 $29,267 $6,289 $35,917 2.8x 2.8x 2.8x 12.0x 10.5x 10.1x 27.2x 19.3x 18.0x 3.2% 5.6 2.0% (3.3%) Pearson plc 22.04 17.61 22.14 17,817 3,207 21,053 2.7 2.2 2.3 15.7 13.3 12.0 44.2 17.6 15.5 7.0% 2.2 (3.7%) 1.5% News Corporation 17.15 14.39 17.40 9,927 (2,381) 7,664 0.9 0.9 0.9 13.5 7.6 10.0 19.7 4.4 33.8 1.8% 19.3 0.2% 5.8% Gannett Co., Inc. 27.77 16.35 28.09 6,363 1,196 7,559 1.4 1.5 1.3 7.2 7.3 5.8 16.2 13.5 10.3 5.0% 2.1 12.6% (4.3%) The Washington Post Company 662.02 327.00 664.26 4,914 (430) 4,489 1.1 1.3 1.3 7.8 7.5 7.6 NM 26.1 23.2 NA NA 0.3% 3.3% Lagardere SCA 36.78 26.29 41.14 4,708 1,170 5,978 0.6 0.6 0.6 9.4 7.7 7.2 2.4 16.1 14.6 6.3% 2.3 1.7% 2.6% UBM plc 11.00 10.13 12.85 2,675 715 3,441 2.9 2.6 2.6 12.4 10.6 10.4 18.3 12.8 12.5 10.0% 1.3 0.3% (4.6%) The New York Times Company 13.55 7.72 13.90 2,025 (53) 1,975 1.0 1.0 1.1 6.6 8.1 7.9 15.5 38.4 33.6 NA NA (6.1%) (0.9%) The E. W. Scripps Company 19.95 8.29 20.36 1,137 (30) 1,109 1.3 1.4 1.2 8.9 16.8 7.7 30.1 NM 19.9 NA NA 12.1% (4.2%)

Mean 1.6 x 1.6 x 1.6 x 10.4 x 9.9 x 8.7 x 21.7 x 18.5 x 20.1 x 5.5% 5.5 2.2% (0.5%) Median 1.3 1.4 1.3 9.4 8.1 7.9 19.0 16.9 18.0 5.6% 2.3 0.3% (0.9%)

Diversified Marketing

WPP plc $21.72 $12.59 $21.80 $29,081 $4,130 $33,616 2.1x 1.9x 1.8x 12.1x 10.7x 10.2x 22.8x 16.4x 14.9x 10.1% 1.5 5.1% 3.8% Experian plc 19.73 15.76 20.85 19,301 3,047 22,388 4.7 4.6 4.3 14.1 13.2 12.5 79.9 22.1 20.0 11.8% 1.7 6.6% 4.7% Nielsen Holdings N.V. 39.04 27.30 39.14 14,745 6,145 20,936 3.7 3.7 3.3 13.3 13.0 11.4 38.3 19.4 16.3 14.5% 1.1 10.3% (2.5%) Equifax Inc. 65.52 49.17 65.65 7,961 1,312 9,292 4.0 4.0 3.8 12.5 11.6 10.8 25.9 18.2 16.6 11.5% 1.4 6.3% 5.2% The Interpublic Group of Companies, Inc. 16.15 9.38 17.55 6,818 641 7,459 1.1 1.0 1.0 8.9 8.4 7.4 18.4 19.9 15.4 13.7% 1.1 4.4% 1.8% Havas 8.47 5.24 8.72 3,332 602 3,941 1.7 1.6 1.5 10.5 9.8 9.2 18.6 16.4 14.9 8.9% 1.7 3.7% 3.5% Acxiom Corporation 32.79 16.43 32.99 2,428 41 2,469 2.3 2.3 2.3 12.6 11.9 11.1 43.7 43.7 41.8 10.6% 3.9 (0.4%) (2.0%) Valassis Communications Inc. 27.36 23.69 31.66 1,034 461 1,495 0.7 0.7 0.7 5.7 5.2 5.0 9.9 10.0 8.0 NA NA 3.0% (6.6%) MDC Partners Inc. 29.18 9.09 30.62 918 475 1,564 1.4 1.3 1.3 20.4 10.3 9.4 NM NM 28.3 6.0% 4.7 6.7% 5.3% Harte-Hanks Inc. 8.53 5.14 10.12 533 40 574 0.8 0.9 1.0 6.8 7.5 7.3 13.7 16.0 15.2 NM NM (7.9%) (0.7%)

Mean 2.2 x 2.2 x 2.1 x 11.7 x 10.2 x 9.4 x 30.1 x 20.2 x 19.2 x 10.9% 2.2 3.8% 1.3% Median 1.9 1.7 1.7 12.3 10.5 9.8 22.8 18.2 15.9 11.1% 1.6 4.7% 2.7%

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

$MM, Except Per Share Data

Tencent Holdings Ltd. $54.97 $30.57 $58.68 $101,172 ($3,334) $97,972 11.7x 10.0x 7.7x 31.5x 27.0x 21.7x 43.7x 37.8x 30.1x 22.6% 1.3 29.9% 41.4% Naver Corporation 571.01 295.30 646.27 17,026 (1,054) 15,972 6.9 6.7 5.3 21.2 23.4 17.4 NA 39.0 28.9 22.0% 1.3 26.9% 26.0% Activision Blizzard, Inc. 17.34 10.45 18.44 12,056 (4,546) 7,510 1.5 1.7 1.6 4.0 5.2 4.6 14.6 19.7 13.7 10.8% 1.3 8.0% (2.3%) NetEase, Inc. 72.85 37.00 77.48 9,459 (2,655) 6,790 4.8 4.4 3.8 10.1 8.6 7.4 14.7 12.8 11.6 14.7% 0.8 15.4% 19.4% GungHo Online Entertainment, Inc. 811.57 35.76 1,675.47 9,349 (468) 8,911 9.5 4.7 4.0 16.1 8.2 8.9 14.5 13.2 10.8 26.8% 0.4 17.8% 815.5% Electronic Arts Inc. 24.75 11.80 28.13 7,589 (847) 6,742 1.8 1.6 1.6 18.7 7.2 9.1 65.8 15.3 18.5 20.1% 0.9 (2.2%) (0.6%) NCsoft Corporation 188.61 117.59 207.43 3,762 (557) 3,222 4.4 4.5 3.6 13.0 13.4 9.0 18.6 23.7 15.3 25.2% 0.6 24.1% 30.5% Zynga, Inc. 3.73 2.09 4.03 2,999 (1,098) 1,901 1.9 2.2 2.7 13.3 72.4 45.9 NM NM NM 15.0% NM (18.0%) (36.0%) DeNA Co., Ltd. 21.23 18.61 35.19 2,749 (381) 2,409 1.2 1.1 1.2 2.9 3.1 3.2 6.3 6.8 6.9 1.5% 4.7 (6.1%) (11.7%) Giant Interactive Group, Inc. 9.23 4.95 9.60 2,211 (543) 1,685 4.5 4.4 3.8 7.0 6.7 5.9 12.7 9.8 9.1 13.1% 0.7 14.0% 15.2% Gree, Inc. 8.32 6.94 15.34 1,929 (280) 1,650 1.1 1.1 1.2 3.0 3.4 3.7 8.8 16.7 9.0 3.6% 2.5 (6.1%) (25.6%) Changyou.com Limited 35.71 22.49 41.64 1,893 (147) 1,746 2.5 2.4 2.1 4.1 4.4 4.2 6.3 6.3 5.7 9.3% 0.6 12.1% 23.8% Shanda Games Limited 4.41 2.68 6.42 1,179 (337) 888 1.3 1.2 1.2 3.8 3.5 3.1 6.8 5.6 5.5 10.8% 0.5 6.1% (0.7%) Ubisoft Entertainment SA 12.23 9.38 16.90 1,174 (140) 1,033 0.6 0.7 0.5 1.7 2.5 1.7 14.3 NM 15.6 29.6% 0.5 48.1% 15.5% Perfect World Co., Ltd. 17.59 9.72 22.82 857 (308) 555 1.3 1.1 1.0 5.9 5.6 4.6 13.7 10.4 8.5 12.4% 0.7 16.4% 8.4% Glu Mobile, Inc. 3.42 1.99 3.86 267 (19) 247 2.4 2.5 2.1 NM NM NM NM NM NM NA NA 17.9% (16.5%)

Mean 3.6 x 3.1 x 2.7 x 10.4 x 13.0 x 10.0 x 18.5 x 16.7 x 13.5 x 15.8% 1.2 12.8% 56.4% Median 2.2 2.3 2.1 7.0 6.7 5.9 14.3 13.2 11.2 14.7% 0.7 14.7% 11.8%

Social Media & New Platform

Facebook, Inc. $51.95 $18.87 $54.83 $126,515 ($8,085) $118,430 19.4x 16.0x 12.0x 42.9x 28.8x 21.7x NM 71.3x 53.1x 30.7% 1.7 33.6% 53.1% LinkedIn Corporation 240.70 94.75 257.56 28,278 (873) 27,404 22.0 18.1 12.8 NM 75.8 48.4 NM NM NM 56.3% NM 41.9% 59.4% Groupon, Inc. 9.80 2.60 12.76 6,522 (1,182) 5,338 2.2 2.1 1.8 40.1 17.0 13.3 NM 77.4 35.1 28.1% 1.2 15.1% 7.1% Pandora Media, Inc. 26.96 7.08 28.26 5,100 (59) 5,041 9.5 7.8 5.6 NM NM 82.1 NM NM NM 45.0% NM 37.9% 55.4% Yelp, Inc. 68.00 16.32 75.37 4,435 (97) 4,338 24.3 19.2 13.0 NM NM 73.6 NM NM NM 34.5% NM 47.7% 68.5%

Mean 15.5 x 12.6 x 9.0 x 41.5 x 40.5 x 47.8 x NM 74.4 x 44.1 x 38.9% 1.5 35.2% 48.7% Median 19.4 16.0 12.0 41.5 28.8 48.4 NM 74.4 44.1 34.5% 1.5 37.9% 55.4%

SaaS

Salesforce.com, Inc $54.56 $34.76 $56.24 $32,518 $1,816 $34,334 9.9x 8.5x 6.6x NM 61.8x 40.6x NM NM NM 26.8% NM 28.8% 30.8% Workday, Inc. 79.78 46.00 84.42 13,882 (818) 13,063 37.0 29.3 19.4 NM NM NM NM NM NM 50.0% NM 51.0% 71.5% ServiceNow, Inc. 56.69 25.54 58.41 7,755 (220) 7,535 20.1 17.9 12.4 NM NM NM NM NM NM 41.0% NM 44.2% 72.9% NetSuite Inc. 104.54 56.61 112.56 7,755 (216) 7,539 19.6 18.3 14.3 NM NM NM NM NM NM 27.9% NM 28.7% 33.9% Concur Technologies, Inc. 109.00 57.70 114.32 6,107 (280) 5,827 11.5 10.1 8.0 NM 47.4 36.0 NM NM 84.6 25.4% 3.3 25.9% 22.6% The Ultimate Software Group, Inc. 152.87 85.08 153.20 4,255 (81) 4,174 11.3 10.2 8.3 78.7 47.7 36.0 NM NM 83.1 30.3% 2.7 22.2% 23.1% Cornerstone OnDemand, Inc. 49.89 25.44 55.47 2,565 (73) 2,492 16.7 13.5 9.6 NM NA NA NM NA NA 39.0% NA 40.7% 66.0% RealPage, Inc. 25.18 16.88 26.34 1,940 (34) 1,905 5.4 4.9 4.2 34.3 21.3 NA NM 42.7 NA 25.0% NA 18.3% 19.9% Demandware, Inc. 50.93 23.90 52.04 1,560 (104) 1,455 16.4 14.5 10.7 NM NM NM NM NM NM 36.0% NM 35.9% 26.4% Cvent, Inc. 33.52 30.01 46.13 1,347 (158) 1,189 12.3 11.0 8.8 NM NM 95.3 NM NM NM NA NA 24.8% NA Marketo, Inc. 35.44 17.20 39.80 1,335 (115) 1,220 16.4 12.9 10.2 NM NM NM NM NM NM 28.0% NM 26.8% 61.6% RingCentral, Inc. 18.57 16.11 19.40 1,128 (85) 1,043 7.7 6.8 5.3 NM NM NM NM NM NM 45.2% NM 27.5% 39.6% Jive Software, Inc. 13.08 10.63 18.48 899 (125) 774 5.9 5.3 4.3 NM NA NA NM NA NA 30.0% NA 25.3% 30.8% Responsys, Inc. 16.99 5.47 18.22 855 (106) 750 4.1 3.8 3.2 44.6 NA NA NM NA NA 22.0% NA 18.9% 25.1% Constant Contact, Inc. 27.18 11.50 24.53 834 (107) 727 2.6 2.5 2.3 32.2 16.2 13.3 90.8 37.4 30.4 25.5% 1.2 12.2% 12.8% ChannelAdvisor Corporation 38.45 14.25 41.25 832 (81) 751 12.5 11.3 9.1 NM NM NM NM NM NM NA NA 24.8% 31.3% Bazaarvoice, Inc. 10.01 6.37 13.09 747 (85) 662 3.9 3.7 3.2 NM NM 78.3 NM NM NM NA NA 16.1% 25.0% LivePerson Inc. 9.57 8.03 16.07 517 (75) 442 2.6 2.5 2.2 35.3 22.2 16.6 NM 50.4 36.2 18.3% 2.0 14.2% 12.3% Brightcove, Inc. 15.71 4.89 14.85 445 (34) 411 3.9 3.8 3.3 NM NM 57.9 NM NM NM NA NA 16.7% 29.3% Marin Software Incorporated 12.52 8.75 19.95 407 (115) 292 4.3 3.8 3.1 NM NM NM NM NM NM 25.0% NM 22.5% 40.4%

Mean 11.2 x 9.7 x 7.4 x 45.0 x 36.1 x 46.7 x NM 43.5 x 58.6 x 31.0% 2.3 26.3% 35.5% Median 10.6 9.3 7.3 35.3 34.8 38.3 NM 42.7 59.6 27.9% 2.4 25.1% 30.8%

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

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

10/30/2013 $119 NA NA NA NA

10/10/2013 $90 1.8x NA NA NA

10/7/2013 $118 NA NA NA NA

10/2/2013 $930 NA NA NA NA

(1) 10/1/2013 $324 14.7x NA NA NA

9/30/2013 $942 2.1x NM 2.0x 19.1x

9/17/2013 $100 50.0x NA NA NA

9/9/2013 $350 NA NA 3.5x NA

9/2/2013 $200 NA NA NA NA

(2) 8/23/2013 $271 12.6x NA NA NA

8/21/2013 $70 NA NA NA NA

(3) 8/20/2013 $300 8.3x NA 7.0x NA

8/19/2013 $50 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value includes earnout of up to $14 million; LTM Revenue multiple based on 451 Research estimate. 5 (2) Aggregate Value based on acquisition of 59% stake. (3) NTM revenue multiple based on annual run-rate. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

8/19/2013 $70 NA NA NA NA

(1) 8/13/2013 $240 3.8x NM NA NA

8/12/2013 $490 2.0x NA NA NA (Television Business)

(2) 8/7/2013 $405 5.4x NA 2.7x NA

7/28/2013 $20,461 1.4x 9.7x 1.4x 9.2x

7/23/2013 Management NA NA NA NA NA

7/16/2013 $1,900 NA NA NA NA

(3) 7/15/2013 Grendall Investment Ltd. $65 0.8x 4.4x NA NA (Casual Dating Businesses)

7/9/2013 $50 7.1x NA NA NA

(4) 7/8/2013 $160 NA 4.0x NA NA

7/8/2013 $225 9.0x NA NA NA

7/3/2013 $61 3.2x 30.8x NA NA

7/2/2013 $50 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value based on Millennial Media stock price of $9.25 as of 8/12/13 close and includes potential $12MM cash payment. (2) LTM and NTM revenue multiples based on CY2012 and CY2013, respectively. 6 (3) Aggregate Value includes earnout of up to £28.5 million payable in monthly installments over 40 months. LTM Revenue and EBITDA multiples based on CY2012. (4) Aggregate Value based on acquisition of 70% stake; LTM EBITDA multiple based on 451 Research estimate for CY2012. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

7/1/2013 $661 6.0x 12.2x NA NA

(1) 6/27/2013 $600 10.3x NA 7.5x NA

6/24/2013 $94 6.3x NA NA NA

6/24/2013 $337 2.7x 18.1x 2.5x 15.0x

6/11/2013 $966 NA NA NA NA

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

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

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

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

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

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

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

For the period 1/1/2010 to 10/30/2013 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

Goldman Sachs; BAML; Citigroup; RBC Maveron (23.6%); August Capital (7.5%); Andreessen Horowitz eCommerce 10/08/13 100 Capital Markets; Allen & Co.; William Blair (7.3%)

Mangrove Capital Partners (27.0%); Bessemer Venture JPMorgan; BAML; RBC Capital Markets; SaaS 10/01/13 100 Partners (26.0%); Insight Venture Partners (12.2%); Needham & Co.; Oppenheimer & Co. Benchmark Capital Partners (13.2%)

KPCB Holdings (15.1%); Gabriel Ventures (13.4%); Ace JPMorgan; BAML; Jefferies; Piper Jaffray; Online Learning 09/14/13 150 Limited (9.2%); Foundation Capital (8.5%); Insight Venture Raymond James; BMO Capital Markets Partners (7.6%)

Credit Suisse; Jefferies; JPMorgan; Stifel Insight Venture Partners (74.1%) SaaS 11/02/12 100 Nicolaus; BMO Capital Markets Bessemer Venture Partners (12.2%)

Morgan Stanley; BAML; Cantor Fitzgerald; Polaris (35.1%); Institutional Venture Partners (14.7%); KPCB LegalZoom.com Inc Professional Services 05/11/12 120 RBC; William Blair; Montgomery (6.4%)

BAML; Stifel Nicolaus; BMO Capital Markets; North Bridge Venture Partners (58%); Commonwealth Capital SaaS 03/30/12 75 Lazard Capital Markets; Raymond James; Ventures (34.6%) Oppenheimer & Co.

GameFly Inc eCommerce 02/10/10 50 BAML; Piper Jaffray; William Blair; Cowen Sequoia (51.3%); Tenaya Capital (5.9%)

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

10 $19.5Bn 1,600

9 1,400 8

$16.9Bn 7 1,200

6 (1) 1,000

5 $Bn 800 4

3 600 Number ofInvestments

2 400 1

0 200

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

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

Notes: (1) Includes Facebook IPO at Exit Value of $16.0Bn. (2) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of: Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware. (3) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 9 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007(1)

5530 2,0001,250

50 1,750 4525 1,000 1,500 40 20 (1) 35 1,250 750 30 (1)

15 1,000 $MM 25 $MM 500 20 750

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

0 0

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

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

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

Oct Oct Oct

0 Oct 0

- - - - -

------

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

------

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

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

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

07 11 08 09 10

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

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

($MM)

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

Pinterest Andreessen Horowitz, FirstMark Capital, Bessemer Venture San Francisco, CA 23-Oct-13 Series E $225 Fidelity Investments Provider of a social commerce application for mobile platforms $556 Partners, Valiant Capital Management www.pinterest.com

Funding Circle Provider of an online marketplace where investors can directly lend to small London, United Kingdom 23-Oct-13 Series C $37 Accel Partners Ribbit Capital, Union Square Ventures, Index Ventures $58 businesses as an investment tool www.fundingcircle.com

Zen Planner Developer of cloud-based business management software for the health and Highlands Ranch, CO 23-Oct-13 Series A $10 Mainsail Partners NA $11 fitness community www.zenplanner.com

HandyBook General Catalyst Partners, Highland Boston, MA 22-Oct-13 Series A $10 David Tisch Provider of a platform to book professional home services online $12 Capital Partners www.handybook.com

Outbrain Gemini Israel Ventures, GlenRock Israel, Rhodium, Vintage New York, NY 22-Oct-13 Series E $35 HarbourVest Partners Investment Partners, Carmel Ventures, Index Ventures, Provider of a content discovery platform $99 www.outbrain.com Lightspeed Venture Partners

Bromium Highland Capital Partners, Andreessen Horowitz, Intel Capital, Cupertino, CA 22-Oct-13 Series C $40 Ignition Partners Developer of security and virtualization technology services $76 Lightspeed Venture Partners www.bromium.com

SMS Assist Chicago, IL 22-Oct-13 Series B $45 Pritzker Group Venture Capital NA Provider of facilities maintenance services $60 www.sms-assist.com

Mintigo San Mateo, CA 17-Oct-13 Series C $10 Adams Street Partners Giza Venture Capital, Sequoia Capital Provider of big data analysis for customer acquisition. $19 www.mintigo.com

Accela San Ramon, CA 17-Oct-13 Series D $40 Bregal Sagemount NA Developer of civic-engagement software and applications. $50 www.accela.com

MapBox Provider of a mapping platform based on open data sources for web and Washington, DC 16-Oct-13 Series A $10 Foundry Group Knight Foundation $11 mobile application developers. www.mapbox.com

Supercell Accel Partners, Atomico, Cerval Investments, Index Ventures, Helsinki, Finland 15-Oct-13 Later Stage Equity $1,530 SoftBank, GungHo Initial Capital, Institutional Venture Partners, Lifeline Ventures, Developer on online games, primarily for the tablet market. $1,672 www.supercell.net London Venture Partners

SundaySky Carmel Ventures, Globespan Capital Partners, Liberty Global Tel Aviv, Israel 15-Oct-13 Series C $20 Comcast Ventures Ventures, Norwest Venture Partners, Vintage Ventures Provider of digital video generation solutions. $40 www.sundaysky.com Management

Druva Software Provider of continuous data protection, data deduplication, and disaster Pune, India 15-Oct-13 Series C $25 Tenaya Capital Nexus Venture Partners, Sequoia Capital $42 recovery solutions. www.druva.com

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

($MM)

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

Nomi Technologies First Round Capital, Greycroft Partners, Forerunner Ventures, New York, NY 14-Oct-13 Series B $10 Accel Partners Provider of customer relationship management (CRM) solutions. $13 Red Swan Ventures, SV Angel www.getnomi.com

Foundation Capital, Institutional Venture Partners, Norwest Mobile Iron Venture Partners, Sequoia Capital, SingTel Innov8, Storm Mountain View, CA 11-Oct-13 Later Stage Equity $50 Northgate Provider of multi operating system smartphone management solutions $137 Ventures, UMC Capital, Big Basin Partners / Timark, www.mobileiron.com Lightspeed Venture Partners

Lookout Accel Partners, Andreessen Horowitz, Greylock Partners, Index San Francisco, CA 9-Oct-13 Later Stage Equity $55 Deutsche Telekom Ventures, Khosla Ventures, Mithril Capital Management, Provider of cloud-based smartphone security services $134 www.mylookout.com Qualcomm Ventures, Trilogy Equity Partners

Refresh Developer of a mobile solution which generates insights from an individual's Palo Alto, CA 8-Oct-13 Series A $10 Not disclosed Charles River Ventures, Foundation Capital, Redpoint Ventures $10 social networks, bundling them together into a single browsable briefing www.refresh.io

MongoDB Altimeter Capital Management, Intel Capital, New Enterprise New York, NY 4-Oct-13 Later Stage Equity $150 T. Rowe Price Associates Associates, Red Hat Linux, Salesforce.com, Sequoia Capital, Provider of an open-source, non-relational database $231 www.mongodb.com Flybridge Capital Partners, In-Q-Tel, Union Square Ventures

OneLogin Los Angeles, CA 3-Oct-13 Series B $13 Social+Capital Partnership Charles River Ventures, Redpoint Ventures Provider of a cloud-based identity and access management (IAM) solution $15 www.onelogin.com

Netskope Los Altos, CA 3-Oct-13 Series A $21 Not disclosed Social+Capital Partnership, Lightspeed Venture Partners Operates as a cloud app analytics and policy company $21 www.netskope.com

Archimedes Ventures, Atlantic Bridge Ventures, Innovation Quixey Endeavors, SK Telecom Ventures, TransLink Capital, USVP Palo Alto, CA 3-Oct-13 Series C $50 Alibaba Group Provider of a search engine for apps $74 Management Company, Webb Investment Network, WI Harper www.quixey.com Group, GGV Capital

Quri Big Sky Venture Capital, Catamount Ventures, Simon Equity Provider of a shopping application and analytics tool for consumer product San Francisco, CA 2-Oct-13 Series B $10 Matrix Management $14 Partners brands and retailers www.quri.com

JLizard Dublin, Ireland 1-Oct-13 Series A $10 Polaris Partners Enterprise Ireland, Floodgate, Frontline Ventures, RRE Ventures Provider of a software-as-a-service (SaaS) tool for log-file management $11 www.logentries.com

Granite Ventures, Investor Growth Capital, JCP Capital, HireVue Kickstart Seed Fund, Pennsylvania State University, Peterson South Jordan, UT 1-Oct-13 Later Stage Equity $25 Sequoia Capital Provider of a Web interviewing platform $48 Ventures, Rose Park Advisors, Wilson Sonsini Goodrich & www.hirevue.com Rosati

Telogis Provider of a software as a service (SAAS) platform for companies that require Aliso Viejo, CA 1-Oct-13 Later Stage Equity $93 Kleiner Perkins Caufield & Byers National Corporate Finance dynamic routing, real-time work order management, and mobile integration $102 www.telogis.com services

Wrike San Jose, CA 1-Oct-13 Series A $10 Bain Capital Ventures TMT Investments Provider of social project management and collaboration software $11 www.wrike.com

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

($MM)

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

Palantir Technologies Founders Fund, Glynn Capital, In-Q-Tel, Reed Elsevier Provider of analytical platforms for integrating, visualizing, and analyzing Palo Alto, CA 30-Sep-13 Series E $197 Not disclosed Ventures, Ulu Ventures, Youniversity Ventures, Tiger Global $417 information, particularly for government and finance sectors www.palantir.com Management, Benaroya Capital, Fluke Venture Partners

DoubleDutch Floodgate Fund, Bullpen Capital, Charles River Ventures, Provider of mobile-only suite of customer relationship management (CRM) San Francisco, CA 26-Sep-13 Series C $10 Bessemer Venture Partners $17 Floodgate, LaunchCapital, Lightbank, Silicon Valley Bank applications for events, sales teams, and other enterprise workgroups www.doubledutch.me

Academia.edu Provider of a social network for academics to connect and share information San Francisco, CA 26-Sep-13 Series B $11 Khosla Ventures Spark Capital, True Ventures, Spark Ventures $18 about their research www.academia.edu

Just Fabulous Matrix Management, Rho Ventures, Technology Crossover El Segundo, CA 26-Sep-13 Series C $40 Shining Capital Management Provider of a subscription-based online fashion and styling platform $149 Ventures, Intelligent Beauty www.justfab.com

Synergis Education University Ventures, Bertelsmann, University of Texas Provider of educational services designed for college and university leaders Chandler, AZ 25-Sep-13 Series A $33 Not disclosed $33 Investment Management Co. who are not satisfied with the status quo www.synergiseducation.com

Accel Partners, Agilus Ventures, Benchmark Capital, Crosslink Prosper Marketplace Capital, Draper Fisher Jurvetson, Duff Ackerman & Goodrich, San Francisco, CA 24-Sep-13 Series B $25 BlackRock, Sequoia Capital. Provider of a peer-to-peer (P2P) lending marketplace $124 Meritech Capital Partners, Omidyar Network, QED Investors, www.prosper.com TomorrowVentures, Volition Capital

Flipboard Kleiner Perkins Caufield & Byers, Index Ventures, Insight Palo Alto, CA 24-Sep-13 Series C $50 Rizvi Traverse Management Provider of a social magazine designed for mobile devices $111 Venture Partners, Goldman Sachs, SV Angel www.flipboard.com

Moxtra Los Gatos, CA 24-Sep-13 Series A $10 Cisco, KDDI Corp Innovation Works, Starwood Capital Group Developer of social collection and collaboration mobile application $10 www.moxtra.com

BlueData Software Atlantic Bridge Ventures, Intel Capital, Amplify Partners, Data Mountain View, CA 24-Sep-13 Series B $15 Ignition Partners Developer of next-generation big data private cloud for enterprises $19 Collective www.bluedatainc.com

UniversityNow Bronze Investments, Kapor Capital, Novak Biddle Venture San Francisco, CA 24-Sep-13 Series C $19 Bertelsmann, First Analysis Corp Provider of online education services $42 Partners, University Ventures www.unow.com

C9 InterWest Partners, Leapfrog San Mateo, CA 23-Sep-13 Series D $12 NA Provider of sales forecasting and pipeline management solutions $40 Ventures, Mayfield Fund www.cloud9analytics.com

Thing Daemon Provider of an online platform for users to share and discover new products as New York, NY 20-Sep-13 Series C $60 Not disclosed American Express, General Catalyst Partners $75 well as get updates on their favorite brands and stores www.fancy.com

NewVoiceMedia Highland Capital Partners Europe, Eden Ventures, Notion Basingstoke, United Kingdom 19-Sep-13 Series C $35 Bessemer Venture Partners Provider of a contact center telephony solution using cloud-based technology $66 Capital, MMC Ventures www.newvoicemedia.com

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

($MM)

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

Gigya Adobe Systems, Advance Publications, Benchmark Capital, Provider of a social infrastructure platform that allows businesses to create Mountain View, CA 19-Sep-13 Later Stage Equity $25 Greenspring Associates $70 DAG Ventures, First Round Capital, Mayfield Fund social networking properties www.gigya.com

Illumio Santa Clara, CA 18-Sep-13 Series B $34 General Catalyst Partners Andreessen Horowitz, Formation8 Partners, Juniper Networks Provider of cloud security solutions $42 www.illumio.com

Simplilearn Solutions Helion Venture Partners, Kalaari Provider of an online education and training destination for professional Bangalore, India 18-Sep-13 Series B $10 NA $10 Capital Advisors certification courses www.simplilearn.com

Yesware Foundry Group, Golden Venture Partners, Google Ventures, Boston, MA 18-Sep-13 Series B $14 Battery Ventures Provider of an email productivity service $19 IDG Ventures www.yesware.com

Stackdriver Boston, MA 18-Sep-13 Series B $10 Flybridge Capital Partners Bain Capital Ventures Provider of intelligent management for cloud-powered applications $15 www.stackdriver.com

Recommind San Francisco, CA 18-Sep-13 Series C $15 SAP Ventures Kennet Partners Provider of enterprise search, email management, and eDiscovery systems $23 www.recommind.com

App Annie IDG Capital Partners, Greycroft Partners, e.Ventures, Infinity San Francisco, CA 18-Sep-13 Series C $15 Sequoia Capital Provides data about mobile apps $22 Venture Partners, Incubator Fund, Kii Capital, Strive Capital www.appannie.com

Blue Jeans Network Accel Partners, New Enterprise Associates, Norwest Venture Provider of cloud-based conferencing and collaboration services that works on Mountain View, CA 18-Sep-13 Series D $50 Battery Ventures $99 Partners, T-Venture Holding a vast array of web connected devices www.bluejeansnet.com

PubNub Provider of messaging Infrastructure-as-a-Service (IaaS) for mobile and Web San Francisco, CA 17-Sep-13 Series B $11 Scale Venture Partners Relay Ventures, TiE Angels $16 applications www.pubnub.com

Apttus San Mateo, CA 17-Sep-13 Series A $37 K-1 Investment Management Salesforce.com, Iconiq Capital Provider of software-as-a-services (SaaS) tools for quote-to-cash automation $37 www.apttus.com

FuzeBox San Francisco, CA 16-Sep-13 Series B $26 Hermes Growth Partners Index Ventures, Khosla Ventures, Insight Venture Partners Provider of Internet and mobile based unified communications solutions $46 www.fuzebox.com

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

Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by Store Assets to Reality Media Holdings Fairness Opinion for We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012

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

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012

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

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller December 2011 December 2011 November 2011 November 2011 October 2011 October 2011 September 2011 August 2011 August 2011

Merger with Preferred Stock Acquired By Preferred Stock Acquired By Acquired By Sale of Subscription Acquisition of JV from Acquired by Music Service to Mogae Consultants

We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised lolapps We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer August 2011 August 2011 August 2011 July 2011 July 2011 May 2011 April 2011 March 2011 January 2011

Sale of Business Unit Acquired by Secondary Acquired by Preferred Stock Acquired by Acquisition of Preferred Stock Acquired by Six Apart KK to Sale

We Advised the Seller We Advised the Seller We Advised the Founders We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer Financial Adviser We advised the seller January 2011 January 2011 January 2011 December 2010 December 2010 December 2010 November 2010 October 2010 October 2010

15 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo

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

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

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

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

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