Software Equity Group Flash Report

Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

Current Sell‐side Representation

• SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia

Recent Sell‐side Representation

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

SEG Research Distribution

• SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc. in 76 countries.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately‐held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software‐as‐a‐Service (Saas), software on‐demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty‐one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509‐2800, [email protected] .

CONTACT INFORMATION:

Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509‐2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

Additions: Company Ticker Index Category Box, Inc. BOX SaaS SaaS Other

Removals: Company Ticker Previous Index Previous Category Actuate Corporation Business Intelligence & Development - Software Acquired by OpenText Corporation ($306.9 m) Platforms

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-01-2015 Chemistry Communications Inc. Chemistry Atlanta ---- Jan-01-2015 AIM Silicon Prairie News ---- Jan-02-2015 Redglaze Group, LLC Alt Studios LLC ---- Jan-02-2015 Elektrobit Technologies Oy Birdstep Technology Oy - $2.4 - - Jan-02-2015 Cidron Delfi Intressenter Holding AB Tbricks AB $5.7 - - - Jan-02-2015 Genstar Capital, LLC Telestream, Inc. ---- Jan-05-2015 Aveva Group plc (LSE:AVV) 8over8 Limited - $41.0 - - Jan-05-2015 Chocolate Inn / Taylor & Grant A La Carte Inc. ---- Jan-05-2015 360House.com, Inc. California Image Maker, Inc. ---- Jan-05-2015 Lexmark Canada Inc.; Lexmark International Technology S.A. Claron Technology Inc., Substantially All Assets - $37.0 - - Jan-05-2015 NeuLion, Inc. (TSX:NLN) DivX, LLC - $66.0 - - Jan-05-2015 Complete Innovations Inc. FieldWorker Products Ltd. ---- Jan-05-2015 Galasys Holdings Ltd I Logic Solutions Sdn. Bhd. - $2.0 - - Jan-05-2015 Open Text Corporation (NasdaqGS:OTEX) Informative Graphics Corporation ---- Jan-05-2015 Zumasys, Inc. jBASE Software Inc. ---- Jan-05-2015 Daum Kakao Corp. (KOSDAQ:A035720) Kids Note, Inc. ---- Jan-05-2015 Main Capital Partners B.V. OnGuard International Holding BV ---- Jan-05-2015 React2Media, LLC React2Apps, LLC ---- Jan-05-2015 Snipp Interactive Inc. (TSXV:SPN) Swiss Post Solutions Ireland Limited ---- Jan-05-2015 Facebook, Inc. (NasdaqGS:FB) Wit.AI, Inc. ---- Jan-05-2015 Chengdu Santai Electronics Industry Co., Ltd. (SZSE:002312) Yantai Weian Information Technology - $120.6 - - Jan-06-2015 Alert Logic, Inc. Achilles Guard, Inc. ---- Jan-06-2015 LexisNexis Risk Solutions Inc. BAIR Analytics Inc. ---- Jan-06-2015 Esker SA (ENXTPA:ALESK) CalvaEDI SAS $2.7 $7.2 2.6x - Jan-06-2015 Forming Technologies, Inc. FTI Rand Japan KK ---- Jan-06-2015 Saban Brands LLC Mambo Graphics Pty. Ltd. ---- Jan-06-2015 Caring, Inc. Moseo Corp. ---- Jan-06-2015 Doxim Inc. Neocog Technologies Inc. ---- Jan-06-2015 Everbridge, Inc. Nixle, LLC. ---- Jan-06-2015 NetVoyage Corporation Recommind, Inc., Decisiv Email Business ---- Jan-06-2015 Meredith Corporation (NYSE:MDP) Selectable Media Inc. ---- Jan-06-2015 Talentpeople SARL SELEXENS Marseille ---- Jan-06-2015 Naylor, LLC Timberlake Membership Software LLC ---- Jan-07-2015 MadCap Software, Inc. ComponentOne LLC, Doc-To-Help ---- Jan-07-2015 Silver Spring Networks, Inc. (NYSE:SSNI) Detectent, Inc. - $12.0 - - Jan-07-2015 Cvent, Inc. (NYSE:CVT) Elite Meetings International, LLC ---- Jan-07-2015 Insync Municipal Systems, Inc. First Byte Corporation ---- Jan-07-2015 Kauppalehti Oy JM Tieto Oy ---- Jan-07-2015 maxHeap Technologies Pvt. Ltd. Nativebeta Private Limited ---- Jan-07-2015 IVANS Insurance Solutions NxTech Incorporated ---- Jan-07-2015 Parallel 6, Inc. the Agency san diego ---- Jan-07-2015 Hike Ltd. Thought Mechanics Inc. ---- Jan-08-2015 rEvolution LLC Act(s) Marketing, Inc. ---- Jan-08-2015 TalkTalk Telecom Group PLC (LSE:TALK) blinkbox Entertainment Limited and Tesco Broadband and Voice Base ---- Jan-08-2015 Mercadolibre, Inc. (NasdaqGS:MELI) Business Vision S.A. ---- Jan-08-2015 Odyssey Music Group Cricket Communications, Inc., Muve Music ---- Jan-08-2015 Groupe Express-Roularta SA Decovery SAS ---- Jan-08-2015 Dun & Bradstreet Corp. (NYSE:DNB) Dun & Bradstreet NetProspex - $125.0 - - Jan-08-2015 HelpSystems, LLC Halcyon Software, Inc. ---- Jan-08-2015 TripAdvisor Inc. (NasdaqGS:TRIP) Iens.nl ---- Jan-08-2015 Delivery Hero Holding GmbH PizzaTime s.r.o. and E-Aggregator s.r.o. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select January 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-08-2015 Facebook, Inc. (NasdaqGS:FB) Quickfire Networks Corporation ---- Jan-08-2015 Huron Legal (UK) Limited Sky Analytics, Inc. ---- Jan-08-2015 Virtus Partners, LLC Trade Settlement, Inc. ---- Jan-08-2015 Sonus Networks, Inc. (NasdaqGS:SONS) Treq Labs, Inc., Software Defined Networking Business - $79.3 - - Jan-08-2015 Bright Mountain, LLC USMC Life, LLC $0.0 $0.2 7.9x - Jan-09-2015 IFIS Japan Ltd. (TSE:7833) CREO Networks CO.,LTD., Media Platform Business $1.0 $0.9 0.9x - Jan-09-2015 Flatiron Media LLC Crossboard Mobile ---- Jan-09-2015 The Berry Company, LLC Crossboard Mobile, Self Serve Ad Leads Platform Business ---- Jan-09-2015 Rubicon Communications Ltd. Foodwise Company Limited ---- Jan-09-2015 Billups, Inc. HEED Media ---- Jan-09-2015 Corporation Service Company, Inc. PropertyInfo Corporation, Inc., eRecording Submitter Business ---- Jan-09-2015 Packaging Logistics Services Ltd. RTI Manager ---- Jan-09-2015 Bytemark Computer Consulting Ltd. Swordfish Hosting Ltd ---- Jan-09-2015 LG Uplus Corp. (KOSE:A032640) Ticket Monster Inc. ---- Jan-11-2015 Baocheng Investment Co., Ltd. (SHSE:600892) Shenzhen Taole Network Technology Co., Ltd. - $130.9 - - Jan-12-2015 Worldwide Interactive Services, LLC Alternative Computing Environments ---- Jan-12-2015 Isimedia SAS Armstrong Solutions Corporation $7.5 - - - Jan-12-2015 Marlin Equity Partners, LLC Asentinel LLC ---- Jan-12-2015 tracsion, Inc. CrushAds, LLC ---- Jan-12-2015 DG3 LLC Digital Publishing Solutions, Inc. ---- Jan-12-2015 HTML.it s.r.l. Hedume Srl ---- Jan-12-2015 BroadSoft, Inc. (NasdaqGS:BSFT) Leonid Systems, Inc. ---- Jan-12-2015 Capital One Financial Corporation (NYSE:COF) Level Money, Inc. ---- Jan-12-2015 Argus Media, Inc. Metalprices.com, Inc. ---- Jan-12-2015 Fractal Analytics Inc. Mobius Innovations Pte. Ltd. ---- Jan- 12- 20152015 Tin der, Inc. NNkIamesake, Inc. ---- Jan-12-2015 Symantec Corporation (NasdaqGS:SYMC) Narus, Inc. ---- Jan-12-2015 Elsevier B.V. newsflo ltd ---- Jan-12-2015 M6 Web Oxygem, SAS ---- Jan-12-2015 Citrix Systems, Inc. (NasdaqGS:CTXS) Sanbolic, Inc. ---- Jan-12-2015 Elevation Advertising, LLC Scalability Project, LLC ---- Jan-12-2015 LocoMobi, Inc. Smart Marketing Concepts Inc. ---- Jan-12-2015 Demandware, Inc. (NYSE:DWRE) Tomax Corporation - $75.0 - - Jan-12-2015 Aptean, Inc. Verdiem Corporation ---- Jan-12-2015 Zomato Media Pvt. Ltd. Wanderspot LLC - $52.0 - - Jan-13-2015 Bonnier Business (Polska) sp. z o.o. Bankier.pl S.A. ---- Jan-13-2015 Coligny Capital Ltd. Bisnode Business Information Group AB, French Operation $18.1 - - - Jan-13-2015 Contractors Register, Inc. BuildingBlok LLC ---- Jan-13-2015 Bentley Systems, Incorporated C3 Global Ltd ---- Jan-13-2015 Admedo Ltd Dispop.com ---- Jan-13-2015 Mentor Graphics Corp. (NasdaqGS:MENT) Flexras Technologies Sas ---- Jan-13-2015 Zumzi/Kolketiva Gruper Sp z o.o. ---- Jan-13-2015 Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) IntellinX Ltd. - $84.9 - - Jan-13-2015 TabTale Ltd. Level Bit ---- Jan-13-2015 Kabam, Inc. Magic Pixel Games, LP ---- Jan-13-2015 Connect PR Limited Seal Communications Ltd. ---- Jan-13-2015 Wolf Communications & Public Relations Talk Ahead ---- Jan-13-2015 Kabam, Inc. TapZen, Inc. ---- Jan-13-2015 Softonic International, S.A. TipSense, LLC - $6.0 - - Jan-13-2015 Fair Isaac Corporation (NYSE:FICO) TONBELLER AG ---- Jan-13-2015 Compusearch Software Systems, Inc. TopVue Defense, Inc. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select January 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-13-2015 KPMG Oy Ab Trusteq Oy ---- Jan-13-2015 TravelClick, Inc. Tvtrip.com $5.1 - - - Jan-13-2015 Gravity4, Inc. Zurmo Inc. ---- Jan-14-2015 51Talk 91waijiao.com ---- Jan-14-2015 Hi-Media S.A. (ENXTPA:HIM) Admoove $2.0 $2.4 1.2x - Jan-14-2015 Pinnacle Asset Integrity Services, L.L.C. Advanced Reliability Technologies LLC ---- Jan-14-2015 Kinetic Supply Company, LLC Brockton Creative Group ---- Jan-14-2015 Marketsmith, Inc. Brushfire, Inc. ---- Jan-14-2015 Open Wide S.A. Créalie SAS ---- Jan-14-2015 iMedia International Inc. KloudSign LLC ---- Jan-14-2015 Foolproof Ltd. Knit Limited ---- Jan-14-2015 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. $1.2 - - - Jan-14-2015 Zayo Group, LLC Latisys Holdings, LLC - $675.0 - - Jan-14-2015 Synacor, Inc. (NasdaqGM:SYNC) NimbleTV, Inc. ---- Jan-14-2015 Quantum Digital Development Reach Corporate ---- Jan-14-2015 Tubular Labs, Inc. ReelVideo, LLC ---- Jan-14-2015 Travelstart Online Travel Operations Pty LTD Satisfly Limited ---- Jan-14-2015 eCommerce Industries, Inc. Spruce Computer Systems, Inc. ---- Jan-14-2015 Domino2030 Inc. Sunible Inc. ---- Jan-14-2015 TOUCH Associates Ltd Touch Real-time ---- Jan-14-2015 UF-PT Limited Userfarm S.p.A. ---- Jan-14-2015 Inverness Graham Investments Velosecure, LLC ---- Jan-15-2015 Shutterstock, Inc. (NYSE:SSTK) Arbour Interactive Inc. - $41.7 - - Jan-15-2015 Rural Telephone Service Company, Inc. Computer Solutions, Inc. ---- Jan-15-2015 Party Reflections, Inc. Displays Unlimited, Inc. ---- Jan-15-2015 MailerMailer LLC Domainate, Inc., Listcast ---- Jan-15-2015 DMi, Inc. Eutechnyx Limited, Certain NASCAR Game Assets ---- Jan-15-2015 Shoutz Inc. Front Flip, LLC ---- Jan-15-2015 Bright Light PR Limited MLPR Ltd. ---- Jan-15-2015 BayWa AG (DB:BYW) PC-Agrar GmbH ---- Jan-15-2015 Zaner-Bloser, Inc. Rowland Reading Foundation, Superkids K-2 Core Reading Program ---- Jan-15-2015 Artnews Ltd. Skate's, LLC - $0.2 - - Jan-15-2015 Kindy PTY Ltd Social Hands ---- Jan-16-2015 Hengtong Optic-electric Co., Ltd. (SHSE:600487) Beijing Wajinke Information Technology Corporation Limited - $69.6 - - Jan-16-2015 3es innovation Inc. Canadian Oil and Gas Software Solutions ---- Jan-16-2015 The Mobile Majority Elastic ---- Jan-16-2015 Penton Media, Inc. iNET Interactive, LLC ---- Jan-16-2015 SimplyCircle Inc. Jooners Inc., Just Between Friends, Inc., Qlubb, Inc. and Causera Inc. ---- Jan-16-2015 Nashville Post Co., Inc. Southern/Alpha LLC ---- Jan-16-2015 Inspired Gaming Group Limited We R Interactive Ltd ---- Jan-16-2015 Evolve IP, LLC Webcore Technologies, Inc. ---- Jan-16-2015 Phantom Fiber Corporation (OTCPK:PHFB) XoDoc Technologies, LLC ---- Jan-18-2015 Cranford Johnson Robinson Woods, Inc. Heathcott Associates Inc. ---- Jan-19-2015 MindTree Limited (BSE:532819) Discoverture Solutions, LLC - $15.0 - - Jan-19-2015 Megiedon, a.s. Profimedia International s.r.o. ---- Jan-19-2015 GMO Internet Inc. (TSE:9449) Route Mobile $0.3 - - - Jan-19-2015 Crèche Attitude SAS SAS BBbook ---- Jan-19-2015 Tastebud Technologies, Inc. SocialCrunch LLC ---- Jan-20-2015 Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) AdIn Media (Shanghai) Co., Ltd. - $217.1 - - Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) Beijing Aspiration Advertisement Co., Ltd. - $151.9 - - Jan-20-2015 NCC Group plc. (LSE:NCC) Clearinghouse for Intellectual Property S.A. And Nexperteam CVBA ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select January 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-20-2015 Ipreo Holdings LLC ClearMomentum, Inc. ---- Jan-20-2015 Dropbox Inc. CloudOn, Inc ---- Jan-20-2015 Microsoft Corporation (NasdaqGS:MSFT) Equivio Ltd. ---- Jan-20-2015 GTCR, LLC; Adams Outdoor Advertising, Inc. Fairway Outdoor Advertising, LLC ---- Jan-20-2015 Fundamental Applications Corp. (DB:2FA) Foro Technologies Inc. ---- Jan-20-2015 Datapipe, Inc. GoGrid, LLC ---- Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) Guangdong YLMF Computer Technology Co., Ltd. - $86.8 - - Jan-20-2015 Thing5 L.L.C Innflux LLC ---- Jan-20-2015 ORBCOMM, Inc. (NasdaqGS:ORBC) InSync Software, Inc. - $13.5 - - Jan-20-2015 Axxiome AG J9 Technologies Inc. ---- Jan-20-2015 StationDigital Corporation (OTCPK:SDIG) Network Foundation Technologies, LLC ---- Jan-20-2015 Voiceworks B.V. OnePhone Deutschland GmbH ---- Jan-20-2015 NCC Group plc. (LSE:NCC) OpenRegistry SA ---- Jan-20-2015 Transparensee Systems, Inc. Pointslocal LLC ---- Jan-20-2015 OPSWAT, Inc. Red Earth Software, Inc. ---- Jan-20-2015 Centre Technologies, Inc. RITC, LLC ---- Jan-20-2015 Environics Analytics Group Ltd. Sampling Modelling and Research Technologies Incorporated ---- Jan-20-2015 Embarcadero Technologies, Inc. TwoDesk Software Company, Castalia for Delphi and Usertility ---- Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) UNI Communication Group - $71.6 - - Jan-20-2015 Vente-Privee.com SA Weezevent SAS $47.4 - - - Jan-20-2015 Twitter, Inc. (NYSE:TWTR) ZipDial Mobile Solutions Pvt. Ltd. ---- Jan-21-2015 SWK Technologies, Inc. Accounting Technology Resources, Inc. ---- Jan-21-2015 Multimedia Platforms Inc (OTCPK:EAHC.D) Columbia FunMap, Inc. ---- Jan-21-2015 Monterro Holdings AB Grade AB and Mashie AB ---- Jan-21-2015 SITO Mobile Ltd. (OTCBB:SITO) Hipcricket, Inc., Substantially All Assets - $4.5 - - Jan-21-2015 NÉO-SOFT Services, SAS InterTek Ingenierie SAS ---- Jan-21-2015 Pinterest, Inc. Kosei, Inc. ---- Jan-21-2015 ServiceRocket Inc Matygo Educational Inc. ---- Jan-21-2015 Apple Europe Limited Semetric Limited ---- Jan-21-2015 AnalyticsWeek LLC TCELab LLC ---- Jan-21-2015 Matrix Financial Solutions, Inc. Wilmington Trust Retirement and Institutional Services Company, Trade Processing Business ---- Jan-21-2015 Intuit Inc. (NasdaqGS:INTU) Zeropaper Serviços de Informática S.A. ---- Jan-22-2015 Brains On Fire, Inc. Brains on Fire LA ---- Jan-22-2015 Nielsen N.V. (NYSE:NLSN) Brandbank Limited ---- Jan-22-2015 Waterfield Technologies, Inc. Chrysalis Software, Inc. ---- Jan-22-2015 Evolve Media, LLC DogTime Media, Inc. ---- Jan-22-2015 Finn Partners, Inc. Dye, Vanmol And Lawrence, Inc. and Seigenthaler Public Relations, Inc. ---- Jan-22-2015 Apocope Go Shop ---- Jan-22-2015 Gongcai Network Technology Company Limited Guocai (Beijing) Technology Company Limited - $18.1 - - Jan-22-2015 SignalShare LLC Incubite Inc. ---- Jan-22-2015 XING AG (XTRA:O1BC) Intelligence Competence Center (Deutschland) AG - $9.9 - - Jan-22-2015 Crowd Mobile Limited (ASX:CM8) Kiss Hugs ---- Jan-22-2015 Apocope MNC, Mobile News Channel SA ---- Jan-22-2015 Salient Corporation Orobi, Inc. ---- Jan-22-2015 IS Group BV RDC XTended B.V. ---- Jan-22-2015 Sparton Corp. (NYSE:SPA) Real Time Enterprises, Inc. ---- Jan-22-2015 Harman Becker Automotive Systems Manufacturing Kft. Red Bend Software, Inc. - $200.0 - - Jan-22-2015 Harman International Industries, Incorporated (NYSE:HAR) Symphony Teleca Corp. $370.0 $780.0 2.1x 13.0x Jan-23-2015 Complex Media, Inc. Collider.com, LLC ---- Jan-23-2015 Guanghe Landscape Culture Communication Co., Ltd. (SHSE:600234) Guangzhou Chuangsi Information Technology Limited - $481.7 - - Jan-23-2015 Spectris plc (LSE:SXS) ReliaSoft Corporation - $42.0 - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select January 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-23-2015 Microsoft Corporation (NasdaqGS:MSFT) Revolution Analytics, Inc. ---- Jan-23-2015 The Muse Group Limited So...PR Limited ---- Jan-23-2015 Roper Industries Inc. (NYSE:ROP) Strata Decision Technology, L.L.C. ---- Jan-23-2015 Hutchison 3G UK Holdings Limited Telefónica UK Limited - $15,400.8 - - Jan-26-2015 TradeDoubler AB (OM:TRAD) adnologies GmbH ---- Jan-26-2015 Apex Peak Pte. Ltd. Cashnomix ---- Jan-26-2015 Givex Corporation Chase Paymentech, Gift Card Business ---- Jan-26-2015 Services et Mobility - SAM Cibest ---- Jan-26-2015 CREALOGIX Holding AG (SWX:CLXN) MBA Systems Ltd. ---- Jan-26-2015 Dropbox Inc. Moji, Inc. ---- Jan-26-2015 Internet Brands, Inc. Sesame Communications, Inc. ---- Jan-26-2015 Visual Action Software, Inc. The Hive Group, Inc. ---- Jan-26-2015 Hotspring Ventures Limited UAB Lemon Labs ---- Jan-27-2015 Attercopia Ltd. Cloudspotting Ltd. ---- Jan-27-2015 EPiServer AB Ektron, Inc. ---- Jan-27-2015 Publicis Activ France S.A. mille et un rêves Sarl ---- Jan-27-2015 Novator Partners LLP Nextel S.A. ---- Jan-27-2015 ASM Clasificados de México, SA de CV OLX, Inc., OLX.com.mx ---- Jan-27-2015 JOUVE, SA Pure Agency ---- Jan-27-2015 Fundraising Initiatives Limited R Fundraising Ltd. ---- Jan-27-2015 Auctane LLC StageBloc, Inc. ---- Jan-27-2015 Esker Inc. TermSync, Inc. ---- Jan-27-2015 INSIGN, S.A.S. Visuamobile S.A. ---- Jan-27-2015 ZeroFOX Vulnr ---- Jan-28-2015 BMC Software, Inc. CDB Software, Inc. ---- Jan-28-2015 Fingerprint Digital, Inc. Cognitive Kid, Inc. and Scribble Press Inc. ---- Jan-28-2015 Capita plc (LSE:CPI) Constructionline $14.1 $53.1 3.8x - Jan-28-2015 Ubiquity, Inc. (OTCBB:UBIQ) Coversant, Inc. - $5.8 - - Jan-28-2015 Bridgepoint Advisers Limited eFront S.A. - $340.1 - - Jan-28-2015 Doble Engineering Company ENOSERV, LLC ---- Jan-28-2015 LiquidHub, Inc. Harvest Solutions, Inc. and ClosedWon ---- Jan-28-2015 Confidence International AB (OM:CONF) Imtech Elteknik AB, Business Area of Säkerhet ---- Jan-28-2015 BATS Global Markets, Inc. KCG Hotspot FX LLC - $435.0 - - Jan-28-2015 MinuteBids Inc. RAMM Interactive LLC ---- Jan-28-2015 Slack Technologies, Inc. Screenhero, Inc ---- Jan-28-2015 Intrahealth International, Inc. Switchboard ---- Jan-28-2015 Editions Generation -L'etudiant SA Ta Sexo ---- Jan-28-2015 eBay Inc. (NasdaqGS:EBAY) Vivastreet, Mexican Branch ---- Jan-29-2015 Flintfox International Limited AX Excellence Pte Ltd. ---- Jan-29-2015 Vine Communications, Inc. Candis Communications Inc. ---- Jan-29-2015 IZEA, Inc. (OTCPK:IZEA) Ebyline, Inc. - $9.8 - - Jan-29-2015 JSC Search Technologies Incad spol. s.r.o. ---- Jan-29-2015 SolarWinds, Inc. (NYSE:SWI) Librato, Inc. - $40.0 - - Jan-29-2015 Zomato Media Pvt. Ltd. Mekanistnet Internet Hizmetleri Ticaret A.S. ---- Jan-29-2015 3TL Technologies Corp. (TSXV:TTM) RewardStream, Inc. - $4.8 - - Jan-29-2015 Concept Multimedia S.A. SARL Rodacom ---- Jan-29-2015 Slyce Inc. (TSXV:SLC) SnipSnap App LLC - $6.1 - - Jan-29-2015 Fleishman-Hillard Inc. specialist (UK) Ltd. ---- Jan-30-2015 S. Carter Enterprises, LLC Aspiro AB (publ) (OM:ASP) $41.3 $45.5 1.3x - Jan-30-2015 DMG Media Investments Limited Elite Daily, LLC ---- Jan-30-2015 TechnologyOne Limited (ASX:TNE) ICON Strategic Solutions Pty Ltd. - $7.8 - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select January 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-30-2015 Perceptron, Inc. (NasdaqGM:PRCP) Next Metrology Software s.r.o. - $2.8 - - Jan-30-2015 Computer & Technologies Holdings Ltd. (SEHK:46) Sanyo Extended Systems Services Limited $1.5 $3.0 2.0x - Jan-30-2015 MyECheck, Inc. (OTCPK:MYEC) Seergate Ltd. ---- Jan-30-2015 Dentsu Aegis Network Ltd. WATMedia Pvt Ltd ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD SEG Software Index $2,122.9 $2,211.9 $579.8 67.0% 18.6% 7.8% 2.9x 14.5x 2.8x 11.1x -2.7% Billing & Service Management $841.8 $916.4 $424.3 55.4% 26.1% 12.9% 2.0x 9.1x 1.9x 7.0x -3.8% Business Intelligence $2,168.0 $2,266.3 $577.1 73.9% 15.6% 12.8% 3.6x 14.9x 3.1x 13.1x -1.0% Development Platforms $1,269.2 $986.0 $332.5 71.1% 18.7% 4.4% 2.0x 9.4x 2.3x 8.0x -6.3% Engineering & PLM $3,943.8 $3,911.9 $1,061.9 84.2% 19.4% 6.2% 3.6x 15.4x 3.4x 12.5x -0.5% Enterprise Resource Planning $7,767.9 $8,363.7 $2,119.9 61.5% 28.4% 3.4% 3.9x 13.3x 3.8x 11.0x -6.4% Financial & Accounting $2,122.9 $2,754.6 $794.2 56.0% 23.3% 6.8% 3.0x 14.3x 3.6x 12.2x -1.1% Gaming $2,554.7 $2,365.4 $2,150.8 66.2% 23.9% 3.1% 1.4x 8.2x 1.3x 8.7x 4.8% Healthcare $1,123.9 $1,519.2 $584.7 53.5% 16.6% 2.4% 2.5x 15.1x 2.3x 11.1x 0.4% IT Conglomerates $151,930.2 $172,096.4 $92,793.0 61.5% 32.9% 3.4% 2.9x 8.1x 2.8x 8.0x -6.4% Mobile Solutions/Content $561.3 $479.1 $308.4 54.4% 0.7% 22.0% 2.9x 19.2x 1.6x 10.5x -9.5% Networking & Network Performance Management $1,777.9 $1,504.6 $265.6 71.8% 7.0% 15.0% 2.2x 17.5x 2.0x 9.3x -4.5% Security $1,110.2 $1,009.0 $195.6 75.5% 7.6% 18.9% 3.9x 20.1x 4.0x 18.4x -2.9% Storage, Data Mgmt & Integration $5,527.6 $4,799.7 $1,629.6 79.8% 17.5% 2.4% 2.4x 8.2x 2.5x 7.6x -4.8% Systems Management $10,619.6 $10,669.1 $2,434.4 84.9% 24.2% 16.2% 3.9x 17.6x 3.6x 11.5x -4.9% Vertical - Finance $4,823.9 $5,073.0 $927.2 44.5% 31.1% 5.2% 4.9x 14.4x 4.8x 14.8x 2.7% Vertical - Other $1,979.0 $2,096.1 $456.6 47.4% 11.8% 16.5% 3.8x 26.8x 3.4x 16.4x -1.6%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January 2015 TTM Revenue Growth 7.8% 20% TTM EBITDA Growth -12.7% TTM Earnings Growth -20.8% Gross Profit Margin 67.0% 15% EBITDA Margin 18.6% Net Income Margin -23.8% SG&A Expenses as a % of Total Revenue 61.5% R&D Expenses as a % of Total Revenue 20.0% 10%

Balance Sheet Analysis (Median) Current Ratio 2.1 5% Quick Ratio 2.0 Cash as Percent of Market Cap 11.0% Avg Days Outstanding: Accounts Receivable 63 0% Avg Days Outstanding: Accounts Payable 29 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 5.3% Cash from Operations Growth (YoY) 20.4% -10% Cash from Investing Growth (YoY) -33.0% Cash from Financing Growth (YoY) 30.3% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 30.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Amdocs Limited DOX $7,509.9 $6,241.3 $3,605.9 35.6% 18.9% 6.6% 1.7x 9.1x 1.7x 8.2x 3.6% CSG Systems International CSGS $841.8 $916.4 $752.1 48.5% 15.8% 0.2% 1.2x 7.7x 1.2x 5.9x 0.2% Evolving Systems EVOL $104.4 $93.4 $28.7 72.5% 26.5% 12.9% 3.3x 12.3x 2.9x 9.2x -3.8% MIND C.T.I. MNDO $64.8 $47.2 $23.6 55.4% 26.1% 28.6% 2.0x 7.6x n/a n/a -13.6% NeuStar NSR $1,442.8 $1,992.7 $948.9 74.3% 36.2% 8.0% 2.1x 5.8x 2.1x 4.4x -5.2% Redknee Solutions RKN $248.8 $194.1 $257.7 51.1% 2.7% 81.4% 0.8x 28.4x 0.7x 5.3x -28.2% Synchronoss Technologies SNCR $1,798.3 $1,734.3 $424.3 59.4% 26.7% 30.5% 4.1x 15.3x 3.3x 10.0x 2.4% Median: $841.8 $916.4 $424.3 55.4% 26.1% 12.9% 2.0x 9.1x 1.9x 7.0x -3.8%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January 2015 TTM Revenue Growth 12.9% 20% TTM EBITDA Growth 9.0% TTM Earnings Growth 8.9% Gross Profit Margin 55.4% 15% EBITDA Margin 26.1% Net Income Margin 12.5% 10% SG&A Expenses as a % of Total Revenue 21.2% R&D Expenses as a % of Total Revenue 13.8% 5% Balance Sheet Analysis (Median) Current Ratio 2.6 0% Quick Ratio 2.4 Cash as Percent of Market Cap 16.9% -5% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 37 -10% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 14.6% Cash from Operations Growth (YoY) -5.3% -20% Cash from Investing Growth (YoY) -19.2% Cash from Financing Growth (YoY) -0.4% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -0.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Fair Isaac FICO $2,242.2 $2,754.6 $794.2 67.5% 23.3% 7.6% 3.5x 14.9x 3.3x 13.1x -1.1% Informatica INFA $4,530.0 $3,808.4 $1,048.0 82.4% 18.7% 10.5% 3.6x 19.5x 3.4x 14.1x 10.1% MicroStrategy MSTR $1,826.2 $1,480.8 $579.8 76.7% 7.8% 0.7% 2.6x 32.8x 2.5x 10.9x -0.9% Pegasystems PEGA $1,494.1 $1,265.6 $574.5 68.2% 12.6% 15.0% 2.2x 17.5x 2.0x 12.2x -3.8% Progress Software PRGS $1,269.2 $986.0 $332.5 90.6% 31.5% -0.4% 3.0x 9.4x 2.3x 7.8x -6.3% PROS Holdings PRO $704.8 $666.4 $170.9 69.2% -2.7% 23.2% 3.9x n/a 3.0x 18.6x -8.3% Qlik Technologies QLIK $2,564.9 $2,322.9 $535.8 86.4% 0.8% 20.1% 4.3x 553.5x 3.9x 44.4x -8.3% Software AG SOW $2,093.8 $2,209.8 $1,113.2 71.1% 24.2% -9.8% 2.0x 8.2x 2.2x 8.1x 7.6% Splunk SPLK $6,263.2 $5,466.8 $403.4 85.6% -44.9% 50.6% 13.6x n/a 10.2x 180.3x -12.1% Teradata TDC $6,817.7 $6,224.7 $2,740.0 54.2% 23.0% 2.9% 2.3x 9.9x 2.2x 7.7x 1.3% Varonis Systems VRNS $809.9 $694.6 $93.3 90.3% -16.0% 38.3% 7.4x n/a 5.8x n/a -0.4% Verisk VRSK $10,612.6 $11,453.1 $1,698.6 59.2% 45.4% 15.7% 6.7x 14.8x 6.2x 13.3x 0.6% Median: $2,168.0 $2,266.3 $577.1 73.9% 15.6% 12.8% 3.6x 14.9x 3.1x 13.1x -1.0%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January 2015 TTM Revenue Growth 12.8% 20% TTM EBITDA Growth -7.2% TTM Earnings Growth -29.4% Gross Profit Margin 73.9% 15% EBITDA Margin 15.6% Net Income Margin 7.9% 10% SG&A Expenses as a % of Total Revenue 45.2% R&D Expenses as a % of Total Revenue 17.7% 5% Balance Sheet Analysis (Median) Current Ratio 2.0 0% Quick Ratio 1.9 Cash as Percent of Market Cap 13.5% -5% Avg Days Outstanding: Accounts Receivable 91 Avg Days Outstanding: Accounts Payable 50 -10% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 16.0% Cash from Operations Growth (YoY) -2.4% -20% Cash from Investing Growth (YoY) 10.4% Cash from Financing Growth (YoY) -34.1% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 18.7%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD BSQUARE BSQR $51.9 $26.7 $96.2 17.1% 2.4% 4.4% 0.3x 11.5x n/a n/a -2.0% Magic Software Enterprises MGIC $239.4 $164.2 $164.3 39.3% 18.7% 13.3% 1.0x 5.4x 0.9x 6.1x -9.4% Progress Software PRGS $1,269.2 $986.0 $332.5 90.6% 31.5% -0.4% 3.0x 9.4x 2.3x 7.8x -6.3% Red Hat RHT $11,700.0 $11,295.5 $1,725.9 84.7% 18.6% 16.5% 6.5x 35.1x 5.8x 21.5x -7.5% Software AG SOW $2,093.8 $2,209.8 $1,113.2 71.1% 24.2% -9.8% 2.0x 8.2x 2.2x 8.1x 7.6% Median: $1,269.2 $986.0 $332.5 71.1% 18.7% 4.4% 2.0x 9.4x 2.3x 8.0x -6.3%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January 2015 TTM Revenue Growth 4.4% 20% TTM EBITDA Growth 10.7% TTM Earnings Growth -3.0% Gross Profit Margin 71.1% 15% EBITDA Margin 18.7% Net Income Margin 10.3% SG&A Expenses as a % of Total Revenue 39.3% 10% R&D Expenses as a % of Total Revenue 12.5%

Balance Sheet Analysis (Median) 5% Current Ratio 2.5 Quick Ratio 2.3 0% Cash as Percent of Market Cap 22.3% Avg Days Outstanding: Accounts Receivable 79 Avg Days Outstanding: Accounts Payable 45 -5% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 18.2% Cash from Operations Growth (YoY) 21.0% -15% Cash from Investing Growth (YoY) -159.5% Cash from Financing Growth (YoY) 116.2% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 6.7%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD ANSYS ANSS $7,414.3 $6,596.7 $917.7 87.5% 46.6% 8.5% 7.2x 15.4x 6.7x 13.7x -1.2% Aspen Technology AZPN $3,118.2 $2,887.1 $420.0 87.4% 38.9% 20.4% 6.9x 17.6x 6.3x 15.1x 0.9% Autodesk ADSK $12,287.3 $11,132.9 $2,434.2 86.7% 12.8% 6.1% 4.6x 35.8x 4.3x 21.4x -9.3% Cadence Design Systems CDNS $5,266.0 $5,008.3 $1,534.6 85.4% 19.9% 7.4% 3.3x 16.4x 3.0x 9.1x -4.5% Cimatron CIMT $94.2 $74.0 $46.6 86.9% 15.5% 6.3% 1.6x 10.3x 1.5x n/a -0.7% Dassault Systèmes DSY $15,598.8 $14,725.5 $2,759.5 86.1% 29.1% 5.9% 5.3x 18.3x 5.1x 15.2x 1.2% GSE Systems GVP $29.9 $12.6 $37.1 29.5% -13.7% -22.7% 0.3x n/a n/a n/a 7.0% Mentor Graphics MENT $2,648.5 $2,718.9 $1,206.1 83.1% 18.9% 11.0% 2.3x 12.0x 2.1x 7.8x 5.7% Parametric Technology PTC $3,839.7 $4,184.3 $1,357.5 72.5% 21.0% 4.5% 3.1x 14.7x 3.1x 11.3x -8.1% PDF Solutions PDFS $514.8 $398.7 $101.2 60.7% 31.8% 3.0% 3.9x 12.4x 3.6x 8.2x 13.4% Stratasys SSYS $4,047.8 $3,639.5 $688.1 50.9% 11.1% 71.8% 5.3x 47.7x n/a 14.8x -1.9% Synopsys SNPS $6,581.9 $5,671.1 $2,057.5 82.7% 18.0% 4.9% 2.8x 15.3x 2.6x 8.6x -0.3% Median: $3,943.8 $3,911.9 $1,061.9 84.2% 19.4% 6.2% 3.6x 15.4x 3.4x 12.5x -0.5%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January 2015 TTM Revenue Growth 6.2% 20% TTM EBITDA Growth -1.4% TTM Earnings Growth -2.2% Gross Profit Margin 84.2% 15% EBITDA Margin 19.4% Net Income Margin 11.3% 10% SG&A Expenses as a % of Total Revenue 36.2% R&D Expenses as a % of Total Revenue 17.6% 5%

Balance Sheet Analysis (Median) Current Ratio 2.1 0% Quick Ratio 1.9 Cash as Percent of Market Cap 11.3% -5% Avg Days Outstanding: Accounts Receivable 78 Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.4x -10%

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 19.0% Cash from Operations Growth (YoY) 10.9% -20% Cash from Investing Growth (YoY) -158.2% Cash from Financing Growth (YoY) -45.3% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 21.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD American Software AMSW.A $234.1 $177.9 $99.8 54.8% 12.3% 1.3% 1.8x 14.5x 1.6x 8.0x -7.7% Oracle ORCL $183,954.4 $172,096.4 $38,822.0 61.5% 43.6% 3.4% 4.4x 10.2x 4.3x 9.0x -5.2% QAD QADA $304.1 $247.9 $289.1 55.6% 6.5% 11.8% 0.9x 13.3x 0.8x 11.0x -15.7% Sage Group SGE $7,767.9 $8,363.7 $2,119.9 94.3% 28.4% -5.0% 3.9x 13.9x 4.0x 13.2x 0.3% SAP SAP $78,148.1 $82,471.0 $21,255.2 70.0% 32.9% 4.4% 3.9x 11.8x 3.8x 11.0x -6.4% Median: $7,767.9 $8,363.7 $2,119.9 61.5% 28.4% 3.4% 3.9x 13.3x 3.8x 11.0x -6.4%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January 2015 TTM Revenue Growth 3.4% 20% TTM EBITDA Growth -7.9% TTM Earnings Growth -1.4% Gross Profit Margin 61.5% 15% EBITDA Margin 28.4% Net Income Margin 14.3% SG&A Expenses as a % of Total Revenue 32.8% 10% R&D Expenses as a % of Total Revenue 13.5%

5% Balance Sheet Analysis (Median) Current Ratio 1.2 Quick Ratio 1.0 0% Cash as Percent of Market Cap 23.5% Avg Days Outstanding: Accounts Receivable 78 Avg Days Outstanding: Accounts Payable 24 -5% Working Capital to TTM Operating Expense Ratio 0.1x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 17.9% Cash from Operations Growth (YoY) -6.7% -15% Cash from Investing Growth (YoY) -139.3% Cash from Financing Growth (YoY) 42.3% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -1.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD ACI Worldwide ACIW $2,122.9 $3,016.0 $1,009.1 56.0% 21.0% 25.2% 3.0x 14.3x 2.7x 10.8x -6.3% Bottomline Technologies EPAY $988.5 $955.4 $323.5 57.7% 12.7% 19.8% 3.0x 23.3x 2.7x 13.5x -2.3% DST Systems DST $3,680.3 $4,081.5 $2,749.3 16.6% 16.6% 3.4% 1.5x 8.9x 2.0x 8.9x 2.2% Evertec EVTC $1,564.1 $2,214.0 $360.3 57.1% 42.1% 1.5% 6.1x 14.6x 5.9x 11.7x -8.7% Fair Isaac FICO $2,242.2 $2,754.6 $794.2 67.5% 23.3% 7.6% 3.5x 14.9x 3.3x 13.1x -1.1% Fiserv FISV $17,694.9 $21,133.9 $5,013.0 43.6% 29.7% 6.8% 4.2x 14.2x 4.0x 12.2x 2.7% Intuit INTU $24,789.3 $23,699.3 $4,556.0 85.3% 31.8% 7.7% 5.2x 16.4x 5.3x 17.4x -4.5% Model N MODN $274.0 $173.0 $81.8 53.8% -22.4% -19.8% 2.1x n/a 1.9x n/a 0.8% NetSol Technologies NETSOL $40.0 $43.5 $22.9 1.5% -20.2% -25.8% 1.9x n/a n/a n/a 137.3% Sage Group SGE $7,767.9 $8,363.7 $2,119.9 94.3% 28.4% -5.0% 3.9x 13.9x 4.0x 13.2x 0.3% Qiwi QIWI $1,061.8 $683.1 $350.4 49.7% 30.8% 26.1% 1.9x 6.3x 5.3x 8.8x -4.5% Median: $2,122.9 $2,754.6 $794.2 56.0% 23.3% 6.8% 3.0x 14.3x 3.6x 12.2x -1.1%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January 2015 TTM Revenue Growth 6.8% 20% TTM EBITDA Growth 7.1% TTM Earnings Growth 22.5% Gross Profit Margin 56.0% 15% EBITDA Margin 23.3% Net Income Margin 14.3% 10% SG&A Expenses as a % of Total Revenue 32.1% R&D Expenses as a % of Total Revenue 14.5% 5%

Balance Sheet Analysis (Median) Current Ratio 1.3 0% Quick Ratio 1.3 Cash as Percent of Market Cap 4.2% -5% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.1x -10%

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 18.2% Cash from Operations Growth (YoY) 21.3% -20% Cash from Investing Growth (YoY) -0.3% Cash from Financing Growth (YoY) -13.1% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 17.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Activision Blizzard ATVI $15,024.1 $15,518.1 $4,351.0 63.8% 25.4% -10.0% 3.6x 14.0x 3.4x 9.1x 3.8% Electronic Arts EA $17,058.0 $14,751.0 $4,453.0 68.5% 25.6% 21.6% 3.3x 13.0x 3.3x n/a 17.0% GameLoft SA GFT $285.4 $220.9 $322.0 82.6% 11.3% 5.7% 0.7x 6.1x 0.8x 8.7x -15.6% Konami TSE: 9766 $2,607.8 $2,503.8 $1,990.8 29.9% 12.2% 0.5% 1.3x 10.3x 1.2x 8.9x 1.7% Take-Two Interactive TTWO $2,501.7 $2,162.8 $2,310.8 42.3% 22.4% 129.5% 0.9x 4.2x 1.3x 6.0x 5.8% Ubisoft Entertainment UBI $2,177.4 $2,227.0 $1,511.8 74.9% 28.0% -5.7% 1.5x 5.3x 1.3x 3.0x 10.5% Median: $2,554.7 $2,365.4 $2,150.8 66.2% 23.9% 3.1% 1.4x 8.2x 1.3x 8.7x 4.8%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January 2015 TTM Revenue Growth 3.1% 20% TTM EBITDA Growth -4.5% TTM Earnings Growth -6.5% Gross Profit Margin 66.2% 15% EBITDA Margin 23.9% Net Income Margin 8.6% 10% SG&A Expenses as a % of Total Revenue 25.1% R&D Expenses as a % of Total Revenue 24.7% 5%

Balance Sheet Analysis (Median) Current Ratio 3.0 0% Quick Ratio 1.9 Cash as Percent of Market Cap 21.8% -5% Avg Days Outstanding: Accounts Receivable 41 Avg Days Outstanding: Accounts Payable 60 Working Capital to TTM Operating Expense Ratio 0.4x -10%

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 42.0% -20% Cash from Investing Growth (YoY) -54.4% Cash from Financing Growth (YoY) -73.6% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -14.7%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Accretive Health AH $14,915.8 $16,515.6 $40,299.3 26.5% 6.6% -1.9% 0.4x 6.2x 0.4x 6.7x 2.7% Allscripts Healthcare Solutions MDRX $2,146.9 $2,696.8 $1,387.9 45.5% 3.3% 1.1% 1.9x 58.7x 1.9x 11.7x -7.3% Cerner CERN $22,656.7 $21,471.7 $3,181.1 84.8% 26.5% 15.2% 6.7x 25.5x 5.1x 16.2x 2.0% Computer Programs and Sys CPSI $552.2 $517.7 $204.7 45.9% 26.0% 1.9% 2.5x 9.7x 2.5x 10.1x -18.3% MedAssets MDAS $1,114.5 $2,009.3 $692.5 76.6% 29.9% 2.8% 2.9x 9.7x 2.7x 8.1x -6.0% Merge Healthcare MRGE $355.0 $549.3 $212.3 60.7% 18.0% -12.5% 2.6x 14.4x 2.5x 11.0x 5.1% Omnicell OMCL $1,133.3 $1,029.1 $425.1 53.3% 15.2% 16.5% 2.4x 15.9x 2.2x 11.1x -1.1% Quality Systems QSII $982.1 $857.2 $477.0 53.7% 9.0% 8.2% 1.8x 19.9x 1.7x 11.2x 5.0% Median: $1,123.9 $1,519.2 $584.7 53.5% 16.6% 2.4% 2.5x 15.1x 2.3x 11.1x 0.4%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January 2015 TTM Revenue Growth 2.4% 20% TTM EBITDA Growth 6.4% TTM Earnings Growth 13.5% Gross Profit Margin 53.5% 15% EBITDA Margin 16.6% Net Income Margin 4.4% SG&A Expenses as a % of Total Revenue 30.6% R&D Expenses as a % of Total Revenue 12.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.5 5% Quick Ratio 1.3 Cash as Percent of Market Cap 7.7% Avg Days Outstanding: Accounts Receivable 76 0% Avg Days Outstanding: Accounts Payable 40 Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 5.3% Cash from Operations Growth (YoY) -7.4% -10% Cash from Investing Growth (YoY) -118.9% Cash from Financing Growth (YoY) -30.8% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 12.0%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Hewlett Packard HPQ $66,265.4 $71,050.4 $111,454.0 23.9% 11.8% -0.8% 0.6x 5.4x 0.6x 5.2x -10.2% IBM IBM $151,930.2 $184,404.2 $92,793.0 50.0% 24.8% -7.0% 2.0x 8.0x 2.1x 7.7x -5.4% Microsoft MSFT $331,432.9 $270,601.9 $93,456.0 65.9% 36.0% 12.0% 2.9x 8.1x 2.8x 8.0x -13.6% Oracle ORCL $183,954.4 $172,096.4 $38,822.0 61.5% 43.6% 3.4% 4.4x 10.2x 4.3x 9.0x -5.2% SAP AG SAP $78,148.1 $82,471.0 $21,255.2 70.0% 32.9% 4.4% 3.9x 11.8x 3.8x 11.0x -6.4% Median: $151,930 $172,096 $92,793.0 61.5% 32.9% 3.4% 2.9x 8.1x 2.8x 8.0x -6.4%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January 2015 TTM Revenue Growth 3.4% 25% TTM EBITDA Growth 1.9% TTM Earnings Growth -9.4% Gross Profit Margin 61.5% 20% EBITDA Margin 32.9% Net Income Margin 18.7% 15% SG&A Expenses as a % of Total Revenue 22.6% R&D Expenses as a % of Total Revenue 12.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.2 5% Quick Ratio 1.0 Cash as Percent of Market Cap 22.8% 0% Avg Days Outstanding: Accounts Receivable 58 Avg Days Outstanding: Accounts Payable 57 Working Capital to TTM Operating Expense Ratio 0.1x -5%

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 24.6% Cash from Operations Growth (YoY) 0.5% -15% Cash from Investing Growth (YoY) -34.0% Cash from Financing Growth (YoY) -8.0% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 33.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Bango PLC BGO $67.2 $64.3 $12.5 21.8% -71.1% -19.5% 5.2x n/a n/a n/a -27.9% iDream Sky Technologies DSKY $456.2 $293.2 $64.1 41.8% 20.8% n/a 4.6x 21.9x 1.0x 4.1x -36.9% King Digital Entertainment KING $4,245.5 $3,269.1 $2,316.3 68.4% 32.9% 73.1% 1.4x 4.3x 1.6x 4.2x -12.4% Glu Mobile GLUU $375.4 $321.1 $185.1 67.0% 2.5% 90.7% 1.7x 70.1x 1.3x 12.5x -13.3% Gree TSE:3632 $1,355.3 $872.9 $1,054.6 76.0% 33.6% -22.7% 0.8x 2.5x 1.1x 3.9x -5.1% Millennial Media MM $187.8 $111.3 $306.4 39.4% -7.1% 39.0% 0.4x n/a 0.4x n/a -21.1% MobileIron MOBL $666.3 $518.9 $122.7 81.8% -43.4% n/a 4.2x n/a 3.4x n/a -11.1% Momo MOMO $1,834.9 $1,672.7 $28.5 57.5% -84.4% n/a 58.7x n/a 14.2x 91.3x -22.9% Myriad Group AG MYRN $436.9 $439.3 $43.5 48.3% -6.8% -17.3% 10.1x n/a n/a n/a 0.6% NQ Mobile NQ $304.4 $256.4 $310.5 36.2% -19.1% 95.4% 0.8x n/a 0.6x 5.4x -19.9% Opera OPERA $1,877.5 $1,809.4 $415.9 40.8% 22.7% 53.3% 4.4x 19.2x 2.7x 11.3x -1.4% Qihoo 360 Technology QIHU $7,369.3 $7,383.5 $1,181.1 80.3% 24.7% 113.8% 6.3x 25.4x 3.9x 10.7x -2.0% Pandora Media P $3,454.2 $3,137.9 $870.1 44.5% -1.0% n/a 3.6x n/a 2.8x 29.7x -6.4% Synchronoss Technologies SNCR $1,798.3 $1,734.3 $424.3 59.4% 26.7% 30.5% 4.1x 15.3x 3.3x 10.0x 2.4% Tangoe TNGO $444.0 $396.5 $207.6 54.1% 7.0% 13.5% 1.9x 27.4x 1.7x 10.5x -9.8% TeleCommunication Systems TSYS $168.8 $248.1 $345.3 41.0% 7.8% -17.1% 0.7x 9.2x 0.7x 6.8x -9.3% TeleNav TNAV $258.7 $127.1 $143.6 54.7% -25.6% -21.7% 0.9x n/a 0.7x n/a -2.7% Zynga ZNGA $2,311.3 $1,485.5 $674.2 68.0% -11.7% -33.1% 2.2x n/a 1.9x 19.5x -6.2% Median: $561.3 $479.1 $308.4 54.4% 0.7% 22.0% 2.9x 19.2x 1.6x 10.5x -9.5%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January 2015 TTM Revenue Growth 22.0% 20% TTM EBITDA Growth -5.9% TTM Earnings Growth -9.0% 15% Gross Profit Margin 54.4% EBITDA Margin 0.7% 10% Net Income Margin -9.6% SG&A Expenses as a % of Total Revenue 39.9% R&D Expenses as a % of Total Revenue 16.3% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 2.8 Quick Ratio 2.7 -5% Cash as Percent of Market Cap 19.5% Avg Days Outstanding: Accounts Receivable 63 -10% Avg Days Outstanding: Accounts Payable 53 Working Capital to TTM Operating Expense Ratio 0.0x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 7.5% Cash from Operations Growth (YoY) 37.3% -25% Cash from Investing Growth (YoY) -65.8% Cash from Financing Growth (YoY) 32.6% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 61.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD A10 Networks ATEN $291.4 $184.3 $176.5 75.5% -7.5% 31.8% 1.0x n/a 1.0x n/a 5.7% Allot Communications ALLT $299.6 $174.1 $113.8 71.8% 5.4% 19.0% 1.5x 28.3x 1.4x 9.5x -1.9% Aruba Networks ARUN $1,819.9 $1,504.6 $775.8 69.4% 7.0% 25.8% 1.9x 27.6x 1.7x 7.0x -8.9% Barracuda Networks CUDA $1,777.9 $1,611.3 $265.6 78.9% 3.4% 17.6% 6.1x 177.4x 5.2x 22.1x -3.2% Brocade BRCD $4,792.1 $4,132.5 $2,211.3 66.3% 25.8% -0.5% 1.9x 7.2x 1.8x 6.5x -5.1% Cisco Systems CSCO $134,819.7 $103,691.7 $47,302.0 60.3% 27.5% -3.1% 2.2x 8.0x 2.1x 7.7x -4.5% Cyan CYNI $137.2 $112.1 $90.9 40.6% -59.6% -27.5% 1.2x n/a 0.9x n/a -73.8% F5 Networks FFIV $8,111.9 $7,457.8 $1,788.4 82.3% 31.1% 17.5% 4.2x 13.4x 3.7x 9.7x -14.4% Gigamon GIMO $599.3 $449.9 $157.1 76.2% -9.3% 12.0% 2.9x n/a 2.3x 17.6x 3.1% Juniper Networks JNPR $9,832.3 $9,209.5 $4,627.1 61.8% 16.9% -0.9% 2.0x 11.8x 2.0x 8.1x 1.2% Mavenir Systems MVNR $345.4 $306.0 $123.2 55.3% -4.0% 35.5% 2.5x n/a 1.8x n/a -11.0% Radware RDWR $866.4 $761.9 $221.9 82.1% 14.9% 15.0% 3.4x 23.0x 3.1x 13.7x -11.6% Riverbed Technology RVBD $3,246.1 $3,246.9 $1,089.1 74.2% 17.0% 9.4% 3.0x 17.5x 2.9x 9.2x 0.9% Median: $1,777.9 $1,504.6 $265.6 71.8% 7.0% 15.0% 2.2x 17.5x 2.0x 9.3x -4.5%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January 2015 TTM Revenue Growth 15.0% TTM EBITDA Growth 11.8% 20% TTM Earnings Growth 10.3% Gross Profit Margin 71.8% 15% EBITDA Margin 7.0% Net Income Margin 0.8% SG&A Expenses as a % of Total Revenue 46.6% 10% R&D Expenses as a % of Total Revenue 21.6%

Balance Sheet Analysis (Median) 5% Current Ratio 2.3 Quick Ratio 1.8 0% Cash as Percent of Market Cap 20.1% Avg Days Outstanding: Accounts Receivable 49 Avg Days Outstanding: Accounts Payable 46 -5% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 11.9% Cash from Operations Growth (YoY) 6.3% -15% Cash from Investing Growth (YoY) 1.7% Cash from Financing Growth (YoY) -10.6% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.0%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD AVG Technologies AVG $1,020.3 $976.3 $375.8 85.3% 35.3% -6.1% 2.6x 7.4x 2.4x 6.7x 1.0% Barracuda Networks CUDA $1,777.9 $1,611.3 $265.6 78.9% 3.4% 17.6% 6.1x 177.4x 5.2x 22.1x -3.2% Cyberark Software CYBR $1,032.0 $863.0 $86.7 85.3% 16.5% n/a 9.9x 60.3x 8.1x 208.5x -12.9% Check Point Software Tech CHKP $14,723.3 $13,410.8 $1,495.8 88.2% 54.3% 7.3% 9.0x 16.5x 8.3x 14.7x -1.6% A10 Networks ATEN $291.4 $184.3 $176.5 75.5% -7.5% 31.8% 1.0x n/a 1.0x n/a 5.7% Cyren CYRN $75.0 $67.2 $32.3 75.0% -16.8% 5.0% 2.1x n/a 1.8x n/a 39.8% Fortinet FTNT $4,928.4 $4,208.4 $770.4 70.0% 10.6% 25.2% 5.5x 51.7x 4.5x 27.8x -2.9% Guidance Software GUID $193.3 $177.8 $108.4 67.2% -6.7% -8.8% 1.6x n/a 1.6x 31.7x -6.4% Imperva IMPV $1,110.2 $1,009.0 $155.4 77.6% -32.5% 22.5% 6.5x n/a 5.3x n/a -13.8% Palo Alto Networks PANW $10,180.2 $9,880.6 $662.3 72.9% -8.8% 51.1% 14.9x n/a 10.9x 65.5x 4.1% Proofpoint PFPT $1,933.3 $1,880.6 $195.6 66.4% -17.0% 41.8% 9.6x n/a 7.6x n/a 5.4% Sourcefire FIRE $11.7 $13.0 $18.3 31.8% 7.6% 20.2% 0.7x 9.4x n/a n/a -6.3% Symantec SYMC $17,094.9 $15,396.9 $6,682.0 83.5% 29.2% -2.9% 2.3x 7.9x 2.3x 6.8x -3.2% Trend Micro TSE:4704 $3,827.2 $2,762.7 $1,024.3 82.9% 35.0% 7.8% 2.7x n/a 2.8x 8.1x 2.4% VASCO VDSI $843.7 $717.8 $182.4 65.9% 16.6% 21.1% 3.9x 23.7x 3.4x 14.0x -21.2% Median: $1,110.2 $1,009.0 $195.6 75.5% 7.6% 18.9% 3.9x 20.1x 4.0x 18.4x -2.9%

Income Statement Analysis (Median) Security Software Stock Market Return: January 2015 TTM Revenue Growth 18.9% 20% TTM EBITDA Growth -6.0% TTM Earnings Growth -1.6% Gross Profit Margin 75.5% 15% EBITDA Margin 7.6% Net Income Margin 1.5% SG&A Expenses as a % of Total Revenue 54.2% R&D Expenses as a % of Total Revenue 18.5% 10%

Balance Sheet Analysis (Median) Current Ratio 1.9 5% Quick Ratio 1.7 Cash as Percent of Market Cap 11.1% Avg Days Outstanding: Accounts Receivable 66 0% Avg Days Outstanding: Accounts Payable 60 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 12.3% Cash from Operations Growth (YoY) 17.5% -10% Cash from Investing Growth (YoY) -53.0% Cash from Financing Growth (YoY) 41.8% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -4.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Brocade BRCD $4,792.1 $4,132.5 $2,211.3 66.3% 25.8% -0.5% 1.9x 7.2x 1.8x 6.5x -5.1% CA CA $13,417.0 $12,132.0 $4,426.0 85.4% 31.1% -0.4% 2.7x 8.8x 2.9x 7.6x -1.3% Cisco Systems CSCO $134,819.7 $103,691.7 $47,302.0 60.3% 27.5% -3.1% 2.2x 8.0x 2.1x 7.7x -4.5% CommVault Systems CVLT $1,956.6 $1,591.7 $613.6 86.8% 11.5% 8.1% 2.6x 22.6x 2.5x 13.5x -15.5% EMC EMC $52,765.2 $51,568.2 $24,440.0 62.4% 25.8% 5.2% 2.1x 8.2x 2.0x 7.1x -13.1% FalconStor Software FALC $62.4 $43.7 $49.1 77.1% -11.3% -26.1% 0.9x n/a n/a n/a -2.1% Informatica INFA $4,530.0 $3,808.4 $1,048.0 82.4% 18.7% 10.5% 3.6x 19.5x 3.4x 14.1x 10.1% NetApp NTAP $11,782.0 $8,007.0 $6,290.7 63.0% 16.4% -1.9% 1.3x 7.8x 1.3x 5.4x -8.4% Splunk SPLK $6,263.2 $5,466.8 $403.4 85.6% -44.9% 50.6% 13.6x n/a 10.2x 180.3x -12.1% Varonis Systems VRNS $809.9 $694.6 $93.3 90.3% -16.0% 38.3% 7.4x n/a 5.8x n/a -0.4% Median: $5,527.6 $4,799.7 $1,629.6 79.8% 17.5% 2.4% 2.4x 8.2x 2.5x 7.6x -4.8%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January 2015 TTM Revenue Growth 2.4% 20% TTM EBITDA Growth 1.2% TTM Earnings Growth -14.7% 15% Gross Profit Margin 79.8% EBITDA Margin 17.5% 10% Net Income Margin 10.4% SG&A Expenses as a % of Total Revenue 40.4% R&D Expenses as a % of Total Revenue 15.1% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 2.4 Quick Ratio 2.2 -5% Cash as Percent of Market Cap 19.3% Avg Days Outstanding: Accounts Receivable 70 -10% Avg Days Outstanding: Accounts Payable 45 Working Capital to TTM Operating Expense Ratio 0.6x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 19.2% Cash from Operations Growth (YoY) -0.6% -25% Cash from Investing Growth (YoY) -5.1% Cash from Financing Growth (YoY) -53.4% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.3%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD CA Technologies CA $13,417.0 $12,132.0 $4,426.0 85.4% 31.1% -0.4% 2.7x 8.8x 2.9x 7.6x -1.3% Citrix Systems CTXS $9,539.1 $10,042.7 $3,142.9 84.9% 20.8% 7.7% 3.2x 15.4x 3.0x 11.4x -6.6% Netscout Systems NTCT $1,479.7 $1,285.0 $446.6 78.6% 25.5% 16.8% 2.9x 11.3x 2.6x 8.2x -0.9% Red Hat RHT $11,700.0 $11,295.5 $1,725.9 84.7% 18.6% 16.5% 6.5x 35.1x 5.8x 21.5x -7.5% SolarWinds SWI $3,655.1 $3,404.8 $428.7 89.7% 35.6% 27.8% 7.9x 22.3x 6.5x 14.3x -3.7% VMWare VMW $33,190.4 $27,620.4 $6,035.0 84.8% 23.0% 15.9% 4.6x 19.9x 4.1x 11.6x -6.1% Median: $10,619.6 $10,669.1 $2,434.4 84.9% 24.2% 16.2% 3.9x 17.6x 3.6x 11.5x -4.9%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January 2015 TTM Revenue Growth 16.2% TTM EBITDA Growth 3.5% 20% TTM Earnings Growth -12.8% Gross Profit Margin 84.9% 15% EBITDA Margin 24.2% Net Income Margin 13.7% SG&A Expenses as a % of Total Revenue 48.2% 10% R&D Expenses as a % of Total Revenue 16.7%

Balance Sheet Analysis (Median) 5% Current Ratio 1.5 Quick Ratio 1.4 Cash as Percent of Market Cap 11.3% 0% Avg Days Outstanding: Accounts Receivable 72 Avg Days Outstanding: Accounts Payable 59 Working Capital to TTM Operating Expense Ratio 0.4x -5%

Cash Flow Statement Analysis (Median) Levered FCF Margin 21.3% -10% Cash from Operations Growth (YoY) 5.4% Cash from Investing Growth (YoY) 25.3% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -0.3% Levered FCF Growth (YoY) 21.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Advent Software ADVS $2,163.6 $2,381.9 $396.8 72.1% 27.6% 3.6% 6.0x 21.7x 5.8x 17.1x 38.8% Broadridge Financial BR $5,759.5 $5,952.3 $2,568.6 31.1% 19.9% 3.6% 2.3x 11.7x 2.2x 9.8x 5.2% Fidessa FDSA $1,370.2 $1,283.4 $473.5 20.7% 18.8% 0.1% 2.7x 14.5x 3.0x 12.0x -3.8% Jack Henry & Associates JKHY $5,018.6 $4,990.2 $1,233.2 42.8% 34.5% 6.9% 4.0x 11.7x 3.8x n/a -1.4% MSCI MSCI $6,029.5 $6,374.2 $1,104.7 67.7% 40.1% 19.6% 5.8x 14.4x 6.0x 15.6x 12.9% SS&C SSNC $4,629.3 $5,155.7 $749.7 46.2% 39.1% 6.8% 6.9x 17.6x 6.0x 14.8x 0.1% Median: $4,823.9 $5,073.0 $927.2 44.5% 31.1% 5.2% 4.9x 14.4x 4.8x 14.8x 2.7%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January 2015 TTM Revenue Growth 5.2% 20% TTM EBITDA Growth 5.2% TTM Earnings Growth 3.2% Gross Profit Margin 44.5% 15% EBITDA Margin 31.1% Net Income Margin 14.4% SG&A Expenses as a % of Total Revenue 14.0% 10% R&D Expenses as a % of Total Revenue 7.3%

Balance Sheet Analysis (Median) 5% Current Ratio 1.4 Quick Ratio 1.2 0% Cash as Percent of Market Cap 3.7% Avg Days Outstanding: Accounts Receivable 59 Avg Days Outstanding: Accounts Payable 12 -5% Working Capital to TTM Operating Expense Ratio 0.1x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 19.6% Cash from Operations Growth (YoY) 12.5% -15% Cash from Investing Growth (YoY) -9.4% Cash from Financing Growth (YoY) -8.2% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 12.0%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Blackbaud BLKB $1,979.0 $2,096.1 $546.5 52.0% 18.3% 11.8% 3.8x 21.0x 3.4x 15.4x 3.9% Constellation CSU $5,879.2 $6,124.1 $1,569.9 33.3% 10.1% 38.7% 3.9x 38.6x 3.4x 16.4x -5.6% EPIQ Systems EPIQ $635.3 $906.9 $456.6 51.9% 12.6% 12.5% 2.0x 15.7x 1.8x 9.0x 5.3% Guidewire Software GWRE $3,486.4 $2,986.2 $363.5 59.6% 9.1% 19.6% 8.2x 90.6x 7.8x 53.5x 0.3% Sapiens International SPNS $305.9 $260.8 $151.9 36.8% 11.8% 16.5% 1.7x 14.6x 1.5x 11.2x -12.5% Silver Spring Networks SSNI $346.3 $237.2 $211.0 28.4% -38.5% -24.6% 1.1x n/a 0.8x 20.0x -12.2% Tyler Technologies TYL $3,504.2 $3,346.8 $476.4 47.4% 21.5% 18.7% 7.0x 32.7x 6.1x 22.8x -1.6% Median: $1,979.0 $2,096.1 $456.6 47.4% 11.8% 16.5% 3.8x 26.8x 3.4x 16.4x -1.6%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January 2015 TTM Revenue Growth 16.5% 20% TTM EBITDA Growth 1.5% TTM Earnings Growth 14.3% 15% Gross Profit Margin 47.4% EBITDA Margin 11.8% 10% Net Income Margin 6.5% SG&A Expenses as a % of Total Revenue 28.2% 5% R&D Expenses as a % of Total Revenue 12.9% 0% Balance Sheet Analysis (Median) Current Ratio 1.6 -5% Quick Ratio 1.3 Cash as Percent of Market Cap 5.1% -10% Avg Days Outstanding: Accounts Receivable 62 -15% Avg Days Outstanding: Accounts Payable 24 Working Capital to TTM Operating Expense Ratio 0.3x -20% Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 17.0% Cash from Operations Growth (YoY) 58.4% -30% Cash from Investing Growth (YoY) 10.9% Cash from Financing Growth (YoY) -61.5% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 60.0%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD SEG SaaS Index $919.5 $837.1 $135.8 65.5% -14.6% 29.8% 5.8x 56.6x 4.8x 33.4x -6.2% CRM & Marketing $1,056.3 $1,035.4 $135.8 66.9% -15.1% 28.4% 6.4x 79.7x 5.1x 26.8x -1.5% ERP & Supply Chain $965.3 $824.5 $120.5 68.2% -9.6% 30.6% 5.5x 56.6x 4.4x 27.9x -1.2% Vertically Focused $838.1 $854.5 $145.3 62.3% 7.9% 38.1% 7.2x 49.2x 5.7x 28.7x -8.5% Workforce Management $1,185.7 $1,112.9 $128.7 59.9% -14.8% 31.8% 7.3x 59.6x 5.5x 42.3x -6.0% SaaS Other $598.3 $701.1 $142.0 71.4% -17.7% 23.9% 4.5x 69.3x 3.7x 56.4x -6.9%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January 2015 TTM Revenue Growth 29.8% 20% TTM EBITDA Growth -12.7% TTM Earnings Growth -20.8% 15% Gross Profit Margin 65.5% EBITDA Margin -14.6% 10% Net Income Margin -23.8% SG&A Expenses as a % of Total Revenue 61.5% 5% R&D Expenses as a % of Total Revenue 20.0% 0% Balance Sheet Analysis (Median) Current Ratio 2.1 -5% Quick Ratio 2.0 Cash as Percent of Market Cap 11.0% -10% Avg Days Outstanding: Accounts Receivable 63 -15% Avg Days Outstanding: Accounts Payable 29 Working Capital to TTM Operating Expense Ratio 0.4x -20% Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 5.3% Cash from Operations Growth (YoY) 20.4% -30% Cash from Investing Growth (YoY) -33.0% Cash from Financing Growth (YoY) 30.3% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 30.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Bazaarvoice BV $648.9 $594.4 $180.0 65.5% -15.1% 16.9% 3.3x n/a 2.9x n/a 1.5% Constant Contact CTCT $1,198.0 $1,035.4 $331.7 72.5% 13.3% 16.2% 3.1x 23.5x 2.7x 13.7x 5.5% Cvent CVT $1,032.3 $849.6 $133.6 70.0% 5.8% 28.4% 6.4x 110.1x 5.1x 54.2x -10.7% HubSpot HUBS $1,056.3 $1,163.4 $104.1 66.9% -33.4% n/a 11.2x n/a 8.5x n/a 0.5% LivePerson LPSN $584.8 $497.7 $198.6 75.1% 5.1% 14.5% 2.5x 49.2x 2.0x 20.9x -21.7% Marketo MKTO $1,418.9 $1,307.3 $135.8 65.4% -32.5% 60.5% 9.6x n/a 7.1x n/a 4.2% Marin Software MRIN $231.5 $159.7 $94.2 63.5% -29.4% 29.8% 1.7x n/a 1.4x n/a -22.7% Salesforce.com CRM $35,620.0 $37,044.8 $5,074.2 76.2% 1.7% 34.9% 7.3x 424.8x 6.0x 32.6x -4.7% Zendesk ZEN $1,761.9 $1,659.4 $111.0 63.9% -44.1% n/a 14.9x n/a 10.0x n/a -1.5% Median: $1,056.3 $1,035.4 $135.8 66.9% -15.1% 28.4% 6.4x 79.7x 5.1x 26.8x -1.5%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January 2015 TTM Revenue Growth 28.4% 20% TTM EBITDA Growth 6.5% TTM Earnings Growth -7.8% 15% Gross Profit Margin 66.9% EBITDA Margin -15.1% 10% Net Income Margin -29.5% SG&A Expenses as a % of Total Revenue 65.5% 5% R&D Expenses as a % of Total Revenue 18.8% 0% Balance Sheet Analysis (Median) Current Ratio 2.0 -5% Quick Ratio 1.9 Cash as Percent of Market Cap 12.6% -10% Avg Days Outstanding: Accounts Receivable 66 -15% Avg Days Outstanding: Accounts Payable 29 Working Capital to TTM Operating Expense Ratio 0.4x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin -3.9% Cash from Operations Growth (YoY) 60.3% -30% Cash from Investing Growth (YoY) -34.4% Cash from Financing Growth (YoY) 5.7% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 30.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Amber Road AMBR $242.0 $204.9 $62.8 58.2% -34.7% 30.6% 3.3x n/a 3.0x n/a -6.5% E2open EOPN $172.7 $155.0 $78.5 63.0% -33.1% 13.0% 2.0x n/a 1.9x n/a -36.6% Fleetmatics FLTX $1,336.6 $1,200.4 $217.7 75.3% 22.9% 33.5% 5.5x 24.0x 4.4x 13.8x 0.1% Netsuite N $7,553.4 $7,368.7 $556.3 68.2% -9.6% 34.2% 13.2x n/a 10.2x 130.7x -8.3% SciQuest SQI $391.4 $267.2 $102.2 69.8% 4.6% 21.6% 2.6x 56.6x 2.5x 13.0x -1.0% SPS Commerce SPSC $965.3 $824.5 $120.5 69.0% 10.0% 21.9% 6.8x 68.6x 5.6x 42.0x 6.6% Workday WDAY $14,859.0 $13,513.9 $703.5 65.1% -22.7% 72.2% 19.2x n/a 13.1x n/a -1.2% Median: $965.3 $824.5 $120.5 68.2% -9.6% 30.6% 5.5x 56.6x 4.4x 27.9x -1.2%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January 2015 TTM Revenue Growth 30.6% 20% TTM EBITDA Growth -34.8% TTM Earnings Growth -41.7% 15% Gross Profit Margin 68.2% EBITDA Margin -9.6% 10% Net Income Margin -18.0% 5% SG&A Expenses as a % of Total Revenue 54.6% R&D Expenses as a % of Total Revenue 19.2% 0%

Balance Sheet Analysis (Median) -5% Current Ratio 2.1 -10% Quick Ratio 2.0 Cash as Percent of Market Cap 14.0% -15% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 16 -20% Working Capital to TTM Operating Expense Ratio 0.7x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 8.3% Cash from Operations Growth (YoY) 10.6% -35% Cash from Investing Growth (YoY) -0.4% Cash from Financing Growth (YoY) -2.6% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 38.3%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 2U TWOU $721.2 $640.7 $104.3 75.0% -27.0% 39.5% 6.1x n/a 4.8x n/a -8.7% Athenahealth ATHN $5,322.1 $5,429.7 $711.0 59.3% 8.3% 31.7% 7.6x 91.5x 6.2x 34.4x -5.6% Castlight Health CSLT $801.8 $619.6 $36.3 26.8% -235.1% 295.4% 17.1x n/a 8.8x n/a -23.9% DealerTrack TRAK $2,180.6 $2,763.1 $743.2 40.0% 13.0% 62.6% 3.7x 28.6x 2.8x 12.6x -8.5% Ebix EBIX $838.1 $854.5 $204.5 80.5% 39.1% -1.6% 4.2x 10.7x 3.8x 10.0x 35.9% Ellie Mae ELLI $1,271.7 $1,186.2 $145.3 72.7% 18.1% 13.5% 8.2x 45.1x 6.3x 34.3x 10.0% Medical Transcript MTBC $26.7 $26.7 $14.2 51.6% 0.1% 43.2% 1.9x 1584.3x n/a n/a -11.6% Medidata Solutions MDSO $2,332.3 $2,312.2 $320.4 74.6% 7.9% 22.8% 7.2x 91.7x 5.9x 24.9x -8.1% OPOWER OPWR $568.7 $431.1 $119.6 66.6% -27.2% 52.0% 3.6x n/a 2.9x n/a -21.4% RealPage RP $1,417.9 $1,425.8 $395.6 58.1% 8.9% 7.7% 3.6x 40.5x 3.3x 19.3x -16.2% Textura TXTR $635.2 $569.9 $64.4 84.2% -19.0% n/a 8.9x n/a 7.0x 141.6x -12.3% Q2 Holdings QTWO $611.8 $522.2 $72.7 40.9% -21.5% 36.7% 7.2x n/a 5.4x n/a -5.3% Veeva Systems VEEV $3,755.9 $3,363.0 $289.0 62.3% 21.8% 54.4% 11.6x 53.3x 9.1x 32.5x 9.6% Median: $838.1 $854.5 $145.3 62.3% 7.9% 38.1% 7.2x 49.2x 5.7x 28.7x -8.5%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January 2015 TTM Revenue Growth 38.1% 20% TTM EBITDA Growth -3.2% TTM Earnings Growth -38.7% 15% Gross Profit Margin 62.3% EBITDA Margin 7.9% 10% Net Income Margin -2.1% SG&A Expenses as a % of Total Revenue 48.3% 5% R&D Expenses as a % of Total Revenue 15.7% 0% Balance Sheet Analysis (Median) Current Ratio 2.7 -5% Quick Ratio 2.4 Cash as Percent of Market Cap 10.4% -10% Avg Days Outstanding: Accounts Receivable 53 Avg Days Outstanding: Accounts Payable 25 -15% Working Capital to TTM Operating Expense Ratio 0.5x -20% Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 7.9% Cash from Operations Growth (YoY) 3.6% -30% Cash from Investing Growth (YoY) -61.1% Cash from Financing Growth (YoY) 259.3% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 24.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Benefitfocus BNFT $618.2 $599.3 $127.5 34.8% -37.5% 31.8% 4.7x n/a 3.7x n/a -22.7% Callidus Software CALD $727.0 $698.8 $128.7 59.9% -1.4% 19.8% 5.4x n/a 4.5x 42.3x -6.0% Cornerstone OnDemand CSOD $1,764.6 $1,761.0 $242.1 71.2% -15.8% 45.2% 7.3x n/a 5.5x 142.8x -4.2% Halogen Software TSX:HGN $138.1 $96.8 $54.2 73.0% -14.8% 18.9% 1.8x n/a 1.5x n/a -13.0% Paylocity Holding PCTY $1,185.7 $1,112.9 $117.4 50.2% -5.1% 40.1% 9.5x n/a 7.3x n/a -8.2% The Ultimate Software Group ULTI $4,199.2 $4,098.3 $482.4 59.6% 14.2% 23.5% 8.5x 59.6x 7.0x 28.5x 0.9% Workday WDAY $14,859.0 $13,513.9 $703.5 65.1% -22.7% 72.2% 19.2x n/a 13.1x n/a -1.2% Median: $1,185.7 $1,112.9 $128.7 59.9% -14.8% 31.8% 7.3x 59.6x 5.5x 42.3x -6.0%

Income Statement Analysis (Median) Workforce Management SaaS Stock Market Return: January 2015 TTM Revenue Growth 31.8% 20% TTM EBITDA Growth -34.8% TTM Earnings Growth -41.7% Gross Profit Margin 59.9% EBITDA Margin -14.8% 10% Net Income Margin -23.2% SG&A Expenses as a % of Total Revenue 51.7% R&D Expenses as a % of Total Revenue 16.4% 0%

Balance Sheet Analysis (Median) Current Ratio 1.6 -10% Quick Ratio 1.5 Cash as Percent of Market Cap 9.9% Avg Days Outstanding: Accounts Receivable 65 -20% Avg Days Outstanding: Accounts Payable 18 Working Capital to TTM Operating Expense Ratio 0.3x -30% Cash Flow Statement Analysis (Median) Levered FCF Margin 2.0% Cash from Operations Growth (YoY) 2.3% -40% Cash from Investing Growth (YoY) -0.4% Cash from Financing Growth (YoY) -46.6% Workforce Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 63.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Box BOX $2,190.3 $2,065.1 $192.6 78.8% -71.0% 83.4% 10.7x n/a n/a n/a -19.0% ChannelAdvisors ECOM $236.0 $158.4 $81.6 71.4% -34.1% 28.4% 1.9x n/a 1.6x n/a -56.0% Covisint COVS $84.9 $40.7 $91.8 36.3% -38.3% -6.4% 0.4x n/a n/a n/a -13.3% Demandware DWRE $1,944.8 $1,685.7 $142.0 73.5% -11.2% 50.3% 11.9x n/a 8.4x 271.3x -5.1% FireEye FEYE $5,085.7 $4,687.8 $339.9 59.1% -99.3% 150.0% 13.8x n/a 8.2x n/a 8.9% HortonWorks HDP $881.9 $770.3 $44.2 34.3% -220.8% n/a 17.4x n/a 11.4x n/a -16.9% inContact SAAS $521.2 $507.7 $157.4 48.0% -4.5% 25.3% 3.2x n/a 2.6x 124.4x -2.4% IntraLinks Holdings IL $598.3 $631.9 $251.0 72.8% 3.1% 9.5% 2.5x 81.8x 2.4x 16.0x -6.9% J2 Global JCOM $2,746.0 $2,715.1 $569.9 82.6% 41.8% 17.6% 4.8x 11.4x 4.2x 9.6x -6.2% Jive Software JIVE $412.4 $320.8 $170.3 62.5% -29.8% 22.5% 1.9x n/a 1.6x n/a -5.1% New Relic NEWR $1,430.2 $1,337.8 $85.0 81.9% -44.0% n/a 15.7x n/a 11.3x n/a -14.8% Liquid Holdings Group LIQD $19.6 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -5.1% Qualys QLYS $1,266.8 $1,153.4 $126.0 77.8% 13.2% 21.7% 9.2x 69.3x 7.5x 36.1x 1.9% RingCentral RNG $919.5 $798.7 $203.3 63.6% -19.4% 37.1% 3.9x n/a 3.1x n/a -8.4% Rally Software Development RALY $298.3 $227.8 $82.6 74.1% -31.8% 17.6% 2.8x n/a 2.3x n/a 1.2% Service-now.com NOW $10,811.1 $10,586.0 $682.6 63.6% -15.9% 60.7% 15.5x n/a 10.7x 80.3x 8.2% Tableau Software DATA $5,599.6 $4,955.0 $351.2 91.1% 3.2% 82.1% 14.1x 444.3x 9.8x 101.3x -6.1% Tangoe TNGO $444.0 $396.5 $207.6 54.1% 7.0% 13.5% 1.9x 27.4x 1.7x 10.5x -9.8% TrueCar TRUE $1,356.2 $1,254.2 $191.3 91.3% -20.9% 66.1% 6.6x n/a 4.8x 56.4x -19.2% Upland Software UPLD $120.5 $196.9 $60.2 65.2% -14.4% n/a 3.3x n/a 2.7x n/a -16.7% Workiva WK $485.4 $475.1 $106.1 71.4% -27.2% n/a 4.5x n/a 3.7x n/a -9.6% Yodlee YDLE $269.5 $377.1 $84.3 62.2% 5.0% n/a 4.5x 90.0x 3.7x 74.1x -24.4% Zix ZIXI $201.1 $180.9 $49.8 84.0% 20.4% 4.8% 3.6x 17.8x 3.4x 13.8x -0.3% Median: $598.3 $701.1 $142.0 71.4% -17.7% 23.9% 4.5x 69.3x 3.7x 56.4x -6.9%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January 2015 TTM Revenue Growth 23.9% 20% TTM EBITDA Growth -18.5% TTM Earnings Growth -23.1% 15% Gross Profit Margin 71.4% EBITDA Margin -17.7% 10% Net Income Margin -26.3% SG&A Expenses as a % of Total Revenue 67.4% 5% R&D Expenses as a % of Total Revenue 21.1% 0% Balance Sheet Analysis (Median) Current Ratio 2.1 -5% Quick Ratio 2.0 Cash as Percent of Market Cap 10.1% -10% Avg Days Outstanding: Accounts Receivable 72 -15% Avg Days Outstanding: Accounts Payable 43 Working Capital to TTM Operating Expense Ratio 0.4x -20% Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 1.1% Cash from Operations Growth (YoY) 18.7% -30% Cash from Investing Growth (YoY) -33.6% Cash from Financing Growth (YoY) 33.5% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 8.2%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD SEG Internet Index $1,346.6 $1,151.6 $478.8 63.7% 8.5% 20.4% 2.4x 24.2x 2.1x 14.1x -5.1% Ad Tech & Lead Generation $1,345.1 $1,219.9 $658.4 54.4% 3.7% 26.3% 1.9x 27.5x 2.1x 18.4x -9.7% Commerce $607.5 $518.0 $418.6 40.6% 9.3% 19.5% 1.4x 22.3x 1.3x 13.2x -5.1% Content & Media $2,393.5 $1,734.2 $597.4 49.3% 10.6% 12.4% 2.6x 28.2x 2.4x 12.0x -7.3% Gaming $2,235.98 $1,743.1 $751.6 69.8% 18.3% 19.2% 3.0x 24.2x 1.9x 22.2x 8.8% Infrastructure $733.75 $566.0 $317.6 62.4% 5.1% 7.2% 1.4x 15.8x 1.4x 11.2x -4.4% Search $40,756.26 $38,691.2 $5,128.3 67.4% 34.3% 21.7% 4.3x 12.7x 4.0x 9.9x -0.6% Services $949.10 $659.7 $232.5 73.3% 6.4% 30.4% 2.6x 26.6x 2.1x 13.5x -6.3% Social $4,072.73 $3,671.9 $867.7 63.8% 11.2% 58.4% 10.2x 32.5x 6.9x 25.8x -3.2% Travel $3,238.36 $2,798.8 $708.6 80.1% 14.2% 23.7% 3.9x 15.9x 4.2x 14.5x -4.2%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January 2015 TTM Revenue Growth 20.4% 20% TTM EBITDA Growth 5.6% TTM Earnings Growth -0.5% 15% Gross Profit Margin 63.7% EBITDA Margin 8.5% Net Income Margin 0.8% 10% SG&A Expenses as a % of Total Revenue 39.3% R&D Expenses as a % of Total Revenue 15.1% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 2.4 Quick Ratio 2.1 -5% Cash as Percent of Market Cap 18.9% Avg Days Outstanding: Accounts Receivable 38 -10% Avg Days Outstanding: Accounts Payable 53 Working Capital to TTM Operating Expense Ratio 0.5 -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 6.9% Cash from Operations Growth (YoY) 16.2% -25% Cash from Investing Growth (YoY) -50.0% Cash from Financing Growth (YoY) 6.9% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 12.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD AOL AOL $3,368.6 $3,360.4 $2,495.9 27.0% 17.4% 11.4% 1.3x 7.7x 1.3x 6.3x -4.9% Baidu.com BIDU $76,404.8 $72,209.7 $7,253.4 63.7% 36.2% 54.8% 10.0x 27.5x 7.1x 20.6x -2.3% Criteo SA CRTO $2,337.8 $2,029.6 $818.0 35.6% 7.4% 64.2% 2.5x 33.4x 4.9x 16.2x -2.5% Google GOOGL $363,627.3 $311,305.3 $66,001.0 61.1% 32.5% 10.3% 4.7x 14.5x 4.1x 10.6x 1.5% Marchex MCHX $163.2 $82.6 $189.0 36.2% 5.3% 30.1% 0.4x 8.2x 0.6x 6.6x -19.8% ReachLocal RLOC $88.4 $36.4 $498.8 48.5% -4.2% -0.4% 0.1x n/a 0.1x n/a -11.1% Rocket Fuel FUEL $529.0 $487.0 $354.7 48.3% -8.3% 81.8% 1.4x n/a 0.8x n/a -20.3% The Rubicon Project RUBI $529.6 $425.7 $111.6 83.3% -9.1% 48.5% 3.8x n/a 2.9x 44.2x -8.2% Sohu.com SOHU $2,160.7 $1,952.7 $1,581.3 60.3% 1.4% 20.3% 1.2x 87.0x 1.0x 25.7x 7.1% Tremor TRMR $107.3 $29.4 $153.9 35.1% -11.2% 20.2% 0.2x n/a 0.2x n/a -27.3% TubeMogul TUBE $452.2 $406.2 $100.2 69.0% 2.0% 104.6% 4.1x 200.9x 2.9x n/a -27.7% Yahoo! YHOO $41,674.0 $35,035.9 $4,618.1 71.9% 18.3% -1.3% 7.6x 41.5x 8.0x 31.4x -12.3% Yandex YNDX $4,739.7 $4,779.6 $1,219.3 71.2% 38.6% 33.0% 3.9x 10.2x 3.9x 9.3x -18.9% YuMe YUME $178.4 $121.0 $174.7 47.6% -0.5% 22.6% 0.7x n/a 0.6x 44.2x 5.1% Median: $1,345.1 $1,219.9 $658.4 54.4% 3.7% 26.3% 1.9x 27.5x 2.1x 18.4x -9.7%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January 2015 TTM Revenue Growth 26.3% 20% TTM EBITDA Growth -11.1% TTM Earnings Growth -49.0% Gross Profit Margin 54.4% 10% EBITDA Margin 3.7% Net Income Margin -1.7% SG&A Expenses as a % of Total Revenue 37.5% 0% R&D Expenses as a % of Total Revenue 14.9%

-10% Balance Sheet Analysis (Median) Current Ratio 2.4x Quick Ratio 2.3x -20% Cash as Percent of Market Cap 19.4% Avg Days Outstanding: Accounts Receivable 67.5x Avg Days Outstanding: Accounts Payable 67.5x -30% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -40% Levered FCF Margin 4.3% Cash from Operations Growth (YoY) 20.3% -50% Cash from Investing Growth (YoY) -53.9% Cash from Financing Growth (YoY) -2.1% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 1-800-FLOWERS.COM FLWS $506.3 $569.1 $1,027.9 43.5% 9.2% 36.3% 0.6x 6.0x 0.5x 7.4x 0.3% 58.com WUBA $3,377.8 $2,751.6 $230.0 95.1% 10.7% 83.8% 12.0x 111.6x 7.4x n/a -8.2% Alibaba BABA $221,425.0 $213,083.8 $11,417.3 70.1% 41.9% 44.1% 18.7x 44.5x 13.6x 25.2x -14.0% Amazon.com AMZN $164,638.1 $161,791.1 $88,988.0 29.5% 4.9% 19.5% 1.8x 37.1x 1.6x 19.1x 14.9% Bitauto Holdings BITA $2,482.4 $2,316.6 $320.5 80.2% 24.5% 50.1% 7.2x 29.5x 5.2x 18.6x -19.9% BlueNile NILE $368.2 $336.4 $462.0 18.5% 3.6% 5.0% 0.7x 20.4x 0.7x 13.2x -11.3% Borderfree BRDR $194.1 $71.6 $124.7 25.6% 1.4% 20.4% 0.6x 42.4x 0.5x 21.8x -30.6% Chegg CHGG $555.9 $472.7 $297.5 33.7% 5.0% 20.6% 1.6x 31.8x 1.4x 110.0x -5.3% DangDang DANG $659.0 $386.0 $1,249.7 18.1% 1.3% 28.5% 0.3x 24.2x 0.2x 8.9x -14.3% Digital River DRIV $813.9 $563.2 $375.3 65.8% 9.5% -2.9% 1.5x 15.8x 1.4x 10.5x 2.7% eBay EBAY $65,845.5 $63,374.5 $17,902.0 68.0% 28.0% 11.6% 3.5x 12.7x 3.3x 10.7x -5.7% GeekNet GKNT $52.7 $21.9 $142.7 18.5% -2.0% 9.5% 0.2x n/a 0.1x 31.4x -3.1% Groupon GRPN $4,806.9 $3,951.7 $3,034.7 50.5% 3.0% 24.2% 1.3x 43.5x 1.1x 12.0x -10.7% Liquidity Services LQDT $232.0 $169.4 $495.7 35.5% 10.2% -2.0% 0.3x 3.4x 0.4x 4.6x -2.8% Mecox Lane MCOX $50.7 $40.7 $77.5 46.9% -12.6% -16.7% 0.5x n/a n/a n/a 11.1% Mercadolibre MELI $5,472.6 $5,353.7 $529.8 78.7% 36.3% 19.9% 10.1x 27.8x 8.7x 24.4x -1.5% MOL Global MOLG $129.6 $136.5 $58.2 37.7% 22.5% n/a 2.3x 10.4x n/a n/a -36.4% Overstock.com OSTK $537.9 $356.3 $1,497.1 18.6% 2.0% 14.8% 0.2x 12.0x 0.2x 7.4x -5.0% PetMed Express PETS $318.1 $265.5 $228.0 33.7% 12.9% -3.3% 1.2x 9.0x 1.1x 8.9x 9.5% Stamps.com STMP $725.1 $693.4 $137.8 78.4% 28.3% 9.8% 5.0x 17.8x 4.3x 14.1x -4.2% Median: $607.5 $518.0 $418.6 40.6% 9.3% 19.5% 1.4x 22.3x 1.3x 13.2x -5.1%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January 2015 TTM Revenue Growth 19.5% 20% TTM EBITDA Growth 10.5% TTM Earnings Growth 7.5% 15% Gross Profit Margin 40.6% EBITDA Margin 9.3% 10% Net Income Margin -3.3% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 18.2% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 2.3x Quick Ratio 2.0x -5% Cash as Percent of Market Cap 19.1% Avg Days Outstanding: Accounts Receivable 59.0x -10% Avg Days Outstanding: Accounts Payable 39.0x Working Capital to TTM Operating Expense Ratio 0.4x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 5.1% Cash from Operations Growth (YoY) -1.4% -25% Cash from Investing Growth (YoY) -15.4% Cash from Financing Growth (YoY) -37.2% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -4.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD AOL AOL $3,368.6 $3,360.4 $2,495.9 27.0% 17.4% 11.4% 1.3x 7.7x 1.3x 6.3x -4.9% DemandMedia DMD $74.5 $35.0 $365.9 42.3% 8.0% 40.0% 0.1x 1.2x 0.2x 2.0x -28.8% InterActiveCorp IACI $5,107.7 $5,172.6 $3,003.2 71.1% 15.7% -2.0% 1.7x 11.0x 1.6x 9.0x 1.1% Netflix NFLX $26,616.9 $25,938.0 $5,504.7 31.8% 8.3% 25.8% 4.7x 56.8x 3.8x 42.6x 26.6% Pandora P $3,454.2 $3,137.9 $870.1 44.5% -1.0% n/a 3.6x n/a 2.8x 29.7x -6.4% Shutterstock SSTK $1,994.7 $1,734.2 $304.8 60.5% 15.1% 40.7% 5.7x 37.7x 4.3x 21.2x -17.9% SINA SINA $2,393.5 $1,141.7 $754.1 62.1% 4.8% 24.2% 1.5x 31.5x 1.3x 158.5x -4.2% TheStreet.com TST $71.7 $17.3 $58.6 49.3% 0.5% 9.5% 0.3x 61.0x 0.3x 4.4x -9.6% WebMD Health WBMD $1,400.9 $1,653.3 $564.0 60.8% 19.1% 12.4% 2.9x 15.3x 2.7x 9.5x -0.9% XO Group XOXO $442.0 $356.3 $139.2 85.1% 10.2% 4.3% 2.6x 25.1x 2.5x 14.4x -9.3% Xunlei XNET $482.4 $48.3 $175.6 41.8% 10.8% n/a 0.3x 2.5x 0.2x 0.8x -7.3% Yahoo! YHOO $41,674.0 $35,035.9 $4,618.1 71.9% 18.3% -1.3% 7.6x 41.5x 8.0x 31.4x -12.3% Youku YOKU $3,317.9 $1,984.3 $597.4 33.0% 10.6% 32.7% 3.3x 31.3x 2.4x n/a -8.5% Median: $2,393.5 $1,734.2 $597.4 49.3% 10.6% 12.4% 2.6x 28.2x 2.4x 12.0x -7.3%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January 2015 TTM Revenue Growth 12.4% 20% TTM EBITDA Growth -2.2% TTM Earnings Growth 10.4% 15% Gross Profit Margin 49.3% EBITDA Margin 10.6% 10% Net Income Margin 4.1% SG&A Expenses as a % of Total Revenue 38.7% R&D Expenses as a % of Total Revenue 11.0% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 3.5x Quick Ratio 3.4x -5% Cash as Percent of Market Cap 20.6% Avg Days Outstanding: Accounts Receivable 68.0x -10% Avg Days Outstanding: Accounts Payable 22.8x Working Capital to TTM Operating Expense Ratio 0.7x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 10.9% Cash from Operations Growth (YoY) -5.7% -25% Cash from Investing Growth (YoY) -21.7% Cash from Financing Growth (YoY) 0.0% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -14.7%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD ChangYou.com CYOU $1,482.3 $1,533.5 $734.2 77.6% 5.3% 2.5% 2.1x 39.5x 1.9x 24.9x 4.0% Giant Interactive GA $1.6 $5.4 $0.5 -57.8% n/a n/a 10.0x n/a n/a n/a 177.1% Netease NTES $14,203.7 $11,044.3 $1,738.6 72.1% 44.5% 18.0% 6.4x 14.3x 5.0x 13.0x 10.6% NCSoft A036570 $3,664.9 $2,931.2 $769.0 71.7% 34.8% n/a 3.8x 11.0x 3.8x n/a 12.3% Perfect World PWRD $942.2 $601.0 $601.6 73.5% 18.3% 30.4% 1.0x 5.5x 0.8x 6.6x -1.6% Sohu.com SOHU $2,160.7 $1,952.7 $1,581.3 60.3% 1.4% 20.3% 1.2x 87.0x 1.0x 25.7x 7.1% Tencent Holdings SEHK:700 $157,931.4 $155,362.3 $12,205.6 59.4% 37.3% 34.7% 12.7x 34.2x 10.7x 25.3x 17.1% Zynga ZNGA $2,311.3 $1,485.5 $674.2 68.0% -11.7% -33.1% 2.2x n/a 1.9x 19.5x -6.2% Median: $2,236.0 $1,743.1 $751.6 69.8% 18.3% 19.2% 3.0x 24.2x 1.9x 22.2x 8.8%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January 2015 TTM Revenue Growth 19.2% 20% TTM EBITDA Growth 3.8% TTM Earnings Growth -23.2% 15% Gross Profit Margin 69.8% EBITDA Margin 18.3% 10% Net Income Margin 10.5% SG&A Expenses as a % of Total Revenue 37.9% 5% R&D Expenses as a % of Total Revenue 27.6%

Balance Sheet Analysis (Median) 0% Current Ratio 2.5x Quick Ratio 1.7x -5% Cash as Percent of Market Cap 25.3% Avg Days Outstanding: Accounts Receivable 22.4x -10% Avg Days Outstanding: Accounts Payable 67.5x Working Capital to TTM Operating Expense Ratio 0.6x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 26.7% Cash from Operations Growth (YoY) 12.7% -25% Cash from Investing Growth (YoY) -36.8% Cash from Financing Growth (YoY) 8.5% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 57.8%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 8x8 EGHT $692.9 $505.0 $154.7 71.2% 5.9% 28.2% 3.3x 55.5x 2.7x 23.5x -14.9% Akamai Technologies AKAM $10,351.2 $10,240.4 $1,863.6 68.8% 35.0% 22.6% 5.5x 15.7x 4.7x 11.2x -8.1% Brightcove BCOV $231.1 $210.7 $123.4 65.6% -1.6% 18.1% 1.7x n/a 1.6x n/a -7.5% BroadSoft BSFT $774.6 $713.7 $203.0 73.3% 4.2% 17.8% 3.5x 83.8x 3.0x 14.7x -6.8% Digital River DRIV $813.9 $563.2 $375.3 65.8% 9.5% -2.9% 1.5x 15.8x 1.4x 10.5x 2.7% Envivio ENVI $38.8 $0.9 $41.3 64.1% -28.8% 7.5% 0.0x n/a 0.0x n/a 3.7% Harmonic HLIT $673.7 $568.8 $433.6 49.1% 4.3% -6.1% 1.3x 30.8x 1.3x 8.3x 9.1% Interactive Intelligence ININ $855.3 $795.5 $339.5 60.8% 1.6% 13.9% 2.3x 150.9x 2.2x 79.3x -15.1% Limelight Networks LLNW $262.5 $161.7 $162.3 49.4% -4.0% -6.4% 1.0x n/a n/a n/a -4.0% Mitel Networks MITL $892.0 $1,089.0 $913.9 53.6% 10.9% n/a 1.2x 10.9x 1.0x 6.5x -16.7% Polycom PLCM $1,815.2 $1,428.5 $1,345.2 58.4% 12.1% -1.7% 1.1x 8.8x 1.0x 6.3x -0.4% Rovi ROVI $2,189.2 $2,908.8 $560.8 81.9% 36.0% 32.4% 5.2x 14.4x 5.4x 13.0x 2.4% SeaChange International SEAC $230.1 $129.5 $119.8 50.1% -10.1% -22.9% 1.1x n/a 1.0x 163.7x 12.6% ShoreTel SHOR $447.7 $372.0 $352.3 59.6% 6.6% 5.9% 1.1x 16.1x 1.0x 12.0x -2.2% Sonus Networks SONS $943.0 $834.9 $295.7 64.3% 0.8% 7.2% 2.8x 369.6x 2.7x 23.0x -7.0% Synacor SYNC $58.3 $36.6 $105.1 45.6% -2.3% -8.3% 0.3x n/a 0.4x 10.2x 3.9% Tucows TCX $195.8 $182.2 $142.0 27.3% 8.3% 12.2% 1.3x 15.5x 1.1x 9.8x -7.8% VeriSign VRSN $6,597.0 $6,499.3 $999.8 81.2% 61.6% 5.3% 6.5x 10.6x 6.2x 9.2x -4.7% Median: $733.8 $566.0 $317.6 62.4% 5.1% 7.2% 1.4x 15.8x 1.4x 11.2x -4.4%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January 2015 TTM Revenue Growth 7.2% 20% TTM EBITDA Growth 10.5% TTM Earnings Growth 7.5% 15% Gross Profit Margin 62.4% EBITDA Margin 5.1% 10% Net Income Margin -3.3% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 18.2% 5%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 5.1% Cash from Operations Growth (YoY) -1.4% -25% Cash from Investing Growth (YoY) -15.4% Cash from Financing Growth (YoY) -37.2% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -4.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Baidu.com BIDU $76,404.8 $72,209.7 $7,253.4 63.7% 36.2% 54.8% 10.0x 27.5x 7.1x 20.6x -2.3% Google GOOGL $363,627.3 $311,305.3 $66,001.0 61.1% 32.5% 10.3% 4.7x 14.5x 4.1x 10.6x 1.5% InterActiveCorp IACI $5,107.7 $5,172.6 $3,003.2 71.1% 15.7% -2.0% 1.7x 11.0x 1.6x 9.0x 1.1% Yandex YNDX $4,739.7 $4,779.6 $1,219.3 71.2% 38.6% 33.0% 3.9x 10.2x 3.9x 9.3x -18.9% Median: $40,756.3 $38,691.2 $5,128.3 67.4% 34.3% 21.7% 4.3x 12.7x 4.0x 9.9x -0.6%

Income Statement Analysis (Median) Internet Search Stock Market Return: January 2015 TTM Revenue Growth 21.7% 20% TTM EBITDA Growth 10.5% TTM Earnings Growth 7.5% 15% Gross Profit Margin 67.4% EBITDA Margin 34.3% 10% Net Income Margin -3.3% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 18.2% 5%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 5.1% Cash from Operations Growth (YoY) -1.4% -25% Cash from Investing Growth (YoY) -15.4% Cash from Financing Growth (YoY) -37.2% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -4.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Angie's List ANGI $268.6 $248.9 $301.6 73.3% -4.9% 35.2% 0.8x n/a 0.7x 12.1x -28.1% Bankrate RATE $1,303.3 $1,424.4 $531.0 65.3% 22.5% 24.0% 2.7x 11.9x 2.4x 9.0x 1.1% Carbonite CARB $405.3 $333.9 $122.6 68.5% 3.8% 14.4% 2.7x 71.9x 2.5x 18.9x 6.3% Care.com CRCM $251.0 $167.9 $105.7 75.9% -31.2% 41.1% 1.6x n/a 1.1x n/a 1.5% Cimpress CMPR $2,626.3 $2,953.7 $1,398.2 62.7% 14.6% 15.2% 2.1x 14.5x 1.9x 11.7x 9.1% Coupons.com COUP $1,144.8 $959.1 $214.4 63.3% -6.2% 41.9% 4.5x n/a 3.5x 25.0x -17.0% eHealth EHTH $182.5 $124.4 $188.9 97.5% 6.4% 10.9% 0.7x 10.3x 0.7x n/a -57.7% Everyday Health EVDY $427.8 $410.1 $174.4 73.4% 8.8% 23.2% 2.4x 26.6x 1.9x 10.3x -5.1% GrubHub GRUB $2,806.9 $2,529.1 $229.6 64.6% 23.7% 108.9% 11.0x 46.4x 8.2x 26.7x -5.9% LendingClub LC $6,783.6 n/a $176.5 81.7% n/a 130.6% n/a n/a n/a n/a -24.7% LifeLock LOCK $1,389.9 $1,151.6 $448.6 74.2% 7.1% 29.6% 2.6x 36.3x 2.1x 15.7x -6.5% Monster Worldwide MWW $366.4 $542.8 $782.5 48.2% 9.3% -4.6% 0.7x 7.4x 0.7x 5.4x -9.2% Qihoo QIHU $7,369.3 $7,383.5 $1,181.1 80.3% 24.7% 113.8% 6.3x 25.4x 3.9x 10.7x -2.0% QuinStreet QNST $227.3 $184.5 $274.8 12.0% 0.9% -9.4% 0.7x 73.0x 0.6x 11.7x -14.7% Shutterfly SFLY $1,699.9 $1,706.3 $849.0 51.2% 8.6% 17.2% 2.0x 23.2x 1.7x 9.6x 5.2% Tree.Com TREE $466.4 $382.8 $159.9 95.5% 7.5% 26.1% 2.4x 31.8x 2.1x 14.9x -13.0% Trulia TRLA $1,613.6 $1,631.6 $235.4 82.0% -9.8% 105.5% 6.9x n/a 5.2x 35.4x -5.1% Wix.com WIX $753.4 $659.7 $125.2 81.5% -39.7% 81.9% 5.3x n/a 3.6x n/a -6.0% Xoom XOOM $567.1 $408.0 $147.3 70.3% 5.6% 31.2% 2.8x 49.9x 2.3x 18.5x -14.9% Zillow Z $3,925.4 $3,559.1 $291.9 91.1% -0.3% 68.2% 12.2x n/a 8.6x 45.8x -6.5% Median: $949.1 $659.7 $232.5 73.3% 6.4% 30.4% 2.6x 26.6x 2.1x 13.5x -6.3%

Income Statement Analysis (Median) Internet Services Stock Market Return: January 2015 TTM Revenue Growth 30.4% 20% TTM EBITDA Growth 4.7% TTM Earnings Growth -50.8% 15% Gross Profit Margin 73.3% EBITDA Margin 6.4% 10% Net Income Margin -5.8% SG&A Expenses as a % of Total Revenue 52.7% 5% R&D Expenses as a % of Total Revenue 20.2% 0% Balance Sheet Analysis (Median) Current Ratio 3.0x -5% Quick Ratio 2.5x Cash as Percent of Market Cap 16.0% -10% Avg Days Outstanding: Accounts Receivable 22.1x -15% Avg Days Outstanding: Accounts Payable 43.8x Working Capital to TTM Operating Expense Ratio 0.4x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 5.0% Cash from Operations Growth (YoY) 35.6% -30% Cash from Investing Growth (YoY) -46.2% Cash from Financing Growth (YoY) 8.7% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 67.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Facebook FB $211,625.5 $200,659.5 $12,466.0 83.5% 49.6% 58.4% 16.1x 32.5x 11.8x 19.4x -3.2% LinkedIn LNKD $27,907.5 $25,649.0 $2,022.6 86.9% 11.2% 46.0% 12.7x 113.3x 9.4x 34.6x -2.1% Mail.ru Group LSE:MAIL $2,996.8 $2,221.3 $867.7 61.2% 45.5% 24.5% 2.6x 5.6x 3.2x 6.3x -6.5% Renren RENN $926.6 $114.4 $90.9 28.1% -103.9% -46.4% 1.3x n/a 1.2x n/a -4.1% Twitter TWTR $23,463.0 $21,341.0 $1,166.6 63.8% -66.7% 118.3% 18.3x n/a 10.7x 47.6x 2.7% Yelp YELP $3,805.1 $3,441.0 $338.3 93.5% 4.3% 66.2% 10.2x 236.0x 6.9x 32.1x -4.9% YY YY $4,072.7 $3,671.9 $508.3 52.8% 32.0% 111.1% 7.2x 22.6x 4.6x 15.4x 9.6% Median: $4,072.7 $3,671.9 $867.7 63.8% 11.2% 58.4% 10.2x 32.5x 6.9x 25.8x -3.2%

Income Statement Analysis (Median) Internet Social Stock Market Return: January 2015 TTM Revenue Growth 58.4% 40% TTM EBITDA Growth 35.8% TTM Earnings Growth 82.4% Gross Profit Margin 63.8% 30% EBITDA Margin 11.2% Net Income Margin 23.6% SG&A Expenses as a % of Total Revenue 50.3% 20% R&D Expenses as a % of Total Revenue 23.1%

Balance Sheet Analysis (Median) 10% Current Ratio 9.4x Quick Ratio 9.0x 0% Cash as Percent of Market Cap 15.5% Avg Days Outstanding: Accounts Receivable 43.0x Avg Days Outstanding: Accounts Payable 34.1x -10% Working Capital to TTM Operating Expense Ratio 1.6x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 25.4% Cash from Operations Growth (YoY) 40.8% -30% Cash from Investing Growth (YoY) -59.9% Cash from Financing Growth (YoY) 85.3% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 18.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Ctrip YY $4,072.7 $3,671.9 $508.3 52.8% 32.0% 111.1% 7.2x 22.6x 4.6x 15.4x 9.6% Expedia CTRP $6,768.2 $6,881.8 $1,119.8 72.2% 8.3% 36.2% 6.1x 74.5x 4.7x n/a 5.2% HomeAway EXPE $10,874.3 $10,609.7 $5,559.5 79.4% 14.3% 21.0% 1.9x 13.3x 1.7x 9.2x 0.2% MakeMyTrip AWAY $2,404.0 $1,925.8 $427.3 84.9% 15.2% 30.4% 4.5x 29.6x 3.8x 15.1x -11.8% Orbitz MMYT $1,035.7 $966.2 $291.9 30.3% -2.8% 16.9% 3.3x n/a 5.9x 54.8x -8.6% Priceline OWW $1,021.8 $1,222.2 $908.9 80.8% 14.0% 8.3% 1.3x 9.6x 1.3x 7.5x 11.1% Travelzoo PCLN $52,852.3 $50,541.1 $8,143.0 88.9% 38.9% 26.4% 6.2x 15.9x 5.4x 13.3x -11.6% TripAdvisor TZOO $126.4 $71.5 $142.1 87.4% 11.5% -10.2% 0.5x 4.4x 0.5x 14.5x -29.4% Median: $3,238.4 $2,798.8 $708.6 80.1% 14.2% 23.7% 3.9x 15.9x 4.2x 14.5x -4.2%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January 2015 TTM Revenue Growth 23.7% 25% TTM EBITDA Growth 9.7% TTM Earnings Growth 13.2% 20% Gross Profit Margin 80.1% EBITDA Margin 14.2% 15% Net Income Margin 9.1% SG&A Expenses as a % of Total Revenue 53.7% 10% R&D Expenses as a % of Total Revenue 15.4% 5% Balance Sheet Analysis (Median) Current Ratio 1.7x 0% Quick Ratio 1.5x Cash as Percent of Market Cap 24.4% -5% Avg Days Outstanding: Accounts Receivable 38.5x Avg Days Outstanding: Accounts Payable 173.5x -10% Working Capital to TTM Operating Expense Ratio 0.4x -15% Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 17.1% Cash from Operations Growth (YoY) 20.9% -25% Cash from Investing Growth (YoY) 33.4% Cash from Financing Growth (YoY) 81.1% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 41.6%