January 2013 M&A & Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 9 Additional Monthly M&A and Investment Activity Data 39 About Petsky Prunier 52

M&A & INVESTMENT SUMMARY JANUARY 2013 2 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • A tot al of 412 dldeals were announced in January 2013, of whi ch 222 report ed $8.5 billion in value • Digital Media/Commerce was the most active segment with 70 transactions, of which 48 reported $435 million in value • Information & Business Services was the highest value segment with 64 transactions, of which 22 reported $3.4 billion in value • Strategic buyers announced 182 deals (44% of total volume), of which 35 reported $2.2 billion in value • VC/Growth Capital investors announced 201 deals, of which 169 reported $4.0 billion in value • Buyout investors announced 26 deals, of which 10 reported $3.7 billion in value

JANUARY 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 70 17% 435.2 5% 28 102.3 1 - 41 332.9 Marketing Technology 67 16% 119971,199.7 14% 25 39. 1 4 807. 9 38 352. 7 Information & Business Services 64 16% 3,448.6 41% 35 431.5 8 2,640.0 21 377.0 Software 64 16% 955.1 11% 21 336.1 5 115.1 38 504.0 Traditional Media 49 12% 1,248.3 15% 27 502.1 2 42.2 17 882.3 Technology 31 8% 435.1 5% 7 156.0 2 - 22 279.1 Digital Advertising 24 6% 215.9 3% 8 10.0 2 45.0 14 160.9 Agency/Consulting 16 4% 040.4 0% 14 040.4 1 - 1 - Communications 16 4% 549.0 6% 8 530.0 0 - 8 19.0 Marketing Services 11 3% 6.5 0% 9 6.5 1 - 1 - Total 412 100% 8,493.8 100% 182 2,114.1 26 3,650.1 201 2,907.8

M&A & INVESTMENT SUMMARY JANUARY 2013 3 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • On a month -over-month basi s, report ed transacti on volume increase d 63 percent • Versus a year ago, reported deal volume and value increased 21 percent and 81 percent, from January 2012 • The largest transaction was CVC Capital Partners’ $1.5 billion buyout of Italy-based Cerved Group, a credit data and business intelligence company. The next-largest transactions included: › TPG Capital’ s buyout of Eze Castle Integration, which provides technology consulting solutions to investment management firms, which was valued between $900 million and $1 billion › Tiger Global Management’s $800 million acquisition of a 55 percent stake in SurveyMonkey, at an enterprise value of $1.4 billion, which provides an online survey tool that enables its users to create professional online surveys

M&A and Investment Volume For All Segments - Last 13 Months ($BN) All transactions; Value based on reported values only

25.0 $22.4 Deals valued over $1BN $19.1 20.0 $15.3 $15.9 15.0 7 $11.7 $12.8 $9.6 5 $9.8 $9.8 2 5 $9.5 $8.5 10.0 3 3 $7.1 $4.7 2 2 3 2 1 5.0 2 340 332 377 381 377 376 402 401 342 305390 252 411 - Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13

Deals valued over $1BN

M&A & INVESTMENT SUMMARY JANUARY 2013 4 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED

($ in Millions)

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Digital Media/Commerce Magaseek eCommerce NTT Docomo, Inc. $12.0 $105.6 $2.4 0.1x 5.0x

Marketing Technology SurveyMonkey, Inc . Market Researc h Software Tiger Global Management, LLC 1,350.0 113.0 61.0 11.9x 22.1x ANGOSS Software Corporation Analytics & Reporting Peterson Partners LP 7.9 6.7 (0.6) 1.2x NM

Communications Telanetix Communic ations Software The Flexitallic Group 55.0 31.2 3.9 1.8x 14.1x

Software Epocrates, Inc. Healthcare Software athenahealth, Inc. 213.1 110.1 (2.5) 1.9x NM BioClinic a, Inc . Healthc are Software JLL Partners 104.5 75.2 10.5 1.4x 10.0x

Information & Business Services Cerved Group Spa Credit/Risk Management Information CVC Capital Partners Ltd. 1,490.0 385.0 - 3.9x NA Practical Law Company Legal Information Thomson Reuters 405.0 54.3 - 7.5x NA Globant IT Consulting/Systems Integration WPP Group 350.0 56.9 - 6.2x NA Work Service Group Staffing PineBridge Investments LLC 173.0 228.3 12.6 0.8x 13.7x

M&A & INVESTMENT SUMMARY JANUARY 2013 5 SECURITIES IN REGISTRATION ($ in Millions)

Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA

Jan-13 Channel Nine Entertainment Limited Traditional Media $2.2 NA NA

Jan-13 Xoom Corporation Technology 50.0 73.4 (3.3)

Jun-12 goldenTech SA Software 5.2 NA NA

Jun- 12 Shanghai Amarsoft Information Technology Co. Ltd Software NA NA NA

Apr-12 BlackStratus, Inc. Software 20.0 9.2 (0.6)

Apr-12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA

Apr-12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0

Mar-12 Professional Diversity Network LLC Digital Media/Commerce 17.5 5.7 2.9

Mar-12 Reval Holdings, Inc. Software 75.0 47.0 (12.1)

M&A & INVESTMENT SUMMARY JANUARY 2013 6 LTM IPO PERFORMANCE

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2013 1st Trading Day Nov-12 3666 Tecnos Japan Incorporated Japan $16.77-$18.72 $18.72 27.66, up 48% $36.74 32.8% Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 13.83 22.3%

Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 23.56 92.3%

Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 25.07 12.4%

Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 44.77 30.9%

Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 25.23 16.5% Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, 74% 53.42 9.1%

Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24.00, up 41.8% 26.29 9.5%

Aug-12 ELOQ Eloqua, Inc. United States 10.00-11.50 11.50 12.89, up 12% 23.49 82.2%

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 12.70 19.8%

Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 17.85 32.2% Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 40.37 21.7% Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 55.36 4.2%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 27.72 11.9%

Jun-12 DB:VWA Vange Software Group AG Switzerland 33.05-39.41 33.05 32.69, down 1% 13.03 (60.1%) May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 12.22 (36.0%)

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 30.98 (19.0%)

May-12 WAGE W a geWorks, Inc. United States 10.00-12.00 9.00 12.60, u p 40% 19.96 58.4% Apr-12 A149940 Modacom Co., Ltd. South Korea 6.24-7.58 6.24 6.76, up 8% 6.29 (7.0%)

Apr-12 300353 Kyland Technology Co., Ltd. China No Range 3.29 3.49, up 6% 4.56 30.8% Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 6.92 19.9%

Apr-12 GWAY Greenway Medical Technologies United States 11.00-13.00 10.00 13.29, up 33% 14.90 12.1%

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 18.85 (11.5%) Apr- 12 PFPT Proofpoint, Inc. United States 10.00- 12.00 13.00 14.10, up 8% 13.15 (6.7%) Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 32.96 (7.1%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 6.07 (68.1%)

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 31.79 30.7%

Mar-12 ENVI Envivio, Inc. United States 10.00-12.00 9.00 8.49, down 5.7% 1.65 (80.6%)

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 21.99 (12.4%) Mar-12 MM Millennial Media, Inc. United States 11. 00-13. 00 13. 00 25. 00, up 92% 11. 54 (53. 8%) Mar-12 SYNC Synacor, Inc. United States 5.00-6.00 5.00 5.14, up 3% 5.79 12.6%

M&A & INVESTMENT SUMMARY JANUARY 2013 7 LTM IPO PERFORMANCE

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2013 1st Trading Day Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 18.57 237.6%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.26 17.2%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 21.24 (13.6%) Mar-12 A153460 Nable Communications, Inc. South Korea 6.54-7.85 7.85 7.66, down 2% 14.16 84.9%

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 13.70 4.7%

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 7.73 (53.2%) Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 8.42 (44.4%)

Feb-12 EPAM EPAM Systems, Inc. United States 16.00-18.00 12.00 14.00, up 17% 20.72 72.7%

M&A & INVESTMENT SUMMARY JANUARY 2013 8 DIGITAL MEDIA/COMMERCE Transactions by Subsegment and Buyer Type

• eCommerce was the most active subsegment with 20 transactions announced, while Social Media/Apps was the highest value subsegment with $118 million in reported value • Select acquisitions › 2UP Gaming’s $40 million purchase of DBG Poker Group, a U.K.-based provider of online gaming software and hardware technology › Backstage’s $15 million acquisition of Sonicbids, which operates an online community for musicians and music promoters • Select investments › BlackRock’s offer to purchase $80 million of Twitter stock, at a valuation of more than $9 billion › The $30 million investment in Room 77, a company that operates a search engine for funding the low prices on hotel rooms, from Expedia, Sutter Hill Ventures, General Catalyst Partners, Felicis Ventures, Concur Technologies, and individuals › The $25 million investment in Streetline, which provides a mobile app that helps drivers find empty parking spaces, in a round led by True Ventures

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 20 29% 91.7 21% 6 10.6 1 - 13 81.2 Mobile Content/Apps 13 19% 61.8 14% 5 22.5 0 - 8 39.3 Social Media/Apps 10 14% 118.3 27% 6 19.7 0 - 4 98.6 Gaming 9 13% 65.9 15% 5 47.1 0 - 4 18.8 Niche Content 4 6% 22.8 5% 2 2.5 0 - 2 20.3 Local Search 4 6% 17.5 4% 1 - 0 - 3 17.5 Classifieds/Auctions/P-to-P 3 4% 7.0 2% 1 - 0 - 2 7.0 Vertical Search 3 4% 16.7 4% 0 - 0 - 3 16.7 Digital Promotion/Coupon 2 3% 0.0 0% 2 - 0 - 0 - Other* 2 3% 34 8% 0 0.0 0 0.0 2 33.6 Total 70 100% 435 100% 28 102 1 0 41 333

M&A & INVESTMENT SUMMARY JANUARY 2013 9 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $265.50 -7% $120,683.3 $113,065.3 $11,448.0 $3,830.0 $61,093.0 $2,835.0 4.6% 27.1% 1.9x 39.9x eBay Inc. United States 55.97 -1% 72,424.3 67,535.3 9,408.0 4,519.0 14,072.0 4,088.0 29.1% 20.8% 4.8x 16.5x Facebook, Inc. United States 30.98 -31% 67,118.1 59,848.1 9,626.0 2,356.0 5,089.0 1,187.0 23.3% 37.1% 11.8x 50.4x priceline.com Incorporated United States 685.47 -12% 34,181.0 31,098.0 4,668.0 1,451.8 5,061.1 1,836.5 36.3% 23.6% 6.1x 16.9x

1-800-Flowers.com Inc. United States $4.02 -2% $260.9 $255.6 $27.0 $21.8 $733.1 $40.8 5.6% 2.4% 0.3x 6.3x AirMedia Group Inc. China 2.34 -34% 146.5 29.0 116.1 - 289.1 23.2 8.0% 13.7% 0.1x 1.3x Angie's List, Inc. United States 12.55 -37% 725.6 674.9 65.5 14.9 137.1 (56.9) NM 74.2% 4.9x NM AOL Inc. United States 30.65 -30% 2,565.3 1,822.2 867.1 110.2 2,169.0 447.8 20.6% -2.4% 0.8x 4.1x Bet fair Group PLC United Kingdom 10.55 -26% 1,061.9 875.5 189.9 - 642.9 102.7 16.0% 7.5% 1.4x 8.5x Blinkx plc United States 0.93 -38% 335.8 294.9 41.6 - 151.8 16.5 10.9% 82.2% 1.9x 17.9x Blue Nile Inc . United States 33.49 -26% 418.6 389.0 30.2 0.7 376.2 13.1 3.5% 7.4% 1.0x 29.7x Bluefly Inc . United States 0.74 -68% 21.2 22.1 1.3 2.3 97.6 (23.2) NM 2.2% 0.2x NM CafePress Inc. United States 6.32 -72% 108.1 55.8 55.2 2.8 200.1 16.0 8.0% 24.4% 0.3x 3.5x CyberAgent Inc. Japan 2,104.40 -25% 1,362.3 1,154.3 931.7 8.4 1,731.8 207.8 12.0% 21.8% 0.7x 5.6x Demand Media, Inc . United States 8.45 -32% 719.8 606.9 112.9 - 361.9 65.2 18.0% 15.2% 1.7x 9.3x DeNA Co., Ltd. Japan 31.71 -16% 4,252.4 3,655.8 747.7 - 2,237.5 982.7 43.9% 33.2% 1.6x 3.7x Dic e Holdings, Inc . United States 9.41 -14% 561.1 564.9 42.2 46.0 195.4 71.3 36.5% 9.1% 2.9x 7.9x E-Commerce China Dangdang Inc. China 4.12 -63% 330.3 134.6 227.5 31.8 765.1 (72.9) NM 55.3% 0.2x NM Ediets.com Inc. United States 0.49 -32% 7.0 8.7 0.2 1.9 21.4 (4.1) NM -8.4% 0.4x NM eHealth, Inc. United States 24.37 -13% 493.5 362.7 130.8 - 153.3 19.4 12.7% -3.7% 2.4x 18.7x Expedia Inc. United States 65.25 -2% 8,800.1 7,799.6 2,357.1 1,249.3 3,842.6 705.6 18.4% 21.8% 2.0x 11.1x G5 Ent ert ainment AB (publ) Sweden 7.40 -9% 59.2 56.2 2.9 - 11.5 4.2 36.7% 92.4% 4.9x 13.3x GameLoft SA France 6.87 -12% 546.5 487.2 55.8 0.5 241.8 29.4 12.2% 21.1% 2.0x 16.6x Glu Mobile, Inc . United States 2.59 -56% 170.8 146.7 24.1 - 81.7 (11.6) NM 22.6% 1.8x NM Gree, Inc . Japan 14.91 -50% 3,472.4 3,235.6 483.7 204.8 2,127.8 1,077.9 50.7% 101.6% 1.5x 3.0x Groupon, Inc . United States 5.52 -79% 3,619.6 2,423.9 1,201.0 - 2,188.3 146.7 6.7% 69.6% 1.1x 16.5x Hollywood Media Corp. United States 1.32 -12% 30.6 24.7 6.0 0.0 3.4 (4.4) NM NA 7.3x NM HomeAway, Inc . United States 23. 97 -13% 1, 991. 8 1, 747. 6 244. 2 - 267. 3 48. 5 18. 1% 23. 0% 656.5x 36. 00x HSN, Inc . United States 59.60 -2% 3,233.5 3,353.5 129.9 250.0 3,313.6 273.3 8.2% 8.2% 1.0x 12.3x International Game Technology United States 15.37 -12% 4,065.7 5,640.5 200.7 1,775.5 2,235.5 818.3 36.6% 14.6% 2.5x 6.9x Jiayuan.com International Ltd. China 5.35 -67% 169.4 72.7 96.6 - 61.8 7.8 12.6% 29.5% 1.2x 9.3x Kayak Software Corporation United States 40.37 -2% 1,556.7 1,378.9 178.4 - 282.8 54.0 19.1% 32.8% 4.9x 25.6x Kongzhong Corp. China 5.87 -28% 251.4 106.0 145.4 - 177.6 25.7 14.5% 16.0% 0.6x 4.1x LeGuide.com S.A. France 36.65 -4% 128.9 102.1 27.5 2.5 44.0 10.7 24.3% 23.0% 2.3x 9.6x LinkedIn Corporation * United States 123.79 -3% 13,301.1 12,624.4 676.6 - 836.4 104.1 12.4% 91.8% 15.1x 121.3x Liquidity Servic es, Inc . United States 31.87 -52% 1,004.0 958.1 45.9 - 491.5 97.7 19.9% 37.3% 1.9x 9.8x MakeMyTrip Limited India 15.32 -38% 569.3 476.3 93.2 0.2 210.6 0.6 0.3% 29.2 % 2.3x NM MeetMe, Inc. United States 2.71 -50% 100.3 106.6 5.5 11.8 42.1 (4.0) NM 533.4% 2.5x NM Mercadolibre, Inc. Argentina 88.40 -15% 3,902.9 3,729.6 177.6 0.2 356.3 127.9 35.9% 29.7% 10.5x 29.2x Mixi, Inc. Japan 1,962.93 -28% 304.5 167.9 159.8 - 180.6 52.7 29.2% -6.5% 0.9x 3.2x Move, Inc. United States 9.43 -6% 370.8 340.0 30.9 - 193.8 17.9 9.3% 0.2% 1.8x 19.0x NCsoft Corporation South Korea 126.90 -58% 2,521.0 2,095.5 470.5 21.7 560.1 82.7 14.8% 12.4% 3.7x 25.3x Netflix, Inc . * United States 165.24 -7% 9,185.2 8,837.1 748.1 400.0 3,609.3 95.5 2.6% 12.6% 2.4x 92.6x Nexon Co. Ltd. Japan 10.54 -43% 4,589.9 3,682.6 1,794.3 689.9 1,280.0 579.5 45.3% 12.4% 2.9x 6.4x OpenTable, Inc. United States 52.69 -6% 1,197.3 1,111.1 86.1 - 155.8 46.5 29.8% 17.1% 7.1x 23.9x Orbitz Worldwide, Inc. United States 2.89 -39% 303.6 591.7 152.3 440.4 766.2 100.9 13.2% -0.8% 0.8x 5.9x Overstock. com Inc. United States 13. 44 -24% 315. 1 221. 6 93. 5 - 1, 099. 3 28. 2 26%2.6% 43%4.3% 020.2x 787.8x Pac ific Online Ltd. China 0.40 -24% 430.7 392.4 38.3 - 106.5 46.7 43.9% 19.3% 3.7x 8.4x Pandora Media, Inc. United States 11.52 -56% 1,959.3 1,878.8 80.5 - 383.4 (24.7) NM 59.3% 4.9x NM PC Connection, Inc. United States 12.35 -4% 327.4 288.5 53.5 1.2 2,158.9 62.7 2.9% 2.6% 0.1x 4.6x

M&A & INVESTMENT SUMMARY JANUARY 2013 10 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA PC Home Online Inc. Taiwan 4.90 -23% 400.6 318.9 95.1 - 503.4 18.0 3.6% 12.3% 0.6x 17.7x Perform Group plc. United Kingdom 5.99 -16% 1,431.1 1,395.3 54.1 15.3 196.8 35.4 18.0% 53.4% 7.1x 39.4x Phoenix New Media Limited China 3.56 -54% 277.4 99.8 177.7 - 173.2 17.1 9.9% 31.5% 0.6x 5.8x Qihoo 360 Technology Co. Ltd * China 30.57 -11% 3,648.6 3,302.0 348.2 - 288.4 62.6 21.7% 130.1% 11.4x 52.8x Rakut en, Inc . Japan 9.16 -8% 12,037.6 7,318.6 8,608.8 3,889.9 5,380.2 1,256.0 23.3% 0.0% 1.4x 5.8x RealNet works Inc . * United States 7.66 -32% 269.9 (3.8) 273.7 - 271.8 (43.9) NM - 23.1% NM 0.1x Rediff.com India Limited India 2.95 -63% 81.4 56.8 - - 16.1 (6.2) NM -23.0% 3.5x NM Renren Inc . China 3.35 -57% 1,260.5 368.0 892.5 - 160.1 (70.4) NM 50.9% 2.3x NM RiRight htmov e plc * UitdUnited KidKingdom 26. 56 -2% 2, 622. 6 2, 599. 4 23. 0 - 169. 3 115. 3 68.1% 20.9% 15.4x 22.5x Scripps Networks Interactive, Inc. United States 61.77 -7% 9,256.4 10,600.5 439.2 1,384.1 2,256.0 1,038.9 46.1% 11.5% 4.7x 10.2x Shutterfly, Inc. United States 33.08 -5% 1,196.9 1,106.9 90.0 - 552.6 51.7 9.4% 47.1% 2.0x 21.4x Shutterstock, Inc. United States 25.23 -12% 845.5 856.4 28.8 12.0 155.2 27.4 17.6% 0.0% 5.5x 31.3x Sify Technologies Limited India 2.10 -55% 276.4 291.7 15.5 30.7 147.1 10.7 7.3% 11.8% 2.0x 27.2x S ky - mo bi Limit e d * China 1.96 -65% 63.3 (31.6) 94.9 - 101.7 1.4 1.4% -5.6% NM NM Spark Networks, Inc . United States 7.22 -13% 150.0 139.0 11.0 - 58.3 (4.4) NM 27.5% 2.4x NM Stamps.com Inc. United States 26.99 -19% 421.2 384.0 37.2 - 112.8 23.3 20.6% 16.2% 3.4x 16.5x Taomee Holdings Ltd. China 4.17 -34% 153.2 34.0 119.3 - 41.3 5.1 12.4% -11.1% 0.8x 6.6x TechTargg,et, Inc. United States 5.08 -36% 200.6 143.3 57.3 - 103.6 17.2 16.6% 0.1% 1.4x 8.3x The Active Network, Inc. United States 5.53 -69% 334.9 259.2 78.5 2.8 401.3 9.4 2.3% 24.2% 0.6x 27.6x TheStreet, Inc. United States 1.63 -29% 53.6 16.8 36.8 - 51.2 (2.5) NM -12.1% 0.3x NM TripAdvisor Inc. United States 46.28 -3% 6,587.7 6,468.4 548.4 414.5 731.4 308.0 42.1% 17.6% 8.8x 21.0x Trulia, Inc. United States 26.29 -1% 718.8 627.1 101.7 10.0 59.3 (6.8) NM 0.0% 10.6x NM United Online, Inc . United States 6.64 0% 604.1 739.9 108.1 243.9 869.8 121.4 14.0% -4.7% 0.9x 6.1x ValueVision Media Inc . United States 2.71 -4% 133.0 140.5 30.5 38.0 556.9 (6.1) NM -5.6% 0.3x NM Vipshop Holdings Limited China 18.57 -19% 939.3 807.3 132.0 - 497.7 (78.1) NM 0.0% 1.6x NM WebMD Health Corp. United States 16.53 -42% 810.3 640.9 969.4 800.0 487.8 39.6 8.1% -15.4% 1.3x 16.2x WebMediaBrands Inc United States 2.05 -79% 12.3 17.5 2.5 7.6 14.0 (1.5) NM 19.4% 1.2x NM YhYahoo ! Inc. UitdUnited SttStates 19. 63 -6% 23, 216. 2 19, 202. 2 4, 184. 0 124. 6 4, 986. 6 1, 457. 1 29.2% 0.0% 3.9x 13.2x Yandex N.V. Netherlands 24.21 -42% 7,922.9 7,540.9 382.0 - 845.3 372.4 44.0% 48.9% 8.9x 20.3x Yelp, Inc. United States 21.24 -34% 1,344.5 1,221.4 123.1 - 121.3 (11.3) NM 64.7% 10.1x NM Youku Tudou Inc. * China 22.76 -31% 3,721.7 3,127.3 599.3 4.9 233.7 3.5 1.5% 98.3% 13.4x NM Zillow, Inc . * United States 37.84 -19% 1,265.1 1,036.2 228.9 - 102.4 11.9 11.7% 83.7% 10.1x 86.7x Zynga, Inc. United States 2.71 -83% 2,124.6 901.5 1,323.0 100.0 1,281.3 (474.5) NM 25.1% 0.7x NM

Adjusted Weighted Average 3.8x 13.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.0x) Note: Revenue and EBITDA multiples for Amazon.c om, eBay, Fac ebook, and pric eline.c om are exc luded from Summary Multiples

M&A & INVESTMENT SUMMARY JANUARY 2013 11 DIGITAL ADVERTISING Transactions by Subsegment and Buyer Type

• The were 24 transactions announced in the Digital Advertising segment, up from 15 in the previous month, while reported value increased by 127 percent to $216 million. Online Lead Generation was the most active subsegment with 12 transactions announced • Select acquisitions › Matomy Media Group’s $10 million acquisition of MediaWhiz, a full-service integrated digital media agency offeri ng affiliat e mark eti ng, search , soci al medi a, displ ay adverti si ng, email, and dat a acqui s ition services › Connecture’s acquisition of DRX, which offers platforms where consumers can shop and enroll in private Medicare plans online › ePrize’s acquisition of Mozes, a mobile engagement services company that provides social and location-based experiences to live audiences at concerts and sporting events as well as through television broadcasts • Select investments › The $35 million investment in Houzz, which operates an online community for home-renovation professionals and their customers, led by new investors GGV Capital and New Enterprise Associates › The $30 million investment in Pinterest, which provides an online service that enables users to organize and share various things on the Web, from SV Angel

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Online Lead Generation 12 50% 117.9 55% 3 10.0 2 45.0 7 62.9 Ad Networks/Exchanges 5 21% 51.0 24% 1 - 0 - 4 51.0 Affiliate/CPA Network 3 13% 41.0 19% 1 - 0 - 2 41.0 Digital Video 2 8% 6.0 3% 1 - 0 - 1 6.0 Mobile Marketing 2 8% 0.0 0% 2 - 0 - 0 - Total 24 100% 216 100% 8 10 2 45 14 161

M&A & INVESTMENT SUMMARY JANUARY 2013 12 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $755.69 -2% $249,123.2 $208,245.2 $48,088.0 $7,210.0 $50,175.0 $16,278.0 32.4% 32.4% 4.2x 12.8x

Bankrat e, Inc . United States $12.37 -52% $1,237.6 $1,360.3 $71.1 193.9 $477.7 $134.3 28.1% 23.2% 2.8x 10.1x Bluc ora, Inc . United States 14.86 -20% 605.5 529.3 150.4 74.3 376.1 73.0 19.4% 77.5% 1.4x 7.3x Constant Contact, Inc. United States 15.06 -53% 460.0 366.5 93.5 - 252.2 23.2 9.2% 17.6% 1.5x 15.8x eHealth, Inc. United States 24.37 -13% 493.5 362.7 130.8 - 153.3 19.4 12.7% -3.7% 2.4x 18.7x ExactTarget, Inc. * United States 21.99 -26% 1,497.1 1,285.1 212.0 - 267.5 7.4 2.8% 43.1% 4.8x 174.1x Hi-Media S.A. France 2.76 -43% 122.2 145.7 30.5 51.3 270.3 23.2 8.6% -7.7% 0.5x 6.3x IAC/InterActiveCorp United States 41. 25 -26% 3, 648. 8 3, 215. 1 640. 7 95. 8 2, 632. 6 371. 2 14. 1% 37. 6% 12x1.2x 87x8.7x Millennial Media Inc . United States 11.54 -59% 904.0 781.6 122.4 - 154.3 (5.6) NM 75.6% 5.1x NM Motricity, Inc. United States 0.43 -77% 19.6 22.6 19.0 22.0 114.8 (5.8) NM 3.6% 0.2x NM OPT, Inc. Japan 8.54 -1% 251.5 108.9 171.1 6.0 912.3 23.5 2.6% 26.7% 0.1x 4.6x Pacific Online Ltd. China 0.40 -24% 430.7 392.4 38.3 - 106.5 46.7 43.9% 19.3% 3.7x 8.4x QuinStreet, Inc. United States 5.64 -53% 241.2 233.1 107.8 99.7 329.1 42.7 13.0% -16.4% 0.7x 5.5x Reac hLoc al, Inc . United States 13.12 -8% 374.1 278.4 95.7 - 434.9 7.9 1.8% 22.2% 0.6x 35.4x Responsys, Inc. United States 7.63 -41% 372.2 272.7 100.9 1.3 155.4 18.8 12.1% 21.1% 1.8x 14.5x Septeni Holdings Co., Ltd. Japan 827.94 -7% 104.2 65.7 65.9 11.2 531.0 23.3 4.4% 19.4% 0.1x 2.8x The Active Network, Inc. United States 5.53 -69% 334.9 259.2 78.5 2.8 401.3 9.4 2.3% 24.2% 0.6x 27.6x TradeDoubler AB Sweden 2.11 -62% 89.9 62.7 26.3 - 371.2 7.6 2.0% 5.2% 0.2x 8.2x Tree.Com, Inc. United States 17.48 -5% 198.7 108.9 89.8 - 64.2 (9.5) NM 14.9% 1.7x NM ValueClic k, Inc . United States 20.47 -6% 1,540.1 1,594.9 120.2 175.0 668.1 191.0 28.6% 38.6% 2.4x 8.3x Velti Plc Ireland 3.72 -75% 241.8 227.8 29.5 15.5 260.0 30.3 11.6% 62.9% 0.9x 7.5x Web.com Group, Inc. United States 16.20 -18% 763.5 1,434.2 11.5 682.2 369.8 33.8 9.2% 126.5% 3.9x 42.4x Yahoo! Inc. United States 19.63 -6% 23,216.2 19,202.2 4,184.0 124.6 4,986.6 1,457.1 29.2% 0.0% 3.9x 13.2x Yandex N.V. * Netherlands 24.21 -42% 7,922.9 7,540.9 382.0 - 845.3 372.4 44.0% 48.9% 8.9x 20.3x

Adjusted Weighted Average 3.3x 14.5x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (59 3 ) Note: Revenue and EBITDA multiples for Google is exc luded from Summary Multiples

M&A & INVESTMENT SUMMARY JANUARY 2013 13 MARKETING TECHNOLOGY Transactions by Subsegment and Buyer Type

• Analytics/Reporting and Social Technology were the most active subsegments with nine and eight transactions announced, respectively, while CRM was the highest value subsegment with $88 million in reported value • Select acquisitions › Tiger Global Management’s $800 million investment of online survey tools provider SurveyMonkey, at an enterprise value of $1.4 billion • Select investments › The $75 million investment in AppNexus, a company that runs a real-time bidding platform for ad networks, led by Technology Crossover Ventures › The $54 million investment in Infusionsoft, a provider of customer relationship management solutions for small businesses, led by Goldman Sachs, at a valuation of over $200 million

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Reporting 9 13% 31.1 3% 4 - 1 7.9 4 23.3 Social Technology 8 12% 48.9 4% 2 - 0 - 6 48.9 Content Management 6 9% 15. 5 1% 2 - 0 - 4 15. 5 CRM 6 9% 88.4 7% 3 26.7 0 - 3 61.7 MRM/Workflow Management 5 7% 5.8 0% 1 - 1 - 3 5.8 Search & Discovery 4 6% 0.7 0% 3 - 0 - 1 0.7 Ad Serving 3 4% 27.0 2% 0 - 0 - 3 27.0 BI Tools 3 4% 0.8 0% 1 - 1 - 1 0.8 Commerce Management 3 4% - 0% 2 - 0 - 1 - Media Management System 3 4% 5.6 0% 1 - 0 - 2 5.6 Online Targeting/Optimization 3 4% 81.3 7% 0 - 0 - 3 81.3 Teleservices/eServices 3 4% 20.5 2% 1 - 0 - 2 20.5 Segmentation/Data Mining 2 3% 12.4 1% 2 12.4 0 - 0 - Other* 9 13% 861.7 72% 3 - 1 800.0 5 61.7 Total 67 100% 1,200 100% 25 39 4 808 38 353 *Other includes Content Delivery Network, Market Research Software, Mobile Technology, Product/Price Software, SEM/SEO Tools, SFA/Lead Management, Website Creation/Hosting

M&A & INVESTMENT SUMMARY JANUARY 2013 14 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

StocStockk PricePrice CChghg % FromFromEEquityquity EnEnt.t. CasCashh & ST.ST. TTotalotalLTMLTMLTM LTM MMarginargin LTM LTM MMultiplesultiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $37.83 -2% $18,869.3 $16,839.1 $3,538.4 $1,508.2 $4,403.7 $1,472.1 33.4% 4.4% 3.8x 11.4x Microsoft Corporation United States 27.45 -17% 229,927.9 176,047.9 68,098.0 14,218.0 72,930.0 28,867.0 39.6% 1.2% 2.4x 6.1x Oracle Corporation United States 35.51 -1% 168,114.9 154,603.9 33,695.0 19,757.0 37,230.0 17,300.0 46.5% 1.4% 4.2x 8.9x salesforce.com, inc United States 172.13 -4% 25,193.1 25,166.1 605.6 578.5 2,847.4 88.7 3.1% 36.1% 8.8x 283.7x SAP AG Germany 81.74 -4% 97,473.6 101,040.3 3,466.3 6,918.1 21,388.4 6,506.7 30.4% 14.0% 4.7x 15.5x

Actuate Corporation United States $5.63 -23% $275.7 $201.1 $74.6 - $138.6 $27.3 19.7% 5.0% 1.5x 7.4x Akamai Technologies, Inc. United States 40.71 -4% 7,224.7 6,759.5 465.2 - 1,319.8 528.1 40.0% 17.9% 5.1x 12.8x Bazaarvoic e, Inc . United States 7.73 -63% 552.3 410.8 141.5 - 133.3 (23.8) NM 59.3% 3.1x NM Bitauto Holdings Limited China 9939.93 -3% 409. 0 328. 4 80. 5 - 147. 9 20. 2 13. 6% 54. 7% 22x2.2x 16. 3x Blac kbaud Inc . United States 24.92 -27% 1,125.7 1,346.6 25.6 246.4 422.4 61.1 14.5% 16.6% 3.2x 22.0x Bright c ove, Inc . United States 8.42 -67% 234.2 209.0 26.7 - 82.2 (9.7) NM 43.2% 2.5x NM ChinaCac he International Holdings Ltd. China 3.80 -55% 87.1 43.5 43.6 - 122.2 14.2 11.6% 38.6% 0.4x 3.1x Constant Contact, Inc. United States 15.06 -53% 460.0 366.5 88.2 - 252.2 23.2 9.2% 17.6% 1.5x 15.8x Demandware, Inc . * United States 31.79 -7% 944.7 842.1 108.9 6.3 71.8 (4.3) NM 42.3% 11.7x NM Digital Generation, Inc. United States 10.01 -36% 277.0 663.3 68.6 455.0 391.3 112.1 28.7% 34.4% 1.7x 5.9x Digit al River Inc . United States 14.52 -24% 515.9 194.7 675.0 353.8 396.9 52.4 13.2% 3.4% 0.5x 3.7x Eloqua, Inc. United States 23.49 -5% 835.1 749.6 85.5 - 90.1 0.1 0.1% 39.1% 8.3x NM ExactTarget, Inc. * United States 21.99 -26% 1,497.1 1,285.1 212.0 - 267.5 7.4 2.8% 43.1% 4.8x 174.1x Informatica Corporation United States 37.01 -32% 3,993.6 3,460.5 535.6 - 811.6 180.3 22. 2% 35%3.5% 43x4.3x 19. 2x InnerWorkings Inc . United States 13.91 -8% 694.7 759.2 9.5 74.0 764.9 34.1 4.5% 29.9% 1.0x 22.3x Interac tive Intelligenc e Group Inc . United States 40.22 -2% 777.5 717.9 59.5 - 224.5 14.1 6.3% 10.9% 3.2x 50.9x Jive Software, Inc. United States 15.33 -46% 985.9 855.8 141.5 11.4 103.7 (36.1) NM 49.3% 8.3x NM Keynote Systems Inc. United States 15.60 -24% 285.0 233.8 51.2 - 125.2 17.2 13.8% 12.5% 1.9x 13.6x LivePerson Inc. United States 13.37 -32% 747.0 643.7 103.3 - 151.4 21.3 14.1% 19.7% 4.3x 30.2x Merc adolibre, Inc . * Argentina 88.40 -15% 3,902.9 3,729.6 177.6 0.2 356.3 127.9 35.9% 29.7% 10.5x 29.2x MicroStrategy Inc. United States 100.27 -37% 1,131.5 907.1 224.4 - 594.6 54.7 9.2% 5.8% 1.5x 16.6x NQ Mobile Inc . China 6.79 -47% 298.3 177.8 126.2 0.7 74.6 4.4 5.9% 118.6% 2.4x 40.4x OpenText Corporation Canada 58.35 -7% 3,417.6 3,631.7 367.3 581.4 1,276.3 372.0 29.1% 10.2% 2.8x 9.8x PROS Holdings, Inc . United States 22.06 -2% 605.7 533.0 72.6 - 111.3 10.5 9.4 % 22.9% 4.8x 50.7x PTC Inc. United States 23.18 -20% 2,769.6 2,889.3 248.4 368.1 1,257.2 225.0 17.9% 3.2% 2.3x 12.8x Qlik Tec hnologies, Inc . * United States 22.21 -34% 1,907.8 1,714.8 193.1 0.0 359.1 17.5 4.9% 22.2% 4.8x 98.1x Responsys, Inc. United States 7.63 -41% 372.2 272.7 100.9 1.3 155.4 18.8 12.1% 21.1% 1.8x 14.5x Rovi Corporat ion United States 17.29 -54% 1,854.9 2,515.8 821.2 1,482.1 680.1 213.0 31.3% 4.0% 3.7x 11.8x Sage Group plc United Kingdom 5.11 -2% 5,492.1 5,722.7 99.3 337.3 2,160.7 639.4 29.6% 0.5% 2.6x 8.9x SDL plc United Kingdom 8.31 -31% 666.8 675.5 26.2 34.8 393.8 70.5 17.9% 13.9% 1.7x 9.6x S ky - mo bi Limit e d * China 1.96 -65% 63.3 (31.6) 94.9 - 101.7 1.4 1.4% -5.6% NM NM Solera Holdings Inc . United States 54.81 -3% 3,771.8 4,478.8 542.9 1,150.1 787.2 336.0 42.7% 8.7% 5.7x 13.3x SoundBite Communications, Inc. United States 2.96 -11% 48.5 24.4 24.1 - 46.2 0.6 1.3% 16.0% 0.5x 39.2x Splunk, Inc. * United States 32. 96 -17% 3, 250. 4 2, 977. 0 273. 3 - 176. 9 (12. 7) NM 76. 0% 16. 8x NM Synacor, Inc. United States 5.79 -68% 157.0 122.7 38.7 4.4 118.7 9.0 7.6% 47.9% 1.0x 13.6x Teradata Corporation United States 66.66 -18% 11,272.2 10,641.2 909.0 278.0 2,598.0 647.0 24.9% 16.1% 4.1x 16.4x The Active Network, Inc. United States 5.53 -69% 334.9 259.2 78.5 2.8 401.3 9.4 2.3% 24.2% 0.6x 27.6x TIBCO Software Inc. United States 23.44 -32% 3,817.1 3,615.5 761.7 560.2 1,024.6 214.3 20.9% 11.3% 3.5x 16.9x Verint Systems Inc. United States 33.80 -4% 1,355.5 2,048.1 192.0 592.6 822.6 147.1 17.9% 8.6% 2.5x 13.9x Vocus Inc. * United States 17.54 -29% 363.1 411.7 30.6 1.6 154.2 1.7 1.1% 39.7% 2.7x 237.8x Weborama France 20.37 -40% 71.1 63.6 13.5 6.5 33.8 6.0 17.8% 35.7% 1.9x 10.6x

Adjusted Weighted Average 3.8x 16.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (80.4x) Note: Revenue and EBITDA multiples for Adobe Systems, Orac le, Mic rosoft, salesforc e.c om, and SAP are exc luded from Summary Multiples

M&A & INVESTMENT SUMMARY JANUARY 2013 15 AGENCY/CONSULTING Transactions by Subsegment and Buyer Type

• There were 16 transactions announced in the Agency/Consulting segment in January, of which nine were announced in the Digital Agency segment • Select acquisitions › WPP’s acquisition of three advertising agencies in Colombia, REP/Grey, REP/G2, and Massive, a group that expects collective revenue of $110 million, along with its purchase of Salmon Group, a $55 million systems in tegra tor that provid es digit al consulti ng, desi gn, deli very, and support servi ces to ret ail , wh ol esal e, and manufacturing brands › Griffin York & Krause’s acquisition of Antler Agency, a social and interactive brand experiences company › Advance Publications’ acquisition of POP, a digital agency that crafts interactive experiences for the Web, mobile devices, and emerging digital platforms

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 9 56% 0.4 100% 9 0.4 0 - 0 - Marketing Consulting 1 6% - 0% 1 - 0 - 0 - Public Relations 2 13% - 0% 2 - 0 - 0 - DM Agency 1 6% - 0% 0 - 1 - 0 - General Agency 1 6% - 0% 1 - 0 - 0 - Healthcare Agency 1 6% - 0% 0 - 0 - 1 - Social Agency 1 6% - 0% 1 - 0 - 0 - Total 16 100% 0 100% 14 0 1 0 1 0

M&A & INVESTMENT SUMMARY JANUARY 2013 16 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acquity Group Limited Hong Kong $6.92 -37% $162.7 $132.0 $137.9 $27.2 19.7% 0.0% 1.0x 4.8x Aegis Group plc * United Kingdom 3.72 -1% 4,280.6 4,775.6 1,902.1 330.8 17.4% 18.9% 2.5x 14.4x Cello Group Plc United Kingdom 0.70 -6% 57.2 78.9 212.2 12.5 5.9% 8.1% 0.4x 6.3x Charm Communications Inc. China 4.85 -58% 188.8 79.7 198.7 17.7 8.9% -22.5% 0.4x 4.5x Chime Communications plc United Kingdom 3.77 -7% 302.6 269.8 563.5 42.7 7.6% 20.4% 0.5x 6.3x Dent su Inc . Japan 28.02 -4% 6,980.8 6,720.3 25,044.9 970.7 3.9% 6.7% 0.3x 6.9x Enero Group Limited Australia 0.35 -64% 29.9 9.9 343.1 4.7 1.4% -16.0% 0.0x 2.1x Havas France 6.55 -1% 2,504.4 3,172.7 2,166.4 333.8 15.4% 7.2% 1.5x 9.5x Hunt sworth plc United Kingdom 0.66 -25% 167.2 277.6 276.6 44.4 16.1% 1.0% 1.0x 6.3x M&C Saatchi plc United Kingdom 3.17 -1% 200.9 182.5 257.3 29.5 11.5% 18.2% 0.7x 6.2x MDC Partners Inc. * Canada 12.81 -16% 398.2 966.4 1,034.2 62.0 6.0% 16.1% 0.9x 15.6x Next Fifteen Communications Group plc United Kingdom 1.59 -9% 95.1 102.6 143.6 17.9 12.5% 6.4% 0.7x 5.7x Omnicom Group Inc. United States 54.28 -1% 14,339.7 17,513.8 14,127.7 2,132.5 15.1% 3.8% 1.2x 8.2x Publicis Groupe SA France 65.54 -2% 12,897.3 14,193.0 7,860.8 1,431.2 18.2% 11.1% 1.8x 9.9x Sapient Corp. United States 12.11 -13% 1,670.5 1,464.4 1,090.0 140.0 12.8% 11.0% 1.3x 10.5x The Interpublic Group of Companies, Inc. United States 12.11 -1% 5,224.1 6,175.7 6,965.5 809.0 11.6% 0.3% 0.9x 7.6x WPP plc Ireland 15.71 -1% 19,879.1 24,787.7 16,124.9 2,503.2 15.5% 7.1% 1.5x 9.9x

Adjusted Weighted Average 1.3x 8.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

M&A & INVESTMENT SUMMARY JANUARY 2013 17 MARKETING SERVICES Transactions by Subsegment and Buyer Type

• There were eleven transaction in the Marketing Services segment in January, up from seven announced in the previous month. Printing Services was the most active subsegment with four acquisitions announced • Select acquisitions › The Riverside Company’s acquisition of GiveAnything.com (dba CorporateRewards), a provider of business recognition and wellness programs › Franchise Foundry’s acquisition of FranchisEssentials, a company offering franchise management, marketing, and development services › GT Graphics’ acquisition of Zip Prints, a company offering full color printing of business cards, postcards, letterheads, stationery envelopes and more

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Printing Services 4 36% - 0% 4 - 0 - 0 - Database/Analytics 2 18% 6.5 100% 2 6.5 0 - 0 - Retail Services 2 18% - 0% 2 - 0 - 0 - Ad Specialty/Premiums 1 9% - 0% 1 - 0 - 0 - Logistics 1 9% - 0% 0 - 0 - 1 - Loyalty/Retention 1 9% - 0% 0 - 1 - 0 - Total 11 100% 7 100% 9 7 1 0 1 0

M&A & INVESTMENT SUMMARY JANUARY 2013 18 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.73 -7% $1,322.0 $1,396.1 $186.2 $260.6 $1,109.5 $223.4 20.1% -1.9% 1.3x 6.3x Aimia Inc. Canada 16.03 -4% 2,762.7 2,966.1 386.9 604.0 2,163.8 284.6 13.2% -1.9% 1.4x 10.4x Allianc e Data Systems * United States 157.60 -1% 7,857.3 12,664.1 893.4 5,700.2 3,641.4 1,141.2 31.3% 14.8% 3.5x 11.1x AMREP Corporation United States 9.96 -37% 59.7 70.4 15.1 25.7 81.4 1.6 2.0% -10.3% 0.9x 43.8x Cenveo Inc. United States 2.50 -52% 159.4 1,365.9 10.3 1,216.9 1,832.2 208.2 11.4% 3.1% 0.7x 6.6x Consolidated Graphics, United States 36.63 -34% 352.1 511.1 8.2 167.2 1,036.4 100.1 9.7% -3.0% 0.5x 5.1x Convergys Corporation United States 17.02 -3% 1,857.6 1,188.8 729.4 60.6 2,325.5 293.1 12.6% 15.9% 0.5x 4.1x CSG Systems International United States 18.83 -19% 596.8 704.7 184.8 292.6 746.4 162.7 21.8% 6.4% 0.9x 4.3x Dat a Group Inc Canada 2.13 -64% 50.0 152.1 - 103.5 344.4 28.0 8.1% 3.7% 0.4x 5.4x DST Syst ems Inc . United States 66.94 -1% 3,019.0 3,689.4 431.1 1,101.5 2,576.6 302.9 11.8% 7.9% 1.4x 12.2x Elanders AB Sweden 3.52 -11% 80.0 188.3 25.8 131.5 295.5 32.2 10.9% 4.6% 0.6x 5.9x Fair Isaac Corporation * United States 45.07 -6% 1,599.7 2,012.9 90.8 504.0 696.1 191.7 27.5% 9.8% 2.9x 10.5x Harte- Hanks Inc . United States 8.19 -19% 514.1 591.6 35.8 113.3 767.7 88.9 11.6% -9.8% 0.8x 6.7x InnerWorkings Inc. United States 13.91 -8% 694.7 759.2 9.5 74.0 764.9 34.1 4.5% 29.9% 1.0x 22.3x Innotrac Corp. United States 3.21 -11% 42.2 43.4 1.7 2.8 98.4 6.1 6.2% 19.5% 0.4x 7.1x Insignia Systems Inc. United States 2.16 -7% 29.4 9.6 19.8 - 19.0 (3.5) NM - 6.3% 0.5x NM Points International Ltd. * Canada 11.80 -12% 179.0 145.4 34.1 - 131.6 5.1 3.9% 12.5% 1.1x 28.5x Quad/Graphics, Inc . United States 21. 70 -3% 1, 024. 6 2, 354. 8 18. 6 1, 348. 2 4, 179. 1 578. 2 13. 8% -43%4.3% 06x0.6x 41x4.1x R.R. Donnelley & Sons United States 9.20 -36% 1,658.8 5,071.2 392.9 3,786.4 10,283.1 1,257.0 12.2% -3.0% 0.5x 4.0x StarTek, Inc. * United States 4.31 -2% 65.4 56.2 9.2 - 194.1 1.1 0.6% -16.7% 0.3x 52.1x Sykes Enterprises, United States 16.10 -12% 689.2 610.7 176.6 98.0 1,099.7 104.4 9.5% -5.6% 0.6x 5.9x Teleperformance France 39.88 -7% 2,209.6 2,182.6 200.9 169.4 2,777.9 360.2 13.0% 2.6% 0.8x 6.1x TeleTech Holdings Inc. United States 18.70 0% 1,004.5 939.3 170.4 91.1 1,168.3 139.5 11.9% 0.8% 0.8x 6.7x Transcontinental Inc. Canada 11.61 -13% 905.7 1,474.8 16.8 487.3 2,110.7 360.2 17.1% 6.2% 0.7x 4.1x Valassis Communications United States 28.06 -3% 1,100.6 1,608.0 90.3 597.8 2,178.0 287.7 13.2% -4.1% 0.7x 5.6x Viad Corp United States 27.92 -1% 565.6 452.6 124.2 2.3 1,025.2 63.9 6.2% 8.8% 0.4x 7.1x Vistaprint N.V. Netherlands 35.85 -17% 1,228.4 1,394.2 64.7 230.5 1,107.8 106.1 9.6% 19.8% 1.3 x 13.1x

Adjusted Weighted Average 0.8x 7.3x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.5x)

M&A & INVESTMENT SUMMARY JANUARY 2013 19 TRADITIONAL MEDIA Transactions by Subsegment and Buyer Type

• There were 48 transactions announced in the Tradition & Out-of-Home Media segment, worth $1.2 billion in reported value. Entertainment Media and Newspaper Publishing were the most active subsegments, with 13 and 10 deals announced, respectively • Select acquisitions › Al Jazeera Sports’ $500 million acquisition of Current TV, which operates as an online and television peer-to- peer news and information network › Shaw Media’s $60 million acquisition of TVtropolis General Partnership, which operates a television broadcasting channel • Select investments ›The $100 million investment in Gravityy, Collection, a media comppyany and content provider of action sports cross-secting all disciplines, from Lambert Private Equity

TRADITIONAL & OUT-OF-HOME MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM#$MM Entertainment Media 13 27% - 0% 2 0 - 11 118.4 Newspaper Publishing 10 21% 30.7 2% 9 2.0 0 - 1 28.7 Consumer Book Publishing 9 19% 42.2 3% 8 1 42.2 0 - Broadcast & Satellite Radio 6 13% 675.4 54% 2 0.1 0 - 4 675.3 Consumer Magazing Publishing 4 8% - 0% 3 1 - 0 - Digital Place-Based Media 1 2% - 0% 0 - 0 - 1 2.3 Broadcast Television 3 6% 500.0 40% 3 500.0 0 - 1 59.9 B-to-B Media 2 4% - 0% 1 - 1 - 0 - Total 48 100% 1,248 100% 28 502 3 42 18 885

M&A & INVESTMENT SUMMARY JANUARY 2013 20 TRADITIONAL MEDIA PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $41.72 -3% $26,507.5 $31,487.5 $947.0 5,927.0 $14,602.0 $3,420.0 23.4% 1.7% 2.2x 9.2x Discovery Communications, Inc. * United States 69.38 0% 24,957.8 28,543.8 1,647.0 5,231.0 4,460.0 1,965.0 44.1% 9.4% 6.4x 14.5x News Corp. United States 27.74 -2% 64,955.7 70,566.7 12,007.0 16,457.0 33,883.0 6,750.0 19.9% -0.2% 2.1x 10.5x Time Warner Inc. United States 50.52 -2% 47,835.2 64,523.2 3,188.0 19,876.0 28,758.0 6,941.0 24.1% 0.6% 2.2x 9.3x Viacom, Inc. United States 60.35 1% 30,055.2 37,939.2 671.0 8,389.0 13,249.0 3,913.0 29.5% -11.9% 2.9x 9.7x The Walt Disney Company United States 53.88 -2% 96,958.4 110,365.4 3,387.0 14,595.0 42,278.0 10,971.0 25.9% 3.4% 2.6x 10.1x Adjusted Weighted Average 2.4x 9.9x

Cable Networks Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $56.97 -7% $4,084.4 $6,001.2 $313.3 2,230.1 $1,324.8 $479.4 36.2% 15.5% 4.5x 12.5x Crown Media Holdings Inc . United States 1.83 -13% 658.2 1,111.9 34.4 488.1 347.1 263.2 75.8% 10.4% 3.2x 4.2x Grupo Televisa, S.A.B. Mexico 28.01 -3% 15,997.4 19,124.0 1,676.6 4,169.1 5,265.5 2,079.8 39.5% 11.5% 3.6x 9.2x Scripps Networks Interactive, Inc. United States 61.77 -7% 9,256.4 10,600.5 439.2 1,384.1 2,256.0 1,038.9 46.1% 11.5% 4.7x 10.2x Adjusted Weighted Average 4.1x 9.8x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.5x)

TV Broadcasting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Belo Corp. United States $8.47 -6% $864.7 $1,586.1 $165.9 887.7 $690.1 $243.8 35.3% 2.1% 2.3x 6.5x Entravision Communic ations Corporation United States 1.88 -15% 161.6 476.6 45.2 360.3 209.5 65.0 31.0% 7.4% 2.3x 7.3x Fisher Communications, Inc. * United States 35.48 -5% 314.9 211.1 103.8 - 162.5 25.7 15.8% -7.0% 1.3x 8.2x Gray T elevision Inc . United States 3.74 -7% 213.8 1,010.9 45.7 820.6 362.9 143.3 39. 5% 77%7.7% 28x2.8x 71x7.1x Journal Communications Inc. United States 5.48 -6% 277.0 330.2 2.6 54.6 370.6 72.4 19.5% 1.4% 0.9x 4.6x LIN TV Corp. United States 10.67 0% 600.7 1,152.1 32.8 580.9 468.8 159.1 33.9% 16.7% 2.5x 7.2x Nexstar Broadcasting Group, Inc. United States 14.38 -1% 418.2 1,021.2 12.2 615.2 348.7 128.8 36.9% 9.9% 2.9x 7.9x Sinc lair Broadc ast Group Inc . United States 13.78 -3% 1,119.8 2,811.4 44.6 1,726.8 949.6 350.0 36.9% 22.0% 3.0x 8.0x The E. W. Scripps Company United States 10.99 -4% 604.0 596.9 209.7 200.1 841.1 101.0 12.0% 11.9% 0.7x 5.9x Adjusted Weighted Average 2.2x 7.0x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (8.1x)

Radio Broadcasting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadc ast Group Inc . United States $5.04 -18% $115.0 $222.5 $11.4 118.9 $98.0 $28.5 29.1% -1.6% 2.3x 7.8x Cumulus Media Inc. United States 3.25 -17% 566.8 3,282.6 47.0 2,692.0 1,103.2 411.7 37.3% 257.6% 3.0x 8.0x Emmis Co mmunic at ions Co rp. United States 1.90 -26% 74.9 272.3 11.2 160.6 227.6 34.3 15.1% 0.2% 1.2x 7.9x Entercom Communications Corp. United States 7.94 -8% 291.8 884.7 6.6 599.5 382.0 104.2 27.3% -2.0% 2.3x 8.5x Journal Communications Inc. United States 5.48 -6% 277.0 330.2 2.6 54.6 370.6 72.4 19.5% 1.4% 0.9x 4.6x Radio One Inc . United States 1.37 -3% 68.5 1,069.0 48.8 819.3 417.0 147.0 35.2% 23.5% 2.6x 7.3x Salem Communications Corp. United States 5.83 -3% 142.3 412.7 0.2 270.6 225.7 50.2 22.3% 5.1% 1.8x 8.2x Spanish Br oadc asting Sy stem Inc. United States 2852.85 -62% 20. 7 362. 5 30. 3 279. 7 140. 8 41. 3 29. 4% 22%2.2% 262.6x 888.8x Adjusted Weighted Average 2.2x 7.5x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (3.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (8.9x)

M&A & INVESTMENT SUMMARY JANUARY 2013 21 TRADITIONAL MEDIA PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $5.34 -18% $117.4 $76.5 $41.0 - $447.7 $43.1 9.6% -4.2% 0.2x 1.8x Daily Mail and General Trust plc United Kingdom 9.51 0% 3,586.8 4,717.9 168.8 1,173.7 2,816.3 513.3 18.2% -0.1% 1.7x 9.2x Gannett Co., Inc. United States 19.84 -4% 4,559.0 6,190.5 237.4 1,634.8 5,222.6 1,001.8 19.2% -1.7% 1.2x 6.2x Glac ier Media, Inc . Canada 1.87 -24% 167.2 345.7 6.8 139.8 323.9 49.0 15.1% 23.9% 1.1x 7.1x John Wiley & Sons Inc. United States 38.80 -25% 2,329.7 2,940.9 92.6 703.8 1,748.2 324.5 18.6% -1.2% 1.7x 9.1x Journal Communications Inc. United States 5.59 -4% 282.5 335.7 2.6 54.6 370.6 72.4 19.5% 1.4% 0.9x 4.6x Martha Stewart Living Omnimedia Inc. United States 2.92 -40% 195.9 144.2 51.6 - 203.0 (5.6) NM -12.6% 0.7x NM Media General, Inc. United States 4.52 -34% 125.5 641.9 36.8 553.2 359.7 124.8 34.7% -41.6% 1.8x 5.1x Meredith Corporation United States 36.34 -4% 1,609.4 1,949.7 24.7 365.0 1,434.8 264.3 18.4% 6.4 % 1.4x 7.4x Reed Elsevier Group * United Kingdom 11.23 0% 24,166.6 29,247.4 2,673.1 2,407.7 9,554.5 2,209.0 2.3% 2.3% 3.1x 13.2x Sc holastic Corporation United States 30.41 -24% 973.0 926.9 257.3 211.2 2,055.3 196.1 9.5% 6.3% 0.5x 4.7x The E. W. Scripps Company United States 11.30 -1% 621.0 613.9 209.7 200.1 841.1 101.0 12.0% 11.9% 0.7x 6.1x The McClatchy Company United States 3.15 -9% 270.6 2,006.4 15.7 1,751.6 1,226.5 325.4 26.5% -4.8% 1.6x 6.2x The McClatchy Company United States 3.15 -9% 270.6 2,006.4 15.7 1,751.6 1,226.5 325.4 26.5% -4.8% 1.6x 6.2x The Mc Graw-Hill Companies, Inc . * United States 58.34 0% 16,201.0 17,041.0 1,245.0 1,199.0 6,350.0 1,797.0 28.3% 2.1% 2.7x 9.5x The New York Times Company United States 8.87 -20% 1,309.9 1,475.8 614.1 776.9 2,332.4 363.0 15.6% 12.8% 0.6x 4.1x The Washington Post Company United States 388.44 -4% 2,866.0 2,611.5 729.9 457.7 4,091.7 525.0 12.8% -4.2% 0.6x 5.0x Valassis Communic ations Inc . United States 28.75 0% 1,127.6 1,635.1 90.3 597.8 2,178.0 287.7 13.2% -4.1% 0.8x 5.7x Adjusted Weighted Average 1.8x 6.7x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (2.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.2x)

Cable & Satellite Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cablevision Systems Corporation United States $14.64 -22% $3,852.7 $14,755.9 $438.7 11,326.6 $6,732.7 $2,129.7 31.6% 2.2% 2.2x 6.9x Charter Communications, Inc. * United States 77.97 -7% 7,879.1 20,773.1 868.0 13,762.0 7,425.0 2,635.0 35.5% 3.8% 2.8x 7.9x Comcast Corporation United States 38.08 -5% 100,474.5 146,109.5 10,300.0 38,590.0 61,675.0 19,807.0 32.1% 22.1% 2.4x 7.4x DIRECT V United States 51.14 -7% 30,895.5 45,901.5 2,421.0 17,162.0 29,149.0 7,140.0 24.5% 10.5% 1.6x 6.4x General Communication Inc. United States 8.51 -25% 356.1 1,293.0 27.6 948.7 695.3 216.2 31.1% 2.9% 1.9x 6.0x Time Warner Cable Inc. United States 89.34 -12% 26,960.5 50,199.5 3,454.0 26,689.0 21,386.0 7,824.0 36.6% 8.7% 2.3x 6.4x Adjusted Weighted Average 2.2x 7.0x

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (3.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (7.5x)

Out-of-Home & Specialty Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.34 -34% $146.5 $29.0 $116.1 $0.0 $289.1 $23.2 8.0% 13.7% 0.1x 1.3x Clear Channel Outdoor Holdings Inc . United States 7.50 -50% 2,679.2 7,123.9 534.9 4,738.5 2,959.8 675.1 22.8% -0.7% 2.4x 10.6x Clear Media Ltd. Hong Kong 0.66 -6% 347.9 223.9 166.4 - 196.4 83.1 42.3% 2.4% 1.1x 2.7x Foc us Media Holding Ltd. Hong Kong 25.30 -16% 3,342.2 2,848.3 703.0 200.0 938.4 359.6 38.3% 34.9% 3.0x 7.9x JCDecaux SA France 27.99 -13% 6,216.7 6,335.1 398.6 555.0 3,211.3 715.1 22.3% 5.1% 2.0x 8.9x Lamar Advertising Co. * United States 42.64 -3% 3,993.6 6,030.8 38.4 2,075.6 1,165.6 507.1 43.5% 4.0% 5.2x 11.9x Mood Media Corporation Canada 1.86 -57% 319.3 784.7 11.4 480.7 455.2 117.6 25.8% 88.5% 1.7x 6.7x National CineMedia, Inc . United States 15.28 -10% 858.4 1,735.7 82.4 874.6 447.5 214.6 48.0% 2.0% 3.9x 8.1x NTN Buzztime Inc . * United States 0.20 -30% 13.9 11.7 2.4 0.2 24.2 0.1 0.2% 0.5% 0.5x 201.0x Tom Group Ltd. Hong Kong 0.12 -12% 471.5 692.0 110.1 285.8 301.4 1.2 0.4% -0.2% 2.3x NM Valassis Communic ations Inc . United States 28. 06 -3% 1, 100. 6 1, 608. 0 90. 3 597. 8 2, 178. 0 287. 7 13. 2% -41%4.1% 07x0.7x 56x5.6x

Adjusted Weighted Average 2.3x 9.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (87.9x)

M&A & INVESTMENT SUMMARY JANUARY 2013 22 TECHNOLOGY Transactions by Subsegment and Buyer Type

• Financial Technology was the most active and highest value subsegment with 10 deals announced worth $182 million in reported value • Select acquisitions › RealTick’s acquisition of Eze Castle Software, which provides technology solutions to the investment management firms, and RealTick, in a deal valued between $900 million and $1 billion › Fidelity National Information Services’ acquisition of the remaining 78 percent stake in mFoundry, a provider of mobile banking and payment solutions for financial institutions and retailers, for $120 million. The deal gives mFoundry an enterprise value of $154 million • Select investments › The $40 million investment in Virident Systems, a provider of flash-based storage-class memory systems, from Ireland-based Seagate Technology, which markets and sells hard disk drives for enterprise storage › The $30 million investment in Puppet Labs, a developer of software for deploying and managing IT resources in virtual and cloud data centers, from VMware › The $30 million investment in DataGravity, a developer of big data management software that helps organizations turn their data into useful information, led by Andreessen Horowitz

TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 10 32% 182.0 42% 2 120.0 2 - 6 62.0 Cloud Storage 7 23% 67.9 16% 2 25.0 0 - 5 42.9 Big Data 4 13% 80.3 18% 0 - 0 - 4 80.3 Data Center 4 13% 50.3 12% 1 - 0 - 3 50.3 Cloud Computing 3 10% 40.9 9% 0 - 0 - 3 40.9 Home Automation 2 6% 2.8 1% 1 - 0 - 1 2.8 Virtualization 1 3% 11.0 3% 1 11.0 0 - 0 - Total 31 100% 435 100% 7 156 2 0 22 279

M&A & INVESTMENT SUMMARY JANUARY 2013 23 TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

SSoctock Pri ce CCg%hg % Fr omEquit y Ent. Cash & ST. TooatalLTM LTM Maagrgin LTM LTM Muupesltiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $100.55 -1% $69,087.1 $70,557.1 $4,531.0 $6,001.0 $29,904.0 $7,757.7 25.9% 1.0% 2.4x 9.1x ADATA Technology Co., Ltd. Taiwan 1.21 -24% 254.6 366.4 79.4 192.2 1,006.0 30.3 3.0% -3.5% 0.4x 12.1x Advanced Micro Devices, Inc. United States 2.60 -69% 1,851.1 2,891.1 1,002.0 2,042.0 5,422.0 285.0 5.3% -17.4% 0.5x 10.1x Akamai Technologies, Inc. United States 40.71 -4% 7,224.7 6,759.5 465.2 - 1,319.8 528.1 40.0% 17.9% 5.1x 12.8x AVG Technologies N.V. Netherlands 13.70 -16% 740.0 806.2 86.7 152.9 335.1 98.7 29.4% 31.1% 2.4x 8.2x Bright c ove, Inc . * United States 8.42 -67% 234.2 209.0 26.7 - 82.2 (9.7) NM 43.2% 2.5x NM CA Technologies United States 24.82 -11% 11,316.0 10,197.0 2,560.0 1,441.0 4,680.0 1,690.0 36.1% -1.6% 2.2x 6.0x Carbonite, Inc. * United States 9.62 -18% 246.8 180.5 66.3 - 77.7 (11.6) NM 42.0% 2.3x NM Chec k Point Software Tec hnologies Ltd. Israel 50.00 -23% 10,240.0 8,736.7 1,503.3 - 1,342.7 761.4 56.7% 7.7% 6.5x 11.5x Citrix Systems, Inc. United States 73.16 -17% 13,660.1 12,731.5 928.6 - 2,586.1 605.7 23.4% 17.2% 4.9x 21.0x CommVault Systems, Inc. * United States 76.73 -3% 3,489.7 3,092.4 397.2 - 471.6 77.6 16.5% 23.4% 6.6x 39.8x Cray Inc. United States 18.57 -2% 687.9 428.9 258.9 - 323.8 38.3 11.8% -11.0% 1.3x 11.2x Crossroads Systems, Inc. * United States 2.22 -65% 26.3 23.9 6.9 4.6 14.0 (9.6) NM -6.6% 1.7x NM Dat alink Corporat ion United States 8.79 -20% 162.8 133.6 29.2 - 458.6 21.8 4.8% 28.7% 0.3x 6.1x Dell Inc . United States 13.24 -28% 23,001.5 20,794.5 11,272.0 9,044.0 58,657.0 4,441.0 7.6% -5.0% 0.4x 4.7x Dot Hill Systems Corp. * United States 1.16 -30% 67.7 29.0 40.5 1.8 199.2 (12.5) NM -7.0% 0.1x NM Elecom Co., Ltd. Japan 16.31 -35% 328.2 254.6 110.4 23.8 819.8 94.1 11.5% 10.4% 0.3x 2.7x EMC Corporation United States 24.61 -18% 51,852.3 48,561.9 6,167.1 1,710.1 21,713.9 5,602.2 25.8% 8.5% 2.2x 8.7x ePlus inc . United States 46.59 -2% 376.4 449.6 45.9 119.1 947.8 71.0 7.5% 39.6% 0.5x 6.3x Equinix, Inc. * United States 215.43 -5% 10,357.0 12,987.2 404.5 2,956.5 1,848.4 784.1 42.4% 23.8% 7.0x 16.6x F-Secure Oyj Finland 2.42 -14% 375.7 338.9 34.8 - 201.5 36.9 18.3% 11.7% 1.7x 9.2x Fusion-io, Inc. * United States 17.48 -48% 1,674.0 1,305.4 368.5 - 439.5 24.3 5.5% 47.8% 3.0x 53.8x Gemalt o NV Netherlands 89.07 -14% 7,457.1 7,061.4 395.3 20.6 2,671.5 375.0 14.0% 4.4% 2.6x 18.8x Google Inc. United States 755.69 -2% 249,123.2 208,245.2 48,088.0 7,210.0 50,175.0 15,722.0 31.3% 32.4% 4.2x 13.2x GraphOn Corp. * United States 0.34 -15% 29.4 24.5 4.9 - 6.7 (3.4) NM 1.9% 3.7x NM Green Dot Corporation United States 13.40 -59% 480.7 122.6 237.0 49.1 554.5 90.3 16.3% 14.4% 0.2x 1.4x Imperva Inc . * United States 34.30 -19% 824.8 722.1 101.7 - 95.7 (6.0) NM 33.0% 7.5x NM Infosys Ltd. India 52.37 -7% 29,922.1 25,719.0 4,079.0 - 7,231.0 2,182.0 30.2% 5.9% 3.6x 11.8x Infosystems S.A. Poland 1.43 -22% 5.9 5.5 0.6 0.3 2.1 0.8 38.8% 40.7% 2.7x 6.9x Integrated Electrical Services, Inc. United States 4.37 -29% 65.9 57.6 18.7 10.5 456.1 2.5 0.5% 12.3% 0.1x 23.2x Intel Corporation United States 21.04 -28% 104,421.5 99,707.5 18,162.0 13,448.0 53,341.0 21,994.0 41.2% -1.2% 1.9x 4.5x Internap Network Servic es Corp. United States 7.91 -2% 422.7 533.9 26.4 137.6 266.6 44.1 16.5% 10.3% 2.0x 12.1x International Business Machines Corporation United States 203.07 -4% 229,455.3 251,719.3 11,129.0 33,269.0 104,507.0 26,217.0 25.1% -2.3% 2.4x 9.6x Interxion Holding NV Netherlands 22.99 -8% 1,562.2 1,822.5 70.8 331.2 345.0 141.8 41.1% 14.1% 5.3x 12.9x J-Stream Inc. Japan 443.03 -14% 60.7 43.1 22.6 - 68.6 7.0 10.2% 1.4% 0.6x 6.1x Juniper Networks, Inc. United States 22.38 -11% 11,538.6 9,688.5 2,849.3 999.2 4,365.4 543.9 12.5% -1.9% 2.2x 17.8x Keynote Systems Inc. United States 15.60 -24% 285.0 233.8 51.2 - 125.2 17.2 13.8% 12.5% 1.9x 13.6x Limelight Networks, Inc . * United States 2.36 -45% 234.0 106.5 130.0 2.6 179.7 (1.3) NM 6.8% 0.6x NM LogMeIn, Inc. United States 22.70 -47% 563.1 357.8 205.2 - 134.2 14.6 10.9% 13.7% 2.7x 24.5x LSI Corporation United States 7.04 -23% 3,896.0 3,220.0 676.0 - 2,506.1 610.0 24.3% 22.6% 1.3x 5.3x Melbourne IT Ltd. Australia 2.09 0% 172.0 194.0 17.0 38.6 186.3 27.2 14.6% 1.5% 1.0x 7.1x Micron Technology Inc. United States 7.56 -17% 7,724.7 9,605.7 2,271.0 3,435.0 7,978.0 1,393.0 17.5% -7.5% 1.2x 6.9x Microsoft Corporation United States 27.45 -17% 229,927.9 176,047.9 68,098.0 14,218.0 72,930.0 28,867.0 39.6% 1.2% 2.4x 6.1x MIPS Technologies, Inc. * United States 7.86 -1% 426.0 294.7 131.3 - 82.2 9.3 11.4% 17.2% 3.6x 31.5x NEC Corporation Japan 2.45 -9% 6,354.3 12,814.5 2,646.1 8,678.7 39,047.9 2,506.2 6.4% -1.6% 0.3x 5.1x NetApp, Inc. United States 36.00 -23% 12,898.2 8,556.6 5,571.0 1,229.4 6,253.8 815.0 13.0% 10.0% 1.4x 10.5x Oracle Corporation United States 35.51 -1% 168,114.9 154,603.9 33,695.0 19,757.0 37,230.0 17,300.0 46.5% 1.4% 4.2x 8.9x ProAct IT Group AB Sweden 15.76 -35% 146.7 182.9 4.4 37.9 367.9 23.1 6.3% 20.4% 0.5x 7.9x QQpUALCOMM Incorporated United States 66.02 -4% 113,430.9 100,175.9 13,275.0 - 20,458.0 7,226.0 35.3% 25.6% 4.9x 13.9x Qualys, Inc. * United States 13.10 -20% 411.5 452.2 25.8 2.6 87.4 8.3 9.5% 0.0% 5.2x 54.4x Quantum Corporation * United States 1.36 -53% 327.4 481.1 51.3 205.0 607.9 0.3 0.1% -7.5% 0.8x NM Rackspace Hosting, Inc. * United States 75.35 -7% 10,319.0 10,211.5 257.7 150.1 1,239.6 372.5 30.0% 29.6% 8.2x 27.4x Red Hat , Inc . * United States 55.56 -11% 10,733.9 9,847.5 886.3 - 1,277.9 263.8 20.6% 18.2% 7.7x 37.3x

M&A & INVESTMENT SUMMARY JANUARY 2013 24 TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Adjusted Weighted Average 3.2x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.5x)

M&A & INVESTMENT SUMMARY JANUARY 2013 25 SOFTWARE Transactions by Subsegment and Buyer Type

• Healthcare Software was again the most active and highest value subsegment with 16 transactions worth $440 million in reported value • Select acquisitions › Athenahealth’s $292 million acquisition of Epocrates, a provider of subscriptions for mobile drug reference tools and electronic health records to healthcare professionals, and interactive services to the healthcare idindus try. The deal gives EtEpocrates an enterpri se value of $213$2131.1 million › JLL Partners’ acquisition of BioClinica, which provides integrated clinical research technology solutions to pharmaceutical, biotechnology, and medical device companies, at an enterprise value of $104.5 million › CoreLogic’s $78 million acquisition of CDS Business Mapping, which creates and implements mapping solutions using geographic information systems technology • Select investments › The $150 million investment in SevOne, a provider of IT infrastructure management solutions, led by Bain Capital Ventures

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare 16 25% 440.2 46% 6 258.1 1 104.5 9 77.6 Security 10 16% 96.0 10% 1 - 1 - 8 96.0 ERP 8 13% 0.0 0% 6 - 1 - 1 - HR 6 10% 21.7 2% 2 - 0 - 4 21.7 IfInfras truc ture 5 8% 162. 3 17% 2 - 0 - 3 162. 3 Application Management 4 6% 71.0 7% 1 - 0 - 3 71.0 Engineering 3 5% 1.0 0% 1 - 0 - 2 1.0 Collaboration 2 3% 11.5 1% 0 - 0 - 2 11.5 Data Management 2 3% 44.6 5% 0 - 1 10.6 1 34.0 Other* 7 11% 106.9 11% 2 78.0 0 - 5 28.9 Total 63 100% 955 100% 21 336 4 115 38 504 *Other includes Financial, Geo-Demo, Legal, and Software Development Tools

M&A & INVESTMENT SUMMARY JANUARY 2013 26 SOFTWARE PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Financial & Credit//gRisk Management Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States 24.65 -13% 1,237.3 1,138.9 144.7 46.3 353.1 70.1 19.9% 11.9% 3.2x 16.2x Ebix Inc. United States 16.34 -39% 622.0 674.6 31.0 83.6 189.4 78.0 41.2% 18.4% 3.6x 8.6x EPIQ Systems, Inc. United States 12.34 -10% 443.0 672.7 3.3 233.0 325.1 75.2 23.1% 28.5% 2.1x 8.9x Fidessa group plc United Kingdom 24.39 -13% 901.4 821.1 79.5 - 443.1 90.6 20.4% 4.3% 1.9x 9.1x Guidewire Software, Inc. * United States 33.12 -13% 1,835.0 1,649.5 185.5 - 243.0 18.7 7.7% 27.8% 6.8x 88.0x Innovation Group plc United Kingdom 0.39 -3% 378.2 340.6 72.0 30.0 312.3 35.9 11.5% 10.2% 1.1x 9.5x Management Consulting Group PLC United Kingdom 0.41 -35% 202.2 258.9 19.4 75.4 460.8 40.1 8.7% -0.3% 0.6x 6.5x Performant Financial Corporation United States 12.70 -4% 576.5 694.8 32.2 150.5 196.7 65.2 33.1% 0.0% 3.5x 10.7x SS&C Tec hnologies Holdings, Inc . United States 22.63 -16% 1,784.5 2,775.0 80.3 1,070.8 475.8 179.6 37.8% 31.7% 5.8x 15.5x Temenos Group AG Switzerland 20.44 -8% 1,408.7 1,591.0 72.6 248.9 443.0 47.0 10.6% -10.7% 3.6x 33.9x

Adjusted Weighted Average 4.2x 16.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.6x)

Healthcare Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Inv estments Debt Re v enue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States 9.42 -5% 524.1 383.2 140.9 - 158.1 14.9 9.4% 16.3% 2.4x 25.8x Allsc ripts Healthc are Solutions, Inc . United States 11.08 -49% 1,899.8 2,267.8 93.7 461.7 1,483.6 227.2 15.3% 9.0% 1.5x 10.0x Athenahealth, Inc. * United States 86.47 -11% 3,136.4 2,956.2 180.2 - 398.5 50.0 12.5% 32.4% 7.4x 59.2x Cegedim SA France 29.15 -28% 407.1 1,060.1 72.7 681.5 1,151.6 181.8 15.8% -5.3% 0.9x 5.8x Cerner Corporation United States 82.55 -7% 14,162.6 13,320.4 1,039.0 196.7 2,517.7 687.4 27.3% 23.1% 5.3x 19.4x Co mput e r P ro gra ms & S y s t e ms Inc . United States 52.61 -18% 582.8 563.2 19.6 - 183.3 44.4 24.2% 5.7% 3.1x 12.7x Craneware plc United Kingdom 6.18 -19% 166.8 137.7 28.8 - 41.1 11.3 27.6% 7.7% 3.4x 12.1x Epocrates, Inc. United States 11.68 -2% 290.9 211.7 79.1 - 110.1 (2.5) NM -3.4% 1.9x NM Greenway Medical Technologies, Inc. * United States 14.90 -24% 440.5 405.9 34.6 - 131.1 7.7 5.8% 32.5% 3.1x 53.0x McKesson Corporation United States 105.23 -2% 24,506.9 26,259.9 2,726.0 4,479.0 123,534.0 2,967.0 2.4% 3.0% 0.2x 8.9x MedAssets, Inc. United States 19.55 -2% 1,154.5 2,062.5 8.2 916.2 633.1 193.5 30.6% 19.8% 3.3x 10.7x Merge Healthc are Inc orporated United States 2.69 -61% 250.5 457.0 44.0 250.0 248.3 45.7 18.4% 15.8% 1.8x 10.0x Quality Systems Inc. United States 18.24 -59% 1,085.9 979.2 106.7 - 457.9 108.5 23.7% 9.6% 2.1x 9.0x Streamline Health Solutions, Inc. United States 5.43 -18% 68.6 79.0 10.5 17.9 21.5 2.7 12.6% 23.0% 3.7x 29.0x

Adjusted Weighted Average 2.1x 12.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.4x)

M&A & INVESTMENT SUMMARY JANUARY 2013 27 SOFTWARE PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

HR Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China 54.00 -16% 1,556.9 1,184.6 372.3 - 225.7 80.4 35.6% 15.1% 5.2x 14.7x Concur Technologies, Inc. United States 66.90 -12% 3,687.3 3,457.7 484.6 254.8 462.2 44.8 9.7% 25.1% 7.5x 77.1x Cornerstone OnDemand, Inc. United States 32.68 0% 1,649.8 1,589.6 64.5 4.4 103.9 (25.0) NM 68.1% 15.3x NM Dic e Holdings, Inc . United States 9.41 -14% 561.1 564.9 42.2 46.0 195.4 71.3 36.5% 9.1% 2.9x 7.9x LinkedIn Corporation * United States 123.79 -3% 13,301.1 12,624.4 676.6 - 836.4 104.1 12.4% 91.8% 15.1x 121.3x Monster Worldwide, Inc . United States 5.80 -44% 679.2 700.0 175.1 195.9 960.8 122.3 12.7% -5.5% 0.7x 5.7x Saba Software, Inc. United States 9.26 -29% 275.8 261.6 15.0 0.9 121.3 (9.8) NM 7.7% 2.2x NM The Ultimate Software Group, Inc. United States 101.54 -5% 2,772.2 2,701.2 81.9 10.9 312.8 36.1 11.5% 21.8% 8.6x 74.9x Workday, Inc. * United States 53.42 -7% 8,867.7 8,097.4 797.4 27.0 235.3 (84.0) NM 0.0% 34.4x NM

Adjusted Weighted Average 11.8x 56.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.2x)

Other Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allocate Software plc. United Kingdom 1.27 -11% 81.5 74.6 12.8 6.2 56.3 8.0 14. 2% 21. 7% 13x1.3x 93x9.3x Ansys, Inc. United States 73.60 -1% 6,818.1 6,342.5 555.3 79.7 775.5 368.5 47.5% 17.5% 8.2x 17.2x Aveva Group plc United Kingdom 34.25 -4% 2,328.5 2,064.8 268.3 - 335.9 99.7 29.7% 15.3% 6.1x 20.7x AVG Technologies N.V. Netherlands 13.70 -16% 740.0 806.2 86.7 152.9 335.1 98.7 29.4% 31.1% 2.4x 8.2x Chec k Point Software Tec hnologies Ltd. Israel 50.00 -23% 10,240.0 8,736.7 1,503.3 - 1,342.7 761.4 56.7% 7.7% 6.5x 11.5x CommVault Systems, Inc. United States 76.73 -3% 3,489.7 3,092.4 397.2 - 471.6 77.6 16.5% 23.4% 6.6x 39.8x Daegis Inc . United States 1.25 -36% 18.4 32.9 4.0 18.6 40.9 3.0 7.4% -12.7% 0.8x 10.9x Dassault Systemes SA France 111.21 -7% 13,755.9 12,180.2 1,878.4 368.2 2,538.9 790.1 31.1% 14.0% 4.8x 15.4x E2open, Inc. * United States 17.85 -11% 447.4 415.0 33.5 1.1 74.4 4.4 5.9% 22.2% 5.6x 94.4x Fortinet Inc. United States 23.59 -18% 3,773.0 3,359.3 413.7 - 533.6 112.0 21.0% 23.1% 6.3x 30.0x Guidance Software, Inc. United States 12.75 -3% 320.3 291.0 30.0 0.7 123.1 7.4 6.0% 22.3% 2.4x 39.1x Informatica Corporation United States 37.01 -32% 3,993.6 3,460.5 535.6 - 811.6 180.3 22.2% 3.5% 4.3x 19.2x RealPage, Inc . * United States 23.34 -19% 1,760.6 1,749.4 36.2 25.0 307.6 34.1 11.1% 27.7% 5.7x 51.2x Sage Group plc United Kingdom 5.11 -2% 5,492.1 5,722.7 99.3 337.3 2,160.7 639.4 29.6% 0.5% 2.6x 8.9x ServiceNow, Inc. * United States 27.72 -34% 3,465.6 3,209.1 256.5 - 226.4 (28.7) NM 0.0% 14.2x NM Sourcefire, Inc. * United States 42.60 -29% 1,281.8 1,113.8 168.0 - 208.9 19.5 9.3% 38.9% 5.3x 57.1x Symantec Corporation United States 21.77 -2% 15,003.6 13,827.6 4,252.0 3,076.0 6,839.0 1,839.0 26.9% 1.7% 2.0x 7.5x Trend Micro Inc. Japan 29.29 -2% 3,853.4 2,634.6 1,427.1 - 1,201.6 391.2 32.6% -3.1% 2.2x 6.7x Tyler Technologies, Inc. United States 54.05 -1% 1,651.7 1,679.6 0.1 28.0 350.0 67.9 19.4% 16.8% 4.8x 24.7x Websense, Inc. United States 14.63 -34% 534.0 537.4 64.6 68.0 361.5 61.9 17.1% -0.7% 1.5x 8.7x

Adjuste d We ig hte d Average 4.6x 14.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.2x)

M&A & INVESTMENT SUMMARY JANUARY 2013 28 COMMUNICATIONS Transactions by Subsegment and Buyer Type

• There were 16 transaction in the Communications segment in January. The most active and highest value subsegment was Enterprise Mobility, with seven deals announced • Select acquisitions › Cisco Systems’ $475 million acquisition of Israel-based mobile networking startup Intucell, which provides self-optimizing network solutions to mobile operators › The Flexitallic Group’s $55 million acquisition of Telanetix, a provider of cloud-based communications software solutions › Danaher ‘s acquisition of Navman Wireless, a provider of GPS solutions for fleets and heavy equipment operators • Select investments › The $6 million investment in Zoom Video Communications, a company offering a cloud-based video collaboration service

COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Enterprise Mobility 7 44% 7.7 1% 2 - 0 - 5 7.7 Communications Software 4 25% 60.3 11% 3 55.0 0 - 1 5.3 Networking Equipment 4 25% 475.0 87% 3 475.0 0 - 1 - Video Communications Software 1 6% 6.0 1% 0 - 0 - 1 6.0 Total 16 100% 549 100% 8 530 0 0 8 19

M&A & INVESTMENT SUMMARY JANUARY 2013 29 COMMUNICATIONS PUBLIC COMPANY VALUATION

($ in millions, except stock

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aastra Technologies Ltd. Canada $18.00 -18% $207.6 $109.0 $100.4 0.3 $640.7 $46.0 7.2% -10.9% 0.2x 2.4x Acme Packet, Inc. * United States 24.17 -33% 1,630.2 1,266.7 363.5 - 286.7 28.4 9.9% -2.7% 4.4x 44.6x ADTRAN Inc. United States 20.20 -48% 1,266.0 1,083.0 228.9 46.0 620.6 70.2 11.3% -13.5% 1.7x 15.4x Advanced Media, Inc. Japan 677.71 -13% 103.4 74.2 34.2 - 15.5 (2.7) NM -20.1% 4.8x NM Alcatel-Lucent, S.A. France 1.67 -37% 3,798.9 5,019.9 6,042.5 6,136.3 18,622.0 900.3 4.8% -7.6% 0.3x 5.6x Allot Communications Ltd. Israel 13.79 -53% 436.5 292.4 144.1 - 100.4 15.6 15.5% 39.6% 2.9x 18.8x Ambient Corporation United States 2.80 -71% 46.7 31.4 15.3 - 50.6 (3.0) NM - 5.9% 0.6x NM Anaren, Inc. United States 19.57 -6% 258.5 231.4 35.1 8.0 150.0 23.9 16.0% -9.5% 1.5x 9.7x Aruba Networks, Inc. * United States 23. 04 -8% 2, 591. 4 2, 213. 9 377. 5 - 541. 9 33. 9 63%6.3% 25. 2% 414.1x 65. 33x AudioCodes Ltd. Israel 3.68 -9% 139.5 129.3 33.5 23.3 127.5 (0.9) NM -18.2% 1.0x NM Aviat Networks, Inc. United States 3.75 -4% 229.7 145.7 94.8 10.8 471.6 13.2 2.8% 4.2% 0.3x 11.0x Axesstel Inc. United States 1.65 -15% 39.8 50.1 1.6 11.9 60.8 5.4 8.9% 29.6% 0.8x 9.2x Blackline GPS Corp. * Canada 1.45 -6% 25.5 19.0 6.5 0.1 2.6 (3.0) NM 37.1% 7.2x NM Blonder Tongue Laboratories United States 1.38 -19% 8.6 16.4 0.2 8.0 29.4 (0.4) NM 6.0% 0.6x NM BroadSoft , Inc . United States 33.97 -25% 945.6 854.2 177.6 86.2 159.6 31.0 19.4% 19.7% 5.4x 27.5x Brocade Communications United States 5.72 -11% 2,609.3 2,497.3 713.2 601.2 2,237.8 469.9 21.0% 4.2% 1.1x 5.3x CalAmp Corp. United States 8.56 -12% 243.7 235.5 13.6 5.3 169.8 16.7 9.8% 30.6% 1.4x 14.1x Calix Inc. United States 8.14 -33% 394.1 336.7 57.4 - 330.4 (0.4) NM - 4.2% 1.0x NM CIENA Corp. * United States 15.66 -15% 1,575.6 2,325.1 692.5 1,442.0 1,833.9 61.6 3.4% 5.3% 1.3x 37.7x Cisco Systems, Inc. United States 20.57 -3% 109,211.2 80,553.2 45,000.0 16,327.0 46,681.0 13,233.0 28.3% 6.8% 1.7x 6.1x Clearfield, Inc. United States 5.26 -14% 67.6 51.5 16.1 - 38.6 4.6 11.9% 3.9% 1.3x 11.2x ClearOne, Inc. United States 6.95 -2% 63.9 49.6 14.3 - 45.3 7.1 15.5% -3.0% 1.1x 7.0x COM DEV International Ltd. Canada 3.23 -6% 246.5 248.3 25.8 20.3 208.4 29.8 14.3% 2.2% 1.2x 8.3x Communications Systems Inc. United States 11.14 -28% 94.4 66.8 29.3 1.7 103.8 5.0 4.8% -30.1% 0.6x 13.4x Comverse Technology Inc. United States 4.36 -37% 956.4 1,443.7 237.0 592.6 1,634.3 158.0 9.7% 63.2% 0.9x 9.1x Corning Inc. United States 12.00 -18% 17,734.1 15,095.1 6,144.0 3,458.0 8,012.0 2,465.0 30.8% 1.5% 1.9x 6.1x CTX Virtual Technologies, Inc. United States 1.01 -47% 8.1 8.0 0.1 - 40.0 (0.5) NM 16.6% 0.2x NM DDS Wireless International Inc . Canada 1771.77 -31% 24. 5 18. 0 6. 6 - 41. 8 3. 5 83%8.3% -11. 5% 04x0.4x 52x5.2x Dialogic , Inc . United States 2.31 -71% 33.3 105.6 2.7 74.9 172.1 (9.3) NM -15.5% 0.6x NM Digi International Inc . United States 9.80 -22% 257.9 156.4 101.5 - 190.9 20.5 10.7% -5.7% 0.8x 7.6x DragonWave Inc . Canada 2.08 -58% 79.1 62.0 36.4 19.1 104.7 (47.8) NM 102.9% 0.6x NM EchoStar Corp. United States 36.38 -2% 3,178.8 4,128.5 1,556.7 2,497.3 3,169.7 603.3 19.0% 29.9% 1.3x 6.8x Emulex Corporation United States 7.64 -32% 684.9 473.7 186.4 - 496.1 78.7 15.9% 2.8% 1.0x 6.0x Ericsson Sweden 11.63 -4% 37,365.8 30,064.5 11,780.8 4,402.7 34,982.1 4,926.5 14.1% 0.4% 0.9x 6.1x Extreme Networks Inc. United States 3.69 -17% 345.9 220.9 125.0 - 312.7 17.8 5.7% -4.4% 0.7x 12.4x F5 Networks, Inc. United States 104.88 -25% 8,241.1 7,723.3 517.7 - 1,420.3 474.8 33.4% 17.8% 5.4x 16.3x Finisar Corp. United States 15.50 -34% 1,439.2 1,225.2 262.4 40.0 935.4 73.8 7.9% -3.5% 1.3x 16.6x Flee tma tics Group Lim ite d * IlIrelan d 25. 07 -9% 867. 0 1, 022. 3 9. 0 33. 0 117. 5 19. 8 16.9% 0.0% 8.7x 51.5x Franklin Wireless Corp. United States 1.77 -29% 18.3 6.2 12.9 0.1 34.3 1.2 3.4% 3.6% 0.2x 5.2x Harmonic Inc . United States 5.23 -22% 605.5 404.4 201.2 - 530.5 35.1 6.6% -3.4% 0.8x 11.5x Harris Corporation United States 46.20 -12% 5,213.7 6,818.8 328.1 1,929.9 5,217.2 1,126.4 21.6% -2.6% 1.3x 6.1x Huawei Technology Co., Ltd. China 1.54 -32% 216.3 138.1 77.7 - 69.2 7.3 10.5% -14.1% 2.0x 18.9x Infoblox Inc. United States 18.85 -22% 891.1 723.0 168.2 - 179.4 (1.9) NM 25.4% 4.0x NM Interactive Intelligence Group * United States 40.22 -2% 777.5 717.9 59.5 - 224.5 14.1 6.3% 10.9% 3.2x 50.9x JDS Uniphase Corporation United States 14.51 -4% 3,393.4 2,889.1 709.9 205.6 1,707.3 178.3 10.4% -2.7% 1.7x 16.2x Juniper Networks, Inc. United States 22.38 -11% 11,538.6 9,688.5 2,849.3 999.2 4,365.4 543.9 12.5% -1.9% 2.2x 17.8x KVH Indust ries Inc . United States 14.56 -2% 216.4 194.7 32.9 11.2 129.5 8.2 6.3% 20.3% 1.5x 23.8x Meru Networks, Inc. United States 3.18 -41% 57.8 44.6 22.9 9.7 97.5 (25.4) NM 7.8% 0.5x NM Mitel Networks Corporation Canada 3.63 -29% 194.8 421.1 87.4 313.7 592.1 79.8 13.5% -1.3% 0.7x 5.3x Motorola Solutions, Inc. United States 58.39 -2% 16,378.4 14,663.4 3,603.0 1,863.0 8,698.0 1,489.0 17.1% 6.0% 1.7x 9.8x Netgear Inc . United States 35.11 -19% 1,343.8 981.3 362.4 - 1,270.6 148.2 11.7% 12.4% 0.8x 6.6x

M&A & INVESTMENT SUMMARY JANUARY 2013 30 COMMUNICATIONS PUBLIC COMPANY VALUATION

($ in millions, except stock

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Nokia Corporation Finland 3.91 -34% 14,526.4 9,856.8 13,676.6 7,316.2 39,786.4 (1,431.9) NM -21.9% 0.2x NM Nuance Communications, Inc. United States 24.05 -23% 7,541.5 8,532.3 1,129.8 2,115.9 1,651.5 380.0 23.0% 25.2% 5.2x 22.5x Numerex Corp. * United States 12.41 -10% 222.4 220.5 6.8 4.8 63.7 5.1 8.0% 9.6% 3.5x 43.3x Optical Cable Corp. United States 4.16 -19% 26.2 34.1 0.6 9.1 83.5 6.6 7.9% 13.9% 0.4x 5.2x Palo Alto Networks, Inc. * United States 55.36 -24% 3,789.4 3,467.8 321.6 - 284.0 0.9 0.3% 86.7% 12.2x NM PCTEL, Inc. United States 7.42 -5% 130.4 82.6 47.8 0.0 83.0 4.9 5.9% 10.1% 1.0x 17.0x PHAZAR CORP United States 1.75 -38% 4.2 3.4 0.8 - 6.4 (1.4) NM -12.8% 0.5x NM Plantronics, Inc. United States 41.12 -3% 1,714.6 1,405.7 328.9 20.0 735.6 147.5 20.1% 3.8% 1.9x 9.5x PolPolycom com, Inc. United States 11. 03 -51% 1, 935. 0 1, 260. 8 674. 3 - 1, 392. 6 125. 3 90%9.0% -69%6.9% 090.9x 10. 11x Procera Networks, Inc. United States 16.83 -35% 326.0 193.0 133.0 - 58.7 6.6 11.3% 61.7% 3.3x 29.2x QUALCOMM Incorporated United States 66.02 -4% 113,430.9 100,175.9 13,275.0 31.0 20,458.0 7,226.0 35.3% 25.6% 4.9x 13.9x RadiSys Corporat ion United States 3.90 -52% 110.5 113.6 31.8 34.9 296.3 10.7 3.6% -6.9% 0.4x 10.6x Radware Ltd. Israel 36.37 -11% 801.7 713.5 88.2 - 189.2 41.2 21.8% 13.3% 3.8x 17.3x RELM Wireless Corp. United States 1.66 -21% 22.5 16.3 6.2 0.0 27.6 3.0 10.9% 16.1% 0.6x 5.4x BlackBerry Canada 12.92 -30% 6,653.3 3,939.7 2,731.0 - 12,589.0 1,554.0 12.3% -36.4% 0.3x 2.5x Riverbed Technology, Inc. United States 19.40 -34% 3,112.3 2,579.2 533.1 - 802.3 131.9 16.4% 16.4% 3.2x 19.6x Sandvine Corporation Canada 1.78 -11% 246.6 183.2 70.0 6.2 87.9 (0.6) NM - 2.7% 2.1x NM ShoreTel, Inc. United States 4.29 -29% 250.5 218.4 52.1 20.0 284.4 (12.6) NM 29.3% 0.8x NM Sierra Wireless Inc. Canada 11.36 -2% 347.6 288.9 59.5 - 627.5 40.0 6.4% 4.9% 0.5x 7.2x Solera Holdings Inc . United States 54.81 -3% 3,771.8 4,478.8 542.9 1,150.1 787.2 336.0 42.7% 8.7% 5.7x 13.3x Sonus Networks, Inc. United States 2.27 -27% 637.3 368.6 279.2 10.5 253.3 (7.7) NM - 5.6% 1.5x NM Sycamore Networks Inc. United States 2.30 -89% 66.4 (79.1) 145.5 - 54.0 (13.5) NM 3.1% NM 5.8x S y mme t ric o m Inc . United States 5.39 -24% 220.4 149.6 70.8 - 228.6 13.3 5.8% 0.9% 0.7x 11.3x TeleCommunication Systems United States 2.26 -27% 131.3 247.4 51.5 167.6 487.4 38.6 7.9% 14.6% 0.5x 6.4x Telcoware Co Ltd South Korea 9.17 -13% 64.6 12.0 - - 51.6 6.9 13.4% 0.0% 0.2x 1.7x Tellabs Inc. United States 2.28 -46% 838.0 (103.8) 799.5 195.1 1,052.6 12.3 1.2% -18.1% NM NM TESSCO Technologies Inc. United States 22.35 -16% 179.6 179.8 2.6 2.8 788.9 33.5 4.2% 17.9% 0.2x 5.4x Transmode Holding AB Sweden 12. 18 -11% 338. 6 288. 5 48. 5 - 153. 0 27. 4 17. 9% 15. 5% 191.9x 10. 55x Ubiquitous Corporation * Japan 910.19 -12% 77.6 64.9 14.9 - 11.6 1.1 9.1% -26.2% 5.6x 61.6x Vecima Networks Inc. Canada 4.65 -15% 103.8 82.2 26.1 4.2 102.2 9.4 9.2% 28.7% 0.8x 8.8x Verint Systems Inc. United States 33.80 -4% 1,355.5 2,048.1 192.0 592.6 822.6 147.1 17.9% 8.6% 2.5x 13.9x ViaSat Inc. United States 38.41 -23% 1,690.6 2,108.1 136.1 549.4 970.1 116.6 12.0% 16.8% 2.2x 18.1x Vonage Holdings Corporation United States 2.61 -17% 576.4 567.4 74.7 65.7 851.1 127.7 15.0% -2.4% 0.7x 4.4x Westell Technologies, Inc. United States 1.83 -27% 110.1 (9.4) 119.6 - 46.2 (6.0) NM -61.6% NM 1.6x ZTE Corp. * China 1.75 -40% 6,119.5 9,636.4 2,413.8 5,634.8 14,179.0 119.0 0.8% 9.1% 0.7x 81.0x

Adjusted Weighted Average 2.7x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.0x)

M&A & INVESTMENT SUMMARY JANUARY 2013 31 INFORMATION & BUSINESS SERVICES Transactions by Subsegment and Buyer Type

• Financial Information and Marketing Research were the most active Information subsegments with eight deals announced each, while IT Consulting/Systems Integration was the most active Business Services subsegment with 12 deals announced • Select acquisitions › CVC Capital Partners’ $1.5 billion acquisition of Cerved, an Italy-based credit data and business intelligence company › Thomson Reuters’ acquisition of U.K.-based legal services company Practical Law Group, which provides legal know-how , transactional analysis, and market intelligence services for lawyers, for between $325 million and $490 million › Investcorp’s $200 million acquisition of FishNet Consulting, a provider of enterprise information security solutions and consulting • Select investments › The $103 million investment in Lynda.com, a provider of online computer skills training for consumers, businesses, and schools, from Accel Partners, Spectrum Equity, and Meritech Capital Partners

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 14 22% 1,230.0 36% 7 - 4 1,150.0 3 80.0 Financial Information 8 13% 81.7 2% 3 23.5 0 - 5 58.2 Market Research 8 13% 14.5 0% 5 - 1 - 2 14.5 Healthcare Information 6 9% 20.0 1% 5 - 0 - 1 20.0 Corporate Training 5 8% 130.5 4% 1 - 2 - 2 130.5 Engineering/Scientific/Tech Information 4 6% 37.0 1% 2 - 0 - 2 37.0 Staffing 4 6% 36.6 1% 2 2.0 0 - 2 34.6 BPO 2 3% 2.3 0% 1 - 0 - 1 2.3 Contact Center 2 3% - 0% 1 - 0 - 1 - Geo-Demographic Information 2 3% - 0% 1 - 0 - 1 - Healthcare Consulting 2 3% 1.0 0% 2 1.0 0 - 0 - Other* 7 11% 1,895.0 55% 5 405.0 1 1,490.0 1 - Total 64 100% 3,449 100% 35 432 8 2,640 21 377 *Other includes Credit/Risk Consulting, Credit/Risk Information, Financial Consulting, HR Consulting, Legal Information, and Management Consulting

M&A & INVESTMENT SUMMARY JANUARY 2013 32 INFORMATION PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Financial & Credit//gRisk Management Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financ ial Solutions, Inc . United States 23.57 -5% 2,880.8 3,193.4 211.8 524.4 2,322.9 343.3 14.8% 4.5% 1.4x 9.3x Computershare Limited Australia 10.92 0% 6,068.7 7,415.8 445.8 1,754.8 1,815.6 354.9 19.5% 12.6% 4.1x 20.9x CoreLogic, Inc. United States 26.24 -11% 2,557.7 3,185.1 176.6 801.9 1,502.6 295.1 19.6% 14.8% 2.1x 10.8x CoStar Group Inc. * United States 93.78 -2% 2,650.2 2,690.6 130.3 170.6 316.0 62.6 19.8% 29.6% 8.5x 43.0x DST Systems Inc. United States 66.94 -1% 3,019.0 3,689.4 431.1 1,101.5 2,576.6 302.9 11.8% 7.9% 1.4x 12.2x Dun & Bradstreet Corp. United States 81.54 -6% 3,633.8 4,524.8 137.0 1,024.1 1,698.6 527.4 31.0% -2.5% 2.7x 8.6x Envestnet, Inc. * United States 13.91 -1% 449.8 428.7 21.1 - 143.4 15.4 10.8% 19.3% 3.0x 27.8x Equifax Inc. United States 58.70 -1% 7,020.4 7,745.9 267.2 968.3 2,112.1 683.4 32.4% 9.3% 3.7x 11.3x Experian plc Ireland 17.13 -1% 16,910.6 19,124.4 627.0 2,740.0 4,621.0 1,533.0 33.2% 14.4% 4.1x 12.5x FactSet Research Systems Inc. United States 92.52 -15% 4,088.4 3,863.1 225.2 - 820.4 311.6 38.0% 9.4% 4.7x 12.4x Fair Isaac Corporation United States 45.07 -6% 1,599.7 2,012.9 90.8 504.0 696.1 191.7 27.5% 9.8% 2.9x 10.5x Fidelity National Information Services, Inc. United States 37.11 -2% 10,880.6 14,992.9 576.6 4,543.8 5,888.9 1,717.6 29.2% 5.9% 2.5x 8.7x Financial Engines, Inc. * United States 33.26 -1% 1,574.2 1,407.8 166.4 - 175.3 30.7 17.5% 28.6% 8.0x 45.9x Lender Processing Services, Inc. United States 24.04 -22% 2,039.8 2,965.7 160.7 1,086.6 2,085.7 274.1 13.1% -2.7% 1.4x 10.8x Moody's Corp. United States 54.82 0% 12,219.4 12,465.4 1,541.2 1,707.5 2,543.2 1,087.6 42.8% 11.6% 4.9x 11.5x Morningstar Inc. United States 67.69 0% 3,190.3 2,850.3 341.6 - 646.3 188.4 29.1% 3.6% 4.4x 15.1x MSCI Inc. United States 33.74 -12% 4,119.5 4,550.6 434.3 865.5 929.2 415.7 44.7% 0.0% 4.9x 10.9x Reis, Inc . United States 14.61 -1% 156.4 141.4 15.0 - 29.6 5.8 19.4% 12.4% 4.8x 24.6x SEI Inves tme n ts Co. UitdUnited SttStates 26. 96 2% 4, 661. 4 4, 228. 3 452. 2 - 992. 5 234. 7 23.7 % 68%6.8% 4.3x1808.0x The Dolan Company United States 3.51 -68% 106.4 281.6 15.6 192.0 275.8 42.5 15.4% 0.9% 1.0x 6.6x The Mc Graw-Hill Companies, Inc . United States 57.52 -1% 15,973.3 16,813.3 1,245.0 1,199.0 6,350.0 1,797.0 28.3% 2.1% 2.6x 9.4x Thomson Reuters Corporation United States 30.56 -2% 25,255.0 31,917.3 850.0 7,270.0 13,456.0 3,013.0 22.4% -1.7% 2.4x 10.6x Verisk Analytics, Inc. United States 55.16 -1% 9,200.6 10,665.4 102.7 1,567.5 1,470.2 657.4 44.7% 15.5% 7.3x 16.2x

Adjusted Weighted Average 3.6x 11.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.4x)

Healthcare Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA National Research Corp. United States 53.78 -8% 368.6 366.9 15.0 13.3 83.5 27.1 32.5% 15.2% 4.4x 13.5x The Advisory Board Company United States 54.24 -1% 1,889.2 1,793.9 95.2 - 413.8 66.4 16.0% 30.5% 4.3x 27.0x

Adjusted Weighted Average 4.3x 24.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.6x)

M&A & INVESTMENT SUMMARY JANUARY 2013 33 INFORMATION PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States 17.73 -7% 1,322.0 1,396.1 186.2 260.6 1,109.5 223.3 20.1% -1.9% 1.3x 6.3x Alliance Data Systems Corporation United States 157.60 -1% 7,857.3 16,178.1 893.4 9,214.2 3,641.4 1,141.2 31.3% 14.8% 4.4x 14.2x Arbitron Inc. United States 46.90 -1% 1,248.7 1,211.6 37.1 - 445.3 123.2 27.7% 7.6% 2.7x 9.8x Brainjuic er Group Plc United Kingdom 3.22 -45% 40.4 36.6 3.8 - 34.5 4.8 14.0% 20.6% 1.1x 7.6x Cello Group Plc United Kingdom 0.70 -6% 57.2 78.9 1.9 23.4 212.2 12.5 5.9% 8.1% 0.4x 6.3x Cision AB Sweden 8.80 -11% 130.7 190.7 6.9 65.0 151.4 26.3 17.4% 1.1% 1.3x 7.2x comScore, Inc. * United States 14.73 -38% 524.8 482.9 59.1 17.2 249.4 22.5 9.0% 12.9% 1.9x 21.5x Cross Marketing Inc. Japan 29.63 -6% 90.3 82.7 11.0 1.9 67.7 8.2 12.1% 28.7% 1.2x 10.1x Ebiquity plc United Kingdom 1.54 -2% 85.5 109.6 7.0 30.7 95.7 15.1 15.8% 24.6% 1.1x 7.2x GfK SE Germany 57.90 -1% 2,113.6 2,722.4 87.9 608.6 1,890.7 253.5 13.4% 8.2% 1.4x 10.7x Harris Interac tive Inc . United States 1.24 -23% 71.6 65.9 10.6 4.9 142.7 10.5 7.4% -11.6% 0.5x 6.3x Harte- Hanks Inc . United States 8.19 -19% 514.1 591.6 35.8 113.3 767.7 88.9 11.6% -9.8% 0.8x 6.7x InnerWorkings Inc . * United States 13.91 -8% 694.7 759.2 9.5 74.0 764.9 34.1 4.5% 29.9% 1.0x 22.3x INTAGE Inc. Japan 23.83 -2% 239.6 232.4 65.1 56.4 490.5 62.0 12.6% 5.8% 0.5x 3.7x Ipsos SA France 39.86 -3% 1,806.1 2,759.4 96.2 968.6 2,081.1 232.4 11.2% 40.3% 1.3x 11.9x Keynote Systems Inc. United States 15.60 -24% 285.0 233.8 51.2 - 125.2 17.2 13.8% 12.5% 1.9x 13.6x Mac romill, Inc . Japan 11.24 -8% 313.2 289.7 97.6 67.0 192.6 48.9 25.4% 19.4% 1.5x 5.9x NeuSt ar, Inc . United States 45.14 -2% 2,992.4 3,312.4 269.2 589.1 791.4 337.3 42.6% 35.7% 4.2x 9.8x Nielsen Holdings N. V. Net herlands 32. 51 -1% 11, 774. 2 18, 160. 2 325. 0 6, 706. 0 5, 569. 0 1, 380. 0 24. 8% 16%1.6% 333.3x 13. 2x Onvia Inc. United States 3.60 -16% 30.7 18.4 12.4 0.1 22.0 (0.4) NM - 8.6% 0.8x NM Solera Holdings Inc . United States 54.81 -3% 3,771.8 4,478.8 542.9 1,150.1 787.2 336.0 42.7% 8.7% 5.7x 13.3x YouGov PLC United Kingdom 1.18 -9% 112.5 101.2 11.7 0.5 91.2 7.9 8.6% 3.6% 1.1x 12.9x

Adjusted Weighted Average 3.1x 12.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)

Other Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Corporate Executive Board Co. United States 50.11 -8% 1,681.8 2,174.2 58.2 550.6 560.9 141.1 25.2% 21.1% 3.9x 15.4x Forrester Research Inc. United States 28.27 -22% 630.3 401.6 228.7 - 292.5 50.2 17.2% 6.0% 1.4x 8.0x Gartner Inc. United States 51.51 -4% 4,824.2 4,779.8 255.4 211.0 1,568.8 258.4 16.5% 10.2% 3.0x 18.5x IHS Inc . United States 102.90 -13% 6,752.1 7,471.7 345.0 1,064.6 1,529.9 346.5 22.6% 15.4% 4.9x 21.6x Informa plc Switzerland 7.59 -2% 4,563.6 5,906.6 83.3 1,412.4 1,976.5 561.4 28.4% 1.8% 3.0x 10.5x NIC Inc . United States 16.30 -6% 1,053.4 980.4 73.0 - 199.0 50.1 25.2% 12.6% 4.9x 19.6x Proofpoint, Inc. United States 13.15 -26% 419.3 343.1 80.7 4.4 100.3 (12.2) NM 30.0% 3.4x NM Reed Elsevier plc United Kingdom 10.89 -1% 24,088.9 29,169.6 2,673.1 2,407.7 9,635.3 2,209.0 22.9% 2.3% 3.0x 13.2x SPS Commerce, Inc. * United States 38. 91 -6% 571. 3 501. 6 69. 7 - 70. 5 6. 0 85%8.5% 30. 4% 71x7.1x 84. 0x Wolters Kluwer NV Netherlands 20.28 -7% 6,003.1 9,118.9 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 2.1x 8.3x

Adjusted Weighted Average 3.2x 14.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.5x)

M&A & INVESTMENT SUMMARY JANUARY 2013 34 BUSINESS SERVICES PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc . United States 19.00 -32% 192.3 152.5 42.3 1.7 277.8 27.0 9.7% 0.0% 0.5x 5.6x FTI Consulting, Inc. United States 32.20 -27% 1,295.2 1,886.1 126.9 717.8 1,568.2 254.0 16.2% 2.3% 1.2x 7.4x Information Services Group, Inc . United States 1.14 -23% 41.2 91.1 15.0 64.8 187.8 18.5 9.9% 9.6% 0.5x 4.9x Navigant Consulting Inc. United States 11.50 -21% 588.3 743.1 1.2 156.1 720.0 103.3 14.4% 4.9% 1.0x 7.2x ICF International Inc . United States 23.07 -19% 450.6 559.5 6.1 115.0 919.1 88.6 9.6% 12.1% 0.6x 6.3x Huron Consulting Group Inc. United States 33.98 -15% 701.7 922.1 3.2 223.5 608.2 105.8 17.4% 10.6% 1.5x 8.7x The Hackett Group, Inc. United States 4.46 -32% 136.0 149.4 14.5 28.0 207.7 20.0 9.6% 6.7% 0.7x 7.5x Towers Watson & Co. United States 61.65 -10% 4,596.4 4,782.3 428.2 589.4 3,441.6 658.9 19.1% 3.7% 1.4x 7.3x

Adjusted Weighted Average 1.3x 7.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.4x)

HR Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 60.65 0% 29,444.0 28,749.9 1,153.1 459.0 10,806.9 2,364.0 21.9% 7.6% 2.7x 12.2x Dice Holdings, Inc. United States 9.57 -13% 570.7 574.5 42.2 46.0 195.4 71.3 36.5% 9.1% 2.9x 8.1x LinkedIn Corporation * United States 123.82 -3% 13,304.3 12,627.6 676.6 - 836.4 104.1 12.4% 91.8% 15.1x 121.3x Monster Worldwide, Inc . United States 5.79 -44% 678.0 698.9 175.1 195.9 960.8 122.3 12.7% -5.5% 0.7x 5.7x Barrett Business Services Inc . United States 40.23 -4% 282.1 244.3 37.8 - 373.7 9.2 2.5% 23.0% 0.7x 26.5x Capita PLC United Kingdom 12.45 -2% 8,114.2 10,529.6 305.7 2,712.7 4,921.3 871.5 17.7% 12.7% 2.1x 12.1x Insperity, Inc. United States 34.07 0% 874.3 620.4 253.9 - 2,121.5 85.5 4.0% 10.7% 0.3x 7.3x Marsh & McLennan Companies, Inc. United States 35.88 -1% 19,532.6 20,471.6 2,050.0 2,919.0 11,830.0 2,150.0 18.2% 3.7% 1.7x 9.5x Paychex, Inc. United States 32.86 -5% 11,951.7 11,650.5 301.2 - 2,268.6 972.1 42.9% 4.9% 5.1x 12.0x Towers Watson & Co. United States 61.65 -10% 4,596.4 4,782.3 428.2 589.4 3,441.6 658.9 19.1% 3.7% 1.4x 7.3x WageWorks, Inc. United States 20.20 0% 569.1 374.7 238.9 44.5 164.6 24.1 14.6% 26.3% 2.3x 15.6x

Adjusted Weighted Average 2.6x 11.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.0x)

M&A & INVESTMENT SUMMARY JANUARY 2013 35 BUSINESS SERVICES PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

Staffinggg & Recruiting Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adecco S.A. Switzerland 57.46 -2% 10,850.7 12,316.6 1,166.1 2,580.1 26,588.3 1,173.8 4.4% 1.8% 0.5x 10.5x AMN Healthcare Services Inc. United States 12.15 -4% 539.3 731.6 3.8 173.5 928.2 63.8 6.9% 7.1% 0.8x 11.5x Brunel Int ernat ional NV Netherlands 53.57 -3% 1,294.6 1,205.3 83.7 - 1,431.2 99.6 7.0% 35.9% 0.8x 12.1x CDI Corp. United States 17.02 -9% 329.2 317.9 17.1 5.1 1,102.4 42.0 3.8% 6.0% 0.3x 7.6x Cross Country Healthcare, Inc. United States 5.65 -16% 174.6 201.6 7.5 34.5 506.8 10.3 2.0% 2.8% 0.4x 19.6x CTPartners Exec utive Searc h Inc . United States 4.40 -38% 30.7 21.5 14.9 5.6 125.3 (2.3) NM 3.1% 0.2x NM Groupe CRIT SA France 20.71 -14% 230.0 274.1 95.8 120.3 1,938.3 67.6 3.5% 7.3% 0.1x 4.1x Harvey Nash Group plc United Kingdom 1.05 -6% 77.3 99.9 15.4 37.5 897.1 18.6 2.1% 19.9% 0.1x 5.4x Hays plc United Kingdom 1.41 -5% 1,973.1 2,183.8 60.7 269.2 5,732.3 218.3 3.8% 12.2% 0.4x 10.0x Healthcare Locums Plc * United Kingdom 0.01 -87% 7.4 59.1 15.1 66.2 331.6 1.9 0.6% 7.4% 0.2x 31.4x Heidrick & Struggles International Inc . United States 15.81 -34% 284.1 157.0 127.1 - 467.1 43.9 9.4% -11.5% 0.3x 3.6x Hudson Global, Inc United States 4.81 -20% 153.8 119.8 34.9 0.9 816.0 9.6 1.2% -12.3% 0.1x 12.4x Impellam Group PLC United Kingdom 5.31 -9% 235.5 256.0 31.4 51.6 1,839.7 61.3 3.3% 4.9% 0.1x 4.2x Kelly Services, Inc . United States 15.94 -9% 592.0 579.8 76.3 64.1 5,450.5 97.7 1.8% -1.8% 0.1x 5.9x Kforce Inc. United States 13.76 -11% 494.8 490.5 5.4 1.2 1,178.2 34.5 2.9% 17.4% 0.4x 14.2x Korn/Ferry International United States 17.18 -1% 834.9 611.8 223.2 - 767.0 84.8 11.1% -2.9% 0.8x 7.2x Manpower Inc. United States 51.50 -1% 4,040.5 4,162.5 648.1 770.1 20,678.0 512.2 2.5% -6.0% 0.2x 8.1x Michael Page International plc United Kingdom 6.45 -19% 1,961.8 1,910.5 90.1 39.3 1,599.3 137.3 8.6% 8.4% 1.2x 13.9x On Assignment Inc . United States 24. 45 -1% 1, 284. 1 1, 709. 9 13. 9 439. 6 999. 8 102. 7 10. 3% 79. 6% 17x1.7x 16. 7x Proffice AB (Publ) Sweden 3.47 -25% 237.1 270.7 14.0 46.1 754.3 29.6 3.9% 7.3% 0.4x 9.1x Randstad Holding NV Netherlands 41.48 0% 7,137.7 9,090.1 254.9 2,100.9 22,127.8 703.4 3.2% 9.5% 0.4x 12.9x Resources Connection Inc. United States 12.21 -16% 500.7 386.7 113.9 - 566.9 50.9 9.0% 0.1% 0.7x 7.6x Robert Half International Inc . United States 35.24 -1% 4,959.6 4,671.8 289.4 1.6 4,111.2 391.7 9.5% 8.8% 1.1x 11.9x Robert Walters plc United Kingdom 3.39 -19% 260.0 253.5 35.9 28.8 880.7 23.4 2.7% 17.7% 0.3x 10.8x SThree Plc. United Kingdom 5.30 -6% 626.9 582.1 45.3 - 925.6 51.2 5.5% 6.5% 0.6x 11.4x Synergie SA France 11.63 -9% 278.7 318.1 29.7 64.9 1,858.8 60.7 3.3% 6.8% 0.2x 5.2x TrueBlue, Inc. United States 17.19 -6% 665.8 546.4 119.3 - 1,395.1 71.8 5.1% 9.2% 0.4x 7.6x USG People NV Netherlands 8.53 -28% 679.6 1,060.7 52.4 412.1 3,810.2 148.8 3.9% -9.7% 0.3x 7.1x

Adjusted Weighted Average 0.6x 10.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.7x)

M&A & INVESTMENT SUMMARY JANUARY 2013 36 BUSINESS SERVICES PUBLIC COMPANY VALUATIONS

($ in millions, except stock price data)

IT Consulting/S ystems Inte gration Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.L.D. Advanced Logistics Developments Ltd. * Israel 0.16 -43% 3.7 4.1 - - 14.3 0.1 0.9% -5.2% 0.3x 32.2x Accenture plc Ireland 71.89 -1% 46,321.2 41,127.3 5,681.2 0.0 28,007.8 4,266.1 15.2% 5.5% 1.5x 9.6x Amdocs Limited Channel Islands 35.69 -2% 5,801.2 4,839.8 961.3 - 3,266.3 604.4 18.5% 1.8% 1.5x 8.0x Bec ht le AG Germany 45.16 -7% 948.4 961.9 69.2 82.0 2,657.1 125.5 4.7% 4.7% 0.4x 7.7x Booz Allen Hamilton Holding Corporation United States 13.86 -28% 1,881.8 3,290.6 317.6 1,726.4 5,753.4 520.0 9.0% -1.0% 0.6x 6.3x Broadridge Financ ial Solutions, Inc . United States 23.57 -5% 2,880.8 3,193.4 211.8 524.4 2,322.9 343.3 14.8% 4.5% 1.4x 9.3x Business & Decision SA France 5.26 -40% 41.4 82.6 7.3 44.9 304.0 16.5 5.4% -2.0% 0.3x 5.0x Cap Gemini S.A. France 48.22 -4% 7,410.1 7,520.1 1,660.6 1,713.9 12,787.0 1,158.6 9.1% 9.1% 0.6x 6.5x CGI Group, Inc. Canada 26.77 -1% 8,219.9 11,200.3 162.1 3,151.5 6,293.7 878.0 14.0% 47.2% 1.8x 12.8x Cognizant Tec hnology Solutions Corporation United States 78.18 -2% 23,469.0 20,837.2 2,631.7 - 7,062.0 1,463.1 20.7% 22.4% 3.0x 14.2x Computer Sciences Corporation United States 41.80 -2% 6,494.4 8,047.4 1,856.0 3,387.0 15,689.0 1,572.0 10.0% -3.1% 0.5x 5.1x CSG Systems International Inc. United States 18.83 -19% 596.8 704.7 184.8 292.6 746.4 162.7 21.8% 6.4% 0.9x 4.3x Dynamics Research Corporation United States 6.86 -43% 70.9 167.5 9.5 106.1 331.7 35.2 10.6% 9.1% 0.5x 4.8x Information Services Group, Inc . United States 1.14 -24% 41.0 90.9 15.0 64.8 187.8 18.5 9.9% 9.6% 0.5x 4.9x Infosys Ltd. India 52.37 -7% 29,922.1 25,719.0 4,079.0 - 7,231.0 2,182.0 30.2% 5.9% 3.6x 11.8x Isoftstone Holdings Limited China 5.24 -53% 292.2 259.9 72.5 38.0 362.8 37.6 10.4% 39.9% 0.7x 6.9x ITS Group France 6.07 -26% 35.1 51.0 5.8 19.5 119.0 10.4 8.8% 6.1% 0.4x 4.9x NCI, Inc . United States 5.26 -34% 68.5 86.4 3.1 21.0 393.6 17.9 4.5% -36.0% 0.2x 4.8x Osiatis SA France 7997.99 -11% 122. 2 127. 3 36. 2 40. 7 366. 1 31. 0 85%8.5% 10. 8% 030.3x 414.1x Wipro Ltd. India 7.72 -9% 18,900.3 16,977.2 3,036.2 1,148.7 7,608.2 1,484.2 19.5% 17.5% 2.2x 11.4x

Adjusted Weighted Average 1.5x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.1x)

Business Process Outsourcing Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Communisis plc United Kingdom 0.72 -12% 100.2 143.9 15.8 59.0 349.8 28.3 8.1% 15.7% 0.4x 5.1x Contax Participacoes S.A. Brazil 13.57 -4% 872.8 1,243.1 186.5 544.8 1,709.7 199.9 11.7% 22.2% 0.7x 6.2x Eniro AB Sweden 2.28 -15% 228.4 679.3 40.6 476.7 623.7 143.1 22.9% -11.0% 1.1x 4.7x Exlservice Holdings, Inc . United States 29.66 -1% 953.5 833.0 125.4 4.9 427.9 81.1 19.0% 30.4% 1.9x 10.3x Firstsource Solutions Limited India 0.20 -29% 133.3 153.3 146.6 166.5 495.3 43.5 8.8% 25.1% 0.3x 3.5x Genpac t Lt d. Bermuda 16.75 -14% 3,761.8 4,118.1 394.5 747.5 1,837.0 325.2 17.7% 22.5% 2.2x 12.7x MAXIMUS, Inc. United States 68.57 -3% 2,337.3 2,149.7 189.3 1.7 1,050.1 152.1 14.5% 13.0% 2.0x 14.1x Salmat Ltd. Australia 2.46 -15% 389.2 645.2 38.3 289.5 843.3 102.8 12.2% -4.6% 0.8x 6.3x Serco Group plc United Kingdom 8.79 -8% 4,308.9 5,326.0 343.2 1,349.7 7,438.3 574.7 7.7% 7.0% 0.7x 9.3x Trans Cosmos, Inc. Japan 12.42 -9% 511.2 340.5 426.3 179.2 2,089.0 117.2 5.6% 4.1% 0.2x 2.9x Transcom WorldWide SA Luxembourg 0120.12 -2% 141. 9 184. 5 56. 3 97. 5 752. 2 51. 8 69%6.9% 46%4.6% 02x0.2x 36x3.6x Xchanging PLC United Kingdom 1.93 -5% 463.7 398.6 150.6 53.8 1,022.5 110.4 10.8% -3.7% 0.4x 3.6x

Adjusted Weighted Average 1.4x 7.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.2x)

M&A & INVESTMENT SUMMARY JANUARY 2013 37 JANUARY SUMMARY TRADING VALUATION INFORMATION

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digit a l Me dia / Co mme rc e 3.4x 2.0x 5.2x 3.8x Digital Advertising 2.1x 1.5x 4.3x 3.3x Marketing Tec hnology 3.7x 2.7x 4.9x 3.8x Agenc y/Consulting 1.0x 0.9x 1.4x 1.3x Marketing Servic es 0.8x 0.7x 1.0x 0.8x Traditional & OOH Media 2.2x 2.2x 2.6x 2.4x Technology 2.6x 2.2x 3.3x 3.2x Software 4.8x 3.4x 6.7x 5.2x Communications 1.9x 1.1x 2.7x 2.7x Information 3.0x 2.7x 3.6x 2.3x Business Services 111.1x 060.6x 262.6x 181.8x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digit a l Me dia / Co mme rc e 18.9x 11.7x 26.8x 13.6x Digital Advertising 22.0x 9.4x 19.4x 14.5x Marketing Tec hnology 32.0x 16.1x 21.6x 16.4x Agenc y/Consulting 7.9x 6.9x 9.3x 8.9x Marketing Servic es 10.3x 6.3x 8.2x 7.3x Traditional & OOH Media 11.1x 7.7x 9.2x 9.2x Technology 13.5x 9.9x 10.6x 10.2x Software 26. 1x 13. 77x 26. 3x 14. 77x Communications 16.0x 10.6x 11.5x 10.3x Information 15.0x 11.5x 13.4x 13.4x Business Services 10.8x 7.6x 15.6x 10.7x

As of close of business on 01/31/13

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

M&A & INVESTMENT SUMMARY JANUARY 2013 38 PPLLC INDICES – LTM as of 1/31/13

Digital Media/Commerce Index Performance Agency/Consulting Index Performance 130 130 • S&P 500 –  13.1% • S&P 500 –  13.1% 120 120 • Digital Media/ • Agency/Consulting –  17.9%

110 Commerce –  16.8%

110

100

100 90

90 80 Index Performance (%) Performance Index Index Performance (%) Performance Index

70 80 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12

S&P 500 Digital Media/Commerce S&P 500 Agency/Consulting

Digital Advertising Index Performance Marketing Services Index Performance 130 130

• S&P 500 –  13.1% ) • S&P 500 –  13.1% ) %%

%% 120 120 • Digital Advertising –  25.8% • Marketing Services –  21.2%

110 110

100 100

90 Index Performance ( Performance Index 90 Index Performance ( Performance Index

80 80 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12

S&P 500 Digital Advertising S&P 500 Marketing Services

Marketing Technology Traditional & OOH Media Index Performance Index Performance 140 130 • S&P 500 –  13.1% • S&P 500 –  13.1%

) 130 ) 120 %% • Marketing %% • OOH & Specialty Media –  17.0%

120 Technology –  8.3% 110

110 100

100 90

80 Index Performance ( Performance Index Index Performance ( Performance Index 90

70 80 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12

S&P 500 Marketing Technology S&P 500 Traditional & OOH Media

M&A & INVESTMENT SUMMARY JANUARY 2013 39 PPLLC INDICES – LTM as of 1/31/13

Software Communications Index Performance Index Performance 130 130 • S&P 500 –  13.1% • S&P 500 –  13.1% 120

120 • Software –  14.9% • Communications –  2.0%

110

110 100

100

Index Performance (%) Performance Index 80 Index Performance (%) Performance Index

90 70 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12

S&P 500 Software S&P 500 Communications

Technology Index Performance Information & Business Services 130 Index Performance 130 • S&P 500 –  13.1%

)) • S&P 500 –  13.1% 120 • Technology –  6.3% 120 • Information –  23.0%

110 110 • Business Services –  11.0%

100 100

90 90 Index Performance (% Performance Index Index Performance (%) Performance Index

80 80 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12

S&P 500 Tech nolog y S&P 500 Information Business Services

M&A & INVESTMENT SUMMARY JANUARY 2013 40 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed

Intucell Cisco Systems, Inc. $475.0 Practical Law Company Thomson Reuters 405.0 Epocrates, Inc. athenahealth, Inc. 213. 1 FishNet Security, Inc. Investcorp Bank B.S.C. 200.0 mFoundry, Inc. Fidelity National Information Services, Inc. 120.0 CDS Business Mapping CoreLogic, Inc. 78.0 Telanetix The Flexitallic Group, Inc. 55.0 Acuo Technologies Lexmark International, Inc. 45.0 DBG Poker Group 2UP Gaming PLC 40.1 Interactif Visuel Systeme Essilor International SA 26.7 ThisLife LLC Shutterfly, Inc. 25.0 Investor Force Holdings MSCI, Inc. 23.5 Sonicbids Corporation Backstage 15.0 Pushpins, Inc. Performance Marketing Brands, Inc. (fka Ebates) 12.5 Foodspotting, Inc. OpenTable.com, Inc. 10.0 MediaWhiz, Inc. Matomy Media Group 10.0 Magaseek NTT Docomo, Inc. 9.0 EnterCrews Mobcast Services 7.0 Pacific Micromarketing Experian plc 6.5 Kunu Xing AG 474.7 DOBP iCarAsia 2.1 Merlin Elite M&C Saatchi plc 2.0 Mash Health Limited Cello Group 1.0 YELLOW7 Interactive QED Connect, Inc. 0.3 Rare Method eMedia Networks International 0.1

Strategic Undisclosed 10Best USA Today Travel Media Group - 12snap plan.net Gruppe fur digitale Kommunikation - 1stHomeExchange Love Home Swap - 401! Creative Weidenhammer Systems Corporation - 7city Learning The Fitch Group - Active Life Apps Daxko, Inc. - Advertising Decision Solutions MediaMath, Inc. - Alerting Solutions AtHoc, Inc. - ALK Technologies Trimble Navigation Limited -

M&A & INVESTMENT SUMMARY JANUARY 2013 41 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Undisclosed ALTA Systems ManTech International Corporation - Antler Agency Griffin York & Krause - Arkeia Software Western Digital Corporation - ASAP, Inc. Grossman Marketing Group - Aureus Sciences Elsevier, Inc. - Australian Local Search Sensis Agency - Authentic Response, Inc. reInvention - Barr Systems, Enterprise Output Management Business Notable Solutions, Inc. - Bayshore Technologies Vology, Inc. - Best Practice Systems BillTrust - Blocksworld Linden Research, Inc.- Capstrat, Inc. Ketchum, Inc. - CareAnyware Brightree LLC - Clayton Printing SurfKY News Group, Inc. - Cognitive Security Cisco Systems, Inc. - Commodity Update Farm Journal Media - Crashlytics Twitter, Inc. - Crowd Science YuMe Networks - CSO Computer Software Organisation comebis GmbH - Dartware, LLC Help/Systems, Inc. - Dealfind.com, Inc. TeamBuy.ca - Defran Systems Netsmart Technologies, Inc. - Direct Impressions, Inc. Colortree Group, Inc. - DiscoverText Vision Critical - DRX Connecture, Inc. - Eboo k Library PQProQues t UKU.K. HldiHoldings LiitdLimited - Energy Publishing, Inc. IHS, Inc. - Exploding Barrel Games Kabam, Inc. - FabKids JustFab - Farrell Kramer Communications MBS Value Partners - FIZ Chemie Berlin Wiley-VCH Verlag GmbH & Co. KGaA - Forrst ZURB, Inc. - franchisEssentials Franchise Foundry - FulCircle, Inc. AMREP Corporation - Giftango InComm -

M&A & INVESTMENT SUMMARY JANUARY 2013 42 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Glassmap Groupon, Inc. - GridIron Systems Violin Memory, Inc. - HealthLink Minnesota Management Group 7 Medical Systems, LLC - HR Services Paychex, Inc. - Humedica, Inc. OptumHealth - id8 Group R2 Studios Microsoft Corporation - iMarketing LTD Mercury Media - Innovadex Underwriters Laboratories, Inc. - Innovadex Underwriters Laboratories, Inc. - Innoveer Solutions Cloud Sherpas - iThink SapientNitro - IVONA Software Amazon.com, Inc. - Knovel Corporation Elsevier, Inc. - Knowledge Mosaic LexisNexis Group - KVS Information Systems Springbrook Software, Inc. - LawPivot Rocket Lawyer Incorporated - LexisNexis Group, Screening Business First Advantage - Listech Hexa gon AB - LoopFuse Nearstream, Inc. - Magnon Group TBWA Worldwide, Inc. - MailCounter Unlock the Inbox - MakeGood Software Quantcast Corporation - Mamasource Totsy - Marketing Research Services, Inc. Orc International - McMurry/TMG, LLC The Wicks Group of Companies, L.L.C. - MtMentor EiEngineer ing Trapeze SftSoftware, Inc. - Metrostudy Hanley-Wood, Inc. - Miami National Antiques Show & Sale U.S. Antique Shows - MilesTek L-com, Inc. - Mixel Etsy, Inc. - MobilGiganten Dialect AB - Monitor Company Group, LP Deloitte Development LLC - Morehead Associaties Press Ganey Associates, Inc. - Mozes, Inc. ePrize LLC - Mphasize SapientNitro - Munics Information Systems Robocom Systems International -

M&A & INVESTMENT SUMMARY JANUARY 2013 43 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Name.com LLC Demand Media, Inc. - National Healthcare Exchange Services Adreima, Inc. - Navigis, Inc. Cloud Sherpas - Navman Wireless Danaher Corp. - Neuralitic, Inc. Guavus, Inc. - NovaQuest Persistent Systems Ltd. - Okam Limited WPP Group - Opportunity Max Maritz, Inc. - Overlay Media Limited InMobi - PageLever Unified Media - Parents in a Pinch Care. com, Inc.- Payvment, Inc. Intuit, Inc. - PEMSoft EBSCO Publishing, Inc. - Personally Yours Staffing Corporate Resource Services, Inc. - Pictometry International EagleView Technologies, Inc. - Pipewave ZEFR - Platinnetz Feierabend - POP, Inc. Advance Publications ,,( Inc. (Conde Nast ) - Pro Bike Kit The Hut Group - RedMas Adsmovil - Reed Group Ltd The Guardian Life Insurance Company of America - REP/Grey, REP/G2, and Massive WPP Group - Reputation 24/7 Reputation.com, Inc. - Research Dataware WIRB-Copernicus Group - ReStockIt.com Acme Paper & Supply Co., Inc. - RtilRetail Anyw here NtNetsu ite, Inc. - Retail Marketing Services East BDS Marketing - Salesworks Systems, Inc. Rand Group, LLC - Simperium Automattic - Soul and Vibe Entertainment, Inc. Soul and Vibe Interactive, Inc. - Technology Associates International Vistronix, Inc. - Technology Solutions Group, Inc. TeleTech Holdings, Inc. - Thacher Associates K2 Intelligence, LLC - The Pinnacle Group of Indiana Advanced Imaging Solutions, Inc. - The Salter Group FTI Consulting, Inc. - The Whitley Printing Company (Unnamed) -

M&A & INVESTMENT SUMMARY JANUARY 2013 44 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Ticket-Web SAP AG - TradeCard GT Nexus, Inc. - TransmissionHub and GenerationHub PennWell Corporation - TSSLink Avnet Technology Solutions - Umeqo Readyforce, Inc. - Utopy, Inc. Genesys Telecommunications Laboratories, Inc. - VARcompliance Netformx, Inc. - Vineyard Networks Procera Networks, Inc. - Votizen Causes - WAM Systems Triple Point Technology, Inc. - Yankee Group Research The 451 Group - Zip Prints GT Graphics Company -

M&A & INVESTMENT SUMMARY JANUARY 2013 45 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Cerved Group Spa CVC Capital Partners Ltd. $1,490.0 Eze Castle Integration TPG Capital 950.0 SurveyMonkey, Inc. Tiger Global Management, LLC 800.0 BioClinica, Inc. JLL Partners 104. 5 Assetic Pty Ltd. M. H. Carnegie & Co. 10.6 ANGOSS Software Corporation Peterson Partners LP 7.9 TechForLess, Inc. Encore Holdings, LLC 1.6 Buyout Deals Undisclosed Alchemy Systems, LP The Riverside Company - BrandAlley UK Limited Management Buyout - Direct Marketingg, Solutions, Inc. Cayypmus Ca pital Grou p, LLC - FishNet Security, Inc. Investcorp Bank B.S.C. - FocusVision Worldwide, Inc. Thompson Street Capital Partners, LLC - GetWellNetwork, Inc. Welsh, Carson, Anderson & Stowe - GiveAnything.com LLC The Riverside Company - irth Solutions, Inc. (Unnamed Fund Contibuters) - Lanyon, Inc. Vista Equity Partners - MG LLC Trivergance, LLC - MicroEdge, Inc. Bregal Sagemount - Miller Heiman, Inc. Providence Equity Partners, Inc.- PlattForm Advertising Sterling Partners - Reed Business Information Australia Catalyst Investment Managers Pty Ltd - Spartan College of Aeronautics and Technology Sterling Partners - TractManager, Inc. Arsenal Capital Partners, Inc. - Tresys Technology LLC Behrman Capital - Vivonet, Inc. Marlin Equity Partners - VC/Growth Capital Values Disclosed SevOne, Inc. Bain Capital, LLC $150.0 Lynda.com, Inc. Accel Partners 103.0 Twitter, Inc. BlackRock, Inc. 80.0 AppNexus, Inc. Technology Crossover Ventures 75.0 Globant WPP Group 70.0 Infusionsoft The Goldman Sachs Group, Inc. 54.0 SR Labs LLC Insight Venture Partners 53.0 AppDynamics Institutional Venture Partners 50.0 FireEye, Inc. Goldman Sachs Private Investment Area 50. 0 Virident Systems, Inc. Seagate Technologies, Inc. 40.0 Traiana, Inc. Barclays Capital 36.0 PICS Auditing Norwest Venture Partners 35.0

M&A & INVESTMENT SUMMARY JANUARY 2013 46 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Houzz, Inc. GGV Capital $35.0 Sales Team Automation, LLC U.S. Venture Partners 35.0 Work Service Group PineBridge Investments LLC 34.6 Attivio, Inc. General Electric Pension Trust 34. 0 Health Catalyst, LLC Norwest Venture Partners 33.0 Janrain, Inc. Millennium Technology Value Partners 32.9 Room 77 Expedia, Inc. 30.3 Pinterest SV Angel, LLC 30.0 DataGravity Andreessen Horowitz 30.0 Guavus, Inc. Investor Growth Capital, Inc. 30.0 Puppet Labs VMware, Inc. 30.0 Pluralsight LLC Insight Venture Partners 27.5 Streetline, Inc. True Ventures 25.0 OpenX Software Ltd. Samsung Venture Investment Corporation 22.5 Optimal Blue Serent Capital, L.P. 22.4 Kareo, Inc. Stripes Group 20.5 iPinYou Information Technologies Co., Ltd China Broadband Capital 20.0 Axcient, Inc. Scale Venture Partners 20.0 Lazada Tengelmann Warenhandelsgesellschaft KG 20.0 Prosper Marketplace, Inc. Sequoia Capital 20.0 Recondo Technology Bregal Sagemount 20. 0 PatientSafe Solutions Merck Global Health Innovation LLC 20.0 Shape Security, Inc. Kleiner Perkins Caufield & Byers 20.0 NewVoiceMedia Ltd. Highland Capital Partners 20.0 BuzzFeed, Inc. RRE Investors 19.3 Chartboost Sequoia Capital 19.0 Keek, Inc. AGF Investments Inc. 18.0 Host Analytics, Inc. Advanced Technology Ventures 17.0 Panaya Ltd. Battery Ventures 16.0 Tongal, Inc. Insight Venture Partners 15.0 GetYourGuide, Inc. Highland Capital Partners 14.0 ChaCha Search, Inc. VantagePoint Capital Partners 14.0 Radius Intelligence, Inc. American Express Company 12.4 ScaleArc, Inc. Accel Partners 12.3 42 Floors, Inc. New Enterprise Associates 12.3 WatchDox, Inc. Millennium Technology Value Partners 12.0 Linkwell Health WellPoint, Inc. 11.0 FanDuel, Inc. Comcast Ventures 11. 0 Parallels IP Holdings GmbH Cisco Systems, Inc. 11.0 PagerDuty, Inc. Andreessen Horowitz 10.7 Ayasdi, Inc. Khosla Ventures 10.3

M&A & INVESTMENT SUMMARY JANUARY 2013 47 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Convercent Azure Capital Partners $10.2 Zettaset HighBAR Ventures 10.0 ConnectSolutions LLC Frontier Capital, LLC 10.0 Snip. it Yahoo!, Inc. 10. 0 Tradeshift Intuit, Inc. 10.0 Mirantis, Inc. Intel Capital 10.0 OpinionLab, Inc. SSM Partners 9.5 Intigua, Inc. Bessemer Venture Partners 8.6 Simply Measured, Inc. Bessemer Venture Partners 8.0 Adometry, Inc. Austin Ventures 8.0 Flatiron Health, Inc. Google Ventures 8.0 Pontiflex, Inc. Talus Holdings7.7 360Incentives.com OMERS Ventures 7.7 Optim.al, Inc. DoubleRock Venture Capital 7.0 Healthsense Merck Global Health Innovation LLC 7.0 Gokuai Technology Gobi Partners 6.4 LiquidSpace GPT Group 6.0 Connected Data, Inc. FLOODGATE Fund LP 6.0 SnagFilms, Inc. New Enterprise Associates 6.0 vArmour Networks, Inc. Highland Capital Partners 6.0 Zoom Video Communications, Inc. QUALCOMM Ventures 606.0 Telcentris, Inc. SBD Global Fund 5.3 Altitude Digital Partners Mercato Partners 5.0 BetterCloud Flybridge Capital Partners 5.0 Abe's Market, Co. Carmel Ventures 5.0 OLO RRE Investors 5.0 Independa, Inc. LG Electronics, Inc. 5.0 PureCars.com Gemini Investors 5.0 Convertro, Inc. Bessemer Venture Partners 5.0 Telligent Systems, Inc. NXT Capital, Inc. 5.0 Moontoast, LLC The Martin Companies 5.0 Musicmetric Limited Imperial Innovations 4.8 Cellrox Ltd. Runa Capital 4.7 Iconixx Software Ballast Point Ventures 4.5 Levels Beyond, Inc. TVC Capital 4.5 DB Networks, Inc. Khosla Ventures 4.5 Blue Box Founder Collective 4.3 Celtra Technologies, Inc. SoftBank Capital 404.0 authorGEN Technologies Kaizen Management Advisors Pvt. Ltd 4.0 Kwarter, Inc. T-Venture Holding GmbH 4.0 Montage Talent, Inc. Baird Venture Partners 4.0

M&A & INVESTMENT SUMMARY JANUARY 2013 48 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed TakeLessons Triangle Peak Partners, LP $4.0 Front Flip, LLC (Private Investors) 3.8 Kitsy Lane, Inc. Data Point Capital 3.5 Refinery29 (Unnamed Fund Contibuters) 353.5 Iwoca Beyond Digital 3.3 Iconicfuture GmbH CREATHOR VENTURE Management GmbH 3.3 Rentify Ltd. Balderton Capital 3.2 Symform, Inc. Second Century Ventures, LLC 3.0 ChowNow, Inc. GRP Partners 3.0 DAPU.com (Angel Investors) 3.0 Syapse, Inc. The Social+Capital Partnership 3.0 True Office Contour Venture Partners 3.0 Bloodhound Technologies The Founders Fund, LLC 3.0 Coach Alba VitalSmarts, LC 3.0 Curalate New Enterprise Associates 3.0 ipDatatel, LLC Genesis Park LP 2.8 Remitly, Inc. Trilogy Partnership 2.6 SimilarGroup Ltd. (Private Investors) 2.5 Digit Game Studios Ltd. Delta Partners 2.5 MobileSpan, Inc. True Ventures 2.3 BuyBox Iris Capital 232.3 MobileSpan, Inc. True Ventures 2.3 MediGain, Inc. (Unnamed Fund Contibuters) 2.3 MediaSilo, Inc. Schooner Capital LLC 2.3 Access Sports Media Columbia Capital Corporation 2.3 Continuity Control Connecticut Innovations, Inc. 2.2 Urjanet, Inc. Correlation Ventures 2.0 Zirtual, Inc. Mayfield Fund 2.0 Toopp,her, Inc. Stonehenggpe Capital Com py,pany, LLC 2.0 UpCity, LLC FireStarter Fund 2.0 Fanplayr, Inc. Denali Capital Managers Pty Ltd 2.0 GetHired.com (Private Investors) 1.8 Distil, Inc. ff Venture Capital 1.8 Tomfoolery, Inc. Morado Venture Partners 1.7 Bostech Corporation (Unnamed Fund Contibuters) 1.6 Gobbler (Private Investors) 1.5 Vobi.com TrailBlazer Capital 1.5 Snipi, Inc. Robin Hood Ventures 151.5 BlueKite PeopleFund 1.5 StartDate Labs, Inc. Baird Venture Partners 1.5 FlexMinder, Inc. WRF Capital 1.4

M&A & INVESTMENT SUMMARY JANUARY 2013 49 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed docbiz UG Greven's Adressbuch-Verlag Köln Gmbh & Co. $1.3 Finanzchef24 GmbH Target Partners 1.3 Glow Digital Media Project A Ventures 1.3 Ember Entertainment, Inc. (Unnamed Fund Contibuters) 131.3 InternMatch (Private Investors) 1.2 365Scores.com Cedar Fund 1.2 The Muse 500 Startups 1.2 FlixMaster, Inc. Golden Seeds LLC 1.1 Rehab Documentation, Inc. Council & Enhanced Tennessee Fund, LLC 1.1 Skillshare, Inc. VegasTechFund 1.0 Floored Lerer Ventures 1.0 Desti, Inc. Carmel Ventures 1.0 FarmLogs Huron River Venture Partners 1.0 Reddit.com (Angel Investors) 1.0 Emerging Threats Pro, LLC Elevate Ventures 1.0 15Five, Inc. 500 Startups 1.0 Applicasa (Private Investors) 1.0 Yiftee TrailBlazer Capital 0.9 EasyESI K9 Ventures 0.9 KnowFu, Inc. (Unnamed Fund Contibuters) 0.8 Mswipe Technologies Pvt Ltd Matrix Partners India 070.7 Trapit, Inc. Horizons Ventures Ltd. 0.7 Atlas Powered Tech Coast Angels 0.7 Stuffle GmbH High-Tech Gründerfonds 0.7 Order Mapper, Inc. VegasTechFund 0.6 alive.cn (Angel Investors) 0.6 Bitcoin (Private Investors) 0.5 Ringadoc Founders Fund 0.5 VC//pGrowth Capital Undisclosed LoopIt Redstar Ventures, LLC - My Flash Trash Ltd. (Angel Investors) - OnApp Limited Lloyd's Development Capital - ParkMe, Inc. Angeleno Group, LLC - Pixatel Systems, Inc. Y Combinator - R2integrated LLC ORIX Corporation - SigmaFlow Teakwood Capital, L.P. - Solvoyo Company 212 Capital Group, LLC - SRS Software LLC Thoma Bravo, Inc. - TeamOne Contract Services LLC Georgia Oak Partners, LLC -

M&A & INVESTMENT SUMMARY JANUARY 2013 50 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Undisclosed Tempo Cagri Hizmetleri Mitsui & Company, Ltd. - Thomsons Online Benefits ABRY Partners, LLC - Topspin Media, Inc. Beats Electronics, LLC - Wercker Shamrock Ventures - Zonoff, Inc. Valhalla Partners, L.P. -

M&A & INVESTMENT SUMMARY JANUARY 2013 51 Petsky Prunier: Maximizing Shareholder Value

• Founded in 1999 • Focused on the technology, marketing, media, eCommerce, and healthcare industries • Over 35 focused professionals › Unique combination of investment banking and consulting expertise • New York, Palo Alto, Las Vegas, Chicago, Tampa • Sell-side and private placement close rate is unmatched at our level of deal volume • Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers • Together with strategic consulting firm Winterberry Group, one of the largest industry-specific advisors ppggroviding strategic and transactional services • International reach through our partnership with Altium. Founded more than 20 years ago and privately owned, Altium operates from ten offices across Europe • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

INVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation • Technology • Strategic Development and Competitive Analysis • Capital Raising and Private • Media Placements • M&A Transaction Due Diligence Support • Marketing and Valuation Analysis • Corporate Divestitures • eCommerce • Acquisition Strategy/Target Identification • M&A Advisory • Healthcare • Publishing and Thought Leadership • Fairness Opinions

M&A & INVESTMENT SUMMARY JANUARY 2013 52 Petsky Prunier was Ranked #1 by Bloomberg in 2011-2012 for Mid-Market Internet & Advertising Transactions*

Rank Advisor Deal Count

1 Petsky Prunier LLC 30 2 Nomura Holdings Inc 24 3 GCA Savvian Group Corp 23 4 Goldman Sachs & Co 20 5 Morgan Stanley 19 6 Jordan Edmiston Group 18 7 Jefferies Group Inc. 16 8 China Renaissance Partners 15 8 Sumitomo Mitsui Financial 15 10 JP Morgan 14 10 RBC Capital Markets 14

* Based on number of deals announced in 2011-2012 valued at $500 million or less

More than 50 transactions closed since 2010:

• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings

• Across a broad uni verse of ind ustri es, incl udi ng digi tal ad verti si ng and mark eti ng, eCommerce and didiigita l media, technology and software, information services, and healthcare

M&A & INVESTMENT SUMMARY JANUARY 2013 53 REPRESENTATIVE RECENT TRANSACTIONS

has sold a leading digital advertis ing monetization and shopper marketing a leading provider of digital a dynamic display media and a leading provider of has sold partner for e-commerce retailers a leading provider of in-store and a real-time be havi ora l a dver tis ing production services to retargeting company transportation-based digital along with digital subsidiary company has s old its a portfolio company of shopper marketing signage to brands and agencies media networks major North American retailers has been acquired by has been acquired by has received a mezzanine debt has been sold to Sports Marketing Print has been sold to inves tment f rom provider of online travel guides for Division s pec ializ ing in retail, digital, has been sold to top destinations around the world to to shopper marketing and consumer services to with financing from (N SYE: ACN ) (NYSE: GCI ) (N SYE: AOL ) (JASDAQ:4755 )

has sold has been sold to a leading digital direc t marketing a leader in global healthcare c ompany utiliz ing a proprietary a leading provider of taxi-bas ed a leader in technology and global primary market research and the top independent database to provide customer a provider of a cloud-based outdoor media in-app advertis ing f or Fac ebook, influence network mapping ac quis ition s olutions for major brands integration platform for the digital direct-to-consumer marketer of Apple (iOS), and Android a leader in multic hannel retail, dental savings plans and marketing indus try has been sold to a global digital marketing agency has received an equity investment from developers ec ommerc e and loyalty marketing has been sold to has been sold to has received $15M financing led services a leading provider of s ervic es for a unit of has received $66M investment by has been sold to domain name registration, from a portfolio company of ac quis ition, brokerage and s ales a leading data management and with debt financing from to audience optimization platform (NYSE: PAY) (DMP) c ompany

has sold has sold has sold (Nasdaq: TREE) has sold (TSX: PTO) has sold a leading advertising a p or t folio comp an y of has acquired A leading urban and technology company has been sold to Vestar Capital Partners multic ultural agenc y has been sold to has sold a leading provider of integrated to a premier provider a leading market s ervic es a leading online lead data, technology and analytics of affinity programs for and BPO company generation business solutions universities and colleges to to a s ubs idiary of a pioneer in measuring the to to impact of promotion on to phys ic ian pres c ribing behavior (Xetra: DPW.DE) (NasdaqGS: LEDR) (NYSE: IPG)

has merged with a division of one of North America’s largest a leading online video a digital communications agency mobile marketing and gateway has received a majority advertis ing network with a proprietary software a premier provider of benchmark- solution providers inves tment f rom a provider of multic hannel platform serving based advisory services to the has received a growth capital marketing software services and has been sold to biopharmaceutical companies pharmaceutical and biotech has been sold to inves tment f rom has been sold to indus try has been sold to has acquired has been acquired by a portfolio company of a portfolio company of (Nasdaq:GSIC) Parthenon Capital Partners KRGGCap Capit al Pa rtne rs (Nasdaq: RRD)

New Digital Group

has sold (NASDAQ: TREE) a leading performanc e-bas ed a global marketing services a leading direc t res pons e has sold the has acquired certain assets of has sold advertis ing network company television media company assets of has been acquired by has been sold to a leading online c ommunity for a portfolio company of has been sold to has received a major MIVA Media automotive enthusiasts inves tment f rom and social networking an interactive direct marketing a leading pay-per-c lic k technology platform c ompany s pec ializ ing in c ontextual online advertis ing to in a c ombination that c reates lead generation for the for-profit, to has divested one of its network the world’s leading loyalty post-s ec ondary educati on mark ktet marketing services divisions management provider to

M&A & INVESTMENT SUMMARY JANUARY 2013 54