December 2016 M&A and Investment Summary Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 8

3 Additional Monthly M&A and Investment Activity Data 40

4 About Petsky Prunier 52

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

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.

2 | M&A and Investment Summary December 2016 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 415 deals were announced in December 2016, of which 260 were worth $25.2 billion in aggregate reported value . Software was the most active segment with 124 deals announced — 83 of these transactions reported $8.6 billion in value . Digital Media/Commerce was also active with 100 transactions announced, of which 71 were worth a reported $5.7 billion in value . Strategic buyers announced 171 deals (44 reported $12.7 billion in value) . VC/Growth Capital investors announced 222 transactions (207 reported $6.0 billion in value) . Private Equity investors announced 22 deals during the month (nine reported $6.5 billion in value)

December 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 128 31% $8,582.2 34% 49 $5,681.6 5 $1,850.0 74 $1,050.6 Digital Media/Commerce 100 24% 5,699.2 23% 31 1,867.7 3 213.5 66 3,618.0 Marketing Technology 75 18% 6,924.6 27% 16 3,037.0 3 3,378.6 56 509.1 Business Services 39 9% 1,282.1 5% 26 157.5 4 877.3 9 247.3 Agency & Marketing Services 25 6% 334.5 1% 25 334.5 0 - 0 - Digital* AT&T’s Advertising $108 billion acquisition of Time18 Warner has been4% excluded to limit 364.3comparative distortions1% 7 14.5 1 189.7 10 160.1 Traditional Media 18 4% 1,898.9 8% 14 1,508.7 2 12.2 2 378.0 Information 12 3% 114.3 0% 3 52.7 4 - 5 61.6 Total 415 100% 25,200.0 100% 171 12,654.1 22 6,521.2 222 6,024.7

3 | M&A and Investment Summary December 2016 M&A and Investment Summary for All Segments

Transaction Distribution . Reported transaction value in December remained flat from November 2016 and was up more than 75 percent from December 2015 . Strategic activity accounted for 41 percent of reported deal activity during the month and included significant transactions: • Roper Technologies’ acquisition government contractor software developer Deltek in a transaction valued at $2.8 billion • The acquisition of small business cloud hosting company Host Europe Group by GoDaddy from Cinven for a reported $1.8 billion, including debt • The $821 million acquisition of content management and collaboration solutions company Intralinks by Synchronoss Technologies • Netmarble Games’ acquisition of mobile gaming studio Kabam in a transaction valued between $700 million and $800 million • The purchase of music and video data company Gracenote by Nielsen for a reported $560 million from Tribune Media

$120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $20.6 $25.2 $30.0 $24.9 $22.1 HP IT / CSC $25.4 $21.3 HP Software $21.3 $100.0 $20.0 $14.4 $13.7 MultiPlan TeamHealth $10.0 407 413 427 433 404 432 491 427 473 463 450 419 415 $- $- Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 *Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.

4 | M&A and Investment Summary December 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services National Pen Company Ad Specialty/Premiums Cimpress N.V. $ 218.0 $ 275.0 $ - 0.8x NA Perk.com, Inc. Loyalty/Retention RhythmOne 42.0 70.5 4.7 0.6x 9.0x Kameleon Worldwide Limited Digital Agency Be Heard Group plc 12.6 3.6 0.8 3.5x 16.2x Crave & Lamb Digital Agency Ve Interactive Ltd. 3.8 10.3 - 0.4x NA

Business Services TriNet Group, Inc. BPO Atairos Group, Inc. 2,028.0 2,974.9 144.0 0.7x 14.1x Lionbridge Technologies, Inc. IT Consulting/Systems Integration H.I.G. Capital LLC 435.3 556.7 39.0 0.8x 11.2x YDC Corporation IT Consulting/Systems Integration Future PLC 23.7 43.5 - 0.5x NA Bigdatapump Oy IT Consulting/Systems Integration Affecto Plc 6.7 3.4 - 2.0x NA Digital Advertising AtHome Group and Casa.it Vertical Search Oakley Capital Investments, Ltd. 189.7 34.4 6.3 5.5x 30.1x Car.com, Inc., Automotive Specialty Finance Leads Business Assets Online Lead Generation Internet Brands, Inc. 3.2 6.4 0.5 0.5xNA 6.4x Digital Media/Commerce Mail.Ru Web Search/Portals MegaFon 3,966.5 604.2 205.0 6.6x 19.4x

Marketing Technology NeuStar, Inc. Marketing Data Golden Gate Capital 2,870.6 1,165.1 420.1 2.5x 6.8x Host Europe Holdings Ltd. Website Creation/Hosting GoDaddy 1,808.1 - 139.0 NA 13.0x Strato AG Website Creation/Hosting United Internet AG 623.9 137.9 - 4.5x NA Radiate Media, Inc. Content Management Global Traffic Network, Inc. 15.0 44.7 1.2 0.3x 12.6x Software Deltek, Inc. HR Software Roper Technologies, Inc. 2,800.0 535.0 200.0 5.2x 14.0x Optiv Security, Inc. Security Software Kohlberg Kravis Roberts & Company L.P. 1,850.0 - 154.0 NA 12.0x Intralinks Holdings Collaboration Software Synchronoss Technologies, Inc. 854.5 290.4 20.0 2.9x 42.7x 3M's Document Reader & Secure Materials Businesses Assets Security Software Gemalto NV 850.0 215.0 - 4.0x NA 6PM plc Healthcare Software Idox, Plc. 37.7 16.4 4.3 2.3x 8.9x Conveyancing Alliance Limited Legal Software ULS Technology plc 16.6 6.5 - 2.6x NA

Traditional Media oOh!media Group Limited Traditional Outdoor APN Outdoor Pty. Limited 633.1 225.3 48.6 2.8x 13.0x Allworld Exhibitions Alliance Ltd. B-to-B Media UBM plc 485.0 97.2 37.6 5.0x 12.9x Daypoets Co., Ltd. Consumer Magazine Publishing Polaris Capitol Limited 12.2 3.4 - 3.6x NA

5 | M&A and Investment Summary December 2016 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Dec-16 AppDynamics, Inc. United States Software $ 100.0 $ 206.2 NA Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Nov-16 Snap, Inc. United States Digital Media/Commerce 4,000.0 NA NA Nov-16 Optiv Security Inc. United States Business Services 100.0 NA NA Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA Oct-16 Carbon Black, Inc. United States Software NA NA NA Sep-16 Tintri, Inc. United States Software 100.0 NA NA Aug-16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0

6 | M&A and Investment Summary December 2016 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 Dec 30, 2016 1st Trading Day Dec-16 NasdaqGS:TRVG trivago N.V. Germany $13.00-$15.00 11.00 $11.85 up 7.7% 11.75 (0.8%)

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 27.63 16.6%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.01 (23.7%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 26.56 (28.2%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 27.67 (8.1%)

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 18.53 (17.8%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 10.19 (33.2%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 18.45 25.5%

Jul-16 Nasdaq:TLND Talend SA France 15.00-17.00 18.00 25.50 up 42% 22.20 (12.9%) Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 34.01 (18.2%) Jun-16 NYSE:TWLO Twilio Inc. United States 12.00-14.00 15.00 28.79 up 92% 28.85 0.2%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 9.94 (48.9%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 34.40 89.6%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 10.59 (23.7%)

Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc United Kingdom 18.00-20.00 21.00 27.78 up 32% 24.08 (13.3%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 20.72 127.7%

7 | M&A and Investment Summary December 2016 Digital Media/Commerce

. Of the total $5.7 billion in value reported in the Digital Media/Commerce segment, $3.6 billion in Venture/Growth Capital investments were announced, while nearly $1.9 billion in strategic acquisitions investments were made . eCommerce was the most active subsegment across all segments with 32 transactions announced, of which 23 were reported for $2.8 billion. Select investments from the subsegment include: • The $1.2 billion round of funding received by Koubei, Alibaba’s on-demand services division, at a reported valuation of $8 billion from Silver Lake Management, Yungfeng Capital, and China’s Sovereign Wealth Fund . Select Digital Media/Commerce transactions include: • The acquisitions of Delivery Hero’s UK-based business Hungry House and Canada-based food delivery startup SkipTheDishes by Just Eat for a reported $300 million and $82 million, respectively • The $50 million total raised by virtual reality games developer Survios in two separate investments from Metro-Goldwyn-Mayer and Lux Capital • The Hollywood Reporter-Billboard Media Group’s acquisition of SpinMedia’s Spin, Vibe, Death and Taxes, and Stereogum music brand assets (A Petsky Prunier-led transaction)

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 32 32% $2,849.1 50% 7 $398.8 2 - 23 $2,450.3 Mobile Content/Apps 18 18% 222.6 4% 4 - 0 - 14 222.6 Social Media/Apps 14 14% 243.0 4% 4 20.0 0 - 10 223.0 Digital Marketplace 13 13% 294.1 5% 2 - 1 213.5 10 80.6 Niche Content 12 12% 593.4 10% 7 58.9 0 - 5 534.5 Gaming* Microsoft’s $26.2 billion acquisition of LinkedIn10 and Tencent’s $10.210% billion acquisition857.0 of Supercell have15% been excluded6 to limit comparative750.0 distortions0 - 4 107.0 Web Search/Portals 1 1% 640.0 11% 1 640.0 0 - 0 - Total 100 100% 5,699.2 100% 31 1,867.7 3 213.5 66 3,618.0

8 | M&A and Investment Summary December 2016 Digital Media and Internet Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. 792.45 -6% $ 539,069.5 $ 459,951.5 $ 85,537.0 $ 28,294.0 33.1% 19.2% 5.4x 16.3x Apple Inc. 115.82 -2% 617,588.5 636,744.5 215,639.0 70,529.0 32.7% -7.7% 3.0x 9.0x Blucora, Inc. 14.75 -7% 615.4 1,005.2 372.0 $67.6 18.2% NA 2.7x 14.9x Facebook, Inc. 115.05 -15% 331,593.7 305,453.7 24,670.0 12,863.0 52.1% 54.8% 12.4x 23.7x Fitbit, Inc. 7.32 -76% 1,637.8 965.7 2,307.3 210.6 9.1% 52.1% 0.4x 4.6x Glu Mobile Inc. 1.94 -52% 258.9 111.4 215.3 (48.3) NM -17.7% 0.5x NM GoPro, Inc. 8.71 -58% 1,224.3 999.4 1,081.5 (341.4) NM -40.5% 0.9x NM IAC/InterActiveCorp 64.79 -6% 5,137.2 5,548.3 3,177.4 390.0 12.3% -1.1% 1.7x 14.2x Leaf Group Ltd. 6.55 -11% 129.3 77.6 113.9 (20.7) NM -15.3% 0.7x NM MeetMe, Inc. 4.93 -39% 290.2 244.5 66.8 21.6 32.4% 33.4% 3.7x 11.3x Netflix, Inc. 123.80 -4% 53,128.8 54,159.5 8,176.5 344.6 4.2% 26.9% 6.6x NM Pandora Media, Inc. 13.04 -14% 3,042.7 3,122.4 1,328.4 (199.9) NM 21.2% 2.4x NM RealNetworks, Inc. 4.86 -5% 179.7 98.9 118.9 (26.5) NM -9.1% 0.8x NM TheStreet, Inc. 0.85 -45% 30.0 6.0 64.5 (0.6) NM -5.0% 0.1x NM Twitter, Inc. 16.30 -38% 11,563.11 9,553.15 2,522.89 41.67 1.7% 27.0% 3.8x NM WebMD Health Corp. 49.57 -27% 1,819.2 1,824.7 689.7 176.8 25.6% 13.6% 2.6x 10.3x XO Group Inc. 19.45 -7% 494.9 393.5 149.3 20.5 13.7% 6.2% 2.6x 19.2x Yahoo! Inc. 38.67 -14% 36,896.0 4,110.8 4,973.4 822.2 16.5% 0.5% 0.8x 5.0x Zynga Inc. 2.57 -17% 2,292.3 1,421.5 736.6 (43.6) NM -4.5% 1.9x NM

Average 1.8x 11.1x

*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 (18.9x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)

9 | M&A and Investment Summary December 2016 Digital Media and Internet Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 164.41 -18% $57,035.6 $52,005.0 $10,651.2 $2,800.0 26.3% 15.1% 4.9x 18.6x Changyou.com Limited China 21.22 -30% 1,078.1 259.4 556.8 156.2 28.1% -31.7% 0.5x 1.7x CyberAgent Inc. Japan 24.74 -12% 3,109.4 2,694.3 3,067.5 432.3 14.1% 22.1% 0.9x 6.2x DeNA Co., Ltd. Japan 21.88 -35% 3,173.7 2,558.0 1,435.3 355.1 24.7% -0.1% 1.8x 7.2x G5 Entertainment AB (publ) Sweden 11.24 -4% 98.9 92.9 50.6 5.5 10.8% 18.7% 1.8x 17.0x Gree, Inc. Japan 5.28 -9% 1,239.2 540.0 646.5 125.2 19.4% -24.2% 0.8x 4.3x International Game Technology PLC United Kingdom 25.52 -20% 5,130.4 13,067.3 5,197.6 1,605.5 30.9% 23.3% 2.5x 8.1x KongZhong Corporation China 6.94 -8% 326.9 247.7 181.2 17.9 9.9% -8.6% 1.4x 13.9x Mixi, Inc. Japan 36.57 -10% 2,994.6 1,974.2 1,976.0 883.2 44.7% 15.5% 1.0x 2.2x Meitu, Inc. * China 1.08 -3% 213.0 1,261.9 172.5 (106.9) NM 0.0% 7.3x NM NCsoft Corporation South Korea 205.58 -19% 4,366.7 3,756.9 851.0 305.0 35.8% 11.9% 4.4x 12.3x Naver Corporation South Korea 643.75 -14% 18,756.9 16,506.0 3,479.1 1,021.1 29.3% 23.1% 4.7x 16.2x NetEase, Inc. China 215.34 -21% 28,312.3 24,172.2 5,095.4 1,719.2 33.7% 85.1% 4.7x 14.1x NEXON Co., Ltd. Japan 14.51 -18% 6,308.4 4,040.3 1,833.5 551.1 30.1% -0.9% 2.2x 7.3x Pacific Online Ltd. China 0.26 -20% 283.1 241.9 162.0 33.2 20.5% 0.1% 1.5x 7.3x Phoenix New Media Limited China 3.14 -47% 224.5 139.7 219.5 14.9 6.8% -9.4% 0.6x 9.4x Renren Inc. * China 1.59 -57% 541.0 564.7 46.5 (84.7) NM 211.7% 12.2x NM HolidayCheck Group AG * Germany 2.44 -34% 142.0 106.4 125.5 3.0 2.4% 1.0% 0.8x 35.1x Weibo Corporation * China 40.60 -27% 8,757.5 8,282.4 592.1 122.5 20.7% 36.4% 14.0x 67.6x WeMade Entertainment Co., Ltd. South Korea 18.52 -45% 307.5 286.4 107.2 13.2 12.3% -11.3% 2.7x 21.7x Yandex N.V. Netherlands 20.13 -16% 6,477.8 5,800.7 1,141.4 336.5 29.5% 27.6% 5.1x 17.2x YY Inc. China 39.42 -38% 2,182.4 1,926.8 1,142.5 286.4 25.1% 47.4% 1.7x 6.7x

Average 1.7x 10.3x

*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 (29.4x)

10 | M&A and Investment Summary December 2016 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. 10.70 -6% $698.5 $927.6 $1,182.8 $75.5 6.4% 2.8% 0.8x 12.3x Alphabet Inc. 792.45 -6% 539,069.5 459,951.5 85,537.0 28,294.0 33.1% 19.2% 5.4x 16.3x Amazon.com, Inc. 749.87 -11% 356,313.1 356,954.1 127,993.0 10,963.0 8.6% 27.2% 2.8x 32.6x Apple Inc. 115.82 -2% 617,588.5 636,744.5 215,639.0 70,529.0 32.7% -7.7% 3.0x 9.0x Blucora, Inc. 14.75 -7% 615.4 1,005.2 372.0 67.6 18.2% NA 2.7x 14.9x Blue Nile, Inc. 40.63 -2% 476.6 436.5 471.9 16.4 3.5% -3.2% 0.9x 26.6x CafePress Inc. 2.94 -26% 49.0 13.5 96.8 (0.9) NM -16.0% 0.1x NM CDW Corporation 52.09 -6% 8,360.8 11,961.6 13,907.9 1,065.2 7.7% 10.2% 0.9x 11.2x Chegg, Inc. 7.38 -14% 674.1 583.9 259.2 (5.8) NM -18.4% 2.3x NM Copart, Inc. 55.41 -3% 6,349.2 6,925.0 1,325.6 468.3 35.3% 15.8% 5.2x 14.8x eBay Inc. 29.69 -11% 33,191.2 34,177.2 8,906.0 3,026.0 34.0% 3.6% 3.8x 11.3x Etsy, Inc. 11.78 -27% 1,361.4 1,102.9 342.7 37.0 10.8% 36.8% 3.2x 29.8x EVINE Live Inc. 1.50 -38% 96.3 142.7 687.2 13.1 1.9% 0.6% 0.2x 10.9x Expedia, Inc. 113.28 -15% 16,995.4 19,960.3 8,379.3 1,016.9 12.1% 32.4% 2.4x 19.6x FTD Companies, Inc. 23.84 -17% 649.0 913.7 1,140.0 101.7 8.9% 5.6% 0.8x 9.0x GrubHub Inc. 37.62 -16% 3,220.0 2,923.4 455.8 104.8 23.0% 36.0% 6.4x 27.9x HSN, Inc. 34.30 -39% 1,790.1 2,349.5 3,592.3 290.0 8.1% -3.2% 0.7x 8.1x IAC/InterActiveCorp 64.79 -6% 5,137.2 5,548.3 3,177.4 390.0 12.3% -1.1% 1.7x 14.2x Liberty Ventures 36.87 -15% 3,149.0 4,686.0 535.0 (22.0) NM -53.4% 8.8x NM Liquidity Services, Inc. 9.75 -15% 305.1 170.6 316.5 (8.6) NM -20.3% 0.5x NM Match Group, Inc. 17.10 -13% 4,353.3 5,343.3 1,170.4 320.1 27.4% 18.0% 4.6x 16.7x Overstock.com, Inc. 17.50 -11% 444.2 367.5 1,754.1 (0.4) NM 6.4% 0.2x NM PetMed Express, Inc. 23.07 -3% 467.3 415.4 239.6 35.1 14.7% 5.3% 1.7x 11.8x The Priceline Group Inc. 1,466.06 -8% 72,342.7 75,309.6 10,394.6 4,009.5 38.6% 14.7% 7.2x 18.8x QVC Group $19.98 -27% 9,337.6 15,563.6 10,320.0 1,775.0 17.2% 18.3% 1.5x 8.8x Shutterfly, Inc. 50.18 -8% 1,703.4 2,011.6 1,121.1 134.6 12.0% 12.7% 1.8x 14.9x Shutterstock, Inc. 47.52 -27% 1,669.3 1,378.9 480.1 65.1 13.6% 19.9% 2.9x 21.2x Spark Networks, Inc. 0.84 -78% 26.8 15.4 38.1 (2.2) NM -26.4% 0.4x NM Stamps.com Inc. 114.65 -7% 1,955.06 2,035.69 328.29 120.63 36.7% 76.6% 6.2x 16.9x U.S. Auto Parts Network, Inc. 3.52 -22% 123.1 127.1 300.0 9.2 3.1% 2.0% 0.4x 13.8x Wayfair Inc. 35.05 -29% 2,998.3 2,734.3 3,135.6 (136.1) NM 63.4% 0.9x NM

Average 1.8x 12.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (23.2x)

11 | M&A and Investment Summary December 2016 eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 28.00 -57% $ 4,051.7 $ 4,038.2 $ 1,090.8 $ (13.3) NM 102.1% 3.7x NM Alibaba Group Holding Limited * China 87.81 -20% 219,525.0 222,505.8 18,768.5 6,546.9 34.9% 45.5% 11.9x 34.0x Cnova N.V. * Netherlands 5.48 0% 2,418.3 2,568.4 2,493.6 (42.3) NM -37.5% 1.0x NM JD.com, Inc. * China 25.44 -16% 36,137.6 35,212.9 35,167.1 (39.2) NM 45.3% 1.0x NM Jumei International Holding Limited China 5.01 -45% 734.6 291.2 1,113.4 20.2 1.8% 26.2% 0.3x 14.5x LightInTheBox Holding Co., Ltd. * China 2.97 -17% 204.7 116.7 284.8 (9.5) NM -18.3% 0.4x NM Mercadolibre, Inc. * Argentina 156.14 -19% 6,894.7 6,728.6 768.9 190.7 24.8% 21.6% 8.8x 35.3x PChome Online Inc. Taiwan 8.73 -28% 963.4 748.1 800.2 39.8 5.0% 12.9% 0.9x 18.8x Rakuten, Inc. Japan 9.81 -23% 13,992.8 14,842.1 7,486.6 1,431.9 19.1% 10.0% 2.0x 10.4x Travelport Worldwide Limited United Kingdom 14.10 -7% 1,748.9 4,003.3 2,340.8 414.2 17.7% 7.3% 1.7x 9.7x trivago N.V. * Germany 11.75 -7% 2,762.6 2,760.3 769.1 (31.3) NM 0.0% 3.6x NM Vipshop Holdings Limited China 11.01 -37% 6,407.6 6,304.9 7,723.8 495.7 6.4% 48.4% 0.8x 12.7x

Average 1.6x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (30.2x)

12 | M&A and Investment Summary December 2016 Digital Advertising

. There was a total of 18 transactions announced in the Digital Advertising segment, of which 12 were worth more than $360 million in reported value . Digital Promotion/Coupon, Mobile Marketing, and Vertical search were the most active subsegments with three transactions each . Select Transactions: • Oakley Capital’s acquisition of online real estate website operator AtHome Group and real estate ads portal Casa.it from REA Group in a transaction valued at $190 million • The $100 million investment in China-based mobile performance marketing company Yeahmobi at a reported valuation of $720 million from China-based private equity firms Shenzhen Private Equity and Tongxin Private Equity • Vacation homes and short term rentals search engine Tripping.com’s $35 million round of funding led by Princeville Global with participation from Adams Street Partners, Steadfast Venture Capital, and Quest Venture Partners

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Promotion/Coupon 3 17% $4.7 1% 2 - 0 - 1 $4.7 Mobile Marketing 3 17% 101.2 28% 1 - 0 - 2 101.2 Vertical Search 3 17% 229.7 63% 0 - 1 189.7 2 40.0 Affiliate/CPA Network 2 11% 11.3 3% 2 11.3 0 - 0 - Comparison Shopping 2 11% 5.6 2% 0 - 0 - 2 5.6 Digital Video 2 11% 2.6 1% 1 - 0 - 1 2.6 Ad Networks/Exchanges 1 6% 6.0 2% 0 - 0 - 1 6.0 Email Services 1 6% - 0% 0 - 0 - 1 - Online Lead Generation 1 6% 3.2 1% 1 3.2 0 - 0 - Total 18 100% 364.3 100% 7 14.5 1 189.7 10 160.1

13 | M&A and Investment Summary December 2016 Digital Advertising Public Company Valuation (1/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $228.50 -14% $ 13,198.0 $ 31,036.8 $ 7,059.3 $ 1,671.4 23.7% 14.3% 4.4x 18.6x Alphabet Inc. 792.45 -6% 539,069.5 459,951.5 85,537.0 28,294.0 33.1% 19.2% 5.4x 16.3x Angie's List, Inc. $8.23 -24% 486.8 507.1 332.9 19.3 5.8% -2.1% 1.5x 26.3x Autobytel Inc. 13.45 -37% 147.4 137.8 152.7 14.5 9.5% 24.3% 0.9x 9.5x Bankrate, Inc. 11.05 -15% 995.9 1,155.2 412.9 92.9 22.5% 87.5% 2.8x 12.4x Blucora, Inc. 14.75 -7% 615.4 1,005.2 372.0 67.6 18.2% NA 2.7x 14.9x Care.com, Inc. 8.57 -29% 247.0 223.1 155.8 4.4 2.8% 21.1% 1.4x 50.7x Cogint, Inc. 3.45 -45% 183.6 223.1 143.5 (47.9) NM 0.0% 1.6x NM DHI Group, Inc. 6.25 -35% 311.1 372.4 237.1 51.9 21.9% -9.7% 1.6x 7.2x Facebook, Inc. * 115.05 -15% 331,593.7 305,453.7 24,670.0 12,863.0 52.1% 54.8% 12.4x 23.7x Groupon, Inc. 3.32 -44% 1,904.2 1,445.5 3,125.6 (8.5) NM 1.3% 0.5x NM IAC/InterActiveCorp 64.79 -7% 5,137.2 5,548.3 3,177.4 390.0 12.3% -1.1% 1.7x 14.2x Inuvo, Inc. 1.67 -38% 41.6 38.0 72.9 2.0 2.7% 12.3% 0.5x 19.0x Leaf Group Ltd. 6.55 -11% 129.3 77.6 113.9 (20.7) NM -15.3% 0.7x NM MaxPoint Interactive, Inc. 6.00 -50% 39.8 41.8 143.8 (19.1) NM 4.4% 0.3x NM Perion Network Ltd. 1.42 -51% 108.4 163.9 295.9 25.1 8.5% 27.8% 0.6x 6.5x QuinStreet, Inc. 3.76 -13% 172.0 133.5 298.8 (5.9) NM 4.7% 0.4x NM Quotient Technology Inc. 10.75 -25% 946.2 784.6 269.2 (9.0) NM 18.1% 2.9x NM RetailMeNot, Inc. 9.30 -28% 451.0 279.2 266.7 34.8 13.1% 5.2% 1.0x 8.0x RhythmOne plc 0.48 -13% 192.9 154.2 156.1 (20.7) NM -22.1% 1.0x NM Rocket Fuel Inc. 1.71 -58% 77.9 87.1 456.8 (9.1) NM -4.0% 0.2x NM The Rubicon Project, Inc. 7.42 -64% 363.9 170.7 299.6 46.9 15.7% 52.6% 0.6x 3.6x TiVo Corporation 20.90 -12% 2,442.35 3,175.24 546.29 181.31 33.2% 6.9% 5.8x 17.5x Travelzoo Inc. 9.40 -29% 130.0 104.6 131.3 12.2 9.3% -8.8% 0.8x 8.5x LendingTree, Inc. 101.35 -10% 1,194.9 1,018.0 361.9 49.3 13.6% 64.7% 2.8x 20.7x The Trade Desk, Inc. 27.67 -17% 1,067.3 995.4 173.2 53.5 30.9% 0.0% 5.7x 18.6x Tremor Video, Inc. 2.49 -10% 129.4 81.8 164.7 (8.2) NM 0.5% 0.5x NM TripAdvisor, Inc. 46.37 -41% 6,756.2 6,125.2 1,473.0 182.0 12.4% 0.1% 4.2x 33.7x TrueCar, Inc. 12.50 -6% 1,068.3 994.1 267.0 (30.3) NM 6.1% 3.7x NM

14 | M&A and Investment Summary December 2016 Digital Advertising Public Company Valuation (2/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. * 16.30 -38% $ 11,563.1 $ 9,553.1 $ 2,522.9 $ 41.7 1.7% 27.0% 3.8x 229.3x Web.com Group, Inc. 21.15 0% 996.5 1,660.5 661.6 125.4 19.0% 22.6% 2.5x 13.2x Yahoo! Inc. 38.67 -14% 36,896.0 4,110.8 4,973.4 822.2 16.5% 0.5% 0.8x 5.0x Yelp Inc. 38.13 -12% 2,991.7 2,559.4 672.0 5.6 0.8% 32.8% 3.8x NM YuMe, Inc. 3.58 -18% 122.8 60.4 168.7 (3.3) NM -4.4% 0.4x NM Zillow Group, Inc. * 36.45 -9% 6,527.6 6,313.0 788.3 5.5 0.7% 38.9% 8.0x NM

Average 1.8x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.1x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

15 | M&A and Investment Summary December 2016 Digital Advertising Public Company Valuation (3/3)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Criteo SA France 41.08 -14% 2,619.3 2,231.2 1,629.3 152.2 9.3% 21.3% 1.4x 14.7x Just Dial Limited India 4.99 -62% 346.9 238.4 104.2 25.4 24.3% 17.1% 2.3x 9.4x MakeMyTrip Limited India 22.20 -30% 1,144.1 1,184.2 381.2 (101.1) NM 26.9% 3.1x NM Matomy Media Group Ltd. Israel 1.48 -13% 141.7 166.4 270.4 20.3 7.5% 6.1% 0.6x 8.2x Opera Software ASA Norway 4.33 -46% 640.3 836.3 707.4 83.4 11.8% 48.6% 1.2x 10.0x Pacific Online Ltd. China 0.26 -20% 283.1 241.9 162.0 33.2 20.5% 0.1% 1.5x 7.3x Rightmove plc * United Kingdom 48.19 -11% 4,471.8 4,455.4 275.1 202.4 73.6% 15.1% 16.2x 22.0x Septeni Holdings Co., Ltd. Japan 3.43 -50% 444.4 319.5 168.5 39.0 23.2% -73.6% 1.9x 8.2x Taptica International Ltd Israel 2.13 -3% 133.2 124.3 93.7 12.3 13.1% 41.6% 1.3x 10.1x TradeDoubler AB Sweden 0.53 -34% 22.62 25.25 163.15 (5.55) NM -16.6% 0.2x NM XLMedia PLC Channel Islands 1.15 -10% 230.1 192.2 103.6 29.1 28.1% 53.2% 1.9x 6.6x Yandex N.V. * Netherlands 20.13 -16% 6,477.8 5,800.7 1,141.4 336.5 29.5% 27.6% 5.1x 17.2x Zhaopin Ltd. China 15.11 -11% 838.7 534.1 239.9 51.5 21.5% 20.6% 2.2x 10.4x

Average 1.6x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.0x)

16 | M&A and Investment Summary December 2016 Marketing Technology

. The Marketing Technology segment announced 75 transactions, of which 62 reported nearly $6.9 billion in value . Analytics & Targeting was the most active subsegment with 15 transactions announced, 12 of which were worth $89 million in value . Select Transactions: • The $2.9 billion pending acquisition of data-driven marketing and analytics company Neustar by Golden Gate Private Equity • Siris Capital’s acquisition of Mitel Network’s mobile division Mitel Mobility in a transaction valued at $385 million • The $34 million round of funding received by lead engagement software developer Conversica from Providence Equity Partners, Toba Capital, Wellington Financial, Kennett Partners, and Recruit Holdings • The acquisition of audience personality data and marketing technology company VisualDNA by Nielsen • Liquidhub’s acquisition of data and analytics solutions and workflow automation company Annik • Snap’s acquihire of digital ad creation and management platform developer Flite

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital

# % $MM % # $MM # $MM # $MM Analytics & Targeting 15 20% $89.1 1% 3 - 0 - 12 $89.1 SFA/Lead Management 7 9% 78.0 1% 2 - 0 - 5 78.0 Social Technology 7 9% 24.6 0% 1 - 0 - 6 24.6 BI Tools 5 7% 11.4 0% 0 - 0 - 5 11.4 Market Research 5 7% 15.2 0% 2 - 0 - 3 15.2 Mobile Technology 5 7% 472.5 7% 2 - 1 385.0 2 87.5 Marketing Data 4 5% 3,452.9 50% 1 560.0 1 2,870.6 2 22.3 Other* 27 36% 2,781.0 40% 5 2,477.0 1 123.0 21 173.5 Total 75 100% 6,924.6 100% 16 3,037.0 3 3,378.6 56 509.1

17 | M&A and Investment Summary December 2016 Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated 102.95 -7% $ 51,189.52 $ 48,330.29 $ 5,854.43 $ 1,824.99 31.2% 22.1% 8.3x 26.5x AppFolio, Inc. 23.85 -3% 803.7 786.0 98.0 (7.4) NM 44.5% 8.0x NM Bazaarvoice, Inc. 4.85 -21% 401.7 352.5 201.5 (8.3) NM 2.4% 1.7x NM Blackbaud, Inc. 64.00 -11% 2,974.9 3,334.1 708.4 115.7 16.3% 15.2% 4.7x 28.8x Brightcove Inc. 8.05 -42% 272.0 237.6 146.8 1.8 1.2% 12.1% 1.6x 132.2x ChannelAdvisor Corporation 14.35 -10% 370.0 306.8 110.9 (5.8) NM 16.7% 2.8x NM Covisint Corporation 1.90 -25% 77.6 42.8 73.8 (10.7) NM -10.1% 0.6x NM eBay Inc. 29.69 -11% 33,191.2 34,177.2 8,906.0 3,026.0 34.0% 3.6% 3.8x 11.3x Endurance International Group 9.30 -22% 1,316.1 3,306.9 1,012.1 198.4 19.6% 40.5% 3.3x 16.7x Five9,Holdings, Inc. Inc. 14.19 -13% 751.6 739.0 153.9 (1.9) NM 27.1% 4.8x NM GoDaddy Inc. 34.95 -7% 3,057.1 3,730.3 1,787.4 211.4 11.8% 15.0% 2.1x 17.6x HubSpot, Inc. 47.00 -22% 1,673.6 1,560.6 247.6 (36.5) NM 52.0% 6.3x NM Inter Industries LTD. 2.81 -4% 26.1 32.3 86.8 3.3 3.8% 10.6% 0.4x 9.7x IBM Corporation 165.99 -2% 157,832.3 190,496.3 80,208.0 17,539.0 21.9% -4.3% 2.4x 10.9x Jive Software, Inc. 4.35 -5% 339.8 240.1 202.6 (6.6) NM 4.8% 1.2x NM LivePerson, Inc. 7.55 -15% 437.7 386.3 225.8 16.8 7.4% -5.2% 1.7x 23.0x Marin Software Incorporated 2.35 -35% 90.8 57.4 106.0 (4.4) NM -0.5% 0.5x NM MaxPoint Interactive, Inc. 6.00 -50% 39.8 41.8 143.8 (19.1) NM 4.4% 0.3x NM MicroStrategy Incorporated 197.40 -5% 2,256.5 1,677.6 515.6 127.2 24.7% -3.7% 3.3x 13.2x MINDBODY, Inc. 21.30 -7% 862.8 792.1 129.1 (20.0) NM 38.4% 6.1x NM Nuance Communications, Inc. 14.90 -28% 4,339.7 6,192.4 1,948.9 336.8 17.3% 0.9% 3.2x 18.4x Oracle Corporation 38.45 -8% 157,735.4 154,239.4 37,236.0 14,602.0 39.2% -0.6% 4.1x 10.6x PayPal Holdings, Inc. 39.47 -11% 47,626.3 42,538.3 10,417.0 2,069.0 19.9% 17.2% 4.1x 20.6x PROS Holdings, Inc. 21.52 -16% 656.9 631.4 155.4 (51.4) NM -13.7% 4.1x NM PTC Inc. 46.27 -7% 5,349.0 5,810.5 1,140.5 104.7 9.2% -9.1% 5.1x 55.5x Rightside Group, Ltd. 8.27 -36% 160.6 137.9 218.1 1.4 0.6% 4.6% 0.6x 97.7x The Rubicon Project, Inc. 7.42 -64% 363.9 170.7 299.6 46.9 15.7% 52.6% 0.6x 3.6x salesforce.com, inc. 68.46 -19% 46,490.8 47,805.7 7,907.4 534.2 6.8% 25.5% 6.0x 89.5x Square, Inc. 13.63 -14% 4,799.6 4,285.3 1,631.2 (70.6) NM 42.6% 2.6x NM Synchronoss Technologies, Inc. 38.30 -23% 1,735.6 1,924.9 633.9 130.2 20.5% 14.9% 3.0x 14.8x Tableau Software, Inc. 42.15 -56% 3,207.3 2,342.7 779.0 (97.2) NM 31.2% 3.0x NM Teradata Corporation 27.17 -18% 3,529.4 3,116.4 2,415.0 374.0 15.5% -6.1% 1.3x 8.3x Verint Systems Inc. 35.25 -15% 2,209.5 2,662.1 1,047.0 104.0 9.9% -9.8% 2.5x 25.6x Web.com Group, Inc. 21.15 0% 996.5 1,660.5 661.6 125.4 19.0% 22.6% 2.5x 13.2x Xactly Corporation 11.00 -32% 344.6 317.3 91.9 (14.4) NM 29.1% 3.5x NM Zendesk, Inc. 21.20 -33% 2,021.2 1,809.8 286.0 (83.3) NM 54.9% 6.3x NM

Adjusted Weighted Average 2.7x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.8x) 18 | M&A and Investment Summary December 2016 Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 12.07 -35% $ 641.17 $ 540.42 $ 469.89 $ 9.18 2.0% 38.4% 1.2x 58.9x ChinaCache International Holdings Ltd. China 2.56 -76% 68.9 53.9 165.3 (34.8) NM -20.2% 0.3x NM Mercadolibre, Inc. Argentina 156.14 -19% 6,894.7 6,728.6 768.9 190.7 24.8% 21.6% 8.8x 35.3x Open Text Corporation Canada 61.81 -8% 8,087.5 9,395.7 1,881.4 573.5 30.5% 2.7% 5.0x 16.4x Opera Software ASA Norway 4.33 -46% 640.3 836.3 707.4 83.4 11.8% 48.6% 1.2x 10.0x Sage Group plc United Kingdom 8.09 -14% 8,735.20 9,121.91 2,043.19 581.15 28.4% 9.3% 4.5x 15.7x SAP SE Germany 87.25 0% 104,543.0 107,347.9 24,370.3 6,489.1 26.6% 8.9% 4.4x 16.5x Shopify Inc. Canada 42.87 -6% 3,813.6 3,413.4 329.1 (24.2) NM 93.3% 10.4x NM United Internet AG Germany 39.16 -25% 8,011.8 9,843.5 4,376.0 925.9 21.2% 6.7% 2.2x 10.6x Weborama France 12.32 -11% 41.9 41.8 34.6 1.7 4.9% 14.2% 1.2x 24.6x Wix.com ltd Israel 44.55 -15% 1,891.5 1,746.1 262.8 (44.3) NM 39.6% 6.6x NM

Adjusted Weighted Average 2.7x 13.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.0x)

19 | M&A and Investment Summary December 2016 Agency & Marketing Services

. There were 25 transactions announced in the Agency & Marketing Services segment in December. Digital Agency was the most active subsegment with nine transactions . Select transactions: • The acquisition of SMB-focused, personalized marketing solutions company National Pen by Cimpress in a transaction valuing the company at $218 million • RhythmOne’s acquisition of mobile rewards platform Perk.com for $42.5 million • Advent International’s acquisition of Ansira Partners, a leading independent provider of data-driven and technology-enabled marketing solutions, from KRG Capital Partners (A Petsky Prunier-led transaction) • The acquisition of Madison Logic, a leading global provider of data-driven, account-based marketing solutions, by Clarion Capital Partners (A Petsky Prunier-led transaction) • Dentsu Aegis Network’s acquisition of S&E Sponsorship Group, a leading Canada-based independent sponsorship consultancy focused on the sports and entertainment industries (A Petsky Prunier-led transaction) AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Liquidus Marketing’s acquisition of promotional content solutions provider ShopLocal from Tegna • Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 9 36% $16.4 5% 9 $16.4 0 - 0 - Design Agency 5 20% 36.9 11% 5 36.9 0 - 0 - Healthcare Agency 2 8% - 0% 2 - 0 - 0 - Public Relations 2 8% - 0% 2 - 0 - 0 - Ad Specialty/Premiums 1 4% 218.0 65% 1 218.0 0 - 0 - Database/Analytics 1 4% 16.0 5% 1 16.0 0 - 0 - DM Agency 1 4% - 0% 1 - 0 - 0 - Other* 4 16% 47 14% 4 47.2 0 - 0 - Total 25 100% 334.5 100% 25 334.5 0 0.0 0 0.0 20 | M&A and Investment Summary December 2016 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.27 -10% $ 110.8 $ 116.7 $ 214.2 $ 8.2 3.8% -4.4% 0.5x 14.3x Dentsu Inc. Japan 47.11 -15% 13,432.6 15,558.2 7,836.6 1,651.6 21.1% NM 2.0x 9.4x Enero Group Limited Australia 0.70 -26% 59.7 34.0 159.3 11.4 7.1% 0.6% 0.2x 3.0x Hakuhodo DY Holdings Inc Japan 12.33 0% 4,596.3 3,697.9 12,259.8 528.2 4.3% 8.6% 0.3x 7.0x Havas SA France 8.45 0% 3,544.0 3,651.7 2,488.8 397.6 16.0% 10.3% 1.5x 9.2x Huntsworth plc United Kingdom 0.47 -20% 150.6 195.7 228.3 25.2 11.0% 3.5% 0.9x 7.8x M&C Saatchi plc * United Kingdom 4.69 0% 348.4 365.5 254.7 27.3 10.7% 9.9% 1.4x 13.4x M.D.C. Holdings, Inc. * United States 25.66 -7% 1,321.1 2,083.1 2,169.4 148.2 6.8% 18.2% 1.0x 14.1x Next Fifteen Communications Group plc United Kingdom 3.82 -15% 279.7 295.9 197.1 26.5 13.4% 28.8% 1.5x 11.2x Omnicom Group Inc. United States 85.11 -5% 20,075.8 23,860.8 15,328.4 2,275.2 14.8% 1.0% 1.6x 10.5x OPT Holding, Inc. Japan 6.17 -18% 159.7 139.8 671.4 30.1 4.5% 5.4% 0.2x 4.6x Publicis Groupe SA France 69.20 -5% 15,557.1 18,236.3 10,896.8 1,970.1 18.1% 16.3% 1.7x 9.3x The Interpublic Group of Companies, Inc. United States 23.41 -6% 9,294.0 10,421.2 7,778.3 1,066.7 13.7% 2.0% 1.3x 9.8x WPP plc * United Kingdom 22.42 -3% 28,718.7 34,530.9 17,192.7 2,544.7 14.8% 8.7% 2.0x 13.6x

Adjusted Weighted Average 1.7x 9.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.2x)

21 | M&A and Investment Summary December 2016 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $26.80 -3% $ 2,079.6 $ 2,078.9 $ 877.9 $ 86.8 9.9% 7.3% 2.4x 24.0x Aimia Inc. Canada 6.61 -11% 1,006.8 1,153.5 1,777.8 90.1 5.1% -6.2% 0.6x 12.8x Alliance Data Systems Corporation United States 228.50 -17% 13,198.0 26,333.2 7,059.3 1,671.4 23.7% 14.3% 3.7x 15.8x Cogint, Inc. United States 3.45 -53% 183.6 223.1 143.5 (47.9) NM 0.0% 1.6x NM CSG Systems International Inc. United States 48.40 -3% 1,562.4 1,701.6 763.1 168.4 22.1% 1.9% 2.2x 10.1x DST Systems Inc. United States 107.15 -17% 3,427.7 3,696.9 2,892.2 426.1 14.7% 60.9% 1.3x 8.7x Fair Isaac Corporation * United States 119.22 -10% 3,688.7 4,183.8 881.4 201.2 22.8% 5.1% 4.7x 20.8x Harte-Hanks Inc. United States 1.51 -60% 93.0 147.3 462.3 12.8 2.8% -2.4% 0.3x 11.5x High Co. SA France 6.79 -4% 139.7 82.5 182.0 17.7 9.7% 16.9% 0.5x 4.7x Multiplus S.A. Brazil 10.39 -31% 1,682.4 1,296.5 688.6 185.6 27.0% 3.6% 1.9x 7.0x Pitney Bowes Inc. United States 15.19 -30% 2,821.7 5,469.8 3,456.5 752.7 21.8% -4.7% 1.6x 7.3x Points International Ltd. Canada 7.65 -22% 116.0 69.2 319.9 8.7 2.7% 13.9% 0.2x 8.0x Viad Corp United States 44.10 -7% 895.6 1,050.9 1,200.2 120.8 10.1% 13.2% 0.9x 8.7x

Adjusted Weighted Average 2.6x 12.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.4x)

22 | M&A and Investment Summary December 2016 Traditional Media

. Of the 18 transactions announced in the Traditional Media segment in December, seven announced nearly $1.9 billion in reported transaction value . Select Transactions: • Australia-based out-of-home media company APN Outdoor Group’s acquisition of regional competitor Oh!Media in a transaction valued at $633 million • UBM’s purchase of Allworld Exhibitions for $485 million • The $360 million investment in China-based film production and distribution company Bona film Group at a reported valuation of $2.2 billion from Alibaba, Tencent, and Fosun International • Hubert Burda’s acquisition of UK-based magazine publisher immediate Media in a transaction valued at $322 million • The majority stake taken by Tarsus Group in business travel and meeting events organizer Connect Meetings in a transaction valuing the company at $68.3 million

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Consumer Magazine Publishing 5 28% $402.8 21% 4 $390.6 1 $12.2 0 - Entertainment Media 4 22% 378.0 20% 2 - 0 - 2 378.0 B-to-B Media 3 17% 485.0 26% 3 485.0 0 - 0 - Broadcast Television 2 11% - 0% 1 - 1 - 0 - Traditional Outdoor 2 11% 633.1 33% 2 633.1 0 - 0 - Digital Place-Based Media 1 6% - 0% 1 - 0 - 0 - Total 18 100% 1,898.9 100% 14 1,508.7 2 12.2 2 378.0

23 | M&A and Investment Summary December 2016 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $63.62 -2% $ 27,383.1 $ 36,161.1 $ 14,442.0 $ 3,352.0 23.2% 5.7% 2.5x 10.8x Discovery Communications, Inc. United States 27.41 -8% 16,189.6 24,045.6 6,471.0 2,435.0 37.6% 0.7% 3.7x 9.9x Time Warner Inc. * United States 96.53 -1% 74,437.2 96,630.2 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.8x Twenty-First Century Fox, Inc. United States 28.04 -10% 51,392.7 68,000.7 27,755.0 6,691.0 24.1% 2.1% 2.5x 10.2x Viacom, Inc. United States 35.10 -26% 14,096.1 25,780.1 12,488.0 2,953.0 23.6% -5.9% 2.1x 8.7x The Walt Disney Company United States 104.22 -2% 165,862.1 185,480.1 55,632.0 16,987.0 30.5% 6.0% 3.3x 10.9x

Adjusted Weighted Average 3.1x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $3.33 -13% $ 1,334.8 $ 1,574.3 $ 456.3 $ 104.5 22.9% 0.0% 3.5x 15.1x Euromoney Institutional Investor PLC United Kingdom $14.14 -7% 1,788.3 1,786.3 524.9 149.5 28.5% -0.1% 3.4x 11.9x Global Sources Ltd. Bermuda 8.85 -7% 211.4 128.6 160.0 26.5 16.6% -6.3% 0.8x 4.9x Informa plc United Kingdom 8.40 -10% 6,913.6 8,219.1 1,650.0 511.7 31.0% 4.6% 5.0x 16.1x TechTarget, Inc. United States 8.53 -8% 237.3 244.8 109.4 14.5 13.2% -3.3% 2.2x 16.9x UBM plc United Kingdom 9.03 -2% 3,554.2 3,636.5 1,061.0 285.0 26.9% 47.4% 3.4x 12.8x

Adjusted Weighted Average 4.2x 14.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.3x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $6.15 -20% $ 177.0 $ 242.5 $ 111.4 $ 23.5 21.1% 15.9% 2.2x 10.3x Cumulus Media Inc. United States 1.02 -79% 29.9 2,282.4 1,150.7 212.0 18.4% -3.2% 2.0x 10.8x Emmis Communications Corp. United States 3.39 -22% 41.8 317.0 225.3 36.3 16.1% -5.1% 1.4x 8.7x Entercom Communications Corp. United States 15.30 -7% 621.3 1,078.1 454.7 108.4 23.8% 15.1% 2.4x 9.9x Pandora Media, Inc. United States 13.04 -14% 3,042.7 3,122.4 1,328.4 (199.9) NM 21.2% 2.4x NM Radio One, Inc. United States 2.90 -19% 137.9 1,083.5 452.0 121.8 26.9% 0.2% 2.4x 8.9x Salem Media Group, Inc. United States 6.25 -24% 161.4 431.5 272.8 47.2 17.3% 3.9% 1.6x 9.1x Sirius XM Holdings Inc. * United States 4.45 -4% 21,470.7 27,000.5 4,910.4 1,709.6 34.8% 10.0% 5.5x 15.8x Spanish Broadcasting System, Inc. United States 3.10 -41% 22.5 425.1 142.8 38.2 26.7% -0.1% 3.0x 11.1x Townsquare Media, Inc. United States 10.41 -12% 191.5 726.7 510.4 102.3 20.0% 21.0% 1.4x 7.1x

Adjusted Weighted Average 2.3x 9.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x)

24 | M&A and Investment Summary December 2016 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $52.34 -34% $ 3,686.1 $ 6,144.0 $ 2,705.0 $ 864.0 31.9% 7.7% 2.3x 7.1x Sky plc United Kingdom 12.24 -12% 20,918.5 29,300.8 15,906.8 2,604.4 16.4% 19.8% 1.8x 11.3x CVC Limited Australia 1.19 -9% 141.8 151.1 110.6 26.7 24.1% 24.1% 1.4x 5.7x CBS Corporation United States 63.62 -2% 27,383.1 36,161.1 14,442.0 3,352.0 23.2% 5.7% 2.5x 10.8x Charter Communications, Inc. * United States 287.92 -2% 77,392.9 149,028.9 21,240.0 7,417.0 34.9% 121.2% 7.0x 20.1x Comcast Corporation United States 69.05 -3% 165,225.2 226,514.2 78,623.0 25,949.0 33.0% 7.7% 2.9x 8.7x Discovery Communications, Inc. United States 27.41 -8% 16,189.6 24,045.6 6,471.0 2,435.0 37.6% 0.7% 3.7x 9.9x DISH Network Corporation United States 57.93 -4% 26,941.3 38,768.1 15,149.1 3,145.5 20.8% 1.2% 2.6x 12.3x Entravision Communications Corporation United States 7.00 -16% 627.8 875.0 253.7 62.6 24.7% -0.1% 3.4x 14.0x General Communication, Inc. United States 19.45 -4% 690.2 2,024.2 942.9 286.4 30.4% -2.4% 2.1x 7.1x Gray Television, Inc. United States 10.85 -29% 777.2 2,302.5 744.3 273.8 36.8% 22.9% 3.1x 8.4x Grupo Televisa, S.A.B. Mexico 4.20 -16% 12,258.4 16,853.5 4,853.8 1,759.4 36.2% 7.8% 3.5x 9.6x Liberty Global plc United Kingdom 30.59 -27% 27,165.6 72,642.0 19,468.5 8,797.7 45.2% 6.4% 3.7x 8.3x Media General, Inc. United States 18.83 -2% 2,434.9 4,546.4 1,449.5 439.7 30.3% 25.4% 3.1x 10.3x Nexstar Broadcasting Group, Inc. United States 63.30 -6% 1,943.3 4,377.4 1,045.6 360.1 34.4% 24.9% 4.2x 12.2x Scripps Networks Interactive, Inc. United States 71.37 -3% 9,214.6 12,774.2 3,364.5 1,483.1 44.1% 18.7% 3.8x 8.6x Sinclair Broadcast Group, Inc. United States 33.35 -4% 3,022.8 7,094.7 2,551.0 769.3 30.2% 14.9% 2.8x 9.2x TEGNA Inc. United States 21.39 -16% 4,586.4 9,057.9 3,259.0 1,163.4 35.7% 12.3% 2.8x 7.8x The E. W. Scripps Company * United States 19.33 -1% 1,602.5 1,910.8 875.2 87.0 9.9% 32.3% 2.2x 22.0x Time Warner Inc. United States 96.53 -1% 74,437.2 96,630.2 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.8x

Adjusted Weighted Average 3.0x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.8x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $38.13 -2% $ 2,421.2 $ 2,744.3 $ 1,143.0 $ 189.1 16.5% 15.8% 2.4x 14.5x Eros International Plc * United States 13.05 -34% 738.2 933.4 268.6 21.3 7.9% -20.5% 3.5x 43.9x Lions Gate Entertainment Corp. United States 26.90 -5% 2,119.9 3,584.9 2,654.8 (32.0) NM 16.3% 1.4x NM Live Nation Entertainment, Inc. United States 26.60 -8% 5,411.5 6,950.1 8,294.1 626.4 7.6% 17.1% 0.8x 11.1x Twenty-First Century Fox, Inc. United States 28.04 -10% 51,392.7 68,000.7 27,755.0 6,691.0 24.1% 2.1% 2.5x 10.2x Liberty Global plc United Kingdom 30.59 -27% 27,165.6 72,642.0 19,468.5 8,797.7 45.2% 6.4% 3.7x 8.3x Village Roadshow Limited Australia 3.30 -38% 533.5 933.8 780.8 110.0 14.1% 7.4% 1.2x 8.5x World Wrestling Entertainment, Inc. United States 18.40 -15% 1,405.8 1,381.1 700.4 73.1 10.4% 10.6% 2.0x 18.9x

Adjusted Weighted Average 2.7x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.6x)

25 | M&A and Investment Summary December 2016 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.46 -57% $ 153.7 $ (58.6) $ (14.1) $ (86.6) NM #VALUE! 4.1x 0.7x APG|SGA SA Switzerland 440.06 -1% 1,319.7 1,230.2 320.3 78.5 24.5% -1.5% 3.8x 15.7x Clear Channel Outdoor Holdings, Inc. United States 5.05 -31% 1,818.0 6,724.8 2,748.0 652.6 23.7% -3.1% 2.4x 10.3x Clear Media Limited Hong Kong 0.97 -7% 523.9 456.1 240.6 104.6 43.5% 3.9% 1.9x 4.4x JCDecaux SA France 29.48 -29% 6,266.6 6,846.1 3,258.5 550.4 16.9% 12.0% 2.1x 12.4x Lamar Advertising Company United States 67.24 -3% 6,544.0 8,886.5 1,469.5 614.5 41.8% 10.2% 6.0x 14.5x Mood Media Corporation Canada 0.05 -77% 9.6 596.6 470.0 76.8 16.3% -1.5% 1.3x 7.8x National CineMedia, Inc. United States 14.73 -9% 919.2 2,038.7 441.5 195.1 44.2% 1.9% 4.6x 10.4x NTN Buzztime, Inc. United States 8.50 -29% 19.2 24.6 22.9 0.0 0.2% -7.7% 1.1x NM TOM Group Limited * Hong Kong 0.23 -22% 883.0 1,218.7 147.0 9.6 6.5% -20.0% 8.3x 127.2x

Adjusted Weighted Average 3.9x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (49.0x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation United States $6.35 -20% $ 137.6 $ 61.9 $ 267.0 $ 5.9 2.2% -1.9% 0.2x 10.5x Daily Mail and General Trust plc United Kingdom 9.59 -7% 3,188.1 4,246.5 2,496.6 327.4 13.1% 4.0% 1.7x 13.0x Emmis Communications Corp. United States 3.39 -22% 41.8 317.0 225.3 36.3 16.1% -5.1% 1.4x 8.7x Gannett Co., Inc. United States 9.71 -45% 1,132.3 1,400.5 2,919.8 332.4 11.4% -1.5% 0.5x 4.2x Glacier Media Inc. Canada 0.54 -23% 59.0 111.8 154.9 12.2 7.9% -12.3% 0.7x 9.2x John Wiley & Sons, Inc. United States 54.50 -7% 3,136.7 3,753.3 1,700.6 274.4 16.1% -3.6% 2.2x 13.7x Meredith Corporation United States 59.15 -1% 2,584.0 3,254.1 1,664.8 327.2 19.7% 3.6% 2.0x 9.9x News Corporation United States 11.46 -22% 6,732.8 5,846.8 8,243.0 655.0 7.9% 2.4% 0.7x 8.9x Scholastic Corporation United States 47.49 -4% 1,637.9 1,202.3 1,785.6 142.5 8.0% 9.7% 0.7x 8.4x The E. W. Scripps Company * United States 19.33 -1% 1,602.5 1,910.8 875.2 87.0 9.9% 32.3% 2.2x 22.0x The McClatchy Company United States 13.18 -33% 99.8 1,007.9 1,000.7 141.8 14.2% -7.4% 1.0x 7.1x The New York Times Company United States 13.30 -6% 2,142.5 1,827.4 1,560.4 230.6 14.8% -1.2% 1.2x 7.9x Time Inc. United States 17.85 -1% 1,768.2 2,705.2 3,045.0 316.0 10.4% -2.4% 0.9x 8.6x

Adjusted Weighted Average 1.3x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x)

26 | M&A and Investment Summary December 2016 Software

. Within the Software segment, nearly $5.7 billion in reported value involved strategic transactions while $1.1 billion in Venture/Growth Capital investments were announced . Financial and Security Software were the most active subsegments in December with 25 and 18 transaction announced, respectively . Select Transactions: • The majority stake taken by KKR in cybersecurity solutions company Optiv Security from Blackstone in a transaction valued between a reported $1.8 billion and $1.9 billion • CA Technologies’ purchase of application monitoring and infrastructure processing solutions company Automic Software from EQT for $636 million • Cloud open convergence platform Datrium’s $55 million round of funding from Lightspeed Venture Partners and New Enterprise Associates • The $50 million round of funding raised by construction industry software solutions developer Procore Technologies at a reported post-money valuation of more than $1 billion from Iconiq Capital

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 25 20% $458.7 5% 9 $287.0 0 - 16 $171.7 Security 18 14% 2,818.2 33% 5 892.0 1 1,850.0 12 76.2 Collaboration 11 9% 1,189.4 14% 1 854.5 0 - 10 334.9 Healthcare 11 9% 100.0 1% 3 37.7 1 - 7 62.3 Software Development Tools 11 9% 35.1 0% 5 - 1 - 5 35.1 HR 10 8% 2,933.9 34% 6 2,930.0 1 - 3 3.9 *Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions Other* 42 26% 973.2 11% 20 680 1 0 21 292.9

Total 128 100% 8,582.2 100% 49 5,681.6 5 1,850.0 74 1,050.6

27 | M&A and Investment Summary December 2016 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apptio, Inc. United States 18.53 -25% $ 709.9 $ 587.5 $ 151.1 $ (27.6) NM 22.7% 3.9x NM BlackLine, Inc. * United States 27.63 -4% 1,416.6 1,462.8 112.3 (17.8) NM 49.3% 13.0x NM Coupa Software Incorporated United States 25.01 -28% 1,250.0 1,029.4 122.1 (39.2) NM 68.4% 8.4x NM Ebix, Inc. United States 57.05 -9% 1,849.3 2,013.2 288.5 107.5 37.3% 12.7% 7.0x 18.7x First Data Corporation United States 14.19 -12% 12,926.9 34,350.9 7,860.0 2,398.0 30.5% 1.8% 4.4x 14.3x Fidessa group plc United Kingdom 28.26 -13% 1,084.5 1,001.9 409.4 69.7 17.0% 8.5% 2.4x 14.4x Guidewire Software, Inc. * United States 49.33 -23% 3,626.3 3,096.0 436.3 17.9 4.1% 13.9% 7.1x 172.8x Intuit Inc. United States 114.61 -3% 29,416.8 29,911.8 4,759.0 1,429.0 30.0% 10.9% 6.3x 20.9x Management Consulting Group PLC United Kingdom 0.05 -84% 24.1 21.8 179.9 (2.1) NM 169.7% 0.1x NM Model N, Inc. United States 8.85 -37% 246.9 180.7 107.0 (26.8) NM 14.1% 1.7x NM Performant Financial Corporation United States 2.35 -42% 118.0 133.1 148.6 23.7 15.9% -6.0% 0.9x 5.6x Q2 Holdings, Inc. United States 28.85 -12% 1,158.0 1,065.7 138.5 (21.9) NM 37.6% 7.7x NM RealPage, Inc. United States 30.00 -3% 2,414.1 2,468.0 540.8 75.0 13.9% 19.8% 4.6x 32.9x SS&C Technologies Holdings, Inc. United States 28.60 -16% 5,800.7 8,189.1 1,381.4 476.6 34.5% 53.5% 5.9x 17.2x Tyler Technologies, Inc. United States 142.77 -19% 5,229.3 5,216.2 721.7 147.4 20.4% 29.0% 7.2x 35.4x

Adjusted Weighted Average 5.9x 20.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (71.7x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 10.21 -33% 1,889.8 3,463.9 1,470.1 132.5 9.0% 6.4% 2.4x 26.1x athenahealth, Inc. * United States 105.17 -37% 4,150.0 4,311.0 1,052.3 88.9 8.4% 19.5% 4.1x 48.5x Cegedim SA France 27.66 -21% 386.5 616.8 491.9 48.8 9.9% 20.2% 1.3x 12.6x Cerner Corporation United States 47.37 -30% 16,081.9 15,961.8 4,632.8 1,294.5 27.9% 12.9% 3.4x 12.3x Civitas Solutions, Inc. United States 19.90 -33% 740.6 1,339.3 1,407.6 142.9 10.2% 3.0% 1.0x 9.4x Computer Programs and Systems, Inc. United States 23.60 -60% 319.4 471.4 247.0 36.5 14.8% 34.1% 1.9x 12.9x Cotiviti Holdings, Inc. United States 34.40 -6% 3,101.9 3,845.6 608.7 206.3 33.9% 18.7% 6.3x 18.6x Craneware plc United Kingdom 16.36 -1% 441.1 395.8 49.8 15.2 30.5% 11.2% 7.9x 26.1x HealthEquity, Inc. * United States 40.52 -10% 2,405.6 2,239.9 167.4 51.8 30.9% 44.6% 13.4x 43.2x McKesson Corporation United States 140.45 -30% 31,753.9 35,911.9 194,267.0 4,330.0 2.2% 3.5% 0.2x 8.3x Medidata Solutions, Inc. * United States 49.67 -14% 2,860.9 2,790.7 437.8 56.2 12.8% 14.3% 6.4x 49.7x NantHealth, Inc. United States 9.94 -49% 1,205.1 1,242.0 96.7 (130.6) NM 102.2% 12.8x NM Quality Systems, Inc. United States 13.15 -25% 816.5 838.3 494.3 56.8 11.5% -1.0% 1.7x 14.8x Streamline Health Solutions, Inc. United States 1.25 -41% 24.1 36.6 27.0 (2.7) NM -5.2% 1.4x NM Veeva Systems Inc. * United States 40.70 -15% 5,582.5 5,071.7 508.2 104.3 20.5% 33.0% 10.0x 48.6x

Adjusted Weighted Average 3.2x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.8x) 28 | M&A and Investment Summary December 2016 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $33.80 -6% $ 2,025.6 $ 1,364.1 $ 337.3 $ 97.6 28.9% 14.1% 4.0x 14.0x Benefitfocus, Inc. United States 29.70 -34% 883.6 898.6 225.0 (27.5) NM 31.6% 4.0x NM Castlight Health, Inc. United States 4.95 -10% 513.3 396.9 93.1 (62.9) NM 36.0% 4.3x NM Cornerstone OnDemand, Inc. United States 42.31 -11% 2,377.3 2,376.1 410.0 (46.6) NM 28.0% 5.8x NM DHI Group, Inc. United States 6.25 -35% 311.1 372.4 237.1 51.9 21.9% -9.7% 1.6x 7.2x Paycom Software, Inc. United States 45.49 -14% 2,734.5 2,690.1 306.4 62.0 20.2% 50.5% 8.8x 43.4x Paylocity Holding Corporation United States 30.01 -40% 1,540.8 1,462.8 250.6 6.6 2.6% 50.3% 5.8x NM The Ultimate Software Group, Inc. * United States 182.35 -19% 5,288.3 5,187.9 741.4 64.6 8.7% 27.2% 7.0x 80.3x Workday, Inc. United States 66.09 -29% 13,284.1 11,897.8 1,456.2 (244.4) NM 36.7% 8.2x NM

Adjusted Weighted Average 7.1x 29.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.6x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $4.75 -25% $ 185.6 $ 154.2 $ 87.3 $ 11.3 12.9% -7.6% 1.8x 13.7x AVG Technologies N.V. Netherlands 25.32 -28% 1,284.5 1,406.4 430.6 125.0 29.0% 6.8% 3.3x 11.2x Check Point Software Technologies Ltd. Israel 84.46 -6% 14,772.2 13,542.0 1,712.7 862.9 50.4% 7.6% 7.9x 15.7x Cisco Systems, Inc. United States 30.22 -5% 151,697.1 115,519.1 48,917.0 14,994.0 30.7% -1.4% 2.4x 7.7x Cheetah Mobile Inc. China 9.56 -47% 1,361.9 1,270.2 660.1 34.6 5.2% 39.3% 1.9x 36.7x CyberArk Software, Ltd. Israel 45.50 -23% 1,527.4 1,274.9 203.7 39.2 19.3% 39.9% 6.3x 32.5x FireEye, Inc. United States 11.90 -47% 2,036.1 1,842.8 714.2 (366.9) NM 22.9% 2.6x NM Fortinet, Inc. * United States 30.12 -20% 5,211.9 4,181.5 1,209.1 60.1 5.0% 29.1% 3.5x 69.6x Gemalto NV Netherlands 57.98 -17% 5,161.3 5,519.9 3,462.3 608.9 17.6% 10.1% 1.6x 9.1x Imperva, Inc. United States 38.40 -39% 1,261.0 1,002.0 258.8 (59.1) NM 21.5% 3.9x NM Juniper Networks, Inc. United States 28.26 -3% 10,747.9 10,559.3 4,924.1 1,076.7 21.9% 6.1% 2.1x 9.8x Mimecast Limited United Kingdom 17.90 -27% 981.5 874.9 159.8 (0.6) NM 24.5% 5.5x NM Mobileye N.V. * Israel 38.12 -25% 8,357.0 8,027.5 325.4 108.7 33.4% 55.9% 24.7x 73.8x NQ Mobile Inc. China 3.22 -40% 309.7 292.0 375.8 0.6 0.2% 1.9% 0.8x NM Palo Alto Networks, Inc. United States 125.05 -28% 11,465.4 10,581.6 1,479.4 (160.8) NM 43.2% 7.2x NM Proofpoint, Inc. United States 70.65 -20% 3,002.1 2,951.1 343.6 (52.7) NM 39.3% 8.6x NM SecureWorks Corp. United States 10.59 NA 854.3 743.5 404.6 (32.3) NM 27.7% 1.8x NM Symantec Corporation United States 23.89 -7% 14,893.5 16,450.5 3,645.0 940.0 25.8% -1.1% 4.5x 17.5x Trend Micro Inc. Japan 35.59 -18% 4,879.9 3,791.3 1,233.9 389.5 31.6% 1.7% 3.1x 9.7x VeriSign, Inc. United States 76.07 -17% 7,955.0 8,060.9 1,128.5 735.1 65.1% 8.2% 7.1x 11.0x

Adjusted Weighted Average 3.4x 9.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.3x)

29 | M&A and Investment Summary December 2016 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $92.49 -7% $ 8,003.2 $ 7,164.9 $ 969.5 $ 447.6 46.2% 2.5% 7.4x 16.0x Autodesk, Inc. United States 74.01 -11% 16,471.4 15,992.4 2,200.5 (130.1) NM -12.7% 7.3x NM AVEVA Group plc United Kingdom 23.20 -12% 1,483.7 1,330.0 265.4 67.6 25.5% -0.5% 5.0x 19.7x Dassault Systèmes SE France 76.42 -8% 19,377.0 17,813.0 3,346.3 917.0 27.4% 9.6% 5.3x 19.4x

Adjusted Weighted Average 6.4x 18.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.4x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $102.95 -7% $ 51,189.5 $ 48,330.3 $ 5,854.4 $ 1,825.0 31.2% 22.1% 8.3x 26.5x Team Tankers International Ltd. United States 1.37 NM 256.7 255.9 284.7 50.3 17.7% -12.6% 0.9x 5.1x CA, Inc. United States 31.77 -9% 13,274.7 12,778.7 4,060.0 1,295.0 31.9% -0.9% 3.1x 9.9x Commvault Systems, Inc. * United States 51.40 -10% 2,328.1 1,888.4 627.0 19.7 3.1% 7.4% 3.0x 95.8x Covisint Corporation United States 1.90 -25% 77.6 42.8 73.8 (10.7) NM -10.1% 0.6x NM Endurance International Group Holdings, Inc. United States 9.30 -22% 1,316.1 3,306.9 1,012.1 198.4 19.6% 40.5% 3.3x 16.7x First Data Corporation United States 14.19 -12% 12,926.9 34,350.9 7,860.0 2,398.0 30.5% 1.8% 4.4x 14.3x Guidance Software, Inc. United States 7.08 -9% 228.0 220.9 108.7 (13.6) NM 1.0% 2.0x NM Hortonworks Inc. United States 8.31 -61% 504.9 421.4 169.9 (236.3) NM 74.8% 2.5x NM IBM Corporation United States 165.99 -2% 157,832.3 190,496.3 80,208.0 17,539.0 21.9% -4.3% 2.4x 10.9x IntraLinks Holdings, Inc. United States 13.52 -1% 783.4 815.6 290.4 20.0 6.9% 6.6% 2.8x 40.8x Nutanix, Inc. United States 26.56 -43% 3,778.4 3,431.2 524.0 (234.9) NM 85.1% 6.5x NM Opera Software ASA Norway 4.33 -46% 640.3 836.3 707.4 83.4 11.8% 48.6% 1.2x 10.0x Oracle Corporation United States 38.45 -8% 157,735.4 154,239.4 37,236.0 14,602.0 39.2% -0.6% 4.1x 10.6x salesforce.com, inc. * United States 68.46 -19% 46,490.8 47,805.7 7,907.4 534.2 6.8% 25.5% 6.0x 89.5x Rapid7, Inc. United States 12.17 - 517.0 429.3 145.3 (52.8) NM 45.8% 3.0x NM ServiceNow, Inc. * United States 74.34 -17% 12,341.3 12,033.7 1,290.5 (82.9) NM 40.6% 9.3x NM Talend SA France 22.20 -36% 632.8 543.0 96.5 (25.3) NM 0.0% 5.6x NM Twilio Inc. United States 28.85 -59% 2,513.7 2,261.5 246.7 (32.0) NM 72.2% 9.2x NM Varonis Systems, Inc. United States 26.80 -16% 714.9 602.9 153.9 (14.6) NM 31.4% 3.9x NM

Adjusted Weighted Average 4.2x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.5x)

30 | M&A and Investment Summary December 2016 Information

. The Information segment reported 12 transactions worth a reported $114 million in value . Credit/Risk Management Information was the most active subsegment throughout the month with five deals announced . Select Transactions: • The acquisition of import and export data solutions company Datamyne by Descartes Systems Group in a transaction valued at $53 million • The $31.6 million Partech Ventures-led investment in EcoVadis, provider of an environmental and ethics performance rating platform for supply chains • Healthcare informatics platform Cota’s $18 million round of funding from Boston Millenia Partners, Celgene, Novartis, and Horizon Healthcare • Leeds Equity Partners’ acquisition of compliance solutions and information companies Business and Legal Resources, DecisionHealth, Argosy, and CCMI

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Credit/Risk Management Information 5 42% $10.4 9% 0 - 4 - 1 $10.4 Financial Information 2 17% 52.7 46% 1 52.7 0 - 1 - Healthcare Information 2 17% 19.6 17% 0 - 0 - 2 19.6 *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Engineering/Scientific/Tech Information 1 8% 31.6 28% 0 - 0 - 1 31.6 Geo-Demo Information 1 8% - 0% 1 - 0 - 0 - IT Information 1 8% - 0% 1 - 0 - 0 - Total 12 100% 114.3 100% 3 52.7 4 0.0 5 61.6

31 | M&A and Investment Summary December 2016 Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $66.30 -8% $ 7,894.8 $ 8,793.2 $ 3,197.6 $ 629.0 19.7% 17.0% 2.7x 14.0x Computershare Limited Australia 9.01 -1% 4,922.4 6,212.9 1,964.4 428.8 21.8% -0.3% 3.2x 14.5x CoreLogic, Inc. United States 36.83 -15% 3,180.9 4,703.5 1,868.5 390.0 20.9% 26.0% 2.5x 12.1x CoStar Group, Inc. * United States 188.49 -16% 6,143.5 5,957.8 812.3 206.5 25.4% 20.4% 7.3x 28.9x DST Systems, Inc. United States 107.15 -17% 3,427.7 3,696.9 2,892.2 426.1 14.7% 60.9% 1.3x 8.7x The Dun & Bradstreet Corporation United States 121.32 -14% 4,462.6 5,754.8 1,685.9 424.5 25.2% 5.2% 3.4x 13.6x Envestnet, Inc. * United States 35.25 -15% 1,517.6 1,758.2 541.1 46.9 8.7% 35.5% 3.2x 37.5x Equifax Inc. United States 118.23 -14% 14,159.4 16,932.2 3,010.1 1,035.9 34.4% 14.8% 5.6x 16.3x Experian plc Ireland 19.43 -2% 18,106.4 21,117.0 4,607.0 1,401.0 30.4% -0.5% 4.6x 15.1x FactSet Research Systems Inc. United States 163.43 -11% 6,488.2 6,658.9 1,144.7 402.2 35.1% 10.6% 5.8x 16.6x Fair Isaac Corporation United States 119.22 -10% 3,688.7 4,183.8 881.4 201.2 22.8% 5.1% 4.7x 20.8x Fidelity National Information Services, Inc. United States 75.64 -7% 24,827.3 35,010.3 8,669.2 2,199.2 25.4% 35.2% 4.0x 15.9x Financial Engines, Inc. * United States 36.75 -8% 2,275.2 2,156.3 389.4 69.5 17.9% 27.5% 5.5x 31.0x Moody's Corporation United States 94.27 -15% 18,024.4 19,591.2 3,528.0 1,579.7 44.8% 0.9% 5.6x 12.4x Morningstar, Inc. United States 73.56 -18% 3,167.4 2,962.6 788.0 249.6 31.7% 0.6% 3.8x 11.9x MSCI Inc. United States 78.78 -13% 7,415.1 8,515.5 1,130.8 549.4 48.6% 7.4% 7.5x 15.5x Reis, Inc. United States 22.25 -16% 251.5 226.3 50.2 13.3 26.5% 5.8% 4.5x 17.0x SEI Investments Co. United States 49.36 -6% 7,897.5 7,274.4 1,368.1 385.7 28.2% 3.5% 5.3x 18.9x Thomson Reuters Corporation United States 43.75 -2% 31,898.9 40,695.2 12,145.0 2,560.0 21.1% 4.9% 3.4x 15.9x Verisk Analytics, Inc. United States 81.17 -6% 13,592.0 15,710.1 2,273.8 1,033.2 45.4% 30.1% 6.9x 15.2x Workiva Inc. United States 13.65 -28% 562.6 530.3 172.2 (44.0) NM 27.0% 3.1x NM

Adjusted Weighted Average 4.7x 15.2x

*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 (24.6x)

32 | M&A and Investment Summary December 2016 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $26.80 -3% $ 2,079.6 $ 2,078.9 $ 877.9 $ 86.8 9.9% 7.3% 2.4x 24.0x Alliance Data Systems Corporation United States 228.50 -17% 13,198.0 31,036.8 7,059.3 1,671.4 23.7% 14.3% 4.4x 18.6x Brainjuicer Group Plc United Kingdom 6.79 -1% 83.0 76.6 35.4 7.3 20.7% 6.2% 2.2x 10.4x Cello Group Plc United Kingdom 1.27 -10% 110.8 116.7 214.2 8.2 3.8% -4.4% 0.5x 14.3x comScore, Inc. United States 31.58 -27% 1,805.6 1,691.7 368.8 37.1 10.1% 12.1% 4.6x 45.5x Ebiquity plc * United Kingdom 1.20 -32% 87.9 123.7 95.8 0.7 0.8% 0.0% 1.3x 166.4x GfK SE Germany 45.80 -1% 1,671.8 2,013.0 1,688.1 55.6 3.3% -1.0% 1.2x 36.2x Harte Hanks, Inc. United States 1.51 -60% 93.0 147.3 462.3 12.8 2.8% -2.4% 0.3x 11.5x InnerWorkings, Inc. United States 9.85 -2% 529.7 642.6 1,090.6 41.9 3.8% 8.4% 0.6x 15.3x Intage Holdings Inc. Japan 16.95 -1% 338.5 282.7 460.0 55.3 12.0% 3.7% 0.6x 5.1x Ipsos SA France 31.51 -1% 1,313.2 1,872.6 1,983.4 230.4 11.6% 2.3% 0.9x 8.1x NeuStar, Inc. United States 33.40 0% 1,829.0 2,695.6 1,165.1 420.1 36.1% 14.0% 2.3x 6.4x Nielsen Holdings plc United States 41.95 -25% 14,994.2 22,706.2 6,277.0 1,559.0 24.8% 1.6% 3.6x 14.6x Onvia, Inc. United States 4.45 -15% 31.7 24.1 24.2 0.7 2.9% 3.6% 1.0x 34.3x Pearson plc United Kingdom 10.11 -17% 8,240.6 10,251.9 5,765.8 817.6 14.2% -3.4% 1.8x 12.5x YouGov plc United Kingdom 3.09 -5% 322.0 302.8 117.1 11.2 9.6% 15.9% 2.6x 26.9x

Adjusted Weighted Average 3.2x 17.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (66.8x)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.53 -38% $ 76.5 $ 93.9 $ 97.8 $ 11.7 12.0% 10.8% 1.0x 8.0x CEB Inc. United States 60.60 -11% 1,953.0 2,703.5 938.6 194.0 20.7% 1.4% 2.9x 13.9x Cogint, Inc. United States 3.45 -53% 183.6 223.1 143.5 (47.9) NM 0.0% 1.6x NM Forrester Research Inc. United States 42.95 -3% 782.5 649.2 323.6 35.6 11.0% 3.3% 2.0x 18.2x Gartner, Inc. * United States 101.07 -4% 8,349.4 8,635.0 2,385.1 395.0 16.6% 13.4% 3.6x 21.9x IHS Markit Ltd. * United Kingdom 35.41 -6% 14,731.4 17,874.4 2,416.7 638.9 26.4% 17.3% 7.4x 28.0x Informa plc United Kingdom 8.40 -10% 6,913.6 8,219.1 1,650.0 511.7 31.0% 4.6% 5.0x 16.1x National Research Corporation United States 41.67 -10% 544.7 519.8 107.4 34.2 31.9% 6.2% 4.8x 15.2x NIC Inc. United States 23.90 -8% 1,576.9 1,425.5 310.7 80.8 26.0% 8.2% 4.6x 17.6x Premier, Inc. United States 30.36 -18% 1,520.6 1,383.7 1,205.0 375.5 31.2% 14.9% 1.1x 3.7x Proofpoint, Inc. * United States 70.65 -20% 3,002.1 2,951.1 343.6 (52.7) NM 39.3% 8.6x NM Reed Elsevier plc(1) United Kingdom 17.89 -4% 37,499.7 43,233.6 8,327.6 2,484.7 29.8% 6.3% 5.2x 17.4x Tarsus Group plc Ireland 3.50 -1% 393.2 465.1 106.2 36.2 34.1% 40.7% 4.4x 12.8x TechTarget, Inc. United States 8.53 -8% 237.3 244.8 109.4 14.5 13.2% -3.3% 2.2x 16.9x The Advisory Board Company United States 33.25 -32% 1,334.9 1,845.1 804.5 116.4 14.5% 12.8% 2.3x 15.9x UBM plc United Kingdom 9.03 -2% 3,554.2 3,636.5 1,061.0 285.0 26.9% 47.4% 3.4x 12.8x Wolters Kluwer N.V. Netherlands 36.33 -10% 10,414.8 12,366.7 4,703.2 1,251.6 26.6% 7.0% 2.6x 9.9x

Adjusted Weighted Average 4.8x 15.4x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)

33 | M&A and Investment Summary December 2016 Business Services

. The Business Services segment reported 39 transactions in December worth nearly $1.3 billion in value . The IT Consulting/Systems Integration subsegment accounted for 56 percent of segments total activity with 22 transactions . Select Transactions: • The 25.7 percent stake taken by Atairos Group in human resources outsourcing company TriNet Group from General Atlantic in a transaction valuing the company at more than $2 billion • H.I.G. Capital’s pending take-private of marketing and translation services provider Lionbridge Technologies valuing the company at $412 million • The $135 million round of funding received by Amazon Web Services Partner LogicWorks from Pamplona Capital Management • Information Services Group’s acquisition of digital transformation and advisory services company Alsbridge for $74 million • The $46 million acquisition of engineering and design consulting company Houston Interests

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 22 56% $684.3 53% 18 $111.5 2 $435.3 2 $137.5 Healthcare Consulting 4 10% 96.0 7% 1 - 1 - 2 96.0 HR Consulting 3 8% - 0% 3 - 0 - 0 - Engineering Consulting 2 5% 58.6 5% 1 46.0 0 - 1 12.6 Financial Consulting 2 5% - 0% 2 - 0 - 0 - Printing Services 2 5% - 0% 0 - 0 - 2 - BPO 1 3% 442.0 34% 0 - 1 442.0 0 - Other* 3 8% 1.2 0% 1 0.0 0 0.0 2 1.2 Total 39 100% 1,282.1 100% 26 157.5 4 877.3 9 247.3

34 | M&A and Investment Summary December 2016 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 117.13 -7% $ 64,191.5 $ 60,756.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 1.8x 10.7x CRA International, Inc. United States 36.60 -2% 302.8 278.3 317.7 25.1 7.9% 2.6% 0.9x 11.1x FTI Consulting, Inc. United States 45.08 -4% 1,875.2 2,120.3 1,810.7 202.1 11.2% 2.8% 1.2x 10.5x Information Services Group, Inc. United States 3.64 -16% 130.3 171.0 216.1 15.9 7.4% 3.6% 0.8x 10.7x Navigant Consulting, Inc. United States 26.18 -6% 1,232.1 1,386.3 911.1 138.0 15.2% 10.9% 1.5x 10.0x ICF International, Inc. United States 55.20 -7% 1,046.5 1,318.0 1,176.3 110.0 9.3% 4.3% 1.1x 12.0x Huron Consulting Group Inc. United States 50.65 -22% 1,054.4 1,371.4 733.2 152.6 20.8% 40.1% 1.9x 9.0x The Hackett Group, Inc. * United States 17.66 -4% 504.3 502.5 257.2 36.3 14.1% 12.4% 2.0x 13.9x

Adjusted Weighted Average 1.4x 10.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x) ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 102.78 -1% $ 46,371.6 $ 45,561.7 $ 11,870.7 $ 2,648.8 22.3% 7.1% 3.8x 17.2x Barrett Business Services, Inc. United States 64.10 -4% 464.3 441.2 813.2 36.2 4.4% 12.6% 0.5x 12.2x Capita plc United Kingdom 6.56 -56% 4,362.7 6,999.6 6,618.0 1,008.6 15.2% 8.3% 1.1x 6.9x DHI Group, Inc. United States 6.25 -35% 311.1 372.4 237.1 51.9 21.9% -9.7% 1.6x 7.2x Edenred SA France 19.88 -15% 4,607.9 5,883.1 1,100.6 357.6 32.5% -2.0% 5.3x 16.5x Insperity, Inc. United States 70.95 -14% 1,509.6 1,388.6 2,862.3 115.2 4.0% 12.3% 0.5x 12.0x Marsh & McLennan Companies, Inc. United States 67.59 -3% 34,849.0 38,300.0 13,185.0 3,066.0 23.3% 3.0% 2.9x 12.5x Paychex, Inc. United States 60.88 -2% 21,846.4 21,656.5 3,063.4 1,310.5 42.8% 7.8% 7.1x 16.5x Professional Diversity Network, Inc. United States 10.92 -9% 39.6 40.3 29.2 (3.0) NM -22.9% 1.4x NM TriNet Group, Inc. United States 25.62 -4% 1,763.4 2,071.0 2,974.9 144.0 4.8% 17.3% 0.7x 14.4x WageWorks, Inc. * United States 72.50 -4% 2,656.6 2,068.8 346.8 64.5 18.6% 5.2% 6.0x 32.1x

Adjusted Weighted Average 4.1x 15.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.8x)

35 | M&A and Investment Summary December 2016 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 117.13 -7% $ 64,191.5 $ 60,756.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 1.8x 10.7x Amdocs Limited United States 58.25 -5% 8,550.3 7,654.6 3,718.2 694.9 18.7% 2.0% 2.1x 11.0x Ausy SA France 57.90 1% 317.8 420.9 483.9 42.0 8.7% 16.7% 0.9x 10.0x Bechtle AG Germany 104.32 -5% 2,190.7 2,106.7 3,366.4 183.3 5.4% 8.3% 0.6x 11.5x Booz Allen Hamilton Holding Corporation United States 36.07 -6% 5,392.2 6,648.1 5,549.6 520.2 9.4% 4.3% 1.2x 12.8x Broadridge Financial Solutions, Inc. United States 66.30 -8% 7,894.8 8,793.2 3,197.6 629.0 19.7% 17.0% 2.7x 14.0x Business & Decision SA * France 7.39 -1% 58.2 88.1 254.3 4.3 1.7% 4.2% 0.3x 20.7x Cap Gemini S.A. France 84.61 -10% 14,148.9 16,696.2 13,953.0 1,715.8 12.3% 13.4% 1.2x 9.7x CGI Group Inc. Canada 47.97 -4% 14,400.7 15,413.6 8,139.4 1,383.8 17.0% 3.9% 1.9x 11.1x Cognizant Technology Solutions Corporation United States 56.03 -12% 33,993.4 30,031.4 13,257.6 2,648.1 20.0% 11.2% 2.3x 11.3x Computer Sciences Corporation United States 59.42 -15% 8,367.2 10,900.2 7,358.0 922.0 12.5% -0.7% 1.5x 11.8x CSG Systems International, Inc. United States 48.40 -3% 1,562.4 1,701.6 763.1 168.4 22.1% 1.9% 2.2x 10.1x Digi International Inc. United States 13.75 -3% 361.9 227.8 203.0 22.1 10.9% -0.4% 1.1x 10.3x Globant S.A. * Luxembourg 33.35 -29% 1,150.6 1,095.5 307.2 55.6 18.1% 29.4% 3.6x 19.7x International Business Machines Corporation United States 165.99 -2% 157,832.3 190,496.3 80,208.0 17,539.0 21.9% -4.3% 2.4x 10.9x Infosys Limited India 14.88 -21% 34,011.3 29,022.7 9,942.0 2,738.0 27.5% 10.2% 2.9x 10.6x ITS Group France 7.44 -6% 56.9 59.6 212.2 8.1 3.8% 1.7% 0.3x 7.3x NCI, Inc. United States 13.95 -9% 188.8 188.6 329.3 29.2 8.9% 1.8% 0.6x 6.5x NTT Data Corporation Japan 48.39 -10% 13,574.5 14,246.8 16,305.1 2,604.8 16.0% 5.9% 0.9x 5.5x Perficient, Inc. United States 17.49 -23% 630.6 648.4 481.9 54.6 11.3% 7.0% 1.3x 11.9x Reply S.p.A. Italy 124.56 -13% 1,164.9 1,141.2 846.5 109.8 13.0% 11.4% 1.3x 10.4x SQLi France 44.02 0% 162.7 165.7 205.9 14.9 7.2% 7.3% 0.8x 11.1x Tata Consultancy Services Limited * India 34.83 -14% 68,632.1 63,944.3 17,173.6 4,730.2 27.5% 12.7% 3.7x 13.5x Wipro Ltd. India 6.98 -22% 17,146.9 14,405.5 8,084.9 1,620.1 20.0% 10.2% 1.8x 8.9x

Adjusted Weighted Average 2.1x 11.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)

36 | M&A and Investment Summary December 2016 Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $7.42 -9% $ 59.9 $ 51.7 $ 43.0 $ (1.8) NM -2.0% 1.2x NM Cenveo, Inc. United States 6.99 -33% 59.8 1,099.0 1,721.7 143.4 8.3% 0.3% 0.6x 7.7x Communisis plc United Kingdom 0.54 -12% 112.1 144.1 471.4 33.1 7.0% 1.8% 0.3x 4.4x Contax Participações S.A. * Brazil 2.89 -55% 11.9 336.3 877.5 3.0 0.3% 4.0% 0.4x 111.9x Convergys Corporation United States 24.56 -21% 2,342.3 2,500.7 2,907.4 391.5 13.5% -1.9% 0.9x 6.4x Elanders AB (publ) Sweden 11.71 -10% 413.4 735.2 592.8 55.1 9.3% 20.6% 1.2x 13.3x Eniro AB Sweden 0.03 -75% 14.4 203.0 241.2 52.4 21.7% -19.9% 0.8x 3.9x Exlservice Holdings, Inc. * United States 50.44 -8% 1,690.1 1,521.7 674.6 101.5 15.0% 12.8% 2.3x 15.0x Firstsource Solutions Limited India 0.56 -30% 376.3 452.4 518.7 66.1 12.7% 14.4% 0.9x 6.8x Genpact Limited * Bermuda 24.34 -15% 4,886.4 5,333.4 2,535.5 403.7 15.9% 4.9% 2.1x 13.2x InnerWorkings, Inc. * United States 9.85 -2% 529.7 642.6 1,090.6 41.9 3.8% 8.4% 0.6x 15.3x Luxoft Holding, Inc. * SwitzerlandSwitzerland 56.20 -27% 1,864.2 1,784.6 715.7 97.4 13.6% 20.7% 2.5x 18.3x MAXIMUS, Inc. * United States 55.79 -10% 3,614.0 3,717.4 2,403.4 345.3 14.4% 14.5% 1.5x 10.8x Quad/Graphics, Inc. United States 26.88 -9% 1,372.2 2,540.3 4,525.4 494.1 10.9% -3.9% 0.6x 5.1x Quintiles IMS Holdings, Inc. * United States 76.05 -7% 18,722.1 20,153.9 4,540.1 848.6 18.7% 6.5% 4.4x 23.7x R.R. Donnelley & Sons Company United States 16.32 -73% 1,139.1 4,632.2 11,088.1 1,025.8 9.3% -2.7% 0.4x 4.5x Serco Group plc United Kingdom 1.77 0% 1,925.1 2,103.5 4,064.8 162.9 4.0% -3.9% 0.5x 12.9x St Ives plc United Kingdom 1.57 -48% 224.7 324.4 488.0 46.0 9.4% 6.7% 0.7x 7.1x StarTek, Inc. United States 8.45 -8% 133.1 164.0 312.3 16.6 5.3% 18.3% 0.5x 9.9x SYNNEX Corporation United States 121.02 -5% 4,814.0 5,406.1 13,724.6 473.6 3.5% 0.8% 0.4x 11.4x Sykes Enterprises, Incorporated United States 28.86 -8% 1,224.5 1,213.2 1,408.2 164.4 11.7% 8.4% 0.9x 7.4x Teleperformance SE * France 100.60 -3% 5,695.7 6,037.7 3,808.1 518.3 13.6% 8.1% 1.6x 11.6x TeleTech Holdings, Inc. United States 30.50 -5% 1,417.6 1,492.9 1,272.1 155.4 12.2% -0.9% 1.2x 9.6x Trans Cosmos, Inc. Japan 23.40 -15% 970.6 901.8 2,299.3 119.4 5.2% 9.5% 0.4x 7.6x Transcontinental Inc. Canada 16.52 -3% 1,271.6 1,518.3 1,507.3 295.1 19.6% 0.9% 1.0x 5.1x Cimpress N.V. * Netherlands 91.61 -12% 2,899.5 3,734.6 1,856.0 212.1 11.4% 20.8% 2.0x 17.6x West Corporation * United States 24.76 -4% 2,061.3 5,111.0 2,293.0 648.1 28.3% 0.8% 2.2x 7.9x Xchanging Solutions Limited * India 0.75 -52% 84.1 68.4 42.2 4.1 9.8% -2.6% 1.6x 16.6x

Adjusted Weighted Average 1.3x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

37 | M&A and Investment Summary December 2016 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 2.8x 2.4x 5.8x 1.8x Internationally-based Digital Media and Internet 3.5x 2.0x 4.8x 1.7x US-based eCommerce 2.6x 1.8x 3.9x 1.8x Internationally-based eCommerce 3.0x 1.4x 9.3x 1.6x US-based Digital Advertising 2.5x 1.6x 7.5x 1.8x Internationally-based Digital Advertising 3.0x 1.9x 6.6x 1.6x US-based Marketing Technology 3.2x 3.0x 4.1x 2.7x Internationally-based Marketing Technology 4.2x 4.4x 4.7x 4.7x Agency 1.1x 1.4x 1.7x 1.7x Marketing Services 1.7x 1.6x 2.9x 2.6x Traditional Media 2.6x 2.3x 3.6x 3.0x Software 4.5x 4.0x 4.2x 4.1x Information 3.9x 3.6x 5.5x 5.5x Business Services 1.3x 0.9x 2.4x 1.8x

As of close of business on 12/30/16

*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

38 | M&A and Investment Summary December 2016 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 12.9x 12.8x 14.0x 11.1x Internationally-based Digital Media and Internet 14.7x 10.9x 17.9x 10.3x US-based eCommerce 16.3x 14.8x 17.0x 12.3x Internationally-based eCommerce 19.3x 14.5x 27.0x 11.0x US-based Digital Advertising 26.3x 15.6x 20.8x 11.2x Internationally-based Digital Advertising 11.3x 10.0x 11.7x 10.2x US-based Marketing Technology 29.7x 17.6x 20.4x 12.6x Internationally-based Marketing Technology 23.5x 16.5x 16.5x 17.0x Agency 9.8x 9.6x 10.8x 9.6x Marketing Services 11.6x 9.4x 14.1x 12.4x Traditional Media 12.9x 9.9x 12.1x 12.0x Software 29.2x 16.7x 17.5x 13.0x Information 21.9x 15.9x 21.5x 21.7x Business Services 12.4x 10.6x 12.5x 12.4x

As of close of business on 12/30/16

*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

39 | M&A and Investment Summary December 2016 PPLLC Indices LTM Share Pricing Trends

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

• S&P 500 –  11.4 % 140% • S&P 500 –  11.4 % 140%

130% • Digital Advertising –  5.3 % 125% • Digital Media/Commerce –  8.9 % 120%

110% • Traditional Media –  9.1 % 110%

100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 –  11.4 % 140% • S&P 500 –  11.4 % 140%

130% 130% • Marketing Technology –  10.1 % • Agency –  1.8 % 120% 120% • Marketing Services – v (0.5 %) 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 –  11.4 % 140% • S&P 500 –  11.4 % 140% 130% • Software –  4.4 % 130% • Information –  7.7 % 120% 120% 110% • Business Services –  10.3 % 110% 100% 100%

Index Performance (%) Performance Index 90% 90%

80% (%) Performance Index Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 80% Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Software S&P 500 Index (^SPX) Note: LTM as of 11/30/2016 Information Business Services S&P 500 Index (^SPX) 40 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Deltek, Inc. Software Roper Technologies, Inc. $ 2,800.0 Host Europe Holdings Ltd. Marketing Technology GoDaddy 1,808.1 Intralinks Holdings Software Synchronoss Technologies, Inc. 854.5 3M's Document Reader & Secure Materials Businesses Assets Software Gemalto NV 850.0 Kabam, Inc. Digital Media/Commerce Netmarble Games Corporation 750.0 Mail.Ru Digital Media/Commerce MegaFon 640.0 Automic Software GmbH Software CA Technologies 636.0 oOh!media Group Limited Traditional Media APN Outdoor Pty. Limited 633.1 Strato AG Marketing Technology United Internet AG 623.9 Gracenote, Inc. Marketing Technology Nielsen Holdings B.V. 560.0 Allworld Exhibitions Alliance Ltd. Traditional Media UBM plc 485.0 Immediate Media Company Limited Traditional Media Hubert Burda Media 322.3 hungryhouse.com limited Digital Media/Commerce Just-Eat plc 304.9 National Pen Company Agency & Marketing Services Cimpress N.V. 218.0 ISCS, Inc. Software Guidewire Software, Inc. 160.0 Beeline.com, Inc. Software IQNavigator, Inc. 130.0 SkipTheDishes Digital Media/Commerce Just-Eat plc 82.1 Alsbridge, Inc. Business Services Information Services Group, Inc. 76.8 Connect Meetings LLC Traditional Media Tarsus Group plc. 68.3 Vermilion Software, Inc. Software FactSet Research Systems, Inc. 67.0 Revitas, Inc. Software Model N, Inc. 60.0 Sports New Media (GiveMeSport) Digital Media/Commerce Breaking Data Corporation 58.9 Datamyne, Inc. Information The Descartes Systems Group, Inc. 52.7 Houston Interests LLC Business Services Matrix Service Company 46.0 HexaTier Ltd. Software Huawei Technologies Ltd. 42.0 Perk.com, Inc. Agency & Marketing Services RhythmOne 42.0 6PM plc Software Idox, Plc. 37.7 Fractal Ink Design Studio Private Limited Agency & Marketing Services Dentsu Aegis Network, Inc. 36.9 Cimagine Media Marketing Technology Snap, Inc. 30.0 Allinea Software Ltd. Software ARM Holdings plc 22.4 Product Hunt Digital Media/Commerce AngelList LLC 20.0 YDC Corporation Business Services Future PLC 17.8 Conveyancing Alliance Limited Software ULS Technology plc 16.6 Radiate Media, Inc. Marketing Technology Global Traffic Network, Inc. 15.0 Kameleon Worldwide Limited Agency & Marketing Services Be Heard Group plc 12.6 One Kings Lane, Inc. Digital Media/Commerce Bed Bath & Beyond, Inc. 11.8 CasinoUK Digital Advertising Catena Media 11.3 Cornerstone Advisors Group Business Services 8K Miles Software Services Ltd. 10.3 Bigdatapump Oy Business Services Affecto Plc 6.7 Taba Software AT Technology Co., Ltd. 5.4 Crave & Lamb Agency & Marketing Services Ve Interactive Ltd. 3.8 Car.com, Inc., Automotive Specialty Finance Leads Business Assets Digital Advertising Internet Brands, Inc. 3.2 41 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed ad xmedia Agency & Marketing Services DAC Group, Inc. $ - Code Computerlove Ltd. Agency & Marketing Services WPP Group - Exco InTouch Agency & Marketing Services eResearchTechnology, Inc. - Martis Consulting Sp. z o.o. Agency & Marketing Services SEC S.p.A. - Milk Lab Design Studio Agency & Marketing Services XTM, Inc. - Myriad Marketing Agency & Marketing Services MMGY Global - MyStudioFactory Agency & Marketing Services Webhelp Groupe - New Channel Direct Agency & Marketing Services Angstrom Graphics, Inc. - North Strategic, Inc. Agency & Marketing Services Publicis Groupe S.A. - Paramore Digital LLC Agency & Marketing Services Osborn & Barr - Red Fish Media LLC Agency & Marketing Services Vibes Media - S&E Sponsorship Group Inc. Agency & Marketing Services Dentsu Aegis Network, Inc. - Sentient Interactive LLC Agency & Marketing Services W2O Group - ShopLocal LLC Agency & Marketing Services Liquidus Marketing, Inc. - Southern Audio Visual, Inc. Agency & Marketing Services PSAV, Inc. - Tank.ca Agency & Marketing Services WPP Group - The Encima Group, Inc. Agency & Marketing Services Indegene Lifesystems Pvt. Ltd. - Tiny Hearts Limited Agency & Marketing Services Shopify Inc. - Trisect Agency & Marketing Services Match Marketing Group - Yes, Inc. Agency & Marketing Services Twitter, Inc. - 5xRuby Co., Ltd. Business Services Shopmatic Pte. Ltd. - Admo.net LLC Business Services Contegix LLC - All In Media Limited Business Services DTS, Inc. - CloudSocius Business Services 4C Consulting - Computer Sciences Corp., Italy-based Consulting & Systems Business Services PAX Technology Ltd. - Consolidated Communications IT Services & Integration Business Business Services ePlus, Inc. - Corporate IT Solutions, Inc. Business Services M/C Partners - Cumming Corporation Business Services Tailwind Capital Group, LLC - Designing Benefits, Inc. Business Services OneDigital Health and Benefits - Edaptive Systems LLC Business Services ManTech International Corporation - Endeavor Insurance Services, Inc. Business Services The Hilb Group LLC - Fabian Wealth Strategies, Inc. Business Services Mercer Advisors, Inc. - Guidant Partners LLC Business Services TekLinks - Jordan Group Business Services Vistra Holdings S.à r.l - LShift Limited Business Services Oliver Wyman Group - Mokriya, Inc. Business Services Nagarro, Inc. - Pivot Point Consulting LLC Business Services Vaco, LLC - Presidio Benefits Group Business Services Marsh & McLennan Agency LLC - 42 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Thrive Network, Inc. Business Services M/C Partners $ - WDEV Business Services Ebix, Inc. - WP Curve Business Services GoDaddy - CruiseNow.com Digital Advertising WMPH Vacations, Inc. - LoyalTree Digital Advertising SessionM, Inc. - MaCarteCadeau.com Digital Advertising Ifeelgoods - R-Advertising.com Digital Advertising TradeDoubler, Ltd. - Touchfone Technologies Pvt. Ltd. Digital Advertising ScoopWhoop Media Pvt. Ltd. - 17 Media Digital Media/Commerce Paktor Pte. Ltd. - Beepi Digital Media/Commerce Fair.com - Boomlagoon Ltd. Digital Media/Commerce Wargaming.net. LLP - Brainbow Limited Digital Media/Commerce Lagardere SCA - CinePapaya Digital Media/Commerce Fandango, Inc. - Critical Hit Software LLC Digital Media/Commerce MobilityWare, Inc. - Eight Pixels Square Digital Media/Commerce Outplay Entertainment Ltd. - Foodpanda GmbH Digital Media/Commerce Delivery Hero Holding GmbH - Fruitrouge.com Digital Media/Commerce Infinie Passion SAS - iRule LLC Digital Media/Commerce Kramer Electronics Ltd. - Jagonal Pty Limited Digital Media/Commerce Equiem Pty Ltd. - Kingr Digital Media/Commerce Wixty Technologies, Inc. - Minutebuzz SAS Digital Media/Commerce TF1 Group - MyPocket LLC Digital Media/Commerce Tinkoff Bank AO - PayByPhone Technologies, Inc. Digital Media/Commerce Volkswagen AG - Plain Vanilla Corporation Digital Media/Commerce Glu Mobile, Inc. - Plix Digital Media/Commerce OnlineTyari - Radio Today Pty. Ltd. Digital Media/Commerce Jaden Social Pty. Ltd. - Sanook.com Digital Media/Commerce Tencent Holdings Ltd. - Spin, Vibe, Death & Taxes and Stereogum Assets Digital Media/Commerce Hollywood Reporter - SpinMedia, Celebuzz, The Frisky, and The Superficial Digital Media/Commerce CPXi Interactive - The Vine Digital Media/Commerce Junkee Media Pty. Ltd. - TruckingIndustry.news Digital Media/Commerce TruckingUnlimited.com - UrMajesty Digital Media/Commerce Freshboxx Services Private Limited - Placemeter, Inc. Information NETGEAR, Inc. - The Channel Company Information Stone-Goff Partners - Abakus, Inc. Marketing Technology SAP SE - AM:PM Hotels Ltd. Marketing Technology STR, Inc. - Annik Technology Services Pvt. Ltd. Marketing Technology LiquidHub, Inc. - Counter Intelligence Retail Ltd. Marketing Technology The NPD Group, Inc. - Facelift brand building technologies GmbH Marketing Technology DuMont Media Group - Flite, Inc. Marketing Technology Snap, Inc. - Gimbal, Inc. Marketing Technology The Mobile Majority - 43 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed IKO System SA Marketing Technology Sidetrade SA $ - Twin Prime, Inc. Marketing Technology Salesforce.com - VisualDNA Marketing Technology Nielsen Holdings B.V. - World Cup of Sales Corporation Marketing Technology DreamFu Ventures LLC - Abritas Ltd. Software Civica Group Ltd. - AFJC Corporation Software Credit Karma, Inc. - Agra Corporation Software Mamezou Holdings Co., Ltd. - AppFormix, Inc. Software Juniper Networks, Inc. - Cronologics Corporation Software Google, Inc. - Cyberfend, Inc. Software Akamai Technologies, Inc. - Dasheroo Inc. Software FreshLime Inc. - Decision Toolbox, Inc. Software Engage2Excel, Inc. - DeepField Software Nokia Corporation - Driven, Inc. Software Xplenty Ltd. - Eager Platform Co. Software CloudFlare - Enlightiks Business Solutions Pvt. Ltd. Software Practo Technologies Pvt. Ltd. - Enomina, S.L. Software Raet B.V. - Eventick Software Sympla - Geometric Intelligence, Inc. Software Uber, Inc. - HPE OpenStack & Cloud Factory Assets Software Suse Linux GmbH - InAuth, Inc. Software American Express Company - Indoor.io Software Apple Inc. - Infinit International, Inc. Software Docker, Inc. - MaximTrak Technologies, Inc. Software RouteOne LLC - MediAngels Software 1MG Technologies Pvt. Ltd. - MobileGuard, Inc. Software Smarsh, Inc. - Navport, Inc. Software RS Energy Group - Netlex srl Software TeamSystem Group - Online Banking Solutions, Inc. Software Fiserv, Inc. - PLUMgrid, Inc. Software VMware, Inc. - Sirota Consulting LLC Software Marsh & McLennan Companies, Inc. - Standardware, Inc. Software Compuware Corporation - Succeed Management Solutions LLC Software KPA, LLC - Systema Software LLC Software Insurity, Inc. - TestObject GmbH Software Sauce Labs, Inc. - Thomsons Online Benefits Software Marsh & McLennan Companies, Inc. - UsabilityTools Software Positionly, Inc. - Veris Group LLC Software Coalfire Systems, Inc. - Viriphi Software Wuzzuf LLC - Zementis, Inc. Software Software AG - Ad Save Publications Traditional Media Direct Response Media Group - Branded Entertainment Network Traditional Media SilverHub Media Limited - 44 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Dealernews Traditional Media DN 2.0 LLC $ - Escape Events Limited Traditional Media Upper Street Events Ltd. - Forest Machine Journal Ltd. Traditional Media Newsquest Media Group Ltd. - Health Media Network Traditional Media Elite Sampling and Media Group - Secret Sounds Group Pty Ltd. Traditional Media Live Nation Entertainment, Inc. - Sky News Australia Traditional Media News Corp Australia - The Durham Herald Company Traditional Media The McClatchy Company - Top Media Holdings S.A. Traditional Media JCDecaux S.A. -

45 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed NeuStar, Inc. Marketing Technology Golden Gate Capital $ 2,870.6 Optiv Security, Inc. Software Kohlberg Kravis Roberts & Company L.P. 1,850.0 TriNet Group, Inc. Business Services Atairos Group, Inc. 442.0 Lionbridge Technologies, Inc. Business Services H.I.G. Capital LLC 435.3 Mitel Mobility Marketing Technology Siris Capital Group 385.0 Hemnet Service HNS AB Digital Media/Commerce General Atlantic, LLC 213.5 AtHome Group and Casa.it Digital Advertising Oakley Capital Investments, Ltd. 189.7 Daypoets Co., Ltd. Traditional Media Polaris Capitol Limited 12.2 Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Epic Health Services, Inc. Business Services Bain Capital, LLC $ - Sonoma Consulting Business Services Highlands Ventures - Apple Leisure Group Digital Media/Commerce KSL Capital Partners, LLC - Purchasing Power Digital Media/Commerce Flexpoint Ford LLC - Argosy Information Leeds Equity Partners, LLC - Business and Legal Resources Information Leeds Equity Partners, LLC - CCMI Information Leeds Equity Partners, LLC - DecisionHealth Information Leeds Equity Partners, LLC - Madison Logic, Inc. Marketing Technology Clarion Capital Partners, LLC - Edge Technologies, Inc. Software Lotus Innovations Private Equity Fund - Mediware Information Systems, Inc. Software TPG Capital - Phlexglobal Ltd. Software Vitruvian Partners LLP - WCC Group B.V. Software Avedon Capital Partners - Kopernikus Technology Group Traditional Media Abris Capital Partners -

46 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Koubei Digital Media/Commerce Silver Lake Partners $ 1,200.0 Babytree Digital Media/Commerce Fosun Venture Capital Investment 437.0 Bona Film Group Limited Traditional Media Alibaba Group Holding Ltd. 360.0 Careem Networks FZ LLC Digital Media/Commerce Rakuten, Inc. 350.0 Opendoor Digital Media/Commerce New Enterprise Associates 210.0 Symphony Communication Services LLC Software Temasek Holdings (Pte) Limited 200.0 LogicWorks Business Services Pamplona Capital Management LLP 135.0 Huochebang Digital Media/Commerce International Finance Corporation 115.0 Podotree, Inc. Digital Media/Commerce Anchor Equity Partners 107.0 JetSmarter, Inc. Digital Media/Commerce KZ Capital 105.0 YeahMobi Information Technology Co., Ltd. Digital Advertising Shenzhen Private Equity 100.0 Crossover Health, Inc. Business Services Gurnet Point Capital 92.0 HelloFresh Digital Media/Commerce Baillie Gifford & Company 88.3 ThePaper.cn Digital Media/Commerce Undisclosed 88.0 Nubank Marketing Technology Sequoia Capital 80.0 Daling Digital Media/Commerce IDG Capital Partners 71.9 Hopper, Inc. Digital Media/Commerce CDPQ 61.4 Rent the Runway Digital Media/Commerce FMR LLC 60.0 Memebox Corporation Digital Media/Commerce Goodwater Capital 60.0 Databricks, Inc. Software New Enterprise Associates 60.0 Datrium, Inc. Software New Enterprise Associates 55.0 Juhe.cn Software Tahoe Venture Capital 52.2 Survios, Inc. Digital Media/Commerce Metro-Goldwyn-Mayer, Inc. 50.0 Survios, Inc. Digital Media/Commerce Lux Capital 50.0 Life On Air, Inc. Digital Media/Commerce Sequoia Capital 50.0 Procore Technologies, Inc. Software Iconiq Capital 50.0 Finicity, Inc. Software Experian plc 42.0 SnapLogic, Inc. Software Andreessen Horowitz 40.0 Breather Digital Media/Commerce Menlo Ventures 40.0 Amagi Media Labs Marketing Technology Emerald Media 35.0 Tripping International, Inc. Digital Advertising Princeville Global 35.0 Conversica LLC Marketing Technology Providence Equity Partners, Inc. 34.0 Lemonade, Inc. Digital Media/Commerce Sequoia Capital 34.0 EcoVadis SAS Information Partech Ventures 31.6 PatientPing, Inc. Software Andreessen Horowitz 31.6 Managed by Q, Inc. Digital Media/Commerce Undisclosed 30.5 Optoro Software Kleiner Perkins Caufield & Byers 30.0 Exclaimer Limited Marketing Technology Living Bridge EP LLP 29.3 Next Entertainment (Hong Kong) Limited Digital Media/Commerce Mayfield Fund 25.0 Personal Capital Corporation Software IGM Financial 25.0 StashInvest Digital Media/Commerce Valar Ventures LP 25.0 Inkling Systems, Inc. Software Sequoia Capital 25.0 47 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Dynamic Signal Software Microsoft Ventures $ 25.0 KeyMe, Inc. Digital Media/Commerce Providence Equity Partners, Inc. 25.0 Glossier Digital Media/Commerce Index Ventures 24.0 Molotov SA Digital Media/Commerce Idinvest Partners 23.3 Iterable, Inc. Marketing Technology Index Ventures 23.0 MoneyLion, Inc. Digital Media/Commerce Edison Partners 22.5 Hsuanzhang.com Software IDG Capital Partners 22.0 Dynamic Yield Ltd. Marketing Technology Bessemer Venture Partners 22.0 Appetize LLC Software Shamrock Capital Advisors, Inc. 20.0 Luminance AI Software Talis Equity LLC 20.0 One, Inc. Software AXA Strategic Ventures 20.0 Pendo, Inc. Marketing Technology Battery Ventures 20.0 Swap.com, Inc. Digital Media/Commerce eEquity AB 20.0 Accompany, Inc. Digital Media/Commerce Ignition Partners LLC 20.0 Appier Marketing Technology Pavilion Capital 19.5 Amino Apps Digital Media/Commerce Union Square Ventures 19.0 ObservePoint, Inc. Marketing Technology Mercato Partners 19.0 Axoni Software Andreessen Horowitz 18.0 HyperScience, Inc. Software Felicis Ventures 18.0 Cota, Inc. Information Boston Millennia Partners 18.0 Movinga GmbH Digital Media/Commerce Earlybird Venture Capital GmgH & Co. KG 18.0 Vida Health, Inc. Digital Media/Commerce Canvas Venture Fund 18.0 New Form Productions LLC Traditional Media Discovery Communications LLC 18.0 Nasuni Corporation Software Sigma Prime Ventures 17.5 Wusong Network Technology (Beijing) Co., Ltd. Software China Growth Capital 17.4 Thanx, Inc. Marketing Technology Sequoia Capital 17.1 MedNet Solutions, Inc. Software Arrowroot Capital 16.5 World of Books Ltd. Digital Media/Commerce Bridges Ventures 16.4 IguanaFix S. de RL de CV Digital Media/Commerce Temasek Holdings (Pte) Limited 16.0 Tactile, Inc. Marketing Technology Accel Partners 15.0 Kenna Security, Inc. Software PeakSpan Capital, LLC 15.0 Qstream, Inc. Marketing Technology Polaris Partners 15.0 Nutmeg Software Taipei Fubon Bank 14.7 Plutora, Inc. Software Macquarie Capital 13.4 BoatSetter, Inc. Digital Media/Commerce Great Oaks Venture Capital 13.0 Clear Labs, Inc. Software Khosla Ventures 13.0 Socure, Inc. Software ff Venture Capital 13.0 RSK Group plc Business Services Business Growth Fund plc 12.6 Opal Labs, Inc. Software Undisclosed 12.0 OfBusiness Digital Media/Commerce Matrix Partners 11.1 Truecaller Digital Media/Commerce Zenith Venture Capital 10.9 Kreditech Holding SSL GmbH Information Rakuten, Inc. 10.4 48 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Shadowfax Technologies Pvt. Ltd. Digital Media/Commerce Eight Roads Ventures $ 10.0 LeanData, Inc. Marketing Technology Sapphire Ventures, LLC 10.0 Springbot, Inc. Marketing Technology Harbert Venture Partners 10.0 Secdo Ltd. Software Regulatory DataCorp 10.0 SocialChorus Marketing Technology Kohlberg Ventures LLC 10.0 Dubsmash Digital Media/Commerce Index Ventures 9.6 EverCompliant Ltd. Software Arbor Ventures 9.5 Vend Limited Software Square Peg Capital 8.9 LaunchDarkly Software DFJ Espirit LLP 8.7 Vestorly, Inc. Marketing Technology Sigma Prime Ventures 8.5 Clavis Insight Marketing Technology Draper Espirit 8.3 SEWORKS, Inc. Software SoftBank Capital 8.2 Curve 1 Limited Software Undisclosed 8.0 Automile AB Marketing Technology Salesforce Ventures 7.5 MultiTaction Oy Software Harbert Venture Partners 7.5 Signal Media Ltd. Marketing Technology Hearst Ventures 7.4 MeilleursAgents.com Digital Media/Commerce Piton Capital 7.4 kapilendo AG Digital Media/Commerce Comvest Partners 7.3 Zipari, Inc. Marketing Technology Vertical Ventures LLC 7.0 NoBroker.in Digital Media/Commerce KTB Ventures 7.0 Splash Marketing Technology Lerer Hippeau Ventures 7.0 ReplyYes, Inc. Marketing Technology Undisclosed 6.5 RedShield Security Ltd. Software Sage Technologies Company 6.2 Lookback AB Marketing Technology Index Ventures 6.0 Vidme Digital Media/Commerce New Enterprise Associates 6.0 OwnerIQ, Inc. Digital Advertising Undisclosed 6.0 Open-Xchange GmbH Software eCapital Advisors, LLC 5.2 Traxo, Inc. Marketing Technology TripAdvisor, Inc. 5.2 10i Commerce Services Pvt. Ltd. Marketing Technology (Private Investors) 5.0 Backtrace I/O, Inc. Software Amplify Partners 5.0 eSub Construction Software Software Revolution Ventures 5.0 Suiteness, Inc. Digital Advertising Bullpen Capital 5.0 MarvelApp Prototyping Ltd. Software BGF 5.0 Share Rocket, Inc. Marketing Technology Tribune Publishing 5.0 Finagraph Financial Management Marketing Technology Moody's Corporation 5.0 1World Online Marketing Technology Brand Capital 4.9 Min Doktor Software EQT Ventures 4.8 autoGraph, Inc. Digital Advertising Rally Capital 4.7 Lunar Way A/S Digital Media/Commerce SEED Capital 4.5 Solvvy, Inc. Marketing Technology True Ventures 4.5 Geenee, Inc. Digital Media/Commerce Constantin Media 4.4 G2 Crowd, Inc. Marketing Technology Chicago Ventures 4.3 49 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Price f(x) AG Marketing Technology Credo Ventures $ 4.1 ZEPL Marketing Technology Vertex Venture Capital 4.1 Xplenty Ltd. Software Bain Capital Ventures 4.0 Cardlay A/S Software Undisclosed 4.0 iPrice Group Sdn Bhd Digital Advertising Venturra Capital 4.0 Beamr Imaging Ltd. Marketing Technology Verizon Ventures 4.0 LeadGenius Marketing Technology Javelin Venture Partners 4.0 IndiaLends Digital Media/Commerce American Express Ventures 4.0 PlayFab, Inc. Digital Media/Commerce Undisclosed 4.0 dMed Company Limited Business Services Qiming Venture Partners 4.0 Numetric, Inc. Marketing Technology EPIC Ventures 3.8 Preservica Limited Software Mobeus Equity Partners LLP 3.8 Explain Everything, Inc. Software New Enterprise Associates 3.7 Boom.tv Digital Media/Commerce First Round Capital 3.5 BidPal, Inc. Software MK Capital Management LLC 3.5 Sixa, Inc. Digital Media/Commerce Tandem Capital 3.5 Knowmail.me Marketing Technology CE Ventures 3.5 Visbit, Inc. Marketing Technology Presence Capital 3.2 Solendro.com Digital Media/Commerce Breega Capital 3.1 WiserTogether, Inc. Software Undisclosed 3.0 Swimlane LLC Software (Private Investors) 3.0 Dragonera Ltd. Software SingulariTeam 3.0 OB1 Digital Media/Commerce Andreessen Horowitz 3.0 Healthcare Asset Network LLC Software (Private Investors) 3.0 Plato Team, Inc. Digital Media/Commerce Undisclosed 3.0 Minimal Technologies, Inc. Marketing Technology SBI Holdings 3.0 Jumpcrew Marketing Technology (Private Investors) 3.0 strongDM, Inc. Software True Ventures 3.0 Tygr App Digital Media/Commerce Undisclosed 3.0 VictorOps, Inc. Software Shea Ventures 2.8 Minimal Technologies, Inc. Marketing Technology SMBC VC 2.6 Crate.io Software Vito Ventures 2.6 Newsflare Limited Digital Advertising Edge Investments 2.6 Babbler SAS Marketing Technology Undisclosed 2.5 Monstar Lab, Inc. Business Services Resona Capital 2.5 Bink.com Digital Media/Commerce Undisclosed 2.5 Alluvium, Inc. Software IA Ventures 2.5 Agile Stacks, Inc. Software Undisclosed 2.4 SKUPOS, Inc. Software Toba Capital 2.4 Pep Digital Media/Commerce (Private Investors) 2.4 Wallarm, Inc. Software Partech Ventures 2.3 Waggle Digital Media/Commerce Raine Ventures 2.3 50 | M&A and Investment Summary December 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed JetClosing, Inc. Software Trilogy Equity Partners, LLC $ 2.3 GlobalTix Pte. Ltd. Marketing Technology Undisclosed 2.2 ArtFinder Digital Media/Commerce Oxford Capital Partners Limited 2.2 Pay With Privacy, Inc. Software Index Ventures 2.2 Rewardz Private Limited Software Benefit One, Inc. 2.1 Spatial Labs, Inc. Marketing Technology Serra Ventures, LLC 2.1 MeetingPlay Digital Media/Commerce Undisclosed 2.0 Intezer Labs Software Samsung Group 2.0 Maxwell Financial Labs, Inc. Software TechStars, LLC 2.0 FHOOSH, Inc. Software Volta Global 2.0 Mariana, Inc. Marketing Technology Exfinity Technology Fund 2.0 Dashbot, Inc. Marketing Technology Bessemer Venture Partners 2.0 MedShr.net Software (Private Investors) 1.9 LogicGate, Inc. Marketing Technology Chicago Ventures 1.9 Get Smart Content Marketing Technology Virgo Capital 1.8 WorkRamp Software Liquid 2 Ventures 1.8 Clinical Research IO Information (Private Investors) 1.6 Leasify AB Digital Advertising SEB Venture Capital 1.6 Codementor Digital Media/Commerce WI Harper Group 1.6 BiBoard SAS Marketing Technology Alps Capital 1.6 Emanate Wireless, Inc. Software (Private Investors) 1.5 Unearth Technologies, Inc. Software (Private Investors) 1.5 Latize Pte. Ltd. Software Tembusu Partners 1.5 Qinet Software Undisclosed 1.3 Showtime Analytics Marketing Technology Alibaba Group Holding Ltd. 1.3 Mychango Business Services SV Investment Partners 1.2 Ad Spray S.r.l. Marketing Technology A11 Venture 1.2 Fabacus Holdings Limited Software (Private Investors) 1.2 Dekkho Digital Media/Commerce (Private Investors) 1.2 Mapendo SRL Digital Advertising Barcamper Ventures 1.2 Whiterock Group Marketing Technology Maven Capital 1.1 Interwine Digital Media/Commerce (Private Investors) 1.1 Jooxter SAS Marketing Technology Newfund Management 1.1 Click & Boat Digital Media/Commerce Olma Privage Equity Fund 1.1 Timing Marketing Technology Terra Venture Partners 1.0 HealthifyMe Wellness Products and Services Pvt. Ltd. Digital Media/Commerce NB Ventures 1.0 CookUnity, Inc. Digital Media/Commerce Stella Maris Partners 1.0 Gamurs Pty. Ltd. Digital Media/Commerce Artesian Solutions 1.0 Appsumer Ltd. Marketing Technology Galvanize Ventures 1.0

51 | M&A and Investment Summary December 2016 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Charlotte . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships with investment bank The Mountain Capital Group in China, as well as Allegro Advisors and o3 Capital in India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

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

52 | M&A and Investment Summary December 2016 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2015 2011-2015 (5-Year) Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68 2 PwC 17 3 Jordan Edmiston Group 59 4 Jordan Edmiston Group 15 3 Morgan Stanley 59 4 KPMG Corporate Finance 15 5 PwC 52 4 Morgan Stanley 15 6 China Renaissance Partners 47 7 China Renaissance Partners 11 6 Nomura 47 7 Ernst & Young 11 8 GCA Savvian Group 44 9 Avendus Capital 9 9 KPMG Corporate Finance 43 9 Rothschild 9 10 Ernst & Young 38 11 Citi 8 10 JP Morgan 38 11 Credit Suisse 8 12 Jefferies 37 11 Jefferies 8 13 AGC Partners 35 11 William Blair & Company 8 14 Credit Suisse 34 11 Mooreland Partners 8 15 Daiwa Securities 33 Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

. With more than 60 transactions closed in the last 24 months, and more than 100 transactions closed since 2012 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries

53 | M&A and Investment Summary December 2016 Representative Recent Transactions*

$200,000,000 has sold has sold a portfolio company of a portfolio company of

(NYSE: DLX) has been sold to comprised of The Simple Dollar, has been sold to has been sold to Reviews.com, and Freshome has acquired has been sold to has been sold to to a subsidiary of to a division of

a portfolio company of has sold a portfolio company of a portfolio company of has acquired has been sold to (NASDAQ: CTSH) has received a majority has been sold to investment from has acquired to has been sold to has been sold to from a division of a portfolio company of

(NASDAQ: ACXM) (NASDAQ: COGT) (NYSE: OMC)

$207,000,000* $225,000,000*

a portfolio company of a portfolio company of and has received a majority has been sold to has received a majority investment from has been sold to has been sold to has received a significant investment from growth investment from comprising Media Properties Holdings has been sold to has been sold to in partnership with (NASDAQ: SYKE) (NYSE: IDI)

*Approximate Value *Approximate Value

$160,000,000*

has sold a portfolio company of a portfolio company of has been sold to has been sold to has been sold to has been sold to to Aperion Management has been sold to a portfolio company of has been sold to has been sold to and

(NYSE: DLX) (NYSE: ACN)

*Approximate Value

*For a more comprehensive list, please click here. 54 | M&A and Investment Summary December 2016