Weekly Internet / Digital Media / Saas Sector Summary

Weekly Internet / Digital Media / SaaS Sector Summary

Week of March 31st, 2014 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

230 135

210

125 190 83.4%

170 33.1% 8.4% 40.1% 115 150 28.8% 0.2% (.5%) 130 28.3% (1.5%) 24.8% 105 0.0% 110 20.5% (3.9%) (1.5%) 10.3% (7.1%) 90 95 (5.4%)

70 (9.0%)

50 85 3/29/13 5/20/13 7/11/13 9/1/13 10/23/13 12/14/13 2/4/14 3/28/14 12/27/13 1/9/14 1/22/14 2/4/14 2/17/14 3/2/14 3/15/14 3/28/14

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

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

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 3/31/14 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Search / Online Advertising

Google Inc. $1,114.51 $761.26 $1,228.88 $374,532 ($50,915) $323,617 5.4x 4.7x 4.1x 18.0x 12.4x 10.4x 31.0x 21.0x 17.7x 17.1% 1.0 14.3% 16.9% Microsoft Corporation 40.99 28.11 41.50 340,247 (59,297) 280,950 3.4 3.2 2.9 8.8 8.7 8.1 15.2 14.9 13.3 8.5% 1.6 8.2% 14.3% Yahoo! Inc. 35.90 22.70 41.72 36,237 (2,260) 34,033 7.3 7.5 7.3 33.0 23.8 22.3 28.5 22.6 20.2 9.5% 2.1 2.6% (5.9%) Yandex N.V. 30.19 16.60 45.42 9,771 (519) 9,252 7.7 6.3 5.1 18.4 14.6 11.7 24.6 22.7 18.0 31.3% 0.6 23.8% 27.4% Criteo SA 40.55 28.27 60.95 2,329 (273) 2,056 3.4 2.4 1.7 65.5 30.1 17.5 NM 85.1 44.3 58.3% 0.8 35.8% 64.0% Conversant, Inc. 28.15 18.62 32.25 1,896 59 1,955 3.4 3.2 2.9 9.4 8.5 7.8 23.1 15.0 13.8 13.9% 1.0 8.4% 5.9% Rocket Fuel Inc. 42.88 37.81 71.89 1,503 (86) 1,417 5.9 3.3 2.0 NM NM 35.3 NM NM NM NA NA 61.2% 113.4% Blucora, Inc. 19.69 14.25 30.12 831 (31) 800 1.4 1.1 1.0 7.8 6.5 5.8 35.2 8.2 7.1 15.8% 0.5 9.5% 71.7% Blinkx plc 1.88 1.27 3.91 750 (69) 680 3.0 2.3 1.8 21.4 15.7 NA 30.9 20.4 15.0 33.6% 0.4 28.7% 36.1% Millennial Media Inc. 6.92 5.78 10.48 738 (97) 640 2.5 1.5 1.2 NM 33.7 13.7 NM 78.6 28.8 58.6% 0.5 23.3% 66.8% Marchex, Inc. 10.51 3.70 12.84 437 (31) 406 2.7 2.3 2.1 62.1 26.4 19.7 NM 60.9 42.5 47.8% 0.9 10.9% 22.3% Marin Software Incorporated 10.57 8.50 16.43 349 (98) 251 3.2 2.6 2.2 NM NM NM NM NM NM 20.0% NM 19.8% 28.0% Sizmek Inc. 10.63 9.05 13.25 324 (96) 227 1.8 1.2 1.1 6.7 10.4 6.5 NM NM NM NA NA 15.1% NA QuinStreet, Inc. 6.64 5.76 9.71 289 (37) 252 0.8 0.9 0.8 9.4 7.0 6.8 NM NM NM 15.0% NM 4.9% (7.8%) ReachLocal, Inc. 9.85 9.70 17.39 284 (80) 204 0.4 0.4 0.3 15.5 8.3 4.1 98.5 NM 35.2 27.5% 1.3 13.5% NA YuMe, Inc. 7.31 5.79 12.08 236 (50) 187 1.2 1.0 0.8 42.6 37.9 11.4 NM NM 68.2 NA NA 26.1% 18.8% Tremor Video, Inc. 4.12 3.59 11.09 207 (96) 111 0.8 0.7 0.6 NM NM NM NM NM NM 52.0% NM 24.4% 11.6%

Mean 3.2 x 2.6 x 2.2 x 24.5 x 17.4 x 12.9 x 35.9 x 34.9 x 27.0 x 29.2% 1.0 19.4% 32.2% Median 3.0 2.3 1.8 18.0 13.5 10.9 29.7 21.8 19.1 23.8% 0.9 15.1% 22.3%

Internet Content

IAC/InterActiveCorp $71.39 $43.30 $80.64 $5,869 ($26) $5,929 2.0x 1.8x 1.7x 10.9x 9.2x 7.9x 21.8x 18.4x 15.5x 12.6% 1.2 9.1% (5.3%) AOL Inc. 43.77 32.19 53.28 3,478 (96) 3,392 1.5 1.4 1.2 7.8 6.6 6.1 38.7 19.1 16.3 14.2% 1.2 8.9% 13.3% Zillow, Inc. 88.10 48.52 103.00 3,451 (295) 3,156 16.0 10.8 7.9 NM 76.8 40.8 NM NM NM 56.9% NM 35.9% 69.9% Web.com Group, Inc. 34.03 15.87 37.72 1,756 549 2,305 4.7 3.9 3.5 26.5 13.4 11.8 NM 13.6 11.5 16.9% 0.7 11.3% 17.7% Bankrate, Inc. 16.94 11.56 23.14 1,742 67 1,808 4.0 3.4 3.1 16.6 12.2 10.4 NM 24.0 20.3 20.7% 1.0 11.4% 31.1% Shutterfly, Inc. 42.68 41.09 59.93 1,632 (254) 1,378 1.8 1.5 1.3 16.0 8.1 6.4 NM NM 35.5 29.2% 1.2 15.1% 16.8% WebMD Health Corp. 41.40 21.78 51.41 1,598 127 1,725 3.3 3.0 2.7 23.5 11.3 9.3 NM 37.8 28.2 10.0% 2.8 10.6% 10.2% Renren Inc. 3.27 2.52 4.79 1,239 (949) 290 1.8 2.3 1.7 NM NM NM NA NM NM 20.0% NM 32.2% (37.1%) Trulia, Inc. 33.20 23.83 52.71 1,223 5 1,227 8.5 5.0 3.8 NM 61.1 25.6 NM NM NM 20.0% NM 30.9% 141.9% comScore, Inc. 32.79 15.25 34.11 1,133 (44) 1,089 3.8 3.4 2.9 41.5 17.0 13.5 NM 27.5 21.3 24.0% 0.9 14.1% 11.9% eHealth, Inc. 50.80 17.23 63.32 959 (107) 852 4.8 4.0 3.3 73.7 35.5 23.1 NM NM 49.0 21.2% 2.3 21.7% 19.6% Monster Worldwide, Inc. 7.48 4.02 8.50 719 47 820 1.0 1.0 1.0 7.3 5.7 5.5 NM 24.3 20.3 12.0% 1.7 2.1% (5.9%) Care.com, Inc. 16.55 15.02 29.25 512 (121) 392 4.8 3.6 2.7 NM NM NM NM NM NM NA NA 33.8% 81.1% Move, Inc. 11.56 9.91 18.36 454 (36) 418 1.8 1.6 1.4 30.8 14.9 11.2 NM 36.6 23.6 16.5% 1.4 13.4% 7.1% Demand Media, Inc. 4.85 4.50 9.75 420 (57) 363 0.9 1.0 0.9 8.1 6.6 5.8 NM NM 58.5 NA NA 4.3% (6.3%) Dice Holdings, Inc. 7.46 6.50 10.12 404 80 484 2.3 1.9 1.9 7.7 6.6 6.0 27.6 18.7 15.3 13.8% 1.1 5.0% 10.8% XO Group Inc. 10.14 8.82 15.78 273 (91) 182 1.4 1.3 1.2 10.3 10.1 7.9 44.1 NM 19.4 NA NA 6.0% 1.3% RealNetworks Inc. 7.58 6.83 8.95 272 (226) 45 0.2 0.2 0.2 NM NA NA NM NM NM NA NA 5.3% (24.8%) TechTarget, Inc. 7.21 4.00 7.41 235 (30) 205 2.3 2.1 1.9 54.5 16.7 11.6 NM 45.1 18.7 NA NA 10.6% (6.4%) United Online, Inc. 11.56 9.20 62.30 162 (68) 94 0.4 0.4 0.4 5.4 3.3 2.7 NM 13.4 12.9 NA NA 1.5% NA TheStreet, Inc. (1) 2.62 1.78 3.04 90 0 90 1.7 NA NA NM NA NA NM NA NA NA NA NA 7.1%

Mean 3.3 x 2.7 x 2.2 x 22.7 x 18.5 x 12.1 x 33.1 x 25.3 x 24.4 x 20.6% 1.4 14.2% 17.7% Median 2.0 2.0 1.8 16.0 11.3 9.3 33.2 24.0 20.3 18.5% 1.2 11.0% 10.5%

Notes: 2 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Amazon.com Inc. $336.37 $245.75 $408.06 $154,481 ($6,311) $148,170 2.0x 1.6x 1.4x 41.8x 21.5x 16.0x NM NM 82.5x 46.5% 1.8 19.7% 20.3% eBay Inc. 55.24 48.06 59.70 69,991 (4,902) 65,089 4.1 3.6 3.1 13.6 10.9 9.6 25.3 18.6 16.3 13.5% 1.2 14.6% 13.4% priceline.com Incorporated 1,191.89 677.72 1,378.96 62,148 (4,850) 57,297 8.4 6.8 5.6 22.4 17.2 13.8 33.0 23.0 18.7 22.1% 0.8 19.6% 29.4% Netflix, Inc. 352.03 159.00 458.00 21,054 (670) 20,384 4.7 3.8 3.2 73.7 36.6 23.2 NM 81.4 46.8 42.2% 1.1 17.8% 24.3% Liberty Interactive Corporation 28.87 19.79 30.12 14,377 5,585 24,461 2.2 2.3 2.2 12.1 12.1 11.7 30.4 22.1 18.9 18.8% 1.0 2.6% 8.2% Expedia Inc. 72.50 45.69 81.78 9,386 (97) 9,767 2.0 1.7 1.6 14.9 9.7 8.6 43.4 18.9 16.2 13.5% 1.2 12.1% 18.2% zulily, Inc. 50.19 34.19 73.50 6,228 (308) 5,920 8.5 5.2 3.5 NM NM 52.2 NA NM NM 68.2% NM 46.9% 100.1% Copart, Inc. 36.39 30.11 38.26 4,580 312 4,892 4.4 4.0 3.7 14.4 11.3 10.7 26.2 20.9 18.4 12.7% 1.4 7.8% 7.6% HomeAway, Inc. 37.67 27.00 48.90 3,481 (391) 3,100 8.9 7.2 6.0 52.4 25.4 20.6 NM NM NM 27.1% NM 19.9% 26.1% Shutterstock, Inc. 72.61 37.37 103.01 2,547 (210) 2,337 9.9 7.5 5.9 49.7 34.0 24.3 94.3 67.2 49.3 34.0% 1.4 27.0% 38.4% OpenTable, Inc. 76.93 54.38 87.48 1,804 (115) 1,689 8.9 7.5 6.5 29.1 19.8 16.1 55.3 41.8 33.4 15.5% 2.2 15.3% 21.7% Coupons.com Incorporated 24.65 22.71 33.00 1,804 (132) 1,671 10.0 NA NA NM NA NA NM NA NA NA NA NA NA Vistaprint N.V. 49.22 36.51 58.20 1,636 142 1,778 1.5 1.3 1.2 12.9 8.8 7.6 34.2 14.9 11.9 23.2% 0.5 6.7% 6.5% Digital River Inc. 17.43 12.80 20.29 577 (294) 283 0.7 0.8 0.7 8.7 5.6 5.1 NM 41.1 28.7 10.0% 2.9 3.9% 3.2% Stamps.com Inc. 33.56 23.42 49.40 545 (73) 472 3.7 3.5 3.2 12.9 10.9 9.8 12.4 14.1 13.0 20.0% 0.7 7.8% 7.6% Overstock.com Inc. 19.70 10.89 35.60 472 (149) 324 0.2 0.2 0.2 14.3 7.1 8.1 5.4 17.7 21.4 NM NM (2.8%) 16.2% Blue Nile Inc. 34.80 30.62 49.14 444 (115) 329 0.7 0.7 0.6 20.8 12.5 10.5 40.9 38.5 29.9 19.4% 1.5 9.1% 7.2% 1-800-Flowers.com Inc. 5.63 4.53 7.17 361 0 365 0.5 0.5 NA 7.9 6.5 NA 21.7 18.8 NA 16.0% NA NA 6.0% Travelzoo Inc. 22.90 19.16 33.95 338 (67) 271 1.7 1.7 1.6 9.9 8.3 7.5 NM 19.2 17.3 NA NA 5.3% 1.2% CafePress Inc. 6.07 4.98 7.47 104 (34) 70 0.3 0.3 0.3 13.4 7.6 5.1 NM NM 24.8 NM NM 11.0% 3.7%

Mean 4.2 x 3.2 x 2.8 x 23.6 x 14.8 x 14.5 x 35.2 x 30.6 x 28.0 x 25.2% 1.4 13.6% 18.9% Median 2.9 2.3 2.7 14.3 11.1 10.6 31.7 20.9 20.1 19.7% 1.2 11.6% 13.4%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $80.07 $56.15 $83.65 $140,287 $11,004 $154,263 3.4x 3.2x 2.9x 12.5x 11.4x 10.0x 22.0x 19.6x 17.1x 13.5% 1.3 8.0% 8.5% Comcast Corporation 50.04 38.75 55.28 130,291 42,556 174,168 2.7 2.5 2.4 8.1 7.5 7.1 19.5 17.4 15.2 13.9% 1.1 4.2% 6.2% Time Warner Inc. 65.33 55.71 70.77 58,318 18,303 76,621 2.6 2.7 2.5 9.7 10.0 9.3 17.3 16.3 14.2 12.4% 1.1 6.9% 4.9% Viacom, Inc. 84.99 60.82 89.27 37,218 10,469 47,890 3.5 3.4 3.2 11.0 10.4 9.6 16.5 14.8 12.5 12.7% 1.0 4.3% (3.5%) CBS Corporation 61.80 43.77 68.10 36,671 6,039 42,710 2.8 2.7 2.7 11.4 10.8 10.3 20.6 17.8 15.4 14.6% 1.1 0.7% 5.8% Discovery Communications, Inc. 82.70 72.77 90.76 28,839 5,962 34,838 6.3 5.4 4.9 15.1 13.0 11.8 27.8 22.2 18.2 18.3% 1.0 9.4% 28.1% Sony Corporation 19.15 14.54 23.44 19,876 6,692 31,513 0.4 0.4 0.4 9.5 6.0 5.2 22.9 NM 30.8 17.0% 1.8 (0.7%) 1.9% Lions Gate Entertainment Corp. 26.73 22.25 37.81 3,689 1,180 4,869 1.8 1.6 1.6 15.9 10.8 10.6 15.5 18.3 15.2 17.5% 0.9 3.9% 12.9%

Mean 2.9 x 2.7 x 2.6 x 11.7 x 10.0 x 9.2 x 20.3 x 18.0 x 17.3 x 15.0% 1.2 4.6% 8.1% Median 2.7 2.7 2.6 11.2 10.6 9.8 20.1 17.8 15.3 14.2% 1.1 4.3% 6.0%

Publishers

Thomson Reuters Corporation $34.25 $28.81 $38.16 $27,942 $6,640 $34,976 2.8x 2.8x 2.7x 13.1x 10.2x 9.4x NM 18.4x 15.6x 9.2% 1.7 2.3% (2.6%) Pearson plc 17.72 16.35 23.00 14,347 2,549 16,907 2.0 2.0 1.9 12.4 11.8 10.3 29.5 16.2 13.5 6.0% 2.3 5.9% NA News Corporation 17.22 14.39 18.53 9,974 (2,908) 7,188 0.8 0.9 0.9 11.1 8.9 7.8 NM 42.9 26.8 7.0% 3.8 (1.8%) (3.6%) Gannett Co., Inc. 27.60 19.53 30.43 6,280 3,244 9,740 1.9 1.6 1.7 9.9 6.6 7.4 16.6 10.3 11.0 10.0% 1.1 (2.4%) (9.9%) Graham Holdings Company 703.75 427.33 745.11 5,209 (640) 4,575 1.3 1.3 1.3 7.5 6.6 6.8 27.3 19.7 19.3 NA NA (0.1%) (4.1%) Lagardere SCA 39.71 26.26 41.10 5,099 0 5,099 0.5 0.5 0.5 10.7 6.4 6.0 2.8 17.0 14.5 9.4% 1.5 2.0% (8.3%) UBM plc 11.37 10.32 12.65 2,788 756 3,589 2.7 2.8 2.7 11.4 11.5 10.3 19.1 14.2 12.4 8.5% 1.5 5.7% NA The New York Times Company 17.12 8.71 17.22 2,571 (163) 2,411 1.5 1.5 1.5 9.2 9.8 9.3 47.6 41.8 32.7 NA NA 0.6% (5.2%) The E. W. Scripps Company 17.72 11.76 22.59 999 (21) 979 1.2 1.1 1.1 14.7 7.4 8.9 NM 20.4 37.7 NA NA (0.2%) (15.0%)

Mean 1.6 x 1.6 x 1.6 x 11.1 x 8.8 x 8.5 x 23.8 x 22.3 x 20.4 x 8.3% 2.0 1.3% (6.9%) Median 1.5 1.5 1.5 11.1 8.9 8.9 23.2 18.4 15.6 8.8% 1.6 0.6% (5.2%)

Diversified Marketing

WPP plc $20.62 $17.00 $23.19 $27,535 $3,711 $31,677 1.7x 1.7x 1.6x 10.4x 9.8x 9.3x 17.9x 14.8x 13.3x 9.3% 1.4 5.4% 7.4% Experian plc 18.02 17.00 21.50 17,894 3,286 21,208 4.4 4.1 3.8 13.0 11.9 10.9 27.6 18.5 16.9 10.2% 1.7 7.3% 2.4% Nielsen Holdings N.V. 44.63 32.40 47.45 16,909 6,086 23,073 4.0 3.6 3.5 17.1 12.3 11.5 39.1 17.9 16.1 15.4% 1.0 5.0% 11.8% Equifax Inc. 68.03 55.87 72.90 8,302 1,206 9,549 4.1 3.9 3.6 11.8 11.2 10.4 25.3 17.7 15.9 7.0% 2.3 7.5% 8.4% The Interpublic Group of Companies, Inc. 17.14 12.76 18.00 7,268 20 7,573 1.1 1.0 1.0 9.3 7.9 6.9 28.3 17.0 14.4 13.9% 1.0 4.6% 2.9% Havas 7.49 6.18 8.71 3,020 275 3,295 1.4 1.3 1.3 8.4 8.0 7.6 17.0 14.3 13.0 6.8% 1.9 3.5% 2.9% Acxiom Corporation 34.40 18.41 39.30 2,627 (58) 2,569 2.3 2.4 2.3 14.1 11.6 10.0 51.4 41.9 31.0 11.4% 2.7 4.6% 1.7% MDC Partners Inc. 22.89 8.80 26.34 1,132 563 1,896 1.7 1.5 1.4 NM 10.6 9.5 NM 37.1 27.4 6.0% 4.6 7.4% 5.2% Harte-Hanks Inc. 8.84 6.70 10.12 553 9 562 1.0 1.0 1.0 8.8 8.0 6.6 22.7 18.4 14.3 NM NM 4.4% (3.6%)

Mean 2.4 x 2.3 x 2.2 x 11.6 x 10.1 x 9.2 x 28.7 x 22.0 x 18.0 x 10.0% 2.1 5.5% 4.3% Median 1.7 1.7 1.6 11.1 10.6 9.5 26.5 17.9 15.9 9.7% 1.8 5.0% 2.9%

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

$MM, Except Per Share Data

Tencent Holdings Ltd. $69.55 $30.55 $83.28 $128,284 ($4,096) $124,274 12.4x 9.7x 7.5x 35.7x 27.3x 21.1x 50.7x 37.0x 27.9x 26.3% 1.1 30.0% 43.8% Naver Corporation 728.49 361.42 828.26 21,722 (593) 21,133 9.6 7.9 6.6 34.0 24.4 17.5 89.2 42.2 29.9 28.4% 1.1 20.7% 0.5% Activision Blizzard, Inc. 20.44 13.27 21.50 14,561 250 14,811 3.2 3.2 3.1 10.0 9.2 8.6 21.5 15.9 14.6 14.5% 1.0 1.8% (14.1%) Electronic Arts Inc. 29.01 16.65 30.56 8,981 (1,495) 7,486 2.0 1.8 1.8 33.6 10.0 8.9 NM 20.5 17.4 21.0% 0.8 1.5% (12.4%) NetEase, Inc. 67.30 51.33 84.35 8,738 (2,975) 5,751 3.8 3.2 2.8 7.7 6.7 5.7 12.0 11.0 9.5 14.4% 0.7 15.2% 9.8% GungHo Online Entertainment, Inc. 5.47 3.37 15.86 6,300 (613) 5,715 3.7 3.3 3.5 6.4 6.3 7.4 12.1 10.0 10.4 12.2% 0.9 (6.5%) 172.6% NCsoft Corporation 205.18 130.36 238.12 4,092 (638) 3,471 4.8 3.9 3.5 15.3 9.0 8.1 27.2 15.7 14.0 25.7% 0.5 9.8% (25.3%) Zynga, Inc. 4.30 2.50 5.89 3,771 (1,125) 2,645 3.0 3.3 2.8 35.9 28.9 18.7 NM NM 92.5 19.6% 4.7 15.0% (43.3%) Giant Interactive Group, Inc. 11.57 6.45 11.63 2,783 (529) 2,264 5.8 5.2 4.7 8.9 8.0 7.5 13.8 11.2 10.4 12.0% 0.9 11.1% 8.9% Gree, Inc. 11.07 6.57 13.26 2,587 (374) 2,212 1.6 1.8 1.9 5.2 5.5 5.4 19.5 12.7 11.8 6.6% 1.8 (2.1%) (31.9%) DeNA Co., Ltd. 18.11 17.04 27.89 2,345 (559) 1,830 1.0 1.1 1.3 2.8 3.4 3.6 6.6 10.0 7.9 NM NM (13.0%) (34.4%) Ubisoft Entertainment SA 17.91 10.40 18.12 2,032 193 2,226 1.3 1.1 1.0 3.4 4.5 3.3 37.6 22.3 11.5 17.3% 0.7 10.1% 10.7% Shanda Games Limited 6.49 2.68 7.00 1,741 (83) 1,712 2.4 2.2 2.0 5.1 5.0 4.7 6.7 7.2 6.7 12.5% 0.5 7.6% (2.0%) Changyou.com Limited 29.52 25.00 41.64 1,560 (141) 1,436 1.9 1.9 1.7 4.1 9.6 5.9 5.9 NM 8.9 12.5% 0.7 11.1% 12.3% Perfect World Co., Ltd. 20.67 9.72 26.25 1,021 (381) 646 1.3 1.1 0.9 6.5 5.5 4.5 14.7 9.9 8.4 11.7% 0.7 14.2% 38.5% Glu Mobile, Inc. 4.74 2.10 5.65 382 (28) 353 3.3 2.4 2.0 NM 66.0 20.8 NM NM NM NA NA 18.5% 32.4%

Mean 3.8 x 3.3 x 3.0 x 14.3 x 14.3 x 9.5 x 24.4 x 17.3 x 18.8 x 16.8% 1.1 9.1% 10.4% Median 3.1 2.8 2.4 7.7 8.5 7.5 14.7 12.7 11.5 14.4% 0.8 10.6% 4.7%

Social Media & New Platform

Facebook, Inc. $60.24 $22.67 $72.59 $153,597 ($10,973) $142,624 18.1x 12.6x 9.6x 36.3x 20.8x 15.8x 98.5x 47.4x 35.8x 33.2% 1.1 31.1% 63.2% Twitter, Inc. 46.67 39.40 74.73 27,460 (1,712) 25,748 38.7 20.8 13.0 NM NM 61.6 NM NM NM NM NM 59.4% 116.2% LinkedIn Corporation 184.94 160.20 257.56 22,348 (2,329) 20,024 13.1 9.5 7.1 NM 38.5 25.8 NM NM 69.4 44.8% 1.5 34.0% 47.3% Pandora Media, Inc. 30.32 12.66 40.44 5,986 (344) 5,641 9.6 6.3 4.8 NM NM 48.1 NM NM 63.3 64.3% 1.0 29.9% 9.5% Yelp, Inc. 76.93 22.48 101.75 5,490 (390) 5,100 21.9 14.2 10.0 NM 86.6 47.9 NM NM 84.3 55.6% 1.5 42.6% 71.7% Groupon, Inc. 7.84 5.37 12.76 5,357 (1,231) 4,123 1.6 1.3 1.1 29.5 14.2 10.4 NM 68.4 28.9 26.9% 1.1 14.3% 20.4%

Mean 17.2 x 10.8 x 7.6 x 32.9 x 40.0 x 34.9 x NM 57.9 x 56.3 x 45.0% 1.2 x 35.2% 54.7% Median 15.6 11.0 8.3 32.9 29.7 36.8 NM 57.9 63.3 44.8% 1.1 32.5% 55.2%

SaaS

Salesforce.com, Inc $57.09 $36.09 $67.00 $34,831 $1,670 $36,500 9.0x 6.9x 5.6x NM 43.6x 33.9x NM NM 80.9x 27.3% 3.0 23.9% 37.2% Workday, Inc. 91.43 54.76 116.47 16,823 (1,405) 15,418 32.9 21.0 14.3 NM NM NM NM NM NM 40.0% NM 46.3% 74.0% ServiceNow, Inc. 59.92 33.95 71.80 8,455 (220) 8,235 19.4 12.8 9.3 NM NM 83.7 NM NM NM 46.1% NM 37.9% 66.6% NetSuite Inc. 94.83 75.04 120.77 7,164 (186) 6,979 16.8 12.9 10.1 NM NM NM NM NM NM 38.3% NM 27.9% 35.3% Concur Technologies, Inc. 99.07 62.01 130.39 5,610 (193) 5,419 9.2 7.5 6.0 NM 46.1 34.8 NM NM 89.4 21.8% 4.1 23.6% 32.8% The Ultimate Software Group, Inc. 137.00 91.59 171.96 3,877 (80) 3,796 9.3 7.5 6.1 64.6 31.3 23.9 NM 69.2 54.6 29.0% 1.9 22.8% 21.4% Cornerstone OnDemand, Inc. 47.87 31.24 61.85 2,528 (90) 2,438 13.2 9.1 6.6 NM NM NM NM NM NM 37.7% NM 37.2% 50.6% Demandware, Inc. 64.06 24.64 82.23 2,267 (275) 1,992 19.2 13.8 9.7 NM NM NM NM NM NM 37.5% NM 42.8% 35.0% Cvent, Inc. 36.15 30.01 46.13 1,486 (158) 1,328 11.9 9.6 7.7 NM NM 75.4 NM NM NM NA NA 24.9% 30.0% RealPage, Inc. 18.16 15.40 26.34 1,419 (33) 1,386 3.7 3.1 2.7 25.5 13.2 10.8 67.3 27.1 21.4 19.0% 1.1 17.1% 11.4% Marketo, Inc. 32.67 17.20 45.00 1,314 (121) 1,193 12.4 8.9 6.7 NM NM NM NM NM NM 30.0% NM 32.1% 67.2% RingCentral, Inc. 18.10 15.75 23.65 1,163 (71) 1,092 6.8 5.3 4.2 NM NM NM NM NM NM NM NM 26.3% 36.9% ChannelAdvisor Corporation 37.74 14.25 49.90 925 (101) 823 12.1 9.7 7.6 NM NM NM NM NM NM 28.0% NM 27.6% 28.1% Constant Contact, Inc. 24.46 11.75 32.91 765 (123) 642 2.3 2.0 1.8 24.0 10.9 8.9 NM 25.5 20.5 24.0% 0.9 13.0% 13.0% LivePerson Inc. 12.07 8.03 15.24 660 (92) 569 3.2 2.8 2.5 90.8 26.2 20.7 NM 52.4 41.7 18.8% 2.2 14.3% 10.4% Jive Software, Inc. 8.01 7.11 18.48 563 (100) 463 3.2 2.7 2.3 NM NM NM NM NM NM 20.0% NM 18.3% 20.9% Bazaarvoice, Inc. 7.30 6.45 11.50 538 (57) 481 2.7 2.5 2.2 NM NM 96.5 NM NM NM NA NA 14.0% 12.5% Marin Software Incorporated 10.57 8.50 16.43 349 (98) 251 3.2 2.6 2.2 NM NM NM NM NM NM 20.0% NM 19.8% 28.0% Brightcove, Inc. 9.83 4.89 16.25 315 (36) 279 2.5 2.2 1.9 NM NM NM NM NM NM 15.0% NM 16.3% 22.2%

Mean 10.2 x 7.5 x 5.8 x 51.3 x 28.6 x 43.2 x NM 43.5 x 51.4 x 28.3% 2.2 25.6% 33.3% Median 9.2 7.5 6.0 45.1 28.8 33.9 NM 39.7 48.2 27.7% 2.1 23.9% 30.0%

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

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

(1) 3/25/2014 $85 2.4x NA NA NA

(2) 3/24/2014 $500 NA NA NA NA

(3) 3/18/2014 $930 NA NA 3.1x NA

(4) 3/6/2014 $375 16.3x NA 9.4x NA

(5) 3/3/2014 $585 6.8x 20.9x NA NA

3/3/2014 $52 NA NA NA NA

Third Coast Holdings, 2/26/2014 dba $180 3.2x NA NA NA

(6) 2/24/2014 $420 6.7x NA NA NA

2/24/2014 $69 NA NA NA NA

2/19/2014 $19,000 NA NA NA NA

2/14/2014 $900 NA NA NA NA

2/6/2014 $120 NA NA NA NA

1/29/2014 $55 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM Revenue multiples based on 451 Research estimate. (2) Aggregate Value excludes $450MM potential earnout. (3) NTM Revenue multiple based on 2014 sales estimate of $300MM. (4) Aggregate Value includes earnout of up to $15 million; LTM and NTM Revenue based on GCAS internal data. 5 (5) LTM Revenue and EBITDA multiples based on CoStar Group Press Release. (6) Deal value and LTM Revenue multiple based on 451 Research estimates.

Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

1/29/2014 $135 NA NA NA NA

1/23/2014 $91 NA NA NA NA

1/6/2014 $100 NA NA NA NA

(1) 12/20/2013 $1,500 7.7x NM 6.2x 46.3x

12/19/2013 $94 NA NA NA NA

12/19/2013 $987 4.4x NA 4.3x NA

(2) 12/11/2013 $80 0.7x NA NA NA Owned & Operated Websites

12/4/2013 $198 NA NA NA NA

(3) 12/3/2013 $65 2.6x NM NA NA

12/2/2013 $240 NA NA NA NA

11/25/2013 $117 0.7x 9.1x NA NA

11/21/2013 $2,896 NA NA NA NA

11/14/2013 $150 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) NTM Revenue and NTM EBITDA multiples based on Capital IQ consensus estimates. 6 (2) LTM Revenue multiple based on 451 Research estimate. (3) LTM Revenue multiple based on FY2013 Revenue ending March 31, 2014. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

11/7/2013 $260 NA NA NA NA

11/7/2013 $50 1.3x NA NA NA

11/3/2013 $100 NA NA NA NA

10/30/2013 $119 NA NA NA NA

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

10/7/2013 $118 NA NA NA NA

10/2/2013 $930 NA NA NA NA

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

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

9/17/2013 $88 43.9x NA NA NA

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

9/2/2013 $200 NA NA NA NA

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

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. 7 (1) Aggregate Value includes earnout of up to $14 million; LTM Revenue multiple based on 451 Research estimate. (2) Aggregate Value based on acquisition of 59% stake. Filed IPOs Internet / Digital Media / SaaS: IPOs In Public Registration

For the period 1/1/2010 to 04/02/2014 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

BAML, BMO Capital Markets, Citigroup, Trinity Ventures (26.5%); Foundation Capital (22.7%); Internet Software 03/26/14 $75 Oppenheimer & Company, RBC Capital Northgate Capital (8.0%) Markets

Internet Software 03/14/14 500 Credit Suisse, Goldma Sachs Ali WB Investment Holding Limited (19%)

Barclays, Canaccord Genuity, J.P. Morgan, Welsh, Carson, Anderson, & Stowe (56.6%); Ernest Group Internet Software 03/10/14 100 Pacific Crest Securities, Stifel (13.3%)

Barclays, BAML, Canaccord Genuity, J.P. Hummer Winblad Venture Parters (23.2%); Adams Street Application Software 03/03/14 110 Morgan, Needham & Company, Pacific Crest Partners (19.8%); Partech International (17.4%); Mosaic Securities Venture Partners (17.4%); SAP Ventures (6.7%)

Allen & Company, Canaccord Genuity, NEA (21.8%); MHS (8.3%); Accel (5.4%); Kleiner Perkins Internet Software 03/03/14 100 Cowen & Company, Goldman Sachs, Morgan Caufield & Byers (5.4%) Stanley, Pacific Crest Securities

Allen & Company, BMO Capital Markets, Spectrum Equity (12.0%); Warburg Pincus (9.1%); GS Capital Internet Software 02/28/14 169 Citigroup, Canaccord Genuity, Morgan Partners (8.9%); Thomas H. Lee Partners (8.9%); Benchmark Stanley, Raymond James, William Blair Capital Partners (8.3%); Origin Ventures (6.2%)

BAML; Deutsche Bank, Goldman Sachs, eCommerce 01/21/14 100 TPG Funds (45.3%); Silver Lake Fund (27.9%) Morgan Stanley

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

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

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

10 $19.5Bn 1,600

9 1,400 8 $16.9Bn 7 1,200 (1)

6 1,000

5 $Bn 800 4

3 600 Number ofInvestments

2 400 1

0 200

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

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

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

70.0 2500.0

30 1,250 60.0 2000.0

25 (3)

50.0 1,000

20 1500.0 40.0 (1) (2)

750 $MM 15 30.0 1000.0 $MM

500 Number ofFinancings 10

20.0 Number of Financings

500.0250

10.0 5

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

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

Oct Oct Oct

0.0 0 Oct 0.00

- - - - -

------

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

------

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

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

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

07 11 08 09 10

Amount Raised ($MM) Number of Financings

Notes: Source: DowJones VentureWire. Only financings > $10MM included. (1) Chart excludes Groupon’s $377MM raise on 12/29/10. 10 (2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11. (3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

TraceVector Developer of a network intrusion detection System. The company's technology San Jose, CA 27-Mar-14 Series B $18 Not disclosed AME Cloud Ventures, IA Ventures, Khosla Ventures $36 detects anomalies in network traffic to secure against cyber-attacks. www.tracevector.com

Sportority Provider of a fan-generated online platform for soccer (football). The company's Dawn Capital, Battery Ventures, Gemini Israel Funds, Individual London, United Kingdom 26-Mar-14 Series B $18 Not disclosed platform is a social network, enabling fans to interact online in various $24 Investor www.ftbpro.com languages.

CircleUp Network Google Ventures, Maveron, Rose Park Advisors, Union Square Developer of an online social marketplace that provides equity investments San Francisco, CA 26-Mar-14 Series B $14 Canaan Partners $23 Ventures from individual investors to small private consumer and retail companies. www.circleup.com

Circle Internet Financial Bitcoin Opportunity Fund, Fenway Summers, Pantera Capital, Boston, MA 26-Mar-14 Series B $17 Oak Investment Partners Accel Partners, Breyer Capital, General Catalyst Partners, Provider of payment tools for Bitcoin and other digital currency services. $26 www.circle.com Individual Investor

Vend Auckland, New Zealand 25-Mar-14 Series B $20 Square Peg Ventures, Valar Ventures Point Nine Capital, Square Peg Ventures, Valar Ventures Provider of web-based point of sale and retail management software. $30 www.vendhq.com

Themis Solutions Version One Ventures, Acton Capital Partners, Point Nine Provider of web-based practice management system for solo practitioners and Vancouver, Canada 25-Mar-14 Series C $19 Bessemer Venture Partners $26 Capital small law firms. www.goclio.com

Tactile Redwood City, CA 25-Mar-14 Series A $11 Not disclosed Accel Partners, Redpoint Ventures Developer of an application for providing information services. $11 www.tactile.com

RelateIQ Accel Partners, Battery Ventures, News Corporation, Kleiner Palo Alto, CA 25-Mar-14 Series C $40 Redpoint Ventures Provider of a professional relationship management platform. $69 Perkins Caufield & Byers, Felicis Ventures www.relateiq.com

Phunware Austin, TX 25-Mar-14 Series E $27 Firsthand Technology Value Fund Firsthand Technology Value Fund, Siemer Ventures Provider of consumer mobile experiences and infrastructure. $57 www.phunware.com

InterAct Public Safety Systems Winston-Salem, NC 25-Mar-14 Later Stage Equity $12 Intuitive Venture Partners Intuitive Venture Partners, Undisclosed Venture Investors Provider of safety and security software and systems for government agencies. $97 www.interact911.com

Hortonworks Benchmark Capital, Dragoneer Investment Group, Index Provider of platform for storing, managing and analyzing data. The company Palo Alto, CA 25-Mar-14 Series D $100 BlackRock, Passport Capital $212 Ventures, Tenaya Capital, Yahoo provides open source Apache Hadoop development and support. www.hortonworks.com

Embrane Presidio Ventures, Lightspeed Venture Partners, New Designer and developer of software for delivery and management of network Santa Clara, CA 25-Mar-14 Series C $14 Cisco Systems $41 Enterprise Associates, North Bridge Venture Partners services in data centers. www.embrane.com

Clever San Francisco, CA 25-Mar-14 Series A $10 Sequoia Capital Bessemer Venture Partners, Start Fund, SV Angel Provider of administrative software for educational institutions. $27 www.getclever.com

ThreatMetrix August Capital, CM Capital, Tenaya Capital, Technology San Jose, CA 24-Mar-14 Series E $20 Adams Street Partners Provider of context-based security and advanced fraud prevention solutions. $68 Venture Partners, US Venture Partners www.threatmetrix.com

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

($MM)

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

Hired San Francisco, CA 24-Mar-14 Series A $15 Crosslink Capital, Sierra Ventures Google Ventures, Sherpa Ventures, SoftTech VC Provider of a marketplace for recruiting software engineers. $18 www.developerauction.com

Gainsight Mountain View, CA 24-Mar-14 Series B $21 Bain Capital Ventures Battery Ventures, Cultivation Capital, Summit Partners Provider of customer success management services. $31 www.gainsight.com

Demandbase Sigma West, Adobe Systems, Altos Ventures, Costanoa San Francisco, CA 24-Mar-14 Later Stage Equity $15 Greenspring Associates Developer of business to business marketing software. $59 Venture Capital, Scale Venture Partners www.demandbase.com

Amplidata Big Bang Ventures, Endeavour Vision, Hummingbird Ventures, Lochristi, Belgium 24-Mar-14 Series D $11 Intel Capital Provider of software defined storage services. $34 Quantum, Swisscom Ventures www.amplidata.com

Actifio Advanced Technology Ventures, Andreessen Horowitz, Waltham, MA 24-Mar-14 Later Stage Equity $100 Tiger Global Management Greylock Partners, North Bridge Venture Partners, Technology Provider of a copy data management platform. $208 www.actifio.com Crossover Ventures

Vicarious A-Grade Investments, Felicis Ventures, Formation 8, Foudner Developer and publisher of interactive education products for families of Redwood City, CA 21-Mar-14 Series B $40 Formation8 Partners Fund, Good Ventures, Individual Investors, Initialized Capital, $60 children ages eight to 18. www.vicarious.com Open Field Capital, Zarco Investment Group

Gigwalk Inc. Accelerated Ventures, August Capital, Founder Collective, San Francisco, CA 21-Mar-14 Series B $10 Nokia Growth Partners Greylock Partners, Harrison Metal Capital, Randstand Holding, Provider of mobile workforce services. $18 www.gigwalk.com SoftTech VC

Base CRM RRE Ventures, Index Ventures, OCA Social+Capital, Hyde Park Venture Partners, I2A Fund, Index Chicago, IL 20-Mar-14 Series B $15 Provider of customer relationship management (CRM) solutions. $23 Ventures Ventures, Undisclosed Venture Investors www.getbase.com

Phunware Central Texas Angel Network, Fraser McCombs Capital, Wild Austin, TX 20-Mar-14 Later Stage Equity $26 Firsthand Technology Value Fund Inc. Basin Investments LLC, Maxima Capital Management Inc., Developer of multiscreen cloud platform. $27 www.phunware.com Cisco Systems, WWE

Coupa Software BlueRun Ventures, Battery Ventures, El Dorado Ventures, Mohr San Mateo, CA 20-Mar-14 Later Stage Equity $40 Meritech Capital Partners Davidow Ventures, Crosslink Capital, Icon Venture Partners, Provider of cloud-based expense management and e-procurement solutions. $88 www.coupa.com Northgate LLC

TangoMe Access BridgeGap Ventures, Alibaba Group, Draper Fisher Mountain View, CA 20-Mar-14 Later Stage Equity $215 Alibaba Group Developer of mobile video communication applications. $367 Jurvetson, Qualcomm Ventures www.tango.me

Verdasys Inc. GE Asset Management, Fairhaven Capital Partners, Brookline Provider of enterprise information protections (EIP) solutions that secure Waltham, MA 19-Mar-14 Series D $12 Not disclosed $27 Venture Partners sensitive data. www.verdasys.com

Parchment Internet Capital Group, Novak Biddle Venture Partners, Salmon Provider of a digital platform designed to manage college and university Scottsdale, AZ 19-Mar-14 Series D $45 The Raine Group River Capital, GSV Capital Corp., Debrorah Quazzo, ICG Group $61 transcripts. www.parchment.com Inc.

Cloudera Accel Partners, Google Ventures, Greylock Partners, Ignition Palo Alto, CA 19-Mar-14 Later Stage Equity $160 T. Rowe Price Associates Developer of open source database software. $301 Partners, Meritech Capital Partners www.cloudera.com

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

($MM)

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

Platfora Citi Ventures, Allegis Capital, Tenaya In-Q-Tel Inc., Andreessen Horowitz, Battery Ventures, Data Provider of a business intelligence and predictive analytics platform for data San Mateo, CA 19-Mar-14 Series C $38 $68 Capital, Cisco Systems Collective, Sutter Hill Ventures stored in Hadoop. www.platfora.com

Simply Measured Inc. Bessemer Venture Partners, Trinity Wilson Sonsini Goodrich & Rosati Corp., MHS Capital Partners, Seattle, WA 18-Mar-14 Series C $20 Provider of analytics software to collect social media data and create reports $28 Ventures Individual Investors www.simplymeasured.com

Percolate Industries New York, NY 18-Mar-14 Series B $24 Sequoia Capital First Round Capital, Lerer Ventures, GGV Capital, WPP PLC Provider of a tool that customizes and propagates social media content. $35 www.percolate.com

FunPlus Game Beijing, China 18-Mar-14 Series B $74 Orchid Asia Group Management Ltd. GSR Ventures, Steamboat Ventures Developer of social and mobile games. $86 www.funplusgame.com

Synthesio SAS Entrepreneur Venture, Essec, Idinvest Partners, Lior Paris, France 17-Mar-14 Series B $20 Idinvest Partners Provider of a global social listening and analysis platform. $22 Investissements www.synthesio.fr

Layer3 TV North Bridge Venture Partners, Boston, MA 17-Mar-14 Series A $21 North Bridge Venture Partners, Evolution Media Growth Partners Developer of a technology platform that will deliver video to consumers. $21 Evolution Media Growth Partners www.layer3tv.com

Premise Data Corp. Google Ventures, Harrison Metal Capital, Andreessen Horowitz, Provider of a platform that offers real-time macroeconomic data for a streaming San Francisco, CA 14-Mar-14 Series B $11 The Social+Capital Partnership $11 Bowery Capital global economy. www.premise.com

Xapo Palo Alto, CA 14-Mar-14 Series A $20 Not disclosed Benchmark Capital, Fortress Investment Group, Ribbit Capital Provider of financial services for bitcoin. $20 www.xapo.com

Eventbrite Inc. Tiger Global Management, T. Rowe 137 Ventures, DAG Ventures, Sequoia Capita, Tenaya Capital, San Francisco, CA 14-Mar-14 Later Stage Equity $60 Provider of online event management and ticketing services. $230 Price Associates Tiger Global Management, T. Rowe Price Associates www.eventbrite.com

Smart Sparrow Surry Hills, Australia 13-Mar-14 Series B $10 Yellow Brick Capital Advisors One Ventures, Yellow Brick Capital Advisors Provider of an adaptive and personalized education platform. $10 www.smartsparrow.com

Azimo e.ventures, Frontier Investment Group, Greycroft Partners, KRW London, United Kingdom 13-Mar-14 Series A $10 Greycroft Partners Schindler Private Ventures, TA Venture, RI Digital Ventures, Provider of a mobile money transfer services. $11 www.azimo.com KRW Schindler Investments

Brightbytes Inc. Provider of big data analytical tools to measure the impact of technology on San Francisco, CA 13-Mar-14 Series B $15 Bessemer Venture Partners Learn Capital Venture Partners, Rethink Education $19 education. www.brightbytes.net

Banjo Inc. Balderton Capital Management, BlueRun Ventures, Redwood City, CA 13-Mar-14 Series B $16 Balderton Capital Management Provider of a real-time location based social network. $21 VegasTechFund www.ban.jo vIPtela San Jose, CA 13-Mar-14 Series A $34 Sequoia Capital Sequoia Capital Provider of customer endorsed solutions for the computer networking market. $34 www.viptela.com

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

($MM)

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

Credit Karma Inc. Ribbit Capital, Susquehanna Growth Equity, Tiger Global San Francisco, CA 13-Mar-14 Series C $85 Google Capital Provider of free credit scores online with personalized offers. $119 Management www.creditkarma.com

MuleSoft Lightspeed Venture Partners, New Bay Partners, Hummer Winblad Venture, Lightspeed Venture San Francisco, CA 13-Mar-14 Later Stage Equity $50 Enterprise Associates, Meritech Partners, Morgenthaler Ventures, New Enterprise Associates, Provider of open source infrastructure and integration software. $131 www.mulesoft.com Capital Partners SAP Ventures, Salesforce.com

L2 Inc. New York, NY 12-Mar-14 Series A $17 General Catalyst Partners General Catalyst Partners Provider of services of tracking the digital performance of brands. $17 www.l2thinktank.com

A Place for Rover CrunchFund, Foundry Group LLC, Madrona Venture Group, Seattle, WA 12-Mar-14 Series C $12 Menlo Ventures Provider of an online marketplace that connects owners with pet sitters. $25 Menlo Ventures, Petco Animal Supplies www.rover.com

WorldRemit London, United Kingdom 12-Mar-14 Series A $40 Accel Partners Accel Partners Provider of online money transfer solutions. $40 www.worldremit.com

Sport Ngin Developer of website management applications. The company creates digital Minneapolis, MN 6-Mar-14 Series D $15 Not disclosed El Dorado Ventures $25 tools for organizations to engage their audience. www.sportngin.com

Polarion Software San Francisco, CA 6-Mar-14 Series A $10 Siemens Siemens Developer of web-based Application Lifecycle Management (ALM) software. $10 www.polarion.com

Contour Venture Partners, First Round Capital, Google OnDeck Ventures, Individual Investor, Industry Ventures, Institutional New York, NY 6-Mar-14 Later Stage Equity $77 Tiger Global Management Provider of a lending platform to small businesses. $544 Venture Partners, Khosla Ventures, RRE Ventures, SAP www.ondeckcapital.com Ventures, Tiger Global Management

Machinima.com Provider of an online entertainment network showing original machinima videos Los Angeles, CA 6-Mar-14 Later Stage Equity $18 Warner Brothers Google, MK Capital, Redpoint Ventures, Warner Brothers $86 created from video games. www.machinima.com

Shape Security Inc. Norwest Venture Partners, Sierra Allegis Capital, Google Ventures, Kleiner Perkins Caufield & Mountain View, CA 5-Mar-14 Series C $40 Provider of Web security technology. $66 Ventures Byers, TomorrowVentures, Venrock www.shapesecurity.com

Payoneer Vintage Ventures Management, Carmel Venture Partners, New York, NY 5-Mar-14 Series D $25 Susquehanna Growth Equity Provider of online payment distribution platform and services. $39 Greylock Partners www.payoneer.com

Optio Labs Developer of engine for the discovery, incubation and commercialization of Boston, MA 5-Mar-14 Series A $10 Allied Minds Allied Minds $10 disruptive mobile technologies focused on security and productivity. www.optiolabs.com

Lotame Solutions Sozo Ventures, TrueBridge Capital Battery Ventures, Emergence Capital Partners, Hillcrest New York, NY 5-Mar-14 Series D $15 Provider of data management platform for maximum audience impact. $55 Partners Management, Pinnacle Ventures, R.J FINLAY & CO. www.lotame.com

GuideSpark Menlo Park, CA 5-Mar-14 Series B $15 New Enterprise Associates IDG Ventures USA, Storm Ventures Provider of digital employee communication technology. $19 www.guidespark.com

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

Acquired by Acquired by Acquired by Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Store Assets to Reality Media Holdings We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller March 2014 March 2014 November 2013 September 2013 August 2013 August 2013 July 2013 July 2013 January 2013

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

Fairness Opinion for We Advised the Seller Financial Advisor Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller September 2012 August 2012 August 2012 August 2012 June 2012 June 2012 May 2012 May 2012 April 2012

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

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller March 2012 February 2012 January 2012 December 2011 December 2011 November 2011 November 2011 October 2011 October 2011

Merger with Preferred Stock Preferred Stock Acquired By Preferred Stock Acquired By Acquired by Acquired by Acquired by

We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised lolapps We Advised the Seller September 2011 August 2011 August 2011 August 2011 August 2011 August 2011 July 2011 July 2011 May 2011

Acquired By Sale of Subscription Acquisition of JV from Sale of Business Unit Acquired by Secondary Acquired by Preferred Stock Acquired by Music Service to Mogae Consultants Six Apart KK to Sale

We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Founders We Advised the Seller Financial Advisor We Advised the Seller April 2011 March 2011 January 2011 January 2011 January 2011 January 2011 December 2010 December 2010 December 2010

15 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo

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

Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Seihun Kong Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: (415) 318-3682 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 Mobile: (415) 823-7300 [email protected] [email protected] [email protected] [email protected] [email protected]

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

Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7083 Phone: (212) 999-7076 Phone: (415) 318-3622 Phone: (212) 999-7092 [email protected] [email protected] Mobile: (917) 744-9011 Mobile: (917) 575-0103 Mobile: (917) 796-7782 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected]