March 2015 M&A and Investment Summary 245245 232232 184184

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241241 184184 0 0 March 2015 M&A and Investment Summary 245245 232232 184184

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221221 221221 Expertise. Commitment. Results. 221221 Table of Contents

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178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245

Orange 3 Additional Monthly M&A and Investment Activity Data 40

241 184 0 4 About Petsky Prunier 53 245 232 184

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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. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2 | M&A and Investment Summary March 2015 M&A and Investment Summary for All Segments

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122 Transaction Distribution 141 181 . A total of 456 deals were announced in March 2015, of which 273 were worth $18.5 billion in aggregate reported value 178 186 213 . Software was the most active and highest reported value segment with 119 deals announced, of which 78 were reported at $6.3 billion 211 216 in aggregate value 233

234 . The Digital Media/Commerce segment reported 109 transactions of which 73 were reported for $4.1 billion 235 245 . Strategic buyers announced 197, deals of which 47 were worth $10 billion in aggregate value Orange

241 . VC/Growth Capital investors announced 242 transactions, of which 224 were reported for $6 billion 184 0 . Buyout investors announced 17 deals during the month, two of which were worth $2.5 billion in reported aggregate value 245 232 184

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138 138 BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 203 203 Software 119 26% $6,293.8 34% 49 $2,651.5 2 $2,400.0 68 $1,242.3 221 Digital Media/Commerce 109 24% 4,131.3 22% 36 1,541.5 0 - 73 2,589.8 221 221 Marketing Technology 95 21% 2,287.5 12% 35 886.4 6 120.0 54 1,281.1 Digital Advertising 47 10% 921.0 5% 19 578.0 2 - 26 343.0 Business Services 27 6% 192.5 1% 15 59.0 1 - 11 133.5 Agency & Marketing Services 21 5% 76.1 0% 19 74.0 1 - 1 2.1 Information 19 4% 3,125.8 17% 10 3,056.7 2 - 7 69.1 Traditional Media 19 4% 1,496.9 8% 14 1,196.9 3 - 2 300.0 Total 456 100% 18,524.9 100% 197 10,044.0 17 2,520.0 242 5,960.9

3 | M&A and Investment Summary March 2015 M&A and Investment Summary for All Segments

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122 Transaction Distribution 141 181

178 . Aggregate reported transaction value in March increased 25 percent from February 2015, yet decreased 51 percent from March 2014 186 213 . Strategic activity accounted for 54 percent of reported deal value during the month and included: 211 216 233 • Verisk Analytics’ $2.8 billion purchase of energy industry specialist Wood Mackenzie from Hellman & Friedman

234 235 245 • Lexmark International’s $1 billion acquisition of capture and business process management software developer Kofax

Orange • Online fashion retailer Yoox’s purchase of online luxury fashion retailer Net-a-Porter for $775 million 241 184 0 • PayPal’s $280 million acquisition of mobile wallet app solutions developer Paydiant

245 232 184 • Nielsen’s $200 million purchase of data management technology platform eXelate

Grey 138 138 138

203 $90.0 $500.0 203 203 $80.0 $400.0 221 $70.0 $65.1 221 221 $60.0 $300.0 $50.0 $38.7 AT&T/ $40.0 $37.5 DirecTV $31.3 $200.0 $30.0 $24.8 $22.4 $23.5 $18.8 $20.0 $14.5 $14.5 $15.0 $100.0 $12.4 $11.2 $10.0 348 358 325 296 376 314 428 491 410 380 385 425 456 $- $- Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

4 | M&A and Investment Summary March 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions)

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0 79 133 Selected Transactions With Multiples Information 122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Agency & Marketing Services 178 Solstice Mobile Digital Agency St. Ives, PLC 36.0 24.5 4.0 1.5x 9.0x 186 213 Digital Media/Commerce Endicia, Inc. eCommerce Stamps.com, Inc. 215.0 59.7 - 3.6x NA 211 216 Business Services 233 UX Specialized Logistics Logistics XPO Logistics, Inc. 59.0 113.2 8.2 0.5x 7.2x 234 235 Information 245 Wood Mackenzie Ltd. Credit/Risk Management Information Verisk Analytics, Inc. 2,789.7 344.4 161.3 8.1x 17.3x Marketing Technology Orange Aia Holding BV CRM Kofax Limited 19.5 8.9 1.6 2.2x 12.3x 241 *Quandoo GmbH Commerce Management Recruit Holdings Co., Ltd. 238.0 4.6 - 51.7x NA 184 0 Software ActivateClients Ltd. Financial Software First Derivatives plc 7.1 1.1 - 6.5x NA 245 b-pack Financial Software Selectica, Inc. 13.0 4.5 - 2.9x NA 232 184 CDRator A/S Financial Software Enghouse Systems Limited 23.0 19.2 - 1.2x NA HealthLine Systems Healthcare Software HealthStream, Inc. 88.0 19.0 8.0 4.6x 11.0x Kofax Limited ERP Software Lexmark International, Inc. 1,014.3 317.0 23.6 3.2x 43.0x Grey Mavenir Systems, Inc. Infrastructure Software Mitel Networks Corporation 546.6 143.8 - 3.8x NA 138 RackForce Networks, Inc. Cloud Computing Technology TeraGo, Inc. 33.0 17.0 3.3 1.9x 9.9x 138 138 Traditional Media Chili Platinum Advertising & Magazine Publishing Consumer Magazine Publishing Pegasus Entertainment Holdings Limited 8.7 1.1 - 7.9x NA 203 203 Talpa Media B.V. Broadcast Television ITV plc 1,165.1 246.2 64.4 4.7x 18.1x 203 * 92 percent stake acquisition 221 221 221

5 | M&A and Investment Summary March 2015 Securities in Registration ($ in Millions)

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0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Mar-15 Etsy, Inc. United States Digital Media/Commerce 100.0 195.6 4.9

178 Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA 186 213 Mar-15 The Go Daddy Group, Inc. United States Marketing Technology 418.0 1.387.3 85.8

211 Mar-15 Truvon Health Analytics United States Marketing Technology 41.2 504.9 72.1 216 233 Mar-15 Apigee Corporation China Software 86.3 61.9 NA

234 Jan-15 Wowo Ltd. China Digital Media/Commerce 40.0 NA NA 235 245 Dec-14 Patriot National Inc. United States Information & Business Services 418.0 90.9 32.9

Orange Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA

241 Oct-14 Connecture, Inc. United States Digital Media/Commerce 86.3 NA NA 184 0 May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA

245 232 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 184 Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3

Grey Mar-14 Globoforce Group plc Ireland Software NA NA NA 138 138 Jun-12 goldenTech SA Switzerland Software 5.2 NA NA 138 Apr-12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) 203 203 203

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6 | M&A and Investment Summary March 2015 LTM IPO Performance (1/2)

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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from

122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2015 1st Trading Day 141 181 Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States $10.50-$12.50 $11.50 10.60, down 8% $9.58 (9.6%)

178 Jan-15 NYSE:BOX Box, Inc. United States $11.00-$13.00 $14.00 23.23, up 65% $19.75 (15.0%) 186 213 Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 34.70 11.6%

211 Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 21.29 (23.9%) 216 233 Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 10.60 (37.7%)

234 Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 23.84 (9.6%) 235 245 Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 14.40 2.9% Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 19.65 (15.8%) Orange Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 6.29 (12.0%) 241 184 0 Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 7.01 (28.1%) Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 39.90 32.6% 245 232 184 Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 32.12 (14.8%) Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States 11.00-13.00 12.00 13.44, up 12% 13.46 0.1% Grey Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 83.24 (11.3%) 138 138 Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00-23.00 17.00 16.61, down 2% 20.94 26.1% 138 Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 55.57 85.7% 203 203 Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 16.70 1.8% 203 Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00-14.00 15.00 19.05, up 27% 7.09 (62.8%) 221 221 Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 42.03 13.6% 221 Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up 26% 24.99 42.0% Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 12.85 25.4% Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 13.82 20.2% Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 70.53 28.2% Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.00 (13.8%) Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 26.90 0.7% Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 9.26 (16.0%) Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 15.75 7.5% May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 17.09 21.2% 7 | M&A and Investment Summary March 2015 LTM IPO Performance (2/2)

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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from

122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2015 1st Trading Day 141 181 May-14 NasdaqGS:JD JD.com, Inc. China $16.00-$18.00 19.00 $22.80, up 20% 29.38 28.9%

178 May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 15.82 (38.0%) 186 213 May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 17.85 71.0%

211 May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 22.69 69.0% 216 233 Apr-14 NasdaqGM:FIVN Five9, Inc. United States 9.00-11.00 7.00 8.25, up 18% 5.56 (32.6%)

234 Apr-14 NYSE:GRUB GrubHub Inc. United States 23.00-25.00 26.00 34.00, up 31% 45.39 33.5% 235 245 Apr-14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00-21.00 20.00 23.90, up 20% 27.07 13.3%

Apr-14 NYSE:PAYC Paycom Software, Inc. United States 18.00-20.00 15.00 15.00, flat 32.06 113.7% Orange Apr-14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States 11.00-13.00 $9.50 12.00, up 26% $7.99 (33.4%) 241 184 Apr-14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00-17.00 15.00 20.04, up 34% 17.92 (10.6%) 0 Apr-14 NasdaqGS:WB Weibo Corporation China 17.00-19.00 17.00 20.24, up 19% 12.89 (36.3%) 245 232 184

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8 | M&A and Investment Summary March 2015 Digital Media/Commerce

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122 . Of the total $4.1 billion in value reported in the Digital Media/Commerce segment, $1.5 billion in strategic transactions were 141 181 announced, while an additional $2.6 billion of Venture/Growth Capital investments were made

178 186 213 . eCommerce was the most active subsegment across all segments with 41 transactions announced, of which 33 were reported for $2

211 billion. Select investments from the subsegment include: 216 233 • The $410 million acquisition of eBook and audiobook platform Overdrive by Rakuten from Insight Venture Partners 234 235 245 . Select Digital Media/Commerce investments include:

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241 • The Rakuten-led $530 million round in ride-sharing service Lyft 184 0 • Andreessen Horowitz and Bessemer Venture Partners’ co-led $367 million investment in Pinterest, reportedly valued at $11 billion 245 232 184 • Redpoint Ventures’ and Insight Venture Partners’ $110 million investment at a reported valuation of $1.1 billion in Nextdoor, a social

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138 138 138 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 221 221 eCommerce 41 38% $1,994.9 48% 9 $1,415.0 0 - 32 $579.9 221 Mobile Content/Apps 28 26% 712.6 17% 11 - 0 - 17 712.6 Classifieds/Auctions/P-to-P 16 15% 788.5 19% 6 96.0 0 - 10 692.5 Social Media/Apps 10 9% 539.1 13% 2 - 0 - 8 539.1 Gaming 7 6% 78.8 2% 3 30.5 0 - 4 48.3 Niche Content 6 6% 6.0 0% 5 - 0 - 1 6.0 Domain Portfolio/Marketplace 1 1% 11.4 0% 0 - 0 - 1 11.4 Web Search/Portals 0 0% - 0% 0 - 0 - 0 - Total 109 100% 4,131.3 100% 36 1,541.5 0 0.0 73 2,589.8

9 | M&A and Investment Summary March 2015 Digital Media/Commerce Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 1-800-Flowers.com Inc. United States $11.83 -12% $ 765.5 $ 806.3 $ 1,027.9 $ 103.4 10.1% 36.3% 0.8x 7.8x 58.com Inc. China 52.88 -8% 4,663.4 4,054.3 265.0 11.3 178 * 4.3% 81.8% 15.3x NM 186 Alibaba Group Holding Limited * China 83.24 -31% 207,044.0 198,702.9 11,417.3 4,787.3 41.9% 44.1% 17.4x 41.5x 213 Amazon.com Inc. * United States 372.10 -4% 172,797.3 171,470.3 88,988.0 4,365.0 4.9% 19.5% 1.9x 39.3x AOL Inc. United States 39.61 -21% 3,105.9 3,078.7 2,527.2 436.6 17.3% 8.9% 1.2x 7.1x 211 216 Baidu, Inc. China 208.40 -17% 73,161.4 68,515.2 7,909.1 2,704.9 34.2% 53.6% 8.7x 25.3x 233 Blucora, Inc. United States 13.66 -33% 560.7 538.3 580.7 89.8 15.5% 1.2% 0.9x 6.0x Blue Nile Inc. United States 31.84 -15% 378.0 287.3 473.5 15.8 3.3% 5.2% 0.6x 18.2x 234 235 CafePress Inc. * United States 3.89 -36% 68.3 39.1 229.5 0.5 0.2% -6.6% 0.2x 73.7x 245 Care.com, Inc. * United States 7.58 -52% 240.7 168.8 116.7 (31.5) NM 43.2% 1.4x NM CDW Corporation United States 37.24 -3% 6,424.9 9,602.5 12,074.5 880.9 7.3% 12.1% 0.8x 10.9x Orange Changyou.com Limited China 25.89 -14% 1,345.7 1,355.7 755.3 75.7 10.0% 2.4% 1.8x 17.9x

241 Chegg, Inc. United States 7.95 -10% 671.8 582.3 304.8 23.9 7.8% 19.3% 1.9x 24.4x 184 Cnova N.V. Netherlands 6.29 -27% 2,775.8 2,216.1 4,204.8 78.6 1.9% 19.8% 0.5x 28.2x 0 Copart, Inc. United States 37.57 -2% 4,750.4 4,845.5 1,163.8 417.4 35.9% 5.1% 4.2x 11.6x

245 Castle Street Investments plc * United Kingdom 0.33 -62% 23.8 5.8 19.6 (6.2) NM -52.8% 0.3x NM 232 CyberAgent Inc. Japan 57.42 -3% 3,593.9 3,449.7 1,877.8 298.5 15.9% 36.0% 1.8x 11.6x 184 Demand Media, Inc. United States 5.72 -79% 105.2 57.4 172.4 14.4 8.3% -17.7% 0.3x 4.0x DeNA Co., Ltd. Japan 19.59 -2% 2,539.9 1,960.7 1,219.0 341.5 28.0% -24.6% 1.6x 5.7x Grey eBay Inc. United States 57.68 -5% 69,945.7 67,474.7 17,902.0 5,039.0 28.1% 11.6% 3.8x 13.4x 138 E-Commerce China Dangdang Inc. China 9.55 -42% 771.3 549.5 1,283.0 17.5 1.4% 25.8% 0.4x 31.5x 138 eLong Inc. * China 17.22 -28% 619.9 340.2 175.1 (50.1) NM 7.6% 1.9x NM 138 Everyday Health, Inc. United States 12.86 -35% 405.4 444.7 184.3 20.5 11.1% 18.3% 2.4x 21.7x 203 Expedia Inc. United States 94.13 -2% 11,928.2 12,586.0 5,763.5 752.4 13.1% 20.8% 2.2x 16.7x 203 Facebook, Inc. * United States 82.22 -4% 230,120.8 219,154.8 12,466.0 6,225.0 49.9% 58.4% 17.6x 35.2x 203 Forgame Holdings Limited * China 1.91 -66% 243.4 75.2 103.8 (2.3) NM -45.6% 0.7x NM

221 G5 Entertainment AB (publ) Sweden 3.58 -21% 31.5 27.7 23.3 1.5 6.4% 82.1% 1.2x 18.7x 221 GameLoft SE France 5.16 -41% 441.9 381.4 275.1 16.6 6.0% -2.6% 1.4x 23.0x 221 Geeknet, Inc. * United States 7.86 -49% 52.9 (1.9) 140.7 (6.7) NM 1.8% NM 0.3x Glu Mobile, Inc. United States 5.01 -34% 540.1 469.2 223.1 14.7 6.6% 111.3% 2.1x 31.8x Google Inc. United States 554.70 -9% 375,258.8 320,640.8 66,001.0 21,475.0 32.5% 18.9% 4.9x 14.9x Gree, Inc. Japan 6.96 -27% 1,624.4 1,037.1 894.7 281.3 31.4% -25.0% 1.2x 3.7x GrubHub Inc. * United States 45.39 -5% 3,796.6 3,483.4 253.9 66.4 26.2% 85.1% 13.7x 52.5x Hollywood Media Corp. * United States 0.70 -51% 15.8 (7.1) 0.4 (4.8) NM -31.1% NM 1.5x HSN, Inc. United States 68.23 -14% 3,577.3 3,645.5 3,588.0 313.3 8.7% 5.4% 1.0x 11.6x IAC/InterActiveCorp United States 67.47 -9% 5,677.8 5,648.3 3,109.5 484.4 15.6% 2.9% 1.8x 11.7x iDreamSky Technology Limited * China 7.09 -73% 300.1 153.4 158.7 1.7 1.1% 299.1% 1.0x 88.7x International Game Technology United States 17.41 -3% 4,329.3 5,937.9 1,967.5 608.3 30.9% -16.4% 3.0x 9.8x iProperty Group Limited * Malaysia 2.14 -25% 400.1 390.3 17.9 0.0 0.2% 14.6% 21.8x NM j2 Global, Inc. United States 65.68 -9% 3,168.5 3,232.4 599.0 249.2 41.6% 15.0% 5.4x 13.0x JD.com, Inc. * China 29.38 -11% 40,128.9 35,745.6 18,542.8 (698.9) NM 65.9% 1.9x NM 10 | M&A and Investment Summary March 2015 Digital Media/Commerce Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Jiayuan.com International Ltd. China 5.08 -26% $ 154.69 $ 81.80 $ 99.00 $ 2.97 3.0% 24.6% 0.8x 27.5x JobStreet Corp. Bhd. Malaysia 0.12 -85% 83.2 45.9 6.2 5.8 94.1% NM 7.4x 7.9x 178 186 Jumei International Holding Limited China 15.82 -60% 2,264.3 1,688.2 632.9 60.7 9.6% 31.0% 2.7x 27.8x 213 King Digital Entertainment plc Ireland 16.04 -32% 5,055.5 4,091.5 2,269.4 744.9 32.8% 20.4% 1.8x 5.5x Kongzhong Corp. China 5.53 -52% 254.7 130.7 227.6 40.8 17.9% 31.1% 0.6x 3.2x 211 216 LifeLock, Inc. United States 14.11 -26% 1,327.7 1,053.8 476.0 37.3 7.8% 28.8% 2.2x 28.2x 233 Liberty Interactive Corporation United States 29.19 -5% 13,855.0 18,818.0 10,499.0 1,764.0 16.8% 2.7% 1.8x 10.7x LightInTheBox Holding Co., Ltd. * China 5.04 -41% 256.5 175.3 382.4 (28.9) NM 30.8% 0.5x NM 234 235 LinkedIn Corporation * United States 249.86 -10% 31,261.9 28,905.6 2,218.8 232.4 10.5% 45.2% 13.0x NM 245 Liquidity Services, Inc. United States 9.88 -49% 296.2 222.0 498.9 48.5 9.7% -1.3% 0.4x 4.6x MeetMe, Inc. * United States 1.86 -46% 83.5 70.6 44.8 1.2 2.7% 11.0% 1.6x 58.9x Orange Mercadolibre, Inc. Argentina $122.52 -15% 5,409.9 5,321.7 556.5 186.9 33.6% 17.8% 9.6x 28.5x

241 Mixi, Inc. Japan 40.50 -30% 3,370.0 3,024.5 618.2 263.2 42.6% 716.8% 4.9x 11.5x 184 NCsoft Corporation South Korea 163.81 -22% 3,269.4 2,473.0 768.4 286.4 37.3% 10.8% 3.2x 8.6x 0 Netflix, Inc. * United States 416.69 -15% 25,208.9 24,530.0 5,504.7 456.7 8.3% 25.8% 4.5x 53.7x

245 NEXON Co., Ltd. Japan 10.67 -2% 4,602.6 3,132.1 1,443.4 510.3 35.4% 11.3% 2.2x 6.1x 232 Orbitz Worldwide, Inc. United States 11.66 -1% 1,302.5 1,563.5 932.0 140.0 15.0% 10.0% 1.7x 11.2x 184 Overstock.com Inc. United States 24.22 -11% 587.9 407.2 1,497.1 24.8 1.7% 14.8% 0.3x 16.4x Pacific Online Ltd. China 0.42 -37% 466.6 403.0 159.2 47.6 29.9% 16.5% 2.5x 8.5x Grey Pandora Media, Inc. * United States 16.21 -52% 3,389.8 3,035.2 920.8 (15.8) NM 40.6% 3.3x NM 138 PChome Online Inc. Taiwan 13.01 -10% 1,129.4 990.4 626.5 31.8 5.1% 21.9% 1.6x 31.1x 138 Perform Group plc. United Kingdom 4.10 -11% 1,080.3 1,017.7 401.1 50.9 12.7% 32.7% 2.5x 20.0x 138 PetMed Express, Inc. United States 16.52 -1% 334.7 282.1 228.0 29.4 12.9% -3.3% 1.2x 9.6x

203 Phoenix New Media Limited China 5.67 -50% 419.3 205.5 264.1 43.4 16.4% 15.0% 0.8x 4.7x 203 The Priceline Group Inc. United States 1,164.15 -12% 60,464.8 60,061.2 8,442.0 3,288.0 38.9% 24.3% 7.1x 18.3x 203 Rakuten, Inc. Japan 17.66 -5% 23,369.3 24,767.9 4,996.2 1,139.7 22.8% 15.4% 5.0x 21.7x

221 RealNetworks Inc. * United States 6.73 -20% 243.0 81.3 156.2 (61.9) NM -24.2% 0.5x NM 221 Rediff.com India Limited * India 1.92 -50% 53.0 40.4 15.8 (10.6) NM -2.7% 2.6x NM 221 Renren Inc. * China 2.41 -34% 865.5 159.1 83.0 (87.0) NM -47.1% 1.9x NM Shanda Games Limited China 6.40 -6% 1,721.1 1,716.5 661.0 291.0 44.0% -6.3% 2.6x 5.9x Shutterfly, Inc. United States 45.24 -17% 1,707.8 1,597.3 921.6 90.1 9.8% 17.6% 1.7x 17.7x Shutterstock, Inc. * United States 68.67 -21% 2,449.0 2,160.7 328.0 46.6 14.2% 39.3% 6.6x 46.3x Sky-mobi Limited China 3.72 -65% 103.4 22.0 115.2 3.0 2.6% 38.0% 0.2x 7.3x SNAP Interactive, Inc. * United States 0.19 -53% 7.5 7.0 13.6 (1.6) NM 7.5% 0.5x NM Spark Networks, Inc. United States 4.04 -35% 99.9 88.2 61.6 4.6 7.4% -11.2% 1.4x 19.2x Sportsman's Warehouse Holdings, United States 7.99 -27% 334.1 563.6 660.0 54.0 8.2% 2.6% 0.9x 10.4x Stamps.comInc. Inc. United States 67.29 -4% 1,098.0 1,050.6 147.3 38.5 26.2% 15.2% 7.1x 27.3x Taomee Holdings Ltd. * China 2.70 -57% 95.6 (7.3) 42.2 (0.1) NM -12.7% NM NM TheStreet, Inc. * United States 1.80 -35% 62.7 28.2 61.1 (0.7) NM 12.1% 0.5x NM Travelport Worldwide Limited United Kingdom 16.70 -10% 2,027.6 4,341.6 2,148.0 383.0 17.8% 3.5% 2.0x 11.3x

11 | M&A and Investment Summary March 2015 Digital Media/Commerce Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

178 U.S. Auto Parts Network, Inc. United States 2.17 -47% 73.3 89.1 283.5 5.4 1.9% 11.3% 0.3x 16.5x 186 United Online, Inc. United States 15.93 -12% 231.6 152.8 217.2 23.4 10.8% NA 0.7x 6.5x 213 EVINE Live Inc. United States 6.71 -4% 379.5 412.4 674.6 18.9 2.8% 5.3% 0.6x 21.8x Vipshop Holdings Limited * China 29.44 -2% 16,860.1 16,125.8 3,773.7 145.1 3.8% 122.4% 4.3x NM 211 216 Wayfair Inc. * United States 32.12 -19% 2,678.6 2,262.7 1,319.0 (134.9) NM 44.0% 1.7x NM 233 WebMD Health Corp. United States 43.84 -18% 1,554.1 1,799.5 580.4 113.2 19.5% 12.6% 3.1x 15.9x

234 Weibo Corporation * China 12.89 -51% 2,542.4 2,095.3 334.2 0.2 0.1% 77.5% 6.3x NM 235 WeMade Entertainment Co., Ltd. * South Korea 36.33 -23% 605.2 594.5 149.0 (18.2) NM -28.5% 4.0x NM 245 XO Group Inc. United States 17.67 -5% 463.5 373.6 143.7 16.9 11.7% 7.4% 2.6x 22.1x Yahoo! Inc. * United States 44.44 -16% 41,596.5 34,862.4 4,618.1 682.5 14.8% -1.3% 7.5x 51.1x Orange Yandex N.V. Netherlands 15.17 -58% 4,817.1 4,812.1 827.2 322.7 39.0% 28.5% 5.8x 14.9x 241 YY Inc. China 54.56 -43% 3,092.0 2,730.5 593.1 182.0 30.7% 101.7% 4.6x 15.0x 184 zulily, Inc. United States 12.99 -76% 1,623.6 1,249.8 1,200.1 27.5 0 2.3% 72.5% 1.0x 45.5x Zynga, Inc. * United States 2.85 -39% 2,598.2 1,681.7 690.4 (104.8) NM -20.9% 2.4x NM 245 232 Average 3.5x 18.7x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.3x) Grey *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 138 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 138 138

203 203 203

221 221 221

12 | M&A and Investment Summary March 2015 Digital Advertising

Blue

0 79 133

122 . There was a total of 47 transactions announced in the Digital Advertising segment worth a total of $921 million in aggregate reported 141 181 value

178 186 213 . The Mobile Marketing and Online Lead Generation segments were the most active subsegments, each announcing nine transactions

211 216 . Digital Video was the highest value subsegment with seven deals announced of which six were worth $373 million in reported value 233

234 235 . Select acquisitions: 245 • Verizon’s $200 million acquisition of online video and internet TV services provider OnCue from Intel Orange

241 184 • The estimated $75 million purchase of video streaming app developer Periscopeapp.tv by Twitter 0

245 • Cheetah Mobile’s acquisition of mobile advertising and marketing company MobPartner for $58 million 232 184

Grey

138 DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Mobile Marketing 9 19% $155.5 17% 4 $58.0 1 - 4 $97.5

221 Online Lead Generation 9 19% 10.9 1% 6 - 0 - 3 10.9 221 221 Digital Video 7 15% 373.1 41% 2 300.0 0 - 5 73.1 Vertical Search 7 15% 79.4 9% 2 - 0 - 5 79.4 Ad Networks/Exchanges 5 11% 30.5 3% 3 20.0 1 - 1 10.5 Comparison Shopping 4 9% 21.0 2% 0 - 0 - 4 21.0 Local Search 4 9% 238.9 26% 1 200.0 0 - 3 38.9 Digital Promotion/Coupon 2 4% 11.7 1% 1 - 0 - 1 11.7 Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 47 100% 921.0 100% 19 578.0 2 0.0 26 343.0

13 | M&A and Investment Summary March 2015 Digital Advertising Public Company Valuation (1/2)

Blue

0 79 133 ($ in Millions, except stock price data)

178 Angie's List, Inc. United States $5.87 -60% 343.5 338.1 315.0 (4.4) NM 28.2% 1.1x NM 186 AOL Inc. United States 39.61 -21% 3,105.9 3,078.7 2,527.2 436.6 17.3% 8.9% 1.2x 7.1x 213 Autobytel Inc. United States 14.77 -5% 131.2 128.4 106.3 8.2 7.7% 35.6% 1.2x 15.6x

211 Bankrate, Inc. United States 11.34 -38% 1,184.3 1,305.3 531.0 119.5 22.5% 24.0% 2.5x 10.9x 216 Blinkx plc United States 0.44 -71% 176.2 71.2 241.7 12.7 5.3% 6.2% 0.3x 5.6x 233 Blucora, Inc. United States 13.66 -33% 560.7 538.3 580.7 89.8 15.5% 1.2% 0.9x 6.0x

234 Constant Contact, Inc. United States 38.21 -12% 1,227.8 1,065.1 331.7 37.3 11.2% 16.2% 3.2x 28.6x 235 Coupons.com Incorporated United States 11.74 -64% 971.1 777.7 221.8 (18.5) NM 32.1% 3.5x NM 245 Criteo SA France 39.50 -15% 2,409.9 2,075.6 901.9 74.1 8.2% 67.8% 2.3x 28.0x Ctrip.com International Ltd. China 58.62 -16% 8,343.0 8,461.5 1,184.6 (5.3) NM 36.4% 7.1x NM Orange Demand Media, Inc. United States 5.72 -79% 105.2 57.4 172.4 14.4 8.3% -17.7% 0.3x 4.0x 241 Dice Holdings, Inc. United States 8.92 -22% 487.8 571.5 262.6 74.0 28.2% 23.0% 2.2x 7.7x 184 0 Digital Globe Services Inc. United States 0.68 -79% 20.2 20.4 39.6 2.6 6.6% 23.3% 0.5x 7.8x Facebook, Inc. * United States 82.22 -4% 230,120.8 219,154.8 12,466.0 6,225.0 49.9% 58.4% 17.6x 35.2x 245 Google Inc. United States 554.70 -9% 375,258.8 320,640.8 66,001.0 21,475.0 32.5% 18.9% 4.9x 14.9x 232 184 Groupon, Inc. United States 7.21 -14% 4,869.4 3,837.8 3,191.7 89.2 2.8% 24.0% 1.2x 43.0x HomeAway, Inc. United States 30.17 -22% 2,852.1 2,364.8 446.8 65.4 14.6% 28.9% 5.3x 36.2x Grey IAC/InterActiveCorp United States 67.47 -9% 5,677.8 5,648.3 3,109.5 484.4 15.6% 2.9% 1.8x 11.7x InternetQ PLC United Kingdom 4.98 -19% 198.1 198.6 160.3 23.9 14.9% 26.8% 1.2x 8.3x 138 138 Just Dial Limited * India 21.17 -19% 1,492.7 1,398.9 88.8 25.5 28.8% 28.9% 15.8x 54.8x 138 LeGuide.com S.A. France 33.30 -6% 120.4 87.0 47.2 4.4 9.4% -14.5% 1.8x 19.6x MakeMyTrip Limited India 21.96 -39% 915.2 845.8 291.9 (8.2) 203 NM 16.9% 2.9x NM 203 Millennial Media Inc. United States 1.45 -80% 201.6 153.2 296.2 (35.8) NM 14.3% 0.5x NM 203 Monster Worldwide, Inc. United States 6.34 -17% 575.8 747.1 770.0 68.7 8.9% -4.7% 1.0x 10.9x

221 Opera Software ASA Norway 8.04 -39% 1,147.4 1,077.4 480.8 106.5 22.2% 60.2% 2.2x 10.1x 221 Pacific Online Ltd. China 0.42 -37% 466.6 403.0 159.2 47.6 29.9% 16.5% 2.5x 8.5x 221 QuinStreet, Inc. United States 5.95 -13% 264.7 218.3 275.3 (1.7) NM -7.6% 0.8x NM ReachLocal, Inc. United States 2.91 -72% 85.3 42.4 474.9 (33.4) NM -7.6% 0.1x NM RetailMeNot, Inc. United States 18.01 -49% 985.5 791.0 264.7 69.2 26.1% 26.1% 3.0x 11.4x Rightmove plc * United Kingdom 44.52 -4% 4,290.9 4,274.2 260.3 191.5 73.6% 19.3% 16.4x 22.3x Rocket Fuel Inc. United States 9.20 -78% 387.3 367.1 408.6 (37.6) NM 69.8% 0.9x NM Rovi Corporation United States 18.21 -31% 1,649.8 2,435.9 542.3 186.1 34.3% 0.9% 4.5x 13.1x Septeni Holdings Co., Ltd. Japan 8.38 -32% 217.0 149.8 466.1 19.5 4.2% 17.3% 0.3x 7.7x The Rubicon Project, Inc. United States 17.92 -23% 676.5 579.4 125.3 (11.0) NM 49.5% 4.6x NM TiVo Inc. United States 10.61 -26% 1,012.94 622.54 451.48 79.75 17.7% 11.1% 1.4x 7.8x

14 | M&A and Investment Summary March 2015 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data)

178 Travelzoo Inc. United States 9.64 -59% 142.0 87.2 142.1 15.9 11.2% -10.2% 0.6x 5.5x 186 LendingTree, Inc. * United States 56.01 -3% 641.1 554.9 167.4 11.4 6.8% 20.2% 3.3x 48.6x 213 Tremor Video, Inc. United States 2.34 -53% 120.2 42.4 159.5 (16.5) NM 21.0% 0.3x NM 211 TripAdvisor Inc. United States 83.17 -25% 11,887.2 11,662.2 1,246.0 375.0 30.1% 31.9% 9.4x 31.1x 216 TrueCar, Inc. United States 17.85 -29% 1,435.5 1,294.5 206.6 (39.8) NM 54.3% 6.3x NM 233 TubeMogul, Inc. United States 13.82 -42% 412.4 367.1 114.2 (1.0) NM 99.7% 3.2x NM 234 Twitter, Inc. * United States 50.08 -11% 32,443.7 30,429.1 1,403.0 (345.9) NM 111.0% 21.7x NM 235 Voltari Corporation United States 1.01 -72% 4.8 34.7 12.2 (15.5) 245 NM 19.0% 2.8x NM Web.com Group, Inc. United States 18.95 -48% 974.2 1,458.9 543.9 107.9 19.8% 10.5% 2.7x 13.5x Yahoo! Inc. United States 44.44 -16% 41,596.5 6,599.5 4,618.1 682.5 Orange 14.8% -1.3% 1.4x 9.7x Yelp, Inc. * United States 47.35 -45% 3,526.8 3,161.0 377.5 24.6 6.5% 62.0% 8.4x 128.2x 241 Yandex N.V. Netherlands 15.17 -58% 4,817.1 4,812.1 827.2 322.7 39.0% 28.5% 5.8x 14.9x 184 0 Youku Tudou Inc. China 12.50 -58% 2,416.6 1,232.8 649.8 54.7 8.4% 33.1% 1.9x 22.5x YuMe, Inc. United States 5.19 -29% 173.0 108.8 177.8 (4.6) NM 17.6% 0.6x NM 245 Zhaopin Ltd. China 15.75 -16% 805.7 644.2 188.4 45.6 24.2% 27.5% 3.4x 14.1x 232 184 Zillow Group, Inc. * United States 100.30 -39% 5,798.5 5,425.9 325.9 (2.6) NM 65.0% 16.6x NM

Average 3.0x 15.8x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.1x) 138 138 *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) 203 203 203

221 221 221

15 | M&A and Investment Summary March 2015 Marketing Technology

Blue

0 79 133

122 . The Marketing Technology segment announced 95 transactions worth a total of $2.3 billion in aggregate value 141 181 . Analytics & Targeting was the most active and highest value Marketing Technology subsegment with 17 transactions announced, worth 178 186 213 a total of $578 million in aggregate reported value

211 216 . Select acquisitions: 233

234 • Automated online advertising technology firm AppNexus’s $100 million purchase of rival programmatic technology firm Yieldex 235 245 . Select investments: Orange

241 184 • Team-messaging solution Slack’s $160 million round from DST Global and Horizon Ventures at a post-money valuation of $2.8 billion 0

245 • Enterprise social media management platform developer Sprinklr's $46 million round of funding at a valuation of $1.2 billion from 232 184 Intel Capital, Battery Ventures, and Iconiq Capital

Grey

138 MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Analytics & Targeting 17 18% $577.6 25% 7 $300.0 0 - 10 $277.6

221 Content Management 13 14% 264.7 12% 2 - 3 120.0 8 144.7 221 221 Mobile Technology 9 9% 398.5 17% 3 280.0 0 - 6 118.5 Social Technology 7 7% 62.0 3% 2 - 0 - 5 62.0 BI Tools 6 6% 172.0 8% 1 18.0 0 - 5 154.0 Commerce Management 6 6% 371.0 16% 3 252.0 0 - 3 119.0 CRM 6 6% 49.5 2% 3 19.5 1 - 2 30.0 Other* 31 33% 392.2 17% 14 16.9 2 - 15 360.3 Total 95 100% 2,287.5 100% 35 886.4 6 120.0 54 1,281.1

*Other includes Ad Serving, Content Delivery Network, Email/Messaging Software, Market Research, Marketing Data, MRM/Workflow Management, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Web to Print, and Website Creation/Hosting

16 | M&A and Investment Summary March 2015 Marketing Technology Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data) 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adobe Systems Incorporated United States 73.94 -8% 36,989.9 35,714.7 4,256.1 843.5 19.8% 5.2% 8.4x 42.3x 178 Bazaarvoice, Inc. United States 5.65 -40% 449.1 401.3 185.9 (22.5) NM 20.0% 2.2x NM 186 Bitauto Holdings Limited China 50.88 -48% 3,124.2 2,917.4 396.5 92.8 23.4% 70.8% 7.4x 31.4x 213 Blackbaud Inc. United States 47.38 -1% 2,194.1 2,459.9 564.4 93.0 16.5% 12.0% 4.4x 26.5x 211 Borderfree, Inc. United States 6.01 -67% 192.1 65.4 125.5 (0.2) NM 13.6% 0.5x NM 216 Brightcove Inc. United States 7.33 -33% 238.4 217.1 125.0 (3.9) NM 13.8% 1.7x NM 233 ChannelAdvisor Corporation United States 9.69 -73% 241.7 177.1 84.9 (28.2) NM 24.8% 2.1x NM 234 ChinaCache International Holdings China 11.87 -49% 301.1 253.5 223.2 12.2 5.5% 25.5% 1.1x 20.7x 235 ConstantLtd. Contact, Inc. United States 38.21 -12% 1,227.8 1,065.1 331.7 37.3 245 11.2% 16.2% 3.2x 28.6x Covisint Corporation United States 2.03 -73% 79.2 35.9 89.5 (33.7) NM -9.1% 0.4x NM Cvent, Inc. United States 28.04 -21% 1,160.4 992.9 142.2 5.1 Orange * 3.6% 28.0% 7.0x 193.0x Dealertrack Technologies, Inc. United States 38.52 -24% 2,094.0 2,650.8 854.4 105.9 12.4% 77.4% 3.1x 25.0x 241 Demandware, Inc. * United States 60.90 -15% 2,222.8 1,979.9 160.6 (21.2) NM 50.6% 12.3x NM 184 0 eBay Inc. United States 57.68 -5% 69,945.7 67,474.7 17,902.0 5,039.0 28.1% 11.6% 3.8x 13.4x Endurance International Group United States 19.06 -7% 2,523.0 3,616.1 629.8 150.6 23.9% 21.1% 5.7x 24.0x 245 Five9,Holdings, Inc. Inc. United States 5.56 -41% 275.0 244.4 103.1 (29.1) NM 22.5% 2.4x NM 232 184 HubSpot, Inc. United States 39.90 -10% 1,288.0 1,164.5 115.9 (46.8) NM 49.3% 10.0x NM Informatica Corporation United States 43.86 -4% 4,799.1 4,077.5 1,048.0 195.6 18.7% 10.5% 3.9x 20.8x Grey Infosystems S.A. Poland 0.39 -58% 1.6 1.7 2.3 1.6 69.0% 0.0% 0.8x 1.1x Interactive Intelligence Group Inc. United States 41.18 -45% 882.7 826.5 341.3 (0.6) NM 7.2% 2.4x NM 138 138 IBM Corporation United States 160.50 -19% 158,642.1 191,111.1 92,793.0 24,372.0 26.3% -5.7% 2.1x 7.8x 138 Jive Software, Inc. United States 5.13 -41% 381.6 274.1 178.7 (39.6) NM 22.6% 1.5x NM LivePerson Inc. United States 10.24 -30% 582.7 533.3 209.9 10.5 5.0% 18.1% 2.5x 50.8x 203 203 Marin Software Incorporated United States 6.29 -50% 231.0 166.0 99.4 (26.8) NM 28.5% 1.7x NM 203 Marketo, Inc. United States 25.62 -28% 1,077.2 970.7 150.0 (46.4) NM 56.3% 6.5x NM MaxPoint Interactive, Inc. United States 9.58 -15% 244.9 276.1 106.5 (9.0) 221 NM 61.1% 2.6x NM 221 Mercadolibre, Inc. Argentina 122.52 -15% 5,409.9 5,321.7 556.5 186.9 33.6% 17.8% 9.6x 28.5x 221 MicroStrategy Inc. United States 169.19 -7% 1,916.3 1,570.8 579.8 39.9 6.9% 0.7% 2.7x 39.4x NetSuite Inc. * United States 92.76 -19% 7,171.2 6,995.4 556.3 (51.3) NM 34.2% 12.6x NM Nuance Communications, Inc. United States 14.35 -27% 4,668.5 6,226.7 1,927.5 186.7 9.7% 3.5% 3.2x 33.3x Open Text Corporation Canada 52.89 -14% 6,458.3 7,207.8 1,858.4 557.0 30.0% 35.4% 3.9x 12.9x Opera Software ASA Norway 8.04 -39% 1,147.4 1,077.4 480.8 106.5 22.2% 60.2% 2.2x 10.1x Oracle Corporation United States 43.15 -8% 188,439.1 177,356.1 38,840.0 16,787.0 43.2% 2.5% 4.6x 10.6x PROS Holdings, Inc. United States 24.71 -23% 724.8 674.2 185.8 (5.1) NM 28.3% 3.6x NM PTC Inc. United States 36.17 -10% 4,156.9 4,501.5 1,357.5 283.2 20.9% 4.5% 3.3x 15.9x Qlik Technologies, Inc. United States 31.13 -6% 2,830.1 2,586.1 556.8 2.9 0.5% 18.4% 4.6x NM Rightside Group, Ltd. United States 10.15 -40% 190.3 165.7 191.7 (9.1) NM 3.5% 0.9x NM Rovi Corporation United States 18.21 -31% 1,649.8 2,435.9 542.3 186.1 34.3% 0.9% 4.5x 13.1x The Rubicon Project, Inc. United States 17.92 -23% 676.5 579.4 125.3 (11.0) NM 49.5% 4.6x NM

17 | M&A and Investment Summary March 2015 Marketing Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data) 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 03/31/15 52WK High 181 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Sage Group plc United Kingdom 6.93 -6% $ 7,431.70 $ 8,020.90 $ 2,119.88 $ 602.64 28.4% -5.0% 3.8x 13.3x 178 salesforce.com, inc. * United States 66.81 -6% 42,157.1 43,359.3 5,373.6 168.6 3.1% 32.0% 8.1x 257.2x 186 213 SAP SE Germany 72.30 -2% 86,414.5 94,804.7 21,255.2 7,266.2 34.2% 4.4% 4.5x 13.0x Sizmek Inc. United States 7.26 -39% 214.5 123.8 170.8 16.7 9.8% 6.0% 0.7x 7.4x 211 Sky-mobi Limited China 3.72 -65% 103.4 22.0 115.2 3.0 2.6% 38.0% 0.2x 7.3x 216 233 Sungy Mobile Limited China 3.78 -84% 126.5 27.0 59.5 (11.5) NM 12.3% 0.5x NM Synchronoss Technologies, Inc. United States 47.46 -12% 2,027.1 1,979.2 457.3 121.7 26.6% 31.0% 4.3x 16.3x 234 Tableau Software, Inc. * United States 92.52 -9% 6,580.6 5,900.0 412.6 19.8 4.8% 77.5% 14.3x 297.4x 235 245 Teradata Corporation United States 44.14 -11% 6,539.7 6,173.7 2,732.0 601.0 22.0% 1.5% 2.3x 10.3x Verint Systems Inc. United States 61.93 -2% 3,771.8 4,194.9 1,128.4 159.7 14.2% 24.4% 3.7x 26.3x Orange Weborama France 6.59 -44% 23.1 21.8 37.0 2.4 6.6% -2.3% 0.6x 9.0x Wix.com ltd Israel 19.16 -17% 729.8 643.8 141.8 (53.0) NM 76.3% 4.5x NM 241 184 Zendesk, Inc. * United States 22.69 -20% 1,885.5 1,770.0 127.0 (59.6) NM 76.3% 13.9x NM 0 Adjusted Weighted Average 4.3x 13.6x 245 232 184 *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 (113.3x)

Grey

138 138 138

203 203 203

221 221 221

18 | M&A and Investment Summary March 2015 Agency & Marketing Services

Blue

0 79 133

122 . There were 21 transactions announced in the Agency & Marketing Services segment in March. Digital Agency was the most active 141 181 subsegment with 11 transactions announced

178 186 213 . Select acquisitions:

211 216 • St. Ives’ $36 million acquisition of digital strategy and product design agency Solstice Mobile 233

234 • Digital health and wellness provider Everyday Health’s $33 million purchase of rare disease product strategic launch and marketing 235 245 solutions provider Cambridge BioMarketing (Petsky Prunier-led transaction)

Orange

241 • Customer relationship and interaction marketing firm Harte-Hanks’ acquisition of digital media and marketing agency 3Q Digital 184 0 • Creative design and software marketing agency Code and Theory’s acquisition of open source content management and consulting 245 232 agency Mediacurrent 184

Grey

138 138 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Digital Agency 11 52% $36.0 51% 11 $36.0 0 - 0 - 221 221 Healthcare Agency 3 14% 33.0 46% 2 38.0 1 - 0 - 221 Specialty Agency 3 14% - 0% 3 - 0 - 0 - General Agency 2 10% - 0% 2 - 0 - 0 - Loyalty/Retention 1 5% 2.1 3% 0 - 0 - 1 2.1 Public Relations 1 5% - 0% 1 - 0 - 0 - Ad Specialty/Premiums 0 0% - 0% 0 - 0 - 0 - Database/Analytics 0 0% - 0% 0 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 21 100% 71.1 0% 19 74.0 1 0.0 1 2.1

19 | M&A and Investment Summary March 2015 Agency Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.31 -11% $ 111.7 $ 122.4 $ 264.7 $ 13.5 5.1% 6.4% 0.5x 9.1x 178 Chime Communications plc United Kingdom 4.08 -27% 405.3 488.4 608.4 42.3 7.0% 30.5% 0.8x 11.5x 186 213 Creston plc United Kingdom 1.74 -11% 100.8 91.6 124.1 18.7 15.1% 3.8% 0.7x 4.9x Dentsu Inc. Japan 42.92 -10% 12,376.7 12,627.8 19,953.0 1,283.6 6.4% 9.1% 0.6x 9.8x 211 Enero Group Limited Australia 0.59 -40% 50.6 35.1 166.9 7.0 4.2% -10.0% 0.2x 5.0x 216 233 Globant S.A. * Luxembourg 21.06 -6% 714.1 653.2 199.6 28.7 14.4% 26.1% 3.3x 22.8x Havas France 7.58 -18% 3,165.2 3,120.0 2,257.5 335.3 14.9% 5.2% 1.4x 9.3x 234 Huntsworth plc United Kingdom 0.64 -41% 201.5 254.3 284.9 41.8 14.7% -4.1% 0.9x 6.1x 235 245 M&C Saatchi plc United Kingdom 5.12 -13% 361.7 359.4 264.0 24.2 9.2% 4.5% 1.4x 14.8x MDC Partners Inc. United States 28.70 -1% 1,430.6 2,263.7 1,223.5 159.2 13.0% 15.2% 1.9x 14.2x Orange Next Fifteen Communications Group plc United Kingdom 2.48 -2% 160.3 164.1 171.3 18.7 10.9% 5.6% 1.0x 8.8x Omnicom Group Inc. United States 77.98 -4% 19,239.3 22,076.2 15,317.8 2,247.3 14.7% 5.0% 1.4x 9.8x 241 OPT, Inc. Japan 5.80 -16% 149.9 104.1 559.1 45.9 184 8.2% -0.9% 0.2x 2.3x 0 Porta Communications Plc * United Kingdom 0.12 -48% 32.8 39.1 54.9 0.9 1.6% 111.4% 0.7x 43.1x Publicis Groupe SA France 77.17 -8% 16,460.2 15,419.2 8,781.7 1,677.7 19.1% 4.3% 1.8x 9.2x 245 The Interpublic Group of Companies, Inc. United States 22.12 -3% 9,120.9 9,478.8 7,537.1 951.6 232 12.6% 5.8% 1.3x 10.0x 184 WPP plc United Kingdom 22.75 -4% 29,189.5 33,055.3 17,967.6 3,145.5 17.5% 4.6% 1.8x 10.5x

Adjusted Weighted Average 1.5x 10.0x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.1x) 138 138

203 203 203

221 221 221

20 | M&A and Investment Summary March 2015 Marketing Services Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $18.49 -48% $ 1,428.8 $ 1,598.0 $ 1,066.5 $ 174.3 16.3% -0.4% 1.5x 9.2x 178 Aimia Inc. * Canada 10.20 -35% 1,741.6 2,018.0 2,131.8 110.8 5.2% 47.5% 0.9x 18.2x 186 213 Alliance Data Systems Corporation * United States 296.25 -2% 18,606.0 24,978.2 5,302.9 1,469.3 27.7% 22.8% 4.7x 17.0x CSG Systems International Inc. United States 30.39 -2% 1,031.6 1,085.6 751.3 118.0 15.7% 0.5% 1.4x 9.2x 211 Data Group Ltd. Canada 0.62 -25% 14.5 85.0 270.4 19.1 7.1% -1.2% 0.3x 4.4x 216 233 DST Systems Inc. United States 110.71 0% 4,107.8 4,509.2 2,749.3 426.4 15.5% 3.4% 1.6x 10.6x Fair Isaac Corporation * United States 88.72 -2% 2,788.1 3,300.5 794.2 184.7 23.3% 7.6% 4.2x 17.9x 234 Harte-Hanks Inc. United States 7.80 -12% 482.0 507.9 553.7 55.7 10.1% -1.1% 0.9x 9.1x 235 245 High Co. SA France 5.68 -6% 59.1 25.6 157.1 13.2 8.4% -2.5% 0.2x 1.9x Insignia Systems Inc. United States 3.00 -33% 36.6 19.7 26.3 1.6 6.2% -5.2% 0.7x 12.0x Orange Multiplus SA Brazil 10.23 -13% 1,659.2 1,288.6 684.5 142.9 20.9% 10.2% 1.9x 9.0x PDI, Inc. United States 1.35 -75% 20.7 24.1 119.9 (9.2) NM -18.2% 0.2x NM 241 184 Pitney Bowes Inc. United States 23.32 -18% 4,702.9 7,140.5 3,821.5 850.5 22.3% 0.8% 1.9x 8.4x 0 Points International Ltd. Canada 10.16 -58% 158.9 125.2 254.9 8.1 3.2% 26.0% 0.5x 15.4x Viad Corp United States 27.82 -3% 559.2 655.5 1,065.0 83.2 245 7.8% 11.7% 0.6x 7.9x 232 184 Adjusted Weighted Average 1.6x 9.3x

Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.6x)

138 138 138

203 203 203

221 221 221

21 | M&A and Investment Summary March 2015 Traditional Media

Blue

0 79 133

122 . There were 19 transactions announced in the Traditional Media segment in March worth a total of $1.5 billion in aggregate reported 141 181 value; all but one of these transactions were acquisitions

178 186 213 . Select Transactions:

211 216 • Commercial television channel operator ITV’s purchase of Netherlands-based TV production company Talpa Media for up to $1.2 233 billion 234 235 245 • Apollo Global Management’s $400 million purchase of newspaper publishing firm Digital First Media

Orange

241 • The $200 million purchase of indie music distributor The Orchard by Sony 184 0 • Audax Group’s acquisition of out-of-home advertising platform provider AllOver Media 245 232 184

Grey TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 B-to-B Media 6 32% $5.6 0% 5 $5.6 1 - 0 - 203 Consumer Magazine Publishing 4 21% 8.7 1% 4 8.7 0 - 0 - 221 221 Broadcast Television 3 16% 1,182.6 79% 3 1,182.6 0 - 0 - 221 Entertainment 3 16% 300.0 20% 2 200.0 0 - 1 100.0 Traditional Outdoor 2 11% - 0% 1 - 1 - 0 - Other* 1 5% 0.0 0% 0 0.0 1 0.0 0 0.0 Total 19 100% 1,496.9 100% 15 1,396.9 3 0.0 1 100.0

*Other includes Consumer Book Publishing

22 | M&A and Investment Summary March 2015 Traditional Media Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Large Cap Diversified Media 141 181 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

178 CBS Corporation United States $60.63 -7% $ 30,187.4 $ 36,905.4 $ 13,806.0 $ 3,255.0 23.6% -1.4% 2.7x 11.3x 186 Discovery Communications, Inc. United States 30.76 -32% 20,193.7 27,581.7 6,265.0 2,489.0 39.7% 13.2% 4.4x 11.1x 213 Time Warner Inc. United States 84.44 -4% 70,129.3 90,005.3 27,359.0 7,473.0 27.3% 3.4% 3.3x 12.0x Twenty-First Century Fox, Inc. United States 33.84 -14% 71,181.8 81,780.8 32,585.0 6,965.0 21.4% 9.4% 2.5x 11.7x 211 Viacom, Inc. United States 68.30 -24% 27,611.8 40,421.8 13,930.0 4,313.0 216 31.0% 1.8% 2.9x 9.4x 233 The Walt Disney Company * United States 104.89 -4% 178,267.2 193,361.2 49,895.0 14,402.0 28.9% 8.4% 3.9x 13.4x

Adjusted Weighted Average 3.4x 11.4x 234 235 245 *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 (12.8x)

Orange B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 241 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 184 0 Euromoney Institutional Investor PLC United Kingdom $16.64 -10% $ 2,102.0 $ 2,169.2 $ 659.5 $ 208.6 31.6% 0.5% 3.3x 10.4x Global Sources Ltd. Hong Kong 5.86 -36% 174.7 89.7 190.3 31.4 16.5% -0.6% 0.5x 2.9x 245 Informa plc United Kingdom 8.39 -4% 5,436.3 6,740.3 1,772.0 508.5 28.7% 0.4% 3.8x 13.3x 232 TechTarget, Inc. * United States 11.53 -9% 379.5 354.7 106.2 13.3 12.5% 20.0% 3.3x 26.7x 184 UBM plc United Kingdom 7.86 -23% 3,476.0 4,335.6 1,163.1 276.5 23.8% -6.0% 3.7x 15.7x

Grey Adjusted Weighted Average 3.6x 13.3x

138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.5x) 138 Radio Broadcasting

203 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Beasley Broadcast Group Inc. * United States $5.02 -45% $ 116.0 $ 199.4 $ 58.7 $ 9.4 16.1% 4.6% 3.4x 21.1x Cumulus Media Inc. United States 2.47 -66% 576.3 3,054.1 1,263.4 281.0 22.2% 23.1% 2.4x 10.9x 221 Emmis Communications Corp. United States 1.99 -45% 86.7 394.6 231.5 37.5 16.2% 14.9% 1.7x 10.5x 221 221 Entercom Communications Corp. United States 12.15 -7% 461.7 910.1 379.8 94.1 24.8% 0.6% 2.4x 9.7x Pandora Media, Inc. United States 16.21 -52% 3,389.8 3,035.2 920.8 (15.8) NM 40.6% 3.3x NM Radio One Inc. United States 3.08 -39% 146.5 1,109.4 441.4 123.9 28.1% -1.6% 2.5x 9.0x Salem Media Group, Inc. United States 6.16 -44% 156.1 433.5 266.5 46.3 17.4% 12.5% 1.6x 9.4x Sirius XM Holdings Inc. * United States 3.82 -5% 21,321.1 25,674.7 4,181.1 1,386.1 33.2% 10.1% 6.1x 18.5x Spanish Broadcasting System Inc. United States 4.04 -46% 29.4 408.6 146.3 39.1 26.7% -4.9% 2.8x 10.5x Townsquare Media, Inc. United States 12.85 -10% 223.3 738.9 373.9 95.3 25.5% 39.2% 2.0x 7.8x

Adjusted Weighted Average 3.0x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.5x)

23 | M&A and Investment Summary March 2015 Traditional Media Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Broadcast, Cable, and Satellite Television 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

178 AMC Networks Inc. United States $76.64 -1% $ 5,521.0 $ 8,378.2 $ 2,175.6 $ 681.3 31.3% 36.7% 3.9x 12.3x 186 Sky plc United Kingdom 14.75 -5% 25,104.4 34,991.3 12,873.1 2,580.8 20.0% 12.0% 2.7x 13.6x 213 Cablevision Systems Corporation United States 18.30 -17% 5,018.1 13,870.2 6,460.9 1,786.3 27.6% 3.7% 2.1x 7.8x CBS Corporation United States 60.63 -7% 30,187.4 36,905.4 13,806.0 3,255.0 23.6% -1.4% 2.7x 11.3x 211 Charter Communications, Inc. United States 193.11 -3% 21,628.3 42,664.3 9,108.0 3,135.0 34.4% 11.7% 4.7x 13.6x 216 233 Comcast Corporation United States 56.47 -7% 143,331.9 188,476.9 68,775.0 23,160.0 33.7% 6.4% 2.7x 8.1x Crown Media Holdings Inc. United States 4.00 -9% 1,438.7 1,776.1 415.6 322.3 77.5% 10.0% 4.3x 5.5x 234 DIRECTV United States 85.10 -5% 42,788.4 59,356.4 33,260.0 8,030.0 24.1% 4.7% 1.8x 7.4x 235 Discovery Communications, Inc. United States 30.76 -32% 20,193.7 27,581.7 6,265.0 2,489.0 245 39.7% 13.2% 4.4x 11.1x Dish Network Corp. United States 70.06 -13% 32,355.8 37,624.0 14,643.4 2,908.4 19.9% 5.3% 2.6x 12.9x Entravision Communications Corporation United States 6.33 -18% 553.8 866.3 242.0 75.4 31.2% 8.1% 3.6x 11.5x Orange General Communication Inc. United States 15.76 -8% 649.8 2,047.4 910.2 313.8 34.5% 12.1% 2.2x 6.5x 241 Gray Television, Inc. United States 13.82 -7% 996.7 2,202.3 508.1 203.0 40.0% 46.7% 4.3x 10.8x 184 Grupo Televisa, S.A.B. Mexico 33.01 -13% 19,075.8 23,354.6 5,427.5 2,059.7 37.9% 8.6% 4.3x 11.3x 0 Liberty Global plc United Kingdom 51.47 -8% 44,627.8 91,057.5 18,248.3 8,215.2 45.0% 26.1% 5.0x 11.1x Media General, Inc. * United States 16.49 -31% 2,146.4 4,564.6 675.0 234.6 34.8% 150.1% 6.8x 19.5x 245 232 Nexstar Broadcasting Group, Inc. United States 57.22 -4% 1,783.7 2,896.4 631.3 234.8 37.2% 25.7% 4.6x 12.3x 184 Scripps Networks Interactive, Inc. United States 68.56 -21% 9,026.8 10,926.5 2,665.5 1,174.6 44.1% 5.3% 4.1x 9.3x Sinclair Broadcast Group, Inc. United States 31.41 -13% 2,991.6 6,880.1 1,976.6 695.2 35.2% 45.0% 3.5x 9.9x Grey The E. W. Scripps Company * United States 28.44 -1% 1,632.0 1,673.2 869.1 90.0 10.4% 6.4% 1.9x 18.6x Time Warner Cable Inc. United States 149.88 -6% 42,101.3 65,134.3 22,812.0 7,912.0 34.7% 3.1% 2.9x 8.2x 138 Time Warner Inc. United States 84.44 -4% 70,129.3 90,005.3 27,359.0 7,473.0 27.3% 3.4% 3.3x 12.0x 138 138 Ziggo N.V. * Netherlands 47.20 -2% 9,440.0 13,307.2 2,014.2 1,078.7 53.6% 2.7% 6.6x 12.3x

Adjusted Weighted Average 3.2x 10.2x 203 203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x)

221 Entertainment Media 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $24.20 -16% $ 2,073.6 $ 2,592.4 $ 684.6 $ 15.8 2.3% -3.2% 3.8x 164.5x Eros International Plc United Kingdom 17.47 -22% 941.6 1,136.4 259.0 65.5 25.3% 15.4% 4.4x 17.3x Lions Gate Entertainment Corp. United States 33.92 -5% 4,743.8 6,127.5 2,475.4 274.7 11.1% -8.1% 2.5x 22.3x Live Nation Entertainment, Inc. United States 25.23 -8% 5,083.9 6,121.0 6,867.0 515.8 7.5% 6.0% 0.9x 11.9x SFX Entertainment Inc. United States 4.09 -53% 381.6 619.8 354.4 (82.5) NM 107.9% 1.7x NM Twenty-First Century Fox, Inc. United States 33.84 -14% 71,181.8 81,780.8 32,585.0 6,965.0 21.4% 9.4% 2.5x 11.7x Liberty Media Corporation United States 38.55 -23% 13,136.8 26,886.8 4,450.0 1,200.0 27.0% 11.2% 6.0x 22.4x Village Roadshow Limited Australia 4.29 -33% 683.8 1,005.4 776.6 126.9 16.3% 2.9% 1.3x 7.9x World Wrestling Entertainment Inc. United States 14.01 -52% 1,058.2 968.7 542.6 (10.0) NM 6.8% 1.8x NM

Adjusted Weighted Average 2.9x 13.8x

*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 (93.4x)

24 | M&A and Investment Summary March 2015 Traditional Media Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

Out-of-Home Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $1.98 -38% $ 118.0 $ 56.0 $ 252.5 $ (12.9) NM -7.3% 0.2x NM 178 APG|SGA SA Switzerland 381.00 -4% 1,123.2 970.9 315.4 75.3 23.9% 2.2% 3.1x 12.9x 186 Clear Channel Outdoor Holdings Inc. United States 10.12 -10% 3,644.1 8,592.0 2,961.3 715.2 24.2% 0.5% 2.9x 12.0x 213 Clear Media Ltd. Hong Kong 1.05 -6% 567.1 442.2 227.1 91.4 40.3% 6.9% 1.9x 4.8x JCDecaux SA France 33.73 -10% 7,552.7 7,431.7 3,004.5 600.1 211 20.0% -7.2% 2.5x 12.4x 216 Lamar Advertising Co. United States 59.27 -1% 5,662.9 7,536.7 1,287.1 533.9 41.5% 3.3% 5.9x 14.1x 233 Mood Media Corporation United States 0.50 -15% 90.6 641.1 494.1 84.2 17.0% -3.7% 1.3x 7.6x National CineMedia, Inc. United States 15.10 -15% 928.2 1,984.6 394.0 185.1 47.0% -14.9% 5.0x 10.7x 234 235 NTN Buzztime Inc. United States 0.42 -51% 38.4 36.6 26.0 (2.2) NM 9.7% 1.4x NM 245 Tom Group Ltd. * Hong Kong 0.29 -6% 1,118.9 1,407.9 194.9 10.1 5.2% -21.6% 7.2x 139.1x

Adjusted Weighted Average 3.8x 12.5x Orange

241 *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 (72.2x) 184 0 Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 245 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 232 184 A. H. Belo Corporation United States $8.23 -38% $ 178.8 $ 20.9 $ 272.8 $ 6.3 2.3% -1.2% 0.1x 3.3x Daily Mail and General Trust plc United Kingdom 13.14 -4% 4,511.4 5,583.0 2,938.1 481.3 16.4% 8.2% 1.9x 11.6x Emmis Communications Corp. United States 1.99 -45% 86.7 394.6 231.5 37.5 16.2% 14.9% 1.7x 10.5x Grey Gannett Co., Inc. United States 37.08 -1% 8,447.1 13,079.3 6,008.2 1,420.1 23.6% 16.4% 2.2x 9.2x 138 Glacier Media, Inc. Canada 0.98 -27% 87.4 186.3 214.0 22.0 10.3% -5.4% 0.9x 8.5x 138 John Wiley & Sons Inc. United States 61.14 -7% 3,589.0 4,017.7 1,837.9 341.4 18.6% 4.2% 2.2x 11.8x 138 Martha Stewart Living Omnimedia Inc. * United States 6.50 -3% 371.9 323.7 141.9 11.5 8.1% -11.7% 2.3x 28.1x Meredith Corporation United States 55.77 -3% 2,437.9 3,280.9 1,528.3 295.6 19.3% 4.2% 2.1x 11.1x 203 203 News Corporation United States 16.01 -13% 9,337.1 7,596.1 8,694.0 663.0 7.6% 2.4% 0.9x 11.5x 203 Scholastic Corporation United States 40.94 -1% 1,341.8 1,412.7 1,880.8 131.5 7.0% 5.7% 0.8x 10.7x The E. W. Scripps Company * United States 28.44 -1% 1,632.0 1,673.2 869.1 90.0 10.4% 6.4% 1.9x 18.6x 221 The McClatchy Company United States 1.84 -74% 160.3 981.0 1,146.6 202.2 17.6% -5.6% 0.9x 4.9x 221 221 The New York Times Company United States 13.76 -20% 2,290.9 2,129.7 1,588.5 219.6 13.8% 0.7% 1.3x 9.7x Time Inc. United States 22.44 -14% 2,457.0 3,313.0 3,241.0 443.0 13.7% -3.1% 1.0x 7.5x

Adjusted Weighted Average 1.6x 10.4x

(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 (2.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.2x)

25 | M&A and Investment Summary March 2015 Software

Blue

0 79 133

122 . Within the Software segment, a total of $2.7 billion in reported value involved strategic buyers, while another $1.2 billion in 141 181 investments were announced

178 186 213 . Security and Financial software were most active subsegment with 25 and 22 transactions announced, respectively

211 216 . Select acquisitions: 233

234 • Bain Capital’s $2.4 billion acquisition of cybersecurity firm Blue Coat Systems from Thoma Bravo 235 245 • Telecom service provider Mitel Networks purchase of mobile networking software developer Mavenir Systems for $560 million Orange

241 184 • The $300 million purchase of healthcare management software developer Acentia by MAXIMUS 0

245 . Select investments: 232 184 • Infrastructure software developer SimpliVity’s $175 million investment at a valuation of $1 billion from Waypoint Capital with Grey participation from Accel Partners, Charles River Ventures, Kleiner Perkins Caufield & Byers, and Meritech Capital Partners 138 138 138 SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 203 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM 221 221 221 Security 25 21% $2,707.0 43% 6 $100.0 1 $2,400.0 18 $207.0 Financial 22 18% 885.8 14% 11 554.6 0 - 11 331.2 Healthcare 11 9% 522.0 8% 7 394.0 0 - 4 128.0 Data Management 10 8% 37.7 1% 2 - 1 - 7 37.7 HR 7 6% 18.6 0% 4 - 0 - 3 18.6 ERP 6 5% 1,105.3 18% 3 1,014.3 0 - 3 91.0 Other* 31 26% 1,008.2 16% 12 589 0 0 19 419.6 Total 119 100% 6,293.8 100% 49 2,651.5 2 2,400.0 68 1,242.3 *Other includes Application Management, Big Data, Cloud Computing, Collaboration, Credit/Risk, Enterprise Mobility, Engineering, Geo-Demo, Infrastructure, Legal, and Software Development Tools

26 | M&A and Investment Summary March 2015 Software Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Financial & Credit/Risk Management Software 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $44.11 -1% $ 2,319.6 $ 2,503.5 $ 396.8 $ 102.8 25.9% 3.6% 6.3x 24.4x 178 Ebix Inc. United States 30.38 -4% 1,071.3 1,140.7 214.3 79.1 36.9% 4.7% 5.3x 14.4x 186 213 Epiq Systems, Inc. United States 17.93 -10% 664.1 924.7 444.1 52.4 11.8% 1.2% 2.1x 17.7x Fidessa group plc United Kingdom 32.77 -18% 1,245.5 1,131.5 428.6 77.9 18.2% -1.4% 2.6x 14.5x 211 Guidewire Software, Inc. * United States 52.61 -6% 3,691.2 3,145.8 369.4 32.0 8.7% 17.2% 8.5x 98.2x 216 Innovation Group plc United Kingdom 0.42 -21% 514.8 438.1 340.3 42.8 12.6% 2.6% 1.3x 10.2x 233 Intuit Inc. United States 96.96 -4% 26,831.4 25,963.4 4,582.0 1,400.0 30.6% 11.0% 5.7x 18.5x Management Consulting Group PLC United Kingdom 0.24 -47% 114.5 164.4 378.4 18.4 4.9% -5.6% 0.4x 8.9x 234 235 Model N, Inc. United States 11.96 -5% 306.8 210.3 82.3 (19.6) NM -18.6% 2.6x NM 245 NetSuite Inc. * United States 92.76 -19% 7,171.2 6,995.4 556.3 (51.3) NM 34.2% 12.6x NM Performant Financial Corporation United States 3.40 -69% 167.8 199.3 195.4 35.7 18.3% -23.5% 1.0x 5.6x Orange Q2 Holdings, Inc. United States 21.14 -4% 770.3 681.9 79.1 (15.0) NM 39.1% 8.6x NM RealPage, Inc. * United States 20.14 -13% 1,589.5 1,582.6 404.6 29.2 7.2% 7.3% 3.9x 54.2x 241 184 Solera Holdings Inc. United States 51.66 -26% 3,471.3 5,780.2 1,093.1 414.9 38.0% 22.8% 5.3x 13.9x 0 SS&C Technologies Holdings, Inc. United States 62.30 -4% 5,255.3 5,784.6 767.9 298.4 38.9% 7.7% 7.5x 19.4x Tyler Technologies, Inc. United States 120.53 -4% 4,056.7 3,850.5 493.1 107.6 21.8% 18.4% 7.8x 35.8x 245 232 Adjusted Weighted Average 6.0x 19.7x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.1x) Grey Healthcare Software 138 138 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 11.96 -34% 2,159.0 2,682.1 1,377.9 56.9 4.1% 0.4% 1.9x 47.1x 203 athenahealth, Inc. * United States 119.39 -29% 4,560.2 4,653.7 752.6 61.6 8.2% 26.5% 6.2x 75.6x 203 Cegedim SA France 33.84 -9% 473.1 1,023.6 597.3 105.2 17.6% -45.3% 1.7x 9.7x 203 Cerner Corporation United States 73.26 -2% 25,098.0 23,807.5 3,312.8 962.0 29.0% 16.6% 7.2x 24.7x Civitas Solutions, Inc. United States 20.94 -1% 773.7 1,418.3 1,286.4 134.1 10.4% 7.9% 1.1x 10.6x 221 221 Computer Programs & Systems Inc. United States 54.26 -20% 614.0 579.5 204.7 53.3 26.0% 1.9% 2.8x 10.9x 221 Craneware plc United Kingdom 7.99 -4% 214.3 179.6 43.0 12.7 29.6% 1.3% 4.2x 14.1x HealthEquity, Inc. * United States 24.99 -10% 1,376.1 1,265.1 87.9 22.8 25.9% 41.7% 14.4x 55.6x McKesson Corporation United States 226.20 -3% 52,669.5 60,009.5 173,870.0 3,921.0 2.3% 33.7% 0.3x 15.3x MedAssets, Inc. United States 18.82 -26% 1,133.4 2,011.0 720.2 215.3 29.9% 5.9% 2.8x 9.3x Medidata Solutions, Inc. * United States 49.04 -16% 2,668.4 2,636.5 335.1 36.3 10.8% 21.0% 7.9x 72.7x Merge Healthcare Incorporated United States 4.47 -5% 431.4 615.0 212.3 35.9 16.9% -8.4% 2.9x 17.1x Quality Systems Inc. United States 15.98 -15% 963.4 838.5 477.0 43.0 9.0% 8.2% 1.8x 19.5x Streamline Health Solutions, Inc. United States 3.55 -38% 65.6 75.2 27.5 (10.8) NM -4.1% 2.7x NM USMD Holdings, Inc. * United States 10.44 -52% 106.3 119.1 277.5 1.0 0.4% 19.6% 0.4x 117.5x Veeva Systems Inc. United States 25.53 -24% 3,334.1 2,936.2 313.2 73.1 23.3% 49.0% 9.4x 40.2x

Adjusted Weighted Average 3.1x 20.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (68.1x)

27 | M&A and Investment Summary March 2015 Software Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 HR Software 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $32.27 -16% $ 1,903.8 $ 1,358.2 $ 295.5 $ 92.2 31.2% 13.9% 4.6x 14.7x 178 186 Benefitfocus, Inc. United States 36.79 -25% 1,047.0 1,044.9 137.4 (51.7) NM 31.2% 7.6x NM 213 Castlight Health, Inc. United States 7.76 -69% 713.0 520.5 45.6 (84.8) NM 251.5% 11.4x NM Cornerstone OnDemand, Inc. United States 28.89 -42% 1,556.7 1,499.7 263.6 (42.5) NM 42.4% 5.7x NM 211 Dice Holdings, Inc. United States 8.92 -22% 487.8 571.5 262.6 74.0 28.2% 23.0% 2.2x 7.7x 216 233 LinkedIn Corporation * United States 249.86 -10% 31,261.9 28,905.6 2,218.8 232.4 10.5% 45.2% 13.0x 124.4x Monster Worldwide, Inc. United States 6.34 -17% 575.8 747.1 770.0 68.7 8.9% -4.7% 1.0x 10.9x 234 Paycom Software, Inc. United States 32.06 -11% 1,871.4 1,873.2 150.9 22.0 14.6% 40.3% 12.4x 85.3x 235 Paylocity Holding Corporation United States 28.64 -14% 1,445.9 1,356.5 127.8 (9.4) NM 41.2% 10.6x NM 245 The Ultimate Software Group, Inc. United States 169.96 -2% 4,861.8 4,753.6 505.9 72.9 14.4% 23.3% 9.4x 65.2x Workday, Inc. United States 84.41 -13% 15,869.1 14,505.1 787.9 (156.5) NM 68.0% 18.4x NM Orange Adjusted Weighted Average 13.3x 53.0x 241 184 0 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (99.4x)

245 Security Software 232 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 184 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $7.99 -4% $ 356.8 $ 300.4 $ 93.7 $ 20.8 22.2% 8.4% 3.2x 14.4x Grey AVG Technologies N.V. Netherlands 21.65 -5% 1,116.7 1,242.8 374.1 112.8 30.2% -8.1% 3.3x 11.0x Check Point Software Technologies Ltd. Israel 81.97 -5% 15,065.3 13,752.9 1,495.8 812.1 54.3% 7.3% 9.2x 16.9x 138 138 Cisco Systems, Inc. United States 27.53 -9% 140,507.9 108,022.9 48,083.0 13,979.0 29.1% 0.4% 2.2x 7.7x 138 Cheetah Mobile Inc. * China 17.09 -44% 2,220.3 1,973.5 284.4 17.5 6.2% 135.2% 6.9x 112.8x CyberArk Software, Ltd. * Israel 55.57 -21% 1,699.2 1,522.0 103.0 21.2 20.6% 55.7% 14.8x 71.8x 203 FireEye, Inc. United States 39.25 -37% 6,109.9 5,707.7 425.7 (380.2) 203 NM 163.5% 13.4x NM 203 Fortinet Inc. * United States 34.95 -2% 5,901.8 5,181.8 770.4 81.9 10.6% 25.2% 6.7x 63.3x Gemalto NV Netherlands 79.68 -16% 6,975.8 6,451.6 2,983.9 482.5 16.2% 3.2% 2.2x 13.4x 221 Imperva Inc. United States 42.70 -20% 1,159.0 1,049.2 164.0 (53.0) NM 19.1% 6.4x NM 221 Imprivata, Inc. United States 14.00 -18% 334.4 257.1 97.0 (13.1) 221 NM 36.4% 2.7x NM Infoblox Inc. United States 23.87 -6% 1,352.5 1,052.6 267.0 (23.7) NM 8.7% 3.9x NM Juniper Networks, Inc. United States 22.58 -16% 9,189.8 8,567.0 4,627.1 817.0 17.7% -0.9% 1.9x 10.5x Mobileye N.V. * Israel 42.03 -30% 9,105.7 8,732.9 143.6 (12.1) NM 76.8% 60.8x NM NQ Mobile Inc. China 3.73 -79% 333.5 293.8 332.3 (75.0) NM 68.9% 0.9x NM Palo Alto Networks, Inc. United States 146.08 -3% 12,018.4 11,820.3 738.9 (76.9) NM 53.0% 16.0x NM Proofpoint, Inc. United States 59.22 -2% 2,309.2 2,256.6 195.6 (32.1) NM 41.8% 11.5x NM Qihoo 360 Technology Co. Ltd. China 51.20 -51% 6,447.5 6,492.2 1,390.7 344.3 24.8% 107.2% 4.7x 18.9x Symantec Corporation United States 23.37 -14% 15,943.8 14,298.8 6,615.0 1,920.0 29.0% -2.7% 2.2x 7.4x Trend Micro Inc. Japan 33.00 -10% 4,446.7 3,301.3 961.6 344.5 35.8% 6.4% 3.4x 9.6x VeriSign, Inc. United States 66.97 -1% 7,827.7 7,784.2 1,010.1 628.1 62.2% 4.7% 7.7x 12.4x

Adjusted Weighted Average 4.3x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (34.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.3x) 28 | M&A and Investment Summary March 2015 Software Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Engineering Software 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $88.19 -1% $ 7,939.2 $ 7,150.4 $ 936.0 $ 430.5 46.0% 8.7% 7.6x 16.6x 178 186 Autodesk, Inc. * United States 58.64 -10% 13,323.2 12,044.0 2,512.2 269.7 10.7% 10.5% 4.8x 44.7x 213 Aveva Group plc United Kingdom 21.99 -40% 1,404.1 1,231.1 348.4 94.8 27.2% -7.1% 3.5x 13.0x Dassault Systemes SA France 67.83 -3% 17,095.4 16,236.6 2,777.1 695.9 25.1% 11.0% 5.8x 23.3x 211 216 Adjusted Weighted Average 5.8x 20.8x 233

234 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.6x) 235 245 Infrastructure Software Orange Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Adobe Systems Incorporated United States $73.94 -8% $ 36,989.9 $ 35,714.7 $ 4,256.1 $ 843.5 184 * 19.8% 5.2% 8.4x 42.3x 0 CA, Inc. United States 32.61 -2% 14,439.9 13,154.9 4,426.0 1,376.0 31.1% -0.4% 3.0x 9.6x CommVault Systems, Inc. United States 43.70 -38% 1,962.0 1,597.1 613.6 70.3 11.5% 8.1% 2.6x 22.7x 245 Covisint Corporation United States 2.03 -73% 79.2 35.9 89.5 (33.7) NM -9.1% 0.4x NM 232 184 Daegis Inc. United States 0.66 -52% 10.8 18.4 26.4 3.0 11.5% -20.9% 0.7x 6.1x Endurance International Group Holdings, Inc. United States 19.06 -7% 2,523.0 3,616.1 629.8 150.6 23.9% 21.1% 5.7x 24.0x Guidance Software, Inc. United States 5.41 -51% 161.9 143.8 108.7 (5.7) NM -1.7% 1.3x NM Grey Hortonworks Inc. * United States 23.84 -20% 1,028.0 823.5 46.0 (168.1) NM 71.8% 17.9x NM 138 IBM Corporation United States 160.50 -19% 158,642.1 191,111.1 92,793.0 24,372.0 26.3% -5.7% 2.1x 7.8x 138 Informatica Corporation United States 43.86 -4% 4,799.1 4,077.5 1,048.0 195.6 138 18.7% 10.5% 3.9x 20.8x IntraLinks Holdings, Inc. * United States 10.34 -16% 590.6 617.0 255.8 12.1 4.7% 9.1% 2.4x 51.2x 203 NetSuite Inc. United States 92.76 -19% 7,171.2 6,995.4 556.3 (51.3) NM 34.2% 12.6x NM 203 Opera Software ASA Norway 8.04 -39% 1,147.4 1,077.4 480.8 106.5 22.2% 60.2% 2.2x 10.1x 203 Oracle Corporation United States 43.15 -8% 188,439.1 177,356.1 38,840.0 16,787.0 43.2% 2.5% 4.6x 10.6x Rally Software Development Corp. United States 15.69 -1% 395.7 329.1 87.5 (30.0) NM 17.7% 3.8x NM 221 221 salesforce.com, inc. United States 66.81 -6% 42,157.1 43,359.3 5,373.6 168.6 3.1% 32.0% 8.1x NM 221 ServiceNow, Inc. * United States 78.78 -3% 11,683.1 11,458.0 682.6 (109.8) NM 60.7% 16.8x NM Textura Corporation United States 27.18 -11% 697.0 630.6 63.0 (17.0) NM 54.5% 10.0x NM Varonis Systems, Inc. United States 25.66 -33% 636.2 524.4 101.3 (16.0) NM 35.8% 5.2x NM

Adjusted Weighted Average 4.4x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.9x)

29 | M&A and Investment Summary March 2015 Information Services

Blue

0 79 133

122 . The Information Services segment reported 19 transactions worth $3.1 billion 141 181 . Healthcare Information was the most active subsegment with 10 deals announced followed by Credit/Risk Management Information 178 186 213 with four transactions

211 216 . Select acquisitions: 233

234 • Verisk Analytics’ $2.8 billion purchase of energy industry specialist Wood Mackenzie from Hellman & Friedman 235 245 • eCommerce and customer-to-customer listings company 58.com’s $267 million purchase of China based real estate information Orange

241 solutions provider Anjuke 184 0 • ZeOmega’s purchase of HealthUnity, a provider of interoperability health IT solutions 245 232 184

Grey INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Healthcare Information 10 53% $10.8 0% 5 - 2 - 3 $10.8 203 Credit/Risk Management Information 4 21% 2,794.0 89% 2 2,789.7 0 - 2 4.3

221 Geo-Demo Information 2 11% - 0% 2 - 0 - 0 - 221 221 Product/Price Information 2 11% 289.0 9% 1 267.0 0 - 1 22.0 Legal Information 1 5% 32.0 1% 0 - 0 - 1 32.0 Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - Financial Information 0 0% - 0% 0 - 0 - 0 - HR Information 0 0% - 0% 0 - 0 - 0 - Other* 0 0% - 0% 0 - 0 - 0 - Total 19 100% 3,125.8 100% 10 3,056.7 2 0.0 7 69.1

30 | M&A and Investment Summary March 2015 Information Services Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data)

122 Financial & Credit/Risk Management Information 141 181 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 178 Broadridge Financial Solutions, Inc. United States $55.01 0% $ 6,648.7 $ 6,858.8 $ 2,622.6 $ 522.4 19.9% 4.6% 2.6x 13.1x 186 Computershare Limited Australia 9.70 -5% 5,396.0 6,579.2 1,994.7 471.8 23.7% -0.9% 3.3x 13.9x 213 CoreLogic, Inc. United States 35.27 -3% 3,167.2 4,392.7 1,405.0 289.5 20.6% 0.0% 3.1x 15.2x CoStar Group Inc. United States 197.83 -2% 6,392.3 6,250.3 575.9 154.3 211 * 26.8% 30.6% 10.9x 40.5x 216 DST Systems Inc. United States 110.71 0% 4,107.8 4,509.2 2,749.3 426.4 15.5% 3.4% 1.6x 10.6x 233 Dun & Bradstreet Corp. United States 128.36 -6% 4,624.9 5,967.5 1,681.8 467.1 27.8% 1.6% 3.5x 12.8x Envestnet, Inc. * United States 56.08 -4% 1,937.4 1,873.4 348.7 39.0 11.2% 43.8% 5.4x 48.1x 234 235 Equifax Inc. United States 93.00 -2% 11,112.3 12,544.6 2,436.4 850.3 34.9% 5.8% 5.1x 14.8x 245 Experian plc Ireland 16.59 -8% 16,143.5 19,660.2 4,890.0 1,709.0 34.9% 2.2% 4.0x 11.5x FactSet Research Systems Inc. United States 159.20 -1% 6,622.7 6,510.3 960.9 346.5 36.1% 8.7% 6.8x 18.8x Orange Fair Isaac Corporation United States 88.72 -2% 2,788.1 3,300.5 794.2 184.7 23.3% 7.6% 4.2x 17.9x Fidelity National Information Services, Inc. United States 68.06 -1% 19,401.7 24,112.3 6,413.8 1,637.2 25.5% 5.8% 3.8x 14.7x 241 Financial Engines, Inc. * United States 41.83 -21% 2,173.8 1,867.4 281.9 65.7 23.3% 18.0% 6.6x 28.4x 184 0 McGraw Hill Financial, Inc. United States 103.40 -5% 28,340.3 27,500.3 5,051.0 1,951.0 38.6% 7.4% 5.4x 14.1x Moody's Corporation United States 103.80 -1% 20,973.0 22,073.4 3,334.3 1,534.9 46.0% 12.2% 6.6x 14.4x 245 Morningstar Inc. United States 74.91 -5% 3,322.6 3,130.4 760.1 220.0 28.9% 8.9% 4.1x 14.2x 232 MSCI Inc. United States 61.31 0% 6,891.4 7,182.6 996.7 411.7 41.3% 9.1% 7.2x 17.4x 184 Reis, Inc. United States 25.64 -11% 287.7 270.0 41.3 11.0 26.6% 19.0% 6.5x 24.6x SEI Investments Co. United States 44.09 -1% 7,355.6 6,688.2 1,266.0 375.6 29.7% 12.4% 5.3x 17.8x Grey Thomson Reuters Corporation United States 40.55 -2% 32,051.0 39,120.0 12,607.0 2,721.0 21.6% -0.7% 3.1x 14.4x 138 Verisk Analytics, Inc. United States 71.40 -4% 11,288.9 12,682.7 1,746.7 790.1 45.2% 9.5% 7.3x 16.1x 138 Workiva LLC United States 14.40 -13% 578.6 502.4 112.7 (34.7) NM 32.3% 4.5x NM 138 Adjusted Weighted Average 4.7x 14.5x 203 203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.2x) ($ in Millions, except stock price data) 221 221 Marketing Information 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $18.49 -48% $ 1,428.8 $ 1,598.0 $ 1,066.5 $ 174.3 16.3% -0.4% 1.5x 9.2x Alliance Data Systems Corporation United States 296.25 -2% 18,606.0 31,939.4 5,302.9 1,469.3 27.7% 22.8% 6.0x 21.7x Brainjuicer Group Plc United Kingdom 5.78 -29% 73.0 65.1 38.4 6.9 17.9% 0.8% 1.7x 9.5x Cello Group Plc United Kingdom 1.31 -11% 111.7 122.4 264.7 13.5 5.1% 6.4% 0.5x 9.1x comScore, Inc. * United States 51.20 -8% 1,750.4 1,733.8 329.2 22.9 6.9% 14.7% 5.3x 75.9x Cross Marketing Inc. Japan 3.53 -42% 63.7 75.8 68.0 6.5 9.5% 29.4% 1.1x 11.7x Ebiquity plc United Kingdom 1.89 -9% 136.9 182.7 113.1 18.7 16.5% 6.8% 1.6x 9.8x GfK SE Germany 36.90 -19% 1,346.9 1,757.7 1,758.7 250.0 14.2% -2.8% 1.0x 7.0x Harte-Hanks Inc. United States 7.80 -12% 482.0 507.9 553.7 55.7 10.1% -1.1% 0.9x 9.1x InnerWorkings Inc. United States 6.72 -29% 355.3 437.3 1,000.1 27.3 2.7% 12.3% 0.4x 16.0x

31 | M&A and Investment Summary March 2015 Information Services Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data)

122 Marketing Information (Contd.) 141 181 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 178 Intage Holdings Inc. Japan 17.21 -7% $ 343.5 $ 294.4 $ 365.2 $ 48.0 13.1% 7.6% 0.8x 6.1x 186 Ipsos SA France 27.94 -16% 1,265.3 1,870.6 2,020.8 234.6 11.6% -1.5% 0.9x 8.0x 213 NeuStar, Inc. United States 24.62 -29% 1,371.7 1,837.7 963.6 358.6 37.2% 6.8% 1.9x 5.1x

211 Nielsen N.V. Netherlands 44.57 -10% 16,547.2 23,219.2 6,288.0 1,534.0 24.4% 10.3% 3.7x 15.1x 216 Onvia Inc. United States 4.51 -18% 33.4 25.4 22.6 (0.0) NM 2.7% 1.1x NM 233 Pearson plc United Kingdom 21.56 -4% 17,464.7 20,077.9 7,596.0 1,080.0 14.2% -3.8% 2.6x 18.6x Rentrak Corporation * United States 55.56 -36% 844.8 760.5 96.0 (2.7) NM 137.6% 7.9x NM 234 235 YouGov PLC United Kingdom 1.84 -7% 185.9 180.4 106.6 9.0 8.4% 8.9% 1.7x 20.0x 245 Adjusted Weighted Average 3.9x 17.4x

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.6x) 241 184 Other Information 0 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 245 Centaur Media plc United Kingdom $1.05 -6% $ 149.2 $ 170.9 $ 109.7 $ 12.8 232 11.6% 0.0% 1.6x 13.4x 184 Corporate Executive Board Co. United States 79.86 -2% 2,673.7 3,064.3 909.0 196.2 21.6% 10.8% 3.4x 15.6x Forrester Research Inc. United States 36.78 -12% 664.0 559.5 312.1 31.5 10.1% 4.8% 1.8x 17.7x Grey Gartner Inc. United States 83.85 -4% 7,338.8 7,381.4 2,021.4 339.2 16.8% 13.3% 3.7x 21.8x IHS Inc. United States 113.76 -21% 7,824.8 9,588.1 2,252.6 538.7 23.9% 13.6% 4.3x 17.8x 138 Informa plc Switzerland 8.39 -4% 5,436.3 6,740.3 1,772.0 508.5 28.7% 0.4% 3.8x 13.3x 138 138 National Research Corp. United States 31.68 -30% 411.6 379.8 98.8 32.2 32.5% 6.7% 3.8x 11.8x Markit Ltd. United Kingdom 26.90 -2% 4,909.5 5,264.0 1,065.1 415.5 39.0% 12.4% 4.9x 12.7x 203 NIC Inc. United States 17.67 -11% 1,169.1 1,081.1 272.1 71.2 26.2% 9.2% 4.0x 15.2x 203 Premier, Inc. United States 37.58 -4% 1,403.7 1,091.7 939.8 315.4 33.6% 2.8% 1.2x 3.5x 203 Proofpoint, Inc. * United States 59.22 -2% 2,309.2 2,256.6 195.6 (32.1) NM 41.8% 11.5x NM Reed Elsevier plc(1) United Kingdom 17.22 -3% 36,351.9 43,291.3 9,944.2 3,154.3 31.7% 6.6% 4.4x 13.7x 221 221 Solera Holdings Inc. United States 51.66 -26% 3,471.3 5,780.2 1,093.1 414.9 38.0% 22.8% 5.3x 13.9x 221 Tarsus Group plc Ireland 3.33 -4% 333.0 398.5 94.4 29.8 31.5% -20.2% 4.2x 13.4x TechTarget, Inc. * United States 11.53 -9% 379.5 354.7 106.2 13.3 12.5% 20.0% 3.3x 26.7x The Advisory Board Company * United States 53.28 -19% 2,247.6 2,159.9 581.6 49.9 8.6% 0.0% 3.7x 43.3x UBM plc United Kingdom 7.86 -23% 3,476.0 4,335.6 1,163.1 276.5 23.8% -6.0% 3.7x 15.7x Wolters Kluwer NV Netherlands 32.66 -4% 9,638.6 11,689.5 4,430.2 1,087.0 24.5% 2.7% 2.6x 10.8x

Adjusted Weighted Average 4.0x 14.4x

(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 (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.9x)

32 | M&A and Investment Summary March 2015 Business Services

Blue

0 79 133

122 . Corporate Training was the most active subsegment with seven deals announce while Logistics was the highest reported value 141 181 subsegment with five deals worth $88 million

178 186 213 . Select acquisitions:

211 216 • XPO Logistics’ $59 million acquisition of last-mile logistics services provider UX Specialized Logistics from Seacoast Capital 233

234 • Box’s acquisition of IT employee productivity firm Subspace 235 245 . Select Investments: Orange

241 184 • System and security management company Tanium’s $52 million investment from Andreessen Horowitz at a valuation of $900 0 million 245 232 184

Grey BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Corporate Training 7 26% $20.2 10% 3 - 0 - 4 $20.2 203 Financial Consulting 6 22% 30.8 16% 2 - 1 - 3 30.8 221 221 Logistics 5 19% 87.5 45% 3 59.0 0 - 2 28.5 221 IT Consulting/Systems Integration 4 15% 52.0 27% 3 - 0 - 1 52.0 BPO 2 7% - 0% 2 - 0 - 0 - Contact Center 1 4% - 0% 1 - 0 - 0 - Healthcare Consulting 1 4% - 0% 1 - 0 - 0 - Staffing 1 4% 2.0 1% 0 - 0 - 1 2.0 Printing Services 0 0% - 0% 0 - 0 - 0 - Total 27 100% 192.5 100% 15 59.0 1 0.0 11 133.5

33 | M&A and Investment Summary March 2015 Business Services Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Consulting 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

178 CRA International Inc. United States 31.12 -4% 286.5 239.9 306.4 30.5 9.9% 10.0% 0.8x 7.9x 186 FTI Consulting, Inc. United States 37.46 -12% 1,549.8 1,977.1 1,756.2 206.0 11.7% 6.3% 1.1x 9.6x 213 Information Services Group, Inc. United States 3.99 -26% 148.0 174.5 209.6 20.5 9.8% -0.6% 0.8x 8.5x Navigant Consulting Inc. United States 12.96 -32% 623.2 730.3 766.6 116.7 15.2% 4.4% 1.0x 6.3x 211 216 ICF International Inc. United States 40.85 -7% 794.0 1,131.9 1,050.1 96.0 9.1% 10.6% 1.1x 11.8x 233 Huron Consulting Group Inc. United States 66.15 -16% 1,392.9 1,493.3 811.3 154.9 19.1% 12.6% 1.8x 9.6x The Hackett Group, Inc. United States 8.94 -5% 266.8 270.5 213.5 22.2 10.4% 6.6% 1.3x 12.2x 234 Towers Watson & Co. * United States 132.19 -2% 9,244.5 8,853.8 3,619.8 690.6 19.1% 5.6% 2.4x 12.8x 235 245 Adjusted Weighted Average 2.1x 9.6x

Orange *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 (12.4x)

241 HR Services 184 0 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 245 Automatic Data Processing, Inc. United States 85.64 -5% 40,692.0 38,749.6 12,585.9 2,653.3 21.1% 16.9% 3.1x 14.6x 232 Barrett Business Services Inc. United States 42.84 -32% 305.8 309.3 636.2 (43.4) 184 NM 19.4% 0.5x NM Capita plc United Kingdom 16.58 -10% 10,968.1 13,646.1 6,823.2 970.5 14.2% 12.4% 2.0x 14.1x Dice Holdings, Inc. United States 8.92 -22% 487.8 571.5 262.6 74.0 28.2% 23.0% 2.2x 7.7x Grey Edenred SA France 24.94 -16% 5,651.9 5,974.2 1,159.6 369.2 31.8% 0.8% 5.2x 16.2x 138 Insperity, Inc. United States 52.29 -6% 1,325.0 1,019.9 2,357.8 68.4 2.9% 4.5% 0.4x 14.9x 138 LinkedIn Corporation * United States 249.86 -10% 31,261.9 28,905.6 2,218.8 232.4 10.5% 45.2% 13.0x 124.4x 138 Marsh & McLennan Companies, Inc. United States 56.09 -5% 30,199.3 31,707.3 12,951.0 2,689.0 20.8% 5.6% 2.4x 11.8x Monster Worldwide, Inc. United States 6.34 -17% 575.8 747.1 770.0 68.7 8.9% -4.7% 1.0x 10.9x 203 203 Paychex, Inc. United States 49.62 -4% 18,021.6 17,400.8 2,686.4 1,137.7 42.4% 9.0% 6.5x 15.3x 203 Professional Diversity Network LLC United States 4.85 -16% 62.7 57.8 11.6 (5.1) NM 188.6% 5.0x NM Towers Watson & Co. United States 132.19 -2% 9,244.5 8,853.8 3,619.8 690.6 19.1% 5.6% 2.4x 12.8x 221 TriNet Group, Inc. United States 35.23 -7% 2,489.8 2,900.6 2,193.5 166.9 7.6% 33.4% 1.3x 17.4x 221 221 WageWorks, Inc. United States 53.33 -19% 1,898.5 1,564.4 267.8 43.0 16.1% 22.1% 5.8x 36.3x

Adjusted Weighted Average 3.3x 14.3x

*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 (56.9x)

34 | M&A and Investment Summary March 2015 Business Services Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 IT Consulting/Systems Integration 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 93.69 -1% $ 58,673.8 $ 55,195.8 $ 30,902.0 $ 4,893.3 178 15.8% 7.4% 1.8x 11.3x 186 Amdocs Limited Channel Islands 54.40 -1% 8,451.6 7,183.0 3,605.9 683.2 18.9% 6.6% 2.0x 10.5x 213 Bechtle AG Germany 71.50 -14% 1,501.6 1,427.7 3,123.5 156.2 5.0% 13.5% 0.5x 9.1x Booz Allen Hamilton Holding Corporation United States 28.94 -8% 4,280.5 5,719.0 5,331.7 520.7 9.8% -5.2% 1.1x 11.0x 211 Broadridge Financial Solutions, Inc. United States 55.01 0% 6,648.7 6,858.8 2,622.6 522.4 19.9% 4.6% 2.6x 13.1x 216 233 Business & Decision SA France 6.43 -4% 50.7 82.6 271.3 13.9 5.1% -5.0% 0.3x 6.0x Cap Gemini S.A. France 82.04 -4% 13,024.1 11,843.5 12,797.9 1,312.1 10.3% 4.8% 0.9x 9.0x 234 CGI Group, Inc. Canada 42.43 -7% 13,275.8 14,827.4 8,977.2 1,481.7 16.5% 2.0% 1.7x 10.0x 235 245 Cognizant Technology Solutions Corporation United States 62.39 -4% 38,034.0 35,896.8 10,262.7 2,092.9 20.4% 16.1% 3.5x 17.2x Computer Sciences Corporation United States 65.28 -11% 9,207.5 9,563.5 12,593.0 1,319.0 10.5% -4.4% 0.8x 7.3x CSG Systems International Inc. United States 30.39 -2% 1,031.6 1,085.6 751.3 118.0 15.7% 0.5% 1.4x 9.2x Orange Digi International Inc. * United States 9.98 -7% 243.1 165.4 194.1 4.7 2.4% -0.8% 0.9x 35.2x 241 Globant S.A. * Luxembourg 21.06 -6% 714.1 653.2 199.6 28.7 14.4% 26.1% 3.3x 22.8x 184 International Business Machines Corporation United States 160.50 -19% 158,642.1 191,111.1 92,793.0 24,372.0 26.3% -5.7% 2.1x 7.8x 0 Infosys Ltd. India 35.46 -6% 40,520.5 35,142.0 8,644.0 2,489.0 28.8% 6.8% 4.1x 14.1x ITS Group France 8.23 -15% 62.5 73.3 220.6 13.3 6.0% 78.7% 0.3x 5.5x 245 232 NCI, Inc. United States 10.33 -21% 134.4 108.5 317.0 20.3 6.4% -4.6% 0.3x 5.3x 184 NTT Data Corporation Japan 43.59 -2% 12,226.1 14,407.5 12,255.9 1,852.4 15.1% 10.2% 1.2x 7.8x Perficient Inc. United States 20.69 -1% 729.0 772.1 439.4 59.1 13.5% 23.2% 1.8x 13.1x Grey Tata Consultancy Services Limited * India 40.74 -11% 79,804.5 77,531.5 14,550.3 4,253.6 29.2% 19.9% 5.3x 18.2x Wipro Ltd. India 10.04 -8% 24,646.0 22,066.5 7,350.3 1,668.4 22.7% 12.7% 3.0x 13.2x 138 138 Adjusted Weighted Average 2.3x 11.8x 138

203 *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 (19.1x) 203 203 ($ in Millions, except stock price data) Outsourced Services 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States $5.15 -27% $ 41.5 $ 44.9 $ 79.4 $ 2.7 3.4% 4.3% 0.6x 16.6x Cenveo Inc. United States 2.14 -44% 145.0 1,364.8 1,949.0 136.3 7.0% 9.6% 0.7x 10.0x Communisis plc United Kingdom 0.79 -24% 163.7 216.9 534.6 39.5 7.4% 27.0% 0.4x 5.5x Cineplex Inc. * Canada 39.39 -3% 2,483.7 2,732.1 1,066.2 170.1 16.0% 5.4% 2.6x 16.1x Contax Participacoes S.A. Brazil 0.41 -65% 201.3 526.9 1,298.8 155.3 12.0% -4.6% 0.4x 3.4x Convergys Corporation United States 22.87 -6% 2,272.2 2,436.2 2,855.5 356.2 12.5% 39.6% 0.9x 6.8x Elanders AB Sweden 5.33 -4% 141.4 243.5 476.7 37.4 7.8% 77.9% 0.5x 6.5x Eniro AB Sweden 0.22 -97% 21.8 299.4 383.7 79.4 20.7% -16.3% 0.8x 3.8x Exlservice Holdings, Inc. * United States 37.20 -5% 1,234.5 1,097.8 499.3 62.1 12.4% 4.4% 2.2x 17.7x Firstsource Solutions Limited India 0.49 -31% 329.3 435.8 483.1 59.0 12.2% 1.5% 0.9x 7.4x Genpact Limited Bermuda 23.25 -2% 5,116.7 5,445.9 2,279.4 372.7 16.4% 6.9% 2.4x 14.6x InnerWorkings Inc. * United States 6.72 -29% 355.3 437.3 1,000.1 27.3 2.7% 12.3% 0.4x 16.0x

35 | M&A and Investment Summary March 2015 Business Services Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Outsourced Services (Contd.) 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 03/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. 51.74 -7% $ 1,699.7 $ 1,659.4 $ 489.5 $ 94.5 178 * SwitzerlandSwitzerland 19.3% 29.5% 3.4x 17.6x 186 MAXIMUS, Inc. * United States 66.76 0% 4,396.8 4,248.3 1,761.4 277.0 15.7% 21.3% 2.4x 15.3x 213 Quad/Graphics, Inc. United States 22.98 -5% 1,123.9 2,548.9 4,862.4 545.0 11.2% 1.4% 0.5x 4.7x Quintiles Transnational Holdings Inc. United States 66.97 -4% 8,357.7 9,783.7 4,165.8 720.4 17.3% 9.4% 2.3x 13.6x 211 R.R. Donnelley & Sons Company United States 19.19 -4% 3,834.4 6,965.6 11,603.4 1,105.3 216 9.5% 10.7% 0.6x 6.3x 233 Salmat Limited * Australia 0.71 -53% 112.9 104.3 388.0 6.4 1.6% 3.9% 0.3x 16.4x Serco Group plc United Kingdom 2.05 -68% 1,103.4 2,062.4 6,163.8 (960.3) NM -7.7% 0.3x NM 234 St Ives plc United Kingdom 2.51 -25% 318.2 382.1 507.4 59.0 11.6% 4.5% 0.8x 6.5x 235 245 StarTek, Inc. United States 7.53 -26% 116.1 121.4 250.1 9.6 3.9% 8.1% 0.5x 12.6x Sykes Enterprises, Incorporated United States 24.85 -1% 1,075.7 935.6 1,327.5 138.0 10.4% 5.1% 0.7x 6.8x Teleperformance S.A. France 68.55 -10% 3,916.9 4,362.7 3,338.4 428.5 12.8% 13.4% 1.3x 10.2x Orange TeleTech Holdings Inc. United States 25.45 -15% 1,229.4 1,264.4 1,241.8 156.8 12.6% 4.1% 1.0x 8.1x 241 Trans Cosmos, Inc. Japan 21.11 -4% 868.5 636.9 1,649.3 99.1 6.0% 10.8% 0.4x 6.4x 184 Transcontinental Inc. Canada 13.82 -3% 1,080.0 1,442.7 1,634.8 304.5 18.6% 0.2% 0.9x 4.7x 0 Cimpress N.V. Netherlands 84.38 -5% 2,751.1 3,078.6 1,398.2 203.5 14.6% 15.2% 2.2x 15.1x West Corporation United States 33.73 -6% 3,180.1 6,723.8 2,218.6 645.4 245 29.1% 4.6% 3.0x 10.4x 232 Xchanging PLC United Kingdom 2.02 -29% 499.0 510.5 893.8 113.3 12.7% -16.4% 0.6x 4.5x 184 Adjusted Weighted Average 1.3x 10.4x

Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.0x) 138 138 138

203 203 203

221 221 221

36 | M&A and Investment Summary March 2015 PPLLC Indices Valuation Summary Blue 0 79 133

122 Current Summary Trading Valuation Information 141 181 Revenue Multiples 178 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 186 213 Digital Media/Commerce 3.5x 1.9x 8.7x 4.4x Digital Advertising 4.0x 2.4x 9.7x 4.5x 211 216 Marketing Technology 233 4.3x 3.5x 4.5x 4.3x Agency 1.2x 1.0x 1.5x 1.5x 234 235 Marketing Services 1.4x 0.9x 3.3x 1.6x 245 Traditional Media 2.8x 2.5x 3.3x 3.2x

Orange Software 5.7x 4.6x 5.2x 4.6x

241 Information 3.9x 3.7x 4.6x 4.4x 184 0 Business Services 1.4x 0.9x 3.2x 2.3x

245 232 EBITDA Multiples 184 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

Grey Digital Media/Commerce 20.4x 16.1x 25.2x 20.7x Digital Advertising 21.7x 14.1x 23.1x 21.8x 138 138 Marketing Technology 138 42.2x 20.7x 31.4x 13.6x Agency 11.8x 9.8x 10.1x 10.0x 203 203 Marketing Services 10.7x 9.2x 14.2x 9.3x 203 Traditional Media 15.5x 11.1x 12.0x 11.5x 221 Software 29.8x 16.6x 17.4x 13.7x 221 221 Information 17.6x 14.6x 16.2x 15.1x Business Services 12.7x 11.0x 20.5x 12.9x

As of close of business on 03/31/15

*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

37 | M&A and Investment Summary March 2015 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133

122 141 Digital Media/Commerce and Traditional Media Digital Advertising 181 LTM Index Performance LTM Index Performance

178 186 170 • S&P 500 –  9.7% 170 • S&P 500 –  9.7% 213 155 155 211 • Digital Media/Commerce –  • Digital Advertising – (3.7)% 216 6.9% 233 140 140

234 125 • Traditional Media – (4.3)% 125 235 245 110 110 Orange Index Performance (%) Performance Index 95 Index Performance (%) Performance Index 95 241 184 80 80 0 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14

245 #REF! #REF! #REF! #REF! 232 184

Grey Marketing Technology Agency & Marketing Services 138 138 LTM Index Performance LTM Index Performance 138 130 • S&P 500 –  9.7% • S&P 500 –  9.7% 203 155 203 203 120 • Marketing Technology –  5.0% • Agency –  7.1% 140

221 221 110 • Marketing Services –  3.6% 221 125

100 110

90 95

Index Performance (%) Performance Index Index Performance (%) Performance Index 80 80 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14

#REF! #REF! #REF! #REF! #REF!

Note: LTM as of 3/31/2015 38 | M&A and Investment Summary March 2015 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133 Software Information & Business Services 122 LTM Index Performance LTM Index Performance 141 181 130 • S&P 500 –  9.7% 150 • S&P 500 –  9.7% 178 186 140 213 120 • Software – (1.0)% • Information –  13.6%

130 211 •  216 110 Business Services – 9.3% 233 120

234 100 235 110 245 90 Index Performance (%) Performance Index 100

Orange (%) Performance Index

241 80 90 184 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 0

#REF! #REF! #REF! #REF! #REF! 245 232 184

Grey

138 138 138

203 203 203

221 221 221

Note: LTM as of 3/31/2015 39 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Values Disclosed 186 Wood Mackenzie Ltd. Information Verisk Analytics, Inc. $ 2,789.7 213 Talpa Media B.V. Traditional Media ITV plc 1,165.1 Kofax Limited Software Lexmark International, Inc. 1,014.3 211 216 Net-A-Porter, LTD Digital Media/Commerce YOOX Group 775.0 233 Mavenir Systems, Inc. Software Mitel Networks Corporation 546.6 OverDrive, Inc. Digital Media/Commerce Rakuten, Inc. 410.0 234 Digital First Media Inc. Traditional Media Apollo Global Management, LLC 400.0 235 245 Acentia, LLC Software MAXIMUS, Inc. 300.0 Paydiant, Inc. Marketing Technology PayPal, Inc. 280.0 Orange Anjuke.com Information 58.com 267.0 Multifonds Software Temenos Group AG 260.0 241 LearnVest Software The Northwestern Mutual Life Insurance Company 250.0 184 0 Quandoo GmbH Marketing Technology Recruit Holdings Co., Ltd. 238.0 Endicia, Inc. Digital Media/Commerce Stamps.com, Inc. 215.0 245 OnCue Digital Advertising Verizon Communications, Inc. 200.0 232 eXelate Media Ltd Marketing Technology Nielsen Holdings B.V. 200.0 184 Serendipity Infolabs Pvt. Ltd. Digital Advertising Ola 200.0 Yieldex, Inc. Marketing Technology AppNexus, Inc. 100.0 Grey TicketCamp Digital Media/Commerce Mixi, Inc. 96.0 HealthLine Systems Software HealthStream, Inc. 88.0 138 138 Periscopeapp.tv Digital Advertising Twitter, Inc. 75.0 138 CyActive Security Software PayPal, Inc. 60.0 UX Specialized Logistics Business Services XPO Logistics, Inc. 59.0 203 MobPartner Digital Advertising Cheetah Mobile, Inc. 58.0 203 203 Emerging Threats Pro, LLC Software Proofpoint, Inc. 40.0 Solstice Mobile Agency & Marketing Services St. Ives, PLC 36.0 221 Cambridge BioMarketing Group, LLC Agency & Marketing Services Everyday Health, Inc. 33.0 221 ecVision Inc. Marketing Technology Amber Road, Inc. 33.0 221 RackForce Networks, Inc. Software TeraGo, Inc. 33.0 Multiplay Digital Media/Commerce GAME Digital plc 30.5 CDRator A/S Software Enghouse Systems Limited 23.0 Sterkly Digital Advertising Revizer Technologies Ltd. 20.0 Aia Holding BV Marketing Technology Kofax Limited 19.5 Appfluent Technology, Inc. Marketing Technology Attunity Ltd. 18.0 KMVT-TV Traditional Media Gray Television, Inc. 17.5 Fab, Inc. Digital Media/Commerce PCH International 15.0 b-pack Software Selectica, Inc. 13.0 Alation, Inc. Software Costanoa Venture Capital 9.0

40 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Values Disclosed 186 ActivateClients Ltd. Software First Derivatives plc 7.1 213 Culture Amp Pty Ltd. Marketing Technology Felicis Ventures 6.3 Independa, Inc. Software City Hill Ventures, LLC 6.0 211 216 SwellPath, Inc. Marketing Technology 6D Technologies, Inc. 5.6 233 Salesfusion, Inc. Marketing Technology Noro-Moseley Partners 5.0 AdMonsters LLC Traditional Media Access Intelligence, Inc. 3.5 234 Exchange Monitor Traditional Media Access Industries 2.1 235 245 Plum Software Ltd. Software Praemium Limited 1.5

Orange

241 184 0

245 232 184

Grey

138 138 138

203 203 203

221 221 221

41 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Data Associates, Inc. Agency & Marketing Services SmartSource LLC $ - Trafficado LLC Agency & Marketing Services Adduco Media LLC -

211 Jingle Punks Music Agency & Marketing Services Ole Media Management L.P. - 216 ThirtyThree LLP Agency & Marketing Services Capita Resourcing Ltd. - 233 Advice Interactive Group Agency & Marketing Services UBL Interactive, Inc. - 3Q Digital Agency & Marketing Services Harte-Hanks, Inc. - 234 235 Mediacurrent LLC Agency & Marketing Services Code and Theory - 245 Ottoboni Group AB Agency & Marketing Services Nordic Morning Plc - Threshold Interactive Agency & Marketing Services Zealot Networks, Inc. - Orange Shable & Associates Agency & Marketing Services BrandExtract LLC - Agency Coulter Agency & Marketing Services MCI Group - 241 Search Maven Media LLC Agency & Marketing Services Matter Communications, Inc. - 184 0 6 In Motion Agency & Marketing Services ADSP - Piston Agency Agency & Marketing Services LEWIS PR - 245 Union Digital Limited Agency & Marketing Services STW Communications Group Limited - 232 K Fernandez Marketing Agency & Marketing Services Sensis Agency - 184 Group DCA LLC Agency & Marketing Services Haymarket Media Group - USPack Logistics Business Services NewSpring Capital - Grey MediaBeacon, Inc. Business Services Esko-Graphics bvba - 138 100Marks Business Services Embibe.com - 138 Online Marketing Institute Business Services popexpert, Inc. - 138 Paradigm Consulting Group, Inc. Business Services Smart Employee Benefits, Inc. - The Sleeter Group, Inc. Business Services Diversified Communications - 203 203 Alliance iCommunications, Inc. Business Services Allied Global Holdings, Inc. - 203 Kassa Insurance Services, Inc. Business Services Alliant Insurance Services, Inc. - ExtraTeam, Inc. Business Services Strategic Products and Services LLC - 221 AXIT AG Business Services Siemens Logistics - 221 221 Offsite Technology Solutions Business Services Vology, Inc. - Subspace, Inc. Business Services Box, Inc. - immixGroup, Inc. Business Services Arrow Electronics, Inc. - Pivot Leadership, Inc. Business Services Korn/Ferry International - ActionX Digital Advertising Xaxis, LLC - DoublePositive Marketing Group, Inc. Digital Advertising Output Services Group, Inc. - Tetherball LLC Digital Advertising Waterfall International, Inc. - Rekindle, Inc. Digital Advertising Hubspot, Inc. - edocr.com Digital Advertising Accusoft Corporation - MarketMeSuite Digital Advertising LocalVox Media, Inc. - Spickify Pte Ltd. Digital Advertising Helpling GmbH - TheFind, Inc. Digital Advertising Facebook - PriceBurp Media Pvt. Ltd. Digital Advertising YouTellMe Media Private Limited - AdiQuity Technologies Pvt. Ltd. Digital Advertising Flipkart.com - CatapultWorks Digital Advertising R2integrated - 42 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Ad4kids Digital Advertising SuperAwesome Limited $ - 213 TrialPay, Inc. Digital Advertising Visa, Inc. - BBN Solutions Digital Advertising Madison Logic - 211 216 Idle Gaming, Inc. Digital Media/Commerce Game Show Network - 233 Roadio Ltd. Digital Media/Commerce a2om international limited - Topdental Ltd. Digital Media/Commerce Lifco AB - 234 Oooferton Digital Media/Commerce Pixmania SA - 235 245 ToileF1.com Digital Media/Commerce Motorsport.com, Inc. - Booze Carriage LLC Digital Media/Commerce Minibar Delivery - Orange Northern Tickets Digital Media/Commerce Ticketfly, Inc. - Brownstoner Digital Media/Commerce BlankSlate - 241 CentrosHealth Digital Media/Commerce Clinical Ink, Inc. - 184 0 EveryCarListed.com, Inc. Digital Media/Commerce EveryCarListed.com, Inc. - Reissued Limited Digital Media/Commerce Lookback AB - 245 Subbable LLC Digital Media/Commerce Patreon, Inc. - 232 Camerama, Inc. Digital Media/Commerce Forbes, Inc. - 184 Lasso Media, Inc. Digital Media/Commerce Photobucket, Inc. - BetterRecipes.com Digital Media/Commerce June Media, Inc. - Grey Vauntz Software India Private Limited Digital Media/Commerce Newshunt -

138 Favoor.com Digital Media/Commerce start.me - 138 DoNanza Digital Media/Commerce Freelancer.com - 138 Vuclip Digital Media/Commerce PCCW Media Limited - Kirondo GmbH Digital Media/Commerce Percentil - 203 203 KidNotice Digital Media/Commerce MamaBear - 203 FlashNotes, Inc. Digital Media/Commerce Barnes & Noble, Inc. - Mosaic Media Ventures Pvt. Ltd. Digital Media/Commerce News Corporation, Inc. - 221 Stitch Digital Media/Commerce SugarCRM, Inc. - 221 221 Fat Brain Toys, LLC Digital Media/Commerce Winona Capital Management LLC - FitStar Labs, Inc. Digital Media/Commerce Fitbit, Inc. - Total Beauty Media, Inc. Digital Media/Commerce Evolve Media, LLC - Channel LLC Digital Media/Commerce Auction.com - Download-Free-Games.com Digital Media/Commerce iWin, Inc. - Consumr Digital Media/Commerce Purch - Dr Foster Information Telstra Health - Decell Technologies Ltd. Information AirSage, Inc. - HealthUnity Corporation Information ZeOmega, Inc. - Medesync Information TELUS Health Solutions - Equilibrium Clasificadora de Riesgo S.A. Information Moody's Corporation - Mindprint, Inc. Information 8K Miles Software Services Ltd. - deCarta, Inc. Information Uber, Inc. - Via Media Health Information Ebix, Inc. - VinTank Marketing Technology W2O Group - 43 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 ReTargeter, LLC Marketing Technology Sellpoints, Inc. $ - 213 Crunch Commerce, Inc. Marketing Technology Super Jobs Pvt. Ltd. - Unified OS Ltd. Marketing Technology Inventus, LLC - 211 216 Viralheat, Inc. Marketing Technology Cision, Inc. - 233 Triggit Media Marketing Technology Gravity4, Inc. - Deep Forest Media Marketing Technology Rakuten, Inc. - 234 235 Digital Voice Systems, Inc. Marketing Technology Avtex Solutions LLC - 245 SurfEasy, Inc. Marketing Technology Opera Software ASA - Redkite LLC Marketing Technology LiquidHub, Inc. - Orange Revcaster LLC Marketing Technology The Rainmaker Group Holdings, Inc. - One Call Now Marketing Technology cNotify - 241 Aereo, Inc. Marketing Technology TiVo, Inc. - 184 0 WOBI Marketing Technology LIV Capital - Field Agent, LLC Marketing Technology Five Elms Capital - 245 Found by Elastic Marketing Technology Elasticsearch - 232 Versa Media, Inc. Marketing Technology Change.org, Inc. - 184 Roundbox, Inc. Marketing Technology QuickPlay Media, Inc. - AlchemyAPI, Inc. Marketing Technology International Business Machines Corporation - Grey Integral Ad Science, Inc. Marketing Technology Veenome -

138 SPLYT Marketing Technology Knetik, Inc. - 138 Direxxis, Inc. Marketing Technology Broadridge Financial Solutions, Inc. - 138 OrgSync, Inc. Marketing Technology iModules Software, Inc. - Activate Networks, Inc. Marketing Technology DecisionPoint Systems, Inc. - 203 203 Exagroup SAS Marketing Technology Cimpress N.V. - 203 ProClose Software ComplianceEase, Inc. - Admincontrol AS Software Herkules Capital AS - 221 Realex Payments Software Global Payments, Inc. - 221 221 Quantum Secure, Inc. Software ASSA ABLOY - Magellan LLC Software Ubiquity Broadcasting Corporation - FoundationDB Software Apple Inc. - Outbound Software LLC Software Jonas Software, Inc. - Windmill Software, Inc. Software Dude Solutions, Inc. - Playbook HR Software Intuit, Inc. - SugarSync, Inc. Software j2 Global Communications, Inc. - ClearBenefits Software PlanSource Holdings, Inc. - Ponte Technologies LLC Software KEYW Holding Corporation - Revenue Advantage Software Revspring - Urban Mapping, Inc. Software Maponics LLC - Sidus Biodata Software BYTEGRID - Careerify Corporation Software LinkedIn Corporation - 2lemetry, Inc. Software Amazon.com, Inc. - Indura Software, Inc. Software Procura - 44 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Sidengo LLC Software OwnLocal, Inc. $ - 213 Kitematic, Inc. Software Docker, Inc. - EADOC LLC Software Bentley Systems, Inc. - 211 216 BGPmon Network Solutions, Inc. Software OpenDNS - 233 Algorithmic Research Ltd. Software DocuSign, Inc. - PeopleFacts Software Sackett National Holdings, Inc. - 234 Server Intellect, Inc. Software SingleHop, LLC - 235 245 RareWire LLC Software Data Systems International, Inc. - DoctorBase, Inc. Software Kareo, Inc. - Orange MediaMed Technologies Software Logibec Groupe Informatique Ltee - SocketPlane, Inc. Software Docker, Inc. - 241 HotSpot Tax, Inc. Software Avalara, Inc. - 184 0 Second Decimal LLC Software Ryan, LLC - SLI Global Solutions Software Gaming Laboratories International LLC - 245 PHT Corporation

PHT Corporation Software ERT - 232 IMR Limited Software KeyMark, Inc. - 184 Highlands Digital Media, Inc. Traditional Media Bell Media - Northeral Traditional Media Easyfairs Northeral - Grey Human Movement Management Traditional Media Powdr Corporation - Screen Traditional Media Star India Private Limited - 138 138 Amputation Prevention Symposium Traditional Media HMP Communications LLC - 138 Columbia FunMap, Inc. Traditional Media Multimedia Platforms, Inc. - Healthcare Design Conference and Expo Traditional Media Emerald Expositions, Inc. - 203 Inception Media Grouip LLC Traditional Media Cameron Thomson Group Ltd. - 203 203

221 221 221

45 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Buyout Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 Buyout Deals

178 Values Disclosed 186 Blue Coat Systems, Inc. Security Software Bain Capital, LLC $ 2,400.0 213 ChyronHego Corporation Content Management Vector Capital Corporation 120.0

211 216 233 Target Target Segment Buyer/Investor Reported TV Buyout Deals 234 Undisclosed 235 245 Sandbox Group LLC Agency & Marketing Services Bertram Capital Management, LLC $ - Mercer Advisors, Inc. Business Services Genstar Capital, LP - Triton Digital Media, LLC Digital Advertising Vector Capital Corporation - Orange Sound Marketing Concepts Digital Advertising The Riverside Company - 241 e-MDs, Inc. Information Marlin Equity Partners - 184 Definitive Healthcare, LLC Information Spectrum Equity Investors, LP - 0 Enterworks, Inc. Marketing Technology Black Dragon Capital -

245 Research Now Limited Marketing Technology Court Square Capital Partners - 232 OneKreate Marketing Technology Bertram Capital Management, LLC - 184 Mrops, Inc. Marketing Technology HGGC, LLC - HomecareCRM Marketing Technology Marlin Equity Partners - Grey Agility Recovery Software LLR Partners, Inc. - CJ Fallon Limited Traditional Media Levine Leichtman Capital Partners - 138 138 AllOver Media, Inc. Traditional Media Audax Group - 138 CloserStill Media Traditional Media Inflexion Private Equity LLP -

203 203 203

221 221 221

46 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Lyft, Inc. Digital Media/Commerce Rakuten, Inc. $ 530.0 213 Pinterest, Inc. Digital Media/Commerce Bessemer Venture Partners 367.0 The Orchard Traditional Media Sony Corporation 200.0 211 216 Streetshares, Inc. Digital Media/Commerce Direct Lending Investments LLC 200.0 233 SimpliVity Corporation Software Accel Partners 175.0 Youxinpai (Beijing) Information Technology Digital Media/Commerce Baidu, Inc. 170.0 234 235 Slack Technologies, Inc. Marketing Technology DST Global 160.0 245 Quikr India Private Limited Digital Media/Commerce Tiger Global Management, LLC 150.0 Dataminr, Inc. Marketing Technology FMR LLC 130.0 Orange Zuora, Inc. Marketing Technology Wellington Management Company 115.0 FinancialForce.com Software Technology Crossover Ventures 110.0 241 Nextdoor, Inc. Digital Media/Commerce Redpoint Ventures 110.0 184 0 Cheyipai Digital Media/Commerce Sequoia Capital 110.0 Hungama Digital Media Entertainment Pvt. Ltd. Traditional Media Bessemer Venture Partners 100.0 245 Lamabang Digital Media/Commerce Matrix Partners 100.0 232 Farfetch.com Limited Digital Media/Commerce Vitruvian Partners LLP 86.0 184 Cyanogen, Inc. Marketing Technology Andreessen Horowitz 80.0 Glispa GmbH Digital Advertising Market Tech Holdings Limited 77.0 Grey LendingHome Corporation Software Renren, Inc. 70.0

138 Health Catalyst, LLC Software Sequoia Capital 70.0 138 Ice Mobility Software Wells Fargo Capital Finance, Inc. 65.0 138 Birst, Inc. Marketing Technology Wellington Management Company 65.0 Yuantiku Digital Media/Commerce CMC Capital Partners HK 60.0 203 203 Yapstone, Inc. Software Bregal Sagemount 60.0 203 InsideSales.com Marketing Technology Salesforce Ventures 60.0 Quixey, Inc. Marketing Technology Alibaba Group Holding Ltd. 60.0 221 QuickPlay Media, Inc. Digital Advertising Madison Dearborn Partners, Inc. 57.0 221 221 Ayasdi, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 55.0 Tanium, Inc. Business Services Andreessen Horowitz 52.0 SmartDrive Systems, Inc. Software New Enterprise Associates 50.0 Helpling GmbH Digital Advertising Rocket Internet GmbH 47.0 Sprinklr Marketing Technology Intel Capital 46.0 Auctionata Digital Media/Commerce MCI Management S.A. 45.0 Blippar Digital Advertising (Private Investors) 45.0 Fundbox Ltd. Software General Catalyst Partners LLC 40.0 Quid, Inc. Marketing Technology Liberty Interactive Group 39.0 WorldStores Digital Media/Commerce The Goldman Sachs Group, Inc. 38.5 CollectiveHealth, Inc. Software New Enterprise Associates 38.0 Localytics, Inc. Marketing Technology Foundation Capital 35.0 DoorDash, Inc. Digital Media/Commerce Kleiner Perkins Caufield & Byers 35.0 Booker Software, Inc. Marketing Technology Medina Capital Partners Inc. 35.0 SpareFoot, Inc. Digital Media/Commerce Insight Venture Partners 33.0 47 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Rsam Information JMI Equity $ 32.0 213 Highfive Technologies, Inc. Software Lightspeed Venture Partners 32.0 LimeRoad.com Digital Media/Commerce Tiger Global Management, LLC 30.0 211 216 Realm Digital Media/Commerce Khosla Ventures 30.0 233 FiftyThree, Inc. Marketing Technology New Enterprise Associates 30.0 Looker Marketing Technology Meritech Capital Partners 30.0 234 235 Elastica, Inc. Software Third Point Ventures 30.0 245 Onshape, Inc. Software New Enterprise Associates 30.0 GreenRoad Technology Ltd. Business Services Amadeus Capital Partners Limited 26.0 Orange Artsy, Inc. Digital Media/Commerce Catterton Partners 25.0 BetterCloud Software Accel Partners 25.0 241 OYO Rooms Digital Media/Commerce Lightspeed Venture Partners 25.0 184 0 Rover.com Digital Advertising Technology Crossover Ventures 25.0 Nanigans, Inc. Marketing Technology Cheetah Mobile, Inc. 24.0 245 NetBase Solutions, Inc. Marketing Technology Spring Lake Equity Partners 24.0 232 Spredfast, Inc. Marketing Technology Silver Lake Partners 24.0 184 WP Engine, LLC Marketing Technology North Bridge Growth Equity 23.0 Swan Global Investments Business Services FTV Capital 23.0 Grey RockYou Digital Media/Commerce Columbia Capital Corporation 23.0

138 Steelwedge Software, Inc. Marketing Technology Mainsail Partners 22.5 138 Maple Digital Media/Commerce Thrive Capital 22.0 138 HoneyBook, Inc. Information Norwest Venture Partners 22.0 CafeX Communications, Inc. Software Intel Capital 21.0 203 203 Lendio, Inc. Digital Media/Commerce Napier Park Global Capital 20.5 203 Beequick Digital Media/Commerce Hillhouse Capital Management 20.0 Jama Software, Inc. Software Updata Partners 20.0 221 InAuth, Inc. Software Bain Capital Ventures 20.0 221 221 Lookingglass Cyber Solutions Software Neuberger Berman LLC 20.0 Modernizing Medicine Software International Business Machines Corporation 20.0 SignalFx, Inc. Software Andreessen Horowitz 20.0 Swiftype Inc. Marketing Technology New Enterprise Associates 20.0 Seven Lakes Technologies Software Carrick Capital Partners, LLC 20.0 OUTFITTERY GmbH Digital Media/Commerce Northzone Ventures 20.0 Cadre, Inc. Software General Catalyst Partners LLC 18.3 Darktrace Limited Software Talis Equity LLC 18.0 Memebox Corporation Digital Media/Commerce AME Cloud Ventures 17.5 ProtectWise, Inc. Software Crosslink Capital 17.0 Glooko, Inc. Digital Media/Commerce Canaan Partners 16.5 Augure SA Marketing Technology Serena Capital 16.0 Falcon Social Marketing Technology Prime Ventures 16.0 PlayBuzz Ltd. Digital Media/Commerce 83North 16.0 Apps Daily Solutions Pvt. Ltd. Marketing Technology Kalaari Capital 15.0 48 | M&A and Investment Summary March 2015 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 ($ in Millions) Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy

Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5 Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Spruce Digital Media/Commerce Kleiner Perkins Caufield & Byers $ 15.0 213 Handy, Inc. Digital Advertising TPG Growth 15.0 Moonfrog Labs Pvt. Ltd. Digital Media/Commerce Tiger Global Management, LLC 15.0 211 216 ToutApp, Inc. Marketing Technology Andreessen Horowitz 15.0 233 Tempered Networks, Inc. Software Ignition Partners LLC 15.0 Vserv Digital Services Pvt. Ltd. Digital Advertising IDG Ventures USA 15.0 234 235 Raptr, Inc. Digital Media/Commerce Accel Partners 14.0 245 Blue Pillar, Inc. Software Allos Ventures, LLC 14.0 CoverHound, Inc. Digital Advertising RRE Ventures LLC 14.0 Orange First Insight, Inc. Marketing Technology Updata Partners 14.0 Greenhouse Software, Inc. Software Benchmark Capital 13.6 241 PhishMe, Inc. Software Paladin Capital 13.0 184 0 NeighborFavor, Inc. Digital Media/Commerce S3 Ventures 13.0 GlassesUSA.com Digital Media/Commerce Viola Private Equity 12.5 245 Hedvig, Inc. Software True Ventures 12.5 232 SecurityScorecard, Inc. Software Sequoia Capital 12.5 184 Remitly, Inc. Software DN Capital 12.5 Advanced Practice Strategies Business Services River Cities Capital Fund 12.0 Grey HONK Digital Media/Commerce Altpoint Capital 12.0

138 FusionOps, Inc. Software New Enterprise Associates 12.0 138 ezCater, Inc. Digital Advertising Insight Venture Partners 12.0 138 Meerkat Digital Media/Commerce Greylock Partners 12.0 Vidder, Inc. Software Presidio Ventures, Inc. 12.0 203 203 Linkable Networks, Inc. Digital Advertising (Private Investors) 11.7 203 Visual.ly Digital Media/Commerce Crosslink Capital 11.4 Namely, Inc. Marketing Technology Matrix Partners 11.0 221 Lotame Solutions, Inc. Marketing Technology (Private Investors) 10.7 221 221 Amplience Ltd Digital Advertising Octopus Investments Limited 10.5 Pager, Inc. Digital Media/Commerce Lux Capital 10.4 SmartNews, Inc. Digital Media/Commerce GREE, Inc. 10.0 Innovid, Inc. Digital Advertising Cisco Investments 10.0 ChowNow, Inc. Digital Media/Commerce Upfront Ventures 10.0 FullContact, Inc. Marketing Technology Foundry Group 10.0 Improbable Worlds Ltd. Software Andreessen Horowitz 10.0 Rubrik, Inc. Software Lightspeed Venture Partners 10.0 uuzuche.com Digital Media/Commerce Bitauto Holdings Limited 10.0 Interset, Inc. Digital Media/Commerce Toba Capital 10.0 Reltio, Inc. Software .406 Ventures, LLC 10.0 Grofers Digital Media/Commerce Sequoia Capital 10.0 E8 Security Software March Capital Partners 9.8 Reevoo Digital Media/Commerce MMC Ventures, LLC 9.6 Twin Prime System Marketing Technology True Ventures 9.5 49 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Keywee, Inc. Marketing Technology Innovation Endeavors LLC $ 9.1 213 Unilend Digital Media/Commerce 360 Capital Partners 8.6 Retty, Inc. Digital Advertising Fidelity Growth Partners 8.2 211 216 Mojio, Inc. Digital Media/Commerce Relay Ventures 8.0 233 Skycure Software Shasta Ventures 8.0 Prevoty, Inc. Software U.S. Venture Partners 8.0 234 235 simplesurance GmbH Software Rheingau Founders GmbH 8.0 245 Ensogo Limited Digital Media/Commerce Ward Ferry Management 7.6 ProsperWorks Marketing Technology True Ventures 7.5 Orange Tachyon Nexus, Inc. Software Andreessen Horowitz 7.5 Splash Marketing Technology Spark Capital 7.5 241 SocialWellth, Inc. Digital Advertising (Private Investors) 7.5 184 0 LoveCrafts Collective Ltd. Digital Media/Commerce Balderton Capital 7.5 StarMaker Interactive Digital Media/Commerce Crosscut Ventures 6.5 245 Dream Payments Corporation Marketing Technology Real Ventures 6.0 232 Teabox Digital Media/Commerce Dragoneer Investment Group 6.0 184 Vespr, Inc. Digital Media/Commerce Shasta Ventures 6.0 Furlenco Digital Media/Commerce Lightbox Ventures 6.0 Grey Help Scout Marketing Technology CommonAngels Ventures 6.0

138 Bugcrowd, Inc. Software Costanoa Venture Capital 6.0 138 BookKeeping Express Intranet Business Services Paulson Investment Company LLC 5.8 138 Property Partner Digital Advertising Index Ventures 5.7 Spotcap Software Kreos Capital 5.5 203 203 YouMail, Inc. Digital Advertising (Private Investors) 5.5 203 Modanisa Digital Media/Commerce Aslanoba Capital 5.5 Musement S.r.l. Digital Advertising 360 Capital Partners 5.4 221 ReadyPulse Marketing Technology Walden Venture Capital 5.0 221 221 Roposo.com Digital Media/Commerce Tiger Global Management, LLC 5.0 Viscovery Pte. Ltd. Marketing Technology (Private Investors) 5.0 Drivestream, Inc. Software Wipro Limited 5.0 Oktogo.ru Digital Media/Commerce MCI Management S.A. 5.0 Peatix, Inc. Digital Media/Commerce Digital Garage, Inc. 5.0 Joinem LLC Marketing Technology (Private Investors) 5.0 Accomplice Marketing Technology WME l IMG 5.0 CloudMine, Inc. Software Safeguard Scientifics, Inc. 5.0 Workable Software Limited Software 83North 5.0 Bondora Digital Media/Commerce Valinor Management LLC 5.0 HealthMyne, Inc. Information 4490 Ventures 4.5 MediaCore, Inc. Digital Advertising Vanedge Capital 4.5 Agilence, Inc. Information Laurel Capital 4.3 Logikcull.com Software Storm Ventures LLC 4.0 Security Innovation, Inc. Software Brook Venture Partners 4.0 50 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Vicampo GmbH Digital Media/Commerce Passion Capital $ 4.0 213 PeachWorks Marketing Technology Allos Ventures, LLC 4.0 Healthentic, Inc. Information Corvesta, Inc. 3.8 211 216 StarStreet, Inc. Digital Media/Commerce Upfront Ventures 3.5 233 Cortexica Vision Systems Limited Digital Advertising Imperial Innovations 3.5 Options Away, LLC Digital Advertising Thayer Ventures 3.5 234 235 Sqore Business Services Northzone Ventures 3.5 245 Growth Intelligence Digital Advertising 83North 3.4 Memorado GmbH Digital Media/Commerce Creathor Venture Management GmbH 3.3 Orange ThinkCERCA Business Services Great Oaks Venture Capital 3.2 Man Crates Digital Media/Commerce Corazon Capital 3.1 241 GoFormz Marketing Technology FLOODGATE Fund LP 3.0 184 0 Honest Dollar, Inc. Digital Media/Commerce Expansive Ventures 3.0 Airtable Software Freestyle Capital 3.0 245 Selling Simplified Marketing Technology Berger Associates 2.8 232 Even Financial, Inc. Software Canaan Partners 2.8 184 Smatoos, Inc. Marketing Technology Korea Investment Partners 2.7 ZipMatch Digital Media/Commerce 500 Startups 2.5 Grey Conversa Health Information (Private Investors) 2.5

138 Webgility, LLC Software SaaS Capital, Inc. 2.5 138 Codigami Technoligies Pvt. Ltd. Digital Media/Commerce Kalaari Capital 2.5 138 LeanIX GmbH Software Capnamic Ventures 2.5 Customfurnish.com Digital Media/Commerce (Private Investors) 2.5 203 203 Ninja Van Business Services Monk's Hill Ventures 2.5 203 harvest.ai Software Trinity Ventures 2.3 sprylab technologies GmbH Software (Private Investors) 2.2 221 PageCloud, Inc. Digital Media/Commerce (Private Investors) 2.2 221 221 Azalead Software SAS Marketing Technology Aurinvest 2.1 Search'XPR Agency & Marketing Services Sofimac Partners 2.1 Pressly, Inc. Marketing Technology Gibraltar Ventures 2.1 Day1 Solutions LLC Software (Private Investors) 2.0 Solebit Labs Software Glilot Capital Partners 2.0 Clue Digital Media/Commerce Groupe Arnault SAS 2.0 AchieveIT Online LLC Marketing Technology BIP Capital 2.0 Kalibrr, Inc. Business Services Y Combinator 2.0 Altocloud, Inc. Marketing Technology Delta Partners 2.0 Bento Labs, Inc. Digital Media/Commerce Google Ventures 2.0 Do Marketing Technology New Enterprise Associates 2.0 Platypi LLC Software (Private Investors) 2.0 Clearbit, Inc. Marketing Technology First Round Capital 2.0 Profile Financial Solutions Ltd. Business Services Smedvig Capital Limited 2.0 Detectify AB Software InVenture 1.7 51 | M&A and Investment Summary March 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Videoo, Inc. Digital Advertising Krillion Ventures $ 1.6 213 Zervant Oy Software Conor Venture Partners 1.6 Schoolrunner LLC Software Colorado Impact Fund 1.5 211 216 Initiafy Business Services Delta Partners 1.5 233 Trucker Path, Inc. Digital Media/Commerce Renren, Inc. 1.5 Enlight Research LLC Software Clarkston Consulting, Inc. 1.4 234 Sentisis Analytics SL Marketing Technology Axon Partners Group 1.3 235 245 etaskr Software Oxygen Ventures 1.3 Netwave Software Banexi Ventures Partners 1.3 Orange Rescour.com Marketing Technology Mosely Ventures 1.3 Thirstie Digital Media/Commerce Kiwi Venture Partners LLC 1.1 241 Surveypal, Inc. Marketing Technology Finnvera Venture Capital 1.0 184 0 Appedo, Inc. Marketing Technology (Private Investors) 1.0 Dash Hudson Marketing Technology InNOVAcorp 1.0 245 232 Target Target Segment Buyer/Investor Reported TV 184 VC/Growth Capital Undisclosed Grey Breaker, Inc. Digital Advertising Dream Incubator, Inc. $ - 138 Routofy Services Pvt. Ltd. Digital Advertising Snapdeal.com - 138 PricePanda GmbH Digital Advertising Tengelmann Ventures - 138 Shocase, Inc. Digital Advertising Social Discovery Ventures - Uber, Inc. Digital Media/Commerce Times Internet Ltd. - 203 203 tausendkind GmbH Digital Media/Commerce Capnamic Ventures - 203 VarageSale, Inc. Digital Media/Commerce Sequoia Capital - Buru Buru s.r.l. Digital Media/Commerce Club Digitale - 221 Summit Sports, Inc. Digital Media/Commerce Fuel Capital - 221 221 Carsing Digital Media/Commerce Baird Capital Partners - RedOwl Analytics Information The Blackstone Group L.P. - The Loadown, Inc. Marketing Technology Pleasant Valley Fund LLC - IdentityMind Global, Inc. Software Mozido, Inc. - Corilus SA Software AAC Capital Partners Holding BV - Liaison Technologies Software Merck Global Health Innovation LLC - Ravelin Technology Limited Software Passion Capital - SecureKey Technologies, Inc. Software Rogers Venture Partners - HR Outsourcing, Inc. Software Clarion Capital Partners, LLC -

52 | M&A and Investment Summary March 2015 Petsky Prunier Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions Blue

0 79 133 2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor 122 Deal Count Deal Count 141 181 1 Petsky Prunier 21 65 178 186 213 2 Goldman Sachs 17 50

211 216 233 3 Morgan Stanley 15 43

234 235 4 JP Morgan 14 31 245

Orange 5 Nomura Holdings 12 39

241 184 5 Ernst & Young 12 24 0

245 7 China Renaissance Partners 11 36 232 184 7 PwC 11 34 Grey

138 7 Deloitte 11 18 138 138 7 AGC Partners 11 30 203 203 203 11 GCA Savvian 10 41

221 221 221 Based on number of deals announced in 2011 – 2014 valued at $500 million or less

More than 80 total transactions across multiple sectors closed since 2011:

. Ranging from strategic sales and divestitures to private equity recaps to growth equity and late-stage venture capital financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services

53 | M&A and Investment Summary March 2015 Petsky Prunier: Maximizing Shareholder Value

Blue

0 79 133 . Founded in 1999 122 141 181 . Focused on digital advertising and marketing, eCommerce, digital media, technology, information, business services, and

178 healthcare services 186 213 . More than 40 focused professionals 211 216 . Unique combination of investment banking and consulting expertise 233

234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Sell-side and private placement close rate is unmatched at our level of deal volume Orange . Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers 241 184 0 . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

245 . International reach enhanced through our partnership with investment bank Altium, which operates from nine offices across Europe 232 184 . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer Grey

138 138 138

203 203 203

221 221 . M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and 221 . Privately-Owned Companies . eCommerce Profit 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 . Capital Raising and Private Placements . Healthcare . Custom Market Research . Publishing, Speaking, and Thought Leadership

54 | M&A and Investment Summary March 2015 International Partnership with Altium

Blue

0 79 Description Network 133

122 141 181 . Altium provides M&A and corporate finance advisory

178 services to companies, private equity firms, and 186 213 entrepreneurs

211 New York Palo Alto Frankfurt Munich 216 233 Las Vegas Chicago London Paris . European-based, mid-market financial advisory group, Boston Tampa Madrid Tel Aviv 234 235 employee-owned and truly independent Manchester Zurich 245 Milan Orange . A leading advisor for more than 25 years 241 184 0 . Founded as the corporate finance arm of private equity 245 232 investor Apax Partners 184

Grey . Operates nine international offices in Europe with additional 138 138 138 partnerships in the U.S. and Asia

203 203 203 . Completed 50+ technology transactions across 12 countries

221 in the past five years 221 221 . Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with Bangalore Beijing offices in Bangalore, Mumbai, Delhi Delhi Shanghai Mumbai . Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

55 | M&A and Investment Summary March 2015 Representative Recent Transactions

Blue

0 79 133 $74,000,000* $120,000,000

122 a leading supplier of data on healthcare has sold 141 a portfolio company of professionals and administrator of one has sold the dominant, pure-play eCommerce the leader in strategic launch solutions a global leader in quantitative data 181 a leading provider of software-based of the largest practitioner-level medical retailer of envelopes and related products for orphan and rare disease a big data marketing analytics and database collection and reporting software systems social media brand advocacy solutions has been sold to claims databases in the U.S. pharmaceutical drugs technology and solutions company has received a significant has been sold to to has been sold to 178 has been sold to investment from has been sold to has been sold to 186 to a division of 213 a portfolio company of

(NYSE EVDY) (NASDAQ: EXLS) (NASDAQ: ICLR) (NYSE: RUK) 211 216 233 *Approximate Value

234 235 $280,000,000* 245

a leading SaaS provider of social intelligence, a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading data-driven patient analytics, insights, and engagement a leading provider of marketing solutions the leader in data-driven digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing Orange identification and engagement platform in multi-channel content marketing solutions has been sold to to destinations, resorts, and other advocacy campaigns professionals on behalf of leading display, and email insurance industry that provides its members access to for the life sciences industry travel-related businesses pharmaceutical companies has sold a majority stake to has been sold to healthcare education, patient savings, has been sold to 241 has been sold to which is being combined with has been recapitalized to support future and other valuable programs has been sold to 184 growth with significant debt financing from 0 has been sold to both portfolio companies of (NYSE: OMC) (NYSE: EVDY) (NYSE: WTM) (NASDAQ: CTSH) 245 232 184 *Approximate Enterprise Value

Grey $50,000,000 138 a disruptive, rapidly 138 a leading targeted direct marketing expanding marketplace for a leading SaaS-based, cross channel insurance clicks, calls, and leads 138 the leading film and television information, company that connects new movers a leading global SaaS-based the largest independent eCommerce campaign management platform data, and related software company retailer of promotional products with local business has sold a majority stake to tag management, data management, for B2C marketers a consumer enthusiast media one of the largest independent has been sold to has merged with an affiliate of and marketing attribution provider and commerce company in-store media networks in the U.S has been sold to has been sold to 203 has been sold to has been sold to has been sold to 203 203 a division of and (NYSE: WTM) 221 221 221

a leading UK-based supplier of a premier global provider of SaaS-based healthcare software and IT services a leading provider of social software a technology company delivering highly online brand protection and one of the largest digital agencies solutions and digital marketing services targeted programmatic marketing a leading provider of transaction-based a portfolio company of domain recovery solutions a leading provider of online customer a leading developer of popular for some of the world’s largest brands, solutions using unstructured data media cost databases and software a portfolio company of has been sold to for television, radio, and digital acquisition services to the real-money and social gaming one of just thirteen Facebook Strategic has received a $16MM Series B advertising cost analysis insurance industry Preferred Marketing Developers (sPMD) investment led by has been sold to has been sold to has been sold to has been sold to has been sold to has received a $68MM minority investment from

(AIM: EMIS) (Nasdaq: RNWK) (Nasdaq: RNWK) (NYSE: RATE) (Euronext Amsterdam: WKL) (ENXTPA: PUB)

56 | M&A and Investment Summary March 2015