August 2012 Investment Summary

Marketing, Media, Technology, and Service Industries M&A & August 2012 Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 26 About Petsky Prunier 33

M&A & INVESTMENT SUMMARY AUGUST 2012 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A tot al of 239 deal s worth approxi mat el y $11.9 billion were announced in August 2012 • Digital Media/Commerce was the most active segment with 79 transactions • Digital Media/Commerce was also the highest value segment worth approximately $4.8 billion • Strategic buyers announced 105 deals for approximately $5.8 billion (44% of total volume), including four +$1 billion deals • VC/Growth Capital investors announced 130 deals for approximately $1.4 billion • Buyout investors announced four deals for approximately $4.7 billion, including The Carlyle Group’s $3.3 billion buyout of Getty Images AUGUST 2012 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 79 33% 4,757.4 40% 24 759.0 1 3,300.0 54 698.4 Marketing Technology 67 28% 875.6 7% 26 518.4 0 0.0 41 357.2 Agency/Consulting 32 13% 958.0 8% 26 786.1 1 100.0 5 71.9 Digital Advertising 24 10% 247. 8 2% 15 174. 2 0 000.0 9 73. 6 Software & Information 23 10% 3,308.7 28% 5 1,871.5 2 1,271.1 16 166.1 Marketing Services 9 4% 104.0 1% 5 100.1 0 0.0 4 3.9 Out-of-Home & Specialty Media 5 2% 1,647.6 14% 4 1,637.6 0 0.0 1 10.0 Total 239 100% 11,898.9 100% 105 5,846.9 4 4,671.1 130 1,380.9 Marketing, Media, Technology, and Service Industries M&A and Inv estment Volume - Last 13 Months 30.0 $25.1 25.0 $23.3* 20.0 $16.0 $14.6 billions) 15.0 $11.0 $11.5 $11.9 Value ($in $11.2 $10.8 $10.4 $9.9 10.0 $8.8 5.0 $4.5 275 294 259 243 222 260 280 247 255 - 284 226 231 239 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 *Hewlett-Packard acquired Autonomy for $10.3 billion

M&A & INVESTMENT SUMMARY AUGUST 2012 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions)

Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Advertising Felix Affiliate/CPA Network CityGrid Media $30.0 $30.0 NA 1.0x NA Digital Media/Commerce Getty Images, Inc . eCommerc e The Carlyle Group 3,300.0 945.0 - 3.5x NA Bleacher Report, Inc. Niche Content Time Warner, Inc. 175.0 30.0 - 5.8x NA Pixmania SA eCommerc e Dixons Retail plc 57.1 1,080.0 - 0.1x NA eDiets.com, Inc. eCommerce As Seen On TV, Inc. 13.2 22.5 (4.0) 0.6x NM Software & Information Kenexa Corporation Human Capital Management Software IBM 1,200.0 318.0 26.7 3.8x 44.9x Deltek, Inc. ERP Software Thoma Bravo, Inc. 1,000.0 341.3 56.5 2.9x 17.7x TMW Systems Engineering Software Trimble Navigation Limited 335.0 96.0 - 3.5x NA UC4 Software GmbH Infrastructure Software EQT Partners 271.1 82.0 - 3.3x NA Servigistic s ERP Software Parametric Tec hnology Corporation 220. 0 80. 0 - 28x2.8x NA Out-of-Home & Specialty Media SuperMedia, Inc. Yellow Pages Dex One Corporation 1,476.6 1,495.0 539.0 1.0x 2.7x Marketing Services Presstek Printer MAI Holdings, Inc. 26.6 113.4 (2.2) 0.2x NM

IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Marketing Technology Eloqua, Inc. SFA/Lead Management IPO $364.5 $84.7 $0.9 4.3x 405.0x Software & Information Performant Financial Corporation Financial Software IPO 542.3 185.3 62.5 2.9x 8.7x

* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

M&A & INVESTMENT SUMMARY AUGUST 2012 4 SECURITIES IN REGISTRATION ($ in Millions) Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA

Aug-12 Trulia, Inc. Digital Media/Commerce 75.00 51.30 NM

Aug-12 Workday, Inc. Software & Information 400.00 134.40 NM

Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0

Mar-12 Gogo Techlhnologies Soffftware & Information 100.00 160.20 NM

Mar-12 LegalZoom.com, Inc. Digital Media/Commerce 96.00 173.60 12.3

Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9

Mar-12 Reval Holdings Software & Information 75.00 47.00 NM

Mar- 12 Shutterstock, Inc. Digital Media/Commerce 115.00 132.40 24.0

M&A & INVESTMENT SUMMARY AUGUST 2012 5 LTM IPO PERFORMANCE ($ in Millions) Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2012 1st Trading Day

Aug-12 ELOQ Eloqua, Inc. United States $10. 00-$11. 50 $11. 50 $1289$12.89, up 12% $13. 99 85%8.5% Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 10.85 2.4% Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 12.76 (5.5%) Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 27.29 (17.8%) Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 64.38 21.2%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 31.10 25.6% May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 18.06 (52.8%) May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 18.07 (5.4%) May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 17.06 35.4% Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 10.57 83.2%

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 12.98 (7.9%) Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 21.79 2.3% Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 34.40 (3.0%) Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.96 (58.2%) Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 26.00 6.9%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 21.17 (15.7%) M12Mar-12 MM Millenn ia l Me dia, Inc. UiUnite d States 11. 00- 13. 00 13. 00 25. 00, up 92% 11. 53 (53. 9%) Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 6.00 9.1% Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 28.16 25.7% Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 22.00 (10.5%)

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.42 (20.4%) Feb- 12 BV BazaarVoice, Inc. United States 8008.00- 12. 00 12. 00 16. 51, up 31% 14. 84 (10. 1%) Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 12.92 (14.7%) Feb-12 FXAI FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 23.00 56.0% Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 15.09 0.3%

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 14.42 (11.5%) Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.80 (70.5%) Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 9.56 (41.2%) Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 4.15 (84.1%)

M&A & INVESTMENT SUMMARY AUGUST 2012 6 DIGITAL ADVERTISING Transactions by Segment and Buyer Type

• Online Lead Generation was the most active segment with six announced transactions worth approximately $38 million, while Search Marketing was the highest value worth approximately $54 million • Select acquisitions › CityGrid Media’s $30 million acquisition of Felix, a pay-per-call advertising business › Did-it. com’s acquisition of Idearc Inceptor, a provider of SEO, paid search marketing and social media marketing › Publicis Groupe’s acquisition of Resultrix, an India-based performance based digital marketing firm specializing in SEM technology, social media, mobile marketing and analytics • Select investments › The $19 million investment in MovieClips, which operates a site where users can view movie clips, led by U.S . Venture Partners › The $5 million investment in Nexage, a startup offering a real-time bidding platform for mobile ads, from Hearst Interactive Media

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Online Lead Generation 6 25% 37.6 15% 4 32.0 0 0.0 2 5.6 Digital Video 5 21% 50.0 20% 2 27.0 0 0.0 3 23.0 Mobile Marketing 4 17% 26.2 11% 3 21.2 0 0.0 1 5.0 Search Marketing 4 17% 54.0 22% 4 54.0 0 0.0 0 0.0 Ad Networks/Exchanges 2 8% 25.0 10% 0 0.0 0 0.0 2 25.0 Game Advertising 2 8% 25.0 10% 1 10.0 0 0.0 1 15.0 Affiliate/CPA Network 1 4% 30.0 12% 1 30.0 0 0.0 0 0.0 Total 24 100% 247.8 100% 15 174.2 0 0.0 9 73.6

M&A & INVESTMENT SUMMARY AUGUST 2012 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $669.22 -2% $218,857.2 $185,256.2 $41,722.0 $8,121.0 $43,162.0 $15,451.0 35.8% 29.5% 4.3x 12.0x Microsoft Corporation United States 30.69 -7% 257,286.5 208,017.5 62,044.0 12,775.0 73,723.0 30,714.0 41.7% 5.4% 2.8x 6.8x

Bankrat e, Inc . United States $17.55 -32% $1,754.6 $1,870.3 $78.0 193.8 $473.8 $140.2 29.6% 37.2% 3.9x 13.3x Bluc ora, Inc . United States 15.71 -6% 634.8 567.5 141.9 74.6 339.5 68.5 20.2% 64.7% 1.7x 8.3x Constant Contact, Inc. United States 17.94 -44% 547.1 466.0 81.1 - 233.9 24.3 10.4% 20.0% 2.0x 19.2x eHealth, Inc. United States 17.00 -8% 335.5 213.4 122.1 - 150.5 17.9 11.9% -7.0% 1.4x 11.9x ExactTarget, Inc. United States 21.57 -28% 1,424.6 1,213.1 211.6 - 248.0 (0.4) NM 0.0% 4.9x NM Hi- Media S. A. France 2702.70 -45% 122. 4 161. 1 23. 3 62. 1 298. 7 26. 2 88%8.8% 36%3.6% 05x0.5x 62x6.2x IAC/InterActiveCorp United States 51.92 -4% 4,546.1 3,802.0 945.8 95.8 2,435.0 351.0 14.4% 34.5% 1.6x 10.8x Millennial Media Inc. United States 10.55 -62% 803.1 679.6 123.5 - 132.1 (4.1) NM 0.0% 5.1x NM Motric ity, Inc . United States 0.47 -82% 21.7 25.6 17.6 21.5 116.6 (11.5) NM -6.0% 0.2x NM OPT, Inc. Japan 1,037.11 -20% 152.6 13.0 156.9 5.8 880.4 22.6 2.6% 18.5% 0.0x 0.6x Pacific Online Ltd. China 0.33 -43% 356.3 318.0 38.3 - 106.5 46.3 43.5% 19.3% 3.0x 6.9x QuinStreet, Inc. United States 8.37 -34% 357.9 360.2 105.3 107.6 370.5 59.7 16.1% -8.1% 1.0x 6.0x ReachLocal, Inc. * United States 12.25 -21% 348.3 253.7 94.6 - 414.6 5.7 1.4% 24.0% 0.6x 44.2x Responsys, Inc. United States 9.50 -37% 460.8 362.2 100.1 1.6 148.7 19.4 13.1% 27.2% 2.4x 18.6x Septeni Holdings Co., Ltd. Japan 781.65 -25% 98.4 57.2 65.7 15.2 495.3 21.6 4.4% 15.8% 0.1x 2.6x The Active Network, Inc. * United States 11.04 -38% 658.3 562.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.5x 100.5x TradeDoubler AB Sweden 2.38 -56% 101.7 74.4 25.9 - 371.6 12.9 3.5% 8.6% 0.2x 5.8x Tree.Com, Inc. United States 16.00 -3% 182.0 87.3 94.7 - 54.0 (11.8) NM -6.9% 1.6x NM ValueClick, Inc. United States 16.15 -26% 1,212.7 1,297.1 88.2 172.5 632.4 178.8 28.3% 32.6% 2.1x 7.3x Velti Plc Ireland 7.19 -51% 465.6 429.2 44.7 8.3 235.8 30.8 13.1% 66.0% 1.8x 13.9x Yandex N.V. * Netherlands 20.77 -51% 6,779.9 6,412.2 367.8 - 748.3 327.2 43.7% 54.7% 8.6x 19.6x Yahoo! Inc. United States 14.85 -12% 17,591.6 15,763.3 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.2x 12.1x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2. 0 standard deviations above the mean (6. 2x) Low 00x0.0x 06x0.6x and EBITDA multiples that are 1.0 standard deviations above the mean (40.0x). Mean 2.2x 17.1x Median 1.6x 11.4x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 3.8x 14.1x Adj. W Avg* 2.8x 13.2x High 8.6x 100.5x

M&A & INVESTMENT SUMMARY AUGUST 2012 8 AGENCY/CONSULTING Transactions by Segment and Buyer Type

• Digital Agency was the most active segment with 10 deals announced, while the highest value segment was Marketing Consulting worth approximately $450 million • Select acquisitions › Verisk Analytics’ $425 million acquisition of Argus Information & Advisory Services, a provider of marketing benchmarking, scoring solutions, analytics, and customized services to financial institutions › Catterton Partners’ acquisition of ePrize, a provider of digital engagement specializing in mobile, social and Web campaigns, for reportedly more than $100 million › United Drugs’ acquisitions of healthcare bio-pharmaceutical business services companies Drug Safety Alliance and Synopia RX, for $21 million and $3 million, respectively › Ron Sachs Communications’ acquisition of Vicki Johnson Communications, a communications and PR campaign management company

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 10 31% 159.8 17% 9 150.0 0 0.0 1 9.8 Public Relations 5 16% 56.9 6% 5 56.9 0 0.0 0 0.0 Social Agency 4 13% 60.0 6% 4 60.0 0 0.0 0 0.0 Healthcare Consulting 3 9% 25.3 3% 2 24.2 0 0.0 1 1.1 Branded Communications 2 6% 30.0 3% 2 30.0 0 0.0 0 0.0 Marketing Consulting 2 6% 450.0 47% 1 425.0 0 0.0 1 25.0 PtiPromotion AAgency 2 6% 134. 0 14% 0 000.0 1 100. 0 1 34. 0 Design Agency 1 3% 10.0 1% 1 10.0 0 0.0 0 0.0 Experiential Marketing 1 3% 15.0 2% 1 15.0 0 0.0 0 0.0 Other* 26%172%1 150 0 1 2 Total 32 100% 958 100% 26 786 1 100 5 72

* Other includes General Agency and Media Planning/Buying

M&A & INVESTMENT SUMMARY AUGUST 2012 9 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acquity Group Limited Hong Kong $10.69 -1% $251.3 $219.4 $130.2 $27.0 20.8% 0.0% 1.7x 8.1x Aegis Group plc * United Kingdom 3.72 -1% 4,282.0 4,463.4 1,766.7 320.3 18.1% 20.6% 2.5x 13.9x Cello Group Plc United Kingdom 0.64 -13% 52.7 65.8 207.9 13.4 6.4% 6.9% 0.3x 4.9x Charm Communications Inc. China 6.02 -50% 234.4 92.6 220.1 31.2 14.2% -6.2% 0.4x 3.0x Chime Communic ations plc United Kingdom 3.03 -25% 243.0 239.3 507.3 46.7 9.2% 8.7% 0.5x 5.1x Dent su Inc . Japan 25.74 -23% 6,413.9 5,072.9 24,251.1 901.8 3.7% 6.6% 0.2x 5.6x Enero Group Limited Australia 0.55 -57% 47.4 16.9 512.3 34.8 6.8% -0.2% 0.0x 0.5x Havas Franc e 5115.11 -9% 1, 953. 6 2, 004. 2 2, 137. 1 322. 4 15.1% 5.6% 0.9x 6.2x Huntsworth plc United Kingdom 0.82 -26% 203.0 311.5 276.6 44.5 16.1% 1.0% 1.1x 7.0x M&C Saatchi plc United Kingdom 2.43 -4% 154.3 135.3 238.4 27.6 11.6% 22.4% 0.6x 4.9x MDC Partners Inc. * Canada 9.50 -46% 302.7 900.6 999.9 59.2 5.9% 19.5% 0.9x 15.2x Next Fifteen Communications Group plc United Kingdom 1.55 -3% 89.9 102.5 142.8 18.2 12.7% 14.7% 0.7x 5.6x Omnicom Group Inc. United States 52.28 0% 13,886.5 16,819.3 14,101.9 2,116.4 15.0% 6.7% 1.2x 7.9x Public is Groupe SA France 51.19 -5% 10,074.0 11,251.7 7,860.8 1,431.2 18.2% 11.1% 1.4x 7.9x Sapient Corp. United States 9.84 -29% 1,353.3 1,187.4 1,064.5 131.9 12.4% 13.7% 1.1x 9.0x The Interpublic Group of Companies, Inc . United States 11.36 -7% 4,965.8 5,575.3 7,021.6 849.6 12.1 % 3.7% 0.8x 6.6x WPP plc Ireland 13.45 -4% 16,986.1 21,219.1 15,599.3 2,432.4 15.6% 7.4% 1.4x 8.7x

Summary Multiples *Calc ulation is market c ap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x) Low 0.0x 0.5x and EBITDA multiples that are 1.0 standard deviations above the mean (10.6x). Mean 0.9x 7.1x Median 0.9x 6.6x Weighted Avg 1.2x 8.2x Adj. W Avg* 1.1x 7.7x High 2.5x 15.2x

M&A & INVESTMENT SUMMARY AUGUST 2012 10 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type

• eCommerce was the most active and highest value segment with 28 transactions announced worth approximately $3.7 billion • Select acquisitions › The Carlyle Group’s $3.3 billion acquisition of online stock photography company Getty Images from Hellman & Friedman, the largest acquisition for our coverage in August › IAC/InterActiveCorp’s $300 million acquisition of the New York Times’ online information service About.com › Time Warner’s $175 million acquisition of the Bleacher Report, which offers a sports journalist and blogging Website • Select investments › The $150 million investment in India-based eCommerce company FlipKart Online Services, from MIH Group › The $50 million investment in Care.com, an online marketplace for users to find help for everything from childcare and tutoring to housekeeping, led by Institutional Venture Partners › The $32 million investment Lumos Labs, a maker of games and training exercises aimed at improving the brain's cognitive functions, led by Discovery Communications

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 28 35% 3,748.2 79% 5 83.2 1 3,300.0 22 365.0 Gaming 15 19% 208.2 4% 6 87.8 0 0.0 9 120.4 Niche Content 9 11% 538.0 11% 7 522.0 0 0.0 2 16.0 Classifieds/Auctions/P-to-P 8 10% 110.9 2% 2 25.0 0 0.0 6 85.9 Mobile Content/Apps 8 10% 69.8 1% 0 0.0 0 0.0 8 69.8 Social Media/Apps 8 10% 49.4 1% 3 21.0 0 0.0 5 28.4 Digital Promotion/Coupon 2 3% 21.0 0% 1 20.0 0 0.0 1 1.0 Comparison Shopping 1 1% 12.0 0% 0 0.0 0 0.0 1 12.0 Total 79 100% 4,757 100% 24 759 1 3,300 54 698

M&A & INVESTMENT SUMMARY AUGUST 2012 11 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $243.92 -1% $110,267.7 $105,297.7 $4,970.0 $0.0 $54,326.0 $1,939.0 3.6% 34.9% 1.9x 54.3x eBay Inc. United States 46.98 -2% 60,541.7 56,869.7 5,754.0 2,082.0 13,020.7 3,758.2 28.9% 29.5% 4.4x 15.1x Facebook, Inc. United States 19.15 -57% 41,026.3 31,544.3 10,188.0 706.0 4,327.0 1,048.0 24.2% 0.0% 7.3x 30.1x priceline.com Incorporated United States 588.40 -24% 29,317.0 26,931.5 3,942.3 1,446.7 4,807.6 1,682.2 35.0% 31.9% 5.6x 16.0x

1-800-Flowers.com Inc. United States $3.77 -8% $244.3 $244.7 $28.9 $29.3 $716.3 $39.0 5.4% 3.8% 0.3x 6.3x AirMedia Group Inc. China 1.51 -62% 94.6 (20.9) 114.0 - 286.4 20.6 7.2% 17.1% NM NM Ancestry.com Inc. United States 30.65 -16% 1,318.0 1,248.4 69.6 - 434.9 142.3 32.7% 22.7% 2.9x 8.8x Angie's List, Inc. United States 9.02 -55% 520.8 459.0 76.5 14.8 119.1 (54.0) NM 69.7% 3.9x NM AOL Inc. United States 33.86 -2% 3,181.9 1,835.8 1,468.5 108.4 2,169.0 447.6 20.6% -3.8% 0.8x 4.1x Bet fair Group PLC United Kingdom 11.22 -22% 1,121.2 907.3 219.8 - 632.5 104.9 16.6% -0.9% 1.4x 8.6x BIDZ.com, Inc. United States 0.76 -14% 14.0 12.0 2.0 - 74.2 (7.3) NM -22.5% 0.2x NM Blinkx plc United Kingdom 0.79 -69% 287.2 249.2 38.4 - 114.4 12.8 11.2% 73.1% 2.2x 19.5x Blue Nile Inc . United States 38.28 -23% 475.4 422.4 53.7 0.7 361.4 13.3 3.7% 5.4% 1.2x 31.8x Bluefly Inc . United States 1.10 -61% 31.4 29.6 1.7 - 97.0 (20.2) NM 3.8% 0.3x NM CafePress Inc. United States 9.10 -60% 155.4 97.2 61.2 2.9 193.1 17.4 9.0% 29.0% 0.5x 5.6x CyberAgent Inc. Japan 2,085.66 -42% 1,350.2 484.7 886.0 12.3 1,662.2 267.4 16.1% 15.5% 0.3x 1.8x Demand Media, Inc . United States 9.87 -21% 790.7 696.5 94.2 - 345.2 58.5 16.9% 15.9% 2.0x 11.9x DeNA Co., Ltd. Japan 30.17 -42% 4,267.8 3,570.3 730.9 - 1,985.1 893.6 45.0% 28.8% 1.8x 4.0x Dice Holdings, Inc. United States 7.97 -28% 495.1 453.6 56.5 15.0 188.7 76.2 40.4% 20.1% 2.4x 6.0x E-Commerce China Dangdang Inc. China 4.94 -56% 395.1 184.4 226.4 15.7 697.2 (68.8) NM 58.5% 0.3x NM Ediets.com Inc. United States 0.47 -69% 6.7 7.4 0.3 1.0 22.5 (4.0) NM -12.8% 0.3x NM eHealth, Inc. United States 17.00 -8% 335.5 213.4 122.1 - 150.5 17.9 11.9% -7.0% 1.4x 11.9x Expedia Inc. United States 52.18 -16% 7,083.0 6,046.2 2,393.5 1,249.3 3,664.1 688.3 18.8% 17.3% 1.7x 8.8x G5 Entertainment AB (publ) Sweden 5.10 -31% 40.8 38.0 2.8 - 8.1 3.1 38.2% 88.0% 4.7x 12.3x GameLoft SA France 5.93 -13% 471.8 425.5 49.4 1.4 223.9 33.2 14.8% 14.1% 1.9x 12.8x Glu Mobile, Inc . United States 5.05 -14% 329.0 304.5 24.5 - 77.2 (16.7) NM 18.5% 3.9x NM Gree, Inc . Japan 17.21 -52% 4,023.8 3,322.5 910.3 218.4 1,979.6 1,056.7 53.4% 146.6% 1.7x 3.1x Groupon, Inc. United States 4.41 -86% 2,882.7 1,696.0 1,189.8 - 2,049.9 105.6 5.2% 117.6% 0.8x 16.1x Hollywood Media Corp. United States 1.31 -18% 30.4 28.0 2.4 0.0 3.4 (5.1) NM NA 8.2x NM HomeAway, Inc . United States 23.90 -48% 1,972.0 1,750.7 221.3 - 255.3 46.1 18.1% 27.2% 6.9x 38.0x HSN, Inc . United States 44.32 -3% 2,466.6 2,524.5 181.3 239.2 3,262.0 272.0 8.3% 7.2% 0.8x 9.3x International Game Tec hnology United States 12.18 -33% 3,253.3 4,981.8 241.3 1,969.8 2,059.4 726.6 35.3% 8.9% 2.4x 6.9x Jiayuan.com International Ltd. China 4.58 -72% 145.0 49.8 95.2 - 57.6 8.2 14.3% 0.0% 0.9x 6.1x Kayak Software Corporation United States 27.60 -22% 1,063.0 1,020.2 43.9 - 245.2 41.9 17.1% 31.4% 4.2x 24.3x Kongzhong Corp. China 7.03 -14% 301.1 128.1 173.0 - 167.2 24.3 14.5% 10.0% 0.8x 5.3x LeGuide.com S.A. France 34.95 -1% 122.6 82.4 45.3 3.5 37.0 12.3 33.3% 5.2% 2.2x 6.7x LinkedIn Corporation * United States 104. 67 -13% 11, 064. 1 10, 447. 0 617. 1 - 723. 9 91. 1 12. 6% 101. 9% 14. 44x 114. 77x Liquidity Servic es, Inc . United States 48.04 -28% 1,489.1 1,446.0 84.6 41.5 432.2 91.3 21.1% 40.6% 3.3x 15.8x MakeMyTrip Limited * India 14.75 -56% 548.1 450.5 98.0 0.3 208.7 4.4 2.1% 45.9% 2.2x 101.4x Merc adolibre, Inc . * Argentina 79.35 -24% 3,503.3 3,336.9 170.6 0.2 340.7 123.8 36.3% 36.8% 9.8x 27.0x Mixi, Inc. Japan 1,574.73 -64% 244.3 106.7 135.4 - 173.7 48.5 27.9% -12.4% 0.6x 2.2x Move, Inc. United States 7.83 -22% 307.8 262.6 45.2 - 190.8 15.7 8.2% -3.2% 1.4x 16.8x Nexon Co. Ltd. Japan 14.62 -32% 6,338.8 5,477.7 1,722.0 280.3 1,138.7 621.6 NM 25.6% 4.8x NM Netflix, Inc. United States 62.39 -74% 3,464.8 3,051.4 813.3 400.0 3,456.4 228.1 6.6% 30.1% 0.9x 13.4x OpenTable, Inc. United States 42.98 -34% 971.5 899.6 71.9 - 150.4 42.8 28.5% 22.0% 6.0x 21.0x Orbitz Worldwide, Inc . United States 2.76 -42% 289.9 559.9 170.4 440.4 770.8 106.7 13.8% 0.9% 0.7x 5.2x Overstock.com Inc. United States 8.53 -22% 200.0 157.0 60.0 17.0 1,055.7 8.6 0.8% -3.6% 0.1x 18.2x Pacific Online Ltd. China 0.33 -43% 356.3 318.0 38.3 - 106.5 46.3 43.5% 19.3% 3.0x 6.9x Pandora Media, Inc. United States 10.05 -61% 1,672.1 1,591.5 80.6 - 304.1 (20.8) NM 81.9% 5.2x NM Perform Group plc. * United Kingdom 6.00 -15% 1,434.2 1,335.0 118.1 20.2 160.6 26.5 16.5% 53.0% 8.3x 50.4x

M&A & INVESTMENT SUMMARY AUGUST 2012 12 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA PC Connection, Inc. United States 11.91 -8% 315.0 253.1 63.4 1.5 2,170.1 59.3 2.7% 5.2% 0.1x 4.3x PC Home Online Inc. Taiwan 5.59 -17% 457.2 380.7 101.4 12.4 484.8 17.9 3.7% 16.4% 0.8x 21.3x PC Mall Inc. United States 5.97 -10% 71.8 152.8 8.6 89.5 1,462.3 20.4 1.4% 0.2% 0.1x 7.5x Phoenix New Media Limited China 3.82 -51% 297.7 121.6 176.1 - 168.9 23.1 13.7% 51.9% 0.7x 5.3x Qihoo 360 Technology Co. Ltd * China 22.98 -13% 2,742.7 2,385.4 359.1 - 251.9 58.2 23.1% 169.9% 9.5x 41.0x Rakut en, Inc . Japan 9.94 -18% 13,061.1 11,766.1 5,266.2 3,971.2 5,039.2 1,154.9 22.9% 12.0% 2.3x 10.2x RealNet works Inc . United States 7.99 -36% 279.1 (3.9) 282.9 - 297.1 (34.6) NM -16.4% NM 0.1x Rediff.com India Limited India 2.80 -75% 77.3 52.7 - - 18.2 (7.2) NM -17.2% 2.9x NM Renren Inc. China 3853.85 -51% 1, 493. 6 571. 5 922. 1 - 143. 9 (56. 8) NM 0.0% 4.0x NM Scripps Networks Interactive, Inc. United States 58.92 -4% 8,778.6 10,276.9 261.8 1,384.1 2,193.6 1,006.3 45.9% 10.4% 4.7x 10.2x Shutterfly, Inc. United States 30.25 -45% 1,088.7 970.7 118.1 - 530.6 51.2 9.6% 52.4% 1.8x 19.0x Sify Technologies Limited India 2.12 -67% 279.1 296.4 - - 134.1 10.6 7.9% 0.5% 2.2x 27.9x Sky-mobi Limited China 1.92 -71% 62.0 (32.6) 94.6 - 105.9 4.6 4.3% -0.8% NM NM Spark Networks, Inc. United States 5.92 -13% 122.4 109.7 12.7 - 55.1 (1.8) NM 28.3% 2.0x NM Stamps.com Inc. United States 22.10 -34% 362.8 310.8 52.0 - 108.7 20.4 18.7% 17.1% 2.9x 15.3x Taomee Holdings Ltd. China 3.73 -58% 136.9 14.9 122.0 - 42.1 8.0 18.9% 0.0% 0.4x 1.9x TechTarget, Inc. United States 5.13 -35% 202.5 147.5 55.0 - 104.9 18.0 17.2% 5.4% 1.4x 8.2x The Active Network, Inc. * United States 11. 04 -38% 658. 3 562. 8 107. 8 12. 2 381. 7 5. 6 15%1.5% 24. 6% 15x1.5x 100. 5x TheStreet, Inc. United States 1.36 -44% 44.7 4.0 40.7 - 53.9 (3.2) NM - 7.3% 0.1x NM TripAdvisor Inc. United States 33.97 -29% 4,835.0 4,771.1 478.2 414.4 699.5 300.8 43.0% 24.0% 6.8x 15.9x United Online, Inc . United States 4.96 -20% 449.6 581.9 111.4 243.8 874.8 134.5 15.4% -5.2% 0.7x 4.3x ValueVision Media Inc . United States 1.95 -52% 95.4 95.2 38.2 38.0 554.5 (8.0) NM - 5.5% 0.2x NM WebMD Health Corp. United States 14.76 -63% 724.5 560.3 964.2 800.0 505.4 65.3 12.9% -12.4% 1.1x 8.6x WebMediaBrands Inc United States 3.09 -68% 18.9 23.0 3.6 7.6 14.1 (1.3) NM 32.1% 1.6x NM Yahoo! Inc. United States 14.85 -12% 17,591.6 15,763.3 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.2x 12.1x Yandex N.V. Netherlands 20.77 -51% 6,779.9 6,412.2 367.8 - 748.3 327.2 43.7% 54.7% 8.6x 19.6x Yelp, Inc. * United States 19.11 -40% 1,170.0 1,047.4 122.6 - 107.2 (13.5) NM 0.0% 9.8x NM Youku Tudou Inc. China 17.71 -46% 2,062.8 1,518.6 546.3 2.0 193.4 (1.7) NM 107.3% 7.9x NM Zillow, Inc . * United States 38.97 -12% 1,151.3 1,081.7 69.6 - 89.5 9.9 11.1% 99.4% 12.1x 109.3x Zynga, Inc. United States 3.06 -81% 2,324.5 1,207.5 1,216.9 100.0 1,271.5 (458.2) NM 43.1% 0.9x NM

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x) Low 0.1x 0.1x and EBITDA multiples that are 1.0 standard deviations above the mean (45.6x). Mean 2.9x 19.4x Median 1.8x 10.8x Note: Revenue and EBITDA multiples for Amazon.com, eBay, Fac ebook and priceline.com exc luded from Summary Multiples. Weighted Avg 4.7x 21.7x Adj. W Avg* 3.3x 13.2x High 14.8x 117.7x

M&A & INVESTMENT SUMMARY AUGUST 2012 13 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type

• Content Management was the most active segments with 14 transactions. The highest value segment was Mobile Technology worth approximately $140 million • Select acquisitions › Libero’s $108 million acquisition of Italy-based Matrix, which engages in the ownership and operation of Virgilio, an internet service provider › Gannett’s $23 million acquisition of BLiNQ Media, a provider of Facebook advertising software and service • Select investments › The $28 million investment in ClearSlide, which provides a Web-based sales communications platform designed to facilitate communication demands among sales teams, led by Bessemer Venture Partners › The $25 million investment in mobile payments company Square, from Starbucks, as part of a $200 million round

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Content Management 14 21% 135.9 16% 6 95.0 0 0.0 8 40.9 Mobile Technology 11 16% 140.2 16% 4 62.2 0 0.0 7 78.0 Social Technology 9 13% 91.5 10% 4 68.0 0 0.0 5 23.5 Analytics & Reporting 6 9% 67.5 8% 1 20.0 0 0.0 5 47.5 SFA/Lead Management 4 6% 55.9 6% 0 0.0 0 0.0 4 55.9 BI Tools 3 4% 43.3 5% 2 35.0 0 0.0 1 8.3 Commerce Management 3 4% 30.8 4% 0 0.0 0 0.0 3 30.8 Online Targeting/Optimization 3 4% 36.3 4% 2 35.0 0 0.0 1 1.3 Email/Messaging Software 2 3% 30.0 3% 2 30.0 0 0.0 0 0.0 Internet Service Providers 2 3% 128.2 15% 2 128.2 0 0.0 0 0.0 MRM/Workflow Management 2 3% 5.1 1% 0 0.0 0 0.0 2 5.1 Search & Discovery 2 3% 21.0 2% 0 0.0 0 0.0 2 21.0 Other* 6 9% 90 10% 3 45 0 0 3 45 Total 67 100% 876 100% 26 518 0 0 41 357

*Other includes Ad Serving, CRM, Media Management System, SEM/SEO Tools and Website Creation/Hosting

M&A & INVESTMENT SUMMARY AUGUST 2012 14 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $33.92 -2% $16,680.6 $15,192.6 $2,998.1 $1,510.1 $4,335.0 $1,492.5 34.4% 7.1% 3.5x 10.2x salesforce.com, inc United States 147.57 -10% 20,364.7 20,204.4 710.4 550.1 2,457.6 105.9 4.3% 37.7% 8.2x 190.8x

Akamai Technologies, Inc. United States $37.05 -5% $6,569.2 $6,072.7 $496.5 - $1,256.4 $504.4 40.1% 15.1% 4.8x 12.0x Bazaarvoic e, Inc . United States 13.84 -34% 842.6 717.4 125.2 - 106.1 (20.6) NM 64.6% 6.8x NM Bitauto Holdings Limited China 4.32 -41% 177.9 102.3 75.6 - 130.6 17.9 13.7% 0.0% 0.8x 5.7x Blackbaud Inc. United States 25.18 -26% 1,137.5 1,376.8 21.2 260.5 395.4 63.2 16.0% 12.9% 3.5x 21.8x Bright c ove, Inc . United States 12.00 -53% 328.1 275.8 53.6 - 76.8 (10.6) NM 48.3% 3.6x NM CCaCaceeaoahinaCache International CCahina 5.77 -33%2% 13332.3 8864.6 47.9 003.3 112.7 1336.6 12.1% 0.0% 0.8x 6.2x Demandware, Inc . United States 25.60 -20% 744.7 641.8 110.0 7.1 66.5 (2.4) NM 45.0% 9.6x NM Digital Generation, Inc. United States 9.53 -58% 263.1 1,272.0 57.0 1,066.0 382.1 115.4 30.2% 45.7% 3.3x 11.0x Digit al River Inc . United States 16.28 -32% 579.9 289.6 644.0 353.8 400.7 57.7 14.4% 7.3% 0.7x 5.0x Eloqua, Inc. * United States 13.20 -16% 422.9 600.7 5.0 1.9 84.7 0.9 1.1% 42.3% 7.1x 667.4x ExactTarget, Inc. United States 21.32 -29% 1,408.1 1,196.5 211.6 - 248.0 (0.4) NM 0.0% 4.8x NM Informatic a Corporation United States 30.68 -44% 3,329.7 2,764.4 565.3 - 809.5 181.4 22.4% 12.4% 3.4x 15.2x InnerWorkings Inc. United States 12.18 -13% 600.7 661.0 12.8 73.0 723.0 32.2 4.5% 31.4% 0.9x 20.5x Interac tive Intelligenc e United States 29.00 -16% 559.1 494.4 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 27.5x JDA Software Group Inc. United States 30.33 -13% 1,298.5 1,209.5 362.4 273.5 665.5 180.3 27.1% 8.5% 1.8x 6.7x Jive Software, Inc. United States 15.70 -44% 977.8 832.6 157.2 12.0 95.6 (37.6) NM 56.8% 8.7x NM Keynote Systems Inc. United States 13.47 -48% 238.8 193.3 45.5 - 121.5 18.6 15.3% 26.5% 1.6x 10.4x LivePerson Inc. United States 15.76 -20% 877.1 776.5 100.6 - 146.1 23.7 16.2% 21.4% 5.3x 32.8x Merc adolibre, Inc . Argentina 84.66 -19% 3,737.7 3,571.4 170.6 0.2 340.7 123.8 36.3% 36.8% 10.5x 28.9x NQ Mobile Inc . China 7.72 -39% 339.2 216.2 128.6 0.7 60.1 7.2 11.9% 113.4% 3.6x 30.2x Open Text Corp. Canada 54.47 -13% 3,181.4 3,218.0 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.7x 9.7x PROS Holdings, Inc. United States 16.11 -22% 441.6 370.4 71.2 - 106.6 11.2 10.5% 31.5% 3.5x 33.1x Rovi Corporat ion United States 14.51 -72% 1,556.6 2,159.9 873.2 1,476.4 692.4 217.6 31.4% 13.5% 3.1x 9.9x Splunk, Inc. * United States 31.44 -16% 3,040.0 2,774.0 266.1 - 137.5 (10.4) NM 0.0% 20.2x NM Synacor, Inc. United States 7.86 -56% 212.4 182.5 35.1 5.1 114.4 9.6 8.4% 0.0% 1.6x 19.0x The Active Network, Inc. United States 11.25 -37% 670.9 575.3 107.8 12.2 381.7 5.6 1.5% 24.6% 1.5x 102.7x TIBCO Software Inc. United States 28.68 -17% 4,648.6 4,556.3 647.3 553.9 991.5 225.4 22.7% 19.8% 4.6x 20.2x Verint Systems Inc. United States 29.15 -11% 1,159.4 1,855.3 189.8 595.6 803.0 132.7 16.5% 9.9% 2.3x 14.0x Vocus Inc. * United States 19.13 -22% 396.0 447.6 27.6 1.7 137.9 1.1 0.8% 29.9% 3.2x 400.7x Weborama France 24.69 -21% 86.2 81.5 11.5 6.6 31.5 5.7 18.2% 46.5% 2.6x 14.2x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (12.2x) Low 0.7x 5.0x and EBITDA multiples that are 1. 0 standard deviations above the mean (215. 0x). Mean 43x4.3x 63. 5x Median 3.4x 17.1x Weighted Avg 5.8x 25.9x Note: Revenue and EBITDA multiples for Adobe Systems and Salesforce.com excluded from Summary Multiples. Adj. W Avg* 4.7x 18.7x High 20.2x 667.4x

M&A & INVESTMENT SUMMARY AUGUST 2012 15 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type

• Human Capital Management Software was the most active segment within Software & Information with five transactions. The highest value segments were ERP Software and Human Capital Management Software, each worth approximately $1.2 billion • Select acquisitions › IBM’s $1.2 billion acquisition of Kenexa, a provider of on-demand human resources software › Thoma Bravo’s $1 billion acquisition of Deltek, a provider of enterprise software and information solutions for professional services firms and government contractors › Trimble Navigation’s $335 million acquisition of TMW Systems, a provider of enterprise software to transportation and logistics companies • Select investments › The $46 million investment in Best Doctors, an online provider of medical information for the diagnosis and treatment of patients from Brown Brothers Harriman › The $24 million investment in YottaMark, a company using big data and software-as-a-service to track produce from the farm to the supermarket, led by Westbury Partners

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Human Capital Management Software 5 22% 1,209.5 37% 1 1,200.0 0 0.0 4 9.5 ERP Software 3 13% 1,244.0 38% 1 220.0 1 1,000.0 1 24.0 Credit/Risk Software 2 9% 130.0 4% 1 115.0 0 0.0 1 15.0 Hea lthcare In forma tion 2 9% 57. 5 2% 0 000.0 0 000.0 2 57. 5 Healthcare Software 2 9% 5.7 0% 0 0.0 0 0.0 2 5.7 Infrastructure Software 2 9% 276.1 8% 0 0.0 1 271.1 1 5.0 Market Research 2 9% 40.0 1% 0 0.0 0 0.0 2 40.0 Engineering Software 1 4% 335.0 10% 1 335.0 0 0.0 0 0.0 Financial Information 1 4% 0.9 0% 0 0.0 0 0.0 1 0.9 OhOther * 3 13% 10 0% 1 2 0 0 2 9 Total 23 100% 3,309 100% 5 1,872 2 1,271 16 166 *Other includes Geo-Demo Information, Marketing Data and Unclassified Software

M&A & INVESTMENT SUMMARY AUGUST 2012 16 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $7.69 -9% $427.1 $283.2 $143.9 - $153.8 $15.3 9.9% 19.5% 1.8x 18.5x Actuate Corporation United States 6.99 -4% 344.5 263.5 80.9 - 140.2 31.3 22.4% 1.6% 1.9x 8.4x Acxiom Corporation United States 17.06 -2% 1,280.0 1,375.2 179.3 274.5 1,126.2 235.9 20.9% 0.6% 1.2x 5.8x Adobe Systems Inc. United States 31.27 -10% 15,377.4 13,889.4 2,998.1 1,510.1 4,335.0 1,492.5 34.4% 7.1% 3.2x 9.3x Advent Software, Inc. United States 23.76 -19% 1,203.6 1,119.1 132.0 47.5 347.5 71.5 20.6% 14.7% 3.2x 15.6x Advisory Board Co. United States 44.33 -15% 1,533.9 1,488.7 45.2 - 394.6 63.7 16.2% 33.0% 3.8x 23.4x Akamai Technologies, Inc. United States 37.51 -4% 6,650.7 6,154.2 496.5 - 1,256.4 504.4 40.1% 15.1% 4.9x 12.2x Allianc e Data Systems Corporation United States 137.65 -1% 6,869.7 13,769.5 642.2 7,542.0 3,450.4 1,032.3 29.9% 17.4% 4.0x 13.3x Alloc ate Software plc . United Kingdom 1.16 -14% 74.3 67.4 12.8 6.2 56.3 8.0 14.2% 21.7% 1.2x 8.4x Allsc ripts Healthc are Solutions, Inc . United States 10.50 -52% 1,798.6 2,169.2 120.4 491.0 1,486.6 237.1 15.9% 19.9% 1.5x 9.1x Arbitron Inc. United States 35.17 -18% 919.0 906.2 12.8 - 436.5 123.4 28.3% 7.1% 2.1x 7.3x athenahealth, Inc. United States 88.37 -9% 3,181.2 3,025.9 155.4 - 376.3 49.2 13.1% 34.2% 8.0x 61.4x Automatic Data Processing, Inc. United States 58.08 -1% 28,140.1 26,578.4 1,578.5 16.8 10,665.2 2,333.5 21.9% 8.0% 2.5x 11.4x Aveva Group plc United Kingdom 29.42 -2% 1,999.9 1,715.7 286.2 - 313.3 95.3 30.4% 12.6% 5.5x 18.0x AVG Technologies N.V. Netherlands 10.42 -33% 566.7 640.4 123.7 197.4 311.0 83.9 27.0% 0.0% 2.1x 7.6x Blackbaud Inc. United States 24.38 -28% 1,101.4 1,340.7 21.2 260.5 395.4 63.2 16.0% 12.9% 3.4x 21.2x Booz Allen Hamilton Holding Corporation United States 18.36 -5% 2,432.7 3,051.7 336.1 955.1 5,844.8 495.6 8.5% 2.6% 0.5x 6.2x Brainjuic er Group Plc United Kingdom 5.25 -3% 65.7 59.9 5.7 - 32.2 4.6 14.2% 26.6% 1.9x 13.0x Broadridge Financ ial Solutions, Inc . United States 23.68 -5% 2,957.7 3,161.6 320.5 524.4 2,303.5 340.0 14.8% 6.3% 1.4x 9.3x Cegedim SA France 21.46 -42% 299.5 882.6 95.0 695.8 1,184.1 195.8 16.5% -1.6% 0.7x 4.5x Cello Group Plc United Kingdom 0.60 -20% 48.8 62.1 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.6x Cerner Corporation United States 73.14 -17% 12,520.0 11,716.2 980.0 176.1 2,415.7 658.1 27.2% 24.5% 4.9x 17.8x Cision AB Sweden 7.50 -20% 111.3 174.6 7.6 68.2 142.1 24.5 17.2% -4.0% 1.2x 7.1x comScore, Inc. United States 14.12 -41% 497.5 459.5 50.3 12.3 243.9 18.4 7.5% 17.3% 1.9x 25.0x Concur Technologies, Inc. * United States 72.40 -1% 3,980.9 3,749.0 481.2 248.5 417.1 52.5 12.6% 25.7% 9.0x 71.4x Constant Contact, Inc. United States 19.55 -39% 596.2 515.1 81.1 - 233.9 24.3 10.4% 20.0% 2.2x 21.2x CoreLogic, Inc. United States 24.60 -1% 2,591.3 3,105.7 282.4 794.6 1,441.3 259.5 18.0% 11.7% 2.2x 12.0x Cornerstone OnDemand, Inc. * United States 26.81 -10% 1,344.7 1,282.7 67.0 5.0 93.1 (19.8) NM 72.2% 13.8x NM CoStar Group Inc. United States 81.25 -5% 2,291.7 2,360.4 104.2 172.8 283.8 52.6 18.5% 19.7% 8.3x 44.9x CRA International Inc . United States 15.85 -43% 162.8 124.1 41.8 2.3 282.9 27.4 9.7% 0.0% 0.4x NM Craneware plc United Kingdom 5.20 -47% 140.4 116.3 23.6 - 40.3 9.6 23.8% 27.2% 2.9x 12.1x Digital Generation, Inc. United States 11.15 -49% 307.8 706.7 57.0 456.0 382.1 115.4 30.2% 45.7% 1.8x 6.1x Digit al River Inc . United States 16.66 -30% 593.4 303.2 644.0 353.8 400.7 57.7 14.4% 7.3% 0.8x 5.3x Dun & Bradstreet Corp. United States 80.95 -6% 3,633.2 4,532.0 118.6 1,013.6 1,724.8 519.5 30.1% 1.3% 2.6x 8.7x E2open, Inc. United States 12.76 -12% 318.1 320.3 10.1 12.3 63.9 1.1 1.6% 0.0% 5.0x 304.7x Ebiquity plc United Kingdom 1.55 0% 84.4 104.5 10.0 29.9 85.9 13.8 16.0% 19.8% 1.2x 7.6x Ebix Inc. UitdUnited SttStates 23. 99 -11% 890. 4 944. 4 26. 8 80. 7 178. 2 76. 5 42.9% 18.2% 5.3x 12.3x Envestnet, Inc. United States 11.54 -12% 372.5 359.1 13.4 - 133.2 16.0 12.0% 18.1% 2.7x 22.4x EPIQ Systems, Inc. United States 11.72 -20% 421.1 656.3 6.9 242.1 311.0 71.3 22.9% 32.2% 2.1x 9.2x Epocrates, Inc. * United States 8.92 -17% 221.4 139.4 81.9 - 110.7 0.0 0.0% -0.7% 1.3x 3768.3x Equifax Inc. United States 45.78 -7% 5,487.4 6,295.7 183.1 968.8 2,058.6 672.8 32.7% 7.5% 3.1x 9.4x Experian plc Ireland 15.94 -2% 15,777.1 17,887.2 261.0 2,227.0 4,487.0 1,495.0 33.3% 15.5% 4.0x 12.0x FactSet Research Systems Inc. United States 92.27 -16% 4,103.4 3,861.3 242.1 - 790.1 295.3 37.4% 12.4% 4.9x 13.1x Fair Isaac Corp. United States 42.71 -7% 1,445.4 1,798.7 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.5x Fidelity National Information Servic es, Inc . United States 31.50 -10% 9,280.3 13,760.6 533.8 4,871.1 5,850.2 1,708.5 29.2% 5.8% 2.4x 8.1x Fidessa group plc United Kingdom 22. 74 -19% 838. 7 758. 2 79. 5 - 443. 1 90. 6 20. 4% 43%4.3% 17x1.7x 84x8.4x Financ ial Engines, Inc . United States 21.30 -15% 994.8 841.4 153.4 - 162.5 28.2 17.3% 25.6% 5.2x 29.9x Forrester Research Inc. United States 29.28 -26% 656.4 420.0 236.4 - 293.8 52.0 17.7% 10.4% 1.4x 8.1x FTI Consulting, Inc. United States 26.01 -42% 1,046.2 1,677.6 166.0 797.4 1,596.0 264.1 16.5% 9.0% 1.1x 6.4x

M&A & INVESTMENT SUMMARY AUGUST 2012 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA FX Allianc e Inc United States 23.00 0% 654.9 586.2 68.8 - 122.9 46.6 37.9% 15.7% 4.8x 12.6x Gart ner Inc . United States 49.39 -1% 4,614.2 4,663.8 150.5 200.1 1,540.1 254.6 16.5% 12.1% 3.0x 18.3x GfK SE Germany 44.27 -14% 1,615.9 2,209.4 88.2 634.3 1,817.8 257.4 14.2% 6.6% 1.2x 8.6x Green Dot Corporation United States 11.45 -69% 410.5 261.8 194.4 45.7 527.0 98.3 18.6% 21.4% 0.5x 2.7x Harris Interac tive Inc . United States 1.18 -13% 67.5 62.1 11.5 6.0 147.5 10.6 7.2% -10.7% 0.4x 5.9x Harte- Hanks Inc . United States 6.96 -32% 438.6 520.6 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.7x IHS Inc. United States 114.04 -1% 7,502.1 8,081.3 268.2 847.5 1,439.3 294.3 20.5% 23.2% 5.6x 27.5x Infoblox Inc. * United States 21.79 -7% 995.9 838.5 157.4 - 163.6 1.8 1.1% 0.0% 5.1x 463.3x IfInforma plc SiSwitzer lan d 6466.46 -10% 3, 883. 1 5, 228. 7 83. 3 1, 412. 4 1, 976. 5 561. 4 28.4% 1.8% 2.6x 9.3x Informatic a Corporation United States 32.60 -40% 3,538.1 2,972.8 565.3 - 809.5 181.4 22.4% 12.4% 3.7x 16.4x Information Servic es Group, Inc . United States 1.24 -17% 44.9 97.3 14.2 66.6 184.4 12.1 6.6% 23.0% 0.5x 8.0x InnerWorkings Inc. United States 12.05 -14% 594.3 654.6 12.8 73.0 723.0 32.2 4.5% 31.4% 0.9x 20.3x Interac tive Intelligence Group Inc. United States 29.56 -14% 569.9 505.1 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 28.1x International Datac asting Corporation Canada 0.21 -43% 12.9 5.7 7.2 0.0 31.1 (1.2) NM -17.9% 0.2x NM Ipsos SA France 29.83 -17% 1,351.7 2,235.6 96.2 968.6 2,081.1 232.4 11.2% 40.3% 1.1x 9.6x Isoftstone Holdings Limited China 4.41 -60% 245.9 202.9 60.1 15.0 337.9 33.4 9.9% 42.7% 0.6x 6.1x JDA Software Group Inc. United States 30.80 -12% 1,318.6 1,229.6 362.4 273.5 665.5 180.3 27.1% 8.5% 1.8x 6.8x Kenexa Corp. United States 45. 84 -1% 1, 262. 9 1, 206. 3 89. 7 28. 3 318. 0 26. 7 84%8.4% 32. 1% 38x3.8x 45. 3x Keynote Systems Inc. United States 13.13 -49% 232.7 187.3 45.5 - 121.5 18.6 15.3% 26.5% 1.5x 10.1x Lender Processing Services, Inc. United States 28.07 -1% 2,377.4 3,324.9 138.5 1,086.0 2,092.5 255.6 12.2% -6.7% 1.6x 13.0x Macdonald Dettwiler & Associates Ltd. Canada 60.01 -4% 1,910.6 1,772.9 236.4 103.4 682.0 156.1 22.9% -10.4% 2.6x 11.4x MedAssets, Inc. United States 17.07 -2% 998.4 1,940.6 5.4 947.5 613.2 182.1 29.7% 27.6% 3.2x 10.7x Mediware Information Systems Inc. United States 14.68 -5% 120.8 83.4 37.4 - 63.9 12.5 19.5% 21.0% 1.3x 6.7x Merge Healthcare Inc orporated United States 3.16 -56% 291.3 506.2 35.6 250.0 248.0 48.5 19.6% 24.2% 2.0x 10.4x Moody's Corp. United States 39.60 -8% 8,803.1 9,281.6 839.5 1,238.3 2,386.0 1,009.1 42.3% 5.6% 3.9x 9.2x Morningstar Inc . United States 59.41 -7% 2,875.1 2,486.9 389.9 - 645.3 182.5 28.3% 6.9% 3.9x 13.6x MSCI Inc. United States 35.08 -8% 4,272.6 4,789.1 359.8 876.2 918.8 413.9 45. 0% 00%0.0% 52x5.2x 11. 6x National Research Corp. United States 49.76 -6% 338.5 340.9 11.2 13.6 80.7 25.8 32.0% 15.3% 4.2x 13.2x Navigant Consulting Inc. United States 11.05 -24% 570.1 738.1 - 168.0 720.7 103.4 14.4% 9.6% 1.0x 7.1x Nielsen Holdings N.V. Netherlands 28.04 -11% 10,127.0 16,714.0 283.0 6,866.0 5,559.0 1,365.0 24.6% 3.8% 3.0x 12.2x Onvia Inc. United States 3.89 -9% 33.2 21.2 12.1 0.1 22.2 1.3 5.7% -11.7% 1.0x 16.6x Open Text Corp. Canada 53.80 -14% 3,142.2 3,178.9 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.6x 9.5x Palo Alto Networks, Inc. * United States 64.38 -6% 4,287.8 4,197.5 90.3 - 219.7 8.0 3.6% 0.0% 19.1x 524.4x Parametric Tec hnology Corporation United States 21.25 -27% 2,522.7 2,424.7 238.0 140.0 1,269.8 220.6 17.4% 15.9% 1.9x 11.0x Paychex, Inc. United States 33.26 -1% 12,065.4 11,749.1 316.3 - 2,229.8 951.7 42.7% 7.0% 5.3x 12.3x Proofpoint, Inc. United States 12.98 -27% 413.2 336.6 81.4 4.8 93.7 (11.4) NM 0.0% 3.6x NM PROS Holdings, Inc . United States 17.28 -16% 473.6 402.5 71.2 - 106.6 11.2 10.5% 31.5% 3.8x 36.0x Qlik Tec hnologies, Inc . United States 21.15 -37% 1,809.4 1,614.3 195.1 - 348.5 22.5 6.5% 29.7% 4.6x 71.7x Quality Systems Inc . United States 17.67 -65% 1,048.6 913.7 134.9 - 447.7 122.2 27.3% 20.7% 2.0x 7.5x RealPage, Inc . United States 25.51 -12% 1,879.1 1,868.3 45.8 35.0 292.0 38.3 13.1% 32.0% 6.4x 48.8x Reed Elsevier NV Netherlands 13.07 -1% 9,619.2 9,626.8 3.8 11.4 - - NM 0.0% NM NM Reis, Inc . United States 11.69 -2% 125.1 105.4 19.7 - 28.5 5.5 19.3% 11.4% 3.7x 19.1x Sage Group plc United Kingdom 4.70 -6% 5,823.2 5,629.3 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.6x 9.1x salesforce.com, inc United States 145.18 -12% 20,180.0 19,630.7 1,107.7 558.3 2,643.3 116.2 4.4% 36.5% 7.4x 168.9x Solera Holdings Inc . United States 41.13 -28% 2,876.4 3,612.8 508.2 1,145.9 790.2 338.5 42.8% 15.4% 4.6x 10.7x ServiceNow, Inc. * United States 26.60 NA 1,924.8 1,836.5 88.3 - 196.3 (20.4) NM 0.0% 9.4x NM SPS Commerce, Inc. United States 34.95 -1% 433.4 397.9 35.5 - 65.7 5.5 8.4% 31.5% 6.1x 72.3x SS&C Tec hnologies Holdings, Inc . United States 22.18 -18% 1,732.6 2,745.2 134.5 1,147.1 404.5 151.5 37.4% 15.6% 6.8x 18.1x Streamline Health Solutions, Inc. United States 4.32 -14% 46.8 50.8 3.1 7.1 18.4 2.1 11.5% 1.2% 2.8x 24.0x

M&A & INVESTMENT SUMMARY AUGUST 2012 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Temenos Group AG Switzerland 14.21 -32% 978.8 1,142.4 59.1 223.7 453.9 53.5 11.8% -5.3% 2.5x 21.3x The Dolan Company United States 3.55 -67% 107.7 289.7 1.2 174.0 275.9 43.6 15.8% -5.1% 1.0x 6.6x The Hackett Group, Inc. United States 3.75 -43% 114.3 132.5 13.8 32.0 206.9 20.3 9.8% 8.7% 0.6x 6.5x The Mc Graw-Hill Companies, Inc . United States 51.20 0% 14,346.2 15,565.2 839.0 1,199.0 6,306.0 1,771.0 28.1% 0.6% 2.5x 8.8x Thomson Reuters Corporation United States 28.39 -8% 23,430.4 29,280.1 1,892.0 7,198.0 13,693.0 3,348.0 24.5% 1.5% 2.1x 8.7x TIBCO Software Inc. United States 29.92 -14% 4,849.6 4,757.3 647.3 553.9 991.5 225.4 22.7% 19.8% 4.8x 21.1x The Ultimate Software Group, Inc. United States 99.19 -2% 2,655.2 2,594.2 72.1 11.0 297.9 30.9 10.4% 21.0% 8.7x 83.8x Verint Systems Inc. United States 28.63 -13% 1,138.7 1,834.6 189.8 595.6 803.0 132.7 16.5% 9.9% 2.3x 13.8x VikVerisk AliAnalytics, Inc. UiUnite d States 48. 52 -5% 8, 046. 2 9, 200. 4 102. 0 1, 256. 2 1, 411. 4 624. 4 44.2% 15.6% 6.5x 14.7x Vocus Inc. United States 19.42 -21% 402.0 453.6 27.6 1.7 137.9 1.1 0.8% 29.9% 3.3x 406.1x WageWorks, Inc. United States 17.06 -7% 455.9 239.1 261.3 44.6 154.5 22.4 14.5% 22.0% 1.5x 10.7x Wolters Kluwer NV Netherlands 18.01 -3% 5,331.3 8,220.2 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 1.9x 7.5x YouGov PLC United Kingdom 1.24 -3% 120.3 104.1 16.3 - 93.0 8.1 8.7% 18.2% 1.1x 12.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) Low 0.2x 2.7x and EBITDA multiples that are 1.0 standard deviations above the mean (447.5x). Mean 3.3x 70.2x Medi an2.6x 12.0x Weighted Avg 3.9x 34.4x Adj. W Avg* 3.7x 25.4x High 19.1x 3768.3x

M&A & INVESTMENT SUMMARY AUGUST 2012 19 OOH & SPECIALTY MEDIA Transactions by Segment and Buyer Type

• There were four acquisitions and one investment in the Out-of-Home & Specialty Media segment for a combined total of approximately $1.6 billion • Select acquisitions › Dex One’s $1.5 billion acquisition of SuperMedia, which operates as a yellow pages directory publisher › DHX Media’ s $111 million acquisition of Cookie Jar Entertainment, a Canada-based brand building company engaging in the development, production, and marketing of children's animated television programs

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Place-Based Media 2 40% 30.0 2% 1 20.0 0 0.0 1 10.0 Entertainment Media 1 20% 111.0 7% 1 111.0 0 0.0 0 0.0 Traditional Outdoor 1 20% 30.0 2% 1 30.0 0 0.0 0 0.0 Yellow Pages 1 20% 1,476.6 90% 1 1,476.6 0 0.0 0 0.0 Total 5 100% 1,648 100% 4 1,638 0 0 1 10

M&A & INVESTMENT SUMMARY AUGUST 2012 20 OOH & SPECIALTY MEDIA PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $1.47 -63% $92.1 ($23.4) $114.0 $0.0 $286.4 $20.6 7.2% 17.1% NM NM Clear Channel Outdoor Holdings Inc . United States 5.25 -65% 1,874.1 6,360.4 491.3 4,742.2 2,977.1 692.9 23.3% 1.7% 2.1x 9.2x Clear Media Ltd. Hong Kong 0.54 -14% 287.8 163.9 135.4 - 194.6 76.8 39.5% 10.4% 0.8x 2.1x DHX Media Ltd. Canada 1.49 -4% 79.1 92.2 23.3 36.2 69.2 6.9 9.9% 30.3% 1.3x 13.5x Foc us Media Holding Ltd. Hong Kong 24.05 -27% 3,109.4 2,684.4 590.7 197.6 899.7 331.0 36.8% 44.5% 3.0x 8.1x JCDecaux SA France 22.84 -23% 5,069.1 5,178.9 398.6 555.0 3,211.3 715.1 22.3% 5.1% 1.6x 7.2x Lamar Advertising Co. United States 33.12 -8% 3,092.0 5,182.8 98.9 2,189.7 1,156.1 500.7 43.3% 4.1% 4.5x 10.4x Mood Media Corporation Canada 2.51 -43% 428.1 902.5 36.1 469.8 422.3 112.9 26.7% 104.3% 2.1x 8.0x National CineMedia, Inc . United States 14. 50 -11% 813. 2 1, 688. 8 74. 6 865. 2 439. 8 210. 6 47. 9% 26%2.6% 38x3.8x 80x8.0x NTN Buzztime Inc . United States 0.17 -66% 12.1 9.8 2.5 0.3 24.1 (0.5) NM - 2.8% 0.4x NM Tom Group Ltd. * Hong Kong 0.11 -2% 416.3 636.8 110.1 285.8 301.4 1.4 0.5% -0.2% 2.1x 455.5x Valassis Communications Inc. United States 25.07 -6% 997.1 1,523.2 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.5x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (4.6x) Low 0.4x 2.1x and EBITDA multiples that are 1.0 standard deviations above the mean (194.3x). Mean 2.1x 52.7x Median 2.1x 8.1x Weighted Avg 2.5x 19.5x Adj. W Avg* 2.6x 8.1x High 4.5x 455.5x

M&A & INVESTMENT SUMMARY AUGUST 2012 21 MARKETING SERVICES Transactions by Segment and Buyer Type

• There were five acquisitions and four investments for a combined total of approximately $104 million in the Marketing Services segment • Select acquisitions › Aimia’s $28 million acquisition of Excellence in Motivation, a full-service performance improvement and business loyalty solutions provider › MAI Holding’s $27 million acquisition of Presstek, a digital offset printing company

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Printer 5 56% 73. 3 71% 4 72. 1 0 000.0 1 121.2 Loyalty/Retention 3 33% 28.7 28% 1 28.0 0 0.0 2 0.7 Logistics 1 11% 2.0 2% 0 0.0 0 0.0 1 2.0 Total 9 100% 104.0 100% 5 100.1 0 0.0 4 3.9

M&A & INVESTMENT SUMMARY AUGUST 2012 22 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $16.94 0% $1,271.0 $1,366.2 $179.3 $274.5 $1,126.2 $235.9 20.9% 0.6% 1.2x 5.8x Aimia Inc. Canada 14.23 -2% 2,450.4 2,763.2 268.0 583.2 2,092.2 279.6 13.4% 0.0% 1.3x 9.9x Alliance Data Systems * United States 136.00 -2% 6,787.4 13,687.1 642.2 7,542.0 3,450.4 1,032.3 29.9% 17.4% 4.0x 13.3x AMREP Corporation United States 6.01 -33% 36.0 29.5 27.8 21.3 85.3 4.2 5.0% -11.8% 0.3x 7.0x Cenveo Inc. United States 1.97 -62% 125.3 1,334.6 14.1 1,223.4 1,856.8 207.6 11.2% 5.7% 0.7x 6.4x Consolidated Graphics, United States 27.44 -51% 275.1 433.9 8.1 166.9 1,040.2 102.9 9.9% -1.9% 0.4x 4.2x Convergys Corporation United States 15.52 -2% 1,745.0 1,048.7 757.0 60.7 2,311.2 281.6 12.2% 11.7% 0.5x 3.7x Dat a Group Inc Canada 4.39 -26% 103.1 204.4 - 98.1 330.4 28.3 8.6% 2.1% 0.6x 7.2x DST Systems Inc . United States 51.11 -10% 2,254.0 3,094.0 374.4 1,214.4 2,500.8 363.0 14.5% -4.8% 1.2x 8.5x Elanders AB Sweden 3.45 -12% 78.3 174.5 11.6 104.4 275.1 31.1 11.3% 7.2% 0.6x 5.6x Fair Isaac Corp. * United States 44.68 -2% 1,512.1 1,865.4 150.7 504.0 650.6 188.7 29.0% 5.9% 2.9x 9.9x Harte-Hanks Inc . United States 7.08 -31% 446.2 528.2 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.8x Innotrac Corp. United States 1.62 -1% 21.1 20.6 2.3 1.8 92.2 4.3 4.7% 13.3% 0.2x 4.8x Insignia Systems Inc. United States 1.61 -53% 21.9 1.6 20.3 - 16.0 (7.0) NM -37.8% 0.1x NM Points International Ltd. * Canada 12.23 -10% 185.4 151.8 32.6 - 126.1 5.5 4.3% 12.9% 1.2x 27.8x Quad/Graphics, Inc. United States 16.00 -28% 754.0 2,102.9 17.6 1,365.8 4,248.8 597.2 14.1% -3.2% 0.5x 3.5x R.R. Donnelley & Sons United States 12.52 -25% 2,256.9 5,668.3 369.0 3,761.4 10,457.6 1,266.9 12.1% 0.5% 0.5x 4.5x StarTek, Inc. United States 2932.93 -16% 44. 4 33. 1 11. 4 - 198. 1 (3. 7) NM -19. 8% 02x0.2x NM Sykes Enterprises, United States 14.02 -26% 615.0 410.4 204.7 - 1,112.4 113.4 10.2% -4.6% 0.4x 3.6x Teleperformance France 24.60 -10% 1,363.0 1,326.7 213.1 169.4 2,777.9 354.8 12.8% 2.5% 0.5x 3.7x TeleTech Holdings Inc. United States 16.98 -9% 926.0 846.8 170.6 78.0 1,186.2 138.7 11.7% 5.3% 0.7x 6.1x Transcontinental Inc. Canada 9.81 -32% 792.3 1,312.2 22.4 541.5 2,078.3 388.7 18.7% 0.2% 0.6x 3.4x Valassis Communic ations United States 24.90 -7% 990.4 1,516.4 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.5x Viad Corp United States 19.48 -17% 394.6 327.0 78.0 2.6 928.8 35.3 3.8% -0.2% 0.4x 9.3x Vistaprint N.V. * Netherlands 41.02 -6% 1,401.7 1,568.5 62.2 229.0 1,020.3 114.6 11.2% 24.9% 1.5x 13.7x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.9x) Low 0.1x 3.4x and EBITDA multiples that are 1.0 standard deviations above the mean (12.9x). Mean 0.7x 7.2x Median 0.6x 5.6x Weighted Avg 0.9x 6.6x Adj. W Avg* 0.7x 5.7x High 2.9x 27.8x

M&A & INVESTMENT SUMMARY AUGUST 2012 23 AUGUST SUMMARY TRADING VALUATION INFORMATION

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.2x 1.6x 3.8x 2.8x Agenc y/Consulting 0.9x 0.9x 1.2x 1.1x OOH & Spec ialty Media 2.0x 2.1x 2.6x 2.6x Digital Media/Commerce 2.9x 1.8x 4.7x 3.3x Marketing Technology 4.3x 3.4x 5.8x 4.7x Software & Information 3.3x 2.6x 3.9x 3.7x Marketing Servic es 0.7x 0.6x 0.9x 0.7x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 17.1x 11.4x 14.1x 13.2x Agenc y/Consulting 7.1x 6.6x 8.2x 7.7x OOH & Spec ialty Media 50. 5x 81x8.1x 19. 1x 81x8.1x Digital Media/Commerce 19.4x 10.8x 21.7x 13.2x Marketing Technology 63.5x 17.1x 25.9x 18.7x Software & Information 70.2x 12.0x 34.4x 25.4x Marketing Servic es 7.2x 5.6x 6.6x 5.7x

As of close of business on 08/31/12.

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

M&A & INVESTMENT SUMMARY AUGUST 2012 24 PPLLC INDICES – LTM as of 8/31/12

130 130

(%) 120 (%)

120

110 110

100

100 90

90 80 ndex Performance ndex Performance II I

70 80 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

S&P 500 Digital Advertising S&P 500 Agency/Consulting

130 130

120 120 (%) e (%) ee cc

110 110

100

90 80 Index Performan Index Performanc

70 80 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

S&P 500 Marketing Technology S&P 500 Digital Media/Com merce OOH & Specialty Media 125 120

120 e (%) e (%) 115 110 cc cc

110

105 100

100

95 90

90 Index Performan Index Performan

85 80 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

S&P 500 Software & Inform ation S&P 500 Marketing Services

M&A & INVESTMENT SUMMARY AUGUST 2012 25 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed SuperMedia, Inc. Dex One Corporation $1,476.6 Kenexa Corporation International Business Machines Corporation 1,200.0 Argus Information & Advisory Services, LLC Verisk Analytics, Inc. 425.0 TMW Systems Trimble Navigation Limited 335.0 Servigistics Parametric Technology Corporation 220.0 Bleacher Report, Inc. Time Warner, Inc. 175.0 Adeptra FICO 115.0 Cookie Jar Entertainment DHX Media Ltd. 111.0 Matrix S.p.A Libero Srl 108.2 Felix CityGrid Media 30.0 Urban Touch Fashion and You 30.0 Excellence in Motivation Aimia, Inc. 28.0 PtkPresstek MAI Ho ldings, Inc. 26. 6 Venmo Braintree Payment Solutions 26.2 Frommer's Travel Brand Google, Inc. 25.0 BLiNQ Media Gannett Company, Inc. 23.0 Drug Safety Alliance United Drug plc 21.0 eDiets.com, Inc. As Seen On TV, Inc. 13.2 Canyon Associates WRG Creative Communication 10.0 SmileyHanchulak Marketing Communications WhiteSpace Creative 10.0 SynopiaRX United Drug plc 323.2 GameSpy Technology Glu Mobile, Inc. 2.8 M Thirty Communications Parta Dialogue, Inc. 1.9 Duedil Ltd. Passion Capital 1.5 Illume Mobile Software DecisionPoint Systems, Inc. 1.0

Strategic Undisclosed (r)evolution Prophet Brand Strategy - 12designer 99designs - 15miles GearyLSF Group - About.com IAC/InterActiveCorp - allesklar media AG Axel Springer Digital Classifieds GmbH - Ant's Eye View PricewaterhouseCoopers LLP - Ascentum Hill + Knowlton Strategies Canada - Atomkeep Jobscience, Inc. - Boss Alien NaturalMotion Ltd. - Bravo Asia Cheil Worldwide, Inc. - BringMeMyLeads Surefire Social -

M&A & INVESTMENT SUMMARY AUGUST 2012 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed BuzzNumbers Sentia Media - Cloud Nine Media Boingo Wireless, Inc. - Communicate 2 Aegis Media - Condo Domain Bette r Homes Rea lty - Content & Motion Beyond - Cottonseed Clothing Fine Folks, Inc. - Crovat Batanga Network - DateHookUp.com IAC/InterActiveCorp - e4e, Worldwide Interactive Entertainment Buisness Division Pole to Win Co., Ltd. - e-Media Taz Solutions, Inc. - FabFind. com Teambuy. ca - Fidlar Printing The Brandt Company - FNUKY THEM Advertising & Digital - Followerwonk SEOmoz - Fortune Cookie Possible Worldwide - Fourpoint Communications Total Outdoor Corporation - Full Tilt Poker PokerStars - Giftiki LaunchRock - GoLightly, Inc. Advanced Solutions International - Hello Bar Crazy Egg, Inc. - Hon Digital Clement Communications, Inc. - Howmark Mobile MOKO.mobi Limited - Hubbard One Web Group One North Interactive LLC - Hubspan Liaison Technologies - HulaMX Javelin Distribution, LLC - Hurley and Frank Industries Dealer. com, Inc. - I Spy Marketing iProspect.com, Inc. - Idearc Inceptor, LLC Did-it.com - IM Solutions LeadingResponse LLC - InfoNow, Local Search Marketing Business LocationInisight - Interactive Avenues Marketing Solutions Interpublic Group of Companies, Inc. - Invicta Alliance Partners Ubiquity Corporation - iStopOver 9flats.com - LetsTalk.com Brightstar Corporation - Log Insight VMware, Inc. - Lone Wolf Mimvi, Inc. -

M&A & INVESTMENT SUMMARY AUGUST 2012 27 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Lost Remote WebMediaBrands, Inc. - Mailgun, Inc. Rackspace Hosting, Inc. - Media 2 Go International Adcentricity, Inc. - Meetings Quest Schdhneider Pu blhblishing Company, Inc. - Mobile Ad Spy WhatRunsWhere - Mollom Acquia, Inc. - MultiAd, Print Division The Brandt Company - Netpress Digital RUCH S.A. - Neverblue Media, Inc. GlobalWide Media, Inc. - Nodester AppFog, Inc. - Nooogylogy M edaedia Baayanyan Br acanch In c.- OnLive, Inc. (Unnamed) - Padvance Steel Media Limited - Pandastream MediaCore, Inc. - Petmeds MedicAnimal.com - Philippe Becker Design Diversified Agency Services - PixSense FunSpot - ResellerRatings Answ ers Corporation - Resultrix Publicis Groupe S.A. - ScienceOps Acquisio, Inc. - SciLife Mendeley Ltd. - SermonSpice.com Salem Church Products - SiteTagger BrightTag, Inc. - Sky Technologies Kony Solutions - Smart Future Ventures Canada, Mobile Marketing Technology Security First International Holdings, Inc. - SocialTract DigitalSherpa - Super Rewards, Inc. Playerize Network, Inc. - The MediTile Company Corum Corporation - TriSystems Ebix, Inc. - TVDuck.com Rebellion Media - Under The Gun Review, Alter The Press!, and PropertyOfZack Under The Gun Review - Vicki Johnson Communications Ron Sachs Communications - Whitmore Print and Imaging, Certain Assets HBP, Inc. -

M&A & INVESTMENT SUMMARY AUGUST 2012 28 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Getty Images, Inc. The Carlyle Group $3,300.0 Deltek, Inc. Thoma Bravo, Inc. 1,000.0 UC4 Software GmbH EQT Partners 271.1 Buyout Deals Undisclosed ePrize LLC Catterton Partners - VC/Growth Capital Values Disclosed Flipkart Online Services Private Limited MIH Group $150.0 Care.com, Inc. Institutional Venture Partners 50.0 Delivery Hero Kreos Capital 50.0 Best Doctors, Inc. Brown Brothers Harriman & Co. 45. 5 Dafiti J.P. Morgan Asset Management 45.0 Nasty Gal, Inc. Index Ventures 40.0 Momo Alibaba Group 40.0 FreeMonee, Inc. Opus Capital Group 34.0 Lumos Labs, Inc. Discovery Communications LLC 31.5 ClearSlide, Inc. Bessemer Venture Partners 28.0 FirmDecisions Ebiquity 25.0 Square, Inc. Starbucks Corporation 25.0 YottaMark, Inc. Westbury Partners 24.0 Visible Measures Corporation DAG Ventures 21.5 AbsolutData Technologies, Inc. Fidelity Growth Partners Europe 20.0 Connecture, Inc. Great Point Partners, LLC 20.0 CCP Games (Unnamed Fund Contibuters) 20.0 SumUp Limited Shortcut Ventures GmbH 20.0 Vision Critical OMERS Ventures 20.0 Vital Insights, Inc. Bregal Sagemount 20.0 MovieClips, Inc. MK Capital Management LLC 18. 5 CouchSurfing International, Inc. General Catalyst Partners LLC 15.0 Discovery Bay Games Trilogy Equity Partners, LLC 15.0 Ness Computing, Inc. SingTel Innov8 15.0 OpenGamma Limited ICAP plc 15.0 Tagged, Inc. Lighthouse Capital Partners 15.0 Getaround Menlo Ventures 13.9 FiveStars, Inc. Lightspeed Venture Partners 13.9 Thrillist.com LLC Oak Investment Partners 13.0 Pixmania SA Dixons Retail plc 12.6 Affectiva, Inc. Horizons Ventures Ltd. 12.0 Hopper, Inc. HootSuite Media, Inc. 12.0 Streamline Health Solutions, Inc. Great Point Partners, LLC 12.0

M&A & INVESTMENT SUMMARY AUGUST 2012 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Fuhu, Inc. ORIX Corporation $10.0 MOG Music Network Townsquare Media, Inc. 10.0 Revel Touch, Inc. Foundation Capital 10.0 Netsertive, Inc. Harbert Venture Partners 989.8 LevelUp T-Venture Holding GmbH 9.0 Oversight Systems, Inc. Westbury Partners 8.3 DocuSign, Inc. Google Ventures 8.2 Goko Alsop Louie Partners 8.0 RichRelevance, Inc. RTP Ventures 8.0 Little Black Bag GRP Partners 8.0 Etouches Cava Capital 7.8 Cortica, Inc. Horizons Ventures Ltd. 7.0 App Annie Limited Greycroft LLC 6.0 Miinto Group Dawn Capital 6.0 Swirl Networks, Inc. SoftBank Capital 6.0 Motiga NEOWIZ Games Corporation 5.1 Ask Ziggy (Unnamed Fund Contibuters) 5.0 Ginger Software Horizon Ventures 5.0 LocationInisight United Communications Group 5.0 Nexage, Inc. Hearst Interactive Media 5.0 Bubble Motion Pte. Ltd. Jafco America Ventures, Inc. 505.0 RiverMeadow Software, Inc. (Private Investors) 5.0 EcoMom.com Blue Pacific Ventures 4.7 InsideSales.com Hummer Winblad Venture Partners 4.1 Tw ice IA Ventures 4.0 Mettl.com IndoUS Venture Partners 4.0 Playdemic (Private Investors) 4.0 Treat Technologies OpenTable.com, Inc. 4.0 Patientco Holdings, Inc. BlueCross BlueShield Venture Partners 3.8 Influitive, Inc. First RoundCd Capita l 383.8 AwesomenessTV Greycroft LLC 3.5 QuickPay Corporation (Unnamed Fund Contibuters) 3.5 Sawbuck Realty, Inc. Revolution Ventures 3.5 Space Curve, Inc. Triage Ventures 3.5 Plink, Inc. Grotech Ventures 3.0 EnergySavvy Pivotal Investments, LLC 3.0 tenXer, Inc. True Ventures 3.0 Personal Retailing, Inc. Hillsven Capital, LLC 262.6 TribeHR Corporation Relay Ventures 2.5 OrderAhead Matrix Partners 2.3 Educreations, Inc. Accel Partners 2.2

M&A & INVESTMENT SUMMARY AUGUST 2012 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Plair Media FLOODGATE Fund LP $2.1 Viva9 Pty Ltd. Deal Group Media, plc 2.1 BrightWhistle, Inc. Eastside Partners 2.1 biNu Pty Ltd. TomorrowVentures, LLC 202.0 E-Drive Autos, LLC (Unnamed Fund Contibuters) 2.0 Door to Door Organics Greenmont Capital Partners 2.0 NiftyThrifty Tribeca Venture Partners 2.0 One Jackson Accel Partners 2.0 Gild Globespan Capital Partners 2.0 NoWait, Inc. Birchmere Ventures 2.0 Savveo, Inc. BayCrest Capital 2.0 Shutl UPS Strategic Enterprise Fund 2.0 PatientsLikeMe (ddb)(Unnamed Fund Contibuters) 202.0 Sherpaa, Inc. O'Reilly AlphaTech Ventures, LLC 1.9 BookMyShow Accel Partners 1.8 Funium, LLC Family Odyssey 1.8 MyHealthTeams Adams Street Partners, LLC 1.8 Silk New Enterprise Associates 1.6 ClassDojo General Catalyst Partners LLC 1.6 SocialPandas True Ventures 1.5 Mango Health, Inc. Baseline Ventures 151.5 HiConversion, Inc. LB Merchant HC-2 1.3 Rallyhood, LLC Calendar Holdings 1.3 Deal Décor (Angel Investors) 1.2 Retail Relay, Inc. Battery Ventures 1.2 Printi Green Oaks Capital Management, L.P. 1.2 MarketMeSuite Saturn Parnters 1.1 Procured Health (Angel Investors) 1.1 ShopLocket, Inc. Rho Canada 1.0 MyCbbCabbage Lighbhtban k 1.0 CakeStyle, LLC Sandbox Industries, Inc. 1.0 Smart Lunches Data Point Capital 1.0 MediaCore, Inc. (Private Investors) 1.0 Pivotshare, Inc. TownsgateMedia 1.0 ShiftPlanning, Inc. Point Nine Capital 1.0 Target Data, Inc. Western Technology Investment 1.0 The News Funnel (Unnamed Fund Contibuters) 1.0 Wantworthy, Inc. RRE Investors 101.0 Keen Systems, Inc. Apaxys Ventures 0.9 SmartAsset Y Combinator 0.9 Fandeavor, Inc. (Private Investors) 0.5

M&A & INVESTMENT SUMMARY AUGUST 2012 31 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Quilt (Private Investors) $0.5 InfoScout (Unnamed Fund Contibuters) 0.4 UsingMiles TMT Investments 0.3 VC/Growth Capital Undisclosed Advizzer LLC Draper Fisher Jurvetson - E-Like Solucoes Em Comercio Eletronico Ltda. Intel Capital - Fixmo, Inc. Motorola Solutions Venture Capital - Flite, Inc. Conde Nast - Games.de iVentureCapital GmbH - Pinion Tech Pty Ltd. Bing Fund - PTI Marketing Technologies Ricoh Co., Ltd. - Show Media, Inc. BNY Mezzanine Partners, L.P. - SkyVu Entertainment Lightbank - TargetVacations.ca Jaunt.ca - threadsy Facebook - Zalando GmbH J.P. Morgan Asset Management -

M&A & INVESTMENT SUMMARY AUGUST 2012 32 Petsky Prunier: Maximizing Shareholder Value

• Found ed in 1999 • Focused solely on the internet, marketing, media, technology, healthcare and services industries • More than 35 focused professionals › Unique combination of investment banking and consulting expertise • New York-based with West Coast office and Chicago presence • Sell-side and private placement close rate is unmatched at our level of deal volume • Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers • Together with strategic consulting firm WiWinterberrynterberry Group, one of the largest industry-specific advisors providing strategic and transactional services • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

INVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation •Marketing • Strategic Development and Competitive Analysis • Capital Raising and Private •Media Placements • M&A Transaction Due Diligence Support •Healthcare and Valuation Analysis • Corporate Divestitures • Services • AiitiAcquisition Stt/TtStrategy/Target IdtifitiIdentification •M&A Advisory •Software • Publishing and Thought Leadership • Fairness Opinions • Technology • Internet

M&A & INVESTMENT SUMMARY AUGUST 2012 33 Petsky Prunier was Ranked #1 by Bloomberg in 2011 for Mid-Market Internet & Advertising Transactions*

Rank Adviser Deal Count 1 Petsky Prunier 19 2GCA Savvian Group Corp 14 3 No mura Ho ldings Inc 13 4 Goldman Sachs & Co 12 4 China Renaissance Partners 12 6 Jordan Edmiston Group 10 6 Sumitomo Mitsui Financial Group Inc 10 8 Deutsche Bank AG 9 8Morgan Stanley 9 8 KPMG Corp Finance 9 11 Bank of America Merrill Lynch 8 11 Credit Suisse 8 13 JP Morgan 7 13 RBC Capital Markets 7 13 Jefferies Group Inc 7 16 Barclays Capital 5 16 Evercore Partners Inc 5 16 Daiwa Securities Group Inc 5 16 Lazard Ltd 5 16 Rothschild 5 *Based on number of deals announced in 2011 valued at $500 million or less

More than 40 transactions closed in the last two years:

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

• Across a broad universe of industries, including digital advertising and marketing, digital media, technology and software, information services, and healthcare

M&A & INVESTMENT SUMMARY AUGUST 2012 34 REPRESENTATIVE RECENT TRANSACTIONS

hldhas sold a leading provider of a leading digital direct marketing a leader in global healthcare transportation-based digital company utilizing a proprietary a leader in technology and global a provider of a cloud-based primary market research and the top independent media networks has sold its database to provide customer in-app advertising for Facebook, integration platform for the digital influence network mapping direct-to-consumer marketer of has received a mezzanine debt acquisition solutions for major brands a leader in multichannel retail, dental savings plans and Sports Marketing Print Apple (iOS), and Android marketing industry has been sold investment from has received an equity investment from developers ecommerce and loyalty Division to has been sold a leading provider of services for has received $15M financing led marketing services to domain name registration, to has received $66M investment by has been sold to from a portfolio company of acquisition, brokerage and sales to with debt financing from

has sold has sold its has sold has been sold has sold (Nasdaq: TREE) to a leading provider of taxi-based has sold Niche Market Media outdoor media has sold has acquired A leading urban and Buying Business a global digital marketing agency multicultural agency a leading provider of media a leading provider of integrated has been sold to to buying, out-of-home and a premier provider a unit of a leading market services data, technology and analytics a leading online lead sampling services in niche of affinity programs for and BPO company solutions generation business markets a pioneer in measuring the universities and colleges to a subsidiary of to to impact of promotion on a leading data management and to to physician prescribing behavior audience optimization platform (NYSE: PAY) (DMP) company (NasdaqGS: LEDR) (NYSE: IPG) (Nasdaq: PSEC)

(TSX: PTO) has merged with a leading advertising a portfolio company of one of North America’s largest a leading online video has received a majority technology company has been sold to Vestar Capital Partners mobile marketing and gateway advertising network investment from a provider of multichannel has been sold to has sold solution providers has received a growth capital marketing software services and has been sold to has been sold to investment from has been sold to to a portfolio company of a portfolio company of (Xetra: DPW.DE) (Nasdaq:GSIC) (Nasdaq: RRD) Parthenon Capital Partners KRG Capital Partners

New Digital Group

has sold has sold a division of a leading performance-based a digital communications agency a global marketing services advertising network has sold the company with a proprietary software a premier provider of benchmark- assets of has been acquired by platform serving has been sold to a leading online community for based advisory services to the has been sold to biopharmaceutical companies pharmaceutical and biotech a leading national in-store automotive enthusiasts industry advertising network and shopper and social networking has been sold to has acquired marketing company technology platform has been acquired by to to to in a combination that creates the world’s leading loyalty management provider

(NASDAQ: TREE) a provider of accredited formerly known as MyGreek.com (NASDAQ: TREE) has sold one of the largest and fast a leading direct response continuing education programs a fast growing online advertising has acquired certain assets of has sold growing providers of has acquired certain assets television media company for clinicians network serving the middle out-of-home integrated media of a portfolio company of an operating company of market has received a major MIVA Media and marketing programs investment from reaching has been sold to an interactive direct marketing a leading pay-per-click consumers in specialty venues company specializing in an online directory service contextual online advertising a movie review and consumer lead generation for the for-profit, providing trusted lead has acquired certain has divested one of its network entertainment site to has been sold to post-secondary education market generation and marketing assets of a portfolio company of marketing services divisions services for home to improvement professionals Bridg ide Invest ment s LLC across the country

M&A & INVESTMENT SUMMARY AUGUST 2012 35