Software Equity Group Flash Report

May 2016 Software Equity GroupSoftware Financial andFinancial Valuation Performance of 250+ Publicly TradedPublicly Software, SaaS and Internet SelectM&A Transactions and Valuations Companiesby Product Category Flash ReportFlash and LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic Mergers & Acquisitions • Sell & Buy Side Advisory Services • Majority Buyouts & Recapitalizations • Board Advisory Services • Data Driven Research & Valuation • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509-2800, [email protected] .

CONTACT INFORMATION:

SEG Capital Advisors, L.L.C 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800

The information contained in this Report is obtained from sources that SEG Capital Advisors LLC (“SEG”) believes to be reliable. However, SEG makes no representations or warranties, express or implied, about the accuracy, completeness or fairness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Any person or entity reviewing this report (a) should conduct its own diligence and reach its own conclusions regarding its business transactions, (b) should not rely upon any conclusions reached by SEG, and (c) should consult its own advisors regarding its tax, accounting, financial and/or business decisions. SEG or its affiliates may have an interest in one or more of the securities or companies discussed herein. Financial data was provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of SEG. SEG or one of its affiliate Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

CRM Customer Relationship Management EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization ERP Enterprise Resource Planning EV Enterprise Value FCF Free Cash Flow FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates NASDAQ National Association of Securities Dealers Automated Quotation System PLM Product Lifecycle Management R&D Research and Development S&P Standard & Poor's SaaS Software-as-a-Service SEG Software Equity Group SG&A Selling, General, & Administrative SW Software TTM Trailing Twelve Month YoY Year-over-Year YTD Year-to-date

Additions: Company Ticker Index Category SecureWorks Corp. SCWX Software Security

Removals Company Ticker Previous Index Previous Category Mecox Lane Limited - Internet Commerce Acquired by ChinaEquity Group ($52.1M)

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-01-2016 Senstar Corporation Aimetis Corp. - $14.0 - - Apr-01-2016 Maximum Games LLC Avanquest Software Publishing Ltd. $17.0 $6.3 0.4x - Apr-01-2016 Sykes Enterprises, Incorporated (NasdaqGS:SYKE) Clear Link Technologies, LLC $123.0 $207.0 1.7x - Apr-01-2016 CyrusOne LP CME Group Inc., Chicago Data Center in - $130.0 - - Apr-01-2016 Aconex Limited (ASX:ACX) CONJECT Holding GmbH $27.8 $73.6 2.7x 81.3x Apr-01-2016 L&E Research, Inc. Focus Market Research, Inc. - - - - Apr-01-2016 IS Group BV Fortytwo BV and Redbee BV - - - - Apr-01-2016 Persistent Systems, Inc. Genwi Inc. - - - - Apr-01-2016 Pallimed GeriPal - - - - Apr-01-2016 Fortum Oyj (HLSE:FUM1V) Info24 AB $1.9 - - - Apr-01-2016 Welsh, Carson, Anderson & Stowe Intuit Inc., QuickBase $70.0 - - - Apr-01-2016 Tucows Inc. (NasdaqCM:TCX) Melbourne IT, International Domain Name Business - $6.3 - - Apr-01-2016 Nokia Corporation (HLSE:NOKIA) Nakina Systems Inc. - - - - Apr-01-2016 Ronglian Investments Limited NedSense Enterprises NV, LOFT division - $8.6 - - Apr-01-2016 Equipamientos Urbanos de México S.A. de C.V.; JCDecaux Latin America InOutdoor Systems Americas HoldCo Sub Cooperatief U.A $72.5 $82.0 1.1x - Apr-01-2016 TXT Next SpA PACE Aerospace Engineering and Information Technology GmbH $7.9 $9.8 1.2x 11.2x Apr-01-2016 Flipkart Online Services Pvt. Ltd. PhonePe Internet Private Limited - - - - Apr-01-2016 - Programmed Maintenance Services Ltd., Damstra Workforce Software Business - - - - Apr-01-2016 NetSource Communications Inc. Pugmarks Inc. - - - - Apr-01-2016 Brighter Connections Managed Services Ltd. Samarind Ltd, Samarind Networks Division - - - - Apr-01-2016 BasWare Oyj (HLSE:BAS1V) Verian Technologies, Inc. $10.6 $36.2 3.4x - Apr-02-2016 LULU SOFTWARE, Inc. Online PDF Services OÜ - - - - Apr-03-2016 RS Internet Pazarlama A.S. Rekmob Bilisim Teknolojileri Limited - - - - Apr-03-2016 Catena Media plc (OM:CTM) ZeroCorp Ltd. - $17.1 - - Apr-04-2016 Over the Wire Holdings Limited (ASX:OTW) Access Wireless & Cable Pty Limited - $0.5 - - Apr-04-2016 Wind River Systems, Inc. Arynga, Inc. - - - - Apr-04-2016 Uniguest Inc. Ascension Software, Inc. - - - - Apr-04-2016 Simply Wall Street Pty Ltd. Cappio LLC - - - - Apr-04-2016 Dimension Data Holdings plc Ceryx Inc. - - - - Apr-04-2016 Getronics International B.V. Colt Technology Services Group Limited, Managed Cloud Business - - - - Apr-04-2016 Valnet Inc. Comic Book Resources - - - - Apr-04-2016 Uniguest Inc. Eleven Wireless, Inc., Hospitality Business Center Division - - - - Apr-04-2016 Talentia Software Gruppo Tekno s.r.l., HR Business Unit - - - - Apr-04-2016 FG Fitness & Media Group, Inc. (OTCPK:FGFT) Hollywood Tuna - - - - Apr-04-2016 Medidata Solutions, Inc. (NasdaqGS:MDSO) Intelemage, LLC - - - - Apr-04-2016 salesforce.com, inc. (NYSE:CRM) MetaMind Inc. - $48.0 - - Apr-04-2016 Glory Global Solutions Inc. REEVEX, LLC - - - - Apr-04-2016 mercator Revenue Management Systems, Inc. - - - - Apr-04-2016 Rock Communications Services and Import and Export Sales Ltda Rocha Comunicações e Vendas De Serviços Importação e Exportação LTDA - - - - Apr-04-2016 Toptal, LLC Skillbridge, Inc. - - - - Apr-04-2016 SCALTEL AG SNS-Systems GmbH $5.2 - - - Apr-04-2016 Etteplan Oyj (HLSE:ETT1V) Soikea Solutions Oy - - - - Apr-04-2016 Fusion Telecommunications International, Inc. (NasdaqCM:FSNN) Technology For Business Corporation - - - - Apr-04-2016 Kapsch TrafficCom AG (WBAG:KTCG) Telvent Trafico Y Transporte, S.A. $147.9 $25.4 0.2x - Apr-05-2016 RightPoint Consulting LLC Agency Oasis - - - - Apr-05-2016 Shenzhen Mason Technologies Co., Ltd. (SZSE:002654) Beijing Yiwan Wireless Information Technology Co., Ltd. - - - - Apr-05-2016 Blue Star Sports Bonzi Technology, Inc. - - - - Apr-05-2016 Vendor Credentialing Service LLC Computer Technology Corporation - - - - Apr-05-2016 Yes Telecom Netherlands B.V. Dekatel Telecom BV - - - - Apr-05-2016 LULU SOFTWARE, Inc. Docudesk Corporation - - - - Apr-05-2016 Cleo Communications, Inc. EXTOL International, Inc. - - - - Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved Select April 2016 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-05-2016 Travelport Worldwide Limited (NYSE:TVPT) Galileo Japan K.K. - - - - Apr-05-2016 RetailMeNot, Inc. (NasdaqGS:SALE) GiftCardZen, Inc. - $33.0 - - Apr-05-2016 VirtualWorks Group, Inc. Language Tools GmbH - - - - Apr-05-2016 ACTi SARL Like A Bird, S.A.S.U - - - - Apr-05-2016 Lecron Internet Media Industry Co., Ltd. (SZSE:300343) LINKING Marketing & Communication Group $13.0 $112.9 8.7x - Apr-05-2016 Johnson Outdoors Inc. (NasdaqGS:JOUT) Northport Systems Inc. - - - - Apr-05-2016 Phonon Solutions Private Limited Odd-even.com - - - - Apr-05-2016 Reward Gateway (UK) Ltd. Perkz Limited - - - - Apr-05-2016 The Chope Group Pte. Ltd. PT KuHi Solutions - - - - Apr-05-2016 H.I.G. Capital, LLC Quicken Investment Services, Inc. $51.0 - - - Apr-05-2016 Matter Communications, Inc. Skyscope Creative LLC - - - - Apr-05-2016 Experticity, Inc. Social Yantra, Inc. - - - - Apr-05-2016 Cibleweb SARL Sopeach SARL - - - - Apr-05-2016 CPX Interactive Holdings LLC Sweigh, Inc. - - - - Apr-05-2016 SwervePay, LLC Symbiosis Health Inc. - - - - Apr-05-2016 Graduateland ApS Tyba Solutions Ltd. - - - - Apr-05-2016 Alibaba Group Holding Limited (NYSE:BABA) Youku Tudou Inc. $926.0 $5,006.4 5.4x 72.0x Apr-05-2016 A Place for Rover, Inc. Zingy Pet Inc. - - - - Apr-06-2016 Sailthru, Inc. Carnival Labs Limited - - - - Apr-06-2016 Orange Cote D'ivoire S.A. Cellcom Telecommunications, Inc. - - - - Apr-06-2016 Frontline Technologies Group LLC Centris Group LLC - - - - Apr-06-2016 SharkReach Inc. (OTCPK:SHRK) Entourage Inc. - - - - Apr-06-2016 AGDATA LP Focus Technology Group, Inc. - - - - Apr-06-2016 Acosta, Inc. Ignite Sales Management And Consulting Inc. - - - - Apr-06-2016 SQLi (ENXTPA:SQI) inventCommerce Ltd - - - - Apr-06-2016 DataCenter Finland Oy Ixonos Finland Oy, Domestic Contract Base Of Cloud And Hosting Busines - - - - Apr-06-2016 Smartling, Inc. Jargon - - - - Apr-06-2016 Macmillan Learning KEYS2Engage, WriterKEY - - - - Apr-06-2016 CrownPeak Technology, Inc. Magus Research Ltd. - - - - Apr-06-2016 M-Brain Oy Opoint AS $12.5 - - - Apr-06-2016 International Business Machines Corporation (NYSE:IBM) Resilient, an IBM Company - - - - Apr-06-2016 Astound Commerce Corporation Site9, Inc. - - - - Apr-06-2016 SocialEyez UAE SocialEyez Egypt - $1.1 - - Apr-06-2016 Astound Commerce Corporation the e-tailing group, inc. - - - - Apr-06-2016 Servelec Corelogic Limited Tribal Education Limited, Synergy Business $8.8 $27.8 3.2x 6.9x Apr-07-2016 Smith Micro Software Inc. (NasdaqCM:SMSI) Birdstep Technology AB $6.8 $2.0 0.3x - Apr-07-2016 Gung Ho Communications Limited Coffin on Cake PR - - - - Apr-07-2016 Elvaston 3. Beteiligungsgesellschaft mbH GUS Deutschland GmbH - - - - Apr-07-2016 Twitter, Inc. (NYSE:TWTR) Peer, Inc. - - - - Apr-07-2016 Forever, Inc. pixels2Pages - - - - Apr-07-2016 - Skinny Mom, Inc. - - - - Apr-07-2016 Senior Sistemas S.A. Somos Tecnologia Ltda. $0.6 - - - Apr-07-2016 Futuri Media, LLC StreamOn - - - - Apr-07-2016 IBM Watson Health Truven Holding Corp. $610.7 $3,566.6 5.8x 34.9x Apr-07-2016 Callidus Software Inc. (NasdaqGM:CALD) ViewCentral, LLC - $4.0 - - Apr-07-2016 Smartbox Group Limited Wish Days S.r.l. $34.2 - - - Apr-08-2016 Linedata Services SA (ENXTPA:LIN) Derivation Software Ltd. $2.8 - - - Apr-08-2016 Vista Group International Limited (NZSE:VGL) Flicks.co.nz Ltd. - - - - Apr-08-2016 Wood Group Mustang, Inc. Ingenious Inc. - - - - Apr-08-2016 Accruent, LLC Mainspring Healthcare Solutions, Inc. - - - - Apr-08-2016 Palace Resources Limited (ASX:TKF) Min-Trak Zambia Ltd - $0.1 - - Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved Select April 2016 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-08-2016 Persistent Systems Limited (BSE:533179) PRM Cloud Solutions Pty Ltd. $0.7 $0.6 0.8x - Apr-08-2016 Excalibur Enterprises, Inc. Scann Sort, Inc. - - - - Apr-08-2016 CJSC ER-Telecom Holding Tekhno - - - - Apr-08-2016 STW Media Services Pty Limited WPP Australia and New Zealand Businesses - $312.6 - - Apr-10-2016 S&P Global Platts Inc. Ace Conferences & Events Pte Ltd, APPEC - - - - Apr-10-2016 Six Degrees Technology Group Ltd Carrenza Limited $5.6 - - - Apr-10-2016 Woodstock Holdings, Inc., Investment Arm Monophase LLC - - - - Apr-11-2016 Symphony EYC Solution UK Limited 5th Dimension Solutions Limited - - - - Apr-11-2016 NetPlus Inc. Amtel, Inc. - - - - Apr-11-2016 Altair Engineering GmbH AWE Communications GmbH - - - - Apr-11-2016 Exoscale cloudControl GmbH - - - - Apr-11-2016 Black Box Corporation (NasdaqGS:BBOX) Cloudium Systems Ltd. - - - - Apr-11-2016 Kedma Capital Continuity Software Ltd. - $42.5 - - Apr-11-2016 Gaming Innovation Group Inc. (OB:GIG) Delta Markets B.V., Affiliate Network Assets in Dutch - $4.6 - - Apr-11-2016 TIVIT Terceirização de Tecnologia e Serviços S/A One Cloud Tecnologia Ltda - - - - Apr-11-2016 Pegasystems Inc. (NasdaqGS:PEGA) OpenSpan, Inc. - $52.3 - - Apr-11-2016 ExamWorks Group, Inc. (NYSE:EXAM) Prizm LLC $10.0 - - - Apr-11-2016 Danlaw, Inc. Rapita Systems Ltd. - - - - Apr-11-2016 Axiata Investments (UK) Limited Reynolds Holdings Limited - $1,365.1 - - Apr-11-2016 Santy Integrated, Inc. S+L PR - - - - Apr-11-2016 Ingenico Group (ENXTPA:ING) Think&Go NFC SAS - - - - Apr-11-2016 Fanmiles Gmbh Vamos & Friends UG (haftungsbeschränkt) - - - - Apr-11-2016 KORE Wireless Group Inc. Wyless Inc. - - - - Apr-12-2016 Muses Marketing (P) Ltd Ad ON Stream Services LLP - - - - Apr-12-2016 Delivery.com, LLC BrewDrop, Inc. - - - - Apr-12-2016 Electronic Payments, Inc. Complete Merchant Solutions LLC - - - - Apr-12-2016 Time Out Digital Limited (AIM:TMO) Hall Street, S.L. - - - - Apr-12-2016 Montech Holdings Limited (ASX:MOQ) iimage Technical Services Pty Ltd $1.3 $4.2 3.4x - Apr-12-2016 Webfolio Management Inc Picreel Inc. - - - - Apr-12-2016 Blue Star Sports Pointstreak Sports Technologies Inc. - - - - Apr-12-2016 Portrait Displays, Inc. SpectraCal, LLC - - - - Apr-12-2016 - Trenta SAS $6.8 - - - Apr-12-2016 Valuechain.com Solutions Ltd Tricorn Systems Ltd - - - - Apr-13-2016 Grazer Labs, Inc. CookNook, Inc. - - - - Apr-13-2016 DTCOM - Direct to Company S/A (BOVESPA:DTCY3) FabriCo - - - - Apr-13-2016 USA Foods, Inc. Food Genius, Inc. - - - - Apr-13-2016 Intergraph Process, Power & Marine, Inc. HostSure Ltd. - - - - Apr-13-2016 Enegia Group Oy IntStream Oy $0.7 - - - Apr-13-2016 Freshdesk Inc. MemeticLabs Technologies Pvt. Ltd. - - - - Apr-13-2016 OpenGov, Inc. Ontodia, Inc. - - - - Apr-13-2016 The Retail Equation, Inc. Sysrepublic Ltd. - - - - Apr-14-2016 Anaqua, Inc. AcclaimIP and Free Patents Online - - - - Apr-14-2016 XING AG (XTRA:O1BC) BuddyBroker AG - $8.3 - - Apr-14-2016 Insight Venture Partners Diligent Corporation $99.3 $434.3 4.4x 26.2x Apr-14-2016 Convergence Partners Management (Pty) Ltd; Stockdale Street Investment e4 Strategic (Pty) Ltd - - - - Apr-14-2016 Bigbox S.A. Einsteing SRL - - - - Apr-14-2016 Blue Whale Web LLC IT Unity and NC Communications - - - - Apr-14-2016 Giant Interactive Jargon Technologies LLC - - - - Apr-14-2016 Zuuse Pty Ltd Mercury Computer Systems (Aust) Pty Ltd. - - - - Apr-14-2016 BuildingIQ, Inc. (ASX:BIQ) NorthWrite Incorporated, Energy WorkSite and Facility WorkSite Software Applications - $3.0 - - Apr-14-2016 Splick-it, Inc. ONOSYS Online Ordering - - - - Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved Select April 2016 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-14-2016 Vectorworks, Inc. PanzerCAD Services, Inc. - - - - Apr-14-2016 Petards Group plc (AIM:PEG) QRO Solutions Limited $2.5 $1.8 0.7x - Apr-14-2016 Spark New Zealand Trading Limited Radio Spectrum Management Right 396 - $3.0 - - Apr-14-2016 ShopAdvisor, Inc. Retailigence Corporation - - - - Apr-14-2016 Social Life Network, Inc. (OTCPK:WDLF) Sew Cal Logo, Inc. - - - - Apr-14-2016 MyChinaChannel Pte Ltd. Space Arena Pte Ltd. - - - - Apr-14-2016 Visma AS StarSoft Oy - - - - Apr-14-2016 Force Field VR Vanguard Games B.V. - - - - Apr-14-2016 Mobite Media Group Ltd. Vinko Advertising Ltd. - $1.7 - - Apr-15-2016 Alert Logic, Inc. Click Security, Inc. - - - - Apr-15-2016 F24 AG (DB:F2Y) Dolphin Systems AG $7.3 - - - Apr-15-2016 Fleishman-Hillard Group Limited Fishburn - - - - Apr-15-2016 Olympusat, Inc. Float Left Interactive, Inc. - - - - Apr-15-2016 ACS Technologies Group, Inc. Helpmate Technology Solutions, LLC - - - - Apr-15-2016 Wolters Kluwer Health, Inc. Macmillan Learning, Adaptive Learning Technology Platform - - - - Apr-15-2016 Wicresoft Co., Ltd. Vibrant Fusion LLC - - - - Apr-16-2016 Blue Diamond Solutions, Inc. SKYLINE Cloud Services, Inc. - - - - Apr-17-2016 Alterdata Software Ltda. Interfacenet Sistemas e Consultoria Ltda. - - - - Apr-18-2016 Blancco Technology Group plc (AIM:BLTG) 51% Stake in Xcaliber Technologies and 51% Stake in Xcaliber IP $1.5 $5.5 3.7x - Apr-18-2016 Amayse 5M Print A/S - - - - Apr-18-2016 IndiQus Technologies Private Limited Amicus Technologies Pvt. Ltd. - - - - Apr-18-2016 i3 Verticals, LLC Bill & Pay and Esber Cash Register - - - - Apr-18-2016 PARIS GmbH datango AG - - - - Apr-18-2016 Betgenius Limited Fox Sports Pulse Pty Limited - - - - Apr-18-2016 IMG Worldwide, Inc. Fusion Marketing and IMG LIVE - - - - Apr-18-2016 Goldman Sachs Bank USA GE Capital Bank, US Online Deposit Platform - - - - Apr-18-2016 RJD Green, Inc. (OTCPK:RJDG) Iosoft Inc. - - - - Apr-18-2016 Microenergy Asia Pacific Limited Jarex Solutions Corp. (OTCPK:JRSC) $0.0 $0.1 18.1x - Apr-18-2016 Shopify Inc. (NYSE:SHOP) Kit CRM Inc. - $0.0 - - Apr-18-2016 Gary Jonas Computing Ltd. Multi-Systems, Inc. - - - - Apr-18-2016 sovrn Holdings, Inc. OnScroll Ltd. - - - - Apr-18-2016 Mobify Research and Development, Inc. Pathful Technology Inc. - - - - Apr-18-2016 SuperCom Ltd. (NasdaqCM:SPCB) Powa Technologies Limited - - - - Apr-18-2016 Amayse Sign Away Ltd. - - - - Apr-18-2016 ASUG The Eventful Group Pty Ltd, North American Assets - - - - Apr-19-2016 Sabre Corporation (NasdaqGS:SABR) Airpas Aviation AG - - - - Apr-19-2016 LANDESK Software, Inc. AppSense, Inc. - - - - Apr-19-2016 Cascade Human Resources Limited Beaumont Solutions Limited - - - - Apr-19-2016 CallTower Inc. ConnectSolutions LLC, Skype For Business Assets - - - - Apr-19-2016 GSN Games, Inc. Edenic Games, S.L. - - - - Apr-19-2016 Convergint Technologies LLC Enion AG - - - - Apr-19-2016 Prodege, LLC MyPoints.com, Inc. - $11.8 - - Apr-19-2016 GI Partners, LLC; Allscripts Healthcare Solutions, Inc. (NasdaqGS:MDRX) Netsmart Technologies Inc. - $950.0 - - Apr-19-2016 Agilisys Ltd. Quickheart Limited - - - - Apr-19-2016 Reve Technologies, Inc. (OTCPK:BSSP) Reve Technologies, Inc., Prior to Reverse Merger with Canteck Pharma, Inc. - - - - Apr-19-2016 Francisco Partners Management LLC SintecMedia Ltd. - $400.0 - - Apr-19-2016 Placester, Inc. The WebMart Network Pty Limited - - - - Apr-20-2016 NetByNet Holding LLC 100% Stake In Atlant-Teleco And 90% Stake In Ekspanet - - - - Apr-20-2016 DILAX Intelcom GmbH 42reports GmbH - - - - Apr-20-2016 AppExtremes, Inc. ActionGrid, LLC And CRMCulture, LLC And Novatus, Inc. - - - - Apr-20-2016 Hunan Tianrun Enterprises Holding Co., Ltd (SZSE:002113) ddianle.com Inc. $8.8 $129.1 14.7x - Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved Select April 2016 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-20-2016 Digital Asset Holdings, LLC Elevence Digital Finance AG - - - - Apr-20-2016 CoreLogic Solutions, LLC FNC, Inc. - $475.0 - - Apr-20-2016 Dustin AB (publ) (OM:DUST) Idenet AB $6.6 - - - Apr-20-2016 Steinreich Communications, LLC McNeill Communications Group Inc. - - - - Apr-20-2016 - Qwikon, Inc. - - - - Apr-20-2016 Sino Expertise Limited SavDen Group Corp. (OTCPK:SVDN) $0.0 $0.5 91.6x - Apr-20-2016 Engaged CRM Ltd. Seed Internet Marketing Ltd. - - - - Apr-20-2016 SI Play, LLC Tourney Machine LLC - - - - Apr-21-2016 Oracle Corporation (NYSE:ORCL) Crosswise, Ltd. - - - - Apr-21-2016 PayScale, Inc. MarketPay Associates, LLC - - - - Apr-21-2016 Alfasado, Inc. NetConcierge Co., LTD., MT Commerce Business - - - - Apr-21-2016 Orange (ENXTPA:ORA) OASIS SPRL - $160.0 - - Apr-21-2016 Teneology, Inc. Simply Recipes, Inc. - - - - Apr-21-2016 KreativElement Social Media Contractors LLC - - - - Apr-21-2016 kapilendo AG Venturate AG - - - - Apr-22-2016 Coolpad Group Limited (SEHK:2369) Coolpad E-Commerce Inc., Internet Related Business $45.0 $255.0 5.7x - Apr-22-2016 Mr. Blue Corporation (KOSDAQ:A207760) Nvius Co., Ltd. - $3.9 - - Apr-22-2016 Affero Lab QuickLessons LLC - $0.6 - - Apr-22-2016 Stratalux Inc. Tojo Media LLC - - - - Apr-25-2016 Digital Research, inc. Critical Insights, Inc. - - - - Apr-25-2016 The Content Market Limited Haig Public Relations Limited - - - - Apr-25-2016 Nordlid Increase A/S - - - - Apr-25-2016 OpusCapita Oy jCatalog Software AG $11.3 - - - Apr-26-2016 Scribble Beheer B.V. Centrale Holding Du Bois Ording B.V - - - - Apr-26-2016 Cranberry News Marketing, LLC Cranberry Radio - - - - Apr-26-2016 Litmus Software, Inc. Curated Software, Inc. - - - - Apr-26-2016 HGGC, LLC FPX, LLC - - - - Apr-26-2016 Softfront (JASDAQ:2321) Fudemame Co.,Ltd. $10.7 $6.0 0.6x - Apr-26-2016 OnlineFaxes.com Solidfax.com - - - - Apr-26-2016 Motorsport.com, Inc. TurkiyeF1.com - - - - Apr-26-2016 Self Storage Co, LLC US Storage Search, Inc. - - - - Apr-26-2016 Brandspots We Are Pop Up - $0.2 - - Apr-27-2016 Marex Group, Inc. Advanced Processing & Imaging, Inc. - $4.8 - - Apr-27-2016 ARANZ Geo Limited Bloy Mineral Resource Evaluation (Bloy) - - - - Apr-27-2016 Trapp Technology, Inc. Brinkster Communications Corporation - - - - Apr-27-2016 - Colyar Technology Solutions - - - - Apr-27-2016 Spotify Technology S.A. CrowdAlbum, Inc. - - - - Apr-27-2016 E.V. Offshore Limited Epidote Limited - - - - Apr-27-2016 C.D. Holding Internationale European Payment Solutions NV - - - - Apr-27-2016 Morizon Spolka Akcyjna (WSE:MZN) FinPack Sp. z o.o. - $1.8 - - Apr-27-2016 Military Connection HadIt.com Veteran To Veteran LLC - - - - Apr-27-2016 TripAdvisor Inc. (NasdaqGS:TRIP) HouseTrip SA - - - - Apr-27-2016 Pocket Games, Inc. (OTCPK:PKGM) Receivd, Inc. - - - - Apr-28-2016 MaxLinear Asia Singapore Private Limited; MaxLinear Canada Corporation Certain Assets of Wireless Access Line Business - $21.0 - - Apr-28-2016 StackPath, LLC Cloak - - - - Apr-28-2016 CallSource, Inc. ContactPoint LLC, Phone Coaching And Training Division - - - - Apr-28-2016 Craftsvilla Handicrafts Pvt Limited F2SO4 - - - - Apr-28-2016 Sacunas & Saline Inc. Freefall Creative, LLC - - - - Apr-28-2016 Apax Partners France; Apax Partners Midmarket - FPCI Apax France IX InfoVista S.A. - - - - Apr-28-2016 Elevate Services, Inc. Legal OnRamp - - - - Apr-28-2016 Cadence Design Systems Inc. (NasdaqGS:CDNS) Rocketick Technologies Ltd. - - - - Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved Select April 2016 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-28-2016 Genimous Investment Co., Ltd. (SZSE:000676) Shanghai Falcon Network Co., Ltd $3.0 $520.5 - - Apr-28-2016 Mom Media Enterprises, LLC The Kive Company, Tastemaker Mom & Related Assets - - - - Apr-28-2016 Girnar Software Pvt. Ltd. ThoughtFabrics Solutions Private Limited - - - - Apr-28-2016 Reputation Partners, LLC Vollrath Associates, Inc. - - - - Apr-29-2016 Bluedon Information Security Technologies Co.,Ltd. (SZSE:300297) China Express E-commerce Co., Ltd and Express Pay LLC $3.6 $325.3 91.3x - Apr-29-2016 K3 Retail and Business Solutions Limited DdD retail A/S $7.0 $11.3 1.6x 9.3x Apr-29-2016 Institute of Electrical and Electronics Engineers, Inc., Endowment Arm IEEE GlobalSpec, Inc. - - - - Apr-29-2016 Qlik Technologies, Inc. (NasdaqGS:QLIK) Industrial CodeBox Ltd. - $4.0 - - Apr-29-2016 Barco NV (ENXTBR:BAR) Medialon Inc. - - - - Apr-29-2016 PSP Capital Partners, LLC Money Mailer Holding Corporation - - - - Apr-29-2016 STEMhero, LLC MPSP, LLC - - - - Apr-29-2016 The Descartes Systems Group Inc (TSX:DSG) pixi* Software GmbH - $10.5 - - Apr-29-2016 Indegene Lifesystems Pvt Ltd. Skura Corporation Inc, Life Science Business - $9.0 - - Apr-29-2016 Zoopla Property Group Plc (LSE:ZPLA) The Property Software Group $22.9 $108.0 4.7x 14.7x Apr-29-2016 SequoiaSoft SAS Tourisme Hôtellerie Et Loisirs Informatique Service $8.3 - - - Apr-30-2016 Eiffage SA (ENXTPA:FGR) ARTHESIS, société à responsabilité limitée $569.8 - - - Apr-30-2016 OOO BIGLION Darberry-Groupon Russia - - - - Apr-30-2016 Credit China Holdings Limited (SEHK:8207) Genesis Business Holdings Limited - $143.5 - - Apr-30-2016 Zhongnan Red Culture Group Co., Ltd. (SZSE:002445) Shenzhen Zhishang Interactive Technology Co., Ltd. $6.3 $136.9 21.6x - Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG Software Index $2,505.4 $2,449.7 $707.6 67.2% 17.9% 7.0% 2.8x 14.6x 2.7x 11.2x 1.7% Billing & Service Management $1,277.4 $1,488.2 $588.6 57.2% 22.1% 0.6% 2.0x 10.4x 2.0x 8.4x 1.7% Business Intelligence $2,893.2 $2,523.2 $668.4 75.9% 15.2% 11.4% 2.9x 14.9x 2.8x 13.7x 3.0% Development Platforms $1,284.1 $1,173.2 $385.7 75.9% 17.9% 10.2% 2.8x 9.2x 2.8x 8.9x 6.6% Engineering & PLM $4,175.8 $4,645.5 $1,179.3 84.5% 18.2% 1.3% 3.9x 16.8x 3.8x 12.2x 3.5% Enterprise Resource Planning $9,351.1 $9,851.0 $2,109.8 58.6% 26.7% 3.6% 4.1x 14.6x 3.8x 10.1x 1.5% Financial & Accounting $3,348.3 $3,876.6 $1,039.2 54.6% 24.2% 4.0% 3.2x 15.8x 3.8x 12.9x 0.7% Gaming $3,774.4 $3,536.9 $1,905.9 67.4% 25.6% 9.3% 2.3x 16.2x 1.8x 9.4x 0.7% Healthcare $1,824.3 $2,171.2 $968.4 49.1% 11.8% 8.2% 2.3x 16.7x 2.0x 9.5x 0.8% IT Conglomerates $140,096.8 $155,218.4 $80,835.0 58.6% 27.7% -4.3% 3.8x 10.4x 3.6x 8.9x 7.0% Mobile Solutions/Content $627.0 $555.5 $252.4 54.1% -0.5% 14.4% 1.8x 17.4x 1.5x 13.0x 4.7% Networking & Network Performance Mgmt $1,135.7 $927.6 $320.2 75.5% 9.3% 6.4% 1.8x 10.6x 1.8x 7.8x -3.7% Security $1,183.1 $1,120.1 $268.0 74.8% 3.8% 16.4% 3.2x 13.9x 2.9x 17.1x -4.3% Storage, Data Mgmt & Integration $6,889.2 $3,377.9 $2,261.5 74.3% 12.7% 0.0% 2.1x 8.4x 2.3x 7.1x 4.6% Systems Management $12,601.7 $12,766.2 $3,340.5 84.9% 26.1% 8.7% 3.0x 13.7x 3.0x 7.7x 1.1% Vertical - Finance $6,390.2 $7,560.3 $1,118.7 42.8% 32.7% 7.4% 4.9x 16.5x 4.7x 13.4x 7.9% Vertical - Other $2,866.1 $3,276.4 $529.7 46.5% 15.2% 18.2% 4.4x 19.0x 3.9x 17.8x -1.4%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - April 2016 TTM Revenue Growth 7.0% 5% TTM EBITDA Growth 13.5% TTM Earnings Growth -5.3% Gross Profit Margin 67.2% EBITDA Margin 17.9% 0% Net Income Margin -15.5% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 18.0% -5% Balance Sheet Analysis (Median) Current Ratio 2.0 Quick Ratio 1.9 Cash as Percent of Market Cap 13.0% -10% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.3x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 40.5% -20% Cash from Investing Growth (YoY) -5.3% Cash from Financing Growth (YoY) -2.4% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 38.0%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Amdocs Limited DOX $8,501.4 $7,315.5 $3,682.1 35.1% 18.6% 2.0% 2.0x 10.7x 1.9x 20.2x 4.6% CSG Systems International CSGS $1,444.6 $1,488.2 $753.1 51.0% 20.8% 0.6% 2.0x 9.5x 2.0x 8.2x 27.7% Evolving Systems EVOL $67.8 $69.4 $25.4 75.3% 22.1% -14.7% 2.7x 12.4x 2.4x 9.1x 3.8% MIND C.T.I. MNDO $39.8 $21.7 $19.8 59.2% 31.1% -20.9% 1.1x 3.5x n/a n/a -6.1% NeuStar NSR $1,277.4 $2,279.2 $1,085.9 71.1% 36.5% 10.2% 2.1x 5.7x 1.8x 4.0x 1.7% Redknee Solutions RKN $170.5 $185.5 $196.3 57.2% 3.5% -18.6% 0.9x 27.1x 0.9x 8.6x -26.7% Synchronoss Technologies SNCR $1,404.5 $1,495.3 $588.6 56.9% 24.5% 19.7% 2.5x 10.4x 2.3x 6.6x -7.8% Median: $1,277.4 $1,488.2 $588.6 57.2% 22.1% 0.6% 2.0x 10.4x 2.0x 8.4x 1.7%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - April 2016 TTM Revenue Growth 0.6% 10% TTM EBITDA Growth -2.2% TTM Earnings Growth -11.0% Gross Profit Margin 57.2% 5% EBITDA Margin 22.1% Net Income Margin 11.1% SG&A Expenses as a % of Total Revenue 18.6% R&D Expenses as a % of Total Revenue 14.4% 0%

Balance Sheet Analysis (Median) Current Ratio 1.8 -5% Quick Ratio 1.7 Cash as Percent of Market Cap 13.5% Avg Days Outstanding: Accounts Receivable 83 -10% Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.4x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.0% Cash from Operations Growth (YoY) 15.8% -20% Cash from Investing Growth (YoY) -391.0% Cash from Financing Growth (YoY) 182.7% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 13.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Fair Isaac FICO $3,348.3 $3,876.6 $848.9 69.6% 23.3% 4.0% 4.6x 19.6x 4.4x 18.6x 14.7% MicroStrategy MSTR $2,048.8 $1,512.5 $525.0 81.6% 27.4% -7.2% 2.9x 10.5x 2.8x 9.0x 4.8% Pegasystems PEGA $2,015.3 $1,796.2 $707.6 68.9% 12.9% 17.3% 2.5x 19.7x 2.3x 13.7x -2.4% Progress Software PRGS $1,284.1 $1,173.2 $385.7 88.1% 22.2% 13.6% 3.0x 13.7x 2.8x 8.7x 6.6% PROS Holdings PRO $356.6 $308.7 $162.5 61.8% -29.8% -13.8% 1.9x n/a 2.0x n/a -47.0% Qlik Technologies QLIK $2,893.2 $2,523.2 $630.5 85.4% 0.6% 11.4% 4.0x 659.0x 3.5x 31.4x 0.5% Software AG XTRA:SOW $2,913.4 $2,857.8 $1,008.2 75.9% 30.9% 5.0% 2.8x 9.2x 2.8x 8.9x 34.4% Splunk SOW $6,889.2 $5,880.1 $668.4 82.9% -39.9% 48.3% 8.8x n/a 6.7x 77.5x -9.8% Teradata NYSE:TDC $3,261.6 $3,202.6 $2,493.0 50.9% 15.2% -7.2% 1.3x 8.5x 1.4x 5.3x -3.6% Varonis Systems TDC $500.6 $394.2 $134.7 90.6% -12.3% 26.0% 2.9x n/a 2.5x n/a 5.4% Verisk VRSK $13,020.8 $16,046.8 $2,176.4 61.3% 45.6% 26.4% 7.4x 16.2x 6.9x 14.8x 3.0% Median: $2,893.2 $2,523.2 $668.4 75.9% 15.2% 11.4% 2.9x 14.9x 2.8x 13.7x 3.0%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - April 2016 TTM Revenue Growth 11.4% 5% TTM EBITDA Growth 15.4% TTM Earnings Growth 5.7% Gross Profit Margin 75.9% EBITDA Margin 15.2% 0% Net Income Margin -1.2% SG&A Expenses as a % of Total Revenue 43.7% R&D Expenses as a % of Total Revenue 15.7% -5% Balance Sheet Analysis (Median) Current Ratio 1.8 Quick Ratio 1.6 Cash as Percent of Market Cap 15.9% -10% Avg Days Outstanding: Accounts Receivable 86 Avg Days Outstanding: Accounts Payable 41 Working Capital to TTM Operating Expense Ratio 0.4x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.5% Cash from Operations Growth (YoY) 20.2% -20% Cash from Investing Growth (YoY) 42.2% Cash from Financing Growth (YoY) 9.1% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 23.0%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD BSQUARE BSQR $75.1 $45.4 $105.8 18.3% 5.5% 6.4% 0.4x 7.8x n/a n/a 3.7% Magic Software Enterprises MGIC $296.2 $230.9 $180.4 34.8% 17.4% 10.2% 1.3x 7.4x 1.2x n/a 18.3% Progress Software PRGS $1,284.1 $1,173.2 $385.7 88.1% 22.2% 13.6% 3.0x 13.7x 2.8x 8.7x 6.6% Red Hat RHT $13,312.0 $12,827.0 $2,052.2 84.9% 17.9% 14.7% 6.3x 34.9x 5.3x 20.3x -10.2% Software AG XTRA:SOW $2,913.4 $2,857.8 $1,008.2 75.9% 30.9% 5.0% 2.8x 9.2x 2.8x 8.9x 34.4% Median: $1,284.1 $1,173.2 $385.7 75.9% 17.9% 10.2% 2.8x 9.2x 2.8x 8.9x 6.6%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - April 2016 TTM Revenue Growth 10.2% 15% TTM EBITDA Growth 11.4% TTM Earnings Growth 4.6% Gross Profit Margin 75.9% 10% EBITDA Margin 17.9% Net Income Margin 8.7% SG&A Expenses as a % of Total Revenue 37.5% 5% R&D Expenses as a % of Total Revenue 12.0%

Balance Sheet Analysis (Median) 0% Current Ratio 1.6 Quick Ratio 1.5 -5% Cash as Percent of Market Cap 19.6% Avg Days Outstanding: Accounts Receivable 87 Avg Days Outstanding: Accounts Payable 36 -10% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 24.2% Cash from Operations Growth (YoY) -4.9% -20% Cash from Investing Growth (YoY) 51.3% Cash from Financing Growth (YoY) -66.6% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 11.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ANSYS ANSS $7,980.5 $7,195.9 $950.9 88.7% 45.7% 1.3% 7.6x 16.5x 7.1x 14.2x 0.7% Aspen Technology AZPN $3,113.4 $3,147.5 $472.9 89.5% 46.4% 10.5% 6.7x 14.4x 6.6x 13.7x 3.5% Autodesk ADSK $13,429.2 $12,666.0 $2,504.1 85.2% 5.9% -0.3% 5.1x 86.1x 6.4x n/a -0.8% Cadence Design Systems CDNS $6,977.0 $6,763.1 $1,738.6 86.2% 24.7% 7.7% 3.9x 15.8x 3.7x 12.2x 13.0% Dassault Systèmes DSY $19,848.9 $18,046.7 $3,279.3 84.5% 27.3% 17.8% 5.5x 20.2x 5.1x 14.3x 1.4% GSE Systems GVP $45.8 $34.7 $55.8 26.4% 2.7% 30.2% 0.6x 22.9x n/a n/a 3.2% Mentor Graphics MENT $2,134.3 $2,073.0 $1,181.0 84.6% 18.9% -5.1% 1.8x 9.3x 1.7x 7.2x 9.7% Parametric Technology PTC $4,175.8 $4,645.5 $1,179.3 73.2% 16.8% -12.2% 3.9x 23.4x 4.0x 15.9x 8.1% PDF Solutions PDFS $420.1 $290.7 $96.2 58.3% 18.2% -3.7% 3.0x 16.6x 2.6x 9.0x 29.2% Stratasys SSYS $1,275.1 $1,019.5 $691.2 44.9% 0.5% -10.5% 1.5x 310.2x 1.4x 6.7x -0.3% Synopsys SNPS $7,199.7 $6,721.3 $2,268.8 82.0% 17.7% 7.0% 3.0x 16.8x 2.8x 9.5x 5.8% Median: $4,175.8 $4,645.5 $1,179.3 84.5% 18.2% 1.3% 3.9x 16.8x 3.8x 12.2x 3.5%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - April 2016 TTM Revenue Growth 1.3% 10% TTM EBITDA Growth -3.7% TTM Earnings Growth -11.3% Gross Profit Margin 84.5% 5% EBITDA Margin 18.2% Net Income Margin 8.8% SG&A Expenses as a % of Total Revenue 29.9% R&D Expenses as a % of Total Revenue 20.4% 0%

Balance Sheet Analysis (Median) Current Ratio 2.0 -5% Quick Ratio 1.9 Cash as Percent of Market Cap 14.9% Avg Days Outstanding: Accounts Receivable 88 -10% Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.5x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.9% Cash from Operations Growth (YoY) -1.6% -20% Cash from Investing Growth (YoY) -9.9% Cash from Financing Growth (YoY) -42.1% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 32.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD American Software AMSW.A $263.7 $198.9 $112.6 51.5% 13.5% 11.3% 1.8x 13.1x 1.7x 10.1x -6.6% Oracle ORCL $165,413.4 $155,218.4 $37,159.0 58.6% 40.1% -4.3% 4.2x 10.4x 4.1x 8.9x 11.9% QAD QADA $358.7 $236.3 $277.9 54.4% 5.3% -5.8% 0.9x 15.9x 0.8x 9.4x -1.9% Sage Group LSE:SGE $9,351.1 $9,851.0 $2,109.8 93.8% 26.7% 3.6% 4.7x 17.5x 4.4x 15.0x 1.5% SAP DB:SAP $94,114.4 $97,052.0 $23,942.8 68.1% 27.7% 14.5% 4.1x 14.6x 3.8x 11.8x 2.6% Median: $9,351.1 $9,851.0 $2,109.8 58.6% 26.7% 3.6% 4.1x 14.6x 3.8x 10.1x 1.5%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - April 2016 TTM Revenue Growth 3.6% 4% TTM EBITDA Growth -0.4% TTM Earnings Growth -13.3% 2% Gross Profit Margin 58.6% EBITDA Margin 26.7% 0% Net Income Margin 12.0% SG&A Expenses as a % of Total Revenue 30.6% -2% R&D Expenses as a % of Total Revenue 14.3% -4%

Balance Sheet Analysis (Median) -6% Current Ratio 1.6 Quick Ratio 1.5 -8% Cash as Percent of Market Cap 24.5% -10% Avg Days Outstanding: Accounts Receivable 71 Avg Days Outstanding: Accounts Payable 23 -12% Working Capital to TTM Operating Expense Ratio 0.3x -14% Cash Flow Statement Analysis (Median) Levered FCF Margin 23.7% -16% Cash from Operations Growth (YoY) -1.3% -18% Cash from Investing Growth (YoY) 63.7% Cash from Financing Growth (YoY) -177.7% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 20.8%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ACI Worldwide ACIW $2,329.3 $3,201.6 $1,039.2 54.6% 14.6% 1.1% 3.1x 21.0x 3.2x 12.3x -3.3% Bottomline Technologies EPAY $930.8 $950.5 $340.5 57.6% 13.3% 4.1% 2.8x 21.0x 2.7x 14.3x -14.4% DST Systems DST $4,079.0 $4,747.3 $2,868.6 14.9% 14.0% 3.6% 1.7x 11.9x 2.2x 10.3x 8.5% Evertec EVTC $1,024.9 $1,661.6 $377.5 55.2% 39.1% 3.2% 4.4x 11.2x 4.4x 9.1x -17.3% Fair Isaac FICO $3,348.3 $3,876.6 $848.9 69.6% 23.3% 4.0% 4.6x 19.6x 4.4x 18.6x 14.7% First Data Corp FDC $10,271.4 $32,504.4 $7,812.0 58.4% 30.0% 2.7% 4.2x 13.9x 2.7x 10.9x -27.0% Fiserv FISV $21,790.8 $25,808.8 $5,310.0 45.2% 30.8% 4.0% 4.9x 15.8x 4.7x 13.4x 9.2% Intuit INTU $25,910.7 $26,821.7 $4,467.0 84.0% 29.1% 6.4% 6.0x 20.6x 5.7x 14.9x 7.5% Model N MODN $288.9 $218.5 $99.5 51.0% -22.2% 18.0% 2.2x n/a 1.9x n/a -0.7% NetSol Technologies NETSOL $53.9 $58.5 $38.4 31.2% 24.2% 35.4% 1.5x 6.3x n/a n/a 0.7% Sage Group LSE:SGE $9,351.1 $9,851.0 $2,109.8 93.8% 26.7% 3.6% 4.7x 17.5x 4.4x 15.0x 1.5% Square SQ $4,992.6 $4,521.9 $1,395.8 29.6% -7.2% 52.6% 3.2x n/a 7.2x n/a 22.5% Qiwi QIWI $738.9 $471.8 $266.8 51.4% 29.3% 16.0% 1.8x 6.0x 2.8x 4.9x -28.0% Median: $3,348.3 $3,876.6 $1,039.2 54.6% 24.2% 4.0% 3.2x 15.8x 3.8x 12.9x 0.7%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - April 2016 TTM Revenue Growth 4.0% 5% TTM EBITDA Growth -0.4% TTM Earnings Growth -13.3% Gross Profit Margin 54.6% EBITDA Margin 24.2% 0% Net Income Margin 11.3% SG&A Expenses as a % of Total Revenue 25.5% R&D Expenses as a % of Total Revenue 15.4% -5% Balance Sheet Analysis (Median) Current Ratio 1.1 Quick Ratio 1.0 Cash as Percent of Market Cap 4.1% -10% Avg Days Outstanding: Accounts Receivable 68 Avg Days Outstanding: Accounts Payable 37 Working Capital to TTM Operating Expense Ratio 0.1x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 16.3% Cash from Operations Growth (YoY) -1.3% -20% Cash from Investing Growth (YoY) 66.9% Cash from Financing Growth (YoY) -0.9% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 15.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Activision Blizzard ATVI $25,441.5 $27,689.5 $4,841.0 65.6% 32.9% 5.8% 5.7x 17.4x 4.4x 12.8x -7.6% Electronic Arts EA $19,130.8 $16,241.8 $4,396.0 69.2% 24.5% -2.6% 3.7x 15.1x 3.5x 10.8x -6.4% GameLoft SA GFT $728.7 $688.6 $278.2 84.8% 5.6% 12.7% 2.5x 44.4x n/a 14.7x 30.3% Konami TSE: 9766 $4,347.7 $3,688.2 $2,224.1 35.0% 26.8% 14.6% 1.7x 6.2x 1.6x 7.9x 37.8% Take-Two Interactive TTWO $2,898.9 $2,175.8 $1,413.7 42.4% 6.3% 30.5% 1.5x 24.3x 1.3x 6.7x 0.0% Ubisoft Entertainment UBI $3,201.0 $3,385.5 $1,587.6 78.1% 44.4% -4.8% 2.1x 4.8x 1.8x 4.2x 1.3% Median: $3,774.4 $3,536.9 $1,905.9 67.4% 25.6% 9.3% 2.3x 16.2x 1.8x 9.4x 0.7%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - April 2016 TTM Revenue Growth 9.3% 5% TTM EBITDA Growth 98.0% TTM Earnings Growth 13.5% Gross Profit Margin 67.4% 0% EBITDA Margin 25.6% Net Income Margin 5.5% SG&A Expenses as a % of Total Revenue 24.8% R&D Expenses as a % of Total Revenue 25.2% -5%

Balance Sheet Analysis (Median) Current Ratio 1.8 -10% Quick Ratio 1.6 Cash as Percent of Market Cap 18.2% Avg Days Outstanding: Accounts Receivable 51 -15% Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.5x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 23.3% Cash from Operations Growth (YoY) 4.6% -25% Cash from Investing Growth (YoY) -10.1% Cash from Financing Growth (YoY) -74.9% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 64.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Accretive Health AH $17,810.2 $19,135.3 $43,481.1 27.3% 6.1% 13.0% 0.4x 7.2x 0.4x 6.6x 6.4% Allscripts Healthcare Solutions MDRX $2,505.4 $3,025.3 $1,397.4 48.8% 8.9% 1.8% 2.2x 24.3x 2.1x 10.9x -7.1% Cerner CERN $18,968.8 $19,060.8 $4,493.5 84.8% 27.9% 27.4% 4.2x 15.2x 3.8x 11.3x -3.5% Computer Programs and Sys CPSI $693.4 $657.6 $205.6 41.8% 17.6% 3.4% 3.2x 18.2x 2.1x 7.6x 5.2% Omnicell OMCL $1,143.1 $1,317.1 $539.3 49.4% 12.0% 18.4% 2.4x 20.4x 1.8x 11.3x 9.5% Quality Systems QSII $857.3 $752.5 $492.5 54.2% 11.6% 0.5% 1.5x 13.1x 1.4x 8.1x -16.4% Median: $1,824.3 $2,171.2 $968.4 49.1% 11.8% 8.2% 2.3x 16.7x 2.0x 9.5x 0.8%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - April 2016 TTM Revenue Growth 8.2% 4% TTM EBITDA Growth 15.1% TTM Earnings Growth -4.7% 2% Gross Profit Margin 49.1% EBITDA Margin 11.8% 0% Net Income Margin 3.4% -2% SG&A Expenses as a % of Total Revenue 27.9% R&D Expenses as a % of Total Revenue 12.2% -4%

Balance Sheet Analysis (Median) -6% Current Ratio 1.2 Quick Ratio 1.0 -8% Cash as Percent of Market Cap 4.1% -10% Avg Days Outstanding: Accounts Receivable 75 Avg Days Outstanding: Accounts Payable 32 -12% Working Capital to TTM Operating Expense Ratio 0.1x -14% Cash Flow Statement Analysis (Median) Levered FCF Margin 7.5% -16% Cash from Operations Growth (YoY) -12.1% -18% Cash from Investing Growth (YoY) -438.0% Cash from Financing Growth (YoY) 390.3% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 44.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Hewlett Packard HPQ $21,312.2 $24,356.2 $101,743.0 23.9% 10.9% 4.7% 0.2x 2.2x 0.5x 5.5x 7.0% IBM IBM $140,096.8 $170,931.8 $80,835.0 49.4% 23.5% -10.3% 2.1x 9.0x 2.2x 8.2x 8.4% Microsoft MSFT $392,001.5 $333,430.5 $86,886.0 62.9% 33.5% -8.3% 3.8x 11.4x 3.6x 9.7x -8.3% Oracle ORCL $165,413.4 $155,218.4 $37,159.0 58.6% 40.1% -4.3% 4.2x 10.4x 4.1x 8.9x 11.9% SAP AG DB:SAP $94,114.4 $97,052.0 $23,942.8 68.1% 27.7% 14.5% 4.1x 14.6x 3.8x 11.8x 2.6% Median: $140,097 $155,218 $80,835.0 58.6% 27.7% -4.3% 3.8x 10.4x 3.6x 8.9x 7.0%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - April 2016 TTM Revenue Growth -4.3% 10% TTM EBITDA Growth -11.2% TTM Earnings Growth -18.3% Gross Profit Margin 58.6% 5% EBITDA Margin 27.7% Net Income Margin 15.3% SG&A Expenses as a % of Total Revenue 22.1% R&D Expenses as a % of Total Revenue 13.7% 0%

Balance Sheet Analysis (Median) Current Ratio 1.4 -5% Quick Ratio 1.2 Cash as Percent of Market Cap 17.3% Avg Days Outstanding: Accounts Receivable 56 -10% Avg Days Outstanding: Accounts Payable 54 Working Capital to TTM Operating Expense Ratio 0.2x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 19.5% Cash from Operations Growth (YoY) -2.7% -20% Cash from Investing Growth (YoY) 29.4% Cash from Financing Growth (YoY) -78.2% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -6.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Bango PLC BGO $37.7 $20.5 $4.7 39.6% -142.1% -37.2% 4.3x n/a 5.4x n/a -61.6% iDream Sky Technologies DSKY $627.0 $555.5 $252.4 37.0% 12.6% 66.5% 2.2x 17.4x 1.6x 7.8x 3.3% Glu Mobile GLUU $353.1 $172.5 $235.0 60.7% -2.4% -5.3% 0.7x n/a 0.7x n/a 10.3% Gree TSE:3632 $1,346.7 $622.7 $669.0 72.9% 26.3% -23.4% 0.9x 3.5x 1.0x 4.4x 20.7% MobileIron MOBL $325.9 $232.3 $153.8 81.2% -43.9% 11.8% 1.5x n/a 1.4x n/a 4.1% Momo MOMO $2,919.1 $2,449.7 $158.6 71.7% 8.2% 141.6% 15.4x 188.9x 11.6x 86.3x 6.3% Myriad Group AG MYRN $356.4 $324.0 $27.3 51.7% -55.1% -32.1% 11.9x n/a n/a n/a 25.2% NQ Mobile NQ $490.5 $474.1 $391.0 22.6% -0.5% 14.4% 1.2x n/a 2.1x n/a 44.9% Opera OPERA $1,196.0 $1,266.0 $652.6 31.7% 13.5% 25.4% 1.9x 14.4x 1.7x 11.6x 46.3% Qihoo 360 Technology QIHU $9,155.3 $9,745.7 $1,804.6 76.5% 21.1% 29.8% 5.4x 25.6x 3.6x 14.5x 4.7% Pandora Media P $2,271.5 $2,161.2 $1,230.6 44.7% -9.1% 28.6% 1.8x n/a 1.5x n/a -18.9% Synchronoss Technologies SNCR $1,404.5 $1,495.3 $588.6 56.9% 24.5% 19.7% 2.5x 10.4x 2.3x 6.6x -7.8% Tangoe TNGO $347.8 $316.3 $219.4 54.1% 4.4% 5.7% 1.4x 32.8x 1.4x 16.0x 8.8% TeleNav TNAV $235.8 $125.5 $178.8 46.0% -18.4% 18.1% 0.7x n/a 0.7x n/a 0.2% Zynga ZNGA $2,079.4 $1,092.1 $768.1 69.5% -3.4% 8.9% 1.4x n/a 1.4x 22.4x -7.8% Median: $627 $556 $252 54.1% -0.5% 14.4% 1.8x 17.4x 1.5x 13.0x 4.7%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - April 2016 TTM Revenue Growth 14.4% 10% TTM EBITDA Growth -2.5% TTM Earnings Growth -4.6% Gross Profit Margin 54.1% 5% EBITDA Margin -0.5% Net Income Margin -6.5% SG&A Expenses as a % of Total Revenue 37.5% R&D Expenses as a % of Total Revenue 21.8% 0%

Balance Sheet Analysis (Median) Current Ratio 2.9 -5% Quick Ratio 2.6 Cash as Percent of Market Cap 16.0% Avg Days Outstanding: Accounts Receivable 67 -10% Avg Days Outstanding: Accounts Payable 41 Working Capital to TTM Operating Expense Ratio 0.0x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 2.2% Cash from Operations Growth (YoY) 152.6% -20% Cash from Investing Growth (YoY) 0.1% Cash from Financing Growth (YoY) -33.2% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -25.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD A10 Networks ATEN $385.0 $277.5 $208.7 75.5% -10.8% 17.4% 1.3x n/a 1.2x 96.6x -6.1% Allot Communications ALLT $182.0 $58.9 $93.4 71.1% -9.6% -21.2% 0.6x n/a 0.6x 7.4x -8.0% Barracuda Networks CUDA $935.7 $785.0 $320.2 78.1% 2.6% 15.4% 2.5x 93.5x 2.3x 13.4x -3.7% Brocade Communications Systems BRCD $3,854.6 $3,260.7 $2,261.5 67.5% 25.0% 1.7% 1.4x 5.8x 1.4x 5.5x 4.6% Cisco Systems CSCO $138,333.0 $102,564.0 $49,589.0 61.2% 28.8% 3.1% 2.1x 7.2x 2.1x 6.8x 5.0% F5 Networks FFIV $7,016.3 $6,241.3 $1,958.1 82.7% 29.9% 6.4% 3.2x 10.6x 3.1x 7.8x 8.1% Gigamon GIMO $1,135.7 $927.6 $242.3 80.5% 8.7% 40.7% 3.8x 44.0x 3.1x 14.0x 24.4% Juniper Networks JNPR $8,995.7 $8,882.1 $4,888.3 63.6% 22.4% 8.0% 1.8x 8.1x 1.8x 6.7x -14.3% Radware RDWR $477.0 $346.4 $207.8 82.3% 9.3% -8.9% 1.7x 17.9x 1.6x 15.0x -26.8% Median: $1,135.7 $927.6 $320.2 75.5% 9.3% 6.4% 1.8x 10.6x 1.8x 7.8x -3.7%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - April 2016 TTM Revenue Growth 6.4% 5% TTM EBITDA Growth 6.4% TTM Earnings Growth 17.3% Gross Profit Margin 75.5% 0% EBITDA Margin 9.3% Net Income Margin 4.5% SG&A Expenses as a % of Total Revenue 51.9% R&D Expenses as a % of Total Revenue 22.0% -5%

Balance Sheet Analysis (Median) Current Ratio 3.1 -10% Quick Ratio 2.9 Cash as Percent of Market Cap 27.9% Avg Days Outstanding: Accounts Receivable 52 -15% Avg Days Outstanding: Accounts Payable 46 Working Capital to TTM Operating Expense Ratio 0.7x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 14.1% Cash from Operations Growth (YoY) 8.8% -25% Cash from Investing Growth (YoY) -23.6% Cash from Financing Growth (YoY) -10.3% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 19.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD A10 Networks ATEN $385.0 $277.5 $208.7 75.5% -10.8% 17.4% 1.3x n/a 1.2x 96.6x -6.1% AVG Technologies AVG $1,005.7 $1,117.9 $433.4 84.0% 29.6% 13.1% 2.6x 8.7x 2.5x 6.8x 2.8% Barracuda Networks CUDA $935.7 $785.0 $320.2 78.1% 2.6% 15.4% 2.5x 93.5x 2.3x 13.4x -3.7% Cyberark Software CYBR $1,360.5 $1,122.2 $174.8 85.8% 20.1% 47.5% 6.4x 32.0x 5.4x 24.9x -6.9% Check Point Software Tech CHKP $14,494.1 $13,123.1 $1,661.5 88.5% 51.6% 8.9% 7.9x 15.3x 7.4x 13.3x 4.3% Cyren CYRN $69.6 $57.4 $28.2 71.0% -5.5% -8.6% 2.0x n/a 1.8x n/a 1.2% Fortinet FTNT $5,578.8 $4,626.2 $1,081.0 72.2% 5.0% 32.7% 4.3x 86.1x 3.5x 18.6x 7.5% Guidance Software GUID $154.1 $135.2 $107.8 67.2% -8.9% -0.4% 1.3x n/a 1.2x n/a -10.7% Imperva IMPV $1,499.4 $1,234.6 $249.3 79.9% -19.1% 40.7% 5.0x n/a 4.0x 91.0x -23.2% Palo Alto Networks PANW $13,332.5 $12,865.4 $1,150.0 72.9% -10.6% 55.6% 11.2x n/a 8.2x 35.6x -12.0% Proofpoint PFPT $2,417.5 $2,358.6 $286.6 68.7% -21.4% 36.1% 8.2x n/a 6.3x 115.2x -8.1% Rapid7 RPD $524.3 $437.8 $121.8 74.2% -39.3% 45.4% 3.6x n/a 2.9x n/a -13.8% Sourcefire FIRE $28.9 $27.0 $21.2 36.0% 15.7% 33.9% 1.3x 8.1x n/a n/a -4.6% Symantec SYMC $10,856.2 $10,327.2 $3,600.0 82.9% 24.8% -9.0% 2.9x 11.6x 2.9x 8.8x 0.0% Trend Micro TSE:4704 $5,365.0 $4,000.9 $1,106.1 83.0% 31.9% 5.7% 3.6x 11.3x 3.1x 10.3x -4.1% VASCO VDSI $689.5 $564.3 $223.1 63.8% 18.2% -2.1% 2.5x 13.9x 2.6x 15.7x 4.1% Median: $1,183.1 $1,120.1 $268.0 74.8% 3.8% 16.4% 3.2x 13.9x 2.9x 17.1x -4.3%

Income Statement Analysis (Median) Security Software Stock Market Return: January - April 2016 TTM Revenue Growth 16.4% 5% TTM EBITDA Growth 4.9% TTM Earnings Growth 3.8% Gross Profit Margin 74.8% 0% EBITDA Margin 3.8% Net Income Margin -1.4% SG&A Expenses as a % of Total Revenue 56.6% R&D Expenses as a % of Total Revenue 20.7% -5%

Balance Sheet Analysis (Median) Current Ratio 1.7 -10% Quick Ratio 1.6 Cash as Percent of Market Cap 17.0% Avg Days Outstanding: Accounts Receivable 68 -15% Avg Days Outstanding: Accounts Payable 42 Working Capital to TTM Operating Expense Ratio 0.4x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 20.1% Cash from Operations Growth (YoY) 49.5% -25% Cash from Investing Growth (YoY) -3.7% Cash from Financing Growth (YoY) -35.4% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 32.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Brocade BRCD $3,854.6 $3,260.7 $2,261.5 67.5% 25.0% 1.7% 1.4x 5.8x 1.4x 5.5x 4.6% CA CA $12,361.2 $12,111.2 $4,025.0 85.5% 31.2% -5.6% 3.0x 9.6x 3.0x 7.7x 6.3% Cisco Systems CSCO $138,333.0 $102,564.0 $49,589.0 61.2% 28.8% 3.1% 2.1x 7.2x 2.1x 6.8x 5.0% CommVault Systems CVLT $1,976.9 $1,575.8 $595.1 86.1% 2.2% -2.0% 2.6x 121.9x 2.5x 19.7x 15.3% EMC EMC $50,992.8 $49,270.8 $24,566.0 60.7% 19.5% 0.0% 2.0x 10.3x 2.0x 7.1x 2.5% FalconStor Software FALC $45.8 $42.5 $36.1 74.3% -29.1% -33.5% 1.2x n/a n/a n/a -42.4% NetApp NTAP $6,910.9 $3,377.9 $5,546.0 61.0% 12.7% -9.4% 0.6x 4.8x 0.6x 3.5x -7.9% Splunk SPLK $6,889.2 $5,880.1 $668.4 82.9% -39.9% 48.3% 8.8x n/a 6.7x 77.5x -9.8% Varonis Systems VRNS $500.6 $394.2 $134.7 90.6% -12.3% 26.0% 2.9x n/a 2.5x n/a 5.4% Median: $6,889.2 $3,377.9 $2,261.5 74.3% 12.7% 0.0% 2.1x 8.4x 2.3x 7.1x 4.6%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - April 2016 TTM Revenue Growth 0.0% 10% TTM EBITDA Growth -15.0% TTM Earnings Growth -17.4% Gross Profit Margin 74.3% 5% EBITDA Margin 12.7% Net Income Margin 4.1% SG&A Expenses as a % of Total Revenue 37.8% R&D Expenses as a % of Total Revenue 15.5% 0%

Balance Sheet Analysis (Median) Current Ratio 2.0 -5% Quick Ratio 1.9 Cash as Percent of Market Cap 22.7% Avg Days Outstanding: Accounts Receivable 62 -10% Avg Days Outstanding: Accounts Payable 41 Working Capital to TTM Operating Expense Ratio 0.5x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 19.5% Cash from Operations Growth (YoY) 4.1% -20% Cash from Investing Growth (YoY) 30.9% Cash from Financing Growth (YoY) 54.7% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 23.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD CA Technologies CA $12,361.2 $12,111.2 $4,025.0 85.5% 31.2% -5.6% 3.0x 9.6x 3.0x 7.7x 6.3% Citrix Systems CTXS $12,601.7 $12,766.2 $3,340.5 85.2% 27.9% 6.0% 3.8x 13.7x 3.8x 11.2x 10.3% Netscout Systems NTCT $2,194.2 $2,085.9 $955.4 65.6% 7.3% 110.6% 2.2x 29.8x 1.7x 5.5x -26.3% Red Hat RHT $13,312.0 $12,827.0 $2,052.2 84.9% 17.9% 14.7% 6.3x 34.9x 5.3x 20.3x -10.2% VMWare VMW $24,135.0 $17,391.0 $6,725.0 84.7% 26.1% 8.7% 2.6x 9.9x 2.5x 7.1x 1.1% Median: $12,601.7 $12,766.2 $3,340.5 84.9% 26.1% 8.7% 3.0x 13.7x 3.0x 7.7x 1.1%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - April 2016 TTM Revenue Growth 8.7% TTM EBITDA Growth 11.4% 5% TTM Earnings Growth 8.9% Gross Profit Margin 84.9% 0% EBITDA Margin 26.1% Net Income Margin 11.2% SG&A Expenses as a % of Total Revenue 43.7% -5% R&D Expenses as a % of Total Revenue 20.1%

Balance Sheet Analysis (Median) -10% Current Ratio 1.2 Quick Ratio 1.2 Cash as Percent of Market Cap 15.4% -15% Avg Days Outstanding: Accounts Receivable 75 Avg Days Outstanding: Accounts Payable 56 Working Capital to TTM Operating Expense Ratio 0.2x -20%

Cash Flow Statement Analysis (Median) Levered FCF Margin 27.2% -25% Cash from Operations Growth (YoY) 4.1% Cash from Investing Growth (YoY) 27.7% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) 28.6% Levered FCF Growth (YoY) 30.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Broadridge Financial BR $7,111.0 $7,560.3 $2,852.1 31.8% 21.3% 7.6% 2.7x 12.5x 2.5x 11.7x 14.8% Fidessa LSE:FDSA $1,336.7 $1,222.1 $435.7 19.5% 17.0% 7.4% 2.8x 16.5x 2.7x 10.2x 20.0% Jack Henry & Associates JKHY $6,390.2 $6,435.4 $1,321.4 42.8% 34.8% 6.8% 4.9x 14.0x 4.7x 13.4x 6.2% MSCI MSCI $7,328.3 $8,463.3 $1,091.1 76.0% 46.5% 7.0% 7.8x 16.7x 7.2x 15.2x 7.9% SS&C SSNC $6,222.9 $8,540.1 $1,118.7 46.9% 32.7% 42.0% 7.6x 23.3x 5.7x 13.4x -7.7% Median: $6,390.2 $7,560.3 $1,118.7 42.8% 32.7% 7.4% 4.9x 16.5x 4.7x 13.4x 7.9%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - April 2016 TTM Revenue Growth 7.4% 15% TTM EBITDA Growth 17.0% TTM Earnings Growth 0.8% Gross Profit Margin 42.8% 10% EBITDA Margin 32.7% Net Income Margin 10.6% SG&A Expenses as a % of Total Revenue 14.4% 5% R&D Expenses as a % of Total Revenue 6.7%

Balance Sheet Analysis (Median) 0% Current Ratio 1.4 Quick Ratio 1.4 -5% Cash as Percent of Market Cap 5.0% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 7 -10% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 13.2% Cash from Operations Growth (YoY) 6.1% -20% Cash from Investing Growth (YoY) -116.0% Cash from Financing Growth (YoY) 12.5% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -5.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Blackbaud BLKB $2,866.1 $3,276.4 $660.2 52.8% 16.7% 13.1% 5.0x 29.7x 4.4x 17.8x -2.9% Constellation TSX:CSU $8,285.8 $8,393.7 $1,902.4 36.8% 23.2% 12.1% 4.4x 19.0x 3.9x 15.3x -1.4% EPIQ Systems EPIQ $556.4 $916.2 $529.7 50.5% 14.9% 21.6% 1.7x 11.6x 1.7x 8.1x 15.1% Guidewire Software GWRE $4,104.9 $3,514.0 $395.8 62.8% 5.4% 7.1% 8.9x 163.2x 8.1x 42.0x -2.0% Sapiens International SPNS $576.4 $514.5 $191.3 40.2% 15.2% 18.2% 2.7x 17.6x 2.5x 15.1x 14.7% Silver Spring Networks SSNI $715.1 $590.9 $394.5 43.4% 11.5% 35.7% 1.5x 13.0x 2.0x 34.3x 2.0% Tyler Technologies TYL $5,288.1 $5,374.5 $635.3 46.5% 21.0% 23.3% 8.5x 40.3x 6.8x 23.7x -12.3% Median: $2,866.1 $3,276.4 $529.7 46.5% 15.2% 18.2% 4.4x 19.0x 3.9x 17.8x -1.4%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - April 2016 TTM Revenue Growth 18.2% 5% TTM EBITDA Growth 40.6% TTM Earnings Growth 0.5% Gross Profit Margin 46.5% 0% EBITDA Margin 15.2% Net Income Margin 6.7% SG&A Expenses as a % of Total Revenue 22.0% R&D Expenses as a % of Total Revenue 13.0% -5%

Balance Sheet Analysis (Median) Current Ratio 1.0 -10% Quick Ratio 0.7 Cash as Percent of Market Cap 3.6% Avg Days Outstanding: Accounts Receivable 54 -15% Avg Days Outstanding: Accounts Payable 18 Working Capital to TTM Operating Expense Ratio -0.1x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 19.4% Cash from Operations Growth (YoY) 19.7% -25% Cash from Investing Growth (YoY) -10.1% Cash from Financing Growth (YoY) 87.1% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 22.8%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG SaaS Index $1,008.5 $919.6 $213.4 67.7% -6.7% 25.8% 4.2x 37.8x 3.6x 26.8x -8.3% CRM & Marketing $1,004.6 $870.1 $230.4 69.2% -11.8% 27.5% 5.4x 111.9x 4.4x 31.2x -16.3% ERP & Supply Chain $859.9 $739.0 $167.1 68.0% -7.9% 22.9% 4.2x 26.3x 3.7x 26.5x -1.8% Vertically Focused $1,171.1 $1,018.4 $192.5 61.7% 9.3% 33.8% 5.6x 34.1x 4.5x 21.6x -7.3% Human Capital Management $1,497.7 $1,480.0 $213.4 61.9% -2.2% 27.7% 5.4x 61.7x 4.5x 45.5x 4.8% SaaS Other $578.8 $561.6 $219.4 71.2% -7.6% 24.1% 3.8x 41.8x 3.0x 36.9x -15.5%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - April 2016 TTM Revenue Growth 25.8% 10% TTM EBITDA Growth 13.5% TTM Earnings Growth -5.3% 5% Gross Profit Margin 67.7% EBITDA Margin -6.7% 0% Net Income Margin -15.5% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 18.0% -5%

Balance Sheet Analysis (Median) -10% Current Ratio 2.0 Quick Ratio 1.9 -15% Cash as Percent of Market Cap 13.0% Avg Days Outstanding: Accounts Receivable 65 -20% Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.3x -25%

Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 40.5% -35% Cash from Investing Growth (YoY) -5.3% Cash from Financing Growth (YoY) -2.4% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 38.0%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Bazaarvoice BV $274.9 $223.0 $197.4 61.6% -9.2% 6.1% 1.1x n/a 1.1x 48.4x -21.4% Cvent CVT $1,031.2 $850.6 $361.9 70.0% 3.2% 30.9% 6.8x 214.5x 5.9x 46.9x 6.2% HubSpot HUBS $1,546.2 $1,442.5 $202.7 74.6% -20.6% 56.1% 7.1x n/a 5.8x n/a -19.3% LivePerson LPSN $347.1 $298.3 $234.7 70.2% 7.0% 5.8% 1.3x 18.2x 1.3x 13.2x -9.6% Marketo MKTO $978.0 $889.7 $226.1 65.9% -23.8% 38.1% 3.9x n/a 3.1x n/a -20.1% Marin Software MRIN $97.6 $63.2 $109.3 63.9% -14.4% 6.2% 0.6x n/a 0.6x 14.5x -24.9% Salesforce.com CRM $51,425.3 $52,140.3 $6,667.2 75.2% 7.0% 24.1% 7.8x 111.9x 6.4x 31.2x -1.2% Zendesk ZEN $2,060.7 $1,815.1 $235.0 68.3% -31.6% 63.0% 7.7x n/a 6.1x n/a -13.3% Median: $1,004.6 $870.1 $230.4 69.2% -11.8% 27.5% 5.4x 111.9x 4.4x 31.2x -16.3%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - April 2016 TTM Revenue Growth 27.5% 10% TTM EBITDA Growth 28.8% TTM Earnings Growth -5.5% 5% Gross Profit Margin 69.2% EBITDA Margin -11.8% 0% Net Income Margin -18.0% -5% SG&A Expenses as a % of Total Revenue 58.8% R&D Expenses as a % of Total Revenue 17.5% -10%

Balance Sheet Analysis (Median) -15% Current Ratio 1.7 Quick Ratio 1.5 -20% Cash as Percent of Market Cap 12.1% -25% Avg Days Outstanding: Accounts Receivable 71 Avg Days Outstanding: Accounts Payable 24 -30% Working Capital to TTM Operating Expense Ratio 0.3x -35% Cash Flow Statement Analysis (Median) -40% Levered FCF Margin 6.4% Cash from Operations Growth (YoY) 161.8% -45% Cash from Investing Growth (YoY) -24.2% Cash from Financing Growth (YoY) -92.2% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 11.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Amber Road AMBR $128.9 $134.2 $68.9 45.3% -30.0% 5.9% 1.9x n/a 1.8x n/a -1.8% Apigee Corporation APIC $289.1 $217.9 $79.4 68.0% -53.3% 28.3% 2.7x n/a 2.1x n/a 11.8% Fleetmatics FLTX $1,402.5 $1,253.1 $298.2 74.2% 22.8% 21.7% 4.2x 18.4x 3.7x 10.9x -27.9% Netsuite N $6,518.6 $6,413.8 $792.9 66.6% -7.9% 32.6% 8.1x n/a 6.2x 78.6x -1.6% SciQuest SQI $384.3 $248.0 $106.3 68.3% 8.9% 3.7% 2.3x 26.3x 2.2x 10.4x 7.9% SPS Commerce SPSC $859.9 $739.0 $167.1 68.1% 10.5% 22.9% 4.4x 42.2x 3.7x 26.5x -24.9% Workday WDAY $14,691.1 $13,229.1 $1,162.3 67.8% -15.6% 47.5% 11.4x n/a 8.5x 98.2x -3.6% Median: $859.9 $739.0 $167.1 68.0% -7.9% 22.9% 4.2x 26.3x 3.7x 26.5x -1.8%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - April 2016 TTM Revenue Growth 22.9% 5% TTM EBITDA Growth 7.1% TTM Earnings Growth -8.4% Gross Profit Margin 68.0% 0% EBITDA Margin -7.9% Net Income Margin -16.6% -5% SG&A Expenses as a % of Total Revenue 54.0% R&D Expenses as a % of Total Revenue 22.7% -10%

Balance Sheet Analysis (Median) Current Ratio 2.5 -15% Quick Ratio 2.4 Cash as Percent of Market Cap 13.6% -20% Avg Days Outstanding: Accounts Receivable 76 Avg Days Outstanding: Accounts Payable 15 -25% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 8.3% Cash from Operations Growth (YoY) 23.9% -35% Cash from Investing Growth (YoY) -27.7% Cash from Financing Growth (YoY) 6.7% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 33.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 2U TWOU $1,300.9 $1,117.2 $163.0 79.1% -14.0% 37.6% 6.9x n/a 5.6x n/a 3.7% Alarm.com ALRM $1,041.3 $919.6 $221.9 63.2% 14.8% 25.8% 4.1x 27.9x 3.9x 22.4x 40.8% AppFolio APPF $421.0 $398.7 $82.3 54.6% -14.4% 53.4% 4.8x n/a 3.9x n/a -10.2% Athenahealth ATHN $5,233.8 $5,431.4 $974.4 60.2% 7.8% 22.4% 5.6x 71.9x 4.7x 22.3x -15.8% Castlight Health CSLT $348.8 $228.4 $82.1 56.3% -93.6% 54.3% 2.8x n/a 2.3x n/a -13.3% DealerTrack TRAK $129.6 $132.9 $31.9 46.0% 13.7% 39.7% 4.2x 30.3x 3.5x 18.9x -22.5% Ebix EBIX $1,619.1 $1,767.5 $272.8 73.4% 37.3% 20.3% 6.5x 17.4x 6.1x 15.5x 54.0% Ellie Mae ELLI $2,505.6 $2,434.5 $273.4 66.0% 17.3% 48.9% 8.9x 51.4x 7.0x 22.5x 39.0% Instructure INST $552.0 $461.2 $81.9 67.6% -56.8% 62.5% 5.6x n/a 4.3x n/a -9.7% Medical Transcript MTBC $10.1 $10.1 $22.1 52.9% -5.9% 0.8% 0.5x n/a 0.4x 5.0x -10.0% Medidata Solutions MDSO $2,496.2 $2,425.6 $404.3 77.2% 10.9% 15.2% 6.0x 55.3x 5.0x 21.6x -7.8% RealPage RP $1,730.6 $1,739.7 $486.4 57.7% 12.4% 17.4% 3.6x 28.8x 3.1x 14.6x -0.5% Q2 Holdings QTWO $937.9 $827.5 $118.5 46.3% -15.7% 37.0% 7.0x n/a 5.7x n/a -6.9% Veeva Systems VEEV $3,690.5 $3,344.3 $409.2 65.2% 21.6% 30.6% 8.2x 37.8x 6.5x 23.2x -4.1% Median: $1,171.1 $1,018.4 $192.5 61.7% 9.3% 33.8% 5.6x 34.1x 4.5x 21.6x -7.3%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - April 2016 TTM Revenue Growth 33.8% 5% TTM EBITDA Growth 13.8% TTM Earnings Growth 14.1% Gross Profit Margin 61.7% 0% EBITDA Margin 9.3% Net Income Margin 0.7% -5% SG&A Expenses as a % of Total Revenue 42.6% R&D Expenses as a % of Total Revenue 16.3% -10% Balance Sheet Analysis (Median) Current Ratio 2.6 -15% Quick Ratio 2.3 Cash as Percent of Market Cap 10.3% -20% Avg Days Outstanding: Accounts Receivable 49 Avg Days Outstanding: Accounts Payable 35 Working Capital to TTM Operating Expense Ratio 0.4x -25%

Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 0.6% Cash from Operations Growth (YoY) 36.3% -35% Cash from Investing Growth (YoY) 14.2% Cash from Financing Growth (YoY) 5.9% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 1.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Benefitfocus BNFT $1,113.2 $1,089.7 $197.3 44.4% -22.3% 32.0% 5.5x n/a 4.7x n/a 8.4% Callidus Software CALD $1,038.9 $941.7 $181.7 62.2% 0.0% 25.0% 5.2x n/a 4.4x 40.4x 5.3% Cornerstone OnDemand CSOD $1,882.2 $1,870.3 $365.0 68.0% -16.1% 30.3% 5.1x n/a 4.4x 50.7x 0.6% HealthStream HSTM $717.6 $567.1 $215.9 57.3% 11.1% 20.3% 2.6x 23.7x 2.4x 14.4x 5.9% Halogen Software TSX:HGN $145.4 $105.4 $67.4 74.2% -4.4% 14.2% 1.6x n/a 1.4x 138.5x 30.5% Paycom Software PAYC $2,257.7 $2,232.8 $259.6 86.5% 23.5% 53.4% 8.6x 36.6x 7.2x 34.5x 6.2% Paylocity Holding PCTY $1,950.1 $1,871.1 $210.9 57.5% 2.3% 49.2% 8.9x 381.0x 7.4x 82.4x -0.8% The Ultimate Software Group ULTI $5,671.0 $5,585.0 $660.4 61.6% 9.7% 24.7% 8.5x 86.7x 6.8x 27.3x 4.4% Workday WDAY $14,691.1 $13,229.1 $1,162.3 67.8% -15.6% 47.5% 11.4x n/a 8.5x 98.2x -3.6% Xactly XTLY $240.1 $207.9 $76.0 58.7% -21.5% 24.3% 2.7x n/a 2.2x n/a -4.7% Median: $1,497.7 $1,480.0 $213.4 61.9% -2.2% 27.7% 5.4x 61.7x 4.5x 45.5x 4.8%

Income Statement Analysis (Median) Human Capital Management SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 27.7% 5% TTM EBITDA Growth 3.0% TTM Earnings Growth -7.5% 0% Gross Profit Margin 61.9% EBITDA Margin -2.2% Net Income Margin -10.3% -5% SG&A Expenses as a % of Total Revenue 51.9% R&D Expenses as a % of Total Revenue 15.1% -10%

Balance Sheet Analysis (Median) -15% Current Ratio 1.1 Quick Ratio 1.1 -20% Cash as Percent of Market Cap 11.6% Avg Days Outstanding: Accounts Receivable 69 -25% Avg Days Outstanding: Accounts Payable 17 Working Capital to TTM Operating Expense Ratio 0.2x -30%

Cash Flow Statement Analysis (Median) -35% Levered FCF Margin 8.7% Cash from Operations Growth (YoY) 77.2% -40% Cash from Investing Growth (YoY) -71.3% Cash from Financing Growth (YoY) 96.2% Human Capital Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 70.8%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Atlassian Corp TEAM $4,921.2 $4,239.2 $421.3 83.4% 3.3% n/a 10.1x 307.6x 8.4x 47.3x -15.5% Box BOX $1,567.1 $1,426.0 $302.7 71.2% -54.3% 39.9% 4.7x n/a 3.6x n/a -10.0% ChannelAdvisors ECOM $316.5 $260.3 $104.3 79.5% -6.7% 18.4% 2.5x n/a 2.3x 115.9x -8.9% Covisint COVS $74.8 $37.2 $76.0 54.0% -14.9% -14.1% 0.5x n/a 0.5x n/a -26.0% Demandware DWRE $1,685.1 $1,489.6 $254.1 71.3% -13.3% 42.5% 5.9x n/a 4.7x 53.7x -11.7% FireEye FEYE $2,885.0 $2,421.3 $665.6 62.4% -61.7% 39.5% 3.6x n/a 2.9x n/a -20.7% HortonWorks HDP $660.7 $566.4 $141.0 57.4% -140.1% 135.6% 4.0x n/a 3.0x n/a -44.5% inContact SAAS $578.8 $556.7 $233.0 51.7% 0.6% 25.2% 2.4x 369.4x 2.1x 27.1x 1.4% IntraLinks Holdings IL $514.0 $536.5 $280.6 72.5% 4.0% 6.7% 1.9x 48.4x 1.8x 11.2x 1.6% J2 Global JCOM $3,091.7 $3,358.1 $760.1 83.0% 41.1% 21.4% 4.4x 10.8x 4.0x 8.5x -20.7% Jive Software JIVE $311.7 $209.1 $199.3 63.2% -9.6% 7.9% 1.0x n/a 1.0x 37.2x 5.4% Liquid Holdings Group LIQ.D $0.1 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -91.0% Mimecast MIME $429.9 $332.4 $141.8 70.5% 5.6% 22.2% 2.3x 41.8x 2.1x 36.9x -12.3% MINDBODY MB $540.2 $462.7 $111.1 65.4% -24.1% 45.0% 4.2x n/a 3.4x n/a -4.8% New Relic NEWR $1,277.3 $1,086.3 $181.3 79.5% -32.4% 64.2% 6.0x n/a 4.8x n/a -28.5% Qualys QLYS $878.5 $699.5 $173.0 79.6% 24.6% 23.0% 4.0x 16.5x 3.5x 11.1x -21.3% RingCentral RNG $1,378.1 $1,257.0 $317.4 72.1% -4.0% 34.0% 4.0x n/a 3.3x 58.9x -16.2% Service-now.com NOW $11,640.4 $11,222.2 $1,099.4 68.5% -9.3% 45.5% 10.2x n/a 7.7x 41.1x -15.0% Shopify SHOP $2,765.1 $2,573.6 $240.6 53.5% -6.9% 94.7% 10.7x n/a 7.9x n/a 23.8% Tableau Software DATA $3,844.9 $3,049.0 $695.1 88.4% -8.4% 48.5% 4.4x n/a 3.6x 42.5x -44.9% Tangoe TNGO $347.8 $316.3 $219.4 54.1% 4.4% 5.7% 1.4x 32.8x 1.4x 16.0x 8.8% TrueCar TRUE $571.3 $485.9 $263.1 90.8% -14.4% 18.9% 1.8x n/a 1.8x n/a -24.3% Upland Software UPLD $118.6 $128.2 $70.0 61.6% 2.4% 5.2% 1.8x 76.0x 1.8x 13.1x 0.9% Workiva WK $487.9 $434.7 $154.7 71.8% -28.8% 29.2% 2.8x n/a 2.4x n/a -28.5% Zix ZIXI $207.7 $180.6 $56.0 82.3% 19.2% 9.2% 3.2x 16.8x 2.9x 10.8x -22.6% Median: $578.8 $561.6 $219.4 71.2% -7.6% 24.1% 3.8x 41.8x 3.0x 36.9x -15.5%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - April 2016 TTM Revenue Growth 24.1% 5% TTM EBITDA Growth -3.9% TTM Earnings Growth -17.8% Gross Profit Margin 71.2% 0% EBITDA Margin -7.6% Net Income Margin -17.1% -5% SG&A Expenses as a % of Total Revenue 62.3% R&D Expenses as a % of Total Revenue 20.1% -10% Balance Sheet Analysis (Median) Current Ratio 2.3 -15% Quick Ratio 2.1 Cash as Percent of Market Cap 14.9% -20% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 38 -25% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 5.1% Cash from Operations Growth (YoY) 39.0% -35% Cash from Investing Growth (YoY) -2.6% Cash from Financing Growth (YoY) -39.4% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 59.9%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG Internet Index $1,437.4 $1,087.7 $632.0 62.2% 8.0% 14.5% 2.0x 17.9x 1.8x 12.9x 0.3% Ad Tech & Lead Generation $695.6 $586.3 $411.9 53.7% 2.0% 11.1% 1.0x 21.5x 1.1x 16.3x 6.7% Commerce $587.5 $567.4 $760.2 38.6% 2.5% 14.6% 1.1x 22.9x 1.3x 10.3x -4.0% Content & Media $1,846.8 $1,655.1 $547.9 54.6% 5.8% 7.8% 2.1x 16.9x 2.3x 10.8x -5.1% Gaming $11,382.30 $9,177.0 $3,041.0 58.2% 32.7% 6.1% 4.0x 11.8x 3.4x 10.5x -4.2% Infrastructure $819.96 $779.0 $354.8 62.9% 4.1% 6.8% 1.2x 12.9x 1.2x 9.7x -2.4% Search $38,328.81 $35,808.7 $7,021.1 70.1% 29.2% 10.6% 5.6x 15.0x 4.6x 11.6x -1.9% Services $996.83 $871.2 $374.8 72.5% 10.2% 22.4% 1.9x 18.2x 1.5x 12.6x 4.7% Social $3,833.05 $4,140.0 $1,030.8 74.6% 15.6% 39.0% 4.2x 23.1x 3.5x 14.1x -14.4% Travel $13,336.17 $14,087.7 $1,729.1 83.7% 9.1% 11.8% 4.4x 21.6x 5.0x 16.1x -3.8%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - April 2016 TTM Revenue Growth 14.5% 10% TTM EBITDA Growth 10.1% TTM Earnings Growth 11.1% Gross Profit Margin 62.2% 5% EBITDA Margin 8.0% Net Income Margin 0.9% SG&A Expenses as a % of Total Revenue 37.1% 0% R&D Expenses as a % of Total Revenue 16.4%

Balance Sheet Analysis (Median) -5% Current Ratio 2.4 Quick Ratio 1.9 -10% Cash as Percent of Market Cap 18.5% Avg Days Outstanding: Accounts Receivable 40 Avg Days Outstanding: Accounts Payable 50 -15% Working Capital to TTM Operating Expense Ratio 0.4

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 9.9% Cash from Operations Growth (YoY) 9.9% -25% Cash from Investing Growth (YoY) -3.0% Cash from Financing Growth (YoY) -35.3% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 6.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Baidu.com BIDU $67,285.3 $62,275.8 $10,764.6 64.1% 25.6% 32.9% 5.8x 22.6x 4.6x 19.0x 5.6% Criteo SA CRTO $2,604.8 $2,266.4 $1,430.3 35.7% 9.0% 27.9% 1.6x 17.6x 3.2x 11.4x 8.3% Google GOOGL $481,056.9 $417,022.9 $77,988.0 62.2% 32.7% 15.0% 5.3x 16.3x 4.6x 11.4x -6.8% Marchex MCHX $178.5 $69.3 $143.1 43.1% -1.0% -11.4% 0.5x n/a 0.5x 17.5x 13.3% MaxPoint Interactive MXPT $52.9 $43.0 $140.9 51.3% -13.9% 17.6% 0.3x n/a 0.5x n/a 42.9% ReachLocal RLOC $47.5 $59.1 $361.7 44.4% -2.5% -19.6% 0.2x n/a 0.2x 3.7x 3.9% Rocket Fuel FUEL $125.0 $130.2 $462.0 42.4% -4.5% 5.4% 0.3x n/a 0.3x 19.5x -17.3% The Rubicon Project RUBI $930.3 $790.6 $280.5 75.5% 10.1% 101.2% 2.8x 27.9x 2.7x 13.4x 20.9% Sohu.com SOHU $1,737.6 $954.7 $1,889.7 56.1% 18.2% 7.2% 0.5x 2.8x 0.5x 4.7x -16.1% Tremor TRMR $105.7 $45.8 $170.4 43.8% -6.9% 4.7% 0.3x n/a 0.2x 20.7x 2.6% TubeMogul TUBE $460.8 $382.1 $192.5 68.0% -6.2% 57.1% 2.0x n/a 1.7x 65.3x 1.3% Yahoo! YHOO $34,653.3 $29,963.3 $4,829.5 56.1% 5.1% 2.5% 6.2x 122.1x 8.7x 37.8x 16.6% Yandex YNDX $6,544.2 $6,003.5 $952.6 72.5% 29.3% 22.4% 6.3x 21.5x 5.1x 15.2x 34.5% YuMe YUME $130.8 $82.3 $172.3 45.3% -5.5% -4.6% 0.5x n/a 0.5x 16.3x 7.7% Median: $695.6 $586.3 $411.9 53.7% 2.0% 11.1% 1.0x 21.5x 1.1x 16.3x 6.7%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - April 2016 TTM Revenue Growth 11.1% 10% TTM EBITDA Growth 8.9% TTM Earnings Growth -21.5% Gross Profit Margin 53.7% 5% EBITDA Margin 2.0% Net Income Margin -4.9% SG&A Expenses as a % of Total Revenue 36.9% 0% R&D Expenses as a % of Total Revenue 16.5%

-5% Balance Sheet Analysis (Median) Current Ratio 2.2x Quick Ratio 2.1x -10% Cash as Percent of Market Cap 22.9% Avg Days Outstanding: Accounts Receivable 70.5x Avg Days Outstanding: Accounts Payable 66.5x -15% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 4.5% Cash from Operations Growth (YoY) 9.1% -25% Cash from Investing Growth (YoY) 9.9% Cash from Financing Growth (YoY) -79.4% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 63.3%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 1-800-FLOWERS.COM FLWS $507.9 $567.4 $1,166.9 44.1% 7.3% 8.0% 0.5x 6.7x 0.5x 6.1x 11.0% 58.com WUBA $7,734.9 $7,571.1 $859.0 92.3% -23.9% 182.7% 8.8x n/a 6.1x n/a -12.4% Alibaba BABA $193,306.2 $188,482.9 $15,670.6 66.0% 35.8% 32.7% 12.0x 33.6x 10.0x 19.5x 0.3% Amazon.com AMZN $311,213.0 $312,966.0 $113,417.0 33.8% 8.0% 23.3% 2.8x 34.4x 2.2x 18.9x 3.5% Baozun BZUN $286.2 $158.4 $432.2 21.5% 1.2% 55.6% 0.4x 30.3x 0.3x 7.1x -22.6% Bitauto Holdings BITA $1,508.7 $1,368.1 "n/a" n/a n/a n/a n/a n/a 1.7x 15.7x -4.0% BlueNile NILE $299.3 $213.2 $476.7 19.4% 3.5% 0.1% 0.4x 12.7x 0.4x 9.5x -24.8% Chegg CHGG $409.1 $324.2 $283.2 43.4% 1.1% -10.2% 1.1x 101.2x 1.3x 20.1x -27.2% DangDang DANG $587.5 $380.2 $1,434.3 16.1% 1.4% 17.0% 0.3x 19.2x 0.2x 8.6x -0.4% eBay EBAY $28,067.7 $29,090.7 $8,668.0 78.8% 34.4% 26.5% 3.4x 9.8x 3.3x 8.3x -7.6% Groupon GRPN $2,099.7 $1,464.7 $3,101.1 44.4% 1.0% 1.2% 0.5x 47.7x 0.5x 10.3x 20.9% Liquidity Services LQDT $170.8 $85.3 $321.8 28.1% -1.7% -32.0% 0.3x n/a 0.3x n/a -14.7% Mercadolibre MELI $5,514.8 $5,442.1 $661.3 73.8% 25.5% 12.2% 8.2x 32.3x 7.7x 29.9x 13.7% MOL Global MOLG.Y $15.5 -$1.5 $57.8 -11.1% -33.4% 22.6% n/a 0.1x n/a n/a -65.7% Overstock.com OSTK $369.0 $212.8 $1,673.2 18.3% 0.5% 7.7% 0.1x 26.5x n/a n/a 22.1% PetMed Express PETS $368.7 $305.9 $234.7 32.5% 14.1% 2.3% 1.3x 9.2x 1.3x 9.4x 10.4% Stamps.com STMP $1,376.4 $1,464.4 $251.7 80.6% 32.1% 59.3% 5.8x 18.1x 4.8x 13.3x -23.3% Median: $587.5 $567.4 $760.2 38.6% 2.5% 14.6% 1.1x 22.9x 1.3x 10.3x -4.0%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - April 2016 TTM Revenue Growth 14.6% 5% TTM EBITDA Growth 8.9% TTM Earnings Growth 13.0% Gross Profit Margin 38.6% 0% EBITDA Margin 2.5% Net Income Margin -2.6% SG&A Expenses as a % of Total Revenue 35.5% -5% R&D Expenses as a % of Total Revenue 16.5%

-10% Balance Sheet Analysis (Median) Current Ratio 2.0x Quick Ratio 1.7x -15% Cash as Percent of Market Cap 20.2% Avg Days Outstanding: Accounts Receivable 59.0x Avg Days Outstanding: Accounts Payable 38.5x -20% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 14.7% -30% Cash from Investing Growth (YoY) -131.7% Cash from Financing Growth (YoY) 109.7% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 24.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD DemandMedia DMD $119.9 $81.3 $119.7 41.4% -18.7% -25.4% 0.7x n/a 0.6x n/a 12.0% InterActiveCorp IAC $3,849.4 $4,558.7 $3,277.6 76.0% 11.7% 4.3% 1.4x 11.9x 1.4x 8.2x -21.1% Netflix NFLX $38,558.9 $38,858.7 $7,164.1 31.4% 4.5% 23.4% 5.4x 121.5x 4.2x 59.8x -18.1% Pandora P $2,271.5 $2,161.2 $1,230.6 44.7% -9.1% 28.6% 1.8x n/a 1.5x n/a -18.9% Shutterstock SSTK $1,437.4 $1,149.1 $444.3 58.8% 13.5% 26.0% 2.6x 19.2x 2.3x 11.7x 26.0% SINA SINA $3,499.3 $2,400.9 $894.8 62.1% 7.1% 14.5% 2.7x 37.8x 2.6x 16.4x 4.6% TheStreet.com TST $37.7 $9.3 $66.8 50.4% 1.1% 5.2% 0.1x 12.1x 0.1x 4.2x -27.2% WebMD Health WBMD $2,256.3 $2,417.8 $651.6 62.3% 23.6% 10.4% 3.7x 15.8x 3.5x 10.8x 31.3% XO Group XOXO $450.3 $361.8 $144.7 93.5% 14.8% 0.6% 2.5x 16.9x 2.3x 10.5x 12.8% Xunlei XNET $439.4 $5.2 $137.8 50.4% -5.8% 4.3% 0.0x n/a n/a n/a -14.7% Median: $1,846.8 $1,655.1 $547.9 54.6% 5.8% 7.8% 2.1x 16.9x 2.3x 10.8x -5.1%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - April 2016 TTM Revenue Growth 7.8% 10% TTM EBITDA Growth -30.4% TTM Earnings Growth -46.7% Gross Profit Margin 54.6% 5% EBITDA Margin 5.8% Net Income Margin 1.8% SG&A Expenses as a % of Total Revenue 39.3% 0% R&D Expenses as a % of Total Revenue 18.2%

-5% Balance Sheet Analysis (Median) Current Ratio 2.5x Quick Ratio 2.3x -10% Cash as Percent of Market Cap 25.4% Avg Days Outstanding: Accounts Receivable 41.4x Avg Days Outstanding: Accounts Payable 30.5x -15% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 11.4% Cash from Operations Growth (YoY) -0.1% -25% Cash from Investing Growth (YoY) -57.2% Cash from Financing Growth (YoY) 43.0% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -18.0%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Yahoo! YHOO $34,653.3 $29,963.3 $4,829.5 56.1% 5.1% 2.5% 6.2x 122.1x 8.7x 37.8x 16.6% ChangYou.com CYOU $1,022.7 $399.9 $682.8 71.7% 32.0% -12.8% 0.6x 1.8x 0.7x 2.2x -14.9% Netease NTES $18,498.9 $14,906.7 $4,192.2 57.3% 33.4% 108.0% 3.6x 10.7x 2.8x 10.3x -17.9% NCSoft KOSE:A03657 $4,265.7 $3,447.3 $783.9 77.0% 34.0% 5.0% 4.4x 12.9x 3.9x 10.6x 17.3% Sohu.com SOHU $1,737.6 $954.7 $1,889.7 56.1% 18.2% 7.2% 0.5x 2.8x 0.5x 4.7x -16.1% Tencent Holdings SEHK:700 $189,282.5 $187,315.0 $17,423.9 59.0% 42.1% 35.6% 10.8x 25.5x 9.0x 21.3x 6.5% Median: $11,382.3 $9,177.0 $3,041.0 58.2% 32.7% 6.1% 4.0x 11.8x 3.4x 10.5x -4.2%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - April 2016 TTM Revenue Growth 6.1% 5% TTM EBITDA Growth 51.9% TTM Earnings Growth 53.7% Gross Profit Margin 58.2% 0% EBITDA Margin 32.7% Net Income Margin 24.8% SG&A Expenses as a % of Total Revenue 26.1% -5% R&D Expenses as a % of Total Revenue 20.0%

Balance Sheet Analysis (Median) Current Ratio 2.7x -10% Quick Ratio 2.1x Cash as Percent of Market Cap 31.9% Avg Days Outstanding: Accounts Receivable 38.0x -15% Avg Days Outstanding: Accounts Payable 42.3x Working Capital to TTM Operating Expense Ratio 1.0x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.5% Cash from Operations Growth (YoY) 48.7% -25% Cash from Investing Growth (YoY) -37.2% Cash from Financing Growth (YoY) -59.2% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 31.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Zynga ZNGA $2,079.4 $1,092.1 $768.1 69.5% -3.4% 8.9% 1.4x n/a 1.4x 22.4x -7.8% 8x8 EGHT $1,003.1 $848.5 $209.3 72.8% 1.5% 28.9% 4.1x 275.8x 3.6x 39.3x 4.9% Akamai Technologies AKAM $9,001.0 $8,786.6 $2,238.6 66.5% 31.2% 9.9% 3.9x 12.6x 3.6x 9.0x -2.5% Brightcove BCOV $198.2 $170.0 $138.1 65.1% 1.5% 8.9% 1.2x 81.3x 1.1x 17.9x 1.2% BroadSoft BSFT $1,143.3 $1,083.2 $296.3 72.1% 10.9% 29.6% 3.7x 33.5x 3.2x 14.4x 10.9% GoDaddy GDDY $2,360.1 $3,338.6 $1,664.7 65.0% 9.3% 15.3% 2.0x 21.7x 1.8x 8.2x -7.4% Harmonic HLIT $267.5 $213.0 $354.8 53.1% -1.7% -17.4% 0.6x n/a 0.5x 3.8x -12.4% Interactive Intelligence ININ $820.0 $779.0 $400.7 60.7% -0.1% 14.0% 1.9x n/a 1.8x 34.8x 19.7% Limelight Networks LLNW $181.0 $172.8 $170.0 51.0% -1.0% 4.0% 1.0x n/a 0.9x 8.2x 23.2% Mitel Networks MITL $846.4 $1,400.1 $1,185.7 53.2% 11.5% 6.8% 1.2x 10.2x 1.2x 7.7x -7.1% Polycom PLCM $1,620.7 $1,181.7 $1,226.6 57.9% 12.1% -9.0% 1.0x 7.9x 1.0x 5.3x -2.4% Rovi ROVI $1,467.6 $2,281.1 $510.6 80.9% 32.3% -4.4% 4.5x 13.8x 4.6x 10.4x 3.1% SeaChange International SEAC $128.2 $67.9 $107.0 53.0% -7.2% -7.3% 0.6x n/a 0.6x 14.5x -44.5% ShoreTel SHOR $408.1 $308.1 $360.9 62.9% 6.6% 1.9% 0.9x 12.9x 0.9x 18.9x -28.9% Sonus Networks SONS $409.6 $311.3 $258.0 66.2% -0.2% -6.4% 1.2x n/a 1.2x n/a 16.0% Synacor SYNC $42.3 $34.2 $113.8 53.4% 4.1% 5.3% 0.3x 7.3x 0.3x 6.3x -17.5% Tucows TCX $262.5 $261.3 $178.1 32.3% 12.5% 15.8% 1.5x 11.7x 1.3x 8.7x 22.8% Median: $820.0 $779.0 $354.8 62.9% 4.1% 6.8% 1.2x 12.9x 1.2x 9.7x -2.4%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - April 2016 TTM Revenue Growth 6.8% 5% TTM EBITDA Growth 8.9% TTM Earnings Growth 13.0% Gross Profit Margin 62.9% 0% EBITDA Margin 4.1% Net Income Margin -2.6% SG&A Expenses as a % of Total Revenue 35.5% R&D Expenses as a % of Total Revenue 16.5% -5%

Balance Sheet Analysis (Median) Current Ratio 2.0x -10% Quick Ratio 1.7x Cash as Percent of Market Cap 20.2% Avg Days Outstanding: Accounts Receivable 59.0x -15% Avg Days Outstanding: Accounts Payable 38.5x Working Capital to TTM Operating Expense Ratio 0.4x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 14.7% -25% Cash from Investing Growth (YoY) -131.7% Cash from Financing Growth (YoY) 109.7% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 24.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD VeriSign VRSN $9,372.3 $9,341.7 $1,082.8 82.0% 63.6% 6.2% 8.6x 13.6x 8.1x 11.8x 2.9% Baidu.com BIDU $67,285.3 $62,275.8 $10,764.6 64.1% 25.6% 32.9% 5.8x 22.6x 4.6x 19.0x 5.6% Google GOOGL $481,056.9 $417,022.9 $77,988.0 62.2% 32.7% 15.0% 5.3x 16.3x 4.6x 11.4x -6.8% InterActiveCorp iac $3,849.4 $4,558.7 $3,277.6 76.0% 11.7% 4.3% 1.4x 11.9x 1.4x 8.2x -21.1% Median: $38,328.8 $35,808.7 $7,021.1 70.1% 29.2% 10.6% 5.6x 15.0x 4.6x 11.6x -1.9%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - April 2016 TTM Revenue Growth 10.6% 5% TTM EBITDA Growth 8.9% TTM Earnings Growth 13.0% Gross Profit Margin 70.1% 0% EBITDA Margin 29.2% Net Income Margin -2.6% SG&A Expenses as a % of Total Revenue 35.5% R&D Expenses as a % of Total Revenue 16.5% -5%

Balance Sheet Analysis (Median) Current Ratio 2.0x -10% Quick Ratio 1.7x Cash as Percent of Market Cap 20.2% Avg Days Outstanding: Accounts Receivable 59.0x -15% Avg Days Outstanding: Accounts Payable 38.5x Working Capital to TTM Operating Expense Ratio 0.4x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 14.7% -25% Cash from Investing Growth (YoY) -131.7% Cash from Financing Growth (YoY) 109.7% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 24.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Yandex YNDX $6,544.2 $6,003.5 $952.6 72.5% 29.3% 22.4% 6.3x 21.5x 5.1x 15.2x 34.5% Angie's List ANGI $513.1 $511.8 $344.4 73.4% 4.8% 5.7% 1.5x 31.1x 1.5x 14.2x -4.2% Bankrate RATE $826.0 $887.3 $374.8 52.6% 25.7% 23.7% 2.4x 9.2x 2.4x 8.6x -29.8% Carbonite CARB $203.0 $138.1 $151.7 71.3% -3.1% 19.9% 0.9x n/a 0.8x 4.4x -21.6% Care.com CRCM $242.3 $190.1 $145.9 81.4% -2.4% 24.2% 1.3x n/a 1.1x 16.4x 5.5% Coupons.com NYSE:QUOT $954.9 $794.9 $247.8 61.4% -8.5% 9.7% 3.2x n/a 3.1x 33.8x 66.2% Cimpress CMPR $2,765.2 $3,599.6 $1,689.3 58.3% 13.9% 16.4% 2.1x 15.4x 1.7x 11.8x 12.6% eHealth EHTH $203.8 $137.1 $202.1 98.0% 13.0% 6.4% 0.7x 5.2x 0.7x 7.8x 8.9% Everyday Health EVDY $192.2 $273.2 $246.0 70.8% 9.2% 30.9% 1.1x 12.1x 1.1x 6.1x -3.5% GrubHub GRUB $2,218.9 $1,908.1 $385.8 59.8% 23.2% 36.1% 4.9x 21.4x 4.2x 15.0x 11.0% LendingClub LC $3,012.9 n/a $501.0 86.4% n/a 97.5% n/a n/a n/a n/a -28.7% LifeLock LOCK $1,099.6 $897.8 $612.3 76.7% 7.0% 21.8% 1.5x 21.1x 1.3x 9.8x -16.9% Monster Worldwide MWW $284.2 $315.6 $651.8 51.7% 14.2% -6.9% 0.5x 3.4x 0.5x 3.3x -42.9% Qihoo QIHU $9,155.3 $9,745.7 $1,804.6 76.5% 21.1% 29.8% 5.4x 25.6x 3.6x 14.5x 4.7% QuinStreet QNST $159.2 $123.5 $289.5 9.6% -1.7% 3.8% 0.4x n/a 0.4x 7.5x -12.2% Shutterfly SFLY $1,583.0 $1,787.4 $1,081.2 49.9% 11.2% 14.5% 1.7x 14.8x 1.5x 8.2x 6.4% Tree.Com TREE $1,062.6 $855.6 $298.0 96.4% 11.8% 67.2% 2.9x 24.3x 2.2x 13.4x 1.8% Wix.com WIX $996.8 $886.8 $220.6 82.9% -20.7% 40.0% 4.0x n/a 3.3x 30.2x 9.8% Zillow Z $4,479.1 $4,188.8 $703.4 90.8% -1.5% 81.8% 6.0x n/a n/a 35.9x 8.7% Median: $996.8 $871.2 $374.8 72.5% 10.2% 22.4% 1.9x 18.2x 1.5x 12.6x 4.7%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - April 2016 TTM Revenue Growth 22.4% 5% TTM EBITDA Growth 17.2% TTM Earnings Growth 29.1% Gross Profit Margin 72.5% 0% EBITDA Margin 10.2% Net Income Margin -2.1% SG&A Expenses as a % of Total Revenue 56.4% -5% R&D Expenses as a % of Total Revenue 15.7%

-10% Balance Sheet Analysis (Median) Current Ratio 2.0x Quick Ratio 1.9x -15% Cash as Percent of Market Cap 17.4% Avg Days Outstanding: Accounts Receivable 19.0x Avg Days Outstanding: Accounts Payable 52.5x -20% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 8.9% Cash from Operations Growth (YoY) 10.0% -30% Cash from Investing Growth (YoY) 23.8% Cash from Financing Growth (YoY) -87.3% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -2.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Facebook FB $336,314.6 $315,693.6 $19,767.0 84.6% 47.7% 46.3% 16.0x 33.5x 11.3x 18.6x 15.0% LinkedIn LNKD $16,735.1 $14,741.0 $3,213.9 86.1% 8.3% 34.9% 4.6x 55.4x 3.8x 14.1x -44.4% Mail.ru Group LSE:MAIL $4,214.6 $4,303.0 $527.1 52.0% 35.4% 17.9% 8.2x 23.1x 6.9x 14.5x -8.0% Match Group MTCH $2,837.3 $3,976.9 $1,070.6 82.2% 24.6% 17.2% 3.7x 15.1x 3.2x 10.0x -14.7% Renren RENN $1,067.6 $895.4 $43.5 14.3% -208.2% 37.4% 20.6x n/a 7.0x n/a -14.2% Twitter TWTR $10,158.7 $8,184.9 $2,376.6 67.0% -2.8% 49.6% 3.4x n/a 2.9x 10.8x -35.2% Yelp YELP $1,597.2 $1,226.3 $589.8 90.3% -1.5% 40.6% 2.1x n/a 1.8x 12.9x -23.9% YY YY $3,451.5 $3,417.8 $991.0 38.4% 22.9% 53.7% 3.4x 15.1x 3.0x 14.4x 3.5% Median: $3,833.0 $4,140.0 $1,030.8 74.6% 15.6% 39.0% 4.2x 23.1x 3.5x 14.1x -14.4%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - April 2016 TTM Revenue Growth 39.0% 5% TTM EBITDA Growth 13.1% TTM Earnings Growth -65.1% Gross Profit Margin 74.6% 0% EBITDA Margin 15.6% Net Income Margin 1.2% SG&A Expenses as a % of Total Revenue 49.8% -5% R&D Expenses as a % of Total Revenue 25.3%

Balance Sheet Analysis (Median) -10% Current Ratio 3.1x Quick Ratio 2.9x -15% Cash as Percent of Market Cap 11.1% Avg Days Outstanding: Accounts Receivable 38.1x Avg Days Outstanding: Accounts Payable 37.0x -20% Working Capital to TTM Operating Expense Ratio 0.7x

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 19.0% Cash from Operations Growth (YoY) 44.7% -30% Cash from Investing Growth (YoY) 16.1% Cash from Financing Growth (YoY) -56.6% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 83.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Ctrip CTRP $20,154.8 $24,139.7 $1,977.1 72.8% -7.2% 57.9% 12.2x n/a 7.8x 66.5x -3.6% Expedia EXPE $17,261.7 $19,140.8 $7,202.9 80.7% 11.1% 21.3% 2.7x 23.9x 2.1x 11.2x -3.9% MakeMyTrip MMYT $774.6 $690.1 $336.1 34.7% -17.8% 12.1% 2.1x n/a 4.3x n/a 9.7% Priceline PCLN $66,696.2 $70,206.1 $9,531.4 93.6% 38.3% 10.3% 7.4x 19.2x 6.5x 16.1x 7.9% Travelzoo TZOO $110.8 $81.2 $137.4 86.7% 7.0% -9.7% 0.6x 8.5x 0.6x 15.6x -7.6% TripAdvisor TRIP $9,410.6 $9,034.6 $1,481.0 95.9% 15.7% 11.5% 6.1x 38.8x 5.6x 19.6x -22.2% Median: $13,336.2 $14,087.7 $1,729.1 83.7% 9.1% 11.8% 4.4x 21.6x 5.0x 16.1x -3.8%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - April 2016 TTM Revenue Growth 11.8% 5% TTM EBITDA Growth -16.5% TTM Earnings Growth 19.0% Gross Profit Margin 83.7% 0% EBITDA Margin 9.1% Net Income Margin 8.6% SG&A Expenses as a % of Total Revenue 56.9% -5% R&D Expenses as a % of Total Revenue 13.9%

Balance Sheet Analysis (Median) Current Ratio 1.9x -10% Quick Ratio 1.6x Cash as Percent of Market Cap 13.2% Avg Days Outstanding: Accounts Receivable 41.2x -15% Avg Days Outstanding: Accounts Payable 309.1x Working Capital to TTM Operating Expense Ratio 0.3x -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 16.3% Cash from Operations Growth (YoY) 6.9% -25% Cash from Investing Growth (YoY) 24.4% Cash from Financing Growth (YoY) -174.6% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 2.1%