Marketing, Information and Digital Media / Commerce Industries OCTOBER 2010 M&A & Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 27

M&A & INVESTMENT SUMMARY OCTOBER 2010 2 MARKETING, INFORMATION AND DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution • A total of 85 deals worth approximately $2.6 billion were announced in October 2010 • Digital Media/Commerce and Marketing Technology were the most active segments with 24 transactions each • Digital Media/Commerce was the highest value segment worth approximately $1.1 billion • Strategic buyers were the most active and announced 52 deals for approximately $2.3 billion (61% of total volume) • VC/Growth Capital investors announced 29 deals for approximately $239 million • Buyout investors announced four deals for approximately $57 million in October 2010 OCTOBER 2010 ($ in millions) BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout VC /Growth Capital # % $ % # $ # $ # $ Digital Media/Commerce 24 28% 1,083.9 42% 14 991.5 2 40.0 8 52.4 Marketing Technology 24 28% 243.3 10% 13 150.0 1 10.0 10 83.3 Digital Advertising 15 18% 230.0 9% 7 150.0 0 0.0 8 80.0 Software & Information 14 16% 818.0 32% 11 790.5 1 6.8 2 20.7 Marketing Services 4 5% 129.0 5% 4 129.0 0 0.0 0 0.0 Advertising & Promotion 3 4% 47.5 2% 2 45.0 0 0.0 1 2.5 Out-of-Home & Specialty 1 1% 6.6 0% 1 6.6 0 0.0 0 0.0 Total 85 100% 2,558.2 100% 52 2,262.5 4 56.8 29 238.9

Marketing, Information and Digital Media / Commerce Industries M&A and Investment Volume - Last 13 Months $9.4 $7.6

$5.1 $4.4 $4.7 $3.5 $3.5 $3.6 $2.8 $2.6 $2.7 $2.3 $2.6 $1.8

$1.4 Value ($ in billions)in ($ Value 80 65 57 79 54 68 72 98 56 71 58 72 85 $- Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10

M&A & INVESTMENT SUMMARY OCTOBER 2010 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions)

Select Transactions With Multiples Information EV/ EV/ Target Segment Buyer/Investor Ent. Value Rev EBITDA REV EBITDA

Software & Information CAPCO Financial Consulting Fidelity National Information Services, Inc. $ 292.0 $ 225.0 $ - 1.3x NA Hors Atenne Market Research United Business Media Limited 12.5 5.0 - 2.5x NA

Digital Media/Commerce Ngmoco, Inc. Social Games DeNA Co., Ltd. 303.0 30.0 - 10.1x NA BuyVIP.com eCommerce Amazon.com, Inc. 97.9 181.6 - 0.5x NA

Digital Advertising BBE Digital Video Specific Media 55.0 30.0 - 1.8x NA

Note: Transaction values where not publicly disclosed have been estimated.

M&A & INVESTMENT SUMMARY OCTOBER 2010 4 EQUITY MARKETS

Index Performance Since Jan 1, 2010 • S&P 500 –  4% • Dow Jones Industrial – 5% • NASDAQ –  9%

115

110

105

100

95 Index Performance (%) Performance Index

90

85 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10

S&P 500 Dow Jones Industrial NASDAQ

M&A & INVESTMENT SUMMARY OCTOBER 2010 5 IPO PIPELINE ($ in Millions)

Securities in Registration Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA

Nielsen Holdings (Netherlands) Market Research $ 1,750.0 $ 4,902.0 $ 1,345.0 Affinion Group Holdings eCommerce 400.0 1,386.1 296.6 Newegg eCommerce 175.0 2,289.8 55.7 Demand Media Domain Portfolio/Marketplace 125.0 221.1 46.8 Epocrates Healthcare Information 75.0 93.3 17.7 Reply.com Online Lead Generation 60.0 38.3 8.1

IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on Date Ticker Company Name Price Range Per Share on 1st Trading Day Oct 29, 2010

Feb-10 QNST QuinStreet $17.00 - $19.00 $15.00 $15.00, flat $15.46

Mar-10 FNGN Financial Engines $9.00 - $11.00 $12.00 $17.25, up 44% $14.42

Mar-10 SSNC SS&C Technologies $13.00 - $15.00 $15.00 $15.08, up 1% $17.25

Apr-10 SPSC SPS Commerce $11.00 - $13.00 $12.00 $13.60, up 13% $13.20

Apr-10 CNVO Convio $10.00 - $12.00 $9.00 $10.24, up 14% $8.90

May-10 RLOC ReachLocal $17.00 - $19.00 $13.00 $14.98, up 15% $17.00 Jun-10 MOTR Motricity $10.00 - $11.00 $10.00 $9.26, down 7% $22.50

Jul-10 QLIK Qlik Technologies $8.50 - $9.50 $10.00 $14.06, up 41% $25.25

Jul-10 GDOT Green Dot Corp. $32.00 - $35.00 $36.00 $44.99, up 25% $49.14

Aug-10 MDMD MediaMind Technologies $14.00 - $16.00 $11.50 $11.00, down 4% $14.30

Aug-10 MMYT MakeMyTrip Ltd. (India) $12.00 - $14.00 $14.00 $26.45, up 89% $37.00

Sep-10 CCIH ChinaCache (China) $10.00 - $12.00 $13.90 $27.15, up 95% $24.44

Oct-10 BET Betfair Group (U.K.) $19.72 - $20.50 $20.49 $24.29, up 19% $22.97

M&A & INVESTMENT SUMMARY OCTOBER 2010 6 DIGITAL ADVERTISING Transactions by Segment & Buyer Type ($ in Millions) • Digital Video was the most active subsegment in Digital Advertising with five transactions for approximately $84 million • Select acquisitions › Specific Media’s acquisition of Broadband Enterprises, an online video ad provider, for $55 million › The Engine Group’s acquisition of Deep Focus, a full-service interactive marketing agency › Velti’s acquisition of Mobclix, a targeted mobile ad exchange provider › BlueGlass Interactive’s acquisition of 3 Dog Media, a search engine marketing company › Snapfinger’s acquisition of LiveOnTheGo.com, a free online service that enables customers to order food via the Web • Select investments › Institutional Venture Partners’ $28 million investment in Buddy Media, an interactive agency › StarVest Partners’ $15 million investment in Travel Ad Network, a travel-focused advertising network operator › Foundation Capital’s $10 million investment in TubeMogul, an online video analytics and distribution services provider › Susquehanna Growth Equity’s $7 million investment in offers.com, an online coupons platform

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $ # $ Digital Video 5 33% 83.9 36% 1 55.0 0 0.0 4 28.9 Interactive Agency 3 20% 53.0 23% 2 25.0 0 0.0 1 28.0 Ad Networks/Exchanges 3 20% 31.1 14% 1 15.0 0 0.0 2 16.1 Online Lead Generation 2 13% 27.0 12% 1 20.0 0 0.0 1 7.0 Mobile Marketing 1 7% 25.0 11% 1 25.0 0 0.0 0 0.0 SEM/SEO 1 7% 10.0 4% 1 10.0 0 0.0 0 0.0 Total 15 100% 230.0 100% 7 150.0 0 0.0 8 80.0

M&A & INVESTMENT SUMMARY OCTOBER 2010 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $613.70 -3% $ 196,246.0 $ 164,988.0 $ 27,554.6 $ 11,260.5 40.9% 21.5% 6.0x 14.7x Microsoft Corporation United States 26.67 -16% 228,133.0 195,545.0 65,759.0 29,879.0 45.4% 16.8% 3.0x 6.5x

2 ergo Group plc United Kingdom $1.13 -45% $ 37.0 $ 31.9 $ 33.1 $ 4.5 13.7% -16.1% 1.0x 7.0x Atrinsic, Inc. United States 0.49 -56% 10.2 3.0 51.5 (11.8) NM -45.3% 0.1x NM Autobytel Inc. United States 0.84 -41% 38.1 14.2 49.5 (6.6) NM -15.7% 0.3x NM Blinkx plc United Kingdom * 1.40 -13% 466.0 450.6 33.7 (6.5) NM 141.6% 13.4x NM Burst Media Corp, United States 0.08 -40% 6.0 3.4 36.6 (0.7) NM 41.2% 0.1x NM Constant Contact, Inc. United States 23.00 -13% 666.5 544.5 163.2 9.6 5.9% 38.2% 3.3x 57.0x Cyberplex Inc. Canada 0.46 -67% 61.5 96.3 78.3 4.7 6.0% -15.1% 1.2x 20.4x eHealth, Inc. United States 13.51 -29% 318.1 179.0 144.1 26.2 18.2% 10.9% 1.2x 6.8x E-mail Vision France 5.49 -2% 108.9 107.9 42.1 2.5 6.0% 34.9% 2.6x 42.8x Glu Mobile, Inc. United States 1.71 -7% 76.2 79.1 71.9 (4.9) NM -16.5% 1.1x NM Hi-Media S.A. France 4.92 -40% 216.6 269.5 253.8 25.4 10.0% 38.6% 1.1x 10.6x IAC/InterActiveCorp. United States 27.90 -1% 2,801.2 1,583.8 1,577.6 152.3 9.7% 16.0% 1.0x 10.4x InfoSpace Inc. United States 8.44 -31% 304.1 80.7 246.0 21.8 8.9% 54.7% 0.3x 3.7x interCLICK, Inc. United States 5.40 -10% 128.5 122.3 72.0 2.5 3.5% 116.4% 1.7x 48.0x InsWeb Corp. United States 6.30 -7% 30.5 20.4 37.9 2.0 5.3% 14.4% 0.5x 10.2x Internet Brands, Inc. United States 13.24 -1% 613.2 554.5 107.5 40.4 37.6% 6.8% 5.2x 13.7x LookSmart, Ltd. United States 2.16 -8% 37.1 14.1 51.6 0.4 0.7% -9.2% 0.3x 39.7x Lyris, Inc. United States 0.33 -27% 40.0 39.9 44.2 0.9 2.1% 2.2% 0.9x 42.6x Marchex, Inc. United States 6.42 -6% 225.2 192.3 91.0 0.3 0.3% -23.9% 2.1x NM OPT Inc. Japan 1,155.64 -41% 171.2 25.7 629.6 18.4 2.9% -2.0% 0.0x 1.4x PubliGroupe SA Switzerland * 98.68 -19% 233.0 304.0 1,415.4 1.6 0.1% -15.8% 0.2x 192.6x QuinStreet, Inc. United States 15.53 -15% 700.2 638.0 334.8 56.7 16.9% 28.5% 1.9x 11.2x ReachLocal, Inc. United States 17.09 -6% 475.5 397.3 270.9 (5.7) NM NA 1.5x NM Septeni Holdings Co Ltd Japan 472.20 -55% 59.4 18.3 365.5 12.9 3.5% -2.1% 0.1x 1.4x TradeDoubler AB Sweden 4.73 -47% 202.4 184.3 361.5 6.1 1.7% -11.8% 0.5x 30.1x Travelzoo Inc. United States 34.35 -7% 564.9 529.9 108.1 22.2 20.6% 20.4% 4.9x 23.9x Tree.Com, Inc. United States 7.40 -24% 83.0 165.8 194.8 7.4 3.8% -10.3% 0.9x 22.5x ValueClick, Inc. United States 13.76 -4% 1,125.7 953.9 410.8 113.8 27.7% 22.7% 2.3x 8.4x Velti Plc United Kingdom 9.38 -8% 352.0 385.9 114.0 23.7 20.7% 111.9% 3.4x 16.3x Vertro, Inc. United States 4.19 -5% 29.5 23.6 32.0 (1.1) NM 2.6% 0.7x NM Yahoo! Inc. United States 16.49 -14% 22,233.1 19,585.4 6,531.5 1,398.9 21.4% 0.0% 3.0x 14.0x YOC AG Germany 50.50 -22% 87.3 93.8 37.9 2.9 7.7% 24.5% 2.5x 32.2x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (9.3x) Low 0.0x 1.4x and EBITDA multiples that are 2.0 standard deviations above the mean (104.8x). Mean 1.8x 27.8x Median 1.1x 15.2x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 2.8x 15.4x Adj. W Avg* 2.7x 14.7x High 13.4x 192.6x

M&A & INVESTMENT SUMMARY OCTOBER 2010 8 ADVERTISING & PROMOTION Transactions by Segment & Buyer Type ($ in Millions) • There was one transaction each in the Business-to-Business Media, Pharma Agency and Specialty Agency subsegments, including: › True Ventures’ $2.5 million investment in the GigaOM Network, a business-to-business media company

ADVERTISING & PROMOTION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $ # $

Specialty Agency 1 33% 25.0 53% 1 25.0 0 0.0 0 0.0 Pharma Agency 1 33% 20.0 42% 1 20.0 0 0.0 0 0.0 Business-to-Business Media 1 33% 2.5 5% 0 0.0 0 0.0 1 2.5 Total 3 100% 47.5 100% 2 45.0 0 0.0 1 2.5

M&A & INVESTMENT SUMMARY OCTOBER 2010 9 ADVERTISING & PROMOTION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc United Kingdom $2.01 -8% $ 2,289.8 $ 2,872.0 $ 2,055.4 $ 297.6 14.5% 0.1% 1.4x 9.7x Cello Group Plc United Kingdom 0.74 -9% 45.4 64.8 198.6 10.7 5.4% 4.5% 0.3x 6.1x Chime Communications plc United Kingdom 3.33 -10% 244.5 233.5 448.0 37.7 8.4% 0.0% 0.5x 6.2x Dentsu Inc. Japan 23.58 -30% 5,876.3 5,846.5 19,365.6 678.9 3.5% -4.9% 0.3x 8.6x Havas France 5.25 -10% 2,257.2 2,393.5 1,805.1 282.4 15.6% -2.8% 1.3x 8.5x Huntsworth plc United Kingdom 1.28 -10% 296.1 386.4 249.7 31.2 12.5% 7.5% 1.5x 12.4x IPG United States 10.35 -6% 5,058.4 5,558.9 6,321.1 809.9 12.8% 3.1% 0.9x 6.9x M&C Saatchi plc United Kingdom 1.90 -1% 117.6 108.7 167.4 18.7 11.1% 9.2% 0.6x 5.8x MDC Partners Inc. Canada 13.92 -1% 410.2 759.5 634.7 39.9 6.3% 17.5% 1.2x 19.0x mktg, inc. United States 0.73 -44% 6.3 5.1 87.3 1.1 1.3% -6.9% 0.1x 4.4x Omnicom Group Inc. United States 43.96 -1% 13,242.5 15,247.6 12,221.5 1,725.8 14.1% 3.3% 1.2x 8.8x Photon Group Limited Australia 0.07 -96% 102.7 362.6 497.3 36.4 7.3% -10.1% 0.7x 10.0x Publicis Groupe SA France 49.79 -5% 9,541.6 10,434.7 5,959.4 1,059.7 17.8% 3.5% 1.8x 9.8x Sapient Corp. United States * 13.16 0% 1,776.7 1,608.6 766.2 69.9 9.1% 16.2% 2.1x 23.0x WPP plc Ireland 11.62 -3% 14,620.7 19,772.1 13,227.3 1,908.2 14.4% 4.9% 1.5x 10.4x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (2.8x) Low 0.1x 4.4x and EBITDA multiples that are 2.0 standard deviations above the mean (20.0x). Mean 1.0x 10.0x Median 1.2x 8.8x Weighted Avg 1.3x 9.7x Adj. W Avg* 1.3x 9.3x High 2.1x 23.0x

M&A & INVESTMENT SUMMARY OCTOBER 2010 10 OUT-OF-HOME & SPECIALTY MEDIA Transactions by Segment & Buyer Type ($ in Millions) • The only acquisition in the segment was Metro International’s acquisition of SubTV (France), a provider of news, entertainment and media to subway commuters, for approximately $7 million

OUT-OF-HOME/SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $ # $

Place-Based Media 1 100% 6.6 0% 1 6.6 0 0.0 0 0.0 Total 1 100% 6.6 0% 1 6.6 0 0.0 0 0.0

M&A & INVESTMENT SUMMARY OCTOBER 2010 11 OUT-OF-HOME & SPECIALTY MEDIA PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Astral Media Inc. Canada $40.13 0% $ 2,273.3 $ 2,848.9 $ 903.1 $ 290.1 32.1% 6.1% 3.2x 9.8x Clear Channel Outdoor Holdings Inc. United States 11.88 -10% 4,228.5 6,366.1 2,733.9 533.0 19.5% -4.9% 2.3x 11.9x Clear Media Ltd. Hong Kong 0.60 -12% 315.9 265.7 151.1 56.3 37.3% -0.8% 1.8x 4.7x Focus Media Holding Ltd. Hong Kong 24.73 -3% 3,540.8 2,969.2 553.8 116.0 20.9% 281.8% 5.4x 25.6x JCDecaux SA France 29.28 -7% 6,480.8 7,244.7 2,583.7 523.0 20.2% 3.8% 2.8x 13.9x Lamar Advertising Co. United States 33.99 -12% 3,136.6 5,656.7 1,064.6 453.7 42.6% -4.4% 5.3x 12.5x National CineMedia, Inc. United States 18.50 -9% 980.6 1,891.5 398.0 192.2 48.3% 3.0% 4.8x 9.8x Tom Group Ltd. Hong Kong * 0.10 -11% 391.4 551.6 319.3 16.3 5.1% -3.9% 1.7x 33.9x Valassis Communications Inc. United States 33.00 -14% 1,623.2 2,122.7 2,307.4 303.0 13.1% 1.8% 0.9x 7.0x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (8.1x) Low 0.9x 4.7x and EBITDA multiples that are 2.0 standard deviations above the mean (33.2x). Mean 3.1x 14.4x Median 2.8x 11.9x Weighted Avg 3.4x 14.3x Adj. W Avg* 3.4x 13.9x High 5.4x 33.9x

M&A & INVESTMENT SUMMARY OCTOBER 2010 12 DIGITAL MEDIA / COMMERCE Transactions by Segment & Buyer Type ($ in Millions) • With five transactions each, social games and eCommerce were the most active subsegments in the Digital Media / Commerce segment with transaction values of $338 million and $133 million, respectively • Select acquisitions › Autotrader.com’s acquisition of Kelley Blue Book, a niche content provider of information about the value of new and used cars, for a reported $500 million › DeNA’s acquisition of Ngmoco, a developer of gaming applications for smartphones, for $303 million › Amazon’s acquisition of BuyVIP.com, a European private sales club, for $98 million • Select investments › New Enterprise Associates’ $20 million investment in Care.com, an online community for the caregiving industry › The New York Times Company’s $12 million investment in Ongo, a developer of a consumer service for reading and sharing digital news from multiple publishers › NEA’s $9 million investment in Causes.com, a company that enables users to leverage social networking sites to raise money for charity

DIGITAL MEDIA / COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $Venture Capital# $

Social Games 5 21% 338.1 31% 4 335.6 0 0.0 1 2.5 eCommerce 5 21% 133.0 12% 3 109.0 1 20.0 1 4.0 Niche Content 3 13% 513.5 47% 3 513.5 0 0.0 0 0.0 Mobile Content 3 13% 50.0 5% 2 30.0 1 20.0 0 0.0 Social Media 3 13% 12.4 1% 2 3.4 0 0.0 1 9.0 Classifieds/Auctions/P-to-P 2 8% 25.0 2% 0 0.0 0 0.0 2 25.0 Comparison Shopping 2 8% 9.4 1% 0 0.0 0 0.0 2 9.4 Local Search 1 4% 2.5 0% 0 0.0 0 0.0 1 2.5 Total 24 100% 1,083.9 100% 14 991.5 2 40.0 8 52.4

M&A & INVESTMENT SUMMARY OCTOBER 2010 13 DIGITAL MEDIA / COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $165.23 -4% $ 74,161.3 $ 68,440.3 $ 30,777.0 $ 1,840.0 6.0% 41.9% 2.2x 37.2x eBay Inc. United States 29.86 0% 38,929.6 33,598.3 9,031.9 2,778.6 30.8% 7.6% 3.7x 12.1x Yahoo! Inc. United States 16.49 -14% 22,233.1 19,585.4 6,531.5 1,398.9 21.4% 0.0% 3.0x 14.0x

1-800-Flowers.com Inc. United States $1.80 -53% $ 115.0 $ 193.0 $ 663.9 $ 28.4 4.3% -3.3% 0.3x 6.8x Alloy Inc. United States 9.75 -2% 125.6 65.0 192.5 3.9 2.0% 4.9% 0.3x 16.5x Ancestry.com Inc. United States 26.74 -6% 1,171.5 1,091.4 278.3 87.2 31.3% 28.1% 3.9x 12.5x AOL, Inc. United States 26.68 -9% 2,847.9 2,525.3 2,849.9 863.0 30.3% -21.4% 0.9x 2.9x Betfair Group PLC United Kingdom * 22.97 -11% 2,456.2 2,214.6 546.0 85.7 15.7% 13.2% 4.1x 25.8x BIDZ.com, Inc. United States 1.35 -56% 26.5 16.8 106.2 0.3 0.3% -28.6% 0.2x 50.7x Blue Nile Inc. United States 42.60 -35% 609.9 563.7 320.5 21.8 6.8% 13.1% 1.8x 25.9x Bluefly Inc. United States * 2.46 -22% 60.5 49.0 82.2 0.5 0.6% -5.4% 0.6x 101.1x CyberAgent Inc. Japan 1,661.39 -29% 1,077.1 845.0 1,062.0 121.3 11.4% 0.7% 0.8x 7.0x Dena Co. Ltd. Japan 25.87 -30% 3,684.6 3,264.4 717.1 359.1 50.1% 69.7% 4.6x 9.1x Drugstore.com Inc. United States 1.60 -59% 169.6 152.1 458.5 7.8 1.7% 27.3% 0.3x 19.5x Ediets.com Inc. United States 0.79 -61% 45.2 42.3 18.6 (8.0) -43.1% -0.9% 2.3x NM Expedia Inc. United States 28.95 -3% 8,019.2 8,171.5 3,237.3 808.8 25.0% 12.5% 2.5x 10.1x Gree, Inc. Japan 12.63 -36% 2,871.4 2,606.1 397.9 221.7 55.7% 152.6% 6.5x 11.8x Hollywood Media Corp. United States 1.26 -20% 39.3 32.6 108.7 (1.3) -1.2% 2.5% 0.3x NM HSN, Inc. United States 29.94 -14% 1,722.7 1,776.9 2,853.1 221.8 7.8% 4.9% 0.6x 8.0x Info Edge (India) Ltd. India 15.06 -13% 821.9 734.3 52.8 14.2 26.9% -3.5% 13.9x 51.6x Kongzhong Corp. China 7.40 -52% 260.7 129.2 140.8 21.1 15.0% 23.9% 0.9x 6.1x MakeMyTrip Limited India * 36.17 -16% 1,234.6 1,257.1 83.6 (5.1) -6.1% 21.9% 15.0x NM Media General, Inc. United States 5.51 -59% 127.1 778.4 665.3 123.9 18.6% -3.1% 1.2x 6.3x Mixi, Inc. Japan 5,815.47 -46% 900.0 752.3 164.4 38.9 23.7% 19.0% 4.6x 19.3x Monster Worldwide, Inc. United States 18.06 -5% 2,344.5 2,312.8 872.2 42.6 4.9% -11.2% 2.7x 54.3x Move, Inc. United States * 2.36 -4% 369.4 327.1 200.8 2.7 1.3% -12.0% 1.6x 121.0x Netflix, Inc. United States 173.57 -6% 9,070.2 9,050.1 2,011.2 297.5 14.8% 26.9% 4.5x 30.4x OpenTable, Inc. United States * 61.47 -13% 1,405.2 1,324.1 79.9 19.6 24.5% 30.8% 16.6x 67.5x Orbitz Worldwide, Inc. United States 6.80 -16% 695.6 1,047.5 742.3 136.2 18.4% -6.8% 1.4x 7.7x Overstock.com Inc. United States 13.41 -49% 309.2 282.7 1,063.4 21.2 2.0% 31.6% 0.3x 13.3x PC Connection, Inc. United States 8.42 -6% 228.0 181.4 1,752.0 30.4 1.7% 10.6% 0.1x 6.0x PC Home Online Inc. Taiwan 5.04 -19% 293.3 256.4 286.7 6.8 2.4% 18.3% 0.9x 37.9x PC Mall Inc. United States 6.22 -19% 76.0 134.0 1,224.2 14.1 1.1% 3.7% 0.1x 9.5x priceline.com United States 376.81 -2% 18,232.7 17,563.9 2,624.2 620.3 23.6% 29.1% 6.7x 28.3x RealNetworks Inc. United States 3.00 -45% 406.9 93.7 503.3 (13.1) -2.6% -13.4% 0.2x NM Rediff.com India Ltd. India 3.82 -39% 105.9 61.2 19.9 (5.2) -26.2% 5.3% 3.1x NM Scripps Interactive, Inc. United States 50.89 0% 8,462.6 9,268.6 1,779.6 723.4 40.7% 17.3% 5.2x 12.8x Shutterfly, Inc. United States 30.15 -3% 824.7 664.2 272.6 34.7 12.7% 22.2% 2.4x 19.1x Sify Technologies India 2.09 -35% 89.5 133.3 160.2 1.9 1.2% 17.9% 0.8x 69.5x

M&A & INVESTMENT SUMMARY OCTOBER 2010 14 DIGITAL MEDIA / COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Stamps.com Inc. United States $15.94 -3% $ 227.5 $ 159.2 $ 84.5 $ 9.6 11.3% 2.2% 1.9x 16.6x TechTarget, Inc. United States 5.24 -24% 223.2 152.7 92.4 3.9 4.2% -1.6% 1.7x 39.0x The Knot, Inc. United States 9.04 -17% 307.8 183.4 111.3 12.8 11.5% 6.4% 1.6x 14.3x TheStreet.com, Inc. United States 3.06 -23% 96.9 58.7 59.9 1.7 2.9% -4.8% 1.0x 34.2x United Online, Inc. United States 6.18 -30% 539.8 721.4 960.1 180.2 18.8% 1.1% 0.8x 4.0x ValueVision Media Inc. United States 2.34 -56% 76.7 70.7 525.9 (16.0) -3.0% 0.7% 0.1x NM WebMD Health Corp. United States 52.28 -1% 3,046.2 2,623.9 480.4 91.3 19.0% 21.4% 5.5x 28.7x WebMediaBrands Inc United States 0.74 -50% 27.9 20.4 7.5 (6.0) -79.9% 10.0% 2.7x NM

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (14.4x) Low 0.1x 2.9x and EBITDA multiples that are 2.0 standard deviations above the mean (81.2x). Mean 2.9x 27.2x Median 1.6x 16.6x Note: Revenue and EBITDA multiples for Yahoo, eBay and Amazon excluded from Summary Multiples. Weighted Avg 4.9x 22.0x Adj. W Avg* 4.5x 22.0x High 16.6x 121.0x

M&A & INVESTMENT SUMMARY OCTOBER 2010 15 MARKETING TECHNOLOGY Transactions by Segment & Buyer Type ($ in Millions) • With seven transactions valued at $60 million, Mobile Technology was the most active subsegment in the Marketing Technology segment • Select acquisitions › Yahoo!’s acquisition of Dapper, a provider of technical solutions for companies and developers to interact with Web content › Beyond.com’s acquisition of Orbius, a platform that allows businesses to create and govern their own social networking communities › AutoTrader.com’s acquisition of vAuto, a software provider for used vehicle pricing and inventory optimization › IBM’s acquisitions of PSS Systems, a provider of legal IT solutions, and Clarity Systems, a provider of corporate financial performance management software • Select investments › Venrock Associates’ $50 million investment in AppNexus, a developer and manager of an online advertising exchange › RRE Investors’ $10 million investment in Bitly, a content management provider › NBC Universal’s investment in INVIDI Technologies, a targeted advertising software provider

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $ # $

Mobile Technology 7 29% 60.3 25% 5 55.0 0 0.0 2 5.3 Content Management 4 17% 35.0 14% 2 25.0 0 0.0 2 10.0 Ad Serving 3 13% NA NA 2 0.0 0 0.0 1 0.0 Social Media Listening Platforms 2 8% 10.0 4% 0 0.0 0 0.0 2 10.0 Web Analytics & Reporting 2 8% 8.0 3% 0 0.0 0 0.0 2 8.0 BI tools 1 4% 20.0 8% 1 20.0 0 0.0 0 0.0 Commerce Management 1 4% 10.0 4% 0 0.0 1 10.0 0 0.0 Online Targeting/Optimization 1 4% 50.0 21% 0 0.0 0 0.0 1 50.0 Product/Price Software 1 4% 25.0 10% 1 25.0 0 0.0 0 0.0 Media Planning/Buying Platform 1 4% 15.0 6% 1 15.0 0 0.0 0 0.0 Email/Messaging Software 1 4% 10.0 4% 1 10.0 0 0.0 0 0.0 Total 24 100% 243.3 100% 13 150.0 1 10.0 10 83.3

M&A & INVESTMENT SUMMARY OCTOBER 2010 16 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION ($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Akamai Technologies Inc. United States $51.67 -4% $ 9,424.6 $ 8,876.2 $ 977.2 $ 382.6 39.1% 17.17% 9.1x 23.2x Autonomy Corp. plc United Kingdom 23.40 -27% 5,658.9 5,457.7 849.0 407.8 48.0% 28.25% 6.4x 13.4x Salesforce.com United States 116.07 -6% 15,077.5 14,825.9 1,455.8 168.0 11.5% 22.64% 10.2x 88.3x

Adobe Systems Inc. United States $28.15 -26% $ 14,320.4 $ 13,266.6 $ 3,549.3 $ 1,207.9 34.0% 14.35% 3.7x 11.0x Alterian plc United Kingdom 3.38 -3% 205.6 187.7 57.7 12.4 21.5% 13.84% 3.3x 15.2x Art Technology Group Inc. United States 4.20 -14% 664.1 518.9 186.9 25.5 13.6% 8.35% 2.8x 20.4x Blackbaud Inc. United States 25.39 -6% 1,112.3 1,103.2 315.1 63.7 20.2% 1.08% 3.5x 17.3x Convio, Inc. United States 8.90 -19% 156.4 104.4 66.9 6.1 9.1% 0.00% 1.6x 17.1x DemandTec, Inc. United States 10.58 -3% 322.4 257.3 78.1 (6.9) -8.8% 0.62% 3.3x NM DG FastChannel, Inc. United States 23.55 -47% 669.7 590.1 220.2 95.5 43.4% 23.36% 2.7x 6.2x Digital River Inc. United States 37.26 -5% 1,477.0 1,112.6 370.4 48.8 13.2% -6.19% 3.0x 22.8x Informatica Corporation United States 40.69 0% 3,765.7 3,540.7 602.9 139.0 23.1% 27.15% 5.9x 25.5x InnerWorkings Inc. United States 6.87 -11% 313.7 346.2 438.8 18.7 4.3% 4.25% 0.8x 18.5x Interactive Intelligence, Inc. United States 24.71 1% 432.7 357.2 142.9 21.9 15.3% 15.52% 2.5x 16.3x JDA Software Group Inc. United States 25.32 -20% 1,058.4 1,158.6 555.6 127.6 23.0% 44.34% 2.1x 9.1x Keynote Systems Inc. United States 12.19 -1% 182.0 121.7 79.1 7.4 9.4% -2.89% 1.5x 16.4x MediaMind Technologies Inc. United States 14.30 -11% 254.4 221.9 74.9 15.7 21.0% 24.71% 3.0x 14.1x Open Text Corp. Canada 44.23 -13% 2,521.1 2,436.0 918.0 279.0 30.4% 12.71% 2.7x 8.7x PROS Holdings, Inc. United States 10.40 -3% 271.7 210.9 68.6 4.8 7.0% -7.81% 3.1x 44.2x Rightnow Technologies Inc. United States 26.19 -1% 839.0 730.0 175.7 16.7 9.5% 19.39% 4.2x 43.8x S1 Corporation United States 5.82 -15% 309.0 272.5 222.7 28.2 12.7% -5.78% 1.2x 9.7x Sage Group plc United Kingdom 4.31 -6% 5,675.1 6,131.5 2,139.1 570.2 26.7% 0.48% 2.9x 10.8x smartFOCUS Group Plc United Kingdom 0.25 -10% 24.2 20.7 19.3 1.8 9.6% 16.41% 1.1x 11.2x Tibco Software, Inc. United States 19.22 -1% 3,209.2 2,962.1 708.4 156.9 22.1% 15.87% 4.2x 18.9x Verint Systems Inc. United States 32.91 0% 1,157.0 1,914.3 712.5 77.0 10.8% 2.82% 2.7x 24.9x Vocus Inc. United States * 22.15 -2% 430.3 337.5 92.8 1.0 1.1% 11.61% 3.6x 328.6x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (6.3x) Low 0.8x 6.2x and EBITDA multiples that are 2.0 standard deviations above the mean (166.1x). Mean 2.8x 32.3x Median 2.9x 16.8x Note: Revenue and EBITDA multiples for Akamai Technologies, Autonomy and Salesforce.com excluded from Summary Multiples. Weighted Avg 3.6x 18.4x Adj. W Avg* 3.6x 15.1x High 5.9x 328.6x

M&A & INVESTMENT SUMMARY OCTOBER 2010 17 SOFTWARE & INFORMATION Transactions by Segment & Buyer Type ($ in Millions) • Healthcare Providers Software was the most active subsegment with four transactions for $80 million • Select acquisitions › Fidelity National Information Services’ acquisition of CAPCO, a business and technology consultancy to the financial services industry, for $292 million › KnowledgePoint360 Group’s acquisition of TGaS Advisors, a healthcare information firm › IBM’s acquisitions of PSS Systems, a provider of legal IT solutions, and Clarity Systems, a provider of corporate financial performance management software • Select investments › MK Capital Management’s $11 million investment in Kontiki, a peer-assisted digital video content delivery technology company › S3 Partners’ $10 million investment in Stored IQ, a provider of Intelligent Information Management solutions for eDiscovery, records and compliance management › Rho Capital Partners’ $7 million investment in 7 Degrees, developer of the social business application PeopleMaps

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $ # $

HC-Providers Software 4 29% 80.0 10% 4 80.0 0 0.0 0 0.0 Financial Software 2 14% 337.5 41% 2 337.5 0 0.0 0 0.0 HR Software 2 14% 60.7 7% 1 50.0 0 0.0 1 10.7 Market Research 2 14% 31.0 4% 2 31.0 0 0.0 0 0.0 Financial Consulting 1 7% 292.0 36% 1 292.0 0 0.0 0 0.0 Legal Software 1 7% 10.0 1% 0 0.0 0 0.0 1 10.0 Marketing Data 1 7% 6.8 1% 0 0.0 1 6.8 0 0.0 Legal 1 7% NA NA 1 0.0 0 0.0 0 0.0 Total 14 100% 818.0 100% 11 790.5 1 6.8 2 20.7

M&A & INVESTMENT SUMMARY OCTOBER 2010 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION ($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Actuate Corporation United States $4.84 -20% $ 215.1 $ 192.1 $ 119.9 $ 15.7 13.1% -4.6% 1.6x 12.2x Acxiom Corporation United States 17.55 -12% 1,404.3 1,696.6 1,134.2 248.4 21.9% -0.8% 1.5x 6.8x Adobe Systems Inc. United States 28.15 -26% 14,320.4 13,266.6 3,549.3 1,207.9 34.0% 14.4% 3.7x 11.0x Advent Software, Inc. United States 53.72 -2% 1,373.5 1,251.5 274.3 46.0 16.8% 5.6% 4.6x 27.2x Advisory Board Co. United States 46.81 -5% 730.4 700.6 249.3 36.2 14.5% 8.5% 2.8x 19.4x Akamai Technologies Inc. United States 51.67 -4% 9,424.6 8,876.2 977.2 382.6 39.1% 17.2% 9.1x 23.2x Alliance Data Systems Corporation United States 60.72 -22% 3,195.9 9,062.9 2,581.6 711.1 27.5% 33.9% 3.5x 12.7x Allscripts Healthcare Solutions, Inc. United States 19.10 -15% 3,559.8 3,418.7 704.5 125.3 17.8% 28.5% 4.9x 27.3x Alterian plc United Kingdom 3.38 -3% 205.6 187.7 57.7 12.4 21.5% 13.8% 3.3x 15.2x Arbitron Inc. United States 25.32 -24% 679.5 731.2 385.2 78.6 20.4% 2.2% 1.9x 9.3x Art Technology Group Inc. United States 4.20 -14% 664.1 518.9 186.9 25.5 13.6% 8.3% 2.8x 20.4x athenahealth, Inc. United States 39.97 -16% 1,369.7 1,282.9 230.6 29.8 12.9% 33.9% 5.6x 43.1x Automatic Data Processing, Inc. United States 44.49 -3% 21,910.5 20,729.0 9,061.0 2,073.1 22.9% 3.1% 2.3x 10.0x Autonomy Corp. plc United Kingdom 23.40 -27% 5,658.9 5,457.7 849.0 407.8 48.0% 28.3% 6.4x 13.4x Aveva Group plc United Kingdom 23.85 -1% 1,617.3 1,377.6 225.1 80.7 35.8% -9.6% 6.1x 17.1x Blackbaud Inc. United States 25.39 -6% 1,112.3 1,103.2 315.1 63.7 20.2% 1.1% 3.5x 17.3x Blackboard Inc. United States 41.74 -10% 1,431.1 1,453.0 407.2 99.1 24.3% 17.5% 3.6x 14.7x Brainjuicer Group Plc United Kingdom 3.28 -7% 40.8 38.2 21.2 3.0 14.1% 38.9% 1.8x 12.8x Broadridge Financial Solutions Inc. United States 22.00 -8% 2,751.0 2,662.5 2,209.2 408.2 18.5% 6.6% 1.2x 6.5x Cegedim SA France 62.60 -37% 874.1 1,504.6 1,091.7 211.1 19.3% 2.4% 1.4x 7.1x Cello Group Plc United Kingdom 0.74 -9% 45.4 64.8 198.6 10.7 5.4% 4.5% 0.3x 6.1x Cerner Corp. United States 87.83 -6% 7,244.4 6,798.3 1,816.3 474.0 26.1% 8.7% 3.7x 14.3x Cision AB Sweden 0.71 -44% 105.4 194.2 159.4 (20.0) NM -29.0% 1.2x NM Compuware Corporation United States 10.01 -4% 2,234.7 2,157.5 892.2 183.5 20.6% -6.5% 2.4x 11.8x comScore, Inc. United States 23.51 -1% 731.9 652.1 143.8 19.9 13.8% 15.8% 4.5x 32.8x Concur Technologies, Inc. United States 51.62 -2% 2,679.9 2,353.2 280.3 65.0 23.2% 16.6% 8.4x 36.2x Constant Contact, Inc. United States 23.00 -13% 666.5 544.5 163.2 9.6 5.9% 38.2% 3.3x 57.0x Convio, Inc. United States 8.97 -18% 156.4 104.4 66.9 6.1 9.1% 0.0% 1.6x 17.1x CoreLogic, Inc. United States 17.57 -53% 2,053.3 2,275.3 5,902.2 641.8 10.9% 53.0% 0.4x 3.5x Corporate Executive Board Co. United States 31.24 -7% 1,070.7 974.0 424.5 106.9 25.2% -16.3% 2.3x 9.1x CoStar Group Inc. United States 49.66 -6% 1,030.2 827.6 222.7 38.7 17.4% 7.1% 3.7x 21.4x CRA International Inc. United States 18.65 -35% 202.6 166.6 286.1 24.3 8.5% -8.5% 0.6x 6.8x Craneware plc United Kingdom 9.24 -3% 239.9 208.4 28.4 7.2 25.5% 23.5% 7.3x 28.8x DealerTrack Holdings, Inc. United States 19.32 -3% 779.7 613.4 230.7 23.5 10.2% 0.9% 2.7x 26.1x DemandTec, Inc. United States 10.58 -3% 322.4 257.3 78.1 (6.9) NM 0.6% 3.3x NM DG FastChannel, Inc. United States 23.55 -47% 669.7 590.1 220.2 95.5 43.4% 23.4% 2.7x 6.2x Digital River Inc. United States 37.26 -5% 1,477.0 1,112.6 370.4 48.8 13.2% -6.2% 3.0x 22.8x Dun & Bradstreet Corp. United States 74.41 -12% 3,724.4 4,451.3 1,658.6 486.6 29.3% -2.3% 2.7x 9.1x Ebix Inc. United States 24.65 -6% 862.4 882.6 118.4 53.4 45.1% 42.0% 7.5x 16.5x Epicor Software Corporation United States 9.41 -14% 595.7 734.6 435.0 57.3 13.2% 3.6% 1.7x 12.8x Equifax Inc. United States 33.13 -10% 4,088.2 4,996.9 1,921.4 621.4 32.3% 9.5% 2.6x 8.0x Experian plc Ireland 11.61 -1% 11,744.9 13,758.7 3,880.0 1,129.0 29.1% 0.2% 3.5x 12.2x

M&A & INVESTMENT SUMMARY OCTOBER 2010 19 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION ($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA FactSet Research Systems Inc. United States 87.78 -2% 4,037.9 3,842.1 641.1 259.0 40.4% 3.1% 6.0x 14.8x Fair Isaac Corp. United States 24.04 -11% 1,002.7 1,280.9 602.5 151.4 25.1% -8.3% 2.1x 8.5x Fidelity National Information Services, Inc. United States 27.10 -12% 10,281.3 15,148.4 5,214.6 1,463.2 28.1% 57.2% 2.9x 10.4x Fidessa group plc United Kingdom 25.61 -10% 907.6 843.9 375.6 80.3 21.4% 14.0% 2.2x 10.5x Financial Engines, Inc. United States 14.73 -22% 609.4 512.4 98.1 12.1 12.3% 0.0% 5.2x 42.5x Forrester Research Inc. United States 33.07 -5% 746.0 469.0 245.1 42.0 17.1% 4.4% 1.9x 11.2x FTI Consulting, Inc. United States 35.46 -27% 1,660.0 2,098.6 1,390.6 301.6 21.7% 2.5% 1.5x 7.0x Gartner Inc. United States 31.69 0% 3,016.5 3,257.8 1,206.3 165.1 13.7% 1.5% 2.7x 19.7x GfK Aktiengesellschaft Germany 42.21 -7% 1,517.2 2,182.8 1,494.1 224.8 15.0% 2.4% 1.5x 9.7x Harris Interactive Inc. United States 0.88 -43% 48.0 51.0 166.5 5.3 3.2% -3.8% 0.3x 9.6x Harte-Hanks Inc. United States 12.08 -24% 768.6 902.3 842.0 116.7 13.9% -7.7% 1.1x 7.7x IHS Inc. United States 72.24 0% 4,637.5 4,524.4 1,036.4 248.6 24.0% 10.2% 4.4x 18.2x Informa plc Switzerland 6.98 -1% 4,182.0 5,631.7 1,810.3 475.0 26.2% -6.0% 3.1x 11.9x Informatica Corporation United States 40.69 0% 3,765.7 3,540.7 602.9 139.0 23.1% 27.1% 5.9x 25.5x Information Services Group, Inc. United States 1.85 -52% 59.3 88.6 135.1 17.4 12.9% -6.4% 0.7x 5.1x InnerWorkings Inc. United States 6.87 -11% 313.7 346.2 438.8 18.7 4.3% 4.3% 0.8x 18.5x Interactive Intelligence, Inc. United States 24.71 1% 432.7 357.2 142.9 21.9 15.3% 15.5% 2.5x 16.3x International Datacasting Corporation Canada 0.28 -15% 16.3 8.9 25.9 (2.1) NM 6.1% 0.3x NM Ipsos SA France 48.07 -1% 1,633.2 1,980.3 1,258.3 157.5 12.5% 6.3% 1.6x 12.6x JDA Software Group Inc. United States 25.32 -20% 1,058.4 1,158.6 555.6 127.6 23.0% 44.3% 2.1x 9.1x Kenexa Corp. United States 18.29 -7% 413.9 350.3 163.9 17.2 10.5% -7.6% 2.1x 20.3x Keynote Systems Inc. United States 12.19 -1% 182.0 121.7 79.1 7.4 9.4% -2.9% 1.5x 16.4x Lawson Software, Inc. United States 8.89 -2% 1,449.6 1,342.2 742.1 120.8 16.3% 0.9% 1.8x 11.1x LECG Corporation United States 0.86 -77% 32.9 85.6 282.6 (6.0) NM -2.6% 0.3x NM Macdonald Dettwiler & Associates Ltd. Canada 49.86 -1% 2,043.8 2,219.0 930.7 174.4 18.7% -8.1% 2.4x 12.7x MedAssets, Inc. United States 18.59 -26% 1,079.2 1,262.5 380.1 108.5 28.5% 15.4% 3.3x 11.6x MediaMind Technologies Inc. United States 14.21 -12% 254.4 221.9 74.9 15.7 21.0% 24.7% 3.0x 14.1x Mediware Information Systems Inc. United States 10.51 -3% 84.2 60.9 47.6 6.3 13.3% 17.0% 1.3x 9.6x Merge Healthcare Incorporated. United States 3.34 -15% 278.1 477.2 85.2 13.8 16.2% 41.1% 5.6x 34.6x Misys plc United Kingdom 4.50 -6% 2,391.1 2,629.5 1,136.7 231.9 20.4% 13.0% 2.3x 11.3x Moody's Corp. United States 27.06 -13% 6,340.2 5,535.7 1,953.5 816.2 41.8% 13.9% 2.8x 6.8x Morningstar Inc. United States 48.82 -6% 2,419.5 2,080.2 526.8 149.8 28.4% 10.8% 3.9x 13.9x MSCI Inc. United States 35.85 -7% 4,258.1 5,285.6 871.7 292.5 33.6% 102.0% 6.1x 18.1x National Research Corp. United States 28.13 -5% 187.1 186.9 58.9 18.6 31.6% 5.1% 3.2x 10.0x Navigant Consulting Inc. United States 9.15 -41% 458.4 652.4 694.7 95.3 13.7% -4.5% 0.9x 6.8x Onvia Inc. United States 3.00 -65% 25.3 12.3 27.4 2.0 7.1% 20.1% 0.5x 6.3x Open Text Corp. Canada 44.23 -13% 2,521.1 2,436.0 918.0 279.0 30.4% 12.7% 2.7x 8.7x OpenTable, Inc. United States * 61.47 -13% 1,405.2 1,324.1 79.9 19.6 24.5% 30.8% 16.6x 67.5x Parametric Technology Corporation United States 21.47 -1% 2,476.7 2,236.4 1,010.0 137.0 13.6% 7.7% 2.2x 16.3x Paychex Inc. United States 27.74 -16% 10,032.8 9,582.7 2,018.9 821.4 40.7% -1.5% 4.7x 11.7x PROS Holdings, Inc. United States 10.40 -3% 271.7 210.9 68.6 4.8 7.0% -7.8% 3.1x 44.2x

M&A & INVESTMENT SUMMARY OCTOBER 2010 20 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Qlik Technologies, Inc. United States 24.97 -10% 1,926.1 1,919.0 193.0 31.5 16.3% 0.0% 9.9x 61.0x Quality Systems Inc. United States 64.26 -7% 1,857.8 1,751.0 317.9 86.2 27.1% 17.9% 5.5x 20.3x Reed Elsevier plc United Kingdom 8.56 -5% 10,401.7 19,391.7 9,773.8 1,997.5 20.4% 0.0% 2.0x 9.7x Reis, Inc. United States 6.90 -1% 73.1 66.1 28.1 3.8 13.4% -26.0% 2.4x 17.6x Rightnow Technologies Inc. United States 26.19 -1% 839.0 730.0 175.7 16.7 9.5% 19.4% 4.2x 43.8x S1 Corporation United States 5.82 -15% 309.0 272.5 222.7 28.2 12.7% -5.8% 1.2x 9.7x Sage Group plc United Kingdom 4.31 -6% 5,675.1 6,131.5 2,139.1 570.2 26.7% 0.5% 2.9x 10.8x Salesforce.com United States * 116.07 -6% 15,077.5 14,825.9 1,455.8 168.0 11.5% 22.6% 10.2x 88.3x smartFOCUS Group Plc United Kingdom 0.25 -10% 24.2 20.7 19.3 1.8 9.6% 16.4% 1.1x 11.2x Solera Holdings Inc. United States 48.05 -1% 3,372.7 3,791.4 631.3 262.0 41.5% 13.2% 6.0x 14.5x SPS Commerce, Inc. United States 13.20 -9% 153.5 114.5 42.7 4.9 11.4% 19.0% 2.7x 23.5x SS&C Technologies Holdings, Inc. United States 17.30 -6% 1,243.3 1,446.8 313.8 117.5 37.4% 17.0% 4.6x 12.3x Streamline Health Solutions, Inc. United States 1.27 -54% 12.4 14.1 18.6 1.3 6.7% 19.2% 0.8x 11.3x SuccessFactors, Inc. United States 27.12 -2% 1,999.7 1,656.4 171.5 (7.9) NM 27.1% 9.7x NM Taleo Corp. United States 28.69 -9% 1,148.0 884.2 220.6 28.0 12.7% 12.6% 4.0x 31.6x Temenos Group AG Switzerland 33.57 -1% 2,009.5 2,149.0 416.8 99.0 23.8% 11.5% 5.2x 21.7x The Dolan Company United States 10.70 -23% 326.3 485.9 288.1 81.2 28.2% 21.1% 1.7x 6.0x The Hackett Group, Inc. United States 3.90 -13% 163.7 146.3 169.0 6.3 3.7% -2.5% 0.9x 23.1x The McGraw-Hill Companies, Inc. United States 37.65 -3% 11,558.6 11,485.2 6,106.7 1,573.4 25.8% 3.4% 1.9x 7.3x Thomson Reuters Corporation United States 38.22 -3% 31,787.8 38,827.1 12,969.0 2,951.0 22.8% -0.5% 3.0x 13.2x Tibco Software, Inc. United States 19.22 -1% 3,209.2 2,962.1 708.4 156.9 22.1% 15.9% 4.2x 18.9x Toluna plc United Kingdom 4.13 -5% 207.9 193.9 107.8 27.6 25.6% 164.5% 1.8x 7.0x Ultimate Software Group, Inc. United States 41.38 -3% 1,038.5 1,005.2 219.9 14.9 6.8% 13.4% 4.6x 67.5x Verint Systems Inc. United States 32.91 0% 1,157.0 1,914.3 712.5 77.0 10.8% 2.8% 2.7x 24.9x Verisk Analytics, Inc. United States 29.81 -6% 5,335.1 5,753.9 1,081.3 457.1 42.3% 12.7% 5.3x 12.6x Vital Images Inc. United States 13.30 -21% 191.0 73.9 58.8 (0.6) NM -7.1% 1.3x NM Vocus Inc. United States * 22.15 -2% 430.3 337.5 92.8 1.0 1.1% 11.6% 3.6x 328.6x Wolters Kluwer NV Netherlands 22.74 -3% 6,773.5 9,751.9 4,215.6 882.9 20.9% -1.5% 2.3x 11.0x YouGov PLC United Kingdom 0.66 -21% 63.5 44.7 69.4 7.0 10.0% -0.2% 0.6x 6.4x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (10.7x) Low 0.3x 3.5x and EBITDA multiples that are 2.0 standard deviations above the mean (87.8x). Mean 3.3x 20.9x Median 2.7x 12.8x Weighted Avg 4.0x 18.5x Adj. W Avg* 4.0x 14.5x High 16.6x 328.6x

M&A & INVESTMENT SUMMARY OCTOBER 2010 21 MARKETING SERVICES Transactions by Segment & Buyer Type ($ in Millions) • Four Marketing Services transactions were announced in October for $129 million, including: › Xerox’s acquisition of TMS Health, a communications firm that reaches out to physicians, pharmacists, consumers and clinical-trial subjects, for $48 million › Opex Text Corporation’s acquisition of StreamServe, a marketing asset management company, for $71 million

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $ % # $ # $ # $ Marketing Asset Management 1 25% 71.0 55% 1 71.0 0 0.0 0 0.0 Call Center 1 25% 48.0 37% 1 48.0 0 0.0 0 0.0 Printer-Transactional 1 25% 10.0 8% 1 10.0 0 0.0 0 0.0 Loyalty/Retention 1 25% NA NA 1 0.0 0 0.0 0 0.0 Total 4 100% 129.0 100% 4 129.0 0 0.0 0 0.0

M&A & INVESTMENT SUMMARY OCTOBER 2010 22 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/29/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.55 -12% $1,404.3 $ 1,696.6 $ 1,134.2 $ 248.4 21.9% -0.8% 1.5x 6.8x ADC Telecommunications Inc. United States 12.69 0% 1,231.3 1,272.0 1,111.5 102.7 9.2% 0.0% 1.1x 12.4x Alliance Data Systems Corporation United States 60.72 -22% 3,195.9 9,062.9 2,581.6 711.1 27.5% 33.9% 3.5x 12.7x AMREP Corp. United States 9.99 -37% 59.9 61.5 113.0 6.2 5.5% -20.5% 0.5x 10.0x Cenveo Inc. United States 5.50 -61% 342.7 1,584.0 1,804.1 185.7 10.3% -2.5% 0.9x 8.5x Clairvest Group Inc. Canada * 12.91 -2% 206.0 114.5 21.9 8.0 36.5% 7.8% 5.2x 14.3x Consolidated Graphics, Inc. United States 46.55 -7% 537.4 703.5 1,001.7 119.2 11.9% -7.7% 0.7x 5.9x Convergys Corporation United States 11.34 -18% 1,407.0 1,442.9 2,667.2 146.9 5.5% 2.0% 0.5x 9.8x DST Systems Inc. United States 43.27 -7% 1,999.1 2,877.6 2,299.1 470.3 20.5% 3.1% 1.3x 6.1x Fair Isaac Corp. United States 24.04 -11% 1,002.7 1,280.9 602.5 151.4 25.1% -8.3% 2.1x 8.5x Groupe Aeroplan Inc. Canada 12.17 -4% 2,307.8 2,395.3 1,628.3 206.7 12.7% 18.8% 1.5x 11.6x GSI Commerce Inc. United States * 24.42 -22% 1,623.6 1,740.1 1,251.2 76.8 6.1% 29.6% 1.4x 22.7x Harte-Hanks Inc. United States 12.08 -24% 768.6 902.3 842.0 116.7 13.9% -7.7% 1.1x 7.7x Innotrac Corp. United States 1.15 -64% 14.2 14.4 81.4 1.0 1.2% -35.2% 0.2x 14.7x Pareto Corp. Canada 2.34 -5% 82.6 99.3 77.4 9.9 12.9% 12.3% 1.3x 10.0x Quad/Graphics, Inc. United States 44.70 -10% 2,093.7 2,962.1 1,782.1 300.0 16.8% 0.0% 1.7x 9.9x R.R. Donnelley & Sons Company United States 18.45 -20% 3,806.2 6,618.4 9,869.9 1,292.2 13.1% -5.8% 0.7x 5.1x StarTek, Inc. United States 4.08 -51% 61.6 40.3 273.2 7.8 2.8% -5.9% 0.1x 5.2x Sykes Enterprises, Incorporated United States 16.63 -38% 788.2 608.8 1,008.4 109.2 10.8% 23.0% 0.6x 5.6x TechTeam Global Inc. United States 7.26 -14% 81.2 81.5 195.6 8.4 4.3% -17.3% 0.4x 9.7x Teleperformance France 31.52 -16% 1,782.1 1,732.5 2,314.6 251.7 10.9% 1.7% 0.7x 6.9x TeleTech Holdings Inc. United States 15.18 -28% 913.5 786.9 1,105.8 160.7 14.5% -13.7% 0.7x 4.9x Transcontinental Inc. Canada 15.02 -3% 1,219.2 1,914.7 2,149.4 407.2 18.9% -1.7% 0.9x 4.7x Viad Corp United States 19.96 -21% 410.1 293.4 828.0 30.9 3.7% -1.6% 0.4x 9.5x Vistaprint N.V. Netherlands 42.07 -33% 1,850.4 1,678.6 695.4 115.5 16.6% 27.2% 2.4x 14.5x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (4.6x) Low 0.1x 4.7x and EBITDA multiples that are 2.0 standard deviations above the mean (17.8x). Mean 1.3x 9.5x Median 0.9x 9.5x Weighted Avg 1.5x 9.6x Adj. W Avg* 1.4x 8.8x High 5.2x 22.7x

M&A & INVESTMENT SUMMARY OCTOBER 2010 23 CURRENT SUMMARY TRADING VALUATION INFORMATION

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 1.8x 1.1x 2.8x 2.7x Advertising & Promotion 1.0x 1.2x 1.3x 1.3x OOH & Specialty Media 3.1x 2.8x 3.4x 3.4x Digital Media / Commerce 2.9x 1.6x 4.9x 4.5x Marketing Technology 2.8x 2.9x 3.6x 3.6x Software & Information 3.3x 2.7x 4.0x 4.0x Marketing Services 1.3x 0.9x 1.5x 1.4x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 27.8x 15.2x 15.4x 14.7x Advertising & Promotion 10.0x 8.8x 9.7x 9.3x OOH & Specialty Media 14.4x 11.9x 14.3x 13.9x Digital Media / Commerce 27.2x 16.6x 22.0x 22.0x Marketing Technology 32.3x 16.8x 18.4x 15.1x Software & Information 20.9x 12.8x 18.5x 14.5x Marketing Services 9.5x 9.5x 9.6x 8.8x

As of close of business on 10/29/10. *Adj. Weighted Average is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean and EBITDA mutiples that are 2.0 standard deviations above the mean. Please see individual business segments for further details.

M&A & INVESTMENT SUMMARY OCTOBER 2010 24 ALL SEGMENTS

Reported Strategic Transactions ($ in Millions) Transaction Target Buyer/Investor Value Strategic Values Disclosed Ngmoco, Inc. DeNA Co., Ltd. 303.0 CAPCO Fidelity National Information Services, Inc. 292.0 2SS Holdings, Inc H&R Block, Inc. 287.5 BuyVIP.com Amazon.com, Inc. 97.9 StreamServe, Inc. Open Text Corporation 71.0 BBE Specific Media 55.0 TMS Professional Markets Group Xerox Corporation 48.0 Ozura World Inovisi Infracom 30.0 Hors Atenne United Business Media Limited 12.5 SubTV Metro International S.A. 6.6 Bonfire Studios, Inc. Zynga Game Network, Inc. 6.3

Strategic Undisclosed 3 Dog Media BlueGlass Interactive, Inc. - 3ple-Media NewNet Communication Technologies - Airborne Mobile Cellfish Media LLC - Beyond411 Jingle Networks, Inc. - Chillingo Electronic Arts, Inc. - Clarity Systems Ltd. IBM Corporation - Clinical Health Communications Vocera Communications, Inc. - Dapper, Inc. Yahoo!, Inc. - Deep Focus The Engine Group - Escapia, Inc. HomeAway, Inc. - Excerpta Medica, Inc. Diversified Agency Services - Hospital Inventories Specialists Management Health Solutions - Indoor Media Komli Media - Integrated Voice Solutions Vocera Communications, Inc. - iSkoot Technologies QUALCOMM - ISP Sports, Inc. IMG Worldwide, Inc. - Kelley Blue Book Autotrader.com - LaserNet, Inc. APEX Print Technologies - LiveOnTheGo.com Kudzu Interactive - Making Ideas Work Whirlwind Media Services - MasterTax Automatic Data Processing, Inc. - Mobclix Velti - Mobiqa NCR Corporation - MyPerfectSale Sugar, Inc. - Orbius Beyond.com, Inc. - PSS Systems IBM Corporation - Social Kinetics RedBrick Health Corporation - Solbright, Inc. Operative, Inc. - Sound Around ReverbNation, Inc. - TGaS Advisors KnowledgePoint360 Group, LLC - ValueCentric Marketing Group, Inc. Fidelity National Information Services, Inc. - vAuto Cox Auto Trader - Web2Mobile Torstar Corporation - YouCalc SuccessFactors, Inc. -

M&A & INVESTMENT SUMMARY OCTOBER 2010 25 ALL SEGMENTS

Buyouts & Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals None None -

VC/Growth Capital Values Disclosed AppNexus, Inc. Venrock Associates $ 50.0 Buddy Media, Inc. Institutional Venture Partners 28.0 Care.com, Inc. New Enterprise Associates 20.0 ChaCha Search, Inc. VantagePoint Venture Partners 20.0 EventBrite Duff Ackerman & Goodrich, LLC 20.0 Travel Ad Network StarVest Partners 15.0 Ongo, Inc. The New York Times Company 12.0 Kontiki, Inc. MK Capital Management LLC 10.7 Bitly, Inc. RRE Investors 10.0 INgrooves Shamrock Capital Advisors, Inc. 10.0 StoredIQ, Inc. S3 Partners 10.0 TubeMogul Foundation Capital 10.0 Causes NEA-IndoUS Ventures 9.0 SundaySky, Inc. Norwest Venture Partners 9.0 Involver Bessemer Venture Partners 8.0 mySupermarket Limited Greylock Management 7.4 offers.com Susquehanna Growth Equity LLC 7.0 7 Degrees, Inc. Rho Capital Partners, Inc. 6.8 Zynga Game Network, Inc. (Unnamed) 6.3 dailyD, Inc. (Unnamed) 5.0 Predixion Software, Inc. DFJ Frontier 5.0 Sharethrough, Inc. North Bridge Venture Partners 5.0 Oversi Networks Ltd. Carmel Ventures 4.9 Fashion Playtes, Inc Fairhaven Capital Partners 4.0 xAD Emergence Capital Partners 4.0 Gridsum Technology Co., Ltd. Steamboat Ventures, LLC 3.0 Goby Technologies Flybridge Capital Partners 2.5 NetBase Solutions, Inc. MMV Financial Inc. 2.5 Quick Hit, Inc. New Enterprise Associates 2.5 The GigaOM Network True Ventures 2.5 GutCheck Highway 12 Ventures 2.0 Off & Away Madrona Venture Group 2.0 Gamervision LLC (Unnamed) 1.5 UberCab First Round Capital 1.3 EcoMom.com Newroo, Inc. 1.1 Kontera Technologies, Inc. Sequoia Capital 1.1 Zorap, Inc. (Unnamed) 0.9

VC/Growth Capital Undisclosed AdKeeper True Ventures - Invidi Technologies Corporation NBC Universal - OverDrive, Inc. Insight Venture Partners -

M&A & INVESTMENT SUMMARY OCTOBER 2010 26 REPRESENTATIVE TRANSACTIONS & CURRENT ENGAGEMENTS

Selected Completed 2010 Transactions

has sold a leading marketing database and data analytics solution a leading provider performance-based has been acquired by has been acquired by has acquired a leading national in-store has been sold to has acquired advertising network advertising network and shopper has been sold to marketing company to a division of

one of Europe’s largest has sold independent providers of has sold the assets has sold its fulfillment and digital direct marketing of database management a leading online community for services for customer divisions to automotive enthusiasts acquisition and retention refinancing of debt and social networking facilities technology platform has received a majority to to investment from The Dialogue Company a leading fulfillment and direct marketing organization

Selected 2009 Transactions

(Nasdaq: TREE) a global marketing services company (Nasdaq: TREE) has sold has sold has acquired certain assets of has acquired certain assets of a portfolio company of a leading direct response has been acquired by television media company MIVA Media a leading pay-per-click has received a major contextual online advertising an interactive direct marketing investment from network a movie review and consumer an online directory service has divested one of its (TSX: AER) company specializing in entertainment site providing trusted lead generation marketing services divisions to lead generation for the for-profit, and marketing services for home to in a combination that creates post-secondary education market improvement professionals across the world’s leading loyalty from the country management provider

M&A & INVESTMENT SUMMARY OCTOBER 2010 27 Petsky Prunier: Expertise. Commitment. Results.

• Founded in 1999 • Sectors covered: Digital Advertising, Marketing Services & Advertising, Digital Media / Commerce, Marketing Technology, Out-of-Home & Specialty Media and Software & Information • More than 30 focused professionals › Unique combination of investment banking and consulting expertise › New York-based with a West Coast office and a Chicago presence • Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and strategic buyers • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC ADVISORY INVESTMENT BANKING CONSULTING INTELLIGENCE

• Sell-Side Representation • Opportunity Mapping: • Market Intelligence Strategic & Business • Corporate Divestitures Planning • Competitiveness • Capital Raising and • Value Driver Assessment • Valuation Analysis Private Placements • Decision & Tactical • M&A Advisory Execution Support • Fairness Opinions

M&A & INVESTMENT SUMMARY OCTOBER 2010 28