Weekly Internet / Digital Media Sector Summary

Week of January 28th, 2013 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

160 130

54% 150 125 25%

120 140 35% 17% 35% 115 12% 130 12% 24% 110 10% 22% 120 8% 13% 105 5% 12% 110 8% 100 (2%) (3%) 100 0% 95

90 90

80 85 01/25/12 04/25/12 07/26/12 10/25/12 01/25/13 10/25/12 11/16/12 12/10/12 01/02/13 01/25/13

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

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

Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, DGIT, GOOG, MCHX, MM, MSFT, QNST, RLOC, VCLK, VELT, YHOO, YNDX. 2) Internet Commerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, STMP, TZOO, VPRT. 3) Internet Content Composite includes: AOL, DHX, DMD, EHTH, IACI, MOVE, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, OMC, PUB-FR, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 035420-KR, 036570-KR, 2432-JP, 3632-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, DWRE, ET, JIVE, LPSN, MKTG, N, NOW, RP, ULTI, WDAY. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/25/13 Low High Value Debt Value LTM CY 12E CY 13E LTM CY 12E CY 13E LTM CY 12E CY 13E Growth PEG 13E/12E Y/Y MRQ Search / Online Advertising

Google Inc. $753.67 $556.52 $774.38 $247,652 ($40,878) $206,774 4.1x 3.9x 3.4x 13.2x 11.0x 9.3x 23.2x 18.9x 16.6x 15.6% 1.1 16.8% 36.2% Microsoft Corporation 27.88 26.26 32.95 233,530 (53,880) 179,650 2.5 2.5 2.1 6.2 6.1 5.1 15.3 10.7 9.0 9.5% 0.9 16.9% 2.7% Yahoo! Inc. 20.37 14.35 20.52 24,091 (8,375) 15,716 3.2 3.5 3.4 11.9 9.5 9.1 6.3 18.1 18.1 13.7% 1.3 2.9% (1.2%) Yandex N.V. 23.95 16.60 42.01 7,838 (382) 7,456 8.8 8.0 6.1 20.0 17.9 13.3 32.7 29.1 22.0 34.5% 0.6 32.0% 45.5% ValueClick, Inc. 20.77 13.80 21.86 1,563 55 1,617 2.4 2.4 2.2 8.5 7.6 6.6 17.7 12.7 11.7 13.7% 0.9 12.6% 25.8% Millennial Media Inc. 12.25 9.00 27.90 960 (122) 837 5.4 4.6 2.9 NM NM 47.5 NM NM 85.2 NM NM 58.2% 88.0% Blucora, Inc. 14.65 10.73 18.63 597 (76) 521 1.4 1.3 1.1 7.1 6.3 5.1 14.5 8.8 7.9 17.5% 0.5 15.9% 65.1% ReachLocal, Inc. 13.64 6.25 14.29 389 (96) 293 0.7 0.6 0.6 37.3 12.6 9.7 NM NM NM 46.1% NM 16.6% 20.5% Blinkx plc 1.03 0.52 1.48 372 (42) 330 2.2 2.2 1.7 20.0 21.1 12.5 85.4 33.8 20.1 NA NA 25.3% 83.9% Velti Plc 5.03 3.07 14.65 327 (14) 313 1.2 1.1 0.9 10.3 4.4 3.5 NM 9.4 7.9 32.8% 0.2 25.4% 63.4% Digital Generation, Inc. 10.65 7.51 15.65 294 386 681 1.7 1.7 1.7 6.1 5.4 5.0 NM NM 18.9 16.3% 1.2 3.3% 10.9% QuinStreet, Inc. 5.62 5.41 11.90 240 (1) 240 0.7 0.7 0.7 4.7 4.1 3.8 34.1 75.6 29.1 15.0% 1.9 (1.2%) (22.3%) Marchex, Inc. 3.52 2.99 5.18 130 (36) 95 0.7 0.7 0.7 24.0 5.4 5.1 NM NM NM 23.1% NM 5.9% (12.6%)

Mean 2.7 x 2.6 x 2.1 x 14.1 x 9.3 x 10.4 x 28.6 x 24.1 x 22.4 x 21.6% 1.0 17.8% 31.2% Median 2.2 2.2 1.7 11.1 6.9 6.6 20.5 18.1 18.1 16.3% 0.9 16.6% 25.8%

Internet Content

IAC/InterActiveCorp $40.30 $38.20 $55.57 $3,565 ($545) $3,020 1.1x 1.1x 0.9x 8.1x 6.3x 4.9x 22.0x 14.2x 10.7x 19.4% 0.6 16.4% 38.2% AOL Inc. 31.26 15.63 43.93 2,616 (757) 1,859 0.9 0.9 0.9 4.2 4.5 4.5 2.9 21.7 16.6 15.3% 1.1 0.5% 0.0% Renren Inc. 3.48 3.00 7.87 1,309 (892) 417 2.6 2.4 1.7 NM NM NM NM NM NM NM NM 43.0% 47.2% Bankrate, Inc. 12.77 10.01 25.95 1,278 123 1,400 2.9 3.0 2.8 10.4 10.7 10.0 29.7 21.3 18.8 22.5% 0.8 7.4% 3.4% Shutterfly, Inc. 33.14 23.23 35.00 1,199 (90) 1,109 2.0 1.9 1.6 21.4 10.9 8.6 NM 26.3 22.2 23.1% 1.0 18.1% 28.8% Zillow, Inc. 35.35 23.00 46.86 1,182 (229) 953 9.3 8.4 5.9 79.8 45.8 28.1 NM NM 68.9 53.9% 1.3 41.3% 67.5% WebMD Health Corp. 16.65 13.13 28.62 816 (169) 647 1.3 1.4 1.5 16.3 10.0 10.9 NM NM NM 16.3% NM (9.4%) (13.0%) Demand Media, Inc. 8.97 5.85 12.50 764 (113) 651 1.8 1.7 1.5 10.0 6.4 5.5 NM 23.7 19.2 22.4% 0.9 13.9% 20.5% Web.com Group, Inc. 16.04 12.22 19.72 756 671 1,427 3.9 3.0 2.7 42.2 9.9 8.9 NM 10.3 8.2 14.0% 0.6 8.4% 140.9% Trulia, Inc. 25.45 14.69 26.57 696 (92) 604 10.2 9.1 6.2 NM NM 60.7 NM NM NM 20.0% NM 45.8% 99.4% Monster Worldwide, Inc. 5.84 5.01 10.40 684 21 705 0.7 0.8 0.8 5.8 4.6 3.9 8.8 19.1 13.3 15.3% 0.9 (4.4%) (10.8%) United Online, Inc. 6.58 3.63 6.63 599 136 734 0.8 0.8 0.8 6.0 5.5 5.6 16.2 9.9 10.6 NA NA (0.1%) (2.7%) Dice Holdings, Inc. 9.77 6.95 10.99 583 (8) 575 3.0 3.0 2.7 7.8 7.5 6.9 16.5 16.5 15.5 16.2% 1.0 11.3% 2.6% comScore, Inc. 14.61 11.30 23.93 521 (42) 479 1.9 1.9 1.7 21.3 11.0 9.5 NM NM NM 17.4% NM 10.8% 9.4% eHealth, Inc. 25.03 14.34 28.17 507 (131) 376 2.5 2.4 2.2 19.3 15.4 12.9 73.2 42.7 33.6 16.7% 2.0 10.8% 8.0% Move, Inc. 9.10 6.92 10.06 358 (31) 327 1.7 1.6 1.5 18.2 12.3 9.5 54.0 24.4 17.4 27.5% 0.6 9.4% 6.4% RealNetworks Inc. 7.59 6.75 11.34 267 (274) (1) (6) NM NM NM NM NA NA 6.8 NA NA NA NA (11.4%) (30.0%) XO Group Inc. 9.12 7.22 10.04 236 (73) 163 1.3 1.3 1.2 8.9 6.4 5.6 28.9 27.2 22.1 NA NA 6.9% 2.2% TechTarget, Inc. 4.74 3.99 7.88 187 (57) 130 1.3 1.3 1.3 7.5 6.7 6.0 39.6 20.0 17.8 NA NA 1.7% (5.2%) TheStreet, Inc. (1) 1.61 1.20 2.30 53 18 71 1.4 NA NA NM NA NA NM NA NA NA NA NA (19.1%)

Mean 2.7 x 2.5 x 2.1 x 18.0 x 10.9 x 11.9 x 27.1 x 21.3 x 21.1 x 21.4% 1.0 11.6% 19.7% Median 1.8 1.8 1.6 10.2 8.7 8.6 22.0 21.3 17.6 18.4% 0.9 9.4% 4.9%

Internet Commerce

Amazon.com Inc. $283.99 $172.00 $284.72 $128,636 ($5,248) $123,388 2.2x 2.0x 1.6x 59.1x 35.2x 26.2x NM NM NM 41.2% NM 27.8% 26.9% eBay Inc. 56.53 31.33 56.66 73,149 (4,889) 68,260 4.9 4.9 4.2 16.7 14.6 12.6 28.4 24.1 20.5 15.0% 1.4 16.3% 18.1% priceline.com Incorporated 718.82 518.60 774.96 35,844 (3,216) 32,628 6.4 6.2 5.2 17.8 16.7 13.5 27.2 23.3 19.1 20.2% 0.9 19.8% 17.4% Liberty Interactive Corporation 21.01 15.93 21.32 11,447 5,564 17,011 1.7 1.7 1.6 9.4 9.0 8.4 20.0 21.2 16.2 15.5% 1.1 5.3% 3.0% Netflix, Inc. 169.56 52.81 172.68 9,425 (348) 9,077 2.5 2.5 2.1 95.1 64.6 20.3 NM NM NM 28.7% NM 18.8% 8.0% Expedia Inc. 66.49 30.97 66.86 8,967 (1,108) 7,860 2.0 2.0 1.7 11.1 10.0 8.7 26.0 21.4 18.4 14.2% 1.3 13.5% 17.5% Copart, Inc. 33.00 22.58 33.05 4,118 298 4,416 4.7 4.6 4.3 12.8 12.3 10.9 22.9 21.9 18.6 13.9% 1.3 8.6% 5.9% HomeAway, Inc. 23.23 19.19 27.78 1,930 (244) 1,686 6.3 6.0 5.0 34.8 21.1 16.8 NM NM 72.2 28.7% 2.5 20.6% 19.6% Vistaprint N.V. 37.60 28.17 43.42 1,288 200 1,488 1.4 1.4 1.2 14.4 11.1 10.1 40.3 23.3 20.0 21.1% 0.9 15.9% 18.4% OpenTable, Inc. 53.75 33.53 55.95 1,221 (86) 1,135 7.3 7.0 6.0 24.4 16.3 13.5 53.7 32.3 27.7 23.1% 1.2 17.1% 15.7% Digital River Inc. 14.58 12.87 19.10 518 (321) 197 0.5 0.5 0.5 3.8 3.1 2.9 57.6 15.0 15.9 10.0% 1.6 (0.8%) (3.9%) Stamps.com Inc. 26.61 18.62 33.29 415 (37) 378 3.4 3.2 2.9 16.3 12.9 10.9 10.6 16.0 13.6 20.0% 0.7 13.2% 16.7% Blue Nile Inc. 32.56 22.94 44.99 407 (30) 377 1.0 0.9 0.8 28.8 16.6 13.2 59.2 45.7 34.4 14.1% 2.4 11.7% 19.8% Overstock.com Inc. 16.41 4.97 17.65 385 (94) 291 0.3 0.3 0.2 10.3 9.2 10.3 26.5 25.2 36.5 6.5% 5.6 7.3% 8.9% Travelzoo Inc. 22.76 16.56 28.90 360 (62) 298 2.0 2.0 1.9 9.6 9.1 9.8 20.0 17.4 19.5 NA NA 6.9% 5.3% 1-800-Flowers.com Inc. 3.76 2.70 4.12 244 57 301 0.4 0.4 0.4 7.5 7.0 5.7 18.0 19.2 13.8 16.0% 0.9 5.8% 3.1% CafePress Inc. 6.27 4.44 22.69 107 (52) 55 0.3 0.3 0.2 3.4 3.4 2.9 63.3 15.2 13.8 15.0% 0.9 16.6% 19.1%

Mean 2.8 x 2.7 x 2.3 x 22.1 x 16.0 x 11.6 x 33.8 x 22.9 x 24.0 x 18.9% 1.6 13.2% 12.9% Median 2.0 2.0 1.7 14.4 12.3 10.9 26.8 21.6 19.1 15.7% 1.2 13.5% 16.7%

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

$MM, Except Per Share Data

Comcast Corporation $39.76 $25.84 $40.28 $105,653 $28,290 $133,943 2.2x 2.2x 2.1x 6.8x 6.8x 6.4x 18.1x 19.5x 17.7x 14.6% 1.2 2.0% 15.4% The Walt Disney Company 54.38 38.38 54.87 97,858 11,208 109,066 2.6 2.6 2.4 9.9 9.6 8.6 17.4 17.9 15.4 11.8% 1.3 6.9% 3.4% Time Warner Inc. 50.40 33.62 51.29 47,722 16,688 64,410 2.2 2.2 2.1 9.3 9.3 8.7 19.0 15.7 13.8 11.6% 1.2 3.9% (3.2%) Viacom, Inc. 59.02 44.85 59.39 29,250 7,301 36,551 2.6 2.7 2.6 8.8 9.1 8.3 13.5 14.5 11.8 13.7% 0.9 6.4% (17.0%) CBS Corporation 42.19 28.16 43.14 26,807 4,980 31,787 2.2 2.1 2.1 9.3 9.0 8.3 18.2 16.5 14.5 12.3% 1.2 4.7% 1.6% Discovery Communications, Inc. 69.00 42.71 69.24 25,313 3,584 28,897 6.5 6.4 5.6 14.7 13.7 12.1 25.0 25.7 20.5 19.3% 1.1 13.5% (0.4%) Sony Corporation 14.17 8.48 20.13 14,326 5,823 20,150 0.2 0.3 0.3 5.9 4.3 3.7 NM NM 32.6 3.0% 10.9 (3.7%) 0.9% Lions Gate Entertainment Corp. 18.08 9.92 18.48 2,641 1,378 4,019 1.9 1.6 1.6 31.1 17.6 11.9 NM 72.3 13.9 33.3% 0.4 (2.7%) 97.4%

Mean 2.5 x 2.5 x 2.3 x 12.0 x 9.9 x 8.5 x 18.5 x 26.0 x 17.5 x 15.0% 2.3 3.9% 12.3% Median 2.2 2.2 2.1 9.3 9.2 8.4 18.2 17.9 14.9 13.0% 1.2 4.3% 1.2%

Publishers

News Corp. $27.21 $18.32 $27.60 $63,347 $4,450 $67,797 2.0x 2.0x 1.9x 10.0x 9.8x 8.8x 24.9x 17.6x 15.1x 15.9% 0.9 4.3% 2.2% Thomson Reuters Corporation 30.68 26.23 30.94 25,355 6,420 31,775 2.4 2.4 2.4 10.5 8.8 8.7 NM 14.6 14.1 5.3% 2.7 1.3% (6.9%) Pearson plc 18.72 17.42 20.57 15,020 2,150 17,170 1.8 1.7 1.7 10.6 9.8 9.6 10.2 13.7 13.3 6.1% 2.2 (0.2%) 4.4% Gannett Co., Inc. 20.15 12.17 20.61 4,630 1,397 6,028 1.2 1.1 1.1 6.0 5.2 5.3 10.9 8.7 8.9 5.7% 1.6 (1.2%) 3.4% Lagardere SCA 35.37 24.86 35.70 4,507 2,192 6,699 0.7 0.7 0.7 9.3 8.9 8.2 NM 14.3 12.2 4.1% 3.0 3.8% (24.3%) UBM plc 12.08 8.04 12.11 2,949 842 3,791 2.4 2.3 2.3 10.7 10.3 9.6 23.4 12.9 11.7 7.3% 1.6 1.9% 4.8% The Washington Post Company 387.10 327.00 404.19 2,856 (272) 2,584 0.6 0.7 0.7 4.9 6.0 6.8 22.5 25.6 33.2 NA NA (6.1%) (0.1%) The New York Times Company 9.06 5.88 11.07 1,345 163 1,508 0.6 0.7 0.8 4.2 5.5 5.4 NM 17.7 17.7 NM NM (1.1%) (0.6%) The E. W. Scripps Company 10.99 8.19 11.46 604 (10) 594 0.7 0.7 0.7 5.9 4.3 7.2 32.3 13.6 63.7 NA NA (7.7%) 30.8%

Mean 1.4 x 1.4 x 1.4 x 8.0 x 7.6 x 7.7 x 20.7 x 15.4 x 21.1 x 7.4% 2.0 (0.6%) 1.5% Median 1.2 1.1 1.1 9.3 8.8 8.2 22.9 14.3 14.1 5.9% 1.9 (0.2%) 2.2%

Diversified Marketing

WPP plc $15.48 $11.58 $15.49 $19,583 $4,488 $24,071 1.5x 1.4x 1.4x 9.6x 8.7x 8.4x 14.5x 13.1x 12.6x 8.3% 1.5 0.5% 3.0% Experian plc 17.22 13.43 17.44 16,995 2,113 19,108 4.1 4.1 3.8 12.5 11.9 11.0 52.2 20.9 18.3 12.0% 1.5 7.8% 6.2% Omnicom Group Inc. 54.19 44.97 54.76 14,316 2,489 16,805 1.2 1.2 1.1 7.9 8.1 7.7 15.7 15.0 13.7 9.6% 1.4 3.7% 0.8% Publicis Groupe SA 66.14 47.23 66.33 13,014 1,160 14,174 1.8 1.6 1.5 9.9 9.2 8.3 18.0 15.6 14.2 12.5% 1.1 8.9% (0.2%) Nielsen Holdings N.V. 32.14 25.02 32.29 11,640 6,381 18,021 3.2 3.2 3.1 13.1 11.3 10.6 35.9 17.6 15.6 16.8% 0.9 4.6% 0.7% Equifax Inc. 58.87 38.80 59.30 7,041 701 7,742 3.7 3.6 3.2 11.3 11.0 9.3 24.2 20.2 16.9 12.8% 1.3 11.3% 10.9% The Interpublic Group of Companies, Inc. 12.17 9.04 12.25 5,250 479 5,729 0.8 0.8 0.8 7.1 6.6 6.1 15.2 15.6 13.3 16.4% 0.8 3.0% (3.2%) Havas 6.48 4.69 6.59 2,475 617 3,092 1.4 1.3 1.3 9.3 8.5 7.9 16.9 14.2 12.5 11.2% 1.1 5.2% (5.4%) Acxiom Corporation 18.51 12.66 18.99 1,380 80 1,460 1.3 1.3 1.3 6.3 6.2 6.3 28.1 24.2 23.8 12.0% 2.0 1.7% (3.1%) Valassis Communications Inc. 28.16 18.70 28.86 1,104 507 1,612 0.7 0.8 0.8 5.6 5.3 5.2 10.2 9.0 8.0 16.9% 0.5 (2.2%) (0.9%) Harte-Hanks Inc. 6.70 5.14 10.24 421 77 498 0.6 0.6 0.7 5.7 5.9 5.6 NM 11.5 11.1 NM NM (4.4%) (8.0%) MDC Partners Inc. 12.00 9.11 15.07 373 399 772 0.7 0.7 0.7 24.0 7.4 6.2 NM NM NM 6.0% NM 7.3% 13.6%

Mean 1.8 x 1.7 x 1.6 x 10.2 x 8.3 x 7.7 x 23.1 x 16.1 x 14.5 x 12.2% 1.2 4.0% 1.2% Median 1.4 1.3 1.3 9.4 8.3 7.8 17.5 15.6 13.7 12.0% 1.2 4.2% 0.2%

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

$MM, Except Per Share Data

Tencent Holdings Ltd. $34.46 $23.32 $36.24 $63,266 ($2,370) $60,896 9.7x 8.7x 6.7x 22.7x 20.9x 16.4x 34.1x 30.3x 23.9x 24.2% 1.0 30.5% 56.6% Activision Blizzard, Inc. 11.39 10.45 13.01 12,674 (3,364) 9,310 2.1 1.9 2.0 8.1 5.4 5.8 14.7 10.2 11.6 10.6% 1.1 (4.9%) 11.5% NHN Corporation 229.13 191.32 269.70 10,272 (955) 9,316 4.5 4.2 3.7 13.3 13.4 11.3 23.0 22.8 19.1 17.8% 1.1 13.7% 19.8% NetEase, Inc. 46.88 37.00 65.54 6,139 (2,376) 3,764 2.9 2.9 2.5 6.2 6.1 5.2 11.0 10.8 9.6 15.1% 0.6 16.4% 3.8% Electronic Arts Inc. 14.77 10.77 20.64 4,507 (766) 3,741 0.9 1.0 0.8 13.9 8.8 4.7 NM 31.5 10.4 13.1% 0.8 16.8% (0.6%) DeNA Co., Ltd. 31.82 15.29 37.68 4,266 (748) 3,518 1.6 NA 1.4 3.6 NA 3.7 9.2 NA 8.6 12.3% 0.7 NA 43.5% Gree, Inc. 14.97 11.54 29.63 3,486 (279) 3,207 1.5 1.7 1.6 3.0 3.6 3.9 5.9 6.7 7.2 3.1% 2.3 4.9% 23.4% NCsoft Corporation 138.77 128.16 302.43 2,757 (449) 2,308 4.1 3.3 2.8 27.9 11.7 6.5 NA 22.3 11.6 51.5% 0.2 18.3% 34.1% Zynga, Inc. 2.49 2.09 15.91 1,952 (1,223) 729 0.6 0.6 0.7 NM 4.6 6.1 NM 82.1 NM 22.8% NM (12.7%) 3.2% Changyou.com Limited 29.92 17.00 32.65 1,579 (101) 1,477 2.4 2.4 2.1 3.7 4.0 3.6 5.6 5.6 5.1 11.7% 0.4 14.7% 28.8% Giant Interactive Group, Inc. 6.24 3.96 6.61 1,476 (372) 1,104 3.3 3.2 2.7 5.2 4.9 4.4 8.0 7.3 6.7 12.8% 0.5 16.8% 20.4% Ubisoft Entertainment SA 9.75 6.51 10.87 924 189 1,114 0.8 0.7 0.7 3.2 2.3 1.9 17.4 12.8 12.1 62.7% 0.2 1.7% 7.3% Shanda Games Limited 3.09 2.71 5.92 846 (140) 706 0.9 0.9 0.9 2.5 2.6 2.6 4.5 4.3 4.2 9.3% 0.5 2.9% (18.9%) Perfect World Co., Ltd. 11.71 8.92 17.46 566 (225) 341 0.7 0.8 0.7 2.3 2.6 2.3 5.0 5.6 5.0 NM NM 9.7% (0.4%) Glu Mobile, Inc. 2.30 1.99 5.90 152 (24) 128 1.6 1.5 1.2 NM NM 21.4 NM NM NM 37.5% NM 17.4% 26.3%

Mean 2.5 x 2.4 x 2.0 x 8.9 x 7.0 x 6.7 x 12.6 x 19.4 x 10.4 x 21.7% 0.8 10.4% 17.3% Median 1.6 1.8 1.6 5.2 4.9 4.7 9.2 10.8 9.6 14.1% 0.7 14.2% 19.8%

Social Media & New Platform

Facebook, Inc. $31.54 $17.55 $45.00 $68,329 ($9,550) $58,779 12.7x 11.7x 8.9x 53.9x 21.1x 16.0x NM 60.8x 48.3x 27.8% 1.7 30.9% 41.0% LinkedIn Corporation 123.78 71.06 125.50 13,300 (677) 12,623 15.1 13.3 8.8 NM 61.9 36.3 NM NM 95.7 71.5% 1.3 51.5% 80.7% Groupon, Inc. 5.27 2.60 25.84 3,456 (1,201) 2,255 1.0 1.0 0.8 15.4 8.1 8.9 NM 31.7 23.4 23.7% 1.0 16.9% 32.2% Pandora Media, Inc. 11.54 7.08 26.00 1,963 (81) 1,882 4.9 4.4 3.1 NM NM NM NM NM NM 37.0% NM 40.9% 60.0% Yelp, Inc. 21.17 14.10 31.96 1,340 (123) 1,217 10.0 8.9 5.9 NM NM 58.9 NM NM NM 20.0% NM 51.6% 63.1%

Mean 8.7 x 7.9 x 5.5 x 34.6 x 30.3 x 30.0 x NM 46.3 x 55.8 x 36.0% 1.4 38.4% 55.4% Median 10.0 8.9 5.9 34.6 21.1 26.1 NM 46.3 48.3 27.8% 1.3 40.9% 60.0%

SaaS salesforce.com, inc $173.86 $114.52 $175.74 $24,688 ($27) $24,661 8.7x 8.1x 6.4x NM 48.7x 37.1x NM NM 86.8x 28.1% 3.1 26.5% 34.9% Workday, Inc. 54.39 45.05 57.21 9,029 (770) 8,258 35.1 30.6 19.4 NM NM NM NM NM NM 50.0% NM 57.4% 141.0% NetSuite Inc. 70.56 40.94 70.80 5,056 (176) 4,880 16.9 15.9 12.3 NM NM NM NM NM NM 27.9% NM 29.2% 30.9% Concur Technologies, Inc. 72.84 51.95 76.15 4,012 (252) 3,760 8.5 8.2 6.4 74.2 33.0 28.9 NM 81.3 69.0 24.5% 2.8 26.8% 23.9% ServiceNow, Inc. 31.10 22.62 41.77 3,888 (256) 3,632 16.0 15.2 9.9 NM NM NM NM NM NM 61.7% NM 53.3% 88.2% The Ultimate Software Group, Inc. 98.16 64.26 106.40 2,680 (71) 2,609 8.3 7.9 6.4 72.4 41.6 30.4 NM 96.6 70.8 27.5% 2.6 23.8% 22.0% RealPage, Inc. 23.06 16.03 28.97 1,739 (11) 1,728 5.6 5.3 4.4 50.6 23.5 17.6 NM 48.8 36.3 25.0% 1.5 20.8% 23.0% Cornerstone OnDemand, Inc. 32.13 17.29 32.67 1,622 (60) 1,562 15.0 13.2 9.1 NM NM NM NM NM NM 46.3% NM 45.7% 53.7% ExactTarget, Inc. 22.68 17.25 29.88 1,544 (212) 1,332 5.0 4.6 3.6 NM NM NM NM NM NM 30.0% NM 28.1% 35.4% Jive Software, Inc. 15.08 10.63 28.15 970 (130) 840 8.1 7.5 5.6 NM NM NM NM NM NM 26.5% NM 34.7% 38.7% Demandware, Inc. 32.58 21.35 34.27 968 (103) 866 12.1 11.3 8.9 NM NM NM NM NM NM 32.5% NM 26.4% 38.8% LivePerson Inc. 14.08 11.37 19.60 787 (103) 683 4.5 4.4 3.7 32.1 23.5 18.4 88.7 46.2 38.4 25.5% 1.5 17.3% 15.5% Bazaarvoice, Inc. 7.77 6.37 21.10 555 (142) 414 3.1 2.8 2.2 NM NM NM NM NM NM NA NA 27.6% 54.4% Constant Contact, Inc. 15.06 11.50 32.18 460 (88) 372 1.5 1.5 1.3 16.4 10.1 8.3 18.5 27.1 22.1 30.1% 0.7 13.5% 17.5% Responsys, Inc. 7.47 5.47 12.97 364 (100) 265 1.7 1.6 1.4 14.1 10.1 8.5 55.2 37.1 33.3 22.0% 1.5 15.6% 19.6% Brightcove, Inc. 8.70 8.26 25.50 242 (27) 215 2.6 2.5 2.0 NM NM 73.1 NM NM NM NA NA 22.5% 32.4%

Mean 9.6 x 8.8 x 6.4 x 43.3 x 27.2 x 27.8 x 54.1 x 56.2 x 51.0 x 32.7% 2.0 29.3% 41.9% Median 8.2 7.7 6.0 41.3 23.5 23.6 55.2 47.5 38.4 28.0% 1.5 26.7% 33.7%

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

Notes: Multiples <0x or >100x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Implied Aggregate Value based on acquisition of 61.6% stake in Trivago. Avg. 12/21/12 EUR/USD FX rate of 1.3235 used to convert purchase price of €434MM in cash and €43MM in Expedia stock. (2) Implied Aggregate Value based on Gigaom estimate. (3) Implied Aggregate Value based on acquisition of 80% stake. 5 (4) Excludes unrecognized stock-based compensation for stock options and RSUs. (5) LTM revenue multiple based on 451 Group estimate for CY2011. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

Notes: Multiples <0x or >100x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Avg. 9/20/2012 EUR/USD FX rate of 1.2947 used to convert €437MM purchase price. NTM multiples use 2013 estimates. 6 (2) Avg. 8/21/2012 EUR/USD FX rate of 1.2474 used to convert €50MM purchase price. (3) Excludes $100MM of earnout and retention payments. LTM multiple based on Techcrunch estimate for CY2011 revenue between $35 and $45MM. Filed IPOs Internet / Digital Media / SaaS: IPOs In Registration

For the period 1/1/2010 to 01/30/2013 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

Insight Venture Partners (74.1%) SaaS 11/02/12 100 CS; Jefferies; JPMorgan Bessemer Venture Partners (12.2%)

MS; BAML; Stifel; RBC; William Blair; Polaris (35.1%); Institutional Venture Partners (14.7%); KPCB LegalZoom.com Inc Professional Services 05/11/12 120 Montgomery (6.4%)

North Bridge Venture Partners (58%); Commonwealth Capital SaaS 03/30/12 75 BAML; Stifel Nicolaus Weisel Ventures (34.6%)

Exponential Interactive Inc Online Advertising 03/16/12 75 Citi; BAML; RBC; ThinkEquity Dilip DaSilva (74.9%); Housatonic Partners (9.5%)

GSR Ventures (29.9%); Richmond Global (14.9%); Universe Adchina Ltd Online Advertising 02/17/12 100 Goldman Sachs; Credit Suisse Access Enterprises (12.4%); Norwest (10.9%)

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

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

10 $19.5Bn 1,600

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

6 (1) 1,000

5 $Bn 800 4

3 600 Number of Investments

2 400 1

0 200

Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

3 3 1 4 3 1 4 3 1 4 3 1 4 3 1 4 3 1 4 1 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3 1 2 4 2 3

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

01 01 02 02 03 04 04 05 06 06 07 08 08 09 10 10 11 12 12 01 01 01 01 02 02 03 03 03 04 04 05 05 05 06 06 07 07 07 08 08 09 09 09 10 10 11 11 11 12 12

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

Notes: (1) Includes Facebook IPO at Exit Value of $16.0Bn. (2) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of: Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware. (3) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 8 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media: Monthly Since January 2007(1)

30 1,2501,250

25 25 1,000 (1) 1,000

20 20 (1) 750 750

15 $MM $MM 500 500 10

Number Number of Financings Number Number of Financings

250 5 250

Feb Feb Feb Feb Feb Feb

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

Oct Mar Apr May Oct May Mar Apr Oct May Mar Apr May Mar Apr Oct Mar Apr May Oct May Mar Apr

0 Oct 0

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

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

Oct Oct Oct

0 Oct 0

------

- - 09 - 10 - 12 - 07 - - 08 - - - - 11 -

------

07 08 - 08 - 11 11 - 07 - 09 09 10 - 10 - 12 12

07 09 10 12 07 08 08 09 10 11 11 12

07 08 10 11 07 08 09 09 10 11 12 12

07 10 08 09 11 12

07 08 08 09 10 11 12 07 07 08 09 09 10 10 11 11 12 12

08 09 12 07 10 11

- - - - -

------

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

------

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

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

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

07 11 08 09 10

Amount Raised ( $M M ) Num ber of Financings Amount Raised ($MM) Number of Financings

Notes: Source: DowJones VentureWire. Only financings > $10MM included. 9 (1) Chart excludes Groupon’s $377MM raise on 12/29/10 and Facebook’s $1.5Bn raise on 1/21/11. Actual amounts raised in the months of 12/2010 and 1/2011 are $1,032MM and $2,105MM respectively. Recent Private Financings Internet / Digital Media: Trailing 6 Weeks

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Accel Partners, Benchmark, CompuCredit, Crosslink Capital, Prosper Marketplace DAG Ventures, Draper Fisher Jurvetson, QED Investors, San Francisco, CA 22-Jan-13 Series F $20 Sequoia Capital Provider of a peer-to-peer (P2P) lending marketplace $95 Meritech Capital Partners, Omidyar Network, Tomorrow www.prosper.com Ventures, Volition Capital

iPinYou Beijing, China 18-Jan-13 Series B $20 China Broadband Capital Vangoo Investment Partners, Forward Capital Operator of a real-time bidding advertising exchange $30 www.ipinyou.com.cn

OpenX Software Accel Partners, Index Ventures, SAP Ventures, Mitsui & Co., Pasadena, CA 17-Jan-13 Series E $23 Samsung Venture Investment Corp. Provider of digital and mobile advertising technology $70 Presidio Ventures www.openx.com

Keek AGF Investments, Pinetree Capital, Toronto, Canada 17-Jan-13 Series B $18 Cranson Capital Provider of free social video platform $31 Plazacorp Ventures www.keek.com

Lynda.com Provides online computer skills training for consumers, Carpinteria, CA 16-Jan-13 Series A $103 Accel Partners, Spectrum Equity Meritech Capital Partners $103 businesses, and schools www.lynda.com

Tongal Marina Del Rey, CA 14-Jan-13 Series B $15 Insight Venture Partners NA Provider of a social platform for marketers to produce creative video content $16 www.tongal.com

JanRain Split Rock Partners, Salesforce.com, Epic Ventures, RPM Millennium Technology Value Portland, OR 14-Jan-13 Series C $33 Ventures, DFJ Frontier, Anthem Venture Partners, Emergence Provider of online identity management platforms $53 Partners www.janrain.com Capital

SR Labs New York, NY 9-Jan-13 Series A $53 Insight Venture Partners NA Provider of market data and exchange solutions $53 www.srtechlabs.com

Aereo FirstMark Capital, First Round Capital, High Line Venture Provider of an entertainment video platform to access live, over-the-air Long Island City, NY 8-Jan-13 Series B $38 IAC and Highland Capital Partners $59 Partners television (TV) www.aereo.com

Chartboost San Francisco, CA 8-Jan-13 Series B $19 Sequoia Capital TransLink Capital, SK Telecom Ventures, XG Ventures Provider of an ad serving technology and marketplace for game publishers $21 www.chartboost.com

Mosaic Oakland, CA 7-Jan-13 Series B $10 Not disclosed Serious Change, Spring Ventures, U.S. Department of Energy Developer of a crowdfunding platform for solar energy projects $13 www.solarmosaic.com

GetYourGuide Spark Capital Partners, Highland Zurich, Switzerland 7-Jan-13 Series A $14 PROfounders Capital Provider of a booking website for tours and activities $14 Capital Partners Europe www.getyourguide.com

Buzzfeed Lerer Ventures, Hearst Interactive Media, SoftBank Capital, New York, NY 3-Jan-13 Series D $19 New Enterprise Associates Provider of a trend-tracking website $46 RRE Ventures www.buzzfeed.com

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Notes: Room 77 10 Sutter Hill Ventures, General Catalyst Partners, Concur Sunnyvale, CA 3-Jan-13Source: DowJonesSeries C VentureWire$30 . Expedia Provider of an online hotel search platform $44 Technologies, Felicis Ventures www.room77.com Only financings > $10MM included.

Pluralsight Salt Lake City, UT 3-Jan-13 Series A $28 Insight Venture Partners NA Provides developer training $28 www.pluralsight.com

TubeMogul Foundation Capital, IA Venture Partners, Knight's Bridge Capital Emeryville, CA 20-Dec-12 Series C $20 Northgate Capital Partners, NetService Ventures Group, Tremor Video, Trinity Provider of online video distribution and analytics services $35 www.tubemogul.com Ventures

uShip Benchmark Capital, Duff Ackerman & Goodrich, Silverton Austin, TX 19-Dec-12 Series C $18 Kleiner Perkins Caufield & Byers Provider of an online marketplace for shipping services $28 Partners www.uship.com

Grockit Summit Group, Atlas Venture, Benchmark Capital, Integral San Francisco, CA 18-Dec-12 Series E $20 Discovery Communications Provider of online test prep services $45 Capital Partners, GSV Capital, NewSchools Venture Fund www.grockit.com Recent Private Financings Internet / Digital Media: Trailing 6 Weeks (Cont.)

($MM)

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

Room 77 Sutter Hill Ventures, General Catalyst Partners, Concur Sunnyvale, CA 3-Jan-13 Series C $30 Expedia Provider of an online hotel search platform $44 Technologies, Felicis Ventures www.room77.com

Pluralsight Salt Lake City, UT 3-Jan-13 Series A $28 Insight Venture Partners NA Provides developer training $28 www.pluralsight.com

Notes: 11 Source: DowJones VentureWire. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

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

Fairness Opinion for We Advised the Seller We Advised the Seller Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller January 2013 September 2012 August 2012 August 2012 June 2012 June 2012 May 2012 May 2012 April 2012

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

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

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

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

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

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

Acquisition of Preferred Stock Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Buyer Financial Adviser We advised the seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller November 2010 October 2010 October 2010 August 2010 July 2010 July 2010 June 2010 June 2010 June 2010

12 GCA Savvian Advisors Digital Media / Software Team

San Francisco New York Tokyo

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

Alex Chefetz Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Tomohiko Kubota Managing Director Managing Director Managing Director Managing Director Managing Director Vice President

Phone: (212) 999-7084 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: +81 (3) 6212-7129 Mobile: (917) 972-7756 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

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

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