January 2016 Overview & Highlights The year in review…

This year saw record M&A activity in our sectors with nearly 3,400 transactions reported, led by Technology and Marketing Services. The ‘sector trends’ that we identified a year ago were evident throughout the year and shaped the year’s market activity:

Private Equity financed transactions multiplied, led by:  Sterling Partners & Permira Advisors acquisition of eBay Enterprise Solutions for $925mm  Providence Equity’s buyout of Chime Communications for $600mm  Vista Equity’s investment in Mediaocean at a valuation $720mm

Accelerating buy-side deal activity by tech and consulting firms with nearly two dozen transactions announced this past year led by EY and Accenture. Notable transactions included:  EY’s acquisitions of NorthPoint Digital, Seren and Intuitive  Accenture’s acquisitions of Boomerang, Javelin Group, Cloud Sherpas and Chaotic Moon  McKinsey’s acquisition of Lunar Design  Deloitte Digital’s acquisition of LRA Worldwide

A moribund 2015 IPO market for ad-tech firms and continuing consolidation as Facebook and Google continue to attract greater and greater proportions of online spending. Notable ad-tech transactions this year included:  AOL’s acquisition of Millennial Media for approximately $250mm  Nielsen’s acquisition of eXelate for an estimated $200mm  AppNexus’ acquisition of Yieldex for $100mm

While the equity markets were extremely volatile during 2015 with investors fixated throughout on Fed policy and growing concerns over a ‘slowing China’, equities posted a strong fourth quarter and will finish relatively flat for the year. The sectors we track all deviated significantly from the broad market averages. Marketing Services, after a lackluster 2014, turned in a strong year with the sector higher by more than 7%. Tech continues to surge with equities posting gains of 14%; the sector is now valued at more than 32x forward earnings. The Media sector continues to disappoint, concluding a dismal year with equities falling nearly 17%.

For the year ahead, we believe the underpinnings for an active M&A market remain in place. Our sectors should remain quite active as marketing spend continues to migrate to online channels creating disruption, opportunity and a fight for market share. While the trend ahead is for higher interest rates, any uptick in rates should be gradual and readily absorbed by an expanding economy. The ‘sector trends’ highlighted above, we believe, will continue as the major themes defining the 2016 market.

As always, we’ll continue to monitor events as they unfold and will update and comment on changes as they emerge throughout the year. In the meantime, we hope you find the report helpful, and, as always, we welcome your feedback and commentary. Regards,

DEAL SUMMARY BY QUARTER

Reported Data Q4 2015 Q3 2015 Q2 2015 Q1 2015 Philip A. Palazzo, Jr. # Transactions 789 841 858 881 Founder and President Volume $36.8 B $68.5 B $26.8 B $30.2 B

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 1 MARKETING: TRANSACTION OVERVIEW

SECTOR SUMMARY

Q4 2015 Reported Transactions: 182 Reported Volume: $0.8 B YTD 2015 Reported Transactions: 807 Reported Volume: $7.6 B

NOTABLE TRANSACTIONS

DATE BUYER TARGET SIZE($000's) VALUATION DESCRIPTION

Integrated, data and customer engagement marketing agency Ansira has 10/19/2015 Ansira SQ1 $55,000 N/A acquired SQ1. SQ1 is a digital marketing services and analytics agency. This makes Ansira one of the top 10 independent digital agencies in the U.S.

Media Experts is a Canadian media planning and buying agency. Media Experts will continue to service clients in the areas of media planning and 10/28/2015 IPG Media Experts N/A N/A buying, search engine optimization, search engine marketing and programmatic trading.

Essence Digital employs 500 staffers and manages $700M in media spending 11/2/2015 WPP (GroupM) Essence Digital N/A N/A for brands across 70 markets worldwide. The agency serves as a resource for GroupM holdings such as Mindshare, MEC, MediaCom and Maxus.

eBay Enterprise DNA is an interactive retail performance agency that has concentrated its 11/10/2015 Marketing DNA N/A N/A business on SEO and SEM and is recognized as a top 10 player in the field. Solutions The acquisition helps strengthen eBay's capabilities.

Fluent is a leader in people-based digital marketing and customer acquisition. 1.8x Revenue The acquisition accelerates IDI’s strategy to apply its next generation data 11/17/2015 IDI Fluent $225,000 11.25x EBITDA fusion technology to not only the risk management industry, but also as an advanced data analytics platform.

Grupo ABC is Brazil's largest independent advertising group. The move 11/23/2015 Omnicom Grupo ABC N/A N/A strengthens Omnicom's presence in the Brazilian market.

NorthPoint Digital is a digital, technology and design solutions firm. The addition of NorthPoint Digital further enhances EY's digital innovation and 11/24/2015 Ernst & Young NorthPoint Digital N/A N/A user experience services by adding a broad array of web technologies, content management systems, database technologies, search tools, back-end integration and front-end development tools.

Enlighten is a digital marketing agency specializing in the development, 12/4/2015 Perficient Enlighten N/A N/A implementation, and support of digital experience solutions. The acquisition expands Perficient's digital strategy, creative services and marketing expertise.

PALAZZO advised on this transaction Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 2 MARKETING: VALUATION COMPS

OVERVIEW EV/Rev EV/EBITDA P/E Last 12 P/E Fwd 12 Low 0.34 x 5.42 x 16.15 x 9.46 x Median 1.39 x 10.27 x 20.21 x 16.09 x High 4.05 x 42.56 x 82.82 x 28.24 x Average 1.38 x 11.84 x 30.63 x 16.61 x

Enterprise Market Cap Value Revenue EBITDA EV/REV EV/EBITDA P/E Last 12 P/E Fwd 12 Aimia Inc. $ 1,063 $ 1,166 $ 1,857 $ 141 0.65 x 8.56 x 56.46 x 13.29 x

BlueFocus Communication Group $ 4,381 $ 4,794 $ 1,208 $ 115 4.05 x 42.56 x 72.03 x 20.94 x

Cello Group Plc $ 111 $ 125 $ 265 $ 10 0.50 x 12.97 x 82.82 x 10.56 x

Cheil Worldwide Inc. $ 1,903 $ 1,592 $ 2,326 $ 144 0.68 x 11.02 x 20.90 x 19.75 x

Creston plc $ 107 $ 111 $ 121 $ 18 0.94 x 6.34 x 16.24 x 9.46 x

Dentsu Inc. $ 15,846 $ 17,083 $ 6,101 $ 1,372 2.80 x 12.16 x 18.63 x 22.64 x

Hakuhodo DY Holdings Inc $ 4,089 $ 3,232 $ 9,552 $ 361 0.34 x 8.78 x 23.77 x 22.13 x

Harte-Hanks Inc. $ 198 $ 250 $ 512 $ 46 0.49 x 5.42 x NM 11.37 x

Havas $ 3,517 $ 3,676 $ 2,263 $ 366 1.67 x 10.32 x 20.97 x 16.60 x

Huntsworth plc $ 186 $ 235 $ 261 $ 31 0.96 x 7.99 x NM 13.51 x

MDC Partners Inc. $ 1,103 $ 2,066 $ 1,307 $ 148 1.58 x 13.75 x NM 28.24 x

Next Fifteen Communications Group plc $ 251 $ 264 $ 180 $ 22 1.55 x 12.70 x 19.51 x 15.87 x

Omnicom Group Inc. $ 18,329 $ 22,134 $ 15,176 $ 2,229 1.46 x 9.88 x 17.35 x 16.52 x

Publicis Groupe SA $ 13,877 $ 17,055 $ 9,400 $ 1,723 1.86 x 10.12 x 17.01 x 13.87 x

The Interpublic Group of Companies, Inc. $ 9,460 $ 10,584 $ 7,625 $ 1,006 1.39 x 10.51 x 19.23 x 18.21 x

Viad Corp $ 568 $ 623 $ 1,061 $ 79 0.59 x 7.89 x 27.72 x 13.38 x

WPP plc $ 29,843 $ 35,331 $ 18,713 $ 3,590 2.01 x 10.27 x 16.15 x 16.09 x

INDEX STOCK PERFORMANCE (Market Cap Weighted)

Q4 PERFORMANCE YTD PERFORMANCE

Marketing Services: 8.2% S&P 500: 6.2% Marketing Services: 7.4% S&P 500: -0.7%

12% 20% 15% 10% 10% 8% 5% 6% 0% 4% -5% 2% -10%

0% -15% 2 Jul 15 2 Jan 15 2 Jun 15 2 Sep 15 2 Feb 15 2 Apr 15 2 Aug 15 2 Aug 15 2 Oct 2 Mar 15 2 Mar 2 May 15 2 Dec 15 2 Dec 1 Oct 1 Oct 15 8 Oct 15 2 Nov 15 3 Dec 15 5 Nov 15 15 Oct 15 Oct 15 22 Oct 15 29 Oct 15 10 Dec 15 10 Dec 15 17 Dec 15 24 Dec 15 31 Dec 12 Nov 12 Nov 15 19 Nov 15 26 Nov 15

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 3 MARKETING: STOCK PERFORMANCE

TOP PERFORMERS BOTTOM PERFORMERS

3 MONTH STOCK PERFORMANCE

27.22% 21.69% 17.85% 16.17% 14.81% Creston plc Aimia Inc. Harte-Hanks Inc. Viad Corp Publicis Groupe SA

-2.04% Next Fifteen The Interpublic MDC Partners Inc. Hakuhodo DY Omnicom Group -8.22% -2.62% Communications Group of Holdings Inc Inc. Group plc Companies, Inc. -23.86% -22.22%

YTD STOCK PERFORMANCE

53.37%

33.14% 30.81%

13.33% 12.08% Harte-Hanks Inc. Aimia Inc. Huntsworth plc Cello Group Plc Creston plc

Next Fifteen BlueFocus Dentsu Inc. Hakuhodo DY The Interpublic -9.49% -8.31% Communications Communication Holdings Inc Group of -23.72% Group plc Group Co., Ltd. Companies, Inc. -46.24% -58.14%

LTM STOCK PERFORMANCE

53.37%

33.14% 30.81%

13.33% 12.08% Harte-Hanks Inc. Aimia Inc. Huntsworth plc Cello Group Plc Creston plc

Next Fifteen BlueFocus Dentsu Inc. Hakuhodo DY The Interpublic -9.49% -8.31% Communications Communication Holdings Inc Group of -23.72% Group plc Group Co., Ltd. Companies, Inc. -46.24% -58.14%

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 4 MEDIA: TRANSACTION OVERVIEW

SECTOR SUMMARY

Q4 2015 Reported Transactions: 231 Reported Volume: $4.0 B YTD 2015 Reported Transactions: 739 Reported Volume: $49.5 B

NOTABLE TRANSACTIONS

DATE BUYER TARGET SIZE($000's) VALUATION DESCRIPTION

Ticketfly is an online ticketing business. The transaction includes $225M in 10/7/2015 Pandora Ticketfly $480,000 8.7x Revenue cash and 11.6M of Pandora's common shares. The acquisition marks a significant shift for Pandora as it seeks to diversify itself.

Journal Media Group is a newspaper publishing company. The deal adds Journal Media 0.7x Revenue $450M annual to Gannett's revenues and covers a combined 106 markets. 10/8/2015 Gannett $279,000 Group 12.0x EBITDA The agreement is part of an era of further consolidation in the U.S. newspaper industry.

Pitchfork is a Chicago-based online music magazine devoted to music 10/12/2015 Conde Nast Pitchfork Media N/A N/A journalism, news and album reviews. This acquisition strengthens Condé Nast's digital music capabilities.

Time Inc. has acquired Hello Giggles, operator of a pop-culture, beauty and 10/19/2015 Time Inc. HelloGiggles N/A N/A lifestyle website. The deal will expand Time's capabilities and reach toward younger women.

In addition to this acquisition, music subscription service Rdio filed for 11/16/2015 Pandora Rdio (select assets) $75,000 N/A bankruptcy. Rdio transitions Pandora into a more modern and global streaming music service. The deal also supports international expansion.

Gladstone Gladstone Investment has partnered with Capitala to acquire Nth Degree. Nth 12/14/2015 Investment Nth Degree N/A N/A Degree is a multifaceted face-to-face event marketing and management services Corporation organization.

Cision, a provider of public relations software has acquired press release PR Newswire 12/14/2015 Cision $841,000 2.8x Revenue distributor PR Newswire Association LLC from British communications and Association events company UBM Plc.

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 5 MEDIA: VALUATION COMPS

OVERVIEW EV/Rev EV/EBITDA P/E Last 12 P/E Fwd 12 Low 0.68 x 6.52 x 5.56 x 7.09 x Median 2.14 x 10.00 x 15.86 x 16.74 x High 5.93 x 16.98 x 50.62 x 180.73 x Average 2.52 x 10.03 x 20.12 x 35.03 x

Enterprise Market Cap Value Revenue EBITDA EV/REV EV/EBITDA P/E Last 12 P/E Fwd 12 CBS Corporation $ 22,223 $ 30,889 $ 13,657 $ 3,073 2.26 x 10.17 x 15.23 x 12.52 x Clear Channel Outdoor Holdings Inc. $ 2,007 $ 6,947 $ 2,836 $ 696 2.45 x 10.00 x NM NM

Cumulus Media Inc. $ 77 $ 2,481 $ 1,189 $ 235 2.09 x 10.56 x NM 66.02 x

Discovery Communications, Inc. $ 15,316 $ 22,208 $ 6,424 $ 2,484 3.46 x 8.99 x 16.49 x 12.96 x Entercom Communications Corp. $ 446 $ 969 $ 395 $ 95 2.45 x 10.23 x 17.05 x 14.01 x

IAC/InterActiveCorp $ 5,331 $ 5,536 $ 3,213 $ 410 1.72 x 13.51 x 24.11 x 19.48 x

Lamar Advertising Co. $ 5,794 $ 7,733 $ 1,334 $ 558 5.80 x 13.86 x 14.64 x 20.27 x

Meredith Corporation $ 2,221 $ 3,017 $ 1,608 $ 293 1.88 x 10.28 x 16.57 x 13.10 x

News Corporation $ 7,522 $ 5,809 $ 8,539 $ 757 0.68 x 7.28 x NM 24.91 x

Pandora Media, Inc. $ 2,862 $ 2,498 $ 1,096 $ (38) 2.28 x NM NM 180.73 x

Sinclair Broadcast Group, Inc. $ 3,082 $ 6,828 $ 2,221 $ 744 3.07 x 9.11 x 14.98 x 12.04 x

Sirius XM Holdings Inc. $ 21,213 $ 26,467 $ 4,465 $ 1,564 5.93 x 16.98 x 45.74 x 27.65 x

TEGNA Inc. $ 5,658 $ 10,295 $ 6,440 $ 1,573 1.60 x 6.52 x 5.56 x 13.38 x

The New York Times Company $ 2,173 $ 1,960 $ 1,579 $ 249 1.24 x 8.14 x 50.62 x 21.03 x

Townsquare Media, Inc. $ 214 $ 785 $ 422 $ 96 1.86 x 8.14 x 11.80 x 8.92 x

Viacom, Inc. $ 16,466 $ 28,425 $ 13,268 $ 4,118 2.14 x 6.74 x 8.70 x 7.09 x

Zynga, Inc. $ 2,500 $ 1,431 $ 771 $ (16) 1.85 x NM NM 106.35 x

INDEX STOCK PERFORMANCE (Market Cap Weighted) Q4 PERFORMANCE YTD PERFORMANCE Media: 5.3% S&P 500: 6.2% Media: -17.3% S&P 500: -0.7% 10% 5% 18% 16% 0% 14% -5% 12% -10% 10% 8% -15% 6% -20% 4% -25% 2% 0% 2 Jul 2 Jul 15 2 Jan 2 Jan 15 2 Jun 15 2 Jun 2 Sep 2 Sep 15 2 Feb 2 Feb 15 2 Apr 15 2 Apr 2 Aug 2 Aug 15 2 Oct 15 2 Mar 2 Mar 15 2 May 15 2 May 2 Dec 15 2 Nov 15 2 Nov 1 Oct 1 Oct 15 8 Oct 15 3 Dec 15 5 Nov 15 15 Oct 15 22 Oct 15 29 Oct 15 10 Dec 15 17 Dec 15 24 Dec 15 31 Dec 15 12 Nov 12 Nov 15 19 Nov 15 26 Nov 15

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 6 MEDIA: STOCK PERFORMANCE

TOP PERFORMERS BOTTOM PERFORMERS

3 MONTH STOCK PERFORMANCE

28.52%

22.42% Clear Channel 18.12% 17.54% 14.95% Outdoor Holdings Cumulus Media Inc. Pandora Media, Inc. Inc. IAC/InterActiveCorp Viacom, Inc.

-8.00% -4.61% -21.60% Sinclair Broadcast Townsquare Media, CBS Corporation Zynga, Inc. Lamar Advertising Group, Inc. Inc. Co. -37.16% -53.10%

YTD STOCK PERFORMANCE

18.93% 16.29% 11.82% Clear Channel Discovery 1.51% Outdoor Holdings Communications, 0.75% Cumulus Media Inc. Inc. Viacom, Inc. Pandora Media, Inc. Inc.

Sinclair Broadcast Sirius XM Holdings Lamar Advertising The New York Zynga, Inc. Group, Inc. Inc. Co. Times Company -24.79% -22.55% -47.21% -45.30%

-92.20%

LTM STOCK PERFORMANCE

18.93% 16.29% 11.82% Clear Channel Discovery 1.51% Outdoor Holdings Communications, 0.75% Cumulus Media Inc. Inc. Viacom, Inc. Pandora Media, Inc. Inc.

Sinclair Broadcast Sirius XM Holdings Lamar Advertising The New York Zynga, Inc. Group, Inc. Inc. Co. Times Company -24.79% -22.55% -47.21% -45.30%

-92.20%

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 7 TECHNOLOGY: TRANSACTION OVERVIEW

SECTOR SUMMARY

Q4 2015 Reported Transactions: 542 Reported Volume: $28.7 B YTD 2015 Reported Transactions: 2,388 Reported Volume: $75.0 B

NOTABLE TRANSACTIONS

DATE BUYER TARGET SIZE($000's) VALUATION DESCRIPTION

Endurance plans to use the acquisition of online marketer Constant Contact Endurance 2.6x Revenue 11/2/2015 Constant Contact $1,100,000 to expand beyond its core focus on web hosting. The transaction is expected International 10.5x EBITDA to close Q1 2016, pending shareholder and regulatory approvals.

Centerfield is a digital advertising technology company that is focused on real H.I.G Growth Centerfield Media 11/5/2015 N/A N/A time biddable media enabling the targeting and acquisition of high performing, Capital Holdings high life time value customers for its clients across numerous industries.

Adobe has acquired the assets of ComScore's Web analytics business, Digital Analytix, to further the analytics capabilities of its Marketing Cloud. Digital 11/9/2015 Adobe Digital Analytix N/A N/A Analytix provides services including multi-platform, live audience segmentation, campaign, ecommerce measurement and video & application measurement.

Optimatic is a programmatic video advertising company. The company will Matomy Media 11/16/2015 Optimatic $25,000 1.6x Revenue operate as an independent subsidiary within Matomy and adds significantly to Group the Group's growing mobile, video and programmatic capabilities.

WPP's GroupM has acquired The Exchange Lab and its proprietary The Exchange 11/16/2015 WPP (GroupM) N/A N/A programmatic marketing technology, Proteus. The acquisition expands the Lab capabilities of GroupM's Connect platform.

1.25x Revenue U.S.-based digital advertising company Undertone has been acquired by Israeli 12/1/2015 Perion Undertone $180,000 8.2x EBITDA marketing software company Perion.

Salesforce has acquired SteelBrick, a company with software for helping sales 12/23/2015 Salesforce.com SteelBrick $360,000 N/A reps figure out the right price quotes to give customers, for a total of $360 million,

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 8 TECHNOLOGY: VALUATION COMPS

OVERVIEW EV/Rev EV/EBITDA P/E Last 12 P/E Fwd 12 Low 0.32 x 7.19 x 9.44 x 9.19 x Median 4.27 x 20.77 x 36.90 x 25.53 x High 17.59 x 131.97 x 132.80 x 86.39 x Average 4.98 x 30.04 x 51.50 x 32.47 x

Enterprise Market Cap Value Revenue EBITDA EV/REV EV/EBITDA P/E Last 12 P/E Fwd 12 Adobe Systems Incorporated $ 46,857 $ 44,776 $ 4,796 $ 1,242 9.34 x 36.05 x 75.76 x 33.99 x Akamai Technologies, Inc. $ 9,365 $ 9,316 $ 2,155 $ 695 4.32 x 13.41 x 28.91 x 20.34 x Alphabet Inc. $ 528,448 $ 466,033 $ 71,763 $ 23,304 6.49 x 20.00 x 34.85 x 23.99 x Criteo SA $ 2,465 $ 2,167 $ 1,188 $ 101 1.82 x 21.54 x 60.65 x 27.93 x eBay Inc. $ 32,994 $ 35,132 $ 17,705 $ 4,889 1.98 x 7.19 x 11.08 x 14.30 x EPAM Systems, Inc. $ 3,929 $ 3,699 $ 856 $ 130 4.32 x 28.49 x 53.50 x 25.68 x

Facebook, Inc. $ 295,978 $ 280,270 $ 15,938 $ 6,655 17.59 x 42.11 x 105.03 x 39.44 x

International Business Machines Corp $ 133,507 $ 163,756 $ 83,795 $ 21,410 1.95 x 7.65 x 9.44 x 9.19 x

Marin Software Incorporated $ 133 $ 103 $ 107 $ (27) 0.96 x NM NM NM

Marketo, Inc. $ 1,243 $ 1,137 $ 194 $ (57) 5.86 x NM NM NM

Microsoft Corporation $ 443,169 $ 382,664 $ 90,758 $ 32,436 4.22 x 11.80 x 36.90 x 19.88 x

Oracle Corporation $ 153,471 $ 143,484 $ 37,473 $ 15,214 3.83 x 9.43 x 17.61 x 13.55 x

Rocket Fuel Inc. $ 150 $ 151 $ 476 $ (54) 0.32 x NM NM NM

salesforce.com, inc. $ 52,058 $ 52,763 $ 6,302 $ 400 8.37 x 131.97 x NM 86.39 x

The Rubicon Project, Inc. $ 730 $ 650 $ 196 $ (7) 3.31 x NM NM 25.39 x

TubeMogul, Inc. $ 477 $ 394 $ 158 $ (11) 2.49 x NM NM NM

Twitter, Inc. $ 15,803 $ 13,916 $ 1,987 $ (208) 7.00 x NM NM 51.84 x

Yahoo! Inc. $ 31,409 $ 26,778 $ 4,948 $ 477 5.41 x 30.79 x 132.80 x 62.68 x

INDEX STOCK PERFORMANCE (Market Cap Weighted)

Q4 PERFORMANCE YTD PERFORMANCE

Technology: 14.8% S&P 500: 6.2% Technology: 14.0% S&P 500: -0.7% 20% 18% 15% 16% 14% 10% 12% 5% 10% 0% 8% 6% -5% 4% -10% 2% -15% 0% 2 Jul 15 2 Jul 2 Jan 15 2 Jun 15 2 Jun 2 Sep 15 2 Feb 15 2 Apr15 2 Aug 15 2 Aug 15 2 Oct 2 Mar 15 2 Mar 2 May 15 2 May 2 Dec 2 Dec 15 2 Nov 15 2 Nov 1 Oct 1 Oct 15 8 Oct 15 3 Dec 3 Dec 15 5 Nov 15 15 Oct 15 Oct 15 22 Oct 15 29 Oct 15 10 Dec 15 17 Dec 15 24 Dec 15 31 Dec 15 12 Nov 12 Nov 15 19 Nov 15 26 Nov 15

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 9 TECHNOLOGY: STOCK PERFORMANCE

TOP PERFORMERS BOTTOM PERFORMERS

3 MONTH STOCK PERFORMANCE

29.28% 25.35% International 21.87% Akamai Business Machines Rocket Fuel Inc. Technologies, Inc. Twitter, Inc. Corporation Marketo, Inc. 16.42% 15.05% 1.02%

-5.07% TubeMogul, Inc. Microsoft Alphabet Inc. Facebook, Inc. Yahoo! Inc. Corporation -14.11%

-25.27% -23.79%

YTD STOCK PERFORMANCE

64.65%

46.61% 34.15% 32.19% Marin Software 29.22% Rocket Fuel Inc. Incorporated eBay Inc. TubeMogul, Inc. Twitter, Inc.

EPAM Systems, Inc. Alphabet Inc. Facebook, Inc. salesforce.com, inc. Adobe Systems -39.69% -35.49% Incorporated -51.03% -57.68% -78.35%

LTM STOCK PERFORMANCE

64.65%

46.61% 34.15% 32.19% Marin Software 29.22% Rocket Fuel Inc. Incorporated eBay Inc. TubeMogul, Inc. Twitter, Inc.

EPAM Systems, Inc. Alphabet Inc. Facebook, Inc. salesforce.com, inc. Adobe Systems -39.69% -35.49% Incorporated -51.03% -57.68% -78.35%

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 10 INFORMATION: TRANSACTION OVERVIEW

SECTOR SUMMARY

Q4 2015 Reported Transactions: 183 Reported Volume: $4.5 B YTD 2015 Reported Transactions: 700 Reported Volume: $35.5 B

NOTABLE TRANSACTIONS

DATE BUYER TARGET SIZE($000's) VALUATION DESCRIPTION

SGS International has acquired Ill.-based MultiAd (Kwikee), a provider of 10/9/2015 SGS International Multi-Ad N/A N/A product packaging images and related data to the retail food industry.

Datamyx, previously owned by Halyard Capital, is a provider of integrated information, technology and analytics. The acquisition expands Deluxe Corp.'s 10/19/2015 Deluxe Corp. Datamyx $160,000 N/A data analytics capabilities and expands its marketing solutions product offerings.

IBM has acquired the Weather Company's data and digital properties. IBM Data & Digital Assets of plans to market and sell cloud-based weather information along with software 10/28/2015 IBM $2,000,000+ N/A The Weather Company to customers. The transaction does not include purchase of the Weather Channel.

MarketShare Partners is a marketing analytics technology provider with clients 11/6/2015 Neustar MarketShare Partners $450,000 7.9x Revenue including MasterCard, Turner Broadcasting, Intel, Twitter and CarMax. The acquisition expands Neustar's marketing services.

Market research firm National Research Group will operate as an independent National Research 11/16/2015 Stagwell Media N/A N/A entity under the umbrella of the Stagwell family of companies. The acquisition Group helps expand Stagwell's capabilities.

Experian Marketing PE firm Symphony Technology Group will acquire Experian Marketing Symphony 12/14/2015 Services' Consumer $47,000 .7x Revenue Services' Consumer Insights division. The acquisition helps Experian focus on Technology Group Insights division its ability to foster cross-channel campaign management.

Founded in 1990, FocusVision is a provider of highly secure live video 12/14/2015 EQT Mid Market FocusVision N/A N/A transmissions of qualitative research. Through this acquisition, FocusVision expands domestically and internationally.

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 11 INFORMATION: VALUATION COMPS

OVERVIEW EV/Rev EV/EBITDA P/E Last 12 P/E Fwd 12 Low 0.57 x 4.20 x 7.19 x 4.73 x Median 1.85 x 12.11 x 26.44 x 17.21 x High 5.51 x 64.87 x 112.29 x 39.98 x Average 2.46 x 14.60 x 31.86 x 17.76 x

Enterprise Market Cap Value Revenue EBITDA EV/REV EV/EBITDA P/E Last 12 P/E Fwd 12

Accenture plc $ 65,617 $ 63,074 $ 31,165 $ 5,195 2.02 x 12.14 x 22.01 x 19.35 x

Acxiom Corporation $ 1,629 $ 1,657 $ 1,033 $ 158 1.60 x 10.52 x NM 39.98 x

Alliance Data Systems Corporation $ 16,909 $ 31,463 $ 6,177 $ 1,608 5.09 x 19.56 x 37.42 x 16.57 x Cognizant Technology Solutions $ 36,496 $ 33,396 $ 11,926 $ 2,373 2.80 x 14.07 x 23.54 x 18.03 x comScore, Inc. $ 1,604 $ 1,493 $ 361 $ 23 4.13 x 64.87 x NM 24.00 x Equifax Inc. $ 13,195 $ 14,458 $ 2,622 $ 912 5.51 x 15.85 x 32.56 x 23.19 x Experian plc $ 17,040 $ 20,310 $ 4,656 $ 1,486 4.48 x 13.99 x 26.44 x 19.26 x Forrester Research Inc. $ 505 $ 401 $ 313 $ 35 1.28 x 11.50 x 38.40 x 25.35 x FTI Consulting, Inc. $ 1,454 $ 1,869 $ 1,762 $ 201 1.06 x 9.31 x 25.51 x 17.57 x Genpact Limited $ 5,313 $ 5,653 $ 2,416 $ 408 2.34 x 14.30 x 24.99 x 18.84 x

GfK SE $ 1,225 $ 1,644 $ 1,693 $ 234 1.00 x 7.12 x 112.29 x 13.18 x

ICF International Inc. $ 684 $ 1,010 $ 1,128 $ 111 0.90 x 9.08 x 18.82 x 12.12 x

NeuStar, Inc. $ 1,284 $ 1,710 $ 1,022 $ 407 1.67 x 4.20 x 7.19 x 4.73 x

Nielsen Holdings plc $ 16,965 $ 24,147 $ 6,181 $ 1,538 3.91 x 15.77 x 36.29 x 16.80 x

Perficient Inc. $ 605 $ 657 $ 450 $ 54 1.46 x 12.07 x 26.78 x 12.51 x

R.R. Donnelley & Sons Company $ 3,072 $ 6,505 $ 11,392 $ 1,064 0.57 x 6.11 x 30.05 x 9.60 x

Teradata Corporation $ 3,514 $ 3,350 $ 2,572 $ 442 1.30 x 7.58 x NM 11.72 x

Thomson Reuters Corporation $ 29,008 $ 37,180 $ 12,272 $ 2,592 3.14 x 14.82 x 15.55 x 16.85 x

INDEX STOCK PERFORMANCE (Market Cap Weighted)

Q4 PERFORMANCE YTD PERFORMANCE

Information: 1.8% S&P 500: 6.2% Information: 7.0% S&P 500: -0.7%

20% 12% 15% 10% 10% 8% 5% 6% 0% 4% -5% 2% -10% 0% -15% -2% 2 Jul 2 Jul 15 2 Jan 15 2 Jun 15 Jun 2 2 Sep 2 Sep 15 2 Feb 15 2 Apr 15 2 Apr 2 Aug 15 2 Oct 15 2 Mar 15 2 Mar 2 May 15 2 Dec 15 2 Nov 15 2 Nov 1 Oct 1 Oct 15 8 Oct 15 3 Dec 15 5 Nov 15 15 Oct 15 15 Oct 15 22 Oct 15 29 Oct 10 Dec 15 17 Dec 15 24 Dec 15 31 Dec 15 12 Nov 15 12 Nov 15 19 Nov 15 26 Nov

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 12 INFORMATION: STOCK PERFORMANCE

TOP PERFORMERS BOTTOM PERFORMERS

3 MONTH STOCK PERFORMANCE

17.01% 14.60% 10.95% 10.63% 6.79% Forrester Research Teradata FTI Consulting, Inc. NeuStar, Inc. comScore, Inc. Inc. Corporation

ICF International Equifax Inc. Perficient Inc. Experian plc Alliance Data Inc. Systems -8.77% Corporation -9.41% -11.91% -10.83% -16.50%

YTD STOCK PERFORMANCE

37.71% 31.96%

17.01% 13.98% Teradata Forrester Research ICF International Corporation Inc. GfK SE NeuStar, Inc. Inc. 4.45%

Equifax Inc. Genpact Limited Accenture plc Cognizant Experian plc -13.78% -13.23% Technology -18.46% Solutions -27.64% Corporation -39.51%

LTM STOCK PERFORMANCE

37.71% 31.96%

17.01% Teradata Forrester Research ICF International 13.98% Corporation Inc. GfK SE NeuStar, Inc. Inc. 4.45%

Equifax Inc. Genpact Limited Accenture plc Cognizant Experian plc -13.78% -13.23% -18.46% Technology Solutions -27.64% Corporation -39.51%

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Q 4 | 2015 | 13 PALAZZO is a boutique investment bank with a singular focus on creating value and wealth for owners and stakeholders of marketing services, interactive, digital, information, and new media companies.

Our suite of advisory and acquisition services, combined with our ability to deliver superior results, makes us the partner of choice for companies intent on improving performance, or considering an M&A transaction.

For more information visit www.palazzonyc.com or contact us directly.

P 212.402.9000 [email protected]

Q 4 | 2015 | 14