Marketing, Media, Technology, and Services M&A & Investment May 2011 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 6 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 32

M&A & INVESTMENT SUMMARY MAY 2011 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICES INDUSTRIES Transaction Distribution • A tot al of 253 deal s worth approxi mat el y $18.7 billion were announced in May 2011 • Digital Media/Commerce was the most active segment with 117 transactions • Digital Media/Commerce was also the highest value segment worth approximately $12.1 billion • Strategic buyers announced 112 deals for approximately $15.5 billion (44% of total volume) • VC/Growth Capital investors announced 135 deals for approximately $1.9 billion • Buyout investors announced 6 deals for approximately $1.3 billion

MAY 2011 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 117 46% 12,082.6 65% 49 10,789.2 0 0.0 68 1,293.4 Marketing Technology 64 25% 1,100.1 6% 24 594.0 2 115.0 38 391.2 Software & Information 33 13% 4,162.3 22% 12 3,019.2 2 975.0 19 168.2 Digital Advertising 19 8% 238.5 1% 9 158.3 0 0.0 10 80.2 Agency/Consulting 15 6% 978. 5 5% 13 808. 2 2 170. 3 0 000.0 Marketing Services 5 2% 145.0 1% 5 145.0 0 0.0 0 0.0 Total 253 100% 18,707.0 100% 112 15,513.7 6 1,260.3 135 1,933.0

$18.7 20 Marketing, Media, Technology, and Services Industries M&A and 18 $16.1 s) Investment Volume - Last 13 Months nn 16 $8.5 14 Skype/ $10.9 MSFT 12 $9.7 10 $8.5 $8.1 $7.6 8 $5.8 $6.1 6 $3.9 4 $2.4 $2.9 $2.9 Value ($ in billio in ($ Value 2 97 49 76 65 64 89 149 182 199 212 248 238 253 0 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11

M&A & INVESTMENT SUMMARY MAY 2011 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions)

Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency/Consulting Rosetta(1 ) Digital Agency Publicis Groupe S.A. $575.0 $250.0 $46.0 2.3x 12.5x Nine Germany-based digital agencies Digital Agency EQT Partners 138.8 127.4 - 1.1x NA BzzAgent, Inc.(2 ) Social Agency dunnhumby 60.0 20.0 - 3.0x NA CMG Worldwide Limited Digital Agenc y Next Fifteen Communic ations Group plc 3.9 4.0 - 1.0x NA Digital Media/Commerce Skype Limited Social Media/Apps Microsoft Corporation 8,500.0 860.0 264.0 9.9x 32.2x Gilt Groupe, Inc .(3 ) eCommerce SoftBank Capital 1,000.0 500.0 - 2.0x NA eLong, Inc. eCommerce Tencent and Expedia 523.3 74.1 7.2 7.1x 72.7x Meetic eCommerce Match.com, LP 357.0 290.4 59.0 1.2x 6.0x Entrac tion Holding Gaming International Game Tec hnology 115.0 50.7 5.1 2.3x 22.8x Chartwell Technology Gaming Amaya Gaming Group 23.5 10.6 (3.8) 2.2x NM Marketing Technology Equitrac Web to Print Nuance Communications, Inc. 157.0 59.0 - 2.7x NA Voc alc om Teleservic es/eServic es Apax Partners, Inc . 100.0 57.0 - 1.8x NA 5to1.com, LLC Media Management System Yahoo!, Inc. 28.0 1.0 (6.8) 28.3x NM Pac ketExc hange Content Delivery Network Global Telec om & Tec hnology 20.0 20.0 - 1.0x NA Dire c t EDI Co mme rc e Ma na ge me nt S P S Co mme rc e 10. 9 4. 0 - 2.7x NA Atalasoft Content Management Kofax, Inc. 9.7 3.6 1.0 2.7x 9.7x Re s po ndQ Co mme rc e Ma na ge me nt iT ra c kr S y s t e ms , Inc . 0. 9 0. 3 - 2.8x NA Software & Information Ipreo LLC Financial Kohlberg Kravis Roberts & Company 425.0 130.0 35.0 3.3x 12.1x Computec Credit/Risk Management Experian plc 416.1 88.0 24.3 4.7x 17.1x Clearwell Systems, Inc . Legal Software Symantec Corporation 390.0 56.0 - 7.0x NA Iron Mountain, Digital Division Assets Legal Software Autonomy Inc. 380.0 130.0 - 2.9x NA Kendle International, Inc . Healthc are-BioPharma INC Researc h 340.8 434.6 24.4 0.8x 14.0x Black Diamond Performance Reporting Financial Software Advent Software, Inc. 73.0 12.0 - 6.1x NA Echo Research, Inc. Market Research Ebiquity 6.2 8.0 - 0.8x NA

IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

LinkedIn Corporation Social Media/Apps IPO $8,800.0 $292.4 $52.2 30.1x 168.7x Renren, Inc. Social Media/Apps IPO 5,351.0 76.5 13.9 69.9x 383.8x Phoenix New Media Ltd Web Search/Portals IPO 1,073.4 80.5 13.7 13.3x 78.5x Jiayuan.com International Ltd. eCommerce IPO 324.8 25.4 4.2 12.8x 76.8x NetQin Mobile Inc . Mobile Tec hnology IPO 503.4 22.9 (9.2) 22.0x NM (1) Revenue per mmm-online and EBITDA per The New York Times , 05/17/11 (2) Revenue per TechCrunch , 05/23/2011 (3) Revenue and Enterprise Value per The Wall Street Journal, 05/10/2011 *IPO Multiples based on most recent financials and pro forma balance sheets according to S-1 filings

M&A & INVESTMENT SUMMARY MAY 2011 4 IPO PIPELINE ($ in Millions)

Securities in Registration (as of 5/31/11) Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA

Bankrate Online Lead Generation $500.0 $300.9 $93.0

HomeAway Classifieds/Auctions/P-to-P 230.0 167.9 43.2

Taomee Holdings* Digital Media/Commerce 100.0 35.9 19.3

Newgistics Fulfillment 86.3 174.6 18.2

Reply.com Online Lead Generation 60.0 38.3 8.1

Zillow Online Lead Generation 51.8 30.5 0.1

Kayak.com Vertical Search 50.0 112.7 16.2 * Filed May 2011

IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on Date Ticker Company Name Country Price Range Per Share on 1st Trading Day May 31, 2011

May-11 LNKD LinkedIn Corp. United States $12.00 - $14.00 $11.00 14.75, up 34% $81.58 May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 11.51 May-11 RENN RenRen Inc. United States 22.00 - 24.00 25.00 38.84, up 55% 12.85 May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 18.35 May-11 DATE Jiayuan.com International United States 10.00 - 12.00 11.00 10.52, down 4% 13.94

May-11 NQ NetQin Mobile India 32.00 - 35.00 45.00 94.25, up 109% 6.06 May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 33.45 Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 17.19 Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 26.10 Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 19.45 Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 19.31 Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 21.05 Jan-11 VELT Velti Plc China 9.00 - 11.00 12.00 15.58, up 30% 15.46 Jan-11 NLSN Nielsen Holdings B.V. Netherlands 20.00 - 22.00 23.00 25.00, up 9% 31.49

Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 15.21 Dec-10 ISS Isoftstone Holdings Ltd. China 11.00 - 13.00 13.00 16.62, up 28% 15.92 Dec-10 MOBI Sky-mobi Ltd. China 8.00 - 10.00 8.00 6.00, down 25% 8.95 Dec-10 DANG E-Commerce China Dangdang China 13.00 - 15.00 16.00 29.91, up 87% 19.59

Dec-10 YOKU Youku.com China 9.00 - 11.00 12.80 33.44, up 161% 42.27 Nov-10 BAH Booz Allen Hamilton United States 17.00 - 19.00 17.00 19.50, up 15% 17.99 Oct-10 BET Betfair Group United Kingdom 19.72 - 20.50 20.49 24.29, up 19% 13.79 Sep-10 CCIH ChinaCache International Holdings China 10.00 - 12.00 13.90 27.15, up 95% 12.06 Aug-10 MMYT MakeMyTrip Ltd. India 12.00 - 14.00 14.00 26.45, up 89% 23.14

Aug-10 MDMD MediaMind Technologies United States 14.00 - 16.00 11.50 11.00, down 4% 17.48 Jul- 10 GDOT Green Dot Corp. United States 32. 00 - 35. 00 36. 00 44. 99, up 25% 38. 74 Jul-10 QLIK Qlik Technologies United States 8.50 - 9.50 10.00 14.06, up 41% 33.29 Jun-10 MOTR Motricity United States 10.00 - 11.00 10.00 9.26, down 7% 9.31 May-10 RLOC ReachLocal United States 17.00 - 19.00 13.00 $14.98, up 15% 20.99

M&A & INVESTMENT SUMMARY MAY 2011 5 DIGITAL ADVERTISING Transactions by Segment and Buyer Type

• Digital Video and Online Lead Generation were the most active subsegments, each with five transactions. Online Lead Generation was the highest value subsegment worth $77.2 million • Select acquisitions › Reply!’s $60 million acquisition of MerchantCircle, an online marketing network and business directory › Velti’s $3 million acquisition of CASEE, a mobile ad network • Select investments › The $34 million venture capital investment in Adconion Media Group, an online ad network, led by Silicon Valley Bank › The $20 million venture capital investment in JiWire, a location-based mobile advertising company, led by Trident Capital › The $11 million venture capital investment in iStreamPlanet, which provides live and on-demand video streaming services, led by Intel Capital

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 5 25% 40.0 15% 2 25.0 0 0.0 3 15.0 Online Lead Generation 5 25% 77.2 28% 1 60.0 0 0.0 4 17.2 Mobile Marketing 4 20% 36.3 13% 2 8.3 0 0.0 2 28.0 Search Marketing 3 15% 55.0 20% 3 55.0 0 0.0 0 0.0 Ad Networks/Exchanges 2 10% 54.0 20% 0 0.0 0 0.0 2 54.0 Email Services 1 5% 10.0 4% 1 10.0 0 0.0 0 0.0 Total 20 100% 272.5 100% 9 158.3 0 0.0 11 114.2

M&A & INVESTMENT SUMMARY MAY 2011 6 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 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $529.02 -18% $170,477.7 $138,898.7 $31,121.0 $12,155.0 39.1% 24.9% 4.5x 11.4x Microsoft Corporation United States 25.01 -15% 210,903.5 175,351.5 68,615.0 30,141.0 43.9% 15.2% 2.6x 5.8x

Constant Contact, Inc. United States $24.05 -34% $708.6 $594.4 $184.8 $12.2 6.6% 31.6% 3.2x 48.8x eHealth, Inc. United States 13.26 -17% 283.6 153.3 162.0 35.2 21.7% 16.6% 0.9x 4.4x Hi-Media S.A. France 5.45 -28% 241.0 291.1 297.7 24.4 8.2% 28.9% 1.0x 11.9x IAC/InterAc tiveCorp. United States 36.78 -2% 3,311.5 2,150.0 1,718.9 194.5 11.3% -3.2% 1.3x 11.1x InfoSpac e, Inc . United States 9.30 -5% 344.4 94.7 246.7 14.0 5.7% 7.1% 0.4x 6.8x Motric ity, Inc . * United States 9.31 -71% 431.9 370.3 136.5 5.4 3.9% 14.2% 2.7x 68.8x OPT, Inc. Japan 1,378.72 -34% 204.2 55.4 713.6 23.0 3.2% 6.9% 0.1x 2.4x QuinStreet, Inc. United States 15.46 -38% 725.6 686.6 397.5 74.2 18.7% 26.5% 1.7x 9.3x Responsys, Inc. * United States 17.19 -4% 806.5 858.2 104.8 18.9 18.0% 0.0% NA NA Septeni Holdings Co Ltd Japan 654.89 -39% 82.4 39.3 412.7 15.6 3.8% 6.7% 0.1x 2.5x TradeDoubler AB Sweden 6.81 -19% 290.7 251.0 456.4 20.5 4.5% 0.0% 0.5x 12.3x Tree.Com, Inc. United States 5.69 -40% 62.7 70.1 186.8 (12.2) NM - 8.5% 0.4x NM ValueClick, Inc. United States 18.05 -9% 1,420.2 1,220.4 451.6 127.4 28.2% 8.7% 2.7x 9.6x Velti Plc Ireland 15.46 -20% 580.2 537.7 129.6 19.1 14.7% 30.7% 4.1x 28.1x Yahoo! Inc. United States 16.55 -12% 21,563.7 18,855.2 5,942.0 1,416.3 23.8% -8.3% 3.2x 13.3x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (5.6x) Low 0.1x 2.4x and EBITDA multiples that are 2.0 standard deviations above the mean (57.2x). Mean 1.6x 17.6x Median 1.1x 11.1x Note: Revenue and EBITDA multiples for Google and Mic rosoft exc luded from Summary Multiples. Weighted Avg 2.7x 14.0x Adj. W Avg* 2.8x 13.6x High 4.1x 68.8x

M&A & INVESTMENT SUMMARY MAY 2011 7 AGENCY/CONSULTING Transactions by Segment and Buyer Type

• Digital Agency was the most active and highest value subsegment with eight transactions worth $792 million • Select acquisitions › Publicis Groupe’s acquisition of Rosetta, an interactive marketing agency, for $575 million › dunnhumby’s acquisition of BzzAgent, a social media marketing firm specializing in word-of-mouth campaigns for companies such as Unilever, LOrealL’Oreal, and Michelin, for $60 million › Next Fifteen Communications’ acquisition of CMG Worldwide Limited (dba Bourne), a full-service digital agency providing strategic planning services across all digital channels, for $3.2 million

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture//pGrowth Capital # % $MM % # $MM # $MM # $MM Digital Agency 8 53% 792.0 81% 7 653.2 1 138.8 0 0.0 Social Agency 3 20% 90.0 9% 3 90.0 0 0.0 0 0.0 Branded Communications 2 13% 30.0 3% 2 30.0 0 0.0 0 0.0 Healthcare Agency 1 7% 35.0 4% 1 35.0 0 0.0 0 0.0 MdiMedia Plann ing /Buy ing 1 7% 31. 5 3% 0 000.0 1 31. 5 0 000.0 Total 15 100% 978.5 100% 13 808.2 2 170.3 0 0.0

M&A & INVESTMENT SUMMARY MAY 2011 8 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc United Kingdom $2.33 -7% $2,929.6 $3,416.0 $2,278.7 $231.6 10.2% 8.4% 1.5x 14.8x Cello Group Plc United Kingdom 0.74 -29% 57.9 73.0 195.1 12.6 6.5% 1.0% 0.4x 5.8x Chime Communications plc United Kingdom 4.91 -1% 377.4 364.7 468.1 39.9 8.5% -0.4% 0.8x 9.1x Dent su Inc . Japan 26.82 -23% 6,683.2 6,527.3 22,125.7 801.6 3.6% 9.2% 0.3x 8.1x Havas France 5.12 -19% 2,203.5 2,082.8 2,089.2 320.5 15.3% 8.1% 1.0x 6.5x HhHuntsworth plc UiUnite d KidKingdom 1211.21 -16% 296. 4 383. 6 271. 1 50. 4 18.6% 11.1% 1.4x 7.6x IPG United States 11.93 -11% 5,830.1 6,252.9 6,669.7 713.8 10.7% 10.4% 0.9x 8.8x M&C Saatchi plc United Kingdom 2.26 -9% 140.3 95.4 195.4 22.3 11.4% 21.0% 0.5x 4.3x MDC Partners Inc . Canada 17.96 -5% 520.2 983.3 779.4 71.0 9.1% 40.6% 1.3x 13.9x mkt g, inc . United States 0.66 -49% 5.6 2.7 105.7 4.0 3.8% 26.6% 0.0x 0.7x Next Fifteen Communications Group plc United Kingdom 1.38 -2% 75.9 83.3 126.5 15.6 12.3% 19.4% 0.7x 5.3x Omnicom Group Inc. United States 46.77 -9% 13,148.0 15,516.6 12,773.8 1,891.8 14.8% 7.4% 1.2x 8.2x Photon Group Limited Australia 0050.05 -69% 72. 3 258. 4 589. 8 45. 2 77%7.7% -72%7.2% 040.4x 575.7x Public is Groupe SA France 54.92 -10% 10,015.9 9,922.5 7,265.2 1,296.7 17.8% 19.8% 1.4x 7.7x Sapient Corp. *United States 14.69 -2% 2,026.2 1,822.2 921.7 96.9 10.5% 30.0% 2.0x 18.8x WPP plc Ireland 12.44 -12% 15,745.9 19,181.0 14,569.4 2,146.9 14.7% 7.4% 1.3x 8.9x

Summary Multiples

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 3.0 standard deviations above the mean (2.5x) Low 0.0x 0.7x and EBITDA multiples that are 2.0 standard deviations above the mean (17.1x). Mean 0.9x 8.4x Median 1.0x 7.9x Weighted Avg 1.2x 9.0x Adj. W Avg* 1.2x 8.7x High 2.0x 18.8x

M&A & INVESTMENT SUMMARY MAY 2011 9 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type

• Social Media/Apps was the most active and highest value subsegment with 22 transactions worth approximately $8.7 billion, of which Microsoft’s acquisition of Skype was $8.5 billion • Select acquisitions › Allstate’s acquisition of Esurance, a comparison shopping company, and Answer Financial, an online personal insurance agency providing auto and home insurance services, for a combined $1 billion › Match.com’s $363 million acquisition of Meetic, which provides online dating services in Europe › International Game Technology’s $114 million acquisition of Entraction Holding, which offers software systems for online gaming companies • Select investments › The $200 million investment in group purchasing website 55tuan.com led by Goldman Sachs › The $100 million investment in Airbnb, which provides an online marketplace that allows users to rent out their extra residential space to travelers, led by Andreessen Horowitz Fund

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Media/Apps 22 19% 8,719.8 72% 8 8,640.0 0 0.0 14 79.8 eCommerce 21 18% 1,898.6 16% 6 1,472.9 0 0.0 15 425.8 Gaming 20 17% 491.3 4% 9 307.5 0 0.0 11 183.8 Digital Promotion/Coupon 13 11% 453.0 4% 4 55.0 0 0.0 9 398.0 Niche Content 13 11% 161.7 1% 7 136.4 0 0.0 6 25.3 Classifieds/Auctions/P-to-P 11 9% 201.7 2% 4 64.0 0 0.0 7 137.7 Mobile Content/Apps 9 8% 70.5 1% 4 28.4 0 0.0 5 42.1 Domain Portfolio/Marketplace 3 3% 6.5 0% 3 6.5 0 0.0 0 0.0 Local Search 2 2% 4.5 0% 1 3.5 0 0.0 1 1.0 Comparison Shopping 1 1% 50.0 0% 1 50.0 0 0.0 0 0.0 Digital Place-Based Media 1 1% 15.0 0% 1 15.0 0 0.0 0 0.0 Vertical Search 1 1% 10.0 0% 1 10.0 0 0.0 0 0.0 Total 117 100% 12,082.6 100% 49 10,789.2 0 0.0 68 1,293.4

M&A & INVESTMENT SUMMARY MAY 2011 10 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $196.69 -5% $88,912.3 $82,031.3 $36,930.0 $1,792.0 4.9% 38.05% 2.2x 45.8x eBay Inc. United States 31.17 -12% 40,455.5 35,485.4 9,505.8 2,909.9 30.6% 6.77% 3.7x 12.2x priceline.com Incorporated United States 515.19 -8% 25,577.6 24,464.8 3,309.8 907.8 27.4% 34.52% 7.4x 26.9x Yahoo! Inc. United States 16.55 -12% 21,563.7 18,855.2 5,942.0 1,416.3 23.8% -8.26% 3.2x 13.3x

1800Flowerscom1-800-Flowers.com Inc. United States $3. 10 -19% $198. 4 $232. 0 $668. 1 $33. 7 5.0% -0.98% 0.3x 6.9x A liba ba . c o m Limit e d China 1.69 -26% 8,532.3 7,043.9 896.3 290.5 32.4% 36.84% 7.9x 24.3x Ancestry.com Inc. United States 41.13 -10% 1,850.1 1,747.8 327.5 105.2 32.1% 38.73% 5.3x 16.6x AOL, Inc. United States 20.57 -26% 2,199.5 1,916.3 2,303.8 579.9 25.2% -24.58% 0.8x 3.3x Bet fair Group PLC United Kingdom 13.79 -48% 1,456.9 1,170.9 618.2 56.5 9.1% 0.00% 1.9x 20.7x BIDZ.c om, Inc . United States 1.03 -59% 20.0 16.2 101.5 (1.5) -1.5% -5.52% 0.2x NM Blinkx plc United Kingdom 2.31 -9% 771.5 717.4 66.1 9.2 14.0% 96.36% 10.9x 77.7x Blue Nile Inc . United States 50.00 - 22% 730.7 652.3 339.0 22.9 6.7% 8.04% 1.9x 28.5x Bluefly Inc . United States 2.65 -24% 65.2 57.7 90.0 (1.1) -1.2% 10.37% 0.6x NM CyberAgent Inc. Japan 3,414.78 -9% 2,215.4 2,047.2 1,332.8 172.5 12.9% 19.38% 1.5x 11.9x Demand Media, Inc . United States 15.21 -44% 1,265.6 1,157.5 278.8 48.4 17.4% 35.04% 4.2x 23.9x Dena Co. Lt d. Japan 35.51 -15% 5,237.2 4,500.6 1,360.4 700.1 51.5% 134.33% 3.3x 6.4x E-Commerce China Dangdang Inc. * China 19.59 -46% 1,533.4 1,284.9 385.0 4.6 1.2% 0.00% 3.3x 280.0x Ediets.com Inc. United States 1.81 -63% 24.0 23.1 25.3 (7.0) -27.8% 41.52% 0.9x NM Expedia Inc. United States 28.01 -6% 7,656.8 7,546.1 3,452.4 827.7 24.0% 13.65% 2.2x 9.1x Gree, Inc . Japan 22.05 -10% 5,055.4 4,770.6 652.0 322.4 49.4% 83.53% 7.3x 14.8x GSI Commerc e Inc . United States 29.25 -7% 2,128.6 2,345.8 1,408.9 102.5 7.3% 30.41% 1.7x 22.9x Hollywood Media Corp. United States 1.61 -18% 37.3 31.8 3.9 (7.3) -187.1% -2.7% 8.2x NM HSN, Inc . United States 35.21 -3% 2,060.5 2,025.2 3,037.5 223.7 7.4% 8.36% 0.7x 9.1x Jiayuan.com China 13.94 -12% 435.8 415.2 25.4 4.2 16.6% 162.29% 16.3x 98.2x Info Edge (India) Ltd. India 15.36 -11% 838.6 752.4 72.2 17.8 24. 7% 35. 71% 10. 4x 42. 2x Kongzhong Corp. China 6.26 -42% 220.6 103.3 145.9 21.1 14.5% 4.78% 0.7x 4.9x LinkedIn Corporation * United States 81.58 -34% 7,709.2 7,603.1 292.3 37.9 13.0% 0.00% 26.0x 200.8x MakeMyTrip Limited * India 23.14 -46% 846.9 783.0 124.7 5.3 4.2% 49.26% 6.3x 148.9x Mixi, Inc. Japan 3,646.21 -41% 565.5 403.7 203.6 46.9 23.0% 24.07% 2.0x 8.6x Monster Worldwide, Inc . United States 15.42 -40% 1,882.4 1,811.4 960.2 87.7 9.1% 10.87% 1.9x 20.7x Move, Inc. United States 1.97 -32% 312.7 275.7 197.9 11.5 5.8% -3.81% 1.4x 23.9x Netflix, Inc . United States 270. 80 -2% 14, 214. 6 14, 107. 5 2, 387. 5 364. 6 13%15.3% 390%34.90% 5.99x 38.7x OpenTable, Inc. United States 88.33 -26% 2079.64 2024.27 111.45 28.11 25.2% 50.91% 18.2x 72.0x Orbitz Worldwide, Inc. United States 2.30 -67% 235.9 554.2 755.3 115.5 15.3% 2.56% 0.7x 4.8x

M&A & INVESTMENT SUMMARY MAY 2011 11 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Overstock.com Inc. United States $14.53 -36% $337.8 $278.8 $1,091.0 $21.3 1.9% 14.20% 0.3x 13.1x PC Connection, Inc. United States 8.73 -12% 234.8 178.9 2,027.9 47.7 2.4% 22.77% 0.1x 3.7x PC Home Online Inc. Taiwan 6.21 -18% 363.9 304.0 395.9 14.5 3.7% 31.46% 0.8x 21.0x PC Mall Inc . United States 8.28 -25% 102.7 163.1 1,414.4 24.1 1.7% 21.03% 0.1x 6.8x Phoenix New Media Ltd. China 11.51 -24% 869.7 890.4 80.2 13.7 17.1% 101.53% 11.1x 65.0x Qihoo 360 Technology Co. Ltd * China 26.10 -28% 3,013.9 3,021.5 70.9 (9.0) -12.75% 91.73% 42.6x NM Rakut en, Inc . Japan 1,015.57 -2% 13,390.9 16,893.2 4,270.5 1,049.8 24.6% 13.76% 4.0x 16.1x ReachLocal, Inc. United States 20.99 -26% 610.3 525.7 312.1 (8.2) -2.6% 39.33% 1.7x NM RealNet works Inc . United States 3.74 -13% 510.6 179.2 360.4 1.6 0.5% -34.48% 0.5x 110.2x Rediff.com India Ltd. India 11.15 -38% 303.2 258.5 21.8 (3.6) -16.3% 15.64% 11.9x NM Renren Inc . * China 12.85 -46% 5,036.3 5,438.0 76.5 14.7 19.2% 63.94% 71.1x 370.4x Sc ripps Networks Interac tive, Inc . United States 50.43 -6% 8,478.0 8,930.1 2,133.7 920.3 43. 1% 28. 94% 42x4.2x 97x9.7x Shutterfly, Inc. United States 60.62 -9% 2,047.5 1,831.2 319.2 40.5 12.7% 24.61% 5.7x 45.2x Sify Technologies Limited * India 5.67 -34% 1,011.3 1,062.5 154.2 5.4 3.5% 2.46% 6.9x 195.5x S ky - mo bi Limit e d China 8.95 -62% 288.0 208.6 103.1 3.6 3.5% 24.08% 2.0x 58.1x Stamps.com Inc. United States 12.44 -24% 178.4 155.9 87.4 8.1 9.2% 5.19% 1.8x 19.3x TechTarget, Inc. United States 8.08 -17% 304.0 260.3 96.5 11.5 11.9% 8.38% 2.7x 22.7x The Active Network, Inc. United States 18.35 -6% 972.2 1,355.4 289.1 15.0 5.2% 0.00% 4.7x 90.3x The Knot, Inc. United States 10. 26 -16% 324. 1 223. 1 112. 9 10. 7 9.5% 2.47% 2.0x 20.9x TheStreet.com, Inc. United States 3.42 -6% 109.2 57.2 57.8 (4.5) -7.8% -4.04% 1.0x NM United Online, Inc . United States 6.08 -19% 538.9 691.1 910.3 160.5 17.6% -6.94% 0.8x 4.3x ValueVision Media Inc . United States 7.24 -6% 342.9 327.6 580.8 6.8 1.2% 11.90% 0.6x 48.3x Vringo, Inc. United States 1.92 -47% 10.9 10.2 0.3 (6.8) -2085.4% 556.00% 31.1x NM WebMD Health Corp. United States 47.68 -19% 2,817.5 2,552.1 558.1 142.1 25.5% 22.31% 4.6x 18.0x WebMediaBrands Inc United States 1.42 -28% 54.0 48.8 9.3 (3.6) -38.8% 44.28% 5.2x NM Yandex N.V. Netherlands 33.45 -20% 10,745.7 10,510.8 493.9 235.5 47.7% 0.00% 21.3x 44.6x Youku.com Inc * China 42.27 -40% 4,808.8 4,550.2 71.2 (6.2) -8.7% 0.00% 63.9x NM

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (36.1x) Low 0.1x 3.3x and EBITDA multiples that are 1.0 standard deviations above the mean (127.8x). Mean 8.0x 52.2x Median 2.7x 21.8x Note: Revenue and EBITDA multiples for Adobe Systems, Akamai Technologies, Autonomy and Salesforce. comc om excludedexc luded from Summary Multiples. Weighted Avg 13. 0x 52. 6x Adj. W Avg* 7.7x 25.5x High 71.1x 370.4x

M&A & INVESTMENT SUMMARY MAY 2011 12 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type

• With eleven transactions for approximately $140 million, Social Technology was the most active subsegment in Marketing Technology. Content Management was the highest value subsegment worth approximately $251 million • Select acquisition › Nuance Communications’ $157 million acquisition of Equitrac, which develops print management and cost recovery software › Apax Partners’ $65 million buyout of Vocalcom, a provider of software and technology solutions to customer contact and call centers • Select investment › The $17 million venture capital investment in Peel, a startup that turns iOS devices into universal remotes, led by Lightspeed Venture Partners › The $10 million venture capital investment in PowerReviews, a provider of customer review technology for retailer and eCommerce sites, led by Woodside Fund

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Technology 11 17% 139.7 12% 5 127.5 0 0.0 6 12.2 Mobile Technology 8 12% 71.8 6% 2 30.0 0 0.0 6 41.8 Commerce Management 7 11% 84.0 7% 2 11.8 1 50.0 4 22.2 Content Management 6 9% 250.7 22% 4 64.7 0 0.0 2 186.0 Analytics & Reporting 6 9% 44.8 4% 0 0.0 0 0.0 6 44.8 Ad Serving 3 5% 32.8 3% 0 0.0 0 0.0 3 32.8 Online Targeting/Optimization 4 6% 29.0 3% 1 10.0 0 0.0 3 19.0 Content Delivery Network 3 5% 95.0 8% 2 45.0 0 0.0 1 50.0 Email/Messaging Software 2 3% 5.6 0% 0 0.0 0 0.0 2 5.6 MRM/Workflow Management 2 3% 7.2 1% 0 0.0 0 0.0 2 7.2 Search & Discovery 2 3% 4.7 0% 0 0.0 0 0.0 2 4.7 Other* 11 17% 385.0 33% 8 305.0 1 65.0 2 15.0 Total 65 100% 1,150.1 100% 24 594.0 2 115.0 39 441.2

*Other consists of Web to Print, BI tools, Creative Production Platform, CRM, Internet Service Providers, Media Management Systems, SEM/SEO tools, SFA/Lead Management, Teleservices/eServices, and Website Creation/Hosting

M&A & INVESTMENT SUMMARY MAY 2011 13 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 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $34.63 -4% $17,469.4 $16,353.0 $3,969.0 $1,420.7 35.8% 31.50% 4.1x 11.5x Akamai Technologies, Inc. United States 33.94 -38% 6,335.9 5,772.4 1,059.5 399.1 37.7% 19.12% 5.4x 14.5x Autonomy Corp. plc United Kingdom 29.54 -10% 7,172.4 6,867.9 896.0 403.0 45.0% 11.43% 7.7x 17.0x Salesforce.com United States 152.26 -1% 20,387.6 20,151.2 1,784.7 139.4 7.8% 29.56% 11.3x 144.6x

Alterian plc United Kingdom $1.82 -49% $111.4 $99.9 $59.3 $1.3 2.2% -2.75% 1.7x 78.0x Blackbaud Inc. United States 28. 15 -7% 1, 219. 5 1, 195. 4 338. 1 65. 2 19. 3% 878%8.78% 353.5x 18. 3x ChinaCac he International Holdings Ltd. *China 12.06 -66% 290.8 359.3 52.4 4.2 8.0% 0.00% 6.9x 85.7x Convio, Inc. United States 11.42 -12% 205.9 157.1 71.3 6.1 8.5% 9.51% 2.2x 25.9x DemandTec, Inc. United States 9.94 -29% 321.1 253.6 82.4 (7.2) -8.7% 4.26% 3.1x NM DG FastChannel, Inc. United States 35.38 -19% 969.8 887.1 258.1 117.3 45.5% 26.70% 3.4x 7.6x Digit al River Inc . United States 32.55 -18% 1,290.7 921.9 362.7 46.5 12.8% -9.23% 2.5x 19.8x Informatica Corporation United States 58.66 -2% 6,204.9 5,652.2 683.0 165.3 24.2% 29.66% 8.3x 34.2x InnerWorkings Inc . United States 8478.47 -8% 391. 3 428. 8 515. 2 20. 9 41%4.1% 23. 14% 080.8x 20. 5x Interac tive Intelligenc e, Inc . United States 36.31 -13% 678.9 592.6 179.0 29.4 16.4% 30.71% 3.3x 20.1x JDA Software Group Inc. United States 33.03 -6% 1,397.5 1,444.2 649.2 162.0 25.0% 49.55% 2.2x 8.9x Keynot e Syst ems Inc . United States 21.23 -11% 349.6 263.6 88.7 12.9 14.5% 10.95% 3.0x 20.4x MediaMind Technologies Inc. United States 17.48 -2% 332.5 231.3 83.7 14.8 17.7% 20.17% 2.8x 15.6x NetQin Mobile *China 6.06 -49% 277.7 304.6 22.9 (7.1) -31.1% 0.00% 13.3x NM Open Text Corp. Canada 65.25 -3% 3,734.7 3,795.5 987.9 297.3 30.1% 12.86% 3.8x 12.8x PROS Holdings, Inc . United States 16. 80 -15% 449. 9 388. 0 75. 1 5. 4 72%7.2% 10. 34% 525.2x 72. 0x Rightnow Technologies Inc. United States 33.10 -10% 1,093.9 1,019.2 195.7 21.3 10.9% 23.30% 5.2x 47.9x Sage Group plc United Kingdom 4.77 -4% 6,285.2 6,405.3 2,341.4 647.0 27.6% 3.48% 2.7x 9.9x S1 Corporation United States 7.28 -3% 389.0 329.2 215.8 7.6 3.5% -6.92% 1.5x 43.1x S ky - mo bi Limit e d China 8.95 -62% 288.0 208.6 103.1 3.6 3.5% 24.08% 2.0x 58.1x smartFOCUS Group Plc United Kingdom 0.40 -1% 38.9 35.7 21.7 2.4 11.3% 16.57% 1.6x 14.6x SoundBite Communications, Inc. United States 2.41 -27% 39.5 5.6 38.8 (2.0) -5.1% -4.52% 0.1x NM TIBCO Software Inc. United States 28. 09 -9% 4, 542. 3 4, 321. 4 784. 3 176. 2 22. 5% 21. 87% 555.5x 24. 5x Verint Systems Inc. United States 33.94 -11% 1,299.8 2,000.0 726.8 115.0 15.8% 3.29% 2.8x 17.4x Vocus Inc. United States 27.24 -11% 544.7 446.0 101.5 (0.5) -0.5% 17.40% 4.4x NM

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (11.8x) Low 0.1x 7.6x and EBITDA multiples that are 2.0 standard deviations above the mean (78.7x). Mean 3.7x 31.2x Median 3.0x 20.4x Note: Revenue and EBITDA multiples for Adobe Systems, Akamai Tec hnologies, Autonomy and Salesforc e.c om exc luded from Summary Multiples. Weighted Avg 4.6x 21.9x Adj. W Avg* 4.5x 22.1x High 13.3x 85.7x

M&A & INVESTMENT SUMMARY MAY 2011 14 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type

• With seven transactions, ERP Software was the most active subsegment in Software & Information. HC-BioPharma Consulting was the highest value subsegment worth approximately $1.4 billion • Select acquisitions › Thomson Reuters’ $530 million acquisition of World-Check, a provider of financial crime and corruption prevention information › Kohlberg Kravis Roberts & Company’s $425 million buyout of Ipreo, a provider of market intelligence, deal execution platforms, and investor communication tools to investment banks and corporations › Experian’s $416 million acquisition of Computec, a credit services information provider • Select investments › The $27 million venture capital investment in ABILITY Network, which operates a web-based health information network for hospitals, skilled nursing facilities, home health agencies, clinics, physicians, and healthcare technology companies, led by Bain Capital

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM ERP Software 7 21% 47.8 1% 0 0.0 0 0.0 7 47.8 HR Software 4 12% 32.0 1% 0 0.0 0 0.0 4 32.0 Infrastructure Software 4 12% 50.2 1% 0 0.0 0 0.0 4 50.2 Financial Software 3 9% 85.7 2% 1 73.0 0 0.0 2 12.7 Legal Software 3 9% 772.0 18% 2 770.0 0 0.0 1 2.0 Market Research 3 9% 61.2 1% 3 61.2 0 0.0 0 0.0 Credit/Risk Management 2 6% 946.1 23% 2 946.1 0 0.0 0 0.0 HC-BioPharma Consulting 2 6% 1,350.0 32% 1 800.0 1 550.0 0 0.0 Financial 1 3% 425.0 10% 0 0.0 1 425.0 0 0.0 HC-BioPharma Software 1 3% 13.1 0% 1 13.1 0 0.0 0 0.0 HC-Providers Software 1 3% 11.5 0% 0 0.0 0 0.0 1 11.5 Other* 3 9% 382.8 9% 2.0 355.8 0 0.0 1 27.0 Total 34 100% 4,177.3 100% 12 3,019.2 2 975.0 20 183.2

*Other consists of Healthcare BioPharma, Healthcare-Providers, and Marketing Data

M&A & INVESTMENT SUMMARY MAY 2011 15 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $7.23 -19% $400.5 $287.3 $114.8 ($8.0) NM 0.00% 2.5x NM Actuate Corporation United States 5.44 -10% 250.3 208.1 134.5 26.4 19.6% 12.87% 1.5x 7.9x Acxiom Corporation United States 13.75 -27% 1,115.8 1,337.8 1,160.0 201.8 17.4% 5.53% 1.2x 6.6x Adobe Systems Inc. United States 34.63 -4% 17,469.4 16,353.0 3,969.0 1,420.7 35.8% 31.50% 4.1x 11.5x Advent Software, Inc. United States 27.95 -12% 1,465.3 1,332.0 292.1 56.6 19.4% 12.42% 4.6x 23.5x Adddvisory Board Co. United States 52.57 0% 833.2 802.8 290.2 37.3 12.8% 21.28% 2.8x 21.5x Akamai Technologies, Inc. United States 33.94 -38% 6,335.9 5,772.4 1,059.5 399.1 37.7% 19.12% 5.4x 14.5x Alliance Data Systems Corporation United States 93.93 -3% 4,792.5 10,691.3 2,868.3 800.2 27.9% 33.51% 3.7x 13.4x Allocate Software plc. United Kingdom $1.16 -22% 73.1 64.1 45.0 9.6 21.4% 58.17% 1.4x 6.6x Allscripts Healthcare Solutions, Inc. United States 20.11 -13% 3,825.5 4,129.5 923.6 150.3 16.3% 0.00% 4.5x 27.5x Alterian plc * United Kingdom 1.82 -49% 111.4 99.9 59.3 1.3 2.2% -2.75% 1.7x 78.0x Arbitron Inc. United States 42.70 -5% 1,158.6 1,163.1 400.4 97.0 24.2% 4.71% 2.9x 12.0x athenahealth, Inc. United States 44. 77 -11% 1, 561. 2 1, 467. 3 261. 0 38. 8 14. 9% 29. 22% 565.6x 37. 99x Automatic Data Processing, Inc. United States 55.11 0% 27,538.7 25,931.6 9,562.7 2,115.1 22.1% 8.20% 2.7x 12.3x Autonomy Corp. plc United Kingdom 29.54 -10% 7,172.4 6,867.9 896.0 403.0 45.0% 11.43% 7.7x 17.0x Aveva Group plc United Kingdom 27.40 -4% 1,859.1 1,607.3 279.3 85.7 30.7% 17.29% 5.8x 18.8x Blac kbaud Inc . United States 28.15 -7% 1,219.5 1,195.4 338.1 65.2 19.3% 8.78% 3.5x 18.3x Blac kboard Inc . United States 43.09 -14% 1,511.6 1,622.7 465.0 86.6 18.6% 18.74% 3.5x 18.7x Booz Allen Hamilton Inc . United States 17.99 -13% 2,300.7 3,072.2 5,450.9 368.3 6.8% 0.00% 0.6x 8.3x Brainjuicer Group Plc United Kingdom 4.25 -1% 52.9 48.4 25.5 3.7 14. 3% 38. 48% 19x1.9x 13. 2x Broadridge Financial Solutions Inc. United States 22.88 -3% 2,822.6 3,233.2 2,141.3 344.9 16.1% -1.55% 1.5x 9.4x Cegedim SA France 62.73 -27% 876.0 1,553.5 1,242.6 233.3 18.8% 6.02% 1.3x 6.7x Cello Group Plc United Kingdom 0.74 -29% 57.9 73.0 195.1 12.6 6.5% 1.02% 0.4x 5.8x Cerner Corporation United States 120.10 -5% 10,101.1 9,591.8 1,910.5 503.8 26.4% 11.67% 5.0x 19.0x Cision AB Sweden 8.74 -9% 130.3 198.3 169.0 27.8 16.4% -20.54% 1.2x 7.1x Compuware Corporation United States 10.19 -17% 2,224.0 2,043.7 928.9 200.6 21.6% 4.12% 2.2x 10.2x comScore, Inc . United States 28.07 -10% 894.8 865.4 191.8 14.1 7.3% 43.94% 4.5x 61.6x Concur Technologies, Inc. United States 49.97 -14% 2,694.3 2,362.6 317.3 53.1 16.7% 18.62% 7.4x 44.5x Constant Contact, Inc. United States 24.05 -34% 708.6 594.4 184.8 12.2 6.6% 31.58% 3.2x 48.8x Convio, Inc. United States 11.42 -12% 205.9 157.1 71.3 6.1 8.5% 9.51% 2.2x 25.9x CoreLogic, Inc. * United States 18.11 -14% 1,976.8 2,332.4 1,629.4 231.5 14.2% 1.46% NA 10.1x Cornerstone OnDemand, Inc. * United States 19.31 -18% 918.0 830.0 49.8 (13.5) NM 0.00% 16.7x NM Corporate Executive Board Co. United States 42.05 -7% 1,451.4 1,260.7 453.6 95.0 21.0% 6.57% 2.8x 13.3x CoStar Group Inc. United States 63.10 -14% 1,560.1 1,264.2 230.8 44.3 19.2% 8.16% 5.5x 28.5x CRA International Inc . * United States 28.00 -6% 303.7 246.9 267.0 - NM 0.00% 0.9x NA Craneware plc United Kingdom 8.93 -11% 239.3 206.4 31.7 8.3 26.2% 23.73% 6.5x 24.8x DemandT ec , Inc . United States 9.94 -29% 321.1 253.6 82.4 (7.2) NM 4.26% 3.1x NM

M&A & INVESTMENT SUMMARY MAY 2011 16 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DG Fast Channel, Inc . United States $35.38 -19% $969.8 $887.1 $258.1 $117.3 45.5% 26.70% 3.4x 7.6x Digit al River Inc . United States 32.55 -18% 1,290.7 921.9 362.7 46.5 12.8% -9.23% 2.5x 19.8x Dun & Bradstreet Corp. United States 80.21 -8% 3,962.9 4,778.9 1,683.0 495.0 29.4% 0.37% 2.8x 9.7x Ebix Inc. United States 19.80 -35% 781.6 776.5 140.6 62.2 44.2% 29.47% 5.5x 12.5x Ebiquity plc United Kingdom 1.48 -13% 87.0 97.7 52.0 5.9 11.4% 70.12% 1.9x 16.5x Envestnet, Inc. United States 14.84 -16% 469.6 398.1 105.7 13.6 12.9% 30.67% 3.8x 29.3x EPIQ Systems, Inc. United States 14.96 -2% 529.7 621.1 251.4 58.0 23.1% 7.62% 2.5x 10.7x Epocrates, Inc. United States 21.05 -30% 492.6 399.5 108.8 7.4 6.8% 16.69% 3.7x 54.3x Equifax Inc. United States 37.79 -5% 4,650.9 5,598.7 1,889.1 602.8 31.9% 9.04% 3.0x 9.3x Experian plc Ireland 13.15 -3% 13,112.7 14,812.8 4,239.0 1,343.0 31.7% 9.25% 3.5x 11.0x FactSet Research Systems Inc. United States 110.86 -1% 5,115.1 4,912.0 679.5 268.5 39.5% 9.17% 7.2x 18.3x Fair Isaac Corp. United States 29.25 -8% 1,165.1 1,426.8 619.2 149.1 24.1% 2.66% 2.3x 9.6x Fidelity National Information Services, Inc. United States 32. 18 -5% 9, 840. 3 14, 686. 6 5, 417. 9 1, 514. 7 28. 0% 30. 49% 272.7x 979.7x Fidessa group plc United Kingdom 31.97 -1% 1,150.2 1,046.7 409.6 84.6 20.7% 9.99% 2.6x 12.4x Financ ial Engines, Inc . United States 24.90 -14% 1,107.6 990.8 119.7 16.8 14.0% 30.23% 8.3x 59.1x Forrester Research Inc. United States 37.94 -5% 861.6 630.9 257.3 35.0 13.6% 8.96% 2.5x 18.0x FTI Consulting, Inc. United States 38.17 -17% 1,605.1 2,311.2 1,413.2 261.2 18.5% 0.79% 1.6x 8.8x Gartner Inc . United States 39.03 -10% 3,796.1 3,945.6 1,322.2 197.5 14.9% 13.78% 3.0x 20.0x GfK SE Germany 52.12 -13% 1,890.5 2,501.7 1,876.9 280.1 14.9% 12.09% 1.3x 8.9x GlobeOp Financial Services S.A United Kingdom 6.90 -6% 721.9 644.6 189.3 50.0 26. 4% 21. 00% 34x3.4x 12. 9x Green Dot Corporation United States 38.74 -40% 1,628.3 1,465.8 407.6 70.9 17.4% 34.66% 3.6x 20.7x Harris Interactive Inc. United States 0.76 -47% 41.7 41.7 163.7 5.2 3.2% -2.71% 0.3x 8.0x Harte- Hanks Inc . United States 8.20 -40% 523.0 639.1 860.7 109.8 12.8% 2.14% 0.7x 5.8x IHS Inc. United States 87.72 -2% 5,687.7 5,734.4 1,129.7 266.5 23.6% 16.15% 5.1x 21.5x Informa plc Switzerland 7.15 -6% 4,284.3 5,565.0 1,915.1 505.1 26.4% 0.39% 2.9x 11.0x Informatica Corporation United States 58.66 -2% 6,204.9 5,652.2 683.0 165.3 24.2% 29.66% 8.3x 34.2x Information Servic es Group, Inc. United States 2.01 -28% 73.1 125.2 137.8 5.2 3.8% 3.40% 0.9x 24.1x InnerWorkings Inc. United States 8.47 -8% 391.3 428.8 515.2 20.9 4.1% 23.14% 0.8x 20.5x Interac tive Intelligenc e, Inc . United States 36.31 -13% 678.9 592.6 179.0 29.4 16.4% 30.71% 3.3x 20.1x International Datac asting Corporation Canada 0.38 -24% 22.9 16.1 34.4 2.3 6.7% 47.53% 0.5x 7.0x Ipsos SA France 49.17 -9% 1,683.8 1,967.7 1,529.8 192.9 12.6% 20.89% 1.3x 10.2x Isoftstone Holdings Limited China 15.92 -30% 802.0 679.3 214.6 11.3 5.3% 0.00% 3.2x 60.1x JDA Software Group Inc. United States 33.03 -6% 1,397.5 1,444.2 649.2 162.0 25.0% 49.55% 2.2x 8.9x Kenexa Corp. United States 31.62 -5% 835.0 856.9 216.7 17.2 7.9% 36.70% 4.0x 49.9x Keynote Systems Inc. United States 21.23 -11% 349.6 263.6 88.7 12.9 14.5% 10.95% 3.0x 20.4x Lawson Software, Inc. United States 11.13 -15% 1,829.1 1,759.6 755.2 134.4 17.8% 4.08% 2.3x 13.1x LECG Corporation United States 0.05 -99% 4.6 56.7 297.0 (7.8) NM 11.26% 0.2x NM

M&A & INVESTMENT SUMMARY MAY 2011 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Lender Processing Services, Inc. United States $26.58 -24% $2,295.6 $3,504.6 $2,420.1 $637.6 26.3% -0.53% 1.4x 5.5x Macdonald Dettwiler & Associates Ltd. Canada 58.61 -2% 2,411.9 1,655.7 765.2 120.4 15.7% 86.44% 2.2x 13.8x MedAssets, Inc. United States 14.55 -42% 852.8 1,763.5 428.5 107.0 25.0% 20.46% 4.1x 16.5x MediaMind Tec hnologies Inc . United States 17.48 -2% 332.5 231.3 83.7 14.8 17.7% 20.17% 2.8x 15.6x Mediware Information Systems Inc. United States 11.50 -16% 92.2 62.1 52.8 9.5 17.9% 17.32% 1.2x 6.6x Merge Healhlthc are Inc orporate d United States 6.07 -2% 511.5 702.2 173.0 30.8 17.8% 142.00% 4.1x 22.8x Misys plc United Kingdom 5.95 -10% 1,907.6 492.1 1,222.3 247.6 20.3% 37.54% 0.4x 2.0x Moody's Corp. United States 39.91 0% 9,091.5 9,622.8 2,132.5 895.1 42.0% 14.35% 4.5x 10.8x Morningstar Inc . United States 60.41 -1% 3,036.6 2,652.3 578.8 167.1 28.9% 17.99% 4.6x 15.9x MSCI Inc. United States 37.77 -7% 4,537.6 5,479.0 662.9 295.2 44.5% 49.66% 8.3x 18.6x National Research Corp. United States 35.58 -1% 238.8 251.5 65.8 19.8 30.1% 12.85% 3.8x 12.7x Navigant Consulting Inc. United States 10.10 -19% 520.9 749.1 718.9 89.6 12.5% 2.93% 1.0x 8.4x Nielsen Holdings N. V. Netherlands 31. 49 -5% 11, 278. 8 18, 140. 8 5, 232. 0 1, 283. 0 24. 5% 673%6.73% 353.5x 14. 11x Onvia Inc. United States 4.27 -13% 36.1 25.1 26.1 3.3 12.5% -2.20% 1.0x 7.7x Open Text Corp. Canada 65.25 -3% 3,734.7 3,795.5 987.9 297.3 30.1% 12.86% 3.8x 12.8x Parametric Tec hnology Corporation United States 23.29 -8% 2,765.1 2,505.6 1,046.8 144.1 13.8% 7.75% 2.4x 17.4x Paychex Inc. United States 32.30 -5% 11,687.8 11,218.1 2,057.8 863.0 41.9% 2.86% 5.5x 13.0x PROS Holdings, Inc. * United States 16.80 -15% 449.9 388.0 75.1 5.4 7.2% 10.34% 5.2x 72.0x Qlik Tec hnologies, Inc . * United States 33.29 -1% 2,684.1 2,507.3 245.8 23.1 9.4% 40.67% 10.2x 108.5x Quality Systems Inc. United States 86.08 -6% 2,511.7 2,394.0 353.4 101.7 28. 8% 21. 09% 68x6.8x 23. 6x RealPage, Inc . * United States 29.45 -14% 2,048.0 1,987.1 204.4 27.2 13.3% 36.63% 9.7x 73.0x Reed Elsevier plc * United Kingdom 9.06 -7% 11,013.8 - - - NM 0.00% NA NA Reis, Inc . United States 9.89 -1% 104.7 92.8 25.4 4.9 19.1% -20.06% 3.7x 19.1x Rightnow Technologies Inc. United States 33.10 -10% 1,093.9 1,019.2 195.7 21.3 10.9% 23.30% 5.2x 47.9x S1 Corporation United States 7.28 -3% 389.0 329.2 215.8 7.6 3.5% -6.92% 1.5x 43.1x Sage Group plc United Kingdom 4.77 -4% 6,285.2 6,405.3 2,341.4 647.0 27.6% 3.48% 2.7x 9.9x Salesforce.com * United States 152.26 -1% 20,387.6 20,151.2 1,784.7 139.4 7.8% 29.56% 11.3x 144.6x smartFOCUS Group Plc United Kingdom 0.40 -1% 38.9 35.7 21.7 2.4 11.3% 16.57% 1.6x 14.6x Solera Holdings Inc . United States 59.09 -1% 4,174.6 4,495.8 657.3 282.4 43.0% 5.89% 6.8x 15.9x SPS Commerce, Inc. United States 16.70 -10% 198.7 158.2 47.0 4.1 8.7% 19.12% 3.4x 38.5x SS&C Tec hnologies Holdings, Inc . United States 19.55 -11% 1,493.9 1,647.6 339.7 124.5 36.7% 19.05% 4.8x 13.2x Streamline Health Solutions, Inc. * United States 1.67 -18% 16.5 16.5 17.6 0.2 1.2% -3.31% 0.9x 75.7x SuccessFactors, Inc. United States 35.07 -13% 2,771.3 2,403.8 228.8 (18.9) NM 40.73% 10.5x NM Taleo Corp. United States 37.33 -2% 1,533.0 1,387.3 253.7 28.9 11.4% 23.54% 5.5x 47.9x Temenos Group AG Switzerland 35.19 -26% 2,516.3 2,679.3 457.2 103.9 22.7% 19.34% 5.9x 25.8x The Dolan Company United States 10.48 -30% 314.9 473.0 306.9 74.3 24.2% 11.20% 1.5x 6.4x The Hackett Group, Inc. United States 4.97 -5% 203.1 186.6 207.5 17.6 8.5% 38.40% 0.9x 10.6x

M&A & INVESTMENT SUMMARY MAY 2011 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA T he Mc Graw-Hill Companies, Inc . United States $42.47 -2% $12,940.6 $12,927.0 $6,259.8 $1,611.7 25.7% 4.44% 2.1x 8.0x Thomson Reuters Corporation United States 38.96 -8% 32,561.5 40,062.9 13,260.0 2,900.0 21.9% 1.95% 3.0x 13.8x TIBCO Software Inc. United States 28.09 -9% 4,542.3 4,321.4 784.3 176.2 22.5% 21.87% 5.5x 24.5x Ultimate Software Group, Inc. * United States 56.38 -7% 1,456.8 1,405.2 236.7 19.1 8.1% 16.51% 5.9x 73.8x Verint Systems Inc. United States 33.94 -11% 1,299.8 2,000.0 726.8 115.0 15.8% 3.29% 2.8x 17.4x Verisklk Analytics, Inc. United States 3034.05-4% 5,697.5 6,42221.2 1,175.1 51323.2 43.7% 11.12% 5.5x 12.5x Vital Images Inc. * United States 18.71 0% 262.5 144.0 59.8 1.6 2.7% 2.75% 2.4x 89.4x Vocus Inc. United States 27.24 -11% 544.7 446.0 101.5 (0.5) NM 17.40% 4.4x NM Wolters Kluwer NV Netherlands 22.58 -14% 6,696.9 9,703.1 4,768.4 1,114.3 23.4% 3.82% 2.0x 8.7x YouGov PLC United Kingdom 0.90 -8% 87.0 69.2 80.0 8.2 10.3% 15.99% 0.9x 8.4x

Summary Multiples

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 3.0 standard deviations above the mean (11.5x) Low 0.2x 2.0x and EBITDA multiples that are 2.0 standard deviations above the mean (70.5x). Mean 3.6x 23.7x Median 3.0x 15.6x Weighted Avg 4.3x 23.8x Adj. W Avg* 4.5x 15.6x High 16.7x 144.6x

M&A & INVESTMENT SUMMARY MAY 2011 19 MARKETING SERVICES Transactions by Segment and Buyer Type

• In Marketing Services, there were six transactions for an aggregate value of approximately $145 million • Select acquisitions › Hewlett-Packard’s acquisition of Printelligent, which offers managed printing services for business clients › NCO Group’s acquisition of Protocol Global Solutions, which specializes in contact center services for the healthcare, energy, government, and insurance markets › MEDSEEK’s acquisition of Third Wave Research, a research and technology firm specializing in customer analytics solutions and customer data management › benefitsPLUS Media’s acquisition of Snowball, an online employee benefits and reward program service provider › Everest Group’ s acquisition of Expresscopy.com , an on-demand printing company, specializing in direct mail, advertising, and postcard marketing

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Total 5 100% 145.0 100% 5 145.0 0 0.0 0 0.0

M&A & INVESTMENT SUMMARY MAY 2011 20 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 05/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ac xiom Corporation United States $13.75 -27% $1,115.8 $1,337.8 $1,160.0 $201.8 17.4% 5.5% 1.2x 6.6x Alliance Data Systems Corporation United States 93.93 -3% 4,792.5 10,691.3 2,868.3 800.2 27.9% 33.5% 3.7x 13.4x AMREP Corp. United States 9.64 -37% 57.8 53.5 101.4 7.9 7.7% -20.5% 0.5x 6.8x Cenveo Inc. United States 6.48 -15% 406.9 1,713.1 1,863.8 201.7 10.8% 6.1% 0.9x 8.5x Consolidated Graphics, Inc. United States 55.19 -9% 610.6 777.0 1,054.0 137.4 13.0% 6.4% 0.7x 5.7x Convergys Corporation United States 12.78 -15% 1,550.7 1,567.9 2,202.0 248.5 11.3% -6.0% 0.7x 6.3x DST Syst ems Inc . United States 50.27 -9% 2,335.7 3,028.1 2,353.5 468.9 19.9% 5.8% 1.3x 6.5x Fair Isaac Corp. United States 29.25 -8% 1,165.1 1,426.8 619.2 149.1 24.1% 2.7% 2.3x 9.6x Groupe Aeroplan Inc. Canada 13.76 -5% 2,516.3 2,879.3 2,153.6 263.4 12.2% 31.6% 1.3x 10.9x GS I Co mme rc e Inc . United States 29.25 -7% 2,128.6 2,345.8 1,408.9 102.5 7.3% 30.4% 1.7x 22.9x Harte- Hanks Inc . United States 8.20 -40% 523.0 639.1 860.7 109.8 12.8% 2.1% 0.7x 5.8x Innotrac Corp. United States 1801.80 -7% 22. 9 22. 6 81. 2 1. 4 17%1.7% -10. 3% 03x0.3x 16. 0x Quad/Graphics, Inc. United States 41.36 -17% 1,951.1 3,555.2 4,090.4 567.3 13.9% 130.2% 0.9x 6.3x R.R. Donnelley & Sons Company United States 21.34 0% 4,428.1 7,566.6 10,187.3 1,237.8 12.2% 3.8% 0.7x 6.1x Servic eSourc e Corporation * United States 19.45 -6% 1,313.3 1,241.1 166.9 4.7 2.8% 0.0% 7.4x 263.2x StarTek, Inc. United States 4.65 -23% 70.5 50.1 257.5 3.7 1.4% -9.9% 0.2x 13.6x Sykes Enterprises, Inc orporated United States 21.63 -5% 1,010.1 810.2 1,202.3 145.0 12.1% 37.1% 0.7x 5.6x Team Prec ision Public Co. Ltd. Thailand 0.07 -33% 41.8 42.6 79.4 5.4 6.8% 58.9% 0.5x 7.9x TlTeleper formance France 34. 15 -18% 1, 931. 2 1, 938. 5 2, 762. 3 345. 8 12.5% 11.3% 0.7x 5.6x TeleTec h Holdings Inc . United States 18.10 -23% 1,026.8 927.7 1,104.4 145.9 13.2% -2.7% 0.8x 6.4x Transcontinental Inc. Canada 15.12 -14% 1,225.7 1,928.2 2,106.9 406.9 19.3% -0.3% 0.9x 4.7x Viad Corp United States 22.62 -17% 460.9 329.0 910.5 53.2 5.8% 15.4% 0.4x 6.2x Valassis Communic ations Inc . United States 29.03 -24% 1,426.4 1,921.9 2,330.5 288.9 12.4% 3.9% 0.8x 6.7x Vistaprint N.V. Netherlands 49.18 -13% 2,115.0 1,906.9 772.5 131.5 17.0% 20.5% 2.5x 14.5x

Summaryyp Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (5.9x) Low 0.2x 4.7x and EBITDA multiples that are 2.0 standard deviations above the mean (123.6x). Mean 1.3x 19.4x Median 0.8x 6.6x Weighted Avg 1.7x 19.1x Adj. W Avg* 1.5x 9.3x High 7.4x 263.2x

M&A & INVESTMENT SUMMARY MAY 2011 21 MAY SUMMARY TRADING VALUATION INFORMATION

Current Summary Trading Valuation

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 1.6x 1.1x 2.7x 2.8x Agency/Consulting 0.9x 1.0x 1.2x 1.2x Digit al Media/Commerc e 8.0x 2.7x 13.0x 7.7x Marketing Tec hnology 3.7x 3.0x 4.6x 4.5x Software & Information 3.6x 3.0x 4.3x 4.5x MktiMarketing Serv ices 1.3x 0.8x 1.7x 1.5x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digggital Advertising 17.6x 11.1x 14.0x 13.6x Agency/Consulting 8.4x 7.9x 9.0x 8.7x Digit al Media/Commerc e 52.2x 21.8x 52.6x 25.5x Marketing Tec hnology 31.2x 20.4x 21.9x 22.1x Software & Information 23.7x 15.6x 23.8x 15.6x Marketing Servic es 19.4x 6.6x 19.1x 9.3x

As of close of business on 05/31/11.

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.

M&A & INVESTMENT SUMMARY MAY 2011 22 PPLLC INDICES – LTM as of 05/31/11

140 140

130 Index Performance 130 Index Performance e (%) 120 • S&P 500 –  26.6% e (%) • S&P 500 –  26.6 % cc cc • Digital Advertising –  11.5% 120 •Software & 110 Information –  32.8% 100 110

90 100

80

90 70 Index Performan Index Performan

60 80 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11

S&P 500 Digital Advertising Google Microsoft S&P 500 Software & Information

130 150

Index Performance 120 Index Performance 140 • S&P 500 –  26.6 % • S&P 500 –  26.6 % ce (%) 130 •Aggy/ency/Consulting –  28.0% (%)nce 110 • Marketing aa nn Services –  21.0% 120 100

110 90

100

80

90 Index Perform Index PerformaIndex

70 80 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 S&P 500 Marketing Services S&P 500 Agency/Consulting

320 220

300 Index Performance 200 Index Performance 280 • S&P 500 –  26.6 % • S&P 500 –  26.6% 260 180 240 • Digital Media/ • Marketing ance (%)ance 220 Commerce –  29.2% (%)ance 160 Technology –  61.9% mm mm 200 140 180

160 120 140 100 120

100

Index Perfor Index Perfor 80 80

60 60 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11

S&P 500 Digital Media/Commerce S&P 500 Marketing Technology Adobe Amazon eBay Akamai Autonomy Salesforce priceline Yahoo!

M&A & INVESTMENT SUMMARY MAY 2011 23 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed Skype Limited Microsoft Corporation $8,500.0 Esurance and Answer Financial Allstate Corporation 1,000.0 Rosetta Publicis Groupe S.A. 575.0 World- Check Thomson Reuters 530.0 Computec Experian plc 416.1 Clearwell Systems, Inc. Symantec Corporation 390.0 Iron Mountain, Digital Division Assets Autonomy Inc. 380.0 Meetic Match.com, LP 357.0 Kendle International, Inc. INC Research 340.8 Equitrac Nuance Communications, Inc. 157.0 Entraction Holding International Game Technology 115.0 Black Diamond Performance Reporting Advent Software, Inc. 73.0 BzzAgent, Inc. dunnhumby 60.0 MerchantCircle, Inc. Reply!, Inc. 60.0 Cryptic Studios Perfect World Company, Ltd. 49.0 5to1.com, LLC Yahoo!, Inc. 28.0 Chartwell Technology Amaya Gaming Group 23.5 PacketExchange Global Telecom & Technology 20.0 Inside Network WebMediaBrands, Inc. 14. 0 Contur Software AB Accelrys Software, Inc. 13.1 Dire ct EDI SPS Comme rce 10.9 Clickability, Inc. Limelight Networks, Inc. 10.0 Atalasoft Kofax, Inc. 9.7 TruckCenter.com Liquidity Services, Inc. 9.0 Echo Research, Inc. Ebiquity 6.2 App Marketing Solutions Avatar Ventures Corporation 5.3 Krillion Local.com Corporation 3.5 CMG W orldw ide Limited Next Fifte en Communications Group plc 3.2 CASEE Velti 3.0 Gambling.com KAX Media 2.5 PbNation.com CrowdGather, Inc. 2.4 TIC-mobile SinnerSchrader AG 1.8 Ring Back Tones RealNetworks, Inc. 1.6 RespondQ iTr ackr Sy stems, Inc. 090.9

M&A & INVESTMENT SUMMARY MAY 2011 24 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed AcceloWeb Limelight Networks, Inc. - AdGrok Tw itter, Inc. - Airwide Solutions Mavenir Systems, Inc. - Allvoices Datran Media Corporation - BabyWorld Glam Media, Inc. - Blue Barracuda Draft FCB Group - BumpChat BUMP Network, Inc. - BuzzLabs CityGrid Media - Calamares SDL plc - Cashbaq.com / AnyCoupons.com Ebates.com - CentralMassNews Main Street Connect - Condaptive Millennial Media, Inc. - Context Optional, Inc. Efficient Frontier - DealADayOnline BuyWithMe - Direct2Drive GameFly, Inc. - DNA Games Zynga Game Network, Inc. - Dreams Communication Publicis Healthcare Communications Group - Email Concepts Progressive Commerce - Expresscopy. com Everest Capital Partners - E-ZDealership.com E-Drive Autos, LLC - Firemint Electronic Arts, Inc. - Flixster, Inc. Warner Brothers Entertainment, Inc. - Flypaper Studio Trivantis Corporation - Groop Swoop BuyWithMe - Headphones.com Alltec Stores - Honk.com TrueCar, Inc. - Integrated Methods TicketMonster, Inc. - InteractivePrint.com Hannaford & Dumas - JobsCentral Group CareerBuilder, Inc. - Maestro Mobile Services e-Zest Solutions, Inc. - metapeople NetBooster Group - Metismo Software AG - Mind Over Eye Source Interlink Companies, Inc. - Minicom Digital Signage EnQii - MissionFish eBay Incorporated - MyTopo Trimble Navigation Limited - NeuroFocus Nielsen Holdings B.V. -

M&A & INVESTMENT SUMMARY MAY 2011 25 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed New Marketing Labs The Pulse Network - Newkirk Products, Inc. DST Output - Oco Deloitte Consulting - OffiSync Jive Software, Inc. - PharmaNet Development Group, Inc. inVentiv Health, Inc. - Photolibrary Getty Images, Inc. - PlaceVine AlphaBird, Inc. - Price Protectr Pricetector, Inc. - Printelligent Hewlett-Packard Company - Profitfuel, Inc. Yodle, Inc. - Protocol Global Solutions NCO Group, Inc. - Pulse Medica BlippMedia, LLC - Punktilio Essence Digital Limited - Qualitè Search Marketing iProspect.com, Inc. - ReviNet PubMatic - Rough Cookie Ngmoco, Inc. - Savage Entertainment Loyalize, Inc. - Second Porch, Inc. HomeAway, Inc. - Selatra 24 Mobile Advertising Solutions - Sensobi GroupMe - SEO Services Group Dot Com Infoway - Smashing Ideas Random House - Snowball benefitsPLUS Media Pvt. Limited - Socialcast VMware, Inc. - Sparkbuy Google, Inc. - Spinback Buddy Media, Inc. - SportsTap ScoreMobile - Springboard Research Forrester Research, Inc. - Strategic Design Group ClickMail Marketing - SunUp Digital Systems Motorola Mobility, Inc. - Tap11.com Avos Systems - Tek Import WebMediaGroup - The3dStudio.com 3D Systems Corporation - Third Wave Research MEDSEEK, Inc. - Tweetdkdeck Twitter, Inc. - UGO Networks, Inc. News Corporation, Inc. - vDream Net Element, Inc. -

M&A & INVESTMENT SUMMARY MAY 2011 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Velnet Web Sincordia Limited - VinSolutions Autotrader.com - WholesomeBabyFood.com Evolve Media Corp - Zeetartia ArkeeSyste System s -

M&A & INVESTMENT SUMMARY MAY 2011 27 ALL SEGMENTS Buyouts & Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Ipreo LLC Kohlberg Kravis Roberts & Company $425.0 Nine Germany-based digital agencies EQT Partners 138.8 Vocalcom Apax Partners, Inc. 65.0 Buyout Deals Undisclosed Alloy, Niche Media Market Buying Business Prospect Capital Corporation - Medpace, Inc. CCMP Capital Advisors, LLC - FineLine Technologies, Inc. Chicago Growth Partners, LLC -

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed 55tuan.com Goldman Sachs & Co. $200.0 Datapipe, Inc. ABRY Partners, LLC 176.0 Airbnb, Inc. Andreessen Horowitz Fund 100.0 Kabam Google Ventures 85.0 eLong, Inc. Tencent Holdings Ltd. 84.4 EventBrite Tiger Global Management, LLC 50.0 eeog,Long, In c.Expedi a, In c.41.2 ShoeDazzle.com, Inc. Andreessen Horowitz Fund 40.0 Dealfind.com, Inc. Insight Venture Partners 31.0 ABILITY Network, Inc. Bain Capital, LLC 27.0 wooga GmbH Highland Capital Partners 24.0 CrowdStar Intel Capital 23.0 Clearspring Technologies Institutional Venture Partners 20.0 Funzio, Inc. Sequoia Capital 20.0 JiW ire, Inc. Trident Capital 20.0 OpenX Limited SAP Ventures 20. 0 Viajanet Redpoint Ventures 19.0 BranchOut, Inc. Redpoint Ventures 18.0 TOA Technologies, Inc. Sutter Hill Ventures 17.2 Peel Lightspeed Venture Partners 16.7 Nujira Limite d Climate Change Capital Limited 16.2 Exclusively.In, Inc. Tiger Global Management, LLC 16.0 Jobvite, Inc. Trident Capital 15.0 Kaminario, Inc. Globespan Capital Partners 15.0 Pageonce, Inc. Morgenthaler Ventures 15.0 Rent the Runway Kleiner, Perkins, Caufield & Byers 15.0 Supercell Accel Partners 12.0

M&A & INVESTMENT SUMMARY MAY 2011 28 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Explorys, Inc. Austin Ventures $11.5 FreeMonee Redpoint Ventures 11.0 iStreamPlanet Co. Intel Capital 11.0 Mashery, Inc. OpenView Venture Partners 11.0 Music Mastermind, Inc. Intel Capital 10.8 Demandbase, Inc. Sutter Hill Ventures 10.0 Disqus, Inc. North Bridge Venture Partners 10.0 fringland Ltd. North Bridge Venture Partners 10.0 Helium, Inc. (Unnamed Fund Contibuters) 10.0 Lot18 NEA-IndoUS Ventures 10.0 PowerReviews, Inc. Woodside Fund 10.0 Shacho, Inc. Hummer Winblad Venture Partners 10.0 Sourcebits Technologies Pvt. Ltd. Sequoia Capital 10.0 Project Slice, Inc. DCM 9.4 Datameer, Inc. Kleiner, Perkins, Caufield & Byers 9.3 Simulmedia, Inc. Time Warner Investments 9.3 Official.fm (Unnamed Fund Contibuters) 8.0 Open Road Media, LLC Azure Capital 8.0 PerspecSys Inc. Intel Capital 8.0 Quikr India Private Limited Nokia Growth Partners 8.0 ShopIgniter, Inc. Trinity Ventures 8.0 Vuclip NEA 808.0 BuzzLogic, Inc. Bridgescale Partners 7.8 Alpine Data Labs Sierra Ventures 7.5 StackMob, Inc. Trinity Ventures 7.5 PeopleMatter Noro-Moseley Partners 7.2 Do@ Draper Fisher Jurvetson 7.0 Mantara, Inc. Mohr, Davidow Ventures 7.0 Site Intelligence Nauta Capital 7.0 ThredUp Redpoint Ventures 7.0 zozi LaunchCapital LLC 7.0 Billing Revolution DCM 6.6 session M, Inc. Highland Capital Partners 6.5 Tabbedout New Enterprise Associates 6.5 Cognitive Match Antrak Capital 6.0 Giga Omni Media Reed Elsevier Ventures 6.0 Jibe, Inc. Draper Fisher Jurvetson 6.0 SQLstream, Inc. Fontinalis Partners, LLC 6.0 Agggile Financial Technologies IDG Ventures India 5.7 Peer39, Inc. Evergreen Venture Partners 5.2 Brighter Mayfield Fund 5.0 Brightpearl Notion Capital 5.0 Crimson Hexagon (Private Investors) 5.0

M&A & INVESTMENT SUMMARY MAY 2011 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) ReportedReported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed nPario, Inc. WPP Digital $5.0 Peak Games Earlybird Venture Capital GmgH & Co. KG 5.0 Resilient Network Systems, Inc. Alsop Louie Partners 5.0 TaskRabbit, Inc. Shasta Ventures 5.0 We R ItInterac tive (Unname d Fun d Con tibu ters ) 505.0 Keybroker Industrifonden 4.8 Marketfish, Inc. Javelin Venture Partners 4.5 Ivalua, Inc. AXA Private Investment 4.5 Lifebooker, LLC Edison Venture Fund 4.0 Revel Systems, Inc. DCM 3.7 Appsfire Idinvest Partners 3.6 LiquidSpace Shasta Ventures 3.6 Pretty Simple Idinvest Partners 3.6 AppDirect iNovia Capital 3.3 Hotel Tonight, Inc. Battery Ventures 3.3 Milyoni, Inc. ATA Ventures 3.0 Onavo Mobile Ltd. Sequoia Capital 3.0 Row Sham Bow, Inc. Intersouth Partners 3.0 Send the Trend Battery Ventures 3.0 Small Demons (Unnamed Fund Contibuters) 3.0 Vyou RRE Investors 3.0 Boticca. com LimitedLimite d ISAI Gestion 242.4 Conversocial DFJ Esprit 2.4 Whatsnexx Business Development Bank Of Canada 2.4 Eightfold Logic Rho Canada 2.0 First to File, Inc. Foundation Capital 2.0 Fuse Powered, Inc. Blackberry Partners Fund 2.0 Gigwalk, Inc. (Private Investors) 1.7 Grubwithus Andreessen Horowitz Fund 1.6 Bababoo, Inc. Sierra Ventures 1.5 beeTV, Inc. Innogest SGR 151.5 beeTV, Inc. Innogest SGR 1.5 Benzinga lightbank 1.5 Claritics Cervin Ventures 1.5 Planetveo Alven Capital Partners 1.4 Tigerlily SAS Seventure Partners 1.3 Careerminds Group, Inc. Innovation Ventures, L.P. 1.3 Inporia, Inc. New Enterprise Associates 1.3 Fotomoto, Inc. Adams Capital Management 1.2 Gobble, Inc. Felicis Ventures 1.2 NoiseToys, Inc. DCM 1.2 Mailgun, Inc. SV Angel, LLC 1.1 Proformative, Inc. Bullpen Capital 1.1

M&A & INVESTMENT SUMMARY MAY 2011 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) ReportedReported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Uma Information Technology GmbH TheMerger Strategiewerkstatt GmbH $1.1 buzzilla Ltd. (Private Investors) 1.0 COLOURlovers Atlas Venture 1.0 EyeView Digital, Inc. Gemini Israel Funds 1.0 Figmen t LLC (Unname d Fun d Con tibu ters ) 101.0 Hipster 500 Startups 1.0 Saygent 500 Startups 1.0 FSAStore.com Point Judith Capital 0.8 The Resumator Rincon Venture Partners 0.7

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Undisclosed 9flats.com Redpoint Ventures - BlackArrow, Inc. Time Warner, Inc. - CatchoftheDay Tiger Global Management, LLC - friendfund GmbH (Angel Investors) - Gexin Interactive Network Technology WI Harper Group - Gilt Groupe, Inc. SoftBank Capital - Group Comme rce, Inc. SkSpark CilCapital - Grovo Learning, Inc. (Unnamed Fund Contibuters) - Gtrot lightbank - MConcierge Systems, Inc. Real Ventures - musiXmatch (Unnamed Fund Contibuters) - Peixe Urbano General Atlantic, LLC - Trustnode, Inc. Band of Angels -

M&A & INVESTMENT SUMMARY MAY 2011 31 Petsky Prunier: Expertise. Commitment. Results.

• Found ed in 1999 • Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting, Marketing Services, 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 Intelligence Consulting

• Sell-Side Representation • Market Research • Opportunity Mapping: Strategic Development •Corporate Divestitures • Competitive Landscape Analysis • Business Process Engineering/ • Capital Raising and Private • Valuation Analysis Placements Enhancement • Publishing & Thought Leadership • M&A Adviso ry • M&T Transaction Due Diligence Support • Fairness Opinions • Acquisition Strategy/Target Identification

M&A & INVESTMENT SUMMARY MAY 2011 32 REPRESENTATIVE TRANSACTIONS Selected Transactions in 2010 and 2011

has sold has sold its has sold a p or t folio comp an y of Niche Market Media has acquired a leading advertising Buying Business Vestar Capital Partners technology company has sold a leading provider of media a premier provider has been sold to buying, out-of-home and sampling of affinity programs for s ervic es in nic he markets univers ities and colleges a pioneer in measuring the an integrated digital and to to impact of promotion on to promotional marketing agenc y phys ic ian pres c ribing behavior in a management-led buyout

has merged with one of North America’s largest has received a majority has acquired mobile marketing and gateway has been sold to inves tment from has acquired s olution providers and has been sold to

a portfolio company of a portfolio company of a fas t growing c ompiler of consumer marketing data Parthenon Capital Partners KRG Capital Partners

one of Europe’s leading online has sold the advertising networks a leading online video Experiential Marketing Business of a digital communications agency advertis ing network with a proprietary software a provider of multichannel has partnered with platform serving has been sold to marketing software services has received a growth capital biopharmaceutical companies inves tment f rom has been sold to has been sold to to to form a joint venture CentrSource Canada

a division of a leading performanc e-bas ed has sold advertising network a premier provider of benchmark- has been sold to based advisory services to the has been sold to pharmaceutical and biotech a leading national in-s tore refinancing of debt facilities indus try advertis ing network and s hopper has acquired marketing company has been acquired by to

New Digital Group

has sold one of Europe’s largest independent providers of has sold the assets of has s old its fulfillment and a leading marketing databas e digital direct marketing database management and data analytics solution services for customer divisions to provider a leading online c ommunity for automotive enthusiasts ac quis ition and retention has been sold to and social networking technology platform has received a majority to to investment from The Dialogue Company a leading fulfillment and direc t marketing organization

M&A & INVESTMENT SUMMARY MAY 2011 33