Weekly / Digital Media / SaaS Sector Summary

Week of January 13th, 2014 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

200 135

180 78.8% 28.5% 125

54.5% 160 16.5% 48.4% 13.9% 48.0% 115 10.6% 42.3% 10.1% 140 40.5% 9.5% 34.7% 105 8.7% 33.6% 7.8% 120 7.7% 25.2%

95 100

80 85 1/11/13 3/4/13 4/25/13 6/16/13 8/7/13 9/28/13 11/19/13 1/10/14 10/11/13 10/24/13 11/6/13 11/19/13 12/2/13 12/15/13 12/28/13 1/10/14

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

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

Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, TRMR, TWTR, VCLK, VELT, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, VPRT. 3) Internet Content Composite includes: AOL, DHX, DMD, EHTH, IACI, MOVE, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, CVT, DWRE, ECOM, JIVE, LPSN, MRIN, MKTG, MKTO, N, , RNG, RP, ULTI, WDAY. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/13/14 Low High Value Debt Value LTM CY 13E CY 14E LTM CY 13E CY 14E LTM CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Media Conglomerates / Selected Entertainment

Comcast Corporation $52.16 $37.81 $53.72 $136,421 $40,790 $178,480 2.8x 2.8x 2.6x 8.5x 8.4x 7.9x 21.7x 20.9x 18.1x 14.6% 1.2 6.4% (2.4%) The Walt Disney Company 73.27 50.18 76.84 128,756 10,631 142,108 3.2 3.1 2.9 12.1 11.1 10.5 21.7 21.0 18.0 12.5% 1.4 5.9% 7.3% Time Warner Inc. 65.47 48.84 70.77 59,232 17,596 76,829 2.6 2.6 2.5 9.7 10.2 9.6 16.5 17.5 15.4 12.6% 1.2 3.7% 0.2% Viacom, Inc. 84.42 56.74 87.84 37,650 9,393 47,240 3.4 3.4 3.3 11.3 10.9 10.2 17.4 17.0 14.8 13.2% 1.1 5.0% 8.6% CBS Corporation 60.94 37.63 64.06 36,569 6,080 42,649 2.8 2.8 2.7 11.6 11.3 10.5 21.3 20.2 17.5 14.9% 1.2 2.1% 11.3% Discovery Communications, Inc. 81.44 66.41 90.76 28,712 5,947 34,696 6.7 6.3 5.6 15.9 14.3 12.6 29.5 26.5 20.8 18.1% 1.1 11.5% 27.8% Sony Corporation 17.35 9.37 23.36 17,998 (843) 22,309 0.3 0.3 0.3 7.1 4.5 4.0 27.2 19.8 29.0 17.0% 1.7 7.4% (12.2%) Lions Gate Entertainment Corp. 29.48 17.69 37.81 4,066 1,192 5,258 2.0 2.0 1.9 21.3 14.7 12.3 20.1 17.5 18.1 20.0% 0.9 2.9% (29.5%)

Mean 3.0 x 2.9 x 2.7 x 12.2 x 10.7 x 9.7 x 21.9 x 20.1 x 19.0 x 15.4% 1.2 5.6% 1.4% Median 2.8 2.8 2.7 11.5 11.0 10.4 21.5 20.0 18.1 14.8% 1.2 5.4% 3.7%

Publishers

Thomson Reuters Corporation $37.44 $26.76 $37.84 $30,796 $6,359 $37,519 2.9x 3.0x 2.9x 13.0x 11.3x 10.4x 34.1x 20.6x 18.3x 7.0% 2.6 1.9% (3.0%) Pearson plc 21.60 17.86 22.61 17,461 3,207 20,697 2.6 2.2 2.3 15.5 13.2 12.0 43.3 17.2 15.4 6.6% 2.3 (5.7%) 1.5% News Corporation 17.15 14.39 18.17 9,927 (2,688) 7,357 0.8 0.8 0.9 11.9 7.3 9.6 15.9 4.4 47.9 7.0% 6.9 (3.0%) (2.9%) Gannett Co., Inc. 28.84 18.38 30.43 6,572 1,169 7,985 1.5 1.5 1.3 7.5 7.5 5.8 16.9 14.1 10.4 5.0% 2.1 14.6% (4.3%) Graham Holdings Company 646.79 372.37 686.50 4,776 (486) 4,296 1.1 1.3 1.3 7.5 7.2 7.3 83.7 25.1 21.8 NA NA 0.3% 2.8% Lagardere SCA 36.94 26.01 40.71 4,744 1,170 6,014 0.6 0.6 0.6 9.4 7.9 7.4 2.4 16.4 15.3 9.8% 1.6 0.8% 2.6% UBM plc 11.60 10.14 13.03 2,817 715 3,583 3.0 2.7 2.8 12.9 10.8 11.1 19.3 13.2 13.8 9.4% 1.5 (3.0%) (4.6%) The New York Times Company 14.78 8.07 16.14 2,213 (90) 2,127 1.1 1.3 1.3 7.2 9.0 9.0 17.5 45.4 38.1 NA NA (1.5%) 1.8% The E. W. Scripps Company 19.24 8.29 22.00 1,071 (18) 1,056 1.2 1.3 1.2 10.9 17.8 7.1 61.9 NM 18.9 NA NA 12.9% (13.7%)

Mean 1.6 x 1.6 x 1.6 x 10.6 x 10.2 x 8.9 x 32.8 x 19.5 x 22.2 x 7.5% 2.8 1.9% (2.2%) Median 1.2 1.3 1.3 10.9 9.0 9.0 19.3 16.8 18.3 7.0% 2.2 0.3% (2.9%)

Diversified Marketing

WPP plc $22.27 $15.26 $22.79 $30,005 $4,130 $34,540 2.1x 1.9x 1.8x 12.4x 11.1x 10.4x 23.4x 16.4x 15.2x 10.4% 1.5 3.8% 3.8% Experian plc 18.53 16.78 21.14 18,544 3,286 21,858 4.6 4.5 4.2 13.4 13.1 12.2 28.4 20.9 19.0 11.4% 1.7 7.1% 2.4% Nielsen Holdings N.V. 43.68 30.96 46.20 16,497 6,158 22,701 4.0 4.0 3.6 14.1 14.1 12.2 42.9 21.7 17.5 14.4% 1.2 10.6% 2.7% Equifax Inc. 67.45 52.79 69.64 8,208 1,312 9,539 4.1 4.1 3.9 12.8 11.8 11.2 27.1 18.7 17.3 12.1% 1.4 5.9% 10.0% The Interpublic Group of Companies, Inc. 17.41 11.54 17.81 7,247 665 8,172 1.2 1.1 1.1 9.7 9.2 8.2 19.8 21.4 16.7 14.5% 1.2 4.4% 1.8% Havas 7.87 5.98 8.63 3,176 602 3,784 1.6 1.5 1.5 10.1 9.6 9.1 17.3 15.7 14.4 7.8% 1.8 2.1% 3.5% Acxiom Corporation 35.49 16.43 38.71 2,666 28 2,693 2.5 2.5 2.5 14.2 13.2 11.8 53.0 47.3 42.0 12.1% 3.5 (0.2%) (0.4%) Valassis Communications Inc. 34.10 23.69 34.95 1,301 461 1,763 0.9 0.9 0.9 6.8 6.8 6.3 12.3 12.1 10.3 22.5% 0.5 2.2% (6.6%) MDC Partners Inc. 25.22 7.23 26.41 1,190 488 1,859 1.6 1.6 1.5 25.4 11.6 10.4 NM NM 43.2 6.0% 7.2 7.4% 8.7% Harte-Hanks Inc. 7.23 6.23 10.12 452 24 477 0.6 0.8 0.9 6.0 6.9 6.3 NM 14.8 13.9 NM NM (10.3%) (4.3%)

Mean 2.3 x 2.3 x 2.2 x 12.5 x 10.7 x 9.8 x 28.0 x 21.0 x 20.9 x 12.4% 2.2 3.3% 2.2% Median 1.9 1.7 1.7 12.6 11.4 10.4 25.2 18.7 17.0 12.1% 1.5 4.1% 2.5%

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/13/14 Low High Value Debt Value LTM CY 13E CY 14E LTM CY 13E CY 14E LTM CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Gaming

Tencent Holdings Ltd. $64.04 $30.56 $65.19 $118,040 ($3,395) $114,778 12.6x 11.6x 8.7x 35.5x 31.6x 24.3x 48.6x 42.9x 33.1x 24.0% 1.4 32.6% 38.0% Naver Corporation 633.14 304.24 709.69 18,879 (651) 18,228 8.4 8.1 6.6 28.0 29.4 20.5 57.3 52.8 35.3 21.8% 1.6 24.1% 2.2% Activision Blizzard, Inc. 17.87 11.25 18.55 12,427 (2,328) 10,099 2.1 2.3 2.2 5.9 7.0 6.1 17.2 19.9 14.0 10.3% 1.4 8.2% (17.8%) NetEase, Inc. 78.39 43.29 84.35 10,178 (2,735) 7,429 5.0 4.8 4.1 10.3 9.5 8.4 14.9 14.0 12.6 15.9% 0.8 15.9% 20.9% GungHo Online Entertainment, Inc. 7.02 1.05 15.81 8,084 (749) 7,367 5.5 4.8 4.4 9.2 8.2 8.7 16.5 14.5 12.5 12.2% 1.0 9.4% 624.5% Electronic Arts Inc. 22.38 13.99 28.13 6,918 (848) 6,070 1.6 1.4 1.5 13.8 6.1 8.6 30.4 13.0 16.1 18.0% 0.9 (1.9%) (2.3%) NCsoft Corporation 206.01 118.12 239.08 4,109 (579) 3,548 4.6 5.0 3.8 13.2 15.1 9.0 20.5 27.9 15.3 30.8% 0.5 30.6% (3.6%) Zynga, Inc. 4.03 2.40 4.55 3,287 (1,098) 2,188 2.2 2.5 3.1 15.3 85.3 71.7 NM NM NM 17.5% NM (19.4%) (36.0%) DeNA Co., Ltd. 22.34 17.07 33.20 2,893 (548) 2,390 1.1 1.3 1.5 3.0 3.7 4.2 6.9 8.6 9.1 NM NM (14.6%) (24.8%) Giant Interactive Group, Inc. 10.79 5.75 11.47 2,585 (507) 2,092 5.5 5.4 4.7 8.7 8.4 7.2 14.2 11.1 10.2 12.2% 0.8 14.0% 11.5% Gree, Inc. 10.79 6.54 14.40 2,505 (295) 2,210 1.4 1.6 1.8 4.3 5.1 5.4 16.0 19.1 12.6 6.5% 1.9 (8.7%) (26.1%) Changyou.com Limited 30.29 26.52 41.64 1,606 (172) 1,434 2.0 1.9 1.7 3.4 4.4 4.2 5.4 6.5 6.0 8.3% 0.7 15.2% 10.4% Ubisoft Entertainment SA 14.78 9.54 16.72 1,674 193 1,867 1.1 1.4 0.9 2.9 3.8 3.2 31.0 NM 16.7 29.6% 0.6 57.8% 10.7% Shanda Games Limited 4.49 2.68 6.42 1,204 (429) 827 1.2 1.1 1.1 3.8 2.9 2.5 7.7 5.1 5.0 9.2% 0.5 5.9% 6.1% Perfect World Co., Ltd. 19.98 9.72 22.82 986 (371) 621 1.3 1.3 1.1 6.6 6.3 5.2 14.3 11.9 10.1 11.4% 0.9 16.7% 23.0% Glu Mobile, Inc. 4.00 2.00 4.39 312 (28) 284 2.9 2.8 2.3 NM NM NM NM NM NM NA NA 18.3% (16.8%)

Mean 3.7 x 3.6 x 3.1 x 10.9 x 15.1 x 12.6 x 21.5 x 19.0 x 14.9 x 16.3% 1.0 12.7% 38.8% Median 2.1 2.4 2.3 8.7 7.0 7.2 16.2 14.0 12.6 14.1% 0.9 14.6% 4.2%

Social Media & New Platform

Facebook, Inc. $55.91 $22.67 $58.96 $142,023 ($8,753) $133,270 19.4x 17.5x 12.8x 40.8x 29.5x 21.8x NM 66.9x 49.5x 32.3% 1.5 36.2% 59.7% Twitter, Inc. 57.82 39.40 74.73 31,494 (1,727) 29,767 55.7 46.6 26.3 NM NM NM NM NM NM NA NA 77.1% 104.8% LinkedIn Corporation 213.54 116.31 257.56 25,498 (2,272) 23,225 16.8 15.3 10.7 NM 62.1 40.3 NM NM 95.2 55.6% 1.7 42.8% 55.9% Groupon, Inc. 10.98 4.24 12.76 7,486 (1,140) 6,344 2.6 2.5 2.2 50.6 21.7 16.1 NM NM 45.1 27.7% 1.6 14.5% 4.7% Pandora Media, Inc. 32.53 10.10 34.46 6,319 (448) 5,871 10.0 9.3 6.6 NM NM NM NM NM NM 40.0% NM 41.5% 50.3% Yelp, Inc. 75.84 19.45 82.43 5,272 (101) 5,171 25.4 22.5 14.9 NM NM 82.6 NM NM NM 38.8% NM 51.5% 68.2%

Mean 21.6 x 18.9 x 12.2 x 45.7 x 37.8 x 40.2 x NM NM 63.3 x 38.9% 1.6 x 43.9% 57.3% Median 18.1 16.4 11.8 45.7 29.5 31.1 NM NM 49.5 38.8% 1.6 42.1% 57.8%

SaaS

Salesforce.com, Inc $56.21 $36.09 $58.37 $33,895 $1,754 $35,649 9.5x 8.8x 6.8x NM 54.3x 41.5x NM NM NM 25.9% NM 28.6% 36.5% Workday, Inc. 87.88 50.04 90.64 15,361 (804) 14,557 35.6 31.4 20.8 NM NM NM NM NM NM 50.0% NM 51.2% 76.1% ServiceNow, Inc. 57.09 25.59 59.98 7,920 (220) 7,700 20.6 18.3 12.6 NM NM NM NM NM NM 41.0% NM 45.6% 72.9% NetSuite Inc. 103.00 65.22 114.00 7,692 (204) 7,489 19.5 18.2 14.1 NM NM NM NM NM NM 34.7% NM 29.5% 33.9% Concur Technologies, Inc. 105.06 62.01 114.32 5,889 (186) 5,704 10.5 9.8 7.9 NM 50.8 47.6 NM NM NM 21.5% NM 25.3% 33.1% The Ultimate Software Group, Inc. 150.89 91.59 162.88 4,214 (101) 4,113 10.5 10.1 8.2 72.8 45.8 36.0 NM NM 81.5 29.0% 2.8 22.9% 24.8% Cornerstone OnDemand, Inc. 53.66 30.05 57.99 2,792 (13) 2,779 16.7 15.0 10.6 NM NM NM NM NM NM 39.0% NM 41.6% 56.9% Demandware, Inc. 68.03 23.90 69.28 2,354 (110) 2,244 23.7 22.1 16.2 NM NM NM NM NM NM 37.5% NM 36.4% 30.9% RealPage, Inc. 20.54 16.88 26.34 1,595 (44) 1,551 4.2 4.0 3.4 27.3 17.0 13.4 70.9 34.5 27.0 25.0% 1.1 18.9% 17.8% Marketo, Inc. 40.73 17.20 42.82 1,571 (133) 1,438 17.0 15.2 11.4 NM NM NM NM NM NM 28.0% NM 33.2% 65.3% Cvent, Inc. 34.32 30.01 46.13 1,380 (158) 1,222 11.7 11.0 8.9 NM 92.0 NM NM NM NM NA NA 23.6% 33.5% RingCentral, Inc. 18.42 15.75 19.80 1,146 (68) 1,079 7.3 6.8 5.4 NM NM NM NM NM NM 43.7% NM 25.8% 55.3% ChannelAdvisor Corporation 46.15 14.25 46.90 1,046 (77) 969 15.3 14.4 11.5 NM NM NM NM NM NM 25.0% NM 25.4% 27.6% Constant Contact, Inc. 28.74 11.75 31.36 881 (107) 774 2.8 2.7 2.4 33.1 16.9 13.4 96.0 39.6 30.5 27.2% 1.1 12.7% 12.8% LivePerson Inc. 14.67 8.03 15.24 794 (77) 717 4.1 4.0 3.6 76.7 35.5 27.7 NM 70.3 55.4 18.3% 3.0 13.4% 13.9% Jive Software, Inc. 9.87 9.65 18.48 683 (107) 576 4.1 4.0 3.2 NM NM NM NM NM NM 25.0% NM 22.8% 29.4% Bazaarvoice, Inc. 7.20 6.37 11.50 546 (75) 471 2.7 2.6 2.4 NM NM NM NM NM NM NA NA 10.2% 17.9% Marin Software Incorporated 9.84 8.50 19.95 321 (105) 216 3.0 2.8 2.3 NM NM NM NM NM NM 25.0% NM 22.1% 29.8% Brightcove, Inc. 11.07 4.89 16.25 318 (34) 284 2.7 2.6 2.2 NM 63.5 NM NM NM NM 15.0% NM 17.2% 29.3%

Mean 11.7 x 10.7 x 8.1 x 52.4 x 47.0 x 29.9 x 83.4 x 48.1 x 48.6 x 30.0% 2.0 26.6% 36.7% Median 10.5 9.8 7.9 52.9 48.3 31.9 83.4 39.6 42.9 27.2% 2.0 25.3% 30.9%

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

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 12/20/2013 $1,500 7.7x NM 6.2x 46.3x

12/19/2013 $94 NA NA NA NA

12/19/2013 $987 4.4x NA 4.3x NA

(2) 12/11/2013 $80 0.7x NA NA NA Owned & Operated Websites

12/4/2013 $198 NA NA NA NA

(3) 12/3/2013 $65 2.6x NM NA NA

12/2/2013 $240 NA NA NA NA

11/25/2013 $117 0.7x 9.1x NA NA

11/21/2013 $2,896 NA NA NA NA

11/14/2013 $150 NA NA NA NA

11/7/2013 $260 NA NA NA NA

11/7/2013 $50 1.3x NA NA NA

11/3/2013 $100 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) NTM Revenue and NTM EBITDA multiples based on Capital IQ consensus estimates. 5 (2) LTM Revenue multiple based on 451 Research estimate. (3) LTM Revenue multiple based on FY2013 Revenue ending March 31, 2014. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

10/30/2013 $119 NA NA NA NA

10/10/2013 $90 1.8x NA NA NA

10/7/2013 $118 NA NA NA NA

10/2/2013 $930 NA NA NA NA

(1) 10/1/2013 $324 14.7x NA NA NA

9/30/2013 $942 2.1x NM 2.0x 19.1x

9/17/2013 $88 43.9x NA NA NA

9/9/2013 $350 NA NA 3.5x NA

9/2/2013 $200 NA NA NA NA

(2) 8/23/2013 $271 12.6x NA NA NA

8/21/2013 $70 NA NA NA NA

(3) 8/20/2013 $300 8.3x NA 7.0x NA

8/19/2013 $50 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value includes earnout of up to $14 million; LTM Revenue multiple based on 451 Research estimate. 6 (2) Aggregate Value based on acquisition of 59% stake. (3) NTM revenue multiple based on annual run-rate Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

8/19/2013 $70 NA NA NA NA

(1) 8/13/2013 $240 3.8x NM NA NA

8/12/2013 $490 2.0x NA NA NA (Television Business)

(2) 8/7/2013 $405 5.4x NA 2.7x NA

7/28/2013 $20,461 1.4x 9.7x 1.4x 9.2x

7/23/2013 Management NA NA NA NA NA

7/16/2013 $1,900 NA NA NA NA

(3) 7/15/2013 Grendall Investment Ltd. $65 0.8x 4.4x NA NA (Casual Dating Businesses)

7/9/2013 $50 7.1x NA NA NA

(4) 7/8/2013 $160 NA 4.0x NA NA

7/8/2013 $225 9.0x NA NA NA

7/3/2013 $61 3.2x 30.8x NA NA

7/2/2013 $50 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value based on Millennial Media stock price of $9.25 as of 8/12/13 close and includes potential $12MM cash payment. (2) LTM and NTM revenue multiples based on CY2012 and CY2013, respectively. 7 (3) Aggregate Value includes earnout of up to £28.5 million payable in monthly installments over 40 months. LTM Revenue and EBITDA multiples based on CY2012. (4) Aggregate Value based on acquisition of 70% stake; LTM EBITDA multiple based on 451 Research estimate for CY2012. Filed IPOs Internet / Digital Media / SaaS: IPOs In Public Registration

For the period 1/1/2010 to 01/09/2014 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

Matrix Partners (22.2%); Trinity Ventures (14.4%); New Allen & Company; BAML; J.P. Morgan; Internet Software 12/12/13 $80 Enterprise Associates (13.4%); Institutional Venture Partners , Stifel (10.2%); USAA, USAA Casualty Company (9.3%)

Credit Suisse; J.P. Morgan; Stifel, Nicolaus & Internet Software 11/08/13 $75 Balderton Capital (41.5%); Atlas Ventures (31.4%) Co.; UBS; Raymond James

BAML; Stifel Nicolaus; BMO Capital Markets; North Bridge Venture Partners (58%); Commonwealth Capital SaaS 03/30/12 75 Capital Markets; Raymond James; Ventures (34.6%) Oppenheimer & Co.

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

8 Notes: Source: Dealogic, CapitalIQ and SEC.gov. Activity TMT: Transactions Since 2001

10 $19.5Bn 1,600

9 1,400 8

$16.9Bn 7 1,200

6 (1) 1,000

5 $Bn 800 4

3 600 Number ofInvestments

2 400 1

0 200

Q2 '01 Q2 '10 Q3 '11 Q1 Q1 '01 Q1 '01 Q3 '01 Q4 '02 Q1 '02 Q2 '02 Q3 '02 Q4 '03 Q1 '03 Q2 '03 Q3 '03 Q4 '04 Q1 '04 Q2 '04 Q3 '04 Q4 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '06 Q1 '06 Q2 '06 Q3 '06 Q4 '07 Q1 '07 Q2 '07 Q3 '07 Q4 '08 Q1 '08 Q2 '08 Q3 '08 Q4 '09 Q1 '09 Q2 '09 Q3 '09 Q4 '10 Q1 '10 Q2 '10 Q4 '11 Q2 '11 Q3 '11 Q4 '12 Q1 '12 Q2 '12 Q3 '12 Q4 '13 Q1 '13 Q2 '13 Q3

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

Notes: (1) Includes Facebook IPO at Exit Value of $16.0Bn. (2) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of: Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware. (3) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 9 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007(1)

60.0 1800.0

1600.0 30 1,250 50.0 1400.0 25 (1) (3) 1,000 40.0 (2) 1200.0

20 1000.0 750

30.0 $MM

15 800.0 $MM

Number ofFinancings 500 20.0 600.0

10 Number Number of Financings 400.0 10.0 250 5

200.0

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

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

Oct Oct Oct

0.0 0 Oct 0.00

- - - - -

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

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

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

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

07 11 08 09 10

Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13

Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13

May-07 May-08 May-09 May-10 May-11 May-12 May-13

Amount Raised ($MM) Number of Financings

Notes: Source: DowJones VentureWire. Only financings > $10MM included. (1) Chart excludes Groupon’s $377MM raise on 12/29/10. 10 (2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11. (3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

PlanSource Holdings Inc. Lemhi Ventures, Timucuan Asset Provider of a Web-based human resources (HR) and benefits solutions for Orlando, FL 10-Jan-14 Series B $12 Lemhi Ventures $24 Management small and medium-sized businesses. www.plansource.com

Radius Intelligence Inc. American Express, BlueRun Ventures, Ventures, Provider of sales and marketing intelligence solutions for targeting the small , CA 9-Jan-14 Series B $13 Formation8 Partners $32 Stanford University, Western Technology Investment business market. www.radiusintel.com

Zephyr Health Inc. Jafco Ventures, Kleiner Perkins San Francisco, CA 8-Jan-14 Series B $15 Jafco Ventures, Kleiner Perkins Caufield & Byers Developer of data exploration applications. $16 Caufield & Byers www.zephyrhealthinc.com

Aereo Inc. FirstMark Capital, Highland Capital Partners, Himalaya Capital, Provider of an entertainment video platform to access live, over-the-air Long Island City, NY 8-Jan-14 Series C $34 IAC / InterActive Corp. $97 Individual Investors television (TV). www.aereo.com

Integral Ad Science LLC Atlas Venture, Coriolis Ventures, Founder Collective, Pelion New York, NY 6-Jan-14 Series D $30 August Capital Provider of online content and risk management solutions $50 Venture Partners www.integralads.com

Spredfast Inc. Austin Ventures, InterWest Partners, Lead Edge Capital, Provider of social media management software designed to allow organizations Austin, TX 3-Jan-14 Series D $33 OpenView Venture Partners $64 OpenView Venture Partners to manage, monitor, and measure their social media programs at scale. www.spredfast.com

Knewton Inc. Accel Partners, Bessemer Venture Partners, First Round New York, NY 23-Dec-13 Later Stage Equity $51 Atomico Capital, FirstMark Capital, Founders Fund Management, GSV Provider of an adaptive online education platform. $105 www.knewton.com Capital, Pearson Education, Pequot Ventures

InvisionApp Inc. Provider of a creative prototyping and collaboration platform for digital New York, NY 20-Dec-13 Series A $12 Not disclosed FirstMark Capital, Pequot Ventures, Tiger Global Management $14 designers. www.invisionapp.com

Cyanogen Inc. Kent, WA 20-Dec-13 Series B $23 Andreessen Horowitz Benchmark Capital, Redpoint Ventures Developer of firmware for Android devices. $30 www.cyanogenmod.org

Foursquare Labs Inc. Andreessen Horowitz, Capital Group Holdings, Draper Fisher New York, NY 19-Dec-13 Series D $35 Not disclosed Jurvetson, O'Reilly AlphaTech Ventures, Redpoint Ventures, Provider of location based social network that incorporates gaming elements. $147 www.foursquare.com Silver Lake, Spark Capital, Union Square Ventures

TranzMate Ltd. Ness Tziona, Israel 18-Dec-13 Series A $28 Sequoia Capital BRM Capital, Gemini Israel Funds Provider of crowdsourced transit mobile service. $32 www.moovitapp.com

Datameer Inc. Citi Ventures, Kleiner Perkins Caufield & Byers, Redpoint San Mateo, CA 18-Dec-13 Series D $19 Next World Capital Provider of a data analytics platform. $37 Ventures, Software AG, Workday www.datameer.com

AME Cloud Ventures, Capricorn Investment Goup, Data Planet Labs Inc. Felicis Ventures, Individual Investors, Collective, Draper Fisher Jurvetson, Felicis Ventures, First San Francisco, CA 18-Dec-13 Series B $52 Provider of space analytics technology. $69 Industry Ventures, Lux Capital Round Capital, Founders Fund Management, Industry Ventures, www.planet-labs.com Innovation Endeavors, Lux Capital, O'Reilly AlphaTech Ventures

Infinio Systems Inc. Bessemer Ventures Partners, Founder Collective, Highland Cambridge, MA 17-Dec-13 Series B $12 Bessemer Venture Partners Capital Partners, Lightspeed Venture Partners, NYC Seed, Developer of storage performance software solutions. $24 www.infinio.com Osage University Partners

Notes: 11 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

Plumbee Ltd. London, United Kingdom 17-Dec-13 Series B $14 Endemol BV Idinvest Partners Operator of a social casino game platform. $17 www.plumbeegames.com

Trinity Pharma Solutions LLC Provider of cloud-based data, analytics, and mobile solutions for the global life Waltham, MA 17-Dec-13 Series A $15 Health Enterprise Partners $15 sciences industry. www.trinitypharmasolutions.com

Sojern Inc. Focus Ventures, Industry Ventures, Norwest Venture Partners, San Francisco, CA 17-Dec-13 Series C $10 Triangle Peak Partners Provider of cross-channel marketing solutions for the travel industry. $46 Trident Capital www.sojern.com

AOL Ventures, Benchmark Capital, Bowery Capital, Draper Sailthru Inc. Fisher Jurvetson Gotham, Hatteras Capital, Lerer Ventures, Provider of a platform that delivers relevant, personalized content to users via New York, NY 17-Dec-13 Series C $20 Scale Venture Partners $48 Metamorphic Ventures, Pilot Group, RRE Ventures, Thrive email, the Web, or advertising channels. www.sailthru.com Capital

CloudFlare Inc. Greenspring Associates, New Enterprise Associates, Pelion San Francisco, CA 17-Dec-13 Series C $50 Union Square Ventures Provider of Web performance and security solutions. $72 Venture Partners, Venrock www.cloudflare.com

WyzAnt Inc. Chicago, IL 17-Dec-13 Series A $22 Accel Partners Provider of an online platform providing tutor-student matching services. $22 www.wyzant.com

DreamBox Learning Inc. Bellevue, WA 17-Dec-13 Series A $15 Charter School Growth Fund GSV Capital Provider of adaptive technologies for Web-based learning. $29 www.dreambox.com

Invincea Inc. Center for Innovative Technology, Grotech Ventures, Harbert Provider of cyber security solutions for both private and public sector Fairfax, VA 16-Dec-13 Series C $16 Aeris Capital, Dell Ventures $31 Management, New Atlantic Ventures organizations. www.invincea.com

Crowdtilt Inc. Andreessen Horowitz, CrunchFund, DCM, Dole Capital, Felicis San Francisco, CA 16-Dec-13 Series B $23 Andreessen Horowitz Provider of an online platform offering group funding service. $37 Ventures, Napster, , SV Angel, Y Combinator www.crowdtilt.com

Oculus VR Inc. Formation8 Partners, Founder Fund Management, Matrix Irvine, CA 13-Dec-13 Series B $75 Andreessen Horowitz Developer of virtual reality gaming technology. $91 Management Corporation, Spark Capital www.oculusvr.com

Simpli.fi Fort Worth, TX 13-Dec-13 Series B $16 Frontier Capital Contour Venture Partners, Progress Ventures Provider of simplified advertising services through the use of unstructured data. $22 www.simpli.fi

Allen & Company, Anthem Venture Partners, Arcturus Capital, Capital One Auto Finance, Capricorn Investment Group, TrueCar Inc. Capricorn Venture Partners, DealerTrack, GR Match, GSV Santa Monica, CA 13-Dec-13 Later Stage Equity $30 Vulcan Capital Asset Management, Guthy-Renker, International Investment Provider of an online car-pricing platform. $268 www.truecar.com House, Keating Investments, McCombs Family Partners, Passport Capital, Bank, Upfront Ventures, USAA Federal Savings Bank Norse Corp. St. Louis, MO 12-Dec-13 Series A $10 Oak Investment Partners Oak Investment Partners Provider of Internet security intelligence solutions. $16 www.norse-corp.com

Notes: 12 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

Snapchat Inc. Benchmark Capital, General Catalyst Partners, Institutional Venice, CA 12-Dec-13 Series C $50 Undisclosed Individual Investor Venture Partners, Lightspeed Venture Partners, SV Angel, Provider of a mobile photo and video sharing application (app). $125 www.snapchat.com Tencent Holdings

EDBI, Freedom Communications, ITOCHU Techno-Solutions Ooyala Inc. America, MediaCorp, Motorola Mobility, Rembrandt Venture Mountain View, CA 12-Dec-13 Later Stage Equity $43 Telstra Corporation Provider of an online video streaming, and monetization platform. $120 Partners, Sage Venture Partners, Sierra Ventures, Telstra www.ooyala.com Corporation, The CID Group

Talend Inc. Balderton Capital, Galileo Partners, IDInvest Partners, Silver Los Altos, CA 12-Dec-13 Later Stage Equity $40 Bpifrance Investment, Iris Capital Provider of open source data integration software. $103 Lake Management www.talend.com

Coinbase Inc. FundersClub, Red Swan Ventures, Ribbit Capital, Union Square Developer of a hosted platform and payment solution for the digital, San Francisco, CA 12-Dec-13 Series B $25 Andreessen Horowitz $31 Ventures, Y Combinator decentralized currency bitcoin. www.coinbase.com

Shopify Inc. Insight Venture Partners, OMERS Bessemer Venture Partners, Felicis Ventures, Georgian Provider of a platform to enable anyone to create an online commerce and Ottawa, Canada 12-Dec-13 Series C $100 $122 Ventures Partners, Pequot Ventures retail business. www.shopify.com

BlueNose Analytics Inc. San Francisco, CA 11-Dec-13 Series A $10 Norwest Venture Partners The Social+Capital Partnership Provider of a customer management platform for SaaS businesses. $12 www.bluenose.com

Simulmedia Inc. Allen & Company, Avalon Ventures, R&R Ventures, Time New York, NY 11-Dec-13 Series D $25 Valiant Capital Provider of a digital ad targeting platform for television. $57 Warner Investments, Union Square Ventures, Valiant Capital www.simulmedia.com

Egnyte Inc. CenturyLink, Floodgate, Google Ventures, Kleiner Perkins Mountain View, CA 11-Dec-13 Series D $30 Not disclosed Caufield & Byers, Northgate, Polaris Partners, Seagate Enables hybrid cloud technology solutions for corporations and organizations. $63 www.egnyte.com Technology

Andreessen Horowitz, Crosscut Ventures, Intelligent Beauty, Just Fabulous Inc. Lightspeed Venture Partners, Matrix Management, Polaris El Segundo, CA 10-Dec-13 Series C $15 Not disclosed Provider of a subscription-based online fashion and styling platform. $164 Partners, Rho Ventures, Shining Capital Management, www.justfab.com Technology Crossover Ventures

Flipboard Inc. Comcast Ventures, Index Ventures, Insight Venture Partners, Ventures, Rizvi Palo Alto, CA 10-Dec-13 Series C Extension $50 Kleiner Perkins Caufield & Byers, Rizvi Traverse Management, Provider of a social magazine designed for mobile devices. $161 Traverse Management www.flipboard.com SV Angel

PaeDae Inc. Santa Monica, CA 10-Dec-13 Series A $12 Not disclosed 3G Capital Partners, Silicon Valley Bank Provider of mobile advertisement solutions. $12 www.paedae.com

JAMF Software Minneapolis, ME 10-Dec-13 Series A $30 Summit Partners GSV Capital Provider of Mac OS X and iOS management services. $30 www.jamfsoftware.com

LoanLogics Inc. Ben Franklin Technology Partners Southea, Mid-Atlantic Angel Provider of loan quality management and performance analytics technologies Fort Washington, PA 9-Dec-13 Series B $11 $14 Group Fund I, Robin Hood Ventures, Volition Capital for the mortgage industry. www.loanlogics.com

HealthLoop Inc. Altos Health Mangement Inc., Founders Fund Management, Mountain View, CA 9-Dec-13 Series A $10 Morgenthaler Ventures Kapor Capital, Physic Ventures, Subtraction Capital Provider of a software-as-a-serve (SaaS) tool for monitoring health. $10 www.healthloop.com Management, TomorrowVentures

Notes: 13 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

Chef Software Inc. Amplify Partners, Battery Ventures, Citi Ventures, Draper Fisher Seattle, WA 9-Dec-13 Series D $32 Scale Venture Partners Jurvetson, Ignition Partners, Perkins Coie, Scale Venture Provider of cloud infrastructure automation solutions. $65 www.getchef.com Partners

Mozido Atlanticus Corp., Brentwood Investments, TomorrowVentures, Provider of mobile financial transaction services to serve unbanked and under- Dallas, TX 6-Dec-13 Series A $30 Not disclosed $49 Bob Turner Investments banked consumers. www.mozido.com eMids Technologies Inc. Nashville, TN 6-Dec-13 Series A $13 Council Capital, Baird Capital Council Capital, Baird Capital Provider of software solutions for the healthcare industry. $13 www.emids.com

Box Inc. Mitsui Global Investment, Itochu Coatue Management, DST Systems, Telefonica, Telstra Provider of a Web-based platform for content management, file sharing, and Los Altos, CA 6-Dec-13 Later Stage Equity $100 $409 Technology Ventures, Macnica Corporation collaboration. www.box.com

Homejoy Inc. San Francisco, CA 5-Dec-13 Series B $38 Redpoint Ventures First Round Capital LLC, Google Ventures, Individual Investors Provider of a housecleaning service-booking platform. $40 www.homejoy.com

Glassdoor Inc. Battery Ventures, Benchmark Capital, DAG Ventures, Sausalito, CA 5-Dec-13 Later Stage Equity $50 Tiger Global Management LLC Provider of a career and workplace review community. $92 Dragoneer Investment Group, Sutter Hill Ventures www.glassdoor.com

Trifacta Inc. San Francisco, CA 5-Dec-13 Series B $12 Greylock Partners Accel Partners Developer of a productivity platform for data analysis. $16 www.trifacta.com

Shareable Ink Corp. Developer of a Web-based Software-as-a-Service (SaaS) electronic health Nashville, TN 4-Dec-13 Series C $11 Lemhi Ventures Lemhi Ventures $25 record system. www.shareableink.com

DataSift Inc. Cendana Capital Management, Daher Capital, IA Venture San Francisco, CA 3-Dec-13 Series C $42 Insight Venture Partners Provider of a real-time social data mining platform. $72 Partners, Northgate, Scale Venture Partners, Upfront Ventures www.datasift.com

Metapack Ltd. Provider of delivery management and fulfillment solutions for traditional and London, United Kingdom 2-Dec-13 Later Stage Equity $35 Index Ventures Index Ventures $49 online channels. www.metapack.com

Girnar Software Pvt. Ltd. Jaipur, India 2-Dec-13 Series A $15 Sequoia Capital Sequoia Capital Provider of offshore products and software development services. $15 www.girnarsoft.com

Stem Inc. Angeleno Group, GE Ventures, Greener Capital Management, Millbrae, CA 2-Dec-13 Series B $15 Not disclosed Provider of proprietary data analytics and intelligent energy storage system. $25 Iberdola Group www.stem.com

Extreme Reality Ltd. Herzliya Pituah, Israel 27-Nov-13 Series D $10 Marker LLC Undisclosed Venture Investors Provider of motion capture technology for game developers. $24 www.xtr3d.com

DraftKings Inc. Boston, MA 26-Nov-13 Series B $24 Redpoint Ventures Atlas Venture, BDS Ventures, GGV Capital Provider of a games platform. $35 www.draftkings.com

Notes: 14 Source: DowJones VentureWire. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

Acquired by Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Store Assets to Reality Media Holdings We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor November 2013 September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012

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

to

Fairness Opinion for Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller August 2012 August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012

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

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor January 2012 December 2011 December 2011 November 2011 November 2011 October 2011 October 2011 September 2011 August 2011

Merger with Preferred Stock Acquired By Preferred Stock Acquired By Acquired By Sale of Subscription Acquired by Acquired by Music Service to

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised lolapps We Advised the Seller We Advised the Seller We Advised the Seller August 2011 August 2011 August 2011 August 2011 July 2011 July 2011 May 2011 April 2011 March 2011

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

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Founders We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer Financial Adviser January 2011 January 2011 January 2011 January 2011 December 2010 December 2010 December 2010 November 2010 October 2010

15 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo

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

Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Seihun Kong Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: (415) 318-3682 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 Mobile: (415) 823-7300 [email protected] [email protected] [email protected] [email protected] [email protected]

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

Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7083 Phone: (212) 999-7076 Phone: (415) 318-3622 Phone: (212) 999-7092 [email protected] [email protected] Mobile: (917) 744-9011 Mobile: (917) 575-0103 Mobile: (917) 796-7782 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected]

16