Software Equity Group Flash Report

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October 2015 Software Equity GroupSoftware Financial andFinancial Valuation Performance of Publicly TradedPublicly Software, SaaS and Internet SelectM&A Transactions and Valuations Companiesby Product Category Flash ReportFlash and 250 + LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509-2800, [email protected] .

CONTACT INFORMATION:

Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

CRM Customer Relationship Management EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization ERP Enterprise Resource Planning EV Enterprise Value FCF Free Cash Flow FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates NASDAQ National Association of Securities Dealers Automated Quotation System PLM Product Lifecycle Management R&D Research and Development S&P Standard & Poor's SaaS Software-as-a-Service SEG Software Equity Group SG&A Selling, General, & Administrative SW Software TTM Trailing Twelve Month YoY Year-over-Year YTD Year-to-date

Removals Company Ticker Previous Index Previous Category Orbitz Worldwide, Inc. - Internet Travel Acquired by Expedia, Inc. ($1.9B)

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-01-2015 Synergy Technology Limited Adept Software Consultancy Limited - - - - Sep-01-2015 Agrovision B.V. AgroSoft A/S - - - - Sep-01-2015 RIVS, Inc. Async Recruiting LLC - - - - Sep-01-2015 Did-it.com, LLC Berwald Creative, Inc. - - - - Sep-01-2015 Riverview Law CliXLEX Group LLC - - - - Sep-01-2015 DP3 Architects, Ltd. Dailey & Associates, Inc. - - - - Sep-01-2015 iMiller Public Relations, LLC Data Center Post - - - - Sep-01-2015 Founder Energy Global Limited Founder Energy Sdn Bhd - $2.2 - - Sep-01-2015 PUC Founder (MSC) Bhd (KLSE:PUC) Founder Qube Sdn Bhd - - - - Sep-01-2015 TriCore Solutions, LLC Group Basis LLC - - - - Sep-01-2015 - GSA Design Limited - - - - Sep-01-2015 Clarion Events Limited Imago Techmedia Ltd. - - - - Sep-01-2015 Blenheim Chalcot Management Limited; Contentive Ltd Incisive Media, Accountancy Age and Financial Director - - - - Sep-01-2015 Simply Measured, Inc. Inside, Inc. - - - - Sep-01-2015 Grey Group (Thailand) Ltd. JEH UNITED $6.7 - - - Sep-01-2015 Adaptive Corporation Leading Edge Engineering P.C. - - - - Sep-01-2015 Innovative Consultoria Em Sistemas De Informatica Ltda. Majority Of Max Partner Consulting And 100% Of Portal Cloud Solutions - $1.9 - - Sep-01-2015 Vcodex Limited OneCodec Limited - - - - Sep-01-2015 Amadeus Benelux N.V. Pyton Communication Services B.V. - - - - Sep-01-2015 Xtek Limited (ASX:XTE) Simmersion Holdings Pty Limited - $0.0 - - Sep-01-2015 Choice Group Asia Company Limited Thaivisa Media Group - - - - Sep-01-2015 National Electronic Attachment, Inc.; Medical Electronic Attachment, Inc. The White Stone Group, Inc. - - - - Sep-01-2015 Asiainfo Technologies (China) Inc. Trend Micro (China) Co., Ltd. - - - - Sep-01-2015 RITEQ Pty Ltd Vedelem Pty Ltd - - - - Sep-01-2015 HighJump Software Wesupply Limited - - - - Sep-02-2015 Afilias plc 101domain, Inc. - - - - Sep-02-2015 - ABG Communications - - - - Sep-02-2015 The Riverside Company Baker Hill Corporation $31.0 $100.0 3.2x - Sep-02-2015 DaoPay GmbH Boku, Inc., Pay by Call Payment Business - - - - Sep-02-2015 Big Fish Design Limited Capstone Promotions - - - - Sep-02-2015 Constellation Web Solutions, Inc. Market Leader, Inc. - $23.0 - - Sep-02-2015 Yardi Systems, Inc. Optimus EMR, Inc. - - - - Sep-02-2015 Startel Corporation Professional Inbound Inc. - - - - Sep-02-2015 Jasper Infotech Private Limited Reduce Data - - - - Sep-02-2015 Lucky Entertainment Pty. Ltd. Revelry Entertainment Pty Ltd. - - - - Sep-02-2015 Capillary Technologies Pvt Ltd. Ruaha Technology Labs Private Limited - - - - Sep-02-2015 Groupe Concoursmania (ENXTPA:ALGCM) Slix Media, LLC - - - - Sep-02-2015 Mosaic US Holdings Inc. Snap Marketing, LLC - - - - Sep-02-2015 Trimble Navigation Limited (NasdaqGS:TRMB) Spatial Dimension Canada Inc. - - - - Sep-02-2015 Blancco Oy Ltd. Tabernus, LLC $3.0 $12.0 4.0x - Sep-02-2015 Lundell och Aronsson Media AB The Startup Space AB - - - - Sep-02-2015 Trimble Navigation Limited (NasdaqGS:TRMB) ViaNova Systems AS - - - - Sep-02-2015 Net Insight AB (publ) (OM:NETI B) VizuAll, Inc. - $14.0 - - Sep-02-2015 Sovos Compliance, LLC WineDirect Compliance - - - - Sep-03-2015 The Priceline Group Inc. (NasdaqGS:PCLN) Analytical Systems Pty Ltd - - - - Sep-03-2015 Huron Public Library Arphax Publishing Co., historygeo.com - - - - Sep-03-2015 Linx Sistemas E Consultoria Ltda. Chaordic Systems S.A. - $14.8 - - Sep-03-2015 Amazon Web Services, Inc. Elemental Technologies, Inc. - $500.0 - - Sep-03-2015 Thumbtack, Inc. HeartThis - - - - Sep-03-2015 Interfacing Technologies Corporation HeyBubble Inc. - - - - Sep-03-2015 Anaqua, Inc. IdeaPoint, Incorporated - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-03-2015 Big Dog Agency Limited Jellyfish Creative Ltd - - - - Sep-03-2015 Luz Mundial La Biblia Reina Valera (de estudio en - $0.5 - - Sep-03-2015 Revolution 9 SAS MBA Multimédia and Woze - - - - Sep-03-2015 AOL Inc. Millennial Media Inc. $285.3 $218.3 0.8x - Sep-03-2015 Linx Sistemas E Consultoria Ltda. Neemu Servicos Em Tecnologia da - $14.7 - - Sep-03-2015 Advanced Manufacturing Control Systems Limited P&L Software Systems Limited - - - - Sep-03-2015 gamigo AG POGED Gmbh - - - - Sep-03-2015 Match Marketing Group Inc. Quadrant Marketing Ltd. - - - - Sep-03-2015 The Grooming Network Razorpedia.com - - - - Sep-03-2015 Turo, Inc. SocialStudio, Inc. - - - - Sep-03-2015 WHI Solutions, Inc. The Chip Conley Company, Inc. - $2.1 - - Sep-03-2015 Microsoft Corporation (NasdaqGS:MSFT) VoloMetrix, Inc. - - - - Sep-03-2015 Urban FT, Inc. Wipit, Inc. - - - - Sep-04-2015 Edge HR AB Comaea AB $1.2 $2.3 1.9x - Sep-04-2015 Guaranteed Rate, Inc. Discover Home Loans Inc. - - - - Sep-04-2015 APN Outdoor Group Limited (ASX:APO) Drive By Developments, Development Assets - - - - Sep-04-2015 Infront Italy S.r.l. G-SPORT srl and Sport09 s.r.l. - - - - Sep-04-2015 BlackBerry Limited (TSX:BB) Good Technology Corporation $211.9 - - - Sep-04-2015 Chess Limited IRW Systems Limited - - - - Sep-04-2015 Contact Solutions, Inc. Nexxphase, Inc. - - - - Sep-04-2015 INRIX, Inc. ParkMe, Inc. - - - - Sep-04-2015 Zift Solutions, Inc. SharedVue, Inc. - - - - Sep-04-2015 Vá de Taxi Universo Online S/A, Taxijá App - - - - Sep-07-2015 Total Specific Solutions (TSS) B.V. ACA Groep B.V. - - - - Sep-07-2015 - Archive360, Inc. - - - - Sep-07-2015 Playtika Ltd. Big Blue Parrot Ltd. - - - - Sep-07-2015 ICP Group Spólka Akcyjna (WSE:ICP) Concept Publishing Polska Sp. z o.o. - $0.0 - - Sep-07-2015 Brady plc (AIM:BRY) Enaptive, Inc., ScrapRunner $2.0 $2.0 1.0x - Sep-07-2015 M-Mode Bhd (KLSE:MMODE) Fringe Media Sdn. Bhd. - $0.0 - - Sep-07-2015 A1 Investments & Resources Ltd (ASX:AYI) Great Voyages Co., Ltd. - $0.5 - - Sep-07-2015 DocuSign, Inc. Keynectis S.A., Trusted Documents and Transactions - - - - Sep-07-2015 ING Belgium SA/NV Qustomer sprl - - - - Sep-07-2015 Cxense ASA (OB:CXENSE) RAMP, Inc., Media Business $5.0 $10.0 2.0x - Sep-07-2015 Kaiser (China) Holding Co., Ltd (SZSE:002425) Sichuan Tianshang Youjia Network Technology Co., Ltd. $2.8 $191.2 67.6x - Sep-07-2015 - Wowo Group Limited - - - - Sep-08-2015 Microsoft Corporation (NasdaqGS:MSFT) Adallom, Inc. - $320.0 - - Sep-08-2015 GoDaddy Inc. (NYSE:GDDY) Apptix ASA, Public Cloud Business - $38.5 - - Sep-08-2015 Taptica International Ltd (AIM:TAP) AreaOne Ltd. $7.3 $16.9 2.3x - Sep-08-2015 - Beneple DMCC FZC - - - - Sep-08-2015 Orckestra Inc. Composite A/S - - - - Sep-08-2015 3BL Media, LLC CorporateRegister.com, ReportAlert - - - - Sep-08-2015 Interoute Communications Limited Easynet Limited $339.6 $617.8 1.8x 10.7x Sep-08-2015 Sustainalytics B.V. ESG Analytics AG - - - - Sep-08-2015 Vapour Media Limited EveryCloud Ltd. - $3.7 - - Sep-08-2015 Cloud4Wi, Inc. HADABEAN srls - - - - Sep-08-2015 Xplornet Communications Inc. Platinum Communications Corp. (TSXV:PCS) $8.3 $9.5 1.2x 6.6x Sep-08-2015 Calltouch RO!RS - $0.3 - - Sep-08-2015 Accenture plc (NYSE:ACN) S3 TV Technology Ltd. - - - - Sep-08-2015 Xiamen 35.Com Technology Co., Ltd. (SZSE:300051) Shenzhen DAWX Tech - - - - Sep-08-2015 Beiming Software Co., Ltd. SuccWare (Beijing) Software System Co.,Ltd $1.8 $18.6 10.3x - Sep-09-2015 Periscope 4tree GmbH - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-09-2015 Enghouse Systems Limited (TSX:ESL) Aktavara AB - - - - Sep-09-2015 Axess Groupe (Sarl) Axess Onyx, SA $1.1 - - - Sep-09-2015 Eric Mower and Associates, Inc. Hart-Boillot, LLC - - - - Sep-09-2015 Nokia Solutions and Networks Oy Interphase Corp., SCNAM-B and SCNAM-C Products - $0.8 - - Sep-09-2015 faberNovel. Sa Lagencemedia And Rebellion Lab - - - - Sep-09-2015 Long Island Media, Inc. Long Island Exchange Inc. - - - - Sep-09-2015 Motorcycle Industry Council Inc. Marketplace Events LLC, Motorcycle Group Business Segment - - - - Sep-09-2015 Internet Brands, Inc. Ngage Live Chat - - - - Sep-09-2015 GaiaX Co. Ltd. (NSE:3775) notteco - - - - Sep-09-2015 Ströer Digital Group GmbH OMS Vermarktungs GmbH & Co. KG - - - - Sep-09-2015 AhernIT Partners, LLC Progressive Platforms, LLC - - - - Sep-09-2015 Havas (ENXTPA:HAV) Riverorchid Notch Co. Ltd. - - - - Sep-09-2015 Feintuch Communications, Inc. Roher Public Relations - - - - Sep-09-2015 Over the Wire Holdings Limited (ASX:OTW) Sanity Holdings Pty. Ltd. - $2.7 - - Sep-09-2015 Power Marketing LLC Selling More Homes Media - - - - Sep-09-2015 SteelBrick Holdings, Inc. SteelBrick Billing - - - - Sep-09-2015 OpSec Security, Inc. Trademarx LLC - - - - Sep-09-2015 Scholastic UK Limited Troubadour Limited - - - - Sep-09-2015 Hulu, LLC Wiffledan, Inc. - - - - Sep-10-2015 Redstor Limited Attix5 Africa Limited - - - - Sep-10-2015 Signature Business Systems, Inc. Aztec Systems, Inc., Microsoft Dynamics Practice and Client Base - - - - Sep-10-2015 Bnk4-SaldiPrivati s.r.l. Buyonz Group S.r.l., Mybrandz.it and Mykids.it - - - - Sep-10-2015 Amercanex Corporation; American Hemp Exchange, Inc. CannaTrade and ExchangeHemp - - - - Sep-10-2015 Hill & Knowlton, Inc.; Ogilvy Public Relations Worldwide Limited Concept Agência de Comunicação Ltda. and Majority Stake in Agência Ideal Comunicação Ltda. - - - - Sep-10-2015 WorkWave, LLC ContactUs Reviews - - - - Sep-10-2015 WorkWave, LLC ContactUs.com, Inc. - - - - Sep-10-2015 Intergraph Process, Power & Marine, Inc. EcoSys Management LLC $29.0 - - - Sep-10-2015 Ericsson (OM:ERIC B) Envivio, Inc. $42.9 $90.1 2.1x - Sep-10-2015 NonProfitEasy, Inc. Fundly Inc. - - - - Sep-10-2015 Efficient Hire, LLC gatherDocs, LLC - - - - Sep-10-2015 Finn Partners, Inc. Horn Group, Inc. - - - - Sep-10-2015 Mahogany Opera Group Ltd. Ilyan.com - - - - Sep-10-2015 WaveDivision Holdings, LLC Layer42 by Wave - - - - Sep-10-2015 Cegid Group SA (ENXTPA:CGD) Magelia SAS - - - - Sep-10-2015 - Minutes Depot inc. - - - - Sep-10-2015 FiscalNote, Inc. MyCandidate - - - - Sep-10-2015 EMG Content Services Netco Sports S.A.S. - - - - Sep-10-2015 ChyronHego Corporation Newsroom Solutions, LLC - - - - Sep-10-2015 Viasoft Informatica Ltda. Prodix - - - - Sep-10-2015 Ocuco Limited Retail Planit A/S - - - - Sep-10-2015 International Business Machines Corporation (NYSE:IBM) StrongLoop, An IBM Company - - - - Sep-10-2015 ironSource Ltd. Supersonic Ltd. - - - - Sep-10-2015 - The Royalty Exchange, Inc. - - - - Sep-10-2015 Cox Communications, Inc. Trapollo LLC - - - - Sep-10-2015 CEB Canada Inc. Wanted Technologies Corporation (TSXV:WAN) $8.0 $31.5 4.2x 35.1x Sep-10-2015 DEMANDBASE, INC. WhoToo Incorporated - - - - Sep-10-2015 Appfire Technologies, Inc. Wittified LLC - - - - Sep-10-2015 Home Interior Designs E-Commerce Pvt Ltd YoFloor - - - - Sep-11-2015 Winston Resources Inc. (CNSX:WRW) Crypto Next plc - $6.8 - - Sep-11-2015 Microsoft Corporation (NasdaqGS:MSFT) Double Labs, Inc. - - - - Sep-11-2015 metapeople GmbH Internet Advantage Nederland B.V. - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-11-2015 Bonnier Corporation LearnWake LLC - - - - Sep-11-2015 Muckle Media Ltd. Platform PR Limited - $0.5 - - Sep-11-2015 SuperAwesome Limited PopJam - - - - Sep-11-2015 Flexera Software LLC Secunia ApS - - - - Sep-11-2015 FullDigi S.r.l. and FullPlan S.r.l. Softec S.P.A. (BIT:YSFT) $9.9 - - - Sep-11-2015 RegioHelden GmbH sprungbrett internet GmbH - - - - Sep-11-2015 CarDekho Times Internet Ltd., Zigwheels - - - - Sep-11-2015 Atrium Capital SE Tonerpartner International AG and TRC Toner Recycling Center GmbH - - - - Sep-12-2015 Datos Media Technologies S.A. VANTeC Tecnologias de Vanguarda, Sistemas de Informação, S.A. - - - - Sep-13-2015 Vista Equity Partners Solera Holdings Inc. (NYSE:SLH) $1,140.9 $6,272.2 5.5x 15.2x Sep-14-2015 Towers Watson & Co. (NasdaqGS:TW) Brovada Technologies Incorporated - $15.2 - - Sep-14-2015 Qualcomm Life, Inc. Capsule Technologie S.A. - - - - Sep-14-2015 Huron Consulting Group Inc. (NasdaqGS:HURN) Cloud62 Inc. - - - - Sep-14-2015 GOD Gesellschaft für Organisation und Datenverarbeitung mbH Custom IS GmbH & Co. KG - - - - Sep-14-2015 Bentley Systems, Incorporated E-On Software, Inc. - - - - Sep-14-2015 Theorem Inc. FaR Partners Ltd - - - - Sep-14-2015 ElevenPaths GOVERTIS Advisory Services S.L. - - - - Sep-14-2015 Practo Technologies Private Limited Insta Health Solutions Pvt. Ltd - $12.0 - - Sep-14-2015 Goldbach Group AG (SWX:GBMN) Jaduda GmbH - - - - Sep-14-2015 Aleyant Systems, LLC Keen Systems, Inc., Web-To-Print Business - - - - Sep-14-2015 Futureye Pty Ltd. Kelly Parkinson Pty Ltd - - - - Sep-14-2015 Fairway Outdoor Advertising, LLC LaFoy Outdoor Advertising, LLC - - - - Sep-14-2015 J-CAD Inc. Make My 3D File - - - - Sep-14-2015 istyle, Inc. (TSE:3660) Media Globe CO., Ltd. - - - - Sep-14-2015 Iventa Group Holding GmbH MEDIA4JOBS Werbe- und Mediaagentur GmbH - - - - Sep-14-2015 Webedia SAS Mixicom SAS $19.2 - - - Sep-14-2015 Traders Holdings Co., Ltd. (JASDAQ:8704) Nextop.Asia Co., Ltd. $4.8 $4.6 1.0x - Sep-14-2015 Magine AB Plejmo - - - - Sep-14-2015 La Boite Immo SAS Previsite S.A. - - - - Sep-14-2015 SS&C Technologies Holdings, Inc. (NasdaqGS:SSNC) Primatics Financial LLC $51.0 $122.0 2.4x 10.2x Sep-14-2015 Blackfin Capital Partners SAS Santiane.fr S.A.S $47.5 - - - Sep-14-2015 Ncontracts LLC Strohl Risk Solutions, Inc. - - - - Sep-14-2015 Gympik Health Solutions Pvt. Ltd. StunApp Technologies & Services Pvt Ltd. - - - - Sep-14-2015 Lyceum Capital Partners LLP TotalMobile Limited $17.8 - - - Sep-14-2015 Stealz, Inc. Tuee Inc. - - - - Sep-14-2015 Cloud Equity Group Virpus Networks, Inc. - - - - Sep-14-2015 Gaming Corps AB (publ) (OM:GCOR) VisualDreams AB $0.1 $0.4 3.9x - Sep-15-2015 Suvidhaa Infoserve Pvt Ltd. AasaanPay Solutions India Private Limited - $0.5 - - Sep-15-2015 SOCOMO Technologies Pvt Ltd Bistro Technologies Private Limited and Liberte Technology Labs Private Limited - - - - Sep-15-2015 GFI Informatique S.A. (ENXTPA:GFI) Business Document SAS $11.3 - - - Sep-15-2015 Agile Wings Limited Caerus AG - - - - Sep-15-2015 EPiServer AB EPiServer Research and Development Ltd. - - - - Sep-15-2015 Gravity4, Inc. EuroAds Danmark A/S - - - - Sep-15-2015 Wuhan P&S Information Technology Co., Ltd. (SZSE:300184) Feat China $36.8 $56.5 1.5x - Sep-15-2015 Persivia IHM Services Company, Inc - - - - Sep-15-2015 MSCI Inc. (NYSE:MSCI) Insignis, Inc. - - - - Sep-15-2015 enepath Global Holdings Pte. Ltd. Itech Group - - - - Sep-15-2015 NetObjects Inc. (OTCPK:NETO) Koken - - - - Sep-15-2015 Genscape, Inc. Locus Energy, LLC - - - - Sep-15-2015 Snapchat, Inc. Looksery, Inc. - - - - Sep-15-2015 Volaris Group Inc. Netadmin System i Sverige AB - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-15-2015 IRESS (UK) Limited Proquote Limited - - - - Sep-15-2015 IRESS (UK) Limited Pulse Software Systems Ltd - - - - Sep-15-2015 Soothe, LLC Unwind Me, Inc. - - - - Sep-15-2015 Global Graphics SE (ENXTBR:GLOG) URW++ Design und Development GmbH $3.4 $4.7 1.4x - Sep-16-2015 First Advantage Litigation Consulting, LLC Backstop, LLP - - - - Sep-16-2015 Beijing Sinnet Technology co., Ltd. (SZSE:300383) Beijing WuShuang Technology Inc. $33.9 $102.7 3.0x - Sep-16-2015 Thinkstep AG BOMcheck and EC4P - - - - Sep-16-2015 HPD Software Limited Computer And Software Enterprises, Inc. - - - - Sep-16-2015 Educational Development Corporation (NasdaqGM:EDUC) Demibooks Inc. - - - - Sep-16-2015 - E-Commerce Latina S.A. - - - - Sep-16-2015 Money.pl Sp. z o.o. Finansowysupermarket sp. z o.o. - $3.4 - - Sep-16-2015 Comexposium S.A. France CE - - - - Sep-16-2015 Bulletproof Group Limited (ASX:BPF) Infoplex Pty Ltd. $4.3 $2.6 0.6x 2.5x Sep-16-2015 Wemade Creative Co.,Ltd. IO Entertainment Co., Ltd. - - - - Sep-16-2015 Kira Talent, Inc. LikeLive, Inc - - - - Sep-16-2015 Zealot Networks, Inc. Nirvana Digital Studios Private Limited - - - - Sep-16-2015 Cadmatic Oy Numeriek Centrum Groningen B.V. - - - - Sep-16-2015 Camden Partners Holdings, LLC Proposal Software, Inc. - - - - Sep-16-2015 Doxim Inc. Roler Data Transfer Services, Inc. - - - - Sep-16-2015 RESERVAS DE RESTAURANTES, S.L. Soluciones Hosteleras Interactivas, Sociedad Limitada - - - - Sep-16-2015 Bonnier AB; Spoon Publishing AB Spoon Norway - - - - Sep-16-2015 Digital Journal Group SqueezeCMM Inc. - - - - Sep-16-2015 Volkswagen Financial Services AG sunhill technologies GmbH - - - - Sep-16-2015 Sysomos Inc. Uberlabs Inc. - - - - Sep-16-2015 Pinnacle Imaging Systems Unified Color Technologies LLC - - - - Sep-16-2015 BitPagos, Inc. UNISEND S.A. - - - - Sep-16-2015 News Corp UK & Ireland Limited Unruly Group Limited - $176.8 - - Sep-16-2015 Homevista Decor and Furnishing Pvt Ltd Virtual Mojo - - - - Sep-16-2015 Vubiquity, Inc. Warner Bros. Technical Operations Inc., Digital End-To-End Technology Service - - - - Sep-17-2015 IMImobile PLC (AIM:IMO) Archer Digital Limited $8.7 $5.6 0.6x - Sep-17-2015 Honeywell International Inc. (NYSE:HON) Aviaso Inc. - - - - Sep-17-2015 KYOCERA Document Solutions Deutschland GmbH Ceyoniq Technology GmbH (DB:CEE) - - - - Sep-17-2015 Reynolds & Reynolds Limited Contact Advantage Limited - - - - Sep-17-2015 Delivery Hero Holding GmbH foodora - - - - Sep-17-2015 Apple Inc. (NasdaqGS:AAPL) Mapsense, Inc. - - - - Sep-17-2015 Sarbacane Software SAS MCEC, SAS - - - - Sep-17-2015 Alcatel-Lucent (ENXTPA:ALU) Mformation Software Technologies LLC - - - - Sep-17-2015 Third Degree Advertising & Communications Inc. Old Hat Creative, LLC - - - - Sep-17-2015 Soil Sub Technologies Ltd. (ASX:SOI) Pointerra Pty Ltd - $0.3 - - Sep-17-2015 The Grooming Network Shaving 101 - - - - Sep-17-2015 M Mobility A/S Simpl World Telecom ApS - - - - Sep-17-2015 Creston Investments Sp. z o.o. SMT Software Spólka Akcyjna - $27.9 - - Sep-17-2015 Silverlake Axis Ltd (SGX:5CP) SunGard Ambit (Singapore) Pte. Ltd. - $12.0 - - Sep-17-2015 Beeks Trading Corporation Ltd. VDIware LLC - - - - Sep-18-2015 HEAT Software Absolute Software Pty. & Absolute Software Inc & Absolute Software EMEA & Absolute Technology - - - - Sep-18-2015 Purch, Inc. Active Junky, Inc. - - - - Sep-18-2015 Challenge Ventures Pte. Ltd. Andios Pte. Ltd. - $0.0 - - Sep-18-2015 Terago Inc. (TSX:TGO) Codeninja Ltd. - - - - Sep-18-2015 Emakina Group SA (ENXTBR:ALEMK) diamond:dogs web consulting GmbH $7.4 $3.5 0.5x - Sep-18-2015 SuperPROF SAS Interstice, S.L. - - - - Sep-20-2015 Locon Solutions Pvt. Ltd. Plat and Big BHK - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-21-2015 - 4chan community support LLC - - - - Sep-21-2015 Perk.com Inc. (TSX:PER) AppRedeem, Inc. $3.2 $2.5 0.8x - Sep-21-2015 3x1 Ltd. Bread Public Relations Limited - - - - Sep-21-2015 Demand Media, Inc. (NYSE:DMD) LEAFtv - - - - Sep-21-2015 Crédit Mutuel Arkéa Leetchi SA - $65.1 - - Sep-21-2015 FactSet Research Systems Inc. (NYSE:FDS) Portware LLC - $265.0 - - Sep-21-2015 Weischer.Media GmbH & Co. KG Publicitas Cinecom AG - - - - Sep-21-2015 ShopKeep POS Inc Refulgent Software LLC - - - - Sep-21-2015 Elmendorf | Ryan LLC Subject Matter - - - - Sep-21-2015 Ultra/Standard Distributors Inc. TextureMedia, Inc. - - - - Sep-21-2015 RepEquity, Inc. Unison Partners LLC - - - - Sep-21-2015 Flextronics International USA, Inc. Wink, Inc. - $15.0 - - Sep-22-2015 Lion Agency Miami Arc+Arrow Creative Group LLC - - - - Sep-22-2015 The Iron Group, Inc. ArtForm Business Solutions, Web And Online Marketing Division - - - - Sep-22-2015 (aq) Limited BlueWave Communications Ltd. - - - - Sep-22-2015 Velocity Mobile Limited Cover, Inc. - - - - Sep-22-2015 Simplicity Marketing Ltd. Device9 GmbH - - - - Sep-22-2015 Sterlite Technologies Limited (BSE:532374) Elitecore Technologies Pvt. Ltd. $22.3 $27.3 1.2x 11.3x Sep-22-2015 Unikrn, Inc. Funhouse Technologies Private Limited - - - - Sep-22-2015 Cengage Learning, Inc. Learning Objects, Inc. - - - - Sep-22-2015 Master Standard Display Company Limited Maxview Media Group Company Limited $2.3 $4.0 1.7x - Sep-22-2015 Jukin Media Inc. People Are Awesome Limited - - - - Sep-22-2015 WalmartLabs, Inc. PunchTab, Inc. - - - - Sep-22-2015 Carbonite, Inc. (NasdaqGM:CARB) Rebit, Inc. - - - - Sep-22-2015 Global Marketing & Sales, Inc. SYMOVA LLC - - - - Sep-23-2015 Jayex Australia Pty Limited Appointuit Pty Ltd - $10.5 - - Sep-23-2015 Auction Edge, Inc. Auto Auction Solutions, Inc. - - - - Sep-23-2015 Prosper Marketplace, Inc. BillGuard, Inc. - $30.0 - - Sep-23-2015 ESET, spol. s r.o. DESlock Ltd. - - - - Sep-23-2015 Comexposium S.A. DMG Events (USA) Inc., Digital Marketing Division - - - - Sep-23-2015 Barracuda Networks, Inc. (NYSE:CUDA) Intronis, Inc. - $65.0 - - Sep-23-2015 plan.net Gruppe für digitale Kommunikation GmbH & Co. KG LIQUID CAMPAIGN GmbH - - - - Sep-23-2015 Autodesk, Inc. (NasdaqGS:ADSK) netfabb GmbH - - - - Sep-23-2015 InfoScout, Inc. Shelfie - - - - Sep-23-2015 System C Healthcare plc The Learning Clinic Limited - - - - Sep-24-2015 AppDirect, Inc. AppCarousel Inc. - - - - Sep-24-2015 PowerSchool, Inc. College Raptor, Inc. - - - - Sep-24-2015 FanDuel, Inc. Fandom Gaming, Inc. $612.0 - - - Sep-24-2015 Peel Technologies, Inc. Fission Labs, Cloud R&D Division - - - - Sep-24-2015 Anexio Data Centers LLC Four East Coast Data Centers $14.8 $5.6 0.4x - Sep-24-2015 Havas (ENXTPA:HAV) Fullsix S.a.s $67.0 $75.0 1.1x - Sep-24-2015 Anhui Deli Household Glass Co., Ltd. (SZSE:002571) Guangzhou Chuangsi Information Technology Limited $131.6 $393.5 3.0x - Sep-24-2015 Socius1, LLC I.B.I.S., Inc., Microsoft Dynamics GP Business - - - - Sep-24-2015 Labbo Grupo Digital Logique Agencia Digital - - - - Sep-24-2015 TECLIB SAS Nov'IT Co. SAS - - - - Sep-24-2015 Auctionata AG Value My Stuff Now Ltd. - - - - Sep-24-2015 REFFIND Ltd. (ASX:RFN) Wooboard Pty Ltd. - $2.7 - - Sep-25-2015 Amazon.com, Inc. (NasdaqGS:AMZN) Amazon Machine Translation R&D Group - - - - Sep-25-2015 Gartner Inc. (NYSE:IT) Capterra Inc. - - - - Sep-25-2015 Artilium plc (AIM:ARTA) Comsys Holding B.V. $2.1 $8.8 4.3x 97.0x Sep-25-2015 Coraza Technologies Private Limited Niffler Labs Private Limited - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-25-2015 Veda Group Limited (ASX:VED) ReachTEL Pty Ltd - - - - Sep-25-2015 Rentrak Corporation (NasdaqGS:RENT) SponsorHub, Inc. - - - - Sep-28-2015 TDF S.A.S. Ad Valem Technologies SAS $6.6 - - - Sep-28-2015 Microsoft Corporation (NasdaqGS:MSFT) Adxstudio Inc. - - - - Sep-28-2015 High Hampton Holdings Corp. (BAYB:0HC) Greenbud Networks Inc. - $0.0 - - Sep-28-2015 21 Centrale Partners Impact Sales & Marketing SAS $56.1 - - - Sep-28-2015 mobile.de GmbH Motor-Talk GmbH - - - - Sep-28-2015 Green Cross Co.,Ltd. (FKSE:7533) Trade Corporation $8.8 $7.3 0.8x - Sep-28-2015 - Valpak Direct Marketing Systems, Inc., Valpak of Greater Charleston - - - - Sep-29-2015 Mebelkart Technologies Private Limited 53central - - - - Sep-29-2015 Atlass-Aerometrex Pty Ltd. Atlass (Aust.) Pty Ltd and Atlass Aviation Pty Ltd. - - - - Sep-29-2015 LeftField Media LLC Awesome Con, LLC - - - - Sep-29-2015 Q.Digital, Inc. Dragaholic and Bilerico Projects - - - - Sep-29-2015 The Verndale Corporation Dustland Media, Inc. - - - - Sep-29-2015 MUSTEUS srl Fehlinger & Frank GbR - - - - Sep-29-2015 Ever Team SAS Intalio, Inc. - - - - Sep-29-2015 Workday, Inc. (NYSE:WDAY) MediaCore Inc. - - - - Sep-29-2015 Members Co., Ltd. (NSE:2130) Miner Studio, Inc. - - - - Sep-29-2015 AX IV EG Holding APS Silkeborg Data A/S $41.3 - - - Sep-29-2015 Guangdong Qtone Education Co., Ltd. (SZSE:300359) Xi'an ThinkJoy Information Technology Co., Ltd. - $12.6 - - Sep-29-2015 Veeva Systems Inc. (NYSE:VEEV) Zinc Ahead Holdings Ltd - $126.7 - - Sep-30-2015 SBA Communications Corp. (NasdaqGS:SBAC) 225 Communication Sites - $79.2 - - Sep-30-2015 IntelePeer Cloud Communications, LLC Advantone Inc. - - - - Sep-30-2015 Opus Global Holdings Alacra, Inc. - - - - Sep-30-2015 - Amplify Education, Inc. - - - - Sep-30-2015 j2 Global, Inc. (NasdaqGS:JCOM) Axiatel SAS - - - - Sep-30-2015 OLIVER Group Aylesworth Fleming Ltd. $12.9 - - - Sep-30-2015 Bitcoin Group SE (DUSE:ADE) Bitcoin Deutschland AG - - - - Sep-30-2015 Demco, Inc. Boopsie, Inc. - - - - Sep-30-2015 Avendra, LLC BuyEfficient, LLC - $26.5 - - Sep-30-2015 Altair Engineering, Inc. Click2Cast - - - - Sep-30-2015 Mercer LLC Comptryx LLC - - - - Sep-30-2015 Genpact Limited (NYSE:G) Endeavour Software Technologies Private Limited - - - - Sep-30-2015 MYOB Group Limited (ASX:MYO) Information Management Services Limited - $6.2 - - Sep-30-2015 Alphabet Inc. (NasdaqGS:GOOGL) Jibe Mobile, Inc. - - - - Sep-30-2015 Business Industrial Network Koldwater Technologies, LLC - - - - Sep-30-2015 Allied Integrated Marketing Inc. Langdon Flynn Communications, LLC - - - - Sep-30-2015 Korona Invest Oy Lean System - - - - Sep-30-2015 Lecron Energy Saving Materials Co., Ltd (SZSE:300343) LINKING Marketing & Communication Group $13.0 $112.9 8.7x - Sep-30-2015 j2 Global, Inc. (NasdaqGS:JCOM) LiveVault, Inc. - - - - Sep-30-2015 Displayways Ltd. Mint Source Visual Communications Ltd $0.6 - - - Sep-30-2015 BaronsMedia.com LLC Monarch Ads - - - - Sep-30-2015 Fusion Telecommunications International, Inc. (NasdaqCM:FSNN) RootAxcess, LLC - - - - Sep-30-2015 CNinsure Insurance Surveyors & Loss Adjustors Holding Co., Ltd. Shenzhen Chetong Network Technology Co., Ltd. - - - - Sep-30-2015 Jiangyin Zhongnan Heavy Industries Co., Ltd (SZSE:002445) Shenzhen Zhishang Interactive Technology Co., Ltd. $6.3 $136.9 21.6x - Sep-30-2015 Simply Color Lab Inc. ShootQ Inc. - - - - Sep-30-2015 Evolving Systems Inc. (NasdaqCM:EVOL) Sixth Sense Media - $10.0 - - Sep-30-2015 - SmartPay Solutions LLC - - - - Sep-30-2015 Syn. Holdings Co., Ltd. Socket Inc. - - - - Sep-30-2015 Ad2pro Media Solutions Pvt. Ltd. Somewhat Limited - - - - Sep-30-2015 London Capital Group Holdings plc (AIM:LCG) Surecom Limited - $0.8 - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select September 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-30-2015 LEVICK Strategic Communications, LLC The Mach 1 Group LLC - - - - Sep-30-2015 ODIGEO Paris Meta S.A. Voyager Moins Cher S.A.S. - - - - Sep-30-2015 Penton Media, Inc. World Tea Media - - - - Sep-30-2015 Nreach Online Services (P) Ltd Yipeedo.com - - - - Sep-30-2015 Revolution 9 SAS Yuma - - - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Software Index $2,378.3 $2,315.8 $631.1 67.6% 19.0% 6.6% 2.6x 14.5x 2.6x 10.4x -2.1% Billing & Service Management $1,007.0 $1,098.1 $551.8 59.3% 23.9% -0.4% 1.8x 9.2x 1.8x 6.6x -9.7% Business Intelligence $2,297.9 $2,292.5 $590.0 75.4% 17.2% 10.1% 3.4x 16.9x 3.2x 13.4x 15.5% Development Platforms $1,291.5 $1,238.6 $362.7 75.4% 19.0% 11.4% 2.4x 8.3x 2.6x 9.4x 4.2% Engineering & PLM $3,623.7 $3,973.0 $1,255.2 84.1% 22.9% 8.1% 3.2x 15.4x 3.2x 10.5x 7.1% Enterprise Resource Planning $8,152.2 $8,785.4 $2,172.2 59.6% 27.1% 4.8% 3.7x 14.9x 3.6x 10.9x 7.8% Financial & Accounting $2,487.9 $3,194.8 $838.8 55.7% 22.6% 5.6% 3.2x 15.0x 3.6x 13.1x 7.5% Gaming $2,721.9 $2,294.2 $1,675.3 68.8% 9.2% 3.8% 1.4x 15.2x 1.3x 9.9x 14.2% Healthcare $1,160.2 $1,531.5 $631.8 53.6% 15.8% 9.2% 2.3x 13.9x 2.0x 10.3x -3.5% IT Conglomerates $142,002.4 $140,599.4 $83,795.0 59.6% 32.2% -1.1% 3.2x 8.9x 3.2x 7.9x -8.5% Mobile Solutions/Content $505.0 $387.1 $366.5 56.7% 4.8% 17.3% 1.4x 12.2x 1.3x 6.9x -21.8% Networking & Network Performance Management $829.2 $669.6 $298.9 75.5% 18.0% 4.3% 2.1x 12.5x 1.9x 8.3x -7.0% Security $1,361.7 $1,293.8 $249.8 74.7% 4.1% 17.4% 3.4x 10.8x 3.6x 12.2x 18.8% Storage, Data Mgmt & Integration $7,111.1 $5,267.1 $2,239.0 80.1% 12.1% 2.8% 1.9x 7.8x 1.9x 6.6x -10.5% Systems Management $11,590.5 $11,099.2 $2,563.6 84.9% 25.4% 12.9% 4.9x 17.4x 3.7x 10.8x -3.2% Vertical - Finance $6,449.1 $6,508.9 $1,053.2 42.9% 32.7% 6.6% 4.3x 12.3x 4.1x 11.2x 23.4% Vertical - Other $2,585.0 $2,830.1 $478.1 47.3% 15.0% 12.5% 4.6x 28.9x 4.1x 20.7x 38.4%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - September 2015 TTM Revenue Growth 6.6% 20% TTM EBITDA Growth 7.3% TTM Earnings Growth -6.4% Gross Profit Margin 67.6% 15% EBITDA Margin 19.0% Net Income Margin -17.3% SG&A Expenses as a % of Total Revenue 55.9% 10% R&D Expenses as a % of Total Revenue 18.3%

Balance Sheet Analysis (Median) 5% Current Ratio 2.0 Quick Ratio 1.8 0% Cash as Percent of Market Cap 12.6% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 26 -5% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 31.4% -15% Cash from Investing Growth (YoY) -38.5% Cash from Financing Growth (YoY) -11.1% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 33.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Amdocs Limited DOX $8,741.0 $7,339.3 $3,643.5 35.5% 19.3% 2.2% 2.0x 10.4x 1.9x 9.3x 23.4% CSG Systems International CSGS $1,007.0 $1,098.1 $748.9 48.8% 17.5% -0.4% 1.5x 8.4x 1.4x 6.4x 28.1% Evolving Systems EVOL $70.1 $59.8 $26.1 75.6% 23.9% -8.9% 2.3x 9.6x 2.2x 8.7x -32.7% MIND C.T.I. MNDO $52.8 $37.2 $22.6 59.3% 34.1% -4.1% 1.6x 4.8x n/a n/a -24.6% NeuStar NSR $1,480.3 $1,855.7 $1,022.2 74.2% 39.9% 7.7% 1.8x 4.6x 1.7x 3.8x -1.9% Redknee Solutions RKN $313.8 $276.1 $222.7 58.6% 11.4% -13.6% 1.2x 10.8x 1.1x 6.5x -9.7% Synchronoss Technologies SNCR $1,438.7 $1,440.5 $551.8 59.3% 28.5% 30.1% 2.6x 9.2x 2.3x 6.6x -20.9% Median: $1,007.0 $1,098.1 $551.8 59.3% 23.9% -0.4% 1.8x 9.2x 1.8x 6.6x -9.7%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - September 2015 TTM Revenue Growth -0.4% 25% TTM EBITDA Growth 18.7% TTM Earnings Growth 21.8% 20% Gross Profit Margin 59.3% EBITDA Margin 23.9% 15% Net Income Margin 12.2% SG&A Expenses as a % of Total Revenue 19.5% R&D Expenses as a % of Total Revenue 13.8% 10%

Balance Sheet Analysis (Median) 5% Current Ratio 2.5 Quick Ratio 2.3 0% Cash as Percent of Market Cap 17.5% Avg Days Outstanding: Accounts Receivable 73 -5% Avg Days Outstanding: Accounts Payable 33 Working Capital to TTM Operating Expense Ratio 0.5x -10%

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 14.1% Cash from Operations Growth (YoY) 14.3% -20% Cash from Investing Growth (YoY) -27.2% Cash from Financing Growth (YoY) -43.2% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 52.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Fair Isaac FICO $2,631.2 $3,194.8 $838.8 67.7% 22.6% 6.3% 3.8x 16.8x 3.7x 13.4x 17.2% MicroStrategy MSTR $2,232.8 $1,804.9 $535.2 79.6% 26.2% -10.3% 3.4x 12.8x 3.2x 10.9x 20.4% Pegasystems PEGA $1,883.7 $1,656.8 $647.3 68.1% 12.6% 12.7% 2.6x 20.3x 2.3x 14.1x 21.4% Progress Software PRGS $1,291.5 $1,238.6 $362.7 87.4% 20.1% 11.4% 3.4x 17.0x 2.9x 9.4x -3.4% PROS Holdings PRO $656.0 $612.3 $180.1 66.4% -16.2% 5.4% 3.4x n/a 3.5x n/a -16.4% Qlik Technologies QLIK $3,366.6 $3,060.3 $590.0 85.7% 0.5% 10.1% 5.2x 1142.3x 4.6x 42.0x 17.7% Software AG XTRA:SOW $2,297.9 $2,292.5 $963.0 75.4% 28.6% -2.2% 2.4x 8.3x 2.3x 8.0x 20.3% Splunk SOW $7,111.1 $6,255.7 $537.4 83.8% -42.0% 46.8% 11.6x n/a 8.7x 147.7x -5.9% Teradata NYSE:TDC $4,100.7 $3,779.7 $2,572.0 51.9% 17.2% -6.1% 1.5x 8.6x 1.4x 5.9x -34.2% Varonis Systems TDC $388.3 $283.4 $117.1 90.2% -17.8% 25.5% 2.4x n/a 2.1x n/a -52.9% Verisk VRSK $12,452.9 $15,623.3 $1,972.3 60.8% 46.8% 16.1% 7.9x 16.9x 6.7x 14.5x 15.5% Median: $2,297.9 $2,292.5 $590.0 75.4% 17.2% 10.1% 3.4x 16.9x 3.2x 13.4x 15.5%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - September 2015 TTM Revenue Growth 10.1% 25% TTM EBITDA Growth -27.5% TTM Earnings Growth -8.8% Gross Profit Margin 75.4% 20% EBITDA Margin 17.2% Net Income Margin 4.2% 15% SG&A Expenses as a % of Total Revenue 44.7% R&D Expenses as a % of Total Revenue 15.7% 10% Balance Sheet Analysis (Median) Current Ratio 1.8 5% Quick Ratio 1.6 Cash as Percent of Market Cap 16.7% 0% Avg Days Outstanding: Accounts Receivable 89 Avg Days Outstanding: Accounts Payable 46 -5% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 12.1% Cash from Operations Growth (YoY) 25.7% -15% Cash from Investing Growth (YoY) -41.2% Cash from Financing Growth (YoY) 57.0% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 36.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD BSQUARE BSQR $78.9 $49.5 $107.2 19.0% 6.6% 11.5% 0.5x 7.0x n/a n/a 46.2% Magic Software Enterprises MGIC $240.1 $165.5 $170.7 36.9% 17.2% 4.7% 1.0x 5.6x 0.9x n/a -6.8% Progress Software PRGS $1,291.5 $1,238.6 $362.7 87.4% 20.1% 11.4% 3.4x 17.0x 2.9x 9.4x -3.4% Red Hat RHT $13,188.8 $12,741.0 $1,905.0 84.8% 19.0% 14.3% 6.7x 35.3x 5.8x 21.7x 4.2% Software AG XTRA:SOW $2,297.9 $2,292.5 $963.0 75.4% 28.6% -2.2% 2.4x 8.3x 2.3x 8.0x 20.3% Median: $1,291.5 $1,238.6 $362.7 75.4% 19.0% 11.4% 2.4x 8.3x 2.6x 9.4x 4.2%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - September 2015 TTM Revenue Growth 11.4% 20% TTM EBITDA Growth 2.4% TTM Earnings Growth 5.2% Gross Profit Margin 75.4% 15% EBITDA Margin 19.0% Net Income Margin 9.1% SG&A Expenses as a % of Total Revenue 39.3% 10% R&D Expenses as a % of Total Revenue 12.4%

Balance Sheet Analysis (Median) 5% Current Ratio 1.7 Quick Ratio 1.4 0% Cash as Percent of Market Cap 16.9% Avg Days Outstanding: Accounts Receivable 80 Avg Days Outstanding: Accounts Payable 46 -5% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 23.1% Cash from Operations Growth (YoY) 24.0% -15% Cash from Investing Growth (YoY) -6.2% Cash from Financing Growth (YoY) 128.8% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 38.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ANSYS ANSS $7,945.3 $7,104.1 $945.5 88.2% 45.6% 3.0% 7.5x 16.5x 7.1x 14.3x 8.0% Aspen Technology AZPN $3,185.0 $2,969.6 $453.6 88.9% 43.1% 10.4% 6.5x 15.2x 6.3x 13.5x 8.3% Autodesk ADSK $9,984.4 $9,080.7 $2,538.6 85.8% 7.9% 7.1% 3.6x 45.2x 3.9x 132.0x -25.9% Cadence Design Systems CDNS $6,025.7 $5,630.1 $1,650.8 86.4% 23.5% 10.0% 3.4x 14.5x 3.2x 10.2x 9.8% Dassault Systèmes DSY $18,572.8 $17,307.7 $3,031.3 84.1% 26.5% 24.2% 5.7x 21.6x 5.2x 15.3x 20.9% GSE Systems GVP $26.7 $16.9 $55.7 25.1% -1.0% 50.2% 0.3x n/a n/a n/a -4.5% Mentor Graphics MENT $2,887.3 $2,862.2 $1,285.0 85.5% 22.9% 8.1% 2.2x 9.7x 2.2x 9.3x 13.9% Parametric Technology PTC $3,623.7 $3,973.0 $1,255.2 73.3% 20.2% -7.5% 3.2x 15.7x 3.2x 10.8x -12.7% PDF Solutions PDFS $316.2 $184.5 $100.0 61.6% 27.3% -1.2% 1.8x 6.8x 1.7x 4.5x -31.7% Stratasys SSYS $1,378.2 $1,053.5 $739.7 46.0% 3.4% 7.5% 1.4x 42.2x 1.3x 6.1x -67.3% Synopsys SNPS $7,201.7 $6,291.2 $2,194.1 82.0% 18.8% 8.4% 2.9x 15.2x 2.7x 9.4x 7.1% Median: $3,623.7 $3,973.0 $1,255.2 84.1% 22.9% 8.1% 3.2x 15.4x 3.2x 10.5x 7.1%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - September 2015 TTM Revenue Growth 8.1% 20% TTM EBITDA Growth 8.2% TTM Earnings Growth -5.5% Gross Profit Margin 84.1% 15% EBITDA Margin 22.9% Net Income Margin 11.9% SG&A Expenses as a % of Total Revenue 31.7% 10% R&D Expenses as a % of Total Revenue 18.0%

5% Balance Sheet Analysis (Median) Current Ratio 1.9 Quick Ratio 1.7 0% Cash as Percent of Market Cap 12.4% Avg Days Outstanding: Accounts Receivable 88 Avg Days Outstanding: Accounts Payable 18 -5% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 18.5% Cash from Operations Growth (YoY) -6.3% -15% Cash from Investing Growth (YoY) 45.1% Cash from Financing Growth (YoY) -84.5% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -7.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD American Software AMSW.A $269.7 $204.1 $106.9 50.9% 12.5% 4.6% 1.9x 15.2x 1.8x 9.9x 8.4% Oracle ORCL $154,038.4 $140,599.4 $38,078.0 59.6% 41.5% -1.1% 3.7x 8.9x 3.7x 7.9x -17.7% QAD QADA $466.9 $351.9 $294.1 55.5% 7.6% 4.8% 1.2x 15.7x 1.2x 12.0x 12.5% Sage Group LSE:SGE $8,152.2 $8,785.4 $2,172.2 94.0% 27.1% 6.1% 4.0x 14.9x 4.0x 13.4x 7.8% SAP DB:SAP $77,158.5 $84,335.5 $22,217.5 70.7% 32.2% 15.7% 3.8x 11.8x 3.6x 10.9x -6.1% Median: $8,152.2 $8,785.4 $2,172.2 59.6% 27.1% 4.8% 3.7x 14.9x 3.6x 10.9x 7.8%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - September 2015 TTM Revenue Growth 4.8% 20% TTM EBITDA Growth -2.7% TTM Earnings Growth -10.8% Gross Profit Margin 59.6% 15% EBITDA Margin 27.1% Net Income Margin 13.5% SG&A Expenses as a % of Total Revenue 30.1% 10% R&D Expenses as a % of Total Revenue 13.8%

Balance Sheet Analysis (Median) 5% Current Ratio 1.7 Quick Ratio 1.5 0% Cash as Percent of Market Cap 24.3% Avg Days Outstanding: Accounts Receivable 71 Avg Days Outstanding: Accounts Payable 24 -5% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 16.3% Cash from Operations Growth (YoY) 23.5% -15% Cash from Investing Growth (YoY) -56.8% Cash from Financing Growth (YoY) 20.9% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 4.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ACI Worldwide ACIW $2,487.9 $3,273.0 $1,027.6 54.6% 19.3% 1.8% 3.2x 16.5x 3.0x 11.1x 7.2% Bottomline Technologies EPAY $974.0 $989.4 $332.4 57.8% 13.0% 5.6% 3.0x 22.9x 2.8x 13.1x -1.3% DST Systems DST $3,768.6 $4,163.8 $2,808.3 15.6% 14.6% 3.6% 1.5x 10.1x 2.0x 9.5x 12.1% Evertec EVTC $1,399.8 $2,022.5 $370.8 56.3% 42.0% 2.5% 5.5x 13.0x 5.3x 10.7x -16.6% Fair Isaac FICO $2,631.2 $3,194.8 $838.8 67.7% 22.6% 6.3% 3.8x 16.8x 3.7x 13.4x 17.2% Fiserv FISV $20,316.8 $24,022.8 $5,202.0 44.3% 30.8% 3.8% 4.6x 15.0x 4.4x 13.0x 22.6% Intuit INTU $24,611.0 $23,414.0 $4,192.0 83.4% 25.9% -1.2% 5.6x 21.5x 5.1x 14.3x -1.9% Model N MODN $264.7 $170.9 $93.8 55.7% -16.1% 14.7% 1.8x n/a 1.7x 276.6x -5.7% NetSol Technologies NETSOL $40.5 $42.4 $34.0 25.6% 19.3% 51.2% 1.2x 6.5x n/a n/a 19.7% Sage Group LSE:SGE $8,152.2 $8,785.4 $2,172.2 94.0% 27.1% 6.1% 4.0x 14.9x 4.0x 13.4x 7.8% Qiwi QIWI $945.7 $692.3 $259.1 52.5% 29.9% 22.8% 2.7x 8.9x 3.6x 6.5x n/a Median: $2,487.9 $3,194.8 $838.8 55.7% 22.6% 5.6% 3.2x 15.0x 3.6x 13.1x 7.5%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - September 2015 TTM Revenue Growth 5.6% 25% TTM EBITDA Growth -2.3% TTM Earnings Growth -3.6% Gross Profit Margin 55.7% 20% EBITDA Margin 22.6% Net Income Margin 10.3% 15% SG&A Expenses as a % of Total Revenue 27.8% R&D Expenses as a % of Total Revenue 14.0% 10%

Balance Sheet Analysis (Median) Current Ratio 1.4 5% Quick Ratio 1.1 Cash as Percent of Market Cap 4.2% 0% Avg Days Outstanding: Accounts Receivable 68 Avg Days Outstanding: Accounts Payable 32 Working Capital to TTM Operating Expense Ratio 0.2x -5%

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 15.2% Cash from Operations Growth (YoY) 0.3% -15% Cash from Investing Growth (YoY) -42.6% Cash from Financing Growth (YoY) -10.2% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -6.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Activision Blizzard ATVI $22,519.4 $22,075.4 $4,887.0 65.7% 32.8% 12.3% 4.5x 13.8x 4.7x 13.4x 55.0% Electronic Arts EA $21,120.8 $18,874.8 $4,329.0 71.9% 26.3% 4.7% 4.4x 16.6x 4.1x 13.2x 44.5% GameLoft SA ENXTPA:GFT $312.2 $273.5 $271.2 83.2% 2.9% 3.5% 1.0x 34.9x 0.9x 8.7x -6.9% Konami TSE: 9766 $2,990.1 $2,578.7 $1,897.2 34.8% 15.6% 4.0% 1.4x 8.7x 1.2x 7.2x 17.8% Take-Two Interactive TTWO $2,453.6 $1,744.6 $1,453.5 28.9% -10.0% -37.1% 1.2x n/a 1.4x 11.1x 2.3% Ubisoft Entertainment ENXTPA:UBI $2,230.3 $2,009.6 $1,324.6 76.1% -7.7% -0.9% 1.5x n/a 1.2x 2.5x 10.6% Median: $2,721.9 $2,294.2 $1,675.3 68.8% 9.2% 3.8% 1.4x 15.2x 1.3x 9.9x 14.2%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - September 2015 TTM Revenue Growth 3.8% 30% TTM EBITDA Growth -28.0% TTM Earnings Growth -16.8% 25% Gross Profit Margin 68.8% EBITDA Margin 9.2% 20% Net Income Margin 3.0% SG&A Expenses as a % of Total Revenue 26.9% R&D Expenses as a % of Total Revenue 26.1% 15%

Balance Sheet Analysis (Median) 10% Current Ratio 1.7 Quick Ratio 1.4 5% Cash as Percent of Market Cap 16.9% Avg Days Outstanding: Accounts Receivable 47 0% Avg Days Outstanding: Accounts Payable 60 Working Capital to TTM Operating Expense Ratio 0.3x -5%

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 19.6% Cash from Operations Growth (YoY) -15.8% -15% Cash from Investing Growth (YoY) 22.0% Cash from Financing Growth (YoY) 88.2% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -23.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Accretive Health MDRX $15,894.4 $17,453.5 $39,567.7 26.8% 6.1% 10.8% 0.4x 7.2x 0.4x 6.5x 13.0% Allscripts Healthcare Solutions CERN $2,342.6 $2,937.5 $1,381.6 46.7% 7.1% -0.5% 2.1x 29.9x 2.0x 11.3x -3.5% Cerner CPSI $20,690.6 $20,755.4 $3,811.8 84.3% 28.1% 24.0% 5.4x 19.4x 4.3x 12.9x -7.8% Computer Programs and Sys MDAS $476.2 $439.1 $184.2 41.1% 19.1% -12.2% 2.4x 12.4x 2.3x 10.3x -27.4% MedAssets MRGE $1,203.6 $2,034.3 $764.2 75.2% 28.5% 10.4% 2.7x 9.3x 2.7x 8.5x 1.8% Merge Healthcare OMCL $692.6 $942.0 $227.6 62.1% 17.3% 5.6% 4.1x 23.9x n/a 16.7x n/a Omnicell QSII $1,116.7 $1,028.7 $475.8 51.8% 14.2% 11.9% 2.2x 15.3x 2.0x 10.4x -3.4% Quality Systems HPQ $752.8 $636.0 $499.3 55.4% 11.5% 8.0% 1.3x 11.1x 1.2x 8.3x -16.7% Median: $1,160.2 $1,531.5 $631.8 53.6% 15.8% 9.2% 2.3x 13.9x 2.0x 10.3x -3.5%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - September 2015 TTM Revenue Growth 9.2% 20% TTM EBITDA Growth 3.6% TTM Earnings Growth 15.0% Gross Profit Margin 53.6% 15% EBITDA Margin 15.8% Net Income Margin 6.6% SG&A Expenses as a % of Total Revenue 30.1% 10% R&D Expenses as a % of Total Revenue 12.7%

5% Balance Sheet Analysis (Median) Current Ratio 1.5 Quick Ratio 1.2 0% Cash as Percent of Market Cap 5.2% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 37 -5% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 8.0% Cash from Operations Growth (YoY) 6.8% -15% Cash from Investing Growth (YoY) -45.1% Cash from Financing Growth (YoY) 35.4% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 16.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Hewlett Packard HPQ $46,052.5 $54,778.5 $106,047.0 24.0% 12.0% -5.5% 0.5x 4.3x 0.5x 4.4x -35.3% IBM IBM $142,002.4 $172,063.4 $83,795.0 50.3% 25.6% -12.8% 2.1x 8.0x 2.1x 7.4x -8.5% Microsoft MSFT $353,990.6 $292,935.6 $90,758.0 64.8% 35.7% -0.8% 3.2x 9.0x 3.2x 8.7x -3.4% Oracle ORCL $154,038.4 $140,599.4 $38,078.0 59.6% 41.5% -1.1% 3.7x 8.9x 3.7x 7.9x -17.7% SAP AG DB:SAP $77,158.5 $84,335.5 $22,217.5 70.7% 32.2% 15.7% 3.8x 11.8x 3.6x 10.9x -6.1% Median: $142,002 $140,599 $83,795.0 59.6% 32.2% -1.1% 3.2x 8.9x 3.2x 7.9x -8.5%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - September 2015 TTM Revenue Growth -1.1% 20% TTM EBITDA Growth -2.5% TTM Earnings Growth -13.2% Gross Profit Margin 59.6% 15% EBITDA Margin 32.2% Net Income Margin 15.5% SG&A Expenses as a % of Total Revenue 21.9% 10% R&D Expenses as a % of Total Revenue 13.2%

5% Balance Sheet Analysis (Median) Current Ratio 1.2 Quick Ratio 1.1 0% Cash as Percent of Market Cap 28.0% Avg Days Outstanding: Accounts Receivable 56 Avg Days Outstanding: Accounts Payable 60 -5% Working Capital to TTM Operating Expense Ratio 0.1x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 20.9% Cash from Operations Growth (YoY) -9.5% -15% Cash from Investing Growth (YoY) -84.6% Cash from Financing Growth (YoY) -5.9% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -12.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Bango PLC BGO $67.9 $62.6 $5.9 32.7% -129.3% -48.3% 10.6x n/a n/a n/a -27.3% iDream Sky Technologies DSKY $439.1 $339.8 $223.8 39.9% 1.3% n/a 1.5x 116.2x 1.1x 4.8x -40.9% King Digital Entertainment KING $4,210.6 $3,424.7 $2,104.3 68.7% 34.5% -9.2% 1.6x 4.7x 1.9x 5.1x -4.4% Glu Mobile GLUU $570.9 $381.3 $261.7 60.0% 5.3% 41.4% 1.5x 27.6x 1.4x 16.7x 7.9% Gree TSE:3632 $1,044.8 $392.8 $721.1 71.8% 26.3% -25.4% 0.5x 2.1x 0.6x 2.4x -23.9% Millennial Media MM $43.2 $608.3 $477.1 52.3% 17.8% -4.4% 1.3x 7.2x 1.3x 5.6x -44.9% MobileIron MOBL $244.2 $136.5 $144.0 81.2% -56.1% 17.3% 0.9x n/a 0.8x n/a -68.6% Momo MOMO $2,003.2 $1,550.0 $113.1 77.1% 4.2% 296.5% 13.7x 326.9x 6.3x 14.5x -2.1% Myriad Group AG MYRN $359.3 $316.2 $36.0 87.6% 20.7% -17.3% 8.8x 42.4x n/a n/a -23.8% NQ Mobile NQ $295.9 $316.4 $368.9 24.8% -4.0% 18.8% 0.9x n/a 0.6x 5.4x -22.7% Opera OB:OPERA $781.6 $798.5 $576.8 35.0% 16.1% 38.7% 1.4x 8.6x 1.2x 6.9x -59.8% Qihoo 360 Technology QIHU $6,167.4 $6,654.9 $1,630.3 77.2% 27.0% 64.2% 4.1x 15.1x 2.9x 9.6x -19.9% Pandora Media P $4,530.1 $4,157.6 $1,095.9 47.5% -3.4% 26.0% 3.8x n/a 3.2x 38.3x 20.4% Synchronoss Technologies SNCR $1,438.7 $1,440.5 $551.8 59.3% 28.5% 30.1% 2.6x 9.2x 2.3x 6.6x -20.9% Tangoe TNGO $282.6 $251.1 $219.4 54.1% 4.4% 5.7% 1.1x 26.0x 1.0x 7.9x -43.2% TeleCommunication Systems TSYS $210.3 $301.3 $364.1 39.1% 9.7% 5.5% 0.8x 8.5x 0.7x 7.0x 10.3% TeleNav TNAV $316.6 $196.7 $169.3 49.1% -19.3% 20.1% 1.2x n/a 1.1x n/a 17.3% Zynga ZNGA $2,107.3 $1,048.5 $771.5 70.7% -2.1% 14.4% 1.4x n/a 1.3x 27.5x -16.5% Median: $505.0 $387.1 $366.5 56.7% 4.8% 17.3% 1.4x 12.2x 1.3x 6.9x -21.8%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - September 2015 TTM Revenue Growth 17.3% 20% TTM EBITDA Growth 5.7% TTM Earnings Growth 17.4% 15% Gross Profit Margin 56.7% EBITDA Margin 4.8% 10% Net Income Margin -6.7% SG&A Expenses as a % of Total Revenue 31.7% R&D Expenses as a % of Total Revenue 17.2% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 3.4 Quick Ratio 3.1 -5% Cash as Percent of Market Cap 23.4% Avg Days Outstanding: Accounts Receivable 63 -10% Avg Days Outstanding: Accounts Payable 42 Working Capital to TTM Operating Expense Ratio 0.0x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin -2.8% Cash from Operations Growth (YoY) 3.8% -25% Cash from Investing Growth (YoY) -28.6% Cash from Financing Growth (YoY) -40.7% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -5.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD A10 Networks ATEN $373.9 $277.7 $187.5 75.5% -18.0% 6.2% 1.5x n/a 1.3x n/a 31.9% Allot Communications ALLT $164.4 $43.8 $105.2 70.9% -3.3% -7.6% 0.4x n/a 0.4x 26.5x -46.5% Barracuda Networks CUDA $829.2 $615.9 $298.9 79.2% 1.6% 17.4% 2.1x 126.7x 1.8x 7.1x -55.5% Brocade BRCD $4,303.5 $3,775.5 $2,239.0 67.5% 26.2% 1.5% 1.7x 6.4x 1.7x 6.0x -10.5% Cisco Systems CSCO $132,858.9 $97,805.9 $49,161.0 60.4% 27.2% 4.3% 2.0x 7.3x 1.9x 6.5x -3.5% F5 Networks FFIV $8,222.3 $7,424.6 $1,919.8 82.7% 31.0% 10.8% 3.9x 12.5x 3.6x 9.1x -11.1% Gigamon GIMO $670.7 $491.5 $206.2 77.7% 6.1% 38.4% 2.4x 39.3x 2.1x 10.9x 12.1% Juniper Networks JNPR $9,883.6 $9,984.2 $4,639.8 63.1% 21.0% -3.3% 2.2x 10.3x 2.0x 7.6x 15.9% Radware RDWR $750.2 $669.6 $222.3 82.5% 18.0% 4.0% 3.0x 16.8x 2.7x 12.9x n/a Median: $829.2 $669.6 $298.9 75.5% 18.0% 4.3% 2.1x 12.5x 1.9x 8.3x -7.0%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - September TTM Revenue Growth 4.3% 20% 2015 TTM EBITDA Growth 5.9% TTM Earnings Growth 9.1% Gross Profit Margin 75.5% 15% EBITDA Margin 18.0% Net Income Margin 3.2% SG&A Expenses as a % of Total Revenue 47.0% 10% R&D Expenses as a % of Total Revenue 21.7%

Balance Sheet Analysis (Median) 5% Current Ratio 2.2 Quick Ratio 1.9 0% Cash as Percent of Market Cap 26.9% Avg Days Outstanding: Accounts Receivable 50 Avg Days Outstanding: Accounts Payable 51 -5% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 17.5% Cash from Operations Growth (YoY) 21.2% -15% Cash from Investing Growth (YoY) -79.5% Cash from Financing Growth (YoY) -38.4% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 58.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD AVG Technologies AVG $1,136.1 $1,284.1 $419.0 85.1% 29.1% 11.5% 3.1x 10.5x 2.8x 7.5x 11.1% Barracuda Networks CUDA $829.2 $615.9 $298.9 79.2% 1.6% 17.4% 2.1x 126.7x 1.8x 7.1x -55.5% Cyberark Software CYBR $1,587.3 $1,303.5 $145.7 86.0% 22.7% 67.9% 8.9x 39.5x 7.8x 44.2x 29.0% Brocade CHKP $14,347.2 $13,120.1 $1,592.4 88.4% 52.9% 8.9% 8.2x 15.6x 7.7x 14.0x 1.1% A10 Networks ATEN $373.9 $277.7 $187.5 75.5% -18.0% 6.2% 1.5x n/a 1.3x n/a 31.9% Cyren CYRN $69.6 $66.2 $28.5 70.9% -10.4% -11.9% 2.3x n/a 2.3x n/a 4.1% Fortinet FTNT $7,270.5 $6,397.5 $936.7 71.4% 6.6% 29.4% 6.8x 104.2x 5.7x 31.9x 38.0% Guidance Software GUID $182.7 $161.7 $107.6 66.5% -6.0% -0.7% 1.5x n/a 1.4x 68.2x -14.1% Imperva IMPV $2,046.7 $1,802.0 $213.0 79.3% -22.5% 37.1% 8.5x n/a 7.5x n/a 35.1% Palo Alto Networks PANW $14,621.5 $14,319.6 $928.1 72.9% -11.3% 55.1% 15.4x n/a 11.1x 49.1x 41.7% Proofpoint PFPT $2,413.9 $2,339.0 $246.7 67.7% -20.0% 36.8% 9.5x n/a 8.1x n/a 27.1% Rapid7 RPD $895.0 $1,131.8 $99.6 73.9% -27.5% n/a 11.4x n/a 9.8x n/a -10.0% Sourcefire FIRE $21.3 $21.1 $20.0 36.9% 15.5% 27.2% 1.1x 6.8x n/a n/a 74.8% Symantec SYMC $13,224.1 $11,429.1 $6,272.0 83.3% 28.8% -6.4% 1.8x 6.3x 1.8x 5.3x -22.4% Trend Micro TSE:4704 $4,797.6 $3,758.4 $1,026.1 82.4% 33.9% 9.3% 3.7x 10.8x 3.6x 10.3x 26.5% VASCO VDSI $674.0 $517.0 $253.0 58.4% 22.1% 38.7% 2.0x 9.3x 2.3x 9.5x -37.6% Median: $1,361.7 $1,293.8 $249.8 74.7% 4.1% 17.4% 3.4x 10.8x 3.6x 12.2x 18.8%

Income Statement Analysis (Median) Security Software Stock Market Return: January - September 2015 TTM Revenue Growth 17.4% 40% TTM EBITDA Growth -3.2% TTM Earnings Growth 0.0% 35% Gross Profit Margin 74.7% EBITDA Margin 4.1% 30% Net Income Margin -5.5% 25% SG&A Expenses as a % of Total Revenue 54.0% R&D Expenses as a % of Total Revenue 20.1% 20%

Balance Sheet Analysis (Median) 15% Current Ratio 1.8 Quick Ratio 1.7 10% Cash as Percent of Market Cap 14.8% 5% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 41 0% Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 18.3% Cash from Operations Growth (YoY) 63.3% -15% Cash from Investing Growth (YoY) -46.5% Cash from Financing Growth (YoY) -15.8% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 56.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Brocade BRCD $4,303.5 $3,775.5 $2,239.0 67.5% 26.2% 1.5% 1.7x 6.4x 1.7x 6.0x -10.5% CA CA $12,047.6 $10,628.6 $4,096.0 85.4% 31.4% -6.1% 2.6x 8.3x 2.6x 6.8x -8.8% Cisco Systems CSCO $132,858.9 $97,805.9 $49,161.0 60.4% 27.2% 4.3% 2.0x 7.3x 1.9x 6.5x -3.5% Brocade CVLT $1,544.6 $1,133.2 $583.6 85.9% 2.3% -4.9% 1.9x n/a 1.9x 14.7x -34.1% EMC EMC $46,501.4 $47,664.4 $24,738.0 61.2% 21.0% 2.8% 1.9x 9.2x 1.8x 6.6x -17.9% FalconStor Software FALC $81.9 $70.7 $51.0 80.1% 0.0% 3.8% 1.4x 26682.9x n/a n/a 41.1% NetApp NTAP $8,729.1 $5,267.1 $5,968.7 62.4% 12.1% -5.2% 0.9x 7.3x 0.9x 4.3x -27.6% Splunk SPLK $7,111.1 $6,255.7 $537.4 83.8% -42.0% 46.8% 11.6x n/a 8.7x 147.7x -5.9% Varonis Systems VRNS $388.3 $283.4 $117.1 90.2% -17.8% 25.5% 2.4x n/a 2.1x n/a -52.9% Median: $7,111.1 $5,267.1 $2,239.0 80.1% 12.1% 2.8% 1.9x 7.8x 1.9x 6.6x -10.5%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - September TTM Revenue Growth 2.8% 20% 2015 TTM EBITDA Growth -6.2% TTM Earnings Growth -8.7% 15% Gross Profit Margin 80.1% EBITDA Margin 12.1% Net Income Margin 7.4% 10% SG&A Expenses as a % of Total Revenue 37.2% R&D Expenses as a % of Total Revenue 15.4% 5% Balance Sheet Analysis (Median) Current Ratio 2.4 0% Quick Ratio 2.2 Cash as Percent of Market Cap 25.9% -5% Avg Days Outstanding: Accounts Receivable 71 Avg Days Outstanding: Accounts Payable 41 Working Capital to TTM Operating Expense Ratio 0.6x -10%

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 16.6% Cash from Operations Growth (YoY) -10.1% -20% Cash from Investing Growth (YoY) -51.9% Cash from Financing Growth (YoY) -2.8% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -5.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD CA Technologies CA $12,047.6 $10,628.6 $4,096.0 85.4% 31.4% -6.1% 2.6x 8.3x 2.6x 6.8x -8.8% Citrix Systems CTXS $11,133.4 $11,569.7 $3,222.3 85.0% 24.7% 4.2% 3.6x 14.5x 3.5x 11.7x 9.1% Netscout Systems NTCT $3,563.1 $3,355.9 $604.1 71.6% 18.0% 39.1% 5.6x 30.9x 2.7x 10.2x -2.3% Brocade RHT $13,188.8 $12,741.0 $1,905.0 84.8% 19.0% 14.3% 6.7x 35.3x 5.8x 21.7x 4.2% SolarWinds SWI $3,005.9 $2,759.5 $485.9 89.2% 30.9% 19.3% 5.7x 18.4x 5.0x 10.4x -21.5% VMWare VMW $33,255.0 $27,766.0 $6,481.0 84.5% 26.2% 11.4% 4.3x 16.4x 4.0x 11.1x -4.0% Median: $11,590.5 $11,099.2 $2,563.6 84.9% 25.4% 12.9% 4.9x 17.4x 3.7x 10.8x -3.2%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - September 2015 TTM Revenue Growth 12.9% 20% TTM EBITDA Growth 10.6% TTM Earnings Growth 1.0% Gross Profit Margin 84.9% 15% EBITDA Margin 25.4% Net Income Margin 12.4% SG&A Expenses as a % of Total Revenue 45.9% 10% R&D Expenses as a % of Total Revenue 18.5% 5% Balance Sheet Analysis (Median) Current Ratio 1.3 Quick Ratio 1.1 0% Cash as Percent of Market Cap 9.3% Avg Days Outstanding: Accounts Receivable 70 -5% Avg Days Outstanding: Accounts Payable 59 Working Capital to TTM Operating Expense Ratio 0.3x -10% Cash Flow Statement Analysis (Median)

Levered FCF Margin 22.0% -15% Cash from Operations Growth (YoY) -3.8% Cash from Investing Growth (YoY) 32.4% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) 10.0% Levered FCF Growth (YoY) -6.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Broadridge Financial BR $6,546.4 $6,911.6 $2,733.1 31.9% 21.2% 6.4% 2.5x 11.9x 2.4x 10.8x 23.4% Fidessa LSE:FDSA $1,032.9 $939.6 $446.2 20.0% 17.5% 2.5% 2.1x 12.0x 2.1x 10.9x -24.9% Jack Henry & Associates JKHY $5,584.1 $5,488.5 $1,276.3 42.9% 35.1% 6.6% 4.3x 12.3x 4.1x 11.7x 13.2% MSCI MSCI $6,449.1 $6,794.0 $1,053.2 71.1% 43.6% 7.2% 6.5x 14.8x 6.1x 14.2x 25.9% SS&C SSNC $6,773.1 $6,508.9 $900.1 46.8% 32.7% 20.1% 7.2x 22.1x 4.8x 11.2x 27.5% Median: $6,449.1 $6,508.9 $1,053.2 42.9% 32.7% 6.6% 4.3x 12.3x 4.1x 11.2x 23.4%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - September 2015 TTM Revenue Growth 6.6% 25% TTM EBITDA Growth 11.4% TTM Earnings Growth -7.1% Gross Profit Margin 42.9% 20% EBITDA Margin 32.7% Net Income Margin 10.5% 15% SG&A Expenses as a % of Total Revenue 14.6% R&D Expenses as a % of Total Revenue 5.7% 10% Balance Sheet Analysis (Median) Current Ratio 1.9 5% Quick Ratio 1.7 Cash as Percent of Market Cap 7.4% 0% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 10 -5% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 15.9% Cash from Operations Growth (YoY) -2.4% -15% Cash from Investing Growth (YoY) -113.8% Cash from Financing Growth (YoY) 32.8% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 6.0%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Blackbaud BLKB $2,585.0 $2,830.1 $614.9 51.7% 15.9% 12.5% 4.6x 29.0x 4.1x 20.7x 34.3% Constellation TSX:CSU $8,848.6 $9,067.6 $1,766.5 36.6% 17.8% 12.5% 5.1x 28.9x 4.6x 18.5x 43.2% EPIQ Systems EPIQ $482.5 $874.2 $478.1 50.6% 13.3% 4.7% 1.8x 13.8x 1.6x 7.8x -21.2% Guidewire Software GWRE $3,734.2 $3,162.6 $380.5 61.3% 5.9% 8.6% 8.3x 140.1x 7.7x 42.9x 5.2% Sapiens International SPNS $561.2 $510.4 $178.7 39.4% 15.0% 17.7% 2.9x 19.0x 2.7x 17.3x 59.4% Silver Spring Networks SSNI $644.7 $526.7 $367.7 42.1% 7.8% 74.2% 1.4x 18.4x 1.7x 28.4x 59.2% Tyler Technologies TYL $5,056.2 $4,852.1 $559.5 47.3% 22.6% 17.5% 8.7x 38.4x 7.8x 28.2x 38.4% Median: $2,585.0 $2,830.1 $478.1 47.3% 15.0% 12.5% 4.6x 28.9x 4.1x 20.7x 38.4%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - September 2015 TTM Revenue Growth 12.5% 50% TTM EBITDA Growth 23.5% TTM Earnings Growth 32.2% Gross Profit Margin 47.3% 40% EBITDA Margin 15.0% Net Income Margin 5.1% SG&A Expenses as a % of Total Revenue 21.3% 30% R&D Expenses as a % of Total Revenue 13.8%

20% Balance Sheet Analysis (Median) Current Ratio 1.7 Quick Ratio 1.6 10% Cash as Percent of Market Cap 4.9% Avg Days Outstanding: Accounts Receivable 61 Avg Days Outstanding: Accounts Payable 20 0% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 14.2% Cash from Operations Growth (YoY) 6.1% -20% Cash from Investing Growth (YoY) 16.2% Cash from Financing Growth (YoY) -104.7% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.7%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG SaaS Index $910.1 $821.8 $180.4 67.0% -7.9% 27.7% 5.1x 26.0x 4.4x 29.8x -10.5% CRM & Marketing $1,213.7 $1,109.5 $193.9 67.7% -10.5% 25.3% 5.7x 85.3x 4.6x 37.5x -19.8% ERP & Supply Chain $1,127.2 $1,005.8 $151.6 67.8% -8.3% 25.8% 6.4x 25.7x 5.6x 39.8x -21.8% Vertically Focused $860.0 $804.5 $143.0 62.1% 7.8% 35.0% 6.0x 31.6x 5.2x 21.3x -9.9% Human Capital Management $1,233.6 $1,147.2 $184.7 60.9% -6.7% 32.3% 5.4x 51.5x 4.7x 43.4x -2.1% SaaS Other $573.9 $537.9 $163.3 70.2% -11.8% 23.4% 4.5x 23.3x 3.8x 18.3x -14.2%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - September 2015 TTM Revenue Growth 27.7% 15% TTM EBITDA Growth 7.3% TTM Earnings Growth -6.4% Gross Profit Margin 67.0% 10% EBITDA Margin -7.9% Net Income Margin -17.3% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 18.3% 5%

Balance Sheet Analysis (Median) Current Ratio 2.0 0% Quick Ratio 1.8 Cash as Percent of Market Cap 12.6% Avg Days Outstanding: Accounts Receivable 65 -5% Avg Days Outstanding: Accounts Payable 26 Working Capital to TTM Operating Expense Ratio 0.3x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 31.4% -15% Cash from Investing Growth (YoY) -38.5% Cash from Financing Growth (YoY) -11.1% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 33.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Bazaarvoice BV $363.3 $317.1 $194.1 62.3% -10.5% 11.7% 1.6x n/a 1.5x 100.5x -44.9% Constant Contact CTCT $779.5 $598.8 $361.9 73.1% 12.6% 13.6% 1.7x 13.2x 1.5x 7.3x -32.4% Cvent NYSE:CVT $1,401.2 $1,237.6 $176.1 67.7% 1.4% 31.8% 7.0x 508.0x 6.0x 50.7x 20.3% HubSpot HUBS $1,565.2 $1,455.8 $163.0 71.7% -33.2% 56.6% 8.9x n/a 7.4x n/a 38.5% LivePerson LPSN $432.2 $395.1 $238.1 73.0% 7.0% 19.9% 1.7x 23.8x 1.5x 17.6x -44.7% Marketo MKTO $1,213.7 $1,109.5 $193.9 65.4% -29.5% 42.8% 5.7x n/a 4.6x n/a -14.0% Marin Software MRIN $115.5 $76.0 $106.5 62.5% -25.6% 13.1% 0.7x n/a 0.7x n/a -63.4% Salesforce.com CRM $45,515.3 $46,366.1 $5,974.1 75.3% 5.3% 25.3% 7.8x 146.8x 6.4x 37.5x 17.2% Zendesk ZEN $1,734.3 $1,448.0 $184.7 66.9% -35.3% 66.3% 7.8x n/a 6.1x n/a -19.8% Median: $1,213.7 $1,109.5 $193.9 67.7% -10.5% 25.3% 5.7x 85.3x 4.6x 37.5x -19.8%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - September 2015 TTM Revenue Growth 25.3% 15% TTM EBITDA Growth 2.2% TTM Earnings Growth -30.3% Gross Profit Margin 67.7% 10% EBITDA Margin -10.5% Net Income Margin -17.1% 5% SG&A Expenses as a % of Total Revenue 61.7% R&D Expenses as a % of Total Revenue 19.0% 0%

Balance Sheet Analysis (Median) Current Ratio 1.8 -5% Quick Ratio 1.7 Cash as Percent of Market Cap 11.3% -10% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 23 -15% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 4.1% Cash from Operations Growth (YoY) -0.8% -25% Cash from Investing Growth (YoY) -13.8% Cash from Financing Growth (YoY) -11.3% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -2.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Amber Road AMBR $110.5 $107.1 $67.5 48.7% -26.8% 7.5% 1.6x n/a 1.4x n/a -58.5% Apigee Corporation APIC $309.7 $224.1 $68.6 63.6% -68.6% 30.2% 3.3x n/a 2.5x n/a -36.8% Fleetmatics FLTX $1,888.3 $1,733.6 $271.5 74.6% 24.9% 24.7% 6.4x 25.7x 5.6x 17.4x 38.8% Netsuite N $6,631.5 $6,524.9 $692.8 67.1% -8.3% 34.9% 9.4x n/a 7.6x 97.9x -21.8% SciQuest SQI $278.1 $150.4 $104.3 67.8% 6.8% 2.0% 1.4x 21.3x 1.4x 7.4x -30.4% SPS Commerce SPSC $1,127.2 $1,005.8 $151.6 68.5% 10.1% 25.8% 6.6x 65.4x 5.8x 39.8x 22.1% Workday WDAY $13,221.1 $11,817.0 $975.0 68.0% -15.6% 58.2% 12.1x n/a 8.7x 115.4x -14.4% Median: $1,127.2 $1,005.8 $151.6 67.8% -8.3% 25.8% 6.4x 25.7x 5.6x 39.8x -21.8%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - September 2015 TTM Revenue Growth 25.8% 20% TTM EBITDA Growth 16.9% TTM Earnings Growth 17.2% 15% Gross Profit Margin 67.8% EBITDA Margin -8.3% 10% Net Income Margin -17.0% SG&A Expenses as a % of Total Revenue 52.3% 5% R&D Expenses as a % of Total Revenue 20.6% 0% Balance Sheet Analysis (Median) Current Ratio 2.4 -5% Quick Ratio 2.2 -10% Cash as Percent of Market Cap 14.4% Avg Days Outstanding: Accounts Receivable 65 -15% Avg Days Outstanding: Accounts Payable 18 Working Capital to TTM Operating Expense Ratio 0.7x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 7.7% Cash from Operations Growth (YoY) 40.7% -30% Cash from Investing Growth (YoY) -24.0% Cash from Financing Growth (YoY) -87.6% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 33.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 2U TWOU $1,610.6 $1,522.4 $137.7 78.0% -18.6% 32.0% 11.1x n/a 9.0x n/a 84.3% Alarm.com ALRM $531.3 $719.6 $197.5 62.1% 15.1% 26.1% 3.6x 24.1x 3.4x 47.3x -30.9% AppFolio APPF $564.9 $504.5 $67.8 54.5% -17.9% n/a 7.4x n/a 5.8x n/a 19.7% Athenahealth ATHN $5,152.4 $5,337.2 $880.4 60.7% 7.8% 23.8% 6.1x 78.1x 5.3x 29.6x -9.9% Castlight Health CSLT $396.1 $231.7 $68.5 55.1% -115.4% 88.9% 3.4x n/a 2.5x n/a -64.0% DealerTrack TRAK $93.0 $92.1 $31.9 46.0% 13.7% 39.7% 2.9x 21.0x 2.4x 14.5x 122.3% Ebix EBIX $860.0 $982.8 $255.9 71.3% 35.1% 25.1% 3.8x 10.9x 3.7x 10.4x 49.6% Ellie Mae ELLI $1,970.0 $1,880.1 $235.6 68.0% 20.7% 62.2% 8.0x 38.5x 7.1x 29.9x 65.5% Medical Transcript MTBC $20.0 $23.0 $24.8 45.4% -7.0% 75.0% 0.9x n/a 0.8x n/a -33.9% Medidata Solutions MDSO $2,328.5 $2,309.3 $382.8 76.5% 10.5% 19.5% 6.0x 57.5x 5.2x 21.3x -10.0% OPOWER OPWR $458.6 $338.0 $143.0 63.7% -26.8% 19.6% 2.4x n/a 2.1x n/a -38.6% RealPage RP $1,316.1 $1,336.7 $451.3 56.4% 9.0% 14.1% 3.0x 32.8x 2.7x 14.5x -22.7% Textura TXTR $668.2 $600.2 $80.9 81.7% -5.8% 41.6% 7.4x n/a 5.6x 35.7x -9.2% Q2 Holdings QTWO $922.6 $804.5 $100.6 44.9% -14.9% 38.5% 8.0x n/a 6.5x n/a 30.9% Veeva Systems VEEV $3,099.8 $2,661.8 $358.9 64.6% 24.5% 37.9% 7.4x 30.3x 6.0x 20.6x -10.8% Median: $860.0 $804.5 $143.0 62.1% 7.8% 35.0% 6.0x 31.6x 5.2x 21.3x -9.9%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - September 2015 TTM Revenue Growth 35.0% 30% TTM EBITDA Growth 12.4% TTM Earnings Growth 19.1% 25% Gross Profit Margin 62.1% EBITDA Margin 7.8% Net Income Margin -2.9% 20% SG&A Expenses as a % of Total Revenue 45.9% R&D Expenses as a % of Total Revenue 16.1% 15%

Balance Sheet Analysis (Median) 10% Current Ratio 2.6 Quick Ratio 2.4 5% Cash as Percent of Market Cap 10.9% Avg Days Outstanding: Accounts Receivable 51 0% Avg Days Outstanding: Accounts Payable 31 Working Capital to TTM Operating Expense Ratio 0.3x -5%

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 34.6% -15% Cash from Investing Growth (YoY) -35.7% Cash from Financing Growth (YoY) -32.5% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 32.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Benefitfocus BNFT $897.6 $849.7 $171.0 43.7% -27.5% 34.1% 5.0x n/a 4.4x n/a -0.2% Callidus Software CALD $946.7 $855.1 $164.4 60.9% -3.1% 27.8% 5.2x n/a 4.7x 35.3x 6.8% Cornerstone OnDemand CSOD $1,788.6 $1,792.3 $320.2 67.7% -18.5% 32.3% 5.6x n/a 4.6x 153.3x -4.1% Halogen Software TSX:HGN $140.3 $102.7 $63.6 72.8% -9.7% 17.4% 1.6x n/a 1.5x n/a -12.4% HealthStream HSTM $690.1 $550.2 $198.5 57.1% 16.3% 22.2% 2.8x 17.0x 2.5x 16.4x -23.9% Paylocity Holding PCTY $1,520.6 $1,439.3 $166.7 54.6% -3.6% 42.0% 8.6x n/a 7.1x 135.5x 16.8% Paycom Software PAYC $2,122.5 $2,106.2 $203.6 85.6% 20.1% 48.4% 10.3x 51.5x 8.7x 43.4x 37.8% The Ultimate Software Group ULTI $5,117.3 $5,015.4 $582.9 60.9% 11.3% 20.8% 8.6x 76.4x 7.4x 30.1x 22.1% Workday WDAY $13,221.1 $11,817.0 $975.0 68.0% -15.6% 58.2% 12.1x n/a 8.7x 115.4x -14.4% Xactly XTLY $227.4 $184.1 $67.1 59.1% -19.8% n/a 2.7x n/a 2.2x n/a -10.3% Median: $1,233.6 $1,147.2 $184.7 60.9% -6.7% 32.3% 5.4x 51.5x 4.7x 43.4x -2.1%

Income Statement Analysis (Median) Human Capital Management SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 32.3% 20% TTM EBITDA Growth 0.5% TTM Earnings Growth -8.7% Gross Profit Margin 60.9% 15% EBITDA Margin -6.7% Net Income Margin -16.9% SG&A Expenses as a % of Total Revenue 52.5% 10% R&D Expenses as a % of Total Revenue 15.2%

Balance Sheet Analysis (Median) 5% Current Ratio 1.4 Quick Ratio 1.3 0% Cash as Percent of Market Cap 11.1% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 18 -5% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 10.2% Cash from Operations Growth (YoY) 113.1% -15% Cash from Investing Growth (YoY) -104.7% Cash from Financing Growth (YoY) 16.6% Human Capital Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 58.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Box Box $1,489.5 $1,292.5 $258.8 74.9% -59.8% n/a 5.0x n/a 3.8x n/a -45.8% ChannelAdvisors ECOM $249.3 $192.7 $95.0 74.6% -19.4% 16.5% 2.0x n/a 1.9x n/a -53.9% Covisint COVS $84.4 $37.3 $82.1 43.0% -25.8% -10.6% 0.5x n/a 0.4x 4.5x -16.0% Demandware DWRE $1,944.8 $1,758.7 $214.2 71.7% -14.7% 46.3% 8.2x n/a 6.6x 164.6x -8.4% FireEye FEYE $5,072.7 $4,572.0 $581.2 61.8% -66.9% 71.0% 7.9x n/a 6.1x n/a 2.5% HortonWorks HDP $963.7 $821.8 $99.2 0.8% -217.2% 124.1% 8.3x n/a 5.7x n/a -14.2% inContact SAAS $462.5 $425.0 $209.9 50.6% -2.5% 33.3% 2.0x n/a 1.8x 39.4x -14.5% IntraLinks Holdings IL $479.9 $502.7 $272.3 72.3% 3.9% 8.5% 1.8x 47.0x 1.8x 12.7x -27.6% J2 Global JCOM $3,431.8 $3,516.4 $683.1 82.8% 41.4% 19.9% 5.1x 12.4x 4.7x 10.5x 17.2% Jive Software JIVE $352.8 $241.2 $193.3 63.3% -11.8% 13.5% 1.2x n/a 1.2x n/a -23.1% New Relic NEWR $1,809.7 $1,614.7 $143.5 79.4% -36.2% 68.8% 11.3x n/a 8.7x n/a 4.5% Liquid Holdings Group MB $4.3 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -65.5% MINDBODY MB $611.6 $520.8 $93.3 62.4% -27.4% n/a 5.6x n/a 4.6x n/a 35.2% Qualys QLYS $970.2 $812.1 $156.4 79.3% 22.3% 24.1% 5.2x 23.3x 4.4x 16.3x -23.7% RingCentral RNG $1,277.1 $1,165.5 $274.7 69.3% -7.9% 35.1% 4.2x n/a 3.6x 100.1x 23.2% Service-now.com NOW $498.9 $431.1 $92.5 72.5% -30.6% 19.1% 4.7x n/a 3.9x n/a 66.4% Shopify SHOP $2,868.1 $2,669.3 $170.2 55.9% -5.9% n/a 15.7x n/a 12.4x n/a 37.1% Tableau Software DATA $5,730.8 $5,001.3 $593.8 89.3% -1.4% 69.1% 8.4x n/a 6.8x 63.9x -7.2% Tangoe TNGO $282.6 $251.1 $219.4 54.1% 4.4% 5.7% 1.1x 26.0x 1.0x 7.9x -43.2% TrueCar TRUE $429.2 $329.7 $251.7 91.0% -13.6% 31.6% 1.3x n/a 1.2x 28.4x -76.1% Upland Software TRUE $121.0 $118.5 $68.8 62.7% -0.1% 14.2% 1.7x n/a 1.6x 20.3x -16.9% Workiva WK $617.2 $554.9 $135.5 71.1% -28.8% 27.7% 4.1x n/a 3.5x n/a 11.9% Yodlee YDLE $536.3 n/a $104.0 61.9% -4.2% 23.4% 4.5x n/a n/a n/a n/a Zix ZIXI $242.2 $214.2 $53.3 82.6% 19.5% 6.9% 4.0x 20.7x 3.7x 13.4x 18.6% Median: $573.9 $537.9 $163.3 70.2% -11.8% 23.4% 4.5x 23.3x 3.8x 18.3x -14.2%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - September 2015 TTM Revenue Growth 23.4% 15% TTM EBITDA Growth -2.4% TTM Earnings Growth -36.3% Gross Profit Margin 70.2% 10% EBITDA Margin -11.8% Net Income Margin -19.1% SG&A Expenses as a % of Total Revenue 65.6% R&D Expenses as a % of Total Revenue 20.4% 5%

Balance Sheet Analysis (Median) Current Ratio 2.5 0% Quick Ratio 2.4 Cash as Percent of Market Cap 13.6% Avg Days Outstanding: Accounts Receivable 70 -5% Avg Days Outstanding: Accounts Payable 44 Working Capital to TTM Operating Expense Ratio 0.4x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 6.3% Cash from Operations Growth (YoY) 27.5% -15% Cash from Investing Growth (YoY) -44.1% Cash from Financing Growth (YoY) 32.9% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 48.8%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Internet Index $1,061.6 $1,001.5 $545.8 63.3% 7.6% 17.0% 1.8x 16.0x 1.8x 11.9x -17.2% Ad Tech & Lead Generation $500.6 $410.7 $439.2 53.1% 0.4% 20.1% 1.2x 15.8x 1.2x 11.5x -38.3% Commerce $591.8 $697.8 $539.8 44.0% 5.1% 21.4% 1.2x 20.1x 1.2x 8.4x -13.7% Content & Media $1,904.9 $1,590.6 $721.3 54.6% 8.6% 9.2% 2.0x 21.7x 1.9x 10.7x -6.2% Gaming $2,646.67 $1,888.4 $1,381.9 66.9% 34.2% 18.8% 2.4x 10.2x 2.2x 9.3x -9.4% Infrastructure $577.42 $490.9 $307.8 61.4% 6.8% 5.2% 1.3x 13.3x 1.3x 10.9x -8.7% Search $27,014.77 $24,277.4 $6,462.2 69.3% 28.3% 14.9% 4.1x 15.2x 3.5x 11.0x -14.3% Services $834.92 $666.2 $335.2 72.1% 6.6% 20.2% 1.9x 15.6x 1.7x 9.9x -21.1% Social $3,621.33 $3,871.1 $813.0 67.4% 8.3% 42.3% 8.2x 36.0x 6.1x 17.1x -17.0% Travel $8,997.71 $8,658.0 $1,471.0 84.4% 11.1% 13.6% 4.1x 23.5x 3.7x 15.7x -8.2%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - September 2015 TTM Revenue Growth 17.0% 15% TTM EBITDA Growth 6.9% TTM Earnings Growth 0.6% Gross Profit Margin 63.3% 10% EBITDA Margin 7.6% Net Income Margin 0.3% 5% SG&A Expenses as a % of Total Revenue 37.4% R&D Expenses as a % of Total Revenue 16.1% 0% Balance Sheet Analysis (Median) Current Ratio 2.4 -5% Quick Ratio 2.0 Cash as Percent of Market Cap 20.4% -10% Avg Days Outstanding: Accounts Receivable 39 Avg Days Outstanding: Accounts Payable 47 -15% Working Capital to TTM Operating Expense Ratio 0.4

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 7.2% Cash from Operations Growth (YoY) 13.5% -25% Cash from Investing Growth (YoY) 7.2% Cash from Financing Growth (YoY) -44.5% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 10.3%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Baidu.com BIDU $48,239.5 $42,546.5 $9,711.4 67.1% 26.0% 38.6% 4.4x 16.8x 3.4x 17.0x -38.4% Criteo SA CRTO $2,334.2 $2,030.2 $1,188.0 35.8% 8.5% 64.2% 1.7x 20.2x 3.3x 13.4x -6.0% Google GOOGL $427,324.5 $367,526.5 $71,763.0 62.5% 32.5% 12.8% 5.1x 15.8x 4.6x 11.5x 20.5% Marchex MCHX $170.5 $66.1 $148.4 46.4% 4.5% -18.5% 0.4x 10.0x 0.5x 6.6x -14.3% MaxPoint Interactive MXPT $105.8 $77.8 $137.7 50.0% -9.6% 49.5% 0.6x n/a 0.8x n/a -58.2% ReachLocal RLOC $62.0 $59.2 $402.6 43.6% -7.1% -19.3% 0.1x n/a 0.1x 7.3x -38.1% Rocket Fuel FUEL $199.4 $201.4 $475.7 40.9% -11.3% 34.1% 0.4x n/a 0.4x 11.6x -70.9% The Rubicon Project RUBI $636.9 $537.7 $196.3 77.9% -3.6% 75.9% 2.7x n/a 1.8x 13.3x -9.4% Sohu.com SOHU $1,595.2 $1,332.7 $1,948.2 56.2% 18.6% 23.2% 0.7x 3.7x 0.6x 5.2x -21.2% Tremor TRMR $95.9 $27.3 $177.8 38.2% -8.4% 15.5% 0.2x n/a 0.1x n/a -35.6% TubeMogul TUBE $364.3 $283.7 $158.3 68.9% -7.1% 58.0% 1.8x n/a 1.6x n/a -49.9% Yahoo! YHOO $27,215.6 $22,663.1 $4,948.0 64.4% 9.6% 6.8% 4.6x 47.5x 5.5x 24.2x -42.4% Yandex YNDX $3,419.1 $3,255.4 $858.6 71.6% 30.7% 17.0% 3.8x 12.4x 3.6x 9.8x -41.6% YuMe YUME $87.6 $40.1 $176.5 45.8% -6.5% 1.0% 0.2x n/a 0.2x n/a -49.6% Median: $500.6 $410.7 $439.2 53.1% 0.4% 20.1% 1.2x 15.8x 1.2x 11.5x -38.3%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - September 2015 TTM Revenue Growth 20.1% 20% TTM EBITDA Growth -16.5% TTM Earnings Growth -59.8% Gross Profit Margin 53.1% 10% EBITDA Margin 0.4% Net Income Margin -5.7% SG&A Expenses as a % of Total Revenue 36.2% 0% R&D Expenses as a % of Total Revenue 16.0%

-10% Balance Sheet Analysis (Median) Current Ratio 2.4x Quick Ratio 2.3x -20% Cash as Percent of Market Cap 26.0% Avg Days Outstanding: Accounts Receivable 69.9x Avg Days Outstanding: Accounts Payable 74.3x -30% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -40% Levered FCF Margin 1.1% Cash from Operations Growth (YoY) 28.6% -50% Cash from Investing Growth (YoY) -8.8% Cash from Financing Growth (YoY) -59.6% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -1.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 1-800-FLOWERS.COM FLWS $591.8 $697.8 $1,150.8 44.0% 6.0% 51.4% 0.6x 10.2x 0.6x 8.0x 15.6% 58.com WUBA $6,543.4 $6,084.0 $539.8 93.5% -33.0% 134.6% 11.3x n/a 6.6x n/a 12.3% Alibaba BABA $148,157.8 $137,847.7 $13,532.0 68.0% 33.2% 35.7% 10.2x 30.6x 8.6x 16.9x -43.1% Amazon.com AMZN $239,416.1 $243,368.1 $100,588.0 32.4% 7.0% 18.0% 2.4x 34.7x 2.1x 19.8x 65.9% Baozun BZUN $242.2 $98.6 $356.3 19.9% 1.4% 68.2% 0.3x 20.1x 0.2x 5.3x -53.8% Bitauto Holdings BITA $1,791.3 $1,001.5 $589.5 68.0% 3.8% 90.5% 1.7x 44.8x n/a n/a -60.2% BlueNile NILE $386.0 $346.9 $483.4 18.5% 3.4% 6.2% 0.7x 21.2x 0.7x 14.0x -4.3% Chegg CHGG $632.0 $569.5 $317.6 39.7% 6.5% 6.8% 1.8x 27.8x 2.0x 65.2x 3.0% DangDang DANG $483.0 $207.9 $1,451.6 16.0% -0.4% 21.4% 0.1x n/a 0.1x 8.5x -37.3% eBay EBAY $29,773.5 $26,841.5 $17,705.0 67.3% 27.6% 61.0% 1.5x 5.5x 3.0x 7.6x 16.1% Groupon GRPN $2,133.1 $1,056.8 $3,235.1 45.6% 2.7% 10.5% 0.3x 12.3x 0.3x 3.3x -59.4% Liquidity Services LQDT $221.9 $125.7 $397.1 33.1% 5.1% -19.9% 0.3x 6.2x 0.3x 4.4x -7.2% Mecox Lane MCOX $39.4 $18.1 $47.9 74.8% 26.5% 46.5% 0.4x 1.4x n/a n/a -13.7% Mercadolibre MELI $4,020.8 $3,971.3 $632.4 74.7% 29.8% 19.4% 6.3x 21.1x 5.9x 20.3x -27.5% MOL Global MOLG $56.0 $41.0 $53.9 -17.9% -43.0% 23.9% 0.8x n/a n/a n/a -72.5% Overstock.com OSTK $433.0 $329.0 $1,647.9 18.6% 1.2% 15.7% 0.2x 16.0x 0.2x 6.8x -27.2% PetMed Express PETS $327.3 $269.1 $227.6 33.4% 14.2% -0.5% 1.2x 8.3x 1.2x 8.2x 14.8% Stamps.com STMP $1,220.4 $1,138.2 $185.9 78.5% 25.3% 34.9% 6.1x 24.2x 5.2x 16.0x 55.5% Wowo Limited WOWO $511.2 $706.4 $32.2 79.9% -121.9% -2.0% 22.0x n/a n/a n/a -37.8% Median: $591.8 $697.8 $539.8 44.0% 5.1% 21.4% 1.2x 20.1x 1.2x 8.4x -13.7%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - September 2015 TTM Revenue Growth 21.4% 20% TTM EBITDA Growth 18.2% TTM Earnings Growth 1.8% 15% Gross Profit Margin 44.0% EBITDA Margin 5.1% 10% Net Income Margin -1.4% 5% SG&A Expenses as a % of Total Revenue 36.3% R&D Expenses as a % of Total Revenue 16.2% 0%

Balance Sheet Analysis (Median) -5% Current Ratio 2.2x Quick Ratio 1.7x -10% Cash as Percent of Market Cap 21.2% -15% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 39.9x -20% Working Capital to TTM Operating Expense Ratio 0.3x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 8.4% Cash from Operations Growth (YoY) 9.6% -35% Cash from Investing Growth (YoY) -79.6% Cash from Financing Growth (YoY) 65.2% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 2.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD DemandMedia DMD $83.1 $40.8 $134.5 48.4% -13.1% -25.6% 0.3x n/a 0.3x n/a -26.7% InterActiveCorp IACI $5,790.1 $6,008.3 $3,213.0 74.5% 12.8% 7.0% 1.9x 14.7x 1.8x 10.4x 9.9% Netflix NFLX $43,989.3 $43,592.5 $6,440.9 32.4% 5.8% 24.0% 6.8x 117.2x 5.7x 72.8x 107.1% Pandora P $4,530.1 $4,157.6 $1,095.9 47.5% -3.4% 26.0% 3.8x n/a 3.2x 38.3x 20.4% Shutterstock SSTK $1,090.1 $823.7 $400.4 59.5% 12.4% 31.4% 2.1x 16.5x 1.7x 9.3x -55.9% SINA SINA $2,340.2 $1,516.9 $835.6 61.6% 4.7% 10.8% 1.8x 38.5x 1.6x 13.6x 6.1% TheStreet.com TST $58.2 $26.9 $68.0 49.3% 1.5% 16.0% 0.4x 26.9x 0.4x 7.9x -24.4% WebMD Health WBMD $1,469.5 $1,664.3 $607.0 60.7% 21.2% 7.6% 2.7x 12.9x 2.6x 8.3x 1.8% XO Group XOXO $370.8 $285.2 $140.6 90.5% 13.0% 1.0% 2.0x 15.6x 2.0x 10.7x -22.0% Xunlei XNET $492.4 $46.4 $155.5 49.6% 18.1% -3.4% 0.3x 1.6x 0.3x n/a -8.8% Yahoo! YHOO $27,215.6 $22,663.1 $4,948.0 64.4% 9.6% 6.8% 4.6x 47.5x 5.5x 24.2x -42.4% Youku YOKU $3,442.0 $2,544.5 $926.0 22.0% 7.6% 51.6% 2.7x 36.2x 2.2x n/a -3.7% Median: $1,904.9 $1,590.6 $721.3 54.6% 8.6% 9.2% 2.0x 21.7x 1.9x 10.7x -6.2%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - September 2015 TTM Revenue Growth 9.2% 15% TTM EBITDA Growth -2.6% TTM Earnings Growth -44.2% 10% Gross Profit Margin 54.6% EBITDA Margin 8.6% Net Income Margin 2.6% 5% SG&A Expenses as a % of Total Revenue 38.8% R&D Expenses as a % of Total Revenue 15.6% 0% Balance Sheet Analysis (Median) Current Ratio 2.8x -5% Quick Ratio 2.6x Cash as Percent of Market Cap 28.1% -10% Avg Days Outstanding: Accounts Receivable 65.3x Avg Days Outstanding: Accounts Payable 16.6x Working Capital to TTM Operating Expense Ratio 0.6x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 9.5% Cash from Operations Growth (YoY) 1.7% -25% Cash from Investing Growth (YoY) 7.9% Cash from Financing Growth (YoY) -70.2% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 16.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ChangYou.com CYOU $925.2 $793.0 $815.6 70.2% 36.0% 11.1% 1.0x 2.7x 1.0x 4.6x -34.0% Netease NTES $15,702.2 $12,378.8 $2,888.7 63.5% 34.3% 72.1% 4.3x 12.5x 3.3x 10.0x 22.8% NCSoft KOSE:A0365 $3,186.0 $2,444.1 $706.5 76.5% 34.0% 2.8% 3.5x 10.2x 3.0x 8.7x -2.4% Sohu.com SOHU $1,595.2 $1,332.7 $1,948.2 56.2% 18.6% 23.2% 0.7x 3.7x 0.6x 5.2x -21.2% Tencent Holdings SEHK:700 $155,262.9 $152,849.6 $14,692.9 60.1% 41.5% 24.7% 10.4x 25.1x 8.9x 19.7x 15.0% Zynga ZNGA $2,107.3 $1,048.5 $771.5 70.7% -2.1% 14.4% 1.4x n/a 1.3x 27.5x -16.5% Median: $2,646.7 $1,888.4 $1,381.9 66.9% 34.2% 18.8% 2.4x 10.2x 2.2x 9.3x -9.4%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - September 2015 TTM Revenue Growth 18.8% 30% TTM EBITDA Growth 59.5% TTM Earnings Growth 32.7% 25% Gross Profit Margin 66.9% 20% EBITDA Margin 34.2% Net Income Margin 22.5% 15% SG&A Expenses as a % of Total Revenue 28.3% R&D Expenses as a % of Total Revenue 18.3% 10%

Balance Sheet Analysis (Median) 5% Current Ratio 3.3x 0% Quick Ratio 2.3x Cash as Percent of Market Cap 38.2% -5% Avg Days Outstanding: Accounts Receivable 32.9x Avg Days Outstanding: Accounts Payable 46.0x -10% Working Capital to TTM Operating Expense Ratio 1.2x -15% Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 16.8% Cash from Operations Growth (YoY) 27.0% -25% Cash from Investing Growth (YoY) 56.3% Cash from Financing Growth (YoY) -13.8% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 17.0%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 8x8 EGHT $732.7 $575.7 $183.7 72.8% 3.4% 25.8% 3.1x 93.1x 2.7x 31.0x -8.7% Akamai Technologies AKAM $12,333.8 $12,304.8 $2,154.6 67.7% 32.3% 15.6% 5.7x 17.7x 5.2x 12.8x 9.2% Brightcove BCOV $160.3 $140.8 $131.0 65.0% -0.8% 6.1% 1.1x n/a 1.0x 21.7x -36.4% BroadSoft BSFT $881.0 $830.5 $255.1 70.8% 6.9% 25.7% 3.3x 47.1x 2.8x 13.4x 3.9% Envivio ENVI $7.0 $10.8 $30.0 38.3% 8.3% 18.5% 0.4x 4.4x n/a n/a n/a GoDaddy GDDY $1,638.7 $2,664.1 $1,553.6 64.3% 6.7% 17.6% 1.7x 25.5x 1.6x 7.3x -3.6% Harmonic HLIT $511.1 $406.1 $423.1 52.0% 5.4% -8.2% 1.0x 17.8x 1.0x 8.6x -17.3% Interactive Intelligence ININ $643.7 $577.6 $375.7 60.6% 2.4% 10.7% 1.5x 64.5x 1.4x 74.6x -37.8% Limelight Networks LLNW $191.8 $116.9 $168.9 49.6% -5.4% 3.2% 0.7x n/a 0.6x 12.8x -31.0% Mitel Networks MITL $774.9 $1,349.2 $1,117.1 53.6% 12.5% 22.2% 1.2x 9.6x 1.1x 7.9x 0.0% Polycom PLCM $1,397.6 $1,025.9 $1,299.3 58.4% 12.7% -3.3% 0.8x 6.2x 0.8x 4.7x -21.5% Rovi ROVI $946.7 $1,799.7 $510.9 79.7% 30.4% -8.8% 3.5x 11.6x 3.4x 9.0x -53.5% SeaChange International SEAC $211.7 $147.1 $112.3 50.1% -11.3% -12.0% 1.3x n/a 1.3x 76.8x 0.5% ShoreTel SHOR $488.0 $397.9 $360.4 62.1% 7.9% 4.2% 1.1x 13.9x 1.1x 14.1x 3.2% Sonus Networks SONS $283.6 $185.0 $249.5 64.6% -6.6% -15.6% 0.7x n/a 0.7x 4.1x -72.1% Synacor SYNC $40.4 $15.8 $108.7 47.8% 6.3% 3.5% 0.1x 2.3x 0.1x 4.1x -34.1% Tucows TCX $256.9 $248.1 $166.7 30.5% 11.7% 17.4% 1.5x 12.7x 1.3x 8.9x 21.4% VeriSign VRSN $8,008.1 $7,982.4 $1,042.7 81.7% 62.6% 4.3% 7.7x 12.2x 7.4x 10.9x 23.4% Median: $577.4 $490.9 $307.8 61.4% 6.8% 5.2% 1.3x 13.3x 1.3x 10.9x -8.7%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - September 2015 TTM Revenue Growth 5.2% 15% TTM EBITDA Growth 18.2% TTM Earnings Growth 1.8% Gross Profit Margin 61.4% 10% EBITDA Margin 6.8% Net Income Margin -1.4% 5% SG&A Expenses as a % of Total Revenue 36.3% R&D Expenses as a % of Total Revenue 16.2% 0% Balance Sheet Analysis (Median) Current Ratio 2.2x -5% Quick Ratio 1.7x Cash as Percent of Market Cap 21.2% -10% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 39.9x -15% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 8.4% Cash from Operations Growth (YoY) 9.6% -25% Cash from Investing Growth (YoY) -79.6% Cash from Financing Growth (YoY) 65.2% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 2.1%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - September 2015 TTM Revenue Growth 14.9% 15% TTM EBITDA Growth 18.2% TTM Earnings Growth 1.8% Gross Profit Margin 69.3% 10% EBITDA Margin 28.3% Net Income Margin -1.4% 5% SG&A Expenses as a % of Total Revenue 36.3% R&D Expenses as a % of Total Revenue 16.2% 0% Balance Sheet Analysis (Median) Current Ratio 2.2x -5% Quick Ratio 1.7x Cash as Percent of Market Cap 21.2% -10% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 39.9x -15% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 8.4% Cash from Operations Growth (YoY) 9.6% -25% Cash from Investing Growth (YoY) -79.6% Cash from Financing Growth (YoY) 65.2% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 2.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Angie's List ANGI $294.9 $284.1 $340.0 73.0% 5.9% 12.7% 0.8x 14.2x 0.8x 8.0x -21.1% Bankrate RATE $1,044.4 $1,203.7 $551.8 44.2% 20.4% 4.1% 2.2x 10.7x 2.3x 8.2x -16.2% Carbonite CARB $305.5 $240.6 $133.5 70.3% -4.9% 11.7% 1.8x n/a 1.7x 8.0x -21.3% Care.com CRCM $164.8 $108.3 $143.2 73.6% -13.8% 35.5% 0.8x n/a 0.6x n/a -34.5% Cimpress CMPR $2,469.8 $3,070.2 $1,536.0 61.2% 13.0% 15.6% 2.0x 15.4x 1.8x 12.3x 3.1% Coupons.com QUOT $749.2 $546.6 $227.9 61.2% -10.0% 6.3% 2.4x n/a 1.9x 9.9x -47.8% eHealth EHTH $231.6 $179.8 $184.4 97.7% 2.7% -2.4% 1.0x 36.2x 1.0x 19.0x -47.1% Everyday Health EVDY $294.8 $361.0 $213.3 72.1% 9.3% 22.4% 1.7x 18.1x 1.4x 7.6x -37.5% GrubHub GRUB $2,059.7 $1,752.3 $335.2 63.0% 25.9% 46.0% 5.2x 20.2x 4.2x 14.0x -33.4% LendingClub LC $4,963.9 n/a $362.5 84.1% n/a 105.4% n/a n/a n/a n/a -46.9% LifeLock LOCK $834.9 $509.0 $561.0 76.1% 7.3% 25.0% 0.9x 12.3x 0.8x 6.3x -44.9% Monster Worldwide MWW $585.6 $733.2 $727.5 49.9% 13.1% -2.9% 1.0x 7.7x 1.0x 5.4x 41.1% Qihoo QIHU $6,167.4 $6,654.9 $1,630.3 77.2% 27.0% 64.2% 4.1x 15.1x 2.9x 9.6x -19.9% QuinStreet QNST $249.8 $204.4 $285.3 10.8% -0.8% 3.8% 0.7x n/a 0.7x 12.2x -7.5% Shutterfly SFLY $1,295.7 $1,481.7 $994.7 49.5% 9.3% 17.2% 1.5x 15.9x 1.3x 7.5x -14.3% Tree.Com TREE $1,072.5 $979.5 $219.7 96.1% 10.4% 37.4% 4.5x 42.7x 3.8x 24.2x 96.5% Wix.com WIX $691.5 $599.2 $188.2 82.5% -25.2% 50.3% 3.2x n/a 2.5x 30.1x -17.2% Xoom XOOM $978.1 $791.1 $177.1 70.8% 0.0% 20.2% 4.5x 11807.9x n/a 28.2x n/a Zillow ZG $5,084.2 $4,689.3 $567.6 90.3% -2.8% 94.5% 8.3x n/a 6.2x 40.6x n/a Median: $834.9 $666.2 $335.2 72.1% 6.6% 20.2% 1.9x 15.6x 1.7x 9.9x -21.1%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - September 2015 TTM Revenue Growth 20.2% 15% TTM EBITDA Growth 21.4% TTM Earnings Growth 11.4% Gross Profit Margin 72.1% 10% EBITDA Margin 6.6% Net Income Margin -6.5% 5% SG&A Expenses as a % of Total Revenue 53.1% R&D Expenses as a % of Total Revenue 20.3% 0%

Balance Sheet Analysis (Median) Current Ratio 2.5x -5% Quick Ratio 2.3x Cash as Percent of Market Cap 15.1% -10% Avg Days Outstanding: Accounts Receivable 23.9x Avg Days Outstanding: Accounts Payable 55.0x -15% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 7.4% Cash from Operations Growth (YoY) 21.0% -25% Cash from Investing Growth (YoY) 33.7% Cash from Financing Growth (YoY) -56.2% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 41.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Facebook FB $253,297.3 $239,321.3 $15,938.0 83.9% 41.8% 42.3% 15.0x 36.0x 12.0x 19.9x 14.6% LinkedIn LNKD $24,785.3 $22,881.6 $2,772.4 86.0% 8.3% 37.1% 8.3x 99.7x 6.7x 29.3x -17.2% Mail.ru Group LSE:MAIL $3,621.3 $3,871.1 $636.0 59.8% 44.0% 19.9% 6.1x 13.8x 6.1x 12.7x 13.0% Renren RENN $1,050.7 $807.0 $54.8 38.2% -138.8% -31.6% 14.7x n/a 11.4x n/a 15.2% Twitter TWTR $18,219.6 $16,256.0 $1,986.6 67.4% -10.5% 70.3% 8.2x n/a 6.1x 24.4x -26.3% Yelp YELP $1,630.0 $1,261.8 $505.9 91.4% 3.2% 49.5% 2.5x 77.9x 2.0x 14.2x -60.7% YY YY $2,984.9 $2,891.9 $813.0 42.2% 23.2% 65.6% 3.6x 15.3x 2.9x 12.1x -17.0% Median: $3,621.3 $3,871.1 $813.0 67.4% 8.3% 42.3% 8.2x 36.0x 6.1x 17.1x -17.0%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - September 2015 TTM Revenue Growth 42.3% 20% TTM EBITDA Growth 9.3% TTM Earnings Growth 2.4% 15% Gross Profit Margin 67.4% EBITDA Margin 8.3% 10% Net Income Margin 4.4% SG&A Expenses as a % of Total Revenue 50.7% R&D Expenses as a % of Total Revenue 27.1% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 3.7x Quick Ratio 3.4x -5% Cash as Percent of Market Cap 12.9% Avg Days Outstanding: Accounts Receivable 41.5x -10% Avg Days Outstanding: Accounts Payable 29.7x Working Capital to TTM Operating Expense Ratio 1.0x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 5.7% Cash from Operations Growth (YoY) 46.0% -25% Cash from Investing Growth (YoY) -33.4% Cash from Financing Growth (YoY) -47.0% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -6.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Ctrip CTRP $8,997.7 $9,762.6 $1,563.2 71.2% 2.0% 44.6% 6.2x 309.7x 4.9x 39.7x 39.7% Expedia EXPE $16,702.8 $16,413.7 $6,329.7 80.2% 11.1% 13.9% 2.6x 23.4x 2.1x 11.7x 38.0% HomeAway AWAY $2,546.6 $1,976.8 $485.3 84.4% 12.6% 13.6% 4.1x 32.2x 3.7x 14.4x -8.2% MakeMyTrip MMYT $577.3 $449.1 $300.4 30.7% -6.2% 5.0% 1.5x n/a 2.7x 26.5x -49.4% Priceline PCLN $62,710.8 $64,922.7 $9,064.1 92.2% 37.9% 11.3% 7.2x 18.9x 6.5x 16.5x 8.3% Travelzoo TZOO $121.8 $65.9 $132.8 86.5% 7.7% -15.1% 0.5x 6.4x 0.5x 12.3x -32.0% TripAdvisor TRIP $9,081.0 $8,658.0 $1,471.0 96.1% 24.9% 25.6% 5.9x 23.7x 5.1x 15.7x -15.5% Median: $8,997.7 $8,658.0 $1,471.0 84.4% 11.1% 13.6% 4.1x 23.5x 3.7x 15.7x -8.2%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - September 2015 TTM Revenue Growth 13.6% 15% TTM EBITDA Growth -11.4% TTM Earnings Growth 6.4% 10% Gross Profit Margin 84.4% EBITDA Margin 11.1% Net Income Margin 13.3% 5% SG&A Expenses as a % of Total Revenue 54.7% R&D Expenses as a % of Total Revenue 13.5% 0%

Balance Sheet Analysis (Median) Current Ratio 1.6x -5% Quick Ratio 1.5x Cash as Percent of Market Cap 18.5% -10% Avg Days Outstanding: Accounts Receivable 36.7x Avg Days Outstanding: Accounts Payable 235.9x Working Capital to TTM Operating Expense Ratio 0.5x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 14.1% Cash from Operations Growth (YoY) -1.0% -25% Cash from Investing Growth (YoY) 1.8% Cash from Financing Growth (YoY) -65.3% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 3.0%