Monthly Flash Report SEG Software Index Category: Billing and Service Management

Software Equity Group Flash Report

Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category 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 pritivate and pu blic compan ies thhtUSthroughout 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

Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia

Recent Sell-side Representation

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

SEG Research Distribution

• SEG’s Quarterly and Annual Software Industry Eqyquity Re ports and Monthl y Flash Re ports are distributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, pp,ublic accountants, etc. in 76 countries.

Software Eqqyuity Grou p is an investment bank and M&A advisor y servin g the software and technolo gy sectors. Founded in 1992,,g 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.

Perh aps mos t impor tan t are th e re la tions hips we 've bu ilt an d the in dus try repu ta tion we en joy. So ftware Equ ity Group i s known andtdbblild 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.

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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 Lifecycle Management Management R&D Research and Development S&P Standard & Poor's SaaS Software-as-a-Service SEG Software Equity Group SG&A Selling, General, General, & & Administrative Administrative SW Software TTM Trailing Twelve Month YoY Year-over-Year YTD Year-to-date

Additions: Company Ticker Index Category MobileIron, Inc. MOBL Software Mobile Solutions/Content Xunlei Limited XNET Internet Content & Media

Removals: Company Ticker Previous Index Previous Category OpenTable - SaaS Other

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 Jun-30-2014 Marlin Equity Partners, LLC CA Technologies, CA Arcserve Data ---- Jun-30-2014 Calibrus, Inc. (OTCPK:CALB) Calibrus, Inc., Prior to Reverse Merger with ---- Jun-30-2014 Halberd Corporation (OTCPK:HALB) Crowd Connex Corporation ---- Jun-30-2014 Flying Cloud Information Technology Co. Ltd Surna Media Inc. - $2.6 - - Jun-30-2014 QTS Realty Trust, Inc. (NYSE:QTS) McGraw Hill Financial, Inc., New Jersey Data - $70.0 - - Jun-30-2014 ECMC Servicing Corporation Cology, Inc., Loan Servicing Assets ---- Jun-30-2014 Vitec Software Group AB (OM:VIT B) ALOC A/S - $13.0 - - Jun-30-2014 Sumpo Food Holdings Limited (SEHK:1089); Perfect Online Digital Extremes Ltd. ---- Jun-30-2014 Engage Connective Technologies LLC Entity Music Unlimited, LLC ---- Jun-30-2014 NowThis Media, Inc. GorillaSpot, Inc. ---- Jun-30-2014 Perion Network Ltd. (NasdaqGS:PERI) Grow Mobile, Inc. - $42.0 - - Jun-30-2014 Accela, Inc. Kinsail Corporation ---- Jun-30-2014 Private Investor(s) Passhold Ltd. and Fulford Public Relations Consultancy Pte Ltd. - $0.1 - - Jun-30-2014 UST Global Inc. Renaissance Solutions Pte. Ltd. ---- Jun-30-2014 Olive Business Solutions Limited SAFETYBANK SOLUTIONS LIMITED ---- Jun-30-2014 Gartner Inc. (NYSE:IT) Senexx ---- Jun-30-2014 Globo Plc (AIM:GBO) Sourcebits, Inc. $8.2 - - - Jun-30-2014 Twitter, Inc. (NYSE:TWTR) TapCommerce Inc. ---- Jun-30-2014 Rdio, Inc. TastemakerX, Inc. ---- Jun-30-2014 The Martin Group, LLC Travers Collins & Company ---- Jun-30-2014 ConnecTV, Inc. tweetTV, Inc. ---- Jun-30-2014 MEA Mobile Limited Vertigo Design Ltd ---- Jun-30-2014 Mu Sigma Inc. Webfluenz Pte Ltd ---- Jun-27-2014 Cisco Systems, Inc. (NasdaqGS:CSCO) Assemblage, Inc. ---- Jun-27-2014 The Stage Fund Breaktime Studios, Inc. ---- Jun-27-2014 EMAKINA.FR SA La Société Toy Agency $1.6 $1.0 0.6x - Jun-27-2014 The Search Agency, Inc. MoFuse, Inc. ---- Jun-27-2014 Unwall Technologies Holdings SDN.BHD Relatable and Presen Solutions Sdn. Bhd ---- Jun-26-2014 Longmaster Information & Technology Co., Ltd. (SZSE:300288) 39.net $17.2 $104.4 6.1x - Jun-26-2014 Bridgevine Inc. Acceller, Inc. ---- Jun-26-2014 Dilosk Limited Bank of Ireland, ICS brand, mortgage Distribution Platform & a Pool of Performing Mortgages - $340.9 - - Jun-26-2014 Private Investor(s) CyberMark International Inc. ---- Jun-26-2014 LogicTree, LLC Gold Systems, Inc. ---- Jun-26-2014 COGNITIC SA Informatique Gestion Organisation Personnalisées ---- Jun-26-2014 DNA Crypto Corp. Lynx Mining LLC ---- Jun-26-2014 Monitise plc (AIM:MONI) Markco Media Ltd. - $93.5 - - Jun-26-2014 Axess Groupe (Sarl) Phenix Engineering SAS and Deal-Force SAS $3.6 - - - Jun-26-2014 ATS Processing Services, LLC Rent A Toll Ltd. ---- Jun-26-2014 Sylogist Ltd. (TSXV:SYZ) Serenic Canada Inc. and Serenic Software Inc. and Serenic Software (EMEA) Limited - $11.1 - - Jun-26-2014 Pembroke Communications Slattery Communications Limited ---- Jun-26-2014 Optimizely, Inc. Synference Ltd. ---- Jun-26-2014 Bitkea Technologies vTrainingRoom, Inc., ScholarLMS ---- Jun-25-2014 Google Inc. (NasdaqGS:GOOGL) Appurify, Inc. ---- Jun-25-2014 Viggle Inc. (NasdaqCM:VGGL) Choose Digital Inc. ---- Jun-25-2014 Foodpanda Singapore Pte. Ltd. deliYami ---- Jun-25-2014 SBG Universe Brands, LLC Galaxy Brand Holdings, Inc. - $261.7 - - Jun-25-2014 Corporate Visions, Inc. Launch International, Inc. ---- Jun-25-2014 FILMSTARTS.de GbR moviepilot GmbH, moviepilot.de - $20.0 - - Jun-25-2014 Wmode Inc. NeoSystems Inc. ---- Jun-25-2014 Autodesk, Inc. (NasdaqGS:ADSK) Shotgun Software Inc. ---- Jun-25-2014 Brookfield Rose Limited Slivers of Time Limited ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select June 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-25-2014 ISIS Lab Corporation (TSXV:LAB) Vast Studios Inc. - $1.4 - - Jun-25-2014 Skyscanner Ltd Youbibi ---- Jun-24-2014 Opera Software ASA (OB:OPERA) AdColony Inc. $52.8 $350.3 6.6x 44.3x Jun-24-2014 IMS Health Holdings, Inc. (NYSE:IMS) Cegedim SA, Information Solutions and Customer Relationship Management Business $576.2 $523.2 0.9x 6.0x Jun-24-2014 DataBank IMX, LLC Cogniserv, LLC ---- Jun-24-2014 Private Investor(s) ENMO Company Limited $0.6 $1.1 1.7x - Jun-24-2014 Viva Holdings Ltd Flamingo Intervest Ltd ---- Jun-24-2014 Mellanox Technologies, Ltd. (NasdaqGS:MLNX) Integrity Project ---- Jun-24-2014 Datacolor AG (SWX:DCN) Media Logic SNC ---- Jun-24-2014 Indeed, Inc. MoBolt, Inc. ---- Jun-24-2014 NTT Internet Inc. NTT Comware Corporation, Smart Pit Service ---- Jun-24-2014 rsvp.com.au Pty Ltd Oasis Active ---- Jun-24-2014 Hachette Book Group, Inc. Perseus Books Publishing, LLC ---- Jun-24-2014 SteadyServ Technologies, LLC PintLabs, LLC ---- Jun-24-2014 Audience, Inc. (NasdaqGS:ADNC) Sensor Platforms, Inc. - $41.0 - - Jun-24-2014 Deloitte SA Société AXOA ---- Jun-24-2014 LogiStyle, LLC Think Shift Inc. ---- Jun-23-2014 Emdeon Inc. Capario, Inc. - $115.0 - - Jun-23-2014 Konica Minolta, Inc. (TSE:4902) Ergo Asia Pty Ltd ---- Jun-23-2014 Sniply Headshare and Hoverpost ---- Jun-23-2014 Etsy, Inc. Incubart SAS ---- Jun-23-2014 GFI Informatique S.A. (ENXTPA:GFI) ITN S.A. $20.4 - - - Jun-23-2014 Star Regal Investments Limited KanHan Educational Services Limited $0.3 $0.8 2.6x - Jun-23-2014 Woolpert, Inc. Landrum & Brown, Incorporated, Electronic Logging System Business ---- Jun-23-2014 One on One Marketing, Inc. Lead Media Partners, LLC ---- Jun-23-2014 ULLINK SAS Metabit Co., Ltd. and NYFIX, Inc. ---- Jun-23-2014 Oracle Corporation (NYSE:ORCL) MICROS Systems, Inc. (NasdaqGS:MCRS) $1,337.9 $4,604.1 3.4x 17.5x Jun-23-2014 Find My Past Ltd. Mocavo.com, Inc. ---- Jun-23-2014 OBJ Enterprises, Inc. (OTCBB:OBJE) OBJ Enterprises, Inc. Prior To Reverse $0.0 - - - Jun-23-2014 RPX Corporation (NasdaqGS:RPXC) PatentFreedom ---- Jun-23-2014 AT&T, Inc. (NYSE:T) Plateau Telecommunications, Plateau ---- Jun-23-2014 Creative Artists Agency, LLC Promotions Group West, Inc. ---- Jun-23-2014 Learfield Sports, LLC SIDEARM Sports Inc. ---- Jun-23-2014 Visionship, Inc. Top Flight Concepts LLC $1.6 - - - Jun-23-2014 La Société Bargain Without Surprise VoIP Telecom S.A.S. - $1.4 - - Jun-23-2014 KPMG LLP Zanett Commercial Solutions, Inc. $50.0 - - - Jun-22-2014 Hilan Ltd. (TASE:HLAN) Ness Technologies Israel Ltd. $200.7 $42.0 0.2x - Jun-22-2014 Global Tel*Link Corporation Renovo Software Inc. ---- Jun-20-2014 Nest Labs, Inc. Dropcam, Inc. - $555.0 - - Jun-20-2014 Kaiser (China) Holding Co., Ltd (SZSE:002425) KuniuGame - $120.5 - - Jun-20-2014 Oracle Corporation (NYSE:ORCL) LiveLOOK, Inc. ---- Jun-20-2014 Telvent DTN, LLC RevCo, LLC ---- Jun-20-2014 Path, Inc. TalkTo, Inc. ---- Jun-19-2014 Twitter, Inc. (NYSE:TWTR) Afterlive.tv Inc ---- Jun-19-2014 InfoScout, Inc. Capigami, Inc. ---- Jun-19-2014 Batiactu Groupe SAS Enchantier.com ---- Jun-19-2014 DoubleClick Inc. mDialog Corp. ---- Jun-19-2014 TierPoint, LLC Philadelphia Technology Park, LLC ---- Jun-19-2014 Entravision Communications Corporation (NYSE:EVC) Pulpo Media, Inc. - $18.0 - - Jun-19-2014 FPT Software Joint Stock Company RWE IT Slovakia s.r.o. ---- Jun-19-2014 MasteryConnect Inc. Socrative, Inc. - $5.0 - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select June 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-18-2014 AnaCap Financial Partners LLP AssurOne Group SA ---- Jun-18-2014 WTWH Media, LLC Electro-Tech-Online.com ---- Jun-18-2014 Red Hat, Inc. (NYSE:RHT) eNovance SaS $10.9 $95.0 8.8x - Jun-18-2014 CheckMyBus GmbH Fernbusse.de ---- Jun-18-2014 inMedia INTECH ---- Jun-18-2014 inMedia Nikita Mobile ---- Jun-18-2014 SR Labs, Inc. NYSE Technologies, Inc., Wombat Financial Software ---- Jun-18-2014 Great China Mania Holdings, Inc. (OTCBB:GMEC) Phaedra Media Group Ltd. - $8.3 - - Jun-18-2014 SolarWinds, Inc. (NYSE:SWI) Pingdom AB ---- Jun-18-2014 Hyland Software UK Ltd ReadSoft AB (OM:RSOF B) $119.6 $188.8 1.7x 31.7x Jun-18-2014 Home.corp Limited Rectangle Group And Majority Stake In PLM Healthcare ---- Jun-18-2014 Visma AS SIA FMS Group ---- Jun-18-2014 Private Investor(s) Sports Field Holdings, Inc., Website Development Business ---- Jun-18-2014 Posera-HDX Limited (TSX:HDX) Terminal Management Concepts Ltd ---- Jun-17-2014 Venus Information Security Investment Co., Ltd. Beijing Shusheng Science & Technology Co., Ltd. $8.7 $40.9 4.7x - Jun-17-2014 Commitchange Corp. Connect For A Cause, LLC ---- Jun-17-2014 foodpanda GmbH Delivery Club Ltd. ---- Jun-17-2014 Millward Brown Vermeer EffectiveBrands Holding B.V. $19.1 - - - Jun-17-2014 Access UK Limited Gamma Dataware Ltd ---- Jun-17-2014 Kio Networks S.A. de C.V. Grupo redIT ---- Jun-17-2014 CentralNic Group Plc (AIM:CNIC) Internet.bs Corp. - $7.5 - - Jun-17-2014 Paychex, Inc. (NasdaqGS:PAYX) NETtime Solutions, LLC ---- Jun-17-2014 Next Galaxy Corporation (OTCPK:WILS) Next Galaxy Corp. - $5.0 - - Jun-17-2014 LONSDALE Steaw SARL ---- Jun-17-2014 Cisco Systems, Inc. (NasdaqGS:CSCO) Tail-f Systems AB - $175.0 - - Jun-17-2014 EQT Partners AB TIA Technology A/S $25.1 - - - Jun-17-2014 EuroInvestor.com A/S (CPSE:EI) Tvangsauktioner A/S ---- Jun-17-2014 Blackbaud Inc. (NasdaqGS:BLKB) WhippleHill Communications, Inc. - $35.0 - - Jun-17-2014 IS Group BV WideXS B.V. ---- Jun-17-2014 CBS Outdoor Americas Inc. (NYSE:CBSO) Windsor Outdoor, More Than 35 Billboard Structures in Chicago ---- Jun-16-2014 PTC Inc. (NasdaqGS:PTC) AtegoTM $20.0 $50.0 2.5x - Jun-16-2014 Stamps.com Inc. (NasdaqGS:STMP) Auctane LLC - $76.3 - - Jun-16-2014 Red212 Bare Knuckle Marketing LLC ---- Jun-16-2014 Sportech Racing, LLC Bump Worldwide Inc. ---- Jun-16-2014 Beijing Jiaxun Feihong Electrical Co., Ltd. (SZSE:300213) Castel Intelligent $13.2 $33.4 2.5x - Jun-16-2014 Box INC. Greply Inc. ---- Jun-16-2014 RealPage, Inc. (NasdaqGS:RP) Kigo, Inc. - $37.5 - - Jun-16-2014 Dropbox Inc. Parastructure, Inc. ---- Jun-16-2014 Intelligent Decisions, Inc. Quantum3D, ExpeditionDI Product Line ---- Jun-16-2014 RapidMiner GmbH Radoop LLC ---- Jun-16-2014 Change SAS SARL Kick Your App ---- Jun-16-2014 Groupon, Inc. (NasdaqGS:GRPN) SnapSaves ---- Jun-16-2014 WalmartLabs, Inc. Stylr, Inc. ---- Jun-16-2014 InternetQ PLC (AIM:INTQ) UpMobile ---- Jun-16-2014 DesignCrowd Pty Ltd. Worth1000.com ---- Jun-16-2014 Bownty ApS Yunait Unidos Para Ahorrar, S.L. ---- Jun-13-2014 eBay Inc. (NasdaqGS:EBAY) AppTek Partners, LLC, Machine Translation Technology ---- Jun-13-2014 AirDye Solutions LLC Cheran Digital Imaging & Consulting Inc. ---- Jun-13-2014 Shanghai Tongda Venture Capital Co., Ltd. (SHSE:600647) China Digital TV Holding Co., Ltd., CA, Network Broadcasting Platform and Video on Demand business - - - - Jun-13-2014 UMINING Resources Inc. (OTCPK:UMNG) Get It Tunes Agora Inc. ---- Jun-13-2014 MyECheck, Inc. (OTCPK:MYEC) GreenPay LLC - $0.4 - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select June 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-13-2014 Tuition Build Inc. Limelight Networks, Inc. (NasdaqGS:LLNW) $168.8 $548.1 3.3x - Jun-13-2014 Canon Europa N.V. Milestone Systems A/S ---- Jun-13-2014 DTDigital Pty Ltd. Millipede Creative Development Pty Ltd. ---- Jun-13-2014 The Priceline Group Inc. (NasdaqGS:PCLN) OpenTable, Inc. (NasdaqGS:OPEN) $198.3 $2,495.5 12.6x 41.5x Jun-13-2014 Informatica Corporation (NasdaqGS:INFA) StrikeIron, Inc. ---- Jun-13-2014 Memnon Networks AB Unifaun AB ---- Jun-13-2014 Premaitha Health PLC (AIM:NIPT) ViaLogy plc $0.1 - - - Jun-13-2014 Wow Technologies, Inc. Virpus Networks, Inc. ---- Jun-12-2014 Canon IT Solutions Inc. A&A Co., Ltd. ---- Jun-12-2014 Skift Inc. AOL Inc., Gadling ---- Jun-12-2014 Evolutionary Genomics, Inc. and EG I, LLC Fona, Inc. (OTCPK:FNAM) ---- Jun-12-2014 CloudLock, Inc. Innovode Ltd ---- Jun-12-2014 HERE Maps Medio Systems, Inc. ---- Jun-12-2014 Powa Technologies Limited MPayMe Limited - $75.0 2.5x - Jun-12-2014 Activeark JWT Oy Portably AB ---- Jun-12-2014 Crunchyroll, Inc. Redux, Inc. ---- Jun-12-2014 CLX Networks AB Voltari Corporation, Messaging Business in North America ---- Jun-12-2014 Ligatus GmbH VSEO GmbH ---- Jun-11-2014 Mediware Information Systems, Inc. Harmony Information Systems, Inc. ---- Jun-11-2014 Cheetah Mobile Inc. (NYSE:CMCM) HongKong Zoom Interactive Network Marketing Technology Limited - $30.0 - - Jun-11-2014 Securus Technologies, Inc. JLG Technologies, LLC, Voice Analytics, LLC and JLG ICER Technologies, LLC ---- Jun-11-2014 Private Investor(s) Netsprint Sp. z o.o. ---- Jun-11-2014 BroadStream Solutions Inc. OASYS Automated Playout Limited ---- Jun-11-2014 MCI-Eurocongress v.o.f. Performance Improvement B.V. ---- Jun-11-2014 Suzhou Snail Digital Technology Co., Ltd. Shenzhen iReadygo Information Technology Co., Ltd. ---- Jun-11-2014 Fairwindsoft Co., Ltd. Union & EC Inc., ECM Business Division - $2.3 - - Jun-11-2014 Undertone Networks, Inc. Upfront Digital Media ---- Jun-10-2014 Amobee Group Pte. Ltd. Adconion Media, Inc. and Adconion Pty Limited $185.0 $229.0 1.2x - Jun-10-2014 Auconet, Inc. ASDIS Solutions GmbH $2.7 - - - Jun-10-2014 The Trust Bioti ---- Jun-10-2014 The Priceline Group Inc. (NasdaqGS:PCLN) buuteeq Inc. ---- Jun-10-2014 The Stephens Group, LLC; The Jordan Company, L.P.; Thompson Street CaCequel Data Centers, LLC ---- Jun-10-2014 Checkalt Payment Solutions, Inc. Diebold Eras, Incorporated ---- Jun-10-2014 Tenth Street Capital Partners, LLC Edgenet, Inc. - $8.0 - - Jun-10-2014 Socialbakers a.s. EdgeRank Checker ---- Jun-10-2014 Homestay.com homestaybooking GmbH & Co. KG ---- Jun-10-2014 Amobee, Inc. Kontera Technologies, Inc. - $150.0 - - Jun-10-2014 Blippar.Com Ltd Layar B.V. ---- Jun-10-2014 Dropbox Inc. MobileSpan, Inc. ---- Jun-10-2014 Highmark Marketing Inc. MobiWeed ---- Jun-10-2014 Sankhya Tecnologia em Sistemas LTDA Tectum ---- Jun-10-2014 Communisis plc (LSE:CMS) The Communications Agency Limited $10.4 $12.0 1.2x 16.0x Jun-10-2014 VERISAE, INC. ViryaNet Ltd. (OTCPK:VRYA.F) $11.1 $18.7 1.7x - Jun-10-2014 Hunan Tianrun Enterprises Holding Co., Ltd (SZSE:002113) Xu You Game - $97.8 - - Jun-09-2014 WideOrbit Inc. Abacast, Inc. ---- Jun-09-2014 NVM Private Equity Limited Arnlea Systems Limited and NexusAB Ltd. ---- Jun-09-2014 Vista Equity Partners Autotask Corporation ---- Jun-09-2014 Autodesk, Inc. (NasdaqGS:ADSK) Bitsquid AB ---- Jun-09-2014 eFolder, Inc. CloudFinder Sweden AB ---- Jun-09-2014 Accela, Inc. Envista Corporation, Inc. ---- Jun-09-2014 Connection Telecom (Pty) Ltd FatBudgie ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select June 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-09-2014 Landis+Gyr Inc. GRIDiant Corporation ---- Jun-09-2014 FotoInsight Limited IITM, LLP ---- Jun-09-2014 Astral Out-of-Home Macdonald Outdoor Advertising Inc. ---- Jun-09-2014 Trimble Navigation Limited (NasdaqGS:TRMB) Mining Information Systems ---- Jun-09-2014 Progress Software Corporation (NasdaqGS:PRGS) Modulus LLC ---- Jun-09-2014 NewNet Communications Technologies B.V. NewPace Technology Development Inc. ---- Jun-09-2014 Summit Professional Networks, LLC Pension Data Resources, Inc. ---- Jun-09-2014 Pegasystems Inc. (NasdaqGS:PEGA) Profeatable Corporation ---- Jun-09-2014 One Source Networks Inc. Shango ---- Jun-09-2014 Defy Media, LLC Viacom Inc., Digital Gaming Properties ---- Jun-09-2014 Moody's Analytics, Inc. WebEquity Solutions, LLC $15.0 - - - Jun-09-2014 Axel Springer AG (DB:SPR) Zap Group Ltd. - $40.4 - - Jun-09-2014 Beijing Bewinner Communications Co., Ltd. (SZSE:002148) Zm Software Technology Co., Ltd. - $70.0 - - Jun-06-2014 HALO Branded Solutions, Inc. Chesapeake Business Solutions, Inc. ---- Jun-06-2014 DAXKO LLC NetVentures Corporation ---- Jun-06-2014 Webedia SAS PurePeople, SAS ---- Jun-06-2014 ITycom France SAS Qoveo SAS ---- Jun-06-2014 MediaXP GmbH Quint Media Inc. (OTCPK:QUNI) $0.0 - - - Jun-06-2014 IAC/InterActiveCorp (NasdaqGS:IACI) Slimware Utilities Holdings, Inc. ---- Jun-06-2014 GMO Commerce, Inc. Yahoo Japan Corporation, CRM Katy Business ---- Jun-05-2014 Delivery Hero Holding GmbH 9Cookies GmbH ---- Jun-05-2014 NCS Chameleon Chameleon Technology Pty. Ltd. ---- Jun-05-2014 Christie Digital Systems USA, Inc. Christie Creative Media Services ---- Jun-05-2014 Solitea, a.s. CÍGLER SOFTWARE, a.s. ---- Jun-05-2014 Cirrus9 Inc. Cloud A Computing Inc. ---- Jun-05-2014 Bally Technologies, Inc. (NYSE:BYI) Dragonplay Ltd. - $100.0 - 10.0x Jun-05-2014 Drone Aviation Holding Corp. (OTCPK:MCVE.D) Drone Aviation Holding Corp., Prior to Reverse Merger with Drone Aviation Corp. $0.9 - - - Jun-05-2014 Infrascale Inc. Eversync Solutions, Inc. ---- Jun-05-2014 Rapp Worldwide Inc. Haygarth Group ---- Jun-05-2014 Selectica Sourcing Inc. Iasta.com, Inc. and Iasta Resources, Inc. - $13.1 - - Jun-05-2014 Integrity Corporation Infuz Inc. ---- Jun-05-2014 Roher Capital Group, LLC NRS Media ---- Jun-05-2014 Dropbox Inc. Photo Lab Inc. ---- Jun-05-2014 SK Hynix, Inc. (KOSE:A000660) Softeq Development FLLC, Firmware Arm ---- Jun-05-2014 Bates Chi & Partners Temple Advertising Pvt. Ltd. ---- Jun-05-2014 Crispin Porter & Bogusky, LLC The House Worldwide Ltd. ---- Jun-05-2014 Solitea, a.s. Vema, a. s. ---- Jun-04-2014 AppNexus Inc. Alenty SAS $2.0 - - - Jun-04-2014 Alma Mediapartners Oy Alkali Oy $1.4 - - - Jun-04-2014 Deltek, Inc Axium XTS Corporation ---- Jun-04-2014 Ziff Davis Media Inc. emedia Communications LLC ---- Jun-04-2014 Farmplan Group Ltd. Farmade Management Systems Ltd ---- Jun-04-2014 Private Investor(s) Goldbach Interactive Russia LLC $3.4 - - - Jun-04-2014 Unicorn Systems a.s. iCom Vision Holding, a.s. - $0.1 - - Jun-04-2014 Rubik Financial Limited (ASX:RFL) Infinitive Pty Ltd. - $15.3 - - Jun-04-2014 Accela, Inc. IQM2, Inc. ---- Jun-04-2014 Fleetmatics Group PLC (NYSE:FLTX) KKT Srl ---- Jun-04-2014 Chirpify, Inc. Measureful, Inc. ---- Jun-04-2014 Twitter, Inc. (NYSE:TWTR) Namo Media, Inc. ---- Jun-04-2014 Schneider Corporation qPublic, LLC ---- Jun-04-2014 Ad Venture Interactive Inc. Seelio, Inc. ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select June 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-04-2014 Shanghai New Culture Media Group Co., Ltd. (SZSE:300336) Shenyang Dakesi Advertising Co., Ltd. - $48.0 - - Jun-04-2014 Rocap Marketing Inc. (OTCBB:ROCP) Spiral Toys, Inc. ---- Jun-04-2014 Rubik Financial Limited (ASX:RFL) Stargate Information Systems Pty Ltd. - $32.4 - - Jun-04-2014 Ryan StoneRiver, Inc., Property Compliance Business ---- Jun-04-2014 Nexercise, Inc. Sworkit ---- Jun-04-2014 Trulioo, Inc. The Global Data Company Pty., Ltd ---- Jun-04-2014 KSE, Inc. The Lacrosse Network ---- Jun-03-2014 Net@Work, Inc. ADSS Global LLC, Abila Nonprofit Practice ---- Jun-03-2014 Metaps Inc. App Data Bank ---- Jun-03-2014 NetDragon WebSoft, Inc. (SEHK:777) Cherrypicks International Holdings Limited - $30.9 - - Jun-03-2014 Lewis PR Inc. EBA Communications Ltd ---- Jun-03-2014 D2S, Inc. Gauda, Inc. ---- Jun-03-2014 Cloudera, Inc. Gazzang, Inc. ---- Jun-03-2014 CIGAM Software Corporativo Ltda. Gestor S.A. - $3.5 - - Jun-03-2014 Hundred10 Design LLC Ignition Labs, Inc. ---- Jun-03-2014 Patriot Minefinders Inc. (OTCPK:PROF) Juliet Press Inc. - $2.5 - - Jun-03-2014 Cartel Management Inc Mavericks Invitational Inc. ---- Jun-03-2014 NEXWAY, S.A.S. Metaboli, White Label Digital Store Division ---- Jun-03-2014 Press Partners B.V. MijnKinderarts.nl ---- Jun-03-2014 Facebook, Inc. (NasdaqGS:FB) Pryte Ltd. ---- Jun-03-2014 Net Health Systems, Inc. Rehab Documentation, Inc. ---- Jun-03-2014 Nelnet Business Solutions, Inc. RenWeb School Management Software ---- Jun-03-2014 Phunware Inc. Simplikate Systems LLC ---- Jun-03-2014 LivePerson Inc. (NasdaqGM:LPSN) Synchronite LLC ---- Jun-03-2014 Acquia, Inc. TruCentric Inc. ---- Jun-03-2014 Custom Connect B.V. Xconnect24 B.V. ---- Jun-02-2014 Benepay Technologies, LLC BenePAY, LLC ---- Jun-02-2014 Loop, LLC CAR Research, Inc. ---- Jun-02-2014 Conway, Dierking & Hillman, Inc. Coil Group, Inc. ---- Jun-02-2014 Time Inc. (NYSE:TIME) Cozi Group, Inc. ---- Jun-02-2014 The Descartes Systems Group Inc (TSX:DSG) CUSTOMS Info Inc. - $42.2 - - Jun-02-2014 Daniel J. Edelman, Inc. Deportivo AB $3.0 - - - Jun-02-2014 Tribal Group plc (LSE:TRB) Human Edge Software Corporation Pty. Ltd. $6.8 $14.1 2.1x - Jun-02-2014 Progressive Impressions International, Inc. ICS Marketing Services, Inc. ---- Jun-02-2014 Hexagon AB (OM:HEXA B) iLab Sistemas Especialistas de Informatica Ltda ---- Jun-02-2014 Kohlberg Kravis Roberts & Co. (NYSE:KKR) Internet Brands, Inc. ---- Jun-02-2014 Insight Venture Partners; GIC Special Investments Pte. Ltd. iParadigms, LLC - $752.0 - - Jun-02-2014 Storyz Limited NineteenEightyFour Limited ---- Jun-02-2014 Private Investor(s) Trillium Solutions Sdn. Bhd. and Portrade Assets Sdn. Bhd. ---- Jun-02-2014 Bematech SA (BOVESPA:BEMA3) UNUM Tecnologia e Consultoria em Informática Ltda $4.4 $17.7 4.0x - Jun-02-2014 Hover Networks, Inc. Voyss Solutions, Inc. ---- Copyright © 2014 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 $2,185.2 $2,471.6 $743.9 70.1% 19.2% 5.1% 3.4x 13.8x 3.1x 11.1x 0.4% Billing & Service Management $890.1 $969.8 $369.2 57.3% 18.4% 4.8% 2.0x 9.9x 2.0x 8.9x -9.5% Business Intelligence $1,412.0 $1,115.8 $404.5 81.2% 6.4% 13.7% 3.4x 21.4x 3.1x 21.5x -11.8% Development Platforms $2,520.5 $2,471.6 $1,019.5 75.6% 19.2% -0.6% 2.9x 10.6x 2.8x 9.1x 2.8% Engineering & PLM $5,063.6 $4,762.9 $1,182.0 83.0% 19.7% 6.0% 3.5x 15.6x 3.9x 12.1x -4.0% Enterprise Resource Planning $7,181.7 $7,798.6 $2,207.7 72.5% 29.5% 2.7% 3.5x 12.0x 3.3x 10.2x 4.3% Financial & Accounting $2,185.2 $2,593.5 $743.9 55.8% 25.6% 4.7% 3.5x 13.4x 3.3x 11.1x -3.0% Gaming $2,632.6 $2,560.4 $2,232.1 64.4% 17.0% -4.8% 1.8x 12.8x 1.6x 9.7x 25.7% Healthcare $1,221.9 $1,556.1 $561.6 54.4% 14.1% 0.1% 2.4x 15.2x 2.3x 11.1x 5.5% IT Conglomerates $180,556.7 $166,473.7 $83,347.0 70.1% 34.4% 2.7% 3.4x 8.7x 2.8x 8.1x 7.8% Mobile Solutions/Content $646.6 $594.0 $303.7 58.6% 2.5% 17.9% 3.0x 22.2x 2.3x 13.4x -6.3% Networking & Network Performance Managemen $1,750.2 $1,534.6 $461.4 70.7% 7.8% 5.1% 2.8x 20.1x 2.5x 10.3x -7.0% Security $1,223.3 $1,157.5 $201.1 76.8% 6.2% 16.5% 3.7x 12.0x 3.4x 13.4x 0.4% Storage, Data Mgmt & Integration $11,814.2 $7,806.4 $4,515.0 71.0% 23.7% 2.9% 2.5x 9.1x 2.7x 7.6x -1.2% Supply Chain Management & Logistics $1,762.2 $1,687.2 $265.6 62.1% 27.7% 16.9% 5.7x 20.5x 5.2x 17.3x 10.4% Systems Management $10,335.6 $9,519.3 $2,295.7 85.6% 25.7% 13.3% 5.1x 18.8x 4.4x 12.4x 1.2% Vertical - Finance $4,345.6 $4,653.1 $890.6 44.2% 27.2% 8.1% 4.6x 13.8x 4.3x 12.4x 4.5% Vertical - Other $1,613.5 $1,754.1 $433.5 52.3% 11.3% 21.2% 3.4x 18.9x 3.2x 17.1x -10.0%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - June 2014 TTM Revenue Growth 7.7% 8% TTM EBITDA Growth -24.2% TTM Earnings Growth -41.8% 6% Gross Profit Margin 69.2% EBITDA Margin 18.2% Net Income Margin -17.0% 4% SG&A Expenses as a % of Total Revenue 57.7% R&D Expenses as a % of Total Revenue 19.1% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 2.3 Quick Ratio 2.1 -2% Cash as Percent of Market Cap 10.6% Avg Days Outstanding: Accounts Receivable 63 -4% Avg Days Outstanding: Accounts Payable 28 Working Capital to TTM Operating Expense Ratio 0.4x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 9.7% Cash from Operations Growth (YoY) 27.8% -10% Cash from Investing Growth (YoY) -37.3% Cash from Financing Growth (YoY) 7.8% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 25.9%

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 Amdocs Limited DOX $7,395.1 $6,286.4 $3,447.5 35.2% 18.4% 4.8% 1.8x 9.9x 1.7x 8.5x 14.4% CSG Systems International, Inc. CSGS $890.1 $969.8 $754.9 48.5% 16.2% 0.3% 1.3x 7.9x 1.3x 6.1x -9.5% Evolving Systems, Inc. EVOL $99.6 $87.2 $25.0 71.1% 21.4% -7.4% 3.5x 16.3x 2.8x 9.8x -10.1% MIND C.T.I. Ltd. MNDO $44.7 $27.6 $19.7 57.3% 17.3% 1.8% 1.4x 8.1x n/a n/a 29.7% NeuStar, Inc NSR $1,567.4 $1,973.8 $915.5 75.8% 38.4% 7.9% 2.2x 5.6x 2.0x 4.4x -47.5% Redknee Solutions TSX:RKN $561.4 $491.2 $248.9 52.4% 5.6% 349.5% 2.0x 35.2x 2.0x 15.0x -13.6% Synchronoss Technologies, Inc. SNCR $1,439.5 $1,390.4 $369.2 58.3% 24.0% 28.5% 3.8x 15.7x 3.1x 9.3x 17.7% Median: $890.1 $969.8 $369.2 57.3% 18.4% 4.8% 2.0x 9.9x 2.0x 8.9x -9.5%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - June 2014 TTM Revenue Growth 4.8% 10% TTM EBITDA Growth 1.7% TTM Earnings Growth -5.0% Gross Profit Margin 57.3% 5% EBITDA Margin 18.4% Net Income Margin 12.2% SG&A Expenses as a % of Total Revenue 20.8% R&D Expenses as a % of Total Revenue 14.1% 0%

Balance Sheet Analysis (Median) Current Ratio 2.7 -5% Quick Ratio 2.5 Cash as Percent of Market Cap 20.4% Avg Days Outstanding: Accounts Receivable 74 -10% Avg Days Outstanding: Accounts Payable 25 Working Capital to TTM Operating Expense Ratio 0.7x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 13.5% Cash from Operations Growth (YoY) -2.8% -20% Cash from Investing Growth (YoY) -213.4% Cash from Financing Growth (YoY) 13.1% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 74.7%

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 Actuate Corporation BIRT $219.7 $155.6 $123.7 85.6% 5.9% -11.0% 1.3x 21.4x 1.5x 21.5x -37.4% MicroStrategy Incorporated MSTR $1,589.2 $1,223.3 $583.6 76.8% 7.0% 4.7% 2.1x 30.1x 2.0x 24.8x 13.8% Pegasystems Inc. PEGA $1,610.1 $1,389.2 $533.2 68.9% 15.8% 14.2% 2.6x 16.5x 2.3x 15.3x -13.6% Progress Software Corporation PRGS $1,234.9 $1,008.3 $323.9 90.8% 29.3% -0.8% 3.1x 10.6x 3.0x 8.3x -5.9% PROS Holdings PRO $765.2 $721.2 $152.1 69.4% 2.2% 22.3% 4.7x 217.7x 3.6x 24.5x -32.8% Qlik Technologies QLIK $2,027.7 $1,774.4 $485.0 86.5% 1.2% 19.5% 3.7x 307.8x 3.1x 39.0x -10.0% Varonis Systems, Inc. VRNS $709.4 $583.6 $79.5 91.0% -11.1% 43.7% 7.3x n/a 5.8x n/a -34.1% Verisk VRSK $9,986.9 $10,830.9 $1,628.6 60.2% 45.6% 13.3% 6.7x 14.6x 6.0x 12.8x -7.8% Tableau Software DATA $4,848.0 $4,231.5 $267.0 91.7% 5.8% 86.6% 15.8x 272.1x 11.3x n/a 4.2% Teradata NYSE:TDC $6,339.5 $5,657.5 $2,733.0 54.9% 23.7% 3.6% 2.1x 8.7x 2.0x 6.7x -10.1% Median: $1,412.0 $1,115.8 $404.5 81.2% 6.4% 13.7% 3.4x 21.4x 3.1x 21.5x -11.8%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - June 2014 TTM Revenue Growth 13.7% 10% TTM EBITDA Growth 5.3% TTM Earnings Growth -38.5% Gross Profit Margin 81.2% 5% EBITDA Margin 6.4% Net Income Margin 3.2% SG&A Expenses as a % of Total Revenue 51.7% 0% R&D Expenses as a % of Total Revenue 18.4%

Balance Sheet Analysis (Median) -5% Current Ratio 2.0 Quick Ratio 1.8 -10% Cash as Percent of Market Cap 14.1% Avg Days Outstanding: Accounts Receivable 88 Avg Days Outstanding: Accounts Payable 46 -15% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 15.3% Cash from Operations Growth (YoY) 7.1% -25% Cash from Investing Growth (YoY) -75.2% Cash from Financing Growth (YoY) -0.3% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 47.6%

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 Actuate Corporation BIRT $219.7 $155.6 $123.7 85.6% 5.9% -11.0% 1.3x 21.4x 1.5x 21.5x -37.4% Adobe Systems Incorporated ADBE $35,990.1 $34,166.1 $4,105.1 85.4% 18.2% -3.5% 8.3x 45.7x 7.7x 26.4x 22.0% BSQUARE Corporation BSQR $36.7 $13.7 $94.0 16.4% -1.3% -2.8% 0.1x n/a n/a n/a -11.6% Compuware Corporation CPWR $2,194.6 $1,914.8 $720.8 68.9% 13.2% -0.4% 2.7x 20.1x 2.6x 9.5x -8.2% Magic Software Enterprises Ltd. MGIC $330.5 $249.8 $152.5 40.8% 19.2% 17.5% 1.6x 8.5x 1.5x n/a 6.6% Microsoft Corporation MSFT $344,459.2 $280,267.2 $83,347.0 70.1% 38.5% 9.6% 3.4x 8.7x 2.8x 8.7x 13.9% Oracle Corporation ORCL $180,556.7 $166,473.7 $38,275.0 81.1% 43.7% 2.9% 4.3x 10.0x 4.1x 8.1x 7.8% Progress Software Corporation PRGS $1,234.9 $1,008.3 $323.9 90.8% 29.3% -0.8% 3.1x 10.6x 3.0x 8.3x -5.9% Red Hat, Inc. RHT $10,421.5 $9,618.3 $1,595.1 84.9% 19.2% 15.8% 6.0x 31.4x 5.2x 19.3x -1.0% Software AG XTRA:SOW $2,846.4 $3,028.5 $1,318.2 70.0% 24.8% -6.0% 2.3x 9.3x 2.4x 8.1x 8.0% Median: $2,520.5 $2,471.6 $1,019.5 75.6% 19.2% -0.6% 2.9x 10.6x 2.8x 9.1x 2.8%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - June 2014 TTM Revenue Growth -0.6% 8% TTM EBITDA Growth 0.5% TTM Earnings Growth -4.8% 6% Gross Profit Margin 75.6% EBITDA Margin 19.2% Net Income Margin 11.0% 4% SG&A Expenses as a % of Total Revenue 42.7% R&D Expenses as a % of Total Revenue 13.4% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 2.0 Quick Ratio 1.8 -2% Cash as Percent of Market Cap 22.4% Avg Days Outstanding: Accounts Receivable 77 -4% Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.4x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 20.7% Cash from Operations Growth (YoY) -6.5% -10% Cash from Investing Growth (YoY) -26.6% Cash from Financing Growth (YoY) 49.2% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 9.2%

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 ANSYS, Inc. ANSS $7,025.7 $6,168.2 $878.8 87.4% 46.8% 8.4% 7.0x 15.0x 6.4x 12.9x -11.8% Autodesk, Inc. ADSK $12,847.1 $11,474.0 $2,296.0 87.6% 17.1% 0.1% 5.0x 29.3x 4.7x 24.4x 14.5% Cadence Design Systems, Inc CDNS $5,063.6 $4,762.9 $1,484.4 85.9% 19.7% 8.8% 3.2x 16.3x 3.0x 9.0x 24.8% Cimatron Ltd. CIMT $66.5 $50.4 $45.1 86.7% 15.0% 5.8% 1.1x 7.5x 1.1x n/a -32.9% Dassault Systèmes DSY $16,044.3 $14,182.2 $2,870.3 87.1% 30.3% 1.6% 4.9x 16.3x 4.4x 13.6x 5.5% GSE Systems Inc. GVP $29.7 $8.9 $43.9 26.7% -8.9% -14.3% 0.2x n/a n/a n/a 2.5% Mentor Graphics Corp MENT $2,457.2 $2,523.0 $1,182.0 83.0% 20.0% 10.7% 2.1x 10.7x 2.0x 8.5x -8.6% Parametric Technology Corporation PTC $4,602.4 $4,650.1 $1,313.5 71.9% 23.2% 3.4% 3.5x 15.3x 3.4x 12.1x 11.8% PDF Solutions Inc PDFS $647.7 $546.7 $104.4 62.2% 34.8% 12.3% 5.2x 15.0x 4.8x 10.6x -15.3% Stratasys, Inc. SSYS $5,614.7 $5,007.1 $538.1 49.6% 15.7% 101.2% 9.3x 59.4x 6.8x 23.7x -15.2% Synopsys Inc SNPS $6,006.8 $5,475.2 $1,984.5 82.1% 17.3% 6.0% 2.8x 15.9x 2.6x 8.6x -4.0% Median: $5,063.6 $4,762.9 $1,182.0 83.0% 19.7% 6.0% 3.5x 15.6x 3.9x 12.1x -4.0%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - June 2014 TTM Revenue Growth 6.0% 8% TTM EBITDA Growth 6.0% TTM Earnings Growth 5.8% 6% Gross Profit Margin 83.0% EBITDA Margin 19.7% 4% Net Income Margin 12.1% SG&A Expenses as a % of Total Revenue 35.7% 2% R&D Expenses as a % of Total Revenue 17.7% 0% Balance Sheet Analysis (Median) Current Ratio 2.3 -2% Quick Ratio 2.2 Cash as Percent of Market Cap 13.7% -4% Avg Days Outstanding: Accounts Receivable 82 Avg Days Outstanding: Accounts Payable 36 -6% Working Capital to TTM Operating Expense Ratio 0.5x -8% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 17.1% Cash from Operations Growth (YoY) 13.1% -12% Cash from Investing Growth (YoY) -33.4% Cash from Financing Growth (YoY) -20.6% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 20.4%

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 American Software, Inc. AMSW.A $276.1 $205.5 $100.6 56.5% 17.0% 0.1% 2.0x 12.0x 1.9x 9.3x 1.6% Oracle Corporation ORCL $180,556.7 $166,473.7 $38,275.0 81.1% 43.7% 2.9% 4.3x 10.0x 4.1x 8.1x 7.8% QAD Inc. QADA $327.9 $265.1 $272.9 56.1% 5.7% 9.0% 1.0x 17.1x 0.9x 12.9x 27.1% Sage Group plc LSE:SGE $7,181.7 $7,798.6 $2,207.7 94.3% 29.5% -3.7% 3.5x 12.0x 3.3x 11.1x 4.3% SAP DB:SAP $92,562.1 $92,162.4 $23,302.8 72.5% 34.4% 2.7% 4.0x 11.5x 3.8x 10.2x -6.4% Median: $7,181.7 $7,798.6 $2,207.7 72.5% 29.5% 2.7% 3.5x 12.0x 3.3x 10.2x 4.3%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - June 2014 TTM Revenue Growth 2.7% 8% TTM EBITDA Growth 8.4% TTM Earnings Growth 19.4% 6% Gross Profit Margin 72.5% EBITDA Margin 29.5% 4% Net Income Margin 18.0% SG&A Expenses as a % of Total Revenue 32.7% R&D Expenses as a % of Total Revenue 13.3% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 1.2 Quick Ratio 1.1 -2% Cash as Percent of Market Cap 21.5% Avg Days Outstanding: Accounts Receivable 72 -4% Avg Days Outstanding: Accounts Payable 23 Working Capital to TTM Operating Expense Ratio 0.1x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 18.4% Cash from Operations Growth (YoY) -4.3% -10% Cash from Investing Growth (YoY) 39.8% Cash from Financing Growth (YoY) 52.1% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 2.0%

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 ACI Worldwide, Inc. ACIW $2,117.4 $2,843.6 $924.4 57.8% 21.0% 33.8% 3.1x 14.6x 2.6x 9.4x -11.4% Bottomline Technologies EPAY $1,177.6 $1,099.0 $283.9 55.8% 12.2% 13.1% 3.9x 31.8x 3.4x 15.5x -14.5% DST Systems, Inc. DST $3,658.4 $4,187.6 $2,660.0 17.2% 16.0% 2.1% 1.6x 9.8x 2.1x 8.9x 3.0% Evertec EVTC $1,900.0 $2,593.5 $357.1 55.9% 40.0% 3.1% 7.3x 18.2x 6.8x 13.6x -3.0% Fair Isaac Corporation FICO $2,185.2 $2,560.0 $743.9 69.1% 26.4% 3.9% 3.4x 13.1x 3.3x 11.5x 3.6% Fiserv FISV $15,033.4 $18,574.4 $4,896.0 43.1% 29.1% 9.0% 3.8x 13.1x 3.6x 11.1x 3.6% Intuit Inc INTU $22,861.4 $20,727.4 $4,426.0 86.6% 33.9% 15.1% 4.7x 13.8x 4.3x 10.7x 6.6% Model N, Inc MODN $273.5 $171.9 $97.2 54.5% -1.9% 4.7% 1.8x n/a 2.1x n/a -44.7% NetSol Technologies Inc. KASE:NETS $26.3 $28.3 $25.9 33.1% 15.2% -17.9% 1.1x 7.2x n/a n/a -30.6% Sage Group plc LSE:SGE $7,181.7 $7,798.6 $2,207.7 94.3% 29.5% -3.7% 3.5x 12.0x 3.3x 11.1x 4.3% Qiwi plc QIWI $2,185.8 $1,962.4 $352.3 47.6% 25.6% 30.0% 5.6x 21.8x 8.1x 15.9x -26.7% Median: $2,185.2 $2,593.5 $743.9 55.8% 25.6% 4.7% 3.5x 13.4x 3.3x 11.1x -3.0%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - June 2014 TTM Revenue Growth 4.7% 10% TTM EBITDA Growth 8.4% TTM Earnings Growth 4.8% Gross Profit Margin 55.8% EBITDA Margin 25.6% 5% Net Income Margin 11.5% SG&A Expenses as a % of Total Revenue 29.3% R&D Expenses as a % of Total Revenue 15.5% 0% Balance Sheet Analysis (Median) Current Ratio 1.2 Quick Ratio 0.9 Cash as Percent of Market Cap 5.0% -5% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 35 Working Capital to TTM Operating Expense Ratio 0.1x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.3% Cash from Operations Growth (YoY) 22.5% -15% Cash from Investing Growth (YoY) 37.9% Cash from Financing Growth (YoY) -96.4% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 22.0%

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 Activision Blizzard ATVI $15,960.7 $15,993.7 $4,370.0 66.1% 29.5% -12.7% 3.7x 12.4x 3.4x 9.9x 24.6% Electronic Arts Inc. EA $11,282.5 $9,497.5 $3,575.0 62.8% 6.9% -5.8% 2.7x 38.5x 2.3x 9.6x 57.1% GameLoft SA ENXTPA:GF $775.3 $692.8 $321.3 82.8% 15.6% 12.0% 2.2x 13.8x 1.9x 9.9x -14.4% Konami Corporation TSE: 9766 $3,064.2 $3,011.4 $2,113.6 30.0% 10.7% -3.7% 1.4x 13.3x 1.3x 8.5x -3.8% Take-Two Interactive TTWO $2,201.1 $1,719.7 $2,350.6 39.8% 18.4% 93.5% 0.7x 4.0x 1.2x 10.9x 26.9% Ubisoft Entertainment ENXTPA:UB $2,089.1 $2,109.4 $1,387.6 71.7% 32.9% -19.8% 1.5x 4.6x 1.1x 2.6x 34.8% Median: $2,632.6 $2,560.4 $2,232.1 64.4% 17.0% -4.8% 1.8x 12.8x 1.6x 9.7x 25.7%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - June 2014 TTM Revenue Growth -4.8% 30% TTM EBITDA Growth -23.2% TTM Earnings Growth -52.7% Gross Profit Margin 64.4% 25% EBITDA Margin 17.0% Net Income Margin 2.5% 20% SG&A Expenses as a % of Total Revenue 24.9% R&D Expenses as a % of Total Revenue 31.5% 15% Balance Sheet Analysis (Median) Current Ratio 3.0 10% Quick Ratio 1.9 Cash as Percent of Market Cap 18.4% 5% Avg Days Outstanding: Accounts Receivable 41 Avg Days Outstanding: Accounts Payable 39 Working Capital to TTM Operating Expense Ratio 0.5x 0%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 10.3% Cash from Operations Growth (YoY) -11.8% -10% Cash from Investing Growth (YoY) -30.9% Cash from Financing Growth (YoY) 39.4% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 56.5%

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 AH $16,739.4 $17,048.8 $44,714.3 26.6% 6.7% -2.1% 0.4x 5.7x 0.4x 5.8x 10.2% Allscripts Healthcare Solutions Inc. MDRX $2,880.7 $3,388.3 $1,366.3 45.7% 1.0% -4.4% 2.5x 255.6x 2.3x 14.4x 4.3% Cerner Corporation CERN $17,711.1 $16,840.4 $2,939.3 85.0% 26.3% 11.1% 5.7x 21.8x 4.9x 13.7x -6.3% Computer Programs and Sys, Inc. CPSI $710.0 $680.8 $203.4 47.2% 27.3% 8.0% 3.3x 12.2x 3.2x 11.1x 6.8% MedAssets MDAS $1,392.9 $2,168.8 $678.4 77.1% 29.8% 2.3% 3.2x 10.7x 3.0x 9.1x 16.6% Merge Healthcare MRGE $215.7 $424.7 $218.9 59.4% 11.6% -13.0% 1.9x 16.7x 2.0x 10.2x -10.3% Omnicell, Inc. OMCL $1,051.0 $943.4 $395.2 53.8% 14.3% 17.3% 2.4x 16.6x 2.2x 11.0x 14.5% Quality Systems, Inc. QSII $966.6 $852.8 $444.7 55.0% 13.9% -3.4% 1.9x 13.8x 1.8x 11.4x -20.9% Median: $1,221.9 $1,556.1 $561.6 54.4% 14.1% 0.1% 2.4x 15.2x 2.3x 11.1x 5.5%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - June 2014 TTM Revenue Growth 0.1% 20% TTM EBITDA Growth 1.5% TTM Earnings Growth 0.2% Gross Profit Margin 54.4% 15% EBITDA Margin 14.1% Net Income Margin 3.8% SG&A Expenses as a % of Total Revenue 32.4% R&D Expenses as a % of Total Revenue 10.6% 10%

Balance Sheet Analysis (Median) Current Ratio 1.6 5% Quick Ratio 1.4 Cash as Percent of Market Cap 9.1% Avg Days Outstanding: Accounts Receivable 69 0% Avg Days Outstanding: Accounts Payable 37 Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.5% Cash from Operations Growth (YoY) 13.5% -10% Cash from Investing Growth (YoY) -5.8% Cash from Financing Growth (YoY) -29.3% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 39.2%

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 Hewlett Packard HPQ $63,027.1 $71,022.1 $111,820.0 23.5% 11.7% -3.2% 0.6x 5.4x 0.6x 5.2x 22.9% IBM IBM $183,478.4 $217,899.4 $98,827.0 49.0% 25.4% -4.3% 2.2x 8.7x 2.2x 7.6x -1.2% Microsoft Corporation MSFT $344,459.2 $280,267.2 $83,347.0 70.1% 38.5% 9.6% 3.4x 8.7x 2.8x 8.7x 13.9% Oracle Corporation ORCL $180,556.7 $166,473.7 $38,275.0 81.1% 43.7% 2.9% 4.3x 10.0x 4.1x 8.1x 7.8% SAP AG DB:SAP $92,562.1 $92,162.4 $23,302.8 72.5% 34.4% 2.7% 4.0x 11.5x 3.8x 10.2x -6.4% Median: $180,556.7 $166,473.7 $83,347.0 70.1% 34.4% 2.7% 3.4x 8.7x 2.8x 8.1x 7.8%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - June 2014 TTM Revenue Growth 2.7% 15% TTM EBITDA Growth 3.9% TTM Earnings Growth 2.6% Gross Profit Margin 70.1% EBITDA Margin 34.4% 10% Net Income Margin 19.7% SG&A Expenses as a % of Total Revenue 22.5% R&D Expenses as a % of Total Revenue 13.2% 5% Balance Sheet Analysis (Median) Current Ratio 1.2 Quick Ratio 1.1 Cash as Percent of Market Cap 21.5% 0% Avg Days Outstanding: Accounts Receivable 58 Avg Days Outstanding: Accounts Payable 55 Working Capital to TTM Operating Expense Ratio 0.1x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.4% Cash from Operations Growth (YoY) -6.5% -10% Cash from Investing Growth (YoY) 9.9% Cash from Financing Growth (YoY) 4.1% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -29.8%

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 Bango PLC BGO $87.9 $79.9 $14.6 23.5% -51.5% -13.7% 5.5x n/a n/a n/a -15.2% Glu Mobile, Inc. GLUU $449.4 $412.5 $125.6 69.3% -6.0% 18.2% 3.3x n/a 2.6x 215.0x 28.2% Gree TSE:3632 $2,064.8 $1,606.9 $1,321.3 78.3% 34.2% -12.4% 1.2x 3.6x 1.4x 3.9x -10.6% King Digital Entertainment KING $6,528.4 $5,850.2 $2,285.1 68.7% 35.8% 555.3% 2.6x 7.2x 2.3x 6.0x 8.2% Millennial Media Inc MM $533.9 $435.9 $282.4 40.3% -1.8% 45.4% 1.5x n/a 1.3x n/a -32.2% MobileIron, Inc. MOBL $710.7 $649.5 $108.0 83.3% -33.8% n/a 6.0x n/a n/a n/a -13.6% Myriad Group AG MYRN $202.1 $201.8 $43.2 29.0% -16.0% -23.3% 4.7x n/a n/a n/a 46.4% NQ Mobile Inc. NQ $327.6 $226.4 $196.7 58.9% 0.7% 114.3% 1.2x 155.2x 0.7x 2.4x -61.8% Opera OB:OPERA $1,901.9 $1,820.9 $325.1 44.0% 25.2% 40.7% 5.6x 22.2x 4.2x 14.0x -2.0% Qihoo 360 Technology Co. Ltd QIHU $11,590.3 $11,313.3 $826.4 85.0% 29.8% 123.6% 13.7x 45.9x 7.7x 20.8x 12.4% Pandora Media P $6,060.8 $5,719.5 $734.0 43.2% -1.0% n/a 7.8x n/a 5.9x 85.1x 10.2% Synchronoss Technologies, Inc. SNCR $1,439.5 $1,390.4 $369.2 58.3% 24.0% 28.5% 3.8x 15.7x 3.1x 9.3x 17.7% Tangoe TNGO $582.6 $538.4 $194.4 54.8% 8.1% 17.7% 2.8x 34.3x 2.3x 13.4x -16.6% TeleCommunication Systems TSYS $195.2 $275.8 $352.6 39.2% 6.3% -26.9% 0.8x 12.5x 0.7x 7.3x 42.4% TeleNav TNAV $222.8 $76.8 $163.0 60.8% -7.4% -16.9% 0.5x n/a 0.5x n/a -11.8% Zynga, Inc ZNGA $2,839.1 $2,056.9 $777.7 70.3% 4.2% -36.5% 2.6x 63.1x 2.6x 17.2x -18.7% Median: $646.6 $594.0 $303.7 58.6% 2.5% 17.9% 3.0x 22.2x 2.3x 13.4x -6.3%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - June 2014 TTM Revenue Growth 17.9% 15% TTM EBITDA Growth 8.6% TTM Earnings Growth 8.2% Gross Profit Margin 58.6% 10% EBITDA Margin 2.5% Net Income Margin -3.2% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 17.2% 5%

Balance Sheet Analysis (Median) Current Ratio 3.1 0% Quick Ratio 2.9 Cash as Percent of Market Cap 9.3% Avg Days Outstanding: Accounts Receivable 57 -5% Avg Days Outstanding: Accounts Payable 41 Working Capital to TTM Operating Expense Ratio 0.0x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 2.3% Cash from Operations Growth (YoY) 24.4% -15% Cash from Investing Growth (YoY) 6.5% Cash from Financing Growth (YoY) 71.5% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 35.5%

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 A10 Networks, Inc. ATEN $798.7 $676.6 $157.9 76.7% -1.0% n/a 4.3x n/a 3.4x n/a -18.0% Allot Communications Ltd. ALLT $430.7 $308.5 $100.7 71.9% 0.6% -3.8% 3.1x 547.0x 2.6x 18.0x -13.8% Aruba Networks, Inc. ARUN $1,905.1 $1,604.9 $679.1 69.4% 2.3% 15.8% 2.4x 101.7x 1.7x 8.8x 1.2% Barracuda Networks, Inc. CUDA $1,595.3 $1,464.3 $243.7 77.4% 1.5% 16.5% 6.0x 390.1x 5.4x 24.3x -16.5% Brocade Communications Systems, BRCD $3,939.6 $3,399.7 $2,196.8 65.0% 25.5% -2.8% 1.5x 6.1x 1.5x 5.3x 4.7% Cisco Systems, Inc. CSCO $127,298.8 $97,738.8 $47,202.0 59.2% 27.3% -1.4% 2.1x 7.6x 2.0x 5.7x 13.9% Cyan, Inc. CYNI $188.5 $146.3 $109.3 40.9% -40.8% 1.2% 1.3x n/a 1.4x n/a -22.8% Compuware Corporation CPWR $2,194.6 $1,914.8 $720.8 68.9% 13.2% -0.4% 2.7x 20.1x 2.6x 9.5x -8.7% F5 Networks, Inc. FFIV $8,438.8 $7,815.0 $1,592.1 82.4% 30.7% 11.3% 4.9x 16.0x 4.3x 11.1x 25.4% Gigamon, LLC GIMO $610.6 $467.9 $146.2 76.7% -25.8% 38.2% 3.2x n/a 2.5x 15.4x -31.2% Juniper Networks, Inc. JNPR $11,626.1 $10,017.5 $4,780.0 62.9% 17.0% 8.8% 2.1x 12.3x 2.0x 7.1x 9.2% Radware Ltd. RDWR $762.9 $596.1 $198.9 81.1% 14.4% 5.1% 3.0x 20.8x 2.7x 14.2x -5.3% Riverbed Technology, Inc. RVBD $3,312.0 $3,359.1 $1,060.3 73.3% 15.3% 17.7% 3.2x 20.6x 2.9x 10.5x 14.5% Median: $1,750.2 $1,534.6 $461.4 70.7% 7.8% 5.1% 2.8x 20.1x 2.5x 10.3x -7.0%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - June 2014 TTM Revenue Growth 5.1% 15% TTM EBITDA Growth -18.7% TTM Earnings Growth 4.9% Gross Profit Margin 70.7% 10% EBITDA Margin 7.8% Net Income Margin -0.1% SG&A Expenses as a % of Total Revenue 49.6% R&D Expenses as a % of Total Revenue 21.0% 5%

Balance Sheet Analysis (Median) Current Ratio 2.7 0% Quick Ratio 2.3 Cash as Percent of Market Cap 21.9% Avg Days Outstanding: Accounts Receivable 53 -5% Avg Days Outstanding: Accounts Payable 45 Working Capital to TTM Operating Expense Ratio 0.6x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.7% Cash from Operations Growth (YoY) 5.9% -15% Cash from Investing Growth (YoY) 48.1% Cash from Financing Growth (YoY) -8.5% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 14.3%

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 A10 Networks, Inc. ATEN $798.7 $676.6 $157.9 76.7% -1.0% n/a 4.3x n/a 3.4x n/a -18.0% AVG Technologies N.V. AVG $1,061.0 $1,029.6 $395.9 82.8% 35.0% 4.8% 2.6x 7.4x 2.6x 7.2x 18.8% Barracuda Networks, Inc. CUDA $1,595.3 $1,464.3 $243.7 77.4% 1.5% 16.5% 6.0x 390.1x 5.4x 24.3x -16.5% Check Point Software Tech Ltd. CHKP $12,788.7 $11,581.4 $1,413.6 88.4% 55.1% 4.5% 8.2x 14.9x 7.7x 13.4x 4.1% Cyren CYRN $78.7 $80.7 $32.4 77.0% -10.6% 25.0% 2.5x n/a 2.2x n/a -3.4% Fortinet Inc. FTNT $4,097.9 $3,536.9 $648.4 70.4% 13.1% 17.4% 5.5x 41.5x 4.8x 24.2x 32.1% Guidance Software, Inc. GUID $263.2 $242.1 $109.0 66.5% -10.9% -16.4% 2.2x n/a 2.0x 35.7x -8.9% Imperva IMPV $688.5 $582.6 $140.7 77.9% -23.0% 26.4% 4.1x n/a 3.6x n/a -46.1% Palo Alto Networks, Inc PANW $6,462.9 $6,094.9 $532.3 73.5% -5.2% 48.1% 11.4x n/a 6.4x 63.4x 50.6% Proofpoint, Inc. PFPT $1,385.7 $1,285.4 $149.9 69.2% -13.1% 33.3% 8.6x n/a 6.9x n/a 15.6% Sourcefire, Inc. FIRE $22.6 $21.5 $20.4 38.8% 13.6% 36.0% 1.1x 7.7x n/a n/a 1.9% Symantec Corporation SYMC $15,839.8 $13,850.8 $6,676.0 83.6% 29.1% -3.3% 2.1x 7.1x 2.1x 6.5x -1.0% Trend Micro TSE:4704 $4,411.8 $3,422.3 $1,068.9 82.8% 34.7% 13.5% 3.2x 9.2x 3.0x 9.0x -6.1% VASCO Data Security International VDSI $455.2 $345.7 $158.5 64.7% 10.9% 0.9% 2.2x 20.0x 2.0x 11.3x 52.8% Median: $1,223.3 $1,157.5 $201.1 76.8% 6.2% 16.5% 3.7x 12.0x 3.4x 13.4x 0.4%

Income Statement Analysis (Median) Security Software Stock Market Return: January - June 2014 TTM Revenue Growth 16.5% 15% TTM EBITDA Growth -16.1% TTM Earnings Growth -18.3% Gross Profit Margin 76.8% EBITDA Margin 6.2% 10% Net Income Margin -0.4% SG&A Expenses as a % of Total Revenue 53.1% R&D Expenses as a % of Total Revenue 18.3% 5% Balance Sheet Analysis (Median) Current Ratio 1.8 Quick Ratio 1.2 Cash as Percent of Market Cap 9.4% 0% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 45 Working Capital to TTM Operating Expense Ratio 0.3x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 13.9% Cash from Operations Growth (YoY) -3.5% -10% Cash from Investing Growth (YoY) -1.6% Cash from Financing Growth (YoY) 20.1% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 65.7%

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 Brocade Communications Systems, BRCD $3,939.6 $3,399.7 $2,196.8 65.0% 25.5% -2.8% 1.5x n/a 1.5x 5.3x 4.7% CA, Inc. CA $12,835.0 $11,480.0 $4,515.0 85.5% 32.0% -2.1% 2.5x 7.9x 2.6x 6.9x -11.9% Cisco Systems, Inc. CSCO $127,298.8 $97,738.8 $47,202.0 59.2% 27.3% -1.4% 2.1x 7.6x 2.0x 5.7x 13.9% CommVault Systems, Inc. CVLT $2,320.2 $1,837.5 $586.3 87.3% 18.2% 18.2% 3.1x 17.2x 2.7x 10.9x -33.6% EMC EMC $53,925.9 $52,707.9 $23,314.0 62.3% 23.7% 5.9% 2.3x 9.5x 2.1x 6.7x 6.3% FalconStor Software, Inc. FALC $81.7 $61.4 $55.4 75.6% -10.7% -22.4% 1.1x n/a n/a n/a 28.8% IBM IBM $183,478.4 $217,899.4 $98,827.0 49.0% 25.4% -4.3% 2.2x 8.7x 2.2x 7.6x -1.2% Informatica Corporation INFA $3,914.1 $3,184.0 $977.0 83.2% 17.9% 17.7% 3.3x 18.2x 2.9x 9.3x -12.5% Microsoft Corporation MSFT $344,459.2 $280,267.2 $83,347.0 70.1% 38.5% 9.6% 3.4x 8.7x 2.8x 8.7x 13.9% NetApp, Inc. NTAP $11,814.2 $7,806.4 $6,325.1 62.0% 16.2% -0.1% 1.2x 7.6x 1.2x 5.9x -8.9% Oracle Corporation ORCL $180,556.7 $166,473.7 $38,275.0 81.1% 43.7% 2.9% 4.3x 10.0x 4.1x 8.1x 7.8% Splunk, Inc. SPLK $6,560.4 $5,733.4 $331.3 87.6% -31.3% 51.3% 17.3x n/a 13.1x n/a -22.6% TIBCO Software Inc. TIBX $3,282.3 $3,249.4 $1,091.5 71.0% 18.0% 5.4% 3.0x 16.6x 2.9x 12.1x -12.8% Varonis Systems, Inc. VRNS $709.4 $583.6 $79.5 91.0% -11.1% 43.7% 7.3x n/a 5.8x n/a -34.1% Median: $11,814.2 $7,806.4 $4,515.0 71.0% 23.7% 2.9% 2.5x 9.1x 2.7x 7.6x -1.2%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - June 2014 TTM Revenue Growth 2.9% 8% TTM EBITDA Growth 3.9% TTM Earnings Growth -0.1% 6% Gross Profit Margin 71.0% EBITDA Margin 23.7% 4% Net Income Margin 11.2% SG&A Expenses as a % of Total Revenue 34.3% 2% R&D Expenses as a % of Total Revenue 14.0% 0% Balance Sheet Analysis (Median) Current Ratio 2.5 -2% Quick Ratio 2.3 Cash as Percent of Market Cap 21.2% -4% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 39 -6% Working Capital to TTM Operating Expense Ratio 0.7x -8% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.8% -10% Cash from Operations Growth (YoY) -2.6% -12% Cash from Investing Growth (YoY) 10.0% Cash from Financing Growth (YoY) 34.4% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 1.9%

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, Inc. AMSW.A $276.1 $205.5 $100.6 56.5% 17.0% 0.1% 2.0x 12.0x 1.9x 9.3x 1.6% Aspen Technology, Inc. AZPN $4,272.1 $4,015.3 $373.2 85.9% 30.1% 27.7% 10.8x 35.8x 9.5x 25.3x 11.7% Manhattan Associates, Inc. MANH $2,609.4 $2,483.5 $431.5 57.0% 27.2% 13.1% 5.8x 21.1x 5.3x 17.9x 17.1% The Descartes Systems Group Inc. TSX:DSG $915.0 $891.0 $158.1 67.3% 28.2% 20.6% 5.6x 20.0x 5.0x 16.6x 9.1% Median: $1,762.2 $1,687.2 $265.6 62.1% 27.7% 16.9% 5.7x 20.5x 5.2x 17.3x 10.4%

Income Statement Analysis (Median) Supply Chain Management & Logistics Software Stock Market Return: January - June 2014 TTM Revenue Growth 16.9% 15% TTM EBITDA Growth 22.2% TTM Earnings Growth 13.3% Gross Profit Margin 62.1% EBITDA Margin 27.7% 10% Net Income Margin 13.6% SG&A Expenses as a % of Total Revenue 28.5% R&D Expenses as a % of Total Revenue 13.7% 5% Balance Sheet Analysis (Median) Current Ratio 2.3 Quick Ratio 2.0 Cash as Percent of Market Cap 6.4% 0% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 13 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.3% Cash from Operations Growth (YoY) 12.0% -10% Cash from Investing Growth (YoY) -3.1% Cash from Financing Growth (YoY) 19.0% Supply Chain Management & Logistics S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 41.7%

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 $12,835.0 $11,480.0 $4,515.0 85.5% 32.0% -2.1% 2.5x 7.9x 2.6x 6.9x -11.9% Citrix Systems, Inc. CTXS $10,249.6 $9,420.4 $2,996.4 85.8% 22.7% 12.2% 3.1x 13.9x 2.9x 10.5x 0.1% Netscout Systems, Inc. NTCT $1,820.6 $1,643.3 $396.6 78.7% 23.6% 13.1% 4.1x 17.6x 3.6x 12.1x 53.7% Red Hat, Inc. RHT $10,421.5 $9,618.3 $1,595.1 84.9% 19.2% 15.8% 6.0x 31.4x 5.2x 19.3x -1.0% SolarWinds, Inc. SWI $2,914.7 $2,731.8 $358.4 91.0% 38.1% 27.0% 7.6x 20.0x 6.3x 12.6x 2.3% VMWare, Inc. VMW $41,678.2 $36,562.2 $5,376.0 86.1% 27.8% 13.4% 6.8x 24.5x 5.8x 15.7x 8.2% Median: $10,335.6 $9,519.3 $2,295.7 85.6% 25.7% 13.3% 5.1x 18.8x 4.4x 12.4x 1.2%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - June 2014 TTM Revenue Growth 13.3% TTM EBITDA Growth 10.9% 15% TTM Earnings Growth 10.4% Gross Profit Margin 85.6% EBITDA Margin 25.7% 10% Net Income Margin 15.9% SG&A Expenses as a % of Total Revenue 44.7% R&D Expenses as a % of Total Revenue 16.8% 5% Balance Sheet Analysis (Median) Current Ratio 1.3 Quick Ratio 1.2 0% Cash as Percent of Market Cap 8.9% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 60 Working Capital to TTM Operating Expense Ratio 0.3x -5%

Cash Flow Statement Analysis (Median) Levered FCF Margin 23.2% -10% Cash from Operations Growth (YoY) 16.5% Cash from Investing Growth (YoY) -23.3% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) 46.0% Levered FCF Growth (YoY) 24.9%

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 Advent Software, Inc. ADVS $1,676.3 $1,926.3 $387.3 71.3% 18.6% 6.3% 5.0x 26.8x 4.8x 14.0x -4.6% Broadridge Financial BR $5,024.7 $5,304.3 $2,537.2 30.5% 20.4% 7.2% 2.1x 10.3x 2.0x 9.5x 7.1% Fidessa LSE:FDSA $1,431.4 $1,306.6 $462.2 21.2% 19.4% 0.1% 2.8x 14.6x 2.7x 9.9x 6.0% Jack Henry & Associates, Inc. JKHY $5,025.0 $4,988.3 $1,197.3 42.6% 34.1% 9.1% 4.2x 12.2x 3.9x 11.6x 3.0% MSCI, Inc. MSCI $5,350.9 $5,893.3 $1,055.9 67.9% 42.5% 12.3% 5.6x 13.1x 5.8x 14.0x 6.3% SS&C Corporation SSNC $3,666.4 $4,317.9 $725.3 45.8% 39.6% 14.9% 6.0x 15.0x 5.5x 13.2x -0.7% Median: $4,345.6 $4,653.1 $890.6 44.2% 27.2% 8.1% 4.6x 13.8x 4.3x 12.4x 4.5%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - June 2014 TTM Revenue Growth 8.1% 8% TTM EBITDA Growth 10.1% TTM Earnings Growth 16.3% 6% Gross Profit Margin 44.2% EBITDA Margin 27.2% 4% Net Income Margin 14.0% SG&A Expenses as a % of Total Revenue 13.2% 2% R&D Expenses as a % of Total Revenue 7.4% 0% Balance Sheet Analysis (Median) Current Ratio 1.5 -2% Quick Ratio 1.0 Cash as Percent of Market Cap 3.8% -4% Avg Days Outstanding: Accounts Receivable 59 Avg Days Outstanding: Accounts Payable 9 -6% Working Capital to TTM Operating Expense Ratio 0.1x -8% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 14.3% Cash from Operations Growth (YoY) 10.0% -12% Cash from Investing Growth (YoY) 13.9% Cash from Financing Growth (YoY) -15.1% Vertical - Finance 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 Blackbaud, Inc. BLKB $1,613.5 $1,754.1 $515.8 53.0% 19.7% 10.1% 3.4x 17.3x 3.2x 14.7x -3.5% Constellation TSX:CSU $5,403.5 $5,756.1 $1,349.2 32.3% 11.2% 41.7% 4.3x 38.2x 3.3x 17.1x 21.6% EPIQ Systems, Inc. EPIQ $501.4 $791.4 $452.0 52.3% 15.1% 23.9% 1.8x 11.6x 1.6x 7.3x -10.3% Guidewire Software, Inc. GWRE $2,787.5 $2,357.2 $328.9 53.6% -0.6% 21.2% 7.2x n/a 6.4x 38.1x -15.5% Micros Systems MCRS $5,073.3 $4,418.1 $1,337.9 52.3% 19.6% 7.7% 3.3x 16.8x 3.1x 13.7x 19.9% PROS Holdings PRO $765.2 $721.2 $152.1 69.4% 2.2% 22.3% 4.7x 217.7x 3.6x 24.5x -32.8% Sapiens International SPNS $375.0 $300.1 $140.5 36.8% 11.3% 17.6% 2.1x 18.9x 1.9x 13.0x 6.2% Silver Spring Networks, Inc. SSNI $643.6 $504.7 $317.4 36.8% -7.3% 62.8% 1.6x n/a 1.5x 76.0x -35.7% Tyler Technologies, Inc. TYL $3,010.8 $2,913.6 $433.5 46.6% 19.5% 15.2% 6.7x 34.4x 6.0x 24.7x -10.0% Median: $1,613.5 $1,754.1 $433.5 52.3% 11.3% 21.2% 3.4x 18.9x 3.2x 17.1x -10.0%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - June 2014 TTM Revenue Growth 21.2% 10% TTM EBITDA Growth 3.8% TTM Earnings Growth -0.9% Gross Profit Margin 52.3% 5% EBITDA Margin 11.3% Net Income Margin 6.1% 0% SG&A Expenses as a % of Total Revenue 26.6% R&D Expenses as a % of Total Revenue 12.7% -5% Balance Sheet Analysis (Median) Current Ratio 1.7 -10% Quick Ratio 1.4 Cash as Percent of Market Cap 6.1% -15% Avg Days Outstanding: Accounts Receivable 67 Avg Days Outstanding: Accounts Payable 39 Working Capital to TTM Operating Expense Ratio 0.3x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 12.4% Cash from Operations Growth (YoY) 27.7% -30% Cash from Investing Growth (YoY) -101.6% Cash from Financing Growth (YoY) 138.1% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 57.3%

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 $1,013.5 $930.0 $118.2 67.4% -6.0% 29.8% 7.2x 60.4x 6.1x 28.5x -8.1% CRM & Marketing $927.3 $796.4 $168.1 70.0% -0.7% 30.2% 2.9x 67.3x 2.4x 26.6x 5.9% ERP & Supply Chain $1,023.9 $889.3 $109.6 67.7% -8.8% 30.6% 7.4x 85.8x 6.3x 36.9x -14.7% Vertically Focused $926.0 $970.7 $129.8 66.1% 8.9% 28.1% 7.6x 63.7x 6.3x 17.0x -6.3% Workforce Management $1,072.1 $983.1 $117.8 63.2% -1.7% 23.2% 8.8x 60.4x 7.2x 35.1x -9.4% SaaS Other $926.2 $879.1 $125.4 66.5% -14.8% 28.8% 6.5x 45.3x 4.7x 22.4x -11.4%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - June 2014 TTM Revenue Growth 29.8% 15% TTM EBITDA Growth -24.2% TTM Earnings Growth -41.8% 10% Gross Profit Margin 67.4% EBITDA Margin -6.0% 5% Net Income Margin -17.0% SG&A Expenses as a % of Total Revenue 57.7% 0% R&D Expenses as a % of Total Revenue 19.1% -5% Balance Sheet Analysis (Median) Current Ratio 2.3 -10% Quick Ratio 2.1 Cash as Percent of Market Cap 10.6% -15% Avg Days Outstanding: Accounts Receivable 63 -20% Avg Days Outstanding: Accounts Payable 28 Working Capital to TTM Operating Expense Ratio 0.4x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 9.7% Cash from Operations Growth (YoY) 27.8% -35% Cash from Investing Growth (YoY) -37.3% Cash from Financing Growth (YoY) 7.8% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 25.9%

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 Bazaarvoice, Inc BV $612.6 $566.9 $168.1 68.5% -17.7% 14.5% 3.4x n/a 3.0x n/a 1.5% Constant Contact CTCT $1,007.9 $877.1 $296.1 71.8% 10.3% 13.7% 3.0x 28.8x 2.6x 13.8x 6.2% Cvent NYSE:CVT $1,198.0 $996.4 $118.2 70.0% 2.8% 31.9% 8.4x 305.1x 6.7x 63.0x -20.9% LivePerson LPSN $550.1 $470.8 $183.1 75.9% 3.5% 12.3% 2.6x 72.6x 2.2x 20.5x -30.9% Marketo MKTO $1,177.4 $1,066.7 $108.5 62.6% -39.1% 64.5% 9.8x n/a 7.1x n/a 25.9% Marin Software MRIN $396.7 $306.0 $83.0 61.3% -33.2% 30.2% 3.7x n/a 2.5x n/a 15.7% Salesforce.com CRM $35,661.1 $37,075.0 $4,405.1 76.1% -0.7% 35.7% 8.4x n/a 6.6x 37.4x 5.9% Median: $927.3 $796.4 $168.1 70.0% -0.7% 30.2% 2.9x 67.3x 2.4x 26.6x 5.9%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - June 2014 TTM Revenue Growth 30.2% 15% TTM EBITDA Growth -31.3% TTM Earnings Growth -27.8% 10% Gross Profit Margin 70.0% EBITDA Margin -0.7% 5% Net Income Margin -4.1% SG&A Expenses as a % of Total Revenue 64.1% 0% R&D Expenses as a % of Total Revenue 18.4% -5% Balance Sheet Analysis (Median) Current Ratio 2.5 -10% Quick Ratio 2.3 Cash as Percent of Market Cap 13.7% -15% Avg Days Outstanding: Accounts Receivable 72 -20% Avg Days Outstanding: Accounts Payable 31 Working Capital to TTM Operating Expense Ratio 0.5x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 6.1% Cash from Operations Growth (YoY) 18.2% -35% Cash from Investing Growth (YoY) -61.3% Cash from Financing Growth (YoY) 14.5% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 18.3%

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 Amber Road, Inc. AMBR $406.7 $358.3 $55.9 58.0% -50.5% 24.4% 6.4x n/a 5.5x n/a -5.1% E2open, Inc EOPN $601.3 $549.8 $74.7 62.0% -29.3% -0.5% 7.4x n/a 6.3x n/a -14.7% Fleetmatics FLTX $1,212.6 $1,088.8 $190.8 75.6% 24.0% 38.3% 5.7x 23.8x 4.5x 16.5x -25.5% Netsuite N $6,585.3 $6,387.6 $445.8 67.7% -8.8% 34.6% 14.3x n/a 11.0x 122.8x -14.8% SciQuest SQI $485.3 $454.1 $95.0 70.0% 1.7% 30.6% 4.8x 287.1x 4.2x 25.0x -34.9% SPS Commerce SPSC $1,023.9 $889.3 $109.6 69.0% 9.5% 29.9% 8.1x 85.8x 6.7x 48.9x -1.9% Workday, Inc. WDAY $16,624.1 $15,242.2 $537.0 63.2% -24.6% 74.1% 28.4x n/a 18.5x n/a 9.9% Median: $1,023.9 $889.3 $109.6 67.7% -8.8% 30.6% 7.4x 85.8x 6.3x 36.9x -14.7%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - June 2014 TTM Revenue Growth 30.6% 15% TTM EBITDA Growth -34.1% TTM Earnings Growth -50.5% 10% Gross Profit Margin 67.7% EBITDA Margin -8.8% 5% Net Income Margin -17.9% SG&A Expenses as a % of Total Revenue 54.2% 0% R&D Expenses as a % of Total Revenue 19.3% -5% Balance Sheet Analysis (Median) Current Ratio 2.1 -10% Quick Ratio 1.9 Cash as Percent of Market Cap 11.2% -15% Avg Days Outstanding: Accounts Receivable 62 -20% Avg Days Outstanding: Accounts Payable 24 Working Capital to TTM Operating Expense Ratio 0.6x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 13.1% Cash from Operations Growth (YoY) 67.1% -35% Cash from Investing Growth (YoY) -15.2% Cash from Financing Growth (YoY) 5.5% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 29.7%

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, Inc. TWOU $676.0 $768.4 $90.3 73.5% -32.8% n/a 8.5x n/a 6.7x n/a 20.2% Athenahealth, Inc ATHN $4,735.2 $4,830.0 $632.4 59.3% 9.2% 40.1% 7.6x 82.7x 6.2x 35.5x -4.9% Castlight Health, Inc. CSLT $1,360.4 $1,141.0 $19.4 -6.1% -382.4% n/a 58.7x n/a 24.0x n/a -61.8% DealerTrack TRAK $2,429.2 $3,029.7 $531.3 39.9% 8.9% 30.8% 5.7x 64.3x 3.4x 15.4x -6.3% Ebix Inc. EBIX $549.3 $545.1 $203.5 80.3% 36.6% -2.2% 2.7x 7.3x 2.6x 6.4x 0.3% Ellie Mae ELLI $875.2 $800.4 $129.8 73.5% 16.3% 16.1% 6.2x 37.9x 5.0x 17.0x 16.1% Medidata Solutions MDSO $2,315.8 $2,326.7 $290.2 74.6% 8.9% 25.5% 8.0x 90.4x 6.5x 27.4x -27.5% OPOWER, Inc. OPWR $926.0 $970.7 $98.3 66.1% -16.2% 64.2% 9.9x n/a 7.9x n/a -18.0% Q2 Holdings, Inc. QTWO $486.0 $406.7 $60.9 38.3% -26.0% n/a 6.7x n/a 5.1x n/a -6.0% RealPage RP $1,770.9 $1,728.8 $388.6 60.7% 14.0% 15.4% 4.4x 31.7x 3.8x 15.5x 0.4% The Rubicon Project, Inc. RUBI $460.4 $497.0 $90.2 81.8% -3.1% n/a 5.5x n/a n/a n/a -36.1% Textura Corp. TXTR $588.2 $517.2 $53.3 77.3% -49.3% n/a 9.7x n/a 7.7x n/a -21.1% Veeva Systems Inc. VEEV $3,252.5 $2,907.0 $234.1 61.2% 19.5% 58.3% 12.4x 63.7x 9.8x 44.4x -21.3% Median: $926.0 $970.7 $129.8 66.1% 8.9% 28.1% 7.6x 63.7x 6.3x 17.0x -6.3%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - June 2014 TTM Revenue Growth 28.1% 15% TTM EBITDA Growth -26.8% TTM Earnings Growth -57.4% 10% Gross Profit Margin 66.1% EBITDA Margin 8.9% 5% Net Income Margin -1.1% SG&A Expenses as a % of Total Revenue 48.7% 0% R&D Expenses as a % of Total Revenue 19.7% -5% Balance Sheet Analysis (Median) Current Ratio 1.8 -10% Quick Ratio 1.7 Cash as Percent of Market Cap 8.6% -15% Avg Days Outstanding: Accounts Receivable 58 -20% Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.3x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 12.0% Cash from Operations Growth (YoY) 27.8% -35% Cash from Investing Growth (YoY) -37.3% Cash from Financing Growth (YoY) 7.8% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 22.2%

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 Callidus Software Inc. CALD $548.7 $533.6 $117.8 59.7% -1.7% 19.6% 4.5x n/a 4.0x 38.2x -8.6% Cornerstone OnDemand CSOD $2,445.8 $2,374.0 $204.9 70.9% -15.5% 55.7% 11.6x n/a 8.1x n/a -13.0% Halogen Software, Inc. TSX:HGN $166.1 $111.8 $49.9 74.6% -8.9% 22.4% 2.2x n/a 1.9x n/a -38.4% Paycom Software, Inc. PAYC $744.7 $818.4 $117.0 82.1% 12.5% n/a 7.0x 56.0x 5.4x 35.1x -5.0% Paylocity Holding Corp. PCTY $1,072.1 $983.1 $100.3 49.4% 2.0% n/a 9.8x 502.6x 7.7x n/a -10.0% The Ultimate Software Group, Inc. ULTI $3,916.9 $3,826.1 $433.6 59.4% 14.6% 23.2% 8.8x 60.4x 7.2x 29.7x -9.4% Workday, Inc. WDAY $16,624.1 $15,242.2 $537.0 63.2% -24.6% 74.1% 28.4x n/a 18.5x n/a 9.9% Median: $1,072.1 $983.1 $117.8 63.2% -1.7% 23.2% 8.8x 60.4x 7.2x 35.1x -9.4%

Income Statement Analysis (Median) Workforce Management SaaS Stock Market Return: January - June 2014 TTM Revenue Growth 23.2% 15% TTM EBITDA Growth -8.1% TTM Earnings Growth 36.7% 10% Gross Profit Margin 63.2% EBITDA Margin -1.7% 5% Net Income Margin -14.7% SG&A Expenses as a % of Total Revenue 56.1% 0% R&D Expenses as a % of Total Revenue 14.9% -5% Balance Sheet Analysis (Median) Current Ratio 1.1 -10% Quick Ratio 0.9 Cash as Percent of Market Cap 8.3% -15% Avg Days Outstanding: Accounts Receivable 66 -20% Avg Days Outstanding: Accounts Payable 26 Working Capital to TTM Operating Expense Ratio 0.6x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 12.1% Cash from Operations Growth (YoY) 130.3% -35% Cash from Investing Growth (YoY) -39.4% Cash from Financing Growth (YoY) 4.1% Workforce Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 91.6%

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, Inc. BNFT $1,160.3 $1,109.6 $111.6 38.0% -26.0% 29.0% 9.9x n/a 7.8x n/a -17.5% ChannelAdvisors ECOM $647.9 $554.2 $72.4 72.6% -24.0% 28.5% 7.7x n/a 6.1x n/a -35.7% Concur CNQR $5,309.4 $5,178.2 $628.2 67.4% 4.7% 30.6% 8.2x 177.0x 6.8x 38.7x -7.6% Covisint Corporation COVS $182.2 $132.7 $97.1 42.0% -34.6% 7.1% 1.4x n/a 1.5x n/a -61.4% Demandware, Inc. DWRE $2,489.6 $2,235.6 $115.4 73.6% -14.8% 37.5% 19.4x n/a 13.9x n/a 7.1% FireEye, Inc. FEYE $5,883.4 $5,298.9 $207.1 63.2% -100.5% 111.5% 25.6x n/a 11.6x n/a -1.4% inContact, Inc. SAAS $558.0 $522.3 $135.4 48.3% -1.2% 16.4% 3.9x n/a 3.0x n/a 14.6% IntraLinks Holdings IL $500.5 $512.7 $238.7 72.2% 4.7% 8.1% 2.1x 45.3x 2.1x 13.4x -25.9% J2 Global JCOM $2,418.6 $2,385.0 $541.3 83.4% 42.2% 35.9% 4.4x 10.5x 3.9x 9.2x 3.6% Jive Software, Inc JIVE $598.7 $492.9 $152.9 62.3% -39.6% 25.2% 3.2x n/a 2.7x n/a -22.1% Liquid Holdings Group, LLC LIQD $114.2 n/a $4.3 47.4% n/a 14.1% n/a n/a n/a n/a -72.7% Qualys, Inc. QLYS $838.9 $733.8 $113.4 77.3% 11.1% 19.3% 6.5x 58.2x 5.4x 30.7x 10.8% Rally Software Development, Inc. RALY $270.7 $185.0 $77.7 76.5% -24.0% 29.7% 2.4x n/a 2.0x n/a -43.7% RingCentral, Inc. RNG $1,013.5 $879.1 $173.2 62.1% -20.2% 38.3% 5.1x n/a 4.0x n/a -15.2% Service-now.com NOW $8,926.0 $8,692.0 $477.8 63.2% -13.1% 69.3% 18.2x n/a 12.2x 139.4x 11.3% TrueCar, Inc. NasdaqGS: $1,049.9 $1,012.3 $152.8 90.0% -12.3% n/a 6.6x n/a n/a n/a 46.9% Zendesk, Inc. ZEN $1,219.8 $1,186.3 $83.2 65.6% -26.6% n/a 14.3x n/a 9.8x n/a 29.4% Zix Corporation ZIXI $202.7 $180.2 $48.5 84.1% 24.5% 8.3% 3.7x 15.2x 3.3x 14.2x -25.2% Median: $926.2 $879.1 $125.4 66.5% -14.8% 28.8% 6.5x 45.3x 4.7x 22.4x -11.4%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - June 2014 TTM Revenue Growth 28.8% 20% TTM EBITDA Growth -36.9% TTM Earnings Growth -40.2% Gross Profit Margin 66.5% 10% EBITDA Margin -14.8% Net Income Margin -24.9% SG&A Expenses as a % of Total Revenue 68.9% R&D Expenses as a % of Total Revenue 19.6% 0%

Balance Sheet Analysis (Median) Current Ratio 2.3 -10% Quick Ratio 2.1 Cash as Percent of Market Cap 11.3% Avg Days Outstanding: Accounts Receivable 65 -20% Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.4x -30% Cash Flow Statement Analysis (Median) Levered FCF Margin -0.8% Cash from Operations Growth (YoY) 11.4% -40% Cash from Investing Growth (YoY) -47.0% Cash from Financing Growth (YoY) 29.2% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 13.4%

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 $1,372.9 $1,397.7 $456.6 66.1% 8.5% 17.2% 2.8x 23.0x 2.4x 16.7x -7.4% Ad Tech & Lead Generation $1,837.1 $1,671.3 $517.2 63.5% 6.7% 27.5% 2.8x 25.5x 1.9x 18.1x -16.4% Commerce $525.3 $429.3 $416.5 40.1% 7.9% 15.0% 0.9x 15.1x 1.0x 11.0x -15.7% Content & Media $3,050.7 $2,961.1 $526.6 47.0% 13.9% 9.5% 3.7x 19.5x 3.8x 19.4x 0.2% Gaming $2,844.14 $2,075.2 $759.4 71.8% 30.2% 11.9% 3.4x 9.5x 2.8x 8.2x -8.1% Infrastructure $695.83 $548.1 $284.2 63.0% 6.4% 11.0% 1.2x 18.2x 1.2x 12.8x -0.2% Services $1,001.34 $796.6 $186.9 73.9% 7.8% 31.3% 3.3x 37.3x 2.8x 20.8x -7.4% Social $7,370.92 $6,416.4 $801.0 61.2% 9.9% 62.4% 11.1x 35.6x 8.2x 27.5x 5.4% Travel $5,990.83 $5,457.8 $894.3 83.2% 15.6% 20.2% 6.5x 21.7x 6.3x 19.6x 19.7%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - June 2014 TTM Revenue Growth 17.2% 10% TTM EBITDA Growth 7.5% TTM Earnings Growth 16.5% Gross Profit Margin 66.1% 5% EBITDA Margin 8.5% Net Income Margin 0.2% SG&A Expenses as a % of Total Revenue 39.1% 0% R&D Expenses as a % of Total Revenue 14.7%

Balance Sheet Analysis (Median) -5% Current Ratio 2.5 Quick Ratio 2.3 -10% Cash as Percent of Market Cap 16.7% Avg Days Outstanding: Accounts Receivable 38 Avg Days Outstanding: Accounts Payable 44 -15% Working Capital to TTM Operating Expense Ratio 0.5

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 12.0% -25% Cash from Investing Growth (YoY) -22.7% Cash from Financing Growth (YoY) 55.5% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -1.7%

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 Angie's List, Inc. ANGI $698.6 $649.6 $266.1 73.9% -7.3% 50.5% 2.4x n/a 1.9x 62.9x -12.1% Baidu.com, Inc. BIDU $65,459.6 $62,283.0 $5,705.8 63.5% 40.5% 47.7% 10.9x 26.9x 7.3x 24.3x 3.8% Bankrate, Inc. RATE $1,837.1 $1,890.4 $485.5 66.8% 23.6% 10.2% 3.9x 16.5x 3.4x 12.2x 0.6% Criteo SA CRTO $1,948.4 $1,631.0 $691.2 35.9% 6.2% 61.7% 2.4x 38.2x n/a n/a 2.5% Conversant, Inc. CNVR $1,701.7 $1,671.3 $584.6 67.8% 34.9% 10.7% 2.9x 8.2x 2.7x 7.8x 10.0% Coupons.com, Inc. COUP $2,039.7 $1,842.1 $182.9 67.3% -4.9% n/a 10.1x n/a 7.7x 98.9x -12.3% Google Inc. GOOGL $391,189.6 $342,309.6 $62,294.0 57.2% 29.8% 18.7% 5.5x 18.4x 5.1x 12.4x 5.1% Groupon GRPN $4,516.1 $3,475.2 $2,729.9 55.2% 4.3% 14.9% 1.3x 29.5x 1.1x 10.0x -44.1% InterActiveCorp IACI $5,748.8 $5,813.6 $3,021.0 68.4% 17.5% 4.1% 1.9x 11.0x 1.8x 9.2x 2.7% LinkedIn LNKD $20,878.1 $18,577.0 $1,677.0 86.7% 9.9% 51.3% 11.1x 111.7x 8.2x 32.7x -17.4% Marchex Inc. MCHX $508.7 $470.2 $168.3 38.2% 4.8% 27.5% 2.8x 58.2x 2.3x 32.4x 22.4% QuinStreet QNST $241.4 $202.7 $290.7 16.7% 7.3% -7.7% 0.7x 9.6x 0.7x 7.3x -37.4% ReachLocal, Inc. RLOC $203.1 $129.2 $517.2 50.0% 0.9% 9.4% 0.2x 27.8x 0.2x 18.1x -45.0% Rocket Fuel, Inc. FUEL $1,092.6 $903.6 $276.8 48.6% -4.8% 115.9% 3.3x n/a 1.9x 162.2x -47.7% The Rubicon Project, Inc. RUBI $460.4 $497.0 $90.2 81.8% -3.1% n/a 5.5x n/a n/a n/a -36.1% SINA Corporation SINA $3,288.9 $2,771.1 $710.6 60.8% 8.5% 29.4% 3.9x 46.1x 3.4x 67.3x -41.3% Sohu.com Inc. SOHU $2,219.6 $1,787.3 $1,458.0 64.7% 13.4% 27.0% 1.2x 9.2x 1.0x n/a -21.3% Tree.Com, Inc. TREE $329.9 $240.4 $151.2 95.5% 6.7% 63.8% 1.6x 23.7x 1.4x 10.8x -10.6% Tremor, Inc. TRMR $237.6 $150.3 $141.9 38.7% -6.5% 25.9% 1.1x n/a 0.9x n/a -16.9% Yandex YNDX $11,454.7 $11,313.4 $1,205.1 71.8% 39.0% 37.2% 9.4x 24.1x 7.4x 17.6x -16.4% YuMe YUME $191.0 $141.1 $161.8 46.9% 1.6% 31.2% 0.9x 53.6x 0.7x 57.0x -19.8% Median: $1,837.1 $1,671.3 $517.2 63.5% 6.7% 27.5% 2.8x 25.5x 1.9x 18.1x -16.4%

Income Statement Analysis (Median) Internet Ad Tech and Lead Generation Stock Market Return: January - June 2014 TTM Revenue Growth 27.5% 10% TTM EBITDA Growth 4.9% TTM Earnings Growth 3.7% 5% Gross Profit Margin 63.5% EBITDA Margin 6.7% 0% Net Income Margin -0.9% SG&A Expenses as a % of Total Revenue 39.1% -5% R&D Expenses as a % of Total Revenue 9.6% -10% Balance Sheet Analysis (Median) Current Ratio 2.7x -15% Quick Ratio 2.5x Cash as Percent of Market Cap 17.1% -20% Avg Days Outstanding: Accounts Receivable 54.6x -25% Avg Days Outstanding: Accounts Payable 63.7x Working Capital to TTM Operating Expense Ratio 0.5x -30% Cash Flow Statement Analysis (Median) -35% Levered FCF Margin 9.9% Cash from Operations Growth (YoY) 8.0% -40% Cash from Investing Growth (YoY) -22.9% Cash from Financing Growth (YoY) 122.0% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -6.7%

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 1-800-FLOWERS.COM, Inc. FLWS $371.7 $374.0 $741.9 41.3% 5.2% 1.2% 0.5x 9.6x 0.5x 6.7x 9.6% 58.com Inc. WUBA $4,402.6 $4,080.7 $170.3 94.7% 15.5% 86.4% 24.0x 155.1x 14.2x 92.7x 42.3% Amazon.com, Inc. AMZN $149,453.0 $143,934.0 $78,123.0 27.8% 4.9% 22.1% 1.8x 38.0x 1.5x 20.8x -18.4% Bitauto Holdings Limited BITA $2,020.9 $1,850.3 $249.9 77.6% 21.0% 38.9% 7.4x 35.3x 5.2x 20.2x 56.0% BlueNile NILE $339.2 $283.1 $456.6 18.6% 3.6% 10.3% 0.6x 17.2x 0.6x 11.0x -39.6% Chegg, Inc. CHGG $584.8 $491.0 $269.0 31.1% 8.0% 19.1% 1.8x 22.9x 1.5x 7.9x -15.3% DangDang DANG $1,078.9 $855.4 $1,082.1 17.7% -0.8% 23.6% 0.8x n/a 0.6x 37.0x 37.2% Digital River Inc. DRIV $503.8 $247.3 $376.5 66.1% 7.9% -0.7% 0.7x 8.3x 0.6x 5.2x -16.1% eBay Inc. EBAY $63,443.2 $59,727.2 $16,561.0 68.4% 29.6% 13.9% 3.6x 12.2x 3.2x 9.6x -7.2% GeekNet GKNT $83.1 $38.8 $141.4 19.2% 0.4% 16.9% 0.3x 61.1x 0.2x 42.1x -30.8% Liquidity Services, Inc. LQDT $505.5 $403.8 $503.6 39.6% 15.0% 1.5% 0.8x 5.4x 0.8x 5.6x -29.8% Mecox Lane Limited MCOX $52.0 $43.4 $85.6 40.7% -15.4% -36.9% 0.5x n/a n/a n/a 11.5% Mercadolibre, Inc. MELI $4,212.3 $4,007.3 $485.3 78.4% 35.4% 23.6% 8.3x 23.3x 8.2x 26.1x -7.4% Overstock.com, Inc. OSTK $378.2 $267.5 $1,333.4 19.0% 1.6% 16.1% 0.2x 12.9x 0.2x 6.7x -46.7% PetMed Express, Inc. PETS $272.2 $238.3 $233.4 33.3% 12.5% 2.4% 1.0x 8.2x 1.0x 7.9x -18.0% Stamps.com STMP $545.2 $454.8 $129.0 78.8% 28.3% 8.0% 3.5x 12.5x 3.3x 11.1x -19.4% Median: $525.3 $429.3 $416.5 40.1% 7.9% 15.0% 0.9x 15.1x 1.0x 11.0x -15.7%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - June 2014 TTM Revenue Growth 15.0% 10% TTM EBITDA Growth 4.1% TTM Earnings Growth 4.4% Gross Profit Margin 40.1% 5% EBITDA Margin 7.9% Net Income Margin -3.2% 0% SG&A Expenses as a % of Total Revenue 40.3% R&D Expenses as a % of Total Revenue 17.7% -5% Balance Sheet Analysis (Median) Current Ratio 2.4x -10% Quick Ratio 2.2x Cash as Percent of Market Cap 20.0% -15% Avg Days Outstanding: Accounts Receivable 59.0x Avg Days Outstanding: Accounts Payable 41.9x Working Capital to TTM Operating Expense Ratio 0.5x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 6.7% Cash from Operations Growth (YoY) -1.7% -30% Cash from Investing Growth (YoY) -11.0% Cash from Financing Growth (YoY) 10.0% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.7%

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 AOL, Inc. AOL $3,180.7 $3,214.4 $2,364.9 28.4% 18.4% 7.5% 1.4x 7.4x 1.2x 6.2x -11.2% DemandMedia DMD $418.1 $356.7 $383.7 45.5% 8.3% -2.8% 0.9x 11.2x 1.0x 7.0x -14.2% InterActiveCorp IACI $5,748.8 $5,813.6 $3,021.0 68.4% 17.5% 4.1% 1.9x 11.0x 1.8x 9.2x 2.7% Netflix NFLX $26,412.9 $25,644.7 $4,620.7 30.4% 7.4% 22.8% 5.5x 74.8x 4.5x 37.9x 21.4% Pandora P $6,060.8 $5,719.5 $734.0 43.2% -1.0% n/a 7.8x n/a 5.9x 85.1x 10.2% Shutterstock, Inc. SSTK $2,920.6 $2,707.7 $257.2 61.1% 18.2% 40.4% 10.5x 57.7x 8.0x 39.0x -0.1% TheStreet.com, Inc. TST $82.8 $24.7 $56.3 48.6% -0.5% 11.4% 0.4x n/a n/a n/a 10.1% WebMD Health Corp. WBMD $1,823.0 $1,996.9 $536.4 59.8% 16.2% 12.8% 3.7x 23.0x 3.1x 12.6x 25.2% XO Group XOXO $328.9 $253.4 $136.0 83.7% 11.7% 4.9% 1.9x 16.0x 1.8x 14.3x -16.8% Xunlei Limited XNET $956.0 $658.3 $174.5 44.8% 23.9% n/a 3.8x 15.8x n/a n/a 0.5% Yahoo! Inc. YHOO $35,369.2 $33,653.9 $4,672.7 71.5% 19.0% -4.7% 7.2x 37.9x 7.5x 24.5x -11.3% Youku YOKU $4,966.7 $4,441.8 $516.8 30.8% 11.7% 57.4% 8.6x 73.4x 6.2x 150.4x -25.0% Median: $3,050.7 $2,961.1 $526.6 47.0% 13.9% 9.5% 3.7x 19.5x 3.8x 19.4x 0.2%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - June 2014 TTM Revenue Growth 9.5% 20% TTM EBITDA Growth 8.5% TTM Earnings Growth 17.1% 15% Gross Profit Margin 47.0% EBITDA Margin 13.9% 10% Net Income Margin 3.4% SG&A Expenses as a % of Total Revenue 36.5% R&D Expenses as a % of Total Revenue 9.7% 5%

Balance Sheet Analysis (Median) 0% Current Ratio 2.9x Quick Ratio 2.7x -5% Cash as Percent of Market Cap 14.4% Avg Days Outstanding: Accounts Receivable 52.3x -10% Avg Days Outstanding: Accounts Payable 27.9x Working Capital to TTM Operating Expense Ratio 0.6x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 10.1% Cash from Operations Growth (YoY) 8.4% -25% Cash from Investing Growth (YoY) -21.5% Cash from Financing Growth (YoY) 57.1% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -6.6%

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 ChangYou.com CYOU $1,372.9 $1,237.3 $741.0 82.2% 29.8% 11.6% 1.7x 5.6x 1.5x 4.2x -19.4% Giant Interactive GA $2,849.2 $2,093.5 $379.3 92.6% 65.5% 6.4% 5.5x 8.4x 4.7x 7.5x 5.8% Netease NTES $10,187.7 $7,274.2 $1,513.5 73.1% 48.5% 12.2% 4.8x 9.9x 4.1x 8.5x 2.6% NCSoft KOSE:A036 $3,600.3 $2,934.3 $705.8 70.6% 30.7% -5.9% 4.2x 13.6x 3.1x 8.2x -22.4% Perfect World PWRD $972.3 $563.0 $534.9 76.2% 20.5% 24.5% 1.1x 5.1x 0.9x 5.7x 12.9% Sohu.com Inc. SOHU $2,219.6 $1,787.3 $1,458.0 64.7% 13.4% 27.0% 1.2x 9.2x 1.0x n/a -21.3% Tencent Holdings SEHK:700 $140,995.6 $136,916.2 $10,502.0 55.1% 33.9% 36.6% 13.0x 38.5x 10.2x 28.4x 17.5% Zynga, Inc. ZNGA $2,839.1 $2,056.9 $777.7 70.3% 4.2% -36.5% 2.6x 63.1x 2.6x 17.2x -18.7% Median: $2,844.1 $2,075.2 $759.4 71.8% 30.2% 11.9% 3.4x 9.5x 2.8x 8.2x -8.1%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - June 2014 TTM Revenue Growth 11.9% 15% TTM EBITDA Growth -7.8% TTM Earnings Growth 10.6% 10% Gross Profit Margin 71.8% EBITDA Margin 30.2% Net Income Margin 21.1% 5% SG&A Expenses as a % of Total Revenue 33.6% R&D Expenses as a % of Total Revenue 22.9% 0%

Balance Sheet Analysis (Median) Current Ratio 2.5x -5% Quick Ratio 2.4x Cash as Percent of Market Cap 30.1% -10% Avg Days Outstanding: Accounts Receivable 19.3x Avg Days Outstanding: Accounts Payable 30.4x Working Capital to TTM Operating Expense Ratio 0.7x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 10.3% Cash from Operations Growth (YoY) 11.3% -25% Cash from Investing Growth (YoY) 1.6% Cash from Financing Growth (YoY) 5.9% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 32.9%

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 8x8, Inc. EGHT $716.1 $610.0 $128.6 70.7% 6.6% 23.9% 4.7x 71.9x 3.8x 40.9x -19.0% Akamai Technologies, Inc. AKAM $10,868.7 $10,761.3 $1,663.4 68.1% 35.5% 16.9% 6.5x 18.2x 5.3x 12.6x 31.2% Brightcove Inc. BCOV $338.3 $318.2 $116.3 65.9% -0.9% 25.4% 2.7x n/a 2.4x 83.9x -24.8% BroadSoft, Inc. BSFT $754.4 $673.1 $182.8 75.6% -1.7% 10.0% 3.7x n/a 3.1x 14.3x -0.2% Digital River Inc. DRIV $503.8 $247.3 $376.5 66.1% 7.9% -0.7% 0.7x 8.3x 0.6x 5.2x -16.1% Envivio, Inc. ENVI $66.7 $22.3 $44.2 67.0% -19.8% 33.2% 0.5x n/a 0.5x n/a -30.8% Harmonic Inc HLIT $695.8 $548.1 $468.3 48.5% 6.5% 1.3% 1.2x 18.1x 1.1x 10.0x 1.9% Interactive Intelligence, Inc. ININ $1,168.6 $1,078.6 $324.4 63.0% 6.4% 25.8% 3.3x 51.9x 2.8x 45.1x -15.5% Limelight Networks, Inc. LLNW $301.3 $189.6 $168.8 48.0% -7.0% -7.1% 1.1x n/a 1.2x n/a 53.8% Mitel Networks Corp. MITL $1,043.2 $1,273.8 $634.4 55.9% 11.6% n/a 2.0x 17.3x 1.1x 7.8x 9.1% Polycom, Inc. PLCM $1,731.0 $1,447.8 $1,358.2 57.8% 9.7% -2.0% 1.1x 10.9x 1.1x 7.0x 12.3% Rovi Corporation ROVI $2,269.7 $2,996.1 $547.7 82.6% 35.0% 11.9% 5.5x 15.6x 5.6x 13.0x 20.7% SeaChange International Inc. SEAC $262.9 $152.6 $135.1 53.5% 0.1% -13.5% 1.1x 766.9x 1.2x 27.5x -34.1% ShoreTel, Inc. SHOR $407.7 $358.6 $336.8 59.5% 4.4% 9.9% 1.1x 24.4x 1.0x 13.1x -29.5% Sonus Networks, Inc SONS $889.5 $732.7 $284.2 63.7% 2.5% 12.3% 2.6x 104.1x 2.4x n/a 16.6% Synacor, Inc SYNC $70.5 $40.3 $107.9 46.5% 1.2% -10.4% 0.4x 30.0x 0.4x 9.4x 2.0% Tucows Inc. TCX $137.2 $129.3 $134.4 25.6% 7.2% 14.7% 1.0x 13.4x 0.9x 9.3x -6.5% VeriSign VRSN $6,416.1 $6,069.9 $977.4 80.8% 61.0% 8.1% 6.2x 10.2x 5.9x 9.1x -18.7% Median: $695.8 $548.1 $284.2 63.0% 6.4% 11.0% 1.2x 18.2x 1.2x 12.8x -0.2%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - June 2014 TTM Revenue Growth 11.0% 10% TTM EBITDA Growth 4.1% TTM Earnings Growth 4.4% Gross Profit Margin 63.0% 5% EBITDA Margin 6.4% Net Income Margin -3.2% SG&A Expenses as a % of Total Revenue 40.3% 0% R&D Expenses as a % of Total Revenue 17.7%

Balance Sheet Analysis (Median) -5% Current Ratio 2.4x Quick Ratio 2.2x -10% Cash as Percent of Market Cap 20.0% Avg Days Outstanding: Accounts Receivable 59.0x Avg Days Outstanding: Accounts Payable 41.9x -15% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 6.7% Cash from Operations Growth (YoY) -1.7% -25% Cash from Investing Growth (YoY) -11.0% Cash from Financing Growth (YoY) 10.0% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.7%

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 Angie's List, Inc. ANGI $698.6 $649.6 $266.1 73.9% -7.3% 50.5% 2.4x n/a 1.9x 62.9x -12.1% Bankrate RATE $1,837.1 $1,890.4 $485.5 66.8% 23.6% 10.2% 3.9x 16.5x 3.4x 12.2x 0.6% Carbonite, Inc. CARB $319.5 $249.5 $111.8 68.4% 7.8% 24.2% 2.2x 28.7x 2.0x 18.8x 0.8% Care.com, Inc. CRCM $392.2 $273.6 $88.6 77.0% -30.2% n/a 3.1x n/a 2.3x n/a -47.9% eHealth, Inc. EHTH $722.3 $624.1 $186.9 97.4% 2.3% 15.7% 3.3x 143.7x 2.8x 32.3x -20.2% Everyday Health, Inc. EVDY $556.1 $772.4 $162.9 72.4% 8.5% 17.1% 4.7x 56.0x 4.2x 22.0x 36.9% GrubHub Inc. GRUB $2,790.3 $2,677.6 $170.0 74.5% 23.0% n/a 15.8x 68.4x 11.0x 41.0x 4.1% LifeLock, Inc. LOCK $1,289.9 $1,098.7 $395.1 73.0% 5.9% 31.3% 2.8x 46.8x 2.3x 18.7x -11.5% Monster Worldwide, Inc. MWW $595.3 $760.6 $793.7 51.6% 12.6% -8.6% 1.0x 7.6x 0.9x 6.2x -7.4% Qihoo QIHU $11,590.3 $11,313.3 $826.4 85.0% 29.8% 123.6% 13.7x 45.9x 7.7x 20.8x 12.4% Shutterfly SFLY $1,658.9 $1,567.7 $804.0 52.2% 9.8% 20.7% 1.9x 20.0x 1.7x 9.3x -12.9% Tree.Com, Inc. TREE $329.9 $240.4 $151.2 95.5% 6.7% 63.8% 1.6x 23.7x 1.4x 10.8x -10.6% Trulia, Inc. TRLA $1,749.5 $1,758.8 $174.2 82.8% -10.4% 118.0% 10.1x n/a 6.5x 60.9x 34.6% VistaPrint VPRT $1,346.8 $1,497.0 $1,212.1 65.6% 11.1% 6.5% 1.2x 11.2x 1.1x 7.7x -26.7% Wix.com Ltd. WIX $747.3 $647.2 $93.8 81.4% -37.2% 88.5% 6.9x n/a 4.4x n/a -23.0% Xoom XOOM $1,001.3 $796.6 $133.8 70.0% 8.9% 53.1% 6.0x 66.7x 4.7x 48.2x -2.9% Zillow Z $5,646.0 $5,336.6 $224.8 90.7% -2.9% 69.1% 23.7x n/a 15.8x 88.6x 74.2% Median: $1,001.3 $796.6 $186.9 73.9% 7.8% 31.3% 3.3x 37.3x 2.8x 20.8x -7.4%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - June 2014 TTM Revenue Growth 31.3% 10% TTM EBITDA Growth 26.6% TTM Earnings Growth 24.3% Gross Profit Margin 73.9% 5% EBITDA Margin 7.8% Net Income Margin -1.5% SG&A Expenses as a % of Total Revenue 53.3% 0% R&D Expenses as a % of Total Revenue 16.8%

-5% Balance Sheet Analysis (Median) Current Ratio 2.0x Quick Ratio 1.6x -10% Cash as Percent of Market Cap 13.4% Avg Days Outstanding: Accounts Receivable 21.4x Avg Days Outstanding: Accounts Payable 38.2x -15% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 7.3% Cash from Operations Growth (YoY) 35.8% -25% Cash from Investing Growth (YoY) -49.4% Cash from Financing Growth (YoY) 55.5% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 10.2%

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 Facebook FB $172,689.5 $160,452.5 $8,916.0 79.7% 52.3% 62.4% 18.0x 34.4x 12.6x 20.7x 23.0% LinkedIn LNKD $20,878.1 $18,577.0 $1,677.0 86.7% 9.9% 51.3% 11.1x 111.7x 8.2x 32.7x -17.4% Mail.ru Group LSE:MAIL $7,370.9 $6,416.4 $818.9 59.0% 43.2% 29.4% 7.8x 18.1x 6.7x 12.7x -20.3% Renren Inc RENN $1,199.5 $214.3 $140.1 51.1% -71.0% -17.1% 1.5x n/a 2.2x n/a 5.4% Twitter, Inc. TWTR $24,150.6 $22,167.6 $801.0 61.2% -76.9% 112.5% 27.7x n/a 15.5x 82.3x -39.3% Yelp, Inc. YELP $5,495.0 $5,095.7 $263.3 93.0% 0.5% 68.4% 19.4x 3733.1x 12.7x 74.6x 12.9% YY, Inc. YY $4,206.3 $3,840.6 $349.8 53.8% 30.8% 117.8% 11.0x 35.6x 7.2x 22.3x 43.9% Median: $7,370.9 $6,416.4 $801.0 61.2% 9.9% 62.4% 11.1x 35.6x 8.2x 27.5x 5.4%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - June 2014 TTM Revenue Growth 62.4% 40% TTM EBITDA Growth 24.5% TTM Earnings Growth 40.8% 30% Gross Profit Margin 61.2% EBITDA Margin 9.9% Net Income Margin 21.6% 20% SG&A Expenses as a % of Total Revenue 49.9% R&D Expenses as a % of Total Revenue 21.8% 10%

Balance Sheet Analysis (Median) Current Ratio 9.6x 0% Quick Ratio 9.2x Cash as Percent of Market Cap 11.0% -10% Avg Days Outstanding: Accounts Receivable 43.0x Avg Days Outstanding: Accounts Payable 35.6x Working Capital to TTM Operating Expense Ratio 1.6x -20%

Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 24.3% Cash from Operations Growth (YoY) 101.7% -40% Cash from Investing Growth (YoY) -227.2% Cash from Financing Growth (YoY) 1293.3% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) n/a

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 $8,725.5 $8,116.6 $934.2 73.6% 15.0% 31.7% 8.7x 57.8x 6.5x 37.8x 29.6% Expedia EXPE $10,225.9 $9,905.8 $4,959.3 78.2% 13.2% 17.3% 2.0x 15.2x 1.7x 9.5x 14.3% HomeAway AWAY $3,256.1 $2,799.0 $372.7 84.6% 16.1% 26.0% 7.5x 46.5x 6.1x 22.5x -13.3% MakeMyTrip MMYT $1,464.1 $1,397.7 $255.4 26.4% -5.1% 11.6% 5.5x n/a 10.4x 199.9x 77.2% Orbitz OWW $971.3 $1,163.2 $854.4 81.8% 14.9% 7.9% 1.4x 9.1x 1.3x 7.4x 25.2% Priceline PCLN $63,075.7 $58,220.4 $7,133.1 85.6% 37.6% 29.1% 8.2x 21.7x 6.6x 16.7x 5.0% Travelzoo TZOO $285.4 $224.1 $156.3 88.4% 16.8% 1.5% 1.4x 8.6x 1.4x 8.1x -8.0% TripAdvisor Inc TRIP $15,500.7 $15,400.7 $995.7 97.8% 32.3% 23.0% 15.5x 47.9x 11.7x 29.1x 35.0% Median: $5,990.8 $5,457.8 $894.3 83.2% 15.6% 20.2% 6.5x 21.7x 6.3x 19.6x 19.7%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - June 2014 TTM Revenue Growth 20.2% 25% TTM EBITDA Growth 10.3% TTM Earnings Growth 29.9% 20% Gross Profit Margin 83.2% EBITDA Margin 15.6% 15% Net Income Margin 5.5% SG&A Expenses as a % of Total Revenue 51.5% 10% R&D Expenses as a % of Total Revenue 15.6% 5% Balance Sheet Analysis (Median) Current Ratio 1.8x 0% Quick Ratio 1.7x Cash as Percent of Market Cap 20.6% -5% Avg Days Outstanding: Accounts Receivable 38.5x Avg Days Outstanding: Accounts Payable 140.4x -10% Working Capital to TTM Operating Expense Ratio 0.4x -15% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.2% -20% Cash from Operations Growth (YoY) -10.2% -25% Cash from Investing Growth (YoY) 25.0% Cash from Financing Growth (YoY) -26.0% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 19.6%