Selected HW&Co. TMT Transactions

Technology, Media & Telecom Update June 2013

Contents What We’ve Been Reading………………… 2 Highlighted M&A Transactions…………… 3 • Mobile Makes Up 15% Of All Internet Traffic • IBM To Acquire SoftLayer Technologies • Dell Special Committee Investor Presentation • Yahoo! To Acquire Tumblr • Video To Dominate Mobile Data Traffic • Dassault Systems Acquires Apriso • Security Software Market Grew 7.9 % In 2012 • McAfee To Acquire Stonesoft • EMR And HIE See Big Adoption Numbers • Healthland Acquires American HealthTech

U.S. TMT M&A Overview………………………………………………………………………………………. 4 U.S. TMT Initial Public Offerings……………………………………………………………………………….. 5 TMT Public Market Overview…………………………………………………………………………………… 6 Public Market Trading Statistics by Vertical Bellwethers………………………………………………………………………………………………. 7 Data and Information Services…………………………………………………………………………... 7 Internet and Digital Media……………………………………………………………………………….. 8 IT and Tech-Enabled Services…………………………………………………………………………… 9 Software – Application…………………………………………………………………………………. 10 Software – Infrastructure……………………………………………………………………………….. 11 Software as a Service (“SaaS”) ………………………………………………………………………… 12 Selected HW&Co. TMT Transactions………………………………………………………………………….. 13

Group Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & Overview acquisition and capital markets advisory services to market leading companies through dedicated TMT professionals. Below is a list of our senior TMT contacts. Boston San Francisco London +1 (617) 482-7501 +1 (415) 217-3411 +44 20 7518 8901 Jeff Bistrong Mike Wilkins Thierry Monjauze Garin Arevian Eric Reimers Red Norrie Sam Hendler Laura Boyd Francois Morin Derek Swaim Tyler Dewing Group • Application Software • Infrastructure Software Focus Software • Data and Informatics • IT and Tech-Enabled Services • eCommerce • Online Advertising and Marketing Internet & Digital Services • Education Technology Media • Public Sector Software • Energy Technology Infrastructure • Telecom, Data Center, and • Financial Technology Networking Solutions Solutions • Healthcare IT

Note: All market data in the following materials is as of May 31, 2013. For more information, please visit http://www.harriswilliams.com/industries/tmt What We’ve Been Reading

Mobile Makes Up 15% Of All Internet Traffic Techcrunch 5/29/2013 Mary Meeker unveiled her annual Internet Trends report for 2013 highlighting robust growth in the number of broadband and mobile users. The Kleiner Perkins partner estimates that there were more than 2.4 billion Internet users worldwide at the end of 2012, up 8% from 2011. Furthermore, the report expounded on the growth of smartphones, with a 30% increase in subscribers to 1.5 billion in 2012, which is driving the continued growth in mobile Internet usage that comprised approximately 15% of all Internet traffic in 2012. Read the full article here.

Dell Special Committee Investor Presentation SEC.gov 6/5/2013 Dell’s Board of Directors recently met with its independent Special Committee to consider the Company’s buyout from Silver Lake and Michael Dell, and a counter offer from Carl Icahn. The referenced investor presentation provides interesting insights into the personal computer marketplace as well as the issues Dell faces in the short- term including modest revenue contributions from acquisitions in spite of $13 billion in spend, 1% market share in software and services, a weak position in the cloud and SaaS markets, and deteriorating PC market conditions. Read the investor presentation here. Video To Dominate Mobile Data Traffic In Four Years Techcrunch 6/3/2013 Ericsson published its latest mobility report, which projects that global smartphone subscriptions will rise from 1.2 billion in 2012 to 4.5 billion by the end of 2018, a CAGR of 25%. Ericsson’s data shows that video makes up the largest segment of mobile data traffic today, and is expected to grow by approximately 60% annually until the end of 2018, when it’s forecasted to account for about half of total global traffic. The data also shows the increasing popularity of music streaming, with a projected annual growth rate of approximately 50%. Read the full article here.

Worldwide Security Software Market Grew 7.9 % In 2012 Gartner via PR Wire 5/30/2013 According to Gartner, the global security software market reached $19.2 billion in 2012, up 7.9% from 2011. The top five vendors accounted for approximately 47% of the market in 2012 with growth driven by a continuation of demand for consumer and enterprise security tools as well as the evolution of new threats and working practices such as the growth of remote access and the rapid adoption of virtual environments. Furthermore, the rise of security as a top priority in the SMB space presents a new challenge for all market participants as SMB requirements vastly differ from those of the enterprise. SMB’s are increasingly considering security-as-a-service for deploying security technologies such as email and Web security. Gartner believes this will result in market consolidation and more competitive pricing as enterprise providers look to acquire cloud-based solutions. Read the full article here.

EMR And HIE See Big Adoption Numbers Healthcare IT News 5/9/2013 According to a recent poll of 3,700 physicians conducted by Accenture "The digital doctor is in – and is here to stay." Results of the poll found approximately 93% of U.S. physicians are now using EMRs and 45% routinely access clinical data from outside their own organization. The vast majority of those surveyed believe that the use of EMR and HIE have had a positive impact on their practice through the reduction in medical errors and the improvement in the quality of data for research. Accenture believes this trend supports a patient-centered approach to care and reinforces the progress being made to meet meaningful use requirements as well as adjustments to reforms created via the Affordable Care Act. Read the full article here. 2 Highlighted Recent TMT M&A Transactions

IBM To Acquire SoftLayer Technologies 6/4/2013 • SoftLayer Technologies is one of the world’s largest privately-held cloud computing infrastructure providers. Ent. Value: $2,000 M • The acquisition strengthens IBM’s cloud computing capabilities and will help the Revenue Multiple: 6.0x EBITDA Multiple: NA Company compete with Amazon’s Web Services. • IBM plans to add SoftLayer to its SmartCloud business unit to create a new Cloud Services division.

Yahoo! To Acquire Tumblr 5/20/2013 • Tumblr, Inc. operates an online platform that enables users to post text, photos, quotes, links, music, and videos from their browser, phone, desktop, or email client. Ent. Value: $1,100.0 M Revenue Multiple: NA • Yahoo! believes the acquisition will provide access to younger users (i.e., 18-24 age EBITDA Multiple: NA bracket), who are heavily engaged online. • Yahoo! expects to expand its audience by 50%, to more than a billion monthly visitors, and to grow traffic by approximately 20%. Dassault Systems Acquires Apriso 5/29/2013 • Apriso Corporation provides manufacturing software solutions for operations management. The Company’s solutions synchronize global manufacturing networks, Ent. Value: $205.0 M offering real-time visibility and control over the business processes performed by Revenue Multiple: NA plants and suppliers. EBITDA Multiple: NA • Dassault plans to integrate Apriso into its DELMIA application portfolio and its 3DEXPERIENCE platform. McAfee To Acquire Stonesoft 5/6/2013 • Stonesoft provides software-based cyber security solutions to secure information flow and simplify security management. Ent. Value: $376 M Revenue Multiple: 7.0x • The take-private acquisition demonstrates the increasing importance of security EBITDA Multiple: NM products that protect today’s complex IT systems, in which increasing amounts of data are stored in cloud environments, off-premises, and on mobile devices, amidst a constantly evolving threat landscape.

Healthland Acquires American HealthTech 5/21/2013 • American HealthTech, Inc. provides clinical management, resident accounting, financial accounting, and enterprise management software suites for skilled nursing Ent. Value: NA facilities, caregivers, partners, and healthcare networks. Revenue Multiple: NA • Healthland, a portfolio company of Francisco Partners, and American HealthTech EBITDA Multiple: NA will combine their product offerings into continuum-of-care solutions that will span hospitals, clinics, and post-acute facilities. • The combined company will provide a shared health record that follows the patient across the entire care continuum, including preventive, outpatient, inpatient, post- acute, and in-home care. 3 U.S. TMT M&A Overview

Summary LTM M&A Volume and Revenue Multiples LTM M&A Volume by Segment M&A

Data and Statistics 800 3.8 x 4.0 x Software – Information SaaS Services 3.4 x 3.4 x Software – 7% 5% 700 3.5 x Infrastructure 9%

600 3.0 x LTMRevenue Multiple 2.4 x 500 2.5 x 1.9 x 1.9 x Internet and 400 2.0 x Digital Media 37% 300 1.5 x Transaction Volume Transaction 200 1.0 x Software – Application 100 0.5 x 29%

0 0.0 x IT and Tech- Data and Internet and IT and Tech- Software – Software – Software – Enabled Information Digital Media Enabled Services Application Infrastructure SaaS Services Services 16%

M&A Transaction Volume Median LTM Revenue Multiple

Note: Includes announced or closed transactions over the last twelve months.

Last Three Years M&A Transaction Volume

900 826 827 800

700 638 657 600

500

400 350 348

Transaction Volume Transaction 300 233 186 200 159 139 140 111 112 108 102 100 33 34 40 0 Data and Information Internet & Digita l Media IT and Tech-Enabled Software – Software – Software – Services Services Applica tion Infrastructure SaaS

2011 M&A Transaction Volume 2012 M&A Transaction Volume 2013 YTD M&A Transaction Volume

Note: Includes announced or closed transactions over the last three calendar years.

Private Equity Activity by Segment

All Acquisitions Private Equity Acquisitions

Segment Q2'12 Q3'12 Q4'12 Q1'13 Total Q2'12 Q3'12 Q4'12 Q1'13 Total

Data and Information Services 35 26 25 20 106 17% 8% 12% 5% 11%

Internet and Digital Media 216 211 196 135 758 8% 12% 8% 7% 9% IT and Tech-Enabled Services 70 89 94 62 315 4% 4% 10% 5% 6% Software - Application 178 163 141 117 599 10% 7% 6% 6% 7% Software - Infrastructure 35 33 38 18 124 -- 3% 8% 6% 4% Software - SaaS 29 35 37 22 123 10% 11% 8% -- 8%

Total 563 557 531 374 2,025 8% 8% 8% 6% 8%

Note: Includes all announced or closed transactions over the last four quarters.

4 U.S. TMT Initial Public Offerings

Recent IPO ($ in millions) IPO Details Financials and Trading Multiples at IPO (LTM) Gross Offering % Post-IPO EB ITDA 1YR Rev. TEV/LTM TEV/LTM Statistics Date Company Amount Secondary Perf. Revenue Marg in Growth Revenue EB ITDA 06/11/13 Gigamon LLC $ 128.3 33.3% NA $ 105.8 8.3% 41.6% 4.7x 56.7x 06/06/13 Textura Corporation 75.0 0.0% NA 27.3 NM 159.9% 9.8x NM 06/06/13 LightInTheBox Holding Co., Ltd. 78.9 0.0% NA 236.4 2.1% 88.9% 4.7x NM 05/22/13 ChannelAdvisor Corporation 80.5 0.0% 21.4% 56.3 NM 29.3% 6.7x NM 05/16/13 Marketo, Inc. 78.8 5.1% 82.1% 65.9 NM 103.6% 12.0x NM 05/16/13 Tableau Software, Inc. 254.2 39.0% 64.8% 143.1 0.1% 129.5% 12.3x NM 05/08/13 Cyan, Inc. 88.0 0.0% 21.4% 108.0 NM 167.2% 5.5x NM 05/02/13 Qiwi plc 212.5 100.0% (0.6%) 307.0 20.8% 20.8% 1.7x 9.0x 04/18/13 Blackhawk Network Holdings, Inc. 230.0 100.0% 3.6% 992.6 9.0% 32.0% 1.2x 12.8x 04/17/13 Intelsat Global Holdings S.A. 347.8 0.0% 35.4% 2,621.1 76.4% 1.1% 6.9x 9.0x 04/11/13 Rally Software Development Corp. 84.0 0.0% 56.6% 56.8 NM 37.6% 6.8x NM 04/11/13 EVERTEC, Inc. 505.3 75.3% 0.1% 346.5 44.9% 6.2% 6.5x 14.5x 03/22/13 West Corporation 425.5 0.0% 14.5% 2,638.0 25.2% 5.9% 2.1x 8.1x 03/21/13 Marin Software Incorporated 105.0 0.0% (14.4%) 59.6 NM 64.9% 8.1x NM 03/20/13 Model N, Inc. 104.5 11.0% 30.3% 88.5 1.7% 35.9% 4.8x NM 03/12/13 Silver Spring Networks, Inc. 80.8 0.0% 22.4% 196.7 NM (17.0%) 6.4x NM 03/04/13 Professional Diversity Network LLC 21.0 0.0% (38.8%) 6.2 41.3% 10.5% 4.4x 9.8x 02/14/13 Xoom Corporation 101.2 17.5% 16.3% 80.0 NM 60.0% 9.1x NM 02/07/13 Health Insurance Innovations, Inc. 65.3 0.0% (28.3%) 41.9 10.7% 40.4% 1.7x 14.7x 01/18/13 Cyrusone Inc. 313.5 0.0% 14.1% 220.8 48.3% 21.5% 5.3x 10.6x 11/15/12 Ruckus Wireless, Inc. 126.0 16.7% (16.5%) 193.5 12.0% 156.4% 4.9x 40.6x 10/15/12 Workday, Inc. 637.0 0.0% 129.4% 199.1 NM 127.9% 41.3x NM 10/10/12 Shutterstock, Inc. 76.5 0.0% 178.5% 155.2 17.6% 87.0% 4.8x 28.9x 10/09/12 Ambarella, Inc. 36.0 18.3% 169.5% 107.2 16.5% 13.2% 0.9x 5.2x 10/04/12 Fleetmatics Group Limited 132.8 20.0% 75.0% 117.5 16.8% 81.6% 7.3x 42.7x 10/02/12 LifeLock, Inc. 141.3 1.3% 14.7% 250.6 7.7% 54.4% 3.9x 48.5x 09/27/12 Qualys, Inc. 90.9 11.6% 16.7% 83.4 8.3% 27.5% 4.8x 57.6x 09/19/12 Trulia, Inc. 102.0 16.7% 80.8% 51.3 NM 159.1% 12.3x NM 08/01/12 Eloqua* 92.0 12.5% NA 84.7 1.1% 42.3% 4.8x NM 07/25/12 E2open, Inc. 70.3 20.0% (2.6%) 63.9 1.6% 15.1% 5.3x NM 07/19/12 Kayak Software Corporation* 91.0 0.0% NA 265.4 19.4% 32.9% 4.9x 28.8x 07/19/12 Palo Alto Networks, Inc. 260.4 24.4% 15.5% 219.7 3.6% 350.4% 15.7x NM 06/28/12 ServiceNow, Inc. 209.7 22.7% 104.2% 150.3 NM 246.9% 17.4x NM 06/28/12 Exa Corporation 62.5 33.3% (16.2%) 47.0 12.1% 16.4% 2.7x 22.5x Median $ 101.6 8.0% 16.7% $ 112.7 12.0% 41.0% 5.3x 14.7x

Note: Includes major U.S. exchanges and transactions for companies located in the U.S. over the last twelve months. * Company has since been acquired.

Number of Transactions by Tier Percentage of Transactions by Tier

60 100% 90% 50 80%

70% 40 60%

30 50%

40% 20 30%

20% 10 10%

0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

Tier by Market Capitalization on IPO Pricing Date $0 - $250M $250M - $500M $500M - $1,000M $1,000M - $2,000M $2,000M +

Note: Includes major U.S. exchanges and transactions for companies located in the U.S. 5 TMT Public Market Overview

Stock Price % Change LTM Revenue LTM EBITDA TEV / Revenue Multiple TEV / EBITDA Multiple Comparable Industry Segment 1 Month 12 Month Growth Marg in LTM 2013P 2014P LTM 2013P 2014P Trading Bellwethers 6.0% 19.3% 8.1% 30.5% 2.2x 2.2x 2.1x 8.3x 7.3x 6.6x Data and Information Services 4.6% 32.8% 9.3% 27.4% 3.1x 3.0x 2.9x 11.3x 10.5x 9.8x Summary Diversified Information Services 3.1% 33.6% 11.6% 28.1% 3.5x 3.0x 2.9x 11.4x 10.1x 9.6x Financial Data and Media 7.6% 27.8% 7.3% 38.0% 5.0x 4.7x 4.4x 12.3x 11.0x 10.2x Lender/Mortgage/Real Estate Data and Processing 7.5% 45.7% 9.8% 19.1% 2.4x 2.4x 2.4x 10.7x 8.4x 8.2x Market Data and Research 2.5% 20.7% 9.6% 14.5% 1.6x 1.6x 1.4x 10.8x 13.7x 10.1x Internet & Digital Media 7.9% 30.5% 15.9% 21.4% 2.9x 2.6x 2.4x 11.4x 10.7x 9.5x Advertising & Marketing 7.0% 6.1% 32.9% 29.1% 3.5x 3.4x 3.0x 14.6x 13.2x 10.9x Content Delivery & Management 7.7% 14.7% 3.4% 22.6% 2.0x 2.0x 1.9x 11.5x 8.0x 7.3x Content & Services 6.0% 30.8% 19.1% 15.5% 3.4x 3.0x 2.5x 8.9x 14.1x 11.3x Diversified Media 4.4% 47.7% 3.4% 25.1% 2.3x 2.2x 2.1x 10.1x 9.3x 8.6x e-Commerce 13.5% 40.2% 20.0% 19.1% 3.6x 3.4x 2.9x 18.1x 11.6x 11.5x IT and Tech-Enabled Services 3.1% 34.3% 10.9% 16.1% 1.7x 1.6x 1.5x 9.5x 8.5x 7.8x Government IT & BPO 2.8% 50.6% 4.1% 9.0% 0.6x 0.6x 0.6x 6.6x 7.0x 6.7x IT Services 5.0% 33.5% 7.5% 12.1% 0.7x 0.7x 0.7x 5.5x 5.2x 4.8x Offshore BPOs 1.1% 21.7% 14.2% 20.7% 2.1x 1.9x 1.7x 9.9x 9.3x 8.2x Onshore BPOs 5.0% 44.1% 6.4% 13.3% 0.9x 1.1x 1.1x 5.8x 5.6x 5.2x Software – Application 3.3% 27.3% 11.1% 20.8% 3.6x 3.4x 3.1x 14.8x 11.4x 10.1x Customer Engagement/Call Center Management (3.9%) (4.3%) 7.3% 17.6% 2.2x 2.1x 1.9x 12.5x 8.7x 7.7x Enterprise Software 3.5% 26.8% 8.8% 29.6% 4.0x 3.8x 3.5x 13.8x 12.8x 10.3x Human Capital Management 11.7% 56.9% 43.1% 10.7% 12.0x 9.2x 6.9x 62.0x 43.0x 27.4x Product Lifecycle Management/Technical Design 3.0% 34.2% 7.4% 22.2% 2.9x 2.8x 2.6x 14.3x 9.9x 8.8x Vertically Focused - Financial Technology 7.9% 39.2% 13.2% 21.9% 3.6x 3.4x 3.1x 15.6x 11.3x 10.3x Vertically Focused - Healthcare IT (3.4%) 6.7% 11.0% 24.2% 2.9x 2.7x 2.6x 15.6x 11.5x 9.9x Vertically Focused - Public Sector 7.0% 33.5% 19.6% 19.7% 3.4x 3.2x 2.9x 18.4x 14.6x 12.9x Software – Infrastructure 5.5% 8.8% 7.4% 22.2% 2.9x 2.8x 2.7x 12.1x 10.3x 9.6x Enterprise IT Management 6.7% 3.5% 7.7% 22.5% 2.9x 2.8x 2.7x 15.5x 11.4x 9.9x Enterprise Storage (1.4%) 7.5% 7.1% 19.6% 2.2x 2.1x 1.7x 9.3x 6.8x 7.8x Security 9.1% 17.8% 9.7% 27.3% 4.5x 4.2x 3.8x 11.4x 10.3x 11.9x Software – SaaS 9.4% 35.3% 26.5% 13.8% 7.6x 6.2x 4.9x 29.1x 22.7x 21.3x NASDAQ 4.5% 21.8%

Note: Public comparables exclude companies with market capitalization below $500 million.

Valuation Current Valuation Versus Historical Five-Year Average Summary 140%

120% Five-Year Average 100%

80%

60%

40%

20%

0% Data and Internet & IT and Software – Software – Software – Information Services Digital Media Tech-Enabled Services Application Infrastructure SaaS

Note: Based on current TEV/LTM EBITDA versus five-year historical average. 6 Public Market Trading Statistics by Vertical

($ in millions) Stock Price CY2013P Multiples Summary Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P Bellwethers Apple Inc. $ 422,143.3 $ 449.74 63.8% 4.9% (8.1%) 1.6x 1.6x 4.8x 5.1x Microsoft Corporation 291,453.6 34.90 98.9% 14.9% 19.2% 2.9x 2.6x 7.3x 6.4x Google Inc. 289,040.6 871.22 94.6% 19.5% 33.9% 4.6x 4.1x 14.6x 11.2x International Business Machines Corporation 230,651.3 208.02 96.4% (0.9%) 4.1% 2.4x 2.4x 9.4x 8.8x Samsung Electronics Co. Ltd. 177,887.5 1,359.50 97.1% 20.0% 33.4% 0.8x 0.7x 3.3x 2.7x Oracle Corporation 159,126.0 33.78 92.7% 2.5% 8.5% 3.9x 3.8x 8.4x 7.8x Cisco Systems, Inc. 128,878.7 24.12 97.7% 5.3% 18.6% 2.0x 1.9x 7.3x 6.1x Amazon.com Inc. 122,551.4 269.20 94.5% 22.4% 96.2% 1.8x 1.6x 43.4x 23.9x Intel Corporation 120,695.9 24.28 87.5% 0.3% (6.4%) 2.1x 2.0x 5.1x 5.2x QUALCOMM Inc. 109,683.0 63.48 92.7% 24.0% 35.6% 3.7x 3.1x 10.4x 8.1x SAP AG 89,687.9 75.21 89.3% 9.6% 11.3% 4.3x 3.9x 12.6x 11.3x eBay Inc. 70,210.4 54.10 93.2% 16.0% 33.1% 4.3x 3.8x 14.4x 11.3x EMC Corporation 52,016.8 24.76 87.9% 7.9% 20.8% 1.9x 1.8x 8.2x 6.8x Hewlett-Packard & Company 47,472.9 24.42 95.9% (6.6%) (0.3%) 0.5x 0.6x 4.4x 4.3x

Total Comp Set Median $125,715.0 93.9% 8.7% 18.9% 2.2x 2.2x 8.3x 7.3x

($ in millions) Stock Price CY2013P Multiples Summary Data and Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Information Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P Services Diversified Information Services Thomson Reuters Corporation $ 27,660.5 $ 33.36 93.9% (4.0%) 16.8% 2.6x 2.7x 11.4x 10.1x Experian plc 18,708.8 18.53 94.7% 7.0% 8.9% 4.6x 4.3x 13.5x 12.4x Reed Elsevier plc 13,181.3 11.23 92.5% 0.7% 2.7% NA 1.2x NA 3.7x Verisk Analytics, Inc. 9,905.0 58.82 94.3% 12.3% 13.8% 7.0x 6.4x 15.7x 14.2x Alliance Data Systems Corporation 8,710.3 177.09 95.6% 17.5% 23.6% 4.5x 4.0x 14.7x 12.4x Equifax Inc. 7,345.1 60.90 95.3% 7.1% 23.6% 4.0x 3.8x 13.0x 10.9x IHS Inc. 6,910.5 105.13 88.4% 9.9% 60.6% 4.9x 4.5x 21.7x 13.7x Wolters Kluwer NV 6,463.1 21.88 94.1% 0.4% (0.2%) 1.9x 1.9x 7.6x 7.7x Informa plc 4,646.3 7.70 94.4% 3.8% 5.0% 3.0x 3.0x 9.9x 10.0x NeuStar, Inc. 3,188.7 48.46 99.1% 8.8% 19.6% 4.0x 3.8x 9.1x 7.8x UBM plc 2,694.7 11.05 91.6% 7.6% 9.1% 2.8x 2.7x 11.4x 11.1x Fair Isaac Corporation 1,760.6 49.08 96.4% 11.6% 24.3% 3.0x 2.7x 11.3x 8.9x Acxiom Corporation 1,625.3 21.99 96.8% (1.2%) (7.8%) 1.5x 1.5x 7.8x 8.0x Median $ 6,910.5 94.4% 7.1% 13.8% 3.5x 3.0x 11.4x 10.1x

Financial Data and Media Moody's Corporation $ 14,809.5 $ 66.44 95.3% 7.6% 12.9% 5.2x 5.0x 12.3x 11.0x FactSet Research Systems Inc. 4,318.6 98.19 90.9% 6.6% 7.5% 5.0x 4.7x 13.1x 12.4x MSCI Inc. 4,254.2 35.24 95.5% 7.2% 3.3% 5.0x 4.7x 11.0x 10.9x Dun & Bradstreet Corporation 3,920.3 98.14 96.7% (0.4%) 6.0% 3.1x 3.1x 9.5x 8.8x Morningstar Inc. 3,198.3 68.78 96.6% 7.3% NA 4.3x 4.0x 13.8x NA Median $ 4,254.2 95.5% 7.2% 6.8% 5.0x 4.7x 12.3x 11.0x

Lender/Mortgage/Real Estate Data and Processing Fidelity National Information Services, Inc. $ 13,160.7 $ 44.90 97.7% 5.0% 13.9% 3.0x 2.8x 10.3x 9.3x CoStar Group Inc. 3,191.2 111.81 96.3% 23.2% 80.3% 8.2x 7.4x 53.0x 26.9x Lender Processing Services, Inc. 2,820.3 33.09 96.9% (6.8%) 49.2% 1.9x 2.0x 11.0x 7.6x CoreLogic, Inc. 2,501.9 26.20 88.8% 1.9% 44.8% 1.9x 1.9x 9.0x 6.5x Median $ 3,005.7 96.6% 3.4% 47.0% 2.4x 2.4x 10.7x 8.4x

Market Data and Research Gartner Inc. $ 5,307.3 $ 56.61 96.5% 11.2% 31.0% 3.2x 2.9x 19.2x 14.8x Ipsos SA 1,630.0 35.98 83.0% 0.4% 10.8% 1.0x 1.0x 9.2x 8.3x Forrester Research Inc. 743.7 36.23 97.8% 1.2% (22.1%) 1.6x 1.6x 10.8x 13.7x Median $ 1,630.0 96.5% 1.2% 10.8% 1.6x 1.6x 10.8x 13.7x

Total Data and Information Median $ 4,318.6 95.3% 7.0% 13.4% 3.1x 3.0x 11.3x 10.5x

Note: Public comparables exclude companies with market capitalization below $500 million.

7 Public Market Trading Statistics by Vertical

($ in millions) Stock Price CY2013P Multiples Summary Internet and Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Digital Media Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P Advertising & Marketing $ 2,684.5 $ - $ 0.7 $ 0.2 $ 0.3 $ 3.5 $ 3.4 $ 14.6 $ 13.2 Google Inc. $ 289,040.6 $ 871.22 94.6% 19.5% 33.9% 4.6x 4.1x 14.6x 11.2x Baidu, Inc. 33,796.0 96.64 71.7% 33.5% 12.0% 7.8x 6.2x 14.7x 13.2x Yahoo! Inc. 28,473.3 26.30 95.0% (8.7%) 25.7% 4.0x 4.3x 14.7x 11.8x Yan d ex N.V. 8,935.1 27.16 64.7% 34.8% 41.9% 8.0x 6.6x 18.3x 14.4x Groupon, Inc. 5,086.7 7.69 67.5% 9.2% 88.6% 1.6x 1.5x 26.8x 13.3x AOL Inc. 2,684.5 34.66 78.9% 2.4% (7.2%) 1.1x 1.0x 4.8x 5.3x ValueClick, Inc. 2,009.0 26.36 81.7% 12.0% 25.5% 2.9x 2.6x 9.3x 7.8x ExactTarget, Inc. 1,594.1 23.01 92.3% 29.3% 35.0% 4.7x 3.9x NM NM Bankrate, Inc. 1,431.7 14.31 69.3% (0.5%) (0.5%) 3.5x 3.4x 14.6x 13.5x Millennial Media Inc. 627.5 7.89 46.8% 54.4% NM 2.5x 1.8x NM 28.5x Bazaarvoice, Inc. 545.2 7.49 37.1% 23.3% NM 3.0x 2.4x NM NM Median $ 2,684.5 71.7% 19.5% 25.7% 3.5x 3.4x 14.6x 13.2x

Content Delivery & Management $ 2,598.9 $ - $ 1.0 $ 0.0 $ 0.3 $ 2.0 $ 2.0 $ 11.5 $ 8.0 Akamai Technologies, Inc. $ 8,195.5 $ 46.12 95.2% 12.6% 32.4% 5.0x 4.6x 13.7x 10.7x Level 3 Communications, Inc. 4,745.3 21.43 84.8% 0.3% 13.0% 2.0x 2.0x 8.9x 8.0x Rovi Corporation 2,598.9 25.80 98.6% (0.7%) 27.2% 4.9x 4.8x 14.5x 10.4x Mentor Graphics Corporation 2,136.9 18.99 99.4% 6.2% 28.0% 2.0x 1.9x 11.5x 7.9x EarthLink Inc. 611.2 5.93 73.9% (6.9%) (16.8%) 0.8x 0.8x 4.1x 4.6x Median $ 2,598.9 95.2% 0.3% 27.2% 2.0x 2.0x 11.5x 8.0x

Content & Services Facebook, Inc. $ 58,871.2 $ 24.35 54.1% 32.3% 200.1% 9.4x 7.7x 39.4x 14.5x LinkedIn Corporation 18,489.3 167.53 82.6% 54.5% 181.5% 15.9x 11.8x NM 50.0x Netflix, Inc. 13,223.3 226.25 90.9% 20.2% 231.3% 3.4x 3.0x 99.3x 40.8x VeriSign, Inc. 7,091.0 47.04 93.8% 9.5% 18.6% 6.9x 6.5x 11.4x 10.3x IAC/InterActiveCorporation 4,058.8 48.48 87.2% 14.7% 49.5% 1.3x 1.2x 8.7x 6.2x Pandora Media, Inc. 2,975.1 17.02 87.9% 48.1% NM 6.1x 4.6x NM NM Zynga, Inc. 2,699.2 3.40 53.5% (24.8%) 26.2% 0.9x 1.2x 7.8x 15.7x AOL Inc. 2,684.5 34.66 78.9% 2.4% (7.2%) 1.1x 1.0x 4.8x 5.3x Zillow, Inc. 1,938.6 56.14 88.0% 56.8% 80.2% 13.0x 9.5x NM 77.8x Yelp, Inc. 1,921.0 29.81 90.7% 59.1% NM 11.7x 8.3x NM 80.4x WebMD Health Corp. 1,449.3 29.52 96.2% 1.4% 279.7% 2.6x 2.6x 30.9x 14.1x Angie's List, Inc. 1,363.1 23.46 87.8% 58.3% NM 7.4x 5.3x NM NM Trulia, Inc. 988.6 30.74 80.4% 63.6% NM 9.8x 7.0x NM 67.5x Demand Media, Inc. 742.3 8.57 68.6% 13.7% 63.8% 1.6x 1.5x 8.9x 5.6x comScore, Inc. 706.1 19.78 95.3% 10.4% 173.2% 2.5x 2.3x 33.9x 12.5x Monster Worldwide, Inc. 644.5 5.53 60.5% (6.5%) 9.5% 0.8x 0.8x 5.0x 4.4x Dice Holdings, Inc. 540.0 9.02 86.5% 9.2% 8.0% 2.6x 2.5x 7.6x 6.9x Median $ 1,938.6 87.2% 14.7% 63.8% 3.4x 3.0x 8.9x 14.1x

Diversified Media Walt Disney Company $ 113,603.4 $ 63.08 92.9% 7.6% 23.5% 2.9x 2.7x 11.1x 9.4x Comcast Corporation 105,771.1 40.17 91.8% 2.5% 5.8% 2.3x 2.2x 7.1x 6.8x News Corporation 74,338.9 32.11 94.3% 11.1% 12.4% 2.2x 2.1x 11.3x 10.2x Time Warner Inc. 54,411.0 58.37 94.6% 3.0% 2.2% 2.4x 2.3x 9.3x 9.3x Viacom, Inc. 31,951.2 65.89 92.9% 5.5% 12.3% 3.0x 2.8x 10.4x 9.0x CBS Corporation 30,372.6 49.50 94.4% 6.0% 9.0% 2.5x 2.4x 10.1x 9.6x Liberty Interactive Corporation 11,898.5 22.45 92.3% 3.5% 9.3% 1.9x 1.9x 10.4x 10.1x Scripps Networks Interactive, Inc. 9,927.2 67.36 94.8% 9.2% 7.3% 4.6x 4.3x 10.3x 9.7x Gannett Co., Inc. 4,921.0 21.50 96.8% (1.5%) 0.9% 1.1x 1.2x 5.5x 5.5x Meredith Corporation 1,823.0 40.98 89.2% 1.3% (6.6%) 1.5x 1.5x 8.3x 8.7x The New York Times Company 1,573.6 10.57 95.5% (1.3%) (6.7%) 0.7x 0.7x 4.8x 5.2x Median $ 30,372.6 94.3% 3.5% 7.3% 2.3x 2.2x 10.1x 9.3x

Note: Public comparables exclude companies with market capitalization below $500 million.

8 Public Market Trading Statistics by Vertical

($ in millions) Stock Price CY2013P Multiples Summary Internet and Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Digital Media Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P (Continued) e-Commerce Amazon.com Inc. $ 122,551.4 $ 269.20 94.5% 22.4% 96.2% 1.8x 1.6x 43.4x 23.9x eBay Inc. 70,210.4 54.10 93.2% 16.0% 33.1% 4.3x 3.8x 14.4x 11.3x priceline.com Inc. 41,466.7 803.93 94.9% 24.8% 28.9% 6.9x 5.8x 19.1x 15.4x Rakuten, Inc. 14,768.3 11.23 84.4% 12.9% 24.0% 3.0x 2.9x 13.0x 11.6x Expedia Inc. 7,772.0 57.51 84.5% 19.1% 34.7% 1.7x 1.5x 11.2x 8.3x Mercadolibre, Inc. 5,060.8 114.62 89.2% 25.5% 22.2% 12.2x 10.2x 33.4x 28.2x Ctrip.com International Ltd. 4,042.3 31.15 95.1% 22.8% 46.2% 4.5x 3.9x 27.2x 18.0x Live Nation Entertainment, Inc. 2,614.0 13.61 92.9% 3.7% 13.7% 0.6x 0.5x 7.8x 6.9x HomeAway, Inc. 2,597.4 30.58 89.2% 21.3% 95.9% 7.7x 6.7x 40.3x 22.9x Shutterfly, Inc. 1,850.8 48.74 97.9% 20.3% 75.6% 2.5x 2.2x 20.2x 11.6x OpenTable, Inc. 1,519.6 66.70 92.4% 16.2% 73.4% 8.5x 7.6x 29.1x 17.8x Vis t ap rin t N.V. 1,500.0 45.95 94.5% 10.8% 35.9% 1.5x 1.4x 15.5x 11.6x Liquidity Services, Inc. 1,265.3 40.01 60.8% 8.7% 23.2% 2.4x 2.3x 12.6x 10.0x Demandware, Inc. 923.3 30.61 89.3% 25.0% NM 9.8x 8.3x NM NM Orbitz Worldwide, Inc. 796.2 7.55 86.3% 6.1% 30.9% 1.3x 1.2x 9.6x 7.4x Stamps.com Inc. 588.9 38.12 98.4% 9.3% 35.1% 4.5x 4.2x 18.1x 15.3x Median $ 2,605.7 92.7% 17.7% 34.7% 3.6x 3.4x 18.1x 11.6x

Total Internet and Digital Media Median $ 2,691.8 90.0% 10.9% 26.2% 2.9x 2.6x 11.4x 10.7x

($ in millions) Stock Price CY2013P Multiples Summary IT and Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Tech-Enabled Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P Services Government IT & BPO SAIC, Inc. $ 4,960.7 $ 14.50 92.9% (7.9%) (8.8%) 0.5x 0.6x 6.6x 7.0x MAXIMUS, Inc. 2,549.0 74.63 91.7% 23.3% 33.9% 2.0x 1.7x 12.5x 10.8x Tyler Technologies, Inc. 2,174.1 69.01 98.2% 13.7% 17.0% 5.8x 5.2x 29.3x 26.7x CACI International Inc. 1,479.6 64.14 98.5% (2.7%) (4.2%) 0.6x 0.6x 6.3x 6.6x ManTech International Corporation 1,005.5 27.09 95.9% (1.6%) (19.3%) 0.4x 0.4x 5.1x 5.7x Median $ 2,174.1 95.9% (1.6%) (4.2%) 0.6x 0.6x 6.6x 7.0x

IT Services Accenture plc $ 53,377.9 $ 82.11 97.5% 5.5% 14.3% 1.7x 1.6x 11.1x 9.9x Cap Gemini S.A. 7,715.5 48.97 94.2% 0.6% 4.8% 0.5x 0.5x 5.2x 5.0x Atos S.A. 6,263.3 73.08 95.2% 0.4% 8.1% 0.5x 0.5x 4.9x 4.5x Sapient Corporation 1,800.3 12.89 99.5% 11.7% 36.0% 1.4x 1.3x 11.1x 8.3x Tieto Oyj 1,506.9 20.61 86.3% (3.5%) 4.8% 0.7x 0.7x 5.5x 5.2x EPAM Systems, Inc. 1,049.4 23.16 96.2% 24.3% 24.6% 2.0x 1.8x 11.5x 9.6x Unisys Corporation 911.4 20.65 83.5% (6.0%) 3.9% 0.2x 0.2x 2.5x 1.9x Median $ 1,800.3 95.2% 0.6% 8.1% 0.7x 0.7x 5.5x 5.2x

Offshore BPOs Tata Consultancy Services Ltd. $ 51,938.6 $ 26.54 93.8% 18.2% 14.7% 4.3x 4.0x 15.0x 14.3x Infosys Technologies Ltd. 24,344.5 42.60 80.0% 4.7% (5.5%) 2.7x 2.6x 9.4x 9.6x Cognizant Technology Solutions 19,499.4 64.65 79.7% 17.7% 17.6% 2.2x 1.9x 10.7x 9.4x Wipro Ltd. 14,157.9 5.78 70.6% (3.9%) 3.7% 1.8x 1.7x 8.6x 8.3x HCL Technologies Ltd. 9,204.6 13.22 92.3% 15.3% 26.9% 1.9x 1.9x 9.5x 8.6x Genpact Ltd. 4,425.3 19.35 98.1% 15.0% 13.5% 2.4x 2.2x 13.1x 11.9x Syntel, Inc. 2,678.9 63.91 92.7% 11.0% 2.2% 3.1x 2.9x 9.8x 9.9x Satyam Computer Services Limited 2,299.1 1.95 84.1% 8.5% 14.7% 1.2x 1.2x 6.0x 5.6x Exlservice Holdings, Inc. 957.0 29.33 89.0% 11.7% 14.5% 1.9x 1.7x 10.1x 8.9x WNS Holdings Ltd. 814.5 16.10 95.5% 2.0% 12.3% 1.7x 1.7x 10.3x 9.1x Median $ 6,814.9 90.6% 11.3% 14.0% 2.1x 1.9x 9.9x 9.3x

Onshore BPOs CGI Group, Inc. $ 9,461.0 $ 30.69 95.9% 61.7% 71.7% 1.6x 1.3x 12.2x 8.5x Alliance Data Systems Corporation 8,710.3 177.09 95.6% 17.5% 23.6% 4.5x 4.0x 14.7x 12.4x Computer Sciences Corporation 6,701.7 44.61 88.2% (8.5%) 11.3% 0.5x 0.5x 3.7x 3.7x DST Systems Inc. 2,993.5 68.18 94.2% (24.5%) 19.9% 0.9x 1.1x 5.8x 5.0x Convergys Corporation 1,909.0 18.17 97.4% 2.8% 7.2% 0.7x 0.7x 5.8x 5.6x Median $ 6,701.7 95.6% 2.8% 19.9% 0.9x 1.1x 5.8x 5.6x

Total IT Services Median $ 2,993.5 94.2% 5.5% 13.5% 1.7x 1.6x 9.5x 8.5x

Note: Public comparables exclude companies with market capitalization below $500 million. 9 Public Market Trading Statistics by Vertical

($ in millions) Stock Price CY2013P Multiples Summary Software – Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Application Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P Customer Engagement/Call Center Management Nuance Communications, Inc. $ 6,037.3 $ 19.00 73.4% 14.5% 89.4% 4.1x 3.7x 19.8x 10.3x A mdocs Limited 5,746.7 35.70 97.2% 3.8% 13.4% 1.4x 1.4x 7.8x 7.0x NICE Sys tems Ltd. 2,226.0 36.79 90.5% 8.4% 63.2% 1.9x 1.8x 11.4x 7.5x Verint Systems Inc. 1,768.7 33.57 90.7% 7.5% 31.1% 2.5x 2.3x 13.6x 9.9x Comverse, Inc. 662.6 29.86 94.8% (6.7%) 97.5% 0.6x 0.6x 9.6x 4.9x LivePerson Inc. 508.9 9.24 47.1% 12.2% 11.8% 2.5x 2.3x 29.1x 19.5x Median $ 1,997.4 90.6% 7.9% 47.1% 2.2x 2.1x 12.5x 8.7x

Enterprise Software Oracle Corporation $ 159,126.0 $ 33.78 92.7% 2.5% 8.5% 3.9x 3.8x 8.4x 7.8x SAP AG 89,687.9 75.21 89.3% 9.6% 11.3% 4.3x 3.9x 12.6x 11.3x salesforce.com, inc 24,971.9 42.33 89.0% 26.9% 785.4% 7.2x 6.1x NM 31.6x Adobe Systems Inc. 21,538.1 42.91 91.0% (6.7%) (18.2%) 4.4x 4.7x 15.0x 16.1x NetSuite Inc. 6,463.3 87.60 91.5% 32.0% NM 19.0x 15.4x NM NM Sage Group plc 6,431.7 5.54 98.2% 3.0% 2.3% 3.2x 3.2x 11.0x 10.7x Open Text Corporation 3,982.9 67.96 95.4% 11.1% 19.7% 3.1x 2.9x 10.5x 9.2x Informatica Corporation 3,929.7 36.36 81.7% 12.2% 35.3% 4.0x 3.7x 19.7x 13.7x Manhattan Associates, Inc. 1,460.2 75.03 97.8% 9.7% 23.1% 3.5x 3.3x 15.4x 12.8x Jive Software, Inc. 1,126.2 16.90 76.9% 32.6% NM 7.9x 6.4x NM NM MicroStrategy Inc. 1,033.8 91.48 66.7% (2.0%) (4.7%) 1.2x 1.2x 17.3x 14.8x Median $ 6,431.7 91.0% 9.7% 11.3% 4.0x 3.8x 13.8x 12.8x

Human Capital Management Workday, Inc. $ 10,699.7 $ 64.23 92.1% 60.4% NM 32.1x 22.6x NM NM Concur Technologies, Inc. 4,507.2 80.73 95.1% 24.0% 177.8% 8.8x 7.4x NM 33.9x The Ultimate Software Group, Inc. 3,077.0 111.30 95.4% 23.0% 39.0% 8.5x 7.4x 62.0x 52.2x Cornerstone OnDemand, Inc. 2,074.0 40.64 97.7% 54.5% NM 15.2x 11.0x NM NM Median $ 3,792.1 95.3% 39.3% 108.4% 12.0x 9.2x 62.0x 43.0x

Product Lifecycle Management/Engineering Dassault Systemes SA $ 15,624.7 $ 125.75 99.2% 5.1% 12.6% 5.2x 4.9x 16.9x 14.7x Autodesk, Inc. 8,463.7 37.73 91.1% 2.7% 42.4% 2.9x 2.8x 14.3x 9.9x Ansys, Inc. 6,943.9 74.50 91.4% 8.4% 16.8% 7.8x 7.3x 16.6x 14.2x Synopsys Inc. 5,597.4 36.44 99.0% 11.0% 68.3% 2.7x 2.5x 12.1x 8.5x Cadence Design Systems Inc. 4,281.7 15.13 98.8% 10.2% 49.3% 2.8x 2.6x 12.2x 8.5x PTC Inc. 3,000.2 25.11 95.9% 5.2% 47.6% 2.4x 2.3x 12.8x 9.2x Aspen Technology, Inc. 2,869.4 30.62 92.8% 20.9% 288.5% 9.1x 8.0x 66.0x 32.7x Aveva Group plc 2,493.3 36.67 99.1% 12.8% 22.3% 6.6x 5.9x 21.1x 18.0x Mentor Graphics Corporation 2,136.9 18.99 99.4% 6.2% 28.0% 2.0x 1.9x 11.5x 7.9x Median $ 4,281.7 98.8% 8.4% 42.4% 2.9x 2.8x 14.3x 9.9x

Vertically Focused - Financial Technology Intuit Inc. $ 17,352.3 $ 58.44 85.4% 12.3% 37.9% 3.5x 3.3x 10.5x 8.7x Jack Henry & Associates Inc. 4,041.2 46.93 97.5% 8.6% 14.6% 3.6x 3.4x 11.4x 10.2x Broadridge Financial Solutions, Inc. 3,290.0 27.14 96.8% 3.6% 28.8% 1.5x 1.5x 9.9x 8.0x SS&C Technologies Holdings, Inc. 2,646.6 31.63 91.8% 30.0% 35.8% 5.6x 4.9x 14.6x 12.3x Financial Engines, Inc. 2,108.8 43.12 97.3% 26.0% 128.2% 9.7x 8.2x 52.2x 25.8x ACI Worldwide, Inc. 1,853.4 46.51 89.6% 34.0% 56.3% 3.5x 2.7x 16.5x 9.8x Advent Software, Inc. 1,705.2 33.18 98.5% 5.5% 41.9% 4.3x 4.1x 18.7x 14.4x Bottomline Technologies (de), Inc. 993.8 27.63 92.7% 10.1% 121.9% 3.4x 3.2x 38.1x 16.9x Median $ 2,377.7 94.7% 11.2% 39.9% 3.6x 3.4x 15.6x 11.3x

Vertically Focused - Healthcare IT Cerner Corporation $ 16,871.6 $ 98.16 99.3% 14.6% 36.3% 5.9x 5.2x 20.8x 16.0x athenahealth, Inc. 3,106.5 84.55 84.7% 41.4% 109.7% 7.0x 5.3x 72.7x 29.5x Allscripts Healthcare Solutions, Inc. 2,446.8 13.86 97.3% 0.7% 103.4% 2.0x 2.0x 27.5x 11.5x HMS Holdings Corp. 2,183.8 24.90 67.0% 6.9% 6.6% 4.9x 4.7x 15.6x 14.6x Quality Systems Inc. 1,064.8 17.88 60.0% 2.2% 8.2% 2.1x 2.0x 9.4x 8.1x MedAssets, Inc. 999.1 16.40 82.0% 6.1% 12.8% 2.8x 2.7x 8.9x 8.5x Computer Programs & Systems Inc. 554.9 50.08 84.6% 9.5% 17.9% 2.9x 2.7x 11.8x 10.3x Median $ 2,183.8 84.6% 6.9% 17.9% 2.9x 2.7x 15.6x 11.5x

Note: Public comparables exclude companies with market capitalization below $500 million.

10 Public Market Trading Statistics by Vertical

($ in millions) Stock Price CY2013P Multiples Summary Software – Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Application Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P (Continued) Vertically Focused - Public Sector Tyler Technologies, Inc. $ 2,174.1 $ 69.01 98.2% 13.7% 17.0% 5.8x 5.2x 29.3x 26.7x Blackbaud Inc. 1,384.8 30.34 96.9% 12.0% 68.3% 3.4x 3.2x 22.1x 14.6x K12, Inc. 1,086.9 29.72 96.2% 16.9% 67.1% 1.2x 1.1x 12.3x 8.2x NIC Inc. 1,084.4 16.72 86.4% 14.3% 24.2% 4.6x 4.2x 18.4x 16.6x Higher One Holdings, Inc. 508.5 10.90 79.4% 12.1% (15.3%) 2.9x 2.6x 9.7x 10.8x Median $ 1,086.9 96.2% 13.7% 24.2% 3.4x 3.2x 18.4x 14.6x

Total Application Software Median $ 2,758.0 92.7% 10.6% 33.2% 3.6x 3.4x 14.8x 11.4x

($ in millions) Stock Price CY2013P Multiples Summary Software - Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Infrastructure Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P Enterprise IT Management Microsoft Corporation $ 291,453.6 $ 34.90 98.9% 14.9% 19.2% 2.9x 2.6x 7.3x 6.4x Hewlett-Packard Company 47,472.9 24.42 95.9% (6.6%) (0.3%) 0.5x 0.6x 4.4x 4.3x VMware, Inc. 30,452.0 71.12 69.0% 12.4% 75.5% 5.5x 5.0x 22.2x 12.8x CA Technologies 12,396.0 27.32 97.7% (3.8%) (0.3%) 2.4x 2.4x 6.6x 6.5x Citrix Systems, Inc. 12,047.0 64.38 75.2% 14.1% 53.1% 4.0x 3.6x 17.7x 11.4x Red Hat, Inc. 9,144.4 48.23 80.4% 15.3% 53.9% 5.9x 5.3x 28.8x 19.2x BMC Software Inc. 6,461.5 45.30 94.4% 3.0% 43.3% 2.8x 2.8x 10.2x 7.2x Splunk, Inc. 4,816.8 46.76 99.0% 37.3% NM 20.5x 16.4x NM NM TIBCO Software Inc. 3,500.1 21.33 64.7% 4.0% 32.2% 3.1x 3.1x 15.5x 11.5x Compuware Corporation 2,396.8 11.23 88.1% (0.3%) 4.7% 2.5x 2.4x 16.5x 13.6x Progress Software Corporation 1,296.3 23.51 96.0% 1.4% 15.7% 2.8x 2.8x 12.1x 9.1x Pegasystems Inc. 1,226.5 32.33 95.5% 9.2% 68.0% 2.2x 2.1x 18.3x 12.5x Median $ 7,802.9 95.0% 6.6% 32.2% 2.9x 2.8x 15.5x 11.4x

Enterprise Storage EMC Corporation $ 52,016.8 $ 24.76 87.9% 7.9% 20.8% 1.9x 1.8x 8.2x 6.8x NetApp, Inc. 13,526.1 37.53 95.9% 3.9% 66.2% 1.4x 1.3x 9.3x 6.2x Teradata Corporation 9,109.6 55.75 68.9% 5.3% 21.7% 3.2x 3.0x 13.9x 10.6x CommVault Systems, Inc. 3,256.2 70.06 79.5% 17.9% 68.8% 5.7x 5.1x 32.9x 21.5x Brocade Communications Systems, Inc. 2,409.7 5.43 84.3% (4.5%) 6.2% 1.0x 1.0x 4.5x 4.3x Fusion-io, Inc. 1,422.3 14.47 44.3% 5.5% NM 2.5x 2.3x NM NM Median $ 6,182.9 81.9% 5.4% 21.7% 2.2x 2.1x 9.3x 6.8x

Security Symantec Corporation $ 15,597.7 $ 22.39 88.6% 1.1% 21.1% 2.0x 2.0x 7.4x 6.3x Check Point Software Technologies Ltd. 9,837.5 50.08 92.5% 4.1% 7.2% 4.7x 4.5x 8.3x 7.7x VeriSign, Inc. 7,091.0 47.04 93.8% 9.5% 18.6% 6.9x 6.5x 11.4x 10.3x Trend Micro Inc. 4,087.0 30.99 90.9% 13.6% 6.0% 2.4x 2.3x 7.2x 7.7x Fortinet Inc. 3,124.5 19.26 68.2% 12.3% 20.0% 4.2x 3.9x 21.4x 17.5x Sourcefire, Inc. 1,739.5 55.96 94.1% 24.8% 203.6% 6.5x 5.4x 88.8x 27.5x Imperva Inc. 976.6 39.83 98.1% 30.0% NM 7.8x 6.4x NM NM Websense, Inc. 910.6 24.85 99.3% (1.2%) (18.0%) 2.5x 2.5x 16.5x 17.7x Median $ 3,605.7 93.1% 10.9% 18.6% 4.5x 4.2x 11.4x 10.3x

Total Infrastructure Software Median $ 5,639.1 91.7% 6.7% 20.8% 2.9x 2.8x 12.1x 10.3x

Note: Public comparables exclude companies with market capitalization below $500 million.

11 Public Market Trading Statistics by Vertical

( $ in millions) Stock Price CY2013P Multiples Summary Software as a Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Service Company Capitalization Current Week High Revenue EB ITDA LTM CY2013P LTM CY2013P (“SaaS”) SaaS salesforce.com, inc $ 24,971.9 $ 42.33 89.0% 26.9% 785.4% 7.2x 6.1x NM 31.6x Workday, Inc. 10,699.7 64.23 92.1% 60.4% NM 32.1x 22.6x NM NM NetSuite Inc. 6,463.3 87.60 91.5% 32.0% NM 19.0x 15.4x NM NM Concur Technologies, Inc. 4,507.2 80.73 95.1% 24.0% 177.8% 8.8x 7.4x NM 33.9x athenahealth, Inc. 3,106.5 84.55 84.7% 41.4% 109.7% 7.0x 5.3x 72.7x 29.5x The Ultimate Software Group, Inc. 3,077.0 111.30 95.4% 23.0% 39.0% 8.5x 7.4x 62.0x 52.2x Qlik Technologies, Inc. 2,676.7 30.76 98.2% 23.0% 196.2% 6.1x 5.2x NM 41.8x Financial Engines, Inc. 2,108.8 43.12 97.3% 26.0% 128.2% 9.7x 8.2x 52.2x 25.8x Cornerstone OnDemand, Inc. 2,074.0 40.64 97.7% 54.5% NM 15.2x 11.0x NM NM ExactTarget, Inc. 1,594.1 23.01 92.3% 29.3% 35.0% 4.7x 3.9x NM NM OpenTable, Inc. 1,519.6 66.70 92.4% 16.2% 73.4% 8.5x 7.6x 29.1x 17.8x Dealertrack Technologies, Inc. 1,402.1 32.24 95.9% 17.8% 114.8% 3.1x 2.8x 22.7x 11.0x Blackbaud Inc. 1,384.8 30.34 96.9% 12.0% 68.3% 3.4x 3.2x 22.1x 14.6x Jive Software, Inc. 1,126.2 16.90 76.9% 32.6% NM 7.9x 6.4x NM NM MedAssets, Inc. 999.1 16.40 82.0% 6.1% 12.8% 2.8x 2.7x 8.9x 8.5x Demandware, Inc. 923.3 30.61 89.3% 25.0% NM 9.8x 8.3x NM NM Websense, Inc. 910.6 24.85 99.3% (1.2%) (18.0%) 2.5x 2.5x 16.5x 17.7x SPS Commerce, Inc. 810.3 53.97 97.9% 30.2% 90.2% 8.7x 7.4x 98.7x 57.9x Ebix Inc. 737.5 19.84 79.7% 9.5% 12.8% 3.7x 3.5x 8.9x 8.1x LivePerson Inc. 508.9 9.24 47.1% 12.2% 11.8% 2.5x 2.3x 29.1x 19.5x

Total SaaS Median $ 1,556.9 92.4% 24.5% 73.4% 7.6x 6.2x 29.1x 22.7x

Note: Public comparables exclude companies with market capitalization below $500 million.

12 Selected HW&Co. TMT Transactions

a division of

a portfolio company of

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has been acquired by a portfolio company of

a portfolio company of a subsidiary of a portfolio company of

has been acquired by

has been acquired by has been acquired by has been acquired by

a portfolio company of a portfolio company of a portfolio company of

has received a strategic investment from

has been acquired by has been acquired by has been acquired by

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has been recapitalized by has been acquired by has been acquired by has been acquired by

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