Software Equity Group Flash Report

October 2014 Software Equity GroupSoftware Financial andFinancial Valuation Performance of 250+ Publicly TradedPublicly Software, SaaS and Internet SelectM&A Transactions and Valuations Companiesby Product Category Flash ReportFlash and LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

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 Equity Reports and Monthly Flash Reports 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, public accountants, etc. in 76 countries.

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

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

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

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

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

CONTACT INFORMATION:

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

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

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

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

Additions: Company Ticker Index Category Cyberark Software CYBR Software Security iDream Sky Technologies DSKY Software Mobile Solutions/Content Medical Transcript MTBC SaaS Vertically Focused Alibaba BABA Internet Commerce TubeMogul TUBE Internet Ad Tech

Changes: Company Ticker Previous Category New Category Supply Chain American Software AMSW.A Enterprise Resource Planning Management & Logistics Supply Chain Aspen Technology AZPN Engineering & PLM Management & Logistics Supply Chain Manhattan Associates MANH Uncategorized Management & Logistics Supply Chain The Descartes Systems Group TSK:DSG Uncategorized Management & Logistics

Removals: Category Supply Chain Management & Logistics

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-01-2014 iMobile3, LLC 2nd Floor Marketing LLC - - - - Sep-01-2014 Kofax Limited (LSE:KFX) SOFTPRO GmbH $13.3 $34.7 2.6x 34.7x Sep-01-2014 Groupe Berger-Levrault Exagon Inc. - - - - Sep-01-2014 XLMedia PLC (AIM:XLM) ExciteAd Digital Marketing Ltd $12.8 $19.0 1.5x - Sep-01-2014 Altech Netstar (Proprietary) Limited FleetPro (Pty) Ltd. - - - - Sep-01-2014 Starbreeze AB (publ) (OM:STAR) Geminose Inc. - $17.2 - - Sep-01-2014 Equiniti Limited Invigia Limited - - - - Sep-01-2014 Billion Fair International Investment Limited Redgate Ventures Limited - $0.1 - - Sep-02-2014 MIG Technology INC (SZSE:300242) Beijing Jin Yuan Interactive Technology Co., Ltd. $7.0 $66.6 9.6x - Sep-02-2014 Graitec Innovation SAS ERA3 s.r.l. - - - - Sep-02-2014 car2go N.A. LLC RideScout LLC - - - - Sep-02-2014 Mixpo, Inc. ShopIgniter, Inc. - - - - Sep-02-2014 Way to Blue Ltd. Abundant Limited - - - - Sep-02-2014 Playtech plc (LSE:PTEC) Aristocrat Lotteries AB and Aristocrat Lotteries Italia s.r.l. - $13.8 - - Sep-02-2014 Veritas Capital BeyondTrust Software, Inc. - $310.0 - - Sep-02-2014 Abelau Limited Blue Curve Ltd. - - - - Sep-02-2014 Sprinklr Inc. BRANDERATI Inc. - - - - Sep-02-2014 Thoma Bravo, LLC Compuware Corporation (NasdaqGS:CPWR) $714.5 $2,090.9 2.9x 24.5x Sep-02-2014 Tungsten Network, Inc. Image Integration Systems, Inc. $3.3 $7.0 2.1x - Sep-02-2014 Shenzhen Xunlei Networking Technologies, Co., Ltd. Kuaipan Personal and Kansunzi Business and Assets - $33.0 - - Sep-02-2014 Haycom AV Pty Ltd Multivision Australia Pty Ltd. - - - - Sep-02-2014 Samsung Electronics Canada Inc. PrinterOn Corporation - - - - Sep-02-2014 BienManger.com SARL Regioneo SAS - - - - Sep-02-2014 Tyler Technologies, Inc. (NYSE:TYL) SoftCode, Inc. - - - - Sep-02-2014 RealNex Ten Eight LLC - - - - Sep-03-2014 Yahoo! Inc. (NasdaqGS:YHOO) Luminate, Inc. - - - - Sep-03-2014 HotApps International Pte. Ltd. Fragmented Industry Exchange Inc. $0.0 - - - Sep-03-2014 Genesys Telecommunications Laboratories, Inc. CanaPlus Consulting Pte Ltd - - - - Sep-03-2014 OP-Pohjola Group Checkout Finland Oy - - - - Sep-03-2014 EDPlus Holdings, LLC Cinergy Education, LLC - - - - Sep-03-2014 Fidelity National Information Services, Inc. (NYSE:FIS) Clear2Pay nv/sa - $492.7 - - Sep-03-2014 Cyber Kiosk Solutions, Inc. (OTCPK:CYBK) Cyber Kiosk Solutions, Inc., Prior to Reverse Merger with EPA Petroleum, Inc. - - - - Sep-03-2014 Capita plc (LSE:CPI) Eclipse Hardware Limited - - - - Sep-03-2014 Uptick Marketing, Inc. Epik Consulting, Inc. - - - - Sep-03-2014 Reed Elsevier Group Plc FircoSoft SAS - - - - Sep-03-2014 Netologiya, OOO Foxford - - - - Sep-03-2014 Internet Brands, Inc. High Gear Media, Inc. - - - - Sep-03-2014 Altus Brands, LLC iHunt Calls - - - - Sep-03-2014 Hearst Magazines Corporation KUBRA Data Transfer Ltd. - - - - Sep-03-2014 Ohio Robotics Inc. Made In Dayton Blog - - - - Sep-03-2014 Wirecard AG (XTRA:WDI) Mikro Odeme A.S. - $34.2 - - Sep-03-2014 Acision Ltd. MindMatics Secure Messaging GmbH - - - - Sep-03-2014 KlicK Qihoo 360 Technology Co. Ltd., 360 Smart Button - - - - Sep-03-2014 Symphony Technology Group Ventiv Technology Inc. - - - - Sep-03-2014 Netquest Wakoopa - - - - Sep-04-2014 SFX Entertainment Inc. (NasdaqGS:SFXE) Air Festival Holding B.V. - $7.1 - - Sep-04-2014 Daniel J. Edelman, Inc. Agence ELAN - - - - Sep-04-2014 LogMeIn, Inc. (NasdaqGS:LOGM) BBA Inc. - $15.0 - - Sep-04-2014 STATS LLC Bloomberg Sports LLC - - - - Sep-04-2014 Qanda Technology Limited (ASX:QNA) Caramavan Group Pty Ltd. - $0.0 - - Sep-04-2014 Cologix, Inc. Colo5, LLC - - - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select September 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-04-2014 Metova, Inc. epcSolutions Inc., RFID Assets - - - - Sep-04-2014 Velocity Solutions, Inc. IMPACT Financial Services LLC, IMPACT Overdraft Software and Solutions Business - - - - Sep-04-2014 Threewide Corporation Point2 Technologies Inc., Listing Syndication Arm - - - - Sep-04-2014 Twinlab Consolidated Holdings, Inc. Twinlab Consolidated Holdings, Inc., Prior to Reverse Merger with Twinlab Consolidation Corporation - - - - Sep-04-2014 Figaro Classifieds S.A.; RegionsJob SAS Ubiposting SAS - - - - Sep-04-2014 Westcon Group, Inc. Verecloud, Inc., Assets - $12.0 - - Sep-04-2014 Little Orbit Inc. Vicious Cycle Software, Inc. - - - - Sep-05-2014 Gradesaver LLC BookRags, Inc. - $1.3 - - Sep-05-2014 Bendigo Community Telco Limited McPherson Media Pty Ltd - - - - Sep-05-2014 TA Associates Management, L.P. Idera, Inc. - - - - Sep-05-2014 Human Equation Inc. Agence Piranha Inc. - - - - Sep-05-2014 Catalina Marketing Corporation Inc. Cellfire Inc. - - - - Sep-05-2014 ComOps Ltd. (ASX:COM) E-tivity Corporation (APAC) Pty Ltd - $1.8 - - Sep-05-2014 Cryptzone Group AB (publ) HiSoftware Inc. - - - - Sep-05-2014 Vertical Bridge Holdings, LLC PT Access Networks, 269 Investment Grade Tenant Leases on 205 Wireless Attachment Sites - - - - Sep-05-2014 ReverseMergers.com ReverseMergerBlog.com - - - - Sep-05-2014 Intercontinental Exchange, Inc. (NYSE:ICE) SuperDerivatives Inc. - $350.0 - - Sep-08-2014 BlackBerry Limited (TSX:BB) Movirtu Limited - $32.5 - - Sep-08-2014 DigiTouch Srl Performedia S.r.l. - - - - Sep-08-2014 Salt Creek Capital II, LLC Apartment Data Services, Inc. - - - - Sep-08-2014 Trimble Navigation Limited (NasdaqGS:TRMB) Gehry Technologies, Inc. - - - - Sep-08-2014 Piano Media, a.s. Journalism Online, LLC - - - - Sep-08-2014 Synova Capital LLP MK Test Systems Ltd. - $32.3 - - Sep-08-2014 gap intelligence, inc. Quixel Research, LLC - - - - Sep-08-2014 The CHR Group, Inc. Trylon SMR - - - - Sep-08-2014 Flipboard, Inc. Ultravisual LLC - - - - Sep-08-2014 Skyword Inc. Vidaao Inc. - - - - Sep-08-2014 Digiweb Holdings Ltd. Web Drive Limited - - - - Sep-09-2014 Beijing Join-Cheer Software Co., Ltd. (SZSE:002279) Beijing Yiqilian Technology Co., Ltd. - $78.2 - - Sep-09-2014 ZenithOptimedia AG AKM3 GmbH - - - - Sep-09-2014 Vox Telecom Limited Dynamic IT Solutions (Pty)., Ltd. - - - - Sep-09-2014 Rakuten, Inc. (TSE:4755) Ebates Performance Marketing, Inc. $167.4 $1,000.0 6.0x - Sep-09-2014 QmedRx, Inc. GoEscribe - - - - Sep-09-2014 Vendini, Inc. In Ticketing, Inc. - - - - Sep-09-2014 N.V. Ticketnet Belgium S.A. Sherpa.be N.V. $71.0 - - - Sep-09-2014 Connexions Loyalty, Inc. Skymall Ventures LLC $45.0 $27.9 0.6x - Sep-09-2014 Pointer Telocation Ltd. (NasdaqCM:PNTR) Thales Telematics - - - - Sep-09-2014 ZuluTrade Inc. ZuluTrade Japan Co Ltd. - - - - Sep-10-2014 Yandex N.V. (NasdaqGS:YNDX) ADFOX - - - - Sep-10-2014 IDX, LLC Agent Evolution LLC - - - - Sep-10-2014 Phoenix Tower International LLC American Tower Corporation, Panamanian Business - - - - Sep-10-2014 Lippincott Mercer Inc. Bonfire Communications, Inc. - - - - Sep-10-2014 Autotask Corporation CentraStage Limited - - - - Sep-10-2014 The Marek Group, Inc. CPI Promotions, Inc. - - - - Sep-10-2014 Datco S.A. Focus Business Solutions S.A. - - - - Sep-10-2014 BYSOFT - Soluções em Sistemas para Comércio Exterior Ltda Gett Serviços em Informática Ltda. - - - - Sep-10-2014 Google Inc. (NasdaqGS:GOOGL) Lynx Design, Inc. - - - - Sep-10-2014 Mobiveil, Inc. Proton Digital Systems, Inc. - - - - Sep-10-2014 FxPro Group Limited Quotix Limited - - - - Sep-10-2014 Locate1Plus, Inc. The GPS Tracking Network, Inc. - - - - Sep-11-2014 Qualcomm Technologies Netherlands B.V. Euvision Technologies BV - - - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select September 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-11-2014 Ericsson (OM:ERIC B) Fabrix Systems Ltd. - $95.0 - - Sep-11-2014 Alliance Data Systems Corporation (NYSE:ADS) Conversant, Inc. (NasdaqGS:CNVR) $593.8 $2,365.3 4.0x 12.0x Sep-11-2014 Get It, LLC Doubledyno, Inc. - - - - Sep-11-2014 Hewlett-Packard Company (NYSE:HPQ) Eucalyptus Systems, Inc. - - - - Sep-11-2014 Ticketmaster Entertainment, LLC Eventjoy, Inc. - - - - Sep-11-2014 adm•ago GmbH fotorola GmbH - - - - Sep-11-2014 Google Inc. (NasdaqGS:GOOGL) Input Factory Inc. - - - - Sep-11-2014 Planet Tel Pty Ltd ISPhone Australasia Pty Ltd. - - - - Sep-11-2014 Givex Corporation Marqui Inc. - - - - Sep-11-2014 Deluxe Entertainment Services Group Inc. mediapeers GmbH - - - - Sep-11-2014 Ifbyphone, Inc. Mongoose Metrics, LLC - - - - Sep-11-2014 - Sosedi.ru - - - - Sep-11-2014 - Valpak of Charlotte - - - - Sep-11-2014 Atlassian Pty Ltd. Wikidocs GmbH - - - - Sep-11-2014 Imovelweb Comunicação S.A. WImóveis Negocios Imobiliarios LTDA $4.4 - - - Sep-12-2014 McKinsey & Company, Inc. Agiliti Inc. - - - - Sep-12-2014 Genstar Capital, LLC Construction Software Technologies, Inc. - - - - Sep-12-2014 Blackmagic Design Pty. Ltd. Eyeon Software Inc. - - - - Sep-12-2014 Sabre Corporation (NasdaqGS:SABR) Genares Worldwide Reservation Services, Ltd. - - - - Sep-12-2014 The Great Wall Group Co., Ltd. Guangdong (SZSE:300089) Guangzhou Deepsea Software Development Co., Ltd. - $160.1 - - Sep-12-2014 Valuesetters Inc. (OTCPK:VSTR) MAC Venture Group, Inc. - $0.2 - - Sep-12-2014 Mediastinct Limited SEMP.com - - - - Sep-12-2014 Atlassian Corporation Pty. Ltd. tape.io GmbH - - - - Sep-12-2014 Zebra 1234 Limited Zibrant Limited $17.9 $4.8 0.3x - Sep-14-2014 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) TriZetto Corporation - $2,700.0 - - Sep-14-2014 Informa Middle East Limited Channels Exhibitions LLC - - - - Sep-14-2014 Oracle Corporation (NYSE:ORCL) Front Porch Digital Inc. - - - - Sep-15-2014 Database Projects Group, L.P. Blue Sky Technologies, Inc. - $0.1 - - Sep-15-2014 Granbury Restaurant Solutions eWinery Solutions, Inc. - - - - Sep-15-2014 Stambaugh Ness, PC Acuity Business Solutions, LLC - - - - Sep-15-2014 MBS Value Partners Breakstone Group, Inc. - - - - Sep-15-2014 Groupe Berger-Levrault COBA Inc. - - - - Sep-15-2014 Four Communications plc Consolidated PR Ltd. - - - - Sep-15-2014 TERN plc (AIM:TERN) Cryptosoft Ltd. - $0.1 - - Sep-15-2014 Electronics for Imaging, Inc. (NasdaqGS:EFII) DiMS! organizing print b.v. - - - - Sep-15-2014 Global Payments Inc. (NYSE:GPN) Ezi Holdings Pty Ltd. - $275.2 - - Sep-15-2014 1World Online, Inc. Flipter - - - - Sep-15-2014 Actua Corporation (NasdaqGS:ACTA) FolioDynamix, Inc. - - - - Sep-15-2014 Plus8 Global Ventures, Ltd. Get Set - - - - Sep-15-2014 YourMembership.com, Inc. JobTarget LLC, Career Center Hosting and Management Business - - - - Sep-15-2014 JibJab Media Inc. Make Believe Labs - - - - Sep-15-2014 Spirent Communications Plc. (LSE:SPT) Mobilethink A/S $8.2 $20.0 2.4x - Sep-15-2014 Microsoft Corporation (NasdaqGS:MSFT) Mojang AB $326.0 $2,500.0 7.7x - Sep-15-2014 NNG Szoftverfejleszto es Kereskedelmi Kft. nFusion Group, LLC - - - - Sep-15-2014 Trade ME Group Ltd. (NZSE:TME) Paystation Limited, Face Limited and Netspace Services Limited - - - - Sep-15-2014 FanVision Entertainment LLC PrePlay, Inc. - - - - Sep-15-2014 Sanctuary Marketing Group, Inc. SiteLogic, LLC - - - - Sep-15-2014 Unified Inbox Pte Ltd. SocialGrow Inc. - - - - Sep-15-2014 Micro Focus International plc (LSE:MCRO) The Attachmate Group, Inc. $933.4 $2,302.4 2.5x 13.7x Sep-15-2014 Cision AB; Vocus Inc. Visible Technologies, Inc. - - - - Sep-15-2014 Brocade Communications Systems, Inc. (NasdaqGS:BRCD) Vistapointe Networks - - - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select September 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-16-2014 iASPEC Geo Information Technology Co., Ltd. Shen Zhen Biznest Internet Information Technology Co., Ltd. - $14.3 - - Sep-16-2014 Daum Communications Corp. (KOSDAQ:A035720) Seoulbus Inc. - - - - Sep-16-2014 Kenshoo, Ltd. Adquant Ltd - - - - Sep-16-2014 Wolters Kluwer NV (ENXTAM:WKL) Beijing Dingxin Chuangzhi Technology Co., Ltd. - - - - Sep-16-2014 FOX & SHEEP GmbH Bubl GmbH - - - - Sep-16-2014 Slyce Inc. (TSXV:SLC) BuyCode. Inc. - $4.8 - - Sep-16-2014 Callidus Software Inc. (NasdaqGM:CALD) Clicktools Ltd. - $16.4 - - Sep-16-2014 Ver se' Innovation Pvt Ltd. Dexetra Software Solutions Private Limited - - - - Sep-16-2014 Axcient, Inc. DirectRestore LLC - - - - Sep-16-2014 Stratasys Ltd. (NasdaqGS:SSYS) GrabCAD, Ltd. - $100.0 - - Sep-16-2014 H.I.G. Capital, LLC Grupo NZN And Click Jogos - - - - Sep-16-2014 US Logo, Inc. K2 Companies Inc. - - - - Sep-16-2014 Online Buddies, Inc. LD Interactive LLC - - - - Sep-16-2014 Viverae Inc. OneHealth Solutions, Inc. - - - - Sep-16-2014 Mobli Technologies 2010 Ltd. Pheed Inc. - - - - Sep-16-2014 Zenrin Co., Ltd. (TSE:9474) SEPTENI DIRECTMARKETING Co., Ltd. $24.7 $14.2 0.6x - Sep-16-2014 OnApp Limited SoluLabs Ltd. - - - - Sep-16-2014 Pacific DataVision, Inc. Sprint Corporation, 900 MHz Spectrum Licenses - - - - Sep-16-2014 Packaging Machinery Manufacturers Institute The Summit Media Group, Inc. - - - - Sep-16-2014 Citrix Systems, Inc. (NasdaqGS:CTXS) Virtual, LLC - - - - Sep-16-2014 The Collinson Group Ltd. Welcome Real-time S.A. - - - - Sep-17-2014 Firebrand Group, LLC Social Media on Tap - - - - Sep-17-2014 Havas (ENXTPA:HAV) Bizkit AB and GT Media Ltd - - - - Sep-17-2014 Dentsu Aegis Network Ltd. Covario, Inc., Search and Content Marketing Agency Business - - - - Sep-17-2014 Obea Inergie - - - - Sep-17-2014 BuySellAds.com, Inc. LaunchBit, Inc. - - - - Sep-17-2014 Homegate AG LTV Gelbe Seiten AG, Home.ch - - - - Sep-17-2014 Datamyne, Inc. Manifest Journals, LLC - - - - Sep-17-2014 Ströer Digital Media GmbH mediasquares - eine Marke der ad pepper media GmbH - $0.5 - - Sep-17-2014 Cisco Systems, Inc. (NasdaqGS:CSCO) Metacloud, Inc. - - - - Sep-17-2014 Forever, Inc. Panstoria, Inc. - - - - Sep-17-2014 Publicis Groupe SA (ENXTPA:PUB) Publicis Machine - - - - Sep-17-2014 Shamrock Capital Advisors, LLC Questex Media Group LLC - - - - Sep-17-2014 Zywave, Inc. Strategic Recovery Partnership Inc., Plan Document Software Business - - - - Sep-17-2014 Agile Sports Technologies, Inc. UberSense Inc. - - - - Sep-17-2014 Granbury Restaurant Solutions WineWeb Enterprises, Inc. - - - - Sep-17-2014 TELUS Health Solutions Inc. XD3 Solutions Inc. - - - - Sep-18-2014 SpendSmart Networks, Inc. (OTCPK:SSPC) TechXpress, Inc., Web Related Assets - $1.2 - - Sep-18-2014 ParTech, Inc. Brink Software, Inc. - $17.0 - - Sep-18-2014 Igloo.com Limited Aftermarket, Inc - - - - Sep-18-2014 - Babylon Ltd., Translation Activity - $2.5 - - Sep-18-2014 TechJini Solutions Private Limited Code Conclave Technologies Pvt Ltd. - - - - Sep-18-2014 SAP America, Inc. Concur Technologies, Inc. (NasdaqGS:CNQR) $667.9 $7,651.6 11.5x 235.8x Sep-18-2014 Red Hat, Inc. (NYSE:RHT) FeedHenry Ltd. - $82.0 - - Sep-18-2014 HRdirect Hello Industries Inc. - - - - Sep-18-2014 RBN B.V. JabbaWorld - - - - Sep-18-2014 Acronis, Inc. nScaled, Inc. - - - - Sep-18-2014 IPG Mediabrands S.A. Promoqube - - - - Sep-18-2014 Geospatial Corporation (OTCPK:GSPH) ShaleNavigator - - - - Sep-18-2014 Sharethrough, Inc. Sharethrough Europe $2.0 - - - Sep-18-2014 Qualcomm Atheros, Inc. Stonestreet One, LLC - - - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select September 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-18-2014 - Twitpic Inc. - - - - Sep-19-2014 Oakley Capital Investments Limited (AIM:OCL) Facile.it S.p.A. $36.6 - - - Sep-19-2014 ZEFR, Inc. Engodo, Inc. - - - - Sep-19-2014 Klass Software American Cadastre, LLC, Substantially All the Assets of the Land Records Division - $4.7 - - Sep-19-2014 The Hearst Corporation BranchOut, Inc. - - - - Sep-19-2014 REWE Digital GmbH commercetools GmbH - - - - Sep-19-2014 Iron Mountain Mining Limited (ASX:IRM) EON Pty Ltd. - $0.4 - - Sep-19-2014 Oceanside Capital Corp. (TSXV:OCC) Guru Fantasy Reports, Inc. - $3.3 - - Sep-19-2014 iFood.com Agência de Restaurantes Online S.A. Justeat Brasil Serviços Online Ltda. - - - - Sep-19-2014 Y&R Advertising, Inc. MCS Holding LLC, Creative and Research Agency - - - - Sep-19-2014 Oceanside Capital Corp. (TSXV:OCC) Pick Nation, Inc. and Stevo Design, Inc. - $6.0 - - Sep-19-2014 MARC USA|Results:Digital Results:Digital LLC - - - - Sep-19-2014 Wolf Brand Experience Limited The Lounge Group and Evoke Marketing & Events Ltd - - - - Sep-19-2014 Adyoulike SA Video Natives Limited - - - - Sep-22-2014 Priority Fulfillment Services, Inc. LiveAreaLabs Inc. - $7.6 - - Sep-22-2014 Public Systeme Hopscotch (ENXTPA:PUS) Rouge - - - - Sep-22-2014 Adobe Systems Inc. (NasdaqGS:ADBE) Aviary, Inc. - - - - Sep-22-2014 Yahoo! Inc. (NasdaqGS:YHOO) Bookpad Techsoft India Private Limited $0.2 $8.2 50.0x - Sep-22-2014 Lyft Inc. Corral Labs, Inc. - - - - Sep-22-2014 Milestone Ophthalmic Sp. z o.o. Emmerson Wierzytelnosci Hipoteczne S.A. (WSE:EWH) $1.1 - - - Sep-22-2014 Volaris Group Inc. Incognito Software Inc. and Interactive Enterprises Inc. - - - - Sep-22-2014 Symphony Technology Group McGraw-Hill Construction Information Group $170.0 $320.0 1.9x - Sep-22-2014 Seamless Distribution AB (OM:SEAM) Mobile Prepaid Airtime Line of Business in Sweden and Denmark - - - - Sep-22-2014 Internet Solutions (Pty) Limited MWEB Connect (Proprietary) Limited,Certain Assets and Business Divisions - - - - Sep-22-2014 Sage Group plc (LSE:SGE) PAI Group, Inc. $38.9 $157.8 4.1x - Sep-22-2014 Premiere Global Services, Inc. (NYSE:PGI) TalkPoint Holdings, LLC - - - - Sep-22-2014 VML, Inc. Teein.com $7.1 - - - Sep-22-2014 j2 Global, Inc. (NasdaqGS:JCOM) Web24 Group Pty Ltd - - - - Sep-22-2014 AppNexus Inc. Xaxis, LLC, Xaxis For Publishers - - - - Sep-23-2014 - Clone Algo Technologies Inc. - $0.3 - - Sep-23-2014 MetaPack Limited ABOL Software, Inc. - - - - Sep-23-2014 TZ Minerals International Pty. Ltd. Chemical Market Resources, Inc. - - - - Sep-23-2014 Wingify Software Pvt Ltd Concept Feedback LLC - - - - Sep-23-2014 The InterPlayers Group Entire Technology Partners S/C Ltda and 50% Stake In Empowered Company Strategy - - - - Sep-23-2014 Advicent Solutions, L.P. Figlo BV - - - - Sep-23-2014 Zomato Media Private Limited Gastronauci - $2.0 - - Sep-23-2014 - Hollywood Software Inc. - - - - Sep-23-2014 gamigo AG INTENIUM GmbH - - - - Sep-23-2014 BlazeMeter LLC Loadosophia - - - - Sep-23-2014 TBC Holdings I, Inc. LocalVox Media, Inc. - - - - Sep-23-2014 HCA Holdings, Inc. (NYSE:HCA) PatientKeeper, Inc. - - - - Sep-23-2014 Apple Inc. (NasdaqGS:AAPL) Prss B.V. - - - - Sep-23-2014 Equity Administration Solutions, Inc. Rivet Software, Inc. - - - - Sep-23-2014 Maestro Healthcare Technology, Inc. WealthCare Marketplace - - - - Sep-23-2014 Connexin Software, Inc. Workflow.com, LLC - - - - Sep-23-2014 Zenium Technology Partners AG Zenium Frankfurt One - - - - Sep-24-2014 - Rand Secure Data - $0.5 - - Sep-24-2014 Blackhawk Network Holdings, Inc. (NasdaqGS:HAWK) Parago, Inc. - $291.1 - - Sep-24-2014 TargetSolutions, Inc. CentreLearn Solutions, LLC - - - - Sep-24-2014 Patented Acquisition Corporation Chisano Marketing Communications, Inc. - - - - Sep-24-2014 Loxysoft AB Dolphin Software AS $9.7 - - - Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select September 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Sep-24-2014 York Mailing Limited Go Direct Marketing Ltd - - - - Sep-24-2014 ClearSlide, Inc. Mangrove Technology, Inc. - - - - Sep-24-2014 Science Media LLC Medium Entertainment, Inc. - - - - Sep-24-2014 Digital Kitchen, LLC Methodologie, Inc. - - - - Sep-24-2014 Vemory, Inc. Path 36, LLC, Splice - - - - Sep-24-2014 ScanDigital, Inc. PeggyBank.com, LLC - - - - Sep-24-2014 Lamar Advertising Co. (NasdaqGS:LAMR) Prenzler Outdoor Advertising, LLC - - - - Sep-24-2014 Credentials eSCRIP-SAFE Scrip-Safe Security Products, Inc., eSCRIP-SAFE - - - - Sep-24-2014 Jacobson Consulting Applications, Inc. The Pricing Institute, Inc. - - - - Sep-24-2014 Childers Media Group LLC Town Money Saver, Inc. - - - - Sep-25-2014 Escrow.com, Inc. Agreed Escrow, Inc. - - - - Sep-25-2014 Taiwan Mobile Co., Ltd (TSEC:3045) Ambit Microsystems Corporation Limited, 5MHz Mobile Broadband Spectrum - $113.2 - - Sep-25-2014 Coinify ApS Bitcoin Nordic - - - - Sep-25-2014 Mapfre SA (CATS:MAP) Direct Line Insurance Group PLC, Italian and German Operations - $700.2 - - Sep-25-2014 Clearstream.TV, Inc. EngageHD, Inc. - - - - Sep-25-2014 ZirMed Inc. MethodCare, Inc. - - - - Sep-25-2014 Dynam Business Support, Co., Ltd. X-Golf Japan Co., Ltd., 30% Stake In RD-TEK And 50% Stake In X-Golf America $0.4 $6.8 15.5x - Sep-25-2014 HootSuite Media Inc. Zeetl Inc. - - - - Sep-25-2014 Saatchi & Saatchi Pro zweimaleins gmbh - - - - Sep-26-2014 RTL Interactive GmbH Econa Shopping GmbH - $34.9 - - Sep-26-2014 Dayton Superior Corporation Tilt-Up Design Systems, LLC - - - - Sep-26-2014 - Vizrt Ltd., Vizrt Social TV - - - - Sep-26-2014 DSA Property Group LLC Zufog, LLC - - - - Sep-27-2014 Vista Equity Partners TIBCO Software Inc. (NasdaqGS:TIBX) $1,076.2 $4,001.4 3.7x 23.8x Sep-27-2014 SK Planet Co., Ltd. shopkick, Inc. - - - - Sep-29-2014 Dillistone Group Plc (AIM:DSG) ISV Software Ltd. $1.2 $5.7 4.7x - Sep-29-2014 Pioneer Consulting Group, Inc. Superdate Holdings Ltd. - - - - Sep-29-2014 Mount Knowledge Holdings,Inc. (OTCPK:MKHD) Civergy, Inc. $35.0 - - - Sep-29-2014 GfK SE (XTRA:GFK) Cogenta Systems Ltd. - - - - Sep-29-2014 XcelMobility Inc. (OTCPK:XCLL) Silver Creek Digital, Online Sports Lottery Business Unit - - - - Sep-29-2014 Sage South Africa Pty Ltd SkillsMap (Pty) Ltd - - - - Sep-30-2014 Transnetwork Corporation Citi Remesas, Inc. - - - - Sep-30-2014 ARI Network Services Inc. (NasdaqCM:ARIS) TCS Technologies, LLC - $9.1 - - Sep-30-2014 Blue Summit Media GmbH Intershop Communications Online Marketing GmbH - - - - Sep-30-2014 Palace Resources Limited (ASX:PXR) Min-Trak Zambia Ltd - - - - Sep-30-2014 Saatchi & Saatchi Srl Ambito5 SRL - - - - Sep-30-2014 NSFOCUS Information Technology Co., Ltd. (SZSE:300369) Beijing Esafenet Science & Technology Co., Ltd. - $81.1 - - Sep-30-2014 Global Payments Inc. (NYSE:GPN) Certegy Check Services, Inc., FIS Gaming Business - $236.5 - - Sep-30-2014 - Constant Communication - - - - Sep-30-2014 - Create Intelligence Company Limited - $0.3 - - Sep-30-2014 Cloudera, Inc. DataPad Inc. - - - - Sep-30-2014 Kewill plc IBM, Sterling Transportation Management System - - - - Sep-30-2014 Schneider Electric SE (ENXTPA:SU) InStep Software, LLC - - - - Sep-30-2014 Optum, Inc. MedSynergies, Inc. - - - - Sep-30-2014 Glass, Lewis & Co., LLC Meetyl, Inc. - - - - Sep-30-2014 News Corporation (NasdaqGS:NWSA) Move, Inc. (NasdaqGS:MOVE) $234.6 $913.5 3.9x 92.5x Sep-30-2014 Autonetzer GmbH Nachbarschaftsauto PCS GmbH - - - - Sep-30-2014 Finnish Industry Investment Ltd; Via Venture Partners A/S Profit Software Oy $12.1 - - - Sep-30-2014 Akio Software SA Spotter S.A. - - - - Sep-30-2014 GMO GlobalSign, Inc. Ubisecure Solutions Oy - - - - Sep-30-2014 - Valpak Direct Marketing Systems, Inc, Valpak of Acadiana, LA - - - - 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 $1,966.2 $2,076.2 $601.4 68.2% 17.4% 7.4% 2.9x 14.8x 2.8x 11.0x -2.5% Billing & Service Management $911.6 $982.4 $388.9 56.3% 21.1% 8.2% 1.9x 9.5x 1.8x 9.0x -2.8% Business Intelligence $1,478.6 $1,242.1 $558.8 77.1% 14.4% 4.9% 2.9x 16.1x 2.8x 11.8x -15.9% Development Platforms $1,211.3 $950.0 $325.6 69.8% 18.9% 1.2% 1.7x 24.2x 2.4x 8.8x -2.5% Engineering & PLM $4,328.7 $4,339.5 $896.3 85.3% 19.1% 7.1% 3.3x 15.8x 3.9x 12.6x -9.2% Enterprise Resource Planning $6,372.7 $6,957.8 $2,207.7 61.4% 29.5% 3.0% 3.2x 10.9x 3.2x 10.1x -5.9% Financial & Accounting $1,771.4 $2,427.2 $757.7 56.6% 26.0% 2.5% 3.2x 13.5x 3.2x 11.0x -10.4% Gaming $2,407.1 $2,285.5 $2,255.7 63.0% 15.5% 0.2% 1.4x 12.0x 1.4x 9.1x 18.1% Healthcare $1,112.8 $1,444.5 $568.1 54.0% 14.1% 1.1% 2.1x 14.1x 2.0x 9.9x -3.8% IT Conglomerates $169,630.3 $151,161.3 $86,833.0 61.4% 34.5% 2.2% 3.7x 9.0x 3.2x 8.0x 4.1% Mobile Solutions/Content $719.9 $689.9 $292.7 58.9% 0.7% 21.1% 3.0x 22.3x 2.1x 13.2x -9.7% Networking & Network Performance Management $1,828.2 $1,626.5 $484.5 70.4% 8.2% 8.7% 2.7x 20.2x 2.2x 10.0x -1.7% Security $946.9 $871.3 $172.9 76.7% 12.5% 15.2% 3.6x 15.2x 3.4x 16.5x -2.1% Storage, Data Mgmt & Integration $4,695.9 $4,143.7 $1,076.2 76.5% 17.1% 2.4% 2.5x 10.1x 2.6x 7.4x -12.9% Systems Management $11,139.7 $10,413.6 $2,357.1 85.5% 25.3% 15.8% 4.9x 19.6x 4.4x 12.7x 8.0% Vertical - Finance $4,128.0 $4,394.7 $909.1 44.4% 29.3% 6.3% 4.3x 13.4x 4.0x 12.1x 1.6% Vertical - Other $1,774.4 $1,922.3 $454.8 46.9% 11.6% 16.6% 3.6x 24.4x 3.1x 15.9x -1.7%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - September 2014 TTM Revenue Growth 7.4% 15% TTM EBITDA Growth -16.5% TTM Earnings Growth -32.3% Gross Profit Margin 68.2% EBITDA Margin 17.4% 10% Net Income Margin -15.9% SG&A Expenses as a % of Total Revenue 57.5% R&D Expenses as a % of Total Revenue 19.1% 5% Balance Sheet Analysis (Median) Current Ratio 2.1 Quick Ratio 2.0 Cash as Percent of Market Cap 11.9% 0% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 29 Working Capital to TTM Operating Expense Ratio 0.6x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 6.5% Cash from Operations Growth (YoY) 27.2% -10% Cash from Investing Growth (YoY) -20.8% Cash from Financing Growth (YoY) 94.4% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 30.0%

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 Amdocs Limited DOX $7,274.1 $6,099.5 $3,508.6 35.3% 18.3% 5.6% 1.7x 9.5x 1.7x 8.4x 13.7% CSG Systems International CSGS $911.6 $982.4 $753.3 48.5% 16.0% -0.2% 1.3x 8.1x 1.3x 6.6x -8.4% Evolving Systems EVOL $106.6 $94.3 $27.2 72.3% 24.6% 3.9% 3.5x 14.1x 2.9x 9.6x -2.8% MIND C.T.I. MNDO $58.3 $41.5 $21.6 56.3% 21.1% 16.7% 1.9x 9.1x n/a n/a 69.2% NeuStar NSR $1,392.8 $1,940.4 $932.6 75.1% 37.6% 8.2% 2.1x 5.5x 2.0x 4.3x -49.9% Redknee Solutions TSX:RKN $367.2 $318.8 $254.2 49.8% 1.2% 156.4% 1.3x 103.2x 1.2x 10.0x -43.5% Synchronoss Technologies SNCR $1,913.5 $1,842.3 $388.9 58.9% 25.7% 27.8% 4.7x 18.4x 3.7x 11.4x 54.1% Median: $911.6 $982.4 $388.9 56.3% 21.1% 8.2% 1.9x 9.5x 1.8x 9.0x -2.8%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - September 2014 TTM Revenue Growth 8.2% 15% TTM EBITDA Growth 3.3% TTM Earnings Growth -5.1% Gross Profit Margin 56.3% 10% EBITDA Margin 21.1% Net Income Margin 11.7% SG&A Expenses as a % of Total Revenue 21.1% 5% R&D Expenses as a % of Total Revenue 14.0%

0% Balance Sheet Analysis (Median) Current Ratio 2.7 Quick Ratio 2.5 -5% Cash as Percent of Market Cap 17.7% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 23 -10% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) -5.4% -20% Cash from Investing Growth (YoY) 11.3% Cash from Financing Growth (YoY) 4.2% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -7.6%

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 BIRT $180.8 $121.8 $115.3 85.0% 2.2% -16.2% 1.1x 48.9x 1.3x n/a -48.8% Fair Isaac FICO $1,771.4 $2,208.3 $757.7 69.0% 26.0% 2.5% 2.9x 11.2x 2.8x 11.0x -10.4% Informatica INFA $3,766.5 $3,080.3 $1,005.2 83.0% 18.4% 16.6% 3.1x 16.7x 2.8x 10.8x -15.9% MicroStrategy MSTR $1,478.6 $1,111.1 $587.6 77.1% 5.1% 4.9% 1.9x 37.1x 1.8x 22.1x 5.9% Pegasystems PEGA $1,458.3 $1,242.1 $558.8 68.8% 14.4% 16.7% 2.2x 15.5x 2.0x 12.6x -21.7% Progress Software PRGS $1,211.3 $950.0 $325.6 91.2% 30.9% -1.2% 2.9x 9.4x 2.8x 7.7x -6.4% PROS Holdings PRO $730.4 $702.5 $161.0 69.0% -0.6% 22.1% 4.4x n/a 3.4x 19.5x -35.9% Qlik Technologies QLIK $2,431.6 $2,176.5 $508.6 86.3% 1.7% 18.8% 4.3x 257.4x 3.7x 47.9x 7.6% Software AG XTRA:SOW $1,954.2 $2,116.3 $1,252.5 69.8% 23.6% -8.2% 1.7x 7.2x 2.0x 7.2x -25.9% Splunk SPLK $6,638.6 $5,801.0 $366.0 86.7% -40.8% 51.6% 15.8x n/a 11.9x 266.1x -22.5% Teradata TDC $6,497.6 $5,788.6 $2,739.0 54.5% 23.2% 3.6% 2.1x 9.1x 2.0x 6.9x -6.3% TIBCO Software TIBX $3,871.8 $3,891.6 $1,076.2 70.3% 15.6% 2.4% 3.6x 23.2x 3.6x 17.7x 2.1% Varonis Systems VRNS $516.9 $396.6 $86.3 90.5% -14.0% 38.0% 4.6x n/a 3.6x n/a -52.0% Verisk VRSK $10,136.7 $10,988.8 $1,661.8 59.8% 45.4% 14.2% 6.6x 14.6x 5.9x 12.7x -6.5% Median: $1,478.6 $1,242.1 $558.8 77.1% 14.4% 4.9% 2.9x 16.1x 2.8x 11.8x -15.9%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - September 2014 TTM Revenue Growth 4.9% 15% TTM EBITDA Growth -6.6% TTM Earnings Growth -39.4% Gross Profit Margin 77.1% 10% EBITDA Margin 14.4% Net Income Margin 6.0% SG&A Expenses as a % of Total Revenue 45.9% 5% R&D Expenses as a % of Total Revenue 17.8%

0% Balance Sheet Analysis (Median) Current Ratio 2.0 Quick Ratio 1.8 -5% Cash as Percent of Market Cap 14.6% Avg Days Outstanding: Accounts Receivable 85 Avg Days Outstanding: Accounts Payable 34 -10% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 15.5% Cash from Operations Growth (YoY) 4.1% -20% Cash from Investing Growth (YoY) -21.5% Cash from Financing Growth (YoY) -10.7% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 33.8%

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 Actuate BIRT $180.8 $121.8 $115.3 85.0% 2.2% -16.2% 1.1x 48.9x 1.3x n/a -48.8% BSQUARE BSQR $45.5 $21.4 $95.2 16.6% 0.3% 1.2% 0.2x 89.5x n/a n/a 8.0% Compuware CPWR $2,335.8 $2,076.2 $714.5 67.7% 12.0% 6.9% 2.9x 24.2x 2.9x 9.9x -2.5% Magic Software Enterprises MGIC $305.8 $220.6 $158.4 40.4% 19.2% 16.0% 1.4x 7.3x 1.3x n/a 0.0% Progress Software PRGS $1,211.3 $950.0 $325.6 91.2% 30.9% -1.2% 2.9x 9.4x 2.8x 7.7x -6.4% Red Hat RHT $10,546.2 $9,743.2 $1,666.6 84.8% 18.9% 16.6% 5.8x 31.0x 5.2x 19.5x 0.6% Software AG XTRA:SOW $1,954.2 $2,116.3 $1,252.5 69.8% 23.6% -8.2% 1.7x 7.2x 2.0x 7.2x -25.9% Median: $1,211.3 $950.0 $325.6 69.8% 18.9% 1.2% 1.7x 24.2x 2.4x 8.8x -2.5%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - September 2014 TTM Revenue Growth 1.2% 15% TTM EBITDA Growth 8.9% TTM Earnings Growth 11.5% Gross Profit Margin 69.8% 10% EBITDA Margin 18.9% Net Income Margin 10.9% 5% SG&A Expenses as a % of Total Revenue 45.2% R&D Expenses as a % of Total Revenue 11.9% 0% Balance Sheet Analysis (Median) Current Ratio 1.8 -5% Quick Ratio 1.8 Cash as Percent of Market Cap 21.7% -10% Avg Days Outstanding: Accounts Receivable 79 Avg Days Outstanding: Accounts Payable 25 -15% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 16.9% Cash from Operations Growth (YoY) 9.7% -25% Cash from Investing Growth (YoY) -27.8% Cash from Financing Growth (YoY) 47.7% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 31.5%

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 ANSYS ANSS $6,962.8 $6,179.3 $896.3 87.4% 46.5% 8.0% 6.9x 14.8x 6.2x 12.6x -12.0% Aspen Technology AZPN $3,442.7 $3,175.6 $391.5 86.5% 34.0% 25.7% 8.1x 23.9x 7.2x 17.6x -9.2% Autodesk ADSK $12,520.7 $11,361.1 $2,371.4 87.1% 15.3% 3.7% 4.8x 31.3x 4.6x 23.1x 11.9% Cadence Design Systems CDNS $4,991.6 $4,769.6 $1,500.7 85.3% 19.0% 7.1% 3.2x 16.8x 2.9x 8.7x 22.8% Cimatron CIMT $64.9 $44.5 $45.8 86.7% 15.2% 6.4% 1.0x 6.4x 0.9x n/a -34.5% Dassault Systèmes DSY $16,174.9 $14,980.2 $2,899.4 86.8% 28.6% 2.3% 5.2x 18.1x 4.9x 15.1x 5.3% GSE Systems GVP $27.9 $9.8 $41.1 28.1% -10.4% -16.2% 0.2x n/a n/a n/a -3.7% Mentor Graphics MENT $2,329.8 $2,399.8 $1,189.0 82.9% 19.1% 10.1% 2.0x 10.6x 1.9x 7.6x -12.9% Parametric Technology PTC $4,328.7 $4,339.5 $1,335.1 72.3% 23.7% 4.8% 3.3x 13.7x 3.2x 11.1x 6.3% PDF Solutions PDFS $389.1 $282.2 $104.3 63.0% 35.4% 9.5% 2.7x 7.7x 2.5x 6.0x -49.7% Stratasys SSYS $5,970.9 $5,392.9 $610.1 50.5% 14.6% 88.0% 8.8x 60.5x 6.1x 23.4x -9.9% Synopsys SNPS $6,185.5 $5,365.0 $2,023.3 82.5% 17.8% 5.8% 2.7x 14.9x 2.5x 8.1x -1.8% Median: $4,328.7 $4,339.5 $896.3 85.3% 19.1% 7.1% 3.3x 15.8x 3.9x 12.6x -9.2%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - September 2014 TTM Revenue Growth 7.1% 15% TTM EBITDA Growth 5.6% TTM Earnings Growth 18.8% Gross Profit Margin 85.3% 10% EBITDA Margin 19.1% Net Income Margin 12.3% SG&A Expenses as a % of Total Revenue 36.0% R&D Expenses as a % of Total Revenue 17.7% 5%

Balance Sheet Analysis (Median) Current Ratio 2.0 0% Quick Ratio 1.9 Cash as Percent of Market Cap 12.3% Avg Days Outstanding: Accounts Receivable 78 -5% Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.4x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 19.7% Cash from Operations Growth (YoY) 18.4% -15% Cash from Investing Growth (YoY) -19.7% Cash from Financing Growth (YoY) -31.4% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 35.6%

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 American Software AMSW.A $249.3 $188.7 $102.1 56.9% 15.9% 4.4% 1.8x 11.6x 1.7x 8.7x -8.3% Oracle ORCL $169,630.3 $151,161.3 $38,499.0 61.4% 43.7% 3.0% 3.9x 9.0x 3.8x 7.6x 2.1% QAD QADA $289.6 $229.5 $280.7 55.7% 5.7% 10.3% 0.8x 14.4x 0.8x 10.1x 11.4% Sage Group LSE:SGE $6,372.7 $6,957.8 $2,207.7 94.3% 29.5% -3.7% 3.2x 10.7x 3.2x 10.6x -5.9% SAP DB:SAP $86,080.9 $87,471.7 $23,274.7 72.4% 34.5% 2.2% 3.8x 10.9x 3.9x 11.0x -13.0% Median: $6,372.7 $6,957.8 $2,207.7 61.4% 29.5% 3.0% 3.2x 10.9x 3.2x 10.1x -5.9%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - September 2014 TTM Revenue Growth 3.0% 15% TTM EBITDA Growth 7.1% TTM Earnings Growth 7.2% Gross Profit Margin 61.4% 10% EBITDA Margin 29.5% Net Income Margin 18.0% SG&A Expenses as a % of Total Revenue 32.3% R&D Expenses as a % of Total Revenue 13.3% 5%

Balance Sheet Analysis (Median) Current Ratio 1.2 0% Quick Ratio 1.0 Cash as Percent of Market Cap 24.3% Avg Days Outstanding: Accounts Receivable 72 -5% Avg Days Outstanding: Accounts Payable 18 Working Capital to TTM Operating Expense Ratio 0.1x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 20.4% Cash from Operations Growth (YoY) -6.5% -15% Cash from Investing Growth (YoY) -20.0% Cash from Financing Growth (YoY) 44.8% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.3%

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 ACI Worldwide ACIW $2,140.1 $2,844.9 $973.4 56.8% 21.7% 30.3% 2.9x 13.5x 2.6x 9.6x -10.7% Bottomline Technologies EPAY $1,090.4 $1,047.7 $300.6 56.6% 11.1% 18.0% 3.5x 31.4x 3.1x 13.9x -21.1% DST Systems DST $3,334.4 $3,922.9 $2,682.4 17.0% 15.8% 2.0% 1.5x 9.3x 1.8x 8.2x -6.0% Evertec EVTC $1,756.4 $2,427.2 $359.1 56.9% 41.7% 2.2% 6.8x 16.2x 6.4x 12.7x -10.2% Fair Isaac FICO $1,771.4 $2,208.3 $757.7 69.0% 26.0% 2.5% 2.9x 11.2x 2.8x 11.0x -10.4% Fiserv FISV $16,108.3 $19,627.3 $4,951.0 43.3% 29.3% 7.6% 4.0x 13.5x 3.8x 11.5x 50.7% Intuit INTU $25,027.6 $23,612.6 $4,506.0 85.8% 33.0% 8.0% 5.2x 15.9x 5.4x 18.6x 16.3% Model N MODN $245.1 $141.9 $89.2 54.1% -11.6% -8.3% 1.6x n/a 1.6x n/a -13.1% NetSol Technologies KASE:NETSOL $24.1 $26.9 $23.8 10.5% -8.9% -21.7% 1.1x n/a n/a n/a -36.2% Sage Group LSE:SGE $6,372.7 $6,957.8 $2,207.7 94.3% 29.5% -3.7% 3.2x 10.7x 3.2x 10.6x -5.9% Qiwi QIWI $1,712.1 $1,317.5 $382.8 48.1% 27.5% 26.3% 3.4x 12.5x 5.7x 10.6x -41.9% Median: $1,771.4 $2,427.2 $757.7 56.6% 26.0% 2.5% 3.2x 13.5x 3.2x 11.0x -10.4%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - September 2014 TTM Revenue Growth 2.5% 15% TTM EBITDA Growth 3.8% TTM Earnings Growth 10.3% Gross Profit Margin 56.6% 10% EBITDA Margin 26.0% Net Income Margin 14.4% SG&A Expenses as a % of Total Revenue 32.8% R&D Expenses as a % of Total Revenue 14.7% 5%

Balance Sheet Analysis (Median) Current Ratio 1.3 0% Quick Ratio 1.0 Cash as Percent of Market Cap 5.3% Avg Days Outstanding: Accounts Receivable 66 -5% Avg Days Outstanding: Accounts Payable 35 Working Capital to TTM Operating Expense Ratio 0.1x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.0% Cash from Operations Growth (YoY) 19.8% -15% Cash from Investing Growth (YoY) 18.1% Cash from Financing Growth (YoY) -95.3% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 32.0%

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 $14,916.5 $15,033.5 $4,289.0 65.1% 27.2% -13.9% 3.5x 12.9x 3.1x 9.1x 16.2% Electronic Arts EA $11,132.2 $9,402.2 $3,840.0 60.9% 9.5% 1.3% 2.4x 25.7x 2.3x 10.0x 56.0% GameLoft SA ENXTPA:GFT $568.7 $496.7 $322.0 82.6% 11.3% 5.7% 1.5x 13.7x 1.5x 10.7x -38.4% Konami TSE: 9766 $2,888.5 $2,809.0 $2,178.1 30.2% 11.6% -0.8% 1.3x 11.1x 1.3x 9.0x -8.9% Take-Two Interactive TTWO $1,925.7 $1,543.7 $2,333.3 41.1% 19.3% 106.3% 0.7x 3.4x 1.0x 7.8x 31.6% Ubisoft Entertainment ENXTPA:UBI $1,743.4 $1,762.1 $1,387.6 71.7% 32.9% -19.8% 1.3x 3.9x 1.0x 2.3x 20.1% Median: $2,407.1 $2,285.5 $2,255.7 63.0% 15.5% 0.2% 1.4x 12.0x 1.4x 9.1x 18.1%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - September 2014 TTM Revenue Growth 0.2% 20% TTM EBITDA Growth -20.5% TTM Earnings Growth -42.8% Gross Profit Margin 63.0% 15% EBITDA Margin 15.5% Net Income Margin 2.8% SG&A Expenses as a % of Total Revenue 26.8% R&D Expenses as a % of Total Revenue 29.0% 10%

Balance Sheet Analysis (Median) Current Ratio 3.2 5% Quick Ratio 2.4 Cash as Percent of Market Cap 19.8% Avg Days Outstanding: Accounts Receivable 41 0% Avg Days Outstanding: Accounts Payable 32 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 11.3% Cash from Operations Growth (YoY) -8.6% -10% Cash from Investing Growth (YoY) -50.5% Cash from Financing Growth (YoY) -35.8% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 104.8%

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 Accretive Health AH $13,581.5 $14,846.1 $43,570.6 26.6% 6.5% -3.1% 0.3x 5.2x 0.4x 5.5x -5.0% Allscripts Healthcare Solutions MDRX $2,416.9 $2,936.6 $1,372.7 46.0% 2.1% -2.2% 2.1x 99.8x 2.0x 12.1x -12.8% Cerner CERN $20,316.6 $19,483.2 $3,074.9 84.8% 26.2% 13.4% 6.3x 24.2x 5.4x 15.5x 8.2% Computer Programs and Sys CPSI $644.4 $620.4 $203.2 47.1% 27.9% 3.7% 3.1x 11.0x 2.9x 9.9x -2.6% MedAssets MDAS $1,245.3 $2,034.9 $683.1 76.9% 29.6% 1.8% 3.0x 10.0x 2.8x 8.4x 5.8% Merge Healthcare MRGE $210.5 $418.3 $215.6 59.4% 13.4% -12.3% 1.9x 14.5x 1.9x 9.9x -13.0% Omnicell OMCL $980.4 $854.0 $406.6 53.9% 14.7% 14.4% 2.1x 14.3x 1.9x 9.9x 9.0% Quality Systems QSII $829.3 $712.8 $453.0 54.0% 11.3% 0.3% 1.6x 13.9x 1.5x 9.2x -31.4% Median: $1,112.8 $1,444.5 $568.1 54.0% 14.1% 1.1% 2.1x 14.1x 2.0x 9.9x -3.8%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - September 2014 TTM Revenue Growth 1.1% 20% TTM EBITDA Growth 6.3% TTM Earnings Growth 3.5% Gross Profit Margin 54.0% 15% EBITDA Margin 14.1% Net Income Margin 3.0% SG&A Expenses as a % of Total Revenue 31.3% R&D Expenses as a % of Total Revenue 11.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.6 5% Quick Ratio 1.4 Cash as Percent of Market Cap 8.1% Avg Days Outstanding: Accounts Receivable 69 0% Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 8.8% Cash from Operations Growth (YoY) 4.3% -10% Cash from Investing Growth (YoY) -2.4% Cash from Financing Growth (YoY) -8.6% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 32.2%

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 $66,196.8 $71,948.8 $112,179.0 23.7% 11.8% -0.8% 0.6x 5.5x 0.6x 5.5x 30.0% IBM IBM $189,372.9 $226,253.9 $98,267.0 49.1% 25.6% -4.0% 2.3x 9.0x 2.3x 8.0x 4.1% Microsoft MSFT $381,999.4 $320,273.4 $86,833.0 69.0% 37.0% 11.5% 3.7x 10.0x 3.2x 9.3x 27.4% Oracle ORCL $169,630.3 $151,161.3 $38,499.0 61.4% 43.7% 3.0% 3.9x 9.0x 3.8x 7.6x 2.1% SAP DB:SAP $86,080.9 $87,471.7 $23,274.7 72.4% 34.5% 2.2% 3.8x 10.9x 3.9x 11.0x -13.0% Median: $169,630.3 $151,161.3 $86,833.0 61.4% 34.5% 2.2% 3.7x 9.0x 3.2x 8.0x 4.1%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - September 2014 TTM Revenue Growth 2.2% 15% TTM EBITDA Growth 0.1% TTM Earnings Growth 3.8% Gross Profit Margin 61.4% EBITDA Margin 34.5% 10% Net Income Margin 18.7% SG&A Expenses as a % of Total Revenue 22.6% R&D Expenses as a % of Total Revenue 13.1% 5% Balance Sheet Analysis (Median) Current Ratio 1.2 Quick Ratio 0.9 Cash as Percent of Market Cap 21.9% 0% Avg Days Outstanding: Accounts Receivable 58 Avg Days Outstanding: Accounts Payable 61 Working Capital to TTM Operating Expense Ratio 0.1x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 23.7% Cash from Operations Growth (YoY) 0.5% -10% Cash from Investing Growth (YoY) 9.0% Cash from Financing Growth (YoY) -1.1% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -1.2%

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 Bango PLC BGO $71.1 $68.0 $12.5 21.8% -71.1% -19.5% 5.5x n/a n/a n/a -31.3% iDream Sky Technologies DSKY $719.9 $694.5 $64.1 41.8% 20.8% n/a 10.8x 52.0x 3.4x 14.9x 6.7% King Digital Entertainment KING $4,060.6 $3,228.4 $2,423.2 68.8% 36.3% 213.8% 1.3x 3.7x 1.6x 3.8x -30.8% Glu Mobile GLUU $497.8 $426.3 $142.1 69.5% -2.4% 40.0% 3.0x n/a 1.7x 15.8x 32.6% Gree TSE:3632 $1,608.0 $1,111.0 $1,240.0 76.6% 33.5% -17.5% 0.9x 2.7x 1.2x 4.7x -30.3% Millennial Media MM $200.2 $107.8 $292.7 39.8% -4.7% 38.2% 0.4x n/a 0.4x n/a -74.7% MobileIron MOBL $845.2 $689.9 $114.3 82.5% -40.7% n/a 6.0x n/a 4.9x n/a 1.1% Myriad Group AG MYRN $487.6 $489.9 $43.5 48.3% -6.8% -17.3% 11.3x n/a n/a n/a 218.8% NQ Mobile NQ $371.9 $270.7 $196.7 58.9% 0.7% 114.3% 1.4x 185.5x n/a n/a -56.6% Opera OB:OPERA $1,978.1 $1,923.8 $352.6 43.1% 24.5% 39.9% 5.5x 22.3x 3.3x 13.2x 2.8% Qihoo 360 Technology QIHU $8,496.3 $8,377.6 $992.6 82.6% 26.6% 121.3% 8.4x 31.7x 5.0x 16.0x -17.6% Pandora Media P $4,988.8 $4,664.5 $799.8 43.5% -1.4% n/a 5.8x n/a 4.5x 49.3x -9.7% Synchronoss Technologies SNCR $1,913.5 $1,842.3 $388.9 58.9% 25.7% 27.8% 4.7x 18.4x 3.7x 11.4x 54.1% Tangoe TNGO $525.5 $481.0 $200.7 54.5% 7.2% 14.4% 2.4x 33.2x 2.0x 12.2x -25.0% TeleCommunication Systems TSYS $166.1 $238.8 $346.0 40.6% 7.4% -24.8% 0.7x 9.3x 0.6x 6.4x 19.7% TeleNav TNAV $264.4 $127.5 $150.3 59.5% -15.7% -21.6% 0.8x n/a 0.8x n/a 3.9% Zynga ZNGA $2,418.8 $1,691.6 $700.2 68.4% -2.5% -37.6% 2.4x n/a 2.2x 18.7x -31.6% Median: $719.9 $689.9 $292.7 58.9% 0.7% 21.1% 3.0x 22.3x 2.1x 13.2x -9.7%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - September 2014 TTM Revenue Growth 21.1% 15% TTM EBITDA Growth 0.1% TTM Earnings Growth 6.0% Gross Profit Margin 58.9% 10% EBITDA Margin 0.7% Net Income Margin -3.1% SG&A Expenses as a % of Total Revenue 38.1% 5% R&D Expenses as a % of Total Revenue 13.8%

0% Balance Sheet Analysis (Median) Current Ratio 2.8 Quick Ratio 2.7 -5% Cash as Percent of Market Cap 14.4% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 37 -10% Working Capital to TTM Operating Expense Ratio 0.0x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 6.3% Cash from Operations Growth (YoY) 39.8% -20% Cash from Investing Growth (YoY) -9.5% Cash from Financing Growth (YoY) 83.5% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 119.3%

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 ATEN $544.9 $432.8 $172.9 76.7% -1.7% n/a 2.5x n/a 2.1x n/a -43.8% Allot Communications ALLT $379.7 $256.1 $107.7 71.6% 3.4% 8.3% 2.4x 69.4x 2.1x 13.4x -24.6% Aruba Networks ARUN $2,354.2 $2,069.3 $728.9 69.2% 4.4% 21.5% 2.8x 65.1x 2.4x 10.1x 24.7% Barracuda Networks CUDA $1,320.5 $1,183.8 $254.6 78.1% 3.3% 16.8% 4.6x 141.5x 4.2x 16.0x -31.0% Brocade Communications Systems BRCD $4,695.9 $4,143.7 $2,205.7 65.8% 26.2% -1.6% 1.9x 7.2x 1.9x 6.6x 94.5% Cisco Systems CSCO $128,346.9 $97,191.9 $47,142.0 60.3% 26.8% -3.0% 2.1x 7.7x 2.0x 6.0x 17.2% Cyan CYNI $146.7 $112.1 $102.0 40.3% -49.9% -12.5% 1.1x n/a 0.9x n/a -40.2% Compuware CPWR $2,335.8 $2,076.2 $714.5 67.7% 12.0% 6.9% 2.9x 24.2x 2.9x 9.9x -2.5% F5 Networks FFIV $8,796.7 $8,185.4 $1,662.1 82.3% 30.8% 14.7% 4.9x 16.0x 4.3x 11.3x 33.6% Gigamon GIMO $335.2 $200.3 $148.7 77.6% -22.2% 28.4% 1.3x n/a 1.4x n/a -62.3% Juniper Networks JNPR $9,993.8 $8,722.4 $4,858.8 62.7% 17.6% 8.7% 1.8x 10.2x 1.8x 6.5x -14.3% Mavenir Systems MVNR $361.1 $361.2 $115.1 54.4% -4.1% 40.3% 3.1x n/a 2.6x n/a 13.1% Radware RDWR $795.2 $630.4 $205.1 81.3% 13.5% 8.4% 3.1x 22.8x 2.8x 15.6x -0.9% Riverbed Technology RVBD $2,961.9 $3,054.7 $1,074.4 73.6% 16.2% 12.9% 2.8x 17.6x 2.6x 9.0x 2.9% Median: $1,828.2 $1,626.5 $484.5 70.4% 8.2% 8.7% 2.7x 20.2x 2.2x 10.0x -1.7%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - September TTM Revenue Growth 8.7% 15% 2014 TTM EBITDA Growth 12.9% TTM Earnings Growth 14.8% Gross Profit Margin 70.4% 10% EBITDA Margin 8.2% Net Income Margin 1.4% SG&A Expenses as a % of Total Revenue 48.5% R&D Expenses as a % of Total Revenue 21.0% 5%

Balance Sheet Analysis (Median) Current Ratio 2.7 0% Quick Ratio 2.2 Cash as Percent of Market Cap 20.6% Avg Days Outstanding: Accounts Receivable 51 -5% Avg Days Outstanding: Accounts Payable 45 Working Capital to TTM Operating Expense Ratio 0.4x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 15.8% Cash from Operations Growth (YoY) 5.4% -15% Cash from Investing Growth (YoY) 43.6% Cash from Financing Growth (YoY) -82.4% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.6%

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 AVG Technologies AVG $869.1 $824.0 $383.6 83.1% 33.6% -3.0% 2.1x 6.4x 2.1x 5.7x -2.1% Barracuda Networks CUDA $1,320.5 $1,183.8 $254.6 78.1% 3.3% 16.8% 4.6x 141.5x 4.2x 16.0x -31.0% Cyberark Software CYBR $946.9 $871.3 $75.7 85.0% 12.6% n/a 11.5x 91.1x n/a n/a 6.9% Check Point Software Tech CHKP $13,210.3 $11,976.8 $1,436.0 88.4% 54.7% 5.3% 8.3x 15.2x 7.8x n/a 7.5% A10 Networks ATEN $544.9 $432.8 $172.9 76.7% -1.7% n/a 2.5x n/a 2.1x n/a -43.8% Cyren CYRN $68.7 $70.9 $32.6 76.2% -13.7% 15.2% 2.2x n/a 2.0x n/a -26.5% Fortinet FTNT $4,137.7 $3,579.6 $685.1 70.3% 12.5% 20.0% 5.2x 41.9x 4.5x 22.6x 32.8% Guidance Software GUID $196.9 $178.2 $108.8 67.0% -9.2% -14.1% 1.6x n/a 1.5x 24.1x -32.8% Imperva IMPV $761.2 $661.7 $147.8 77.9% -28.7% 25.2% 4.5x n/a 3.8x n/a -40.9% Palo Alto Networks PANW $7,811.5 $7,505.9 $598.2 73.3% -7.5% 51.0% 12.5x n/a 9.2x 61.5x 76.2% Proofpoint PFPT $1,389.4 $1,321.3 $164.4 68.4% -14.8% 39.0% 8.0x n/a 6.4x n/a 14.6% Sourcefire FIRE $17.0 $17.8 $20.7 36.2% 12.7% 43.9% 0.9x 6.8x n/a n/a -23.5% Symantec SYMC $16,229.2 $14,275.2 $6,702.0 83.5% 29.0% -3.5% 2.1x 7.4x 2.1x 6.2x 2.3% Trend Micro TSE:4704 $4,533.9 $3,487.5 $1,094.2 83.0% 35.1% 9.8% 3.2x 9.1x 3.3x 9.8x -3.5% VASCO Data Security VDSI $737.0 $613.7 $168.9 65.0% 13.3% 14.3% 3.6x 27.3x 3.4x 17.0x 147.4% Median: $946.9 $871.3 $172.9 76.7% 12.5% 15.2% 3.6x 15.2x 3.4x 16.5x -2.1%

Income Statement Analysis (Median) Security Software Stock Market Return: January - September 2014 TTM Revenue Growth 15.2% 15% TTM EBITDA Growth -1.1% TTM Earnings Growth -11.8% Gross Profit Margin 76.7% EBITDA Margin 12.5% 10% Net Income Margin 5.1% SG&A Expenses as a % of Total Revenue 54.4% R&D Expenses as a % of Total Revenue 17.5% 5% Balance Sheet Analysis (Median) Current Ratio 1.9 Quick Ratio 1.6 Cash as Percent of Market Cap 11.9% 0% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 49 Working Capital to TTM Operating Expense Ratio 0.6x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 16.1% Cash from Operations Growth (YoY) -6.6% -10% Cash from Investing Growth (YoY) -34.8% Cash from Financing Growth (YoY) 83.8% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 24.3%

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 Brocade Communications Systems BRCD $4,695.9 $4,143.7 $2,205.7 65.8% 26.2% -1.6% 1.9x 7.2x 1.9x 6.6x 24.1% CA Technologies CA $12,435.0 $11,084.0 $4,489.0 85.5% 31.7% -1.6% 2.5x 7.8x 2.5x 6.5x -13.6% Cisco Systems CSCO $128,346.9 $97,191.9 $47,142.0 60.3% 26.8% -3.0% 2.1x 7.7x 2.0x 6.0x 17.2% CommVault Systems CVLT $2,283.9 $1,885.4 $604.6 87.2% 17.1% 16.5% 3.1x 18.2x 2.7x 11.0x -32.0% EMC EMC $59,358.5 $58,738.5 $23,580.0 62.2% 23.1% 5.7% 2.5x 10.8x 2.3x 7.4x 18.6% FalconStor Software FALC $52.0 $30.9 $52.7 76.5% -9.2% -23.5% 0.6x n/a n/a n/a -12.9% Informatica INFA $3,766.5 $3,080.3 $1,005.2 83.0% 18.4% 16.6% 3.1x 16.7x 2.8x 10.8x -15.9% NetApp NTAP $13,715.2 $9,645.1 $6,298.1 62.7% 16.4% -1.7% 1.5x 9.4x 1.5x 6.6x 7.6% Splunk SPLK $6,638.6 $5,801.0 $366.0 86.7% -40.8% 51.6% 15.8x n/a 11.9x 266.1x -22.5% TIBCO Software TIBX $3,871.8 $3,891.6 $1,076.2 70.3% 15.6% 2.4% 3.6x 23.2x 3.6x 17.7x 2.1% Varonis Systems VRNS $516.9 $396.6 $86.3 90.5% -14.0% 38.0% 4.6x n/a 3.6x n/a -52.0% Median: $4,695.9 $4,143.7 $1,076.2 76.5% 17.1% 2.4% 2.5x 10.1x 2.6x 7.4x -12.9%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - September TTM Revenue Growth 2.4% 15% 2014 TTM EBITDA Growth 1.4% TTM Earnings Growth -5.4% Gross Profit Margin 76.5% 10% EBITDA Margin 17.1% Net Income Margin 9.9% SG&A Expenses as a % of Total Revenue 40.5% 5% R&D Expenses as a % of Total Revenue 15.9%

0% Balance Sheet Analysis (Median) Current Ratio 2.3 Quick Ratio 2.1 -5% Cash as Percent of Market Cap 23.3% Avg Days Outstanding: Accounts Receivable 72 Avg Days Outstanding: Accounts Payable 31 -10% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 15.1% Cash from Operations Growth (YoY) -4.4% -20% Cash from Investing Growth (YoY) 3.4% Cash from Financing Growth (YoY) -12.5% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 6.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD CA Technologies CA $12,435.0 $11,084.0 $4,489.0 85.5% 31.7% -1.6% 2.5x 7.8x 2.5x 6.5x -13.6% Citrix Systems CTXS $11,733.3 $12,190.2 $3,047.5 85.5% 23.8% 9.4% 4.0x 16.8x 3.7x 12.2x 14.2% Netscout Systems NTCT $1,880.2 $1,702.3 $422.7 78.7% 24.6% 18.7% 4.0x 16.4x 3.7x 12.6x 58.8% Red Hat RHT $10,546.2 $9,743.2 $1,666.6 84.8% 18.9% 16.6% 5.8x 31.0x 5.2x 19.5x 0.6% SolarWinds SWI $3,170.3 $3,008.1 $382.4 90.3% 35.2% 29.3% 7.9x 22.4x 6.5x 12.8x 11.2% VMWare VMW $40,361.7 $35,224.7 $5,589.0 85.8% 26.0% 15.0% 6.3x 24.2x 5.5x 14.7x 4.8% Median: $11,139.7 $10,413.6 $2,357.1 85.5% 25.3% 15.8% 4.9x 19.6x 4.4x 12.7x 8.0%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - September 2014 TTM Revenue Growth 15.8% 15% TTM EBITDA Growth 9.6% TTM Earnings Growth 5.8% Gross Profit Margin 85.5% EBITDA Margin 25.3% 10% Net Income Margin 15.2% SG&A Expenses as a % of Total Revenue 46.2% R&D Expenses as a % of Total Revenue 16.6% 5% Balance Sheet Analysis (Median) Current Ratio 1.2 Quick Ratio 1.1 0% Cash as Percent of Market Cap 8.5% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 52 Working Capital to TTM Operating Expense Ratio 0.2x -5%

Cash Flow Statement Analysis (Median)

Levered FCF Margin 25.1% -10% Cash from Operations Growth (YoY) 13.5%

Cash from Investing Growth (YoY) -63.8% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) 42.5% Levered FCF Growth (YoY) 17.5%

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 Advent Software ADVS $1,627.2 $1,865.8 $391.5 71.5% 24.1% 5.6% 4.8x 19.8x 4.5x 14.7x -7.2% Broadridge Financial BR $4,976.2 $5,152.6 $2,558.0 31.1% 20.4% 5.2% 2.0x 9.9x 1.9x 9.0x 7.8% Fidessa LSE:FDSA $1,406.5 $1,312.8 $473.5 20.7% 18.8% 0.1% 2.8x 14.8x 2.8x 11.4x 4.7% Jack Henry & Associates JKHY $4,590.9 $4,529.7 $1,210.1 42.9% 34.5% 7.1% 3.7x 10.9x 3.5x 10.1x -3.2% MSCI MSCI $5,268.0 $5,382.6 $1,081.7 68.1% 41.2% 16.3% 5.0x 12.1x 5.2x 13.2x 9.0% SS&C SSNC $3,665.0 $4,259.7 $736.6 45.9% 39.0% 7.1% 5.8x 14.8x 5.4x 12.9x -1.5% Median: $4,128.0 $4,394.7 $909.1 44.4% 29.3% 6.3% 4.3x 13.4x 4.0x 12.1x 1.6%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - September 2014 TTM Revenue Growth 6.3% 15% TTM EBITDA Growth 7.3% TTM Earnings Growth 13.1% Gross Profit Margin 44.4% 10% EBITDA Margin 29.3% Net Income Margin 14.0% SG&A Expenses as a % of Total Revenue 13.8% R&D Expenses as a % of Total Revenue 7.3% 5%

Balance Sheet Analysis (Median) Current Ratio 1.4 0% Quick Ratio 1.2 Cash as Percent of Market Cap 4.8% Avg Days Outstanding: Accounts Receivable 59 -5% Avg Days Outstanding: Accounts Payable 9 Working Capital to TTM Operating Expense Ratio 0.1x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 16.1% Cash from Operations Growth (YoY) 12.5% -15% Cash from Investing Growth (YoY) -18.5% Cash from Financing Growth (YoY) -3.3% Vertical - Finance 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 Blackbaud BLKB $1,774.4 $1,922.3 $529.7 52.7% 19.6% 9.5% 3.6x 18.6x 3.3x 15.9x 6.4% Constellation TSX:CSU $5,335.9 $5,658.6 $1,466.9 32.3% 9.8% 40.8% 3.9x 39.3x 3.1x 15.8x 20.5% EPIQ Systems EPIQ $632.2 $915.6 $462.5 51.7% 13.2% 21.7% 2.0x 15.0x 1.7x 8.4x 12.9% Guidewire Software GWRE $3,064.7 $2,620.4 $350.2 57.5% 6.8% 16.5% 7.5x 110.2x 7.0x 48.2x -7.9% Sapiens International SPNS $346.9 $301.5 $146.1 36.6% 11.6% 16.6% 2.1x 17.8x 1.8x 13.3x -1.7% Silver Spring Networks SSNI $467.0 $343.2 $255.5 32.0% -22.7% 3.5% 1.3x n/a 1.0x 18.8x -53.5% Tyler Technologies TYL $2,903.9 $2,815.0 $454.8 46.9% 20.5% 17.2% 6.2x 30.2x 5.4x 20.9x -12.7% Median: $1,774.4 $1,922.3 $454.8 46.9% 11.6% 16.6% 3.6x 24.4x 3.1x 15.9x -1.7%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - September 2014 TTM Revenue Growth 16.6% 15% TTM EBITDA Growth -4.9% TTM Earnings Growth 8.0% 10% Gross Profit Margin 46.9% EBITDA Margin 11.6% 5% Net Income Margin 6.5% SG&A Expenses as a % of Total Revenue 27.9% R&D Expenses as a % of Total Revenue 12.7% 0%

Balance Sheet Analysis (Median) -5% Current Ratio 1.6 Quick Ratio 1.3 -10% Cash as Percent of Market Cap 4.0% Avg Days Outstanding: Accounts Receivable 62 -15% Avg Days Outstanding: Accounts Payable 24 Working Capital to TTM Operating Expense Ratio 0.3x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 13.6% Cash from Operations Growth (YoY) 97.1% -30% Cash from Investing Growth (YoY) -96.2% Cash from Financing Growth (YoY) 140.7% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 62.1%

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 $877.5 $774.7 $145.5 64.3% -5.2% 27.3% 6.1x 58.7x 4.7x 28.8x -15.1% CRM & Marketing $966.7 $801.4 $149.6 68.7% -8.6% 29.6% 5.1x 112.8x 4.2x 30.6x -12.3% ERP & Supply Chain $862.9 $726.4 $115.0 68.0% -8.1% 30.2% 6.3x 64.9x 5.3x 25.8x -17.5% Vertically Focused $929.7 $846.2 $135.5 61.6% 8.2% 30.1% 6.2x 48.6x 5.0x 21.7x -11.9% Workforce Management $973.9 $895.1 $124.4 60.6% -11.7% 31.1% 8.2x 59.0x 5.7x 34.2x -18.3% SaaS Other $694.3 $739.6 $166.6 67.5% -13.7% 21.0% 4.2x 54.3x 3.3x 40.7x -25.1%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - September 2014 TTM Revenue Growth 27.3% 15% TTM EBITDA Growth -16.5% TTM Earnings Growth -32.3% 10% Gross Profit Margin 64.3% EBITDA Margin -5.2% 5% Net Income Margin -15.9% SG&A Expenses as a % of Total Revenue 57.5% 0% R&D Expenses as a % of Total Revenue 19.1% -5% Balance Sheet Analysis (Median) Current Ratio 2.1 -10% Quick Ratio 2.0 Cash as Percent of Market Cap 11.9% -15% Avg Days Outstanding: Accounts Receivable 65 -20% Avg Days Outstanding: Accounts Payable 29 Working Capital to TTM Operating Expense Ratio 0.6x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 6.5% Cash from Operations Growth (YoY) 27.2% -35% Cash from Investing Growth (YoY) -20.8% Cash from Financing Growth (YoY) 94.4% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 30.0%

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 Bazaarvoice BV $576.7 $511.1 $173.8 67.1% -17.4% 14.7% 2.9x n/a 2.6x n/a -4.9% Constant Contact CTCT $860.6 $720.6 $307.1 72.3% 11.0% 14.4% 2.3x 21.3x 2.0x 10.6x -10.3% Cvent CVT $1,072.7 $882.3 $125.4 70.2% 4.6% 29.6% 7.0x 152.1x 5.6x 55.8x -31.0% LivePerson LPSN $677.1 $605.8 $191.0 75.5% 4.3% 13.8% 3.2x 73.5x 2.8x 25.6x -14.3% Marketo MKTO $1,317.0 $1,205.4 $122.0 64.3% -34.4% 63.7% 9.9x n/a 7.3x n/a -15.1% Marin Software MRIN $299.3 $220.1 $88.6 62.5% -30.5% 30.5% 2.5x n/a 2.0x n/a -15.4% Salesforce.com CRM $35,611.1 $37,113.7 $4,766.6 76.0% 0.1% 37.3% 7.8x 11926.0x 6.2x 35.7x 4.9% Zendesk ZEN $1,562.7 $1,441.1 $96.3 64.0% -38.2% n/a 15.0x n/a 10.0x n/a 60.8% Median: $966.7 $801.4 $149.6 68.7% -8.6% 29.6% 5.1x 112.8x 4.2x 30.6x -12.3%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - September 2014 TTM Revenue Growth 29.6% 15% TTM EBITDA Growth 4.8% TTM Earnings Growth -9.8% 10% Gross Profit Margin 68.7% EBITDA Margin -8.6% 5% Net Income Margin -20.7% SG&A Expenses as a % of Total Revenue 66.9% 0% R&D Expenses as a % of Total Revenue 20.8% -5% Balance Sheet Analysis (Median) Current Ratio 2.3 -10% Quick Ratio 2.2 Cash as Percent of Market Cap 13.3% -15% Avg Days Outstanding: Accounts Receivable 69 -20% Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.4x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 5.1% Cash from Operations Growth (YoY) 29.6% -35% Cash from Investing Growth (YoY) -24.0% Cash from Financing Growth (YoY) 50.2% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 68.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Amber Road AMBR $437.5 $399.7 $59.8 58.3% -41.1% 30.2% 6.7x n/a 5.9x n/a 2.0% E2open EOPN $270.9 $225.0 $76.6 62.5% -32.4% 9.2% 2.9x n/a 2.5x n/a -61.6% Fleetmatics FLTX $1,145.2 $1,014.4 $203.6 75.3% 21.9% 35.7% 5.0x 22.8x 4.0x 13.7x -29.7% Netsuite N $6,842.6 $6,633.2 $476.6 68.0% -8.1% 33.4% 13.9x n/a 10.6x 127.0x -12.1% SciQuest SQI $413.7 $298.3 $99.1 69.9% 2.9% 25.8% 3.0x 103.2x 2.7x 14.0x -44.7% SPS Commerce SPSC $862.9 $726.4 $115.0 69.0% 9.7% 24.8% 6.3x 64.9x 5.3x 37.6x -17.5% Workday WDAY $15,345.0 $14,007.7 $616.3 63.9% -25.2% 74.4% 22.7x n/a 14.7x n/a 0.9% Median: $862.9 $726.4 $115.0 68.0% -8.1% 30.2% 6.3x 64.9x 5.3x 25.8x -17.5%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - September 2014 TTM Revenue Growth 30.2% 15% TTM EBITDA Growth -16.9% TTM Earnings Growth -37.7% 10% Gross Profit Margin 68.0% EBITDA Margin -8.1% 5% Net Income Margin -17.3% SG&A Expenses as a % of Total Revenue 55.2% 0% R&D Expenses as a % of Total Revenue 19.4% -5% Balance Sheet Analysis (Median) Current Ratio 2.1 -10% Quick Ratio 2.0 Cash as Percent of Market Cap 11.9% -15% Avg Days Outstanding: Accounts Receivable 62 -20% Avg Days Outstanding: Accounts Payable 20 Working Capital to TTM Operating Expense Ratio 0.7x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 11.1% Cash from Operations Growth (YoY) 52.0% -35% Cash from Investing Growth (YoY) -2.1% Cash from Financing Growth (YoY) 624.9% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 45.5%

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 2U TWOU $627.7 $523.0 $96.4 73.8% -32.3% n/a 5.4x n/a 4.2x n/a 11.5% Athenahealth ATHN $4,999.5 $5,106.8 $672.1 59.4% 9.1% 36.0% 7.6x 83.3x 6.1x 35.2x 0.1% Castlight Health CSLT $1,160.4 $1,000.6 $27.7 12.4% -295.7% n/a 36.2x n/a 17.2x n/a -67.5% DealerTrack TRAK $2,339.5 $2,932.2 $634.3 40.9% 12.0% 46.9% 4.6x 38.5x 3.1x 14.1x -10.3% Ebix EBIX $543.6 $545.9 $204.0 80.5% 38.5% -3.5% 2.7x 7.0x 2.6x 6.5x -0.1% Ellie Mae ELLI $923.3 $846.2 $135.5 73.2% 16.7% 10.6% 6.2x 37.4x 5.0x 17.1x 21.6% Medical Transcript MTBC $39.1 $42.3 $11.1 57.8% 6.5% n/a 3.8x 58.7x 1.7x n/a -16.8% Medidata Solutions MDSO $2,393.1 $2,410.2 $305.4 74.6% 8.2% 24.2% 7.9x 95.8x 6.4x 25.8x -24.9% OPOWER OPWR $929.7 $781.0 $108.3 66.1% -26.7% 54.4% 7.2x n/a 5.8x n/a -18.0% RealPage RP $1,227.8 $1,213.5 $389.1 59.5% 10.8% 10.4% 3.1x 28.9x 2.9x 17.5x -30.8% Textura TXTR $671.2 $604.3 $58.9 82.4% -23.0% n/a 10.3x n/a 7.6x 153.1x -11.9% Q2 Holdings QTWO $478.7 $386.7 $66.0 39.4% -24.8% n/a 5.9x n/a 4.4x n/a -7.7% Veeva Systems VEEV $3,600.1 $3,249.9 $260.2 61.6% 20.4% 54.9% 12.5x 61.4x 9.6x 36.8x -12.9% Median: $929.7 $846.2 $135.5 61.6% 8.2% 30.1% 6.2x 48.6x 5.0x 21.7x -11.9%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - September 2014 TTM Revenue Growth 30.1% 15% TTM EBITDA Growth -12.1% TTM Earnings Growth -54.7% 10% Gross Profit Margin 61.6% EBITDA Margin 8.2% 5% Net Income Margin -1.7% SG&A Expenses as a % of Total Revenue 47.4% 0% R&D Expenses as a % of Total Revenue 16.0% -5% Balance Sheet Analysis (Median) Current Ratio 2.3 -10% Quick Ratio 2.2 Cash as Percent of Market Cap 9.1% -15% Avg Days Outstanding: Accounts Receivable 53 -20% Avg Days Outstanding: Accounts Payable 20 Working Capital to TTM Operating Expense Ratio 0.6x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 10.2% Cash from Operations Growth (YoY) 27.3% -35% Cash from Investing Growth (YoY) -79.2% Cash from Financing Growth (YoY) 212.6% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -37.9%

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 Benefitfocus BNFT $686.4 $653.1 $119.6 36.5% -30.8% 31.1% 5.5x n/a 4.3x n/a -51.9% Callidus Software CALD $578.2 $541.1 $124.4 60.6% -0.2% 23.6% 4.4x n/a 3.8x 34.2x -8.0% Cornerstone OnDemand CSOD $1,837.1 $1,818.0 $222.0 71.2% -16.6% 48.8% 8.2x n/a 5.7x 163.7x -35.0% Halogen Software TSX:HGN $187.9 $138.1 $52.1 73.9% -11.7% 21.3% 2.7x n/a 2.2x n/a -30.7% Paylocity Holding PCTY $973.9 $895.1 $108.7 49.6% -2.4% 40.6% 8.2x n/a 6.3x n/a -18.3% The Ultimate Software Group ULTI $3,999.3 $3,918.3 $458.1 59.6% 14.5% 23.7% 8.6x 59.0x 7.0x 28.8x -7.2% Workday WDAY $15,345.0 $14,007.7 $616.3 63.9% -25.2% 74.4% 22.7x n/a 14.7x n/a 0.9% Median: $973.9 $895.1 $124.4 60.6% -11.7% 31.1% 8.2x 59.0x 5.7x 34.2x -18.3%

Income Statement Analysis (Median) Workforce Management SaaS Stock Market Return: January - September 2014 TTM Revenue Growth 31.1% 15% TTM EBITDA Growth -52.6% TTM Earnings Growth -46.2% 10% Gross Profit Margin 60.6% EBITDA Margin -11.7% 5% Net Income Margin -15.9% 0% SG&A Expenses as a % of Total Revenue 51.4% R&D Expenses as a % of Total Revenue 16.4% -5%

Balance Sheet Analysis (Median) -10% Current Ratio 1.7 Quick Ratio 1.6 -15% Cash as Percent of Market Cap 10.4% -20% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 14 -25% Working Capital to TTM Operating Expense Ratio 0.4x -30% Cash Flow Statement Analysis (Median) -35% Levered FCF Margin 4.4% Cash from Operations Growth (YoY) 60.9% -40% Cash from Investing Growth (YoY) -3.2% Cash from Financing Growth (YoY) -50.4% Workforce Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 126.7%

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 ChannelAdvisors ECOM $405.7 $325.6 $77.2 71.7% -30.4% 28.9% 4.2x n/a 3.3x n/a -60.0% Concur CNQR $7,237.9 $7,096.0 $667.9 62.5% 3.3% 31.8% 10.6x 320.0x 8.7x 53.0x 25.6% Covisint COVS $157.3 $114.1 $94.6 38.4% -43.2% 0.4% 1.2x n/a 1.2x n/a -67.0% Demandware DWRE $1,839.7 $1,583.9 $128.3 73.6% -13.7% 44.5% 12.3x n/a 8.7x n/a -21.4% FireEye FEYE $4,551.5 $4,087.0 $268.4 60.0% -103.6% 132.9% 15.2x n/a 7.7x n/a -25.7% inContact SAAS $528.8 $505.3 $145.5 48.4% -2.4% 19.9% 3.5x n/a 2.7x 126.0x 8.4% IntraLinks Holdings IL $456.1 $479.6 $244.5 72.5% 3.6% 8.7% 2.0x 55.0x 1.9x 11.9x -32.5% J2 Global JCOM $2,356.1 $2,292.1 $544.7 82.9% 41.5% 21.0% 4.2x 10.1x 3.6x 8.4x 1.1% Jive Software JIVE $415.6 $322.8 $161.1 62.4% -35.3% 23.4% 2.0x n/a 1.7x n/a -46.6% Liquid Holdings Group LIQD $81.7 n/a $4.5 53.9% n/a -10.9% n/a n/a n/a n/a -80.5% Qualys QLYS $877.5 $768.4 $119.4 77.4% 11.8% 20.4% 6.4x 54.3x 5.3x 28.3x 14.8% RingCentral RNG $859.8 $739.6 $188.3 62.5% -20.5% 38.5% 3.9x n/a 3.1x n/a -28.8% Rally Software Development RALY $302.7 $225.7 $79.4 74.9% -31.3% 20.2% 2.8x n/a 2.3x n/a -37.9% Service-now.com NOW $8,564.2 $8,315.8 $542.3 63.3% -15.5% 65.5% 15.3x n/a 10.4x 96.6x 5.5% Tableau Software DATA $4,991.1 $4,363.8 $307.8 91.4% 5.0% 87.8% 14.2x 284.0x 10.1x 195.4x 6.2% Tangoe TNGO $525.5 $481.0 $200.7 54.5% 7.2% 14.4% 2.4x 33.2x 2.0x 12.2x -25.0% TrueCar NasdaqGS:TRUE $1,379.5 $1,267.7 $172.1 90.9% -17.6% n/a 7.4x n/a 5.3x 77.0x 78.4% Zix ZIXI $202.8 $176.6 $49.3 84.1% 23.5% 6.5% 3.6x 15.2x 3.2x 13.8x -25.2% Median: $694.3 $739.6 $166.6 67.5% -13.7% 21.0% 4.2x 54.3x 3.3x 40.7x -25.1%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - September 2014 TTM Revenue Growth 21.0% 15% TTM EBITDA Growth -18.4% TTM Earnings Growth -18.9% 10% Gross Profit Margin 67.5% EBITDA Margin -13.7% 5% Net Income Margin -19.5% SG&A Expenses as a % of Total Revenue 69.0% 0% R&D Expenses as a % of Total Revenue 19.5% -5% Balance Sheet Analysis (Median) Current Ratio 2.7 -10% Quick Ratio 2.4 Cash as Percent of Market Cap 12.7% -15% Avg Days Outstanding: Accounts Receivable 72 -20% Avg Days Outstanding: Accounts Payable 33 Working Capital to TTM Operating Expense Ratio 0.5x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 6.4% Cash from Operations Growth (YoY) 10.7% -35% Cash from Investing Growth (YoY) -27.3% Cash from Financing Growth (YoY) 104.3% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 7.5%

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 $1,264.6 $1,144.8 $504.9 64.4% 9.2% 19.2% 2.4x 18.0x 2.1x 13.7x -9.7% Ad Tech & Lead Generation $1,932.7 $1,553.4 $593.8 57.7% 6.3% 23.4% 2.2x 17.5x 2.4x 13.7x -31.5% Commerce $504.2 $463.0 $455.2 41.7% 6.3% 14.1% 1.3x 25.4x 1.2x 10.8x -19.0% Content & Media $2,718.6 $2,098.0 $551.4 48.4% 11.0% 11.7% 2.0x 17.2x 1.8x 12.1x -9.7% Gaming $2,175.76 $1,622.5 $749.6 69.1% 21.0% 14.1% 2.4x 10.1x 2.2x 17.5x -17.9% Infrastructure $586.96 $428.8 $309.3 62.4% 5.1% 9.8% 1.2x 17.0x 1.0x 11.2x -16.9% Search $42,675.13 $40,814.5 $4,696.9 66.8% 33.8% 28.7% 5.9x 17.5x 5.2x 12.8x 2.0% Services $838.23 $661.9 $208.6 73.3% 6.5% 30.6% 2.4x 26.1x 2.1x 16.7x -17.6% Social $5,877.92 $5,102.4 $867.7 63.0% 10.6% 63.7% 12.5x 35.4x 9.2x 28.0x 0.5% Travel $5,533.02 $5,150.9 $943.7 83.0% 15.6% 22.1% 5.6x 19.2x 5.6x 21.3x 12.1%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - September 2014 TTM Revenue Growth 19.2% 15% TTM EBITDA Growth 9.3% TTM Earnings Growth 2.1% Gross Profit Margin 64.4% 10% EBITDA Margin 9.2% Net Income Margin 0.3% 5% SG&A Expenses as a % of Total Revenue 38.6% R&D Expenses as a % of Total Revenue 15.1% 0% Balance Sheet Analysis (Median) Current Ratio 2.5 -5% Quick Ratio 2.2 Cash as Percent of Market Cap 16.3% -10% Avg Days Outstanding: Accounts Receivable 38 Avg Days Outstanding: Accounts Payable 50 -15% Working Capital to TTM Operating Expense Ratio 0.5

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 8.6% Cash from Operations Growth (YoY) 17.2% -25% Cash from Investing Growth (YoY) -41.5% Cash from Financing Growth (YoY) 41.7% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -4.4%

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 AOL AOL $3,536.2 $3,648.2 $2,430.4 28.0% 18.2% 9.9% 1.5x 8.3x 1.4x 6.8x 0.3% Baidu.com BIDU $76,513.5 $72,873.6 $6,415.8 63.6% 38.4% 52.8% 11.4x 29.6x 7.5x 22.1x 21.2% Conversant CNVR $2,194.7 $2,176.1 $593.8 67.4% 33.3% 6.0% 3.7x 11.0x 3.4x 9.9x 48.3% Criteo SA CRTO $1,992.2 $1,678.0 $777.0 36.1% 7.5% 60.8% 2.2x 28.9x 4.1x 16.8x 2.1% Google GOOGL $394,258.6 $344,270.6 $65,142.0 57.7% 29.8% 21.1% 5.3x 17.7x 4.7x 11.9x 5.7% Marchex MCHX $177.6 $102.7 $180.4 36.9% 5.4% 30.3% 0.6x 10.5x 0.7x 7.4x -64.8% ReachLocal RLOC $104.3 $39.8 $514.0 49.7% -1.5% 5.5% 0.1x n/a 0.1x n/a -71.8% Rocket Fuel FUEL $566.5 $397.2 $315.1 49.1% -5.5% 97.4% 1.3x n/a 0.8x n/a -73.4% The Rubicon Project RUBI $420.7 $315.2 $99.5 82.3% -8.1% n/a 3.2x n/a 2.4x n/a -41.6% Sohu.com SOHU $1,932.7 $1,553.4 $1,519.2 62.4% 6.3% 23.4% 1.0x 16.3x 0.9x 37.4x -31.5% Tremor TRMR $118.9 $35.2 $150.1 35.4% -9.5% 22.1% 0.2x n/a 0.2x n/a -58.8% TubeMogul TUBE $342.4 $331.9 $85.7 68.1% -0.8% n/a 3.9x n/a 3.0x n/a 0.0% Yahoo! YHOO $40,530.1 $39,002.3 $4,621.7 71.6% 16.7% -4.2% 8.4x 50.5x 9.0x 33.2x 2.9% Yandex YNDX $8,836.7 $8,755.4 $1,335.1 70.8% 37.8% 36.2% 6.6x 17.3x 5.7x 13.7x -34.8% YuMe YUME $163.3 $102.3 $167.9 47.6% 0.8% 26.8% 0.6x 80.6x 0.5x n/a -32.1% Median: $1,932.7 $1,553.4 $593.8 57.7% 6.3% 23.4% 2.2x 17.5x 2.4x 13.7x -31.5%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - September 2014 TTM Revenue Growth 23.4% 15% TTM EBITDA Growth -11.8% TTM Earnings Growth -5.0% 10% Gross Profit Margin 57.7% EBITDA Margin 6.3% 5% Net Income Margin 2.0% SG&A Expenses as a % of Total Revenue 35.3% 0% R&D Expenses as a % of Total Revenue 13.6% -5% Balance Sheet Analysis (Median) Current Ratio 3.4x -10% Quick Ratio 3.0x Cash as Percent of Market Cap 16.7% -15% Avg Days Outstanding: Accounts Receivable 68.0x -20% Avg Days Outstanding: Accounts Payable 66.3x Working Capital to TTM Operating Expense Ratio 0.5x -25% Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 6.0% Cash from Operations Growth (YoY) 14.1% -35% Cash from Investing Growth (YoY) -63.3% Cash from Financing Growth (YoY) 71.2% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 1-800-FLOWERS.COM FLWS $459.8 $457.9 $756.3 41.7% 5.8% 2.8% 0.6x 10.5x 0.6x 8.4x 35.9% 58.com WUBA $3,269.0 $2,854.7 $199.7 94.9% 14.5% 86.7% 14.3x 98.7x 9.1x n/a -1.9% Alibaba BABA $219,015.8 $220,155.8 $9,246.1 73.5% 51.6% n/a 23.8x 46.2x 17.3x n/a -5.4% Amazon.com AMZN $148,978.9 $144,111.9 $81,759.0 28.3% 4.9% 22.3% 1.8x 35.9x 1.4x 20.0x -19.0% Bitauto Holdings BITA $3,236.8 $3,059.0 $279.4 78.9% 23.5% 43.7% 10.9x 46.5x 7.7x 26.0x 149.8% BlueNile NILE $337.9 $299.0 $455.2 18.7% 3.6% 5.6% 0.7x 18.3x 0.6x 12.6x -38.4% Borderfree BRDR $406.5 $285.8 $116.6 24.3% 1.1% 17.4% 2.5x 228.2x 1.8x 28.9x -35.5% Chegg CHGG $522.2 $463.0 $277.6 31.7% 6.3% 16.8% 1.7x 26.5x 1.3x 227.1x -24.9% DangDang DANG $984.4 $723.6 $1,156.9 18.0% 0.6% 25.6% 0.6x 112.8x 0.5x 18.7x 25.1% Digital River DRIV $464.3 $207.4 $373.7 66.0% 9.2% -3.3% 0.6x 6.1x 0.5x 3.8x -21.0% eBay EBAY $70,289.9 $68,241.9 $17,050.0 68.2% 29.2% 13.5% 4.0x 13.7x 3.5x 11.1x 5.0% GeekNet GKNT $62.4 $17.2 $142.8 18.5% -1.2% 14.1% 0.1x n/a 0.1x 9.2x -48.4% Groupon GRPN $4,471.1 $3,600.9 $2,872.7 52.7% 3.3% 18.9% 1.3x 38.3x 1.1x 10.6x -43.6% Liquidity Services LQDT $407.9 $350.9 $506.4 37.9% 13.1% 1.5% 0.7x 5.3x 0.8x 6.0x -38.8% Mecox Lane MCOX $50.2 $43.1 $75.1 45.7% -7.0% -36.6% 0.6x n/a n/a n/a 7.8% Mercadolibre MELI $4,797.3 $4,591.2 $504.9 78.8% 35.9% 21.4% 9.1x 25.4x 8.5x 24.1x 5.6% Overstock.com OSTK $405.1 $303.2 $1,372.8 18.8% 1.3% 14.2% 0.2x 16.4x 0.2x 7.9x -43.0% PetMed Express PETS $274.6 $229.9 $231.7 33.4% 12.7% -0.6% 1.0x 7.8x 1.0x 7.8x -15.2% Stamps.com STMP $504.2 $464.3 $131.2 78.8% 27.7% 6.4% 3.5x 12.8x 3.1x 10.5x -24.0% Median: $504.2 $463.0 $455.2 41.7% 6.3% 14.1% 1.3x 25.4x 1.2x 10.8x -19.0%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - September 2014 TTM Revenue Growth 14.1% 15% TTM EBITDA Growth 17.2% TTM Earnings Growth -0.4% 10% Gross Profit Margin 41.7% EBITDA Margin 6.3% 5% Net Income Margin -3.6% SG&A Expenses as a % of Total Revenue 38.0% R&D Expenses as a % of Total Revenue 18.2% 0%

Balance Sheet Analysis (Median) -5% Current Ratio 2.4x Quick Ratio 2.1x -10% Cash as Percent of Market Cap 23.4% Avg Days Outstanding: Accounts Receivable 59.0x -15% Avg Days Outstanding: Accounts Payable 40.6x Working Capital to TTM Operating Expense Ratio 0.4x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 5.7% Cash from Operations Growth (YoY) 2.1% -30% Cash from Investing Growth (YoY) -17.7% Cash from Financing Growth (YoY) -19.8% Commerce S&P NASDAQ SEG Internet 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 AOL AOL $3,536.2 $3,648.2 $2,430.4 28.0% 18.2% 9.9% 1.5x 8.3x 1.4x 6.8x 0.3% DemandMedia DMD $162.8 $105.0 $372.4 41.4% 4.9% -7.6% 0.3x 5.8x 0.5x 2.7x -20.7% InterActiveCorp IACI $5,495.2 $5,532.3 $2,977.9 70.1% 17.3% -1.4% 1.9x 10.8x 1.7x 9.5x -1.8% Netflix NFLX $27,111.9 $26,297.5 $4,891.7 31.1% 8.5% 24.0% 5.4x 63.2x 4.2x 39.3x 24.4% Pandora P $4,988.8 $4,664.5 $799.8 43.5% -1.4% n/a 5.8x n/a 4.5x 49.3x -9.7% Shutterstock SSTK $2,522.4 $2,286.5 $280.6 60.7% 16.4% 40.8% 8.1x 49.8x 6.2x 30.8x -14.0% SINA SINA $2,718.6 $1,484.3 $740.1 62.3% 9.3% 28.7% 2.0x 21.5x 1.8x 37.6x -51.5% TheStreet.com TST $77.1 $20.8 $57.5 48.4% -0.2% 11.7% 0.4x n/a 0.3x 8.2x 3.5% WebMD Health WBMD $1,532.8 $1,703.7 $551.4 60.4% 18.0% 12.9% 3.1x 17.2x 2.8x 10.0x 8.4% XO Group XOXO $301.4 $222.1 $137.3 84.6% 10.6% 4.7% 1.6x 15.2x 1.5x 12.1x -23.7% Xunlei XNET $686.5 $222.0 $174.1 42.9% 19.8% n/a 1.3x 6.4x 1.1x 3.8x -27.9% Yahoo! YHOO $40,530.1 $39,002.3 $4,621.7 71.6% 16.7% -4.2% 8.4x 50.5x 9.0x 33.2x 2.9% Youku YOKU $3,732.4 $2,098.0 $549.7 29.9% 11.0% 42.0% 3.8x 34.6x 2.8x 19.6x -43.6% Median: $2,718.6 $2,098.0 $551.4 48.4% 11.0% 11.7% 2.0x 17.2x 1.8x 12.1x -9.7%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - September 2014 TTM Revenue Growth 11.7% 15% TTM EBITDA Growth 4.7% TTM Earnings Growth 7.1% 10% Gross Profit Margin 48.4% EBITDA Margin 11.0% Net Income Margin 4.2% 5% SG&A Expenses as a % of Total Revenue 35.9% R&D Expenses as a % of Total Revenue 11.1% 0% Balance Sheet Analysis (Median) Current Ratio 3.4x -5% Quick Ratio 3.0x Cash as Percent of Market Cap 26.3% -10% Avg Days Outstanding: Accounts Receivable 68.0x Avg Days Outstanding: Accounts Payable 24.0x Working Capital to TTM Operating Expense Ratio 0.6x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 11.0% -25% Cash from Investing Growth (YoY) -41.9% Cash from Financing Growth (YoY) 41.8% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -14.2%

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 ChangYou.com CYOU $1,264.6 $1,144.8 $736.5 80.4% 16.5% 5.3% 1.6x 9.4x 1.5x 17.5x -4.4% Giant Interactive GA $3.0 $7.1 $0.4 -94.2% n/a n/a 19.7x n/a n/a n/a -56.8% Netease NTES $11,136.8 $8,154.6 $1,594.0 72.5% 47.0% 14.1% 5.1x 10.9x 4.2x 9.0x 12.6% NCSoft KOSE:A036570 $2,537.2 $1,848.7 $762.8 69.8% 30.1% -8.4% 2.4x 8.1x 2.2x 6.4x -45.3% Perfect World PWRD $976.7 $737.8 $570.2 75.5% 21.0% 30.9% 1.3x 6.2x 1.1x 6.6x 13.3% Sohu.com SOHU $1,932.7 $1,553.4 $1,519.2 62.4% 6.3% 23.4% 1.0x 16.3x 0.9x 37.4x -31.5% Tencent Holdings SEHK:700 $137,891.9 $135,440.6 $11,361.4 57.1% 35.4% 36.8% 11.9x 33.7x 9.5x 21.3x 14.6% Zynga ZNGA $2,418.8 $1,691.6 $700.2 68.4% -2.5% -37.6% 2.4x n/a 2.2x 18.7x -31.6% Median: $2,175.8 $1,622.5 $749.6 69.1% 21.0% 14.1% 2.4x 10.1x 2.2x 17.5x -17.9%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - September 2014 TTM Revenue Growth 14.1% 20% TTM EBITDA Growth -14.5% TTM Earnings Growth -43.4% 15% Gross Profit Margin 69.1% EBITDA Margin 21.0% 10% Net Income Margin 16.5% SG&A Expenses as a % of Total Revenue 36.5% 5% R&D Expenses as a % of Total Revenue 25.6%

Balance Sheet Analysis (Median) 0% Current Ratio 1.8x Quick Ratio 1.3x -5% Cash as Percent of Market Cap 29.9% Avg Days Outstanding: Accounts Receivable 22.4x -10% Avg Days Outstanding: Accounts Payable 55.3x Working Capital to TTM Operating Expense Ratio 0.6x -15%

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 11.3% Cash from Operations Growth (YoY) 16.9% -25% Cash from Investing Growth (YoY) -37.2% Cash from Financing Growth (YoY) 39.4% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 31.8%

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 8x8 EGHT $592.7 $410.7 $137.3 70.5% 4.6% 27.3% 3.0x 64.6x 2.4x 24.8x -33.0% Akamai Technologies AKAM $10,654.1 $10,492.8 $1,761.3 68.5% 35.1% 19.9% 6.0x 17.0x 5.0x 11.8x 28.5% Brightcove BCOV $179.8 $160.4 $120.4 66.0% -1.0% 22.8% 1.3x n/a 1.3x n/a -60.2% BroadSoft BSFT $603.4 $540.9 $191.3 74.0% 0.5% 12.8% 2.8x 545.8x 2.4x 13.9x -20.4% Digital River DRIV $464.3 $207.4 $373.7 66.0% 9.2% -3.3% 0.6x 6.1x 0.5x 3.8x -21.0% Envivio ENVI $50.3 $8.2 $44.1 64.4% -23.4% 29.9% 0.2x n/a 0.2x n/a -47.0% Harmonic HLIT $581.2 $446.8 $460.8 47.6% 5.6% 0.8% 1.0x 17.3x 1.0x 11.8x -13.4% Interactive Intelligence ININ $876.7 $803.5 $328.0 61.3% 3.3% 17.4% 2.4x 75.1x 2.2x 128.3x -37.1% Limelight Networks LLNW $229.8 $122.8 $167.4 48.2% -5.6% -7.0% 0.7x n/a 0.8x n/a 17.3% Mitel Networks MITL $910.2 $1,118.0 $776.5 54.8% 11.3% n/a 1.4x 12.8x 1.0x 6.5x -5.3% Polycom PLCM $1,680.5 $1,376.3 $1,344.9 57.9% 10.4% -2.0% 1.0x 9.8x 1.0x 6.1x 10.1% Rovi ROVI $1,870.5 $2,586.5 $555.7 81.9% 35.1% 19.8% 4.7x 13.3x 4.8x 11.2x -0.5% SeaChange International SEAC $226.8 $124.2 $127.6 51.9% -5.0% -18.6% 1.0x n/a 0.9x 13.6x -42.7% ShoreTel SHOR $419.4 $363.8 $339.8 59.4% 5.6% 8.4% 1.1x 19.0x 1.0x 10.8x -28.1% Sonus Networks SONS $844.6 $729.6 $290.6 63.4% 1.6% 9.8% 2.5x 158.6x 2.4x n/a 11.0% Synacor SYNC $52.7 $29.9 $105.4 46.0% -0.9% -9.4% 0.3x n/a 0.3x n/a -23.9% Tucows TCX $169.1 $160.3 $138.8 26.8% 8.0% 15.5% 1.2x 14.4x 1.0x 9.3x 14.1% VeriSign VRSN $6,891.2 $6,713.8 $988.5 81.1% 61.5% 6.3% 6.8x 11.0x 6.5x 9.8x -8.2% Median: $587.0 $428.8 $309.3 62.4% 5.1% 9.8% 1.2x 17.0x 1.0x 11.2x -16.9%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - September 2014 TTM Revenue Growth 9.8% 15% TTM EBITDA Growth 17.2% TTM Earnings Growth -0.4% Gross Profit Margin 62.4% 10% EBITDA Margin 5.1% Net Income Margin -3.6% 5% SG&A Expenses as a % of Total Revenue 38.0% R&D Expenses as a % of Total Revenue 18.2% 0% Balance Sheet Analysis (Median) Current Ratio 2.4x -5% Quick Ratio 2.1x Cash as Percent of Market Cap 23.4% -10% Avg Days Outstanding: Accounts Receivable 59.0x Avg Days Outstanding: Accounts Payable 40.6x -15% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 5.7% Cash from Operations Growth (YoY) 2.1% -25% Cash from Investing Growth (YoY) -17.7% Cash from Financing Growth (YoY) -19.8% Infrastructure S&P NASDAQ SEG Internet 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 Baidu.com BIDU $76,513.5 $72,873.6 $6,415.8 63.6% 38.4% 52.8% 11.4x 29.6x 7.5x 22.1x 21.2% Google GOOGL $394,258.6 $344,270.6 $65,142.0 57.7% 29.8% 21.1% 5.3x 17.7x 4.7x 11.9x 5.7% InterActiveCorp IACI $5,495.2 $5,532.3 $2,977.9 70.1% 17.3% -1.4% 1.9x 10.8x 1.7x 9.5x -1.8% Yandex YNDX $8,836.7 $8,755.4 $1,335.1 70.8% 37.8% 36.2% 6.6x 17.3x 5.7x 13.7x -34.8% Median: $42,675.1 $40,814.5 $4,696.9 66.8% 33.8% 28.7% 5.9x 17.5x 5.2x 12.8x 2.0%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - September 2014 TTM Revenue Growth 28.7% 15% TTM EBITDA Growth 17.2% TTM Earnings Growth -0.4% Gross Profit Margin 66.8% 10% EBITDA Margin 33.8% Net Income Margin -3.6% 5% SG&A Expenses as a % of Total Revenue 38.0% R&D Expenses as a % of Total Revenue 18.2% 0% Balance Sheet Analysis (Median) Current Ratio 2.4x -5% Quick Ratio 2.1x Cash as Percent of Market Cap 23.4% -10% Avg Days Outstanding: Accounts Receivable 59.0x Avg Days Outstanding: Accounts Payable 40.6x -15% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 5.7% Cash from Operations Growth (YoY) 2.1% -25% Cash from Investing Growth (YoY) -17.7% Cash from Financing Growth (YoY) -19.8% Search S&P NASDAQ SEG Internet 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 Angie's List ANGI $372.7 $331.2 $285.8 73.3% -8.2% 43.2% 1.2x n/a 1.0x 23.9x -53.1% Bankrate RATE $1,186.4 $1,307.4 $510.6 66.7% 23.2% 20.4% 2.6x 11.0x 2.3x 8.6x -34.9% Carbonite CARB $275.3 $202.9 $115.9 68.4% 7.2% 20.8% 1.8x 24.4x 1.6x 16.7x -13.7% Care.com CRCM $255.6 $142.2 $95.3 77.4% -32.4% n/a 1.5x n/a 1.0x n/a -50.2% Coupons.com COUP $928.3 $729.8 $195.5 65.4% -6.6% n/a 3.7x n/a 2.8x 23.3x -41.9% eHealth EHTH $428.7 $358.3 $189.7 97.5% 4.6% 14.4% 1.9x 40.9x 1.8x 22.8x -49.3% Everyday Health EVDY $424.4 $409.3 $167.1 73.0% 8.9% n/a 2.4x 27.6x 2.1x 11.4x 3.5% GrubHub GRUB $2,742.0 $2,534.9 $203.1 74.4% 21.8% n/a 12.5x 57.2x 9.1x 32.8x 0.7% LifeLock LOCK $1,325.8 $1,109.7 $421.3 73.7% 5.2% 30.6% 2.6x 50.4x 2.1x 17.4x -9.4% Monster Worldwide MWW $488.5 $661.9 $788.1 49.6% 10.9% -6.6% 0.8x 7.7x 0.9x 6.9x -22.1% Qihoo QIHU $8,496.3 $8,377.6 $992.6 82.6% 26.6% 121.3% 8.4x 31.7x 5.0x 16.0x -17.6% QuinStreet QNST $184.2 $138.7 $282.5 14.4% 3.9% -7.4% 0.5x 12.4x 0.5x 8.5x -52.8% Shutterfly SFLY $1,875.9 $1,846.4 $829.7 52.3% 9.9% 18.4% 2.2x 22.5x 1.9x 10.6x -1.4% Tree.Com TREE $405.8 $318.2 $155.9 95.6% 7.8% 38.3% 2.0x 26.1x 1.9x 13.0x 10.1% Trulia TRLA $1,824.4 $1,839.6 $208.6 82.5% -12.6% 124.7% 8.8x n/a 6.1x 46.8x 38.9% VistaPrint VPRT $1,776.2 $2,177.2 $1,270.2 64.5% 13.0% 8.8% 1.7x 13.2x 1.5x 9.1x -0.7% Wix.com WIX $618.9 $521.9 $109.1 81.2% -40.0% 85.3% 4.8x n/a 3.2x n/a -37.0% Xoom XOOM $838.2 $632.2 $140.2 69.3% 6.5% 40.4% 4.5x 68.9x 3.5x 34.6x -19.1% Zillow Z $4,646.7 $4,288.6 $256.6 90.9% -1.9% 68.6% 16.7x n/a 11.2x 61.2x 41.4% Median: $838.2 $661.9 $208.6 73.3% 6.5% 30.6% 2.4x 26.1x 2.1x 16.7x -17.6%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - September 2014 TTM Revenue Growth 30.6% 15% TTM EBITDA Growth 20.6% TTM Earnings Growth 1.5% 10% Gross Profit Margin 73.3% EBITDA Margin 6.5% 5% Net Income Margin -3.8% SG&A Expenses as a % of Total Revenue 51.5% R&D Expenses as a % of Total Revenue 19.1% 0%

Balance Sheet Analysis (Median) -5% Current Ratio 2.7x Quick Ratio 2.5x -10% Cash as Percent of Market Cap 15.7% Avg Days Outstanding: Accounts Receivable 22.1x -15% Avg Days Outstanding: Accounts Payable 41.9x Working Capital to TTM Operating Expense Ratio 0.4x -20%

Cash Flow Statement Analysis (Median) -25% Levered FCF Margin 8.6% Cash from Operations Growth (YoY) 21.5% -30% Cash from Investing Growth (YoY) -61.2% Cash from Financing Growth (YoY) 58.9% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -22.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Facebook FB $205,508.1 $191,878.1 $10,013.0 80.9% 54.2% 63.7% 19.2x 35.4x 13.5x 21.2x 44.5% LinkedIn LNKD $25,539.4 $23,177.7 $1,847.2 86.8% 10.6% 48.5% 12.5x 118.0x 9.2x 34.9x 0.1% Mail.ru Group LSE:MAIL $5,877.9 $5,102.4 $867.7 61.2% 45.5% 24.5% 5.9x 12.9x 5.2x 10.1x -36.4% Renren RENN $1,235.4 $348.8 $115.5 42.4% -81.4% -40.9% 3.0x n/a 3.7x n/a 8.5% Twitter TWTR $31,291.4 $29,396.1 $973.9 63.0% -73.1% 117.3% 30.2x n/a 16.8x 85.2x -23.6% Yelp YELP $4,919.6 $4,568.7 $297.0 93.2% 2.2% 66.2% 15.4x 706.3x 10.1x 49.4x 0.5% YY YY $4,186.0 $3,785.7 $419.2 52.5% 31.9% 113.7% 9.0x 28.3x 5.5x 17.1x 42.8% Median: $5,877.9 $5,102.4 $867.7 63.0% 10.6% 63.7% 12.5x 35.4x 9.2x 28.0x 0.5%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - September 2014 TTM Revenue Growth 63.7% 40% TTM EBITDA Growth 19.2% TTM Earnings Growth 67.8% Gross Profit Margin 63.0% 30% EBITDA Margin 10.6% Net Income Margin 23.8% SG&A Expenses as a % of Total Revenue 50.0% 20% R&D Expenses as a % of Total Revenue 21.4%

10% Balance Sheet Analysis (Median) Current Ratio 6.7x Quick Ratio 6.4x 0% Cash as Percent of Market Cap 9.3% Avg Days Outstanding: Accounts Receivable 43.0x Avg Days Outstanding: Accounts Payable 32.7x -10% Working Capital to TTM Operating Expense Ratio 1.3x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 30.1% Cash from Operations Growth (YoY) 61.7% -30% Cash from Investing Growth (YoY) -228.6% Cash from Financing Growth (YoY) 118.8% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 20.5%

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 Ctrip CTRP $7,729.4 $7,440.5 $1,010.8 72.9% 12.3% 34.3% 7.4x 59.9x 5.5x 36.7x 14.9% Expedia EXPE $11,144.2 $10,625.7 $5,248.9 78.7% 14.0% 19.5% 2.0x 14.5x 1.7x 9.7x 27.4% HomeAway AWAY $3,336.6 $2,861.3 $400.4 84.8% 16.3% 28.8% 7.1x 43.7x 5.8x 21.3x -11.6% MakeMyTrip MMYT $1,159.9 $1,088.9 $273.1 28.0% -3.5% 12.9% 4.0x n/a 7.5x 86.6x 40.4% Orbitz OWW $867.6 $1,055.1 $876.7 81.3% 14.9% 7.3% 1.2x 8.1x 1.1x n/a 10.7% Priceline PCLN $60,765.2 $55,407.5 $7,576.4 87.5% 38.2% 28.9% 7.3x 19.2x 5.9x 15.0x 1.1% Travelzoo TZOO $228.3 $167.8 $151.8 88.0% 16.4% -2.7% 1.1x 6.7x 1.1x 7.1x -26.3% TripAdvisor TRIP $13,053.4 $12,768.4 $1,071.7 97.5% 31.0% 24.7% 11.9x 38.5x 9.1x 22.7x 13.6% Median: $5,533.0 $5,150.9 $943.7 83.0% 15.6% 22.1% 5.6x 19.2x 5.6x 21.3x 12.1%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - September 2014 TTM Revenue Growth 22.1% 25% TTM EBITDA Growth 10.8% TTM Earnings Growth 22.6% 20% Gross Profit Margin 83.0% EBITDA Margin 15.6% 15% Net Income Margin 5.1% SG&A Expenses as a % of Total Revenue 52.2% 10% R&D Expenses as a % of Total Revenue 15.4% 5% Balance Sheet Analysis (Median) Current Ratio 1.7x 0% Quick Ratio 1.5x Cash as Percent of Market Cap 20.6% -5% Avg Days Outstanding: Accounts Receivable 38.5x Avg Days Outstanding: Accounts Payable 200.1x -10% Working Capital to TTM Operating Expense Ratio 0.5x -15% Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 14.7% Cash from Operations Growth (YoY) 11.7% -25% Cash from Investing Growth (YoY) 26.9% Cash from Financing Growth (YoY) 15.0% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 11.2%