March 2014 M&A and Investment Summary

Expertise. Commitment. Results. Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 9

3 Additional Monthly M&A and Investment Activity Data 41

4 About Petsky Prunier 54

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2| M&A and Investment Summary March 2014 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 406 deals were announced in March 2014, of which 234 were worth $38.7 billion in aggregate reported value . Digital Media/Commerce was the most active segment with 99 deals announced, respectively . Traditional Media was the highest reported value segment with 14 deals announced, of which eight were reported at $13.2 billion in aggregate value . Strategic buyers announced 191 deals (47 percent of total volume), of which 41 were worth $25 billion in aggregate value . VC/Growth Capital investors announced 201 deals, of which 186 were reported for $4.5 billion . Buyout investors announced 14 deals during the month, of which seven were reported at $9.2 billion in aggregate value

March 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 99 24% $4,999.6 13% 33 $2,102.7 1 $1,023.0 65 $1,874.0 Marketing Technology 88 22% 1,419.2 4% 35 219.0 2 ‐ 51 1,200.3 Software 63 16% 4,193.8 11% 30 720.1 5 3,217.3 28 256.4 Technology & Communications 49 12% 6,775.6 18% 22 6,000.6 1 ‐ 26 775.0 Information & Business Services 35 9% 2,610.0 7% 19 60.4 4 2,430.0 12 119.6 Agency & Marketing Services 31 8% 702.6 2% 26 678.3 0 ‐ 5 24.3 Digital Advertising 27 7% 4,726.6 12% 13 1,961.3 1 2,500.0 13 265.3 Traditional Media 14 3% 13,247.4 34% 13 13,247.4 0 ‐ 1 ‐ Total 406 100% 38,674.7 100% 191 24,989.6 14 9,170.3 201 4,514.9

3| M&A and Investment Summary March 2014 M&A and Investment Summary for All Segments

Transaction Distribution . Compared to the previous month aggregate reported value in March decreased 53 percent from February 2014, and increased 18 percent in deal volume from March 2013 . Strategic activity accounted for 47 percent of reported deal value during the month, and included: • Vodafone’s $10 billion acquisition of Spain‐based television cable company Ono, at a valuation of 3.1x revenue, and 9.0x EBITDA • Yahoo Japan’s $3.2 billion purchase of Japan‐based mobile Internet services provider eAccess , at a valuation of 1.4x revenue • Media General’s $1.6 billion acquisition of local television station operator LIN Media, at a valuation of 2.5x revenue, and 9.5x EBITDA • Berkshire Hathaway’s $1.1 billion purchase of television station WPLG from Graham Holdings Company

$90.0 $500.0 $81.5 $80.0 $70.0 WhatsApp $400.0 /Facebook $60.0 $300.0 $50.0 Time $40.0 $38.0 Warner $38.7 Cable/Co $200.0 mcast $30.0 (1) Omnicom/ $20.2 $21.6 Publicis $20.0 $18.0 $18.4 $11.7 $14.7 $100.0 $10.0 $8.7 $7.5 $7.7 $8.4 336 359 364 392 369 384 375 309 293 301 384 444 406 $‐ $- Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14

(1) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland

4| M&A and Investment Summary March 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Agency & Marketing Services Schawk, Inc. Digital Agency Matthews International Corporation$ 591.5 $ 442.6 $ 53.3 1.3x 11.1x Realise Holdings Ltd. Digital Agency St. Ives, PLC 66.8 4.5 ‐ 14.8x NA

Digital Advertising Catalina Marketing Corporation Shopper/Trader/Coupons Berkshire Partners, LLC 2,500.0 460.0 209.0 5.4x 12.0x

Digital Media/Commerce JD.com eCommerce Tencent Holdings Ltd. 1,431.3 10,069.0 (69.7) 0.1x NM

Information & Business Services Health Care Compliance Strategies, Inc. Corporate Training HealthStream, Inc. 16.0 6.7 ‐ 2.4x NA TravelClick, Inc. Product/Price Information Thoma Bravo, Inc. 930.0 290.0 65.0 3.2x 14.3x

Marketing Technology Pebble Beach Systems Ltd. Content Management Vislink plc 24.6 8.6 2.0 2.9x 12.4x KnowledgePath Solutions Commerce Management Digital Management, Inc. 22.0 15.0 ‐ 1.5x NA Software Serena Software, Inc. Infrastructure Software HGGC, LLC 453.3 183.0 71.0 2.5x 6.4x Technology & Communications eAccess Internet Service Providers Yahoo Japan 3,200.0 2,343.1 ‐ 1.4x NA HiFX Financial Technology Euronet Worldwide, Inc. 241.2 65.2 18.1 3.7x 13.3x VaultLogix LLC Cloud Storage Intercloud Systems, Inc. 44.0 12.0 4.5 3.7x 9.8x Traditional Media Ono, S.A. Cable & Satellite Television Vodafone Group plc 14,839.9 2,274.5 931.1 6.5x 15.9x Catalina Marketing Corporation Shopper/Trader/Coupons Berkshire Partners, LLC 2,500.0 460.0 209.0 5.4x 12.0x LIN Media LLC Broadcast Television Media General, Inc. 1,600.0 652.4 168.1 2.5x 9.5x LiveTV Entertainment Media Thales Group 400.0 148.1 ‐ 2.7x NA Quercus Publishing plc Consumer Book Publishing Hodder & Stoughton Ltd. 20.4 21.4 1.6 1.0x 12.8x

5| M&A and Investment Summary March 2014 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA

Mar‐14 Arista Networks United States Technology & Communications$ 200.0 $ 361.2 $ 71.9 Mar‐14 Box, Inc. United States Software 250.0 124.1 (124.5) Mar‐14 Five9, Inc. United States Marketing Technology 70.0 84.1 (23.4) Mar‐14 Globoforce Group plc Ireland Software NA NA NA Mar‐14 Paycom Software, Inc. United States Software 132.9 107.6 14.2 Mar‐14 Sportsman's Warehouse Holdings, Inc. United States Digital Media/Commerce 201.3 643.2 74.2 Mar‐14 The Rubicon Project, Inc. United States Marketing Technology 101.6 83.8 (1.9) Mar‐14 TubeMogul Inc. United States Digital Advertising 75.0 57.2 (5.9) Mar‐14 Weibo Corporation China Digital Media/Commerce 500.0 188.3 (37.6) Feb‐14 Grub Hub, Inc. United States Digital Media/Commerce 192.6 137.1 29.9 Jan‐14 JD.com China Digital Media/Commerce 1,500.0 NA NA Dec‐13 IMS Health United States Software 100.0 NA NA Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digital Media/Commerce NA NA NA Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA Apr‐12 Shenzhen Tinno Mobile Technology Corp. China Technology & Communications 451.0 NA NA Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1)

Note: Grub Hub, Five9, and The Rubicon Project began trading in April

6| M&A and Investment Summary March 2014 LTM IPO Performance

LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2014 1st Trading Day

Mar‐14 NYSE:ATEN A10 Networks, Inc. United States $13.00‐$15.00 $15.00 $16.21, up 8% $15.04 (7.2%)

Mar‐14 NYSE:AMBR Amber Road, Inc. United States 10.50‐12.50 13.00 11.50, down 11% 15.40 33.9%

Mar‐14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00‐11.00 10.00 9.99, down 1% 10.55 5.6%

Mar‐14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00‐16.00 16.00 20.10, up 26% 18.64 (7.3%) Mar‐14 NYSE:CSLT Castlight Health, Inc. United States 13.00‐15.00 16.00 38.85, up 143% 21.22 (45.4%)

Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00‐28.00 28.00 29.50, up 5% 29.25 (0.8%)

Mar‐14 NYSE:COUP Coupons.com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 24.65 (17.8%)

Mar‐14 NYSE:EVDY Everyday Health, Inc. United States 13.00‐15.00 14.00 14.50, flat 13.99 (3.5%)

Mar‐14 NYSE:KING King Digital Entertainment plc United States 21.00‐24.00 22.50 19.00, down 15% 18.19 0.6%

Mar‐14 NasdaqGS:PCTY Paylocity Holding Corpora ti on Uni ted States 14.00‐16.00 17.00 28.50, up 68% 24.05 (15.6%) Mar‐14 NYSE:QTWO Q2 Holdings, Inc. United States 11.00‐13.00 13.00 16.68, up 28% 15.53 (6.9%)

Mar‐14 NYSE:TNET TriNet Group, Inc. United States 15.00‐17.00 16.00 19.10, up 19% 21.31 11.6%

Mar‐14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00‐21.00 22.00 44.56, up 103% 35.76 (19.7%)

Jan‐14 NYSE:CRCM Care.com, Inc. United States 14.00‐16.00 17.00 24.30, up 43% 16.55 (31.9%)

Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 38.41 42.5%

Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 37.89 12.1%

Nov‐13 NYSE:CUDA Barrracuda Networks, Inc. United States 18.00‐21.00 18.00 21.55, up 20% 33.94 57.5% Nov‐13 NYSE:CHGG Chegg, Inc. United States 9.50‐11.50 12.50 9.64, down 23% 7.00 (27.4%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00‐17.00 10.00 9.55, down 4.5% 17.90 87.4%

Nov‐13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50‐11.50 11.22 13.35, up 19% 20.91 56.6%

Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 46.67 3.9%

Nov‐13 NasdaqGS:WIX Wix.com Ltd. United States 14.50‐16.50 16.50 16.31, down 1% 22.97 40.8%

Nov‐13 NasdaqGS:ZU zulily, Inc. United States 18.00‐20.00 22.00 37.70, up 71% 50.19 33.1%

Oct‐13 NasdaqGS:COMM CommScope Holding Compa ny Inc. United States 18.00‐21.00 15.00 4.99, flat 24.68 394.6% Oct‐13 NasdaqGS:CRTO Criteo SA France 27.00‐29.00 31.00 35.39, up 15% 40.55 14.6%

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings, Inc. China 14.00‐16.00 12.00 13.84, up 32% 13.01 (6.0%)

Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 5.36 (38.4%)

7| M&A and Investment Summary March 2014 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2014 1st Trading Day

Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. United States $11.00‐$13.00 $13.00 $11.89, down 9% $7.05 (40.7%)

Oct‐13 NYSE:VEEV Veeva Systems Inc. United States 12.00‐14.00 20.00 37.16, up 86% 26.70 (28.1%)

Sep‐13 NasdaqGM:BNFT Benefitfocus, Inc. United States 21.50‐24.50 26.50 53.55, up 102% 46.97 (12.3%)

Sep‐13 NasdaqGS:COVS Covisint Corpora ti on Uni ted States 9.00‐11.00 10.00 12.31, up 23% 7.33 (40.5%)

Sep‐13 NasdaqGS:FEYE FireEye, Inc. United States 12.00‐14.00 20.00 39.40, up 97% 61.57 56.3%

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 20.02 56.4%

Sep‐13 NasdaqGS:PINC Premier, Inc. United States 23.00‐26.00 27.00 30.65, up 14% 32.95 7.5%

Sep‐13 NasdaqGS:FUEL Rocket Fuel, Inc. United States 27.00‐29.00 29.00 55.42, up 91% 42.88 (22.6%)

Sep‐13 NYSE:VMEM Violin Memory, Inc. United States 8.00‐10.00 9.00 7.20, down 20% 4.00 (44.4%)

Aug‐13 NYSE:CVT Cvent, Inc. United States 17.00‐19.00 21.00 32.92, up 57% 36.15 9.8%

Aug‐13 NYSE:YUME YuMe, Inc. United States 12.00‐14.00 9.00 9.00, flat 7.31 (18.8%)

Jul‐13 NasdaqGS:SALE RetailMeNot, Inc. United States 20.00‐22.00 21.00 27.70, up 32% 32.00 15.5%

Jun‐13 NYSE:GIMO Gigamon LLC United States 18.00‐20.00 19.00 28.47, up 50% 30.39 6.7%

Jun‐13 NasdaqGS:GOGO Gogo Inc. United States 15.00‐17.00 17.00 16.00, down 6% 20.54 28.4%

Jun‐13 NSEI:JUSTDIAL Just Dial Limited India $8.39‐$9.69 $9.46 $10.77, up 14% 25.78 139.4%

Jun‐13 NYSE:LITB Light in the Box Chi na 8.50‐10.50 9.50 11.61, up 22% 6.70 (42.3%)

Jun‐13 NYSE:LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 35.07 72.1%

Jun‐13 NYSE:TXTR Textura Corpora ti on Uni ted States 13.00‐15.00 15.00 20.35, up 36% $25.21 23.9%

Jun‐13 NYSE:TRMR Tremor Video, Inc. United States 11.00‐13.00 10.00 8.50, down 15% 4.12 (51.5%)

May‐13 NYSE:ECOM ChannelAdvisor Corpora ti on Uni ted States 12.00‐14.00 14.00 18.44, up 32% 37.74 104.7%

May‐13 NYSE:CYNI Cyan, Inc. United States 10.00‐12.00 11.00 11.14, up 1% 4.27 (61.7%)

May‐13 NasdaqGS:MKTO Marketo, Inc. United States 11.00‐13.00 13.00 23.10, up 78% 32.67 41.4%

May‐13 NYSE:Q Quintiles Transnational Holdings Inc. United States 36.00‐40.00 40.00 42.11, up 5% 50.77 20.6%

May‐13 NYSE:DATA Tableau Software, Inc. United States 28.00‐30.00 31.00 50.75, up 64% 76.08 49.9%

Apr‐13 NYSE:RALY Rally Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 13.38 (24.9%)

Mar‐13 NYSE:MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 10.57 (35.0%)

Mar‐13 NYSE:MODN Model N, Inc. United States 12.50‐14.50 15.50 18.45, up 19% 10.11 (45.2%)

Mar‐13 TSE:3182 Oisix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 25.03 (12.9%) 8| M&A and Investment Summary March 2014 Digital Media/Commerce

. Of the total $5 billion in value reported in the Digital Media/Commerce segment, $1.9 billion in Venture/Growth investments were reported, while another $3.1 billion of strategic and buyout transactions were made . Mobile Content/Apps and eCommerce were the most active subsegments across all segments, with 29 and 26 transactions announced, respectively, which accounted for all strategic value . Select acquisitions: • BC Partners and Insight Venture Partners $1 billion purchase of Ireland‐based CarTrawler, an online car rental company, from ECI Partners . Select investments: • Tencent’s $500 million investment in South Korea‐based CJ Games, an online game developing company • The $280 million investment led by Alibaba Group in Tango, a text and video messaging mobile application developer

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Mobile Content/Apps 29 29% $481.6 10% 8 $20.0 0 ‐ 21 $461.6 eCommerce 26 26% 2,593.3 52% 7 2,082.7 0 ‐ 19 510.6 Classifieds/Auctions/P‐to‐P 17 17% 1,194.5 24% 6 ‐ 1 1,023.0 10 171.5 Niche Content 9 9% 6.7 0% 6 ‐ 0 ‐ 36.7 Gaming 8 8% 690.2 14% 1 ‐ 0 ‐ 7 690.2 Social Media/Apps 8 8% 33.4 1% 3 ‐ 0 ‐ 5 33.4 Total 99 100% 4,999.6 100% 33 2,102.7 1 1,023.0 65 1,874.0

9| M&A and Investment Summary March 2014 Digital Media/Commerce Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. United States $5.63 ‐21% $ 361.4 $ 365.1 $ 753.9 $ 46.4 6.2% 4.5% 0.5x 7.9x 58.com Inc. * China 41.63 ‐29% 3,390.3 3,079.2 145.7 19.3 13.2% 67.3% 21.1x 159.7x Amazon.com Inc. United States 336.37 ‐18% 154,480.7 148,169.7 74,452.0 3,547.0 4.8% 21.9% 2.0x 41.8x AOL Inc. United States 43.77 ‐18% 3,477.7 3,392.4 2,319.9 436.3 18.8% 5.8% 1.5x 7.8x Baidu, Inc. China 152.27 ‐20% 53,350.0 50,289.6 5,142.0 2,231.1 43.4% 43.2% 9.8x 22.5x Blucora, Inc. United States 19.69 ‐35% 830.7 799.7 574.0 103.0 17.9% 41.1% 1.4x 7.8x Blue Nile Inc. United States 34.80 ‐29% 444.5 329.1 450.0 15.8 3.5% 12.5% 0.7x 20.8x CafePress Inc. United States 6.07 ‐19% 104.2 70.0 245.9 5.2 2.1% 12.9% 0.3x 13.4x Care.com, Inc. * United States 16.55 ‐43% 512.4 634.8 81.5 NA NA 68.0% 7.8x NA CDW Corporation United States 27.44 ‐5% 4,718.4 8,038.1 10,768.6 706.4 6.6% 6.3% 0.7x 11.4x Copart, Inc. United States 36.39 ‐5% 4,580.4 4,891.9 1,107.7 340.7 30.8% 13.5% 4.4x 14.4x Cupid plc United Kingdom 1.10 ‐30% 78.3 57.6 44.2 1.0 2.2% ‐67.1% 1.3x 59.4x CyberAgent Inc. Japan 38.20 ‐28% 2,383.6 2,226.6 1,599.2 170.4 10.7% 10.4% 1.4x 13.1x Demand Media, Inc. United States 4.85 ‐50% 420.4 363.1 394.6 171.8 43.5% 3.7% 0.9x 2.1x DeNA Co., Ltd. Japan 18.02 ‐35% 2,334.1 1,810.8 1,874.0 670.6 35.8% 0.0% 1.0x 2.7x eBay Inc. United States 55.24 ‐7% 69,991.3 65,089.3 16,047.0 4,771.0 29.7% 14.0% 4.1x 13.6x E‐Commerce China Dangdang Inc. * China 14.36 ‐25% 1,155.5 956.2 1,018.1 (24.8) NM 21.8% 0.9x NM eLong Inc. * China 16.39 ‐31% 566.5 263.6 162.5 (24.8) NM 35.7% 1.6x NM Everyday Health, Inc. United States 13.99 ‐6% 415.2 470.3 155.9 10.6 6.8% 12.5% 3.0x 44.5x Expedia Inc. United States 72.50 ‐11% 9,385.7 9,767.0 4,771.3 654.9 13.7% 18.4% 2.0x 14.9x Facebook, Inc. United States 60.24 ‐17% 153,596.5 142,623.5 7,872.0 3,932.0 49.9% 54.7% 18.1x 36.3x Forgame Holdings Limited China 5.36 ‐44% 680.5 473.0 190.4 54.1 28.4% 52.3% 2.5x 8.7x G5 Entertainment AB (publ) * Sweden 4.23 ‐51% 37.2 33.0 15.3 0.5 3.1% 23.6% 2.2x 69.7x GameLoft SA France 10.52 ‐9% 884.3 799.6 319.7 52.7 16.5% 12.0% 2.5x 15.2x Geeknet, Inc. United States 14.02 ‐30% 93.4 40.3 138.3 1.1 0.8% 16.3% 0.3x 36.2x Glu Mobile, Inc. * United States 4.74 ‐16% 381.7 353.2 105.6 (14.0) NM ‐2.4% 3.3x NM Google Inc. United States 556.97 ‐8% ‐ ‐ 59,825.0 18,028.0 30.1% 19.2% Gree, Inc. Japan 11.02 ‐16% 2,594.5 2,214.0 1,381.3 435.8 31.6% ‐12.7% 1.6x 5.1x Hollywood Media Corp. * United States 1.45 ‐26% 32.8 8.0 0.5 (5.9) NM ‐22.1% 15.7x NM HSN, Inc. United States 59.73 ‐8% 3,173.0 3,217.2 3,404.0 307.6 9.0% 4.2% 0.9x 10.5x IAC/InterActiveCorp United States 71.39 ‐11% 5,869.5 5,928.5 3,023.0 545.0 18.0% 7.9% 2.0x 10.9x International Game Technology United States 14.06 ‐34% 3,468.6 5,081.3 2,352.5 778.3 33.1% 5.2% 2.2x 6.5x iProperty Group Limited * Malaysia 2.93 ‐22% 531.7 517.2 17.7 (2.5) NM 23.2% 29.2x NM j2 Global, Inc. United States 50.05 ‐11% 2,367.7 2,314.8 520.8 215.2 41.3% 40.2% 4.4x 10.8x Jiayuan.com International Ltd. China 6.55 ‐31% 196.6 101.8 79.3 10.8 13.7% 19.9% 1.3x 9.4x JobStreet Corp. Bhd. * Malaysia 0.74 ‐18% 479.7 475.6 2.6 2.0 77.8% ‐94.7% 182.3x 234.2x Kongzhong Corp. China 11.47 ‐23% 481.2 301.5 173.7 20.2 11.6% ‐3.8% 1.7x 14.9x LifeLock, Inc. United States 17.11 ‐25% 1,578.3 1,405.7 369.7 27.5 7.4% 33.7% 3.8x 51.2x Liberty Interactive Corporation United States 28.87 ‐6% 14,378.4 24,462.4 11,252.0 2,018.0 17.9% 11.9% 2.2x 12.1x LightInTheBox Holding Co., Ltd. * China 6.70 ‐71% 328.01 224.30 292.42 (3.63) NM 46.2% 0.8x NM LinkedIn Corporation * United States 184.94 ‐28% 22,348.1 20,023.8 1,528.5 166.7 10.9% 57.2% 13.1x 120.1x 10 | M&A and Investment Summary March 2014 Digital Media/Commerce Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Mediabistro Inc. * United States 2.43 ‐55% $ 14.7 $ 21.8 $ 12.5 $ (1.8) NM ‐10.6% 1.7x NM MeetMe, Inc. * United States 3.26 ‐26% 125.4 125.2 40.4 (2.0) NM ‐13.5% 3.1x NM Mercadolibre, Inc. Argentina $95.11 ‐35% 4,199.5 4,002.5 472.6 165.4 35.0% 26.5% 8.5x 24.2x Mixi, Inc. * Japan 54.98 ‐37% 914.9 812.3 87.6 1.7 2.0% ‐33.9% 9.3x NM NCsoft Corporation South Korea 206.20 ‐14% 4,112.4 3,492.0 715.7 199.0 27.8% 0.4% 4.9x 17.5x Netflix, Inc. * United States 352.03 ‐23% 21,053.9 20,384.1 4,374.6 276.7 6.3% 21.2% 4.7x 73.7x NEXON Co., Ltd. Japan 8.41 ‐36% 3,693.7 2,860.3 1,501.0 625.8 41.7% 43.2% 1.9x 4.6x OpenTable, Inc. United States 76.93 ‐12% 1,803.9 1,689.4 190.1 58.1 30.6% 17.6% 8.9x 29.1x Orbitz Worldwide, Inc. United States 7.84 ‐41% 855.0 1,182.1 847.0 116.1 13.7% 8.8% 1.4x 10.2x Overstock.com Inc. United States 19.70 ‐45% 472.2 323.6 1,304.2 22.6 1.7% 18.6% 0.2x 14.3x Pacific Online Ltd. China 0.62 ‐29% 684.7 610.3 136.6 53.5 39.2% 18.5% 4.5x 11.4x Pandora Media, Inc. * United States 30.32 ‐25% 5,985.9 5,641.4 588.3 (42.0) NM 53.5% 9.6x NM PC Home Online Inc. Taiwan 7.52 ‐12% 618.6 504.7 538.0 24.8 4.6% 10.9% 0.9x 20.3x Perform Group plc. United Kingdom 4.08 ‐60% 1,071.8 989.8 346.5 48.9 14.1% 37.3% 2.9x 20.2x PetMed Express, Inc. United States 13.41 ‐24% 267.2 225.7 235.9 29.3 12.4% 1.4% 1.0x 7.7x Phoenix New Media Limited China 10.37 ‐24% 798.8 567.9 229.5 43.4 18.9% 28.2% 2.5x 13.1x priceline.com Incorporated United States 1,191.89 ‐14% 62,147.5 57,297.3 6,793.3 2,553.1 37.6% 29.1% 8.4x 22.4x Rakuten, Inc. Japan 13.31 ‐25% 17,539.3 17,655.9 5,010.8 1,171.1 23.4% 0.0% 3.5x 15.1x RealNetworks Inc. * United States 7.58 ‐15% 271.6 45.5 206.2 (31.7) NM ‐20.3% 0.2x NM Rediff.com India Limited * India 2.18 ‐38% 60.1 40.1 16.4 (6.0) NM 1.8% 2.4x NM Renren Inc. * China 3.27 ‐32% 1,238.7 289.8 156.7 (93.8) NM ‐11.0% 1.8x NM Shutterfly, Inc. United States 42.68 ‐29% 1,632.0 1,377.9 783.6 86.1 11.0% 22.3% 1.8x 16.0x Shutterstock, Inc. United States 72.61 ‐30% 2,546.7 2,336.9 235.5 47.0 20.0% 38.9% 9.9x 49.7x Sky‐mobi Limited China 8.80 ‐31% 260.4 159.6 83.5 7.2 8.6% ‐16.3% 1.9x 22.3x SNAP Interactive, Inc. * United States 0.31 ‐73% 12.0 10.9 12.6 (5.3) NM ‐34.5% 0.9x NM Spark Networks, Inc. * United States 5.23 ‐44% 124.8 110.0 69.4 (9.8) NM 12.4% 1.6x NM Stamps.com Inc. United States 33.56 ‐32% 545.2 472.1 127.8 36.7 28.7% 10.5% 3.7x 12.9x Taomee Holdings Ltd. China 5.93 ‐33% 218.2 101.1 48.4 6.0 12.5% 20.3% 2.1x 16.8x TheStreet, Inc. * United States 2.62 ‐14% 89.9 35.0 54.5 (0.4) NM 7.4% 0.6x NM Twitter, Inc. * United States 46.67 ‐38% 27,459.6 25,426.0 664.9 (531.9) NM 109.8% 38.2x NM U.S. Auto Parts Network, Inc. United States 3.06 ‐9% 102.1 117.9 254.8 4.6 1.8% ‐16.2% 0.5x 25.7x United Online, Inc. United States 11.56 ‐81% 162.3 94.0 233.6 17.5 7.5% ‐9.4% 0.4x 5.4x ValueVision Media Inc. United States 4.86 ‐31% 242.2 251.1 640.5 12.8 2.0% 9.1% 0.4x 19.7x

11 | M&A and Investment Summary March 2014 Digital Media/Commerce Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Vipshop Holdings Limited * China 149.30 ‐18% $ 8,407.9 $ 7,687.4 $ 1,696.7 $ 58.4 3.4% 145.1% 4.5x 131.7x Vitacost.com, Inc. * United States 7.09 ‐25% 241.4 216.6 382.7 (6.9) NM 15.7% 0.6x NM WebMD Health Corp. United States 41.40 ‐19% 1,598.0 1,725.4 515.3 73.6 14.3% 9.7% 3.3x 23.5x XO Group Inc. United States 10.14 ‐36% 272.6 181.9 133.8 17.7 13.2% 3.6% 1.4x 10.3x Yahoo! Inc. United States 35.90 ‐14% 7,136.5 34,032.6 4,680.4 1,031.3 22.0% ‐6.1% 7.3x 33.0x Yandex N.V. Netherlands 30.19 ‐34% 9,771.2 9,252.2 1,125.4 471.0 41.9% 37.3% 8.2x 19.6x YY Inc. China 76.36 ‐16% 4,232.2 3,875.0 293.8 84.7 28.8% 122.4% 13.2x 45.8x zulily, Inc. United States 50.19 ‐32% 6,227.7 5,919.6 695.7 18.3 2.6% 110.0% 5.2x 30.0x Zynga, Inc. United States 4.30 ‐27% 3,770.6 2,645.1 873.3 73.6 8.4% ‐31.8% 3.0x 35.9x

Adjusted Weighted Average 7.8x 24.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (47.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (68.3x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!., enterprise value reflects Adjusted Enterprise Value.

12 | M&A and Investment Summary March 2014 Digital Advertising

. There were a total of 27 transactions announced (13 acquisitions and 13 investments) in the Digital Advertising segment, worth a total of $2.2 billion in aggregate reported value . Select acquisitions: • Berkshire Partners’ $2.5 billion acquisition of shopper marketing company Catalina Marketing from Hellman & Friedman, reportedly valued at 5.4x revenue and 12.0x EBITDA • The Walt Disney Company’s purchase of Maker Studios, an online video producer and distributor, for a reported $950 million in cash and earn‐out • CoStar Group’s $585 million acquisition of online apartment search platform Apartments.com • Comcast’s $360 million acquisition of FreeWheel Media, which provides online video advertising solutions for global media companies

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 8 30% $1,336.7 28% 5 $1,310.0 0 ‐ 3$26.7 Local Search 4 15% 618.5 13% 1 585.0 0 ‐ 333.5 Ad Networks/Exchanges 3 11% 126.3 3% 1 48.3 0 ‐ 278.0 Comparison Shopping 3 11% 34.0 1% 1 ‐ 0 ‐ 234.0 Mobile Marketing 3 11% 7.1 0% 2 ‐ 0 ‐ 17.1 Digital Promotion/Coupon 1 4% 2,500.0 53% 0 ‐ 12,500.00 ‐ Online Lead Generation 2 7% 86.0 2% 0 ‐ 0 ‐ 286.0 Other* 4 15% 2,518.0 53% 3 18.0 1 2,500.0 0 0.0 Total 27 100% 4,726.6 100% 13 1,961.3 1 2,500.0 13 265.3 *Other includes Affiliate/CPA Network, Search Marketing, and Vertical Search

13 | M&A and Investment Summary March 2014 Digital Advertising Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States $12.18 ‐57% $ 712.6 $ 671.7 $ 245.6 $ (24.0) NM 57.7% 2.7x NM AOL Inc. United States 43.77 ‐18% 3,477.7 3,392.4 2,319.9 436.3 18.8% 5.8% 1.5x 7.8x Autobytel Inc. United States 12.43 ‐34% 110.8 101.1 78.4 4.6 5.8% 17.3% 1.3x 22.2x Bankrate, Inc. United States 16.94 ‐27% 1,741.5 1,808.5 457.4 108.8 23.8% 0.1% 4.0x 16.6x Blinkx plc United States 1.87 ‐52% 746.5 675.3 227.5 31.8 14.0% 49.9% 3.0x 21.2x Blucora, Inc. United States 19.69 ‐35% 830.7 799.7 574.0 103.0 17.9% 41.1% 1.4x 7.8x Constant Contact, Inc. United States 24.46 ‐26% 765.4 642.2 285.4 26.7 9.4% 13.2% 2.3x 24.0x Conversant, Inc. United States 28.15 ‐13% 1,896.1 1,954.8 573.1 207.2 36.1% 6.2% 3.4x 9.4x Coupons.com Incorporated United States 24.65 ‐25% 1,803.6 1,787.7 167.9 (3.6) NM 49.7% 10.6x NM Criteo SA * France 40.55 ‐33% 2,328.9 2,021.3 608.4 31.3 5.1% 63.3% 3.3x 64.7x Ctrip.com International Ltd. China 50.42 ‐17% 6,869.8 6,185.6 867.1 153.9 17.8% 29.5% 7.1x 40.2x Demand Media, Inc. United States 4.85 ‐50% 420.4 363.1 394.6 44.9 11.4% 3.7% 0.9x 8.1x Dice Holdings, Inc. United States 7.46 ‐24% 404.1 483.8 213.5 62.7 29.4% 9.3% 2.3x 7.7x Digital Globe Services Inc. United States 3.50 ‐25% 104.8 102.0 32.1 3.5 10.9% 40.7% 3.2x 29.0x eHealth, Inc. * United States 50.80 ‐20% 958.9 851.8 179.2 11.6 6.5% 15.2% 4.8x 73.7x Google Inc. United States 556.97 ‐8% ‐ ‐ 59,825.0 18,028.0 30.1% 19.2% Groupon, Inc. United States 7.84 ‐39% 5,356.6 4,123.4 2,573.7 140.0 5.4% 10.2% 1.6x 29.5x Hi‐Media S.A. France 3.19 ‐5% 142.7 146.3 253.9 9.3 3.7% ‐4.8% 0.6x 15.7x HomeAway, Inc. * United States 37.67 ‐23% 3,481.0 3,100.2 346.5 59.2 17.1% 23.6% 8.9x 52.4x IAC/InterActiveCorp United States 71.39 ‐11% 5,869.5 5,928.5 3,023.0 545.0 18.0% 7.9% 2.0x 10.9x InternetQ PLC United Kingdom 6.14 ‐10% 238.5 231.3 114.6 11.4 9.9% 36.9% 2.0x 20.3x LeGuide.com S.A. France 40.44 ‐26% 144.3 107.7 62.5 9.0 14.4% 4.2% 1.7x 12.0x MakeMyTrip Limited India 27.08 ‐9% 1,118.9 1,053.1 249.7 (19.4) NM 13.2% 4.2x NM Millennial Media Inc. United States 6.92 ‐34% 737.6 640.1 259.2 1.1 0.4% 45.9% 2.5x NM Monster Worldwide, Inc. United States 7.48 ‐12% 719.0 820.1 807.6 112.3 13.9% ‐9.3% 1.0x 7.3x Move, Inc. United States 11.56 ‐37% 454.2 418.0 227.0 13.6 6.0% 14.0% 1.8x 30.8x Opera Software ASA Norway 13.06 ‐18% 1,732.0 1,566.4 300.1 82.5 27.5% 38.9% 5.2x 19.0x Pacific Online Ltd. China 0.62 ‐29% 684.7 610.3 136.5 53.5 39.2% 18.5% 4.5x 11.4x QuinStreet, Inc. United States 6.64 ‐32% 288.8 251.7 297.8 26.7 9.0% ‐9.5% 0.8x 9.4x ReachLocal, Inc. United States 9.85 ‐43% 284.0 203.7 514.1 13.2 2.6% 13.0% 0.4x 15.5x RetailMeNot, Inc. United States 32.00 ‐34% 1,714.1 1,589.6 209.8 70.8 33.7% 45.0% 7.6x 22.4x Rightmove plc * United Kingdom 43.79 ‐6% 4,339.3 4,328.0 232.3 162.3 69.9% 17.2% 18.6x 26.7x Rocket Fuel Inc. United States 42.88 ‐40% 1,503.1 1,416.7 240.6 (10.2) NM 125.7% 5.9x NM Rovi Corporation United States 22.78 ‐14% 2,198.5 2,869.6 538.1 181.3 33.7% 2.3% 5.3x 15.8x Septeni Holdings Co., Ltd. Japan 12.76 ‐15% 323.1 273.8 460.5 22.0 4.8% 12.0% 0.6x 12.4x TiVo Inc. United States 13.23 ‐7% 1,596.8 766.8 406.3 38.4 9.4% 33.7% 1.9x 20.0x TradeDoubler AB Sweden 2.58 ‐29% 109.3 69.3 305.7 8.2 2.7% ‐13.3% 0.2x 8.5x Travelzoo Inc. United States 22.90 ‐33% 337.7 271.1 158.2 27.3 17.2% 4.7% 1.7x 9.9x Tree.Com, Inc. United States 31.04 ‐11% 350.9 259.3 139.2 9.9 7.1% 79.8% 1.9x 26.1x Tremor Video, Inc. United States 4.12 ‐63% 207.4 114.7 131.8 (7.2) NM 25.3% 0.9x NM 14 | M&A and Investment Summary March 2014 Digital Advertising Public Company Valuation

Adjusted Weighted Average 5.6x 19.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (42.1x)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!., enterprise value reflects Adjusted Enterprise Value.

15 | M&A and Investment Summary March 2014 Marketing Technology

. Analytics & Reporting was the most active Marketing Technology subsegment with 18 transactions announced, worth $258 million in aggregate reported value. Content Management was the highest reported value subsegment with ten deals announced, worth $876 million . Select acquisitions: • Salience Insight’s $100 million purchase of CARMA International, which provides media research and analytics services • Corporate Executive Board’s $52 million acquisition of KnowledgeAdvisors, a provider of analytics solutions for talent development professionals • Vislink’s $24.6 million acquisition of content management provider Pebble Beach Systems . Select investments: • TPG Growth’s $125 million investment in business intelligence company Domo

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Reporting 18 20% $258.0 18% 4 $163.3 0 ‐ 14 $94.7 Content Management 10 11% 875.7 62% 5 24.6 0 ‐ 5851.1 Social Technology 9 10% 44.0 3% 7 ‐ 0 ‐ 244.0 Mobile Technology 8 9% 60.7 4% 2 ‐ 0 ‐ 660.7 MRM/Workflow Management 6 7% 23.3 2% 3 9.1 0 ‐ 314.2 Online Targeting/Optimization 6 7% 21.8 2% 3 ‐ 0 ‐ 321.8 BI Tools 4 5% 26.7 2% 0 ‐ 0 ‐ 426.7 Other* 27 31% 109.1 8% 11 22.0 2 ‐ 14 87.1 Total 88 100% 1,419.2 100% 35 219.0 2 0.0 51 1,200.3

*Other includes Ad Serving, Commerce Management, CRM, Media Management System, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Website Creation/Hosting

16 | M&A and Investment Summary March 2014 Marketing Technology Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. * United States $12.46 ‐1% $ 694.8 $ 631.2 $ 168.5 $ 6.7 4.0% 3.7% 3.7x 93.8x Actuate Corporation United States 6.02 ‐27% 283.4 204.4 134.5 13.7 10.2% ‐3.1% 1.5x 14.9x Adobe Systems Inc. United States 65.74 ‐8% 32,720.8 31,098.4 4,047.5 752.5 18.6% ‐7.3% 7.7x 41.3x Bazaarvoice, Inc. United States 7.30 ‐37% 537.8 480.9 181.4 (30.6) NM 22.3% 2.7x NM Bitauto Holdings Limited China 35.84 ‐24% 1,487.3 1,304.3 231.9 47.2 20.4% 36.2% 5.6x 27.6x Blackbaud Inc. United States 31.30 ‐26% 1,411.8 1,553.2 503.8 100.9 20.0% 12.6% 3.1x 15.4x Borderfree, Inc. United States 18.64 ‐8% 568.1 524.5 110.5 1.4 1.2% 35.7% 4.7x NM Brightcove, Inc. United States 9.83 ‐40% 314.9 278.8 109.9 (1.9) NM 24.9% 2.5x NM ChannelAdvisor Corporation United States 37.74 ‐24% 924.8 823.3 68.0 (10.7) NM 26.9% 12.1x NM ChinaCache International Holdings * China 20.54 ‐30% 480.7 430.7 177.7 4.1 2.3% 35.6% 2.4x 104.2x Constant Contact, Inc. United States 24.46 ‐26% 765.4 642.2 285.4 26.7 9.4% 13.2% 2.3x 24.0x Covisint Corporation United States 7.33 ‐50% 274.8 220.0 98.4 (27.1) NM 13.9% 2.2x NM Cvent, Inc. United States 36.15 ‐22% 1,485.8 1,328.0 111.1 2.1 1.9% 33.1% 11.9x NM Dealertrack Technologies, Inc. United States 49.19 ‐16% 2,600.8 2,638.2 481.5 57.9 12.0% 23.8% 5.5x 45.6x Demandware, Inc. * United States 64.06 ‐22% 2,266.9 1,991.6 103.7 (16.2) NM 30.5% 19.2x NM Digital River Inc. United States 17.43 ‐14% 576.7 283.0 389.7 32.5 8.3% 5.2% 0.7x 8.7x E2open, Inc. United States 23.57 ‐21% 677.0 669.6 69.5 (18.7) NM ‐6.6% 9.6x NM eBay Inc. United States 55.24 ‐7% 69,991.3 65,089.3 16,047.0 4,771.0 29.7% 14.0% 4.1x 13.6x Endurance International Group United States 13.01 ‐20% 1,679.7 2,680.3 520.3 61.5 11.8% 78.1% 5.2x 43.6x Informatica Corporation United States 37.78 ‐14% 4,126.0 3,448.6 948.2 164.1 17.3% 16.8% 3.6x 21.0x Infosystems S.A. Poland 0.67 ‐54% 2.7 2.1 2.8 1.2 41.1% 14.7% 0.8x 1.8x Interactive Intelligence Group Inc. United States 72.50 ‐11% 1,503.9 1,405.9 318.2 28.4 8.9% 34.1% 4.4x 49.4x IBM Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2x Jive Software, Inc. United States 8.01 ‐57% 562.8 463.0 145.8 (60.8) NM 28.2% 3.2x NM LivePerson Inc. * United States 12.07 ‐21% 660.5 568.6 177.8 6.3 3.5% 13.0% 3.2x 90.8x Marin Software Incorporated United States 10.57 ‐34% 348.8 250.6 77.3 (29.6) NM 29.8% 3.2x NM Marketo, Inc. United States 32.67 ‐27% 1,313.6 1,192.9 95.9 (40.7) NM 64.2% 12.4x NM Mercadolibre, Inc. Argentina 95.11 ‐35% 4,199.5 4,002.5 472.6 165.4 35.0% 26.5% 8.5x 24.2x MicroStrategy Inc. United States 115.39 ‐15% 1,304.0 946.7 575.9 40.3 7.0% 1.8% 1.6x 23.5x NetSuite Inc. * United States 94.83 ‐21% 7,164.2 6,978.7 414.5 (37.0) NM 34.2% 16.8x NM Nuance Communications, Inc. United States 17.17 ‐27% 5,445.6 7,031.8 1,863.0 209.9 11.3% 6.3% 3.8x 33.5x Open Text Corporation Canada 47.71 ‐10% 5,770.4 5,801.3 1,372.9 421.8 30.7% 7.6% 4.2x 13.8x Opera Software ASA Norway 13.10 ‐18% 1,737.2 1,571.1 300.1 82.5 27.5% 38.9% 5.2x 19.0x Oracle Corporation United States 40.91 ‐1% 182,413.0 169,893.0 37,902.0 16,494.0 43.5% 2.0% 4.5x 10.3x PROS Holdings, Inc. * United States 31.51 ‐24% 919.7 875.0 144.8 9.5 6.6% 23.0% 6.0x 92.2x PTC Inc. United States 35.42 ‐12% 4,204.5 4,201.2 1,298.7 289.0 22.3% 3.3% 3.2x 14.5x Qlik Technologies, Inc. * United States 26.59 ‐29% 2,369.6 2,141.9 470.5 11.7 2.5% 21.1% 4.6x 183.9x Rovi Corporation United States 22.78 ‐14% 2,198.5 2,869.6 538.1 181.3 33.7% 2.3% 5.3x 15.8x Sage Group plc United Kingdom 6.96 ‐5% 7,640.4 8,239.4 2,291.0 664.8 29.0% 2.7% 3.6x 12.4x Salesforce.com, Inc United States 57.09 ‐15% 34,830.6 36,500.4 4,071.0 (60.6) NM 33.5% 9.0x NM SAP AG Germany 81.26 ‐8% 96,996.6 99,053.9 23,217.1 7,946.2 34.2% 3.6% 4.3x 12.5x 17 | M&A and Investment Summary March 2014 Marketing Technology Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Sizmek Inc. United States 10.63 ‐20% $ 323.7 $ 301.1 $ 161.1 $ 22.7 14.1% 14.6% 1.9x 13.3x Sky‐mobi Limited China 8.80 ‐31% 260.4 159.6 83.5 7.2 8.6% ‐16.3% 1.9x 22.3x Sungy Mobile Limited China 20.91 ‐38% 698.5 571.0 53.0 15.7 29.6% 77.5% 10.8x 36.4x Synchronoss Technologies, Inc. United States 34.29 ‐13% 1,394.3 1,331.0 349.0 77.6 22.2% 27.5% 3.8x 17.2x Tableau Software, Inc. * United States 76.08 ‐26% 4,851.9 4,599.2 232.4 10.5 4.5% 82.0% 19.8x NM Teradata Corporation United States 49.19 ‐25% 7,848.3 7,427.3 2,692.0 622.0 23.1% 1.0% 2.8x 11.9x TIBCO Software Inc. United States 20.32 ‐25% 3,288.2 3,072.2 1,085.0 201.3 18.6% 4.7% 2.8x 15.3x Verint Systems Inc. United States 46.93 ‐4% 2,516.1 2,754.0 907.3 178.3 19.6% 8.1% 3.0x 15.4x Vocus Inc. United States 13.33 ‐13% 288.2 332.3 186.9 0.2 0.1% 9.4% 1.8x NM Weborama France 14.94 ‐25% 52.1 48.7 38.2 3.9 10.3% 3.8% 1.3x 12.4x Wix.com ltd Israel 22.97 ‐30% 861.7 760.5 80.5 (25.6) NM 84.2% 9.5x NM

Adjusted Weighted Average 4.2x 13.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (67.6x)

18 | M&A and Investment Summary March 2014 Agency & Marketing Services

. There were 31 transactions announced in the Agency & Marketing Services segment in March. Digital Agency and Database/Analytics were the most active subsegments with 13 and three transactions announced, respectively . Select acquisitions: • Matthews International’s $592 million purchase of publicly‐traded agency and marketing services company Schawk, at a valuation of 1.3x revenue, and 11.1x EBITDA • St Ives’ $66.8 million acquisition of UK‐based digital marketing agency Realise Holdings, valued at a 14.8x EBITDA • WPP’s majority stake purchase in UK‐based Cognifide, a digital technology consultancy company

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 13 42% $678.3 97% 13 $678.3 0 ‐ 0 ‐ Database/Analytics 3 10% 8.0 1% 2 ‐ 0 ‐ 18.0 Public Relations 3 10% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Experiential Marketing 2 6% ‐ 0% 1 ‐ 0 ‐ 1 ‐ Promotion Agency 2 6% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Other* 10 32% 16.3 0% 7 ‐ 0 ‐ 3 16.3 Total 31 100% 702.6 0% 26 678.3 0 0.0 5 24.3 *Other includes Branded Communications, B‐to‐B Agency, General Agency, Healthcare Agency, Marketing Consulting, and Performance/Contract Sales

19 | M&A and Investment Summary March 2014 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.54 ‐3% $ 128.1 $ 134.2 $ 265.8 $ 16.5 6.2% 18.2% 0.5x 8.1x Charm Communications Inc. China 4.33 ‐26% 173.3 93.4 168.8 (2.5) NM ‐15.1% 0.6x NM Chime Communications plc * United Kingdom 5.69 ‐9% 552.7 622.5 498.1 22.2 4.5% ‐13.1% 1.2x 28.0x Creston plc United Kingdom 1.71 ‐11% 101.5 98.7 122.7 18.4 15.0% ‐2.5% 0.8x 5.4x Dentsu Inc. * Japan 37.83 ‐11% 10,909.0 13,175.1 21,176.1 699.4 3.3% 0.0% 0.6x 18.8x Enero Group Limited Australia 0.93 ‐7% 79.2 63.1 209.7 3.5 1.7% ‐23.4% 0.3x NM Havas France 7.50 ‐14% 3,026.0 3,302.1 2,446.7 394.9 16.1% ‐0.3% 1.3x 8.4x Huntsworth plc United Kingdom 1.13 ‐6% 355.8 470.7 289.2 50.4 17.4% ‐1.5% 1.6x 9.3x M&C Saatchi plc United Kingdom 4.77 ‐18% 295.5 244.0 269.8 26.5 9.8% ‐4.4% 0.9x 9.2x MDC Partners Inc. * United States 22.90 ‐13% 1,132.5 1,869.4 1,148.9 102.9 9.0% 8.1% 1.6x 18.2x Next Fifteen Communications Group plc United Kingdom 1.76 ‐9% 106.3 112.9 159.9 15.9 9.9% 4.9% 0.7x 7.1x Omnicom Group Inc. United States 72.60 ‐6% 18,745.7 20,744.2 14,584.5 2,151.5 14.8% 2.6% 1.4x 9.6x OPT, Inc. Japan 7.60 ‐5% 227.5 111.1 653.4 20.2 3.1% ‐14.3% 0.2x 5.5x Porta Communications Plc United Kingdom 0.23 ‐21% 49.4 55.5 25.3 (3.1) NM 531.3% 2.2x NM Publicis Groupe SA France 90.55 ‐7% 18,706.2 17,955.1 9,600.3 1,817.1 18.9% 5.2% 1.9x 9.9x Sapient Corp. United States 17.06 ‐5% 2,395.1 2,052.4 1,259.4 160.9 12.8% 12.3% 1.6x 12.8x The Interpublic Group of Companies, Inc. United States 17.14 ‐5% 7,268.1 7,573.2 7,122.3 816.3 11.5% 2.4% 1.1x 9.3x WPP plc United Kingdom 20.59 ‐11% 27,503.2 31,665.5 18,345.8 3,063.3 16.7% 6.2% 1.7x 10.3x

Adjusted Weighted Average 1.5x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.4x)

20 | M&A and Investment Summary March 2014 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $34.40 ‐12% $ 2,627.1 $ 2,569.5 $ 1,097.5 $ 182.0 16.6% ‐1.1% 2.3x 14.1x Aimia Inc. Canada 16.10 ‐11% 2,784.8 3,200.2 1,518.0 (633.2) NM ‐25.6% 2.1x NM Alliance Data Systems Corporation * United States 272.45 ‐9% 14,487.0 19,595.7 4,319.1 1,281.1 29.7% 18.6% 4.5x 15.3x CSG Systems International Inc. United States 26.04 ‐19% 890.7 945.1 747.5 125.8 16.8% ‐1.2% 1.3x 7.5x Data Group Ltd. Canada 0.81 ‐59% 19.0 105.6 287.5 23.1 8.0% ‐5.8% 0.4x 4.6x DST Systems Inc. United States 94.79 ‐5% 3,991.7 4,296.0 2,658.6 430.6 16.2% 3.2% 1.6x 10.0x Fair Isaac Corporation United States 55.32 ‐13% 1,931.4 2,313.5 737.8 191.1 25.9% 6.0% 3.1x 12.1x Harte‐Hanks Inc. United States 8.84 ‐13% 553.1 562.4 559.6 63.6 11.4% ‐3.7% 1.0x 8.8x High Co. SA France 7.99 ‐3% 83.5 44.6 184.1 15.4 8.4% ‐0.7% 0.2x 2.9x Insignia Systems Inc. United States 3.02 ‐13% 38.8 17.0 27.8 3.5 12.4% 37.6% 0.6x 4.9x Multiplus SA Brazil 11.03 ‐34% 1,787.5 1,229.8 728.0 128.0 17.6% 11.8% 1.7x 9.6x PDI, Inc. United States 4.58 ‐27% 70.4 21.3 150.8 (3.2) NM 18.9% 0.1x NM Pitney Bowes Inc. United States 25.99 ‐2% 5,265.8 7,970.2 3,869.4 824.3 21.3% ‐1.2% 2.1x 9.7x Points International Ltd. * Canada 25.85 ‐20% 397.1 335.3 202.3 5.2 2.6% 45.1% 1.7x 64.7x Vitreous Glass, Inc. Canada 2.36 ‐13% 14.5 14.4 6.2 2.1 33.0% ‐4.6% 2.3x 7.0x Viad Corp United States 24.04 ‐17% 488.6 463.5 972.8 63.0 6.5% ‐5.1% 0.5x 7.4x

Adjusted Weighted Average 2.0x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.1x)

21 | M&A and Investment Summary March 2014 Traditional Media

. There were 14 transactions announced in the Traditional Media segment in March, all but one were strategic acquisitions, worth a total of $13.2 billion in aggregate reported value . Select acquisitions: • Vodafone’s $10 billion acquisition of Spain‐based television cable company Ono, at a valuation of 3.1x revenue, and 9.0x EBITDA • Media General’s $1.6 billion acquisition of local television station operator LIN Media, at a valuation of 2.5x revenue, and 9.5x EBITDA • Berkshire Hathaway’s $1.1 billion purchase of television station WPLG from Graham Holdings Company • Ubiquity Broadcasting Corporation’s $3 million purchase of video and film production company Stray Angel Films

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 4 29% $400.0 3% 3 $400.0 0 ‐ 1 ‐ Broadcast Television 2 14% 2,700.0 20% 2 2,700.0 0 ‐ 0 ‐ B‐to‐B Media 2 14% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Consumer Book Publishing 2 14% 120.4 1% 2 120.4 0 ‐ 0 ‐ Cable & Satellite Television 1 7% 10,000.0 75% 1 10,000.0 0 ‐ 0 ‐ Consumer Magazine Publishing 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Other* 2 14% 27.0 0% 2 27.0 0 ‐ 0 ‐ Total 14 100% 13,247.4 0% 13 13,247.4 0 0.0 1 0.0

*Other includes Digital Place‐Based Media, Newspaper Publishing, and Shopper/Trader/Coupons

22 | M&A and Investment Summary March 2014 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $61.80 ‐9% $ 36,674.3 $ 42,713.3 $ 15,284.0 $ 3,736.0 24.4% 8.5% 2.8x 11.4x Discovery Communications, Inc. * United States 82.70 ‐9% 28,399.1 34,398.1 5,535.0 2,304.0 41.6% 23.4% 6.2x 14.9x News Corporation United States 17.22 ‐7% 9,973.9 7,207.9 8,747.0 645.0 7.4% 2.4% 0.8x 11.2x Time Warner Inc. United States 65.33 ‐8% 58,317.6 76,620.6 29,795.0 7,869.0 26.4% 3.7% 2.6x 9.7x Twenty‐First Century Fox, Inc. * United States 31.97 ‐11% 72,270.6 87,069.6 29,789.0 6,104.0 20.5% 40.3% 2.9x 14.3x Viacom, Inc. United States 84.99 ‐5% 37,232.0 47,904.0 13,677.0 4,344.0 31.8% 3.2% 3.5x 11.0x The Walt Disney Company United States 80.07 ‐4% 140,287.4 154,263.4 46,009.0 12,362.0 26.9% 7.4% 3.4x 12.5x

Adjusted Weighted Average 3.3x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x)

B‐to‐B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $19.95 ‐14% $ 2,554.2 $ 2,584.5 $ 673.8 $ 205.0 30.4% 2.7% 3.8x 12.6x Global Sources Ltd. Hong Kong 8.96 ‐2% 308.2 173.9 190.3 29.8 15.7% ‐15.8% 0.9x 5.8x Informa plc Switzerland 8.80 ‐8% 5,313.6 6,617.5 1,885.3 612.7 32.5% ‐8.1% 3.5x 10.8x TechTarget, Inc. * United States 7.21 ‐3% 235.3 205.4 88.5 3.8 4.3% ‐11.5% 2.3x 54.5x The Dolan Company United States 0.02 ‐99% 0.5 125.9 255.4 33.2 13.0% 38.9% 0.5x 3.8x UBM plc United Kingdom 11.35 ‐10% 2,784.9 3,589.4 1,321.7 315.3 23.9% ‐0.5% 2.7x 11.4x

Adjusted Weighted Average 3.3x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.4x)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $9.10 ‐9% $ 209.6 $ 302.2 $ 104.9 $ 29.1 27.7% 4.7% 2.9x 10.4x CC Media Holdings, Inc. United States 6.76 ‐16% 594.1 20,610.5 6,243.0 1,783.5 28.6% ‐0.1% 3.3x 11.6x Cumulus Media Inc. United States 6.92 ‐16% 1,506.1 4,100.2 1,026.1 298.8 29.1% 2.4% 4.0x 13.7x Emmis Communications Corp. United States 3.20 ‐13% 133.4 309.2 201.5 35.7 17.7% 8.7% 1.5x 8.7x Entercom Communications Corp. United States 10.07 ‐12% 378.6 883.5 377.6 99.9 26.4% ‐2.9% 2.3x 8.8x Journal Communications Inc. United States 8.86 ‐11% 450.2 656.8 397.3 76.9 19.4% 1.1% 1.7x 8.5x Radio One Inc. United States 4.74 ‐19% 224.8 1,210.3 448.7 135.9 30.3% 5.7% 2.7x 8.9x Salem Communications Corp. United States 9.99 ‐3% 250.2 540.9 236.9 48.7 20.5% 3.4% 2.3x 11.1x Sirius XM Holdings Inc. * United States 3.20 ‐23% 19,511.4 22,974.6 3,799.1 1,300.5 34.2% 11.7% 6.0x 17.7x Spanish Broadcasting System Inc. United States 5.86 ‐9% 42.6 379.0 153.2 47.3 30.9% 8.8% 2.5x 8.0x Pandora Media, Inc. * United States 30.32 ‐25% 5,985.9 5,641.4 588.3 (42.0) NM 53.5% 9.6x NM

Adjusted Weighted Average 5.6x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)

23 | M&A and Investment Summary March 2014 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $73.08 ‐7% $ 5,283.5 $ 6,945.8 $ 1,591.9 $ 573.8 36.0% 17.7% 4.4x 12.1x British Sky Broadcasting Group plc United Kingdom 15.20 ‐4% 23,609.1 26,229.6 12,418.2 2,628.8 21.2% 7.2% 2.1x 10.0x Cablevision Systems Corporation United States 16.87 ‐16% 4,515.1 13,582.2 6,232.2 1,631.9 26.2% 1.6% 2.2x 8.3x CBS Corporation United States 61.80 ‐9% 36,674.3 42,713.3 15,284.0 3,736.0 24.4% 8.5% 2.8x 11.4x Charter Communications, Inc. United States 123.20 ‐14% 13,328.3 27,510.3 8,155.0 2,810.0 34.5% 8.7% 3.4x 9.8x Comcast Corporation United States 50.04 ‐9% 129,713.3 173,590.3 64,657.0 21,434.0 33.2% 3.3% 2.7x 8.1x Crown Media Holdings Inc. United States 3.84 ‐3% 1,381.2 1,781.6 377.8 287.2 76.0% 8.0% 4.7x 6.2x DIRECTV United States 76.42 ‐5% 38,933.9 56,669.9 31,754.0 7,806.0 24.6% 6.8% 1.8x 7.3x Discovery Communications, Inc. * United States 82.70 ‐9% 28,399.1 34,398.1 5,535.0 2,304.0 41.6% 23.4% 6.2x 14.9x Dish Network Corp. United States 62.21 ‐3% 28,513.5 32,444.9 13,904.9 2,884.8 20.7% 5.5% 2.3x 11.2x Entravision Communications Corporation United States 6.70 ‐9% 592.6 912.9 223.9 69.5 31.0% 0.3% 4.1x 13.1x General Communication Inc. United States 11.41 ‐3% 471.1 1,848.9 811.6 260.1 32.0% 14.3% 2.3x 7.1x Gray Television Inc. United States 10.37 ‐32% 601.4 1,430.8 346.3 110.1 31.8% ‐14.5% 4.1x 13.0x Grupo Televisa, S.A.B. Mexico 33.29 ‐1% 17,137.0 21,423.5 5,662.9 2,211.8 39.1% 6.5% 3.8x 9.7x Journal Communications Inc. United States 8.86 ‐11% 450.2 656.8 397.3 76.9 19.4% 1.1% 1.7x 8.5x Liberty Global plc United Kingdom 41.60 ‐9% 32,228.3 76,416.6 14,474.2 6,447.0 44.5% 45.8% 5.3x 11.9x LIN Media LLC * United States 26.50 ‐9% 1,468.0 2,413.0 652.4 168.1 25.8% 17.9% 3.7x 14.4x Nexstar Broadcasting Group, Inc. United States 37.52 ‐33% 1,148.1 2,179.1 502.3 169.7 33.8% 32.7% 4.3x 12.8x Scripps Networks Interactive, Inc. United States 75.91 ‐12% 11,104.9 12,255.9 2,530.8 1,102.5 43.6% 9.7% 4.8x 11.1x Sinclair Broadcast Group Inc. United States 27.09 ‐28% 2,655.5 5,418.8 1,363.1 472.2 34.6% 28.4% 4.0x 11.5x The E. W. Scripps Company * United States 17.72 ‐22% 998.7 979.4 816.9 66.5 8.1% ‐9.6% 1.2x 14.7x Time Warner Inc. United States 65.33 ‐8% 58,317.6 76,620.6 29,795.0 7,869.0 26.4% 3.7% 2.6x 9.7x Ziggo N.V. Netherlands 44.53 ‐5% 8,905.7 13,084.3 2,160.6 1,191.6 55.2% 1.8% 6.1x 11.0x

Adjusted Weighted Average 3.2x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.2x)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $26.55 ‐26% $ 2,245.3 $ 2,451.0 $ 706.9 $ 105.6 14.9% ‐5.7% 3.5x 23.2x Eros International Plc United Kingdom 16.07 ‐1% 788.6 965.0 224.3 61.6 27.5% 10.3% 4.3x 15.7x Lions Gate Entertainment Corp. United States 26.73 ‐29% 3,689.3 4,868.9 2,694.1 305.4 11.3% 4.9% 1.8x 15.9x Live Nation Entertainment, Inc. United States 21.75 ‐12% 4,352.2 5,103.5 6,478.5 483.5 7.5% 11.3% 0.8x 10.6x SFX Entertainment Inc. United States 7.05 ‐47% 625.0 703.6 170.5 (78.3) NM 586.9% 4.1x NM Twenty‐First Century Fox, Inc. United States 31.97 ‐11% 72,270.6 87,069.6 29,789.0 6,104.0 20.5% 40.3% 2.9x 14.3x Liberty Media Corporation * United States 130.73 ‐18% 14,945.1 29,213.1 4,002.0 1,129.0 28.2% 987.5% 7.3x 25.9x Village Roadshow Limited Austral ia 6.45 ‐13% 1,028.5 1,361.1 843.5 137.8 16.3% ‐1.1% 1.6x 9.9x World Wrestling Entertainment Inc. * United States 28.88 ‐10% 2,170.3 2,090.5 508.0 42.0 8.3% 4.9% 4.1x 49.7x

Adjusted Weighted Average 2.8x 16.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.7x)

24 | M&A and Investment Summary March 2014 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Out‐of‐Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.38 ‐27% $ 142.4 $ 60.2 $ 272.3 $ 5.8 2.1% ‐5.0% 0.2x 10.3x APG|SGA SA Switzerland 339.92 ‐1% 1,000.8 869.5 347.2 82.4 23.7% ‐4.3% 2.5x 10.6x CBS Outdoor Americas Inc. United States 29.25 ‐5% 3,510.0 5,000.2 1,294.0 376.4 29.1% 0.7% 3.9x 13.3x Clear Channel Outdoor Holdings Inc. United States 9.11 ‐15% 3,273.5 8,092.5 2,946.2 719.9 24.4% 0.0% 2.7x 11.2x Clear Media Ltd. Hong Kong 0.90 ‐10% 484.8 377.2 212.4 85.4 40.2% 8.2% 1.8x 4.4x JCDecaux SA France 43.90 ‐3% 9,811.2 9,713.4 3,695.1 825.7 22.3% 2.0% 2.6x 11.8x Lamar Advertising Co. United States 51.00 ‐6% 4,836.7 6,742.3 1,245.8 534.9 42.9% 5.6% 5.4x 12.6x Mood Media Corporation United States 0.68 ‐41% 117.0 680.5 513.3 87.2 17.0% 15.6% 1.3x 7.8x National CineMedia, Inc. United States 15.00 ‐26% 912.8 1,885.0 462.8 222.5 48.1% 3.1% 4.1x 8.5x NTN Buzztime Inc. * United States 0.65 ‐34% 51.2 47.4 23.7 1.7 7.1% ‐1.3% 2.0x 28.0x Tom Group Ltd. Hong Kong 0.20 ‐46% 772.3 1,022.0 248.5 (3.7) NM ‐12.6% 4.1x NM Vitreous Glass, Inc. Canada 2.36 ‐13% 14.5 14.4 6.2 2.1 33.0% ‐4.6% 2.3x 7.0x

Adjusted Weighted Average 3.4x 11.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.5x)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $11.58 ‐11% $ 254.8 $ 172.8 $ 366.3 $ 28.9 7.9% ‐2.3% 0.5x 6.0x Daily Mail and General Trust plc United Kingdom 14.47 ‐19% 5,120.7 6,289.4 2,917.8 501.3 17.2% 0.3% 2.2x 12.5x Emmis Communications Corp. United States 3.20 ‐13% 133.4 309.2 201.5 35.7 17.7% 8.7% 1.5x 8.7x Gannett Co., Inc. United States 27.60 ‐9% 6,279.9 9,739.9 5,161.4 987.1 19.1% ‐3.6% 1.9x 9.9x Glacier Media, Inc. Canada 1.22 ‐25% 109.3 240.1 268.1 28.0 10.4% ‐0.5% 0.9x 8.6x John Wiley & Sons Inc. United States 57.64 ‐2% 3,415.3 3,734.4 1,764.0 317.6 18.0% ‐0.3% 2.1x 11.8x Journal Communications Inc. United States 8.86 ‐11% 450.2 656.8 397.3 76.9 19.4% 1.1% 1.7x 8.5x Martha Stewart Living Omnimedia Inc. * United States 4.53 ‐18% 256.4 215.3 160.7 2.6 1.6% ‐18.7% 1.3x 83.6x Meredith Corporation United States 46.43 ‐14% 2,128.7 2,442.8 1,467.1 251.2 17.1% 2.2% 1.7x 9.7x Reed Elsevier plc(1) * United Kingdom 15.25 ‐2% 17,462.9 39,766.3 9,944.2 3,154.3 31.7% 0.0% 4.0x 12.6x Scholastic Corporation United States 34.48 ‐6% 1,110.2 1,267.9 1,779.9 154.5 8.7% ‐8.9% 0.7x 8.2x The E. W. Scripps Company United States 17.72 ‐22% 998.7 979.4 816.9 66.5 8.1% ‐9.6% 1.2x 14.7x The McClatchy Company United States 6.42 ‐13% 554.8 2,036.2 1,242.2 280.7 22.6% ‐5.1% 1.6x 7.3x The New York Times Company United States 17.12 ‐1% 2,570.8 2,410.9 1,577.2 263.4 16.7% ‐1.1% 1.5x 9.2x

Adjusted Weighted Average 1.8x 11.5x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.9x)

25 | M&A and Investment Summary March 2014 Technology & Communications

. Of the $6.8 billion in reported transaction value in the Technology & Communications segment, $6 billion were made in strategic acquisitions . Activity in the segment was led by the Financial Technology subsegment with 12 deals announced, of which nine were reported at $347 million . Select acquisitions: • Yahoo Japan’s $3.2 billion purchase of Japan‐based mobile Internet services provider eAccess , at a valuation of 1.4x revenue

. Select investments: • T. Rowe Price’s $160 million investment in big data technology platform provider Cloudera • The $100 million co‐led investment from BlackRock and Passport Capital in Hortonworks, a provider of big data management software solutions

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Technology 12 24% $346.9 5% 4 $241.2 0 ‐ 8$105.7 Enterprise Mobility 9 18% 89.0 1% 6 ‐ 0 ‐ 389.0 Networking Equipment 8 16% 2,549.9 38% 3 2,496.4 1 ‐ 453.5 Big Data Technology 5 10% 329.5 5% 0 ‐ 0 ‐ 5329.5 Cloud Storage 4 8% 76.8 1% 2 45.5 0 ‐ 231.3 Data Center Technology 4 8% 128.5 2% 2 17.5 0 ‐ 2111.0 VoIP Equipment & Software 2 4% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Cloud Computing Technology 1 2% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Other* 5 10% 3,255.0 48% 3 3,200.0 0 ‐ 255.0 Total 49 100% 6,775.6 100% 22 6,000.6 1 0.0 26 775.0

*Other includes Infrastructure Software, Internet Service Providers, Mobile Infrastructure, and Virtualization Technology

26 | M&A and Investment Summary March 2014 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $135.66 ‐3% $ 89,238.2 $ 92,414.2 $ 30,871.0 $ 8,037.0 26.0% 3.2% 3.0x 11.5x ACI Worldwide, Inc. United States 59.19 ‐10% 2,220.9 2,896.9 864.9 186.5 21.6% 29.8% 3.3x 15.5x ADATA Technology Co., Ltd. Taiwan 2.55 ‐17% 580.7 642.7 1,105.8 83.9 7.6% 18.7% 0.6x 7.7x Advanced Micro Devices, Inc. United States 4.01 ‐14% 3,053.7 4,014.7 5,299.0 308.0 5.8% ‐2.3% 0.8x 13.0x Akamai Technologies, Inc. United States 58.21 ‐8% 10,392.6 9,718.7 1,577.9 557.8 35.3% 14.8% 6.2x 17.4x AVG Technologies N.V. Netherlands 20.96 ‐21% 1,104.5 1,092.1 407.1 142.5 35.0% 14.4% 2.7x 7.7x Brightcove, Inc. United States 9.83 ‐40% 314.9 278.8 109.9 (1.9) NM 24.9% 2.5x NM CA Technologies United States 30.98 ‐14% 13,871.9 12,788.9 4,582.0 1,566.0 34.2% ‐2.1% 2.8x 8.2x Carbonite, Inc. * United States 10.19 ‐38% 270.6 205.2 107.2 2.4 2.2% 27.5% 1.9x 86.9x CDW Corporation United States 27.44 0% 4,718.4 8,038.1 10,768.6 706.4 6.6% 6.3% 0.7x 11.4x Check Point Software Technologies Ltd. Israel 67.63 ‐3% 13,002.7 11,835.9 1,394.1 771.9 55.4% 3.8% 8.5x 15.3x ChinaCache International Holdings Ltd. * China 20.54 ‐30% 480.7 430.7 177.7 4.1 2.3% 35.6% 2.4x 104.2x Citrix Systems, Inc. United States 57.44 ‐26% 10,554.8 9,820.1 2,918.4 648.8 22.2% 12.8% 3.4x 15.1x CommVault Systems, Inc. United States 64.95 ‐28% 3,084.8 2,584.3 567.8 103.4 18.2% 20.4% 4.6x 25.0x Cray Inc. United States 37.32 ‐11% 1,427.4 1,220.7 525.7 35.9 6.8% 24.9% 2.3x 34.0x Crossroads Systems, Inc. United States 2.41 ‐30% 31.0 37.4 13.2 (9.2) NM ‐11.8% 2.8x NM Datalink Corporation United States 13.93 ‐12% 317.2 261.1 594.2 26.9 4.5% 21.0% 0.4x 9.7x Dot Hill Systems Corp. United States 3.87 ‐36% 232.0 193.6 206.6 8.8 4.2% 6.2% 0.9x 22.1x Elecom Co., Ltd. Japan 20.92 ‐2% 460.8 344.8 620.9 79.2 12.7% 0.6% 0.6x 4.4x EMC Corporation United States 27.41 ‐3% 55,571.0 53,551.0 23,222.0 5,612.0 24.2% 6.9% 2.3x 9.5x ePlus inc. United States 55.76 ‐17% 449.6 547.3 1,033.9 77.9 7.5% 7.1% 0.5x 7.0x Euronet Worldwide Inc. United States 41.59 ‐17% 2,108.5 2,105.6 1,413.2 179.3 12.7% 11.5% 1.5x 11.7x F‐Secure Oyj Finland 3.31 ‐2% 526.2 460.1 214.1 46.2 21.6% ‐1.3% 2.1x 10.0x Fusion‐io, Inc. United States 10.52 ‐48% 1,121.8 877.8 374.5 (70.8) NM ‐14.8% 2.3x NM Gemalto NV Netherlands 116.73 ‐7% 10,070.4 9,456.8 3,298.0 518.6 15.7% 6.4% 2.9x 18.2x Google Inc. United States 1,114.51 ‐9% 374,532.0 323,617.0 59,825.0 18,028.0 30.1% 19.2% 5.4x 18.0x Green Dot Corporation United States 19.53 ‐27% 738.2 248.5 582.3 66.6 11.4% 5.0% 0.4x 3.7x Imperva Inc. United States 55.70 ‐17% 1,453.2 1,335.5 137.8 (22.8) NM 32.2% 9.7x NM Integrated Electrical Services, Inc. United States 6.21 ‐11% 111.3 106.9 487.4 4.3 0.9% 2.7% 0.2x 25.0x Intel Corporation United States 25.81 ‐5% 128,347.2 121,797.2 52,708.0 20,563.0 39.0% ‐1.2% 2.3x 5.9x IBM Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2x Interxion Holding NV Netherlands 23.98 ‐14% 1,651.4 2,089.8 424.0 176.8 41.7% 10.8% 4.9x 11.8x J‐Stream Inc. Japan 4.02 ‐54% 46.8 32.0 43.7 4.0 9.1% ‐15.3% 0.7x 8.1x Limelight Networks, Inc. United States 2.18 ‐15% 213.3 95.7 173.4 (10.3) NM ‐3.8% 0.6x NM LogMeIn, Inc. * United States 44.89 ‐6% 1,086.7 897.2 166.3 14.5 8.7% 19.8% 5.4x 62.0x LSI Corporation United States 11.07 0% 6,180.7 5,370.9 2,370.2 357.8 15.1% ‐5.4% 2.3x 15.0x Melbourne IT Ltd. Australia 1.28 ‐40% 119.1 44.6 95.7 8.9 9.3% ‐39.4% 0.5x 5.0x Micron Technology Inc. United States 23.66 ‐8% 25,100.4 27,960.4 11,281.0 3,109.0 27.6% 41.4% 2.5x 9.0x Microsoft Corporation United States 40.99 ‐1% 340,246.7 280,949.7 83,433.0 31,828.0 38.1% 14.4% 3.4x 8.8x Montage Technology Group Limited China 20.02 ‐25% 550.5 442.8 110.9 29.6 26.7% 41.7% 4.0x 15.0x NEC Corporation Japan 3.06 ‐11% 7,959.0 13,884.0 28,846.1 1,634.6 5.7% ‐3.5% 0.5x 8.5x

27 | M&A and Investment Summary March 2014 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA NetApp, Inc. United States $36.90 ‐20% $ 12,224.1 $ 8,150.0 $ 6,392.6 $ 971.9 15.2% 1.2% 1.3x 8.4x Oracle Corporation United States 40.91 ‐1% 182,413.0 169,893.0 37,902.0 16,494.0 43.5% 2.0% 4.5x 10.3x ProAct IT Group AB Sweden 13.76 ‐8% 128.1 149.0 357.5 22.3 6.2% ‐5.3% 0.4x 6.7x Qualys, Inc. * United States 25.43 ‐15% 825.3 728.9 108.0 11.9 11.0% 18.1% 6.8x 61.1x Quantum Corporation United States 1.22 ‐30% 303.3 428.2 565.4 18.1 3.2% ‐7.0% 0.8x 23.7x Rackspace Hosting, Inc. United States 32.82 ‐39% 4,655.0 4,460.1 1,534.8 395.5 25.8% 17.2% 2.9x 11.3x Red Hat, Inc. United States 52.98 ‐14% 10,041.7 9,059.6 1,534.6 308.9 20.1% 15.5% 5.9x 29.3x SanDisk Corp. United States 81.19 ‐2% 18,308.9 17,386.2 6,170.0 2,112.6 34.2% 22.1% 2.8x 8.2x SAP AG Germany 81.26 ‐8% 96,996.6 99,053.9 23,217.1 7,946.2 34.2% 3.6% 4.3x 12.5x Seagate Technology Public Limited Company Ireland 56.16 ‐11% 18,462.9 19,695.9 13,968.0 2,770.0 19.8% ‐14.5% 1.4x 7.1x Silicon Graphics International Corp. United States 12.28 ‐41% 419.6 306.1 666.7 (5.1) NM ‐10.3% 0.5x NM Sony Corporation Japan 19.05 ‐18% 19,772.7 31,596.4 73,495.2 3,377.3 4.6% 14.5% 0.4x 9.4x Splunk, Inc. * United States 71.49 ‐33% 8,429.0 7,531.5 302.6 (68.8) NM 52.1% 24.9x NM Symantec Corporation United States 19.97 ‐26% 13,810.3 12,014.3 6,799.0 1,960.0 28.8% ‐0.6% 1.8x 6.1x Synchronoss Technologies, Inc. United States 34.29 ‐13% 1,394.3 1,331.0 349.0 77.6 22.2% 27.5% 3.8x 17.2x Tableau Software, Inc. * United States 76.08 ‐26% 4,851.9 4,599.2 232.4 10.5 4.5% 82.0% 19.8x NM Teradata Corporation United States 49.19 ‐25% 7,848.3 7,427.3 2,692.0 622.0 23.1% 1.0% 2.8x 11.9x Trend Micro Inc. Japan 30.87 ‐24% 4,163.5 2,805.1 1,046.6 354.6 33.9% 15.4% 2.7x 7.9x The KEYW Holding Corporation United States 18.71 ‐19% 697.2 779.7 298.7 20.8 7.0% 22.7% 2.6x 37.4x VeriSign, Inc. United States 53.91 ‐14% 7,199.0 6,849.8 965.1 588.9 61.0% 10.5% 7.1x 11.6x Violin Memory, Inc. United States 4.00 ‐50% 329.9 230.5 107.7 (84.4) NM 45.9% 2.1x NM VMware, Inc. United States 108.02 ‐3% 46,533.0 40,808.0 5,207.0 1,464.0 28.1% 13.1% 7.8x 27.9x Western Digital Corporation United States 91.82 ‐1% 21,693.6 19,378.6 15,268.0 3,234.0 21.2% ‐2.4% 1.3x 6.0x Xoom Corporation * United States 19.52 ‐46% 735.2 519.6 122.2 11.4 9.3% 52.7% 4.3x 45.7x

Adjusted Weighted Average 3.7x 12.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.9x)

28 | M&A and Investment Summary March 2014 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A10 Networks, Inc. * United States $15.04 ‐9% $ 887.8 $ 1,013.2 $ 141.7 $ (4.2) NM 18.1% 7.1x NM Aerohive Networks, Inc. United States $10.55 ‐4% 460.1 448.6 107.1 (28.3) NM 50.4% 4.2x NM Aastra Technologies Ltd. Canada $38.04 ‐12% 453.1 375.1 549.2 39.0 7.1% ‐0.2% 0.7x 9.6x ADTRAN Inc. United States 24.41 ‐13% 1,382.7 1,264.8 641.7 63.1 9.8% 3.4% 2.0x 20.0x Alcatel‐Lucent France 3.95 ‐17% 10,910.4 11,651.8 19,932.3 1,332.4 6.7% ‐0.1% 0.6x 8.7x Allot Communications Ltd. Israel 13.46 ‐26% 444.2 322.6 96.5 (0.7) NM ‐7.8% 3.3x NM Ambient Corporation United States 1.35 ‐67% 22.6 18.0 20.0 (12.9) NM ‐60.4% 0.9x NM Aruba Networks, Inc. * United States 18.75 ‐22% 2,001.9 1,723.7 637.5 11.0 1.7% 11.6% 2.7x 157.0x AudioCodes Ltd. Israel 7.25 ‐21% 313.2 280.0 137.2 5.9 4.3% 7.6% 2.0x 47.1x Aviat Networks, Inc. United States 1.59 ‐53% 98.8 40.1 406.5 (13.7) NM ‐13.8% 0.1x NM Axesstel Inc. United States 0.11 ‐93% 2.8 11.5 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 8.12 ‐46% 4,212.4 3,305.6 6,813.0 (2,256.0) NM ‐38.5% 0.5x NM Barracuda Networks, Inc. * United States 33.94 ‐24% 1,726.3 1,609.7 225.9 (0.1) NM 0.0% 7.1x NM Blonder Tongue Laboratories Inc. United States 0.89 ‐26% 5.5 10.9 28.4 (1.1) NM ‐3.3% 0.4x NM BroadSoft, Inc. * United States 26.73 ‐30% 763.3 691.3 178.5 1.3 0.7% 8.3% 3.9x 538.0x Brocade Communications Systems, Inc. United States 10.61 0% 4,617.6 4,217.6 2,198.7 537.0 24.4% ‐3.0% 1.9x 7.9x CalAmp Corp. United States 27.87 ‐20% 961.8 933.1 224.4 24.0 10.7% 32.2% 4.2x 38.9x Calix Inc. United States 8.43 ‐40% 423.4 340.6 382.6 10.3 2.7% 15.9% 0.9x 33.1x Ciena Corporation United States 22.74 ‐19% 2,388.3 3,176.4 2,163.2 134.1 6.2% 15.7% 1.5x 23.7x Cisco Systems, Inc. United States 22.42 ‐15% 115,466.0 85,573.0 47,873.0 12,980.0 27.1% 1.3% 1.8x 6.6x Clearfield, Inc. United States 23.09 ‐13% 299.9 278.8 59.2 10.1 17.1% 53.6% 4.7x 27.5x ClearOne, Inc. United States 10.25 ‐28% 95.4 75.0 49.6 8.4 16.9% 6.8% 1.5x 8.9x COM DEV International Ltd. Canada 3.45 ‐14% 264.2 261.9 195.0 36.1 18.5% 0.6% 1.3x 7.3x CommScope Holding Company, Inc. United States 24.68 ‐5% 4,589.5 6,757.8 3,480.1 654.7 18.8% 4.8% 1.9x 10.3x Communications Systems Inc. United States 12.87 ‐8% 110.1 85.4 131.3 10.3 7.9% 26.0% 0.7x 8.3x Corning Inc. United States 20.82 ‐1% 28,957.5 27,092.5 7,819.0 2,459.0 31.4% ‐2.4% 3.5x 11.0x CTX Virtual Technologies, Inc. United States 1.80 ‐28% 14.4 14.5 119.2 16.9 14.2% 198.1% 0.1x 0.9x Cyan, Inc. United States 4.27 ‐72% 199.7 140.5 116.6 (34.9) NM 21.6% 1.2x NM DDS Wireless International Inc. Canada 1.47 ‐34% 19.9 10.8 31.7 (0.1) NM ‐14.2% 0.3x NM Digi International Inc. United States 10.15 ‐20% 262.7 164.8 195.7 16.8 8.6% 2.5% 0.8x 9.8x DragonWave Inc. Canada 1.40 ‐58% 80.0 73.5 100.4 (41.8) NM ‐4.1% 0.7x NM EchoStar Corp. United States 47.56 ‐8% 4,306.2 5,116.8 3,282.5 647.4 19.7% 5.1% 1.6x 7.9x Emulex Corporation United States 7.39 ‐18% 597.6 542.6 475.0 48.0 10.1% ‐4.3% 1.1x 11.3x Ericsson Sweden 13.37 ‐5% 43,052.9 35,953.1 35,263.9 5,002.1 14.2% ‐0.2% 1.0x 7.2x Extreme Networks Inc. United States 5.80 ‐29% 556.0 543.2 370.2 18.7 5.1% 18.4% 1.5x 29.0x F5 Networks, Inc. United States 106.63 ‐9% 7,219.2 6,641.0 1,522.3 469.3 30.8% 7.2% 4.4x 14.2x Finisar Corp. United States 26.51 ‐6% 2,565.3 2,270.6 1,094.2 161.2 14.7% 17.6% 2.1x 14.1x Fleetmatics Group PLC Ireland 33.45 ‐36% 1,242.1 1,128.9 177.4 44.8 25.3% 39.2% 6.4x 25.2x Franklin Wireless Corp. United States 1.75 ‐15% 18.2 8.4 23.2 (0.1) NM ‐36.6% 0.4x NM Gigamon Inc. United States 30.39 ‐27% 967.4 829.3 140.3 (27.4) NM 45.1% 5.9x NM Gogo Inc. * United States 20.54 ‐43% 1,745.6 1,725.8 328.1 10.8 3.3% 40.5% 5.3x 159.2x Harmonic Inc. United States 7.14 ‐13% 703.6 533.1 461.9 23.2 5.0% ‐3.1% 1.2x 23.0x Harris Corporation United States 73.16 ‐3% 7,813.3 9,154.0 4,978.4 1,085.0 21.8% ‐7.0% 1.8x 8.4x Infoblox Inc. * United States 20.06 ‐59% 1,080.7 829.7 245.5 3.1 1.3% 27.6% 3.4x 265.9x Interactive Intelligence Group Inc. United States 72.50 ‐11% 1,503.9 1,405.9 318.2 28.4 8.9% 34.1% 4.4x 49.4x 29 | M&A and Investment Summary March 2014 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA JDS Uniphase Corporation United States $14.00 ‐16% $ 3,269.0 $ 2,759.9 $ 1,703.2 $ 150.1 8.8% 0.9% 1.6x 18.4x Juniper Networks, Inc. United States 25.76 ‐10% 12,908.85 11,062.25 4,669.10 794.4 17.0% 7.0% 2.4x 13.9x KVH Industries Inc. United States 13.16 ‐10% 209.6 192.6 162.3 12.4 7.6% 18.4% 1.2x 15.5x Mavenir Systems, Inc. United States 17.90 ‐5% 419.2 403.7 101.3 (3.7) NM 37.2% 4.0x NM Meru Networks, Inc. United States 4.51 ‐35% 103.9 79.5 105.7 (8.4) NM 8.4% 0.8x NM Mitel Networks Corporation Canada 10.59 ‐2% 1,039.0 1,257.4 579.4 88.5 15.3% ‐2.1% 2.2x 14.2x Motorola Solutions, Inc. United States 64.29 ‐5% 16,335.1 15,599.1 8,696.0 1,576.0 18.1% 0.0% 1.8x 9.9x Netgear Inc. United States 33.73 ‐7% 1,229.8 981.6 1,369.6 139.2 10.2% 7.7% 0.7x 7.1x Nokia Corporation Finland 7.44 ‐12% 27,638.8 24,323.6 17,547.8 2,366.6 13.5% ‐57.9% 1.4x 10.3x Nuance Communications, Inc. United States 17.17 ‐27% 5,445.6 7,031.8 1,863.0 209.9 11.3% 6.3% 3.8x 33.5x Numerex Corp. United States 10.93 ‐32% 206.6 182.5 77.8 3.8 4.9% 19.7% 2.3x 48.3x Optical Cable Corp. United States 3.85 ‐22% 25.3 33.6 74.5 1.9 2.5% ‐10.8% 0.5x 18.1x Palo Alto Networks, Inc. * United States 68.60 ‐15% 5,080.9 4,642.6 482.9 (17.9) NM 49.2% 9.6x NM PCTEL, Inc. United States 8.73 ‐14% 161.6 103.7 104.3 5.6 5.4% 17.3% 1.0x 18.4x Plantronics, Inc. United States 44.45 ‐11% 1,848.3 1,526.3 813.7 154.5 19.0% 10.6% 1.9x 9.9x Polycom, Inc. United States 13.72 ‐1% 1,878.1 1,599.2 1,368.4 119.3 8.7% ‐1.7% 1.2x 13.4x Procera Networks, Inc. United States 10.39 ‐37% 211.4 104.9 74.7 (14.6) NM 25.2% 1.4x NM RadiSys Corporation United States 3.59 ‐31% 125.3 132.8 237.9 (15.4) NM ‐16.9% 0.6x NM Radware Ltd. Israel 17.68 ‐9% 792.4 657.6 193.0 27.4 14.2% 2.0% 3.4x 24.0x RELM Wireless Corp. United States 3.15 ‐23% 42.9 35.0 27.0 2.0 7.6% ‐2.0% 1.3x 17.1x RingCentral, Inc. * United States 18.10 ‐23% 1,162.8 1,081.3 160.5 (32.1) NM 40.1% 6.7x NM Riverbed Technology, Inc. United States 19.71 ‐13% 3,153.4 3,219.0 1,041.0 147.5 14.2% 24.4% 3.1x 21.8x Sandvine Corporation Canada 2.83 ‐11% 423.7 346.4 106.5 24.5 23.0% 21.2% 3.3x 14.1x ShoreTel, Inc. United States 8.60 ‐12% 528.3 481.2 332.7 10.5 3.1% 17.0% 1.4x 46.0x Sierra Wireless Inc. Canada 21.88 ‐15% 680.4 507.7 441.9 11.3 2.6% 11.2% 1.1x 44.8x SolarWinds, Inc. * United States 42.63 ‐28% 3,203.0 3,057.7 335.4 139.8 41.7% 24.7% 9.1x 21.9x Solera Holdings Inc. United States 63.34 ‐11% 4,368.8 5,767.3 890.1 347.7 39.1% 11.1% 6.5x 16.6x Sonus Networks, Inc. United States 3.37 ‐15% 840.6 631.8 276.7 (0.3) NM 8.9% 2.3x NM Telcoware Co., Ltd. South Korea 13.38 ‐10% 72.1 4.2 51.6 6.9 13.4% 5.6% 0.1x 0.6x TeleCommunication Systems Inc. United States 2.30 ‐28% 137.1 222.7 362.3 21.5 5.9% ‐25.7% 0.6x 10.4x TESSCO Technologies Inc. United States 37.36 ‐11% 307.5 301.8 594.0 30.2 5.1% ‐24.7% 0.5x 10.0x Transmode AB (publ) Sweden 16.87 ‐11% 467.9 401.0 159.6 25.5 16.0% 1.8% 2.5x 15.7x Ubiquitous Corporation * Japan 10.12 ‐73% 88.3 78.7 7.7 (2.0) NM ‐11.6% 10.2x NM Vecima Networks Inc. Canada 5.32 ‐16% 118.9 89.0 78.9 13.5 17.1% ‐15.2% 1.1x 6.6x Verint Systems Inc. United States 46.93 ‐4% 2,516.1 2,754.0 907.3 178.3 19.6% 8.1% 3.0x 15.4x ViaSat Inc. United States 69.04 ‐8% 3,182.1 3,817.9 1,316.2 165.1 12.5% 25.2% 2.9x 23.1x Vonage Holdings Corporation United States 4.27 ‐14% 903.2 953.2 829.1 77.2 9.3% ‐2.4% 1.1x 12.3x Westell Technologies, Inc. United States 3.69 ‐25% 219.0 132.2 89.6 4.2 4.7% 126.8% 1.5x 31.2x ZTE Corp. China 2.04 ‐31% 6,937.5 9,102.8 12,121.2 98.1 0.8% ‐10.7% 0.8x 92.8x

Adjusted Weighted Average 2.0x 12.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (113.5x)

30 | M&A and Investment Summary March 2014 Software

. Within the Software segment, a total of $3.9 billion in reported value was reported in strategic and buyout activity, while another $256 million in investments were announced . Security Software was the most active subsegment with 16 transactions announced worth $757 million, followed by HR Software and Application Management Software with seven and six transactions worth a combined total of $52 million . Select acquisitions: • KKR’s $2.4 billion purchase of a majority stake in Sedgwick Claims Management Services, a provider of productivity management solutions, from Hellman & Friedman • HGCC Capital’s $453 million purchase of Serena Software, which offers IT application development and deployment solutions • Vestar Capital Partners’ $364 million acquisition of corporate governance company Institutional Shareholder Services . Select investments: • The $50 million investment in enterprise integration platform provider MuleSoft led by New Enterprise Associates

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Security 16 25% $756.8 18% 8 $675.0 0 ‐ 8$81.8 HR 7 11% 29.5 1% 4 26.0 1 ‐ 23.5 Application Management 6 10% 22.1 1% 1 ‐ 0 ‐ 522.1 Collaboration 5 8% 16.9 0% 2 ‐ 0 ‐ 316.9 Healthcare 5 8% 5.8 0% 2 ‐ 0 ‐ 35.8 Credit/Risk 4 6% 2,764.0 66% 2 ‐ 22,764.00 ‐ Other* 20 32% 598.7 14% 11 19.1 2 453.3 7 126.3 Total 63 100% 4,193.8 100% 30 720.1 5 3,217.3 28 256.4 *Other includes Data Management Software, ERP Software, Financial Software, Geo‐Demo, Infrastructure, Legal, and Software Development Tools 31 | M&A and Investment Summary March 2014 Software Public Company Valuation

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $29.36 ‐19% $ 1,509.2 $ 1,780.3 $ 383.0 $ 71.2 18.6% 6.7% 4.6x 25.0x Ebix Inc. United States 17.07 ‐20% 655.0 654.4 204.7 75.9 37.1% 2.7% 3.2x 8.6x Epiq Systems, Inc. United States 13.63 ‐19% 486.0 758.1 438.7 72.8 16.6% 27.2% 1.7x 10.4x Fidessa group plc United Kingdom 42.24 ‐7% 1,593.2 1,471.7 464.5 92.1 19.8% 0.1% 3.2x 16.0x Guidewire Software, Inc. United States 49.05 ‐15% 3,332.8 2,888.6 315.2 (3.3) NM 21.2% 9.2x NM Innovation Group plc United Kingdom 0.58 ‐5% 697.8 658.8 340.3 34.0 10.0% 5.5% 1.9x 19.4x Management Consulting Group PLC United Kingdom 0.37 ‐32% 176.8 243.1 428.4 35.0 8.2% ‐10.0% 0.6x 6.9x Model N, Inc. * United States 10.11 ‐59% 245.1 142.5 101.1 2.5 2.5% 14.2% 1.4x 56.7x NetSuite Inc. * United States 94.83 ‐21% 7,164.2 6,978.7 414.5 (37.0) NM 34.2% 16.8x NM Performant Financial Corporation United States 9.05 ‐33% 438.5 489.9 255.3 80.9 31.7% 21.5% 1.9x 6.1x Q2 Holdings, Inc. United States 15.53 ‐11% 496.2 485.1 56.9 (13.1) NM 38.4% 8.5x NM RealPage, Inc. United States 18.16 ‐31% 1,418.8 1,385.7 377.0 54.2 14.4% 17.0% 3.7x 25.5x Solera Holdings Inc. United States 63.34 ‐11% 4,368.8 5,767.3 890.1 347.7 39.1% 11.1% 6.5x 16.6x SS&C Technologies Holdings, Inc. United States 40.02 ‐14% 3,310.7 4,000.7 712.7 281.7 39.5% 29.1% 5.6x 14.2x Tyler Technologies, Inc. United States 83.68 ‐23% 2,761.7 2,682.8 416.6 78.8 18.9% 14.7% 6.4x 34.0x

Adjusted Weighted Average 5.7x 19.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.2x)

Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $12.46 ‐1% $ 694.8 $ 631.2 $ 168.5 $ 6.7 4.0% 3.7% 3.7x 93.8x Allscripts Healthcare Solutions, Inc. United States 18.03 ‐8% 3,228.3 3,727.6 1,373.1 9.9 0.7% ‐5.1% 2.7x NM athenahealth, Inc. * United States 160.24 ‐22% 5,989.9 6,149.0 595.0 54.8 9.2% 40.9% 10.3x 112.2x Cegedim SA France 38.38 ‐4% 535.2 1,198.6 1,245.8 165.6 13.3% ‐2.1% 1.0x 7.2x Cerner Corporation United States 56.25 ‐11% 19,347.0 18,633.4 2,840.6 744.9 26.2% 8.8% 6.6x 25.0x Computer Programs & Systems Inc. United States 64.60 ‐10% 721.2 698.8 200.9 53.7 26.7% 9.6% 3.5x 13.0x Craneware plc United Kingdom 8.78 ‐17% 237.2 206.4 42.5 11.9 27.9% 0.1% 4.9x 17.4x McKesson Corporation United States 176.57 ‐6% 40,633.5 43,076.5 130,370.0 3,327.0 2.6% 5.8% 0.3x 12.9x MedAssets, Inc. United States 24.71 ‐7% 1,527.1 2,297.8 680.4 207.9 30.6% 6.3% 3.4x 11.1x Medidata Solutions, Inc. United States 54.34 ‐20% 2,943.7 2,932.2 276.8 31.9 11.5% 26.8% 10.6x 92.0x Merge Healthcare Incorporated United States 2.44 ‐48% 230.8 448.3 231.7 25.8 11.1% ‐6.9% 1.9x 17.4x Quality Systems Inc. United States 16.88 ‐30% 1,016.3 922.4 440.8 72.8 16.5% ‐3.7% 2.1x 12.7x Streamline Health Solutions, Inc. * United States 5.03 ‐41% 87.4 103.4 28.7 0.6 2.1% 33.3% 3.6x 168.6x USMD Holdings, Inc. United States 12.75 ‐71% 128.8 167.2 232.0 13.0 5.6% 291.4% 0.7x 12.8x Veeva Systems Inc. * United States 26.70 ‐46% 3,356.7 3,068.5 210.2 40.7 19.4% 62.2% 14.6x 75.4x

Adjusted Weighted Average 3.3x 23.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (99.0x)

32 | M&A and Investment Summary March 2014 Software Public Company Valuation

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $71.25 ‐17% $ 2,108.4 $ 1,588.5 $ 259.2 $ 84.2 32.5% 11.1% 6.1x 18.9x Allocate Software plc. United Kingdom 1.94 ‐2% 131.0 118.6 63.6 6.5 10.2% 4.4% 1.9x 18.2x Benefitfocus, Inc. United States 46.97 ‐39% 1,152.2 1,097.7 104.8 (22.7) NM 28.2% 10.5x NM Castlight Health, Inc. * United States 21.22 ‐49% 1,837.0 1,769.8 13.0 (61.7) NM 212.3% 136.4x NM Concur Technologies, Inc. * United States 99.07 ‐24% 5,610.4 5,419.1 586.1 36.5 6.2% 26.8% 9.2x 148.4x Cornerstone OnDemand, Inc. United States 47.87 ‐23% 2,527.6 2,438.1 185.1 (29.9) NM 57.0% 13.2x NM Dice Holdings, Inc. United States 7.46 ‐26% 404.1 483.8 213.5 62.7 29.4% 9.3% 2.3x 7.7x LinkedIn Corporation * United States 184.94 ‐28% 22,348.1 20,023.8 1,528.5 166.7 10.9% 57.2% 13.1x 120.1x Monster Worldwide, Inc. United States 7.48 ‐12% 719.0 820.1 807.6 112.3 13.9% ‐9.3% 1.0x 7.3x Paylocity Holding Corporation United States 24.05 ‐22% 1,176.6 1,175.0 90.5 2.0 2.2% 0.0% 13.0x NM Saba Software, Inc. United States 12.15 ‐13% 361.9 347.7 121.3 (9.8) NM 7.7% 2.9x NM The Ultimate Software Group, Inc. United States 137.00 ‐20% 3,876.6 3,796.2 410.4 58.8 14.3% 23.5% 9.3x 64.6x Workday, Inc. United States 91.43 ‐21% 16,823.1 15,417.9 468.9 (107.3) NM 71.4% 32.9x NM

Adjusted Weighted Average 17.6x 41.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (91.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (113.1x)

Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.38 ‐13% $ 277.2 $ 223.2 $ 86.4 $ 17.6 20.3% 10.3% 2.6x 12.7x AVG Technologies N.V. Netherlands 20.96 ‐21% 1,104.5 1,092.1 407.1 142.5 35.0% 14.4% 2.7x 7.7x Check Point Software Technologies Ltd. Israel 67.63 ‐3% 13,002.7 11,835.9 1,394.1 771.9 55.4% 3.8% 8.5x 15.3x Cisco Systems, Inc. United States 22.42 ‐15% 115,466.0 85,573.0 47,873.0 12,980.0 27.1% 1.3% 1.8x 6.6x FireEye, Inc. * United States 61.57 ‐37% 8,874.5 8,700.6 161.6 (142.8) NM 93.9% 53.9x NM Fortinet Inc. United States 22.03 ‐8% 3,587.7 3,096.3 615.3 86.5 14.1% 15.3% 5.0x 35.8x Gemalto NV Netherlands 116.73 ‐7% 10,070.4 9,456.8 3,298.0 518.6 15.7% 6.4% 2.9x 18.2x Imperva Inc. United States 55.70 ‐17% 1,453.2 1,335.5 137.8 (22.8) NM 32.2% 9.7x NM Infoblox Inc. United States 20.06 ‐59% 1,080.7 829.7 245.5 3.1 1.3% 27.6% 3.4x NM Juniper Networks, Inc. United States 25.76 ‐10% 12,908.9 11,062.3 4,669.1 794.4 17.0% 7.0% 2.4x 13.9x NQ Mobile Inc. * China 17.61 ‐32% 939.7 790.3 158.9 4.8 3.0% 113.0% 5.0x 166.2x Palo Alto Networks, Inc. United States 68.60 ‐15% 5,080.9 4,642.6 482.9 (17.9) NM 49.2% 9.6x NM Proofpoint, Inc. United States 37.08 ‐19% 1,363.1 1,266.6 137.9 (16.9) NM 29.8% 9.2x NM Qihoo 360 Technology Co. Ltd. China 99.58 ‐20% 12,225.6 11,829.9 671.1 148.4 22.1% 104.0% 17.6x 79.7x Symantec Corporation United States 19.97 ‐26% 13,810.3 12,014.3 6,799.0 1,960.0 28.8% ‐0.6% 1.8x 6.1x Trend Micro Inc. Japan 30.87 ‐24% 4,163.5 2,805.1 1,046.6 354.6 33.9% 15.4% 2.7x 7.9x VeriSign, Inc. United States 53.91 ‐14% 7,199.0 6,849.8 965.1 588.9 61.0% 10.5% 7.1x 11.6x

Adjusted Weighted Average 3.8x 9.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (33.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (78.9x)

33 | M&A and Investment Summary March 2014 Software Public Company Valuation

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $77.02 ‐14% $ 7,127.4 $ 6,384.4 $ 861.3 $ 403.0 46.8% 7.9% 7.4x 15.8x Autodesk, Inc. * United States 49.18 ‐16% 11,173.0 9,652.3 2,273.9 426.5 18.8% ‐1.7% 4.2x 22.6x Aveva Group plc United Kingdom 34.86 ‐22% 2,223.9 2,064.4 384.7 113.2 29.4% 10.9% 5.4x 18.2x Dassault Systemes SA France 117.42 ‐17% 14,521.7 12,574.8 2,852.7 889.6 31.2% 1.9% 4.4x 14.1x

Adjusted Weighted Average 5.0x 15.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.4x)

Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. * United States $65.74 ‐8% $ 32,720.8 $ 31,098.4 $ 4,047.5 $ 752.5 18.6% ‐7.3% 7.7x 41.3x CA Technologies United States 30.98 ‐14% 13,871.9 12,788.9 4,582.0 1,566.0 34.2% ‐2.1% 2.8x 8.2x CommVault Systems, Inc. United States 64.95 ‐28% 3,084.8 2,584.3 567.8 103.4 18.2% 20.4% 4.6x 25.0x Covisint Corporation United States 7.33 ‐50% 274.8 220.0 98.4 (27.1) NM 13.9% 2.2x NM Daegis Inc. United States 1.26 ‐24% 20.6 31.9 33.4 3.0 8.9% ‐17.1% 1.0x 10.7x Endurance International Group Holdings, Inc. * United States 13.01 ‐20% 1,679.7 2,680.3 520.3 61.5 11.8% 78.1% 5.2x 43.6x Guidance Software, Inc. United States 11.06 ‐4% 320.3 300.7 110.5 (13.6) NM ‐14.6% 2.7x NM IBM Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2x Informatica Corporation United States 37.78 ‐14% 4,126.0 3,448.6 948.2 164.1 17.3% 16.8% 3.6x 21.0x IntraLinks Holdings, Inc. * United States 10.23 ‐18% 567.7 557.5 234.5 12.9 5.5% 8.2% 2.4x 43.2x NetSuite Inc. * United States 94.83 ‐21% 7,164.2 6,978.7 414.5 (37.0) NM 34.2% 16.8x NM Opera Software ASA Norway 13.10 ‐18% 1,737.2 1,571.1 300.1 82.5 27.5% 38.9% 5.2x 19.0x Oracle Corporation United States 40.91 ‐1% 182,413.0 169,893.0 37,902.0 16,494.0 43.5% 2.0% 4.5x 10.3x Rally Software Development Corp. United States 13.38 ‐60% 326.6 237.8 74.3 (16.8) NM 30.8% 3.2x NM Salesforce.com, Inc United States 57.09 ‐15% 34,830.6 36,500.4 4,071.0 (60.6) NM 33.5% 9.0x NM ServiceNow, Inc. * United States 59.92 ‐17% 8,454.7 8,234.9 424.7 (42.8) NM 74.2% 19.4x NM Textura Corporation United States 25.21 ‐47% 625.4 550.1 40.8 (33.2) NM 70.1% 13.5x NM TIBCO Software Inc. United States 20.32 ‐25% 3,288.2 3,072.2 1,085.0 201.3 18.6% 4.7% 2.8x 15.3x

Adjusted Weighted Average 4.1x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (36.5x)

34 | M&A and Investment Summary March 2014 Information & Business Services

. Buyout acquisitions accounted for 89 percent of reported value during the month . IT Consulting/Systems Integration was the most active subsegment with eight transactions announced . BPO was the highest reported value subsegment with four deals, which was from TPG Capital’s $1.5 billion purchase of The Warranty Group . Select acquisitions: • Thoma Bravo’s $930 million acquisition of Travelclick, a provider of revenue tracking solutions for hotels • Jaywing’s $30 million purchase of UK‐based Epiphany Solutions, a provider of market research • HealthStream’s $16 million acquisition of Health Care Compliance Strategies, a provider of online compliance training for healthcare organizations • Charterhouse Capital Partners’ purchase of online training company Skillsoft

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 8 23% $25.8 1% 7 $4.8 0 ‐ 1$21.0 Corporate Training 4 11% 16.0 1% 2 16.0 2 ‐ 0 ‐ BPO 3 9% 1,510.0 58% 1 ‐ 11,500.01 10.0 Contact Center 3 9% 13.8 1% 2 9.6 0 ‐ 14.2 Healthcare Information 3 9% 13.5 1% 0 ‐ 0 ‐ 313.5 Market Research 3 9% 38.7 1% 1 30.0 0 ‐ 28.7 Other* 11 31% 992.2 2% 6 ‐ 1930.04 62.2 Total 35 100% 2,610.0 64% 19 60.4 4 2,430.0 12 119.6

*Other includes Credit/Risk Consulting, Credit/Risk Management, Healthcare Consulting, HR Information, Marketing Data, Printing Services, and Staffing

35 | M&A and Investment Summary March 2014 Information Services Public Company Valuation

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $37.14 ‐8% $ 4,436.2 $ 4,720.0 $ 2,507.6 $ 499.7 19.9% 7.3% 1.9x 9.4x Computershare Limited Australia 11.19 ‐5% 6,226.6 7,327.9 2,012.1 454.9 22.6% 0.3% 3.6x 16.1x CoreLogic, Inc. United States 30.04 ‐17% 2,754.8 3,452.0 1,330.6 269.8 20.3% 7.7% 2.6x 12.8x CoStar Group Inc. * United States 186.74 ‐14% 5,388.2 5,285.4 440.9 94.0 21.3% 26.0% 12.0x 56.2x DST Systems Inc. United States 94.79 ‐5% 3,991.7 4,296.0 2,658.6 430.6 16.2% 3.2% 1.6x 10.0x Dun & Bradstreet Corp. United States 99.35 ‐20% 3,677.2 4,963.5 1,655.2 508.3 30.7% ‐0.5% 3.0x 9.8x Envestnet, Inc. * United States 40.18 ‐17% 1,366.9 1,316.9 242.5 23.6 9.7% 54.2% 5.4x 55.7x Equifax Inc. United States 68.03 ‐7% 8,302.4 9,548.8 2,303.9 810.8 35.2% 11.1% 4.1x 11.8x Experian plc Ireland 18.00 ‐16% 17,873.0 21,280.8 4,784.0 1,635.0 34.2% 3.5% 4.4x 13.0x FactSet Research Systems Inc. United States 107.81 ‐9% 4,571.1 4,468.2 883.9 345.5 39.1% 6.0% 5.1x 12.9x Fair Isaac Corporation United States 55.32 ‐13% 1,931.4 2,313.5 737.8 191.1 25.9% 6.0% 3.1x 12.1x Fidelity National Information Services, Inc. United States 53.45 ‐6% 15,536.2 19,616.0 6,070.7 1,569.7 25.9% 4.5% 3.2x 12.5x Financial Engines, Inc. * United States 50.78 ‐29% 2,590.0 2,344.2 239.0 48.9 20.5% 28.6% 9.8x 47.9x McGraw Hill Financial, Inc. United States 76.30 ‐7% 20,879.2 20,971.2 4,875.0 1,749.0 35.9% 9.6% 4.3x 12.0x Moody's Corporation United States 79.32 ‐7% 16,973.5 17,059.9 2,972.5 1,339.6 45.1% 8.9% 5.7x 12.7x Morningstar Inc. United States 79.02 ‐8% 3,532.3 3,236.2 698.3 224.3 32.1% 6.1% 4.6x 14.4x MSCI Inc. United States 43.02 ‐7% 5,019.4 5,468.8 1,035.7 452.0 43.6% 9.0% 5.3x 12.1x Reis, Inc. United States 18.05 ‐9% 199.6 189.0 34.7 7.5 21.7% 11.2% 5.4x 25.1x SEI Investments Co. United States 33.61 ‐6% 5,696.5 5,118.3 1,126.1 271.1 24.1% 13.5% 4.5x 18.9x Thomson Reuters Corporation United States 34.28 ‐10% 27,961.8 34,845.9 12,702.0 2,680.0 21.1% ‐3.3% 2.7x 13.0x The Nasdaq OMX Group, Inc. United States 36.94 ‐10% 6,286.4 8,473.4 3,211.0 928.0 28.9% 2.9% 2.6x 9.1x Verisk Analytics, Inc. United States 59.96 ‐13% 10,003.5 11,109.6 1,595.7 736.0 46.1% 13.3% 7.0x 15.1x

Adjusted Weighted Average 4.0x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.3x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $34.40 ‐12% $ 2,627.1 $ 2,569.5 $ 1,097.5 $ 182.0 16.6% ‐1.1% 2.3x 14.1x Alliance Data Systems Corporation * United States 272.45 ‐9% 14,487.0 23,725.7 4,319.1 1,281.1 29.7% 18.6% 5.5x 18.5x Brainjuicer Group Plc United Kingdom 8.51 ‐1% 107.1 96.8 40.7 6.1 15.1% 17.5% 2.4x 15.8x Cello Group Plc United Kingdom 1.54 ‐3% 128.1 134.2 265.8 16.5 6.2% 18.2% 0.5x 8.1x Cision AB Sweden 9.46 ‐2% 140.4 177.2 128.1 13.9 10.8% ‐13.6% 1.4x 12.8x comScore, Inc. * United States 32.79 ‐4% 1,133.2 1,089.1 286.9 26.3 9.2% 12.4% 3.8x 41.5x Cross Marketing Inc. Japan 12.85 ‐18% 76.1 70.8 60.8 8.4 13.9% 15.5% 1.2x 8.4x Ebiquity plc United Kingdom 2.16 ‐4% 154.3 189.7 110.3 20.1 18.2% 11.5% 1.7x 9.5x GfK SE Germany 54.44 ‐14% 1,987.4 2,563.1 2,063.9 312.7 15.2% ‐1.3% 1.2x 8.2x Harte‐Hanks Inc. United States 8.84 ‐13% 553.1 562.4 559.6 63.6 11.4% ‐3.7% 1.0x 8.8x InnerWorkings Inc. * United States 7.66 ‐49% 393.4 443.8 891.0 14.3 1.6% 12.8% 0.5x 31.0x

36 | M&A and Investment Summary March 2014 Information Services Public Company Valuation

($ in Millions, except stock price data)

Marketing Information (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 13.25 ‐3% $ 266.4 $ 253.6 $ 393.0 $ 46.9 11.9% 4.6% 0.6x 5.4x Ipsos SA France 40.66 ‐15% 1,842.1 2,615.9 2,364.4 281.7 11.9% ‐4.3% 1.1x 9.3x Macromill, Inc. Japan 7.56 ‐12% 457.5 407.7 174.2 44.5 25.5% 14.2% 2.3x 9.2x NeuStar, Inc. United States 32.51 ‐43% 1,989.3 2,386.5 902.0 359.8 39.9% 8.5% 2.6x 6.6x Nielsen Holdings N.V. Netherlands 44.63 ‐6% 16,908.8 23,072.8 5,703.0 1,349.0 23.7% 5.5% 4.0x 17.1x Onvia Inc. United States 5.34 ‐4% 39.3 31.7 22.0 2.5 11.3% 0.3% 1.4x 12.8x Pearson plc United Kingdom 17.70 ‐23% 14,330.6 16,902.9 8,439.2 1,371.8 16.3% 2.2% 2.0x 12.3x Rentrak Corporation * United States 60.28 ‐13% 729.6 703.6 118.4 14.5 12.2% 24.3% 5.9x 48.5x YouGov PLC United Kingdom 1.85 ‐4% 181.7 171.7 108.4 8.7 8.0% 11.6% 1.6x 19.7x

Adjusted Weighted Average 2.8x 14.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.5x)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $1.13 ‐12% $ 159.3 $ 204.1 $ 123.7 $ 16.5 13.3% 7.1% 1.6x 12.4x Corporate Executive Board Co. United States 74.23 ‐8% 2,496.6 2,892.9 820.1 177.5 21.6% 31.7% 3.5x 16.3x Forrester Research Inc. United States 35.85 ‐13% 701.6 546.4 297.7 35.2 11.8% 1.6% 1.8x 15.5x Gartner Inc. United States 69.44 ‐6% 6,386.3 6,173.8 1,784.2 302.1 16.9% 10.4% 3.5x 20.4x IHS Inc. United States 121.50 ‐3% 8,268.5 10,093.5 1,982.6 422.5 21.3% 26.3% 5.1x 23.9x Informa plc Switzerland 8.80 ‐8% 5,313.6 6,617.5 1,885.3 612.7 32.5% ‐8.1% 3.5x 10.8x National Research Corp. United States 43.88 ‐6% 496.7 485.2 92.6 28.5 30.8% 7.1% 5.2x 17.0x NIC Inc. United States 19.31 ‐26% 1,258.0 1,183.8 249.3 64.3 25.8% 18.6% 4.7x 18.4x Premier, Inc. United States 32.95 ‐15% 1,066.8 871.3 808.8 308.7 38.2% 0.0% 1.1x 2.8x Proofpoint, Inc. * United States 37.08 ‐19% 1,363.1 1,266.6 137.9 (16.9) NM 29.8% 9.2x NM Reed Elsevier plc(1) United Kingdom 15.25 ‐2% 32,688.0 39,627.4 9,944.2 3,154.3 31.7% 6.6% 4.0x 12.6x Solera Holdings Inc. United States 63.34 ‐11% 4,368.8 5,767.3 890.1 347.7 39.1% 11.1% 6.5x 16.6x Tarsus Group plc Ireland 3.41 ‐20% 340.1 395.7 126.3 41.5 32.9% 47.2% 3.1x 9.5x TechTarget, Inc. * United States 7.21 ‐3% 235.3 205.4 88.5 3.8 4.3% ‐11.5% 2.3x 54.5x The Advisory Board Company * United States 64.25 ‐9% 2,322.1 2,268.2 502.3 60.7 12.1% 16.4% 4.5x 37.3x UBM plc United Kingdom 11.35 ‐10% 2,784.9 3,589.4 1,321.7 315.3 23.9% ‐0.5% 2.7x 11.4x Wolters Kluwer NV Netherlands 28.28 ‐8% 8,349.1 11,098.1 4,922.3 1,230.2 25.0% ‐0.9% 2.3x 9.0x

Adjusted Weighted Average 3.9x 14.3x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.4x)

37 | M&A and Investment Summary March 2014 Business Services Public Company Valuation

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 21.97 ‐8% 221.2 171.8 278.4 25.0 9.0% 3.0% 0.6x 6.9x FTI Consulting, Inc. United States 33.34 ‐29% 1,354.8 1,862.7 1,652.4 242.5 14.7% 4.8% 1.1x 7.7x Information Services Group, Inc. United States 4.91 ‐14% 183.4 205.1 211.0 17.9 8.5% 9.5% 1.0x 11.5x Navigant Consulting Inc. United States 18.66 ‐6% 915.7 970.8 734.4 123.5 16.8% 1.7% 1.3x 7.9x ICF International Inc. United States 39.81 ‐10% 787.2 818.2 949.3 85.4 9.0% 1.3% 0.9x 9.6x Huron Consulting Group Inc. United States 63.38 ‐10% 1,435.4 1,546.9 720.5 138.2 19.2% 15.1% 2.1x 11.2x The Hackett Group, Inc. United States 5.98 ‐20% 182.9 183.7 200.4 18.2 9.1% 0.3% 0.9x 10.1x Towers Watson & Co. * United States 114.05 ‐13% 8,043.6 8,078.1 3,590.6 653.9 18.2% 4.6% 2.2x 12.4x

Adjusted Weighted Average 1.9x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.0x)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 77.26 ‐8% 37,225.9 35,949.6 11,747.3 2,438.9 20.8% 7.6% 3.1x 14.7x Barrett Business Services Inc. United States 59.57 ‐42% 427.3 319.2 532.8 26.5 5.0% 32.3% 0.6x 12.1x Capita plc United Kingdom 18.25 ‐6% 12,005.3 11,840.0 6,486.6 954.8 14.7% 16.2% 1.8x 12.4x Dice Holdings, Inc. United States 7.46 ‐26% 404.1 483.8 213.5 62.7 29.4% 9.3% 2.3x 7.7x Edenred SA France 31.45 ‐16% 7,039.0 7,465.6 1,311.7 408.7 31.2% ‐2.7% 5.7x 18.3x Insperity, Inc. United States 30.98 ‐22% 790.1 518.0 2,256.1 77.0 3.4% 4.5% 0.2x 6.7x LinkedIn Corporation * United States 184.94 ‐28% 22,348.1 20,023.8 1,528.5 166.7 10.9% 57.2% 13.1x 120.1x Marsh & McLennan Companies, Inc. United States 49.30 ‐2% 27,084.0 27,803.0 12,261.0 2,435.0 19.9% 2.8% 2.3x 11.4x Monster Worldwide, Inc. United States 7.48 ‐12% 719.0 820.1 807.6 112.3 13.9% ‐9.3% 1.0x 7.3x Paychex, Inc. United States 42.60 ‐7% 15,495.3 14,909.6 2,440.2 1,067.8 43.8% 6.4% 6.1x 14.0x Professional Diversity Network LLC United States 3.45 ‐51% 21.8 3.1 4.0 (1.7) NM ‐34.4% 0.8x NM Towers Watson & Co. United States 114.05 ‐13% 8,043.6 8,078.1 3,590.6 653.9 18.2% 4.6% 2.2x 12.4x TriNet Group, Inc. United States 21.31 ‐9% 1,456.0 2,180.5 1,644.3 136.9 8.3% 61.4% 1.3x 15.9x WageWorks, Inc. United States 56.11 ‐18% 1,964.7 1,634.2 219.3 39.0 17.8% 23.7% 7.5x 41.9x

Adjusted Weighted Average 3.3x 14.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.3x)

38 | M&A and Investment Summary March 2014 Business Services Public Company Valuation

($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 79.72 ‐7% $ 50,468.3 $ 47,326.2 $ 28,774.2 $ 4,423.4 15.4% 1.8% 1.6x 10.7x Amdocs Limited Channel Islands 46.46 ‐1% 7,415.9 6,204.3 3,383.5 626.8 18.5% 3.6% 1.8x 9.9x Bechtle AG Germany 86.34 ‐1% 1,813.1 1,730.1 3,139.1 152.8 4.9% 8.4% 0.6x 11.3x Booz Allen Hamilton Holding Corporation United States 22.00 ‐2% 3,178.8 4,450.2 5,624.2 562.4 10.0% ‐2.2% 0.8x 7.9x Broadridge Financial Solutions, Inc. United States 37.14 ‐8% 4,436.2 4,720.0 2,507.6 499.7 19.9% 7.3% 1.9x 9.4x Business & Decision SA France 6.56 ‐3% 51.7 97.5 288.1 19.7 6.8% ‐13.0% 0.3x 4.9x Cap Gemini S.A. France 75.87 ‐5% 12,145.2 11,363.7 13,934.4 1,320.0 9.5% ‐1.7% 0.8x 8.6x CGI Group, Inc. Canada 30.96 ‐18% 9,521.9 12,188.5 9,248.6 1,338.1 14.5% 62.5% 1.3x 9.1x Cognizant Technology Solutions Corporation * United States 50.60 ‐6% 30,735.7 26,988.2 8,843.2 1,857.8 21.0% 20.4% 3.1x 14.5x Computer Sciences Corporation United States 60.82 ‐5% 8,861.0 9,425.0 13,970.0 2,169.5 15.5% ‐3.8% 0.7x 4.3x CSG Systems International Inc. United States 26.04 ‐19% 890.7 945.1 747.5 125.8 16.8% ‐1.2% 1.3x 7.5x Digi International Inc. United States 10.15 ‐20% 262.7 164.8 195.7 16.8 8.6% 2.5% 0.8x 9.8x Information Services Group, Inc. United States 4.91 ‐14% 183.4 205.1 211.0 17.9 8.5% 9.5% 1.0x 11.5x International Business Machines Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2x Infosys Ltd. India 54.62 ‐15% 31,212.7 26,849.7 8,095.0 2,140.0 26.4% 11.9% 3.3x 12.5x iSoftStone Holdings Limited * China 5.06 ‐9% 294.7 375.4 418.1 26.2 6.3% 15.2% 0.9x 14.3x ITS Group France 10.45 ‐1% 60.2 69.4 159.0 10.7 6.7% 23.8% 0.4x 6.5x NCI, Inc. United States 10.63 ‐19% 137.4 138.3 332.3 19.5 5.9% ‐9.8% 0.4x 7.1x NTT Data Corporation Japan 38.80 ‐7% 10,882.3 13,276.4 12,876.7 1,897.8 14.7% 4.6% 1.0x 7.0x Perficient Inc. * United States 18.12 ‐25% 615.3 627.3 356.8 45.5 12.8% 14.5% 1.8x 13.8x Tata Consultancy Services Limited * India 35.46 ‐11% 69,448.8 67,591.6 12,776.1 3,869.5 30.3% 28.2% 5.3x 17.5x Wipro Ltd. * India 9.04 ‐11% 22,144.0 20,078.0 6,870.4 1,473.5 21.4% 27.8% 2.9x 13.6x

Adjusted Weighted Average 2.2x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x) ($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States $6.32 ‐48% $ 45.6 $ 45.2 $ 87.3 $ 0.2 0.2% 6.9% 0.5x 240.6x Cenveo Inc. United States 3.04 ‐22% 201.7 1,375.9 1,777.8 145.0 8.2% 2.3% 0.8x 9.5x Communisis plc United Kingdom 1.11 ‐11% 214.7 257.6 449.8 33.2 7.4% 17.6% 0.6x 7.8x Cineplex Inc. Canada 38.16 ‐6% 2,402.0 2,665.6 1,062.4 177.0 16.7% 7.2% 2.5x 15.1x Contax Participacoes S.A. Brazil 1.46 ‐41% 517.4 880.3 1,595.5 192.8 12.1% ‐0.1% 0.6x 4.6x Convergys Corporation United States 21.91 ‐10% 2,222.6 1,620.0 2,046.1 237.8 11.6% 2.0% 0.8x 6.8x Elanders AB Sweden 6.67 ‐14% 151.6 266.2 325.1 35.5 10.9% 8.9% 0.8x 7.5x Eniro AB Sweden 9.00 ‐13% 901.1 1,292.3 567.6 131.7 23.2% ‐8.5% 2.3x 9.8x Exlservice Holdings, Inc. United States 30.91 ‐6% 1,005.1 853.6 478.5 92.3 19.3% 8.0% 1.8x 9.2x Firstsource Solutions Limited India 0.42 ‐15% 277.0 427.1 501.3 58.6 11.7% 9.2% 0.9x 7.3x Genpact Limited Bermuda 17.42 ‐18% 4,037.7 4,125.8 2,132.0 384.0 18.0% 12.1% 1.9x 10.7x InnerWorkings Inc. * United States 7.66 ‐49% 393.4 443.8 891.0 14.3 1.6% 12.8% 0.5x 31.0x

39 | M&A and Investment Summary March 2014 Business Services Public Company Valuation

($ in Millions, except stock price data)

Outsourced Services (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. * British Virgin Islands 35.07 ‐19% $ 1,148.8 $ 1,134.4 $ 378.0 $ 68.4 18.1% 25.5% 3.0x 16.6x MAXIMUS, Inc. United States 44.86 ‐11% 3,044.0 2,924.8 1,451.6 240.4 16.6% 32.3% 2.0x 12.2x Quad/Graphics, Inc. United States 23.45 ‐36% 1,125.9 2,536.3 4,795.9 578.0 12.1% 17.1% 0.5x 4.4x Quintiles Transnational Holdings Inc. United States 50.77 ‐8% 6,596.1 7,888.7 3,808.3 557.0 14.6% 3.1% 2.1x 14.2x R.R. Donnelley & Sons Company United States 17.90 ‐16% 3,540.5 6,391.9 10,480.3 1,120.8 10.7% 2.5% 0.6x 5.7x Salmat Limited Australia 1.79 ‐16% 283.3 221.3 422.2 31.2 7.4% ‐6.4% 0.5x 7.1x Serco Group plc United Kingdom 7.01 ‐39% 3,429.1 4,681.1 7,139.1 473.7 6.6% ‐12.7% 0.7x 9.9x St Ives plc United Kingdom 3.30 ‐3% 400.5 421.1 538.2 81.9 15.2% ‐1.8% 0.8x 5.1x StarTek, Inc. United States 6.85 ‐5% 105.4 96.8 231.3 8.1 3.5% 16.7% 0.4x 11.9x Sykes Enterprises, Incorporated United States 19.87 ‐15% 871.8 757.8 1,263.5 114.1 9.0% 12.0% 0.6x 6.6x Teleperformance France 58.11 ‐11% 3,320.1 3,198.6 3,359.3 412.8 12.3% 3.7% 1.0x 7.7x TeleTech Holdings Inc. United States 24.51 ‐9% 1,225.2 1,179.9 1,193.2 153.1 12.8% 2.6% 1.0x 7.7x Trans Cosmos, Inc. Japan 20.60 ‐10% 847.6 613.9 1,722.4 101.8 5.9% 7.6% 0.4x 6.0x Transcom WorldWide SA Luxembourg 0.19 ‐18% 236.6 286.1 901.9 36.9 4.1% 7.9% 0.3x 7.7x Transcontinental Inc. Canada 14.52 ‐7% 1,127.5 1,476.5 1,890.1 340.0 18.0% ‐3.1% 0.8x 4.3x Vistaprint N.V. Netherlands 49.22 ‐15% 1,635.5 1,777.7 1,213.6 137.8 11.4% 9.6% 1.5x 12.9x West Corporation United States 23.93 ‐29% 2,006.2 5,301.5 2,685.9 662.6 24.7% 1.8% 2.0x 8.0x Xchanging PLC United Kingdom 2.76 ‐13% 669.3 505.4 1,141.9 116.9 10.2% 2.6% 0.4x 4.3x

Adjusted Weighted Average 1.6x 4.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.1x)

40 | M&A and Investment Summary March 2014 PPLLC Indices Valuation Summary

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 6.6x 2.2x 7.9x 7.8x Digital Advertising 4.5x 2.6x 6.0x 5.6x Marketing Technology 5.4x 3.8x 4.4x 4.2x Agency 1.1x 1.2x 1.5x 1.5x Marketing Services 1.6x 1.6x 3.0x 2.0x Traditional Media 2.8x 2.5x 3.3x 3.0x Technology 3.4x 2.5x 3.9x 3.7x Communications 2.4x 1.5x 2.2x 2.0x Software 8.2x 4.4x 6.0x 5.3x Information 3.7x 3.5x 4.3x 4.0x Business Services 1.4x 0.8x 2.8x 2.0x

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 29.1x 15.5x 27.9x 24.6x Digital Advertising 24.2x 19.8x 19.8x 19.2x Marketing Technology 31.7x 17.2x 13.0x 13.2x Agency 11.3x 9.3x 11.2x 9.9x Marketing Services 12.8x 9.2x 12.2x 12.6x Traditional Media 15.9x 10.7x 11.2x 11.2x Technology 18.4x 11.6x 11.9x 12.0x Communications 36.2x 15.5x 15.0x 12.2x Software 33.3x 17.0x 16.9x 12.7x Information 17.6x 13.0x 15.7x 14.0x Business Services 12.8x 10.0x 18.2x 12.1x

As of close of business on 03/31/14

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

41 | M&A and Investment Summary March 2014 PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media Digital Advertising 170 LTM Index Performance 170 LTM Index Performance

155 155 (%) (%) • S&P 500 –  23.3% • S&P 500 –  23.3%

140 140 • Digital Media/Commerce –  • Digital Advertising –  42.5% 125 43.1% 125 Performance Performance

110 110 • Traditional Media –  31% Index 95 Index 95

80 80 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14

S&P 500 Digital Media/Commerce Traditional Media S&P 500 Digital Advertising

Marketing Technology Agency & Marketing Services LTM Index Performance 130 155 LTM Index Performance

• S&P 500 –  23.3% (%) 140 120 • S&P 500 –  23.3% (%)

110 • Marketing Technology –  8.7% 125 • Agency –  30.9%

100 110 Performance • Marketing Services –  39.1%

Performance 95

90 Index Index 80 80 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14

S&P 500 Marketing Technology S&P 500 Agency Marketing Services

Note: LTM as of 3/31/14 42 | M&A and Investment Summary March 2014 PPLLC Indices LTM Share Pricing Trends

Technology Communications 130 LTM Index Performance 140 LTM Index Performance

130 120 (%) • S&P 500 –  23.3% (%) • S&P 500 –  23.3%

120 110 • Technology –  25.3% • Communications –  21.9% 110 100 Performance Performance 100

90 90 Index Index

80 80 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14

S&P 500 Technology S&P 500 Communications

Software Information & Business Services 130 LTM Index Performance 150 LTM Index Performance

120 • S&P 500 –  23.3% 140 • S&P 500 –  23.3% (%)

(%) 130 110 • Software –  14.8% • Information –  27.5% 120 100 • Business Services –  9.7% Performance 110 Performance

90 Index 100 Index 80 90 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14

S&P 500 Software S&P 500 Information Business Services

Note: LTM as of 3/31/14 43 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Values Disclosed Ono, S.A. Traditional Media Vodafone Group plc$ 10,000.0 eAccess Technology & Communications Yahoo Japan 3,200.0 Bouygues Telecom SA Technology & Communications Iliad SA 2,496.4 The Men's Wearhouse, Inc. Digital Media/Commerce Joseph A. Bank Cl othi ers , Inc. 1,826.0 LIN Media LLC Traditional Media Media General, Inc. 1,600.0 WPLG Traditional Media Berks hire Hathaway, Inc. 1,100.0 Maker Studios Digital Advertising The Walt Disney Compa ny 950.0 Schawk, Inc. Agency & Ma rketing Services Matthews International Corporation 591.5 Apartments.com, Inc. Digital Advertising CoStar Group, Inc. 585.0 LiveTV Traditional Media Tha les Group 400.0 FreeWheel Media, Inc. Digital Advertising Comcast Corporation 360.0 Cona x AS Software The Kudels ki Group 250.0 HiFX Technology & Communications Euronet Worldwide, Inc. 241.2 Accuvant, Inc. Software The Blackstone Group 225.0 JD.com Digital Media/Commerce Tencent Holdings Ltd. 214.7 Cyvera Ltd. Software Palo Alto Networks 200.0 Alfaguara Traditional Media Penguin Random House Holdings 100.0 CARMA International Marketing Technology Salience Insight 100.0 Realise Holdings Ltd. Agency & Ma rketing Services St. Ives, PLC 66.8 KnowledgeAdvisors Marketing Technology The Corpora te Executive Board 52.0 VaultLogix LLC Technology & Communications Intercloud Systems, Inc. 44.0 Iconix Latin America Digital Media/Commerce Iconix Brand Group, Inc. 42.0 Epiphany Solutions Limited Information & Business Services Jaywing plc 30.0 OilCareers Ltd. Software Dice Holdings, Inc. 26.0 Pebble Beach Systems Ltd. Marketing Technology Vislink plc 24.6 KnowledgePath Solutions Marketing Technology Digital Management, Inc. 22.0 Quercus Publishing plc Traditional Media Hodder & Stoughton Ltd. 20.4 Internet Broadcasting Systems, Inc. Agency & Ma rketing Services Nexstar Broadcasting, Inc. 20.0 Zite Digital Media/Commerce Flipboard, Inc. 20.0 Sky Software Pty Ltd. Software Tribal Group plc 19.1 X2O Media Tra ditional Media Barco NV 19.0 Qlika Digital Advertising Priceline.com, Inc. 18.0 CoreXchange, Inc. Technology & Communications Zayo Group, LLC 17.5 Health Care Compl i a nce Strategies, Inc. Information & Business Services HealthStream, Inc. 16.0 IT Sonix Information & Business Services Enghouse Systems Limited 9.6 DAX Marketing Technology Prime Focus Technologies, Inc. 9.1 Victorville Daily Pres s Traditional Media New Media Investment Group, Inc. 8.0 Insight4 Pty Ltd. Information & Business Services RXP Services Limited 4.8 Amonshare.com Technology & Communications Xumanii International 1.5

44 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed Appixia Ltd. Marketing Technology Wix.com, Inc. ‐ Applifier Ltd. Digital Media/Commerce Unity Technologies ‐ ArchiTrek Software XTS Software Corpora ti on ‐ ArmorActive, Inc. Technology & Communications Mobile Technologies, LLC ‐ Authintic.com Marketing Technology 500px, Inc. ‐ BalconyTV Digital Advertising The Orchard ‐ Banno LLC Technology & Communications Jack & Henry Associates ‐ Barc Communications, Inc. Agency & Ma rketing Services Trepoint, Inc. ‐ Bayshore Solutions Agency & Ma rketing Servi ces CCF Consulting, Inc. ‐ Biond Consulting Information & Business Services PwC Canada ‐ Blayze LLC Marketing Technology Vobile, Inc. ‐ Blue‐Goo Agency & Ma rketing Services Rumble News Ltd. ‐ BPM Specialists, Inc. Information & Business Services Ernst & Young LLP ‐ Brandscreen, Inc. Marketing Technology Zenovia Exchange Corpora ti on ‐ Business Monitor International Ltd. Information & Business Services The Fitch Group ‐ CA Erwin Data Modeling Software CA Technologies ‐ Centers hi ft, Inc. Technology & Communications Yardi Systems, Inc. ‐ Cenzi c, Inc. Software TrustWave Holdings, Inc. ‐ ChannelBrain, Inc. Technology & Communications Dydacomp Development Corpora ti on ‐ Choi ce Pharma Information & Business Services Clinipace Worldwide ‐ Comprova .com Di gi ta l Media/Commerce DocuSign, Inc. ‐ Corkbin, Inc. Digital Media/Commerce Hello Vino, Inc. ‐ Cynergy Systems, Inc. Technology & Communications KPMG LLP ‐ Data Tactics Corpora ti on Softwa re L‐3 Communications Holdings, Inc. ‐ Dhingana, Inc. Digital Media/Commerce Rdio, Inc. ‐ Dium Technology & Communications Innobec Technologies, Inc. ‐ d‐Wise Technologies, Inc. Information & Business Services Dootsonic ‐ E6 Interactive LLC Marketing Technology Advice Media LLC ‐ Eirikuva Oy Information & Business Services Ifolor Oy ‐ ENETsolutions Information & Business Services Computex Technology Solutions ‐ Extrabux, Inc. Digital Advertising Ebates, Inc. ‐ Fitzii Software The Ian Ma rtin Group ‐ FreightCar America Inc., Rail Fleet Ma nagement Software Services Software ShipXpress, Inc. ‐ FusePump Ltd. Digital Advertising Wunderman ‐ Giant Media Digital Advertising Adknowledge, Inc. ‐ Glad to Have You, Inc. Marketing Technology HomeAway.com, Inc. ‐ Hare Communications Agency & Ma rketing Services ConcertCare Healthcare Solutions ‐ Hawkeye Communication, Inc. Agency & Ma rketing Services Publicis Groupe S.A. ‐ Health Solutions Software Interactive Health, Inc. ‐ HPM Networks Technology & Communications Cancom SE ‐ IdentityForge, LLC Software IDMWORKS ‐

45 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed InfoCentricity, Inc. Marketing Technology FICO ‐ Innovata LLC Marketing Technology Reed Business Information Ltd. ‐ Jazz Wireless Data, Inc. Technology & Communications KORE Telematics, Inc. ‐ JunctionMCR Software Microsoft Corpora ti on ‐ Kingley Event Ma nagement Limited Traditional Media Travel Weekly Group Ltd. ‐ KoolSkool Digital Media/Commerce BookAdda ‐ LeisureLink, Inc. Digital Media/Commerce VacationRoost Group, Inc. ‐ Lesmobilizers SAS Digital Advertising Dentsu Aegis Network, Inc. ‐ Lockheed Ma rtin Corporation Software Industrial Defender, Inc. ‐ Macias Media Group Agency & Ma rketing Services MWW Group ‐ Matchcraft, Inc. Marketing Technology Advance Digital, Inc. ‐ Moolaguides, LLC Digital Media/Commerce FlashNotes, Inc. ‐ Oaisys Information & Business Services Mitel Networks Corpora ti on ‐ Origen Technology Limited Information & Business Services Datacom, Inc. ‐ Outcomes Health Information Systems Software Altegra Health, Inc. ‐ Oxyme Marketing Technology MetrixLab ‐ Phoenix Age, Inc. Digital Media/Commerce Kabam, Inc. ‐ PNT Marketing Services Agency & Ma rketing Services Novantas, Inc. ‐ Polis Medialink srl Digital Media/Commerce RCS MediaGroup S.p.A. ‐ Portero, Inc. Digital Media/Commerce CIRCA, Inc. ‐ Potion Factory LLC Digital Media/Commerce Karelia Software LLC ‐ Raker Goldstein & Co., Inc. Agency & Ma rketing Services The CHR Group ‐ Raw TV Ltd Traditional Media Discovery Communications LLC ‐ Red Bricks Media Agency & Ma rketing Services GearyLSF Group ‐ Right Cl i ck Software Software MDI Achieve, Inc. ‐ SaaS Ma rkets, LLC Technology & Communications Sysxnet Limited ‐ SchoolSpring, Inc. Software Netchemia, LLC ‐ SecureForce Software BRTRC Federal Solutions ‐ ServiceKick Marketing Technology Jaroop ‐ Smart Office Technology & Communications Artifex Software, Inc. ‐ Software Advice, Inc. Digital Media/Commerce Gartner, Inc. ‐ Solariat, Inc. Agency & Ma rketing Services Genesys Telecommunications Laboratories, Inc. ‐ StickyStreet, Inc. Technology & Communications Mozido, LLC ‐ Tangerine Communications, LLC Agency & Ma rketing Services The Ferraro Group ‐ TapRide, LLC Digital Media/Commerce DoubleMap ‐ TeachersNotebook.com Digital Media/Commerce OverDrive, Inc. ‐ TeamHealth, Inc. Information & Business Services Salutis Emergency Specialists, PLLC ‐

46 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed TechWire.net Digital Media/Commerce e.Republic, Inc. ‐ The Church Agency & Ma rketing Services Designworks Group Limited ‐ The Compl ex Sale, Inc. Marketing Technology Sales Performance International, LLC ‐ The Echo Nest Corpora ti on Ma rketi ng Technology Spotify Ltd. ‐ This Way Up! Ma rketing Agency & Ma rketing Services Sharp Innovations, Inc. ‐ Thrupoint, Inc. Information & Business Services Acuative Corpora ti on ‐ Tomorrow Networks, LLC Digital Advertising Physicians Interactive ‐ Topspin Media , Inc. Marketing Technology Beats Music, LLC ‐ Travel Weekly Chi na , Travel Weekly Asia, Events China Digital Media/Commerce Northstar Travel Media, LLC ‐ Tri‐C Marketing Information & Business Services THP Crea ti ve Group, Inc. ‐ Trubiquity, Inc. Software Rocket Software, Inc. ‐ Tvinteract LLC Marketing Technology Tagboard ‐ Vizify Marketing Technology Yahoo!, Inc. ‐ WebDAM Solutions Marketing Technology Shutterstock Images LLC ‐ WelcomeHomeBlog.com Digital Advertising Bright Mountain Holdings, Inc. ‐ Zulip Software Dropbox ‐ zuuka Group GmbH Digital Media/Commerce Cupcake Digital, Inc. ‐

47 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Catalina Ma rketing Corporation Traditional Media Berks hire Partners, LLC$ 2,500.0 Sedgwick Cl a i ms Management Services, Inc. Software Kohlberg Kravis Roberts & Compa ny 2,400.0 The Warranty Group Information & Business Services TPG Capital 1,500.0 CarTrawler Ltd. Digital Media/Commerce Insight Venture Partners 1,023.0 TravelClick, Inc. Marketing Technology Thoma Bravo, Inc. 930.0 Serena Software, Inc. Software HGGC, LLC 453.3 Institutional Shareholder Services, Inc. Software Vestar Ca pi ta l Partners 364.0 Buyout Deals Undisclosed Conterra Ultra Broadband, LLC Technology & Communications Court Square Ca pi ta l Partners ‐ eCommerce Industries, Inc. Marketing Technology The Ca rl yl e Group ‐ LiveVox, Inc. Marketing Technology Golden Gate Ca pi ta l ‐ OnCourse Learning Company Information & Business Services Compass Investment Partners Fund, LLP ‐ PeopleAdmin, Inc. Software Vista Equity Partners ‐ Skillsoft Limited Information & Business Services Charterhouse Ca pi ta l Partners LLC ‐ StormGeo AS Software EQT Holdings AB ‐

48 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed ChinaVision Media Group Limited Marketing Technology Alibaba Group$ 804.6 CJ Games Digital Media/Commerce Tencent Holdings Ltd. 500.0 Tango Digital Media/Commerce Alibaba Group 280.0 Cl oudera , Inc. Technology & Communications T. Rowe Price Associates 160.0 Wayfair LLC Digital Media/Commerce T. Rowe Price Associates 157.0 Hortonworks Inc. Technology & Communications BlackRock, Inc. 100.0 Actifio, Inc. Technology & Communications Tiger Global Management, LLC 100.0 Magic Feature Digital Media/Commerce Forgame Holdings Limited 94.2 Quikr India Private Limited Digital Media/Commerce Investment AB Kinnevik 90.0 Credi t Karma, Inc. Digital Advertising Google Capital 85.0 DocuSign, Inc. Digital Media/Commerce Comcast Ventures 85.0 OnDeck Digital Media/Commerce Tiger Global Management, LLC 77.0 SOUQ.com Digital Media/Commerce Naspers Ltd. 75.0 FunPlus Game Digital Media/Commerce GSR Ventures 74.0 ServiceMax Technology & Communications Meritech Ca pi ta l Partners 71.0 Hoccer Betriebs GmbH Digital Media/Commerce Media Ventures Group 68.7 LiquidHub Technology & Communications ChrysCapital 53.0 EventBrite Digital Media/Commerce Tiger Global Management, LLC 50.0 MuleSoft, Inc. Software New Enterprise Associates 50.0 Auction.com Digital Media/Commerce Google Ventures 50.0 Avazu, Inc. Digital Advertising (Private Investors) 48.0 RelateIQ Technology & Communications Redpoint Ventures 40.0 Coupa Software, Inc. Technology & Communications Meritech Ca pi ta l Partners 40.0 DigitalOcean, Inc. Software Andreessen Horowitz 37.0 vIPtel a , Inc. Technology & Communications Sequoia Capital 33.5 Phunware Marketing Technology Fraser McCombs Ventures 30.0 CPXi Di gi ta l Advertising Business Development Corpora ti on of America 30.0 SimpleTuition, Inc. Digital Advertising Atlas Ventures 26.0 CROSSBAR, Inc. Technology & Communications SAIF Partners 25.0 Percolate Industries, Inc. Marketing Technology Sequoia Capital 24.0 ClearStory Data, Inc. Technology & Communications Kleiner Perkins Caufield & Byers 21.0 Layer3 TV, Inc. Information & Business Services North Bridge Venture Partners 21.0 Threatmetrix, Inc. Software Adams Street Partners, LLC 20.0 Vend Limited Technology & Communications Valar Ventures LP 20.0 Simply Measured, Inc. Marketing Technology Trinity Ventures 20.0 Synthesio SAS Marketing Technology Idinvest Partners 20.0 Xapo Limited Software Benchmark Capital 20.0 Shazam Entertainment, Inc. Digital Media/Commerce (Priva te Investors) 20.0 FTBpro Marketing Technology Battery Ventures 18.0 Machinima, Inc. Digital Advertising Warner Brothers Entertainment, Inc. 18.0 Cl i o Softwa re Bes s emer Venture Partners 17.9

49 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Ci rcl e Internet Financial Limited Technology & Communications Oak Investment Partners$ 17.0 Duedil Ltd. Information & Business Services Oak Investment Partners 17.0 L2 Think Tank Marketing Technology General Ca ta l ys t Partners LLC 16.5 Aquantia Corporation Technology & Communications NEA 16.0 Banjo Marketing Technology Balderton Capital 16.0 The Consulting Consortium Limited Information & Business Services Business Growth Fund 15.2 Kitchensurfing, Inc. Digital Advertising Union Square Ventures 15.0 Demandbase, Inc. Marketing Technology Greenspring Associates 15.0 Hired, Inc. Information & Business Services Crosslink Capital 15.0 Base CRM Ma rketi ng Technology Index Ventures 15.0 BrightBytes, Inc. Marketing Technology Bessemer Venture Partners 15.0 Lotame Solutions, Inc. Marketing Technology Battery Ventures 15.0 GuideSpark, Inc. Information & Business Services New Enterprise Associates 15.0 Clinicient, Inc. Agency & Ma rketing Services Catalyst Investors, LLC 15.0 Ci rcl eUp Network, Inc. Digital Media/Commerce Canaan Partners 14.0 Bebe Store Digital Media/Commerce Atomico Ventures 12.3 Gamblit Gaming, LLC Digital Media/Commerce American Capi tal , Ltd. 12.0 Verdasys Software Fairhaven Ca pi ta l Partners 12.0 Gunosy, Inc. Digital Media/Commerce KDDI Group 12.0 Rover.com Digital Advertising Menlo Ventures 12.0 Woowa Brothers Corporation Digital Medi a /Commerce CyberAgent, Inc. 12.0 Tactile, Inc. Digital Media/Commerce Accel Partners 11.2 Cl oudBees , Inc. Software Verizon Ventures 11.2 Amplidata Technology & Communications Intel Capital 11.0 Premise Data Corporation Technology & Communications The Social+Capital Partnership 11.0 Operative Media , Inc. Marketing Technology Wellington Financial LP 11.0 Slyce Commerce Marketing Technology AlphaNorth Asset Management 10.8 Gravie, Inc. Information & Business Services FirstMark Capital 10.5 Bizzby Limited Digital Media/Commerce (Priva te Investors) 10.0 Sprig, Inc. Digital Media/Commerce Greylock Partners 10.0 Gigwalk, Inc. Technology & Communications Randstad Holding nv 10.0 Parchment, Inc. Marketing Technology The Raine Group, LLC 10.0 Luxola Pte. Ltd. Digital Media/Commerce Trans Cos mos , Inc. 10.0 Smart Sparrow Pty. Ltd. Marketing Technology Yellow Brick Capital 10.0 Azimo Ltd. Technology & Communications Greycroft LLC 10.0 Secret, Inc. Digital Media/Commerce Google Ventures 10.0 National Legal Services Information & Business Services NewSpring Capital 10.0 Polarion Software, Inc. Software Siemens AG 10.0 Optio Labs Software Allied Minds, Inc. 10.0 PrestaShop SARL Marketing Technology XAnge Private Equity 9.3 Realty Mogul Company Digital Media/Commerce Canaan Partners 9.0 ElasticBox, Inc. Software Intel Capi tal 9.0 50 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Techno Vision Digital Media/Commerce RCG Holdings Limited$ 9.0 Indix Corporation Technology & Communications Avalon Ventures 8.5 Quill Marketing Technology Smedvig Ca pi ta l Limited 8.5 ClassDojo Digital Media/Commerce Sha sta Ventures 8.5 Active Operations Management International Marketing Technology Ca l cul us Capi tal 8.2 Handshake Technology & Communications Emergence Ca pi ta l Partners 8.0 VoltDB, Inc. Agency & Ma rketing Services Sigma Partners , LLC 8.0 Top10 Group, Inc. Digital Advertising Accel Partners 8.0 Reflektion, Inc. Marketing Technology Nike Inc. 8.0 ID.me, Inc. Softwa re (Priva te Investors) 7.5 Bazaar, Inc. Digital Advertising MMC Ventures, LLC 7.5 Adbrain Ltd. Marketing Technology Octopus Ventures, LLC 7.5 2ergo Limited Marketing Technology Eagle Eye Solutions Limited 7.4 Appsflyer Ltd. Digital Advertising Pitango Venture Capi tal 7.1 TakeLessons Digital Medi a /Commerce Cros s l i nk Ca pi ta l 7.0 Saffron Technology, Inc. Marketing Technology Intel Capi tal 7.0 BOXFISH Marketing Technology Atlantic Bridge 7.0 TVSmiles GmbH Marketing Technology Ventech Ca pi ta l 7.0 Pley, Inc. Digital Media/Commerce FLOODGATE Fund LP 6.7 Nitrous.IO Software 500 Startups 6.7 LiveSafe, Inc. Digital Media/Commerce IAC/InterActiveCorp 6.5 Mobil123.com Digital Media/Commerce (Priva te Investors) 6.5 Zumper, Inc. Digital Advertising Kleiner Perkins Caufield & Byers 6.5 Pango Mobile Parking, Ltd. Digital Media/Commerce Bearing Ca pi ta l 6.5 Bitium, Inc. Software Polaris Partners 6.5 ownCloud Technology & Communications General Ca ta l ys t Partners LLC 6.3 Trusper, Inc. Digital Media/Commerce DCM 6.2 Trulioo, Inc. Software Tenfore Systems, Inc. 6.0 Next Games Oy Digital Media/Commerce IDG Ca pi ta l Partners 6.0 Boxever Marketing Technology Polaris Partners 6.0 Quipper Limited Digital Media/Commerce Atomico Ventures 5.8 Well.ca, Inc. Digital Media/Commerce iNovia Ca pi ta l 5.3 SmartAsset Digital Media/Commerce Javelin Venture Partners 5.2 Omniata, Inc. Marketing Technology Creandum 5.2 LeanData, Inc. Marketing Technology Shasta Ventures 5.1 DataRPM Corpora ti on Ma rketi ng Technology CIT Gap Funds 5.1 Speek, Inc. Digital Media/Commerce 500 Startups 5.1 2Can Technology & Communications Almaz Ca pi ta l Partners 5.0 Ca pi ta l Teas, Inc. Digital Media/Commerce Pear Tree Parners 5.0 Crowdta p, LLC Information & Business Services Foundry Group 5.0 Ulmon GmbH Digital Media/Commerce Global Founders Ca pi ta l 5.0 SteelBrick, Inc. Marketing Technology (Private Investors) 5.0 51 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Ci tyAds Media Marketing Technology Klever Group$ 5.0 Peek Travel, Inc. Digital Media/Commerce Monta ge Ventures 5.0 Freightos Software Aleph Global 4.6 3CLogic Inc. Information & Business Services Blu Venture Investors, LLC 4.2 HourlyNerd, Inc. Digital Media/Commerce Highland Ca pi ta l Partners 4.0 ComputeNext, Inc. Digital Media/Commerce (Priva te Investors) 4.0 Cloud4Wi Technology & Communications United Ventures 4.0 Tipbit Marketing Technology Ignition Partners LLC 4.0 Reonomy Information & Business Services SoftBank Ca pi ta l 3.7 Spritz Technology, Inc. Marketing Technology Digicel Group Limited 3.5 The Experience Engine, Inc. Marketing Technology (Private Investors) 3.5 StreamLink Software LLC Software Hyde Park Venture Partners 3.5 Grapeshot Marketing Technology Albion Ventures LLP 3.3 Egress Software Technologies Ltd. Software Albion Ventures LLP 3.3 YellowKorner Digital Media/Commerce (Priva te Investors) 3.2 TinderBox, LLC Marketing Technology Allos Ventures, LLC 3.0 Assay Depot, Inc. Information & Business Services Bootstrap Venture Fund 3.0 LoopMe Ltd. Marketing Technology Holtzbrinck Ventures 3.0 Forter Software Sequoia Ca pi ta l 3.0 Cobrain Marketing Technology (Private Investors) 3.0 WorkFlex Solutions, LLC Marketing Technology Ci ncyTech Ventures 3.0 PatientSafe Solutions Software TELUS Ventures 3.0 Mela Artisans, Inc. Digital Media/Commerce Asvishkaar 3.0 AppZero Corporation Software Convigton Ca pi ta l 3.0 PHEMI Health Systems Software BDC Venture Ca pi ta l 2.8 Gigas Hosting S.L. Marketing Technology Ca bi edes & Partners 2.7 Blend Systems, Inc. Digital Media/Commerce New Enterprise Associates 2.7 AppGyver, Inc. Digital Media/Commerce Initial Ca pi ta l 2.5 Surfingbird Marketing Technology Klever Internet Investments 2.5 Upverter Software Version One Ventures 2.3 lookback Software Index Ventures 2.2 Ziploop, Inc. Digital Media/Commerce Foundation Ca pi ta l 2.2 Tapvalue Marketing Technology (Private Investors) 2.1 VeryLastRoom Digital Media/Commerce A Plus Finance 2.1 Nuji Digital Media/Commerce Samos Investments Advisory Ltd 2.0 Heyo Marketing Technology Valley Venture Ca pi ta l LP 2.0 Invenias Limited Softwa re MMC Ventures, LLC 2.0 Omnidrone SL Digital Media/Commerce Nokia Growth Partners 2.0 TreSensa, Inc. Digital Media/Commerce Caribou Asset Management 2.0 Tvbeat, Inc. Marketing Technology Credo Ventures 2.0 Babel Street, Inc. Technology & Communications (Angel Investors) 2.0

52 | M&A and Investment Summary March 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Rifiniti, Inc. Marketing Technology Hub Angels$ 1.9 Choozer, Inc. Marketing Technology Great Oaks Venture Ca pi ta l 1.8 SALESmanago Marketing Technology (Private Investors) 1.7 Ometria Ltd. Marketing Technology (Private Investors) 1.5 TouchBistro, Inc. Technology & Communications Walden Venture Ca pi ta l 1.5 WedPics Digital Media/Commerce IDEA Fund Partners 1.5 Aislelabs, Inc. Marketing Technology Rho Capi tal Partners , Inc. 1.5 SportsBlog.com Digital Media/Commerce Sports & Entertainment Advisory Group 1.5 Workable Software Limited Software Greylock Partners 1.5 Analytics Engines Ltd. Software Crescent Capi tal Group 1.4 SharePractice, Inc. Digital Medi a /Commerce Chi na Rock Capi tal 1.3 Reelio, Inc. Agency & Ma rketing Services e.Ventures 1.3 ScreenHits Limited Digital Advertising (Angel Investors) 1.2 FlexMinder, Inc. Technology & Communications Alliance of Angels 1.2 YouNoodle, Inc. Marketing Technology Vegas Tech Fund 1.1 Sailogy S.A. Digital Media/Commerce (Priva te Investors) 1.1 Split Digital Media/Commerce (Priva te Investors) 1.0 Local Market Launch Marketing Technology Rincon Venture Partners 1.0 Teabox Digital Media/Commerce Accel Partners 1.0 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Ahonya.com Limited Digital Media/Commerce Savannah Fund ‐ Bringrs Digital Media/Commerce (Priva te Investors) ‐ CareCore National, LLC Software General Atlantic, LLC ‐ Ci ti us Tech, Inc. Information & Business Services General Atlantic, LLC ‐ Collective Digital Studio, LLC Traditional Media ProSiebenStat.1 Group ‐ Huodongxing.com Digital Media/Commerce SAIF Partners ‐ Kupferwerk GmbH Digital Media/Commerce BLStream Oy ‐ Lyft Digital Medi a /Commerce Coa tue Management ‐ Memac Ogilvy & Mather Agency & Ma rketing Services Ogilvy & Mather ‐ Oravel Stays Private Limited Digital Media/Commerce Lightspeed Venture Partners ‐ Ozy Media , Inc. Digital Media/Commerce Axel Springer AG ‐ Pop2Life Agency & Ma rketing Services Azoff MSG Entertainement ‐ Solvoyo Company Software 3TS Ca pi ta l Partners, Ltd. ‐ SummitIG, LLC Technology & Communications Columbia Ca pi ta l Corpora ti on ‐ ZipMatch Digital Media/Commerce IMJ Corpora ti on ‐

53 | M&A and Investment Summary March 2014 Petsky Prunier: Maximizing Shareholder Value

Overview

. Founded in 1999 . Focused on the technology, marketing, media, eCommerce, and healthcare industries • More than 35 focused professionals . Unique combination of investment banking and consulting expertise . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Sell‐side and private placement close rate is unmatched at our level of deal volume . Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers . With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services . International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

. Sell‐Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Marketing . M&A Transaction Due Diligence Support and . Corporate Divestitures . Media Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership

54 | M&A and Investment Summary March 2014 Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count 1Petsky Prunier LLC 44 2Goldman Sachs & Co. 35 3Jordan Edmiston Group, Inc. 31 4Morgan Stanley 29 4Nomura Holdings, Inc. 29 4GCA Savvian Group Corp. 29 7PwC 24 7 China Renaissance Partners 24 9KPMG Corporate Finance 22 10 Sumitomo Mitsui Financial Group, Inc. 20

Based on number of deals announced in 2011 – 2013 valued at $500 million or less

More than 50 transactions closed since 2011: . Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

55 | M&A and Investment Summary March 2014 International Partnership with Altium

Description Network

. Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs New York Palo Alto Madrid Zurich Las Vegas Chicago Manchester Frankfurt . European‐based, mid‐market financial advisory group, Boston Tampa London Milan Paris Munich employee‐owned and truly independent

. A leading advisor for more than 25 years

. Founded as the corporate finance arm of private equity investor Apax Partners

. Operates eight international offices in Europe with additional partnerships in the U.S. and Asia

. Completed 50+ technology transactions across 12 countries in the past five years

. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with India Beijing Shanghai offices in Bangalore, Mumbai, Delhi

. Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

56 | M&A and Investment Summary March 2014 Representative Recent Transactions

a portfolio company of a disruptive, rapidly a leading SaaS‐based, cross channel a Berlin‐based worldwide travel solution the largest independent eCommerce expanding marketplace for a leading global SaaS‐based campaign management platform provider for premium transportation retailer of promotional products insurance clicks, calls, and leads tag management, data management, for B2C marketers a consumer enthusiast media one of the largest independent and marketing attribution provider and commerce company has sold has received a double‐digit million Euro has sold a majority stake to in‐store media companies in the U.S. has been sold to has been sold to has been sold to investment led by has been sold to Sample Management Business has been sold to to

a leading UK‐based supplier of a premier global provider of SaaS‐based healthcare software and IT services online brand protection and a technology company delivering highly one of the largest digital agencies a leading provider of data‐driven a portfolio company of domain recovery solutions targeted programmatic marketing a leading provider of transaction‐based a leading provider of online customer enrollment marketing solutions to media cost databases and software a portfolio company of has been sold to a leading developer of popular solutions using unstructured data acquisition services to the higher education institutions real‐money and social gaming for television, radio, and digital insurance industry has received a $16MM Series B advertising cost analysis has acquired select assets of has been sold to investment led by has been sold to has been sold to has been sold to has been sold to

(AIM: EMIS) (Nasdaq: RNWK) (NYSE: RATE) (Euronext Amsterdam: WKL) (Nasdaq:(ENXTPA: RNWK) PUB)

has sold a leading digital advertising monetization and the largest provider of cloud‐based SaaS shopper marketing partner for e‐commerce a leading provider of social software has sold retailers tools for printing signs, labels and tags, a leading provider of in‐store and shopper a real‐time behavioral a leading provider of digital production solutions and digital marketing services along with digital subsidiary a portfolio company of and publishing digital displays for retailers marketing signage to major advertising company services to brands and agencies for some of the world’s largest brands, North American retailers has been acquired by one of just thirteen Facebook Strategic has been sold to has been sold to Preferred Marketing Developers (sPMD) provider of online travel guides for top has been sold to has been sold to destinations around the world specializing in retail, digital, shopper has received a $68MM minority a unit of to marketing and consumer services investment from to with financing from (NYSE: AOL) (NYSE: ACN) (NYSE: LXK ) (NYSE: GCI )

a leading digital direct marketing company a dynamic display media and a leading provider of transportation‐based utilizing a proprietary database to provide a leader in global healthcare primary a leader in technology and global in‐app the top independent retargeting company digital media networks customer acquisition solutions for market research and influence major brands advertising for Facebook, a provider of a cloud‐based integration network mapping direct‐to‐consumer marketer of has received a mezzanine debt Apple (iOS), and Android developers platform for the digital marketing industry a leader in multichannel retail, dental savings plans has been acquired by has received an equity investment from has been sold to investment from ecommerce and loyalty marketing has received $66M investment has received $15MM financing services has been sold to from led by has been sold to a portfolio company of with debt financing from

(JASDAQ:4755)

57 | M&A and Investment Summary March 2014