Software Equity Group Flash Report

February 2014 Software Equity Group Software Financial and Valuation Performance of 250+ Publicly Traded Software,andSaaS Internet Select M&A TransactionsSelect and Valuations Companies by ProductCompanies Category Flash Report Flash and

LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 pritivate and pu blic compan ies thhtUSthroughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

Current Sell-side Representation

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

Recent Sell-side Representation

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

SEG Research Distribution

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

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

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

Perh aps mos t impor tan t are th e re la tions hips we 've bu ilt an d the in dus try repu ta tion we en joy. So ftware Equ ity Group i s known andtdbblild respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

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

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

CONTACT INFORMATION:

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

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

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

Company Ticker Index Category Additions: Chegg, Inc.CHGG Internet Commerce Covisint Corporation COVS SaaS Other SaaS Liquid Holdings Group, LLC LIQD SaaS Other SaaS Rally Software Development, Inc. RALY SaaS Other SaaS

Company Ticker Index Category Removals: AsiaInfo Holdings, nka AsiaInfo - Linkage - Software Billing & Services Acquired by CITIC Capital Partners ($818 M) Digital Generation - Internet Ad Tech & Lead Generation Acquired by Extreme Reach ($485 M) Responsys - SaaS CRM & Marketing Acquired by Oracle ($1,566 M)

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

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-31-2014 Kinetic Data, Inc. Coderow, Inc. ---- Jan-31-2014 Vector Capital CollabNet, Inc. ---- Jan-31-2014 Thomson Reuters Corporation (TSX:TRI) Domínio Sistemas Ltda. ---- Jan-31-2014 Actuate Corporation (NasdaqGS:BIRT) legodo ag ---- Jan-31-2014 Mentor Graphics Corp. (NasdaqGS:MENT) Mecel AB, AUTOSAR Assets ---- Jan-31-2014 New International Infopet Systems Ltd. NFU Inc. - $0.8 - - Jan-31-2014 Columbus A/S (CPSE:COLUM) Omnica Limited ---- Jan-31-2014 Altiux Innovations Pvt Ltd. P-Device Systems Pvt Ltd ---- Jan-31-2014 PC GUARD Systemy Informatyczne SA PC Guard Spólka Akcyjna, ERP Information Systems - $1.1 - - Jan-31-2014 Physio-Control, Inc. Sansio, Inc. ---- Jan-31-2014 iFLAG Co.,Ltd. (JASDAQ:2759) Sfida Co., Ltd. $3.5 - - - Jan-31-2014 Mafra, a.s. Webdio, s.r.o. ---- Jan-30-2014 Dassault Systemes SA (ENXTPA:DSY) Accelrys Inc. (NasdaqGS:ACCL) $166.3 $643.0 3.9x 58.2x Jan-30-2014 CX Partners; Capital Square Partners Aditya Birla Minacs Worldwide Ltd. - $260.0 - - Jan-30-2014 Controladora de Servicios de Telecomunicaciones, S.A. de C.V AM Telecom Américas, S.A de C.V. ---- Jan-30-2014 Horizontal Software SAS Equitime S.A. ---- Jan-30-2014 Frickmann Management Group sl GrandArtClub GmbH ---- Jan-30-2014 Yahoo! Inc. (NasdaqGS:YHOO) Incredible Labs, Inc. ---- Jan-30-2014 T-Systems South Africa (Pty.) Ltd. Intervate (Pty) Ltd. ---- Jan-30-2014 SalesFUSION Inc. LoopFuse, Inc. ---- Jan-30-2014 Zynga Game International Limited NaturalMotion Ltd. - $527.1 - - Jan-30-2014 Visma AS Oy Finnvalli Finland Ab $6.8 - - - Jan-30-2014 Rasky Baerlein Strategic Communications, Inc. Prism Public Affairs, L.L.C. ---- Jan-30-2014 Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) Rationalwave, Inc. - $4.9 - - Jan-30-2014 Bugsnag Inc. Rescue.js ---- Jan-30-2014 Cambridge Healthtech Institute, Inc. The Knowledge Foundation, Inc. ---- Jan-29-2014 TiVo Inc. (NasdaqGS:TIVO) Digitalsmiths Corporation - $135.0 - - Jan-29-2014 Viggle Inc. (OTCPK:VGGL) Dijit Media Inc. - $1.4 - - Jan-29-2014 ThinkHR Corporation HR That Works, Inc. ---- Jan-29-2014 This Life, Inc. Nerve.com, Inc. ---- Jan-29-2014 Vendere Partners, Ltd. Shumway, Ink., LLC ---- Jan-29-2014 Transoft Solutions, Inc. Simtra AeroTech AB ---- Jan-29-2014 Telenav, Inc. (NasdaqGS:TNAV) skobbler GmbH - $23.8 - - Jan-29-2014 Private Investor(s) Theta Research, LLC ---- Jan-29-2014 Yahoo! Inc. (NasdaqGS:YHOO) Tomfoolery Inc. ---- Jan-28-2014 StormGeo AS Applied Weather Technology, Inc. ---- Jan-28-2014 Intel Corporation (NasdaqGS:INTC) appMobi Inc. ---- Jan-28-2014 Allison & Partners, Inc. Century PR ---- Jan-28-2014 Suning Commerce Group Co., Ltd. (SZSE:002024) Manzuo.com ---- Jan-28-2014 Comuto S.A.S. Podorozhniki ---- Jan-28-2014 Race Day Events, LLC Purple Door Productions, Inc. ---- Jan-28-2014 Steptoe & Johnson PPLC S&J Capitol Concepts, LLC ---- Jan-27-2014 Goodbaby (Hong Kong) Limited Columbus Holding AG - $96.6 - - Jan-27-2014 Navico Norway AS Contour Innovations, LLC ---- Jan-27-2014 IT-Informatik GmbH ETHALON GmbH ---- Jan-27-2014 LIN Digital Media LLC Federated Media Publishing, Inc. - $18.8 - - Jan-27-2014 iotum Inc. Gaboogie Canada Inc. ---- Jan-27-2014 erento GmbH iRent Oy ---- Jan-27-2014 Berkshire Hathaway Specialty Insurance MyAssist Inc. and Insure America LLC ---- Jan-27-2014 Daily Internet Plc (AIM:DAIP) NameHog Limited $0.3 $0.2 0.8x 5.0x Jan-27-2014 comScore, Inc. (NasdaqGS:SCOR) Nielsen Audio, Cross-Platform Audience Measurement Services ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select January 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-27-2014 Secret Service Public Relations Two Fish Out Of Water Pty. Ltd. ---- Jan-27-2014 LiveOps, Inc. UserEvents, Inc. ---- Jan-27-2014 CONJECT AG WAPP6 ---- Jan-27-2014 Xiopia GmbH WK EDV GmbH ---- Jan-27-2014 Ubiquity Broadcasting Corporation (OTCBB:UBIQ) ZUUS Media, Inc. - $30.0 - - Jan-26-2014 Google Inc. (NasdaqGS:GOOG) Deepmind Technologies Limited - $401.3 - - Jan-25-2014 Cuelogic Technologies Pvt. Ltd. Evolutionate, Inc. ---- Jan-24-2014 The Reynolds and Reynolds Company Add-on-Auto LLC ---- Jan-24-2014 Arvig Enterprises, Inc. Aevenia, Inc., Data Communications Division ---- Jan-24-2014 Rubik Financial Limited (ASX:RFL) AMEE Easy Software Solutions Pty Ltd, Easy Dealer ---- Jan-24-2014 Yahoo! Inc. (NasdaqGS:YHOO) Cloud Party, Inc. ---- Jan-24-2014 Private Investor(s) Haneda Business Fusion Co., Ltd. $2.1 $0.3 0.1x - Jan-24-2014 JD.com, Inc. HotelVP ---- Jan-24-2014 Frasermedia Ltd McAllister Media ---- Jan-24-2014 Incadea Plc (AIM:INCA) RC Real Business Solutions GmbH - $17.1 - - Jan-24-2014 WyzAnt, Inc. Tutorspree, Inc. ---- Jan-24-2014 Budget Center Inc. (OTCPK:BDGN) Vericard Inc. ---- Jan-23-2014 Client Focused Media, Inc. BluHorn, LLC ---- Jan-23-2014 AXS.com Clarity Digital Group LLC ---- Jan-23-2014 QUALCOMM Incorporated (NasdaqGS:QCOM) Hewlett-Packard, Palm, IPAQ and Bitfone Patent Portfolio ---- Jan-23-2014 Assicom S.p.A. Infonet Srl ---- Jan-23-2014 Demandware, Inc. (NYSE:DWRE) Mainstreet Commerce ---- Jan-23-2014 Global Payments Inc. (NYSE:GPN) Payment Processing, Inc. - $420.0 - - Jan-23-2014 AOL Inc. (NYSE:AOL) Project Rover, Inc. - $90.7 - - Jan-23-2014 Dairy LLC QA Studio Inc. ---- Jan-23-2014 PCH International Limited ShopLocket Inc. ---- Jan-23-2014 BAASS Business Solutions Inc. SuiteSkies, Inc. ---- Jan-23-2014 Private Investor(s) Triton Distribution Systems, Inc. - $0.1 - - Jan-23-2014 AdRoll, Inc. Userfox ---- Jan-23-2014 The Gores Group LLC Zmags, Corp. ---- Jan-22-2014 TechMediaNetwork, Inc. BuyerZone.com, LLC ---- Jan-22-2014 iFood Central do Delivery Ltda. ---- Jan-22-2014 XL Marketing Corp. ClickSquared Inc. ---- Jan-22-2014 Private Investor(s) ConnectAround Inc. ---- Jan-22-2014 Gilla Inc. (OTCPK:GLLA) Drinan Marketing Limited - $0.1 - - Jan-22-2014 Trustable Passwords iMagic Software, Inc. ---- Jan-22-2014 Confirmit AS Integrasco AS ---- Jan-22-2014 MCI Brazil S/A JZ Congressos Ltda. ---- Jan-22-2014 Diversified Business Communications Inc. Kavin Intertrade Co., Ltd. ---- Jan-22-2014 Responsys, Inc. Push IO Inc ---- Jan-22-2014 ServiceSource International, Inc. (NasdaqGS:SREV) Scout Analytics, Inc. $5.4 $32.5 6.0x - Jan-22-2014 Heinrich Bauer Verlag KG Sparkassen-Finanzportal GmbH, gebrauchtwagen.de ---- Jan-22-2014 Decision Technologies Limited TRG Online Ltd ---- Jan-22-2014 HootSuite Media Inc. uberVU Ltd. ---- Jan-21-2014 VMware, Inc. (NYSE:VMW) AirWatch, LLC - $1,540.0 - - Jan-21-2014 Opus Fund Services AlphaMetrix 360, LLC ---- Jan-21-2014 General Electric Company (NYSE:GE) API Healthcare Corporation ---- Jan-21-2014 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies - $13.0 - - Jan-21-2014 Rushmore.FM Limited Event Marketing SL ---- Jan-21-2014 Xumanii International Holdings Corp (OTCPK:XUII) GiddyUp ---- Jan-21-2014 Private Investor(s) Girl Meets Food, LLC ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select January 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-21-2014 Titan Iron Ore Corp. (OTCBB:TFER) iHookup Social, Inc. ---- Jan-21-2014 Verizon Communications Inc. (NYSE:VZ) Intel Media, Inc. ---- Jan-21-2014 Yuxi Pacific Group LLC Lex Paradigm Inc. ---- Jan-21-2014 Lowe & Partners Limited Lowe Profero ---- Jan-21-2014 Etransmedia Technology, Inc. Medigistics, Inc. ---- Jan-21-2014 istyle, Inc. (TSE:3660) mixi marketing, Inc., Demand Side Platform Vantage and Solution Business ---- Jan-21-2014 ICF International Inc. (NasdaqGS:ICFI) Mostra SA $40.0 - - - Jan-21-2014 Japan Industrial Partners, Inc. NEC BIGLOBE, Ltd. - $861.6 - - Jan-21-2014 PopSugar, Inc. PICT ---- Jan-21-2014 iON America PowerChalk, Inc. ---- Jan-21-2014 Vodkaster, SAS Riplay SAS ---- Jan-21-2014 Yahoo! Inc. (NasdaqGS:YHOO) Sparq ---- Jan-21-2014 The Public Apology The Sporting Regard ---- Jan-21-2014 ZenithOptimedia Limited ZenithOptimedia South Africa ---- Jan-20-2014 Ellucian, Inc. CampusIT Limited ---- Jan-20-2014 Callcredit Information Group Limited Coactiva Aspiren Ltd ---- Jan-20-2014 ByteGrid Holdings LLC Continental Casualty Company, Inc., 70,000 Square Foot, Tier III Data Center in Aurora, Illinois ---- Jan-20-2014 Band Outernet S.A. DMC Outbus Publicidade em Ônibus Ltda. ---- Jan-20-2014 ONE-UP Inc. G-mode Co., Ltd. - $7.2 - - Jan-20-2014 Sputnik Enterprises, Inc. iCaddy ---- Jan-20-2014 MCI Brazil S/A JZ Brazil ---- Jan-20-2014 Mobile Promotions Corporate Events Limited Lloyd Paul Events Ltd ---- Jan-20-2014 Varian Medical Systems, Inc. (NYSE:VAR) National Health Service (UK), Radiation Oncology Planning Online Resource Tool ---- Jan-20-2014 Lateral Scale, LLC Neuwav Media ---- Jan-20-2014 Gary Jonas Computing, Ltd. Retention Management LLC ---- Jan-20-2014 iScore Golf, LLC Sputnik Enterprises, Inc. ---- Jan-20-2014 Aastra Technologies Ltd. (TSX:AAH) Telepo AB ---- Jan-20-2014 Genesys Telecommunications Laboratories, Inc. Ventriloquist Customer Communications Solutions International Inc. ---- Jan-18-2014 Allied Wallet, Ltd. Cloudasia Limited ---- Jan-17-2014 HID Global Corporation IdenTrust, Inc. ---- Jan-17-2014 AlphaCipher Acquisition Corporation Vadium Technology, Inc., AlphaCipher Technology Platform ---- Jan-16-2014 Quindell Plc (AIM:QPP) ACH Group Management Ltd. - $50.5 - - Jan-16-2014 arvato infoscore GmbH AfterPay B.V. ---- Jan-16-2014 Private Investor(s) Applied Discovery, A DTI Company ---- Jan-16-2014 Herman Integration Services, LLC Avisys, Inc. ---- Jan-16-2014 Open joint stock company MegaFon (LSE:MFON) CJSC SMARTS-Volgograd ---- Jan-16-2014 Anything Technologies Media Inc. (OTCPK:EXMT); IMD Companies, Inc. (OGreen Linx Inc. ---- Jan-16-2014 Searchen Networks, Inc. Long Island Exchange Inc. ---- Jan-16-2014 Monterro Holdings AB Lundalogik AB $15.5 - - - Jan-16-2014 Eyeball Digital, Inc. Micrositez LLC ---- Jan-16-2014 HUBHEAD CORP. NRX Global Inc. ---- Jan-16-2014 Lavigne SAS Photoweb SAS $29.5 - - - Jan-16-2014 4CAD Group Plate-forme d’Ingénierie Collaborative de Cités en Champagne ---- Jan-16-2014 IntelliShop, LLC Shops, Training And Results, Inc. ---- Jan-16-2014 Electronics for Imaging, Inc. (NasdaqGS:EFII) SmartLinc, Inc. ---- Jan-15-2014 Trusted Team LLC 22Touch Systems, Inc. ---- Jan-15-2014 CipherCloud, Inc. CloudUp Networks ---- Jan-15-2014 FullContact Inc. Cobook SIA ---- Jan-15-2014 SolarCity Corporation (NasdaqGS:SCTY) Common Assets LLC ---- Jan-15-2014 Handybook, Inc. Exec, Inc. - $10.0 - - Jan-15-2014 JUICE Mobile Gauge Mobile Solutions, Inc. ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select January 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-15-2014 KR Global Ventures Sdn Bhd Good World Investments Limited and Ren Ren Media Group Ltd. ---- Jan-15-2014 Google Inc. (NasdaqGS:GOOG) Impermium Corporation ---- Jan-15-2014 Silicon Dot Pte. Ltd. Indiescapes Pte Ltd. ---- Jan-15-2014 Springwater Capital, LLC Inspiring Benefits, S.L. ---- Jan-15-2014 Secret Escapes Ltd JustBook Mobile GmbH ---- Jan-15-2014 SapientNitro Inc. La Communidad Corp. ---- Jan-15-2014 Blackboard Inc. MyEdu Corporation ---- Jan-15-2014 SintecMedia Ltd.; Sintec Media Software Ltd. Pilat Media Global plc (AIM:PGB) $42.7 $76.6 1.8x 19.9x Jan-15-2014 Grocery Shopping Network, Inc. PlaceWise Media LLC ---- Jan-15-2014 Mobivity Holdings Corp. (OTCPK:MFON.D) SmartReceipt, Inc. - $2.0 - - Jan-15-2014 Fullscreen, Inc. Supernova Inc. ---- Jan-15-2014 Kapsch TrafficCom IVHS Inc. Transdyn, Inc. $32.0 $16.0 0.5x - Jan-15-2014 Hamilton-Ryker IT Solutions, LLC WMS iSymphony, Inc. ---- Jan-14-2014 Surgical Information Systems, LLC Amkai LLC ---- Jan-14-2014 Radionomy SA AOL Inc., Winamp and Shoutcast ---- Jan-14-2014 DE Acquisition 2, Inc. Cachet Financial Solutions, Inc. ---- Jan-14-2014 Collector Car Network, Inc. ClassicCar.com ---- Jan-14-2014 PROACTIS Holdings PLC (AIM:PHD) EGS Group Limited - $3.6 - - Jan-14-2014 Garbergs Reklambyrå AB Garbergs Malmö ---- Jan-14-2014 Müller Medien GmbH & Co. KG imedo GmbH ---- Jan-14-2014 InSequent, Inc. Intelligent SEO S.L. ---- Jan-14-2014 Linko Inc. LocalStream UG ---- Jan-14-2014 EBSCO Information Services Plum Analytics, Inc. ---- Jan-14-2014 RuffaloCODY, LLC ScaleFunder, Inc. ---- Jan-14-2014 Sway Group LLC The SITS Girls and Bloggy Boot Camp ---- Jan-14-2014 Markit Group Limited thinkFolio Limited ---- Jan-13-2014 Homeexchange.Com Inc. ahaGO, Inc. ---- Jan-13-2014 AssetWorks, Inc. Boss Consulting Services, Inc. ---- Jan-13-2014 Facebook, Inc. (NasdaqGS:FB) Branch Media, Inc. - $15.0 - - Jan-13-2014 Healthsparq, Inc. ClarusHealth Solutions ---- Jan-13-2014 InternetQ PLC (AIM:INTQ) Interacel Holdings LLC ---- Jan-13-2014 SNL Financial LC iPartners LLC ---- Jan-13-2014 Blue Spurs Inc. Lashpoint Inc. ---- Jan-13-2014 Private Investor(s) Local Food Systems, Inc. ---- Jan-13-2014 Vocera Communications, Inc. (NYSE:VCRA) mVisum, Inc. - $3.5 - - Jan-13-2014 The Jewish Telegraphic Agency MyJewishLearning, Inc. ---- Jan-13-2014 Gilbarco Inc. Outcast Media International, Inc. ---- Jan-13-2014 Project Management Institute, Inc., Endowment Arm ProjectManagement.com And ProjectsAtWork ---- Jan-13-2014 Millennium Laboratories, Inc. RxAnte Inc. ---- Jan-13-2014 Spiral Hosting Limited SpeedySparrow Pty Ltd ---- Jan-13-2014 WPP plc (LSE:WPP) WVI Group ---- Jan-12-2014 Abacast, Inc. AllDigital Holdings, Inc (OTCBB:ADGL) $3.8 - - - Jan-12-2014 Apex 9 Inc. VOIPNetX, Inc. ---- Jan-10-2014 Infogix, Inc. Agilis International, Inc. ---- Jan-10-2014 Blue Sun Media, Inc. Blue Sun Media, Inc. Prior to reverse merger with Apple Green International Limited ---- Jan-10-2014 Xoom Corporation (NasdaqGS:XOOM) BlueKite, Ltd. - $15.0 - - Jan-10-2014 Empowered SMS Limited Convergis Ltd ---- Jan-10-2014 CompuGroup Medical AG (DB:COP) Imagine Group $9.8 - - - Jan-10-2014 Deutsche Boerse AG (XTRA:DB1) Impendium Systems Ltd. ---- Jan-10-2014 Zumzi SRL Kolektiva Web d.o.o. $27.3 - - - Jan-10-2014 Qualcomm Connected Experiences, Inc. kooaba AG ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select January 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-10-2014 MS&L Group Qorvis Communications, LLC ---- Jan-10-2014 Private Investor(s) Shapiro + Raj ---- Jan-10-2014 European Travel Interactive AB Svenska Resenätverket AB ---- Jan-10-2014 Planet Forward, LLC UXFACTORY LLC ---- Jan-10-2014 AFS Technologies, Inc. Visicom Inc. ---- Jan-09-2014 GitHub Inc. Easel Inc. ---- Jan-09-2014 Infosat Communications, Inc. Glentel Inc., MSAT Satellite Division of Wireless Solutions - $3.7 - - Jan-09-2014 Rogue Wave Software, Inc. Klocwork, Inc. ---- Jan-09-2014 Astrata (Group) Pte Ltd. Qualcomm Enterprise Services Europe BV ---- Jan-09-2014 HireVue, Inc. Reschedge ---- Jan-08-2014 EVIDERA Archimedes, Inc. ---- Jan-08-2014 Neogrid S.A. Bis Company ---- Jan-08-2014 Palred Technologies Limited (BSE:532521) Deals15.com ---- Jan-08-2014 Citrix Systems, Inc. (NasdaqGS:CTXS) Framehawk, Inc. ---- Jan-08-2014 CDI USA, Inc. Geo Creative LLC, Selected Business Assets and Undertakings - $0.3 - - Jan-08-2014 UMeWorld Limited (OTCPK:UMEW.F) Guangzhou Dingyou Information Technology Co, Ltd ---- Jan-08-2014 Alternative Networks Plc (AIM:AN.) Intercept IT Limited $16.1 $21.3 1.3x 16.2x Jan-08-2014 BVA S.A.S. LH2 SAS ---- Jan-08-2014 Facebook, Inc. (NasdaqGS:FB) Little Eye Software Labs Pvt Ltd. - $14.5 - - Jan-08-2014 WMAC Holdings Corporation (OTCPK:WMAC) NextStage Inc. (PSE:NXT) ---- Jan-08-2014 LDeX Group LTD Ping Software ---- Jan-08-2014 IQNavigator, Inc. ProcureStaff Technologies, Ltd. ---- Jan-08-2014 Access UK Limited Production Modelling Limited ---- Jan-08-2014 Nomads Shake Interactive Limited ---- Jan-08-2014 EMC Corporation (NYSE:EMC) Trinity Technologies Corporation ---- Jan-08-2014 Equiinet Limited Ubiquita, Inc. ---- Jan-08-2014 Knowlarity Communications Pvt. Ltd. Unicom TechLabs Private Limited ---- Jan-07-2014 CCC Information Services Inc. Auto Injury Solutions, Inc. ---- Jan-07-2014 Oracle Corporation (NYSE:ORCL) Corente, Inc. ---- Jan-07-2014 Wincor Nixdorf Aktiengesellschaft (XTRA:WIN) DATEC RETAIL SYSTEMS, a.s. ---- Jan-07-2014 Cozy Services Ltd. Landlordology LLC ---- Jan-07-2014 Mitratech Holdings, Inc. LT Online Corporation ---- Jan-07-2014 Flash Networks, Inc. Mobixell Networks Inc. ---- Jan-07-2014 Private Investor(s) On the Fly - Voice Translator ---- Jan-07-2014 INFOR, INC. PeopleAnswers, LLC - $200.0 - - Jan-07-2014 International Council Of Shopping Centers, Inc. Pinnacle Publishing Group, Inc., Certain Assets ---- Jan-07-2014 Hokutou Holdings International, Inc. (OTCPK:HKTU) Platinum Pari-Mutuel Group, Inc. ---- Jan-07-2014 Group M Worldwide, Inc. plista GmbH ---- Jan-07-2014 Decision Resources Group Inc. Relay Technology Management, Inc. ---- Jan-07-2014 Magus Research Ltd. WelchmanPierpoint LLC ---- Jan-06-2014 Cyrusone Inc. (NasdaqGS:CONE) 22 Acres in MetCenter Business Park in Austin ---- Jan-06-2014 LightInTheBox Holding Co., Ltd. (NYSE:LITB) Ador, Inc. ---- Jan-06-2014 Makheia Group Société Anonyme (ENXTPA:ALMAK) Agence Big Youth ---- Jan-06-2014 Critical Mass (UK) Limited Agency Republic Limited ---- Jan-06-2014 AT&T, Inc. (NYSE:T) Aloha Partners II, L.P., 49 Advanced Wireless Services Spectrum Licenses ---- Jan-06-2014 Solera Holdings Inc. (NYSE:SLH) AutoSoft Srl ---- Jan-06-2014 Zola Books Inc. Bookish LLC ---- Jan-06-2014 Advantage Sales & Marketing LLC BoxTop Media LLC ---- Jan-06-2014 Autodesk, Inc. (NasdaqGS:ADSK) Circuits.io ---- Jan-06-2014 Cober Evolving Solutions CuteGecko Inc. ---- Jan-06-2014 AlfaPeople A/S Enterprise Resources Technology Group, Inc. ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select January 2014 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jan-06-2014 TBWA South Africa (Pty) Ltd. HDI Youth Marketeers ---- Jan-06-2014 ABRY Partners, LLC Inmar, Inc. ---- Jan-06-2014 AG für die Neue Zürcher Zeitung itonex AG ---- Jan-06-2014 Verint Systems Inc. (NasdaqGS:VRNT) KANA Software, Inc. - $514.0 - - Jan-06-2014 Palo Alto Networks, Inc. (NYSE:PANW) Morta Security, Inc. ---- Jan-06-2014 Press Ganey Associates, Inc. On The Spot Systems, Inc. ---- Jan-06-2014 Microsoft Dynamics Parature, Inc. - $100.0 - - Jan-06-2014 PetroSkills LLC Resource Development Company, LLC ---- Jan-06-2014 YP Intellectual Property, LLC Sense Networks, Inc. ---- Jan-06-2014 True[X] Media, Inc. The C4 Group, LLC ---- Jan-06-2014 Brightcove, Inc. (NasdaqGS:BCOV) Unicorn Media, Inc. - $51.3 - - Jan-06-2014 Pinterest, Inc. VisualGraph Inc. ---- Jan-05-2014 Apple Inc. (NasdaqGS:AAPL) SnappyLabs LLC ---- Jan-04-2014 Google Inc. (NasdaqGS:GOOG) Bitspin GmbH ---- Jan-03-2014 Connections Education LLC Advanced Academics, Inc. ---- Jan-03-2014 The Knight Canney Group Canney Communications, LLC ---- Jan-03-2014 Wolters Kluwer Financial Services, Inc. Financial Tools, Inc. ---- Jan-03-2014 PhotoSpotLand Inc. Museumland ---- Jan-03-2014 Dohmen Investment Group, LLC Red Arrow Labs LLC and Clinical Path Consulting and ChemWare, Inc. ---- Jan- 02- 2014 Monsoon Commerce , Inc. Access Data Systems Inc. ---- Jan-02-2014 Asseco Central Europe, a.s. (WSE:ACS) Asseco Solutions AG - $18.8 - - Jan-02-2014 WayIn, Inc. Comenta TV LLC ---- Jan-02-2014 Firespring, Inc. Cost Effective Technologies, Inc. ---- Jan-02-2014 Strategic Link Partners, LLC DigaForce LLC ---- Jan-02-2014 Opera Mediaworks Inc. Hunt Mobile Ads ---- Jan-02-2014 Bright Mountain, LLC Leo Affairs And Fire Affairs And Teacher Affairs - $0.1 - - Jan-02-2014 True Heading AB (OM:TRUE B) MERD Systems AB - $0.5 - - Jan-02-2014 Nexaweb Inc. Nexaweb Technologies, Inc., RIA Business Division - $2.5 - - Jan-02-2014 Nexaweb Inc. Nihon Nexaweb KK - $1.3 - - Jan-02-2014 Otelco Inc. (NasdaqGM:OTEL) Reliable Networks of Maine, LLC - $0.5 - - Jan-02-2014 Shenzhen Coship Electronics Co., Ltd. (SZSE:002052) Shenzhen Tranzda Communications Co., Ltd. - $4.9 - - Jan-02-2014 Motorola Solutions, Inc. (NYSE:MSI) Twisted Pair Solutions, Inc. ---- Jan-02-2014 InfoMedia Services Ltd. Vringo, Inc., Mobile Technology Business ---- Jan-01-2014 Private Investor(s) Innoveo Solutions AG ---- Jan-01-2014 RDI Marketing Services, Inc. Oncall Interactive LLC ---- Jan-01-2014 Amerigo Energy, Inc. (OTCPK:AGOE) Quest Solution Inc. $34.0 $16.0 0.5x - Jan-01-2014 Market Edge LLC RTB Social LLC ---- Jan-01-2014 Fahlgren Mortine Inc. Turner Public Relations Inc. ---- Jan-01-2014 Better Business Bureau of Dayton and Miami Valley Women In Business Networking LLC ---- Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Software Index $2,173.6 $2,524.1 $781.3 70.3% 19.7% 7.6% 3.1x 14.1x 2.9x 11.8x 0.1% Billing & Service Management $951.3 $1,008.2 $349.0 58.2% 19.2% 4.4% 2.8x 9.1x 2.2x 7.8x 0.1% Business Intelligence $1,572.7 $1,306.5 $472.8 72.8% 13.2% 9.7% 3.1x 20.1x 2.9x 15.2x -2.6% Development Platforms $2,641.5 $2,672.2 $1,134.8 76.6% 19.7% -0.8% 2.7x 10.9x 2.9x 9.4x -0.2% Engineering & PLM $4,226.0 $4,222.7 $1,086.6 84.0% 20.1% 4.0% 3.3x 14.5x 2.8x 12.3x -1.4% Enterprise Resource Planning $7,371.1 $7,963.0 $2,228.0 70.3% 29.0% 2.7% 3.6x 12.3x 2.9x 10.0x 1.5% Financial & Accounting $1,897.9 $2,556.4 $737.8 54.7% 25.9% 9.4% 3.6x 14.1x 3.6x 11.1x -3.7% Gaming $2,600.0 $2,524.1 $2,282.1 64.2% 18.3% 6.1% 1.7x 10.1x 1.5x 7.8x 3.2% Healthcare $1,014.0 $908.9 $557.2 54.6% 15.3% 7.6% 2.4x 19.7x 2.3x 11.5x 3.1% IT Conglomerates $165,954.4 $153,624.4 $83,433.0 70.3% 32.7% 0.9% 3.1x 9.1x 2.9x 8.0x -2.2% Mobile Solutions/Content $875.8 $740.5 $245.9 56.4% 4.4% 27.5% 3.2x 27.1x 2.5x 18.6x 3.6% Networking & Network Performance Managemen $2,173.6 $1,967.2 $781.3 71.3% 13.8% 7.0% 3.0x 16.4x 2.8x 12.5x 5.9% Security $1,462.9 $1,366.4 $225.9 76.6% 3.2% 13.3% 3.1x 12.6x 4.2x 21.8x 1.6% Storage, Data Mgmt & Integration $14,368.9 $10,152.5 $4,582.0 71.5% 23.3% 4.4% 2.9x 9.3x 2.8x 7.9x -0.9% Supply Chain Management & Logistics $1,746.4 $1,668.4 $246.9 61.9% 26.8% 14.1% 6.0x 22.2x 5.5x 18.8x 9.5% Systems Management $10,393.7 $9,543.1 $2,200.3 85.9% 26.2% 13.0% 4.9x 16.5x 4.3x 13.0x 1.0% Vertical - Finance $3,758.6 $4,278.4 $874.2 44.0% 27.0% 8.2% 4.5x 13.2x 5.0x 11.8x -4.1% Vertical - Other $1,531.6 $1,689.2 $405.9 52.4% 12.3% 24.6% 3.5x 29.8x 3.1x 16.1x -3.3%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: Jan 2014 TTM Revenue Growth 7.3% 3% TTM EBITDA Growth -11.3% TTM Earnings Growth -23.7% 2% Gross Profit Margin 68.3% EBITDA Margin 19.1% Net Income Margin -5.2% 1% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 17.5% 0%

Balance Sheet Analysis (Median) -1% Current Ratio 2.6 Quick Ratio 2.5 -2% Cash as Percent of Market Cap 8.8% Avg Days Outstanding: Accounts Receivable 64 -3% Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.6x -4%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 8.9% Cash from Operations Growth (YoY) 14.6% -6% Cash from Investing Growth (YoY) -20.3%

Cash from Financing Growth (YoY) 96.7% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 11.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Amdocs Limited DOX $6,920.3 $5,708.7 $3,383.5 35.3% 18.5% 3.6% 1.7x 9.1x 1.6x 8.0x 6.1% CSG Systems International, Inc. CSGS $951.3 $1,025.3 $747.5 49.5% 19.2% -1.2% 1.4x 7.2x 1.3x 6.4x 2.7% Evolving Systems, Inc. EVOL $112.2 $98.5 $25.4 71.7% 26.5% 4.4% 3.9x 14.7x 3.4x 11.3x 0.1% MIND C.T.I. Ltd. MNDO $39.8 $22.0 $18.3 59.4% 15.3% -10.6% 1.2x 7.8x n/a n/a 3.9% NeuStar, Inc NSR $2,122.2 $2,519.4 $902.0 76.4% 43.0% 8.5% 2.8x 6.5x 2.6x 5.5x -31.7% Redknee Solutions TSX:RKN $516.5 $474.2 $142.0 55.6% 1.8% 149.8% 3.3x 183.2x 2.0x 17.3x -9.4% Synchronoss Technologies, Inc. SNCR $1,044.0 $1,008.2 $349.0 58.2% 22.5% 27.5% 2.9x 12.8x 2.5x 7.5x -10.2% Median: $951.3 $1,008.2 $349.0 58.2% 19.2% 4.4% 2.8x 9.1x 2.2x 7.8x 0.1%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: Jan 2014 TTM Revenue Growth 0.0% 5% TTM EBITDA Growth 3.7% TTM Earnings Growth -13.8% 4% Gross Profit Margin 0.0% EBITDA Margin 0.0% 3% Net Income Margin 12.3% SG&A Expenses as a % of Total Revenue 20.4% 2% R&D Expenses as a % of Total Revenue 14.7% 1% Balance Sheet Analysis (Median) Current Ratio 2.5 0% Quick Ratio 2.2 Cash as Percent of Market Cap 15.3% -1% Avg Days Outstanding: Accounts Receivable 75 Avg Days Outstanding: Accounts Payable 31 -2% Working Capital to TTM Operating Expense Ratio 0.4x -3% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 11.8% Cash from Operations Growth (YoY) 39.6% -5% Cash from Investing Growth (YoY) -101.3% Cash from Financing Growth (YoY) 62.0% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 26.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Actuate Corporation BIRT $362.0 $291.0 $134.5 85.6% 10.2% -3.1% 2.2x 21.2x 2.0x 9.4x -0.3% MicroStrategy Incorporated MSTR $1,420.4 $1,076.5 $575.9 75.9% 8.0% -3.1% 1.9x 23.5x 1.7x 15.5x 1.8% Pegasystems Inc. PEGA $1,724.9 $1,536.5 $499.4 69.6% 16.2% 15.3% 3.1x 19.0x 2.8x 24.2x -7.2% Progress Software Corporation PRGS $1,246.7 $1,015.2 $334.0 89.9% 28.0% 5.2% 3.0x 10.9x 3.0x 8.2x -5.4% PROS Holdings PRO $1,069.0 $978.2 $138.7 69.7% 6.7% 24.6% 7.1x 106.1x 5.9x 35.9x -3.3% Qlik Technologies QLIK $2,398.1 $2,163.0 $446.1 87.1% 1.0% 24.2% 4.8x 503.4x 4.2x 50.5x 7.5% Verisk VRSK $10,743.3 $11,869.2 $1,679.0 59.2% 44.6% 14.2% 7.1x 15.9x 6.6x 14.8x -1.9% Teradata NYSE:TDC $6,719.0 $6,112.0 $2,692.0 56.0% 26.5% 1.0% 2.3x 8.6x 2.2x 7.6x -8.1% Median: $1,572.7 $1,306.5 $472.8 72.8% 13.2% 9.7% 3.1x 20.1x 2.9x 15.2x -2.6%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: Jan 2014 TTM Revenue Growth 9.7% 3% TTM EBITDA Growth -9.5% TTM Earnings Growth 2.2% 2% Gross Profit Margin 72.8% EBITDA Margin 13.2% Net Income Margin 11.3% 1% SG&A Expenses as a % of Total Revenue 45.7% R&D Expenses as a % of Total Revenue 17.0% 0%

Balance Sheet Analysis (Median) -1% Current Ratio 2.0 Quick Ratio 1.9 -2% Cash as Percent of Market Cap 10.6% Avg Days Outstanding: Accounts Receivable 87 -3% Avg Days Outstanding: Accounts Payable 45 Working Capital to TTM Operating Expense Ratio 0.4x -4%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 14.6% Cash from Operations Growth (YoY) 4.5% -6% Cash from Investing Growth (YoY) 24.6% Cash from Financing Growth (YoY) -27.2% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 64.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Actuate Corporation BIRT $362.0 $291.0 $134.5 85.6% 10.2% -3.1% 2.2x 21.2x 2.0x 9.4x -0.3% Adobe Systems Incorporated ADBE $29,394.0 $27,734.2 $4,055.2 85.5% 19.0% -7.9% 6.8x 36.0x 6.8x 26.2x -0.2% BSQUARE Corporation BSQR $39.8 $18.5 $92.1 16.9% -1.8% -6.9% 0.2x n/a n/a n/a -2.2% Compuware Corporation CPWR $2,196.2 $2,108.1 $946.1 62.2% 13.3% -2.5% 2.2x 16.7x 2.7x 12.5x -9.1% Magic Software Enterprises Ltd. MGIC $295.2 $259.3 $145.0 40.7% 18.3% 14.7% 1.8x 9.8x 1.6x n/a 12.5% Microsoft Corporation MSFT $314,099.4 $254,802.4 $83,433.0 71.5% 38.1% 14.4% 3.1x 8.0x 2.9x 8.0x 1.8% Oracle Corporation ORCL $165,954.4 $153,624.4 $37,552.0 81.6% 43.4% 0.9% 4.1x 9.4x 3.9x 7.9x -2.2% Progress Software Corporation PRGS $1,246.7 $1,015.2 $334.0 89.9% 28.0% 5.2% 3.0x 10.9x 3.0x 8.2x -5.4% Red Hat, Inc. RHT $10,708.9 $9,742.4 $1,482.1 84.8% 20.4% 16.0% 6.6x 32.2x 5.8x 20.3x 1.2% Software AG XTRA:SOW $3,086.8 $3,236.3 $1,323.5 68.2% 25.6% -8.1% 2.4x 9.6x n/a n/a 9.4% Median: $2,641.5 $2,672.2 $1,134.8 76.6% 19.7% -0.8% 2.7x 10.9x 2.9x 9.4x -0.2%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: Jan 2014 TTM Revenue Growth -0.8% 3% TTM EBITDA Growth -12.6% TTM Earnings Growth -8.0% Gross Profit Margin 76.6% 2% EBITDA Margin 19.7% Net Income Margin 11.4% 1% SG&A Expenses as a % of Total Revenue 39.5% R&D Expenses as a % of Total Revenue 13.2% 0% Balance Sheet Analysis (Median) Current Ratio 2.1 -1% Quick Ratio 2.0 Cash as Percent of Market Cap 20.2% -2% Avg Days Outstanding: Accounts Receivable 76 Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.4x -3%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 19.2% Cash from Operations Growth (YoY) -7.9% -5% Cash from Investing Growth (YoY) 26.2%

Cash from Financing Growth (YoY) -18.9% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -1.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ANSYS, Inc. ANSS $7,276.6 $6,568.8 $846.0 87.5% 46.6% 9.1% 7.8x 16.7x 7.1x 14.3x -8.7% Autodesk, Inc. ADSK $11,562.0 $10,247.7 $2,294.2 88.5% 20.1% -0.2% 4.5x 22.2x 4.6x 19.4x 4.1% Cadence Design Systems, Inc CDNS $4,062.9 $3,754.7 $1,460.1 86.3% 23.2% 10.1% 2.6x 11.1x 2.4x 7.6x 0.8% Cimatron Ltd. CIMT $98.8 $86.0 $43.9 87.1% 15.1% 4.0% 2.0x 13.0x 1.8x n/a 4.6% Dassault Systèmes DSY $14,752.6 $12,848.4 $2,845.3 87.3% 31.2% 1.9% 4.5x 14.5x n/a n/a -3.6% GSE Systems Inc. GVP $31.7 $14.1 $48.0 27.7% -5.2% -12.1% 0.3x n/a 0.3x n/a 9.3% Mentor Graphics Corp MENT $2,383.9 $2,399.9 $1,086.6 84.0% 18.1% 0.8% 2.2x 12.2x 1.9x 7.5x -12.2% Parametric Technology Corporation PTC $4,226.0 $4,222.7 $1,298.7 71.6% 22.3% 3.3% 3.3x 14.6x 3.1x 11.3x 2.8% PDF Solutions Inc PDFS $715.4 $630.2 $101.5 61.1% 32.5% 13.3% 6.2x 19.1x 5.6x 13.3x -5.4% Stratasys, Inc. SSYS $5,875.9 $5,261.5 $400.5 45.3% 17.9% 113.4% 13.1x 73.6x 8.4x 26.8x -10.0% Synopsys Inc SNPS $6,152.1 $5,234.7 $1,962.2 82.2% 18.4% 11.7% 2.7x 14.5x 2.5x 8.3x -1.4% Median: $4,226.0 $4,222.7 $1,086.6 84.0% 20.1% 4.0% 3.3x 14.5x 2.8x 12.3x -1.4%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: Jan 2014 TTM Revenue Growth 4.0% 3% TTM EBITDA Growth 5.9% TTM Earnings Growth 0.8% Gross Profit Margin 84.0% 2% EBITDA Margin 20.1% Net Income Margin 11.2% 1% SG&A Expenses as a % of Total Revenue 36.2% R&D Expenses as a % of Total Revenue 17.8% 0% Balance Sheet Analysis (Median) Current Ratio 2.5 -1% Quick Ratio 2.2 Cash as Percent of Market Cap 13.1% -2% Avg Days Outstanding: Accounts Receivable 83 Avg Days Outstanding: Accounts Payable 47 Working Capital to TTM Operating Expense Ratio 0.5x -3%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 16.3% Cash from Operations Growth (YoY) 16.3% -5% Cash from Investing Growth (YoY) 36.6%

Cash from Financing Growth (YoY) -80.3% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 18.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD American Software, Inc. AMSW.A $277.3 $215.5 $98.5 54.7% 15.4% -6.6% 2.2x 14.2x 2.0x 9.3x 1.5% Oracle Corporation ORCL $165,954.4 $153,624.4 $37,552.0 81.6% 43.4% 0.9% 4.1x 9.4x 3.9x 7.9x -2.2% QAD Inc. QADA $279.0 $228.8 $258.6 56.0% 4.2% 2.8% 0.9x 21.0x 0.8x 11.5x 7.7% Sage Group plc LSE:SGE $7,371.1 $7,963.0 $2,228.0 94.2% 29.0% 2.7% 3.6x 12.3x n/a n/a 3.7% SAP DB:SAP $91,285.3 $93,331.6 $23,159.1 70.3% 32.7% 3.7% 4.0x 12.3x 3.9x 10.7x -9.3% Median: $7,371.1 $7,963.0 $2,228.0 70.3% 29.0% 2.7% 3.6x 12.3x 2.9x 10.0x 1.5%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: Jan 2014 TTM Revenue Growth 2.7% 3% TTM EBITDA Growth 1.8% TTM Earnings Growth -2.9% Gross Profit Margin 70.3% 2% EBITDA Margin 29.0% Net Income Margin 10.7% 1% SG&A Expenses as a % of Total Revenue 32.0% R&D Expenses as a % of Total Revenue 13.4% 0% Balance Sheet Analysis (Median) Current Ratio 1.2 -1% Quick Ratio 1.1 Cash as Percent of Market Cap 22.3% -2% Avg Days Outstanding: Accounts Receivable 72 Avg Days Outstanding: Accounts Payable 22 Working Capital to TTM Operating Expense Ratio 0.1x -3%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 16.7% Cash from Operations Growth (YoY) 4.1% -5% Cash from Investing Growth (YoY) 30.2% Cash from Financing Growth (YoY) 23.8% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -16.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ACI Worldwide, Inc. ACIW $2,336.3 $2,934.1 $805.9 62.3% 24.3% 39.5% 3.6x 15.0x 2.8x 9.3x -3.8% Bottomline Technologies EPAY $1,280.9 $1,218.9 $270.1 54.7% 9.7% 11.6% 4.5x 46.3x 3.8x 17.6x -1.1% DST Systems, Inc. DST $3,803.8 $4,108.0 $2,658.6 17.2% 17.1% 3.2% 1.5x 9.0x 1.9x 8.4x 1.0% Evertec EVTC $1,889.1 $2,556.4 $354.9 55.4% 39.2% 5.5% 7.2x 18.4x 6.8x 13.6x -4.3% Fair Isaac Corporation FICO $1,897.9 $2,279.9 $737.8 68.7% 25.9% 6.0% 3.1x 11.9x 3.0x 10.9x -11.7% Fiserv FISV $14,457.4 $18,067.4 $4,814.0 42.3% 30.4% 7.4% 3.8x 12.3x 3.6x 11.0x -3.7% Intuit Inc INTU $20,869.1 $20,252.1 $4,231.0 86.7% 34.0% 11.5% 4.8x 14.1x 4.4x 11.2x -3.3% Model N, Inc MODN $235.0 $131.9 $101.1 54.5% 2.5% 14.2% 1.3x 52.5x 1.7x n/a -50.5% NetSol Technologies Inc. KASE:NETS $37.8 $42.0 $29.9 54.6% 46.4% 22.6% 1.4x 3.0x n/a n/a 0.9% Sage Group plc LSE:SGE $7,371.1 $7,963.0 $2,228.0 94.2% 29.0% 2.7% 3.6x 12.3x n/a n/a 3.7% Qiwi plc QIWI $1,880.2 $1,648.0 $339.0 45.5% 22.4% n/a 4.9x 21.7x 8.3x 18.3x -35.2% Median: $1,897.9 $2,556.4 $737.8 54.7% 25.9% 9.4% 3.6x 14.1x 3.6x 11.1x -3.7%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: Jan 2014 TTM Revenue Growth 9.4% 3% TTM EBITDA Growth 12.4% TTM Earnings Growth 6.1% 2% Gross Profit Margin 54.7% EBITDA Margin 25.9% Net Income Margin 11.3% 1% SG&A Expenses as a % of Total Revenue 28.1% R&D Expenses as a % of Total Revenue 16.4% 0%

Balance Sheet Analysis (Median) -1% Current Ratio 1.6 Quick Ratio 1.3 -2% Cash as Percent of Market Cap 5.3% Avg Days Outstanding: Accounts Receivable 70 -3% Avg Days Outstanding: Accounts Payable 40 Working Capital to TTM Operating Expense Ratio 0.2x -4%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 15.9% Cash from Operations Growth (YoY) 15.7% -6% Cash from Investing Growth (YoY) 16.7% Cash from Financing Growth (YoY) -23.7% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 10.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Activision Blizzard ATVI $11,912.8 $9,584.8 $4,583.0 66.6% 32.3% -5.6% 2.1x 6.5x 2.1x 6.7x -5.2% Electronic Arts Inc. EA $8,160.8 $6,665.8 $3,661.0 61.8% 6.1% -7.5% 1.8x 29.9x 1.6x 9.0x 15.6% GameLoft SA ENXTPA:GF $752.3 $670.5 $289.2 83.2% 15.2% 21.8% 2.3x 15.3x n/a n/a -15.2% Konami Corporation TSE: 9766 $3,337.6 $3,270.5 $2,109.3 30.8% 11.3% -4.1% 1.6x 13.7x 1.4x 9.3x 4.0% Take-Two Interactive TTWO $1,862.4 $1,644.0 $2,454.8 42.2% 21.4% 130.9% 0.7x 3.1x 1.0x 5.8x 9.4% Ubisoft Entertainment ENXTPA:UB $1,584.9 $1,777.6 $1,719.3 72.7% 37.7% 16.3% 1.0x 2.7x n/a n/a 2.4% Median: $2,600.0 $2,524.1 $2,282.1 64.2% 18.3% 6.1% 1.7x 10.1x 1.5x 7.8x 3.2%

Income Statement Analysis (Median) Gaming Software Stock Market Return: Jan 2014 TTM Revenue Growth 6.1% 3% TTM EBITDA Growth -0.7% TTM Earnings Growth -31.9% Gross Profit Margin 64.2% 2% EBITDA Margin 18.3% Net Income Margin 3.6% 1% SG&A Expenses as a % of Total Revenue 24.5% R&D Expenses as a % of Total Revenue 30.7% 0% Balance Sheet Analysis (Median) Current Ratio 2.4 -1% Quick Ratio 1.6 Cash as Percent of Market Cap 19.5% -2% Avg Days Outstanding: Accounts Receivable 42 Avg Days Outstanding: Accounts Payable 58 Working Capital to TTM Operating Expense Ratio 0.4x -3%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 13.2% Cash from Operations Growth (YoY) 19.6% -5% Cash from Investing Growth (YoY) -38.8% Cash from Financing Growth (YoY) 32.8% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 35.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Accretive Health AH $895.8 $699.5 $973.6 20.7% 2.9% 32.2% 0.7x 24.4x 0.7x 11.8x 0.8% Allscripts Healthcare Solutions Inc. MDRX $2,923.5 $3,407.5 $1,373.0 39.9% 2.1% -7.4% 2.5x 119.4x 2.4x 16.1x 7.6% Cerner Corporation CERN $19,528.2 $18,789.3 $2,840.6 84.3% 26.2% 8.8% 6.6x 25.2x 5.8x 17.0x 3.3% Computer Programs and Sys, Inc. CPSI $745.6 $723.2 $200.9 46.7% 26.7% 9.6% 3.6x 13.5x 3.4x 12.1x 10.3% MedAssets MDAS $1,363.6 $2,166.1 $673.7 78.0% 30.8% 6.4% 3.2x 10.4x 3.1x 9.6x 12.6% Merge Healthcare MRGE $202.3 $429.1 $242.7 57.8% 6.7% -2.3% 1.8x 26.2x 1.8x 9.6x -15.0% Omnicell, Inc. OMCL $919.6 $803.4 $380.6 53.4% 14.1% 21.2% 2.1x 15.0x 2.0x 11.1x 3.0% Quality Systems, Inc. QSII $1,108.5 $1,014.5 $440.8 55.8% 16.5% -3.7% 2.3x 13.9x 2.2x 9.8x -11.2% Median: $1,014.0 $908.9 $557.2 54.6% 15.3% 7.6% 2.4x 19.7x 2.3x 11.5x 3.1%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: Jan 2014 TTM Revenue Growth 7.6% 3% TTM EBITDA Growth 2.3% TTM Earnings Growth 0.1% Gross Profit Margin 54.6% 2% EBITDA Margin 15.3% Net Income Margin 1.6% 1% SG&A Expenses as a % of Total Revenue 34.6% R&D Expenses as a % of Total Revenue 9.9% 0% Balance Sheet Analysis (Median) Current Ratio 2.1 -1% Quick Ratio 1.8 Cash as Percent of Market Cap 8.5% -2% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 35 Working Capital to TTM Operating Expense Ratio 0.3x -3%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 8.0% Cash from Operations Growth (YoY) 15.4% -5% Cash from Investing Growth (YoY) -2.7% Cash from Financing Growth (YoY) 15.1% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 23.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Hewlett Packard HPQ $55,354.5 $66,272.5 $112,298.0 23.3% 11.6% -6.7% 0.6x 5.1x 0.6x 4.9x 4.8% IBM IBM $191,848.7 $220,637.7 $99,751.0 48.6% 24.4% -4.6% 2.2x 9.1x 2.2x 8.0x -4.8% Microsoft Corporation MSFT $314,099.4 $254,802.4 $83,433.0 71.5% 38.1% 14.4% 3.1x 8.0x 2.9x 8.0x 1.8% Oracle Corporation ORCL $165,954.4 $153,624.4 $37,552.0 81.6% 43.4% 0.9% 4.1x 9.4x 3.9x 7.9x -2.2% SAP AG DB:SAP $91,285.3 $93,331.6 $23,159.1 70.3% 32.7% 3.7% 4.0x 12.3x 3.9x 10.7x -9.3% Median: $165,954.4 $153,624.4 $83,433.0 70.3% 32.7% 0.9% 3.1x 9.1x 2.9x 8.0x -2.2%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: Jan 2014 TTM Revenue Growth 0.9% 3% TTM EBITDA Growth 1.8% TTM Earnings Growth 23.2% Gross Profit Margin 70.3% 2% EBITDA Margin 32.7% Net Income Margin 19.8% 1% SG&A Expenses as a % of Total Revenue 23.6% R&D Expenses as a % of Total Revenue 13.1% 0% Balance Sheet Analysis (Median) Current Ratio 1.3 -1% Quick Ratio 1.1 Cash as Percent of Market Cap 22.0% -2% Avg Days Outstanding: Accounts Receivable 61 Avg Days Outstanding: Accounts Payable 57 Working Capital to TTM Operating Expense Ratio 0.1x -3%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 18.3% Cash from Operations Growth (YoY) 0.3% -5% Cash from Investing Growth (YoY) 18.9% Cash from Financing Growth (YoY) -18.9% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -28.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Bango PLC BGO $125.7 $114.7 $14.7 26.7% -32.4% n/a 7.8x n/a n/a n/a 21.5% Glu Mobile, Inc. GLUU $307.9 $280.3 $105.6 68.9% -12.2% -2.4% 2.7x n/a 2.4x n/a 1.3% Gree TSE:3632 $2,299.5 $2,016.5 $1,524.8 81.9% 33.5% -9.7% 1.3x 3.9x n/a n/a 0.1% Millennial Media Inc MM $843.3 $722.1 $220.5 41.2% -0.9% 42.9% 3.3x n/a 1.8x 38.8x 7.9% Myriad Group AG MYRN $147.3 $164.9 $52.6 22.1% -16.2% 3.0% 3.1x n/a n/a n/a 6.1% NQ Mobile Inc. NQ $908.2 $758.8 $158.9 64.8% 3.0% 113.0% 4.8x 159.6x 2.7x 8.5x 6.0% Opera OB:OPERA $1,798.2 $1,731.0 $271.3 44.7% 27.9% 36.5% 6.4x 22.9x n/a n/a -0.5% Qihoo 360 Technology Co. Ltd QIHU $12,409.7 $12,017.6 $552.4 87.6% 26.4% 91.5% 21.8x 82.4x 12.8x 26.2x 23.5% Pandora Media P $7,006.8 $6,558.9 $588.3 37.0% -7.1% 53.5% 11.1x n/a n/a n/a 34.8% Synchronoss Technologies, Inc. SNCR $1,044.0 $1,008.2 $349.0 58.2% 22.5% 27.5% 2.9x 12.8x 2.5x 7.5x -10.2% Tangoe TNGO $697.2 $658.5 $182.9 54.6% 9.0% 30.8% 3.6x 40.2x 3.1x 18.6x 0.9% TeleCommunication Systems TSYS $133.3 $218.9 $362.3 38.4% 5.8% -25.7% 0.6x 10.4x 0.6x 6.1x -1.7% TeleNav TNAV $251.3 $75.6 $183.5 61.1% 1.5% -6.2% 0.4x 27.1x 0.5x n/a 0.8% Zynga, Inc ZNGA $3,662.2 $2,536.7 $873.3 71.6% 8.4% -31.8% 2.9x 34.5x 3.2x 27.6x 11.4% Median: $875.8 $740.5 $245.9 56.4% 4.4% 27.5% 3.2x 27.1x 2.5x 18.6x 3.6%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: Jan 2014 TTM Revenue Growth 27.5% 8% TTM EBITDA Growth 7.0% TTM Earnings Growth -11.6% Gross Profit Margin 56.4% 6% EBITDA Margin 4.4% Net Income Margin -0.6% SG&A Expenses as a % of Total Revenue 36.0% 4% R&D Expenses as a % of Total Revenue 18.4%

Balance Sheet Analysis (Median) 2% Current Ratio 3.3 Quick Ratio 3.2 0% Cash as Percent of Market Cap 9.0% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 39 -2% Working Capital to TTM Operating Expense Ratio 0.0x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 8.4% Cash from Operations Growth (YoY) 39.7% -6% Cash from Investing Growth (YoY) 13.3% Cash from Financing Growth (YoY) 81.6% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 109.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Allot Communications Ltd. ALLT $521.7 $406.6 $96.5 72.2% -0.8% -7.8% 4.2x n/a 3.7x 26.6x 5.8% Aruba Networks, Inc. ARUN $2,151.1 $1,826.2 $616.5 70.3% 3.0% 13.8% 3.0x 98.7x 2.6x 12.5x 13.9% Barracuda Networks, Inc. CUDA $1,745.1 $1,628.5 $225.9 76.6% -0.1% n/a 7.2x n/a 6.5x 31.6x -7.7% Brocade Communications Systems, BRCD $4,146.5 $3,758.8 $2,222.9 63.4% 23.3% -0.7% 1.7x 7.3x 1.7x 6.3x 5.9% Cisco Systems, Inc. CSCO $117,144.4 $85,181.4 $48,816.0 61.1% 28.8% 4.6% 1.7x 6.1x 1.8x 5.3x -0.4% Cyan, Inc. CYNI $176.0 $104.0 $125.5 41.2% -20.7% 58.4% 0.8x n/a 1.0x n/a -27.4% Compuware Corporation CPWR $2,196.2 $2,108.1 $946.1 62.2% 13.3% -2.5% 2.2x 16.7x 2.7x 12.5x -9.5% F5 Networks, Inc. FFIV $8,137.8 $7,559.6 $1,522.3 82.6% 30.8% 7.2% 5.0x 16.1x 4.3x 11.1x 20.4% Gigamon, LLC GIMO $946.9 $841.5 $140.3 78.0% -19.5% 45.1% 6.0x n/a 5.1x 40.3x 9.6% Juniper Networks, Inc. JNPR $13,438.2 $11,591.6 $4,669.1 63.0% 17.0% 7.0% 2.5x 14.6x 2.4x 9.4x 18.4% Radware Ltd. RDWR $758.4 $623.5 $193.0 81.0% 14.2% 2.0% 3.2x 22.7x 2.9x 15.2x -5.1% Riverbed Technology, Inc. RVBD $3,193.0 $3,258.7 $1,041.0 73.1% 14.9% 24.4% 3.1x 21.1x 2.9x 9.5x 9.4% Median: $2,173.6 $1,967.2 $781.3 71.3% 13.8% 7.0% 3.0x 16.4x 2.8x 12.5x 5.9%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: Jan 2014 TTM Revenue Growth 7.0% 10% TTM EBITDA Growth -24.5% TTM Earnings Growth -77.2% Gross Profit Margin 71.3% 8% EBITDA Margin 13.8% Net Income Margin -1.2% 6% SG&A Expenses as a % of Total Revenue 44.8% R&D Expenses as a % of Total Revenue 20.2% 4% Balance Sheet Analysis (Median) Current Ratio 2.6 2% Quick Ratio 2.2 Cash as Percent of Market Cap 15.3% 0% Avg Days Outstanding: Accounts Receivable 49 Avg Days Outstanding: Accounts Payable 47 Working Capital to TTM Operating Expense Ratio 0.5x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 16.8% Cash from Operations Growth (YoY) -3.4% Cash from Investing Growth (YoY) 10.5% -6% Cash from Financing Growth (YoY) 26.7% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 13.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD AVG Technologies N.V. AVG $903.2 $887.4 $400.4 83.9% 33.0% 19.5% 2.2x 6.7x 2.3x 6.6x -2.1% Barracuda Networks, Inc. CUDA $1,745.1 $1,628.5 $225.9 76.6% -0.1% n/a 7.2x n/a 6.5x 31.6x -7.7% Check Point Software Tech Ltd. CHKP $12,582.2 $11,415.4 $1,394.1 88.4% 55.4% 3.8% 8.2x 14.8x 7.7x 13.4x 1.6% Commtouch Software Ltd. CTCH $96.5 $95.6 $30.8 78.5% -2.1% 33.4% 3.1x n/a 2.7x n/a 22.8% Fortinet Inc. FTNT $3,465.4 $2,974.0 $615.3 70.6% 14.3% 15.3% 4.8x 33.9x 4.2x 21.8x 11.5% Guidance Software, Inc. GUID $310.9 $294.3 $110.5 66.1% -12.3% -14.6% 2.7x n/a 2.6x 92.2x 7.8% Imperva IMPV $1,373.0 $1,264.3 $137.8 78.4% -16.3% 32.2% 9.2x n/a 7.8x 212.9x 13.2% Palo Alto Networks, Inc PANW $4,309.6 $3,872.9 $438.4 72.8% -1.5% 54.4% 8.8x n/a 6.5x 52.2x 6.8% Proofpoint, Inc. PFPT $1,462.9 $1,366.4 $137.9 69.8% -14.6% 29.8% 9.9x n/a 7.8x n/a 24.9% Sourcefire, Inc. FIRE $19.8 $19.8 $17.1 37.1% 3.2% 5.6% 1.2x 35.9x n/a n/a -12.4% Symantec Corporation SYMC $14,902.0 $13,106.0 $6,799.0 83.6% 28.8% -0.6% 1.9x 6.7x 2.0x 6.2x -8.7% Trend Micro TSE:4704 $4,189.3 $2,961.3 $1,061.8 81.5% 33.7% 11.3% 2.8x 8.3x n/a n/a -11.0% VASCO Data Security International VDSI $288.8 $196.7 $150.6 64.0% 10.3% -8.0% 1.3x 12.6x 1.3x 10.1x -1.6% Median: $1,462.9 $1,366.4 $225.9 76.6% 3.2% 13.3% 3.1x 12.6x 4.2x 21.8x 1.6%

Income Statement Analysis (Median) Security Software Stock Market Return: Jan 2014 TTM Revenue Growth 13.3% 8% TTM EBITDA Growth -52.1% TTM Earnings Growth -37.5% Gross Profit Margin 76.6% 6% EBITDA Margin 3.2% Net Income Margin 1.4% SG&A Expenses as a % of Total Revenue 48.5% 4% R&D Expenses as a % of Total Revenue 16.7%

Balance Sheet Analysis (Median) 2% Current Ratio 1.6 Quick Ratio 1.3 0% Cash as Percent of Market Cap 8.8% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 45 -2% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 13.5% Cash from Operations Growth (YoY) -7.0% -6% Cash from Investing Growth (YoY) 11.4% Cash from Financing Growth (YoY) -22.0% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 2.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Brocade Communications Systems, BRCD $4,146.5 $3,758.8 $2,222.9 63.4% 23.3% -0.7% 1.7x n/a 1.7x 6.3x 5.9% CA, Inc. CA $14,368.9 $13,285.9 $4,582.0 85.8% 34.2% -2.1% 2.9x 8.5x 3.0x 7.6x -3.2% Cisco Systems, Inc. CSCO $117,144.4 $85,181.4 $48,816.0 61.1% 28.8% 4.6% 1.7x 6.1x 1.8x 5.3x -0.4% CommVault Systems, Inc. CVLT $3,280.5 $2,780.0 $567.8 87.3% 18.2% 20.4% 4.9x 26.9x 4.2x 16.5x -6.8% EMC EMC $48,964.8 $46,944.8 $23,222.0 62.3% 26.0% 6.9% 2.0x 7.8x 1.9x 6.4x -2.9% FalconStor Software, Inc. FALC $72.0 $50.0 $66.5 73.5% -11.5% -15.2% 0.8x n/a n/a n/a 13.6% IBM IBM $191,848.7 $220,637.7 $99,751.0 48.6% 24.4% -4.6% 2.2x 9.1x 2.2x 8.0x -4.8% Informatica Corporation INFA $4,379.6 $3,702.2 $948.2 83.2% 17.3% 16.8% 3.9x 22.6x 3.5x 12.8x -0.9% Microsoft Corporation MSFT $314,099.4 $254,802.4 $83,433.0 71.5% 38.1% 14.4% 3.1x 8.0x 2.9x 8.0x 1.8% NetApp, Inc. NTAP $14,430.2 $10,152.5 $6,412.7 60.4% 14.6% 2.5% 1.6x 10.8x 1.5x 6.9x 5.1% Oracle Corporation ORCL $165,954.4 $153,624.4 $37,552.0 81.6% 43.4% 0.9% 4.1x 9.4x 3.9x 7.9x -2.2% Splunk, Inc. SPLK $8,688.4 $8,336.5 $267.9 89.1% -16.3% 51.4% 31.1x n/a 23.0x n/a 7.8% TIBCO Software Inc. TIBX $3,395.3 $3,190.4 $1,070.0 71.3% 18.1% 4.4% 3.0x 16.5x 2.8x 10.3x -8.0% Median: $14,368.9 $10,152.5 $4,582.0 71.5% 23.3% 4.4% 2.9x 9.3x 2.8x 7.9x -0.9%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: Jan 2014 TTM Revenue Growth 4.4% 5% TTM EBITDA Growth 3.7% TTM Earnings Growth 5.7% 4% Gross Profit Margin 71.5% EBITDA Margin 23.3% 3% Net Income Margin 11.5% SG&A Expenses as a % of Total Revenue 33.5% 2% R&D Expenses as a % of Total Revenue 13.2% 1% Balance Sheet Analysis (Median) Current Ratio 2.5 0% Quick Ratio 2.3 Cash as Percent of Market Cap 22.0% -1% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 36 -2% Working Capital to TTM Operating Expense Ratio 0.7x -3% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.3% -4% Cash from Operations Growth (YoY) 2.0% Cash from Investing Growth (YoY) 18.9% -5%

Cash from Financing Growth (YoY) 17.3% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -5.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD American Software, Inc. AMSW.A $277.3 $215.5 $98.5 54.7% 15.4% -6.6% 2.2x 14.2x 2.0x 9.3x 1.5% Aspen Technology, Inc. AZPN $4,215.5 $3,996.8 $349.0 85.6% 27.7% 27.3% 11.5x 41.4x 10.0x 31.0x 9.7% Manhattan Associates, Inc. MANH $2,590.6 $2,464.7 $414.5 56.3% 25.8% 10.2% 5.9x 23.0x 5.6x 19.8x 14.7% The Descartes Systems Group Inc. TSX:DSG $902.1 $872.1 $144.8 67.5% 28.2% 18.0% 6.0x 21.3x 5.3x 17.7x 9.3% Median: $1,746.4 $1,668.4 $246.9 61.9% 26.8% 14.1% 6.0x 22.2x 5.5x 18.8x 9.5%

Income Statement Analysis (Median) Supply Chain Management & Logistics Software Stock Market Return: Jan 2014 TTM Revenue Growth 14.1% 5% TTM EBITDA Growth 18.2% TTM Earnings Growth 13.5% 4% Gross Profit Margin 61.9% EBITDA Margin 26.8% 3% Net Income Margin 13.4% SG&A Expenses as a % of Total Revenue 28.2% 2% R&D Expenses as a % of Total Revenue 14.0% 1% Balance Sheet Analysis (Median) Current Ratio 2.4 0% Quick Ratio 2.1 Cash as Percent of Market Cap 5.3% -1% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 21 -2% Working Capital to TTM Operating Expense Ratio 0.4x -3% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 21.3% Cash from Operations Growth (YoY) 22.5% -5% Cash from Investing Growth (YoY) -48.0% Cash from Financing Growth (YoY) 30.4% Supply Chain Management & Logistics S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 34.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD CA Technologies CA $14,368.9 $13,285.9 $4,582.0 85.8% 34.2% -2.1% 2.9x 8.5x 3.0x 7.6x -3.2% Citrix Systems, Inc. CTXS $10,078.5 $9,343.8 $2,918.4 86.1% 22.2% 12.8% 3.2x 14.4x 2.9x 10.3x -13.5% Netscout Systems, Inc. NTCT $1,459.7 $1,314.7 $382.4 78.9% 23.5% 11.8% 3.4x 14.6x 3.1x 10.7x 22.5% Red Hat, Inc. RHT $10,708.9 $9,742.4 $1,482.1 84.8% 20.4% 16.0% 6.6x 32.2x 5.8x 20.3x 1.2% SolarWinds, Inc. SWI $2,997.8 $2,791.7 $335.4 92.0% 45.3% 24.7% 8.3x 18.4x 7.2x 16.2x 5.5% VMWare, Inc. VMW $38,791.7 $33,066.7 $5,207.0 86.0% 28.9% 13.1% 6.4x 22.0x 5.5x 15.3x 0.7% Median: $10,393.7 $9,543.1 $2,200.3 85.9% 26.2% 13.0% 4.9x 16.5x 4.3x 13.0x 1.0%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: Jan 2014 TTM Revenue Growth 13.0% TTM EBITDA Growth 15.6% 8% TTM Earnings Growth 17.0% Gross Profit Margin 85.9% 6% EBITDA Margin 26.2% Net Income Margin 15.9% SG&A Expenses as a % of Total Revenue 43.0% 4% R&D Expenses as a % of Total Revenue 17.0% 2% Balance Sheet Analysis (Median) Current Ratio 1.3 Quick Ratio 1.2 0% Cash as Percent of Market Cap 9.5% Avg Days Outstanding: Accounts Receivable 76 -2% Avg Days Outstanding: Accounts Payable 58 Working Capital to TTM Operating Expense Ratio 0.3x -4% Cash Flow Statement Analysis (Median) Levered FCF Margin 20.7% -6% Cash from Operations Growth (YoY) 10.7% Cash from Investing Growth (YoY) -35.6% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -9.4% Levered FCF Growth (YoY) 7.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Advent Software, Inc. ADVS $1,677.0 $1,985.6 $383.0 71.1% 18.6% 6.7% 5.2x 27.9x 5.0x 14.4x -4.2% Broadridge Financial BR $4,325.2 $4,666.1 $2,507.6 29.7% 19.9% 7.3% 1.9x 9.3x 1.8x 8.7x -7.6% Fidessa LSE:FDSA $1,432.4 $1,349.7 $420.5 21.6% 19.8% -2.1% 3.2x 16.2x n/a n/a 3.4% Jack Henry & Associates, Inc. JKHY $4,773.8 $4,610.0 $1,177.9 42.5% 34.0% 9.8% 3.9x 11.5x 3.7x 10.9x -4.1% MSCI, Inc. MSCI $5,058.2 $5,581.9 $1,035.7 68.3% 43.5% 9.0% 5.4x 12.4x 5.2x 11.8x -1.0% SS&C Corporation SSNC $3,192.1 $3,946.7 $712.7 45.4% 39.7% 29.1% 5.5x 14.0x 5.2x 12.7x -12.8% Median: $3,758.6 $4,278.4 $874.2 44.0% 27.0% 8.2% 4.5x 13.2x 5.0x 11.8x -4.1%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:Jan 2014 TTM Revenue Growth 8.2% 3% TTM EBITDA Growth 11.5% TTM Earnings Growth 21.0% 2% Gross Profit Margin 44.0% EBITDA Margin 27.0% 1% Net Income Margin 13.7% SG&A Expenses as a % of Total Revenue 12.8% 0% R&D Expenses as a % of Total Revenue 7.6% -1% Balance Sheet Analysis (Median) Current Ratio 1.3 -2% Quick Ratio 1.1 Cash as Percent of Market Cap 4.3% -3% Avg Days Outstanding: Accounts Receivable 61 Avg Days Outstanding: Accounts Payable 10 -4% Working Capital to TTM Operating Expense Ratio 0.1x -5% Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 16.0% Cash from Operations Growth (YoY) 11.8% -7% Cash from Investing Growth (YoY) -0.2%

Cash from Financing Growth (YoY) -121.2% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 28.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Blackbaud, Inc. BLKB $1,531.6 $1,689.2 $489.0 54.6% 19.2% 15.8% 3.5x 18.0x 3.1x 14.4x -7.7% Constellation TSX:CSU $4,555.6 $4,649.4 $1,131.5 31.9% 8.5% 36.6% 4.1x 48.5x 3.2x 16.1x 1.6% EPIQ Systems, Inc. EPIQ $499.2 $773.7 $405.9 52.6% 17.9% 24.9% 1.9x 10.7x 1.7x 7.2x -8.9% Guidewire Software, Inc. GWRE $3,162.1 $2,633.4 $303.9 52.6% 1.2% 25.1% 8.7x 715.8x 7.5x 70.8x -1.9% Micros Systems MCRS $4,178.5 $3,554.6 $1,304.0 52.4% 19.7% 8.2% 2.7x 13.9x 2.6x 11.5x -2.0% PROS Holdings PRO $1,069.0 $978.2 $138.7 69.7% 6.7% 24.6% 7.1x 106.1x 5.9x 35.9x -3.3% Sapiens International SPNS $318.6 $291.3 $130.4 37.6% 12.3% 21.5% 2.2x 18.2x 2.2x 15.9x -6.2% Silver Spring Networks, Inc. SSNI $803.6 $661.9 $279.8 32.9% -19.8% 34.5% 2.4x n/a 1.9x 48.9x -17.8% Tyler Technologies, Inc. TYL $3,400.2 $3,348.1 $416.6 46.4% 19.4% 14.7% 8.0x 41.4x 7.2x 31.6x 4.1% Median: $1,531.6 $1,689.2 $405.9 52.4% 12.3% 24.6% 3.5x 29.8x 3.1x 16.1x -3.3%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: Jan 2014 TTM Revenue Growth 24.6% 3% TTM EBITDA Growth -2.4% TTM Earnings Growth -2.4% 2% Gross Profit Margin 52.4% EBITDA Margin 12.3% 1% Net Income Margin 4.5% SG&A Expenses as a % of Total Revenue 27.9% 0% R&D Expenses as a % of Total Revenue 13.7% -1% Balance Sheet Analysis (Median) Current Ratio 1.6 -2% Quick Ratio 1.5 Cash as Percent of Market Cap 8.5% -3% Avg Days Outstanding: Accounts Receivable 67 Avg Days Outstanding: Accounts Payable 31 -4% Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 12.6% Cash from Operations Growth (YoY) 31.1% -7% Cash from Investing Growth (YoY) -35.6% Cash from Financing Growth (YoY) 169.3% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 17.2%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG SaaS Index $1,474.6 $1,358.1 $176.1 69.6% -0.5% 27.6% 7.4x 64.3x 6.5x 28.6x 0.4% CRM & Marketing $788.4 $688.1 $176.1 73.6% -0.5% 14.5% 3.9x 71.8x 3.0x 28.6x -0.4% ERP & Supply Chain $1,474.6 $1,358.1 $163.1 69.6% 5.3% 35.4% 9.1x 64.3x 7.9x 45.4x -0.7% Vertically Focused $1,746.1 $1,702.1 $276.8 68.6% 13.8% 26.8% 5.1x 31.3x 4.7x 16.3x 0.4% Workforce Management $2,968.4 $2,955.5 $185.1 61.1% -8.0% 40.3% 10.9x 1096.0x 9.4x 45.2x 7.8% SaaS Other $983.3 $1,027.2 $136.0 72.1% -5.0% 27.6% 7.4x 55.1x 6.5x 18.6x 2.3%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: Jan 2014 TTM Revenue Growth 27.6% 6% TTM EBITDA Growth -11.3% TTM Earnings Growth -23.7% Gross Profit Margin 69.6% 4% EBITDA Margin -0.5% Net Income Margin -5.2% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 17.5% 2%

Balance Sheet Analysis (Median) Current Ratio 2.6 0% Quick Ratio 2.5 Cash as Percent of Market Cap 8.8% Avg Days Outstanding: Accounts Receivable 64 -2% Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.6x -4% Cash Flow Statement Analysis (Median) Levered FCF Margin 8.9% Cash from Operations Growth (YoY) 14.6% -6% Cash from Investing Growth (YoY) -20.3% Cash from Financing Growth (YoY) 96.7% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 11.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Bazaarvoice, Inc BV $549.9 $475.1 $176.1 67.9% -20.0% 32.1% 2.7x n/a 2.5x n/a -6.7% Constant Contact CTCT $828.2 $705.0 $285.4 71.4% 10.7% 13.2% 2.5x 23.1x 2.2x 12.0x -10.7% Cvent NYSE:CVT $1,549.1 $1,391.3 $104.0 73.6% 5.3% n/a 13.4x 251.0x 10.8x 135.4x 2.1% LivePerson LPSN $748.7 $671.3 $173.4 76.1% 5.4% 14.5% 3.9x 71.8x 3.5x 28.6x -5.9% Marketo MKTO $1,606.9 $1,473.8 $84.6 58.5% -42.8% n/a 17.4x n/a 12.6x n/a 77.2% Marin Software MRIN $322.1 $217.4 n/a n/a n/a n/a n/a n/a 2.4x n/a -2.9% Salesforce.com CRM $36,499.6 $38,253.8 $3,760.4 76.6% -0.5% 32.1% 10.2x n/a 7.8x 49.2x 10.3% Vocus VOCS $258.2 $301.2 $186.9 79.6% -1.5% 9.4% 1.6x n/a 1.6x 15.3x 9.3% Median: $788.4 $688.1 $176.1 73.6% -0.5% 14.5% 3.9x 71.8x 3.0x 28.6x -0.4%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: Jan 2014 TTM Revenue Growth 14.5% 5% TTM EBITDA Growth -50.4% TTM Earnings Growth -29.7% 4% Gross Profit Margin 73.6% EBITDA Margin -0.5% 3% Net Income Margin -2.4% SG&A Expenses as a % of Total Revenue 64.8% 2% R&D Expenses as a % of Total Revenue 15.6% 1% Balance Sheet Analysis (Median) Current Ratio 2.6 0% Quick Ratio 2.4 Cash as Percent of Market Cap 10.3% -1% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 59 -2% Working Capital to TTM Operating Expense Ratio 0.4x -3% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 6.5% Cash from Operations Growth (YoY) -16.7% -5% Cash from Investing Growth (YoY) -15.9% Cash from Financing Growth (YoY) 245.1% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -9.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD E2open, Inc EOPN $687.9 $680.6 $69.5 61.3% -26.8% -6.6% 9.8x n/a 7.9x n/a -1.1% Fleetmatics FLTX $1,474.6 $1,358.1 $163.1 74.5% 26.6% 38.8% 8.3x 31.4x 6.3x 21.0x -7.8% Netsuite N $7,855.3 $7,657.7 $414.5 67.4% -9.3% 34.2% 18.5x n/a 14.2x 181.8x 3.2% SciQuest SQI $627.5 $600.8 $90.2 69.6% 5.3% 35.8% 6.7x 125.3x 5.5x 29.5x -2.7% SPS Commerce SPSC $1,035.3 $954.5 $104.4 69.6% 9.4% 35.4% 9.1x 97.2x 8.0x 61.3x 0.3% Unit 4 ENXTAM:U $1,545.0 $1,698.2 $623.0 92.8% 14.8% 5.4% 2.7x 18.4x n/a n/a -0.7% Workday, Inc. WDAY $16,192.7 $15,388.7 $408.6 61.1% -26.0% 73.6% 37.7x n/a 24.1x n/a 9.5% Median: $1,474.6 $1,358.1 $163.1 69.6% 5.3% 35.4% 9.1x 64.3x 7.9x 45.4x -0.7%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: Jan 2014 TTM Revenue Growth 35.4% 6% TTM EBITDA Growth 3.9% TTM Earnings Growth -23.7% 5% Gross Profit Margin 69.6% EBITDA Margin 5.3% 4% Net Income Margin -5.2% SG&A Expenses as a % of Total Revenue 55.9% 3% R&D Expenses as a % of Total Revenue 22.0% 2%

Balance Sheet Analysis (Median) 1% Current Ratio 2.1 Quick Ratio 1.9 0% Cash as Percent of Market Cap 5.7% -1% Avg Days Outstanding: Accounts Receivable 53 Avg Days Outstanding: Accounts Payable 21 -2% Working Capital to TTM Operating Expense Ratio 0.7x -3% Cash Flow Statement Analysis (Median) Levered FCF Margin 12.2% -4% Cash from Operations Growth (YoY) 24.3% -5% Cash from Investing Growth (YoY) 3.7% Cash from Financing Growth (YoY) -11.4% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 11.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Athenahealth, Inc ATHN $5,482.8 $5,663.4 $595.0 59.9% 9.2% 40.9% 9.5x 103.3x 8.0x 44.9x 12.1% DealerTrack TRAK $2,047.8 $2,051.5 $457.2 43.3% 13.8% 20.8% 4.5x 32.6x 3.8x 16.0x -3.6% Ebix Inc. EBIX $520.6 $542.2 $207.9 80.4% 40.3% 9.8% 2.6x 6.5x 2.6x 7.1x -5.8% Ellie Mae ELLI $717.7 $652.5 $128.0 75.7% 22.1% 41.2% 5.1x 23.1x 4.7x 16.6x -2.7% Medidata Solutions MDSO $3,376.7 $3,245.2 $276.8 74.7% 11.1% 26.8% 11.7x 105.3x 10.1x 41.6x 6.9% RealPage RP $1,746.1 $1,702.1 $367.2 60.8% 15.5% 19.4% 4.6x 29.9x 3.9x 15.5x 0.4% Textura Corp. TXTR $779.2 $704.0 $40.8 68.6% -80.8% 70.1% 17.3x n/a 10.5x n/a 5.0% Veeva Systems Inc. VEEV $3,961.3 $3,687.9 $187.1 59.9% 20.5% n/a 19.7x 95.9x 14.8x 69.6x -1.7% Median: $1,746.1 $1,702.1 $276.8 68.6% 13.8% 26.8% 5.1x 31.3x 4.7x 16.3x 0.4%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: Jan 2014 TTM Revenue Growth 26.8% 5% TTM EBITDA Growth 3.7% TTM Earnings Growth -17.1% 4% Gross Profit Margin 68.6% EBITDA Margin 13.8% 3% Net Income Margin 6.0% SG&A Expenses as a % of Total Revenue 39.9% 2% R&D Expenses as a % of Total Revenue 13.5% 1%

Balance Sheet Analysis (Median) 0% Current Ratio 2.8 Quick Ratio 2.6 -1% Cash as Percent of Market Cap 7.2% -2% Avg Days Outstanding: Accounts Receivable 50 Avg Days Outstanding: Accounts Payable 27 -3% Working Capital to TTM Operating Expense Ratio 0.6x -4% Cash Flow Statement Analysis (Median) Levered FCF Margin 8.5% -5% Cash from Operations Growth (YoY) 23.2% -6% Cash from Investing Growth (YoY) -47.6% Cash from Financing Growth (YoY) 418.8% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 27.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Callidus Software Inc. CALD $660.1 $687.9 $112.3 57.5% 0.3% 18.3% 6.1x 2116.8x 5.6x 48.7x 12.3% Cornerstone OnDemand CSOD $2,968.4 $2,955.5 $185.1 71.1% -13.1% 57.0% 16.0x n/a 12.2x n/a 7.8% Halogen Software, Inc. TSX:HGN $270.6 $217.0 $45.6 74.1% -8.0% n/a 4.8x n/a 3.9x n/a 0.8% The Ultimate Software Group, Inc. ULTI $4,558.5 $4,457.3 $410.4 58.9% 14.4% 23.5% 10.9x 75.2x 9.4x 41.8x 7.1% Workday, Inc. WDAY $16,192.7 $15,388.7 $408.6 61.1% -26.0% 73.6% 37.7x n/a 24.1x n/a 9.5% Median: $2,968.4 $2,955.5 $185.1 61.1% -8.0% 40.3% 10.9x 1096.0x 9.4x 45.2x 7.8%

Income Statement Analysis (Median) Workforce Management SaaS Stock Market Return: Jan 2014 TTM Revenue Growth 40.3% 8% TTM EBITDA Growth 11.8% TTM Earnings Growth 12.6% Gross Profit Margin 61.1% 6% EBITDA Margin -8.0% Net Income Margin -21.8% SG&A Expenses as a % of Total Revenue 55.9% 4% R&D Expenses as a % of Total Revenue 16.5%

Balance Sheet Analysis (Median) 2% Current Ratio 2.3 Quick Ratio 2.2 0% Cash as Percent of Market Cap 7.9% Avg Days Outstanding: Accounts Receivable 82 Avg Days Outstanding: Accounts Payable 22 -2% Working Capital to TTM Operating Expense Ratio 0.7x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 12.1% Cash from Operations Growth (YoY) 73.7% -6% Cash from Investing Growth (YoY) -20.3% Cash from Financing Growth (YoY) -22.8% Workforce Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 59.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Benefitfocus, Inc. BNFT $1,593.8 $1,516.7 $96.7 42.5% -18.9% n/a 15.7x n/a 12.4x n/a 16.2% ChannelAdvisors ECOM $983.3 $905.9 $68.0 73.4% -15.7% 26.9% 13.3x n/a 11.4x n/a 5.8% Concur CNQR $6,803.4 $6,612.1 $586.1 69.2% 6.2% 26.8% 11.3x 181.1x 9.1x 56.3x 20.2% Covisint Corporation COVS $350.5 $295.8 $98.4 44.5% -27.5% 13.9% 3.0x n/a 2.7x n/a -25.7% Demandware, Inc. DWRE $2,203.5 $2,093.3 $94.5 72.1% -15.8% 31.7% 22.1x n/a 16.6x n/a -1.7% FireEye, Inc. FEYE $8,818.9 $8,511.2 $136.0 73.0% -79.2% n/a 62.6x n/a 25.8x n/a 77.5% inContact, Inc. SAAS $486.8 $445.2 $125.6 48.0% 0.3% 22.1% 3.5x 1283.1x 3.0x 58.1x 9.5% IntraLinks Holdings IL $585.7 $581.8 $229.2 72.5% -0.1% 8.0% 2.5x n/a 2.5x 14.7x -11.8% J2 Global JCOM $2,079.7 $2,016.5 $484.8 82.8% 41.7% 36.8% 4.2x 10.0x 3.7x 8.7x -8.6% Jive Software, Inc JIVE $640.5 $533.4 $145.8 62.1% -41.3% 28.2% 3.7x n/a 3.1x n/a -15.3% Liquid Holdings Group, LLC LIQD $122.2 n/a $6.6 37.3% n/a n/a n/a n/a n/a n/a -28.6% OpenTable, Inc. OPEN $1,751.8 $1,649.1 $190.1 74.6% 33.1% 17.6% 8.7x 26.2x 7.6x 17.4x -3.6% Qualys, Inc. QLYS $934.7 $834.9 $108.0 77.2% 11.0% 18.1% 7.7x 70.0x 6.8x 39.7x 25.1% Rally Software Development, Inc. RALY $520.0 $425.2 $70.2 78.1% -20.9% 33.5% 6.1x n/a 4.9x n/a 10.1% RingCentral, Inc. RNG $1,135.8 $1,148.4 $160.5 61.7% -18.0% 40.1% 7.2x n/a 6.1x n/a 2.3% Service-now.com NOW $8,800.1 $8,580.3 $424.7 63.4% -9.9% 74.2% 20.2x n/a 13.3x 202.4x 13.9% Tableau Software DATA $4,780.7 $4,554.4 $232.4 92.0% 4.5% 82.0% 19.6x 433.0x 16.2x n/a 18.1% Tangoe TNGO $697.2 $658.5 $182.9 54.6% 9.0% 30.8% 3.6x 40.2x 3.1x 18.6x 0.9% Zix Corporation ZIXI $280.3 $247.4 $47.5 83.6% 22.1% 14.4% 5.2x 23.6x 4.8x 14.7x -1.8% Median: $983.3 $1,027.2 $136.0 72.1% -5.0% 27.6% 7.4x 55.1x 6.5x 18.6x 2.3%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: Jan 2014 TTM Revenue Growth 27.6% 8% TTM EBITDA Growth -55.8% TTM Earnings Growth -43.1% Gross Profit Margin 72.1% 6% EBITDA Margin -5.0% Net Income Margin -17.4% SG&A Expenses as a % of Total Revenue 61.4% 4% R&D Expenses as a % of Total Revenue 18.6%

Balance Sheet Analysis (Median) 2% Current Ratio 2.8 Quick Ratio 2.6 0% Cash as Percent of Market Cap 10.4% Avg Days Outstanding: Accounts Receivable 68 Avg Days Outstanding: Accounts Payable 36 -2% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 6.8% Cash from Operations Growth (YoY) 12.2% -6% Cash from Investing Growth (YoY) -19.1% Cash from Financing Growth (YoY) 122.3% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 14.5%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Internet Index $2,515.7 $2,127.6 $522.0 63.4% 9.7% 15.0% 3.6x 21.1x 3.1x 15.6x -0.8% Ad Tech & Lead Generation $1,814.7 $1,848.8 $524.1 63.1% 7.5% 14.4% 3.2x 24.1x 2.6x 16.8x -1.1% Commerce $635.3 $524.4 $441.7 41.6% 6.2% 13.3% 1.1x 16.4x 1.2x 12.2x -4.4% Content & Media $3,544.9 $3,482.8 $519.9 49.4% 16.9% 9.4% 3.7x 19.5x 3.8x 14.5x 2.9% Gaming $3,216.69 $2,406.5 $822.5 72.3% 35.2% 15.5% 3.5x 9.3x 2.5x 8.0x -1.1% Infrastructure $587.75 $481.6 $275.7 60.0% 6.4% 0.9% 1.3x 15.6x 1.3x 11.0x -2.6% Services $1,287.87 $1,252.5 $223.1 72.2% 5.3% 45.4% 4.5x 40.6x 3.5x 25.1x -0.5% Social $7,774.29 $7,561.0 $664.9 63.7% 11.9% 57.2% 15.3x 53.8x 12.5x 34.4x 3.6% Travel $4,428.80 $3,918.7 $832.0 82.0% 17.3% 20.5% 4.7x 22.6x 5.5x 17.2x 0.6%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: Jan 2014 TTM Revenue Growth 14.4% 5% TTM EBITDA Growth 15.2% TTM Earnings Growth 10.4% 4% Gross Profit Margin 63.1% EBITDA Margin 7.5% 3% Net Income Margin 2.0% SG&A Expenses as a % of Total Revenue 38.5% 2% R&D Expenses as a % of Total Revenue 14.2% 1%

Balance Sheet Analysis (Median) 0% Current Ratio 2.5 Quick Ratio 2.2 -1% Cash as Percent of Market Cap 14.3% -2% Avg Days Outstanding: Accounts Receivable 38 Avg Days Outstanding: Accounts Payable 53 -3% Working Capital to TTM Operating Expense Ratio 0.5 -4% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.7% -5% Cash from Operations Growth (YoY) 12.3% -6% Cash from Investing Growth (YoY) -38.2% Cash from Financing Growth (YoY) 27.4% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -0.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Angie's List, Inc. ANGI $1,048.1 $1,000.4 $223.1 72.7% -13.0% 62.7% 4.5x n/a 3.2x 106.1x 32.1% Baidu.com, Inc. BIDU $54,765.6 $50,812.6 $4,697.8 73.1% 45.0% 40.7% 10.8x 24.1x 7.7x 19.0x -13.1% Bankrate, Inc. RATE $1,683.4 $1,788.9 $428.4 66.2% 21.8% -10.3% 4.2x 19.1x 3.5x 12.8x -4.9% Criteo SA CRTO $1,945.9 $1,908.8 $534.1 35.2% 3.5% n/a 3.6x 103.3x n/a n/a 6.8% Conversant, Inc. CNVR $1,435.3 $1,575.8 $573.1 68.0% 36.1% -13.3% 2.7x 7.6x 2.6x 6.9x -6.9% eHealth, Inc. EHTH $994.9 $897.2 $170.3 96.9% 10.9% 11.1% 5.3x 48.2x 4.3x 37.6x 12.3% Google Inc. GOOG $396,607.5 $344,509.5 $59,825.0 56.8% 29.9% 19.2% 5.8x 19.2x 5.0x 13.4x 6.1% Groupon GRPN $7,131.4 $5,989.5 $2,443.5 60.5% 5.1% 11.7% 2.5x 47.8x 2.2x 16.8x -11.7% InterActiveCorp IACI $5,833.9 $5,731.6 $3,023.0 66.9% 18.0% 7.9% 1.9x 10.5x 1.8x 9.1x 3.1% LinkedIn LNKD $25,697.1 $23,424.8 $1,528.5 86.7% 11.9% 57.2% 15.3x 128.5x 11.8x 45.8x 3.6% Marchex Inc. MCHX $333.0 $307.9 $150.8 39.1% 2.5% 8.2% 2.0x 80.7x 1.9x 20.4x -5.1% QuinStreet QNST $358.9 $321.9 $297.8 17.9% 9.0% -9.5% 1.1x 12.1x 1.1x 8.2x -6.0% ReachLocal, Inc. RLOC $360.6 $275.1 $514.1 50.1% 4.1% 12.9% 0.5x 12.9x 0.5x 7.2x 1.5% Rocket Fuel, Inc. FUEL $2,049.9 $1,951.5 $195.1 46.4% -7.7% n/a 10.0x n/a 5.3x n/a -1.6% SINA Corporation SINA $4,351.7 $3,615.2 $607.2 57.1% 6.0% 16.0% 6.0x 99.3x 4.6x 24.9x -23.1% Sohu.com Inc. SOHU $2,787.0 $2,276.3 $1,400.3 65.7% 21.8% 31.2% 1.6x 7.5x 1.4x 8.0x -0.7% Tree.Com, Inc. TREE $361.5 $273.7 $126.8 94.9% 5.3% 97.6% 2.2x 40.6x 1.8x 14.0x -0.5% Tremor, Inc. TRMR $220.5 $124.2 $128.0 44.0% -1.9% n/a 1.0x n/a 0.9x n/a -21.8% Yandex YNDX $11,975.1 $11,606.7 $1,118.8 74.8% 43.0% 37.3% 10.4x 24.1x 7.9x 18.2x -13.8% YuMe YUME $249.4 $186.4 $142.6 47.0% 5.0% n/a 1.3x 26.2x 1.0x 51.5x 6.1% Median: $1,814.7 $1,848.8 $524.1 63.1% 7.5% 14.4% 3.2x 24.1x 2.6x 16.8x -1.1%

Income Statement Analysis (Median) Internet Ad Tech and Lead Generation Stock Market Return: Jan 2014 TTM Revenue Growth 14.4% 5% TTM EBITDA Growth 7.4% TTM Earnings Growth -7.0% 4% Gross Profit Margin 63.1% EBITDA Margin 7.5% 3% Net Income Margin 1.0% SG&A Expenses as a % of Total Revenue 38.9% 2% R&D Expenses as a % of Total Revenue 9.0% 1% Balance Sheet Analysis (Median) Current Ratio 2.8x 0% Quick Ratio 2.7x Cash as Percent of Market Cap 13.9% -1% Avg Days Outstanding: Accounts Receivable 48.2x Avg Days Outstanding: Accounts Payable 51.8x -2% Working Capital to TTM Operating Expense Ratio 0.6x -3% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 8.6% Cash from Operations Growth (YoY) -9.2% -5% Cash from Investing Growth (YoY) -4.8% Cash from Financing Growth (YoY) -20.9% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -12.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 1-800-FLOWERS.COM, Inc. FLWS $324.4 $328.1 $753.9 41.6% 6.2% 4.5% 0.4x 7.1x 0.4x 5.7x -4.7% 58.com Inc. WUBA $2,987.7 $3,061.9 $125.2 92.7% 5.1% n/a 24.5x 475.6x 15.5x 74.0x -1.0% Amazon.com, Inc. AMZN $164,733.8 $158,422.8 $74,452.0 27.2% 4.8% 21.9% 2.1x 44.7x 1.8x 23.3x -9.9% Bitauto Holdings Limited BITA $1,271.9 $1,168.0 $214.1 75.0% 19.5% 41.0% 5.5x 27.9x 4.1x 21.1x -1.8% BlueNile NILE $551.3 $504.1 $450.0 18.6% 3.9% 12.5% 1.1x 28.9x 1.0x 18.8x -7.1% DangDang DANG $758.5 $524.4 $974.9 16.2% -5.0% 24.1% 0.5x n/a 0.4x n/a -3.3% Digital River Inc. DRIV $587.8 $311.5 $389.7 66.2% 8.6% 0.9% 0.8x 9.3x 0.8x 7.0x -4.4% eBay Inc. EBAY $68,875.6 $63,973.6 $16,047.0 68.6% 29.7% 14.0% 4.0x 13.4x 3.5x 10.6x -1.4% GeekNet GKNT $118.1 $77.4 $130.3 20.3% 2.0% 21.3% 0.6x 29.1x 0.5x 12.2x -1.3% Liquidity Services, Inc. LQDT $765.9 $670.8 $505.6 42.0% 17.4% 2.9% 1.3x 7.6x 1.3x 6.8x 5.8% Mecox Lane Limited MCOX $49.5 $32.1 $103.9 37.9% -16.3% -38.9% 0.3x n/a n/a n/a 13.4% Mercadolibre, Inc. MELI $4,260.3 $4,063.8 $441.7 77.6% 34.3% 24.0% 9.2x 26.8x 7.6x 22.2x -6.7% Overstock.com, Inc. OSTK $500.7 $352.0 $1,304.2 19.0% 2.3% 18.6% 0.3x 11.5x 0.2x 7.7x -28.8% PetMed Express, Inc. PETS $263.6 $222.2 $235.9 33.2% 12.4% 1.4% 0.9x 7.6x 0.9x 7.6x -20.5% Stamps.com STMP $635.3 $561.8 $125.5 77.1% 27.3% 11.3% 4.5x 16.4x 4.0x 12.7x -5.6% Median: $635.3 $524.4 $441.7 41.6% 6.2% 13.3% 1.1x 16.4x 1.2x 12.2x -4.4%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: Jan 2014 TTM Revenue Growth 13.3% 6% TTM EBITDA Growth 9.6% TTM Earnings Growth 16.8% Gross Profit Margin 41.6% 4% EBITDA Margin 6.2% Net Income Margin -1.0% 2% SG&A Expenses as a % of Total Revenue 39.2% R&D Expenses as a % of Total Revenue 17.0% 0% Balance Sheet Analysis (Median) Current Ratio 2.9x -2% Quick Ratio 2.7x Cash as Percent of Market Cap 22.9% -4% Avg Days Outstanding: Accounts Receivable 64.5x Avg Days Outstanding: Accounts Payable 55.0x Working Capital to TTM Operating Expense Ratio 0.5x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 11.3% -10% Cash from Investing Growth (YoY) -53.9% Cash from Financing Growth (YoY) -34.6% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -5.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD AOL, Inc. AOL $3,544.9 $3,482.8 $2,319.9 26.5% 18.1% 5.8% 1.5x 8.3x 1.4x 6.9x 2.9% DemandMedia DMD $518.0 $461.4 $401.1 50.5% 15.8% 10.8% 1.2x 7.3x 1.1x 5.6x 2.7% InterActiveCorp IACI $5,833.9 $5,731.6 $3,023.0 66.9% 18.0% 7.9% 1.9x 10.5x 1.8x 9.1x 3.1% Netflix NFLX $24,398.9 $23,698.5 $4,374.6 29.5% 6.3% 21.2% 5.4x 85.6x 4.4x 41.9x 12.8% Pandora P $7,006.8 $6,558.9 $588.3 37.0% -7.1% 53.5% 11.1x n/a n/a n/a 34.8% Shutterstock, Inc. SSTK $2,821.7 $2,626.2 $216.6 61.6% 20.6% 39.6% 12.1x 58.7x 9.2x 41.1x -2.9% TheStreet.com, Inc. TST $92.3 $43.1 $53.5 48.3% -3.5% 4.5% 0.8x n/a n/a n/a 22.0% WebMD Health Corp. WBMD $2,152.8 $2,076.7 n/a n/a n/a n/a n/a n/a 3.8x 14.5x 24.2% XO Group XOXO $300.0 $213.8 $133.4 83.0% 18.0% 4.3% 1.6x 8.9x 1.5x 6.9x -17.4% Yahoo! Inc. YHOO $36,528.0 $34,403.0 $4,680.4 71.2% 25.8% -6.1% 7.4x 28.5x 7.6x 24.1x -9.0% Youku YOKU $4,839.5 $4,316.3 $451.4 23.9% 5.5% 88.1% 9.6x 175.0x 6.8x 75.5x -8.9% Median: $3,544.9 $3,482.8 $519.9 49.4% 16.9% 9.4% 3.7x 19.5x 3.8x 14.5x 2.9%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: Jan 2014 TTM Revenue Growth 9.4% 8% TTM EBITDA Growth 22.3% TTM Earnings Growth -18.9% Gross Profit Margin 49.4% 6% EBITDA Margin 16.9% Net Income Margin 3.3% SG&A Expenses as a % of Total Revenue 35.0% 4% R&D Expenses as a % of Total Revenue 9.3%

Balance Sheet Analysis (Median) 2% Current Ratio 2.6x Quick Ratio 2.3x 0% Cash as Percent of Market Cap 10.1% Avg Days Outstanding: Accounts Receivable 44.1x Avg Days Outstanding: Accounts Payable 26.0x -2% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 12.1% Cash from Operations Growth (YoY) 5.0% Cash from Investing Growth (YoY) -85.5% -6% Cash from Financing Growth (YoY) 148.5% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 9.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ChangYou.com CYOU $1,592.0 $1,420.4 $737.9 82.9% 46.6% 18.4% 1.9x 4.1x 1.7x 3.7x -6.9% Giant Interactive GA $2,638.2 $2,144.7 $379.4 90.3% 63.6% 11.9% 5.7x 8.9x 5.1x 7.9x -1.6% Netease NTES $9,734.2 $6,984.8 $1,477.6 73.0% 48.7% 12.6% 4.7x 9.7x 4.1x 8.2x -4.3% NCSoft KOSE:A036 $3,646.4 $3,091.5 $771.7 71.6% 34.7% 36.3% 4.0x 11.5x n/a n/a -21.3% Perfect World PWRD $954.9 $590.3 $465.0 77.1% 20.3% -0.6% 1.3x 6.3x 1.1x 5.7x 8.8% Sohu.com Inc. SOHU $2,787.0 $2,276.3 $1,400.3 65.7% 21.8% 31.2% 1.6x 7.5x 1.4x 8.0x -0.7% Tencent Holdings SEHK:700 $129,148.2 $125,889.3 $9,086.3 55.3% 35.6% 40.2% 13.9x 38.9x n/a n/a 7.6% Zynga, Inc. ZNGA $3,662.2 $2,536.7 $873.3 71.6% 8.4% -31.8% 2.9x 34.5x 3.2x 27.6x 11.4% Median: $3,216.7 $2,406.5 $822.5 72.3% 35.2% 15.5% 3.5x 9.3x 2.5x 8.0x -1.1%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: Jan 2014 TTM Revenue Growth 15.5% 6% TTM EBITDA Growth 11.8% TTM Earnings Growth 17.0% Gross Profit Margin 72.3% 4% EBITDA Margin 35.2% Net Income Margin 26.5% SG&A Expenses as a % of Total Revenue 25.7% R&D Expenses as a % of Total Revenue 16.3% 2%

Balance Sheet Analysis (Median) Current Ratio 2.2x 0% Quick Ratio 2.0x Cash as Percent of Market Cap 30.2% Avg Days Outstanding: Accounts Receivable 17.9x -2% Avg Days Outstanding: Accounts Payable 66.8x Working Capital to TTM Operating Expense Ratio 0.9x -4% Cash Flow Statement Analysis (Median) Levered FCF Margin 13.8% Cash from Operations Growth (YoY) 19.8% -6% Cash from Investing Growth (YoY) -9.9% Cash from Financing Growth (YoY) -88.5% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -12.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 8x8, Inc. EGHT $891.1 $717.0 $124.5 70.3% 9.6% 24.2% 5.8x 60.2x 4.7x 45.5x 1.7% Akamai Technologies, Inc. AKAM $8,533.6 $7,967.3 $1,577.9 67.6% 37.5% 14.8% 5.0x 13.5x 4.6x 10.8x 2.5% Brightcove Inc. BCOV $309.0 $272.9 $109.9 66.5% -1.4% 24.9% 2.5x n/a 2.1x n/a -23.3% BroadSoft, Inc. BSFT $864.4 $797.0 $172.3 77.7% 4.3% 8.0% 4.6x 108.4x 4.0x 16.2x 15.8% Digital River Inc. DRIV $587.8 $311.5 $389.7 66.2% 8.6% 0.9% 0.8x 9.3x 0.8x 7.0x -4.4% Envivio, Inc. ENVI $98.2 $48.2 $38.4 64.5% -31.5% -18.1% 1.3x n/a 1.0x n/a 4.3% Harmonic Inc HLIT $652.1 $481.6 $461.9 47.9% 5.0% -12.9% 1.0x 20.8x 1.0x 7.5x -10.4% Interactive Intelligence, Inc. ININ $1,535.9 $1,437.8 $318.2 64.2% 8.8% 34.1% 4.5x 51.1x 3.9x 67.0x 14.3% Limelight Networks, Inc. LLNW $185.8 $74.5 $177.7 50.9% -5.4% -1.1% 0.4x n/a 0.4x n/a -4.0% Mitel Networks Corp. MITL $476.9 $695.3 $579.4 56.6% 15.3% -2.1% 1.2x 7.9x 0.9x 5.8x -8.5% Polycom, Inc. PLCM $2,033.1 $1,754.2 $1,368.4 57.9% 8.7% -1.7% 1.3x 14.7x 1.3x 8.7x 6.9% Rovi Corporation ROVI $2,136.5 $2,835.9 $605.6 82.4% 31.9% -7.6% 4.7x 14.7x 5.2x 11.7x 6.9% SeaChange International Inc. SEAC $392.8 $275.7 $155.3 56.7% 11.4% -0.4% 1.8x 15.6x 1.7x 11.0x -1.6% ShoreTel, Inc. SHOR $464.8 $416.6 $332.7 60.0% 3.1% 17.0% 1.3x 39.8x 1.2x 15.0x -16.8% Sonus Networks, Inc SONS $820.5 $622.3 $275.7 57.9% -3.2% 8.9% 2.3x n/a 2.2x n/a -2.6% Synacor, Inc SYNC $64.5 $32.4 $114.6 46.7% 4.3% -3.5% 0.3x 6.6x 0.3x 5.2x -6.0% Tucows Inc. TCX $134.4 $129.8 $126.6 23.9% 6.4% 13.7% 1.0x 16.0x 0.9x 12.7x -5.9% VeriSign VRSN $8,051.8 $7,608.7 $965.1 80.6% 61.0% 10.5% 7.9x 12.9x 7.6x 12.3x -2.1% Median: $587.8 $481.6 $275.7 60.0% 6.4% 0.9% 1.3x 15.6x 1.3x 11.0x -2.6%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: Jan 2014 TTM Revenue Growth 0.9% 5% TTM EBITDA Growth 9.6% TTM Earnings Growth 16.8% 4% Gross Profit Margin 60.0% EBITDA Margin 6.4% 3% Net Income Margin -1.0% SG&A Expenses as a % of Total Revenue 39.2% 2% R&D Expenses as a % of Total Revenue 17.0% 1% Balance Sheet Analysis (Median) Current Ratio 2.9x 0% Quick Ratio 2.7x Cash as Percent of Market Cap 22.9% -1% Avg Days Outstanding: Accounts Receivable 64.5x Avg Days Outstanding: Accounts Payable 55.0x -2% Working Capital to TTM Operating Expense Ratio 0.5x -3% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 11.3% -5% Cash from Investing Growth (YoY) -53.9% Cash from Financing Growth (YoY) -34.6% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -5.7%

Income Statement Analysis (Median) Internet Services Stock Market Return: Jan 2014 TTM Revenue Growth 45.4% 8% TTM EBITDA Growth 29.9% TTM Earnings Growth 24.9% Gross Profit Margin 72.2% 6% EBITDA Margin 5.3% Net Income Margin -0.1% SG&A Expenses as a % of Total Revenue 56.0% 4% R&D Expenses as a % of Total Revenue 18.4%

Balance Sheet Analysis (Median) 2% Current Ratio 1.6x Quick Ratio 1.5x 0% Cash as Percent of Market Cap 11.4% Avg Days Outstanding: Accounts Receivable 22.4x Avg Days Outstanding: Accounts Payable 48.9x -2% Working Capital to TTM Operating Expense Ratio 0.2x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 7.0% Cash from Operations Growth (YoY) -2.7% -6% Cash from Investing Growth (YoY) -40.0% Cash from Financing Growth (YoY) 77.7% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 6.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Facebook FB $159,537.4 $148,564.4 $7,872.0 77.7% 49.9% 54.7% 18.9x 37.8x 13.2x 22.1x 14.4% LinkedIn LNKD $25,697.1 $23,424.8 $1,528.5 86.7% 11.9% 57.2% 15.3x 128.5x 11.8x 45.8x 3.6% Mail.ru Group LSE:MAIL $7,774.3 $7,561.0 $721.5 56.3% 44.3% 32.2% 10.5x 23.6x n/a n/a -15.7% Renren Inc RENN $1,215.9 $307.5 $192.6 63.7% -54.1% 20.3% 1.6x n/a 2.2x n/a 1.3% Twitter, Inc. TWTR $35,132.9 $34,999.3 $664.9 59.9% -81.4% 109.8% 52.6x n/a 35.7x n/a -4.4% Yelp, Inc. YELP $5,279.4 $5,178.2 $233.0 92.9% 1.0% 69.4% 22.2x 2133.9x 16.5x 100.5x 11.8% YY, Inc. YY $3,494.5 $3,189.7 $241.4 53.6% 24.5% 121.9% 13.2x 53.8x 7.9x 22.9x 20.7% Median: $7,774.3 $7,561.0 $664.9 63.7% 11.9% 57.2% 15.3x 53.8x 12.5x 34.4x 3.6%

Income Statement Analysis (Median) Internet Social Stock Market Return: Jan 2014 TTM Revenue Growth 57.2% 8% TTM EBITDA Growth 45.3% TTM Earnings Growth 23.9% Gross Profit Margin 63.7% 6% EBITDA Margin 11.9% Net Income Margin 1.8% SG&A Expenses as a % of Total Revenue 48.9% 4% R&D Expenses as a % of Total Revenue 21.9%

2% Balance Sheet Analysis (Median) Current Ratio 11.4x Quick Ratio 11.0x 0% Cash as Percent of Market Cap 7.4% Avg Days Outstanding: Accounts Receivable 49.0x Avg Days Outstanding: Accounts Payable 29.9x -2% Working Capital to TTM Operating Expense Ratio 1.6x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 31.4% Cash from Operations Growth (YoY) 93.5% -6% Cash from Investing Growth (YoY) -54.6% Cash from Financing Growth (YoY) 0.7% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) n/a

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Ctrip CTRP $5,127.2 $4,450.6 $824.6 74.7% 17.4% 26.7% 5.4x 31.0x 4.3x 18.3x -20.0% Expedia EXPE $8,470.3 $8,374.7 $4,771.3 78.2% 13.7% 18.4% 1.8x 12.8x 1.6x 8.6x -6.1% HomeAway AWAY $3,730.4 $3,386.8 $327.8 83.9% 18.0% 22.6% 10.3x 57.3x 8.3x 29.2x 1.8% MakeMyTrip MMYT $1,043.5 $977.7 $249.7 23.8% -6.7% 13.2% 3.9x n/a 8.4x n/a 40.0% Orbitz OWW $779.1 $1,066.4 $839.3 81.2% 14.1% 9.5% 1.3x 9.0x 1.2x 7.3x 1.3% Priceline PCLN $58,879.4 $54,601.8 $6,442.8 82.9% 37.4% 27.3% 8.5x 22.6x 6.8x 17.2x 0.0% Travelzoo TZOO $342.3 $275.6 $158.2 89.0% 17.2% 4.7% 1.7x 10.1x 1.7x 8.4x 5.9% TripAdvisor Inc TRIP $10,965.8 $10,909.6 $944.7 98.1% 34.9% 23.8% 11.5x 33.1x 10.0x 24.2x -4.1% Median: $4,428.8 $3,918.7 $832.0 82.0% 17.3% 20.5% 4.7x 22.6x 5.5x 17.2x 0.6%

Income Statement Analysis (Median) Internet Travel Stock Market Return: Jan 2014 TTM Revenue Growth 20.5% 5% TTM EBITDA Growth 9.1% TTM Earnings Growth 16.4% 4% Gross Profit Margin 82.0% EBITDA Margin 17.3% 3% Net Income Margin 6.1% SG&A Expenses as a % of Total Revenue 50.8% 2% R&D Expenses as a % of Total Revenue 15.2% 1% Balance Sheet Analysis (Median) Current Ratio 1.7x 0% Quick Ratio 1.3x Cash as Percent of Market Cap 13.5% -1% Avg Days Outstanding: Accounts Receivable 36.0x Avg Days Outstanding: Accounts Payable 143.1x -2% Working Capital to TTM Operating Expense Ratio 0.4x -3% Cash Flow Statement Analysis (Median) Levered FCF Margin 19.5% -4% Cash from Operations Growth (YoY) 14.0% Cash from Investing Growth (YoY) -32.0% -5% Cash from Financing Growth (YoY) 25.7% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 13.7%