September 2015 M&A and Summary Table of Contents

1 About Petsky Prunier 3

2 Overview of Monthly M&A and Investment Activity 6

3 Monthly M&A and Investment Activity by Industry Segment 12

4 Additional Monthly M&A and Investment Activity Data 42

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

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

2 | M&A and Investment Summary September 2015 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Deep relationships across a broad spectrum of strategic buyers, as well as , growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships with investment bank Altium in Europe, as well as The Mountain Capital Group in China, and Allegro Advisors and o3 Capital in . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership

3 | M&A and Investment Summary September 2015 Ranked #1 by Bloomberg for Mid-Market & Advertising Transactions

2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor Deal Count Deal Count 1 Petsky Prunier 21 65 2 Goldman Sachs 17 50 3 Morgan Stanley 15 43 4 JP Morgan 14 31 5 Nomura Holdings 12 39 5 Ernst & Young 12 24 7 China Renaissance Partners 11 36 7 PwC 11 34 7 Deloitte 11 18 7 AGC Partners 11 30 11 GCA Savvian 10 41

Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and more than 90 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, ecommerce, and media industries and has significant momentum . 21 transactions completed in 2015 through September and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers

4 | M&A and Investment Summary September 2015

Representative Recent Transactions*

has sold a leading content-driven, strategic the leading eCommerce media network digital agency in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions a leading developer of enterprise a fast-growing, direct-to-consumer a leading provider of -based has been sold to retailer of envelopes and related products for orphan and rare disease mobility software the most innovative digital strategy, wine eCommerce company social media brand advocacy solutions has been sold to pharmaceutical drugs user experience, and software has received a significant development firm has been sold to Aperion Management has been sold to has been sold to investment from has been sold to to a portfolio company of and

(NYSE EVDY) (NYSE: ACN)

$120,000,000 $74,000,000*

a leading supplier of data on healthcare a portfolio company of has sold professionals and administrator of one a global leader in quantitative data a leading data-driven patient a leading provider of data-driven, of the largest practitioner-level medical the leader in data-driven a big data marketing analytics and database collection and reporting software systems identification and engagement platform has been sold to advocacy campaigns technology and solutions company full-funnel B2B marketing solutions claims databases in the U.S. that provides its members access to has been sold to to healthcare education, patient savings, has been sold to has been sold to has acquired has been sold to and other valuable programs

to a division of has been sold to a portfolio company of (NYSE: OMC) (NASDAQ: EXLS) (NASDAQ: ICLR) (NYSE: RUK)

*Approximate Value

$65,000,000 $280,000,000* $50,000,000

a leading SaaS provider of social intelligence, a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading targeted direct marketing analytics, insights, and engagement a leading provider of marketing solutions the leading film and television information, digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing company that connects new movers in multi-channel content marketing solutions has been sold to to destinations, resorts, and other data, and related software company professionals on behalf of leading display, and email industry with local business for the life sciences industry travel-related businesses pharmaceutical companies has sold a majority stake to has been sold to has merged with an affiliate of has been sold to has been sold to which is being combined with has been recapitalized to support future has been sold to growth with significant debt financing from a division of both portfolio companies of and

(NYSE: EVDY) (NYSE: WTM) (NASDAQ: CTSH)

*Approximate Enterprise Value

a disruptive, rapidly expanding marketplace for a leading SaaS-based, cross channel a technology company delivering highly insurance clicks, calls, and leads the largest independent eCommerce a leading global SaaS-based campaign management platform targeted programmatic marketing a leading provider of transaction-based retailer of promotional products for B2C marketers a consumer enthusiast media one of the largest independent media cost databases and software has sold a majority stake to tag management, data management, solutions using unstructured data and marketing attribution provider and commerce company in-store media networks in the U.S for television, radio, and digital has been sold to advertising cost analysis has been sold to has been sold to has received a $16MM Series B has been sold to has been sold to investment led by has been sold to

(NYSE: WTM)

*For a more comprehensive list, please click here.

5 | M&A and Investment Summary September 2015 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 401 deals were announced in September 2015, of which 250 were worth $20 billion in aggregate reported value . Digital Media/Commerce was the most active and highest reported value segment with 100 deals announced — 77 of these transactions reported $6.9 billion in value . The Marketing Technology segment announced 87 transactions, of which 53 were reported worth $2.3 billion . Strategic buyers announced 167 deals (42 reported $9.7 billion of value) . VC/ investors announced 223 transactions (207 reported $9.3 billion of value) . investors announced 11 deals during the month (one reported $1 billion of value)

September 2015 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 100 25% $6,870.8 34% 22 $584.5 0 - 78 $6,286.3 Software 94 23% 2,408.9 12% 29 887.2 4 - 61 1,521.7 Marketing Technology 87 22% 2,294.3 11% 35 1,412.1 1 - 51 882.2 Digital Advertising 34 8% 796.0 4% 12 331.3 1 - 21 464.7 Business Services 30 7% 1,725.3 9% 18 575.7 4 1,000.0 8 149.6 Agency & Marketing Services 27 7% 370.5 2% 26 370.5 1 - 0 - Traditional Media 15 4% 4,456.5 22% 13 4,454.0 0 - 2 2.5 Information 14 3% 1,081.5 5% 12 1,077.0 0 - 2 4.5 Total 401 100% 20,003.8 100% 167 9,692.3 11 1,000.0 223 9,311.5 *Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings has been excluded to limit comparative distortions

6 | M&A and Investment Summary September 2015 M&A and Investment Summary for All Segments

Transaction Distribution . Aggregate reported transaction value of $20 billion in September was down 14 percent from August 2015 and down six percent from September 2014 . Strategic activity accounted for 48 percent of reported deal value during the month and included significant transactions: • The $2.3 billion merger of Meredith and Media General; subsequent to this announcement, NexStar Broadcasting announced its intention to acquire Media General • comScore’s $732 million acquisition of media measurement company Rentrak • 21st Century Fox’s $725 million acquisition of National Geographic Society’s media assets • The $500 million purchase of multiscreen video company Elemental Technologies by Amazon • Axel Springer's majority stake purchase of Business Insider at a valuation of $390 million $120.0 $500.0 $110.0 $108.4 $100.0 Bright $400.0 $90.0 House/ $80.0 Charter $70.0 $300.0 $60.0 Time $50.0 Warner/ $40.4 $200.0 $40.0 $37.5 Charter Sungard $26.7 $30.0 $23.5 $25.9 $23.1 Veritas $18.8 $18.3 Solera $100.0 $20.0 $14.5 $14.5 $11.2 $15.0 $10.0 428 491 410 380 385 425 456 492 458 466 448 376 401 $- $- Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services ‘ $9.1 billion acquisition of SunGard Data Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems , and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 7 | M&A and Investment Summary August 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Diamond:dogs Digital Agency Emakina Group SA $ 3.5 $ 7.9 $ - 0.4x NA FullSIX Group General Agency Havas 75.0 67.0 - 1.1x NA The Mill (Facility) Ltd. Design Agency Technicolor S.A. 292.00 171.00 - 1.7x NA

Business Services 7S Group HR Consulting ManpowerGroup 136.50 310.00 - 0.4x NA Cloud Sherpas IT Consulting/Systems Integration Accenture plc 375.00 160.00 - 2.3x NA Premiere Global Services, Inc. BPO Siris Capital Group 1,000.00 566.17 74.38 1.8x 13.4x Vision Technology Services Staffing BG Staffing 20.80 33.20 - 0.6x NA Digital Advertising Millennial Media, Inc. Mobile Marketing AOL, Inc. 218.30 285.27 (41.33) 0.8x NM

Digital Media/Commerce Akamon Entertainment Ltd. Gaming Imperus Technologies Corporation 25.00 16.40 - 1.5x NA Business Insider, Inc. 1 Niche Content Axel Springer SE 389.77 43.30 - 9.0x NA Unruly Media Ltd Social Media/Apps News Corporation, Inc. 90.00 52.00 - 1.7x NA

Information Assurant's Employee Benefits HR Information Sun Life Financial 940.00 166.00 49.00 5.7x 19.2x Baker Hill Corporation Credit/Risk Management Information Database Marketing Agency, Inc. 100.00 31.00 - 3.2x NA

Marketing Technology AreaOne Ltd. Social Technology Taptica, Inc. 16.99 7.30 - 2.3x NA Envivio, Inc. Content Management Ericsson, Inc. 90.07 42.00 (3.30) 2.1x NM Rentrak Corporation Marketing Data comScore, Inc. 771.25 108.11 - 7.1x NA Wanted Technologies Corporation BI Tools CEB, Inc. 31.26 7.79 1.48 4.0x 21.1x Software Good Technology, Inc. Enterprise Mobility BlackBerry Ltd. 425.00 211.85 - 2.0x NA Primatics Financial Financial Software SS&C Technologies Holdings, Inc. 122.00 51.00 12.00 2.4x 10.2x

Traditional Media Meredith Corporation Broadcast Television Media General, Inc. 3,071.8 1,594.2 314.9 1.9x 9.8x

1 88 percent stake acquisition

8 | M&A and Investment Summary September 2015 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Sep-15 Deezer.com France Digital Media/Commerce $ 100.0 $ 159.2 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Aug-15 Pure Storage, Inc. United States Software 300.0 223.9 NA Jul-15 Univision Communications Inc. United States Traditional Media 100.0 2,915.0 1,197.8 Jul-15 Apptio, Inc. United States Software NA 100.0 NA Jun-15 NEP Group, Inc. United States Traditional Media 100.0 39.9 NA Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1 Oct-14 Sidoti & Co. United States Information & Business Services 33.0 28.9 NA

9 | M&A and Investment Summary September 2015 LTM IPO Performance (1/2)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Sep 30, 2015 1st Trading Day Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 22.75 (15.0%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 22.29 (21.8%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 $14.10, up 17% 16.85 19.5% Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 7.80 (10.3%) Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 37.69 27.0% Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 15.63 35.2% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 22.39 (29.2%) Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 15.96 (15.4%) May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 35.20 24.3% May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 4.82 (53.8%) May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 29.59 7.6% Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 10.55 (0.5%) Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 13.69 (54.4%) Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 6.40 (37.8%) Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 25.21 (3.6%) Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 4.08 (61.5%) Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 12.58 (45.8%) Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 38.11 22.5% Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 9.90 (64.6%) Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 12.50 (26.6%) Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 4.56 (48.2%) Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 21.89 (17.0%) Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 15.19 8.6% Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 13.23 (43.3%) Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 3.02 (57.8%) Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 7.90 (19.0%) Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 46.37 54.1% Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 35.06 (7.1%) 10 | M&A and Investment Summary September 2015 LTM IPO Performance (2/2)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Sep 30, 2015 1st Trading Day Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States $11.00-$13.00 $12.00 $13.44, up 12% $16.13 20.0%

Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 58.97 (37.2%) Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00-23.00 17.00 16.61, down 2% 22.92 38.0%

Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 50.14 67.5%

Sep-14 NYSE:TVPT Travelport Worldwide Limited 14.00-16.00 16.00 16.40, up 3% 13.22 (19.4%)

11 | M&A and Investment Summary September 2015 Digital Media/Commerce

. Of the total $6 billion in value reported in the Digital Media/Commerce segment, $6.3 billion in Venture/Growth Capital were announced, while an additional $675 million in Strategic transactions were made . eCommerce was the most active subsegment across all segments with 45 transactions announced, of which 38 were reported for $5.4 billion. Select investments from the subsegment include: • The $1.2 billion raised by Uber from Baidu at a reported post-money valuation exceeding $50 billion • Beauty products marketplace ipsy’s $100 million investment at a reported valuation of $800 million from TPG Capital and . Select Digital Media/Commerce transactions include: • The acquisition of animation app developer Looksery by Snapchat for a reported $150 million • Lyft’s $100 million investment from China-based competitor Didi Kuaidi • The $54 million Axel Springer-led investment in Thrillist Media

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 45 45% $5,389.8 78% 4 $66.5 0 - 41 $5,323.3 Classifieds/Auctions/P-to-P 15 15% 608.8 9% 2 - 0 - 13 608.8 Mobile Content/Apps 12 12% 263.4 4% 3 150.0 0 - 9 113.4 Niche Content 12 12% 506.6 7% 4 343.0 0 - 8 163.6 Social Media/Apps 10 10% 62.2 1% 5 - 0 - 5 62.2 Gaming 6 6% 40.0 1% 4 25.0 0 - 2 15.0 Web Search/Portals 0 0% - 0% 0 - 0 - 0 - Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Total 100 100% 6,870.8 100% 22 584.5 0 0.0 78 6,286.3

12 | M&A and Investment Summary September 2015 Digital Media and Internet Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apple Inc. 110.30 -18% $629,010.2 $648,565.2 $224,337.0 $77,879.0 34.7% 25.9% 2.9x 8.3x Blucora, Inc. 13.77 -20% $564.1 $484.2 $516.8 $77.8 15.0% -20.4% 0.9x 6.2x Demand Media, Inc. 4.17 -54% 83.1 40.8 147.3 (6.2) NM -22.5% 0.3x NM Everyday Health, Inc. 9.14 -40% 294.8 361.0 201.4 18.7 9.3% 20.5% 1.8x 19.3x Facebook, Inc. 89.90 -9% 253,297.3 239,321.3 14,640.0 6,384.0 43.6% 46.2% 16.3x 37.5x Fitbit Inc. 37.69 -27% 7,797.3 7,336.0 1,260.2 291.7 23.1% 0.0% 5.8x 25.1x Glu Mobile, Inc. 4.37 -38% 570.9 381.3 263.3 12.5 4.7% 85.3% 1.4x 30.5x Google Inc. 638.37 -11% 427,324.5 367,526.5 69,611.0 22,620.0 32.5% 14.4% 5.3x 16.2x IAC/InterActiveCorp 65.27 -23% 5,790.1 6,008.3 3,156.6 400.1 12.7% 6.0% 1.9x 15.0x LinkedIn Corporation 190.13 -31% 24,785.3 22,881.6 2,561.1 216.7 8.5% 38.6% 8.9x NM MeetMe, Inc. 1.58 -29% 71.8 58.3 47.3 7.5 15.9% 9.4% 1.2x 7.7x Netflix, Inc. 103.26 -20% 43,989.3 43,592.5 6,112.0 407.2 6.7% 24.9% 7.1x NM Pandora Media, Inc. 21.34 -15% 4,530.1 4,157.6 1,023.9 (37.4) NM 28.0% 4.1x NM RealNetworks Inc. 4.09 -45% 148.1 37.1 134.2 (64.4) NM -27.9% 0.3x NM TheStreet, Inc. 1.67 -33% 58.2 26.9 65.9 0.7 1.1% 14.6% 0.4x 35.9x Twitter, Inc. 26.94 -52% 18,219.64 16,255.95 1,778.67 (285.91) NM 82.6% 9.1x NM United Online, Inc. 10.00 -45% 147.74 72.73 207.25 26.50 12.8% NA 0.4x 2.7x WebMD Health Corp. 39.84 -19% 1,469.5 1,664.3 597.9 122.2 20.4% 8.4% 2.8x 13.6x XO Group Inc. 14.13 -24% 370.8 285.2 141.7 18.8 13.2% 3.2% 2.0x 15.2x Yahoo! Inc. 28.91 -45% 27,215.6 5,005.1 4,870.4 541.8 11.1% 5.4% 1.0x 9.2x Zynga, Inc. 2.28 -27% 2,107.3 1,048.5 752.4 (52.0) NM 7.5% 1.4x NM

Average 3.0x 11.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (28.4x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

13 | M&A and Investment Summary September 2015 Digital Media and Internet Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 137.41 -45% $48,239.5 $42,546.5 $9,171.8 $2,767.0 30.2% 42.5% 4.6x 15.4x Changyou.com Limited China 17.80 -50% 925.2 793.0 807.6 221.7 27.5% 9.7% 1.0x 3.6x CyberAgent Inc. Japan 38.92 -35% 2,439.3 2,267.5 1,986.1 328.9 16.6% 28.0% 1.1x 6.9x DeNA Co., Ltd. Japan 18.53 -18% 2,687.0 2,151.6 1,180.1 290.7 24.6% -12.5% 1.8x 7.4x Forgame Holdings Limited * China 1.83 -51% 256.8 58.6 99.3 (0.2) NM -35.0% 0.6x NM G5 Entertainment AB (publ) Sweden 3.28 -27% 28.8 25.2 30.7 1.5 4.9% 55.1% 0.8x 16.8x GameLoft SE * France 3.67 -36% 312.2 273.5 271.2 7.8 2.9% 3.5% 1.0x 34.9x Gree, Inc. Japan 4.47 -41% 1,044.8 392.8 756.0 207.0 27.4% -26.4% 0.5x 1.9x iDreamSky Technology Limited * China 10.10 -54% 439.1 339.8 223.8 2.9 1.3% 0.0% 1.5x NM International Game Technology PLC United Kingdom 15.33 -28% 3,044.5 11,428.3 3,594.0 1,059.4 29.5% -11.1% 3.2x 10.8x iProperty Group Limited * 2.07 -14% 387.9 383.0 20.0 (0.6) NM 15.8% 19.2x NM King Digital Entertainment plc Ireland 13.54 -25% 4,210.6 3,424.7 2,136.1 733.5 34.3% -11.8% 1.6x 4.7x Kongzhong Corp. China 6.55 -24% 308.2 170.6 219.3 45.3 20.7% 14.3% 0.8x 3.8x Mixi, Inc. Japan 34.08 -42% 2,872.4 2,509.4 1,228.8 599.8 48.8% 561.2% 2.0x 4.2x NCsoft Corporation South Korea 159.63 -25% 3,186.0 2,444.1 762.2 282.3 37.0% 10.5% 3.2x 8.7x Naver Corporation South Korea 433.29 -37% 12,767.6 11,668.0 2,654.3 794.0 29.9% 18.1% 4.4x 14.7x NetEase, Inc. China 120.12 -22% 15,702.2 12,378.8 2,388.2 869.9 36.4% 49.4% 5.2x 14.2x NEXON Co., Ltd. Japan 13.24 -21% 5,727.1 5,097.1 1,497.8 644.1 43.0% 15.4% 3.4x 7.9x Pacific Online Ltd. China 0.32 -52% 361.6 321.0 173.4 44.3 25.5% 18.1% 1.9x 7.3x Phoenix New Media Limited China 4.38 -58% 314.1 187.8 267.4 30.2 11.3% 7.2% 0.7x 6.2x Rediff.com India Limited * India 1.08 -56% 29.8 21.5 14.5 (8.3) NM -9.6% 1.5x NM Renren Inc. * China 3.10 -30% 1,050.7 807.0 63.5 (86.6) NM -45.0% 12.7x NM Shanda Games Limited China 6.70 -4% 1,811.3 1,776.6 599.4 231.9 38.7% -14.4% 3.0x 7.7x Sky-mobi Limited * China 2.48 -69% 69.7 (15.6) 141.9 - 0.0% 0.0% NM NM Taomee Holdings Ltd. * China 2.92 -38% 103.1 32.8 37.7 (3.4) NM -23.1% 0.9x NM Tomorrow Focus AG Germany 3.54 -43% 206.6 220.9 187.3 13.8 7.4% 48.5% 1.2x 16.0x Weibo Corporation * China 11.69 -44% 2,415.7 2,086.8 393.5 19.3 4.9% 45.9% 5.3x NM WeMade Entertainment Co., Ltd. * South Korea 39.78 -33% 658.5 643.0 128.7 (15.8) NM -21.8% 5.0x NM Yandex N.V. Netherlands 10.73 -63% 3,419.1 3,255.4 971.6 316.0 32.5% 19.0% 3.4x 10.3x YY Inc. China 54.54 -37% 2,984.9 2,891.9 754.5 207.1 27.4% 79.5% 3.8x 14.0x

Average 2.2x 8.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (17.6x)

14 | M&A and Investment Summary September 2015 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 9.10 -32% $591.8 $697.8 $1,121.5 $87.7 7.8% 48.3% 0.6x 8.0x Amazon.com, Inc. 511.89 -12% 239,416.1 243,368.1 95,808.0 5,726.0 6.0% 17.2% 2.5x 42.5x Apple Inc. 110.30 -18% 629,010.2 648,565.2 224,337.0 77,879.0 34.7% 25.9% 2.9x 8.3x Blucora, Inc. 13.77 -20% 564.1 484.2 516.8 77.8 15.0% -20.4% 0.9x 6.2x Blue Nile Inc. 33.54 -11% 386.0 346.9 483.4 16.4 3.4% 6.2% 0.7x 21.2x CafePress Inc. 4.29 -20% 73.3 31.8 142.8 (3.5) NM 16.5% 0.2x NM CDW Corporation 40.86 -3% 6,929.4 10,136.6 12,385.4 915.5 7.4% 9.3% 0.8x 11.1x Chegg, Inc. 7.21 -19% 632.0 569.5 317.9 17.4 5.5% 14.5% 1.8x 32.7x Copart, Inc. 32.90 -15% 3,954.2 4,144.3 1,146.1 388.9 33.9% -1.5% 3.6x 10.7x eBay Inc. 24.44 -63% 29,773.5 26,841.5 18,351.0 5,167.0 28.2% 11.1% 1.5x 5.2x Etsy, Inc. 13.69 -62% 1,531.9 1,253.2 232.5 4.2 1.8% 50.4% 5.4x NM Expedia Inc. 117.68 -10% 16,702.8 16,413.7 6,104.5 705.8 11.6% 16.3% 2.7x 23.3x Google Inc. 638.37 -11% 427,324.5 367,526.5 69,611.0 22,620.0 32.5% 14.4% 5.3x 16.2x GrubHub Inc. 24.34 -49% 2,059.7 1,752.3 311.5 86.7 27.8% 53.3% 5.6x 20.2x Hollywood Media Corp. 0.72 -44% 16.3 (6.6) 0.4 (4.8) NM -31.1% NM 1.4x HSN, Inc. 57.24 -28% 3,027.6 3,629.0 3,682.9 332.5 9.0% 6.7% 1.0x 10.9x IAC/InterActiveCorp 65.27 -23% 5,790.1 6,008.3 3,156.6 400.1 12.7% 6.0% 1.9x 15.0x Liberty Interactive Corporation $26.23 -17% 12,090.1 16,725.1 10,048.0 1,749.0 17.4% -2.8% 1.7x 9.6x Liquidity Services, Inc. 7.39 -44% 221.9 125.7 436.3 28.3 6.5% -13.8% 0.3x 4.4x Overstock.com Inc. 17.16 -37% 433.0 329.0 1,609.7 24.3 1.5% 17.3% 0.2x 13.6x PetMed Express, Inc. 16.10 -13% 327.3 269.1 228.5 31.3 13.7% -1.4% 1.2x 8.6x The Priceline Group Inc. 1,236.86 -10% 62,710.8 64,922.7 8,797.7 3,266.2 37.1% 16.1% 7.4x 19.9x Shutterfly, Inc. 35.75 -28% 1,295.7 1,481.7 969.2 89.6 9.2% 16.8% 1.5x 16.5x Shutterstock, Inc. 30.24 -64% 1,090.1 823.7 376.8 50.0 13.3% 34.3% 2.2x 16.5x Spark Networks, Inc. 2.88 -44% 72.5 57.9 55.0 9.3 16.9% -17.8% 1.1x 6.2x Stamps.com Inc. 74.01 -17% 1,220.39 1,138.18 172.10 42.12 24.5% 31.2% 6.6x 27.0x U.S. Auto Parts Network, Inc. 1.88 -44% 63.9 77.5 291.4 3.8 1.3% 9.4% 0.3x 20.2x EVINE Live Inc. 2.62 -63% 149.7 194.5 677.8 11.9 1.7% 3.2% 0.3x 16.4x Wayfair Inc. 35.06 -38% 2,938.4 2,650.4 1,660.9 (124.9) NM 50.1% 1.6x NM

Average 1.8x 12.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (24.4x)

15 | M&A and Investment Summary September 2015 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 47.05 -44% $ 6,543.4 $ 6,084.0 $ 398.8 $ (75.0) NM 99.7% 15.3x NM Alibaba Group Holding Limited China 58.97 -51% 148,157.8 137,847.7 13,011.5 4,259.5 32.7% 40.3% 10.6x 32.4x Cnova N.V. * Netherlands 3.02 -65% 1,332.7 1,291.9 4,113.3 20.4 0.5% 17.7% 0.3x 63.3x E-Commerce China Dangdang Inc. * China 5.97 -56% 483.0 207.9 1,417.6 (3.5) NM 22.2% 0.1x NM eLong Inc. * China 17.02 -38% 625.2 411.3 157.7 (143.8) NM -10.8% 2.6x NM JD.com, Inc. * China 26.06 -31% 36,052.4 32,427.3 23,595.1 (61.2) NM 63.6% 1.4x NM Jiayuan.com International Ltd. China 6.15 -35% 182.8 104.1 110.3 3.6 3.2% 26.3% 0.9x 29.1x Jumei International Holding Limited China 9.87 -65% 1,433.1 992.5 882.4 53.2 6.0% 54.1% 1.1x 18.7x LightInTheBox Holding Co., Ltd. * China 2.78 -68% 133.0 77.8 377.2 (38.5) NM 18.5% 0.2x NM Mercadolibre, Inc. Argentina 91.06 -41% 4,020.8 3,971.3 611.7 189.2 30.9% 21.2% 6.5x 21.0x PChome Online Inc. Taiwan 11.47 -25% 1,065.0 932.1 698.6 36.4 5.2% 19.7% 1.3x 25.6x Rakuten, Inc. Japan 12.73 -37% 18,125.4 18,375.4 5,347.3 1,243.0 23.2% 18.0% 3.4x 14.8x Travelport Worldwide Limited United Kingdom 13.22 -29% 1,619.4 3,972.4 2,151.0 350.0 16.3% 1.8% 1.8x 11.3x Vipshop Holdings Limited China 16.80 -45% 9,742.8 9,208.3 5,085.7 295.2 5.8% 98.2% 1.8x 31.2x

Average 2.5x 20.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (42.8x)

16 | M&A and Investment Summary September 2015 Digital Advertising

. There was a total of 34 transactions announced in the Digital Advertising segment, of which 23 were worth nearly $800 million in reported value . Mobile Marketing was the most valuable subsegment with five transactions worth a reported $243 million in value . Select Transactions: • AOL’s $238 million purchase of mobile advertising solutions provider Millennial Media • Local review site Thumbtack’s $125 million round of funding led by Baillie Gifford with participation from Tiger Global Management, Google Capital, and Sequoia Capital • News Corp.’s $90 million acquisition of social video advertising platform Unruly • Gartner’s acquisition of software comparison site Capterra

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Online Lead Generation 7 21% $28.0 4% 5 $23.0 0 - 2 $5.0 Mobile Marketing 5 15% 242.9 31% 2 218.3 0 - 3 24.6 Vertical Search 5 15% 220.0 28% 1 - 0 - 4 220.0 Comparison Shopping 4 12% 48.9 6% 1 - 0 - 3 48.9 Digital Promotion/Coupon 4 12% 51.2 6% 2 - 0 - 2 51.2 Digital Video 3 9% 127.0 16% 1 90.0 0 - 2 37.0 Ad Networks/Exchanges 2 6% 10.5 1% 0 - 0 - 2 10.5 Other* 3 9% 67.5 8% 0 - 0 - 3 67.5 Total 34 100% 796.0 100% 12 331.3 1 0.0 21 464.7

17 | M&A and Investment Summary September 2015 Digital Advertising Public Company Valuation (1/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alliance Data Systems Corporation $258.98 -17% $ 15,910.0 $ 29,972.9 $ 5,906.7 $ 1,610.6 27.3% 24.7% 5.1x 18.6x Angie's List, Inc. $5.04 -43% 294.9 284.1 334.3 15.2 4.6% 17.0% 0.8x 18.7x Autobytel Inc. 16.77 -17% 176.1 189.6 110.0 9.2 8.4% 15.6% 1.7x 20.6x Bankrate, Inc. 10.35 -26% 1,044.4 1,203.7 552.7 97.2 17.6% 8.5% 2.2x 12.4x Blinkx plc 0.42 -33% 167.6 70.8 215.0 (9.4) NM -13.0% 0.3x NM Blucora, Inc. 13.77 -20% 564.1 484.2 516.8 77.8 15.0% -20.4% 0.9x 6.2x Care.com, Inc. 5.14 -46% 164.8 108.3 136.4 (25.5) NM 43.1% 0.8x NM Constant Contact, Inc. 24.24 -44% 779.5 598.8 353.5 43.9 12.4% 15.1% 1.7x 13.6x Coupons.com Incorporated 9.00 -55% 749.2 546.6 230.0 (14.9) NM 17.6% 2.4x NM Demand Media, Inc. 4.17 -54% 83.1 40.8 147.3 (6.2) NM -22.5% 0.3x NM DHI Group, Inc. 7.31 -36% 396.6 468.2 265.0 70.2 26.5% 11.2% 1.8x 6.7x Digital Globe Services Inc. 1.04 -64% 31.2 30.9 40.3 2.0 5.0% 3.4% 0.8x 15.4x Facebook, Inc. * 89.90 -9% 253,297.3 239,321.3 14,640.0 6,384.0 43.6% 46.2% 16.3x 37.5x Google Inc. 638.37 -11% 427,324.5 367,526.5 69,611.0 22,620.0 32.5% 14.4% 5.3x 16.2x Groupon, Inc. 3.26 -61% 2,133.1 1,056.8 3,235.8 96.3 3.0% 15.2% 0.3x 11.0x HomeAway, Inc. * 26.54 -27% 2,546.6 1,976.8 471.7 53.1 11.3% 17.8% 4.2x 37.2x IAC/InterActiveCorp 65.27 -23% 5,790.1 6,008.3 3,156.6 400.1 12.7% 6.0% 1.9x 15.0x MaxPoint Interactive, Inc. 4.08 -64% 105.8 77.8 128.9 (12.8) NM 60.4% 0.6x NM Millennial Media Inc. 1.75 -16% 248.0 218.3 285.3 (41.3) NM -2.5% 0.8x NM Monster Worldwide, Inc. 6.42 -22% 585.6 733.2 741.5 79.7 10.7% -5.9% 1.0x 9.2x QuinStreet, Inc. 5.55 -19% 249.8 204.4 282.1 (2.7) NM -0.1% 0.7x NM ReachLocal, Inc. 2.11 -55% 62.0 59.2 425.0 (34.2) NM -17.3% 0.1x NM RetailMeNot, Inc. 8.24 -62% 442.0 239.7 257.5 55.4 21.5% 4.4% 0.9x 4.3x Rocket Fuel Inc. 4.67 -78% 199.4 201.4 466.0 (52.7) NM 47.9% 0.4x NM Rovi Corporation 10.49 -60% 911.7 1,764.7 524.6 167.0 31.8% -5.5% 3.4x 10.6x The Rubicon Project, Inc. 14.53 -29% 636.9 537.7 164.2 (9.9) NM 65.1% 3.3x NM TiVo Inc. 8.66 -35% 849.16 491.81 466.75 85.61 18.3% 5.5% 1.1x 5.7x Travelzoo Inc. 8.27 -49% 121.8 65.9 135.6 8.7 6.4% -10.7% 0.5x 7.6x LendingTree, Inc. * 93.03 -33% 1,072.5 979.5 191.2 18.0 9.4% 22.6% 5.1x 54.3x Tremor Video, Inc. 1.86 -43% 95.9 27.3 167.6 (15.1) NM 11.6% 0.2x NM TripAdvisor Inc. 63.02 -33% 9,749.3 9,326.3 1,410.0 356.0 25.2% 31.5% 6.6x 26.2x TrueCar, Inc. 5.21 -79% 429.2 329.7 236.1 (37.7) NM 37.2% 1.4x NM TubeMogul, Inc. 10.52 -56% 364.3 283.7 139.3 (9.0) NM 62.4% 2.0x NM Twitter, Inc. 26.94 -52% 18,219.6 16,256.0 1,778.7 (285.9) NM 82.6% 9.1x NM Voltari Corporation 7.10 -67% 64.4 95.2 10.0 (11.4) NM -2.1% 9.5x NM

18 | M&A and Investment Summary September 2015 Digital Advertising Public Company Valuation (2/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Web.com Group, Inc. 21.08 -19% 1,079.5 1,528.9 540.2 103.5 19.2% 2.3% 2.8x 14.8x Yahoo! Inc. 28.91 -45% 27,215.6 5,005.1 4,870.4 541.8 11.1% 5.4% 1.0x 9.2x Yelp Inc. * 21.66 -70% 1,630.0 1,261.8 464.8 28.5 6.1% 56.5% 2.7x 44.3x YuMe, Inc. 2.59 -59% 87.6 40.1 180.6 (8.5) NM 7.6% 0.2x NM Zillow Group, Inc. 28.73 -35% 4,880.1 4,485.2 479.5 (9.9) NM 86.9% 9.4x NM

Average 2.2x 18.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.7x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value.

19 | M&A and Investment Summary September 2015 Digital Advertising Public Company Valuation (2/2)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adgorithms LTD Israel $1.91 -15% $ 117.6 $ 84.2 $ 25.6 $ 0.0 0.1% 0.0% 3.3x NM Criteo SA France 37.54 -34% 2,334.2 2,030.2 1,068.9 87.4 8.2% 69.1% 1.9x 23.2x Ctrip.com International Ltd. China 63.18 -28% 8,997.7 9,762.6 1,432.9 (35.8) NM 41.4% 6.8x NM InternetQ PLC United Kingdom 3.28 -42% 130.9 134.5 154.5 19.0 12.3% 9.1% 0.9x 7.1x Just Dial Limited * India 15.00 -44% 1,057.3 933.1 94.3 26.6 28.2% 27.9% 9.9x 35.1x LeGuide.com S.A. France 36.27 -1% 131.7 99.1 34.8 (0.6) NM -26.4% 2.8x NM MakeMyTrip Limited India 13.75 -55% 577.3 449.1 298.5 (13.0) NM 9.3% 1.5x NM Matomy Media Group Ltd. Israel 1.66 -57% 152.1 166.9 254.9 19.3 7.6% 25.1% 0.7x 8.6x Opera Software ASA Norway 5.38 -58% 781.6 798.5 566.2 95.5 16.9% 60.6% 1.4x 8.4x Pacific Online Ltd. China 0.32 -52% 361.6 321.0 173.4 44.3 25.5% 18.1% 1.9x 7.3x Rightmove plc * United Kingdom 55.20 -6% 5,273.4 5,255.8 282.6 205.5 72.7% 17.4% 18.6x 25.6x Septeni Holdings Co., Ltd. Japan 17.94 -6% 464.9 393.7 491.4 22.3 4.5% 14.8% 0.8x 17.6x Taptica International Ltd Israel 0.95 -65% 62.8 40.9 66.2 7.0 10.6% 20.8% 0.6x 5.8x TradeDoubler AB Sweden 0.76 -50% 32.04 22.85 207.43 (2.48) NM -6.3% 0.1x NM XLMedia PLC Channel Islands 1.16 -2% 231.9 190.7 67.6 21.9 32.4% 76.2% 2.8x 8.7x Yandex N.V. Netherlands 10.73 -63% 3,419.1 3,255.4 971.6 316.0 32.5% 19.0% 3.4x 10.3x Youku Tudou Inc. * China 17.63 -44% 3,442.0 2,544.5 834.5 68.3 8.2% 43.8% 3.0x 37.2x Zhaopin Ltd. China 12.90 -31% 659.9 433.8 205.0 49.7 24.2% 20.2% 2.1x 8.7x

Average 2.4x 16.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.7x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

20 | M&A and Investment Summary September 2015 Marketing Technology

. The Marketing Technology segment announced 87 transactions, of which 53 reported a total of $2.3 billion in value . Analytics & Targeting was the most active subsegment with 15 transactions announced, 11 of which reported $191 million in value . Content Management was the highest value segment with 14 transactions announcing $766 million in value . Select Transactions: • Ericsson’s acquisition of video-processing and delivery solutions provider Envivio at a valuation of $125 million • Search and merchandising platform Apptus’ $108 million round of funding from Iconiq Capital, K1 Capital, and Salesforce Ventures • HGGC’s purchase of email marketing company Strongview Systems • The acquisition of data intelligence company WhoToo by Demandbase

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 15 17% $191.1 8% 3 - 0 - 12 $191.1 Content Management 14 16% 765.8 33% 2 590.1 0 - 12 175.7 CRM 11 13% 269.4 12% 4 - 0 - 7 269.4 Commerce Management 9 10% 64.0 3% 4 - 0 - 5 64.0 Social Technology 9 10% 84.2 4% 5 17.0 0 - 4 67.2

Mobile Technology 6 7% 11.6 1% 3 2.5 0 - 3 9.1 BI Tools 4 5% 31.3 1% 4 31.3 0 - 0 - Other* 19 22% 877.0 38% 10 771.3 1 - 8 55.7 Total 87 100% 2,294.3 100% 35 1,412.1 1 0.0 51 882.2

21 | M&A and Investment Summary September 2015 Marketing Technology Public Company Valuation (1/3)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated * 82.22 -6% $ 41,011.28 $ 39,248.64 $ 4,562.44 $ 1,098.85 24.1% 10.9% 8.6x 35.7x AppFolio, Inc. 16.85 -9% 564.9 504.5 60.5 (9.4) NM 0.0% 8.3x NM Bazaarvoice, Inc. 4.51 -52% 363.3 317.1 194.1 (20.4) NM 11.7% 1.6x NM Blackbaud Inc. 56.12 -12% 2,585.0 2,830.1 600.7 98.2 16.3% 13.4% 4.7x 28.8x Brightcove Inc. 4.92 -42% 160.3 140.8 128.6 (2.5) NM 6.9% 1.1x NM ChannelAdvisor Corporation 9.94 -56% 249.3 192.7 91.6 (23.1) NM 18.6% 2.1x NM Constant Contact, Inc. 24.24 -44% 779.5 598.8 353.5 43.9 12.4% 15.1% 1.7x 13.6x Covisint Corporation 2.15 -51% 84.4 37.3 85.4 (22.0) NM -9.7% 0.4x NM Cvent, Inc. 33.66 -3% 1,401.2 1,237.6 165.1 0.6 0.4% 31.7% 7.5x NM Demandware, Inc. 51.68 -32% 1,944.8 1,758.7 195.4 (28.7) NM 47.8% 9.0x NM eBay Inc. 24.44 -63% 29,773.5 26,841.5 18,351.0 5,167.0 28.2% 11.1% 1.5x 5.2x Endurance International Group 13.36 -43% 1,779.2 2,816.5 691.9 183.4 26.5% 22.0% 4.1x 15.4x Five9,Holdings, Inc. Inc. 3.70 -40% 185.9 168.3 114.7 (25.8) NM 22.4% 1.5x NM GoDaddy Inc. * 25.21 -24% 1,638.7 2,664.1 1,499.4 88.9 5.9% 19.9% 1.8x 30.0x HubSpot, Inc. 46.37 -16% 1,565.2 1,455.8 145.7 (51.7) NM 55.3% 10.0x NM Interactive Intelligence Group Inc. * 29.71 -47% 643.7 577.6 367.8 9.3 2.5% 12.1% 1.6x 62.0x IBM Corporation 144.97 -24% 142,002.4 172,063.4 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.7x Jive Software, Inc. 4.67 -35% 352.8 241.2 190.0 (26.3) NM 18.0% 1.3x NM LivePerson Inc. * 7.56 -49% 432.2 395.1 230.1 9.3 4.0% 20.5% 1.7x 42.5x Marin Software Incorporated 3.13 -68% 115.5 76.0 105.9 (29.6) NM 19.5% 0.7x NM Marketo, Inc. 28.42 -20% 1,213.7 1,109.5 178.3 (55.3) NM 46.2% 6.2x NM MicroStrategy Inc. 196.47 -13% 2,232.8 1,804.9 556.9 115.8 20.8% -5.2% 3.2x 15.6x MINDBODY, Inc. 15.63 -10% 611.6 520.8 84.8 (25.3) NM 0.0% 6.1x NM NetSuite Inc. 83.90 -26% 6,631.5 6,524.9 643.6 (62.6) NM 35.0% 10.1x NM Nuance Communications, Inc. 16.37 -14% 5,071.3 6,738.1 1,929.3 237.9 12.3% 1.9% 3.5x 28.3x Oracle Corporation 36.12 -23% 154,038.4 140,599.4 38,078.0 15,787.0 41.5% -1.1% 3.7x 8.9x Press Ganey Holdings, Inc. * 29.59 -16% 1,556.6 1,730.6 300.2 27.6 9.2% 0.0% 5.8x 62.7x PROS Holdings, Inc. 22.14 -27% 656.0 612.3 185.9 (17.8) NM 15.5% 3.3x NM PTC Inc. 31.74 -26% 3,623.7 3,973.0 1,309.4 262.0 20.0% -1.9% 3.0x 15.2x Qlik Technologies, Inc. 36.45 -14% 3,366.62 3,060.27 580.16 1.18 0.2% 14.1% 5.3x NM Rightside Group, Ltd. 7.67 -30% 144.7 123.2 203.2 (4.6) NM 11.5% 0.6x NM Rovi Corporation 10.49 -60% 911.75 1,764.74 524.64 167.04 31.8% -5.5% 3.4x 10.6x The Rubicon Project, Inc. 14.53 -29% 636.9 537.7 164.2 (9.9) NM 65.1% 3.3x NM salesforce.com, inc. * 69.43 -12% 45,515.3 46,366.1 5,974.1 315.8 5.3% 25.3% 7.8x 146.8x Sizmek Inc. 5.99 -29% 177.2 110.3 165.4 13.3 8.1% -1.6% 0.7x 8.3x

22 | M&A and Investment Summary September 2015 Marketing Technology Public Company Valuation (2/3)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Synchronoss Technologies, Inc. 32.80 -39% 1,438.7 1,440.5 526.1 147.1 28.0% 35.3% 2.7x 9.8x Tableau Software, Inc. 79.78 -39% 5,730.8 5,001.3 527.4 (1.3) NM 71.4% 9.5x NM Teradata Corporation 28.96 -38% 4,100.7 3,779.7 2,633.0 486.0 18.5% -3.9% 1.4x 7.8x Verint Systems Inc. 43.15 -35% 2,681.3 3,066.6 1,159.6 161.3 13.9% 14.3% 2.6x 19.0x Xactly Corporation 7.80 -23% 227.4 184.1 67.1 (13.3) NM 0.0% 2.7x NM Zendesk, Inc. 19.71 -30% 1,734.3 1,448.0 162.9 (65.9) NM 69.1% 8.9x NM

Adjusted Weighted Average 4.0x 11.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.9x)

23 | M&A and Investment Summary September 2015 Marketing Technology Public Company Valuation (3/3)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 4.82 -67% $ 242.25 $ 98.58 $ 330.52 $ (5.98) NM 0.0% 0.3x NM Bitauto Holdings Limited China 29.77 -69% 1,791.3 1,001.5 530.6 56.2 10.6% 89.3% 1.9x 17.8x ChinaCache International Holdings Ltd. China 7.82 -50% 202.6 116.0 230.8 13.5 5.8% 11.4% 0.5x 8.6x InfraStrata plc * United Kingdom 0.02 -81% 3.7 2.8 0.0 (1.6) NM -68.9% 107.7x NM Infosystems S.A. Poland 0.23 -69% 1.0 1.4 2.0 1.0 52.2% 0.0% 0.7x 1.3x Mercadolibre, Inc. Argentina 91.06 -41% 4,020.8 3,971.3 611.7 189.2 30.9% 21.2% 6.5x 21.0x Open Text Corporation Canada 44.75 -28% 5,474.6 6,352.0 1,851.9 520.7 28.1% 14.0% 3.4x 12.2x Opera Software ASA Norway 5.38 -58% 781.6 798.5 566.2 95.5 16.9% 60.6% 1.4x 8.4x Sage Group plc United Kingdom 7.56 -15% 8,152.24 8,923.82 2,004.87 568.85 28.4% 1.9% 4.5x 15.7x SAP SE Germany 64.55 -19% 77,158.5 84,335.5 21,362.3 6,973.0 32.6% 12.8% 3.9x 12.1x Shopify Inc. Canada 35.20 -16% 2,868.1 2,669.3 144.8 (10.5) NM 0.0% 18.4x NM Sky-mobi Limited China 2.48 -69% 69.7 (15.6) 141.9 - 0.0% 0.0% NM NM Sungy Mobile Limited China 4.46 -48% 139.5 40.1 59.5 (9.5) NM 12.3% 0.7x NM Weborama France 8.38 -20% 28.9 27.6 30.4 1.1 3.6% 0.9% 0.9x 25.2x Wix.com ltd Israel 17.42 -38% 691.5 599.2 172.2 (51.7) NM 57.8% 3.5x NM

Adjusted Weighted Average 4.4x 12.5x

24 | M&A and Investment Summary September 2015 Agency & Marketing Services

. There were 28 transactions announced in the Agency & Marketing Services segment in September. Digital Agency was the most active subsegment with 11 transactions . Select transactions: • Technicolor’s $292 million acquisition of visual effects and content creation studio The Mill • Havas’ $75 million purchase of digital communications agency Fullsix • Entertainment conglomerate Al Ahil Holdings’ acquisition of social media publishing firm theAudience • Salesforce’s purchase of user experience and design agency AKTA

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 11 41% $3.5 1% 11 $3.5 0 - 0 - Public Relations 7 26% - 0% 7 - 0 - 0 - Experiential Marketing 2 7% - 0% 2 - 0 - 0 - Branded Communications 1 4% - 0% 1 - 0 - 0 - B-to-B Agency 1 4% - 0% 1 - 0 - 0 - Design Agency 1 4% 292.0 79% 1 292.0 0 - 0 - General Agency 1 4% 75.0 20% 1 75.0 0 - 0 - Healthcare Agency 1 4% - 0% 1 - 0 - 0 - Other* 2 7% 0.0 0% 1 0.0 1 0.0 0 0.0 Total 27 100% 370.5 100% 26 370.5 1 0.0 0 0.0

25 | M&A and Investment Summary September 2015 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.23 -25% $ 103.6 $ 118.6 $ 265.1 $ 10.3 3.9% 1.3% 0.4x 11.5x Chime Communications plc * United Kingdom 5.50 -1% 549.0 649.0 591.8 33.2 5.6% 5.3% 1.1x 19.6x Creston plc United Kingdom 2.42 -2% 140.4 127.9 114.2 17.1 15.0% 2.7% 1.1x 7.5x Dentsu Inc. * Japan 51.11 -16% 14,574.4 15,847.3 2,963.2 1,266.0 42.7% -84.5% 5.3x 12.5x Enero Group Limited Australia 0.49 -42% 42.1 26.0 163.6 7.4 4.5% -0.2% 0.2x 3.5x Globant S.A. * Luxembourg 30.59 -13% 1,040.3 977.5 222.2 27.9 12.6% 24.0% 4.4x 35.0x Havas France 8.14 -15% 3,396.0 3,560.1 2,263.4 366.5 16.2% 13.2% 1.6x 9.7x Huntsworth plc United Kingdom 0.54 -33% 171.7 222.6 260.9 31.4 12.0% -0.4% 0.9x 7.1x M&C Saatchi plc United Kingdom 4.99 -17% 358.7 364.6 274.1 25.5 9.3% 6.0% 1.3x 14.3x MDC Partners Inc. United States 18.28 -34% 912.9 1,786.2 1,288.1 151.2 11.7% 18.9% 1.4x 11.8x Next Fifteen Communications Group plc United Kingdom 2.80 -7% 183.6 195.4 158.7 17.9 11.3% 0.0% 1.2x 10.9x Omnicom Group Inc. United States 65.90 -19% 16,010.3 19,797.3 15,219.3 2,236.2 14.7% 2.0% 1.3x 8.9x OPT Holding, Inc. Japan 4.74 -32% 122.6 107.5 530.7 17.9 3.4% 1.2% 0.2x 6.0x Porta Communications Plc United Kingdom 0.09 -42% 26.2 38.0 48.3 2.1 4.4% 186.2% 0.8x 18.0x Publicis Groupe SA France 68.05 -24% 14,166.3 17,431.7 9,400.2 1,723.2 18.3% 21.3% 1.9x 10.1x The Interpublic Group of Companies, Inc. United States 19.13 -16% 7,851.0 9,037.5 7,600.3 988.5 13.0% 3.9% 1.2x 9.1x WPP plc United Kingdom 20.78 -16% 26,398.7 32,030.2 18,713.0 3,589.9 19.2% 6.6% 1.7x 8.9x

Adjusted Weighted Average 1.6x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.2x)

26 | M&A and Investment Summary September 2015 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $19.76 -8% $ 1,540.1 $ 1,689.1 $ 1,030.3 $ 150.6 14.6% 3.9% 1.6x 11.2x Aimia Inc. Canada 8.72 -35% 1,389.0 1,488.5 2,004.9 161.7 8.1% 6.4% 0.7x 9.2x Alliance Data Systems Corporation * United States 258.98 -17% 15,910.0 25,609.2 5,906.7 1,610.6 27.3% 24.7% 4.3x 15.9x CSG Systems International Inc. United States 30.80 -7% 1,007.0 1,098.1 747.0 121.9 16.3% -0.8% 1.5x 9.0x Data Group Ltd. Canada 0.20 -70% 4.6 68.0 246.8 14.5 5.9% -1.0% 0.3x 4.7x DST Systems Inc. United States 105.14 -22% 3,768.6 4,163.8 2,782.8 430.3 15.5% 3.7% 1.5x 9.7x Fair Isaac Corporation * United States 84.50 -13% 2,631.2 3,194.8 827.6 184.6 22.3% 9.2% 3.9x 17.3x Harte-Hanks Inc. United States 3.53 -57% 217.7 260.0 524.2 50.7 9.7% -6.4% 0.5x 5.1x High Co. SA France 6.73 -8% 69.9 27.2 156.1 12.9 8.3% 5.0% 0.2x 2.1x Insignia Systems Inc. United States 2.53 -43% 30.9 12.4 26.8 1.9 7.3% -0.7% 0.5x 6.4x Multiplus SA Brazil 8.05 -24% 1,306.7 996.9 661.2 141.3 21.4% 18.4% 1.5x 7.1x PDI, Inc. United States 1.79 -35% 29.9 42.6 131.8 (14.9) NM 2.0% 0.3x NM Pitney Bowes Inc. United States 19.85 -23% 4,008.1 6,498.7 3,697.1 845.3 22.9% -3.4% 1.8x 7.7x Points International Ltd. Canada 10.75 -23% 167.0 129.2 261.2 11.2 4.3% 3.6% 0.5x 11.5x Viad Corp United States 28.99 -3% 582.1 662.6 1,104.4 94.8 8.6% 14.6% 0.6x 7.0x

Adjusted Weighted Average 1.4x 8.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x)

27 | M&A and Investment Summary September 2015 Traditional Media

. There were 15 transactions announced in the Traditional Media segment in September, of which seven reported a total of $4.5 billion in aggregate reported value; all but two transactions reported this month were acquisitions . Select Transactions: • Gray Television’s acquisition of Schurz Communications’ radio and TV station assets for $443 million • DTS’ acquisition of radio broadcasting and technology company iBiquity Digital from Columbia Partners Private Capital for $172 million • The purchase of digital film and television distributor Juice Worldwide by Vubiquity • The sale of dmg events’ Digital Marketing division to Comexposium

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B-to-B Media 3 20% $2.5 0% 2 - 0 - 1 $2.5 Broadcast Television 2 13% 442.5 10% 2 442.5 0 - 0 - Consumer Book Publishing 2 13% - 0% 2 - 0 - 0 - Consumer Magazine Publishing 2 13% 747.0 17% 2 747.0 0 - 0 - Entertainment 2 13% 15.5 0% 2 15.5 0 - 0 - Newspaper Publishing 2 13% 3,077.0 69% 2 3,077.0 0 - 0 - Other* 2 13% 172.0 8% 1 172.0 0 0.0 1 0.0 Total 15 100% 4,456.5 100% 13 4,454.0 0 0.0 2 2.5

28 | M&A and Investment Summary September 2015 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $39.90 -38% $ 19,241.2 $ 27,021.2 $ 13,767.0 $ 3,069.0 22.3% 1.0% 2.0x 8.8x Discovery Communications, Inc. United States 26.03 -31% 16,443.4 24,019.4 6,435.0 2,505.0 38.9% 8.5% 3.7x 9.6x Time Warner Inc. United States 68.75 -25% 56,071.2 76,743.2 28,243.0 7,865.0 27.8% 3.7% 2.7x 9.8x Twenty-First Century Fox, Inc. United States 26.98 -31% 53,563.1 65,761.1 28,987.0 6,372.0 22.0% -9.0% 2.3x 10.3x Viacom, Inc. United States 43.15 -45% 17,220.7 30,156.7 13,471.0 4,270.0 31.7% 0.2% 2.2x 7.1x The Walt Disney Company * United States 102.20 -16% 172,499.1 187,285.1 51,342.0 14,813.0 28.9% 7.0% 3.6x 12.6x

Adjusted Weighted Average 3.1x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.5x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney PLC United Kingdom $14.38 -26% $ 1,817.7 $ 1,843.3 $ 606.8 $ 190.1 31.3% -1.1% 3.0x 9.7x Global Sources Ltd. Bermuda 8.31 -3% 251.2 163.7 189.7 38.9 20.5% 1.9% 0.9x 4.2x Informa plc United Kingdom 8.50 -8% 5,507.5 6,890.3 1,865.4 573.5 30.7% 4.5% 3.7x 12.0x TechTarget, Inc. * United States 8.52 -33% 275.0 253.7 110.5 15.4 13.9% 16.3% 2.3x 16.5x UBM plc United Kingdom 7.35 -18% 3,251.4 4,089.0 1,323.0 306.7 23.2% 10.2% 3.1x 13.3x

Adjusted Weighted Average 3.3x 11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.7x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $4.09 -32% $ 95.0 $ 176.6 $ 82.9 $ 15.6 18.8% 48.4% 2.1x 11.3x Cumulus Media Inc. United States 0.70 -84% 164.5 2,619.0 1,213.5 243.6 20.1% 4.8% 2.2x 10.8x Emmis Communications Corp. United States 1.24 -45% 55.0 358.5 236.7 39.5 16.7% 10.4% 1.5x 9.1x Entercom Communications Corp. United States 10.16 -24% 386.8 821.8 380.4 91.6 24.1% 1.0% 2.2x 9.0x Pandora Media, Inc. United States 21.34 -15% 4,530.1 4,157.6 1,023.9 (37.4) NM 28.0% 4.1x NM Radio One Inc. United States 2.13 -50% 102.9 1,078.0 447.5 122.1 27.3% -0.4% 2.4x 8.8x Salem Media Group, Inc. United States 6.12 -44% 155.8 434.4 264.7 47.2 17.8% 5.0% 1.6x 9.2x Sirius XM Holdings Inc. * United States 3.74 -7% 20,084.9 24,907.3 4,352.2 1,384.0 31.8% 9.0% 5.7x 18.0x Spanish Broadcasting System Inc. United States 5.07 -31% 36.8 433.8 142.9 39.9 27.9% -6.2% 3.0x 10.9x Townsquare Media, Inc. United States 9.77 -32% 174.5 719.5 387.1 92.5 23.9% 18.0% 1.9x 7.8x

Adjusted Weighted Average 3.7x 9.3x

29 | M&A and Investment Summary September 2015 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $73.17 -16% $ 5,294.8 $ 8,042.7 $ 2,398.8 $ 796.2 33.2% 27.8% 3.4x 10.1x Sky plc * United Kingdom 15.80 -10% 26,919.5 35,231.5 15,708.4 2,706.4 17.2% 34.1% 2.2x 13.0x Cablevision Systems Corporation United States 32.47 -2% 8,985.8 17,802.7 6,525.4 1,793.5 27.5% 2.7% 2.7x 9.9x CBS Corporation United States 39.90 -38% 19,241.2 27,021.2 13,767.0 3,069.0 22.3% 1.0% 2.0x 8.8x Charter Communications, Inc. United States 175.85 -12% 19,699.2 33,583.2 9,439.0 3,248.0 34.4% 8.2% 3.6x 10.3x Comcast Corporation United States 56.88 -12% 141,901.9 188,231.9 71,119.0 24,157.0 34.0% 5.6% 2.6x 7.8x Crown Media Holdings Inc. United States 5.35 -3% 1,924.3 2,198.0 441.3 339.4 76.9% 12.9% 5.0x 6.5x Discovery Communications, Inc. United States 26.03 -31% 16,443.4 24,019.4 6,435.0 2,505.0 38.9% 8.5% 3.7x 9.6x Dish Network Corp. * United States 58.34 -28% 27,020.4 39,947.1 14,917.7 3,013.2 20.2% 4.1% 2.7x 13.3x Entravision Communications Corporation United States 6.64 -24% 584.9 877.8 247.0 71.4 28.9% 6.3% 3.6x 12.3x General Communication Inc. United States 17.26 -10% 676.6 2,098.1 948.1 316.6 33.4% 8.2% 2.2x 6.6x Gray Television, Inc. United States 12.76 -29% 923.2 1,937.0 586.4 237.4 40.5% 53.3% 3.3x 8.2x Grupo Televisa, S.A.B. Mexico 26.02 -35% - - 5,398.5 2,121.6 39.3% 10.7% Liberty Global plc United Kingdom 42.94 -27% 36,443.0 82,958.6 18,195.8 8,173.1 44.9% 1.8% 4.6x 10.2x Media General, Inc. * United States 13.99 -22% 1,786.6 4,037.0 994.2 295.3 29.7% 115.1% 4.1x 13.7x Nexstar Broadcasting Group, Inc. United States 47.35 -21% 1,534.1 3,013.2 775.3 279.5 36.0% 42.3% 3.9x 10.8x Scripps Networks Interactive, Inc. United States 49.19 -41% 6,321.8 8,980.2 2,703.9 1,234.3 45.6% 3.1% 3.3x 7.3x Sinclair Broadcast Group, Inc. United States 25.32 -22% 2,397.6 6,199.9 2,167.7 740.6 34.2% 32.7% 2.9x 8.4x TEGNA Inc. United States 22.39 -42% 5,070.7 9,585.7 6,138.3 1,504.5 24.5% 11.9% 1.6x 6.4x The E. W. Scripps Company * United States 17.67 -38% 1,488.6 1,794.3 965.2 106.7 11.1% 51.9% 1.9x 16.8x Time Warner Cable Inc. United States 179.37 -8% 50,757.1 73,341.1 23,207.0 7,903.0 34.1% 3.6% 3.2x 9.3x Time Warner Inc. United States 68.75 -25% 56,071.2 76,743.2 28,243.0 7,865.0 27.8% 3.7% 2.7x 9.8x Ziggo Group Holding B.V. Netherlands 43.39 -10% - - 1,589.4 831.9 52.3% -19.0%

Adjusted Weighted Average 2.9x 8.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.9x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $17.45 -41% $ 1,497.6 $ 2,024.7 $ 752.4 $ 32.0 4.2% 19.7% 2.7x 63.3x Eros International Plc United Kingdom 27.19 -30% 1,512.3 1,754.2 288.9 81.8 28.3% 20.4% 6.1x 21.4x Lions Gate Entertainment Corp. United States 36.80 -10% 5,457.6 6,714.2 2,359.2 245.1 10.4% -6.0% 2.8x 27.4x Live Nation Entertainment, Inc. United States 24.04 -18% 4,864.8 5,808.1 6,960.0 507.4 7.3% 4.4% 0.8x 11.4x SFX Entertainment, Inc. United States 0.51 -91% 50.1 318.3 412.7 (85.3) NM 66.5% 0.8x NM Twenty-First Century Fox, Inc. United States 26.98 -31% 53,563.1 65,761.1 28,987.0 6,372.0 22.0% -9.0% 2.3x 10.3x Liberty Media Corporation United States 35.72 -27% 11,722.6 25,322.6 4,582.0 1,332.0 29.1% 6.4% 5.5x 19.0x Village Roadshow Limited Australia 4.89 -7% 784.0 1,080.5 762.3 115.6 15.2% 3.5% 1.4x 9.3x World Wrestling Entertainment Inc. United States 16.90 -28% 1,282.6 1,195.8 587.1 47.0 8.0% 14.3% 2.0x 25.4x

Adjusted Weighted Average 2.8x 13.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.0x) 30 | M&A and Investment Summary September 2015 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $5.37 -30% $ 342.8 $ 337.5 $ 199.9 $ (35.6) NM -25.9% 1.7x NM APG|SGA SA Switzerland 387.12 -9% 1,159.2 1,068.2 338.5 82.6 24.4% 4.7% 3.2x 12.9x Clear Channel Outdoor Holdings Inc. United States 7.13 -39% 2,555.5 7,539.0 2,882.7 702.2 24.4% -2.1% 2.6x 10.7x Clear Media Ltd. Hong Kong 1.00 -23% 540.3 485.8 231.8 96.1 41.5% 6.4% 2.1x 5.1x JCDecaux SA France 36.15 -22% 7,670.6 7,729.6 2,917.1 570.6 19.6% 10.1% 2.6x 13.5x Lamar Advertising Co. United States 52.18 -15% 5,026.0 6,939.0 1,318.4 552.9 41.9% 4.9% 5.3x 12.6x Mood Media Corporation United States 0.24 -63% 43.2 608.3 483.1 85.6 17.7% -3.5% 1.3x 7.1x National CineMedia, Inc. United States 13.42 -20% 825.0 1,931.6 422.3 203.9 48.3% -1.3% 4.6x 9.5x NTN Buzztime Inc. United States 0.34 -43% 31.0 31.4 24.7 (5.3) NM -2.8% 1.3x NM Tom Group Ltd. * Hong Kong 0.25 -34% 988.9 1,309.8 184.0 8.7 4.7% -15.1% 7.1x 150.9x

Adjusted Weighted Average 3.4x 12.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (60.0x)

31 | M&A and Investment Summary September 2015 Software

. Within the Software segment, more than $880 million in reported value involved strategic buyers, while another $1.5 billion in investments were announced . Financial Software was the most valuable subsegment with 12 transactions, eight of which accounted for $415 million in value, including: • The $225 million investment in payment automation software developer AivdXchange from Bain Capital, Foundry Group, TPG Capital, and Nyca Partners . Select Transactions: • Blackberry’s $425 million of secure mobility solutions developer Good Technology • The $130 million acquisition of marketing compliance solutions firm Zinc Ahead by Veeva Systems • Security solutions provider Tanium’s $120 million round of funding led by Andreessen Horowitz • Xerox’s acquisition of inVentiv Health’s Patient Access Solutions division SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare 14 15% $231.0 10% 4 $130.0 2 - 8 $101.0 Financial 12 13% 415.2 17% 4 152.0 1 - 7 263.2 Security 12 13% 319.3 13% 2 - 0 - 10 319.3 HR 9 10% 146.8 6% 3 100.0 1 - 5 46.8 ERP 7 7% 133.0 6% 4 - 0 - 3 133.0 Big Data 5 5% 94.5 4% 0 - 0 - 5 94.5 Other* 35 32% 959.1 40% 12 440 0 0 23 518.9 Total 94 100% 2,408.9 100% 29 887.2 4 0.0 61 1,521.7 *Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings has been excluded to limit comparative distortions 32 | M&A and Investment Summary September 2015 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 24.96 -34% 860.0 982.8 239.9 85.1 35.5% 17.6% 4.1x 11.5x Epiq Systems, Inc. United States 12.92 -35% 482.5 874.2 450.8 61.4 13.6% -2.5% 1.9x 14.2x Fidessa group plc United Kingdom 27.15 -30% 1,032.9 939.6 446.2 78.1 17.5% 2.5% 2.1x 12.0x Guidewire Software, Inc. * United States 52.58 -14% 3,734.2 3,162.6 380.5 22.6 5.9% 8.6% 8.3x 140.1x Innovation Group plc United Kingdom 0.59 -4% 725.9 649.3 328.1 39.1 11.9% 7.0% 2.0x 16.6x Intuit Inc. United States 88.75 -19% 24,611.0 23,414.0 4,192.0 1,087.0 25.9% -1.2% 5.6x 21.5x Management Consulting Group PLC United Kingdom 0.24 -26% 116.5 179.6 380.5 18.3 4.8% -6.5% 0.5x 9.8x Model N, Inc. United States 10.01 -21% 264.7 170.9 88.7 (17.8) NM -0.6% 1.9x NM NetSuite Inc. United States 83.90 -26% 6,631.5 6,524.9 643.6 (62.6) NM 35.0% 10.1x NM Performant Financial Corporation United States 2.42 -73% 119.6 143.6 159.2 9.7 6.1% -37.0% 0.9x 14.8x Q2 Holdings, Inc. United States 24.72 -19% 922.6 804.5 93.6 (14.1) NM 41.8% 8.6x NM RealPage, Inc. United States 16.62 -28% 1,316.1 1,336.7 434.2 32.9 7.6% 11.6% 3.1x 40.6x Solera Holdings Inc. United States 54.00 -8% 3,620.3 6,081.1 1,140.8 413.0 36.2% 15.6% 5.3x 14.7x SS&C Technologies Holdings, Inc. United States 70.04 -7% 6,907.4 6,643.2 811.8 309.7 38.2% 10.2% 8.2x 21.4x Tyler Technologies, Inc. United States 149.31 -12% 5,056.2 4,852.1 537.4 121.1 22.5% 18.2% 9.0x 40.1x

Adjusted Weighted Average 6.7x 23.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.0x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 12.40 -20% 2,342.6 2,937.5 1,372.6 80.3 5.8% 0.0% 2.1x 36.6x athenahealth, Inc. * United States 133.35 -13% 5,152.4 5,337.2 834.8 61.6 7.4% 24.2% 6.4x 86.6x Cegedim SA France 40.18 -17% 561.1 751.1 558.1 86.2 15.5% 88.1% 1.3x 8.7x Cerner Corporation United States 59.96 -21% 20,690.6 20,755.4 3,811.8 1,070.1 28.1% 24.0% 5.4x 19.4x Civitas Solutions, Inc. United States 22.92 -18% 849.9 1,482.8 1,343.1 142.7 10.6% 10.3% 1.1x 10.4x Computer Programs & Systems Inc. United States 42.13 -35% 476.2 439.1 192.9 43.4 22.5% -5.1% 2.3x 10.1x Craneware plc United Kingdom 10.27 -2% 275.5 235.2 44.8 13.4 29.8% 5.3% 5.2x 17.6x HealthEquity, Inc. * United States 29.55 -14% 1,690.9 1,542.0 107.1 28.7 26.8% 45.6% 14.4x 53.7x McKesson Corporation United States 185.03 -24% 43,001.6 48,678.6 183,115.0 4,237.0 2.3% 23.2% 0.3x 11.5x MedAssets, Inc. United States 20.06 -16% 1,203.6 2,034.3 750.0 218.9 29.2% 9.8% 2.7x 9.3x Medidata Solutions, Inc. * United States 42.11 -31% 2,328.5 2,309.3 365.7 37.4 10.2% 19.8% 6.3x 61.8x Merge Healthcare Incorporated United States 7.10 0% 692.6 942.0 227.6 39.5 17.3% 5.6% 4.1x 23.9x Quality Systems Inc. United States 12.48 -33% 752.8 636.0 494.5 52.0 10.5% 9.2% 1.3x 12.2x Streamline Health Solutions, Inc. United States 2.29 -48% 42.7 53.9 28.2 (7.4) NM 2.8% 1.9x NM USMD Holdings, Inc. United States 7.20 -67% 74.7 103.4 313.4 (2.8) NM 20.7% 0.3x NM USMD Holdings, Inc. United States 7.20 -67% 74.7 103.4 313.4 (2.8) NM 20.7% 0.3x NM Veeva Systems Inc. United States 23.41 -30% 3,099.8 2,661.8 358.9 87.8 24.5% 37.9% 7.4x 30.3x

Adjusted Weighted Average 2.6x 15.4x 33 | M&A and Investment Summary September 2015 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $27.40 -28% $ 1,628.9 $ 1,059.7 $ 309.0 $ 94.0 30.4% 11.6% 3.4x 11.3x Benefitfocus, Inc. United States 31.25 -34% 897.6 849.7 159.8 (50.4) NM 33.6% 5.3x NM Castlight Health, Inc. United States 4.20 -69% 396.1 231.7 61.2 (79.4) NM 121.2% 3.8x NM Cornerstone OnDemand, Inc. United States 33.00 -19% 1,788.6 1,792.3 301.2 (52.7) NM 35.7% 6.0x NM DHI Group, Inc. United States 7.31 -36% 396.6 468.2 265.0 70.2 26.5% 11.2% 1.8x 6.7x LinkedIn Corporation * United States 190.13 -31% 24,785.3 22,881.6 2,561.1 216.7 8.5% 38.6% 8.9x 105.6x Monster Worldwide, Inc. United States 6.42 -22% 585.6 733.2 741.5 79.7 10.7% -5.9% 1.0x 9.2x Paycom Software, Inc. United States 35.91 -14% 2,122.5 2,106.2 184.8 38.1 20.6% 46.2% 11.4x 55.3x Paylocity Holding Corporation United States 29.99 -22% 1,520.6 1,439.3 152.7 (7.9) NM 40.5% 9.4x NM The Ultimate Software Group, Inc. United States 179.01 -8% 5,117.3 5,015.4 555.0 67.7 12.2% 21.1% 9.0x 74.1x Workday, Inc. United States 68.86 -29% 13,221.1 11,817.0 975.0 (152.2) NM 58.2% 12.1x NM

Adjusted Weighted Average 9.3x 53.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (84.9x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.94 -26% $ 263.2 $ 205.5 $ 93.6 $ 17.5 18.7% 2.9% 2.2x 11.8x AVG Technologies N.V. Netherlands 21.75 -25% 1,136.1 1,284.1 403.1 122.0 30.3% 5.1% 3.2x 10.5x Check Point Software Technologies Ltd. United States 79.33 -10% 14,347.2 13,120.1 1,558.9 834.2 53.5% 8.6% 8.4x 15.7x Cisco Systems, Inc. United States 26.25 -13% 132,858.9 97,805.9 49,161.0 13,391.0 27.2% 4.3% 2.0x 7.3x Cheetah Mobile Inc. China 14.46 -61% 2,059.0 1,892.6 421.0 39.3 9.3% 126.9% 4.5x 48.2x CyberArk Software, Ltd. Israel 50.14 -34% 1,587.3 1,303.5 133.6 32.0 24.0% 76.5% 9.8x 40.7x FireEye, Inc. United States 31.82 -42% 5,072.7 4,572.0 529.8 (396.5) NM 97.4% 8.6x NM Fortinet Inc. * United States 42.48 -16% 7,270.5 6,397.5 870.0 67.5 7.8% 27.0% 7.4x 94.8x Gemalto NV Netherlands 64.74 -33% 5,699.0 6,252.9 3,153.7 514.6 16.3% 18.6% 2.0x 12.2x Imperva Inc. United States 65.48 -12% 2,046.7 1,802.0 192.3 (56.3) NM 30.1% 9.4x NM Imprivata, Inc. United States 17.77 -18% 433.7 379.9 109.9 (12.4) NM 33.7% 3.5x NM Infoblox Inc. United States 15.98 -43% 941.5 610.6 306.1 (16.5) NM 22.3% 2.0x NM Juniper Networks, Inc. United States 25.71 -12% 9,883.6 9,984.2 4,517.1 880.7 19.5% -7.0% 2.2x 11.3x Mobileye N.V. * Israel 45.48 -29% 9,905.8 9,707.9 172.7 29.9 17.3% 42.6% 56.2x NM NQ Mobile Inc. China 3.31 -69% 295.9 316.4 362.2 (35.3) NM 27.7% 0.9x NM Palo Alto Networks, Inc. United States 172.00 -14% 14,621.5 14,319.6 928.1 (104.7) NM 55.1% 15.4x NM Proofpoint, Inc. United States 60.32 -17% 2,413.9 2,339.0 227.8 (43.6) NM 38.5% 10.3x NM Qihoo 360 Technology Co. Ltd. China 47.83 -38% 6,167.4 6,654.9 1,630.3 439.4 27.0% 64.2% 4.1x 15.1x Symantec Corporation United States 19.47 -29% 13,224.1 11,429.1 6,272.0 1,809.0 28.8% -6.4% 1.8x 6.3x Trend Micro Inc. Japan 35.20 -14% 4,797.6 3,758.4 985.7 338.4 34.3% 8.8% 3.8x 11.1x VeriSign, Inc. United States 70.56 -4% 8,008.1 7,982.4 1,031.9 638.1 61.8% 4.4% 7.7x 12.5x

Adjusted Weighted Average 4.1x 9.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (31.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.9x) 34 | M&A and Investment Summary September 2015 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $88.14 -10% $ 7,945.3 $ 7,104.1 $ 941.6 $ 433.4 46.0% 5.1% 7.5x 16.4x Autodesk, Inc. * United States 44.14 -32% 9,984.4 9,080.7 2,538.6 201.0 7.9% 7.1% 3.6x 45.2x AVEVA Group plc United Kingdom 30.81 -14% 1,968.9 1,811.9 310.0 86.2 27.8% -12.1% 5.8x 21.0x Dassault Systemes SA France 73.66 -10% 18,572.8 17,307.7 2,898.9 706.7 24.4% 22.9% 6.0x 24.5x

Adjusted Weighted Average 5.7x 22.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (39.5x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $82.22 -6% $ 41,011.3 $ 39,248.6 $ 4,562.4 $ 1,098.9 24.1% 10.9% 8.6x 35.7x CA, Inc. United States 27.30 -18% 12,047.6 10,628.6 4,170.0 1,342.0 32.2% -4.9% 2.5x 7.9x CommVault Systems, Inc. United States 33.96 -38% 1,544.6 1,133.2 594.0 27.9 4.7% -1.7% 1.9x 40.6x Covisint Corporation United States 2.15 -51% 84.4 37.3 85.4 (22.0) NM -9.7% 0.4x NM Daegis Inc. United States 0.41 -65% 6.8 14.1 23.7 0.8 3.6% -20.2% 0.6x 16.7x Endurance International Group Holdings, Inc. United States 13.36 -43% 1,779.2 2,816.5 691.9 183.4 26.5% 22.0% 4.1x 15.4x Guidance Software, Inc. United States 6.02 -41% 182.7 161.7 108.6 (5.5) NM -0.2% 1.5x NM Hortonworks Inc. United States 21.89 -27% 963.7 821.8 78.9 (205.8) NM 109.6% 10.4x NM IBM Corporation United States 144.97 -24% 142,002.4 172,063.4 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.7x IntraLinks Holdings, Inc. United States 8.29 -35% 479.9 502.7 268.3 12.2 4.5% 9.7% 1.9x 41.4x NetSuite Inc. United States 83.90 -26% 6,631.5 6,524.9 643.6 (62.6) NM 35.0% 10.1x NM Opera Software ASA Norway 5.38 -58% 781.6 798.5 566.2 95.5 16.9% 60.6% 1.4x 8.4x Oracle Corporation United States 36.12 -23% 154,038.4 140,599.4 38,078.0 15,787.0 41.5% -1.1% 3.7x 8.9x salesforce.com, inc. * United States 69.43 -12% 45,515.3 46,366.1 5,974.1 315.8 5.3% 25.3% 7.8x 146.8x Rapid7, Inc. United States 22.75 - 895.0 1,131.8 91.6 (24.2) NM 0.0% 12.4x NM ServiceNow, Inc. United States 69.45 -17% 10,841.1 10,577.6 835.4 (124.4) NM 54.0% 12.7x NM Textura Corporation United States 25.84 -17% 668.2 600.2 74.7 (9.8) NM 44.7% 8.0x NM Varonis Systems, Inc. United States 15.58 -60% 388.3 283.4 111.4 (21.5) NM 29.1% 2.5x NM

Adjusted Weighted Average 4.4x 11.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.3x)

35 | M&A and Investment Summary September 2015 Information

. The Information segment reported 14 transactions worth $1.1 billion . Healthcare Information was the most active subsegment with five deals, followed by Financial Information with four transactions announced . Select Transactions: • Sun Life Financials $940 million purchase of Assurant’s Employee-Benefits business • The purchase of location data company Mapsense by Apple for $25 million • Health document processing company Healthport’s acquisition of medical records access solutions provider ECS • The acquisition of legal research company Loislaw by competitor Fastcase from Wolters Kluwer

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 5 36% $12.0 1% 5 $12.0 0 - 0 - Financial Information 4 29% 4.5 0% 2 - 0 - 2 4.5 Geo-Demo Information 2 14% 25.0 2% 2 25.0 0 - 0 - Credit/Risk Management Information 1 7% 100.0 9% 1 100.0 0 - 0 - HR Information 1 7% 940.0 87% 1 940.0 0 - 0 - Legal Information 1 7% - 0% 1 - 0 - 0 - Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - IT Information 0 0% - 0% 0 - 0 - 0 - Total 14 100% 1,081.5 100% 12 1,077.0 0 0.0 2 4.5

36 | M&A and Investment Summary September 2015 Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $55.35 -7% $ 6,546.4 $ 6,911.6 $ 324.2 $ 689.4 $ 2,694.2 $ 576.9 21.4% 5.3% 2.6x 12.0x Computershare Limited Australia 7.44 -22% 4,127.8 5,248.2 555.9 1,769.1 1,966.2 531.3 27.0% -2.2% 2.7x 9.9x CoreLogic, Inc. United States 37.23 -12% 3,316.5 4,512.5 136.9 1,314.8 1,463.8 338.1 23.1% 6.3% 3.1x 13.3x CoStar Group Inc. * United States 173.06 -23% 5,619.3 5,642.6 351.8 375.0 638.8 102.6 16.1% 29.1% 8.8x 55.0x DST Systems Inc. United States 105.14 -22% 3,768.6 4,163.8 103.0 498.2 2,782.8 430.3 15.5% 3.7% 1.5x 9.7x Dun & Bradstreet Corp. United States 105.00 -23% 3,791.7 5,450.9 137.8 1,786.6 1,685.2 436.1 25.9% 4.3% 3.2x 12.5x Envestnet, Inc. United States 29.97 -49% 1,067.4 1,016.7 198.9 147.6 384.5 45.3 11.8% 25.0% 2.6x 22.4x Equifax Inc. United States 97.18 -8% 11,491.0 12,926.7 84.2 1,480.9 2,567.9 893.3 34.8% 9.3% 5.0x 14.5x Experian plc Ireland 16.01 -17% 15,327.9 18,669.8 155.0 3,421.0 4,810.0 1,549.0 32.2% -0.6% 3.9x 12.1x FactSet Research Systems Inc. United States 159.81 -8% 6,600.2 6,452.7 182.9 35.0 1,006.8 363.3 36.1% 9.4% 6.4x 17.8x Fair Isaac Corporation United States 84.50 -13% 2,631.2 3,194.8 84.4 648.0 827.6 184.6 22.3% 9.2% 3.9x 17.3x Fidelity National Information Services, Inc. United States 67.08 -7% 18,888.6 23,576.3 446.4 5,043.3 6,436.0 1,610.5 25.0% 3.9% 3.7x 14.6x Financial Engines, Inc. United States 29.47 -36% 1,525.4 1,208.3 317.2 - 299.4 61.3 20.5% 13.9% 4.0x 19.7x McGraw Hill Financial, Inc. United States 86.50 -21% 23,571.3 24,207.3 1,720.0 1,494.0 5,168.0 2,102.0 40.7% 6.4% 4.7x 11.5x Moody's Corporation United States 98.20 -14% 19,669.5 20,955.9 2,047.5 3,106.1 3,477.3 1,591.9 45.8% 11.3% 6.0x 13.2x Morningstar Inc. United States 80.26 -8% 3,551.3 3,330.3 257.1 35.0 781.4 245.1 31.4% 7.8% 4.3x 13.6x MSCI Inc. United States 59.46 -14% 6,449.1 6,794.0 455.0 800.0 1,036.1 432.2 41.7% 8.0% 6.6x 15.7x Reis, Inc. United States 22.65 -18% 254.3 227.1 27.2 - 45.7 13.4 29.4% 20.0% 5.0x 16.9x SEI Investments Co. United States 48.23 -13% 8,000.8 7,376.0 624.8 - 1,308.0 393.3 30.1% 8.9% 5.6x 18.8x Thomson Reuters Corporation United States 40.04 -3% 31,105.3 38,612.5 1,299.0 8,870.0 12,400.0 2,677.0 21.6% -2.0% 3.1x 14.4x Verisk Analytics, Inc. * United States 73.91 -8% 12,452.9 15,623.3 149.2 3,319.7 1,870.6 872.8 46.7% 12.6% 8.4x 17.9x Workiva Inc. United States 15.19 -8% 617.2 554.9 86.4 24.2 127.2 (37.2) NM 27.8% 4.4x NM

Adjusted Weighted Average 4.3x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.1x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $19.76 -8% $ 1,540.1 $ 1,689.1 $ 123.2 $ 272.2 $ 1,030.3 $ 150.6 14.6% 3.9% 1.6x 11.2x Alliance Data Systems Corporation United States 258.98 -17% 15,910.0 29,972.9 822.3 14,651.5 5,906.7 1,610.6 27.3% 24.7% 5.1x 18.6x Brainjuicer Group Plc United Kingdom 5.47 -17% 69.6 61.6 8.3 - 39.4 6.9 17.5% 0.7% 1.6x 8.9x Cello Group Plc United Kingdom 1.23 -25% 103.6 118.6 1.8 17.3 265.1 10.3 3.9% 1.3% 0.4x 11.5x comScore, Inc. * United States 46.15 -29% 1,797.1 1,639.7 187.9 30.5 351.0 18.7 5.3% 15.1% 4.7x 87.7x Cross Marketing Inc. Japan 3.42 -35% 61.6 75.7 13.1 25.9 80.0 7.3 9.1% 38.1% 0.9x 10.4x Ebiquity plc United Kingdom 2.22 -7% 160.0 201.5 14.3 54.9 113.5 17.9 15.7% 7.9% 1.8x 11.3x GfK SE Germany 34.93 -26% 1,275.1 1,760.9 106.3 528.9 1,673.3 230.7 13.8% 2.6% 1.1x 7.6x Harte-Hanks Inc. United States 3.53 -57% 217.7 260.0 31.2 73.5 524.2 50.7 9.7% -6.4% 0.5x 5.1x InnerWorkings Inc. United States 6.25 -34% 336.2 432.6 15.6 111.9 992.6 29.9 3.0% 1.6% 0.4x 14.5x Intage Holdings Inc. Japan 14.24 -25% 284.2 229.9 60.9 6.3 360.4 42.8 11.9% 2.6% 0.6x 5.4x Ipsos SA France 19.59 -36% 887.2 1,524.7 189.3 803.7 1,945.3 222.9 11.5% 6.0% 0.8x 6.8x NeuStar, Inc. United States 27.21 -17% 1,480.3 1,855.7 412.0 787.4 1,004.4 392.6 39.1% 7.7% 1.8x 4.7x Nielsen N.V. Netherlands 44.47 -10% 16,314.3 23,540.3 331.0 7,482.0 6,222.0 1,541.0 24.8% 2.3% 3.8x 15.3x Onvia Inc. United States 4.02 -27% 29.8 21.5 8.4 0.0 23.2 (0.3) NM 4.4% 0.9x NM Pearson plc United Kingdom 17.05 -26% 13,828.7 17,483.1 608.6 4,396.9 7,837.7 896.4 11.4% 1.2% 2.2x 19.5x Rentrak Corporation * United States 54.07 -38% 830.4 752.0 79.0 - 108.1 2.3 2.1% 33.0% 7.0x NM YouGov plc United Kingdom 1.75 -14% 179.8 174.2 5.8 0.3 106.6 9.0 8.4% 8.9% 1.6x 19.3x

Adjusted Weighted Average 3.5x 16.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.8x) 37 | M&A and Investment Summary September 2015 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $1.20 -9% $ 171.1 $ 193.1 $ 2.2 $ 25.0 $ 104.4 $ 10.5 10.1% 0.0% 1.8x 18.3x CEB Inc. United States 68.34 -25% 2,291.0 2,660.1 124.1 493.3 922.7 213.7 23.2% 6.7% 2.9x 12.4x Forrester Research Inc. United States 31.44 -25% 563.4 452.6 110.8 - 314.0 33.9 10.8% 3.5% 1.4x 13.3x Gartner Inc. United States 83.93 -9% 6,969.7 7,327.2 357.6 715.0 2,074.0 332.3 16.0% 9.3% 3.5x 22.1x IHS Inc. United States 116.00 -15% 7,908.7 9,730.2 225.9 2,129.1 2,307.9 584.1 25.3% 4.5% 4.2x 16.7x Informa plc United Kingdom 8.50 -8% 5,507.5 6,890.3 59.0 1,492.7 1,865.4 573.5 30.7% 4.5% 3.7x 12.0x National Research Corp. United States 33.00 -16% 365.3 331.8 40.6 7.0 99.5 29.8 29.9% 4.4% 3.3x 11.1x Markit Ltd. United Kingdom 29.00 -3% 5,124.6 5,583.5 119.5 542.1 1,085.7 412.1 38.0% 7.9% 5.1x 13.5x NIC Inc. United States 17.71 -13% 1,156.5 1,049.1 107.4 - 281.7 70.9 25.2% 8.9% 3.7x 14.8x Premier, Inc. United States 34.37 -14% 1,298.3 929.0 387.2 17.9 1,007.0 329.4 32.7% 10.6% 0.9x 2.8x Proofpoint, Inc. * United States 60.32 -17% 2,413.9 2,339.0 410.7 335.7 227.8 (43.6) NM 38.5% 10.3x NM Reed Elsevier plc(1) United Kingdom 17.13 -6% 34,993.9 40,986.2 233.7 6,225.9 9,510.4 2,309.6 24.3% 4.5% 4.3x 17.7x Solera Holdings Inc. United States 54.00 -8% 3,620.3 6,081.1 479.6 2,484.0 1,140.8 413.0 36.2% 15.6% 5.3x 14.7x Tarsus Group plc Ireland 3.33 -7% 337.0 411.5 20.6 89.3 112.3 33.8 30.1% -2.2% 3.7x 12.2x TechTarget, Inc. United States 8.52 -33% 275.0 253.7 21.3 - 110.5 15.4 13.9% 16.3% 2.3x 16.5x The Advisory Board Company * United States 45.54 -25% 1,938.1 2,452.8 49.6 564.3 666.3 61.9 9.3% 0.0% 3.7x 39.6x UBM plc United Kingdom 7.35 -18% 3,251.4 4,089.0 179.7 1,007.4 1,323.0 306.7 23.2% 10.2% 3.1x 13.3x Wolters Kluwer NV Netherlands 30.70 -15% 8,958.7 11,274.4 568.1 2,861.6 4,409.9 1,099.4 24.9% 11.9% 2.6x 10.3x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.9x)

38 | M&A and Investment Summary September 2015 Business Services

. The Business Services segment reported 30 transactions in September worth $1.7 billion . The IT Consulting/Systems Integration subsegment accounted for more than a third of the segments total activity with 13 transactions . Select Transactions: • Siris Capital Group’s $1 billion purchase of outsourced data services company Premiere Global Services • ManpowerGroup’s $137 million purchase of HR services provider S7 Group from H.I.G. Capital • The majority stake purchased by The Carlyle Group in management systems and technology consulting firm PA Consulting • The acquisitions of cloud advisory services provider Cloud Sherpas and electronic health records consulting firm Sagacious Consultants by Accenture

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 13 43% $25.9 2% 9 $20.3 2 - 2 $5.6 Healthcare Consulting 6 20% 121.5 7% 2 - 0 - 4 121.5 Staffing 4 13% 31.3 2% 3 31.3 1 - 0 - BPO 2 7% 1,387.6 80% 1 387.6 1 1,000.0 0 - Logistics 2 7% 22.5 1% 0 - 0 - 2 22.5 Corporate Training 1 3% - 0% 1 - 0 - 0 - HR Consulting 1 3% 136.5 8% 1 136.5 0 - 0 - Printing Services 1 3% - 0% 1 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 30 100% 1,725.3 100% 18 575.7 4 1,000.0 8 149.6

39 | M&A and Investment Summary September 2015 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 21.58 -34% 195.7 180.6 15.8 0.1 306.5 28.6 9.3% 0.7% 0.6x 6.3x FTI Consulting, Inc. United States 41.51 -5% 1,736.8 2,207.8 240.0 711.0 1,757.8 208.1 11.8% 2.8% 1.3x 10.6x Information Services Group, Inc. United States 3.91 -21% 145.9 185.6 13.1 52.0 210.4 18.8 8.9% 1.2% 0.9x 9.9x Navigant Consulting Inc. United States 15.91 -4% 762.0 929.5 3.9 171.4 817.2 125.4 15.3% 12.6% 1.1x 7.4x ICF International Inc. United States 30.39 -31% 588.7 941.2 7.4 360.0 1,103.7 105.2 9.5% 12.3% 0.9x 9.0x Huron Consulting Group Inc. United States 62.53 -21% 1,371.0 1,822.4 16.8 468.2 802.7 136.9 17.1% -0.4% 2.3x 13.3x The Hackett Group, Inc. * United States 13.75 -10% 409.2 411.2 16.2 18.3 223.4 26.2 11.7% 9.7% 1.8x 15.7x Towers Watson & Co. United States 117.38 -17% 8,132.7 7,545.9 842.3 240.0 3,645.0 715.0 19.6% 4.7% 2.1x 10.6x

Adjusted Weighted Average 1.9x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x)

($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 80.36 -11% 37,389.4 35,732.7 1,665.9 9.2 10,938.5 2,281.2 20.9% 7.0% 3.3x 15.7x Barrett Business Services Inc. United States 42.93 -14% 309.2 349.9 4.4 45.2 699.3 (43.3) NM 20.8% 0.5x NM Capita plc United Kingdom 18.13 -11% 12,005.7 14,863.6 768.5 3,624.0 7,227.6 1,069.0 14.8% 10.8% 2.1x 13.9x DHI Group, Inc. United States 7.31 -36% 396.6 468.2 32.7 104.3 265.0 70.2 26.5% 11.2% 1.8x 6.7x Edenred SA France 16.29 -47% 3,759.6 4,762.9 913.4 1,902.5 1,126.1 363.1 32.2% 7.8% 4.2x 13.1x Insperity, Inc. United States 43.93 -21% 1,088.2 898.8 189.4 - 2,483.5 92.2 3.7% 8.0% 0.4x 9.8x LinkedIn Corporation * United States 190.13 -31% 24,785.3 22,881.6 3,033.4 1,104.0 2,561.1 216.7 8.5% 38.6% 8.9x 105.6x Marsh & McLennan Companies, Inc. United States 52.22 -13% 27,676.2 30,771.2 930.0 3,936.0 12,827.0 2,746.0 21.4% 1.7% 2.4x 11.2x Monster Worldwide, Inc. United States 6.42 -22% 585.6 733.2 107.7 209.0 741.5 79.7 10.7% -5.9% 1.0x 9.2x Paychex, Inc. United States 47.63 -8% 17,172.5 16,634.8 536.6 - 2,795.8 1,189.3 42.5% 8.7% 5.9x 14.0x Professional Diversity Network LLC United States 0.74 -87% 10.9 5.0 6.4 0.5 30.5 (6.0) NM 591.4% 0.2x NM Towers Watson & Co. United States 117.38 -17% 8,132.7 7,545.9 842.3 240.0 3,645.0 715.0 19.6% 4.7% 2.1x 10.6x TriNet Group, Inc. United States 16.80 -56% 1,185.4 1,566.8 128.4 509.8 2,425.2 148.6 6.1% 23.5% 0.6x 10.5x WageWorks, Inc. United States 45.08 -31% 1,616.3 1,199.0 496.4 79.1 314.5 47.3 15.0% 36.8% 3.8x 25.3x

Adjusted Weighted Average 3.2x 13.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.7x)

40 | M&A and Investment Summary September 2015 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 80.36 -11% 37,389.4 35,732.7 1,665.9 9.2 10,938.5 2,281.2 20.9% 7.0% 3.3x 15.7x Barrett Business Services Inc. United States 42.93 -14% 309.2 349.9 4.4 45.2 699.3 (43.3) NM 20.8% 0.5x NM Capita plc United Kingdom 18.13 -11% 12,005.7 14,863.6 768.5 3,624.0 7,227.6 1,069.0 14.8% 10.8% 2.1x 13.9x DHI Group, Inc. United States 7.31 -36% 396.6 468.2 32.7 104.3 265.0 70.2 26.5% 11.2% 1.8x 6.7x Edenred SA France 16.29 -47% 3,759.6 4,762.9 913.4 1,902.5 1,126.1 363.1 32.2% 7.8% 4.2x 13.1x Insperity, Inc. United States 43.93 -21% 1,088.2 898.8 189.4 - 2,483.5 92.2 3.7% 8.0% 0.4x 9.8x LinkedIn Corporation * United States 190.13 -31% 24,785.3 22,881.6 3,033.4 1,104.0 2,561.1 216.7 8.5% 38.6% 8.9x 105.6x Marsh & McLennan Companies, Inc. United States 52.22 -13% 27,676.2 30,771.2 930.0 3,936.0 12,827.0 2,746.0 21.4% 1.7% 2.4x 11.2x Monster Worldwide, Inc. United States 6.42 -22% 585.6 733.2 107.7 209.0 741.5 79.7 10.7% -5.9% 1.0x 9.2x Paychex, Inc. United States 47.63 -8% 17,172.5 16,634.8 536.6 - 2,795.8 1,189.3 42.5% 8.7% 5.9x 14.0x Professional Diversity Network LLC United States 0.74 -87% 10.9 5.0 6.4 0.5 30.5 (6.0) NM 591.4% 0.2x NM Towers Watson & Co. United States 117.38 -17% 8,132.7 7,545.9 842.3 240.0 3,645.0 715.0 19.6% 4.7% 2.1x 10.6x TriNet Group, Inc. United States 16.80 -56% 1,185.4 1,566.8 128.4 509.8 2,425.2 148.6 6.1% 23.5% 0.6x 10.5x WageWorks, Inc. United States 45.08 -31% 1,616.3 1,199.0 496.4 79.1 314.5 47.3 15.0% 36.8% 3.8x 25.3x

Adjusted Weighted Average 3.2x 13.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.7x) ($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 98.26 -7% $ 61,579.7 $ 57,757.7 $ 4,028.6 $ 27.2 $ 31,047.9 $ 5,146.2 16.6% 3.5% 1.9x 11.2x Amdocs Limited Channel Islands 56.88 -7% 8,741.0 7,339.3 1,401.7 - 3,617.0 701.4 19.4% 3.1% 2.0x 10.5x Bechtle AG Germany 89.88 -6% 1,887.6 1,821.7 132.9 81.8 3,005.9 150.5 5.0% 11.0% 0.6x 12.1x Booz Allen Hamilton Holding Corporation United States 26.21 -16% 3,839.2 5,304.5 151.5 1,616.7 5,304.1 507.5 9.6% -1.3% 1.0x 10.5x Broadridge Financial Solutions, Inc. United States 55.35 -7% 6,546.4 6,911.6 324.2 689.4 2,694.2 576.9 21.4% 5.3% 2.6x 12.0x Business & Decision SA France 6.71 -26% 52.9 92.5 6.5 45.6 245.8 13.4 5.5% 11.3% 0.4x 6.9x Cap Gemini S.A. France 88.86 -13% 15,312.7 13,794.9 6,394.9 4,864.4 12,338.6 1,344.5 10.9% 9.0% 1.1x 10.3x CGI Group, Inc. Canada 36.09 -17% 11,110.7 12,481.5 212.1 1,683.8 8,163.3 1,404.3 17.2% -2.8% 1.5x 8.9x Cognizant Technology Solutions Corporation United States 62.61 -10% 38,162.6 35,658.6 3,566.5 1,062.5 11,319.8 2,254.8 19.9% 17.9% 3.2x 15.8x Computer Sciences Corporation United States 61.38 -16% 8,490.8 8,933.8 2,199.0 2,618.0 11,697.0 1,015.0 8.7% -9.9% 0.8x 8.8x CSG Systems International Inc. United States 30.80 -7% 1,007.0 1,098.1 194.0 285.1 747.0 121.9 16.3% -0.8% 1.5x 9.0x Digi International Inc. * United States 11.79 -2% 294.6 203.3 91.3 - 208.0 9.2 4.4% 8.1% 1.0x 22.1x Globant S.A. * Luxembourg 30.59 -13% 1,040.3 977.5 63.7 0.9 222.2 27.9 12.6% 24.0% 4.4x 35.0x International Business Machines Corporation United States 144.97 -24% 142,002.4 172,063.4 8,760.0 38,668.0 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.7x Infosys Ltd. * India 17.70 -3% - - 4,537.0 - 8,834.0 2,493.0 28.2% 5.3% NM NM ITS Group France 6.60 -30% 50.5 56.3 13.1 19.1 210.9 8.6 4.1% 17.5% 0.3x 6.5x NCI, Inc. United States 13.27 -21% 173.0 192.1 0.4 19.5 316.9 25.2 8.0% -2.4% 0.6x 7.6x NTT Data Corporation Japan 50.19 -4% 14,079.5 15,876.9 1,735.2 3,229.5 12,547.0 1,984.7 15.8% 10.8% 1.3x 8.0x Perficient Inc. United States 15.43 -28% 544.5 597.7 6.8 60.0 445.5 55.0 12.4% 13.9% 1.3x 10.9x Tata Consultancy Services Limited * India 39.46 -9% - - 3,693.3 62.3 15,430.2 3,978.8 25.8% 14.3% NM NM Wipro Ltd. India 9.11 -12% 22,356.7 19,401.6 4,358.5 1,285.0 7,550.6 1,652.3 21.9% 7.2% 2.6x 11.7x

Adjusted Weighted Average 2.0x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.5x)

41 | M&A and Investment Summary September 2015 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. * SwitzerlandSwitzerland 63.29 -8% $ 2,081.8 $ 2,022.6 $ 59.9 $ 0.8 $ 556.3 $ 101.8 18.3% 30.3% 3.6x 19.9x MAXIMUS, Inc. United States 59.56 -15% 3,928.1 4,015.4 81.9 166.8 1,956.5 301.0 15.4% 18.6% 2.1x 13.3x Quad/Graphics, Inc. United States 12.10 -50% 600.3 2,074.9 13.6 1,488.2 4,847.6 527.4 10.9% 1.9% 0.4x 3.9x Quintiles Transnational Holdings Inc. United States 69.57 -14% 8,536.8 10,224.6 803.6 2,491.3 4,229.4 750.7 17.7% 6.3% 2.4x 13.6x R.R. Donnelley & Sons Company United States 14.56 -28% 3,038.7 6,508.4 295.4 3,746.8 11,521.3 1,071.7 9.3% 5.3% 0.6x 6.1x Salmat Limited Australia 0.44 -62% 70.2 62.5 37.4 19.6 383.4 11.3 3.0% 10.0% 0.2x 5.5x Serco Group plc United Kingdom 1.54 -68% 1,677.5 2,098.8 247.1 682.3 5,846.8 (990.1) NM -11.4% 0.4x NM St Ives plc United Kingdom 2.74 -11% 357.9 423.0 18.1 82.7 507.4 59.0 11.6% 4.5% 0.8x 7.2x StarTek, Inc. United States 3.35 -67% 52.0 83.9 6.4 38.3 252.7 7.7 3.0% 2.6% 0.3x 11.0x Sykes Enterprises, Incorporated United States 25.50 -2% 1,109.8 952.4 222.4 65.0 1,313.7 152.9 11.6% 0.9% 0.7x 6.2x Teleperformance S.A. France 75.61 -6% 4,318.3 4,753.7 340.7 768.6 3,532.2 464.5 13.2% 27.8% 1.3x 10.2x TeleTech Holdings Inc. United States 26.79 -8% 1,294.0 1,327.2 93.8 116.1 1,279.8 164.8 12.9% 5.5% 1.0x 8.1x Trans Cosmos, Inc. Japan 24.30 -16% 999.8 770.7 253.2 6.4 1,668.3 92.4 5.5% 7.5% 0.5x 8.3x Transcontinental Inc. Canada 14.18 -6% 1,110.6 1,339.5 41.7 277.3 1,605.4 311.7 19.4% 4.2% 0.8x 4.3x Cimpress N.V. Netherlands 76.11 -17% 2,469.8 3,070.2 110.5 652.7 1,494.2 202.6 13.6% 17.6% 2.1x 15.2x West Corporation United States 22.40 -38% 1,856.1 5,155.1 158.5 3,457.5 2,268.5 654.1 28.8% 21.0% 2.3x 7.9x Xchanging plc United Kingdom 1.62 -45% 400.4 474.4 179.3 228.3 836.0 (0.9) NM -14.4% 0.6x NM

Adjusted Weighted Average 0.6x 7.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.1x)

42 | M&A and Investment Summary September 2015 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 3.6x 1.9x 6.2x 4.1x Internationally-based Digital Media and Internet 3.3x 1.9x 4.2x 4.0x US-based eCommerce 2.2x 1.5x 3.7x 3.5x Internationally-based eCommerce 3.4x 1.6x 8.0x 7.8x US-based Digital Advertising 2.7x 1.5x 8.8x 5.1x Internationally-based Digital Advertising 3.5x 1.9x 7.2x 4.5x US-based Marketing Technology 4.0x 3.3x 4.1x 4.0x Internationally-based Marketing Technology 3.6x 2.7x 4.4x 4.4x Agency 1.5x 1.2x 2.2x 1.6x Marketing Services 1.3x 0.7x 3.0x 1.4x Traditional Media 2.4x 2.2x 3.1x 3.0x Software 5.0x 3.9x 4.6x 4.3x Information 3.5x 3.5x 4.4x 4.1x Business Services 1.3x 0.8x 2.6x 2.0x

As of close of business on 09/30/15

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

43 | M&A and Investment Summary September 2015 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 17.3x 15.1x 15.4x 11.6x Internationally-based Digital Media and Internet 10.3x 7.9x 12.2x 12.8x US-based eCommerce 16.9x 15.0x 17.1x 12.0x Internationally-based eCommerce 27.5x 25.6x 24.5x 30.0x US-based Digital Advertising 18.1x 14.8x 22.6x 15.9x Internationally-based Digital Advertising 15.7x 8.7x 14.8x 18.2x US-based Marketing Technology 17.4x 15.6x 24.4x 11.9x Internationally-based Marketing Technology 12.7x 12.2x 12.3x 12.5x Agency 12.0x 10.1x 10.2x 9.8x Marketing Services 8.8x 8.3x 12.9x 8.7x Traditional Media 13.4x 10.0x 11.0x 10.8x Software 29.4x 15.4x 23.7x 12.8x Information 16.6x 14.0x 16.4x 15.1x Business Services 11.7x 10.3x 18.1x 12.3x

As of close of business on 09/30/15

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

44 | M&A and Investment Summary September 2015 PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150%

140% 140% • S&P 500 – 2.5% • S&P 500 – 2.5%

130% 125% • Digital Advertising –  1.0% • Digital Media/Commerce –  0.3% 120%

110% • Traditional Media – 2.6% 110% 100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 – 2.5% 140% • S&P 500 – 2.5% 140%

130% 130% • Marketing Technology – 13.8% • Agency –  7.0% 120% 120% • Marketing Services –  9.3% 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 – 2.5% 140% • S&P 500 – 2.5% 140% 130% • Software – 3.0% 130% • Information –  8.3% 120% 120% 110% • Business Services – 10.0% 110% 100% 100%

Index Performance (%) Performance Index 90% 90%

80% (%) Performance Index Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 80% Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Software S&P 500 Index (^SPX) Note: LTM as of 9/30/2015 Information Business Services S&P 500 Index (^SPX) 45 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Meredith Corporation Traditional Media Media General, Inc. $ 3,071.8 Assurant's Employee Benefits Information Sun Life Financial 940.0 Rentrak Corporation Marketing Technology comScore, Inc. 771.3 National Geographic Society Traditional Media 21st Century Fox, Inc. 725.0 Elemental Technologies, Inc. Marketing Technology Amazon.com, Inc. 500.0 Schurz Communications Television & Radio Stations Traditional Media Gray Television, Inc. 442.5 Good Technology, Inc. Software BlackBerry Ltd. 425.0 Serco Group plc Business Services The Blackstone Group L.P. 387.6 Cloud Sherpas Business Services Accenture plc 375.0 Business Insider, Inc. Digital Media/Commerce Axel Springer SE 343.0 The Mill (Facility) Ltd. Agency & Marketing Services Technicolor S.A. 292.0 Portware LLC Software FactSet Research Systems Inc. 265.0 Millennial Media, Inc. Digital Advertising AOL, Inc. 218.3 iBiquity Digital Corporation Traditional Media DTS, Inc. 172.0 Looksery, Inc. Digital Media/Commerce Snapchat, Inc. 150.0 7S Group Business Services ManpowerGroup 136.5 Zinc Ahead Ltd. Agency & Marketing Services Veeva Systems, Inc. 130.0 Primatics Financial Software SS&C Technologies Holdings, Inc. 122.0 RiseSmart, Inc. Software Randstad Holding nv 100.0 Baker Hill Corporation Information Database Marketing Agency, Inc. 100.0 Envivio, Inc. Marketing Technology Ericsson, Inc. 90.1 Unruly Media Ltd Digital Advertising News Corporation, Inc. 90.0 FullSIX Group Agency & Marketing Services Havas 75.0 ingresso.com Digital Media/Commerce Fandango, Inc. 66.5 Intronis, Inc. Software Barracuda Networks, Inc. 65.0 Wanted Technologies Corporation Marketing Technology CEB, Inc. 31.3 BillGuard, Inc. Software Prosper Marketplace, Inc. 30.0 Mapsense, Inc. Information Apple Inc. 25.0 Akamon Entertainment Ltd. Digital Media/Commerce Imperus Technologies Corporation 25.0 Market Leader, Inc. Digital Advertising Constellation Web Solutions 23.0 New Frontier Media Traditional Media Multimedia Platforms, Inc. 22.0 Vision Technology Services Business Services BG Staffing 20.8 AreaOne Ltd. Marketing Technology Taptica, Inc. 17.0 Shaftesbury Films, Inc. Traditional Media Rainmaker Entertainment, Inc. 15.5 Brovada Technologies, Inc. Software Towers Watson & Co. 15.2 Insta Health Solutions Pvt. Ltd Information Practo Technologies Pvt. Ltd. 12.0 Blue Star Infotech Business Services Infogain Corporation 12.0 The First String Healthcare, Inc. Business Services AMN Healthcare, Inc. 10.5 Market Street Solutions, Inc. Business Services Perficient, Inc. 5.3 monroe publishing Traditional Media New Media Investment Group, Inc. 5.2 Diamond:dogs Agency & Marketing Services Emakina Group SA 3.5 NexAge Technologies USA, Inc. Business Services 8K Miles Software Services Ltd. 3.0 AppRedeem Marketing Technology Perk.com, Inc. 2.5 46 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed 2DataFish Agency & Marketing Services Publicis Groupe S.A. $ - AKTA Agency & Marketing Services Salesforce.com - Broadgate Mainland Ltd. Agency & Marketing Services Four Communications Group plc - ConceptPR Agency & Marketing Services Ogilvy Public Relations Worldwide - Creatix Agency & Marketing Services GoHealth.com - dustland Agency & Marketing Services verndale - Feintuch Communications, Inc. Agency & Marketing Services Roher Public Relations - HB Agency Agency & Marketing Services Eric Mower & Associates - Home Front Communications LLC Agency & Marketing Services Elmendorf/Ryan LLC - Horn Group Agency & Marketing Services Finn Partners - Ideal Group Agency & Marketing Services Hill+Knowlton Strategies - Jussi Intention Marketing Ltda. Agency & Marketing Services WPP Group - Marlin Network Agency & Marketing Services Advantage Sales & Marketing, LLC - Quadrant Marketing Ltd. Agency & Marketing Services Match Marketing Group - Riverorchid Notch Agency & Marketing Services Havas - Six Degrees PR Agency & Marketing Services Cohn & Wolfe - SYMOVA LLC Agency & Marketing Services Global Marketing & Sales, Inc. - Tardis Medical Consultancy Agency & Marketing Services Publicis Groupe S.A. - The Creative Counsel Group Agency & Marketing Services Publicis Groupe S.A. - theAudience Agency & Marketing Services Al Ahli Holding Group - Unison Partners LLC Agency & Marketing Services RepEquity, Inc. - Virtue Advertising LLC Agency & Marketing Services Logical Position LLC - VIUS LLC Agency & Marketing Services Inverse Paradox LLC - angelpoint group Business Services Crayon Group - Aztec Systems, Inc. Business Services SBS Group - Cloud62, Inc. Business Services Huron Consulting Group, Inc. - Diversified Healthcare Resources Business Services Cardon Outreach - Fruition Partners Business Services Computer Sciences Corporation - Keen Systems, Inc. Business Services Aleyant Systems LLC - Kennett Group Business Services TRU Staffing Partners, Inc. - Sagacious Consultants LLC Business Services Accenture plc - Trend Consulting Services, Inc. Business Services Netsmart Technologies, Inc. - WeejeeLearning LLC Business Services Principled Technologies, Inc. - Active Junky, Inc. Digital Advertising Purch - Capterra Inc. Digital Advertising Gartner, Inc. - ContactUs.com Digital Advertising WorkWave - Niffler Labs Pvt. Ltd. Digital Advertising Helpchat - RefGo Digital Advertising WorkWave - Restaurantes.com Digital Advertising Restalo.es Restaurant Reservations - Shipmymachinery.com Digital Advertising Absolute Worldwide Logistics, Inc. - Supersonic Ltd. Digital Advertising ironSource Ltd. - Vamo Labs, Inc. Digital Advertising , Inc. - 47 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed AlphaDraft Digital Media/Commerce FanDuel, Inc. $ - Cruzin Digital Media/Commerce BoatSetter, Inc. - Demibooks, Inc. Digital Media/Commerce Educational Development Corporation - DotaProHub Digital Media/Commerce Unikrn, Inc. - FADE Digital Media/Commerce RelayRides - Fundly, Inc. Digital Media/Commerce NonProfitEasy - Hurrier Digital Media/Commerce foodora - Ideal Shopping Direct plc Digital Media/Commerce The Blackstone Group L.P. - JumpCam Digital Media/Commerce RelayRides - Kanvas Labs, Inc. Digital Media/Commerce AOL, Inc. - leaftv Digital Media/Commerce Demand Media, Inc. - Plat Digital Media/Commerce Housing.com - PopJam Digital Media/Commerce SuperAwesome Limited - Rising Tide Games, Inc. Digital Media/Commerce Zynga, Inc. - shandy media Digital Media/Commerce obsev - TextureMedia, Inc. Digital Media/Commerce Ultra/Standard Distributors, Inc. - Unwind Me, Inc. Digital Media/Commerce Soothe LLC - ValueMyStuff Digital Media/Commerce Auctionata - Design Cost Data Information Bni Building News, Inc. - Enterprise Consulting Solutions, Inc. Information HealthPort - IHM Services Information Persivia - Insignis, Inc. Information MSCI, Inc. - Loislaw, Inc. Information Fastcase, Inc. - ParkMe, Inc. Information INRIX, Inc. - Skylight Healthcare Systems, Inc. Information GetWellNetwork, Inc. - Synowledge LLC Information BioClinica, Inc. - ADXSTUDIO, Inc. Marketing Technology Microsoft Corporation - Ambur POS Marketing Technology ShopKeep.com Inc. - AppCarousel, Inc. Marketing Technology AppDirect, Inc. - AS Digital Marketing Technology The Priceline Group, Inc. - BigBHK Marketing Technology Housing.com - Commercially Retail Pty. Limited Marketing Technology Market Track LLC - Contact Advantage Limited Marketing Technology Reynolds & Reynolds Co. - Device9 GmbH Marketing Technology Flashtalking - Enterprise Avenue, Inc. Marketing Technology PeopleBrowsr - gazeMetrix Marketing Technology Sysomos, Inc. - HeyBubble, Inc. Marketing Technology Interfacing Technologies Corporation - inResto Pvt. Ltd. Marketing Technology Dineout.co.in - Inside Social Marketing Technology Simply Measured, Inc. - Magelia SAS Marketing Technology Cegid Group SA - Masstech Group Marketing Technology Covington Capital Corporation - Newsroom Solutions LLC Marketing Technology ChyronHego Corporation - 48 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed NexxPhase, Inc. Marketing Technology Contact Solutions, Inc. $ - PaperShare, Inc. Marketing Technology Dynamic Signal - PrintCommerce Marketing Technology Design'N'Buy - PunchTab, Inc. Marketing Technology Wal-Mart Stores, Inc. - Reduce Data Marketing Technology Snapdeal.com - Shelfie Marketing Technology InfoScout, Inc. - SponsorHub, Inc. Marketing Technology Rentrak Corporation - Spree Commerce, Inc. Marketing Technology First Data Corporation - Technomic, Inc. Marketing Technology Winsight, LLC - Teleclip, Inc. Marketing Technology Metro Monitor, Inc. - Vedelem Pty. Ltd. Marketing Technology RITEQ Pty. Ltd. - VoloMetrix, Inc. Marketing Technology Microsoft Corporation - WhoToo, Inc. Marketing Technology Demandbase, Inc. - Absolute Software Corporation Software HEAT Software - Aktavara AB Software Enghouse Systems Limited - Attix5 Software Redstor Limited - Capsule Technology Software QUALCOMM - CaseNEX LLC Software Longleaf Solutions LLC - Comaea Software Wise Group AB - DualSpark Software Datapipe, Inc. - GatherDocs Software Efficient Hire - IdeaPoint, Inc. Software Anaqua, Inc. - Inventiv Patient Access Solutions, LLC Software Xerox Corporation - Meteorix, Inc. Software International Business Machines Corporation - netfabb Software Autodesk, Inc. - Ngage Live Chat Software Internet Brands, Inc. - OpenTrust Trust Documents & Transactions Division Software DocuSign, Inc. - Oxford Intelligence Partners Software Q4 Web Systems, Inc. - Roler Data Transfer Services, Inc. Software Doxim, Inc. - S3 TV Technology Ltd. Software Accenture plc - StrongLoop Software International Business Machines Corporation - The Network, Inc. Software NAVEX Global - The White Stone Group, Inc. Software National/Medical Electronic Attachment - Vianova Systems Software Trimble Navigation Limited - Wesupply Limited Software HighJump Software - Cargo Publishing (UK) Ltd. Traditional Media Freight Books Ltd. - dmg events’ Digital Marketing Division Traditional Media Comexposium S.A. - Incisive Media, Accountancy Age and Financial Director Traditional Media Contentive Ltd. - Juice Worldwide Traditional Media Vubiquity - Notting Hill Publishing Limited Traditional Media World Guide Publishing - WebStream Sports Traditional Media Raycom Media, Inc. -

49 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Premiere Global Services, Inc. Business Services Siris Capital Group $ 1,000.0

Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Walker Advertising, Inc. Agency & Marketing Services ClearLight Partners, LLC $ - Healthcare Staffing Services LLC Business Services Thomas H. Lee Partners - PA Knowledge Limited Business Services The Carlyle Group - Taos Mountain LLC Business Services Bunker Hill Capital - Bevo Media Digital Advertising Vize Capital - StrongView Systems, Inc. Marketing Technology HGGC, LLC - Bluegarden AS Software Marlin Equity Partners - MedeAnalytics, Inc. Software Thoma Bravo, Inc. - Ontario Systems LLC Software Arlington Capital Partners - RestorixHealth, Inc. Software Leonard Green & Partners, L.P. -

50 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Didi Kuaidi Digital Media/Commerce Alibaba Group Holding Ltd. $ 3,000.0 Uber Technologies, Inc. Digital Media/Commerce Baidu, Inc. 1,200.0 AvidXchange, Inc. Software Bain Capital Ventures 225.0 Ola Digital Media/Commerce Tiger Global Management, LLC 225.0 BlablaCar.com Digital Media/Commerce Accel Partners 200.0 Thumbtack, Inc. Digital Advertising Sequoia Capital 125.0 Tanium, Inc. Software Andreessen Horowitz 120.0 wheels up Digital Media/Commerce New Enterprise Associates 115.0 CloudFlare Software New Enterprise Associates 110.0 Apttus, Inc. Marketing Technology Iconiq Capital 108.0 Lyft, Inc. Digital Media/Commerce Didi Kuaidi 100.0 ipsy Digital Media/Commerce TPG Growth 100.0 Letgo Digital Media/Commerce Naspers Ltd. 100.0 HelloFresh Digital Media/Commerce Baillie Gifford & Company 85.0 thredUP, Inc. Digital Media/Commerce The Goldman Sachs Group, Inc. 81.0 Onshape, Inc. Software Andreessen Horowitz 80.0 Okta, Inc. Software Andreessen Horowitz 75.0 Netskope, Inc. Software Accel Partners 75.0 Beequick Digital Media/Commerce Sequoia Capital 70.0 Lightspeed POS, Inc. Software Accel Partners 61.0 Civitas Learning, Inc. Marketing Technology Warburg Pincus LLC 60.0 Zomato Media Digital Advertising Temasek Holdings (Pte) Limited 60.0 Prospa Advance Pty. Ltd. Digital Media/Commerce The Carlyle Group 60.0 Social Touch Co., Ltd. Marketing Technology Legend Capital 58.8 Medium Digital Media/Commerce Andreessen Horowitz 57.0 Daraz.pk Digital Media/Commerce CDC Group 56.0 Acquia, Inc. Marketing Technology New Enterprise Associates 55.0 Thrillist Media Group, Inc. Digital Media/Commerce Axel Springer SE 54.0 Premise Marketing Technology Valor Equity Partners 50.0 Llamasoft, Inc. Software Goldman Sachs Merchant Banking 50.0 SevOne, Inc. Software Bain Capital Ventures 50.0 Fundbox Ltd. Software Spark Capital 50.0 Compass.com Digital Advertising Institutional Venture Partners 50.0 Rubicon Global Holdings LLC Digital Media/Commerce Goldman Sachs Merchant Banking 50.0 Shift Technologies, Inc. Digital Media/Commerce Draper Fisher Jurvetson 50.0 Omada Health, Inc. Business Services Andreessen Horowitz 48.0 Capillary Technologies Ptv. Ltd. Marketing Technology Sequoia Capital 45.0 NewsCred Marketing Technology FTV Capital 42.0 Optimal+ Software Kohlberg Kravis Roberts & Company L.P. 42.0 Chef, Inc. Software DFJ Growth Fund 40.0 Zivame Digital Media/Commerce IDG Ventures India 40.0 Medlinker Digital Media/Commerce Tencent Holdings Ltd. 40.0 51 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Ibotta, Inc. Digital Advertising (Private Investors) $ 40.0 NewStore, Inc. Marketing Technology Partners LLC 38.0 Portea Medical Business Services Accel Partners 37.5 Vestiaire Collective SA Digital Media/Commerce Idinvest Partners 36.7 PepperTap Digital Media/Commerce Sequoia Capital 36.0 VillageMD Business Services Oak HC/FT 36.0 ScribbleLive Marketing Technology New Enterprise Associates 35.0 Plexxi, Inc. Software Lightspeed Venture Partners 35.0 CommonBond, Inc. Digital Media/Commerce August Capital Management 35.0 Headspace, Inc. Digital Media/Commerce The Chernin Group 34.0 CoverHound, Inc. Digital Advertising RRE Ventures LLC 33.3 Emarsys Marketing Technology Vector Capital Corporation 33.0 dadabus Digital Media/Commerce Northern Light 32.0 Base Marketing Technology Index Ventures 30.0 Unified Social, Inc. Marketing Technology iHeartMedia, Inc. 30.0 Field Nation, LLC Software Susquehanna Growth Equity, LLC 30.0 CartoDB Software Accel Partners 26.0 Argus Cyber Security Ltd. Software Magma Venture Partners 26.0 Origami Logic, Inc. Marketing Technology Accel Partners 25.0 Exabeam, Inc. Software Norwest Venture Partners 25.0 Kyruus, Inc. Software Lux Capital 25.0 The Black Tux, Inc. Digital Media/Commerce Stripes Group 25.0 Walker & Company Brands Digital Media/Commerce Andreessen Horowitz 24.0 ADARA, Inc. Marketing Technology World Innovation Lab 23.0 collibra Software Index Ventures 23.0 RELEX Solutions Software Summit Partners LP 22.0 PerfectServe, Inc. Software Memorial Care Innovation Fund 21.0 Complex Media, Inc. Digital Media/Commerce Hearst Communications, Inc. 21.0 WebAction, Inc. Software Intel Capital 20.0 DISCERN Group, Inc. Software Artiman Management LLC 20.0 Breather Products, Inc. Digital Advertising Valar Ventures LP 20.0 Virool, Inc. Digital Advertising Flint Capital 20.0 DriverUp Digital Media/Commerce SF Capital, LLC 20.0 Atigeo LLC Marketing Technology Ascension Health Ventures 18.4 Paxata, Inc. Software Accel Partners 18.0 more2 ltd Marketing Technology Eight Roads Ventures 17.0 Voalte, Inc. Software Ascension Health Ventures 17.0 G-Banker Digital Media/Commerce SoftBank Capital 17.0 Hola Ltd. Digital Advertising Iris Capital 17.0 Lesara GmbH Digital Media/Commerce Northzone 16.7 Madison Reed, Inc. Digital Media/Commerce Comcast Ventures 16.1 CallMiner, Inc. Marketing Technology NewSpring Capital 16.0 52 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Farmigo, Inc. Digital Media/Commerce Benchmark Capital $ 16.0 Moviepilot.com Digital Media/Commerce Webedia SAS 16.0 iAdvize SAS Marketing Technology Iris Capital 15.6 HookLogic Digital Advertising Intel Capital 15.5 Aspiration Partners, Inc. Digital Media/Commerce Renren, Inc. 15.5 WayIn, Inc. Marketing Technology U.S. Venture Partners 15.4 TYPEFORM S.L. Marketing Technology Index Ventures 15.0 Stormpath, Inc. Software New Enterprise Associates 15.0 Skillz, Inc. Digital Media/Commerce Sequoia Capital 15.0 CredR Digital Media/Commerce Eight Roads Ventures 15.0 Yummly Digital Advertising Bauer Venture Partners 15.0 Freightos Business Services Aleph Global 14.0 ChoiceStream, Inc. Marketing Technology North Atlantic Capital Corporation 14.0 Lumity, Inc. Software Social+Capital 14.0 Wrap Media LLC Digital Advertising Salesforce Ventures 12.7 PackLink.es Digital Advertising Accel Partners 12.6 StreamSets, Inc. Software New Enterprise Associates 12.5 Dynamic Signal Marketing Technology Rembrandt Venture Partners 12.0 Teambition Ltd. Software Northern Light Venture Capital 12.0 Apperian, Inc. Software Bessemer Venture Partners 12.0 HappyFresh Digital Media/Commerce Temasek Holdings (Pte) Limited 12.0 DWNLD Digital Media/Commerce Greylock Partners 12.0 Fundera, Inc. Digital Media/Commerce 11.5 Norse Corporation Software KPMG LLP 11.4 Lengow Marketing Technology Serena Capital 11.2 Take Eat Easy S.P.R.L. Digital Media/Commerce Rocket Internet GmbH 11.2 DoveConviene SRL Digital Advertising Highland Capital Partners 11.2 PinpointCare Software Undisclosed 11.0 Arrayent, Inc. Software Intel Capital 11.0 Kiswe Mobile, Inc. Digital Media/Commerce (Private Investors) 10.8 QuanticMind, Inc. Marketing Technology Safeguard Scientifics, Inc. 10.3 TeamSnap, Inc. Digital Media/Commerce NorthGate Capital, LLC 10.0 GrubMarket, Inc. Digital Media/Commerce Fosun Venture Capital Investment 10.0 lalamove Digital Media/Commerce Mindworks Ventures 10.0 UNIFi Software Software Pelion Venture Partners 10.0 dremio Software Lightspeed Venture Partners 10.0 Morphick, Inc. Software Orchard Holdings Group, LLC 10.0 Aviatrix Systems, Inc. Software Formation 8 10.0 Appcoach Digital Advertising (Private Investors) 10.0 VULOG Digital Media/Commerce Opus Capital Group 9.4 iQ media Group LLC Marketing Technology Edison Partners 9.0 Industrybuying.com Digital Media/Commerce Kalaari Capital 9.0 53 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Entefy, Inc. Marketing Technology Undisclosed $ 8.7 Shadowfax Technologies Pvt. Ltd. Business Services Eight Roads Ventures 8.5 Adsnative Digital Advertising Rakuten Ventures 8.5 Qualpay, Inc. Marketing Technology Undisclosed 8.0 Cloud Lending Solutions, Inc. Marketing Technology SF Capital, LLC 8.0 Alignable, Inc. Digital Media/Commerce Mayfield Fund 8.0 LearnUp, Inc. Software New Enterprise Associates 8.0 Iron.io Software Bain Capital Ventures 8.0 MetaCommunications, Inc. Software NextLevel Venture Partners 8.0 MarketInvoice Digital Media/Commerce (Private Investors) 7.7 QuanTemplate Marketing Technology Anthemis Group 7.6 paintzen Digital Media/Commerce Bullpen Capital 7.2 Urgent.ly, Inc. Digital Media/Commerce Verizon Ventures 7.0 CrunchBase Digital Media/Commerce Emergence Capital Partners 7.0 Datiphy, Inc. Software Highland Capital Partners 7.0 Retency Marketing Technology Truffle Capital 6.6 Amino Apps Digital Media/Commerce Venrock Associates 6.5 Phantom Cyber Software The Blackstone Group L.P. 6.5 Ancoa Software Ltd. Software (Private Investors) 6.4 SafetyCulture Pty. Ltd. Digital Media/Commerce Blackbird Ventures 6.1 Codefied Inc. Marketing Technology August Capital Management 6.0 Ysance Business Services (Private Investors) 5.6 TVSmiles GmbH Marketing Technology Omnes Capital 5.6 SheerID Marketing Technology Voyager Capital 5.3 PaperG, Inc. Marketing Technology KLP Enterprises 5.0 Infoworks.io, Inc. Software Nexus Venture Partners 5.0 Universal Avenue AB Digital Advertising Northzone 5.0 TalentSky, Inc. Software (Private Investors) 5.0 lifeIMAGE Software Blue Cross Blue Shield Association 5.0 CliniCloud, Inc. Software Tencent Holdings Ltd. 5.0 Quovo, Inc. Software Long Light Capital 4.8 Chictypes.com Digital Media/Commerce 360 Capital Partners 4.6 Ospoto, Inc. Digital Media/Commerce PivotNorth Capital 4.5 Saucey, Inc. Digital Media/Commerce Blumberg Capital 4.5 MoEngage, Inc. Marketing Technology Helion Venture Partners 4.3 Scoota Marketing Technology (Private Investors) 4.2 Velocity Mobile Limited Digital Media/Commerce (Private Investors) 4.0 InforcePRO Software LiveOak Venture Partners 4.0 GitLab B.V. Software Khosla Ventures 4.0 Bloomon B.V. Digital Media/Commerce Partech Ventures 3.9 zuu Digital Media/Commerce Fenox Venture Capital 3.7 Varsity News Network, LLC Digital Media/Commerce Arsenal Venture Partners 3.7 54 | M&A and Investment Summary September 2015 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 ($ in Millions) Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

Venture/Growth Capital Transactions ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Percentil Digital Media/Commerce Seaya Ventures $ 3.6 Area360 Marketing Technology Madrona Venture Group 3.5 Buguroo Offensive Security S.L. Software Inveready 3.4 Quintype, Inc. Marketing Technology (Private Investors) 3.3 Revegy, Inc. Marketing Technology Runa Capital 3.0 IguanaFix S. de RL de CV Digital Media/Commerce Riverwood Capital, LLC 3.0 Routehappy, Inc. Digital Media/Commerce Contour Venture Partners 3.0 Din, Inc. Digital Media/Commerce Accel Partners 3.0 Bestdealfinance.com Pvt. Ltd. Software Kalaari Capital 3.0 Trunomi, Inc Software Saturn Parnters 3.0 compareit4me Group Digital Advertising STC Ventures 3.0 Medfusion, Inc. Software Bull City Venture Partners 3.0 Envoy Commerce Corporation Digital Media/Commerce SoftTech VC, Inc. 3.0 AnswerDash, Inc. Marketing Technology Voyager Capital 2.9 Netsertive, Inc. Marketing Technology Undisclosed 2.7 Guru Technologies, Inc. Marketing Technology Salesforce Ventures 2.7 Fast Media Co., Ltd. Software Salesforce Ventures 2.7 Skilljar, Inc. Software Trilogy Equity Partners, LLC 2.6 Shoptalk LLC Traditional Media Commerce Ventures 2.5 PeerIQ Information Fenway Summer 2.5 ConnectedYard, Inc. Marketing Technology Playground Capital 2.2 LookLive BV Digital Media/Commerce Liberty Global, Inc. 2.2 Tectonic Marketing Technology Salesforce Ventures 2.0 RoomCentral Digital Advertising (Private Investors) 2.0 PLYmedia Solutions, Inc. Digital Advertising Flint Capital 2.0 Eden Technology Services, Inc. Digital Media/Commerce Bessemer Venture Partners 2.0 Questis, Inc. Information (Private Investors) 2.0 Klikin Deals Spain, SL Digital Advertising Caixa Capital 1.9 NoviCap Finance S.L. Digital Media/Commerce Partech Ventures 1.7 InnerChef Pvt. Ltd. Digital Media/Commerce TA Ventures 1.7 Ometria Ltd. Marketing Technology (Private Investors) 1.5 Vanitee Digital Media/Commerce (Private Investors) 1.4 SilverPush Marketing Technology M&S Partners 1.2 Padlet, Inc. Marketing Technology Cherubic Ventures 1.2 simppler Software Greylock Partners 1.2 CanvasFlip Solutions Pvt. Ltd. Software Bessemer Venture Partners 1.2 CureJoy, Inc. Digital Media/Commerce Accel Partners 1.2 Portfolium, Inc. Digital Media/Commerce Vertical Ventures LLC 1.2 Pingpad, Inc. Digital Media/Commerce Greylock Partners 1.0

55 | M&A and Investment Summary September 2015 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Coalfire Systems, Inc. Business Services The Carlyle Group $ - Trust Healthcare Consulting Services Business Services MTS Health Investors - Waynaut Digital Advertising Club Digitale - JackThreads.com Digital Media/Commerce SoftBank Capital - KUKIMI GmbH Digital Media/Commerce High-Tech Gründerfonds - MotionElements Pte. Ltd. Digital Media/Commerce 500 Startups - Ola Digital Media/Commerce Didi Kuaidi - Unikrn, Inc. Digital Media/Commerce Sound Ventures - Go2mobi Marketing Technology H.I.G. Capital LLC - Infinite Analytics, Inc. Marketing Technology (Private Investors) - LiftIgniter Marketing Technology Khosla Ventures - Unilog Content Solutions Pvt. Ltd. Marketing Technology Kalaari Capital - 99cloud, Inc. Software Intel Capital - Cybera, Inc. Software Sumeru Equity Partners LLC - Trintech, Inc. Software Vista Equity Partners - Super Color Digital Traditional Media Graycliff Partners -

56 | M&A and Investment Summary September 2015