Software Equity Group Flash Report

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

Current Sell‐side Representation

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

Recent Sell‐side Representation

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

SEG Research Distribution

• SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc. in 76 countries.

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

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

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

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

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

CONTACT INFORMATION:

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

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

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

Additions: Company Ticker Index Category Apigee Corporation APIC SaaS ERP & Supply Chain Management Wowo Limited WOWO Internet Commerce

Removals: Company Ticker Previous Index Previous Category Mavenir Systems Networking and Network Performance - Software Acquired by Mitel U.S. Holdings ($546.6M) Management Riverbed Technology Inc. Networking and Network Performance - Software Acquired by Thoma Bravo & Ontario Teachers' Pension Plan ($3.3B) Management

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-01-2015 Adventure Inc. (TSE:6030) AppAge Limited ---- Apr-01-2015 Newnote Financial Corp. (DB:1W4) BitVisits.com ---- Apr-01-2015 Send For Help Ltd BlueChip Technologies Limited ---- Apr-01-2015 MarketShare Partners LLC Business Researchers, Inc. ---- Apr-01-2015 Drivy, SA Buzzcar, Inc. ---- Apr-01-2015 Helpling GmbH Clean on Demand UG ---- Apr-01-2015 Spiroflow Automation Solutions, Inc. Food Control Solutions, Inc. ---- Apr-01-2015 Nuffer, Smith, Tucker Inc. Gable PR LLC ---- Apr-01-2015 KEMET Corp. (NYSE:KEM) Intellidata, Inc. ---- Apr-01-2015 Viewpoint, Inc. Jobpac International Systems Pty Ltd. ---- Apr-01-2015 LLamasoft, Inc. LogicTools, Inc. ---- Apr-01-2015 eCommerce Industries, Inc. Naverisk Ltd. ---- Apr-01-2015 Maxima Sistemas de Informática S.A. ONNET Serviços de Informatica Ltda ---- Apr-01-2015 ESI Group SA (ENXTPA:ESI) Picviz Labs SAS ---- Apr-01-2015 AussieCommerce PINCHme Australia Pty Ltd. ---- Apr-01-2015 Ambry Genetics Corp. Progeny Software, LLC ---- Apr-01-2015 Bankrate, Inc. (NYSE:RATE) Quizzle.com ---- Apr-01-2015 Augeo Affinity Marketing Inc. RewardsNOW, Inc. ---- Apr-01-2015 Twitter, Inc. (NYSE:TWTR) tenXer, Inc. ---- Apr-01-2015 salesforce.com, inc. (NYSE:CRM) Toopher Inc. ---- Apr-01-2015 - Valpak Direct Marketing Systems, Inc., Valpak of Kansas City Territory ---- Apr-01-2015 CoCubes Technologies Pvt. Ltd. VCS Tech Solutions Pvt. Ltd. ---- Apr-02-2015 LRP Conferences, LLC 1105 Media, Inc., Education Technology Events ---- Apr-02-2015 Changepoint Corporation Barometer, Inc. ---- Apr-02-2015 NEXON Korea Corporation Boolean Games ---- Apr-02-2015 Sunrun Inc. Clean Energy Experts - Inc. ---- Apr-02-2015 Direct Travel, Inc. Creative Group, Inc. $126.0 - - - Apr-02-2015 Educational Growth Partners LLC Digedu Enterprises LLC ---- Apr-02-2015 Gravity4, Inc. EZ Like Midia e Participacoes Ltda. $40.0 - - - Apr-02-2015 Satellite Logistics Group, Inc. Have AnotherRound Apps, L.L.C. ---- Apr-02-2015 Check Point Software Technologies Ltd. (NasdaqGS:CHKP) Lacoon Security Ltd. ---- Apr-02-2015 TomTom NV (ENXTAM:TOM2) Location Navigation Pty Ltd. ---- Apr-02-2015 Wix.com Ltd. (NasdaqGS:WIX) Moment Ltd. ---- Apr-02-2015 Altair Engineering, Inc. Multiscale Design Systems, LLC ---- Apr-02-2015 LULU SOFTWARE, Inc. Online PDF Services OÜ ---- Apr-02-2015 Oakley Capital Investments Limited (AIM:OCL) PARSHIP GmbH $65.3 - - - Apr-02-2015 Navigator Limited Playbook Communications Inc. ---- Apr-02-2015 IPH Limited (ASX:IPH) Practice Insight Pty Ltd. and WiseTime Pty Ltd. - $6.1 - - Apr-02-2015 LinkedIn Corporation (NYSE:LNKD) Refresh, Inc. ---- Apr-02-2015 B² Interactive LLC Self Storage Company LLC, Storage.com ---- Apr-02-2015 Sovos Compliance, LLC Six88 Solutions, Inc. ---- Apr-02-2015 From You Flowers, LLC Social Media Link LLC ---- Apr-02-2015 MediaNation Inc. Yocto Media Group and sheblogs Media ---- Apr-03-2015 Pinterest, Inc. Hike Labs, Inc. ---- Apr-03-2015 Capillary Technologies Pvt Ltd. MartJack ---- Apr-05-2015 Kairos AR, Inc. IMRSV Inc. - $2.7 - - Apr-05-2015 TEN: The Enthusiast Network Torque.TV LLC ---- Apr-06-2015 Valore Boundless Learning, Inc. ---- Apr-06-2015 Mad Fish Digital, Inc. Digital Aptitude ---- Apr-06-2015 Green House Data, Inc. FiberCloud, Inc. ---- Apr-06-2015 Youzu Interactive Co., Ltd. (SZSE:002174) Guangzhou Zhangtao Network Technology Co., Ltd. - $86.8 - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select April 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-06-2015 Campus Management International Pvt. Ltd. Idenizen Smartware Pvt Ltd. ---- Apr-06-2015 Gimmal LLC Imagitek, Ltd. ---- Apr-06-2015 Permira Advisers Ltd.; Canada Pension Plan Investment Informatica Corporation (NasdaqGS:INFA) $1,055.4 $4,822.3 4.6x 25.5x Apr-06-2015 Matrimony.com Limited Matchify Services Private Limited ---- Apr-06-2015 Akamai Technologies, Inc. (NasdaqGS:AKAM) Octoshape ApS ---- Apr-06-2015 Vox Media, Inc. OpBandit, Inc. ---- Apr-06-2015 XSEED Education Pte. Ltd. Pleolabs Technology Private Limited ---- Apr-06-2015 IHS Inc. (NYSE:IHS) RootMetrics Inc. ---- Apr-06-2015 Grupo ABC Ltda. Salve Agencia Interativa Ltda. ---- Apr-07-2015 Early Warning Services, LLC Authentify, Inc. ---- Apr-07-2015 Fish Marketing BDC Advertising, Inc. ---- Apr-07-2015 ICiDigital, Inc. Billups & Associates, Inc. ---- Apr-07-2015 AfterCollege, Inc. collegefeed inc. ---- Apr-07-2015 E-LOUE SAS ContactNgo.com ---- Apr-07-2015 Synchronous Technologies, Inc. CoolerEmail, Inc. and CoolerWeb, Inc. ---- Apr-07-2015 Fuji TV-Lab, LLC GPlus Media Co Ltd. and Real Estate Japan K.K. ---- Apr-07-2015 Media Lodge GunUp Publishing LLC ---- Apr-07-2015 IIX Inc. IX Reach Ltd. ---- Apr-07-2015 Hubei Landing Holding Co., Ltd. (SZSE:000971) Jilin Gosun Technology Co.,Ltd. - $242.0 - - Apr-07-2015 Reserve Media, Inc. K41, Inc. and Hail, Inc. ---- Apr-07-2015 Teikametrics, LLC Lab Escape, Inc. ---- Apr-07-2015 AussieCommerce LivingSocial Pty Ltd. ---- Apr-07-2015 PropTiger Realty Pvt Ltd OoBI Media Solutions Pvt. Ltd. ---- Apr-07-2015 Nuspire Networks Inc. Security Confidence Corporation ---- Apr-07-2015 Universe Group plc (AIM:UNG) SPEDI Norcon Ltd. ---- Apr-07-2015 Singapore Telecommunications Limited (SGX:Z74) TrustWave Holdings, Inc. $216.0 $826.5 3.8x - Apr-07-2015 Media-Saturn-Holding GmbH txtr GmbH ---- Apr-07-2015 Investissements TSPL Inc. Zippler ---- Apr-08-2015 Jasper Infotech Private Limited Accelyst Solutions Pvt. Ltd. ---- Apr-08-2015 Emma, Inc. Boomerang.com, Inc. ---- Apr-08-2015 Ivie & Associates, Inc. CLM, LLC ---- Apr-08-2015 Sprinklr Inc. Get Satisfaction, Inc. ---- Apr-08-2015 InfoVista S.A. Ipanema Technologies S.A. ---- Apr-08-2015 Optio Labs, LLC Oculis Labs Inc. ---- Apr-08-2015 Artplan Comunicação S/A. Outra Coisa ---- Apr-08-2015 EDPlus Holdings, LLC PrepTalk, Inc. ---- Apr-08-2015 Basware UK Ltd. ProcServe Holdings Limited $10.4 $28.0 2.7x - Apr-08-2015 AppFolio, Inc. RentLinx, LLC. ---- Apr-08-2015 The Boy Scouts of America Scoutbook, Inc. ---- Apr-08-2015 ProQuest LLC SIPX, Inc. ---- Apr-08-2015 Accela, Inc. SoftRight, LLC and Springbrook Software, Inc. ---- Apr-08-2015 Lavia Investment Company Limited WiAfrica Tanzania Limited - $3.2 - - Apr-08-2015 Walbrook PR Ltd. Winningtons Financial Public Relations Ltd. ---- Apr-09-2015 Air New Zealand Limited (NZSE:AIR); Aimia Canada Inc. 11Ants Analytics Limited ---- Apr-09-2015 Insitu, Inc. 2d3 Inc. $8.3 $24.8 3.0x - Apr-09-2015 China Transinfo Technology Co., Ltd. (SZSE:002373) Beijing Aero-com Information Technology Co., Ltd. $5.6 $17.7 3.2x - Apr-09-2015 LA FOURCHETTE ESPAÑA, S.L. Besttables S.A. ---- Apr-09-2015 MyDx, Inc. (OTCBB:MYDX) Brista Corp. ---- Apr-09-2015 in-tech GmbH c4c Engineering GmbH ---- Apr-09-2015 SunGard Data Systems Inc. Citibank, National Association, US Long Funds Transfer Agency Business ---- Apr-09-2015 Corvisa Services, LLC Codebox ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select April 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-09-2015 Quality Systems Inc. (NasdaqGS:QSII) Gennius, Inc. ---- Apr-09-2015 Shenzhen Comix Group Co., Ltd. (SZSE:002301) Hangzhou Maimiao Tech Limited $4.2 $54.4 13.0x - Apr-09-2015 Gibson Brands, Inc. Harmony Central, Inc. ---- Apr-09-2015 Dartican LLC KnowledgePay, Inc. ---- Apr-09-2015 NextRadioTV SA (ENXTPA:NXTV) Moneyweb SARL ---- Apr-09-2015 Wave Broadband, LLC National Voice & Data, LLC ---- Apr-09-2015 PT Innovate Mas Utama PT Eka Mas Republik - $0.1 - - Apr-09-2015 Sandbox Group LLC Underline Communications, McCormick Company and One Advertising ---- Apr-10-2015 proALPHA Software GmbH ALPHA Business Solutions AG ---- Apr-10-2015 Quadrant 4 Systems Corporation (OTCPK:QFOR) Brainchild, Corp. - $1.6 - - Apr-10-2015 INSPUR Software Group Company Limited Inspur Communication Information System Limited $63.4 $7.1 0.1x - Apr-10-2015 Gabriel deGrood Bendt, LLC McFarland Communications LLC ---- Apr-10-2015 Woodstock Holdings, Inc., Investment Arm Monophase LLC ---- Apr-10-2015 MCH Group AG (SWX:MCHN) Reflection Marketing AG ---- Apr-10-2015 Blackboard Inc. Remote-Learner UK Limited ---- Apr-10-2015 Australia & New Zealand Banking Group Limited (ASX:ANZ) Shout For Good Pty. Ltd. ---- Apr-10-2015 TabTale Ltd. Sunstorm Games, LLC ---- Apr-10-2015 AssureSign LLC Third Party Verification, Inc. ---- Apr-10-2015 Norwest Venture Partners WineAccess, Inc ---- Apr-12-2015 Daniel J. Edelman, Inc. DABO & CO ---- Apr-12-2015 Avid Technology, Inc. (NasdaqGS:AVID) Orad Hi Tec Systems Ltd. (XTRA:OHT) $40.5 $57.9 1.4x 11.6x Apr-13-2015 Dresner Corporate Services, Inc. Allen & Caron Inc. ---- Apr-13-2015 Satoshi Citadel Industries Inc. BuyBitcoin.ph ---- Apr-13-2015 - Cicada Communications Limited ---- Apr-13-2015 International Business Machines Corporation (NYSE:IBM) Explorys, Inc. ---- Apr-13-2015 Driftt, Inc. Fetchnotes, Inc. ---- Apr-13-2015 RemitDATA, Inc. IF Technologies, Inc. ---- Apr-13-2015 MercadoLivre.Com Atividades de Internet Ltda. KPL Solucoes Ltda - $16.1 - - Apr-13-2015 Engine Yard, Inc. OpDemand LLC ---- Apr-13-2015 PPM 2000 Inc. Resolver Inc. ---- Apr-13-2015 Hortonworks, Inc. (NasdaqGS:HDP) SequenceIQ Inc. ---- Apr-13-2015 Toho Cinemas Ltd. Yahoo Japan Corporation, Dreampass Business ---- Apr-14-2015 Panda Fireworks Group Co., Ltd. (SHSE:600599) 51% Stake in Shanghai Niwodai Financial Information and Jiayin (Shanghai) Enterprise Credit ---- Apr-14-2015 Charter Communications, Inc. (NasdaqGS:CHTR); ARRIS Group, Inc. (NasdActiveVideo Networks, Inc. - $135.0 - - Apr-14-2015 EMC Corporation (NYSE:EMC) CloudLink Technologies Inc. $1.0 - - - Apr-14-2015 Microsoft Corporation (NasdaqGS:MSFT) Datazen Software Inc. ---- Apr-14-2015 Marlin Equity Partners, LLC General Dynamics Fidelis Cybersecurity Solutions Inc. ---- Apr-14-2015 Ernst & Young Australia ISD Analytics ---- Apr-14-2015 Securus Technologies, Inc. JPay, Inc. ---- Apr-14-2015 Avaya Inc. KnoahSoft, Inc. ---- Apr-14-2015 Mobyt S.p.A. (BIT:MBY) Mobile Solution S.r.l - $5.3 - - Apr-14-2015 Dude Solutions Inc. Mobile311, LLC ---- Apr-14-2015 Kinboy International SA Onda Delivery ---- Apr-14-2015 - OTAS Technologies Limited ---- Apr-14-2015 Antuit Pte. Ltd. Prognos, Inc. ---- Apr-14-2015 Luxey Online Solutions Limited Shenzhen City Fan Hou Technology Limited ---- Apr-14-2015 LTF Design & Marketing Ltd. SureFire Excellence Ltd ---- Apr-14-2015 ABILITY Network Inc. System Designs, Inc. ---- Apr-14-2015 eQube Gaming Limited (TSXV:EQG) Teknobingo Scandinavia AS and Bingo Entreprenøren AS ---- Apr-14-2015 Percona LLC Tokutek, Inc. ---- Apr-14-2015 Box, Inc. (NYSE:BOX) Verold Inc. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select April 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-14-2015 Zomato Media Pvt. Ltd. Zomato Base ---- Apr-15-2015 Endless LLP Adare Group Limited $251.3 $88.7 0.4x - Apr-15-2015 ETUDE REALIS INDUSTRIELLES INFORMATIQU est une SARL Agence People-Coccinelle $1.9 - - - Apr-15-2015 Scribble Technologies Inc. Appinions Inc. ---- Apr-15-2015 Phase 3 Marketing & Communications Brand Fever, Inc. ---- Apr-15-2015 ESI Group SA (ENXTPA:ESI) Ciespace Corporation ---- Apr-15-2015 Adacel Technologies Limited (ASX:ADA) Computer Sciences Corporation, ExSim ATC Simulator Line and Associated Support Services ---- Apr-15-2015 Pakistan Telecommunication Company Limited (KASE:PTC) DVCOM Data (Private) Limited ---- Apr-15-2015 Caterpillar Motoren GmbH & Co. KG ESRG Technologies Group LLC ---- Apr-15-2015 SIOS Technology, Inc. (TSE:3744) Keyport Solutions, Inc. - $3.7 - - Apr-15-2015 WPP plc (LSE:WPP) Medialets, Inc. ---- Apr-15-2015 Spectrio, LLC Message On Hold Plus Inc. ---- Apr-15-2015 Events.com, Inc. Pixelpushers, Inc. ---- Apr-15-2015 Luminate Capital Partners Professional Datasolutions, Inc. ---- Apr-15-2015 EFactor Group Corp. (OTCPK:EFCT) Rockethub, Inc. - $15.0 - - Apr-15-2015 Bynder B.V. SocialExpress BVBA ---- Apr-15-2015 Compass Bank Spring Studio ---- Apr-15-2015 DianhuaBang StorySense Computing, Inc. - $10.0 - - Apr-15-2015 Dentsu Aegis Network Ltd. The Forbes Consulting Group, LLC $7.7 - - - Apr-16-2015 Carzonrent India Pvt Ltd. 42 Solutions Private Limited ---- Apr-16-2015 Acuity Brands, Inc. (NYSE:AYI) ByteLight, Inc. ---- Apr-16-2015 Cimpress N.V. (NasdaqGS:CMPR) Easyflyer $6.1 - - - Apr-16-2015 Carl Capital Corp. FlowWorks, Inc. $0.8 - - - Apr-16-2015 NIPPON PARKING DEVELOPMENT Co., Ltd. (TSE:2353) JMA Co., Ltd. $1.9 - - - Apr-16-2015 Orange Business Services OCEAN SAS $10.9 - - - Apr-16-2015 SNL Financial LC Perr&Knight, Inc., RateFilings.com ---- Apr-16-2015 MAIRDUMONT GmbH & Co. KG TripsByTips GmbH ---- Apr-16-2015 QuinStreet, Inc. (NasdaqGS:QNST) Vemm LLC ---- Apr-16-2015 Rocket Internet AG (XTRA:RKET) Volo Logistics UG (haftungsbeschränkt) ---- Apr-16-2015 Baidu, Inc. (NasdaqGS:BIDU) Xingyun Rongchuang (Beijing) Technology Co. Ltd. ---- Apr-17-2015 DTC Japan, Inc. Arario Corporation - $1.0 - - Apr-17-2015 Accor S.A. (ENXTPA:AC) FastBooking SAS $22.6 - - - Apr-17-2015 FIDUCIAL Informatique SAS I'Car Systems SARL ---- Apr-17-2015 Aircanopy Internet Services, LLC Internet America, Inc., Substantially All Assets $8.3 $10.4 1.3x 8.3x Apr-17-2015 Tailored, Inc. MelonCard, Inc. ---- Apr-17-2015 Broad Connect Telecom Inc. Shift Networks, Inc. ---- Apr-17-2015 Expedia.com GmbH TripsByTips GmbH, Community Portal ---- Apr-17-2015 Patriot Technology Solutions, Inc. Vikaran Solutions LLC - $8.5 - - Apr-18-2015 Talkweb Information System Co.,Ltd. (SZSE:002261) Shandong Changzheng EducationTechnology Co., Ltd. - $116.8 - - Apr-19-2015 Telenet Group Holding NV (ENXTBR:TNET) BASE Company nv $742.2 $1,425.3 1.9x 7.8x Apr-20-2015 iProspect.com, Inc. abaGada Internet Ltd. $5.2 - - - Apr-20-2015 China Smartpay Group Holdings Limited (SEHK:8325) AE Investment Consulting Limited - $37.5 - - Apr-20-2015 Oxford University Press Ltd. bab.la GmbH ---- Apr-20-2015 Synopsys Inc. (NasdaqGS:SNPS) Codenomicon Oy ---- Apr-20-2015 Shorenstein Company LP EnerNOC, Inc., Energy Intelligence Software Platform ---- Apr-20-2015 SocialToaster, Inc. FLG Psyche, LLC ---- Apr-20-2015 Swisslog USA Inc. Forte Industrial Equipment Systems, Inc. ---- Apr-20-2015 CalAmp Corp. (NasdaqGS:CAMP) Gulfstream Telematics LLC - $1.5 - - Apr-20-2015 Pink Gorilla Marketing and Hairy Lemon Events Hairy Lemon Ltd ---- Apr-20-2015 Wasserman Media Group, LLC Laundry Service Media, LLC ---- Apr-20-2015 The Martin Group, LLC Martin Davison Public Relations ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select April 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-20-2015 Market Track, LLC New Momentum, Inc. ---- Apr-20-2015 CenturyLink, Inc. (NYSE:CTL) Orchestrate, Inc. ---- Apr-20-2015 popupBLN UG (haftungsbeschränkt) Pixlbar Communicative Design, Popupsquare Platform ---- Apr-20-2015 X5 Solutions, Inc. Switching Concepts ---- Apr-21-2015 Atlassian Pty Ltd. BlueJimp, SARL ---- Apr-21-2015 Information Resources, Inc. Datasea ---- Apr-21-2015 Hollywood Software, Inc. Digital Cinema Systems Corp. ---- Apr-21-2015 iHookup Social, Inc. (OTCPK:HKUP) friendable Inc. ---- Apr-21-2015 - H2C ---- Apr-21-2015 Geniune Heart Trading Limited Idea Trade Limited - $5.5 - - Apr-21-2015 Efficient Collaborative Retail Marketing Company, LLC Lifeboat Events, LLC ---- Apr-21-2015 NameFind LLC Marchex Sales, LLC, Domain Name Portfolio Business - $28.1 - - Apr-21-2015 mClinica Pte. Ltd. Medix ---- Apr-21-2015 Online Learning MERLOT, The Journal of Online Learning and Teaching ---- Apr-21-2015 MakeMyTrip Limited, Investment Arm MYGOLA INC. ---- Apr-21-2015 SpotHero Inc. ParkPlease ---- Apr-21-2015 Oxygen Marine Ltd Rightboat Ltd. ---- Apr-21-2015 Cathay Capital Private Equity SAS Smartadserver $15.1 $39.8 2.6x - Apr-21-2015 District Photo, Inc. Snapfish Inc. ---- Apr-21-2015 Virtua Research Inc. StockConferenceCalendar ---- Apr-21-2015 Believe SAS TuneCore, Inc. ---- Apr-21-2015 The Eastern Jin Kai International Limited V Media Corporation $15.6 - - - Apr-21-2015 BlackBerry Limited (TSX:BB) WatchDox, Inc. ---- Apr-22-2015 Granular, Inc. AcreValue Inc. ---- Apr-22-2015 Style Advertising Ballard Advertising ---- Apr-22-2015 Jiangsu Hoperun Software Co.,Ltd. (SZSE:300339) Beijing UISF Information Technology Co., Ltd. - $353.0 - - Apr-22-2015 NetSuite Inc. (NYSE:N) Bronto Software, Inc. - $200.0 - - Apr-22-2015 MiTek Industries, Inc. BuilderMT, LLC ---- Apr-22-2015 Learning Seat Pty. Ltd. C-Learning Pty Ltd ---- Apr-22-2015 Solera Holdings Inc. (NYSE:SLH) DMEautomotive, LLC ---- Apr-22-2015 - DriveFactor Inc. - $22.0 - - Apr-22-2015 Intermark Group, Inc. DynaMedia of America, Inc. ---- Apr-22-2015 Havas Event EGC & Associes SAS ---- Apr-22-2015 Fyber Falk Realtime Ltd - $11.9 - - Apr-22-2015 HockeyTech Canada ULC FASTHOCKEY, INC. ---- Apr-22-2015 VOYAGE GROUP, Inc. (TSE:3688) Kauli, Inc. $5.6 $12.3 2.2x - Apr-22-2015 Ocean Outdoor Advertising Limited Media Co Outdoor ---- Apr-22-2015 Mercadolibre, Inc. (NasdaqGS:MELI) Metros Cubicos, S.A. de C.V. ---- Apr-22-2015 Photobucket.com, Inc. Milyoni, Inc. ---- Apr-22-2015 Zomato Media Pvt. Ltd. NexTable, Inc. ---- Apr-22-2015 Comuto S.A.S. Redes de Aventones S.A.P.I. de C.V. ---- Apr-22-2015 Legacy.com, Inc. Tributes, Inc. ---- Apr-22-2015 Trimble Navigation Limited (NasdaqGS:TRMB) YottaMark, Inc., HarvestMark ---- Apr-23-2015 Amadeus IT Group S.A. Air-Transport IT Services, Inc. ---- Apr-23-2015 Illusions Online Arabia FZ LLC anixe Polska sp. z o.o. ---- Apr-23-2015 Restaurangakademien AB Årets Kock AB ---- Apr-23-2015 Interactive Brokers Group, Inc. (NasdaqGS:IBKR) Covestor, Inc. ---- Apr-23-2015 Practo Technologies Private Limited Fitho Wellness Services Pvt. Ltd. ---- Apr-23-2015 ClassPass Inc. Fitmob, Inc. ---- Apr-23-2015 Tribeck Strategies, Inc. GALAWeb Incorporated - $0.3 - - Apr-23-2015 RTL Nederland B.V. Grand Gear Media BV ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select April 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-23-2015 AKQA, Inc. H-ART S.r.l. ---- Apr-23-2015 Staples, Inc. (NasdaqGS:SPLS) Happy Studio, Inc. ---- Apr-23-2015 Artistic Promotions, LLC Imagraphics, Inc. ---- Apr-23-2015 Canon Europe Ltd. Lifecake Ltd. ---- Apr-23-2015 Maritime Technologies Corp. LookSmart, Ltd. (NasdaqCM:LOOK) $4.7 - - - Apr-23-2015 DAC Group (Holdings) Limited Make It Rain Limited ---- Apr-23-2015 Internet Brands, Inc. Net Driven ---- Apr-23-2015 NeoXam Nexfi SAS ---- Apr-23-2015 - O2 Ideas, Inc. ---- Apr-23-2015 Towers Watson & Co. (NasdaqGS:TW) Saville Consulting Group Ltd - $63.9 - - Apr-23-2015 Publicis Groupe SA (ENXTPA:PUB) Vivid Brand Limited ---- Apr-24-2015 Agência Saliva Agência I.CON - $0.3 - - Apr-24-2015 Endress+Hauser AG Colsein Ltda, Process Automation Business ---- Apr-24-2015 Syndication, Inc. (OTCPK:SYNJ) Day TradeXchange ---- Apr-24-2015 Intercity Networks Limited Gage Networks LLP ---- Apr-24-2015 StreamTrack, Inc. (OTCPK:STTK) Global Gaming Network, Inc., Certain Sports Fantasy Assets - $0.1 - - Apr-24-2015 Sectra Aktiebolag (publ) (OM:SECT B) it-mark ApS $2.0 - - - Apr-24-2015 Aeria Inc. (JASDAQ:3758) Liber Entertainment Inc. $1.7 $3.0 1.8x - Apr-24-2015 Sysorex Global Holdings Corp. (NasdaqCM:SYRX) LightMiner Systems, Inc. - $3.6 - - Apr-24-2015 Rhapsody International Inc. Reveal Chat, Inc. ---- Apr-24-2015 Infosys Ltd. (BSE:500209) Skava, Inc. - $120.0 - - Apr-24-2015 Etat d'Esprit SARL Stratis Consultants ---- Apr-25-2015 Beijing Tongtech Co., Ltd. (SZSE:300379) Digital Heaven Information & Technology Co., Ltd. - $6.7 - - Apr-27-2015 MasterCard Incorporated (NYSE:MA) Applied Predictive Technologies, Inc. - $600.0 - - Apr-27-2015 Woodruff Communications, Inc. Confluence Marketing, Inc. ---- Apr-27-2015 Europ Net II Eden Services SAS ---- Apr-27-2015 Group One Sp. z o.o. GONG Sp. z o.o. $3.3 $4.1 1.3x - Apr-27-2015 ARI Network Services Inc. (NasdaqCM:ARIS) Signal Extraprise Corporation and TASCO Corporation - $2.7 - - Apr-27-2015 Medican Enterprises, Inc. (OTCPK:MDCN.D) TWYNS - $0.4 - - Apr-27-2015 Guangdong Sky Dragon Printing Ink Group Co., Ltd. (SZSE:300063) Yutang Lianchuang - $209.0 - - Apr-28-2015 - 7Road.com Ltd. And Certain Overseas Assets - $200.0 - - Apr-28-2015 - Asahi Net International, Inc. ---- Apr-28-2015 Audio Visual Services Group, Inc. AVC Live Ltd ---- Apr-28-2015 Cross Company, Inc. Basket, Inc. ---- Apr-28-2015 Pagoda Public Relations Limited CM Porter Novelli Limited ---- Apr-28-2015 CallSource, Inc. ContactPoint LLC, Phone Coaching And Training Division ---- Apr-28-2015 TransAction Solutions Limited Data Action Pty. Ltd. ---- Apr-28-2015 gamigo AG GameSpree GmbH & Co. KG ---- Apr-28-2015 Francisco Partners Management LLC HealthcareSource HR, Inc. ---- Apr-28-2015 GoPro, Inc. (NasdaqGS:GPRO) Kolor SARL $2.2 - - - Apr-28-2015 Olabuenaga Chemistri S.A. de C.V. Leo Burnett Mexico, S.A. De C.V. ---- Apr-28-2015 Schneider Electric SE (ENXTPA:SU) LimeWare Company Inc. ---- Apr-28-2015 Cendyn Corporation Ovations Management Solutions, LLC ---- Apr-28-2015 SolarWinds, Inc. (NYSE:SWI) Papertrail Inc. - $41.1 - - Apr-28-2015 Corbis Entertainment Plaid Social Labs Inc. ---- Apr-28-2015 HAVELSAN, Inc. Quantum3D, Inc. ---- Apr-28-2015 Enviance, Inc. Remedy Interactive, Inc. ---- Apr-28-2015 Twitter, Inc. (NYSE:TWTR) TellApart, Inc. - $533.0 - - Apr-28-2015 MyMilitarySavings.com Inc. Thrifty Shopaholic ---- Apr-28-2015 NanoTech Entertainment, Inc. (OTCPK:NTEK) Uplink.to ---- Apr-28-2015 BigCommerce Pty. Ltd. Zing ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select April 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Apr-29-2015 UST Global Inc. AssistanZ Networks Pvt. Ltd. ---- Apr-29-2015 Girnar Software Pvt. Ltd. BuyingIQ Online Services Pvt. Ltd. ---- Apr-29-2015 Amazon.com Inc. (NasdaqGS:AMZN) Clusterk, Inc. - $50.0 - - Apr-29-2015 Flipkart Online Services Pvt. Ltd. DSYN Technologies Pvt. Ltd. ---- Apr-29-2015 Eaton Towers Egypt Limited Egyptian Company for Mobile Towers Services - $131.0 - - Apr-29-2015 1776 Campus, Inc. Hattery ---- Apr-29-2015 Webedia SAS IDG Entertainment Media GmbH And OnlineWelten GmbH And IDGPS Media Network GmbH ---- Apr-29-2015 Digitaleo SAS Imaginative ---- Apr-29-2015 Cegid Group SA (ENXTPA:CGD) JDS Solutions Corporation $5.5 - - - Apr-29-2015 Fortunis Resources Limited (ASX:FOT) Livelynk Group Pty Limited - $2.4 - - Apr-29-2015 Citadel Communications Pty Ltd. MAGNUS Pty Ltd. ---- Apr-29-2015 PropTiger Realty Pvt Ltd Makaan.com Pvt. Ltd. ---- Apr-29-2015 R2 Integrated, LLC Make Me Social, LLC ---- Apr-29-2015 Ex Libris Ltd oMbiel Limited ---- Apr-29-2015 InStream, LLC Tallega Software LLC ---- Apr-29-2015 Adobe Systems Incorporated (NasdaqGS:ADBE) Tumri, Inc. ---- Apr-30-2015 Etrawler Limited Cabforce Ltd. ---- Apr-30-2015 Francisco Partners Management LLC ClickSoftware Technologies Ltd. (NasdaqGS:CKSW) $126.2 $377.6 3.0x - Apr-30-2015 ProQuest LLC Coutts Information Services Limited ---- Apr-30-2015 BioNovelus Inc. Firstin Wireless Technology, Inc. (OTCPK:FINW) ---- Apr-30-2015 Generix SA (ENXTPA:GENX) Gmi Connectivity SARL ---- Apr-30-2015 Caterpillar Oil & Gas PEPR Inc. ---- Apr-30-2015 Sprinklr Inc. Scup Ltda. ---- Apr-30-2015 Zoopla Property Group Plc (LSE:ZPLA) Ulysses Enterprises Limited $96.6 $292.0 3.0x 11.8x Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD SEG Software Index $2,293.3 $2,288.9 $607.5 66.8% 18.7% 8.3% 3.3x 16.1x 3.1x 12.1x 8.5% Billing & Service Management $995.2 $1,049.3 $491.8 59.7% 27.1% 7.6% 2.0x 10.4x 2.0x 8.8x 10.6% Business Intelligence $2,520.1 $2,591.0 $584.7 75.3% 15.3% 10.0% 3.9x 18.2x 3.4x 14.1x 12.0% Development Platforms $1,335.7 $1,272.7 $339.4 73.5% 18.7% 4.5% 2.5x 9.7x 2.6x 9.0x 8.6% Engineering & PLM $4,406.3 $4,669.1 $1,244.1 84.1% 20.4% 7.9% 3.5x 16.2x 3.7x 11.7x 5.5% Enterprise Resource Planning $8,006.5 $8,616.0 $2,004.9 61.1% 28.4% 2.5% 4.3x 15.1x 4.0x 12.7x 6.5% Financial & Accounting $2,688.7 $3,318.0 $815.8 55.2% 22.3% 9.7% 4.1x 16.7x 3.9x 12.4x 10.6% Gaming $2,282.4 $2,233.6 $1,663.8 66.7% 19.0% -2.2% 1.5x 11.5x 1.2x 9.5x 7.6% Healthcare $1,253.8 $1,612.7 $606.0 53.3% 15.7% 4.4% 2.6x 18.1x 2.3x 11.4x 6.9% IT Conglomerates $168,675.1 $179,408.6 $90,147.0 61.1% 32.9% 2.5% 3.5x 9.8x 3.5x 9.7x 4.8% Mobile Solutions/Content $707.1 $666.1 $309.5 57.2% 4.2% 23.9% 2.4x 18.9x 2.0x 10.0x 0.3% Networking & Network Performance Management $2,144.6 $1,957.2 $277.4 71.0% 9.9% 14.7% 2.4x 19.7x 2.3x 10.8x 15.9% Security $1,924.9 $1,747.7 $227.8 75.4% 6.7% 12.6% 3.8x 17.0x 4.6x 20.4x 15.9% Storage, Data Mgmt & Integration $6,651.9 $5,977.4 $1,639.2 81.7% 17.1% 2.4% 2.6x 9.4x 2.6x 8.3x 0.5% Systems Management $12,274.2 $11,973.6 $2,471.2 84.8% 26.4% 14.7% 4.3x 18.5x 4.0x 12.4x 6.6% Vertical - Finance $5,257.1 $5,496.4 $903.8 44.8% 30.3% 5.5% 5.2x 16.2x 4.9x 13.2x 14.0% Vertical - Other $2,327.4 $2,599.9 $435.7 47.5% 12.9% 15.2% 4.5x 29.2x 4.0x 18.8x 18.9%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - April 2015 TTM Revenue Growth 8.3% 10% TTM EBITDA Growth 0.0% TTM Earnings Growth -8.4% Gross Profit Margin 66.8% 8% EBITDA Margin 18.7% Net Income Margin -23.4% 6% SG&A Expenses as a % of Total Revenue 59.8% R&D Expenses as a % of Total Revenue 19.1% 4% Balance Sheet Analysis (Median) Current Ratio 2.0 2% Quick Ratio 1.9 Cash as Percent of Market Cap 10.9% 0% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.4x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 5.1% Cash from Operations Growth (YoY) 25.6% -6% Cash from Investing Growth (YoY) -72.1% Cash from Financing Growth (YoY) 15.0% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 13.0%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Amdocs Limited DOX $8,555.7 $7,263.2 $3,611.6 35.8% 19.4% 4.8% 2.0x 10.4x 2.0x 9.4x 18.8% CSG Systems International CSGS $995.2 $1,049.3 $748.9 48.3% 15.7% -0.8% 1.4x 8.9x 1.4x 6.7x 19.7% Evolving Systems EVOL $108.3 $98.5 $29.8 75.3% 31.1% 19.0% 3.3x 10.7x 3.1x 9.3x 1.1% MIND C.T.I. MNDO $53.6 $39.9 $25.0 60.0% 32.3% 26.8% 1.6x 4.9x n/a n/a -23.5% NeuStar NSR $1,683.6 $2,126.1 $985.1 74.4% 38.6% 7.6% 2.2x 5.6x 2.0x 4.5x 8.1% Redknee Solutions RKN $388.3 $336.6 $241.2 55.3% 6.7% -3.1% 1.4x 20.8x 1.4x 8.3x 11.8% Synchronoss Technologies SNCR $1,974.1 $2,010.7 $491.8 59.7% 27.1% 33.2% 4.1x 15.1x 3.4x 9.9x 10.6% Median: $995.2 $1,049.3 $491.8 59.7% 27.1% 7.6% 2.0x 10.4x 2.0x 8.8x 10.6%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - April 2015 TTM Revenue Growth 7.6% 20% TTM EBITDA Growth 16.0% TTM Earnings Growth 10.9% Gross Profit Margin 59.7% 15% EBITDA Margin 27.1% Net Income Margin 12.7% SG&A Expenses as a % of Total Revenue 20.8% 10% R&D Expenses as a % of Total Revenue 14.1%

5% Balance Sheet Analysis (Median) Current Ratio 2.7 Quick Ratio 2.6 0% Cash as Percent of Market Cap 17.1% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 53 -5% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 12.9% Cash from Operations Growth (YoY) 5.5% -15% Cash from Investing Growth (YoY) 42.0% Cash from Financing Growth (YoY) -64.1% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Fair Isaac FICO $2,746.9 $3,318.0 $815.8 66.8% 22.3% 9.7% 4.1x 18.2x 3.8x 12.6x 22.6% Informatica INFA $5,009.5 $4,510.8 $1,055.4 82.4% 18.1% 8.0% 4.3x 23.6x 3.9x 16.4x 27.0% MicroStrategy MSTR $2,062.7 $1,670.9 $565.8 77.1% 12.4% -3.1% 3.0x 23.9x 3.0x 11.2x 11.6% Pegasystems PEGA $1,650.2 $1,439.0 $603.5 68.6% 12.5% 13.2% 2.4x 19.0x 2.2x 15.5x 6.0% Progress Software PRGS $1,335.7 $1,272.7 $339.4 89.1% 26.5% 4.5% 3.8x 14.2x 3.0x 10.0x -1.3% PROS Holdings PRO $655.7 $605.1 $185.8 68.7% -2.7% 28.3% 3.3x n/a 2.8x 25.1x -16.1% Qlik Technologies QLIK $3,174.2 $2,893.2 $565.9 86.1% 0.5% 16.7% 5.1x 947.0x 4.6x 44.0x 12.4% Software AG SOW $2,293.3 $2,288.9 $905.6 73.5% 26.1% -11.9% 2.5x 9.7x 2.3x 8.0x 17.7% Splunk SPLK $8,294.3 $7,444.1 $450.9 84.8% -45.1% 49.0% 16.5x n/a 12.3x 197.0x 12.9% Teradata TDC $6,517.5 $6,151.5 $2,686.0 53.0% 20.2% -1.7% 2.3x 11.3x 2.3x 8.8x 0.0% Varonis Systems VRNS $712.8 $601.0 $106.9 90.0% -18.3% 34.5% 5.6x n/a 4.6x n/a -13.1% Verisk VRSK $11,891.3 $13,040.8 $1,796.5 59.6% 46.1% 10.3% 7.3x 15.8x 6.7x 14.1x 17.3% Median: $2,520.1 $2,591.0 $584.7 75.3% 15.3% 10.0% 3.9x 18.2x 3.4x 14.1x 12.0%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - April 2015 TTM Revenue Growth 10.0% 20% TTM EBITDA Growth -13.1% TTM Earnings Growth -26.2% Gross Profit Margin 75.3% 15% EBITDA Margin 15.3% Net Income Margin 8.1% SG&A Expenses as a % of Total Revenue 46.3% R&D Expenses as a % of Total Revenue 18.8% 10%

Balance Sheet Analysis (Median) Current Ratio 1.8 5% Quick Ratio 1.7 Cash as Percent of Market Cap 13.6% Avg Days Outstanding: Accounts Receivable 87 0% Avg Days Outstanding: Accounts Payable 44 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 16.5% Cash from Operations Growth (YoY) 0.7% -10% Cash from Investing Growth (YoY) -15.6% Cash from Financing Growth (YoY) -22.2% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -8.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD BSQUARE BSQR $49.8 $23.4 $95.9 17.2% 3.3% 4.1% 0.2x 7.4x n/a n/a -6.4% Magic Software Enterprises MGIC $283.9 $208.7 $164.3 39.3% 18.7% 13.3% 1.3x 6.8x 1.2x 7.7x 8.6% Progress Software PRGS $1,335.7 $1,272.7 $339.4 89.1% 26.5% 4.5% 3.8x 14.2x 3.0x 10.0x -1.3% Red Hat RHT $13,796.6 $13,249.3 $1,789.5 84.7% 18.5% 16.6% 7.4x 40.1x 6.6x 24.6x 9.1% Software AG SOW $2,293.3 $2,288.9 $905.6 73.5% 26.1% -11.9% 2.5x 9.7x 2.3x 8.0x 17.7% Median: $1,335.7 $1,272.7 $339.4 73.5% 18.7% 4.5% 2.5x 9.7x 2.6x 9.0x 8.6%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - April 2015 TTM Revenue Growth 4.5% 12% TTM EBITDA Growth 4.8% TTM Earnings Growth -8.6% 10% Gross Profit Margin 73.5% EBITDA Margin 18.7% 8% Net Income Margin 10.1% 6% SG&A Expenses as a % of Total Revenue 39.5% R&D Expenses as a % of Total Revenue 13.0% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 1.7 Quick Ratio 1.7 0% Cash as Percent of Market Cap 21.3% -2% Avg Days Outstanding: Accounts Receivable 80 Avg Days Outstanding: Accounts Payable 33 -4% Working Capital to TTM Operating Expense Ratio 0.4x -6% Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 20.7% Cash from Operations Growth (YoY) 66.0% -10% Cash from Investing Growth (YoY) -240.4% Cash from Financing Growth (YoY) 87.4% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 45.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD ANSYS ANSS $7,698.4 $6,909.6 $938.5 87.9% 46.1% 6.8% 7.4x 16.0x 7.2x 14.0x 5.1% Aspen Technology AZPN $3,790.2 $3,574.4 $427.7 88.3% 40.7% 14.6% 8.4x 20.5x 7.6x 16.9x 26.8% Autodesk ADSK $12,912.0 $11,632.8 $2,512.2 86.4% 10.7% 10.5% 4.6x 43.1x 4.4x 26.0x -4.5% Cadence Design Systems CDNS $5,458.4 $5,120.3 $1,613.7 85.9% 21.4% 8.7% 3.2x 14.8x 3.0x 9.4x -1.0% Dassault Systèmes DSY $19,412.0 $18,160.5 $2,625.0 84.5% 25.4% 17.3% 6.9x 27.2x 5.6x 16.5x 25.7% GSE Systems GVP $26.8 $13.6 $37.9 30.0% -12.3% -20.3% 0.4x n/a n/a n/a -3.8% Mentor Graphics MENT $2,777.9 $2,798.8 $1,244.1 84.1% 20.1% 7.6% 2.2x 11.2x 2.2x 8.7x 10.2% Parametric Technology PTC $4,406.3 $4,669.1 $1,342.9 72.8% 20.4% 2.2% 3.5x 17.0x 3.6x 12.9x 5.5% PDF Solutions PDFS $568.3 $436.4 $99.9 61.1% 30.1% -4.3% 4.4x 14.5x 3.8x 9.5x 23.3% Stratasys SSYS $1,908.1 $1,519.8 $750.1 50.4% 13.6% 54.9% 2.0x 14.9x 1.8x 8.1x -53.8% Synopsys SNPS $7,204.8 $6,590.3 $2,120.6 82.5% 18.9% 7.9% 3.1x 16.4x 2.9x 10.6x 8.8% Median: $4,406.3 $4,669.1 $1,244.1 84.1% 20.4% 7.9% 3.5x 16.2x 3.7x 11.7x 5.5%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - April 2015 TTM Revenue Growth 7.9% 10% TTM EBITDA Growth 5.1% TTM Earnings Growth -3.5% Gross Profit Margin 84.1% 8% EBITDA Margin 20.4% Net Income Margin 11.8% 6% SG&A Expenses as a % of Total Revenue 35.8% R&D Expenses as a % of Total Revenue 17.7% 4%

Balance Sheet Analysis (Median) Current Ratio 1.8 2% Quick Ratio 1.7 Cash as Percent of Market Cap 12.7% 0% Avg Days Outstanding: Accounts Receivable 88 Avg Days Outstanding: Accounts Payable 33 Working Capital to TTM Operating Expense Ratio 0.4x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 22.2% Cash from Operations Growth (YoY) 4.5% -6% Cash from Investing Growth (YoY) -45.7% Cash from Financing Growth (YoY) -43.0% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 6.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD American Software AMSW.A $274.3 $217.0 $101.2 52.9% 11.1% 1.3% 2.1x 19.3x 1.9x 9.6x 9.3% Oracle ORCL $190,491.6 $179,408.6 $38,840.0 61.1% 43.2% 2.5% 4.6x 10.7x 4.6x 9.7x -1.0% QAD QADA $437.8 $332.9 $295.1 55.4% 7.0% 10.8% 1.1x 16.1x 1.1x 13.0x 6.5% Sage Group SGE $8,006.5 $8,616.0 $2,004.9 94.0% 28.4% 1.9% 4.3x 15.1x 4.0x 13.3x 5.6% SAP SAP $90,608.2 $96,963.6 $19,722.8 71.6% 32.9% 8.6% 4.9x 14.9x 4.2x 12.7x 8.5% Median: $8,006.5 $8,616.0 $2,004.9 61.1% 28.4% 2.5% 4.3x 15.1x 4.0x 12.7x 6.5%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - April 2015 TTM Revenue Growth 2.5% 10% TTM EBITDA Growth -12.6% TTM Earnings Growth -21.4% 8% Gross Profit Margin 61.1% EBITDA Margin 28.4% 6% Net Income Margin 14.7% SG&A Expenses as a % of Total Revenue 32.1% 4% R&D Expenses as a % of Total Revenue 13.7% 2% Balance Sheet Analysis (Median) Current Ratio 1.5 0% Quick Ratio 1.3 Cash as Percent of Market Cap 20.9% -2% Avg Days Outstanding: Accounts Receivable 78 Avg Days Outstanding: Accounts Payable 23 -4% Working Capital to TTM Operating Expense Ratio 0.3x -6% Cash Flow Statement Analysis (Median) Levered FCF Margin 15.9% -8% Cash from Operations Growth (YoY) -3.5% -10% Cash from Investing Growth (YoY) -158.2% Cash from Financing Growth (YoY) 106.4% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -21.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD ACI Worldwide ACIW $2,688.7 $3,481.1 $1,027.5 55.2% 20.5% 11.2% 3.4x 16.5x 3.3x 12.1x 16.8% Bottomline Technologies EPAY $1,010.6 $1,027.3 $327.2 57.7% 12.1% 15.2% 3.1x 26.0x 2.9x 13.9x 5.6% DST Systems DST $4,258.0 $4,658.8 $2,767.8 16.6% 15.4% 4.1% 1.7x 10.9x 2.3x 10.2x 22.0% Evertec EVTC $1,605.4 $2,262.9 $365.0 56.6% 42.1% 2.2% 6.2x 14.7x 6.1x 12.1x -5.2% Fair Isaac FICO $2,746.9 $3,318.0 $815.8 66.8% 22.3% 9.7% 4.1x 18.2x 3.8x 12.6x 22.6% Fiserv FISV $18,459.9 $21,968.9 $5,107.0 43.5% 30.3% 4.3% 4.3x 14.2x 4.1x 12.4x 9.9% Intuit INTU $27,763.9 $26,895.9 $4,582.0 84.8% 30.6% 11.0% 5.9x 19.2x 5.9x 18.5x 10.6% Model N MODN $301.4 $205.0 $82.3 54.6% -23.9% -18.6% 2.5x n/a 2.1x n/a 10.6% NetSol Technologies NETSOL $30.2 $31.0 $29.2 12.6% 0.8% 16.6% 1.1x 134.7x n/a n/a -10.8% Sage Group SGE $8,006.5 $8,616.0 $2,004.9 94.0% 28.4% 1.9% 4.3x 15.1x 4.0x 13.3x 53.1% Qiwi QIWI $1,480.7 $1,164.7 $239.8 51.7% 28.9% 26.2% 4.9x 16.8x 5.9x 11.0x 32.3% Median: $2,688.7 $3,318.0 $815.8 55.2% 22.3% 9.7% 4.1x 16.7x 3.9x 12.4x 10.6%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - April 2015 TTM Revenue Growth 9.7% 14% TTM EBITDA Growth -6.6% TTM Earnings Growth 9.3% 12% Gross Profit Margin 55.2% EBITDA Margin 22.3% 10% Net Income Margin 14.7% SG&A Expenses as a % of Total Revenue 29.9% 8% R&D Expenses as a % of Total Revenue 14.3% 6% Balance Sheet Analysis (Median) Current Ratio 1.2 4% Quick Ratio 0.9 Cash as Percent of Market Cap 4.9% 2% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 37 0% Working Capital to TTM Operating Expense Ratio 0.1x -2% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 16.2% Cash from Operations Growth (YoY) 13.6% -6% Cash from Investing Growth (YoY) -112.5% Cash from Financing Growth (YoY) 53.7% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 6.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Activision Blizzard ATVI $16,563.3 $16,029.3 $4,575.0 65.1% 30.4% 4.7% 3.5x 11.5x 3.6x 11.0x 14.5% Electronic Arts EA $18,062.3 $15,755.3 $4,515.0 68.3% 25.8% 26.3% 3.5x 13.5x 3.6x 12.6x 23.9% GameLoft SA GFT $448.6 $391.3 $275.1 82.5% 5.1% -2.6% 1.4x 28.1x 1.3x 10.8x 33.7% Konami TSE: 9766 $2,557.3 $2,410.6 $1,815.8 29.8% 12.2% -1.9% 1.3x 10.9x 1.2x 8.2x 0.1% Take-Two Interactive TTWO $1,999.5 $1,493.4 $978.1 46.8% -4.9% -60.2% 1.5x n/a 0.9x 6.5x -15.6% Ubisoft Entertainment UBI $2,007.5 $2,056.6 $1,511.8 74.9% 28.0% -5.7% 1.4x 4.9x 1.2x 2.9x 0.7% Median: $2,282.4 $2,233.6 $1,663.8 66.7% 19.0% -2.2% 1.5x 11.5x 1.2x 9.5x 7.6%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - April 2015 TTM Revenue Growth -2.2% 25% TTM EBITDA Growth 0.3% TTM Earnings Growth 19.0% Gross Profit Margin 66.7% 20% EBITDA Margin 19.0% Net Income Margin 1.7% SG&A Expenses as a % of Total Revenue 27.5% 15% R&D Expenses as a % of Total Revenue 24.2%

10% Balance Sheet Analysis (Median) Current Ratio 2.6 Quick Ratio 1.8 5% Cash as Percent of Market Cap 18.2% Avg Days Outstanding: Accounts Receivable 38 Avg Days Outstanding: Accounts Payable 46 0% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 6.1% Cash from Operations Growth (YoY) 31.9% -10% Cash from Investing Growth (YoY) 4.6% Cash from Financing Growth (YoY) -54.9% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 6.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Accretive Health AH $15,856.1 $17,341.7 $39,902.6 26.5% 6.3% 0.5% 0.4x 6.9x 0.4x 6.5x 12.7% Allscripts Healthcare Solutions MDRX $2,404.8 $2,927.9 $1,377.9 45.5% 4.1% 0.4% 2.1x 51.4x 2.0x 12.2x 3.5% Cerner CERN $24,697.8 $23,407.2 $3,312.8 84.5% 29.0% 16.6% 7.1x 24.3x 4.7x 15.8x 10.4% Computer Programs and Sys CPSI $592.2 $551.4 $198.9 44.7% 24.7% -2.2% 2.8x 11.2x n/a 10.6x -12.2% MedAssets MDAS $1,221.7 $2,079.2 $734.9 75.9% 29.1% 8.3% 2.8x 9.7x 2.7x 9.0x 2.7% Merge Healthcare MRGE $479.7 $734.7 $215.8 60.8% 16.8% -1.4% 3.4x 20.3x 2.8x 13.6x 41.2% Omnicell OMCL $1,285.8 $1,146.2 $455.4 52.9% 14.6% 15.2% 2.5x 17.3x 2.3x 12.4x 10.3% Quality Systems QSII $940.2 $815.3 $477.0 53.7% 9.0% 8.2% 1.7x 19.0x 1.6x 9.8x 1.6% Median: $1,253.8 $1,612.7 $606.0 53.3% 15.7% 4.4% 2.6x 18.1x 2.3x 11.4x 6.9%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - April 2015 TTM Revenue Growth 4.4% 10% TTM EBITDA Growth 10.9% TTM Earnings Growth 21.6% Gross Profit Margin 53.3% 8% EBITDA Margin 15.7% Net Income Margin 5.6% 6% SG&A Expenses as a % of Total Revenue 30.3% R&D Expenses as a % of Total Revenue 12.7% 4%

Balance Sheet Analysis (Median) Current Ratio 1.4 2% Quick Ratio 1.2 Cash as Percent of Market Cap 6.3% 0% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 37 Working Capital to TTM Operating Expense Ratio 0.1x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 11.5% Cash from Operations Growth (YoY) 11.8% -6% Cash from Investing Growth (YoY) 31.7% Cash from Financing Growth (YoY) 5.6% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 30.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Hewlett Packard HPQ $59,924.9 $66,459.9 $110,139.0 24.0% 11.9% -1.7% 0.6x 5.1x 0.6x 5.3x -17.7% IBM IBM $168,675.1 $198,841.1 $90,147.0 50.2% 26.2% -7.3% 2.2x 8.4x 2.4x 8.5x 6.4% Microsoft MSFT $394,616.3 $331,292.3 $94,782.0 65.1% 35.6% 13.7% 3.5x 9.8x 3.5x 9.7x 4.8% Oracle ORCL $190,491.6 $179,408.6 $38,840.0 61.1% 43.2% 2.5% 4.6x 10.7x 4.6x 9.7x -1.0% SAP AG SAP $90,608.2 $96,963.6 $19,722.8 71.6% 32.9% 8.6% 4.9x 14.9x 4.2x 12.7x 8.5% Median: $168,675 $179,409 $90,147.0 61.1% 32.9% 2.5% 3.5x 9.8x 3.5x 9.7x 4.8%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - April 2015 TTM Revenue Growth 2.5% 10% TTM EBITDA Growth 1.6% TTM Earnings Growth -10.8% 8% Gross Profit Margin 61.1% EBITDA Margin 32.9% 6% Net Income Margin 17.2% SG&A Expenses as a % of Total Revenue 22.4% 4% R&D Expenses as a % of Total Revenue 12.7% 2% Balance Sheet Analysis (Median) Current Ratio 1.3 0% Quick Ratio 1.0 Cash as Percent of Market Cap 21.6% -2% Avg Days Outstanding: Accounts Receivable 58 Avg Days Outstanding: Accounts Payable 60 -4% Working Capital to TTM Operating Expense Ratio 0.2x -6% Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 23.8% Cash from Operations Growth (YoY) -3.5% -10% Cash from Investing Growth (YoY) -70.3% Cash from Financing Growth (YoY) -19.8% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 12.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Bango PLC BGO $79.6 $70.9 $7.9 26.3% -95.7% -42.0% 8.9x n/a n/a n/a -14.6% iDream Sky Technologies DSKY $381.7 $234.4 $158.7 41.7% 1.7% 299.1% 1.5x 85.3x 0.9x 4.8x -48.6% King Digital Entertainment KING $4,998.8 $4,034.8 $2,269.4 68.4% 32.8% 20.4% 1.8x 5.4x 1.9x 4.9x 12.0% Glu Mobile GLUU $728.9 $663.3 $248.0 62.1% 6.7% 97.5% 2.7x 39.7x 2.4x 20.9x 66.9% Gree TSE:3632 $1,505.1 $899.4 $817.7 74.4% 30.3% -27.9% 1.1x 3.6x 1.2x 4.3x 6.9% Millennial Media MM $217.1 $168.7 $286.7 40.0% -14.8% 1.5% 0.6x n/a 0.5x n/a -9.4% MobileIron MOBL $466.0 $348.9 $137.6 81.6% -46.5% 27.4% 2.5x n/a 2.1x n/a -39.0% Momo MOMO $1,770.8 $1,319.8 $44.8 64.8% -52.1% 1330.3% 29.5x n/a 8.0x 30.4x -13.5% Myriad Group AG MYRN $685.3 $669.0 $40.2 85.8% 31.2% -6.9% 16.6x 53.4x n/a n/a 45.4% NQ Mobile NQ $343.3 $335.6 $332.3 31.8% -20.1% 68.9% 1.0x n/a 0.8x 7.4x -10.3% Opera OPERA $1,412.6 $1,337.8 $480.8 39.1% 20.7% 60.2% 2.8x 13.5x 2.0x 10.0x -27.5% Qihoo 360 Technology QIHU $7,775.3 $7,820.0 $1,390.7 78.0% 24.8% 107.2% 5.6x 22.7x 4.0x 12.9x 1.0% Pandora Media P $3,771.9 $3,390.3 $957.3 44.9% -3.6% 30.4% 3.5x n/a 2.8x 42.9x 0.6% Synchronoss Technologies SNCR $1,974.1 $2,010.7 $491.8 59.7% 27.1% 33.2% 4.1x 15.1x 3.4x 9.9x 10.6% Tangoe TNGO $533.1 $483.4 $212.5 54.6% 7.7% 12.5% 2.3x 29.5x 2.0x 12.4x 8.0% TeleCommunication Systems TSYS $192.4 $274.8 $356.6 41.1% 8.9% 1.1% 0.8x 8.6x 0.7x 6.5x 0.0% TeleNav TNAV $333.6 $201.9 $151.4 52.6% -22.7% -7.1% 1.3x n/a 1.0x n/a 25.5% Zynga ZNGA $2,253.9 $1,337.3 $705.7 69.3% -13.6% -9.3% 1.9x n/a 1.9x n/a -10.3% Median: $707.1 $666.1 $309.5 57.2% 4.2% 23.9% 2.4x 18.9x 2.0x 10.0x 0.3%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - April 2015 TTM Revenue Growth 23.9% 10% TTM EBITDA Growth -27.0% TTM Earnings Growth -78.7% Gross Profit Margin 57.2% EBITDA Margin 4.2% 5% Net Income Margin -3.5% SG&A Expenses as a % of Total Revenue 36.8% R&D Expenses as a % of Total Revenue 16.3% 0% Balance Sheet Analysis (Median) Current Ratio 3.7 Quick Ratio 3.4 Cash as Percent of Market Cap 20.6% -5% Avg Days Outstanding: Accounts Receivable 60 Avg Days Outstanding: Accounts Payable 39 Working Capital to TTM Operating Expense Ratio 0.0x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 3.1% Cash from Operations Growth (YoY) 7.4% -15% Cash from Investing Growth (YoY) 30.7% Cash from Financing Growth (YoY) 50.5% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.0%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD A10 Networks ATEN $280.8 $188.9 $177.8 75.4% -18.8% 12.6% 1.1x n/a 1.0x n/a 0.2% Allot Communications ALLT $293.7 $161.3 $118.4 71.0% 3.0% 17.6% 1.4x 45.9x 1.2x 8.3x -3.4% Aruba Networks ARUN $2,701.1 $2,410.1 $812.4 69.9% 9.9% 27.4% 3.0x 29.8x 2.6x 10.8x 35.3% Barracuda Networks CUDA $2,144.6 $1,957.2 $277.4 78.9% 2.8% 18.7% 7.1x 248.2x 6.0x 25.4x 15.9% Brocade BRCD $4,776.1 $4,501.1 $2,223.0 66.7% 25.6% 1.1% 2.0x 7.9x 2.0x 7.6x -3.3% Cisco Systems CSCO $147,169.6 $114,684.6 $48,083.0 61.8% 29.1% 0.4% 2.4x 8.2x 2.3x 8.5x 5.2% Cyan CYNI $180.1 $150.9 $117.5 42.1% -35.9% 7.5% 1.3x n/a 1.1x n/a 45.7% F5 Networks FFIV $8,802.4 $8,135.9 $1,840.5 82.4% 31.6% 15.6% 4.4x 14.0x 4.0x 11.7x 52.5% Gigamon GIMO $976.4 $809.8 $172.2 76.7% -1.6% 17.8% 4.7x n/a 3.7x 20.2x 64.9% Juniper Networks JNPR $10,725.0 $10,464.6 $4,524.4 62.6% 18.4% -5.3% 2.3x 12.6x 2.3x 8.7x 18.2% Radware RDWR $1,092.1 $1,015.3 $228.1 82.3% 17.5% 14.7% 4.5x 25.4x 4.0x 19.6x 8.7% Median: $2,144.6 $1,957.2 $277.4 71.0% 9.9% 14.7% 2.4x 19.7x 2.3x 10.8x 15.9%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - April 2015 TTM Revenue Growth 14.7% 12% TTM EBITDA Growth 18.8% TTM Earnings Growth -21.4% 10% Gross Profit Margin 71.0% EBITDA Margin 9.9% Net Income Margin -1.8% 8% SG&A Expenses as a % of Total Revenue 48.2% R&D Expenses as a % of Total Revenue 21.2% 6%

Balance Sheet Analysis (Median) 4% Current Ratio 2.4 Quick Ratio 2.0 2% Cash as Percent of Market Cap 20.6% Avg Days Outstanding: Accounts Receivable 49 0% Avg Days Outstanding: Accounts Payable 50 Working Capital to TTM Operating Expense Ratio 0.3x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 14.3% Cash from Operations Growth (YoY) 23.6% -6% Cash from Investing Growth (YoY) -34.8% Cash from Financing Growth (YoY) -41.2% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 3.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD AVG Technologies AVG $1,235.9 $1,341.3 $383.3 86.4% 31.0% -3.2% 3.5x 11.3x 3.1x 8.3x 22.2% Barracuda Networks CUDA $2,144.6 $1,957.2 $277.4 78.9% 2.8% 18.7% 7.1x 248.2x 6.0x 25.4x 15.9% Cyberark Software CYBR $1,924.9 $1,747.7 $103.0 85.7% 20.6% 55.7% 17.0x 82.4x 13.1x 123.6x 61.9% Check Point Software Tech CHKP $15,342.9 $14,064.5 $1,526.2 88.3% 54.0% 8.0% 9.2x 17.1x 8.5x 15.4x 6.4% A10 Networks ATEN $280.8 $188.9 $177.8 75.4% -18.8% 12.6% 1.1x n/a 1.0x n/a 0.2% Cyren CYRN $96.0 $89.8 $31.9 74.6% -12.4% -1.0% 2.8x n/a 2.6x n/a 78.9% Fortinet FTNT $6,373.0 $5,569.0 $814.3 70.3% 9.0% 25.6% 6.8x 76.3x 5.7x 32.2x 22.6% Guidance Software GUID $175.0 $156.8 $108.3 67.0% -3.4% -0.6% 1.4x n/a 1.4x 92.6x -16.7% Imperva IMPV $1,363.8 $1,254.1 $164.0 77.7% -32.3% 19.1% 7.6x n/a 6.3x n/a -5.9% Palo Alto Networks PANW $12,153.4 $11,955.2 $738.9 72.8% -10.4% 53.0% 16.2x n/a 11.7x 62.7x 21.7% Proofpoint PFPT $2,127.2 $2,097.8 $210.7 66.2% -17.4% 40.6% 10.0x n/a 7.8x n/a 13.7% Sourcefire FIRE $14.8 $15.2 $17.1 32.1% 6.7% 10.3% 0.9x 13.3x n/a n/a 21.4% Symantec SYMC $17,008.3 $15,363.3 $6,615.0 83.4% 29.0% -2.7% 2.3x 8.0x 2.4x 7.0x -2.0% Trend Micro TSE:4704 $4,582.5 $3,434.7 $961.6 82.3% 35.8% 6.4% 3.6x 10.0x 3.3x 9.6x 22.0% VASCO VDSI $1,005.0 $855.9 $227.8 61.3% 22.1% 43.7% 3.8x 17.0x 3.6x 15.0x -6.9% Median: $1,924.9 $1,747.7 $227.8 75.4% 6.7% 12.6% 3.8x 17.0x 4.6x 20.4x 15.9%

Income Statement Analysis (Median) Security Software Stock Market Return: January - April 2015 TTM Revenue Growth 12.6% 20% TTM EBITDA Growth -13.1% TTM Earnings Growth -15.4% Gross Profit Margin 75.4% EBITDA Margin 6.7% 15% Net Income Margin 2.3% SG&A Expenses as a % of Total Revenue 51.9% R&D Expenses as a % of Total Revenue 19.6% 10% Balance Sheet Analysis (Median) Current Ratio 1.9 Quick Ratio 1.7 Cash as Percent of Market Cap 11.5% 5% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 46 Working Capital to TTM Operating Expense Ratio 0.4x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 16.0% Cash from Operations Growth (YoY) 16.5% -5% Cash from Investing Growth (YoY) -136.4% Cash from Financing Growth (YoY) 39.8% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 26.7%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Brocade BRCD $4,776.1 $4,501.1 $2,223.0 66.7% 25.6% 1.1% 2.0x 7.9x 2.0x 7.6x -3.3% CA Technologies CA $14,067.9 $12,782.9 $4,426.0 85.4% 31.1% -0.4% 2.9x n/a 3.1x 8.0x 4.3% Cisco Systems CSCO $147,169.6 $114,684.6 $48,083.0 61.8% 29.1% 0.4% 2.4x 8.2x 2.3x 8.5x 5.2% CommVault Systems CVLT $2,054.0 $1,689.1 $607.5 86.5% 7.9% 3.6% 2.8x 35.3x 2.6x 14.6x -11.3% EMC EMC $52,259.2 $52,859.2 $24,574.0 62.0% 22.9% 5.4% 2.2x 9.4x 2.0x 7.2x -9.4% FalconStor Software FALC $62.3 $48.8 $54.2 80.9% 0.7% -2.1% 0.9x 130.5x n/a n/a 7.8% Informatica INFA $5,009.5 $4,510.8 $1,055.4 82.4% 18.1% 8.0% 4.3x 23.6x 3.9x 16.4x 27.0% NetApp NTAP $11,301.2 $7,543.4 $6,232.0 63.2% 16.0% -2.5% 1.2x 7.6x 1.2x 5.5x -11.8% Splunk SPLK $8,294.3 $7,444.1 $450.9 84.8% -45.1% 49.0% 16.5x n/a 12.3x 197.0x 12.9% Varonis Systems VRNS $712.8 $601.0 $106.9 90.0% -18.3% 34.5% 5.6x n/a 4.6x n/a -13.1% Median: $6,651.9 $5,977.4 $1,639.2 81.7% 17.1% 2.4% 2.6x 9.4x 2.6x 8.3x 0.5%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - April 2015 TTM Revenue Growth 2.4% 10% TTM EBITDA Growth -0.4% TTM Earnings Growth -8.5% 8% Gross Profit Margin 81.7% EBITDA Margin 17.1% 6% Net Income Margin 10.2% SG&A Expenses as a % of Total Revenue 40.8% R&D Expenses as a % of Total Revenue 15.1% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.3 Quick Ratio 2.0 0% Cash as Percent of Market Cap 19.0% Avg Days Outstanding: Accounts Receivable 72 -2% Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.6x -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 16.0% Cash from Operations Growth (YoY) -3.8% -8% Cash from Investing Growth (YoY) -65.9% Cash from Financing Growth (YoY) -130.8% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD CA Technologies CA $14,067.9 $12,782.9 $4,426.0 85.4% 31.1% -0.4% 2.9x 9.3x 3.1x 8.0x 4.3% Citrix Systems CTXS $10,751.8 $11,164.3 $3,152.8 84.9% 21.4% 5.2% 3.5x 16.6x 3.4x 12.1x 5.8% Netscout Systems NTCT $1,694.0 $1,487.7 $453.7 79.2% 27.7% 14.4% 3.3x 11.8x 2.9x 9.3x 13.5% Red Hat RHT $13,796.6 $13,249.3 $1,789.5 84.7% 18.5% 16.6% 7.4x 40.1x 6.6x 24.6x 9.1% SolarWinds SWI $3,725.2 $3,485.4 $449.6 89.6% 31.0% 25.5% 7.8x 25.0x 6.4x 15.5x -2.5% VMWare VMW $37,491.5 $31,769.5 $6,186.0 84.5% 25.1% 15.1% 5.1x 20.4x 4.7x 12.6x 7.3% Median: $12,274.2 $11,973.6 $2,471.2 84.8% 26.4% 14.7% 4.3x 18.5x 4.0x 12.4x 6.6%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - April 2015 TTM Revenue Growth 14.7% TTM EBITDA Growth 2.8% 10% TTM Earnings Growth -9.6% 8% Gross Profit Margin 84.8% EBITDA Margin 26.4% 6% Net Income Margin 13.9% SG&A Expenses as a % of Total Revenue 47.3% 4% R&D Expenses as a % of Total Revenue 17.2%

2% Balance Sheet Analysis (Median) Current Ratio 1.5 0% Quick Ratio 1.4 Cash as Percent of Market Cap 10.7% -2% Avg Days Outstanding: Accounts Receivable 72 Avg Days Outstanding: Accounts Payable 47 -4% Working Capital to TTM Operating Expense Ratio 0.4x -6% Cash Flow Statement Analysis (Median) Levered FCF Margin 22.8% -8% Cash from Operations Growth (YoY) -9.4% Cash from Investing Growth (YoY) 32.7% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -167.9% Levered FCF Growth (YoY) 14.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Advent Software ADVS $2,286.3 $2,470.2 $396.8 72.1% 25.9% 3.6% 6.2x 24.0x 5.9x 16.6x 44.0% Broadridge Financial BR $6,516.9 $6,727.0 $2,622.6 31.4% 19.9% 4.6% 2.6x 12.9x 2.4x 10.7x 18.9% Fidessa LSE:FDSA $1,304.6 $1,186.7 $428.6 20.5% 18.2% -1.4% 2.8x 15.2x 2.6x 11.0x -8.4% Jack Henry & Associates JKHY $5,438.9 $5,410.5 $1,274.5 43.2% 34.6% 6.5% 4.2x 12.3x 4.0x 11.3x 7.3% MSCI MSCI $6,877.8 $7,169.0 $1,019.8 69.0% 41.2% 9.2% 7.0x 17.1x 6.5x 15.3x 28.7% SS&C SSNC $5,075.3 $5,582.2 $787.8 46.5% 37.5% 8.6% 7.1x 18.9x 6.4x 15.1x 9.1% Median: $5,257.1 $5,496.4 $903.8 44.8% 30.3% 5.5% 5.2x 16.2x 4.9x 13.2x 14.0%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - April 2015 TTM Revenue Growth 5.5% 20% TTM EBITDA Growth 4.1% TTM Earnings Growth 4.0% Gross Profit Margin 44.8% EBITDA Margin 30.3% 15% Net Income Margin 14.6% SG&A Expenses as a % of Total Revenue 14.4% R&D Expenses as a % of Total Revenue 8.0% 10% Balance Sheet Analysis (Median) Current Ratio 1.5 Quick Ratio 1.4 Cash as Percent of Market Cap 4.8% 5% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 9 Working Capital to TTM Operating Expense Ratio 0.2x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 27.7% Cash from Operations Growth (YoY) 16.9% -5% Cash from Investing Growth (YoY) 5.1% Cash from Financing Growth (YoY) 8.3% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 15.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Blackbaud BLKB $2,327.4 $2,599.9 $583.8 51.7% 16.2% 13.2% 4.5x 27.6x 4.0x 17.5x 20.4% Constellation TSX:CSU $8,277.2 $8,427.9 $1,697.4 35.1% 16.1% 25.8% 5.0x 30.9x 4.3x 18.8x 33.3% EPIQ Systems EPIQ $667.8 $939.3 $435.7 51.9% 12.9% -3.6% 2.2x 16.8x 1.7x 8.4x 8.6% Guidewire Software GWRE $3,504.6 $2,959.2 $369.4 60.8% 8.7% 17.2% 8.0x 92.4x 7.6x 46.8x 0.0% Sapiens International SPNS $418.2 $371.6 $161.8 37.8% 12.8% 15.2% 2.3x 17.9x 2.1x 14.9x 18.9% Silver Spring Networks SSNI $483.0 $363.5 $191.3 29.5% -41.9% -41.5% 1.9x n/a 1.3x 41.7x 20.1% Tyler Technologies TYL $4,106.4 $3,911.7 $515.4 47.5% 22.3% 18.9% 7.6x 34.0x 6.6x 24.1x 13.1% Median: $2,327.4 $2,599.9 $435.7 47.5% 12.9% 15.2% 4.5x 29.2x 4.0x 18.8x 18.9%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - April 2015 TTM Revenue Growth 15.2% 20% TTM EBITDA Growth 30.5% TTM Earnings Growth 11.4% Gross Profit Margin 47.5% 15% EBITDA Margin 12.9% Net Income Margin 5.1% SG&A Expenses as a % of Total Revenue 29.1% R&D Expenses as a % of Total Revenue 14.0% 10%

Balance Sheet Analysis (Median) Current Ratio 1.7 5% Quick Ratio 1.5 Cash as Percent of Market Cap 5.7% Avg Days Outstanding: Accounts Receivable 61 0% Avg Days Outstanding: Accounts Payable 16 Working Capital to TTM Operating Expense Ratio 0.3x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 14.3% Cash from Operations Growth (YoY) 49.3% -10% Cash from Investing Growth (YoY) 28.6% Cash from Financing Growth (YoY) -97.5% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 54.8%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD SEG SaaS Index $1,096.8 $995.5 $169.2 66.4% -12.5% 30.3% 6.3x 47.0x 4.9x 29.4x 1.2% CRM & Marketing $1,121.4 $949.0 $163.7 69.3% -12.1% 28.0% 6.7x 115.4x 4.9x 31.1x -6.1% ERP & Supply Chain $1,078.4 $944.9 $136.0 68.2% -8.3% 26.3% 6.5x 62.8x 5.6x 28.9x 7.0% Vertically Focused $1,096.8 $1,031.7 $183.5 63.1% 6.0% 39.1% 8.3x 42.3x 6.1x 27.1x -7.7% Human Capital Management $1,421.2 $1,331.7 $169.2 60.0% -7.3% 33.9% 6.6x 62.0x 5.7x 41.8x 10.4% SaaS Other $636.4 $645.9 $171.8 69.9% -14.6% 28.6% 4.4x 38.3x 3.7x 35.6x 6.6%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - April 2015 TTM Revenue Growth 30.3% 10% TTM EBITDA Growth 0.0% TTM Earnings Growth -8.4% Gross Profit Margin 66.4% 8% EBITDA Margin -12.5% Net Income Margin -23.4% 6% SG&A Expenses as a % of Total Revenue 59.8% R&D Expenses as a % of Total Revenue 19.1% 4% Balance Sheet Analysis (Median) Current Ratio 2.0 2% Quick Ratio 1.9 Cash as Percent of Market Cap 10.9% 0% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 27 -2% Working Capital to TTM Operating Expense Ratio 0.4x

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Bazaarvoice BV $423.1 $375.3 $185.9 64.4% -12.1% 20.0% 2.0x n/a 1.8x n/a -34.3% Constant Contact CTCT $1,121.4 $942.3 $343.2 72.7% 11.8% 15.9% 2.7x 23.2x 2.3x 11.8x -2.8% Cvent CVT $1,116.6 $949.0 $142.2 70.2% 3.6% 28.0% 6.7x 184.5x 5.3x 52.2x -3.9% HubSpot HUBS $1,257.2 $1,133.6 $129.9 69.3% -37.3% 52.7% 8.7x n/a 7.0x n/a 15.6% LivePerson LPSN $535.1 $485.8 $209.9 74.9% 5.0% 18.1% 2.3x 46.3x 1.8x 17.8x -31.2% Marketo MKTO $1,198.3 $1,101.0 $163.7 65.7% -31.9% 50.9% 6.7x n/a 4.9x n/a -13.9% Marin Software MRIN $221.9 $156.8 $103.0 64.1% -26.7% 24.1% 1.5x n/a 1.4x n/a -29.4% Salesforce.com CRM $47,737.6 $48,939.8 $5,373.6 76.0% 3.1% 32.0% 9.1x 290.3x 7.5x 44.4x 22.9% Zendesk ZEN $1,916.2 $1,800.7 $144.2 64.4% -46.4% 73.3% 12.5x n/a 9.5x n/a -6.1% Median: $1,121.4 $949.0 $163.7 69.3% -12.1% 28.0% 6.7x 115.4x 4.9x 31.1x -6.1%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - April 2015 TTM Revenue Growth 28.0% 10% TTM EBITDA Growth 24.3% TTM Earnings Growth -2.6% 8% Gross Profit Margin 69.3% EBITDA Margin -12.1% 6% Net Income Margin -26.5% SG&A Expenses as a % of Total Revenue 64.0% 4% R&D Expenses as a % of Total Revenue 20.1% 2% Balance Sheet Analysis (Median) Current Ratio 2.2 0% Quick Ratio 2.0 Cash as Percent of Market Cap 15.0% -2% Avg Days Outstanding: Accounts Receivable 62 -4% Avg Days Outstanding: Accounts Payable 32 Working Capital to TTM Operating Expense Ratio 0.4x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin -2.2% Cash from Operations Growth (YoY) 31.3% -10% Cash from Investing Growth (YoY) -225.3% Cash from Financing Growth (YoY) -33.7% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 69.7%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Amber Road AMBR $228.0 $190.2 $64.8 57.6% -35.2% 23.4% 2.9x n/a 2.4x n/a -13.9% Apigee Corporation APIC $420.9 $396.7 $61.9 59.6% -83.7% n/a 6.4x n/a n/a n/a -13.4% Fleetmatics FLTX $1,742.0 $1,591.2 $245.2 74.7% 26.0% 28.5% 6.5x 24.9x 5.5x 17.3x 28.8% Netsuite N $7,413.4 $7,222.8 $598.1 68.2% -8.3% 34.2% 12.1x n/a 9.3x 130.7x -10.9% SciQuest SQI $424.0 $296.6 $102.5 68.6% 4.6% 7.9% 2.9x 62.8x 2.7x 12.2x 7.0% SPS Commerce SPSC $1,078.4 $944.9 $136.0 68.9% 10.2% 24.1% 6.9x 67.9x 5.8x 40.6x 17.4% Workday WDAY $17,283.0 $15,919.0 $787.9 66.4% -19.9% 68.0% 20.2x n/a 13.9x n/a 13.4% Median: $1,078.4 $944.9 $136.0 68.2% -8.3% 26.3% 6.5x 62.8x 5.6x 28.9x 7.0%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - April 2015 TTM Revenue Growth 26.3% 20% TTM EBITDA Growth 18.9% TTM Earnings Growth 11.5% Gross Profit Margin 68.2% 15% EBITDA Margin -8.3% Net Income Margin -16.8% SG&A Expenses as a % of Total Revenue 53.5% 10% R&D Expenses as a % of Total Revenue 18.8%

Balance Sheet Analysis (Median) Current Ratio 2.2 5% Quick Ratio 2.2 Cash as Percent of Market Cap 10.7% Avg Days Outstanding: Accounts Receivable 65 0% Avg Days Outstanding: Accounts Payable 18 Working Capital to TTM Operating Expense Ratio 0.7x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.3% Cash from Operations Growth (YoY) 27.3% -10% Cash from Investing Growth (YoY) -43.8% Cash from Financing Growth (YoY) -76.5% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -1.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 2U TWOU $1,096.8 $1,009.9 $110.2 75.6% -24.4% 32.6% 9.2x n/a 7.0x n/a 36.6% Athenahealth ATHN $4,685.1 $4,890.2 $796.0 60.4% 7.8% 25.9% 6.1x 78.7x 5.1x 29.5x -17.1% Castlight Health CSLT $700.8 $508.3 $53.2 46.7% -150.6% 173.5% 9.6x n/a 6.7x n/a -35.5% DealerTrack TRAK $2,137.0 $2,693.8 $854.4 46.7% 12.4% 77.4% 3.2x 25.4x 2.5x 12.1x -10.5% Ebix EBIX $962.3 $1,031.7 $214.3 77.9% 36.9% 4.7% 4.8x 13.0x 4.2x 11.6x 62.8% Ellie Mae ELLI $1,616.8 $1,545.0 $183.5 70.4% 20.9% 41.4% 8.4x 40.3x 7.2x 35.4x 36.7% Medical Transcript MTBC $23.1 $24.4 $18.3 44.2% -9.6% 74.8% 1.3x n/a 0.8x 8.7x -23.4% Medidata Solutions MDSO $2,949.1 $2,895.3 $350.9 75.4% 11.3% 20.9% 8.3x 73.3x 6.9x 28.5x 14.2% OPOWER OPWR $509.5 $384.9 $128.4 65.6% -29.7% 44.8% 3.0x n/a 2.6x n/a -31.1% RealPage RP $1,578.3 $1,571.4 $414.5 55.9% 6.0% 6.7% 3.8x 62.8x 3.4x 19.2x -7.7% Textura TXTR $671.9 $604.6 $68.4 80.2% -18.8% 28.4% 8.8x n/a 6.1x 50.8x -8.0% Q2 Holdings QTWO $756.8 $668.5 $79.1 41.8% -18.9% 39.1% 8.4x n/a 6.4x n/a 7.7% Veeva Systems VEEV $3,490.6 $3,092.7 $313.2 63.1% 23.3% 49.0% 9.9x 42.3x 7.8x 27.1x 1.2% Median: $1,096.8 $1,031.7 $183.5 63.1% 6.0% 39.1% 8.3x 42.3x 6.1x 27.1x -7.7%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - April 2015 TTM Revenue Growth 39.1% 10% TTM EBITDA Growth 6.3% TTM Earnings Growth 6.3% 8% Gross Profit Margin 63.1% EBITDA Margin 6.0% 6% Net Income Margin -2.7% SG&A Expenses as a % of Total Revenue 45.5% 4% R&D Expenses as a % of Total Revenue 15.3% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 2.9 Quick Ratio 2.3 -2% Cash as Percent of Market Cap 10.0% -4% Avg Days Outstanding: Accounts Receivable 51 Avg Days Outstanding: Accounts Payable 26 -6% Working Capital to TTM Operating Expense Ratio 0.5x -8% Cash Flow Statement Analysis (Median) Levered FCF Margin 6.1% -10% Cash from Operations Growth (YoY) 31.0% -12% Cash from Investing Growth (YoY) -58.7% Cash from Financing Growth (YoY) 15.0% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -16.3%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Benefitfocus BNFT $983.3 $981.2 $149.4 39.3% -34.8% 33.9% 6.6x n/a 5.7x n/a 10.4% Callidus Software CALD $710.5 $620.6 $145.4 59.7% -2.5% 23.4% 4.3x n/a 3.6x 25.9x -22.4% Cornerstone OnDemand CSOD $1,544.0 $1,487.0 $280.1 69.7% -15.8% 36.7% 5.3x n/a 4.4x 246.7x -16.8% Halogen Software TSX:HGN $189.8 $147.5 $56.7 71.8% -18.0% 18.1% 2.6x n/a 2.2x n/a 19.7% HealthStream HSTM $804.0 $767.6 $179.5 56.9% 16.9% 27.3% 4.3x 25.2x 3.6x 25.9x 1.0% Paylocity Holding PCTY $1,421.2 $1,331.7 $127.8 50.6% -7.3% 41.2% 10.4x n/a 8.1x 211.8x 9.7% Paycom Software PAYC $1,845.1 $1,846.9 $169.2 84.7% 17.6% 44.6% 10.9x 62.0x 9.4x 54.4x 21.3% The Ultimate Software Group ULTI $4,754.9 $4,642.2 $529.7 60.0% 13.5% 22.2% 8.8x 65.1x 7.2x 29.2x 13.4% Workday WDAY $17,283.0 $15,919.0 $787.9 66.4% -19.9% 68.0% 20.2x n/a 13.9x n/a 13.4% Median: $1,421.2 $1,331.7 $169.2 60.0% -7.3% 33.9% 6.6x 62.0x 5.7x 41.8x 10.4%

Income Statement Analysis (Median) Human Capital Management SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 33.9% 20% TTM EBITDA Growth -39.3% TTM Earnings Growth -24.7% Gross Profit Margin 60.0% EBITDA Margin -7.3% 15% Net Income Margin -13.2% SG&A Expenses as a % of Total Revenue 52.6% R&D Expenses as a % of Total Revenue 14.8% 10%

Balance Sheet Analysis (Median) Current Ratio 1.4 5% Quick Ratio 1.3 Cash as Percent of Market Cap 10.7% Avg Days Outstanding: Accounts Receivable 66 0% Avg Days Outstanding: Accounts Payable 22 Working Capital to TTM Operating Expense Ratio 0.3x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.9% Cash from Operations Growth (YoY) 7.8% -10% Cash from Investing Growth (YoY) -35.5% Cash from Financing Growth (YoY) 76.2% Human Capital Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 10.4%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Box Box $1,995.1 $1,706.6 $216.4 78.2% -64.9% 74.3% 7.9x n/a 6.0x n/a -26.3% ChannelAdvisors ECOM $255.1 $190.5 $88.2 72.1% -31.1% 21.7% 2.2x n/a 2.0x n/a -52.5% Covisint COVS $76.5 $33.1 $89.5 33.8% -37.6% -9.1% 0.4x n/a 0.4x n/a -23.4% Demandware DWRE $2,252.4 $2,009.5 $178.3 73.0% -12.8% 54.5% 11.3x n/a 8.6x 196.6x 9.2% FireEye FEYE $6,451.2 $6,053.6 $477.1 59.8% -84.0% 130.3% 12.7x n/a 9.0x n/a 33.1% HortonWorks HDP $869.7 $665.2 $46.0 -75.6% -365.1% 71.8% 14.4x n/a 7.8x n/a -20.9% inContact SAAS $636.4 $626.6 $171.8 48.6% -4.1% 32.1% 3.6x n/a 3.0x 66.5x 17.9% IntraLinks Holdings IL $561.6 $588.0 $262.9 73.0% 4.8% 10.1% 2.2x 47.0x 2.2x 15.1x -14.4% J2 Global JCOM $3,346.5 $3,410.4 $599.0 82.3% 41.6% 15.0% 5.7x 13.7x 4.9x 11.2x 13.8% Jive Software JIVE $402.3 $294.7 $184.8 63.0% -17.2% 20.8% 1.6x n/a 1.5x n/a -11.4% New Relic NEWR $1,528.7 $1,323.9 $96.8 81.0% -40.8% 82.2% 13.7x n/a 9.7x n/a -10.9% Liquid Holdings Group LIQD $12.0 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -41.9% Qualys QLYS $1,681.0 $1,553.8 $140.7 78.6% 19.0% 24.0% 11.0x 58.2x 9.2x 35.6x 32.7% RingCentral RNG $1,190.1 $1,076.5 $236.9 66.5% -13.1% 36.8% 4.5x n/a 3.5x 188.5x 17.0% Rally Software Development RALY $370.1 $303.5 $87.5 73.1% -33.8% 17.7% 3.5x n/a 2.9x n/a 23.7% Service-now.com NOW $11,495.9 $11,202.2 $755.4 63.9% -16.1% 58.1% 14.8x n/a 10.4x 78.7x 11.1% Tableau Software DATA $6,959.1 $6,278.4 $412.6 91.0% 4.8% 77.5% 15.2x 316.5x 10.7x 133.5x 13.8% Tangoe TNGO $533.1 $483.4 $212.5 54.6% 7.7% 12.5% 2.3x 29.5x 2.0x 12.4x 8.0% TrueCar TRUE $1,257.4 $1,116.4 $206.6 91.5% -19.3% 54.3% 5.4x n/a 3.9x 40.0x -29.1% Upland Software UPLD $94.0 $88.8 $64.6 64.2% -13.1% 56.8% 1.4x n/a 1.2x 26.1x -35.2% Workiva WK $581.5 $505.2 $119.7 69.9% -30.9% 28.6% 4.2x n/a 3.6x n/a 6.6% Yodlee YDLE $374.6 $303.5 $89.1 60.5% -1.9% 27.0% 3.4x n/a 2.8x 30.7x 4.5% Zix ZIXI $242.7 $217.8 $51.3 83.4% 16.9% 5.6% 4.2x 25.1x 3.9x 14.7x 20.0% Median: $636.4 $645.9 $171.8 69.9% -14.6% 28.6% 4.4x 38.3x 3.7x 35.6x 6.6%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - April 2015 TTM Revenue Growth 28.6% 15% TTM EBITDA Growth -30.4% TTM Earnings Growth -12.1% Gross Profit Margin 69.9% EBITDA Margin -14.6% 10% Net Income Margin -25.4% SG&A Expenses as a % of Total Revenue 64.7% R&D Expenses as a % of Total Revenue 21.9% 5% Balance Sheet Analysis (Median) Current Ratio 2.4 Quick Ratio 2.3 Cash as Percent of Market Cap 13.4% 0% Avg Days Outstanding: Accounts Receivable 71 Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 1.0% Cash from Operations Growth (YoY) -3.6% -10% Cash from Investing Growth (YoY) -72.1% Cash from Financing Growth (YoY) 42.0% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 35.8%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD SEG Internet Index $1,378.7 $1,356.4 $502.8 64.2% 8.5% 18.0% 2.2x 20.7x 2.2x 13.8x 1.0% Ad Tech & Lead Generation $739.7 $642.6 $449.7 50.4% 6.7% 21.0% 2.1x 18.3x 2.4x 16.1x -10.2% Commerce $661.1 $552.8 $435.0 40.1% 5.3% 17.2% 1.5x 27.7x 1.5x 15.0x 4.5% Content & Media $2,566.3 $2,131.2 $681.0 55.6% 12.2% 10.0% 2.4x 29.5x 2.4x 11.9x 2.1% Gaming $2,559.52 $2,360.1 $783.2 70.9% 20.9% 20.9% 2.2x 13.7x 2.1x 11.6x 25.2% Infrastructure $697.55 $552.7 $313.5 61.3% 5.9% 4.9% 1.4x 18.7x 1.3x 12.5x -1.1% Search $38,216.46 $35,834.2 $5,787.4 70.1% 32.1% 20.1% 5.7x 16.4x 4.7x 12.9x 4.2% Services $752.53 $687.5 $278.8 72.9% 5.9% 23.5% 2.2x 26.6x 1.9x 12.9x -7.5% Social $4,994.79 $5,270.7 $593.1 68.3% 10.1% 51.5% 10.1x 33.3x 7.0x 20.6x 6.6% Travel $5,848.65 $5,647.9 $1,063.3 82.2% 12.4% 20.4% 3.7x 19.3x 4.5x 18.7x 8.2%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - April 2015 TTM Revenue Growth 18.0% 10% TTM EBITDA Growth 1.8% TTM Earnings Growth -5.9% 8% Gross Profit Margin 64.2% EBITDA Margin 8.5% Net Income Margin 1.0% 6% SG&A Expenses as a % of Total Revenue 38.6% R&D Expenses as a % of Total Revenue 15.4% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.3 Quick Ratio 2.0 0% Cash as Percent of Market Cap 17.9% Avg Days Outstanding: Accounts Receivable 41 -2% Avg Days Outstanding: Accounts Payable 54 Working Capital to TTM Operating Expense Ratio 0.5 -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 7.6% Cash from Operations Growth (YoY) 26.7% -8% Cash from Investing Growth (YoY) -17.0% Cash from Financing Growth (YoY) -28.8% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 19.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD AOL AOL $3,125.3 $3,098.1 $2,527.2 26.5% 17.3% 8.9% 1.2x 7.1x 1.2x 6.1x -12.3% Baidu.com BIDU $70,344.4 $65,591.8 $8,433.0 68.4% 31.9% 47.4% 7.8x 24.4x 5.5x 19.1x -10.2% Criteo SA CRTO $2,529.5 $2,195.2 $917.5 35.8% 8.5% 70.3% 2.4x 28.2x 4.4x 17.3x 3.8% Google GOOGL $370,531.2 $312,797.2 $67,839.0 62.1% 32.3% 17.0% 4.6x 14.3x 4.1x 10.3x 3.6% Marchex MCHX $178.6 $98.6 $174.7 41.1% 6.7% 3.8% 0.6x 8.5x 0.7x 8.6x -10.1% MaxPoint Interactive MXPT $188.4 $219.6 $106.5 50.4% -8.5% 61.1% 2.1x n/a 2.4x n/a -24.5% ReachLocal RLOC $82.0 $39.1 $449.7 45.4% -8.2% -13.0% 0.1x n/a 0.1x n/a -17.9% Rocket Fuel FUEL $337.6 $317.4 $408.6 45.7% -9.2% 69.8% 0.8x n/a 0.6x n/a -50.2% The Rubicon Project RUBI $739.7 $642.6 $139.5 83.6% -6.9% 54.5% 4.6x n/a 3.6x 31.1x 8.9% Sohu.com SOHU $2,559.5 $2,360.1 $1,763.1 56.4% 7.5% 20.9% 1.3x 17.9x 1.1x 12.8x 26.8% Tremor TRMR $128.5 $50.7 $159.5 36.2% -10.4% 21.0% 0.3x n/a 0.3x n/a -13.5% TubeMogul TUBE $435.9 $390.6 $114.2 70.3% -0.9% 99.7% 3.4x n/a 2.6x n/a -31.4% Yahoo! YHOO $39,934.2 $35,876.5 $4,711.4 69.7% 12.7% 0.8% 7.6x 59.9x 8.4x 32.6x -15.2% Yandex YNDX $6,088.5 $6,076.5 $897.9 71.8% 36.4% 23.2% 6.8x 18.6x 5.4x 14.9x 4.7% YuMe YUME $171.1 $107.0 $177.8 47.6% -2.6% 17.6% 0.6x n/a 0.5x 56.9x -0.2% Median: $739.7 $642.6 $449.7 50.4% 6.7% 21.0% 2.1x 18.3x 2.4x 16.1x -10.2%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - April 2015 TTM Revenue Growth 21.0% 10% TTM EBITDA Growth -32.5% TTM Earnings Growth -28.4% Gross Profit Margin 50.4% EBITDA Margin 6.7% 5% Net Income Margin -4.9% SG&A Expenses as a % of Total Revenue 38.0% R&D Expenses as a % of Total Revenue 15.4% 0% Balance Sheet Analysis (Median) Current Ratio 2.3x Quick Ratio 2.1x Cash as Percent of Market Cap 16.3% -5% Avg Days Outstanding: Accounts Receivable 75.5x Avg Days Outstanding: Accounts Payable 84.3x Working Capital to TTM Operating Expense Ratio 0.5x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 2.5% Cash from Operations Growth (YoY) 36.0% -15% Cash from Investing Growth (YoY) -20.8% Cash from Financing Growth (YoY) -61.5% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 10.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 1-800-FLOWERS.COM FLWS $683.9 $768.9 $1,080.6 43.8% 8.2% 45.6% 0.7x 8.7x 0.6x 8.2x 34.3% 58.com WUBA $8,840.1 $8,231.1 $265.0 94.8% 4.6% 81.8% 31.1x 670.1x 16.6x n/a 82.1% Alibaba BABA $202,193.8 $193,852.6 $12,292.0 68.7% 33.3% 45.1% 15.8x 47.3x 12.5x 23.7x -21.5% Amazon.com AMZN $196,414.9 $199,664.9 $91,964.0 30.3% 5.3% 17.7% 2.2x 41.0x 1.9x 20.8x 36.7% Bitauto Holdings BITA $3,652.3 $3,458.1 $396.5 75.7% 24.1% 70.8% 8.7x 36.3x 5.6x 50.8x -20.4% BlueNile NILE $323.2 $232.5 $473.5 18.3% 3.3% 5.2% 0.5x 14.7x 0.5x 10.1x -22.3% Borderfree BRDR $202.0 $75.3 $123.8 24.7% -2.1% 11.3% 0.6x n/a 0.6x 15.0x -28.1% Chegg CHGG $638.3 $548.9 $315.3 36.4% 5.4% 17.2% 1.7x 32.4x 1.8x n/a 6.1% DangDang DANG $778.4 $556.7 $1,283.0 18.5% 1.4% 25.8% 0.4x 30.4x 0.3x 18.5x -0.6% eBay EBAY $70,775.5 $68,759.5 $18,088.0 67.8% 28.2% 9.2% 3.8x 13.5x 3.6x 11.5x 3.6% GeekNet GKNT $60.6 $5.8 $140.7 17.2% -4.8% 1.8% 0.0x n/a 0.0x n/a 11.2% Groupon GRPN $4,692.8 $3,661.3 $3,213.6 47.6% 3.2% 17.7% 1.1x 35.3x 1.1x 11.4x -13.7% Liquidity Services LQDT $280.6 $206.4 $473.5 34.2% 8.6% -6.0% 0.4x 5.1x 0.5x 6.4x 17.6% Mecox Lane MCOX $48.1 $29.4 $49.6 65.1% 24.4% -43.3% 0.6x 2.4x n/a n/a 5.4% Mercadolibre MELI $6,284.6 $6,196.5 $589.3 77.5% 33.3% 21.4% 10.5x 31.6x 9.6x 30.5x 13.2% MOL Global MOLG $153.2 $130.5 $58.0 27.6% -0.4% 18.2% 2.3x n/a n/a n/a -24.8% Overstock.com OSTK $521.2 $398.9 $1,554.2 18.7% 1.5% 16.6% 0.3x 16.9x n/a n/a -8.9% PetMed Express PETS $320.8 $268.1 $229.4 33.2% 13.1% -1.7% 1.2x 8.9x 1.2x 9.0x 10.4% Stamps.com STMP $1,012.7 $965.3 $147.3 77.7% 26.2% 15.2% 6.6x 25.1x 5.5x 19.0x 30.0% Wowo Limited WOWO $330.9 $330.4 $29.3 74.8% -147.1% n/a 11.3x n/a n/a n/a -13.0% Median: $661.1 $552.8 $435.0 40.1% 5.3% 17.2% 1.5x 27.7x 1.5x 15.0x 4.5%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - April 2015 TTM Revenue Growth 17.2% 10% TTM EBITDA Growth 6.7% TTM Earnings Growth -28.4% 8% Gross Profit Margin 40.1% EBITDA Margin 5.3% 6% Net Income Margin -4.6% SG&A Expenses as a % of Total Revenue 37.2% 4% R&D Expenses as a % of Total Revenue 17.6% 2% Balance Sheet Analysis (Median) Current Ratio 2.5x 0% Quick Ratio 2.0x Cash as Percent of Market Cap 18.6% -2% Avg Days Outstanding: Accounts Receivable 61.4x -4% Avg Days Outstanding: Accounts Payable 42.2x Working Capital to TTM Operating Expense Ratio 0.4x -6% Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 7.7% Cash from Operations Growth (YoY) 3.8% -10% Cash from Investing Growth (YoY) 30.0% Cash from Financing Growth (YoY) -96.1% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 11.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD AOL AOL $3,125.3 $3,098.1 $2,527.2 26.5% 17.3% 8.9% 1.2x 7.1x 1.2x 6.1x -12.3% DemandMedia DMD $117.9 $70.1 $160.6 55.6% 0.4% -58.2% 0.4x 122.0x 0.4x 3.3x 12.7% InterActiveCorp IACI $5,735.0 $5,966.1 $3,141.8 72.5% 14.1% 4.0% 1.9x 13.5x 1.8x 10.8x 16.4% Netflix NFLX $33,736.8 $33,179.1 $5,807.7 32.3% 7.9% 25.7% 5.7x 72.2x 4.6x 74.1x 59.5% Pandora P $3,771.9 $3,390.3 $957.3 44.9% -3.6% 30.4% 3.5x n/a 2.8x 42.9x 0.6% Shutterstock SSTK $2,419.4 $2,131.2 $352.7 60.2% 13.1% 37.2% 6.0x 46.2x 4.8x 22.9x -1.5% SINA SINA $2,566.3 $1,475.2 $768.2 62.2% 2.5% 15.5% 1.9x 78.1x 1.7x 27.5x 16.4% TheStreet.com TST $62.4 $27.9 $61.1 48.0% -1.1% 12.1% 0.5x n/a 0.4x 9.5x -21.2% WebMD Health WBMD $1,603.1 $1,848.6 $590.0 61.1% 20.4% 10.0% 3.1x 15.4x 2.9x 10.0x 12.9% XO Group XOXO $430.4 $340.4 $143.7 85.2% 11.7% 7.4% 2.4x 20.2x 2.4x 13.0x -10.3% Xunlei XNET $583.0 $148.5 $179.5 45.2% 17.7% 2.8% 0.8x 4.7x 0.9x 2.8x 8.8% Yahoo! YHOO $39,934.2 $35,876.5 $4,711.4 69.7% 12.7% 0.8% 7.6x 59.9x 8.4x 32.6x -15.2% Youku YOKU $3,627.6 $2,442.0 $681.0 28.2% 12.2% 37.6% 3.6x 29.5x 2.6x n/a 2.1% Median: $2,566.3 $2,131.2 $681.0 55.6% 12.2% 10.0% 2.4x 29.5x 2.4x 11.9x 2.1%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - April 2015 TTM Revenue Growth 10.0% 10% TTM EBITDA Growth -16.5% TTM Earnings Growth 45.8% Gross Profit Margin 55.6% EBITDA Margin 12.2% 5% Net Income Margin 5.0% SG&A Expenses as a % of Total Revenue 38.6% R&D Expenses as a % of Total Revenue 14.7% 0% Balance Sheet Analysis (Median) Current Ratio 2.5x Quick Ratio 2.2x Cash as Percent of Market Cap 20.9% -5% Avg Days Outstanding: Accounts Receivable 70.4x Avg Days Outstanding: Accounts Payable 29.8x Working Capital to TTM Operating Expense Ratio 0.5x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.5% Cash from Operations Growth (YoY) 32.8% -15% Cash from Investing Growth (YoY) -3.8% Cash from Financing Growth (YoY) -40.2% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 18.5%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD ChangYou.com CYOU $1,754.8 $1,725.1 $783.2 70.9% 20.9% 5.7% 2.2x 10.5x 2.1x 10.4x 25.2% Netease NTES $16,757.1 $13,463.8 $1,888.6 72.2% 42.2% 27.4% 7.1x 16.9x 5.7x 13.9x 30.2% NCSoft KOSE:A03657 $3,796.2 $2,975.5 $768.4 73.7% 37.3% 10.8% 3.9x 10.4x 3.6x 9.5x 16.3% Perfect World PWRD $974.3 $630.7 $619.7 71.2% 17.2% 25.9% 1.0x 5.9x 0.8x 5.0x 1.7% Sohu.com SOHU $2,559.5 $2,360.1 $1,763.1 56.4% 7.5% 20.9% 1.3x 17.9x 1.1x 12.8x 26.8% Tencent Holdings SEHK:700 $192,617.0 $190,144.8 $12,726.9 60.9% 39.0% 30.6% 14.9x 38.3x 11.8x 28.3x 42.7% Zynga ZNGA $2,253.9 $1,337.3 $705.7 69.3% -13.6% -9.3% 1.9x n/a 1.9x n/a -10.3% Median: $2,559.5 $2,360.1 $783.2 70.9% 20.9% 20.9% 2.2x 13.7x 2.1x 11.6x 25.2%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - April 2015 TTM Revenue Growth 20.9% 25% TTM EBITDA Growth -2.7% TTM Earnings Growth -0.3% Gross Profit Margin 70.9% 20% EBITDA Margin 20.9% Net Income Margin 12.3% 15% SG&A Expenses as a % of Total Revenue 32.1% R&D Expenses as a % of Total Revenue 22.0% 10% Balance Sheet Analysis (Median) Current Ratio 3.7x Quick Ratio 2.0x 5% Cash as Percent of Market Cap 25.7% Avg Days Outstanding: Accounts Receivable 29.8x Avg Days Outstanding: Accounts Payable 43.1x 0% Working Capital to TTM Operating Expense Ratio 0.9x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 20.7% Cash from Operations Growth (YoY) 11.9% -10% Cash from Investing Growth (YoY) 0.8% Cash from Financing Growth (YoY) 69.6% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 129.9%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD 8x8 EGHT $773.0 $585.1 $154.7 71.2% 5.9% 28.2% 3.8x 64.3x 3.2x 27.3x -3.6% Akamai Technologies AKAM $13,206.6 $13,103.0 $2,036.9 68.5% 34.4% 22.5% 6.4x 18.7x 5.6x 13.7x 16.6% Brightcove BCOV $225.1 $204.2 $126.8 65.3% -2.4% 9.0% 1.6x n/a 1.5x 29.0x -10.6% BroadSoft BSFT $918.7 $845.3 $228.6 73.5% 12.7% 25.1% 3.7x 29.0x 3.2x 13.6x 9.7% Envivio ENVI $52.1 $14.3 $41.6 63.5% -24.5% -3.8% 0.3x n/a 0.3x n/a 39.3% GoDaddy GDDY $1,550.0 $2,683.8 $1,387.3 62.6% 6.2% 22.7% 1.9x 31.3x 1.7x 8.5x 0.0% Harmonic HLIT $622.1 $520.3 $429.5 50.1% 4.7% -8.3% 1.2x 26.0x 1.2x 12.2x 0.0% Interactive Intelligence ININ $947.5 $891.3 $351.3 60.0% 0.3% 8.3% 2.5x 1010.5x 2.3x 101.6x -7.9% Limelight Networks LLNW $368.3 $287.3 $163.4 49.7% -3.9% -3.2% 1.8x n/a 1.8x 49.6x 33.6% Mitel Networks MITL $931.0 $1,136.5 $1,110.6 53.2% 13.1% 75.1% 1.0x 7.8x 1.0x 6.6x -13.3% Polycom PLCM $1,762.5 $1,375.5 $1,347.3 58.3% 12.3% -0.8% 1.0x 8.3x 1.0x 5.9x -2.2% Rovi ROVI $1,701.8 $2,525.1 $533.9 80.7% 33.0% -2.4% 4.7x 14.3x 4.6x 11.0x -18.0% SeaChange International SEAC $223.4 $125.9 $115.4 50.4% -12.1% -21.1% 1.1x n/a 1.1x n/a 7.0% ShoreTel SHOR $446.6 $362.2 $354.9 59.7% 5.9% 5.4% 1.0x 17.3x 1.0x 12.9x -3.9% Sonus Networks SONS $391.6 $307.8 $275.7 63.9% -4.6% -3.0% 1.1x n/a 1.2x 18.9x -61.4% Synacor SYNC $63.4 $39.2 $108.1 45.9% 0.5% 0.1% 0.4x 77.4x 0.4x 11.9x 12.7% Tucows TCX $196.1 $187.9 $147.7 27.9% 9.0% 13.6% 1.3x 14.2x 1.1x 9.4x -7.1% VeriSign VRSN $7,394.7 $7,408.9 $1,019.7 81.5% 62.0% 4.3% 7.3x 11.7x 7.0x 10.3x 11.1% Median: $697.6 $552.7 $313.5 61.3% 5.9% 4.9% 1.4x 18.7x 1.3x 12.5x -1.1%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - April 2015 TTM Revenue Growth 4.9% 10% TTM EBITDA Growth 6.7% TTM Earnings Growth -28.4% 8% Gross Profit Margin 61.3% EBITDA Margin 5.9% 6% Net Income Margin -4.6% SG&A Expenses as a % of Total Revenue 37.2% R&D Expenses as a % of Total Revenue 17.6% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.5x Quick Ratio 2.0x 0% Cash as Percent of Market Cap 18.6% Avg Days Outstanding: Accounts Receivable 61.4x -2% Avg Days Outstanding: Accounts Payable 42.2x Working Capital to TTM Operating Expense Ratio 0.4x -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 7.7% Cash from Operations Growth (YoY) 3.8% -8% Cash from Investing Growth (YoY) 30.0% Cash from Financing Growth (YoY) -96.1% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 11.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Baidu.com BIDU $70,344.4 $65,591.8 $8,433.0 68.4% 31.9% 47.4% 7.8x 24.4x 5.5x 19.1x -10.2% Google GOOGL $370,531.2 $312,797.2 $67,839.0 62.1% 32.3% 17.0% 4.6x 14.3x 4.1x 10.3x 3.6% InterActiveCorp IACI $5,735.0 $5,966.1 $3,141.8 72.5% 14.1% 4.0% 1.9x 13.5x 1.8x 10.8x 16.4% Yandex YNDX $6,088.5 $6,076.5 $897.9 71.8% 36.4% 23.2% 6.8x 18.6x 5.4x 14.9x 4.7% Median: $38,216.5 $35,834.2 $5,787.4 70.1% 32.1% 20.1% 5.7x 16.4x 4.7x 12.9x 4.2%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - April 2015 TTM Revenue Growth 20.1% 14% TTM EBITDA Growth 6.7% TTM Earnings Growth -28.4% 12% Gross Profit Margin 70.1% EBITDA Margin 32.1% 10% Net Income Margin -4.6% 8% SG&A Expenses as a % of Total Revenue 37.2% R&D Expenses as a % of Total Revenue 17.6% 6%

Balance Sheet Analysis (Median) 4% Current Ratio 2.5x Quick Ratio 2.0x 2% Cash as Percent of Market Cap 18.6% 0% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 42.2x -2% Working Capital to TTM Operating Expense Ratio 0.4x -4% Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 7.7% Cash from Operations Growth (YoY) 3.8% -8% Cash from Investing Growth (YoY) 30.0% Cash from Financing Growth (YoY) -96.1% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 11.1%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Angie's List ANGI $343.5 $324.9 $325.9 72.9% 1.3% 22.5% 1.0x 79.3x 0.9x 9.6x -8.1% Bankrate RATE $1,295.0 $1,416.0 $531.0 65.3% 22.5% 24.0% 2.7x 11.9x 2.4x 9.0x 0.4% Carbonite CARB $279.0 $214.5 $126.5 68.9% 0.2% 13.1% 1.7x 739.7x 1.5x 7.8x -27.6% Care.com CRCM $205.1 $133.2 $116.7 74.0% -27.0% 43.2% 1.1x n/a 0.9x n/a -18.2% Cimpress CMPR $2,736.8 $3,109.3 $1,451.9 62.4% 14.9% 19.8% 2.1x 14.3x 1.9x 11.4x 13.7% Coupons.com COUP $1,037.0 $843.5 $225.8 61.2% -5.6% 23.5% 3.7x n/a 3.1x 21.7x -27.4% eHealth EHTH $219.5 $180.2 $190.0 97.5% 3.6% 1.7% 0.9x 26.6x 1.0x 19.9x -49.4% Everyday Health EVDY $387.0 $426.2 $184.3 73.3% 11.1% 18.3% 2.3x 20.8x 1.8x 8.5x -16.2% GrubHub GRUB $3,449.3 $3,151.1 $283.5 65.6% 27.3% 66.8% 11.1x 40.7x 8.2x 27.0x 12.6% LendingClub LC $6,457.6 n/a $253.6 82.8% n/a 110.5% n/a n/a n/a n/a -30.0% LifeLock LOCK $1,378.7 $1,085.4 $502.8 75.1% 6.4% 27.3% 2.2x 33.6x 1.8x 12.5x -8.1% Monster Worldwide MWW $537.1 $708.4 $755.6 47.6% 10.5% -4.8% 0.9x 8.9x 0.9x 6.1x 29.5% Qihoo QIHU $7,775.3 $7,820.0 $1,390.7 78.0% 24.8% 107.2% 5.6x 22.7x 4.0x 12.9x 1.0% QuinStreet QNST $241.6 $195.2 $278.8 10.5% -1.4% -4.1% 0.7x n/a 0.7x 18.4x -9.5% Shutterfly SFLY $1,696.0 $1,650.7 $944.5 50.1% 9.2% 17.5% 1.7x 18.9x 1.5x 8.5x 7.3% Tree.Com TREE $629.9 $541.4 $178.2 95.4% 8.6% 17.9% 3.0x 35.4x 2.5x 16.3x 16.2% Wix.com WIX $752.5 $666.5 $157.5 81.8% -35.0% 67.9% 4.2x n/a 3.3x 91.2x -7.5% Xoom XOOM $689.0 $493.9 $167.6 71.4% 5.3% 25.2% 2.9x 55.3x 2.4x 18.5x 2.0% Zillow Z $5,709.4 $5,336.8 $325.9 91.0% -0.8% 65.0% 16.4x n/a 7.9x 67.7x -5.8% Median: $752.5 $687.5 $278.8 72.9% 5.9% 23.5% 2.2x 26.6x 1.9x 12.9x -7.5%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - April 2015 TTM Revenue Growth 23.5% 10% TTM EBITDA Growth 13.2% TTM Earnings Growth -49.7% 8% Gross Profit Margin 72.9% EBITDA Margin 5.9% 6% Net Income Margin -5.9% 4% SG&A Expenses as a % of Total Revenue 49.8% R&D Expenses as a % of Total Revenue 20.3% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 2.6x Quick Ratio 2.5x -2% Cash as Percent of Market Cap 17.9% -4% Avg Days Outstanding: Accounts Receivable 23.9x Avg Days Outstanding: Accounts Payable 44.9x -6% Working Capital to TTM Operating Expense Ratio 0.3x -8% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 6.5% Cash from Operations Growth (YoY) 42.4% -12% Cash from Investing Growth (YoY) -59.2% Cash from Financing Growth (YoY) -2.1% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 58.2%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Facebook FB $221,042.3 $208,815.3 $13,507.0 83.3% 46.5% 51.5% 15.5x 33.3x 11.5x 19.2x 0.4% LinkedIn LNKD $31,735.8 $29,304.2 $2,383.3 86.6% 10.1% 42.1% 12.3x 122.0x 9.2x 33.8x 9.8% Mail.ru Group LSE:MAIL $4,994.8 $5,270.7 $524.0 64.2% 48.6% 19.5% 10.1x 20.7x 7.0x 15.0x 55.8% Renren RENN $1,009.1 $302.3 $83.0 42.2% -108.3% -43.9% 3.6x n/a 3.8x n/a 10.4% Twitter TWTR $25,494.7 $23,538.2 $1,588.4 68.3% -21.1% 98.3% 14.8x n/a 9.6x 38.9x 6.6% Yelp YELP $2,936.7 $2,605.5 $419.6 93.3% 6.8% 59.4% 6.2x 91.6x 4.2x 22.0x -28.6% YY YY $3,422.0 $3,060.5 $593.1 51.1% 31.5% 101.7% 5.2x 16.4x 3.5x 12.0x -3.2% Median: $4,994.8 $5,270.7 $593.1 68.3% 10.1% 51.5% 10.1x 33.3x 7.0x 20.6x 6.6%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - April 2015 TTM Revenue Growth 51.5% 15% TTM EBITDA Growth 44.5% TTM Earnings Growth 25.6% Gross Profit Margin 68.3% EBITDA Margin 10.1% 10% Net Income Margin 20.8% SG&A Expenses as a % of Total Revenue 50.4% R&D Expenses as a % of Total Revenue 24.2% 5% Balance Sheet Analysis (Median) Current Ratio 8.3x Quick Ratio 7.8x Cash as Percent of Market Cap 11.3% 0% Avg Days Outstanding: Accounts Receivable 41.5x Avg Days Outstanding: Accounts Payable 39.1x Working Capital to TTM Operating Expense Ratio 1.5x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.9% Cash from Operations Growth (YoY) 38.6% -10% Cash from Investing Growth (YoY) -65.1% Cash from Financing Growth (YoY) -4.3% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 20.6%

TTM TTM TTM TTM Gross EBITDA Revenue EV/ Forward Forward Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EV/ EBITDA YTD Ctrip CTRP $9,045.1 $9,163.7 $1,184.6 71.4% 0.4% 36.4% 7.7x 1999.5x 5.5x 113.1x 40.8% Expedia EXPE $12,045.1 $12,454.2 $5,936.5 79.7% 12.4% 19.7% 2.1x 16.9x 1.9x 11.3x 10.1% HomeAway AWAY $2,652.2 $2,132.2 $460.1 84.7% 13.7% 23.5% 4.6x 33.7x 4.1x 16.7x -3.3% MakeMyTrip MMYT $882.7 $813.3 $291.9 30.3% -2.8% 16.9% 2.8x n/a 4.9x 47.6x -22.1% Orbitz OWW $1,309.3 $1,570.3 $942.0 77.8% 12.4% 10.2% 1.7x 13.4x 1.6x 9.4x 41.0% Priceline PCLN $64,161.9 $63,758.3 $8,640.9 90.8% 38.3% 21.1% 7.4x 19.3x 6.9x 17.1x 8.4% Travelzoo TZOO $193.6 $139.0 $138.4 87.5% 9.2% -11.4% 1.0x 10.9x 1.0x 20.2x 8.1% TripAdvisor TRIP $11,550.9 $11,325.9 $1,328.0 96.6% 28.5% 33.3% 8.5x 30.0x 7.1x 21.2x 7.9% Median: $5,848.6 $5,647.9 $1,063.3 82.2% 12.4% 20.4% 3.7x 19.3x 4.5x 18.7x 8.2%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - April 2015 TTM Revenue Growth 20.4% 15% TTM EBITDA Growth 8.9% TTM Earnings Growth 13.5% Gross Profit Margin 82.2% EBITDA Margin 12.4% 10% Net Income Margin 5.5% SG&A Expenses as a % of Total Revenue 54.5% R&D Expenses as a % of Total Revenue 15.5% 5% Balance Sheet Analysis (Median) Current Ratio 1.7x Quick Ratio 1.5x Cash as Percent of Market Cap 18.9% 0% Avg Days Outstanding: Accounts Receivable 38.8x Avg Days Outstanding: Accounts Payable 175.0x Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.1% Cash from Operations Growth (YoY) 23.5% -10% Cash from Investing Growth (YoY) -5.3% Cash from Financing Growth (YoY) 81.8% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 18.8%