MEDIA SECTOR REVIEW

Will The Stellar Run Continue INSIDE THIS ISSUE

The question that soon will be answered is whether or not the media stocks, which had Outlook: Traditional Media 2 a stellar run following the Presidential election, will keep the substantial valuation lift or TV 3 build upon it following first quarter results. Most media stocks posted double digit gains Radio 4 in the first quarter and year to date. In our view, the valuation lift has been on a wave of optimism regarding taxes, the economy, and even deregulation. But, the very near Publishing 5 term fundamentals do not seem to be as robust as the stock prices might suggest. Industry M&A Activity 6 We believe that the first quarter results likely will be perceived as being lackluster. With valuations extended and many media stocks near 52 week highs, we believe that there Outlook: Internet and Digital Media 7 is room for consolidation. As such, we would look for possible pullbacks related to Digital Media 8 disappointing very near term fundamentals as an opportunity to build positions in our Advertising Tech. 9 favorite media names. We hope that you will look for updates on the industry and be with us in Las Vegas for the NAB Media Finance Forum April 24 and April 25. Marketing Tech. 10 Social Media 11 Industry M&A Activity 12

NOBLE Overview 14 STOCK MARKET PERFORMANCE: TRADITIONAL MEDIA

50%

40%

30%

20%

10% Noble TV 0% S&P 500 Index Noble Radio -10% Noble Publishing

-20% FEB.-30-2017 SEP.-30-2016 JUL.-30-2016 MAY-29-2016 APR.-31-2016 JAN.-31-2017 JUN.-31-2016 DEC.-30-2016 MAR.-31-2017 MAR.-31-2016 AUG.-31-2016 OCT.-31-2016 NOV.-31-2016

NOBLE International Investments, Inc., dba NOBLE Capital Markets is a FINRA registered broker/dealer. Member - SPIC (Securities Investor Protection Corporation). Refer to the segment analysis part of the Newsletter to see the components of NOBLE Media Segment Indexes

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 1 OUTLOOK - TRADITIONAL MEDIA

BROADCAST TELEVISION

The Broadcast Television stocks were up 12% in the first quarter 2017, building upon the strength in the fourth quarter. Near current levels, the TV stocks trade at 8.9x times enterprise value to our blended 2017/2018 cash flow estimates, or near the low end of historic 15-year valuations. We believe that stock valuations may hit a speed bump in the upcoming first quarter results. In our view, there was a lot of hope regarding the early rebound in advertising in March. With very little advertising in the months of January and February, March makes the quarter. But, we believe that the strength faded, which may cause some disappointment in what we believe will be a lackluster quarter. Investors likely will turn their attention toward an improving second quarter. In addition, we look forward toward the upcoming NAB Media Finance Forum to discuss the long-term opportunities for the industry, including deregulation, the new ATSC 3.0 broadcast standard, programmatic advertising, artificial intelligence advertising, and the impact of addressable televisions. Look for future updates.

BROADCAST RADIO

The Radio stocks added to gains in the fourth quarter, with a nice 23% market cap weighted increase in valuations in the first quarter. The biggest news in the industry last quarter was the announced merger with Entercom (ETM: Buy Rated) and CBS Radio (CBS: Not Rated). We believe that the merger will create an un-levered, large platform, radio company that will be investable for many institutional investors. The industry has been mired by two of the leading radio broadcasters, which have been burdened by heavy debt loads. Hopefully, a new force in the industry may be able to break through this mark on the industry with its compelling argument for a bigger share of the advertising dollars. We look for this question to be answered in the upcoming NAB Media Finance Forum to be held in Las Vegas. Despite research that indicates that radio audiences remain stable, even as other mediums have fragmented, radio has had difficulty breaking through to advertisers. We believe that the industry has investment merit and look forward toward several broadcasters to highlight operation strategies at the upcoming Vegas conference.

PUBLISHING

The publishing stocks have underperformed its media peers in the first quarter, down 5% as investors turned toward the momentum of the broadcast stocks. This is interesting because the fourth quarter results were in line to slightly better than expectations. In addition, investors seem uninterested in some potential favorable developments, discussed later. In our view, investors shunned publishing stocks due to management changes, absence of deal activity, and a slowdown in Digital Media revenues. Importantly, we believe that these issues should be assuaged as we move toward the balance of the second half. Companies, like McClatchy (MNI: Rated Buy), should benefit from the potential sale of CareerBuilder, which reportedly may be sold for $1 billion or more. This would be significant for McClatchy, given its 15% ownership, with proceeds that could equate to as much as $20 per share or more. In addition, we believe that both tronc (TRNC: Rated Buy) and Gannett (GCI: Rated Buy) are building upon solid balance sheets which provides room to augment strong cash flows with possible acquisition fueled growth. We believe that the publishing stocks are among the most under valued stocks in the media group. Investors are encouraged to participate in tronc’s presentation at the NAB Media Finance Forum and in the AI Technology panel, which the company will play a role in. See you there!

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 2 Period Axis NYSE:SSP NYSE:EVC NasdaqGS:NXST NasdaqGS:SBGI NYSE:GTN 30-09-09 Q3 09 7,5926 27,8305 25,4454 29,1397 29,5658 31-12-09 Q4 09 5,5644 28,5967 24,7473 30,3975 25,3807 31-03-10 Q1 10 8,5958 30,0316 28,4977 32,8481 27,6316 30-06-10 Q2TV-SEGMENT 10 9,1714 30,7555 30,4655 ANALYSIS35,7219 29,903 30-09-10 Q3 10 9,8799 31,0108 33,5309 36,9205 32,9982 PeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriod Axis Axis Axis Axis Axis Axis Axis Axis Axis NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT 31-12-10 Q4 10 11,632 31,6192 35,9521 39,212830-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-09 Q239,346 Q2 Q2 Q2 Q2 Q2 Q209 Q2 Q209 09 09 09 0909 0909 N/A N/A N/A N/A N/A N/A N/A N/A N/A 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 19,115719,115719,115719,115719,115719,115719,115719,115719,1157 12,431212,431212,431212,431212,431212,431212,431212,431212,4312 31-03-11 Q1 11 10,0848 31,8401 35,5348 39,062430-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-09 39,1097 Q3 Q3 Q3 Q3 Q3 Q3 Q309 Q3 Q309 09 09 09 0909 0909 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 20,622120,622120,622120,622120,622120,622120,622120,622120,6221 13,667713,667713,667713,667713,667713,667713,667713,667713,6677 30-06-11 Q2 11 9,0273 30,552 35,5439 38,9588LT M31-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-09 38,7738 Q4 Q4 Q4 Q4 Q4 Q4 Q409 Q4 Q409EV 09 09 09 0909 09/09 REVENUE 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388EV / EBITDA 21,428421,428421,428421,428421,428421,428421,428421,428421,4284 13,125213,125213,125213,125213,125213,125213,125213,125213,1252 31-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-10 Q1 Q1 Q1 Q1 Q1 Q1 Q110 Q1 Q110 10 10 10 1010 1010 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 22,105722,105722,105722,105722,105722,105722,105722,105722,1057 15,988615,988615,988615,988615,988615,988615,988615,988615,9886 30-09-11 Q3 11 7,6357 29,3185% OF 34,3963ENT. 38,5372 37,2884 NET 3 YEAR 30-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-10 Q2 Q2 Q2 Q2 Q2 Q2 Q210 Q2 Q210 10 10 10 1010 1010 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 22,376522,376522,376522,376522,376522,376522,376522,376522,3765 18,051918,051918,051918,051918,051918,051918,051918,051918,0519 31-12-11 Q4 11 5,2554SHARE 28,348352 WEEK MARKET NET31,4129VALUE 36,326130-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-10 32,0097 Q3 Q3 Q3 Q3 Q3 Q3 Q310 Q3 Q310 10 10 10 1010 1010 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 DEBT22,748622,748622,748622,748622,748622,7486 22,7486/22,748622,7486 REVENUE EBITDA 17,459317,459317,459317,459317,4593 DIV17,459317,459317,459317,4593 31-03-12 Q1 12 6,8399PRICE 28,654HIGH CAP DEBT.32,7535(EV) REVENUE35,7773 EBITDA31-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-10 Q4LT Q4 Q4 Q433,51 Q4 Q4M Q410 Q4 Q410 10 10 10 1010 10102016E 7,3507 7,3507 7,3507 7,3507 7,3507 7,35072017E 7,3507 7,3507 7,3507LT 26,1576 26,1576 26,1576M 26,1576 26,1576 26,1576 26,1576 26,1576 26,15762016E 2017E EBITDA22,235122,235122,235122,235122,235122,235122,235122,235122,2351 CAGR 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962MARGIN 14,8013 14,8013 14,8013 14,8013 14,8013YIELD 14,8013 14,8013 14,8013 14,8013 30-06-12 Q2CBS 12 Corporation 9,0419 $68.57 29,2523 97.8% $27,948 34,1774 $8,777 $36,761 $13,16636,0318 31-03-1131-03-1131-03-1131-03-1131-03-11 $3,09531-03-1131-03-1131-03-1131-03-11 35,6398 Q1 Q1 Q1 Q1 Q1 Q1 Q12.8x11 Q1 Q111 11 11 11 1111 1111 2.7x 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 2.6x 27,3001 11.9x27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 11.4x 10.4x21,955121,955121,955121,9551 2.8x21,955121,955121,955121,955121,9551 (2.0%) 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 23.5% 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 1.1% 30-09-12 Q3 12 12,0118 31,0092 36,6873 37,128330-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-11 39,4118 Q2 Q2 Q2 Q2 Q2 Q2 Q211 Q2 Q211 11 11 11 1111 1111 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 21,628821,628821,628821,628821,628821,628821,628821,628821,6288 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 31-12-12 Q4TEGNA 12 15,370625.84 34,0017 97.0% 5,550 38,8033 3,966 9,844 39,3734 3,341 30-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-11 1,20930-09-1130-09-11 43,6275 Q3 Q3 Q3 Q3 Q3 Q3 Q32.9x11 Q3 Q311 11 11 11 1111 1111 2.8x 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 2.6x 26,9403 26,9403 26,9403 26,94038.1x 26,9403 26,9403 26,9403 26,9403 26,9403 9.0x 7.8x23,009823,009823,009823,0098 3.3x23,009823,009823,009823,009823,0098 27.7% 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 36.2% 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 2.2% Nexstar Media Group 69.35 93.8% 3,267 5,145 8,412 1,103 31-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-11 404 Q4 Q4 Q4 Q4 Q4 Q4 Q45.1x11 Q4 Q411 11 11 11 1111 1111 3.5x 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 3.1x 25,8974 13.9x25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 10.4x 8.5x23,315623,315623,315623,3156 5.6x23,315623,315623,315623,315623,3156 30.0% 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 36.7% 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 1.8% 31-03-13 Q1 13 14,808 34,06 37,2971 39,005731-03-1231-03-1231-03-1231-03-1231-03-1231-03-1231-03-1231-03-1231-03-12 42,4215 Q1 Q1 Q1 Q1 Q1 Q1 Q112 Q1 Q112 12 12 12 1212 1212 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 24,212824,212824,212824,212824,212824,212824,212824,212824,2128 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 30-06-13 Q2Sinclair 13 Broadcast 14,0349 40.40 34,1163 93.8% 4,141 36,1007 3,944 8,054 38,5962 2,737 30-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-12 881 40,7289 Q2 Q2 Q2 Q2 Q2 Q2 Q22.9x12 Q2 Q212 12 12 12 1212 1212 2.9x 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 2.7x 24,7019 24,7019 24,7019 24,70199.1x 24,7019 24,7019 24,7019 24,7019 24,7019 9.7x 8.0x NM NM NM NM NM NM NM NM NM 24,4495 24,4495 24,4495 24,4495 4.5x24,4495 24,4495 24,4495 24,4495 24,4495 26.2% 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 32.2% 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 1.8% 30-09-13 Q3 13 11,3152 33,1763 34,8258 36,512130-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-12 37,9223 Q3 Q3 Q3 Q3 Q3 Q3 Q312 Q3 Q312 12 12 12 1212 1212 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 NM NM NM NM NM NM NM NM NM 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 Tribune Media 38.41 94.3% 3,337 2,834 6,177 1,948 454 3.2x 3.2x 3.0x 13.6x 13.4x 11.5x 6.2x 19.3% 23.3% 2.7% 31-12-13 Q4 13 7,0804 31,0339 33,2385 34,595731-12-1231-12-1231-12-1231-12-1231-12-1231-12-1231-12-1231-12-1231-12-12 Q431,498 Q4 Q4 Q4 Q4 Q4 Q412 Q4 Q412 12 12 12 1212 1212 7,539 7,539 7,539 7,539 7,539 7,539 7,539 7,539 7,539 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 31-03-14 Q1Gray 14 Television 9,002714.95 31,2512 99.0% 1,077 33,7376 1,432 2,497 33,9799 812 31-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-13 304 Q131,617 Q1 Q1 Q1 Q1 Q1 Q13.1x13 Q1 Q113 13 13 13 1313 1313 2.9x 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 2.5x 24,7814 24,7814 24,7814 24,78148.2x 24,7814 24,7814 24,7814 24,7814 24,7814 9.4x 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,86967.1x 23,8612 23,8612 23,8612 23,8612 4.7x23,8612 23,8612 23,8612 23,8612 23,8612 32.9% 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 37.5% 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 NA 30-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-13 Q2 Q2 Q2 Q2 Q2 Q2 Q213 Q2 Q213 13 13 13 1313 1313 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 The E. W. Scripps 22.50 93.2% 1,849 259 2,108 943 186 2.2x 2.3x 2.0x 11.3x 18.1x 10.2x 1.4x 29.7% 19.8% NA 30-06-14 Q2 14 7,6795 31,7775 33,6068 33,391230-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-13 30,8203 Q3 Q3 Q3 Q3 Q3 Q3 Q313 Q3 Q313 13 13 13 1313 1313 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 17,32 17,32 17,32 17,32 17,32 17,32 17,32 17,32 17,32 30-09-14 Q3Entravision 14 10,11926.15 31,6482 74.0% 555 34,377 234 789 33,5018 259 31-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-13 65 33,0586 Q4 Q4 Q4 Q4 Q4 Q4 Q43.1x13 Q4 Q413 13 13 13 1313 1313 2.9x 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 2.6x 21,3767 12.2x21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 11.9x 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,88848.9x 24,0797 24,0797 24,0797 24,0797 3.6x24,0797 24,0797 24,0797 24,0797 24,0797 4.9% 11,7175 11,7175 11,7175 11,7175 11,717511,7175 11,7175 11,7175 11,7175 25.0% 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 2.0% 31-12-14 Q4 14 12,9421 31,1951 37,0869 35,009231-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-14 39,1906 Q1 Q1 Q1 Q1 Q1 Q1 Q114 Q1 Q114 14 14 14 1414 1414 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 31-03-15 Q1 15 11,2999 30,9988 36,2776 34,39730-06-1430-06-1430-06-1430-06-1430-06-1430-06-1430-06-1430-06-1430-06-14 39,6691 Q2 Q2 Q2 Q2 Q2 Q2 Q214 Q2 Q214 14 14 14 1414 1414 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 30-06-15Period Q2 15 13,6592NYSE:SSP 28,9362 NYSE:EVC NasdaqGS:NXST36,1755 NasdaqGS:SBGI34,0134Mean30-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-14 40,4894 Q3 Q3 Q3 Q3 Q3 Q3 Q33.2x14 Q3 Q314 14 14 14 1414 1414 2.9x 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 2.6x 19,4988 11.1x19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 11.7x 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,88849.1x 23,6534 23,6534 23,6534 23,65344.0x 23,6534 23,6534 23,6534 23,6534 23,6534 21.1% 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 29.3% 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 1.9% 30-09-1530-09-09 Q3 15 Q3 09 13,3167NM 29,3529 6,71703 35,2433 9,98314 33,346131-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-146,609931-12-1431-12-14 37,3679 Q4 Q4 Q4 Q4 Q4 Q4 Q414 Q4 Q414 14 14 14 1414 1414 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 PeriodMedian31-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-15 Q1 Q1Axis Q1 Q1 Q1 Q1 Q13.0x15 Q1 Q115 15 15 15 1515 1515 NYSE:SSP 2.9x 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 2.6x NYSE:EVC 16,6905 11.6x16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 10.9xNasdaqGS:NXST 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,00268.7x 22,7397NasdaqGS:SBGI 22,7397 22,7397 22,73974.0x 22,7397 22,7397 22,7397 22,7397 22,7397 26.9%NYSE:GTN 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 28.6%NYSE:TGNA 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 1.9% 31-12-1531-12-09 Q4 15 Q4 09 4,6480,39 28,1717 6,51371 33,6693 10,54591 31,021130-09-096,72521 33,7539 Q3 09 10,63141 9,23596 9,20477 10,24624 12,33979 6,8679 31-03-10 Q1 10 NM 6,05089 8,595 30-06-1530-06-1530-06-1530-06-1530-06-155,8491530-06-1530-06-1530-06-1530-06-15 Q2 Q2 Q2 Q2 Q2 Q2 Q215 Q2 Q215 15 15 15 1515 1515 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 31-03-16 Q1 16 6,9226 26,6152 33,9402 30,074631-12-0930-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-15 34,2124 Q4 Q3 Q3 Q3 Q3 Q3 Q3 Q30915 Q3 Q315 15 15 15 1515 1515 7,0761 N/A N/A N/A N/A N/A N/A N/A N/A N/A 10,57179 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,33088,49181 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 8,2483 6,933 10,64235 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 6,4790113,9235 13,9235 30-06-10 Q2 10 NM 5,69257 7,64908 5,02665 31-03-1031-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-15 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q41015 Q4 Q415 15 15 15 1515 1515 4,91249 N/A N/A N/A N/A N/A N/A N/A N/A N/A 9,06803 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,29497,20022 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 7,69705 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 0 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 5,9711315,3684 15,3684 30-06-1630-09-10 Q2 16 Q3 10 7,9042NM 26,6136 5,55342 33,7901 6,45462 29,5044,50148 34,5755 30-06-1031-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-16 Q2 Q1 Q1 Q1 Q1 Q1 Q1 Q11016 Q1 Q116 16 16 16 1616 1616 5,22493 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 8,77288 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,77257,41269 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 6,91555 7,2588 7,2588 7,2588 7,2588 7,2588 7,25888,51797 7,2588 7,2588 7,2588 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,19764,88955 15,1976 15,1976 30-09-1631-12-10 Q3 16 Q4 10 9,9383NM 24,6862 5,10702 34,4361 5,49853 30,15583,95359 36,7831 31-12-16 Q4 16 19,7606 24,9874 36,6651 32,172630-09-1030-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-16 37,4646 Q3 Q2 Q2 Q2 Q2 Q2 Q2 Q21016 Q2 Q216 16 16 16 1616 1616 4,09979 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 7,88013 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,96737,89604 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 6,7724 7,643 7,643 7,643 7,6438,11349 7,643 7,643 7,643 7,643 7,643 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 4,4525414,9242 14,9242 31-03-11 Q1 11 NM 5,1478 5,42105 31-12-1030-09-1630-09-1630-09-1630-09-1630-09-163,7068130-09-1630-09-1630-09-1630-09-16 Q4 Q3 Q3 Q3 Q3 Q3 Q3 Q31016 Q3 Q316 16 16 16 1616 1616 5,87714 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 8,53749 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,38548,22487 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 6,68454 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 0 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 4,8224414,7803 14,7803 30-06-11LTM EBITDA Q2 11 MARGINNM 5,28449 5,38022 31-03-1131-12-1631-12-1631-12-1631-12-1631-12-163,7211831-12-1631-12-1631-12-1631-12-16REVENUE Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q41116 Q4 Q416 16 16 16 1616 1616 8,63674 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598GROWTH 8,57204 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,06899,16516 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 7,92721 7,4996 7,4996 7,4996 7,4996 7,4996 7,499610,7229 7,4996 7,4996 7,4996 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 4,9402213,7258 13,7258 30-09-11 Q3 11 NM 5,70994 5,6349 30-06-113,80707 Q2 11 7,47944 7,45637 8,02815 8,00782 9,78257 4,74573 31-12-11 Q4 11 2,20 5,82389 6,57279 30-09-114,2915830% Q3 11 4,78132 6,32628 6,42706 6,71117 9,10881 3,62034 31-03-12 Q1 12 1,32 5,82557 5,82504 31-12-114,65372 Q4 11 5,35996 7,47335 7,21768 7,06879 6,81655 4,27094 30-06-12 Q2 12 0,52 5,42945 5,23534 31-03-125,4313525% Q1 12 5,70188 7,20609 6,07906 6,05223 6,54955 4,70774 30-09-1235% Q3 12 NM 4,85038 4,7142 30-06-124,7946818% Q218%18%18%18%18%18%18% 18% 12 5,68605 6,65205 5,8381 5,62935 6,45462 4,686 31-12-12 Q4 12 NM 4,01375 5,36777 30-09-125,3837520% Q3 12 4,88086 6,42426 6,07512 6,70061 7,03383 4,96038 31-03-1330% Q1 13 NM 4,01275 5,96122 31-12-125,13018 Q4 12 4,89518 6,37707 5,12011 6,3321 7,64677 4,93975 30-06-13 Q2 13 NM 3,85173 5,91137 31-03-134,1506315% Q1 13 10,69214 8,78587 7,37055 8,44164 10,06645 5,71788 25% 16%16%16%16%16%16%16%16%16% 30-09-13 Q3 13 NM 4,25761 5,89897 30-06-134,8628 Q2 13 10,06606 12,06998 9,19339 9,44626 11,46368 6,07096 31-12-13 Q4 13 NM 4,60845 6,17542 5,83973 20% 30-09-1310% Q3 13 13,44168 11,83679 9,72904 8,39057 10,92619 6,32186 31-03-14 Q1 14 0,19 4,45479 5,75305 31-12-135,34072 Q4 13 10,2521 11,23462 10,65052 8,39812 10,00208 6,36574 30-06-14 Q2 14 2,20 4,39936 5,77041 4,9837414%14%14%14%14%14%14%14%14% 15% 31-03-14 Q15% 14 7,43462 10,3532 7,96561 7,08643 7,31168 6,84177 30-09-14 Q3 14 1,29 4,23694 5,13935 30-06-146,14925 Q2 14 8,79224 9,62799 9,47546 8,24725 7,75407 7,07267 31-12-1410% Q4 14 0,59 4,13823 4,66851 30-09-145,59149 Q30% 14 8,25756 8,92726 8,95563 7,37147 7,94169 6,67728 31-03-15 Q1 15 0,66 3,82048 5,91125 31-12-145,4150812% Q412%12%12%12%12%12%12% 12% 14 13,9334 11,97704 9,59815 8,67314 9,69533 6,41464 30-06-155% Q2 15 3,77 4,09946 5,2787 31-03-155,18787 Q1-5% 15 6,98535 12,49428 9,69711 9,86737 13,43459 8,35162 30-09-15 Q3 15 3,66 3,84584 4,9559 30-06-155,09215 Q2 15 15,73949 14,88829 10,47671 8,64543 11,55931 9,88996 31-12-150% Q4 15 8,55 3,79938 4,76236 30-09-155,38115-10% Q3 15 11,93484 11,70421 9,10187 7,93971 NM 8,18468 31-03-16 Q1 16 5,44 3,97407 4,65484 5,8658310%10%10%10%10%10%10%10%10% Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 1631-12-15 Q4 15Q2Q2 12 Q2Q2Q2Q2Q2 Q212 NMQ2 Q212 12 12 12 1212 12 12 Q4 Q4Q4 12 Q4 Q4Q4Q4 Q412 Q4 Q412 12 12 12 1212 12 12 Q2 Q2 Q2Q2 13 Q2Q212,3383Q2 Q213 Q2 Q213 13 13 13 1313 13 13 Q4 Q4 Q4 Q4Q4 13 Q4Q4 Q413 Q4 Q413 13 13 13 1313 13 13 Q2 Q2 Q2 Q2Q2 Q2 14 Q2 Q214 Q2 Q214 14 14 14 1414 14 14 9,10104Q4 Q4 Q4 Q4Q4 Q4 14 Q4Q4 14 Q4 Q414 14 14 14 1414 14 14 Q2 Q2 Q2 Q2Q2Q2 Q2 15 Q215 7,99332Q2 Q215 15 15 15 1515 15 15 Q4 Q4 Q4 Q4Q4Q4 Q4 Q4 15 15Q4 Q415 15 15 15 1515 15 158,61298 Q2 Q2 Q2 Q2Q2Q2 Q216 Q2Q2 16 Q216 16 16 16 1616 16 16 Q4 Q4 Q4 Q4Q4Q4 Q4 8,4277716Q4 Q416Q4 16 16 16 16 1616 16 16 30-06-16 Q2 16 5,03 3,761 4,35344 31-03-165,74147 Q1 16 6,32114 10,76901 6,8465 6,91011 5,32497 7,25078 30-09-16 Q3 16 3,54 3,94816 6,44044 30-06-165,33189 Q2 16 6,60606 10,16077 7,2573 6,99135 6,41169 7,2865 31-12-16 Q4 16 1,39 3,61829 5,58546 30-09-164,47887 Q3 16 7,19336 11,58444 7,91239 6,99897 6,89909 7,11713 NET DEBT / LTM EBITDA 31-12-16EV Q4 16 / LTM 11,76757 EBITDA 11,75297 10,74893 7,60942 7,9128 7,71798

8,0x 14,0x

12,0x 6,0x 10,0x

8,0x 4,0x 6,0x

2,0x 4,0x 2,0x

0,0x 0,0x Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 3 RADIO-SEGMENT ANALYSIS PeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriod Axis Axis Axis Axis Axis Axis Axis Axis Axis NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NasdaqGS:EMMS NasdaqGM:SALM NYSE:TSQ 30-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-09 Q2 Q2 Q2 Q2 Q2 Q2 Q209 Q2 Q209 09 09 09 0909 0909 N/A N/A N/A N/A N/A N/A N/A N/A N/A 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 19,115719,115719,115719,115719,115719,115719,115719,115719,1157 12,431212,431212,431212,431212,431212,431212,431212,431212,4312 10,411 26,6591 23,5194 30-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-09 Q3 Q3 Q3 Q3 Q3 Q3 Q309 Q3 Q309 09 09 09 0909 0909 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 20,622120,622120,622120,622120,622120,622120,622120,622120,6221 13,667713,667713,667713,667713,667713,667713,667713,667713,6677 31-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-09 Q4 Q4 Q4 Q4 Q4 Q4 Q409 Q4 Q409 09 09 09 0909 0909 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 21,428421,428421,428421,428421,428421,428421,428421,428421,4284 13,125213,125213,125213,125213,125213,125213,125213,125213,1252 9,8917 26,2051 23,2359 LT M EV / REVENUE EV / EBITDA 9,612 25,6493 23,2359 31-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-10 Q1 Q1 Q1 Q1 Q1 Q1 Q110 Q1 Q110 10 10 10 1010 1010 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 22,105722,105722,105722,105722,105722,105722,105722,105722,1057 15,988615,988615,988615,988615,988615,988615,988615,988615,9886 10,9907 25,3373% OF 23,2359 ENT. 30-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-10 Q2 Q2 Q2 Q2 Q2 Q2 Q210 Q2 Q210 10 10 10 1010 1010 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 22,376522,376522,376522,376522,376522,376522,376522,376522,37653 YEAR 18,051918,051918,051918,051918,051918,051918,051918,051918,0519 30-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-10 Q3 Q3 Q3 Q3 Q3 Q3 Q310 Q3 Q310 10 10 10 1010 1010 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 22,748622,748622,748622,748622,748622,748622,748622,748622,7486 17,459317,459317,459317,459317,459317,459317,459317,459317,4593 11,814 SHARE24,764352 WEEK 23,2359MARKET NET VALUE REVENUE EBITDA DIV 31-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-10 Q4 Q4 Q4 Q4 Q4 Q4 Q410 Q4 Q410 10 10 10 1010 1010 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 22,235122,235122,235122,235122,235122,235122,235122,235122,2351 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 12,6341 PRICE24,2548HIGH 23,2359CAP DEBT. (EV) REVENUE EBITDA LT M 2016E 2017E LT M 2016E 2017E CAGR MARGIN YIELD 13,1703 23,6291 23,2359 31-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-11 Q1 Q1 Q1 Q1 Q1 Q1 Q111 Q1 Q111 11 11 11 1111 1111 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 21,955121,955121,955121,955121,955121,955121,955121,955121,9551 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 Iheart Media13,5133 $3.0823,4337 76.8% 23,2359 $279 $19,517 $19,931 $6,27430-06-1130-06-1130-06-11 30-06-1130-06-1130-06-1130-06-1130-06-1130-06-11 $1,830 Q2 Q2 Q2 Q2 Q2 Q2 Q211 Q2 Q211 11 11 11 1111 11 3.2x11 7,423.2x 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 27,0761 27,0761NA 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 10.9x 10.8x21,6288 NA21,628821,628821,628821,628821,628821,628821,628821,6288 10.7x 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 29.2% 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 0.0% 13,5617 23,6715 23,2359 30-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-11 Q3 Q3 Q3 Q3 Q3 Q3 Q311 Q3 Q311 11 11 11 1111 1111 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 23,009823,009823,009823,009823,009823,009823,009823,009823,0098 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 Cumulus Media 0.23 6.3% 7 2,253 2,260 1,141 201 2.0x 2.0x 2.0x 11.2x 10.7x 10.1x 11.2x 17.6% 0.0% 10,1663 23,3844 23,2359 31-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-11 Q4 Q4 Q4 Q4 Q4 Q4 Q411 Q4 Q411 11 11 11 1111 1111 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 23,315623,315623,315623,315623,315623,315623,315623,315623,3156 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 Radio One10,7942 3.3523,1839 94.1% 23,2359 162 960 1,135 45631-03-1231-03-1231-03-12 31-03-1231-03-1231-03-1231-03-1231-03-1231-03-12 124 Q1 Q1 Q1 Q1 Q1 Q1 Q112 Q1 Q112 12 12 12 1212 1212 2.5x 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 NA9,7826 9,7826 27,1451 27,1451NA 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 9.2x NA24,2128 NA24,212824,212824,212824,212824,212824,212824,212824,2128 7.8x 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 27.1% 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 0.0% 11,8149 22,6541 23,2359 30-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-12 Q2 Q2 Q2 Q2 Q2 Q2 Q212 Q2 Q212 12 12 12 1212 1212 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 NM NM NM NM NM NM NM NM NM 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 Entercom11,4939 13.1522,2518 79.5% 23,2359 534 426 987 46030-09-1230-09-1230-09-12 30-09-1230-09-1230-09-1230-09-1230-09-1230-09-12 107 Q3 Q3 Q3 Q3 Q3 Q3 Q312 Q3 Q312 12 12 12 1212 1212 2.1x 10,467 10,467 10,467 10,467 10,467 10,4672.1x 10,467 10,467 10,467 2.0x 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 9.2x 8.6x NM NM NM NM NM NM NM NM NM 8.0x 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 4.0x 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 23.2% 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 2.3% 31-12-1231-12-1231-12-1231-12-1231-12-1231-12-1231-12-1231-12-1231-12-12 Q4 Q4 Q4 Q4 Q4 Q4 Q412 Q4 Q412 12 12 12 1212 1212 7,539 7,539 7,539 7,539 7,539 7,539 7,539 7,539 7,539 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 Townsquare14,4284 Media 11.0621,8091 85.0% 23,2934 204 520 725 517 103 1.4x 1.4x 1.3x 7.1x 6.8x 6.3x 5.1x 19.8% 0.0% 12,3385 21,2573 23,2934 31-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-13 Q1 Q1 Q1 Q1 Q1 Q1 Q113 Q1 Q113 13 13 13 1313 1313 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 Beasley16,5142 Broadcast 12.9021,3145 90.5% 23,2934 372 234 606 13730-06-1330-06-1330-06-1330-06-13 30-06-1330-06-1330-06-1330-06-1330-06-13 Q2 30Q2 Q2 Q2 Q2 Q2 Q213 Q2 Q213 13 13 13 1313 1313 4.4x 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702NA 5,9702 24,0114 NA24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 20.4x 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696NA 24,1198NA 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 7.9x 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 21.7% 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 1.4% 15,9772 21,1934 23,2934 30-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-13 Q3 Q3 Q3 Q3 Q3 Q3 Q313 Q3 Q313 13 13 13 1313 1313 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 17,32 17,32 17,32 17,32 17,32 17,32 17,32 17,32 17,32 Salem Media Group 7.40 90.6% 192 262 455 274 49 1.7x 1.6x 1.5x 9.4x 9.2x 8.1x 5.4x 17.7% 3.6% 16,1623 20,5436 22,392 31-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-13 Q4 Q4 Q4 Q4 Q4 Q4 Q413 Q4 Q413 13 13 13 1313 1313 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 31-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-14 Q1 Q1 Q1 Q1 Q1 Q1 Q114 Q1 Q114 14 14 14 1414 1414 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 Saga Communications14,63 51.3519,9269 98.7% 22,7403 303 10 312 143 37 2.2x NA NA 8.4x NA NA 0.3x 26.2% 2.8% 13,9637 18,8609 24,2685 30-06-1430-06-1430-06-1430-06-1430-06-1430-06-1430-06-1430-06-1430-06-14 Q2 Q2 Q2 Q2 Q2 Q2 Q214 Q2 Q214 14 14 14 1414 1414 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 30-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-14 Q3 Q3 Q3 Q3 Q3 Q3 Q314 Q3 Q314 14 14 14 1414 1414 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 Emmis15,2708 2.2918,6039 52.9% 25,4305 28 216 279 222 31 1.3x NA NA 9.1x NA NA 7.1x 13.8% 0.0% 31-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-14 Q4 Q4 Q4 Q4 Q4 Q4 Q414 Q4 Q414 14 14 14 1414 1414 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 16,4718 17,2978 15,4368 31-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-15 Q1 Q1 Q1 Q1 Q1 Q1 Q115 Q1 Q115 15 15 15 1515 1515 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 16,1802 17,7328 24,9789 30-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-15 Q2 Q2 Q2 Q2 Q2 Q2 Q215 Q2 Q215 15 15 15 1515 1515 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 16,693 18,0061 23,8864 Mean 2.3x 2.1x 1.7x 10.5x 9.2x 8.1x 6.6x 21.8% 1.3% 30-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-15 Q3 Q3 Q3 Q3 Q3 Q3 Q315 Q3 Q315 15 15 15 1515 1515 N/A N/A N/A N/A N/A N/A N/A N/A N/A 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 16,4167 17,5816 22,8714 31-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-15Median31-12-1531-12-15 Q4 Q4 Q4 Q4 Q4 Q4 Q415 Q4 Q415 15 15 15 1515 1515 2.1x 2.0x N/A N/A N/A N/A N/A N/A N/A N/A N/A1.8x 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 9.2x 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,29499.2x 13,2949 13,2949 8.0x 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 7.1x 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 21.7% 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 0.7%31-12-16 15,9552 17,897 21,2357 31-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-16 Q1 Q1 Q1 Q1 Q1 Q1 Q116 Q1 Q116 16 16 16 1616 1616 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 16,1238 17,7861 19,9911 30-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-16 Q2 Q2 Q2 Q2 Q2 Q2 Q216 Q2 Q216 16 16 16 1616 1616 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 16,6799 17,5258 18,706 30-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-16 Q3 Q3 Q3 Q3 Q3 Q3 Q316 Q3 Q316 16 16 16 1616 1616 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 16,0972 17,2971 20,046 31-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-16 Q4 Q4 Q4 Q4 Q4 Q4 Q416 Q4 Q416 16 16 16 1616 1616 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 LTM13,7813 EBITDA MARGIN17,6964 19,8372 REVENUE GROWTH

6%

5% 18%18%18%18%18%18%18%18%18% 27% 4%

25% 3% 16%16%16%16%16%16%16%16%16% 23% 2%

1% 21% 14%14%14%14%14%14%14%14%14% 0% 19% -1% 12%12%12%12%12%12%12%12%12% 17% -2% 15% -3% 10%10%10%10%10%10%10%10%10% Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2 12 Q2Q2Q2Q2Q2Q2 Q212 Q2 Q212 12 12 12 1212 12 12 Q4 12 Q4 Q4 Q4 Q4Q4Q4 Q412 Q4 Q412 12 12 12 1212 12 12 Q2 Q2 13 Q2 Q2 Q2Q2Q2 Q213 Q2 Q213 13 13 13 1313 13 13 Q4 Q4Q4 13 Q4 Q4Q4Q4 Q413 Q4 Q413 13 13 13 1313 13 13 Q2 Q2 Q2Q2 14 Q2Q2Q2 Q214 Q2 Q214 14 14 14 1414 14 14 Q4 Q4 Q4 Q4Q4Q4 14 Q4 Q414 Q4 Q414 14 14 14 1414 14 14 Q2 Q2 Q2 Q2Q2Q2Q2 15 Q215 Q2 Q215 15 15 15 1515 15 15 Q4 Q4 Q4 Q4Q4Q4 Q4Q4 15 15 Q4 Q415 15 15 15 1515 15 15 Q2 Q2 Q2 Q2Q2Q2 Q216 Q2Q2 16 Q216 16 16 16 1616 16 16 Q4 Q4 Q4 Q4Q4Q4 Q416 Q4 Q416Q4 16 16 16 16 1616 16 16

NET DEBT / LTM EBITDA EV / LTM EBITDA

8,0x 10,0x 7,0x 9,0x 6,0x 8,0x 7,0x 5,0x 6,0x 4,0x 5,0x 3,0x 4,0x 2,0x 3,0x 2,0x 1,0x 1,0x 0,0x 0,0x Q3 12 Q1 13 Q3 13 Q1 14 Q3 14 Q1 15 Q3 15 Q1 16 Q3 16 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 4 Period Axis NYSE:AHCNYSE:MNI NYSE:GCI NYSE:LEE TRNC NYSE:NYT 30-09-09 Q3 09 -17,9005 -20,9536 0 -16,4242 0 -15,1146 31-12-09 Q4 09 -18,4846 -22,6558 0 -18,1596 0 -17,101 PUBLISHING-SEGMENT31-03-10 ANALYSIS Q1 10 -18,6668 -22,5668 0 -18,5634 0 -16,9853 30-06-10 Q2 10 -16,5135 -18,9152 0 -15,7334 0 -13,5 Period Axis NYSE:AHC NYSE:MNI NYSE:GCI NYSE:LEE TRNC NYSE:NYTPeriodPeriodPeriodPeriodPeriodPeriod30-09-10PeriodPeriodPeriod Axis Axis AxisQ3 Axis Axis Axis Axis AxisAxis 10 NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC-12,3171 NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI -14,2267NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI 0 NYSE:LEE NYSE:LEE -11,5907NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC0 -8,0219 NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT 30-06-09 Q2 09 N/A 20,9 19,1157 12,4312 30-06-0930-06-0930-06-0930-06-0930-06-0931-12-1030-06-0930-06-0930-06-0930-06-09 Q2 Q2 Q2 Q2 Q2 Q2Q4 Q209 Q2 Q209 09 09 09 091009 0909 -9,3864 N/A N/A N/A N/A N/A N/A N/A N/A N/A -9,7263 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 0 -11,114419,115719,115719,115719,115719,115719,115719,115719,115719,1157 0 -4,33412,431212,431212,431212,431212,431212,431212,431212,431212,4312 30-09-09 Q3 09 3,5234 22,3882 20,6221 13,667730-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-09 Q3 Q3 Q3 Q3 Q3 Q3 Q309 Q3 Q309 09 09 09 0909 0909 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 20,622120,622120,622120,622120,622120,622120,622120,622120,6221 13,667713,667713,667713,667713,667713,667713,667713,667713,6677 31-03-11 Q1 11 -5,9883 -0,7228 0 -3,6911 0 -18,8373 31-12-09 Q4 09 6,4501 25,1388 21,4284 13,1252LT M31-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-09 Q4 Q4 Q4 Q4 Q4 Q4 Q409 Q4 Q409 09 09 09 EV0909 0909 / REVENUE 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 EV / EBITDA 21,428421,428421,428421,428421,428421,428421,428421,428421,4284 13,125213,125213,125213,125213,125213,125213,125213,125213,1252 30-06-11 Q2 11 -4,3289 -6,8069 0 -2,9872 0 -4,7462 31-03-10 Q1 10 9,013 29,7157 22,1057 15,988631-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-10 Q1 Q1 Q1 Q1 Q1 Q1 Q110 Q1 Q110 10 10 10 1010 1010 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 22,105722,105722,105722,105722,105722,105722,105722,105722,1057 15,988615,988615,988615,988615,988615,988615,988615,988615,9886 30-06-10 Q2 10 8,9669 28,9185% OF 22,3765 ENT. 18,051930-06-1030-06-1030-06-1030-06-1030-06-1030-09-1130-06-1030-06-1030-06-1030-06-10 Q2 Q2 Q2 Q2 Q2 Q2Q3 Q210 Q2 Q210 10 10 10 101110 1010 8,9669-4,6108 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 28,9185 -7,2343 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 0 NET -3,230922,376522,376522,376522,376522,376522,3765 22,376522,376522,37653 YEAR 0 -10,641918,051918,051918,051918,051918,051918,051918,051918,051918,0519 30-09-10 Q3 10 8,9607SHARE 28,678152 WEEK MARKET 22,7486NET VALUE 17,459330-09-1030-09-1030-09-1030-09-1030-09-1031-12-1130-09-1030-09-1030-09-1030-09-10 Q3 Q3 Q3 Q3 Q3 Q3Q4 Q310 Q3 Q310 10 10 10 101110 1010 8,9607-4,9697 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 28,6781 -7,8946 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 NM DEBT-3,370122,748622,748622,748622,748622,748622,748622,748622,748622,7486 / NMREVENUE -14,3405EBITDA17,459317,4593 17,459317,459317,459317,459317,4593 17,4593DIV17,4593 31-12-10 Q4 10 7,3507PRICE 26,1576HIGH CAP 22,2351DEBT. (EV) 10,8962REVENUE 14,801331-12-1031-12-10 EBITDA31-12-1031-12-1031-12-1031-03-1231-12-1031-12-1031-12-1031-12-10 Q4 Q4 Q4 Q4LT Q4 Q4Q1 Q410 Q4 Q410M 10 10 10 101210 10102016E -19,1075 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,35072017E 26,1576 -7,4674LT 26,1576 26,1576 26,1576 26,1576 26,1576 M26,1576 26,1576 26,15762016E NM 2017E EBITDA22,2351-8,57922,235122,235122,235122,235122,235122,235122,235122,2351 CAGR -5,2416 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962MARGIN -21,515 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013YIELD 14,8013 31-03-11 Q1 11 7,2551 27,3001 21,9551 10,8962 15,320530-06-12 Q2 12 -6,1116 -5,2707 NM -9,6961 -5,2416 -16,4276 News Corporation $12.43 84.7% $7,233 ($1,209) $6,401 $8,198 31-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-11 $669 Q1 Q1 Q1 Q1 Q1 Q1 Q111 Q1 Q111 0.8x11 11 11 1111 1111 0.8x 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 0.8x 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 9.6x 27,3001 27,3001 6.9x 6.5x21,955121,955121,955121,955121,955121,955121,955121,955121,9551 NM (2.3%) 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 8.2% 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 1.6% 30-06-11 Q2 11 7,42 27,0761 21,6288 10,8962 14,450230-06-1130-06-1130-06-1130-06-1130-09-1230-06-1130-06-1130-06-1130-06-1130-06-11 Q2 Q2 Q2 Q2 Q2 Q2Q3 Q211 Q2 Q211 11 11 11 111211 1111 -12,3437 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 27,0761 27,0761 3,425327,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 NM -10,659421,628821,628821,628821,628821,628821,628821,628821,628821,6288 -5,2416 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 -18,3817 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 30-09-11The Q3 11New York Times 6,979914.60 26,9403 89.3% 2,35323,0098 (303) 10,8962 2,047 14,6337 1,555 30-09-1130-09-1130-09-1130-09-1131-12-1230-09-1130-09-1130-09-1130-09-1130-09-11 213 Q3 Q3 Q3 Q3 Q3 Q3Q4 Q311 Q3 Q311 1.3x11 11 11 111211 1111 1.3x-14,4222 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 1.3x 26,9403 26,9403 6,107126,9403 26,9403 26,9403 26,9403 26,9403 9.6x 26,9403 26,9403 NM 9.1x 8.7x-2,253923,009823,009823,009823,009823,009823,009823,009823,009823,0098 NM -5,2416 (0.5%) 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 -18,9795 13.7% 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 1.1% 31-12-11 Q4 11 10,2583 25,8974 23,3156 7,5688 17,327931-12-1131-12-1131-12-1131-12-1131-03-1331-12-1131-12-1131-12-1131-12-1131-12-11 Q4 Q4 Q4 Q4 Q4 Q4Q1 Q411 Q4 Q411 11 11 11 111311 1111 10,2583 10,2583 10,2583-28,735 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 25,8974 -5,3268 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 NM -1,708423,315623,315623,315623,315623,315623,315623,315623,315623,3156 -0,1106 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 2,6223 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 31-03-12Gannett Q1 12 9,7826 27,14518.42 47.5% 95724,2128 286 7,5688 1,242 15,0054 3,047 31-03-1231-03-1231-03-1231-03-1231-03-1230-06-1331-03-1231-03-1231-03-1231-03-12 337 Q1 Q1 Q1 Q1 Q1 Q1Q2 Q112 Q1 Q112 0.4x12 12 12 121312 1212 0.4x 9,7826-26,026 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 0.4x 27,1451 27,1451 1,492327,1451 27,1451 27,1451 27,1451 27,1451 3.7x 27,1451 27,1451 NM 3.8x 3.8x-0,030324,212824,212824,212824,212824,212824,212824,2128 0.8x24,212824,2128 -0,1106 (2.9%) 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688-22,1446 11.1% 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 7.8% 30-06-12 Q2 12 12,0623 24,7019 NM 24,4495 7,5688 16,8262 The McClatchy 9.79 49.5% 74 892 967 977 30-06-1230-06-1230-06-1230-06-1230-06-1230-09-1330-06-1230-06-1230-06-1230-06-12 141 Q2 Q2 Q2 Q2 Q2 Q2Q3 Q212 Q2 Q212 1.0x12 12 12 121312 1212 12,06231.0x 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 -2,3 NA 24,7019 -6,4392 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 6.9x 24,7019 24,7019 7.4x -3,6 NM NM NM NM NMNA NM NM NM NM 1,5598 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 6.3x24,4495 24,4495 -0,1106 (7.0%) 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 14.4% 1,8 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 0.0% 30-09-12 Q3 12 10,467 23,8074 NM 23,6667 7,5688 17,189430-09-1230-09-1230-09-1230-09-1230-09-1231-12-1330-09-1230-09-1230-09-1230-09-12 Q3 Q3 Q3 Q3 Q3 Q3Q4 Q312 Q3 Q312 12 12 12 121312 1212 NA 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 23,8074 -8,2686 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 -4,6 NM NM NM NM NM NM NM NM NM -4,1231 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 NM 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688-5,2 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 31-12-12Company Q4 12 7,539 23,7778 13,8696 23,7839 7,3035 16,9213 31-12-1231-12-1231-12-1231-12-1231-12-1231-03-1431-12-1231-12-1231-12-1231-12-12 Q4 Q4 Q4 Q4 Q4 Q4Q1 Q412 Q4 Q412 12 12 12 121412 1212 7,539 7,539 7,539 7,539 7,539 7,539 -1,37,539 7,539 7,539 23,7778 -5,0785 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696-3,3 13,8696 13,8696 23,7839-4,584 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 -2,6 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 2,6 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 31-03-13New Q1 13 Media 8,965513.97 24,7814 70.3% 13,8696 744 23,8612 181 7,3035 925 18,2753 1,255 31-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-13 143 Q1 Q1 Q1 Q1 Q1 Q1 Q113 Q1 Q113 0.7x13 13 13 1313 1313 0.7x 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 0.7x 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 6.5x 24,7814 24,7814 5.7x 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 5.9x 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 1.3x23,8612 23,8612 34.4% 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 11.4% 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 10.1% 30-06-13 Q2 13 5,9702 24,0114 13,8696 24,1198 7,3035 17,384830-06-14 Q2 14 0,2 -17,9 -4,1 -5,0955 -3,8 0,6 Investment Group 30-06-1330-06-1330-06-1330-06-1330-06-1330-09-1430-06-1330-06-1330-06-1330-06-13 Q2 Q2 Q2 Q2 Q2 Q2Q3 Q213 Q2 Q213 13 13 13 131413 1313 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 -2,35,9702 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 -3,324,0114 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696-3,6 13,8696 13,8696 24,1198 24,1198 24,1198-5,01 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 -4,7 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 0,8 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 30-09-13 Q3 13 6,9646 23,4643 13,8696 24,1093 11,4131 17,3230-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-1330-09-13 Q3 Q3 Q3 Q3 Q3 Q3 Q313 Q3 Q313 13 13 13 1313 1313 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 17,32 17,32 17,32 17,32 17,32 17,32 17,32 17,32 17,32 2.75 70.2% 156 554 710 600 31-12-14 135 Q4 1.2x 14 1.2x -0,4 NA 5.3x -5,9 5.1x -6,2 NA NA 4.1x NA (3.2%) 22.5%-0,2 0.0% 31-12-13Lee Q4 13Enterprises 5,8671 21,3767 13,8884 24,0797 11,7175 14,959431-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-13 Q4 Q4 Q4 Q4 Q4 Q4 Q413 Q4 Q413 13 13 13 1313 1313 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 31-03-15 Q1 15 -1,3 -6,9 -8,8 0,9 -4,9 -1,6 31-03-14 Q1 14 5,4352 20,4534 13,8884 24,401 10,707 16,149531-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-1431-03-14 Q1 Q1 Q1 Q1 Q1 Q1 Q114 Q1 Q114 14 14 14 1414 1414 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 tronc, Inc. 14.59 81.4% 532 172 704 1,606 30-06-15 120 Q2 0.4x 15 0.4x -3,7 NA 5.8x -8,7 4.0x -8,7 NA -3,5 1.4x (3.6%) -4,5 7.5%-1,5 0.0% 30-06-14 Q2 14 6,3133 20,2535 13,8884 24,3907 9,9009 14,290830-06-1430-06-1430-06-1430-06-14Period30-06-1430-06-1430-06-1430-06-1430-06-14 Q2 Q2 Q2 Q2 Q2 Q2 Q214 Q2 Q214 14Axis 14 14 1414 1414NYSE:AHC 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 20,2535NYSE:MNI 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 NYSE:GCI13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884NYSE:LEE 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 TRNC 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 NYSE:NYT 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 30-09-15 Q3 15 1,5 -7,9 -5,7 -4,3 0,7 -5,7 30-09-14A.H. Q3 14 Belo Corporation 6,4883 19,49886.10 76.7% 13,8884 133 23,6534 (80) 8,6418 56 13,2809 260 30-09-1430-09-1430-09-1430-09-1430-09-1430-06-0930-09-1430-09-1430-09-1430-09-14 11 Q3 Q3 Q3 Q3 Q3 Q3 Q3Q214 Q3 Q314 0.2x14 14 14 14 14 091414 NM 0.2x 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 0.2x 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 5.3x 19,49889,71241 19,4988 2.8x NM 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 2.1x NM 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534NM NM (2.0%) 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 4.1% 13,28098,38602 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 0.0% 31-12-14 Q4 14 2,3212 17,6344 14,1685 23,155 7,3005 11,970831-12-15 Q4 15 NA -7,8 -9,7 -5 NA NM Period NYSE:AHCNYSE:MNINYSE:GCINYSE:LEE TRNC NYSE:NYT 31-12-1431-12-1431-12-1431-12-1431-12-1430-09-0931-12-1431-12-1431-12-1431-12-14 Q4 Q4 Q4 Q4 Q4 Q4 Q4Q314 Q4 Q414 14 14 14 14 14 091414 NM 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,63449,58252 17,6344 NM 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 NM 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 NM 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 11,97089,01175 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 31-03-1530-06-09 Q1 Q215 09 1,7686 NM 5,67733 16,6905 0 14,0026 6,89653 22,7397 0 2,97251 6,8009 11,997431-03-16 Q1 16 -4,5 -7,5 -8,1 NA -7,4 -1,2 31-03-1531-03-1531-03-1531-03-1531-03-1531-12-0931-03-1531-03-1531-03-1531-03-15 Q1 Q1 Q1 Q1 Q1 Q1 Q1Q415 Q1 Q115 15 15 15 15 15 091515 NM 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,69056,72427 16,6905 NM 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 NM 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 NM 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 11,99747,48034 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 30-06-1530-09-09 Q2 Q315 09 0,6529 NM 5,55936 15,4405 0 14,0721 6,69117 22,3689 0 2,57718 6,6765 13,2778Mean30-06-16 Q2 0.8x 16 0.8x -0,1 0.7x 6.6x -7,7 5.6x -10,2 5.4x -4,9 2.8x -5,91.6% 11.6% -2,7 2.6% 30-06-1530-06-1530-06-1530-06-1530-06-1531-03-1030-06-1530-06-1530-06-1530-06-15 Q2 Q2 Q2 Q2 Q2 Q2 Q2Q115 Q2 Q215 15 15 15 15 15 101515 NM 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,44056,16956 15,4405 NM 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 NM 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 NM 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 13,27786,69647 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 30-09-1531-12-09 Q3 Q415 09 NM N/A 5,10969 15,1424 0 14,3308 6,65022 23,1421 0 2,28743 6,933 13,923530-09-1530-09-1530-09-1530-09-1530-09-1530-09-1630-09-1530-09-1530-09-1530-09-15 Q3 Q3 Q3 Q3 Q3 Q3 Q315 Q3 Q315 15 15 15 151615 1515 N/A N/A -3,2N/A N/A N/A N/A N/A N/A N/A 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424-6,6 NA 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421-5,1 23,1421 23,1421 23,1421 -6,8 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 -1 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 Median30-06-10 Q2 0.8x 10 0.8x 2,28407 0.7x 6.2x 5,5789 5.4x NM 5.9x NM 1.4x NM (2.6)% 11.2%4,94404 0.6% 31-12-1531-03-10 Q4 Q115 10 NM N/A 4,24937 15,2477 0 13,2949 6,34377 23,1474 0 1,73279 5,1976 15,368431-12-1531-12-1531-12-1531-12-1531-12-1531-12-1631-12-1531-12-1531-12-1531-12-15 Q4 Q4 Q4 Q4 Q4 Q4 Q415 Q4 Q415 15 15 15 151615 1515 N/A N/A -9,6N/A N/A N/A N/A N/A N/A N/A 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477-8,3 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 -7,713,2949 13,2949 13,2949 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474-8,6 23,1474 23,1474 23,1474 -6,9 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 -1,1 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 31-03-1630-06-10 Q1 Q216 10 0,3548 NM 4,27642 15,1453 0 13,7725 6,17081 23,0335 0 1,5291 7,2588 15,197631-03-1631-03-1631-03-1631-03-1631-03-1630-09-1031-03-1631-03-1631-03-1631-03-16 Q1 Q1 Q1 Q1 Q1 Q1 Q1Q316 Q1 Q116 16 16 16 16 16 101616 0,3548 0,3548 0,35482,09337 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,14535,32737 15,1453 NM 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 NM 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 NM 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 15,19764,85805 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 30-06-1630-09-10 Q2 Q316 10 1,3879 NM 4,38744 14,1119 0 12,9673 6,24339 22,9163 0 1,53294 7,643 14,924230-06-1630-06-1630-06-1630-06-1630-06-1631-12-1030-06-1630-06-1630-06-1630-06-16 Q2 Q2 Q2 Q2 Q2 Q2 Q2Q416 Q2 Q216 16 16 16 16 16 101616 1,3879 1,3879 1,38792,88023 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 5,9332414,1119 14,1119 NM 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 NM 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 NM 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 14,92425,76916 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 30-09-1631-12-10 Q3 Q416 10 2,2174 NM 4,41144 14,1689 0 11,3854 5,983 22,7513 0 2,03565 8,3119 14,780330-09-1630-09-1630-09-1630-09-1630-09-1630-09-1631-03-1130-09-1630-09-1630-09-16 Q3 Q3 Q3 Q3 Q3 Q3 Q3Q116 Q3 Q316 16 16 16 16 16 111616 2,2174 2,2174 2,21741,87059 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,16895,88179 14,1689 NM 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,75135,7599 NM 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 14,78035,72579 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 31-12-1631-03-11LTM Q4 Q116 11EBITDA 4,0598 NM 4,58554 MARGIN 14,4317 0 11,0689 5,91248 22,4774 0 1,82896 7,4996 13,725831-12-1631-12-1631-12-1631-12-1631-12-1631-12-1630-06-1131-12-1631-12-1631-12-16REVENUE Q4 Q4 Q4 Q4 Q4 Q4 Q4Q216 Q4 Q416 16 16 16 16 16 111616 4,0598 4,0598 4,05982,39042 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598GROWTH 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,43175,99525 14,4317 NM 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 22,4774 22,4774 22,4774 22,4774 22,4774 22,47745,61557 22,4774 22,4774 22,4774 NM 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 13,72585,90495 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 30-06-11 Q2 11 NM 4,37041 0 5,94798 0 1,90553 30-09-11 Q3 11 0,88521 5,02631 NM 5,44166 NM 4,25786 30-09-11 Q3 11 NM 5,34639 0 5,83489 0 1,68132 31-12-110% Q4 11 1,23774 6,06795 NM 5,57296 NM 4,73991 31-12-11 Q4 11 NM 5,03933 NM 5,73928 NM 1,83061 31-03-12 Q1 12 1,20373 6,68466 NM 6,07301 NM 4,61784 -1% 31-03-12 Q1 12 NM 5,19309 NM 5,41864 NM 1,18575 30-06-12 Q2 12 0,76901 6,87795 NM 5,95399 NM 4,69072 30-06-1218% Q2 12 NM 5,22219 NM 5,4997 NM 0,69022 30-09-1218%18%18%18%18%18%18%18%18% Q3 12 1,60635 6,84169 NM 5,99845 NM 5,12516 30-09-12 Q3 12 NM 5,46726 NM 5,45295 NM 0,56564 -2% 31-12-12 Q4 12 1,47536 NM NM 5,80771 NM 5,12113 31-12-12 Q4 12 NM 6,03506 NM 5,27898 NM NM -3% 31-03-13 Q1 13 NM 5,59281 NM 5,13684 NM 0,0853 31-03-13 Q1 13 2,39158 NM NM 5,53338 NM 4,36903 16% 30-06-13 Q2 13 NM 5,06724 NM 5,08111 NM NM 30-06-1316%-4% 16%16%16%16%16%16%16%16% Q2 13 3,1356 NM NM 5,63026 NM 6,59042 30-09-13 Q3 13 NM 5,15323 NM 4,99976 NM NM 30-09-13 Q3 13 3,68465 NM NM 5,8912 NM 7,44594 31-12-13 Q4 13 NM 5,70409 NM 5,03095 NM NM 31-12-13-5% Q4 13 4,14373 NM NM 6,00664 NM 10,13002 31-03-14 Q1 14 NM 5,96229 NM 4,88323 NM NM 31-03-14 Q1 14 5,64648 7,74204 NM NM NM 9,83445 14% 14%14%14%14%14%14%14%14%14% 30-06-14 Q2 14 NM 5,3785 NM 4,97459 NM NM 30-06-14-6% Q2 14 5,67608 7,38425 NM NM NM 9,25209 30-09-14 Q3 14 NM 5,83278 NM 5,04124 1,91975 NM 30-09-14-7% Q3 14 7,48725 NM NM NM NM 7,05768 31-12-14 Q4 14 NM 3,99876 NM 5,02371 2,43047 NM 31-12-14 Q4 14 5,91335 7,48581 NM NM 4,71484 7,71121 12% 31-03-15 Q1 15 NM 5,08137 NM 4,99264 2,63716 NM 31-03-1512%-8% 12%12%12%12%12%12%12%12% Q1 15 1,55703 4,60558 NM NM 4,83438 8,40155 30-06-15 Q2 15 NM 5,62633 NM 4,92776 3,28273 NM 30-06-15-9% Q2 15 3,0134 NM 4,24491 NM 3,88803 8,10013 30-09-15 Q3 15 NM 5,78125 NM 4,76216 3,00889 NM 30-09-15 Q3 15 2,25655 5,57659 4,23942 5,56535 3,60271 6,7086 31-12-15 Q4 15 NM 5,7633 NM 4,67429 4,01206 NM 10% 31-12-15-10% Q4 15 2,69394 NM 4,27355 5,34675 4,74799 7,12172 31-03-16 Q1 16 NM 5,93983 NM 4,4105 2,38438 NM 10%10%10%10%10%10%10%10%10% Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 30-06-16 Q2 16 NM 6,36784 0,15125 4,33652 1,65858 NM 31-03-16 Q1Q2Q2Q2Q2Q2 Q2 16Q212 Q2 Q212 12 12 12 1212 12 12NM Q4 Q4 Q4 Q4Q4Q4 Q412 Q4 Q412 12 12 12 1212 12 12 Q2 Q2 Q2 Q2Q2Q2 Q213 Q2 Q213 13 13 13 1313 13 13 6,37803Q4 Q4 Q4 Q4Q4Q4 Q413 Q4 Q413 13 13 13 1313 13 13 Q2 Q2 Q2 Q2Q2Q2 Q214 Q2 Q23,9495814 14 14 14 1414 14 14 Q4 Q4 Q4 Q4Q4Q4 Q414 Q4 Q414 14 14 14 1414 14 14 Q2 5,12838 Q2 Q2 Q2Q2Q2 Q215 Q2 Q215 15 15 15 1515 15 15 Q4 Q4 Q4 Q4Q4Q4 Q415 Q4 Q4154,06573 15 15 15 1515 15 15 Q2 Q2 Q2 Q2Q2Q2 Q216 Q2 Q216 16 16 16 1616 16 16 Q4 7,53203 Q4 Q4 Q4Q4Q4 Q416 Q4 Q416 16 16 16 1616 16 16 30-09-16 Q3 16 NM 6,40411 0,80677 4,29389 1,38425 NM 30-06-16 Q2 16 NM 6,81593 3,4782 5,03238 5,14197 7,06817 31-12-16 Q4 16 NM 6,32917 0,84689 4,10776 1,431 NM 30-09-16 Q3 16 4,12324 6,5286 3,86652 5,59783 4,85261 6,38588 NET DEBT / LTM EBITDA 31-12-16EV Q4 / 16 LTM 3,12723 EBITDA 6,39865 4,16875 5,27145 3,97406 8,19633

6,0x 10,0x

8,0x 4,0x

6,0x

2,0x 4,0x

2,0x 0,0x Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 0,0x Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 5 TRADITIONAL MEDIA M&A ACTIVITY 4Q 2016 M&A ACTIVITY

TRANSACTION EV / EV / DATE BUYER TARGET VALUE ($M) REVENUE EBITDA 3-21-2017 Davler Media Group LLC Metrosource Publishing Inc. NA NA NA 3-21-2017 Valassis Communications Inc. ReachUSA Sales Group, LLC, Reach Magazine NA NA NA 3-17-2017 Providence Equity Partners LLC Modern Times Group Mtg AB, Baltic $1,094.0 1.1x NA Broadcasting Businesses 3-16-2017 Eleven Sports Network Ltd One World Sports, Certain Distribution Assets NA NA NA 3-15-2017 American Media, Inc. Us Weekly LLC NA NA NA 3-15-2017 Entravision Kit Beam LLC $3.8 NA NA 3-8-2017 Ivanhoe Pictures (HK) Limited (nka:SK Sidney Kimmel Entertainment Inc. NA NA NA Global) 3-3-2017 Stingray Digital Group Inc. NatureVision TV NA NA NA 3-1-2017 Sinclair Broadcast Group, Inc. Tennis Media Co LLC $14.0 NA NA 3-1-2017 Cogeco Connexion Inc. Briand et Moreau Cable Inc. NA NA NA 2-23-2017 Recon Wenyuan Cable Co., Ltd. A&T Media, Inc. $190.3 NA NA 2-23-2017 Hour Media LLC Emmis Communications (4 monthly magazines) $6.5 NA NA 2-20-2017 Meredith Corporation Superstation, Inc., WPCH-TV Atlanta $70.0 NA NA 2-16-2017 Gray Television, Inc. Diversified Communications Inc., WABI in $85.0 NA NA Bangor and WCJB in Gainesville 2-10-2017 CBS Corporation Kapital Entertainment, LLC NA NA NA 2-8-2017 NA Flint PBS Station $14.0 NA NA 2-6-2017 Inner Banks Media Beasley Broadcast Group $11.0 NA NA 2-2-2017 Kew Media Group Inc. Our House Media Inc. $10.0 1.7x 16.5x 2-2-2017 Kew Media Group Inc. Frantic Films Corporation $7.0 NA NA 2-2-2017 Kew Media Group Inc. Bristow Global Media Inc. $7.1 NA NA 2-2-2017 Entercom Communications Corp. CBS Radio Inc. $1,484.6 1.2x 4.5x 1-31-2017 New Media Investment Group Inc. Dix Communications Inc., Ohio Publishing $21.2 NA NA Division 1-31-2017 Rosebud Media The Mail Tribune, Inc. and Ashland Daily Tidings $15.0 NA 7.0x 1-27-2017 The Devil's Advocates Radio Good Karma Broadcasting, LLC, WRRD-AM NA NA NA (1510) 1-23-2017 The Hearst Corporation The Pioneer Group, Inc. NA NA NA 1-19-2017 Mediacom Communications TV Cable Company of Andalusia, Inc. NA NA NA Corporation 1-17-2017 Cable ONE, Inc. Rural Broadband Investments, LLC $735.0 4.1x 11.5x 1-12-2017 Hour Media Group LLC Palm Beach Media Group Inc. NA NA NA 1-11-2017 Stern Partners Inc. OUTtv Network Inc. NA NA NA 1-6-2017 The Hearst Corporation Litton Entertainment NA NA NA 1-3-2017 Platinum Equity, LLC Cox Target Media, Inc. NA NA NA

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 6 OUTLOOK - INTERNET AND DIGITAL MEDIA

STOCK MARKET PERFORMANCE: INTERNET AND DIGITAL MEDIA

40%

30%

20%

10%

0% Noble Digital Media -10% S&P 500 Index Noble Social Media -20% Noble Ad Tech Noble Marketing Tech -30% FEB.-30-2016 SEP.-30-2016 JUL.-30-2016 MAY-29-2016 APR.-31-2016 JAN.-31-2016 JUN.-31-2016 DEC.-30-2016 MAR.-31-2016 MAR.-31-2016 AUG.-31-2016 OCT.-31-2016 NOV.-31-2016

INTERNET & DIGITAL MEDIA

Both Magna Global and eMarketer proclaimed internet advertising to have exceeded TV advertising in 2016. Zenith Media believes internet advertising will surpass TV ad spend in 2017. It will be interesting to see what online ad spends final numbers are when the Internet Advertising Bureau (IAB) reports numbers in late April. Nevertheless, of the more than 20 publicly traded digital advertising companies we track, 4Q 2016 revenues increased a strong 26%, with full year revenues coming in up 25%.

The growth in internet advertising is certainly encouraging given several issues that surfaced in 2016, including concerns over ad fraud (i.e., bots masquerading as human beings), viewability, ad blocking, and fake news.

Despite some of these challenges, the outlook for 2017 continues to look promising for internet ad spend. Total internet advertising is projected to grow by 14%, driven by mobile ad spend (+35%), social (+26%) and search (+14%). Desktop advertising is expected to decline by 5%.

In the first quarter of 2017, stocks in the digital media, social media, ad tech and marketing tech sectors reflected this optimism, with all 4 sectors outperforming the S&P 500. Stocks in the digital, social, ad tech and marketing tech sectors were up 8%, 22%, 21%, and 20%, respectively, versus a 6% return for the S&P 500.

The first quarter of 2017 marks the first quarter since the first quarter of 2016 that ad tech stocks outperformed the broader market. Drivers of outperformance in the ad tech sector were Rocket Fuel (+213%), The Trade Desk (+35%) and Criteo (+22%). Historically, ad tech companies, whether public or private, pursued growth at the expense of margin with a goal of dominating their market segment. We believe ad tech investors have begun to place a premium on profitability, or at least a path to profitability. With all ad tech companies posting positive EBITDA in 4Q 2016 and most companies posting positive EBITDA for all of 2016, we are beginning to see ad tech companies demonstrate a clear path to profitability.

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 7 Period Axis Googl yhoo iac p wbmd xoxo lfgr 30-09-09 Q3 09 13,5789 -6,5063 -3,2474 35,2052 13,319 2,9218 24,8228 31-12-09 Q4 09 8,3961 -9,6679 -7,6955 35,2052 18,1355 2,1079 24,8228 DIGITAL MEDIA - 31-03-10 Q1 10 8,5107 -10,3793 -4,495 35,2052 17,4245 2,4245 16,565 30-06-10 Q2 10 12,6522 -7,0824 -0,966 185,4652 19,1152 6,1543 30-09-10PeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriod Q3 Axis Axis Axis Axis10 Axis Axis Axis Axis Axis NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC17,6872 NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:MNI -3,5584NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:GCI 3,9309 NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI 185,4652 NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE 21,3863 TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC 6,3911 NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT 30-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-09 Q2 Q2 Q2 Q2 Q2 Q2 Q209 Q2 Q209 09 09 09 0909 0909 N/A N/A N/A N/A N/A N/A N/A N/A N/A 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 19,115719,115719,115719,115719,115719,115719,115719,115719,1157 12,431212,431212,431212,431212,431212,431212,431212,431212,4312 SEGMENT ANALYSIS 31-12-10 Q4 10 21,5059 -0,0491 12,0491 185,4652 22,7949 4,3533 30-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-09 Q3 Q3 Q3 Q3 Q3 Q3 Q309 Q3 Q309 09 09 09 0909 0909 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 20,622120,622120,622120,622120,622120,622120,622120,622120,6221 13,667713,667713,667713,667713,667713,667713,667713,667713,6677 31-03-1131-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-09 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q41109 Q4 Q409 09 09 09 0909 0909 23,9736 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 25,1388 25,1388 -2,125,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 21,5431 21,428421,428421,428421,428421,428421,428421,428421,428421,428421,8871 6,0752 27,454413,125213,125213,125213,125213,125213,125213,125213,125213,1252 30-06-1131-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-10 Q2 Q1 Q1 Q1 Q1 Q1 Q1 Q11110 Q1 Q110 10 10 10 1010 1010 24,8986 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 -8,2626 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 23,404 149,622222,105722,105722,105722,105722,105722,105722,105722,105722,1057 22,3089 2,4681 35,042415,988615,988615,988615,988615,988615,988615,988615,988615,9886 30-09-11 Q3 11 27,1381 -14,3877 25,0817 20,0637 5,1859 34,6914 lfgr AVERAGE 30-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-10 Q2 Q2 Q2 Q2 Q2 Q2 Q210 Q2 Q210 10 10 10 1010 1010 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 22,376522,376522,376522,376522,376522,376522,376522,376522,3765 18,051918,051918,051918,051918,051918,051918,051918,051918,0519 14,1926 17% 31-12-1130-09-10LT30-09-1030-09-1030-09-1030-09-10 M30-09-1030-09-1030-09-1030-09-10 Q4 Q3 Q3 Q3 Q3 Q3 Q3 Q31110 Q3 Q310 10 10 10 1010 1010EV 29,784 / 8,9607 8,9607REVENUE 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 -20,6134 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 25,631EV / EBITDA 22,748622,748622,748622,748622,748622,748622,748622,748622,748614,3772 9,4466 33,718517,459317,459317,459317,459317,459317,459317,459317,459317,4593 14,1926 18% 31-03-1231-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-10 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q41210 Q4 Q410 10 10 10 1010 1010 29,2759 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 -21,1941 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 25,8202 111,174922,235122,235122,235122,235122,235122,235122,235122,235122,2351 4,5379 10,8962 10,8962 10,8962 10,8962 10,8962 10,896210,0778 10,8962 10,8962 10,8962 14,8013 28,43814,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,0562 %18% OF ENT. 30-06-1231-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-11 Q2 Q1 Q1 Q1 Q1 Q1 Q1 Q11211 Q1 Q111 11 11 11 1111 1111 28,4502 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 -16,0042 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 30,3098 99,137621,955121,955121,955121,955121,955121,955121,955121,955121,95513 YEAR -4,2977 10,8962 10,8962 10,8962 10,8962 10,8962 10,896212,0171 10,8962 10,8962 10,8962 18,9249 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 17,4012 SHARE 5219% WEEK MARKET NET VALUE 30-09-1230-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-11 Q3 Q2 Q2 Q2 Q2 Q2 Q2 Q21211 Q2 Q211 11 11 11 1111 1111 28,2855 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 -10,5904 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 34,5317 81,862921,628821,628821,628821,628821,628821,628821,628821,628821,6288REVENUE -12,3705 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962EBITDA 10,8962 10,8962 8,658710,8962 15,8654 14,450214,4502 14,4502GROSS 14,4502 14,4502 14,4502 14,4502 14,4502 14,4502 16,7107 PRICE HIGH19% CAP DEBT. (EV) REVENUE30-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-11 EBITDA30-09-1130-09-11 Q3 Q3 Q3 Q3 Q3 Q3 Q311 Q3 Q311 11 LT11 11 1111 11 M112017E 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 2018E 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403LT M 2017E 2018E23,009823,009823,009823,009823,009823,009823,009823,009823,0098CAGR 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962MARGIN 10,8962 10,8962 10,8962 14,6337 14,6337MARGIN 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 18,2678 20% 31-12-12 Q4 12 29,576 -4,2476 37,5508 66,4166 -15,4019 5,8391 15,2281 31-03-1331-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-11 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q41311 Q4 Q411 11 11 11 1111 1111 21,4589 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 0,0474 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 36,0043 55,699123,315623,315623,315623,315623,315623,315623,315623,315623,3156 -15,9115 7,5688 7,5688 7,5688 7,5688 7,5688 7,56883,9225 7,5688 7,5688 7,5688 -36,08517,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 19,8979Alphabet Inc. $839.6519% 96.0% $580,551 ($82,398) $490,496 90,272 $29,860 5.6x 4.6x 4.0x 16.4x 11.4x 9.8x 17.6% 33.1% 61.1% 18,8288 18% 30-06-1331-03-1231-03-1231-03-1231-03-1231-03-1231-03-1231-03-1231-03-1231-03-12 Q2 Q1 Q1 Q1 Q1 Q1 Q1 Q11312 Q1 Q112 12 12 12 1212 1212 31,2845 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 -1,7106 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 29,5893 55,699124,212824,212824,212824,212824,212824,212824,212824,212824,2128 -10,9401 7,5688 7,5688 7,5688 7,5688 7,5688 7,56882,4768 7,5688 7,5688 7,5688 19,1168 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 20,1384Yahoo! Inc. 46.6022% 97.3% 44,632 (5,594) 39,087 5,40930-09-1330-06-1230-06-1230-06-1230-06-1230-06-12 30-06-1230-06-1230-06-1230-06-12 Q3 261Q2 Q2 Q2 Q2 Q2 Q2 Q213 12Q2 Q212 12 12 12 1212 1212 7.6x 25,7887 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 11.1x12,0623 12,0623 12,0623 -3,1466 11.2x 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,0793 NM 43.4x NM NM NM NM NM NM NM55,1778 NM NM 42.3x 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 -3,3799 3.4% 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 3,11927,5688 7,5688 7,5688 4.8% -10,56116,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,826245.3% 18,8211 22% 31-12-1330-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-12 Q4 Q3 Q3 Q3 Q3 Q3 Q3 Q31312 Q3 Q312 12 12 12 1212 1212 17,031 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 -4,1194 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 16,3774 NM NM NM NM NM NM NM56,0231 NM NM 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 2,8633 7,5688 7,5688 7,5688 7,5688 7,5688 7,56884,3121 7,5688 7,5688 7,5688 -27,78217,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 16,4692IAC/InterActiveCorp 72.3624% 93.4% 5,625 184 5,983 3,14031-12-1231-12-1231-12-1231-12-1231-12-12 31-12-1231-12-1231-12-1231-12-12 420Q4 Q4 Q4 Q4 Q4 Q4 Q4 12Q4 Q412 12 12 12 1212 1212 2.0x 7,539 7,539 7,5397,539 1.9x7,539 7,539 7,539 7,539 7,539 23,77781.7x 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 14.3x 13,8696 13,8696 13,8696 13,8696 13,8696 10.4x13,8696 13,8696 13,8696 13,8696 8.4x 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 1.3% 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 13.4% 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,921376.3% 17,1589 18% 31-03-14 Q1 14 20,5912 -6,1403 7,9278 54,1097 9,668 3,6265 0,8529 Pandora Media, Inc. 11.52 76.9% 2,711 105 2,816 1,38530-06-1431-03-1331-03-1331-03-1331-03-1331-03-13 31-03-1331-03-1331-03-1331-03-13 (239) Q2 Q1 Q1 Q1 Q1 Q1 Q1 Q11413 Q1 Q113 13 13 13 1313 1313 1.9x 10,4933 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 1.7x8,9655 8,9655 8,9655 -4,7488 24,78141.4x 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 NM 4,0792 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 NM 34.2x 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 12,7568 28.4% 7,3035 7,3035 7,3035 7,3035 7,3035 7,30354,8879 7,3035 (17.2%)7,3035 7,3035 NM 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,2753 18,275337.2% 16,791 13% 30-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-13 Q2 Q2 Q2 Q2 Q2 Q2 Q213 Q2 Q213 13 13 13 1313 1313 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,3848 17,6774 15% 30-09-14 Q3 14 13,118 -4,177 -1,4395 NM 12,9248 4,67 NM WebMD Health Corp. 50.33 74.5% 1,855 54 1,909 70530-09-1330-09-1330-09-1330-09-1330-09-13 30-09-1330-09-1330-09-1330-09-13188Q3 Q3 Q3 Q3 Q3 Q3 Q3 13Q3 Q313 13 13 13 1313 1313 2.8x 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 2.7x6,9646 6,9646 6,9646 23,46432.6x 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 10.1x 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,86968.0x 13,8696 7.9x 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 11.0% 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 26.7% 17,32 17,32 17,32 17,3264.0% 17,32 17,32 17,32 17,32 17,32 21,1105 18% 31-12-14 Q4 14 17,2853 -2,7212 -1,9759 NM 12,4054 4,3347 NM 31-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-1331-12-13 Q4 Q4 Q4 Q4 Q4 Q4 Q413 Q4 Q413 13 13 13 1313 1313 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 PeriodNM Axis Googl yhoo15% iac p wbmd xoXo31-03-15 lfgr Q1 15 18,88 -1,33 2,8633 40,6234 12,6444 7,3609 NM 22,5457XO Group Inc. 16.8916% 80.5% 428 (106) 322 15231-03-1431-03-1431-03-1431-03-1431-03-14 31-03-1431-03-1431-03-1431-03-14 Q1 Q1 20Q1 Q1 Q1 Q1 Q1 14Q1 Q114 14 14 14 1414 1414 2.2x 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 2.0x5,4352 5,4352 5,4352 20,45341.8x 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 15.9x 13,8884 13,8884 13,8884 13,8884 13,8884 10.7x13,8884 13,8884 13,8884 13,8884 8.4x 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 4.4% 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 13.3% 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,149593.6% 30-06-09 Q2 09 10,77323 10,53252 3,45745 NM 27,83476 13,2870330-06-15 NM Q2 15 16,9879 0,8267 3,9995 30,4173 9,9926 5,7994 4,3783 19,7473Leaf Group Ltd. 7.6517% 91.6% 154 (51) 101 11330-06-1430-06-1430-06-1430-06-1430-06-14 30-06-1430-06-1430-06-1430-06-14 (24)Q2 Q2 Q2 Q2 Q2 Q2 Q214 Q2 Q214 14 14 14 1414 1414 1.0x 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 0.8x6,3133 6,3133 6,3133 20,25350.7x 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 NM 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 NM 24,3907 NM 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 (18.5%) 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 (20.9%)9,9009 9,9009 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,290840.8% 30-09-0919,3098 Q3 09 12,20806 12,8304817% 5,46674 NM 28,43206 14,7656730-09-1530-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-14 NM Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q31514 Q3 Q314 14 14 14 1414 1414 14,424 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 5,3824 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 6,0022 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 28,0247 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 8,4204 8,6418 8,6418 8,6418 8,6418 8,6418 8,64183,2067 8,6418 8,6418 8,6418 -22,53213,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 31-12-09NM Q4 09 14,33327 11,7131717% 5,45182 NM 16,20773 11,0895331-12-1531-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-14 NM Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q41514 Q4 Q414 14 14 14 1414 1414 12,826 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 6,848 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 6,9828 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 25,9536 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 7,6237 7,3005 7,3005 7,3005 7,3005 7,3005 7,30050,9777 7,3005 7,3005 7,3005 -25,579 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 NM 18% 31-03-10 Q1 10 12,13903 11,46896 4,97307 NM 16,26273 8,1762131-03-1631-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-15 NM Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q11615 Q1 Q115 15 15 15 1515 1515 13,6179 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 7,5824 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 3,9036 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 26,4162 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 9,639 6,8009 6,8009 6,8009 6,8009 6,8009-1,4061 6,8009 6,8009 6,8009 6,8009 -26,945 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 13,7873 15% Mean 3.3x 3.6x 3.3x 14.2x 16.8x 18.5x 6.8% 7.6% 59.7% 30-06-108,3425 Q2 10 8,69792 9,1215214% 4,40082 NM 14,66526 9,8381230-06-1630-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-15 NM Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q21615 Q2 Q215 15 15 15 1515 1515 14,9604 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 2,5069 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 4,3219 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 28,5539 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 10,4496 6,6765 6,6765 6,6765 6,6765 6,6765 6,67650,6013 6,6765 6,6765 6,6765 -25,44213,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 30-09-102,7337 Q3 10 10,38304 9,5493613% 5,48127 NM 13,97899 14,050330-09-1630-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-15Median30-09-1530-09-15 NM Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q31615 Q3 Q315 15 15 15 1515 1515 2.2x 17,4541 N/A2.0x N/A N/A N/A N/A N/A N/A N/A N/A 0,4806 15,14241.8x 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15.1x 3,0183 14,3308 14,3308 14,3308 14,3308 14,3308 10.7x14,3308 14,3308 14,3308 14,3308 25,7959 9.1x 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 12,2084 4.4% 6,933 6,933 6,933 3,89756,933 6,933 6,933 6,933 6,93313.3% 6,933 -22,32513,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,923561.1% 31-12-10-4,4087 Q4 10 11,24042 11,0677112% 5,93575 NM 14,10911 14,5422331-12-1631-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-1531-12-15 NM Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q41615 Q4 Q415 15 15 15 1515 1515 19,1937 N/A N/A N/A N/A N/A N/A N/A N/A N/A 0,5135 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 -1,1053 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 21,2156 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 13,6254 5,1976 5,1976 5,1976 5,1976 5,1976 5,19766,1897 5,1976 5,1976 5,1976 -15,25715,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 31-03-11-13,0793 Q1 11 10,39208 11,3273811% 5,19138 NM 12,34526 13,7352931-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-1631-03-16 NM Q1 Q1 Q1 Q1 Q1 Q1 Q116 Q1 Q116 16 16 16 1616 1616 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 30-06-11-13,3262 Q2 11 8,32153 9,7386310% 6,83316 NM 10,82577 12,3248930-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-16 10,9667 Q2 Q2 Q2 Q2 Q2 Q2 Q216 Q2 Q216 16 16 16 1616 1616 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 -18,7282 9% 30-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-16 Q3 Q3 Q3 Q3 Q3 Q3 Q316 Q3 Q316 16 16 16 1616 1616 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 30-09-11-21,563 Q3 11 7,71264 9,564748% 6,78279 NM 6,78127 8,47321 5,62114 LTM EBITDA MARGIN 31-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-16REVENUE Q4 Q4 Q4 Q4 Q4 Q4 Q416 Q4 Q416 16 16 16 1616 1616 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 GROWTH 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 31-12-11-18,1581 Q4 11 9,58231 11,262278% 6,40423 NM 10,09665 6,24097 4,82396 31-03-12-20,8854 Q1 12 8,90621 10,541228% 7,30022 NM 10,27552 7,78381 5,50523 30-06-12 Q2 12 7,34078 10,19099 6,25293 NM 6,28621 6,28582 8,3969430% 30-09-12 Q3 12 10,00243 10,05639 7,36 NM 8,74405 5,955 7,72565 20% 31-12-12 Q4 12 9,26082 8,6346 6,41982 NM 10,391 6,02539 5,9972 18%25% 18%18%18%18%18%18%18%18% 31-03-1318% Q1 13 10,04675 13,0858 5,9774 NM 13,28035 6,23 5,71816 30-06-1316% Q2 13 10,96067 14,69194 6,43045 NM 13,81483 8,16386 3,71367 30-09-13 Q3 13 10,66698 19,44224 6,60621 NM 8,51476 9,1608 5,8163920% 31-12-1314% Q4 13 13,19847 25,93315 8,90946 NM 10,82409 10,22187 5,440916%16%16%16%16%16%16%16%16% 31-03-1412% Q1 14 11,29329 23,4726 9,18169 NM 11,32822 8,79295 7,02483 30-06-14 Q2 14 12,44216 24,53023 9,1567 NM 12,59506 12,71406 7,4045615% 10% 30-09-14 Q3 14 11,93646 33,24139 9,50949 NM 10,0216 11,991 2,8677814%14%14%14%14%14%14%14%14% 8% 31-12-14 Q4 14 10,36657 29,38337 8,97669 31,98985 9,97615 16,37968 4,4691710% 31-03-156% Q1 15 10,90635 31,06956 10,82875 40,10045 9,86737 13,41452 2,94072 30-06-15 Q2 15 10,0074 29,86504 12,35742 35,54221 10,55543 13,09215 18,82812%12%12%12%12%12%12%12%12% 30-09-154% Q3 15 11,50859 24,20236 10,42622 38,28234 8,31231 10,03565 NM 5% 31-12-152% Q4 15 13,86759 33,33337 9,87433 46,24232 9,56874 10,67065 NM 31-03-16 Q1 16 12,76805 40,13996 8,30586 NM 10,79196 9,18542 NM 0% 10%10%10%10%10%10%10%10%10% 30-06-16 Q2 16 11,3075 39,48487 8,58392 NM 9,5012 10,04878 NM 0% Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2Q2 12 Q2Q2Q2Q2Q2 Q212 Q2 Q212 12 12 12 1212 12 12 Q4 Q4 12 Q4 Q4 Q4Q4Q4 Q412 Q4 Q412 12 12 12 1212 12 12 Q2 Q2 Q2 13 Q2 Q2Q2Q2 Q213 Q2 Q213 13 13 13 1313 13 13 Q4 Q4 Q4 Q4 13 Q4Q4Q4 Q413 Q4 Q413 13 13 13 1313 13 13 Q2 Q2 Q2 Q2Q2 Q2 14 Q2 Q214 Q2 Q214 14 14 14 1414 14 14 Q4 Q4 Q4 Q4Q4Q4 Q4 14 Q4 14 Q4 Q414 14 14 14 1414 14 14 Q2 Q2 Q2 Q2Q2Q2 Q2Q2 15 15 Q2 Q215 15 15 15 1515 15 15 Q4 Q4 Q4 Q4Q4Q4 Q415 Q4 15 Q4 Q415 15 15 15 1515 15 15 Q2 Q2 Q2 Q2Q2Q2 Q216 Q2 Q2Q2 16 16 16 16 16 1616 16 16 Q4 Q4 Q4 Q4Q4Q4 Q416 Q4 Q416 Q4 16 16 16 16 1616 16 16 30-09-16 Q3 16 12,25871 42,87315 9,67393 NM 7,75197 10,79612 NM 31-12-16 Q4 16 11,3526 37,04947 9,49757 NM 7,51871 11,5849 NM EV / LTM EBITDA

22,0x 20,0x 18,0x 16,0x 14,0x 12,0x 10,0x 8,0x 6,0x 4,0x 2,0x 0,0x Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 8 ADVERTISING TECHNOLOGYPeriod Axis - CRTOSEGMENT TTD RUBI LSE: MTMYANALYSISRTHM FUEL SYNC TRMR 30-09-09 Q3 09 31,7701 31-12-09 Q4 09 95,9605 31,7701 Period Axis CRTO TTD RUBI LSE: MTMY RTHM FUEL31-03-10 Q1 10 0 15,6493 30-06-09 Q2 09 N/A LT M EV / REVENUE EV / EBITDA PeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriodPeriod30-06-10 Axis Axis Axis Axis Axis Axis AxisQ2 Axis Axis 10 NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE141,6134 TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT 15,6493 30-09-09 Q3 09 N/A 30-09-10 Q3 10 135,842 15,6493 31-12-09 Q4 09 % OF ENT. N/A 30-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-0930-06-09 Q2 Q2 Q2 Q2 Q2 Q2 Q209 Q2 Q209 09 09 09 0909 0909 N/A N/A N/A N/A N/A N/A N/A N/A N/A 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 19,115719,115719,115719,115719,115719,115719,115719,115719,11573 YEAR 12,431212,431212,431212,431212,431212,431212,431212,431212,4312 30-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0930-09-0931-12-1030-09-09 Q3 Q3 Q3 Q3 Q3 Q3 Q309 Q3 Q309 Q409 09 09 0909 09 0910 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 20,622120,622120,622120,622120,622120,622120,622120,622120,6221131,95113,667713,667713,667713,6677 15,649313,667713,667713,667713,667713,6677 31-03-10 Q1 10 SHARE 52 WEEK MARKET NET VALUE N/A REVENUE EBITDA GROSS 31-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-12-0931-03-1131-12-09 Q4 Q4 Q4 Q4 Q4 Q4 Q409 Q4 Q409 Q109 09 09 0909 09 0911 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 21,428421,428421,428421,428421,428421,428421,428421,428421,4284109,8969 13,125213,125213,125213,125213,125213,12528,937713,125213,125213,1252 30-06-10 Q2 10 PRICE HIGH CAP DEBT. (EV) N/AREVENUE EBITDA LT M 2017E 2018E LT M 2017E 2018E CAGR MARGIN MARGIN 31-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1031-03-1030-06-1131-03-10 Q1 Q1 Q1 Q1 Q1 Q1 Q110 Q1 Q110 Q210 10 10 1010 10 1011 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 22,105722,105722,105722,105722,105722,105722,105722,105722,105796,3581 15,988615,988615,988615,988615,988615,98868,937715,988615,988615,9886 30-09-10 Q3 10 4,8941 Criteo S.A. $51,42 97,3% $3.290 ($185) $3.115 $1.79930-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-09-1130-06-10 $178 Q2 Q2 Q2 Q2 Q2 Q2 Q2 10Q2 Q210 Q310 10 10 1010 10 10 1,7x11 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 3,3x8,9669 8,9669 8,9669 28,91852,8x 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 17,5x 10,9x 8,7x22,376522,376522,376522,376522,376522,376522,376522,376522,3765 45,1%83,1027 9,9% 18,051918,051918,051918,051918,051918,05198,937718,051918,051918,0519 35,8% 31-12-10 Q4 10 12,3365 NA 9,5512 30-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-1030-09-1031-12-1130-09-10 Q3 Q3 Q3 Q3 Q3 Q3 Q310 Q3 Q310 Q410 10 10 1010 10 1011 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 22,748622,748622,748622,748622,748622,748622,748622,748622,748673,7936 17,459317,459317,459317,459317,459317,459317,459317,459317,4593 31-03-11 Q1 11 12,3365 NA 12,9285 The Trade Desk, Inc. 35,86 77,6% 1.403 (108) 1.296 20331-12-1031-12-1031-12-1031-12-1031-12-10 31-12-1031-12-1031-12-1031-03-1231-12-10 Q4 Q4 60Q4 Q4 Q4 Q4 Q4 10Q4 Q410 Q110 10 10 1010 10 10 6,4x12 7,3507 7,3507118,7578 7,3507 7,3507 7,3507 7,3507 4,8x7,3507 7,3507 7,3507 NM 26,15763,9x 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 21,8x NM 17,9x NM 13,3x22,235122,235122,235122,235122,235122,235122,235122,235122,2351 73,0613 0,0% 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 NM 29,3% 14,8013 14,8013 14,8013NM 14,8013 14,8013 14,8013 14,8013 14,8013 14,801380,3% NM 30-06-11 Q2 11 12,3365 NA 13,2233 31-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1130-06-1231-03-11 Q1 Q1 Q1 Q1 Q1 Q1 Q111 Q1 Q111 Q211 11 11 1111 11 1112 7,2551 7,2551118,7578 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 NM 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 NM NM21,955121,955121,955121,955121,955121,955121,955121,955121,9551 78,1647 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 NM 15,3205 15,3205 15,3205NM 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 NM 30-09-11RhythmOne Q3 11 plc 12,33650,48 NA 95,0% 235 (41) 20413,4572 156 (21) 1,7x 1,2x 1,0x NM 22,6x 12,1x (5,6%) (13,2%) 38,7% 30-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-06-1130-09-1230-06-11 Q2 Q2 Q2 Q2 Q2 Q2 Q211 Q2 Q211 Q311 11 11 1111 11 1112 118,7578 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 NM 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 NM NM21,628821,628821,628821,628821,628821,628821,628821,628821,6288 82,2141 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 NM 14,4502 14,4502 14,4502 14,450247,8693 14,4502 14,4502 14,4502 14,4502 14,4502 NM 31-12-11 Q4 11 8,4444 NA -27,9716 7,654 10,5632 -7,5315 Rocket Fuel Inc. 4,35 77,5% 201 2 203 45630-09-1130-09-1130-09-1130-09-11 30-09-1130-09-1130-09-1130-09-1131-12-1230-09-11 (11)Q3 Q3 Q3 Q3 Q3 Q3 Q311 Q3 Q311 Q411 11 11 1111 11 11 0,4x12 6,9799 6,9799 6,9799 6,979989,3641 6,9799 6,9799 0,4x6,9799 6,9799 6,9799 NM 26,94030,4x 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 NM54,003 21,5x 15,0x 12,580623,009823,009823,009823,009823,009823,009823,009823,009823,0098 23,8% 76,908 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 (2,5%) 138,71 14,6337 14,6337 14,6337 14,633733,9567 14,6337 14,6337 14,6337 14,6337 14,633736,6% 16,4881 31-03-12 Q1 12 8,4444 NA -27,9716 7,654 8,4556 -7,5315 31-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-12-1131-03-1331-12-11 Q4 Q4 Q4 Q4 Q4 Q4 Q411 Q4 Q411 Q111 11 11 1111 11 1113 10,2583 NM10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 NM 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 25,8974 54,003 12,580623,315623,315623,315623,315623,315623,315623,315623,315623,3156 73,0438 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 NM7,5688 7,5688 17,3279 17,3279 17,3279 17,327916,9047 17,3279 17,3279 17,3279 17,3279 17,3279 NM 30-06-12Synacor, Q2 12 Inc. 8,44443,55 NA 83,5% -27,9716 130 7,654 (7) 123 8,6695 12731-03-1231-03-12 -7,531531-03-1231-03-1231-03-12 31-03-1231-03-1231-03-1231-03-12 Q1 Q1 Q1 Q1 Q1 0 Q1 Q1 12Q1 Q112 12 12 12 1212 1212 1,0x 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 0,7x9,7826 9,7826 9,7826 27,14510,5x 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 NM 15,7x 7,1x24,212824,212824,212824,212824,212824,212824,212824,212824,2128 4,4% 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 0,3% 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,0054 15,005453,6% 30-06-13 Q2 13 NM NM 54,003 12,5806 59,8423 NM 1,7302 NM 30-09-12 Q3 12 8,4444 NA -27,9716 7,654 8,830730-06-1230-06-12 -7,531530-06-1230-06-1230-06-1230-06-1230-06-1230-06-1230-06-12 Q2 Q2 Q2 Q2 Q2 Q2 Q212 Q2 Q212 12 12 12 1212 1212 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 NM NM NM NM NM NM NM NM NM 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 Matomy Media Group 1,08 78,0% 103 (6) 118 277 30-09-13 15 Q3 0,5x13 NM 0,5x NM 0,4x 7,7x NM 6,7x 12,58065,7x 12,7% 49,8936 NM 5,5% 20,6% -3,51 NM 31-12-12 Q4 12 4,9276 NA 6,5846 7,0743 10,73830-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-1230-09-12 -6,0730-09-12 Q3 Q3 Q3 Q3 Q3 Q3 Q312 Q3 Q312 12 12 12 1212 1212 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 NM NM NM NM NM NM NM NM NM 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 31-03-13The Q1Rubicon 13 Project 4,1101 5,74 NA 28,2% 6,5846 278 (190) 7,0743 12,2006 88 27831-12-1231-12-12 -8,464731-12-1231-12-1231-12-12 31-12-1231-12-1231-12-1231-12-1331-12-12 Q4 Q4 27Q4 Q4 Q4 Q4 Q4 12Q4 Q412 Q412 12 12 1212 12 12 0,3x13 7,539 7,539 7,539 7,5390,4x 57,4397,539 7,539 7,539 7,539 7,539 NM 23,77780,4x 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 3,3x 13,8696 46,884613,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,86962,9x 13,8696 61,09641,9x 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 49,2% 35,7377 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035125,732 7,3035 9,7% 16,9213 16,9213 16,9213 16,9213 16,9213-8,3407 16,9213 16,9213 16,9213 16,921373,7% 25,2932 30-06-13 Q2 13 2,4307 NA 6,5846 7,0743 13,157631-03-1331-03-13 -7,742231-03-1331-03-1331-03-1331-03-1331-03-1331-03-1331-03-1431-03-13 Q1 Q1 Q1 Q1 Q1 Q1 Q113 Q1 Q113 Q113 13 13 1313 13 1314 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,965561,738 8,9655 8,9655 NM 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 NM 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 NM 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 24,8826 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 115,9427,3035 18,2753 18,2753 18,2753 18,2753 18,2753-10,412 18,2753 18,2753 18,2753 18,2753 25,9284 YuMe, Inc. 3,98 91,3% 135 (60) 75 160 (1) 0,5x 0,5x NA NM 5,2x NA 2,0% (0,5%) 50,0% 30-09-13 Q3 13 3,4595 NA 2,8478 7,0743 13,990230-06-1330-06-13 -7,714130-06-1330-06-1330-06-1330-06-1330-06-1330-06-1330-06-1430-06-13 Q2 Q2 Q2 Q2 Q2 Q2 Q213 Q2 Q213 Q213 13 13 1313 13 1314 5,9702 5,9702 5,9702 5,970260,7878 5,9702 5,9702 5,9702 5,9702 5,9702 NM 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 NM 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 NM 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 14,8972 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,303597,4351 7,3035 17,3848 17,3848 17,3848 17,3848 17,3848-9,4195 17,3848 17,3848 17,3848 17,3848 22,1193 Period31-12-13Tremor Q4Axis Video,13 CRTOInc. 5,439 2,01 TTD NA 72,8% RUBI 2,4549 101LSE: MTMY 6,1133 (42)RTHM 13,2197 59 FUEL 16730-09-1330-09-13 -4,250530-09-1330-09-1330-09-13 30-09-1330-09-1330-09-1330-09-14 SYNC30-09-13 (10)Q3 Q3 Q3 Q3 Q3 Q3 Q313 Q3 Q313 Q313 13 13 1313 13 13 0,4x14 6,9646 6,9646 6,9646 6,964664,2439 6,9646 6,9646 6,96460,3x 6,9646 6,9646 NM 23,46430,3x 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 NM 13,8696 48,508113,8696 13,8696 13,8696 13,8696 13,0x13,8696 13,8696 13,8696 13,8696 NM 4,6x 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 8,2% 6,2099 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 (6,1%) 81,774 -8,295617,32 17,32 17,32 17,3245,7% 17,32 17,32 17,32 17,32 17,32 20,2077 30-06-0931-03-14 Q2 Q1 09 14 NM 6,1809 NM NA NM -3,1248 NM 6,5296 NM 12,5106 NM31-12-1331-12-13 -4,767531-12-13NM31-12-1331-12-1331-12-1331-12-1331-12-1331-12-1431-12-13 Q4 Q4 Q4 Q4 Q4 Q4 Q413 Q4 Q413 Q413 13 13 1313 13 1314 5,8671 5,8671 5,8671 5,867167,6652 5,8671 5,8671 5,8671 5,8671 5,8671 NM 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 13,8884 49,463113,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 22,7139 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 -3,8157 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 69,8389 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 14,9594 -4,67614,9594 14,9594 21,0105 30-09-0930-06-14SeaChange Q3 Q2 09 14 NMInt., Inc. 7,4701 NM 2,46 NA 62,9% NM -8,2498 87NM 7,0851 (34) NM 53 8,9322 NM 8431-03-1431-03-14 -5,456331-03-14NM31-03-1431-03-14 31-03-1431-03-1431-03-1431-03-1531-03-14 (20)Q1 Q1 Q1 Q1 Q1 Q1 Q114 Q1 Q114 Q114 14 14 1414 14 1415 0,6x 5,4352 107,57175,4352 5,4352 5,4352 5,4352 5,4352 5,43520,7x 5,4352 5,4352 NM 20,45340,6x 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 NM 13,8884 54,532613,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 NM 11,4x 20,2908 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 (17,0%) -13,0434 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707(24,5%)58,4515 10,707 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,1495 16,14950,13847,0% 14,637 30-06-15 Q2 15 94,2007 NM 65,0578 25,0795 -15,0465 47,9072 3,0276 7,4845 31-12-0930-09-14MaxPoint Q4 Q3 09 14 Interactive NM 7,427 NM 6,05 NA 50,7% NM -9,2862 40NM 7,4856 3 NM 43 5,2717 NM 14930-06-1430-06-14 -7,853330-06-14NM30-06-1430-06-14 30-06-1430-06-1430-06-1430-06-14(12)Q2 Q2 Q2 Q2 Q2 Q2 Q214 Q2 Q214 14 14 14 1414 1414 0,3x 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,31330,4x 6,3133 6,3133 20,2535 20,2535 NA20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 NM 13,8884 13,8884 13,8884 13,8884 13,8884 21,5x13,8884 13,8884 13,8884 13,8884 24,3907 NA24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 31,2% 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 (8,1%) 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,2908 14,290852,3% 31-03-1031-12-14 Q1 Q4 10 14 NM 8,626 NM 2,119 NM -9,4935 NM 7,8292 NM 0,7239 NM30-09-1430-09-14 -8,300930-09-14NM30-09-1430-09-1430-09-1430-09-1430-09-1430-09-1530-09-14 Q3 Q3 Q3 Q3 Q3 Q3 Q314 Q3 Q314 Q314 14 14 1414 14 1415 6,4883 6,4883 6,4883 6,488385,6159 6,4883 6,4883 6,4883 6,4883 6,4883 NM 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 13,8884 13,8884 13,8884 13,888475,912 13,8884 13,8884 13,8884 13,8884 13,8884 19,1828 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 -17,0955 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,641834,1231 8,6418 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 3,455613,2809 13,2809 13,2809 6,5298 30-06-1031-03-15Social Q2 Q1 Reality,10 15 NM Inc. 8,4603 NM 1,97 2,119 21,6% NM -5,6633 16NM 7,6818 2 17,08163 18-4,3885 NM 3631-12-14 -11,778531-12-1431-12-14 NM31-12-1431-12-14 31-12-1431-12-1431-12-1431-12-1531-12-14 Q4 Q4 (4)Q4 Q4 Q4 Q4 Q414 Q4 Q414 Q414 14 14 1414 14 1415 0,5x 2,3212 2,3212 2,3212 2,321233,8902 2,3212 2,3212 2,32120,4x 2,3212 2,3212 17,63440,3x 155,535617,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 NM NM 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,16853,8x 14,1685 14,12252,2x 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 118,8% -19,6146 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005(10,4%)12,9688 7,3005 11,9708 11,9708 11,9708 11,9708 11,9708 11,97083,4397 11,9708 11,9708 35,1%11,9708 8,9975 31-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-1531-03-15 Q1 Q1 Q1 Q1 Q1 Q1 Q115 Q1 Q115 15 15 15 1515 1515 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 30-09-1030-06-15 Q3 Q2 10 15 NM 8,1772 NM 2,119 NM -2,7609 NM 7,5816 30,68911 -4,325 NM -11,3089 NM31-03-16 Q1 16 27,864 NM NM 11,6786 -22,4465 5,3513 5,2877 4,7212 30-09-15 Q3 15 8,4097 2,119 1,2495 8,3789 -4,256930-06-1530-06-15 -9,502630-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-1630-06-15 Q2 Q2 Q2 Q2 Q2 Q2 Q215 Q2 Q215 Q215 15 15 1515 15 1516 0,6529 0,6529 0,6529 0,652925,2876 0,6529 0,6529 0,6529 0,6529 0,6529 NM 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 14,0721 81,464614,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 14,0721 22,3689 22,36896,0957 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 -22,2837 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 -1,5129 13,2778 13,2778 13,2778 13,277810,0832 13,2778 13,2778 13,2778 13,2778 13,2778 2,2804 31-12-10 Q4 10 NM NM NM NM 23,9536 NM30-09-1530-09-1530-09-15 NM30-09-1530-09-1530-09-1530-09-1530-09-1530-09-15 Q3 Q3 Q3 Q3 Q3 Q3 Q315 Q3 Q315 15 15 15 1515 1515 N/A N/A N/A N/A N/A N/A N/A N/A N/A 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 14,3308 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 31-12-15 Q4 15 8,683 33,8276 5,8023 9,1288 -6,9172 -7,2725Mean30-09-16 Q3 16 1,2x 21,3491 1,1x NM 1,1x 12,6x 52,5966 12,9x 8,2x 4,0299 22,7% -22,109 -3,9737 (0,9)% 14,9016 47,4% 0,4586 31-03-11 Q1 11 NM NM NM NM 24,26648 NM31-12-1531-12-1531-12-15 NM31-12-1531-12-1531-12-1531-12-1531-12-1531-12-15 Q4 Q4 Q4 Q4 Q4 Q4 Q415 Q4 Q415 15 15 15 1515 1515 N/A N/A N/A N/A N/A N/A N/A N/A N/A 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 31-03-16 Q1 16 9,0221 30,6821 10,5739 8,3169 -10,1142 -4,461831-12-16 Q4 16 35,9725 78,2617 11,9673 2,0869 -22,109 -1,1642 15,5363 -4,0705 30-06-11 Q2 11 NM NM NM NM 23,74762 NM31-03-1631-03-1631-03-16 NM31-03-1631-03-1631-03-1631-03-16Median31-03-1631-03-16 Q1 Q1 Q1 Q1 Q1 Q1 Q116 Q1 Q116 16 16 16 1616 1616 0,5x 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,35480,5x 0,3548 0,3548 15,14530,5x 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 17,5x 13,7725 13,7725 13,7725 13,7725 13,7725 13,0x13,7725 13,7725 13,7725 13,7725 7,9x 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 10,4% 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 (1,5)% 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,197646,3% 30-06-16 Q2 16 9,2437 31,6103 14,4095 7,5032 -11,6217 -3,5554 30-09-11 Q3 11 NM NM NM NM 24,94325 NM30-06-1630-06-1630-06-16 NM30-06-1630-06-1630-06-1630-06-1630-06-1630-06-16 Q2 Q2 Q2 Q2 Q2 Q2 Q216 Q2 Q216 16 16 16 1616 1616 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 31-12-1130-09-16 Q4 Q3 11 16 NM 9,3437 NM 30,8839 NM 16,0925 NM 6,492115,6148 -13,2323 NM30-09-1630-09-16 -1,997430-09-16NM30-09-1630-09-1630-09-1630-09-1630-09-1630-09-16 Q3 Q3 Q3 Q3 Q3 Q3 Q316 Q3 Q316 16 16 16 1616 1616 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 31-12-16 Q4 16 9,8917 29,3289 9,6523 5,5037 -13,2323 -2,4932 31-03-12LTM Q1 12 EBITDA NM MARGIN NM NM NM 12,04074 NM31-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-16 18,1005731-12-1631-12-16REVENUE Q4 Q4 Q4 Q4 Q4 Q4 Q416 Q4 Q416 16 16 16 1616 1616 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 GROWTH 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 30-06-12 Q2 12 NM NM NM NM 15,29099 NM 23,42843 30-09-12 Q3 12 NM NM NM NM 17,95667 NM 10,4892890% 31-12-12 Q4 12 NM NM NM NM 14,65831 NM 6,9339 31-03-139% Q1 13 NM NM NM NM 15,32311 NM 3,6723180% 18%18%18%18%18%18%18%18%18% 30-06-137% Q2 13 NM NM NM NM 15,97157 NM 5,52257 30-09-13 Q3 13 NM NM NM NM 21,89909 NM 8,8080970% 5% 31-12-13 Q4 13 31,60108 NM NM NM 27,69993 NM 5,6055360% 16%16%16%16%16%16%16%16%16% 31-03-143% Q1 14 29,79773 NM NM NM 12,68663 NM 10,365 30-06-14 Q2 14 19,85302 NM NM NM 5,94639 NM 9,3758450% 30-09-141% Q3 14 15,87993 NM NM 12,96393 NM NM NM 40% 31-12-14-1% Q4 14 15,26236 NM 52,62409 12,48406 NM NM 9,2037314%14%14%14%14%14%14%14%14% 31-03-15 Q1 15 16,4351 NM 27,61207 8,35887 NM NM 13,0663730% 30-06-15-3% Q2 15 17,48402 NM 16,74798 5,51958 17,28935 26,6176 5,96047 30-09-15-5% Q3 15 13,50635 NM 13,31992 5,39562 NM 11,5583 4,0983712%20% 12%12%12%12%12%12%12%12% 31-12-15 Q4 15 13,76266 NM 12,86131 4,46613 NM NM 5,87462 31-03-16-7% Q1 16 11,20055 NM 12,39799 4,11243 NM 22,7676 6,2808910% 30-06-16-9% Q2 16 11,4459 NM 7,78554 NM NM 8,904 28,4257 10%10%10%0% 10%10%10%10%10%10% 30-09-16 Q3Q2 16 12 Q4 8,25231 12 Q2 13 20,45825 Q4 13 Q2 3,6811114 Q4 14 NM Q2 15 NMQ4 15 Q2 16 13,2072 Q4 16 17,27333 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 31-12-16 Q4 16 8,45978 18,60379 3,10777 NM NM 5,37866 44,42461 Q2Q2Q2Q2Q2Q2 Q212 Q2 Q212 12 12 12 1212 12 12 Q4 Q4 Q4 Q4Q4Q4 Q412 Q4 Q412 12 12 12 1212 12 12 Q2 Q2 Q2 Q2Q2Q2 Q213 Q2 Q213 13 13 13 1313 13 13 Q4 Q4 Q4 Q4Q4Q4 Q413 Q4 Q413 13 13 13 1313 13 13 Q2 Q2 Q2 Q2Q2Q2 Q214 Q2 Q214 14 14 14 1414 14 14 Q4 Q4 Q4 Q4Q4Q4 Q414 Q4 Q414 14 14 14 1414 14 14 Q2 Q2 Q2 Q2Q2Q2 Q215 Q2 Q215 15 15 15 1515 15 15 Q4 Q4 Q4 Q4Q4Q4 Q415 Q4 Q415 15 15 15 1515 15 15 Q2 Q2 Q2 Q2Q2Q2 Q216 Q2 Q216 16 16 16 1616 16 16 Q4 Q4 Q4 Q4Q4Q4 Q416 Q4 Q416 16 16 16 1616 16 16 EV / LTM EBITDA

30,0x

25,0x

20,0x

15,0x

10,0x

5,0x Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 9 Period Axis CRM ADBE AKAM HUBS BV BCOV MRIN 30-09-09 Q3 09 35,9944 -6,9659 13,6964 MARKETING TECHNOLOGY31-12-09 Q4 09 28,9705 - -13,1979 9,508 31-03-10 Q1 10 23,6059 -17,7111 8,7048 47,702 PeriodPeriodPeriodPeriodPeriodPeriod30-06-10PeriodPeriodPeriod Axis AxisAxis Q2Axis Axis Axis Axis Axis Axis 10 NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC NYSE:AHC 21,25 NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI NYSE:MNI-13,1673 NYSE:MNI NYSE:MNI NYSE:MNI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI NYSE:GCI9,2304 NYSE:GCI NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE NYSE:LEE TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC TRNC47,702 NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT NYSE:NYT SEGMENT ANALYSIS 30-06-0930-06-0930-06-0930-06-0930-06-0930-09-1030-06-0930-06-0930-06-0930-06-09 Q2 Q2 Q2 Q2 Q2 Q2Q3 Q209 Q2 Q209 09 09 09 091009 0909 21,4625 N/A N/A N/A N/A N/A N/A N/A N/A N/A -1,1263 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 20,9 12,7636 19,115719,115719,115719,115719,115719,115719,115719,115719,115771,9829 47,70212,431212,431212,431212,431212,431212,431212,431212,431212,4312 30-09-0930-09-0930-09-0930-09-0930-09-0931-12-1030-09-0930-09-0930-09-0930-09-09 Q3 Q3 Q3 Q3 Q3 Q3Q4 Q309 Q3 Q309 09 09 09 091009 0909 22,63823,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 3,5234 22,388214,3519 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 22,3882 17,1675 20,622120,622120,622120,622120,622120,622120,622120,622120,622171,9829 47,70213,667713,667713,667713,667713,667713,667713,667713,667713,6677 31-12-0931-12-0931-12-0931-12-0931-12-0931-03-1131-12-0931-12-0931-12-0931-12-09 Q4 Q4 Q4 Q4 Q4 Q4Q1 Q409 Q4 Q409 09 09 09 091109 0909 25,23566,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 6,4501 25,138828,9948 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 25,1388 19,053 21,428421,428421,428421,428421,428421,428421,428421,428421,428471,9829 20,805813,125213,125213,125213,125213,125213,1252 152,49113,125213,125213,1252 31-03-1031-03-1031-03-1031-03-1031-03-1030-06-1131-03-1031-03-1031-03-1031-03-10 Q1 Q1 Q1 Q1 Q1 Q1Q2 Q110 Q1 Q110 10 10 10 101110 1010 26,9271 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 9,013 29,7157 29,7157 29,715731,504 29,7157 29,7157 29,7157 29,7157 29,7157 29,7157 19,1218 22,105722,105722,105722,105722,105722,105722,105722,105722,105771,9829 15,988615,988615,988615,988615,988615,9886152,49115,988615,988615,9886 MRN AVERAGE 30-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-1030-06-10 Q2 Q2 Q2 Q2 Q2 Q2 Q210 Q2 Q210 10 10 10 1010 1010 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 8,9669 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 28,9185 22,376522,376522,376522,376522,376522,376522,376522,376522,3765 18,051918,051918,051918,051918,051918,051918,051918,051918,0519 15,3296 26% 30-09-11 Q3 11 29,5627 24,3395 17,3121 66,8443 152,491 30-09-10LT30-09-1030-09-1030-09-1030-09-1031-12-1130-09-10 M30-09-1030-09-1030-09-10 Q3 Q3 Q3 Q3 Q3 Q3Q4 Q310 Q3 Q310 10 10 10 101110 1010EV / 33,00888,9607 8,9607REVENUE 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 8,9607 28,678114,7268 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781 28,6781EV 14,5602 / EBITDA 22,748622,748622,748622,748622,748622,748622,748622,748622,7486 17,459317,459317,459317,459317,459317,4593152,49117,459317,459317,4593 14,6363 26% 31-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-1031-12-10 Q4 Q4 Q4 Q4 Q4 Q4 Q410 Q4 Q410 10 10 10 1010 1010 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 7,3507 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 26,1576 22,235122,235122,235122,235122,235122,235122,235122,235122,2351 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 14,8013 13,877 %24% OF ENT. 31-03-12 Q1 12 34,5599 10,9541 13,1842 3 YEAR 45,3998 90,0605 13,8979 25% 31-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-1131-03-11 Q1 Q1 Q1 Q1 Q1 Q1 Q111 Q1 Q111 11 11 11 1111 1111 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 7,2551 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 27,3001 21,955121,955121,955121,955121,955121,955121,955121,955121,9551 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 15,3205 SHARE 52 WEEK MARKET NET VALUE 30-06-1130-06-1130-06-1130-06-1130-06-1130-06-1230-06-1130-06-1130-06-1130-06-11 Q2 Q2 Q2 Q2 Q2 Q2 Q211 Q2 Q211 11 11 11 111211 1111 36,7742 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 7,42 27,0761 27,0761 27,07616,6708 27,0761 27,0761 27,0761 27,0761 27,0761 27,0761 13,4517 21,628821,628821,628821,628821,628821,628821,628821,628821,6288REVENUE 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962EBITDA 10,8962 10,896251,0222 14,4502 14,4502 14,4502GROSS 14,4502 14,4502 14,450290,0605 14,4502 14,4502 14,4502 13,9174 24% 30-09-12 Q3 12 37,7069 7,0605 15,1367 64,5978 48,3106 90,0605 14,6559 PRICE HIGH25% CAP DEBT. (EV) REVENUE30-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-1130-09-11 EBITDA30-09-11 Q3 Q3 Q3 Q3 Q3 Q3 Q311 Q3 Q311 11 11LT 11 1111 1111 M 6,97992017E 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 6,9799 2018E 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403 26,9403LT M 2017E 2018E23,009823,009823,009823,009823,009823,009823,009823,009823,0098CAGR 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962 10,8962MARGIN 10,8962 10,8962 14,6337 14,6337MARGIN 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 14,6337 15,286 24% 31-12-1131-12-1131-12-1131-12-1131-12-1131-12-1231-12-1131-12-1131-12-1131-12-11 Q4 Q4 Q4 Q4 Q4 Q4 Q411 Q4 Q411 11 11 11 111211 1111 10,2583 10,2583 36,510910,2583 10,2583 10,2583 10,2583 10,2583 10,2583 10,2583 25,8974 25,8974 25,8974 25,8974 25,8974 25,89748,113 25,8974 25,8974 25,8974 17,8947 23,315623,315623,315623,315623,315623,315623,315623,315623,315662,6096 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 43,1899 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 17,3279 15,949salesforce.com, inc. $83.5024% 96.6% $59,076 $501 $59,577 $8,39231-03-1231-03-1231-03-1231-03-1231-03-1231-03-13 31-03-1231-03-1231-03-1231-03-12 $505 Q1 Q1 Q1 Q1 Q1 Q1 Q112 Q1 Q112 12 12 12 121312 1212 7.1x 36,14329,7826 9,7826 9,7826 9,7826 9,7826 9,7826 9,7826 5.9x 9,7826 9,7826 27,1451 4.9x 27,1451 27,14514,4451 27,1451 27,1451 27,1451 27,1451 27,1451 27,1451 NM 18,5931 27.4x 80,7305 21.9x24,212824,212824,212824,212824,212824,212824,212824,212824,2128 59,3033 27.3% 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 38,4028 6.0% 15,0054 15,0054 15,0054 15,0054 15,0054 15,005464,8846 15,0054 15,0054 15,0054 73.4% 16,5538 24% 30-06-13 Q2 13 34,575 3,1309 18,3449 80,7305 57,8926 31,6854 Adobe Systems 130.22 99.2% 64,420 (2,764) 61,656 6,15330-06-1230-06-1230-06-1230-06-1230-06-12 30-06-1230-06-1230-06-1230-06-12 1,984 Q2 Q2 Q2 Q2 Q2 Q2 Q212 Q2 Q212 12 12 12 1212 10.0x1212 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 12,0623 8.6x 24,7019 7.2x 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 24,7019 31.1x 21.6x NM NM NM NM NM NM NM NM NM 17.4x 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 24,4495 13.0% 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 32.3% 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 16,8262 86.0% 16,7042 23% 30-09-1230-09-1230-09-1230-09-1230-09-1230-09-1330-09-1230-09-1230-09-1230-09-12 Q3 Q3 Q3 Q3 Q3 Q3 Q312 Q3 Q312 12 12 12 121312 1212 32,133110,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 10,467 23,8074 -1,905723,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 23,8074 16,9534 NM NM NM NM NM NM NM NM NM 80,7305 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 23,6667 38,3244 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 7,5688 27,6894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 17,1894 16,8514 23% Akamai Technologies 59.68 83.3% 10,361 (197) 10,164 2,34031-12-1231-12-1231-12-1231-12-1231-12-1231-12-13 31-12-1231-12-1231-12-1231-12-12 Q4708 Q4 Q4 Q4 Q4 Q4 Q412 Q4 Q412 12 12 12 121312 1212 4.3x 31,3827,539 7,539 7,539 7,539 7,5394.0x 7,539 7,539 7,539 7,539 23,7778 3.6x-5,3481 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 23,7778 14.4x 15,1535 13,8696 13,8696 13,8696 13,8696 13,8696 13,869610.4x 13,8696 13,8696 13,8696 80,73059.2x23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 23,7839 26,5299 14.0% 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 27,1579 30.3% 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 16,9213 65.4% 16,4607 22% 31-03-1331-03-1331-03-1331-03-1331-03-1331-03-1431-03-1331-03-1331-03-1331-03-13 Q1 Q1 Q1 Q1 Q1 Q1 Q113 Q1 Q113 13 13 13 131413 1313 32,06458,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 8,9655 24,7814 -7,912524,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 24,7814 14,8459 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 50,4418 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 23,8612 15,5039 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 24,919 18,2753 18,2753 18,2753 18,2753 18,2753 18,275329,8146 18,2753 18,2753 18,2753 16,0699HubSpot, Inc. 63.8022% 96.5% 2,307 (113) 2,194 271 (39) 8.1x 6.2x 5.0x NM NM NM 51.7% (14.2%) 77.2% 16,0699 22% 30-06-1330-06-1330-06-1330-06-1330-06-1330-06-1430-06-1330-06-1330-06-1330-06-13 Q2 Q2 Q2 Q2 Q2 Q2 Q213 Q2 Q213 13 13 13 131413 1313 33,46695,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 5,9702 24,0114 -7,3024 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 24,0114 16,9297 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,1198 24,11984,3909 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 7,3035 25,3681 17,3848 17,3848 17,3848 17,3848 17,3848 17,384830,1793 17,3848 17,3848 17,3848 14,3579Bazaarvoice, Inc. 4.5510% 74.2% 377 (46) 330 20230-09-1330-09-1330-09-1330-09-1330-09-1330-09-14 30-09-1330-09-1330-09-1330-09-13 Q3 Q3 Q3(8) Q3 Q3 Q3 Q313 Q3 Q313 13 13 13 131413 1313 1.6x 35,65296,9646 6,9646 6,9646 6,9646 6,9646 6,9646 6,9646 1.6x 6,9646 6,9646 23,4643 1.5x-3,4636 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 23,4643 NM 19,8702 13,8696 13,8696 13,8696 13,8696 13,8696 13,8696 19.7x13,8696 13,8696 13,8696 13.4x 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,1093 24,109314,5308 10.8% 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 11,4131 22,7989 (4.2%) 17,32 30,4541 17,32 17,32 17,32 17,3262.3% 17,32 17,32 17,32 17,32 13,742 9% 31-12-1331-12-1331-12-1331-12-1331-12-1331-12-1431-12-1331-12-1331-12-1331-12-13 Q4 Q4 Q4 Q4 Q4 Q4 Q413 Q4 Q413 13 13 13 131413 1313 37,25495,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 5,8671 21,3767 -1,236821,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 21,3767 22,6175 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,0797 24,079714,7449 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 11,7175 18,0826 14,9594 14,9594 14,9594 14,9594 14,9594 14,959429,8399 14,9594 14,9594 14,9594 13,0921Brightcove Inc. 8.4510% 61.2% 289 (36) 253 15031-03-1431-03-1431-03-1431-03-1431-03-1431-03-15 31-03-1431-03-1431-03-1431-03-14 Q1 Q1 Q1(1) Q1 Q1 Q1 Q114 Q1 Q114 14 14 14 141514 1414 1.7x 34,93675,4352 5,4352 5,4352 5,4352 5,4352 5,4352 5,4352 1.5x 5,4352 5,4352 20,4534 1.4x 20,4534 20,45342,2643 20,4534 20,4534 20,4534 20,4534 20,4534 20,4534 NM 24,4595 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 29.2x13,8884 13,8884 13,8884 49,2593 20.6x 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 24,401 16,8769 11.0% 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 10,707 13,7604 (0.7%) 16,1495 16,1495 16,1495 16,1495 16,1495 16,149528,5054 16,1495 16,1495 16,1495 63.4% 13,2298 9% Marin Software 1.80 58.3% 71 (31) 40 10030-06-1430-06-1430-06-1430-06-1430-06-1430-06-15 30-06-1430-06-1430-06-1430-06-14 Q2 Q2 Q2(6) Q2 Q2 Q2 Q214 Q2 Q214 14 14 14 141514 1414 0.4x 31,99666,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 6,3133 NA 20,2535 20,2535 20,25355,1547 NA20,2535 20,2535 20,2535 20,2535 20,2535 20,2535 NM 22,4561 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 NA 52,6637 24,3907 24,3907 NA24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 24,3907 20,0299 8.9% 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 9,9009 (6.2%) 9,0454 14,2908 14,2908 14,2908 14,2908 14,2908 14,290824,0759 14,2908 14,2908 14,2908 64.9% 13,373 6% 30-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-1430-09-14 Q3 Q3 Q3 Q3 Q3 Q3 Q314 Q3 Q314 14 14 14 1414 1414 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 6,4883 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 19,4988 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 13,8884 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 23,6534 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 8,6418 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2809 13,2357 7% 30-09-15 Q3 15 28,4403 5,9664 19,3202 55,2925 13,7 6,8623 19,4806 31-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-1431-12-14 Q4 Q4 Q4 Q4 Q4 Q4 Q414 Q4 Q414 14 14 14 1414 1414 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 2,3212 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 17,6344 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 14,1685 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 23,155 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 7,3005 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 11,9708 13,0957 8% 31-12-15 Q4 15 25,3328 10,8615 15,6166 56,5557 11,6666 6,1362 13,0959 13,0689 6% 31-03-1531-03-1531-03-1531-03-1531-03-1531-03-1631-03-1531-03-1531-03-1531-03-15 Q1 Q1 Q1 Q1 Q1 Q1 Q115 Q1 Q115 15 15 15 151615 1515 24,20481,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 1,7686 16,690515,6362 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 16,6905 11,8935 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 14,0026 57,0152 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 22,7397 9,2793 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 6,8009 7,7501 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,9974 11,99749,2356 11,9974 30-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-1530-06-15Mean30-06-15 Q2 Q2 Q2 Q2 Q2 Q2 Q215 Q2 Q215 15 15 15 1515 1515 4.8x 0,6529 0,6529 0,6529 0,6529 0,6529 0,6529 0,65294.6x 0,6529 0,6529 15,44053.9x 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 15,4405 22.7x 14,0721 14,0721 14,0721 14,0721 14,0721 14,072121.7x 14,0721 14,0721 14,0721 16.5x 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 22,3689 19.5% 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6,6765 6.2% 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 13,2778 70.4% 13,0422 5% 30-06-16 Q2 16 24,0738 19,1145 9,9036 56,11 6,1481 8,9245 6,1708 13,2025 7% 30-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-1530-09-15Median30-09-15 Q3 Q3 Q3 Q3 Q3 Q3 Q315 Q3 Q315 15 15 15 1515 1515 4.3x N/A 4.9x N/A N/A N/A N/A N/A N/A N/A N/A 15,14244.2x 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 15,1424 22.7x 14,3308 14,3308 14,3308 14,3308 14,3308 14,330821.6x 14,3308 14,3308 14,3308 17.4x 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 23,1421 13.0% 6,933 6,933 6,933 6,933 6,933 6,933 6,933 6,933(0.7)% 6,933 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 13,9235 65.4% 13,3562 7% 31-12-1531-12-1531-12-1531-12-1531-12-1530-09-1631-12-1531-12-1531-12-1531-12-15 Q4 Q4 Q4 Q4 Q4 Q4Q3 Q415 Q4 Q415 15 15 15 151615 1515 25,0031 N/A N/A N/A N/A N/A N/A N/A N/A N/A 15,247721,9798 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 15,2477 8,015413,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 13,2949 54,2573 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 23,1474 4,4905 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 5,1976 10,5587 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 15,3684 2,276315,3684 13,0597 8% 31-03-1631-03-1631-03-1631-03-1631-03-1631-12-1631-03-1631-03-1631-03-1631-03-16 Q1 Q1 Q1 Q1 Q1 Q1Q4 Q116 Q1 Q116 16 16 16 1616 1616 0,354825,1162 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 0,3548 15,145321,6985 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 15,1453 6,892213,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 13,7725 51,957 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 23,0335 3,5567 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 7,2588 12,0845 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976 15,1976-0,5136 15,1976 15,1976 12,767 9% 30-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-1630-06-16 Q2 Q2 Q2 Q2 Q2 Q2 Q216 Q2 Q216 16 16 16 1616 1616 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 1,3879 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 14,1119 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 12,9673 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 22,9163 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 7,643 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 14,9242 12,2874 10% 30-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-1630-09-16 Q3 Q3 Q3 Q3 Q3 Q3 Q316 Q3 Q316 16 16 16 1616 1616 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 2,2174 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 14,1689 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 11,3854 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 22,7513 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 8,3119 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 14,7803 12,0249 11% 12,315LTM EBITDA MARGIN11% 31-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-1631-12-16REVENUE Q4 Q4 Q4 Q4 Q4 Q4 Q416 Q4 Q416 16 16 16 1616 1616 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 4,0598 GROWTH 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 14,4317 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 11,0689 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 22,4774 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 7,4996 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 13,7258 12,3886 13% 50%

45% 24% 18%40% 18%18%18%18%18%18%18%18% 22% 20% 35% 18% 16%30% 16%16%16%16%16%16%16%16% 16% 14% 25% 12% 14%20% 14%14%14%14%14%14%14%14% 10% 15% 8% 6% 12%10% 12%12%12%12%12%12%12%12% 4% 5% 2% 0% 0% 10%10%10%10%10%10%10%10%10% Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 Q2Q2Q2Q2Q2Q2 Q212 Q2 Q212 12 12 12 1212 12 12 Q4 Q4 Q4 Q4Q4Q4 Q412 Q4 Q412 12 12 12 1212 12 12 Q2 Q2 Q2 Q2Q2Q2 Q213 Q2 Q213 13 13 13 1313 13 13 Q4 Q4 Q4 Q4Q4Q4 Q413 Q4 Q413 13 13 13 1313 13 13 Q2 Q2 Q2 Q2Q2Q2 Q214 Q2 Q214 14 14 14 1414 14 14 Q4 Q4 Q4 Q4Q4Q4 Q414 Q4 Q414 14 14 14 1414 14 14 Q2 Q2 Q2 Q2Q2Q2 Q215 Q2 Q215 15 15 15 1515 15 15 Q4 Q4 Q4 Q4Q4Q4 Q415 Q4 Q415 15 15 15 1515 15 15 Q2 Q2 Q2 Q2Q2Q2 Q216 Q2 Q216 16 16 16 1616 16 16 Q4 Q4 Q4 Q4Q4Q4 Q416 Q4 Q416 16 16 16 1616 16 16

EV / LTM EBITDA

50,0x

45,0x

40,0x

35,0x

30,0x

25,0x

20,0x

15,0x

10,0x Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 10 Period Axis FB TWTR MTCH MEET SNAP 30-06-09 Q2 09 NM 30-09-09 Q3 09 NM 31-12-09 Q4 09 43,758 NM 31-03-10 Q1 10 43,758 NM 30-06-10 Q2 10 43,758 NM 30-09-10 Q3 10 43,758 N/A Period Axis FB TWTR MTCH MEET SNAP SOCIAL MEDIA - 30-09-09 Q3 09 35,2573 31-12-10 Q4 10 59,3211 N/A N/A 31-12-09 Q4 09 191,5997 31-03-11 Q1 11 59,3211 N/A N/A Period FB TWTR MTCH MEET SNAP 30-06-0931-03-10 Q2 Q109 10 0,00 856,9974NM 30-06-11SEGMENT Q2 11 59,3211 N/A ANALYSISN/A 30-09-0930-06-10 Q3 Q209 10 0,00 566,7571NM 30-09-11 Q3 11 59,3211 N/A N/A 31-12-0930-09-10 Q4 Q309 10 0,00 1002,1886NM 31-12-11 Q4 11 56,0226 N/A N/A 31-03-1031-12-10 Q1 Q410 10 0,00 2057,2467NM 31-03-12 Q1 12 52,7736 N/A N/A 30-06-1031-03-11 Q2 Q110 11 154,0540,00 1029,5544NM 30-06-12 Q2 12 24,22 N/A N/A 30-09-10LT M30-06-11 Q3 Q210 11EV / 154,054REVENUE0,00 EV / EBITDA911,1392NM 30-09-12 Q3 12 23,5167 N/A N/A 31-12-1030-09-11 Q4 Q310 11 154,054NM 351,6144NM % OF ENT. 31-03-1131-12-11 Q1 Q411 11 154,054NM 46,4662NM 3 YEAR 31-12-12 Q4 12 23,3248 N/A 30,8958 0,4641 SHARE 52 WEEK MARKET NET VALUE 30-06-1131-03-12 Q2 Q111 12 87,9939NM 275,9565 76,8325NM REVENUE EBITDA GROSS 31-03-13 Q1 13 23,7201PRICE HIGH N/ACAP 30,8958DEBT. (EV)N/A REVENUE30-09-1130-06-12 EBITDA Q3 Q211LT 12 M 2017ENM 2018E275,9565LT M 2017E 2018E136,4403NM CAGR MARGIN MARGIN 30-06-13 Q2 13 45,1618 N/A 30,8958 N/A 31-12-1130-09-12 Q4 Q311 12 NM275,9565 NM 258,9089NM Facebook, Inc. $142.27 99.2% $412,208 ($29,449) $382,759 $27,638 $14,835 13.8x 10.1x 7.9x 25.8x 16.2x 12.7x 52.0% 53.7% 86.3% 30-09-13 Q3 13 47,504 N/A 30,8958 N/A 31-03-1231-12-12 Q1 Q412 12 NM275,9565 NM 516,1603NM 31-12-13Snap, Q4 13 Inc. 49,949120.62 N/A 70.0% 23,86232,2508 (972) 22,890N/A 40430-06-12 31-03-13 (491) Q2 Q112 56.6x13 37,1328 22.1xNM 11.1x 198,1131 NM NM NA335,8238 NANM 0.0% (121.5%) (11.7%) 31-03-14 Q1 14 52,3216 N/A 32,2508 N/A 30-09-1230-06-13 Q3 Q212 13 35,9336NM NM 133,6843NM Twitter, Inc. 14.54 55.5% 10,537 (2,088) 8,449 2,53031-12-12 30-09-13 Q4 62 Q3 12 13 3.3x 41,3912 3.6xNM 3.3x NM NM 14.2x30,87685 12.2x33,6842 56.1% 2.4% 65.1% 30-06-14 Q2 14 54,4691 N/A 32,2508 N/A 31-03-13 Q1 13 NM NM NM 30-09-14The Q3 Meet14 Group, 54,3344 Inc. 5.70 N/A 70.3% 32,2508 382 (22) 1,7489 360 76 NM 31-12-13 26 Q4 13 4.7x 48,2416 2.9x 2.5x 14.0x 8.7x-4,8592 7.2x 23.5% 33.8% 100.0% 30-06-1331-03-14 Q2 Q113 14 54,6865NM 109,7888 NM 12,5643 -13,4596NM 31-12-14 Q4 14 50,032 -24,6543 28,437 2,671530-09-13 NM30-06-14 Q3 Q213 14 62,4339NM 112,498 NM 12,5643 -4,5203NM 31-03-15 Q1 15 46,3019 -21,1044 25,6734 10,893931-12-13 NM Q4 13 NM NM NM NM 30-09-14Mean Q3 19.6x14 63,6645 9.7x 117,2899 6.2x 19.9x 12,5643 13.0x 10.7x 6,8754 32.9% (7.9)% 59.9% 30-06-15 Q2 15 43,306 -16,0742 24,1887 15,940231-03-14 NM31-12-14 Q1 Q414 14 63,0184NM 118,2753 NM 12,5643 NM 14,9876 NM 30-06-14 Q2 14 NM NM NM NM 30-09-15 Q3 15 41,4041 -10,4903 24,4743 10,5078 NM31-03-15Median Q1 15 9.3x 58,3587 6.8x 111,0126 5.6x 19.9x 10,6064 14.2x12.2x 10,9946 37.8% 18.1% 75.7% Period Axis FB TWTR MTCH MEET SNAP 30-09-14 Q3 14 -2,30 2,67 -0,18 -14,62 NM 30-06-15 Q2 15 51,4917 98,2985 11,5672 31-12-1530-06-09 Q4 Q2 0915 NM 45,5711 NM -7,8904 NM 23,7792 NM NM 19,567731-12-14 NM Q4 14 -1,76 5,82 0,25 -10,82 NM 30-09-15 Q3 15 46,2099 82,6308 9,3858 31-03-1630-09-09Period Q1 Q3 0916 NMFB 47,731 NM TWTR -2,8088 NM MTCH 24,6089 NM MEET NM SNAP 19,804631-03-15 NM Q1 15 -1,96 5,84 0,27 -2,24 NM 31-12-15 Q4 15 42,2908 70,293 11,6803 30-06-1631-12-0930-06-09 Q2 Q4 Q2 0916 09 NM 49,9774 NM0,00 -0,1976 NM 25,7307 NMNM NM 22,7727 -236,86130-06-15 Q2 15 -2,20 6,87 0,21 -1,79 NM 31-03-16 Q1 16 43,8151 58,0918 14,8787 26,9679 30-09-1631-03-1030-09-09 Q3 Q1 Q3 1016 09 NM 52,1402 NM0,00 1,6516 NM 27,3525 NMNM NM 32,409 -150,935430-09-15 Q3 15 -2,38 9,05 -0,40 -2,58 NM 30-06-16 Q2 16 46,3463 49,6185 17,1958 24,8249 30-06-1031-12-09 Q2 Q4 10 09 NM NM0,00 NM NMNM NM 31-12-15 Q4 15 -2,22 10,81 4,60 -1,68 1,79 31-12-16 Q4 16 53,676 2,4375 28,939 33,8252 -121,456530-09-16 Q3 16 51,3661 39,216 18,1473 34,9709 30-09-1031-03-10 Q3 Q1 10 10 NM NM0,00 NM NMNM NM 31-03-16 Q1 16 -2,19 29,57 4,02 -2,23 1,72 31-12-16 Q4 16 54,7873 26,9928 18,0036 33,4412 31-12-1030-06-10 Q4 Q2 10 10 NM NM0,00 NM NMNM NM 30-06-16 Q2 16 -2,10 NM 3,60 -2,18 3,84 31-03-1130-09-10LTM Q1 Q3 11 10 EBITDA NM NM0,00 MARGIN NM NMNM NM 30-09-16REVENUE Q3 16 -2,03GROWTH -48,24 3,07 -2,11 2,94 30-06-1131-12-10 Q2 Q4 11 10 NM NMNM NM NMNM NM 31-12-16 Q4 16 -1,99 -33,86 2,61 -0,84 1,98 30-09-1131-03-11 Q3 Q1 11 11 NM NMNM NM NMNM NM 31-12-1130-06-11 Q4 Q2 11 11 NM NMNM NM 21,20266NM NM 60% 31-03-1230-09-1125% Q1 Q3 12 11 NM NMNM NM 14,7854NM NM 30-06-1231-12-11 Q2 Q4 12 11 22,44935 NMNM NM NM 6,13442NM NM 31-03-1220% Q1 12 NM NM NM 30-09-12 Q3 12 12,42776 NM NM NM NM 8,0x 30-06-1215% Q2 12 NM NM NM 50% 31-12-12 Q4 12 14,13292 NM NM NM NM 30-09-12 Q3 12 NM NM NM 6,0x 31-03-1310% Q1 13 15,54454 NM NM 36,47928 NM 31-12-12 Q4 12 NM NM 30,87685 40% 4,0x 30-06-1331-03-135% Q2 Q1 13 13 14,21982 NM NM NM NM 30-09-1330-06-130% Q3 Q2 13 13 24,86756 NM NM 27,151NM 2,0x 31-12-13 Q4 13 22,985 NM 14,80762 30-09-13-5% Q3 13 NM NM NM 30% 0,0x 31-03-1431-12-13 Q1 Q4 14 13 20,85543NM 137,91676 NM NM32,77073 NM 30-06-1431-03-14-10% Q2 Q1 14 14 20,7468NM 95,80362 NM NM18,79505 NM -2,0x 30-09-1430-06-14-15% Q3 Q2 14 14 21,14608NM 85,21558 NM NM15,75406 NM -4,0x20% 31-12-14 Q4 14 22,01908 44,80776 8,10398 30-09-14-20% Q3 14 -2,30 2,67 -0,18 -14,62 NM 31-03-1531-12-14 Q1 Q4 15 14 21,08955-1,76 51,4525 5,82 0,258,03496 -10,82 NM -6,0x 30-06-1531-03-15-25% Q2 Q1 15 15 20,4769-1,96 36,50398 5,84 0,276,23788 -2,24 NM -8,0x10% 30-09-1530-06-15-30% Q3 Q2 15 15 19,91794-2,20 24,18878 6,87 0,215,17779 -1,79 NM -10,0x 31-12-1530-09-15 Q4 Q3 15 15 20,89851-2,38 19,74744 9,05 8,52868 -0,40 7,8655 -2,58 NM -35% 0% 31-03-1631-12-15 Q1 Q4 16 15 20,3276-2,22 12,38095 10,81 9,7289 4,60 4,86299 -1,68 1,79 -12,0x Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 30-06-1631-03-16 Q2 Q1 16 16 18,03302-2,19 12,9194 29,57 11,28894 4,02 9,08285 -2,23 1,72 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16 30-09-1630-06-16 Q3 Q2 16 16 17,3426-2,10 20,02593 NM 12,43037 3,60 10,21101 -2,18 3,84 31-12-1630-09-16 Q4 Q3 16 16 14,36417-2,03 12,40856 -48,24 11,71244 3,07 6,43262 -2,11 2,94 31-12-16EV Q4 /16 LTM EBITDA-1,99 -33,86 2,61 -0,84 1,98

30,0x 28,0x8,0x 26,0x6,0x 24,0x 22,0x4,0x 20,0x2,0x 18,0x 16,0x0,0x 14,0x-2,0x 12,0x 10,0x-4,0x -6,0x8,0x 6,0x -8,0x4,0x -10,0x2,0x 0,0x -12,0x 1 3 5 7 9 Q4 14 Q2 15 Q4 15 Q2 16 Q4 16

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 11 INTERNET AND DIGITAL MEDIA M&A ACTIVITY

4Q 2016 M&A ACTIVITY

TRANSACTION EV / EV / DATE BUYER TARGET VALUE ($M) REVENUE EBITDA 3-30-2017 Dolphin Digital Media, Inc. 42West, LLC $28.0 NA NA

3-27-2017 Stratacache, Inc. LIFT Network NA NA NA

3-27-2017 Spotify USA Inc pref.tv, Inc. NA NA NA

3-23-2017 Digilant, Inc. Anagram NA NA NA

3-22-2017 Pamplona Capital Management Legacy.com, Inc. NA NA NA

3-21-2017 Altice N.V. Teads $308.2 1.5x NA

3-21-2017 Conversocial, Inc. Orthogonal Labs, Inc. NA NA NA

3-21-2017 Mom2Mom.cat Parabebes Servicios Infantiles Y Premama SL NA NA NA

3-21-2017 HootSuite Media Inc. Naritiv, Snapchat Analytics Platform NA NA NA

3-20-2017 Ströer Digital Group GmbH Seeding Alliance GmbH NA NA NA

3-19-2017 Cision AB Capitol Acquisition Corp. III NA NA NA

3-10-2017 Oracle Corporation Webtrends Inc, Infinity NA NA NA

3-10-2017 7Digital Group PLC 24-7 Entertainment AG $2.0 0.2x NA

3-8-2017 Avoriaz Inc. Spirited Media, Inc. NA NA NA

3-8-2017 Google Inc. Kaggle Inc. NA NA NA

3-8-2017 New Media News LLC Gothamist LLC NA NA NA

3-8-2017 Pinterest, Inc. Jelly Industries, Inc. NA NA NA

3-7-2017 Function(x) Inc. BumpClick, LLC $25.0 NA NA

3-3-2017 Bright Mountain Media, Inc. Daily Engage Media Group LLC $4.9 NA NA

3-3-2017 Stingray Digital Group Inc. (TSX:RAY.A) NatureVision TV NA NA NA

3-3-2017 BumpClick, LLC ViralNova, LLC NA NA NA

3-3-2017 Gartner, Inc. L2, Inc. NA NA NA

3-3-2017 MeetMe, Inc. (nka:The Meet Group, Inc.) Ifwe Inc. $60.0 1.4x NA

3-2-2017 Altice USA Audience Partners, LLC NA NA NA

3-2-2017 Entravision Communications Headway $46.5 NA NA

2-28-2017 Yelp Inc. Nowait, Inc. $40.0 NA NA

2-22-2017 Amobee, Inc. Turn Inc. $310.0 2.8x NA

2-15-2017 Cliqz GmbH Ghostery, Inc., Consumer Operations NA NA NA

2-7-2017 HootSuite Media Inc. AdEspresso, Inc. NA NA NA

2-6-2017 Inuvo, Inc. NetSeer, Inc. $7.5 NA NA

1-31-2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA NA NA

1-31-2017 Plex, Inc. Watchup, Inc. NA NA NA

1-31-2017 Take-Two Invest Espana, S.L. Social Point S.L. $280.3 3.1x 14.1x

1-27-2017 GOOD Worldwide Upworthy (Tiger Cloud Media) NA NA NA

1-26-2017 Evans Communications Inc. Clear Channel Outdoor, Inc., Frontdoors News NA NA NA

1-23-2017 Viant Technology Inc. Adelphic, Inc. NA NA NA

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 12 TRANSACTION EV / EV / DATE BUYER TARGET VALUE ($M) REVENUE EBITDA 1-19-2017 Wix.com Ltd. flok LTD NA NA NA

1-18-2017 Alphabet Inc. Fabric Inc. NA NA NA

1-18-2017 Innotech Ad-Juster, Inc. NA NA NA

1-12-2017 Hubert Burda Media Immediate Media Company London $329.7 NA NA

1-12-2017 CBS 247 Inc. Scout Media, Inc. $9.5 NA NA

1-9-2017 Stratacache, Inc. Real Digital Media, LLC NA NA NA

1-5-2017 The Carlyle Group Claritas, LLC NA NA NA

1-4-2017 NA Wow Media Products, Inc. NA NA NA

1-1-2017 Taboola Inc. Commerce Sciences Ltd. NA NA NA

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 13 NOBLE CAPITAL MARKETS

NOBLE CAPITAL MARKETS FULL-SERVICE INVESTMENT BANK NOBLE CAPITAL MARKETS is a research-driven investment and ■ Established 1984. merchant bank focused on small cap, emerging growth companies ■ Private firm, employee owned. in the healthcare, technology, media and natural resources sectors. ■ Built on commitment to provide value and support That’s what we are. Who we are is what makes us different. for our clients.

Our people are talented, dedicated, experienced professionals who come together with a common cause; advising on long-term client- solutions by employing innovative, collaborative and responsive FOCUSED INSTITUTIONAL SALES strategies. We’re passionate and personable. We approach things AND TRADING from our clients’ perspective. ■ Seasoned sales and sales trading team. We know that developing lasting relationships is reliant upon putting ■ Long standing relationships with premier growth- focused our clients’ interests before ours. We understand the impact of Investors. our services. Insightful advisory and effective capital procurement can change lives. Empowering our clients to create employment, engineer technological and medical breakthroughs, producing products and services that lay the foundation for the future. For more than 30 years these have been our guiding principles. While much has RESEARCH DRIVEN CAPITAL changed over the three decades since we began, these core values MARKETS PLATFORM and our reputation have not. Our clients must know what to expect ■ Experience team of Research Analysts covering from us. Then we can strive to exceed expectations. approximately 100 companies. ■ Focus on Technology, Media, Healthcare and Natural A SIMPLE FORMULA. Resources. OUR VALUE PROPOSITION ■ Strong Institutional Sponsorship.

It starts with research With a fundamental belief that information guides the management process, NOBLE understands that there is no short-path to success. With this as a solid foundation, apply INVESTMENT BANKING COMMITMENT experience and execution delivered by people with passion. This is ■ Proven track record. our formula to add value to your creation. ■ Senior level attention to every client and transaction ■ Ability to deliver complete “mind share” of NOBLE on all Research + Experience & Execution + People with Passion = Value transactions.

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 14 INVESTMENT BANKING

Our investment banking team, together with our well-recognized equity research analysts and the equity capital markets group, provide our clients with fundamental capital markets advisory and support - prior, during and most importantly, after a transaction. NOBLE‘s investment banking team works closely with the management and Board of our corporate clients in order to fully understand operational and financial objectives. With this knowledge our banking team will develop an efficient and effective advisory program which offers a variety of services including:

EQUITY CAPITAL MARKETS DEBT CAPITAL MARKETS ADVISORY SERVICES

■ Secondary and Follow-on Offerings ■ Senior Debt ■ Merger & Acquisitions ■ Registered Direct Offerings ■ Mezzanine ■ Fairness Opinions ■ Initial Public Offerings ■ Convertible Debt ■ Valuation Services ■ At the market Offerings (ATM’s) ■ Bridge Financings ■ PIPEs/Private Sale Offerings

SELECT MEDIA TRANSACTIONS

(SRAX) (MNI) (SALM) (CMLS) Valuation Services Valuation Services Valuation Services Valuation Services

ASC 350 ASC 350 ASC 350 ASC 350

April 2017 March 2017 March 2017 March 2017

(SRAX) (TRNC) (SALM) (CMLS) $8,000,000 Advisory Advisory

Debt Refinancing Valuation of Warrants ASC 350 ASC 350

September 2016 August 2016 March 2016 March 2016

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 15 VALUATION SERVICES

NOBLE’s Valuation and Advisory Services team specializes in providing business and intangible asset valuations, fairness opinions, financial and strategic analysis, and transaction support services covering a broad spectrum of industries and situations from early stage, middle market and Fortune 500 companies and capital market constituents. NOBLE’s team is made up of professionals with numerous accreditations and bring excellence in accounting, taxation, and financial due diligence to provide companies with valuation advice for a multitude of purposes.

Valuation – NOBLE’s professionals have significant experience in the valuation of privately owned and public businesses across a wide range of industries. We perform an extensive analysis of the business as well as evaluate industry trends and various other factors in order to inform our clients as to the likely range of value they can expect. Our services are characterized by intellectual and analytical rigor and our conclusions are backed by thorough documentation.

Chief Accounting Officers, Corporate Controllers, CFOs, and Corporate Boards rely on Noble’s experienced valuation professionals to produce sophisticated, supportable, and timely valuations to assist in complying with financial reporting requirements, including:

■ Purchase price allocation and fresh start accounting ■ Goodwill and long-lived asset impairment testing ■ Tangible asset valuation ■ Fair Value measurement of financial assets & liabilities

Opinions - Whether our clients are looking to fulfill their fiduciary duties, mitigate risk or determine corporate value, we are there throughout the transaction process to offer objective advice based on rigorous analysis. We work on behalf of boards of directors, investors, trustees and other corporate leaders to advise and provide opinions on a wide range of transactions.

We have advised Corporate Boards, special transaction committees, independent trustees, management and other fiduciaries of middle- market public and private companies on the financial aspects of a transaction. Our independent advice withstands scrutiny from shareholders, bondholders, the SEC, IRS, or counterparties to a transaction..

MERCHANT BANKING

Our Principal Investment focus is primarily on private and small-cap public ($10mill to $50mill market caps) companies in industries within NOBLE’s research verticals. Investments are made directly by NOBLE and its affiliates and may also involve syndicate participants. We work to identify those companies with game-changing or superior products and technologies that have management teams with proven track-records of success. NOBLE structures investments to meet a company’s capital needs whether its growth capital, liquidity or debt repayment. Capital commitment ranges from $200k to $2million principal and $2million above with syndicate.

The scope of our Merchant Banking activities includes:

■ Targeting domestic companies within our areas of focus and expertise ■ Analyzing a company’s opportunities and assessing its risks within their respective industry ■ Structuring, negotiating and executing the transaction ■ Work in assessing the appropriate time and manner in which to harvest the investment

NOBLE’s Merchant Banking Team works continuously with our portfolio companies to assist the management team and Board of Directors to create value and grow their businesses to facilitate long-term shareholder value. Through our extensive sector research coverage, institutional investor non-deal road shows, equity conferences and market making, we blend a powerful mix of capital markets acumen to procure success.

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 16 INVESTMENT BANKING TEAM

Richard Giles, Managing Director (Boston) Christopher Ensley, Managing Director (New York) [email protected] - 617.692.9346 [email protected] - 646-790-5873

■ Joined NOBLE in 2010 as Head of the Technology, Media & ■ Joined Noble in 2016 Telecommunications Investment Banking Group. ■ 20 years of equity capital market expertise ■ 25 years of investment banking experience. ■ Previous experience at Salomon Brother, Lazard, ■ Executed more than 100 M&A and capital raising transactions Bear Stearns, Coady Diemar Partners totaling $10+ billion. ■ Participated in $16+ billion transactions over his tenure ■ Former head of Stifel Nicolaus’ Technology Group. on Wall Street ■ Former head of A.G. Edwards’ Emerging Growth. Group and ■ M.B.A., Vanderbilt University - Owen Graduate School of member of Investment Committee for A.G. Edwards Capital. Management ■ A.B., Harvard College; M.B.A., Harvard Business School. ■ B.S., William & Mary

John Cooleen, Managing Director Investment Banking / Francisco Penafiel, Vice President (Boca Raton) Head of Private Placements [email protected] - 561.994.5740 [email protected] - 212.896.4625 ■ Executed M&A and capital raising transactions totaling over ■ Joined Noble in 2016 as Head of Private Placements $1 billion dollars in value. ■ 20 years of Capital Markets experience gained working with ■ 7 years of sell side equity research experience, covering emerging growth companies in sectors ranging from TMT, enterprise & infrastructure software, business services, Healthcare, Consumer, Industrial and Energy media, communications, and banks. ■ Previous Investment Banking and Capital Markets experience ■ 6 years of portfolio managing experience. at Merriman Capital, Roth Capital, Wells Fargo/Van Kasper, ■ Manage the business development efforts in LATAM for and Merrill Lynch NOBLE. ■ B.A., Stockton State College ■ Engineering, IT & Statistics, Escuela Superior Politecnica (Guayaquil, Ecuador); M.S. Economics, Florida Atlantic University.

Stevan Grubic, Director - Valuation Services John Connery, Analyst (Boca Raton) [email protected] - 323.578.4936 [email protected] - 561.998.5478

■ 15 years of middle-market investment banking experience ■ Joined Noble Capital Markets as an Investment Banking ■ Expertise in valuations, including business valuations, fairness Analyst in 2016 opinions, litigation, and valuations for financial and tax ■ Worked previously as a private equity analyst for the family reporting purposes (ASC805, ASC350, 123R, 409A). office of Marc Bell ■ Accredited Senior Appraiser with the American Society of ■ B.S. Investment Management, Lynn University Appraisers (ASA) and has completed over 100 valuation engagements representing well over $1.0 billion in asset values. ■ Prior experience includes Orion Valuation Group, Singer Lewak, B. Riley & Co., L.H. Friend Weinress, Frankson & Presson and North American Capital Partners.

VOLUME 7, ISSUE 6 | MARCH 2017 MEDIA SECTOR REVIEW | 17 RESEARCH - MEDIA & ENTERTAINMENT

Michael Kupinski, Director of Research [email protected] - 561.994.5734

SALES & TRADING

Steven Rashkin, Managing Director, Dan Pollitt, Managing Director, Head of Institutional Equity Sales Head of Institutional Equity Trading [email protected] - 561.994.5738 [email protected] - 561.998.5483

EQUITY CAPITAL MARKETS

Renny Chavanikamannil, Managing Director, Equity Capital Markets [email protected] - 646.790.5874

NOBLE CAPITAL MARKETS

225 NE Mizner Boulevard, Suite 150 Boca Raton, Florida 33432 Phone: 561-994-1191 Fax: 561-994-5741 www.nobleresearch.com

DISCLAIMER

All statements or opinions contained herein that include mentioned in this report, nor shall there be any sale of the individual circumstances. If a recipient was referred to a the words “we”, “us”, or “our” are solely the responsibility security herein in any state or domicile in which said offer, NOBLE Company by an investment advisor, that advisor of NOBLE Capital Markets, Inc and do not necessarily solicitation or sale would be unlawful prior to registration may receive a benefit in respect of transactions effected reflect statements or opinions expressed by any person or qualification under the securities laws of any such on the recipients behalf, details of which will be available or party affiliated with companies mentioned in this state or domicile. This publication and all information, on request in regard to a transaction that involves a report. Any opinions expressed herein are subject to comments, statements or opinions contained or personalized securities recommendation. This report change without notice. All information provided herein is expressed herein are applicable only as of the date of this may not be reproduced, distributed or published for based on public and non-public information believed to publication and subject to change without prior notice. any purpose unless authorized by NOBLE Capital be accurate and reliable, but is not necessarily complete Past performance is not indicative of future results. Markets, Inc. and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any WARNING U.S. CLIENTS security described herein for any specific investor or any This report is intended to provide general securities For purposes of distribution in the United States, this specific investment portfolio. The decision to undertake advice, and does not purport to make any report is prepared for persons who can be defined as any investment regarding the security mentioned herein recommendation that any securities transaction is “Institutional Investors” under U.S. regulations. Any should be made by each reader of this publication based appropriate for any recipient particular investment U.S. person receiving this report and wishing to effect on their own appraisal of the implications and risks of objectives, financial situation or particular needs. Prior a transaction in any security discussed herein, must do such decision. This publication is intended for information to making any investment decision, recipients should so through a U.S. registered broker or dealer. NOBLE purposes only and shall not constitute an offer to buy/ assess, or seek advice from their advisors, on whether International Investments, Inc. is a U.S. registered broker sell or the solicitation of an offer to buy/sell any security any relevant part of this report is appropriate to their dealer.

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