Software Equity Group Flash Report

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

Current Sell‐side Representation

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

Recent Sell‐side Representation

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

SEG Research Distribution

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

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

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

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

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

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

CONTACT INFORMATION:

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

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

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

Additions: Company Ticker Index Category GoDaddy, Inc. GDDY Internet Infrastructure MaxPoint Interactive, Inc. MXPT Internet Ad-Tech HealthStream, Inc.HSTM SaaS Human Capital Management PayCom Software PAYC SaaS Human Capital Management

Changes Previous Category New Category Workforce Management Human Capital Management

Removals: Company Ticker Previous Index Previous Category E2 Open, Inc. -SaaS ERP & Supply Chain Acquired by Insight Venture Partners ($274.1M)

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Mar-01-2015 58.com Inc. (NYSE:WUBA) Anjuke.com - $266.2 - - Mar-01-2015 Brocade Communications Systems, Inc. (NasdaqGS:BRCD) Connectem Inc. ---- Mar-01-2015 Dubsat Pty. Ltd. Extreme Reach, Inc., FastChannel ---- Mar-02-2015 ADSP 6 in Motion ---- Mar-02-2015 Decision Resources, Inc. Activate Networks, Inc. ---- Mar-02-2015 Skybridge Americas, Inc. Alive Companies, Inc. ---- Mar-02-2015 Amber Road, Inc. (NYSE:AMBR) Amber Road (International) Inc. - $31.6 - - Mar-02-2015 Madison Logic, Inc. BBN Networks, Inc. ---- Mar-02-2015 Hirshorn Zuckerman Design Group, Inc. Canvas Co/Work ---- Mar-02-2015 Harris School Solutions ClassLink, Inc., ClassMate ---- Mar-02-2015 Pageflex Inc. EarthIntegrate ---- Mar-02-2015 Proofpoint, Inc. (NasdaqGM:PFPT) Emerging Threats Pro, Inc. - $40.0 - - Mar-02-2015 Vitec Software Group AB (OM:VIT B) Fox Publish AS and Adservice AB $3.5 $2.9 0.8x - Mar-02-2015 Phoenix Holdings Inc. (KOSE:A037270) GAD Communication Co.,Ltd. - $5.5 - - Mar-02-2015 ImpressTV Limited Gravity R&D, Ltd., Recommender System Business Line ---- Mar-02-2015 Infotop Capital Co., Ltd. Infotop Co. Ltd. $16.6 - - - Mar-02-2015 Sensis Agency K Fernandez Marketing ---- Mar-02-2015 Trans Cosmos, Inc. (TSE:9715) MetroDeal Holdings Ltd. ---- Mar-02-2015 CommAgility Limited MIMOon GmbH ---- Mar-02-2015 Coin Outlet Inc. Moon Inc. ---- Mar-02-2015 GAME Digital plc (LSE:GMD) Multiplay (UK) Limited - $30.7 - - Mar-02-2015 Castleton Technology plc (AIM:CTP) Opus Information Technology Ltd. - $2.3 - - Mar-02-2015 PayPal Holdings, Inc. Paydiant, Inc. ---- Mar-02-2015 QuickPlay Media Inc. Roundbox, Inc. ---- Mar-02-2015 ANI Technologies Pvt. Ltd. Serendipity Infolabs Pvt. Ltd. - $200.0 - - Mar-02-2015 Spectrio, LLC Sound Marketing Concepts of CT LLC ---- Mar-02-2015 Ascend Partners Group, LLC The Richard Mahan Group ---- Mar-02-2015 Bilendi SA (ENXTPA:ALBLD) Vision Critical Communications Inc., Springboard UK Access Panel Business ---- Mar-02-2015 Akamai Technologies, Inc. (NasdaqGS:AKAM) Xerocole, Inc. ---- Mar-03-2015 A.D.A.M., Inc. A.D.A.M India ---- Mar-03-2015 HGST, Inc. Amplidata N.V. ---- Mar-03-2015 Siemens Logistics & Airport Solutions AxIT AG $11.2 - - - Mar-03-2015 Enghouse Systems Limited (TSX:ESL) CDRator A/S $16.1 $18.5 1.2x - Mar-03-2015 Auction.com, LLC Channel, LLC ---- Mar-03-2015 Purch Consmr, Inc. ---- Mar-03-2015 Uber Technologies, Inc. deCarta, Inc. ---- Mar-03-2015 Broadridge Financial Solutions, Inc. (NYSE:BR) Direxxis, Inc. ---- Mar-03-2015 Voicescape Limited Driverscope Limited and The Housing Contact Company Limited ---- Mar-03-2015 NTT Communications Corporation e-shelter GmbH & Co. KG - $961.9 - - Mar-03-2015 Shoply Limited (ASX:SHP) E-Store Pty Ltd. - $1.4 - - Mar-03-2015 GitLab B.V. Gitorious AS ---- Mar-03-2015 FARO Technologies Inc. (NasdaqGS:FARO) kubit GmbH ---- Mar-03-2015 iModules Software, Inc. OrgSync, Inc. ---- Mar-03-2015 Metrostudy Inc. Real Estate Economics - a Metrostudy company ---- Mar-03-2015 Dotsignal LLC Realovation Holdings, LLC ---- Mar-03-2015 Ryan, LLC Second Decimal, LLC ---- Mar-03-2015 Box, Inc. (NYSE:BOX) Subspace, Inc. ---- Mar-03-2015 Emerald Expositions, Inc. Vendome Group, LLC, Tradeshow and Conference Businesses in Cleveland ---- Mar-03-2015 Change.org, Inc. Versa Media Inc. ---- Mar-03-2015 Samsung Electronics Co. Ltd. (KOSE:A005930) YESCO Electronics LLC ---- Mar-04-2015 PLABI Co., Ltd. Ad.Walk K.K. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select March 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Mar-04-2015 The IBM Watson Group AlchemyAPI, Inc. ---- Mar-04-2015 Jarrang Limited Clerra eBusiness Ltd, Development, Support and Hosting Arm ---- Mar-04-2015 Nielsen N.V. (NYSE:NLSN) eXelate, Inc. ---- Mar-04-2015 Cloud Equity Group Fresh Roasted Hosting LLC ---- Mar-04-2015 - GHM Mobile Development GmbH ---- Mar-04-2015 Temenos Group AG (SWX:TEMN) IGEFI Group s.à r.l. - $260.3 - - Mar-04-2015 Landor Associates LLC NorthandSouth Pty. Ltd. ---- Mar-04-2015 - PG Promotion SA ---- Mar-04-2015 Praemium Limited (ASX:PPS) Plum Software Ltd - $3.2 - - Mar-04-2015 Docker, Inc. SocketPlane, Inc. ---- Mar-04-2015 MC2 Consulting Services, Inc. TimeSimplicity LLC ---- Mar-04-2015 Integral Ad Science, Inc. Veenome Inc. ---- Mar-04-2015 Super Jobs Pvt Ltd. Viraltrics Inc. ---- Mar-05-2015 Flipkart Online Services Pvt. Ltd. AdIQuity Technologies Pvt. Ltd. ---- Mar-05-2015 Attunity, Ltd. (NasdaqCM:ATTU) Appfluent Technology, Inc. - $17.8 - - Mar-05-2015 R2 Integrated, LLC CatapultWorks Demand Group ---- Mar-05-2015 Satumaa Family Business Family Business ---- Mar-05-2015 Fitbit Inc. FitStar Labs, Inc. ---- Mar-05-2015 Pricepanda Group GmbH Get Price Pty Limited ---- Mar-05-2015 NextRadioTV SA (ENXTPA:NXTV) La Banque Audiovisuelle SAS ---- Mar-05-2015 DDB Melbourne Pty Ltd. Lifelounge Agency Pty. Ltd. ---- Mar-05-2015 Trimble Navigation Limited (NasdaqGS:TRMB) Linear project GmbH ---- Mar-05-2015 Recruit Holdings Co.,Ltd. (TSE:6098) Quandoo GmbH $4.7 $235.6 49.8x - Mar-05-2015 Logic Design Savia Design S.L. $1.5 - - - Mar-05-2015 6D Global Technologies, Inc. (NasdaqCM:SIXD) Storycode, Inc. - $3.2 - - Mar- 0505- 20152015 ASM Cana da, Inc. The Lin kage Group Inc. ---- Mar-05-2015 Evolve Media, LLC Total Beauty Media, Inc. ---- Mar-05-2015 OGSystems, LLC Urban Robotics, Inc. ---- Mar-05-2015 Hengxin Mobile Business Co., Ltd. (SZSE:300081) YSTen Technology Co., Ltd. - $203.1 - - Mar-06-2015 Agility Multichannel Limited Agility Multichannel Sweden ---- Mar-06-2015 The Moms on Main LLC Baby Business, Inc. ---- Mar-06-2015 Green Riches Holdings Limited Chili Advertising & Promotions Ltd. $1.1 $9.1 8.2x - Mar-06-2015 NTT Communications Corporation Computer Engineering & Consulting, Ltd., $16.5 $6.6 0.4x - Mar-06-2015 GHL Systems Berhad (KLSE:GHLSYS) mobiepay Sdn Bhd - $0.1 - - Mar-06-2015 Nordic Morning Ottoboni Group AB - $11.0 - - Mar-08-2015 fischerAppelt AG atkon AG ---- Mar-08-2015 NVM Private Equity Limited; Inflexion Private Equity Partners LLP CloserStill Holdings Limited $36.2 - - - Mar-08-2015 MCI Group Holding SA Coulter and Agency Coulter ---- Mar-08-2015 News Corporation (NasdaqGS:NWSA) Mosaic Media Ventures Pvt. Ltd. ---- Mar-09-2015 Maximus Federal Services, Inc. Acentia, LLC - $300.7 - - Mar-09-2015 Access Intelligence, LLC AdMonsters LLC ---- Mar-09-2015 Tribal Group plc (LSE:TRB) Callista Software Services Pty Ltd $12.3 $2.8 0.2x - Mar-09-2015 Merchant Digital Services Groupalia Compra Colectiva S.L. ---- Mar-09-2015 SugarCRM, Inc. Hothouse Labs, Inc. ---- Mar-09-2015 Profimedia.CZ a.s. isifa Image Service s.r.o., Editorial Business And Contracts ---- Mar-09-2015 Casi Nuevo KIDS, SL kirondo GmbH ---- Mar-09-2015 Zalando SE (XTRA:ZAL) metrigo GmbH $21.7 - - - Mar-09-2015 iPhotonix, LLC NetSocket, Inc., Network Functions Virtualization Assets ---- Mar-09-2015 Matter Communications, Inc. Search Maven Media LLC ---- Mar-09-2015 ASPIDER Solutions US, Inc. Solavei, LLC ---- Mar-10-2015 The Pursuant Group, Inc. 2DIALOG, Ltd. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select March 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Mar-10-2015 GoMore ApS Amovens Soluciones S.L. ---- Mar-10-2015 PayPal Holdings, Inc. CyActive Ltd. ---- Mar-10-2015 start.me Favoor.com ---- Mar-10-2015 Trimble Navigation Limited (NasdaqGS:TRMB) Fifth Element Oy ---- Mar-10-2015 Elastic Found by Elastic ---- Mar-10-2015 N. Harris Computer Corporation InterAct911 Corporation ---- Mar-10-2015 geoWaggle LLC Kid Notice, LLC ---- Mar-10-2015 June Media, Inc. Meredith Corporation, BetterRecipes.com ---- Mar-10-2015 Conductor Tecnologia S.A. Neus Processamento e Gestão de Meios de Pagamento Ltda. ---- Mar-10-2015 YouTellMe Media Private Limited PriceBurp Media Pvt. Ltd. ---- Mar-10-2015 4CAD Group Prodware, Sage ERP X3 Business $4.7 - - - Mar-10-2015 Data Systems International, Inc. RareWire LLC ---- Mar-10-2015 SingleHop, Inc. Server Intellect, Inc. ---- Mar-10-2015 OwnLocal, Inc. Sidengo, LLC ---- Mar-10-2015 Indiavidual Learning Private Limited Superedge Technologies Private Limited ---- Mar-10-2015 TradeKing Group, Inc. TradeKing Media LLC ---- Mar-11-2015 Videotron Ltd. 4Degrés Colocation Inc. - $27.8 - - Mar-11-2015 DocuSign, Inc. Algorithmic Research Ltd. ---- Mar-11-2015 Lightower Fiber Networks LLC ColocationZone, Inc. ---- Mar-11-2015 Freelancer Limited (ASX:FLN) CrowdIT Ltd. ---- Mar-11-2015 Dentsu Aegis Network Ltd. Isobar-iProspect Advertising Services S.A. $7.7 - - - Mar-11-2015 Nexgram Holdings Berhad (KLSE:NEXGRAM) Netnovation Sdn. Bhd. - $0.0 - - Mar-11-2015 TAKKT America Holding, Inc. Post-up Stand Inc. $16.0 $30.0 1.9x - Mar-11-2015 BrandExtract, LLC Shable & Associates Inc. ---- Mar-11-2015 Helpling GmbH Spickify Pte Ltd. ---- Mar-11-2015 A Zenvia Spring Mobile Solutions USA, Inc., Value Added Services (VAS) ---- Mar-11-2015 BEATS Brasil Startupi ---- Mar-11-2015 GexCon AS Stormfjord Oil and Gas AS ---- Mar-12-2015 Amazon.com Inc. (NasdaqGS:AMZN) 2lemetry, Inc. ---- Mar-12-2015 OpenDNS, Inc. BGPmon Network Solutions Inc. ---- Mar-12-2015 Materialise NV (NasdaqGS:MTLS) CENAT bvba ---- Mar-12-2015 Procura, LLC Indura Systems, Inc. ---- Mar-12-2015 Docker, Inc. Kitematic Inc. ---- Mar-12-2015 Donahue Schriber Realty Group Inc. Lakeland Town Center, L.L.C. - $51.5 - - Mar-12-2015 Photobucket.com, Inc. Lasso Media Inc. ---- Mar-12-2015 Code and Theory Inc. Mediacurrent LLC ---- Mar-12-2015 ID Global Solutions Corporation Multipay S.A. - $1.8 - - Mar-13-2015 iBus Media Limited Fantasy Wired LLC ---- Mar-13-2015 Marvelous Inc. (TSE:7844) G-mode Co., Ltd. $8.9 $20.6 2.3x - Mar-13-2015 Investenergo LLC OJSC Ukrainian National Payment Card ---- Mar-13-2015 Facebook, Inc. (NasdaqGS:FB) TheFind, Inc. ---- Mar-15-2015 LDC (Managers) Limited; Scottish Equity Partners LLP SSP Holdings Limited - $305.3 - - Mar-16-2015 Harte-Hanks Inc. (NYSE:HHS) 3Q Digital Inc. ---- Mar-16-2015 UBL Interactive, Inc. (OTCBB:UBLI) Advice Interactive Group, LLC ---- Mar-16-2015 OLX.com.pk Asani.com.pk ---- Mar-16-2015 Blank Slate Factory, Inc. Brownstoner Media LLC ---- Mar-16-2015 Forbes Media LLC Camerama, Inc. ---- Mar-16-2015 LinkedIn Corporation (NYSE:LNKD) Careerify Corp. ---- Mar-16-2015 MyTeam1, LLC Cincinnati Bell Technology Solutions Inc., CNotify ---- Mar-16-2015 - EveryCarListed.com, Inc. ---- Mar-16-2015 YPM, Inc. KDA Group Inc., media account portfolio ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select March 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Mar-16-2015 LocalVox Media, Inc. MarketMeSuite, LTD. ---- Mar-16-2015 Esko-Graphics BVBA MediaBeacon, Inc. ---- Mar-16-2015 Cheetah Mobile Inc. (NYSE:CMCM) MobPartner SA $30.0 $58.0 1.9x - Mar-16-2015 Italiaonline S.p.A. Moqu Adv Srl $9.0 $6.4 0.7x 10.0x Mar-16-2015 Survey Sampling International, LLC MRops, Inc. ---- Mar-16-2015 Magnolia Resources Limited (ASX:MGB) PDT Technologies Inc. ---- Mar-16-2015 Diebold, Incorporated (NYSE:DBD) Phoenix Interactive Design, Inc. ---- Mar-16-2015 Lookback AB Reissued Limited ---- Mar-16-2015 The Rainmaker Group Ventures, LLC. Revcaster LLC ---- Mar-16-2015 ByteGrid Holdings LLC Sidus BioData ---- Mar-16-2015 Vonage Holdings Corporation (NYSE:VG) SimpleSignal, Inc. - $24.9 - - Mar-16-2015 Patreon, Inc. Subbable, LLC ---- Mar-16-2015 Capita Resourcing Ltd. ThirtyThree LLP ---- Mar-16-2015 Vector Capital Triton Media Group, LLC ---- Mar-16-2015 Edgewater Fullscope, Inc. Zero2Ten, Inc. - $13.6 - - Mar-17-2015 HC International Inc. (SEHK:2280) Beijing Zhixing Ruijing Technology Co., Ltd. and Orange Triangle Inc. - $240.1 - - Mar-17-2015 - Blipfoto Limited ---- Mar-17-2015 Cloudability Inc. Digital Mines Limited ---- Mar-17-2015 Shanghai Han Tao Information Consultation Co. Ltd. Haizi Xuesha ---- Mar-17-2015 FocusVision Worldwide, Inc. Insight Marketing Systems Pty Ltd. ---- Mar-17-2015 Careem Networks FZ LLC Mobilitech ---- Mar-17-2015 BrainPad Inc. (TSE:3655) Mynd, Inc. $0.0 $0.8 - - Mar-17-2015 Royal Industries, Inc. Waldor Products, Inc. ---- Mar-18-2015 Songcheng Performance Development Co., Ltd. (SZSE:300144) Beijing Six Rooms Ltd., Co. $71.7 $417.7 5.8x - Mar-18-2015 PlanSource Benefits Administration, Inc. ClearBenefits, Inc. ---- Mar-18-2015 Motor Coach Industries Limited Event Spectrum Inc. ---- Mar-18-2015 - Generation Research AB ---- Mar-18-2015 ESV Digital SA myAgency.lu Sàrl ---- Mar-18-2015 Realdeals SA The Oh! Company SA ---- Mar-18-2015 OLX, Inc. TradeStable ---- Mar-18-2015 Maponics, LLC Urban Mapping, Inc. ---- Mar-18-2015 AppNexus Inc. Yieldex, Inc. - $100.0 - - Mar-19-2015 Audax Group, Inc. AllOver Media, Inc. ---- Mar-19-2015 LLJ Inc. Booze Carriage LLC ---- Mar-19-2015 Newnote Financial Corp. (DB:1W4) Cointrader Exchange Inc. - $1.2 - - Mar-19-2015 Rakuten Marketing LLC Deep Forest Media, Inc. ---- Mar-19-2015 Avtex Solutions, LLC Digital Voice Systems, Inc. ---- Mar-19-2015 Open-Xchange Inc. Dovecot Oy ---- Mar-19-2015 Black Dragon Capital Enterworks, Inc. ---- Mar-19-2015 Boursorama SA FIDUCEO SAS ---- Mar-19-2015 Mixi, Inc. (TSE:2121) Hunza, Inc. $0.1 $95.7 - - Mar-19-2015 iFood.com Agência de Restaurantes Online S.A. INSOLD - Inovação em Soluções Digitais, Ltda. ---- Mar-19-2015 Benetech Inc. Integrated Global Resource Solutions, LLC ---- Mar-19-2015 Silvaco, Inc. Invarian, Inc. ---- Mar-19-2015 TELUS Health Solutions Inc. Medesync ---- Mar-19-2015 Jiangsu Zijin Huiwen Media Investment Co., Ltd. Nanjing Xici Information Technology Share Co., Ltd. - $13.7 - - Mar-19-2015 Giphy, Inc. Nutmeg Studio Co. ---- Mar-19-2015 Intergraph Corporation OhmTech AS ---- Mar-19-2015 Rakuten, Inc. (TSE:4755) OverDrive, Inc. - $410.0 - - Mar-19-2015 TeraGo Networks Inc. RackForce Networks Inc. - $25.9 - 9.9x Mar-19-2015 Panasonic Avionics Corporation Tactel AB ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select March 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Mar-20-2015 EasyFairs SA Easyfairs Northeral ---- Mar-20-2015 Gary Jonas Computing Ltd. Outbound Software LLC ---- Mar-20-2015 Finanzen France SAS SAS Vilage Conseil ---- Mar-20-2015 Burda Digital GmbH Tomorrow Focus Publishing GmbH $32.1 $32.6 1.0x 8.6x Mar-20-2015 Gravity4, Inc. Triggit, Inc. ---- Mar-21-2015 Herkules Capital AS Admincontrol As ---- Mar-21-2015 Viettel (Cambodia) Pte. Ltd. Sotelco Ltd., Certain Licenses And Assets ---- Mar-23-2015 Super App CrunchCommerce Inc. ---- Mar-23-2015 AirSage, Inc. Decell Technologies Ltd. ---- Mar-23-2015 Accusoft Corporation edocr Limited ---- Mar-23-2015 Bastian Solutions, LLC Forte Engineering, Inc. ---- Mar-23-2015 ZeOmega, Inc. HealthUnity Corporation ---- Mar-23-2015 Astrotech Corp. (NasdaqCM:ASTC) Image Trends, Inc. ---- Mar-23-2015 IMG Worldwide, Inc. Made Fashion Week, LLC ---- Mar-23-2015 Welshpool Printing Group NRG Direct Mail Ltd. ---- Mar-23-2015 Rockwell Collins Inc. (NYSE:COL) Pacific Avionics Pte. Ltd. ---- Mar-23-2015 Dalian Kemian Wood Industry Co., Ltd. RaySns Technology Co., Ltd. - $141.6 - - Mar-23-2015 Healthland, Inc. Rycan Technologies, Inc. ---- Mar-23-2015 Lontrue Co., Ltd. (SZSE:300175) Shanghai Hengyu Data Technology Co., Ltd. ---- Mar-23-2015 Two Degrees Mobile Limited Snap Internet Ltd. ---- Mar-23-2015 6D Global Technologies, Inc. (NasdaqCM:SIXD) SwellPath, Inc. - $5.6 - - Mar-23-2015 Cision, Inc. Viralheat, Inc. ---- Mar-24-2015 First Derivatives plc (AIM:FDP) ActivateClients Ltd. $1.1 $7.1 6.5x - Mar-24-2015 TV3 Lithuania, UAB Against All Odds OÜ ---- Mar-24-2015 Dalian Kemian Wood Industry Co., Ltd. Avazu Inc. - $333.6 - - Mar-24-2015 Dalian Kemian Wood Industry Co., Ltd. Beijing Miaoqu Hengsheng Technology Co - $99.9 - - Mar-24-2015 ATM Digital Brands LLC cynergyMC, LLC ---- Mar-24-2015 Lime Energy Co. (NasdaqCM:LIME) EnerPath Services, Inc. - $10.9 - - Mar-24-2015 POWDR Corp Human Movement LLC ---- Mar-24-2015 Lexmark International Technology S.A. Kofax Limited (NasdaqGS:KFX) $298.3 $954.9 3.2x 43.0x Mar-24-2015 Intuit Inc. (NasdaqGS:INTU) Playbook Labs, Inc. ---- Mar-24-2015 Stamps.com Inc. (NasdaqGS:STMP) PSI Systems, Inc. $59.0 $215.0 3.6x - Mar-24-2015 HubSpot, Inc. (NYSE:HUBS) Rekindle, Inc. ---- Mar-24-2015 The Orchard Enterprises, Inc. RoyaltyShare, Inc. ---- Mar-24-2015 local.ch AG search.ch AG ---- Mar-24-2015 j2 Global, Inc. (NasdaqGS:JCOM) SugarSync, Inc. ---- Mar-24-2015 Waterfall International Inc. Tetherball, LLC ---- Mar-24-2015 Dude Solutions Inc. Windmill Software Inc. ---- Mar-24-2015 Flatex Holding AG (DB:FLA) XCOM AG ---- Mar-25-2015 iCandy Interactive Limited Appxplore Sdn Bhd. - $7.1 - - Mar-25-2015 Start Today Co., Ltd. (TSE:3092) Aratana Inc. $4.8 - - - Mar-25-2015 SmartSource LLC Data Associates, Inc. ---- Mar-25-2015 Pandell Technology Corporation Divestco Inc., LandRite, iLand and MapQ ---- Mar-25-2015 Output Services Group, Inc. DoublePositive Marketing Group, Inc. ---- Mar-25-2015 Oohology LLC Engage Video Inc. ---- Mar-25-2015 Quorum Business Solutions, Inc. Fielding Systems LLC ---- Mar-25-2015 Kaiser (China) Holding Co., Ltd (SZSE:002425) Hangzhou Huanwen Technology Co., Ltd. $3.4 $86.9 25.3x - Mar-25-2015 iCandy Interactive Limited Kensington Ventures Pte Ltd - $3.9 - - Mar-25-2015 Seeding Alliance GmbH NativeAds GmbH ---- Mar-25-2015 Weezevent SAS Nemopay ---- Mar-25-2015 ShopKeep POS Inc Payment Revolution, LLC ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select March 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Mar-25-2015 Alpha Group; Edenred SA (ENXTPA:EDEN) ProwebCE $101.7 $57.2 0.7x 9.0x Mar-25-2015 Global Payments Inc. (NYSE:GPN) Realex Payments - $126.2 - - Mar-25-2015 Sellpoints, Inc. ReTargeter, LLC ---- Mar-25-2015 Motorsport.com, Inc. ToileF1.com ---- Mar-25-2015 Adduco Media, LLC Trafficado LLC ---- Mar-26-2015 ContactPoint LLC CallSource, Inc., Media and Publishing Division ---- Mar-26-2015 IHS Inc. (NYSE:IHS) Dataium LLC ---- Mar-26-2015 - Efficient Com ---- Mar-26-2015 Microsoft Corporation (NasdaqGS:MSFT) LiveLoop, Inc. ---- Mar-26-2015 Rongxin Power Electronic Co.,Ltd. (SZSE:002123) Montnets Technology Co., Ltd. - $525.3 - - Mar-26-2015 ASSA ABLOY AB (OM:ASSA B) Quantum Secure, Inc. ---- Mar-26-2015 Webfluential South Africa Retromedia ---- Mar-27-2015 Oil Price Information Service, LLC Navx ---- Mar-27-2015 XING Inc. Teichiku Entertainment, Inc. $58.9 - - - Mar-27-2015 Cross Cat Co., Ltd. (JASDAQ:2307) Unitika Information Systems Co.,Ltd. $9.0 $2.2 0.2x - Mar-28-2015 ESI Group SA (ENXTPA:ESI) Civitec SARL ---- Mar-29-2015 GA Wedderburn & Co Ltd. Epositive Solutions Ltd. ---- Mar-29-2015 BTCLend, LLC XPY Staker ---- Mar-30-2015 Xaxis, LLC Action Exchange, Inc. ---- Mar-30-2015 Marlin Equity Partners, LLC AMT Solutions, Inc. ---- Mar-30-2015 Selectica, Inc. (NasdaqCM:SLTC) b-pack SAS - $13.0 - - Mar-30-2015 CompuGroup Medical AG (DB:COP) BS Concept Realization BV ---- Mar-30-2015 AGS, LLC Cadillac Jack, Inc. - $374.8 - - Mar-30-2015 Hinduja Global Solutions Limited (BSE:532859) Colibrium Partners, LLC $12.6 - - - Mar-30-2015 Home Interior Designs E-Commerce Pvt Ltd DezignUp eServices Pvt. Ltd. ---- Mar-30-2015 DH Corporation (TSX:DH) Fundtech Ltd. $263.0 $1,250.0 4.8x 21. 66x Mar-30-2015 GSN Games, Inc. Idle Games Inc. ---- Mar-30-2015 LAC Co., Ltd. (JASDAQ:3857) Netagent Co., Ltd. ---- Mar-30-2015 Hexagon AB (OM:HEXA B) Q-DAS GmbH & Co. KG $16.2 - - - Mar-30-2015 Cresco, Ltd. (TSE:4674) System Integration Service Co.,Ltd. ---- Mar-30-2015 The Cadmus Group, Inc. TecMarket Works, Inc. ---- Mar-31-2015 Loans4less Com Inc. (OTCPK:LFLS) 321 Lend, Inc. ---- Mar-31-2015 Digital Intelligence Agency, LLC 910 West LLC ---- Mar-31-2015 Longview Solutions, Inc. arcplan Information Services GmbH ---- Mar-31-2015 Nomura Research Institute Holdings America, Inc. Brierley & Partners, Inc. - $66.9 - - Mar-31-2015 The Rubicon Project, Inc. (NYSE:RUBI) Chango Inc. - $116.0 - - Mar-31-2015 eClerx Services Limited (BSE:532927) CLX Europe S.p.A. - $26.9 - - Mar-31-2015 Deutsche Telekom AG (DB:DTE) DBD Deutsche Breitband Dienste GmbH, National Radio Spectrum Licences and Six Regional Radio Spectru - $16.6 - - Mar-31-2015 Sopromec Participations; Galia Gestion; Expanso Capital; Go-Process; CréaDeal Informatique ---- Mar-31-2015 Synova Capital LLP Defaqto Group Limited - $36.0 - - Mar-31-2015 Avant Credit Corporation ReadyForZero Inc. ---- Mar-31-2015 Ticketmaster L.L.C. Two Toasters, LLC ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Software Index $2,598.2 $2,503.5 $738.9 66.9% 18.2% 8.2% 3.2x 16.0x 2.9x 11.2x 8.0% Billing & Service Management $1,031.6 $1,085.6 $457.3 59.7% 26.6% 18.3% 1.9x 10.3x 1.9x 8.3x 14.4% Business Intelligence $2,352.2 $2,233.7 $584.9 74.6% 15.4% 8.7% 3.7x 17.9x 3.3x 14.2x 2.7% Development Platforms $1,374.5 $1,091.3 $339.4 72.5% 18.7% 4.5% 2.2x 9.1x 2.2x 7.8x 9.8% Engineering & PLM $4,156.9 $4,501.5 $1,244.1 84.1% 20.9% 8.3% 3.3x 16.4x 3.4x 10.4x 7.5% Enterprise Resource Planning $5,027.9 $5,424.5 $1,306.8 61.1% 28.4% 2.5% 4.2x 14.6x 3.8x 10.9x 5.4% Financial & Accounting $2,788.1 $3,300.5 $1,306.8 55.2% 23.3% 5.2% 3.3x 15.6x 3.8x 12.7x 12.4% Gaming $9,288.0 $8,896.5 $2,802.9 67.0% 18.5% -3.2% 1.6x 12.5x 1.3x 9.5x 13.6% Healthcare $1,201.4 $1,577.3 $598.6 53.4% 16.0% 3.9% 2.7x 17.2x 2.4x 11.3x 6.5% IT Conglomerates $158,642.1 $177,356.1 $90,147.0 61.1% 32.9% 2.5% 2.9x 8.1x 2.9x 8.2x -2.4% Mobile Solutions/Content $628.4 $543.1 $346.1 57.2% 3.8% 22.9% 2.4x 17.6x 1.8x 8.3x -2.2% Networking & Network Performance Managemen $2,020.0 $1,853.3 $265.6 70.4% 9.9% 15.0% 2.9x 18.8x 2.6x 10.6x 2.6% Security $1,699.2 $1,522.0 $210.7 76.1% 6.7% 17.6% 3.5x 14.8x 3.2x 14.4x 10.6% Storage, Data Mgmt & Integration $6,202.4 $5,639.8 $1,639.2 81.7% 17.0% 3.3% 2.4x 9.2x 2.3x 8.0x 0.6% Systems Management $12,050.9 $11,933.3 $2,471.2 84.8% 25.2% 15.8% 4.2x 17.5x 3.8x 12.0x 4.8% Vertical - Finance $5,485.3 $5,735.8 $882.3 44.6% 30.3% 5.6% 5.4x 16.3x 5.1x 14.1x 17.1% Vertical - Other $2,194.1 $2,459.9 $444.1 47.5% 11.9% 16.3% 4.4x 30.0x 3.9x 18.1x 11.7%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - March 2015 TTM Revenue Growth 8.2% 8% TTM EBITDA Growth -0.1% TTM Earnings Growth -11.8% Gross Profit Margin 66.9% 6% EBITDA Margin 18.2% Net Income Margin -22.7% SG&A Expenses as a % of Total Revenue 60.1% 4% R&D Expenses as a % of Total Revenue 19.4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.0 Quick Ratio 1.9 0% Cash as Percent of Market Cap 11.1% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 28 -2% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 4.2% Cash from Operations Growth (YoY) 8.2% -6% Cash from Investing Growth (YoY) -65.4% Cash from Financing Growth (YoY) 4.8% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 7.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Amdocs Limited DOX $8,451.6 $7,183.0 $3,605.9 35.6% 18.9% 6.6% 2.0x 10.5x 1.9x 9.4x 17.3% CSG Systems International CSGS $1,031.6 $1,085.6 $751.3 48.2% 15.7% 0.5% 1.4x 9.2x 1.4x 6.9x 25.0% Evolving Systems EVOL $102.9 $93.1 $29.7 74.2% 30.4% 18.3% 3.1x 10.3x 2.9x 8.7x -4.0% MIND C.T.I. MNDO $60.4 $42.7 $25.0 60.2% 30.7% 35.4% 1.7x 5.6x 0.0x 0.0x -12.6% NeuStar NSR $1,371.7 $1,837.7 $963.6 74.4% 37.2% 6.8% 1.9x 5.1x 1.9x 3.9x -11.2% Redknee Solutions RKN $488.6 $425.9 $259.9 52.1% 4.8% 38.1% 1.6x 33.9x 1.4x 8.3x 20.1% Synchronoss Technologies SNCR $2,027.1 $1,979.2 $457.3 59.7% 26.6% 31.0% 4.3x 16.3x 3.5x 10.5x 14.4% Median: $1,031.6 $1,085.6 $457.3 59.7% 26.6% 18.3% 1.9x 10.3x 1.9x 8.3x 14.4%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - March 2015 TTM Revenue Growth 18.3% 15% TTM EBITDA Growth 7.7% TTM Earnings Growth 7.5% Gross Profit Margin 59.7% EBITDA Margin 26.6% 10% Net Income Margin 12.5% SG&A Expenses as a % of Total Revenue 20.9% R&D Expenses as a % of Total Revenue 13.9% 5% Balance Sheet Analysis (Median) Current Ratio 2.6 Quick Ratio 2.4 Cash as Percent of Market Cap 19.6% 0% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 33 Working Capital to TTM Operating Expense Ratio 0.5x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 8.9% Cash from Operations Growth (YoY) -12.5% -10% Cash from Investing Growth (YoY) 23.8% Cash from Financing Growth (YoY) 25.6% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -25.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Fair Isaac FICO $2,788.1 $3,300.5 $794.2 67.5% 23.3% 7.6% 4.2x 17.9x 3.9x 14.0x 23.0% Informatica INFA $4,799.1 $4,077.5 $1,055.4 82.4% 18.0% 8.0% 3.9x 21.5x 3.6x 14.8x 15.8% MicroStrategy MSTR $1,916.3 $1,570.8 $579.8 76.7% 6.9% 0.7% 2.7x 39.4x 2.7x 11.8x 3.7% Pegasystems PEGA $1,660.4 $1,449.2 $590.0 68.6% 12.8% 15.9% 2.5x 19.2x 2.2x 15.6x 7.0% Progress Software PRGS $1,374.5 $1,091.3 $339.4 89.1% 26.5% 4.5% 3.2x 12.1x 2.6x 8.7x 1.6% PROS Holdings PRO $724.8 $674.2 $185.8 68.7% -2.7% 28.3% 3.6x n/a 3.0x 22.3x -6.7% Qlik Technologies QLIK $2,830.1 $2,586.1 $556.8 86.4% 0.5% 18.4% 4.6x 905.8x 4.2x 44.2x 0.5% Software AG SOW $1,913.8 $1,881.4 $857.8 72.5% 25.4% -11.8% 2.2x 8.6x 2.2x 7.8x 18.2% Splunk SPLK $7,401.0 $6,550.8 $450.9 84.8% -45.1% 49.0% 14.5x n/a 10.9x 180.7x 0.7% Teradata TDC $6,539.7 $6,173.7 $2,732.0 54.1% 22.0% 1.5% 2.3x 10.3x 2.3x 8.9x 0.3% Varonis Systems VRNS $636.2 $524.4 $101.3 90.2% -15.8% 35.8% 5.2x n/a 4.0x n/a -22.5% Verisk VRSK $11,288.9 $12,682.7 $1,746.7 59.2% 45.2% 9.5% 7.3x 16.1x 6.7x 14.2x 11.6% Median: $2,352.2 $2,233.7 $584.9 74.6% 15.4% 8.7% 3.7x 17.9x 3.3x 14.2x 2.7%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - March 2015 TTM Revenue Growth 8.7% 12% TTM EBITDA Growth -7.7% TTM Earnings Growth -13.0% 10% Gross Profit Margin 74.6% EBITDA Margin 15.4% 8% Net Income Margin 8.1% SG&A Expenses as a % of Total Revenue 46.3% R&D Expenses as a % of Total Revenue 18.1% 6%

Balance Sheet Analysis (Median) 4% Current Ratio 1.7 Quick Ratio 1.6 2% Cash as Percent of Market Cap 12.7% Avg Days Outstanding: Accounts Receivable 87 0% Avg Days Outstanding: Accounts Payable 45 Working Capital to TTM Operating Expense Ratio 0.4x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 18.8% Cash from Operations Growth (YoY) 19.8% -6% Cash from Investing Growth (YoY) -17.8% Cash from Financing Growth (YoY) -7.3% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 48.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD BSQUARE BSQR $55.2 $28.8 $95.9 17.2% 3.3% 4.1% 0.3x 9.1x 0.0x 0.0x 3.8% Magic Software Enterprises MGIC $287.1 $211.9 $164.3 39.3% 18.7% 13.3% 1.3x 6.9x 1.2x 7.8x 10.0% Progress Software PRGS $1,374.5 $1,091.3 $339.4 89.1% 26.5% 4.5% 3.2x 12.1x 2.6x 8.7x 1.6% Red Hat RHT $13,893.7 $13,346.4 $1,789.5 84.7% 18.2% 16.6% 7.5x 40.9x 6.6x 24.8x 9.8% Software AG SOW $1,913.8 $1,881.4 $857.8 72.5% 25.4% -11.8% 2.2x 8.6x 2.2x 7.8x 18.2% Median: $1,374.5 $1,091.3 $339.4 72.5% 18.7% 4.5% 2.2x 9.1x 2.2x 7.8x 9.8%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - March 2015 TTM Revenue Growth 4.5% 12% TTM EBITDA Growth 4.8% TTM Earnings Growth -8.6% 10% Gross Profit Margin 72.5% EBITDA Margin 18.7% 8% Net Income Margin 10.1% 6% SG&A Expenses as a % of Total Revenue 39.3% R&D Expenses as a % of Total Revenue 12.7% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 1.6 Quick Ratio 1.5 0% Cash as Percent of Market Cap 19.5% -2% Avg Days Outstanding: Accounts Receivable 80 Avg Days Outstanding: Accounts Payable 46 -4% Working Capital to TTM Operating Expense Ratio 0.4x -6% Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 14.8% Cash from Operations Growth (YoY) 15.2% -10% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) 87.4% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 28.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ANSYS ANSS $7,939.2 $7,150.4 $936.0 87.6% 46.0% 8.7% 7.6x 16.6x 7.4x 14.5x 8.0% Aspen Technology AZPN $3,395.7 $3,164.6 $420.0 87.4% 38.9% 20.4% 7.5x 19.3x 6.9x 16.5x 9.9% Autodesk ADSK $13,323.2 $12,044.0 $2,512.2 86.4% 10.7% 10.5% 4.8x 44.7x 4.6x 27.9x -1.5% Cadence Design Systems CDNS $5,395.1 $5,063.7 $1,580.9 85.8% 20.9% 8.3% 3.2x 15.3x 3.0x 9.6x -2.1% Dassault Systèmes DSY $15,913.3 $15,113.8 $2,443.5 84.5% 25.4% 17.3% 6.2x 24.4x 5.5x 16.7x 23.9% GSE Systems GVP $26.8 $13.6 $37.9 30.0% -12.3% -20.3% 0.4x n/a 0.0x 0.0x -3.8% Mentor Graphics MENT $2,789.5 $2,810.4 $1,244.1 84.1% 20.1% 7.6% 2.3x 11.2x 2.2x 9.0x 10.6% Parametric Technology PTC $4,156.9 $4,501.5 $1,357.5 72.5% 20.9% 4.5% 3.3x 15.9x 3.4x 12.4x -0.5% PDF Solutions PDFS $565.2 $449.7 $100.2 60.4% 29.9% -1.3% 4.5x 15.0x 3.9x 9.7x 22.3% Stratasys SSYS $2,689.2 $2,300.9 $750.1 50.4% 13.6% 54.9% 3.1x 22.6x 2.4x 9.5x -34.9% Synopsys SNPS $7,118.8 $6,504.2 $2,120.6 82.5% 18.9% 7.9% 3.1x 16.2x 2.9x 10.4x 7.5% Median: $4,156.9 $4,501.5 $1,244.1 84.1% 20.9% 8.3% 3.3x 16.4x 3.4x 10.4x 7.5%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - March 2015 TTM Revenue Growth 8.3% 8% TTM EBITDA Growth 4.8% TTM Earnings Growth -5.2% Gross Profit Margin 84.1% 6% EBITDA Margin 20.9% Net Income Margin 11.8% SG&A Expenses as a % of Total Revenue 35.8% 4% R&D Expenses as a % of Total Revenue 17.3%

2% Balance Sheet Analysis (Median) Current Ratio 1.7 Quick Ratio 1.6 0% Cash as Percent of Market Cap 12.9% Avg Days Outstanding: Accounts Receivable 88 Avg Days Outstanding: Accounts Payable 32 -2% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 23.0% Cash from Operations Growth (YoY) 10.4% -6% Cash from Investing Growth (YoY) -117.9% Cash from Financing Growth (YoY) -57.5% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 17.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD American Software AMSW.A $288.6 $231.4 $101.2 52.9% 11.1% 1.3% 2.3x 20.6x 2.0x 10.3x 15.1% Oracle ORCL $188,439.1 $177,356.1 $38,840.0 61.1% 43.2% 2.5% 4.6x 10.6x 4.6x 9.6x -2.4% QAD QADA $386.2 $280.8 $295.1 55.4% 7.0% 10.8% 1.0x 13.6x 0.9x 10.9x 5.4% Sage Group SGE $5,027.9 $5,424.5 $1,306.8 94.3% 28.4% -5.0% 4.2x 14.6x 3.8x 12.8x 1.5% SAP SAP $80,438.9 $88,248.9 $18,359.0 71.6% 32.9% 8.6% 4.8x 14.6x 4.5x 12.8x 15.9% Median: $5,027.9 $5,424.5 $1,306.8 61.1% 28.4% 2.5% 4.2x 14.6x 3.8x 10.9x 5.4%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - March 2015 TTM Revenue Growth 2.5% 8% TTM EBITDA Growth 1.6% TTM Earnings Growth -5.4% 6% Gross Profit Margin 61.1% EBITDA Margin 28.4% Net Income Margin 14.3% 4% SG&A Expenses as a % of Total Revenue 32.1% R&D Expenses as a % of Total Revenue 13.3% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 1.5 Quick Ratio 1.3 -2% Cash as Percent of Market Cap 19.8% Avg Days Outstanding: Accounts Receivable 78 -4% Avg Days Outstanding: Accounts Payable 33 Working Capital to TTM Operating Expense Ratio 0.3x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 17.9% Cash from Operations Growth (YoY) -11.4% -10% Cash from Investing Growth (YoY) -156.7% Cash from Financing Growth (YoY) 106.4% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -10.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ACI Worldwide ACIW $2,510.0 $3,338.2 $1,016.1 55.2% 20.5% 17.5% 3.3x 16.0x 3.2x 11.8x 9.9% Bottomline Technologies EPAY $1,053.2 $1,020.1 $323.5 57.7% 12.6% 19.8% 3.2x 25.0x 2.9x 14.4x 8.0% DST Systems DST $4,107.8 $4,509.2 $2,767.8 16.7% 15.5% 4.1% 1.6x 10.5x 2.2x 9.9x 17.4% Evertec EVTC $1,702.7 $2,360.2 $361.1 56.7% 41.9% 0.9% 6.5x 15.6x 6.4x 12.6x -0.1% Fair Isaac FICO $2,788.1 $3,300.5 $794.2 67.5% 23.3% 7.6% 4.2x 17.9x 3.9x 14.0x 23.0% Fiserv FISV $18,952.2 $22,461.2 $5,066.0 43.1% 29.7% 5.2% 4.4x 14.9x 4.2x 12.7x 12.4% Intuit INTU $26,831.4 $25,963.4 $4,582.0 84.8% 30.6% 11.0% 5.7x 18.5x 5.7x 17.6x 6.6% Model N MODN $306.8 $210.3 $82.3 54.6% -23.9% -18.6% 2.6x n/a 2.2x n/a 12.6% NetSol Technologies NETSOL $3,006.2 $3,082.5 $2,606.5 5.3% -17.0% -9.6% 1.2x n/a 0.0x 0.0x -12.0% Sage Group SGE $5,027.9 $5,424.5 $1,306.8 94.3% 28.4% -5.0% 4.2x 14.6x 3.8x 12.8x 44.7% Qiwi QIWI $1,310.5 $994.5 $14,718.7 51.7% 28.9% 26.2% 0.1x 0.2x 5.7x 10.4x 17.1% Median: $2,788.1 $3,300.5 $1,306.8 55.2% 23.3% 5.2% 3.3x 15.6x 3.8x 12.7x 12.4%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - March 2015 TTM Revenue Growth 5.2% 14% TTM EBITDA Growth 5.6% TTM Earnings Growth 7.9% 12% Gross Profit Margin 55.2% EBITDA Margin 23.3% 10% Net Income Margin 14.3% SG&A Expenses as a % of Total Revenue 29.2% 8% R&D Expenses as a % of Total Revenue 0.0% 6% Balance Sheet Analysis (Median) Current Ratio 1.2 4% Quick Ratio 0.9 Cash as Percent of Market Cap 3.4% 2% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 38 0% Working Capital to TTM Operating Expense Ratio 0.1x -2% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 17.9% Cash from Operations Growth (YoY) 8.3% -6% Cash from Investing Growth (YoY) -65.6% Cash from Financing Growth (YoY) 29.5% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 1.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Activision Blizzard ATVI $16,428.3 $15,894.3 $4,408.0 65.4% 28.9% -3.8% 3.6x 12.5x 3.6x 10.8x 14.0% Electronic Arts EA $18,287.7 $15,980.7 $4,453.0 68.5% 24.9% 21.6% 3.6x 14.4x 3.6x 12.9x 25.5% GameLoft SA GFT $411.3 $355.1 $227.3 82.4% 6.0% -2.6% 1.6x 25.9x 1.3x 11.2x 46.3% Konami TSE: 9766 $311,872.4 $294,305.4 $217,538.0 29.8% 12.2% -1.9% 1.4x 11.1x 1.2x 8.2x 1.7% Take-Two Interactive TTWO $2,147.6 $1,641.4 $978.1 46.8% -4.9% -60.2% 1.7x n/a 1.0x 7.1x -9.4% Ubisoft Entertainment UBI $1,854.8 $1,898.7 $1,197.9 74.9% 28.0% -5.7% 1.6x 5.7x 1.2x 3.0x 13.2% Median: $9,288.0 $8,896.5 $2,802.9 67.0% 18.5% -3.2% 1.6x 12.5x 1.3x 9.5x 13.6%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - March 2015 TTM Revenue Growth -3.2% 10% TTM EBITDA Growth -0.1% TTM Earnings Growth 23.5% Gross Profit Margin 67.0% 8% EBITDA Margin 18.5% Net Income Margin 1.7% 6% SG&A Expenses as a % of Total Revenue 28.0% R&D Expenses as a % of Total Revenue 18.8% 4% Balance Sheet Analysis (Median) Current Ratio 2.5 2% Quick Ratio 1.8 Cash as Percent of Market Cap 17.7% 0% Avg Days Outstanding: Accounts Receivable 41 Avg Days Outstanding: Accounts Payable 43 Working Capital to TTM Operating Expense Ratio 0.4x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 6.7% Cash from Operations Growth (YoY) 17.1% -6% Cash from Investing Growth (YoY) -41.1% Cash from Financing Growth (YoY) -40.7% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Accretive Health AH $15,060.2 $16,387.2 $32,774.0 26.5% 6.3% 0.5% 0.5x 7.9x 0.4x 6.9x 25.2% Allscripts Healthcare Solutions MDRX $2,159.0 $2,682.1 $1,377.9 45.5% 4.1% 0.4% 1.9x 47.1x 1.9x 11.1x -6.9% Cerner CERN $25,098.0 $23,807.5 $3,312.8 84.5% 29.0% 16.6% 7.2x 24.7x 4.9x 15.9x 12.7% Computer Programs and Sys CPSI $614.0 $579.5 $204.7 45.9% 26.0% 1.9% 2.8x 10.9x 2.9x 11.8x -8.9% MedAssets MDAS $1,133.4 $2,011.0 $720.2 76.1% 29.9% 5.9% 2.8x 9.3x 2.6x 8.8x -4.5% Merge Healthcare MRGE $431.4 $615.0 $212.3 60.8% 16.9% -8.4% 2.9x 17.1x 2.5x 11.4x 27.0% Omnicell OMCL $1,269.4 $1,143.5 $440.9 53.0% 15.1% 15.8% 2.6x 17.2x 2.3x 12.7x 9.0% Quality Systems QSII $963.4 $838.5 $477.0 53.7% 9.0% 8.2% 1.8x 19.5x 1.6x 10.0x 4.1% Median: $1,201.4 $1,577.3 $598.6 53.4% 16.0% 3.9% 2.7x 17.2x 2.4x 11.3x 6.5%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - March 2015 TTM Revenue Growth 3.9% 10% TTM EBITDA Growth 12.0% TTM Earnings Growth 21.4% Gross Profit Margin 53.4% 8% EBITDA Margin 16.0% Net Income Margin 3.2% 6% SG&A Expenses as a % of Total Revenue 30.2% R&D Expenses as a % of Total Revenue 9.1% 4% Balance Sheet Analysis (Median) Current Ratio 1.5 2% Quick Ratio 1.3 Cash as Percent of Market Cap 7.7% 0% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.2x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 11.0% Cash from Operations Growth (YoY) 19.8% -6% Cash from Investing Growth (YoY) -26.3% Cash from Financing Growth (YoY) -46.1% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 28.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Hewlett Packard HPQ $56,635.1 $63,170.1 $110,139.0 24.0% 11.9% -1.7% 0.6x 4.8x 0.6x 5.0x -22.2% IBM IBM $158,642.1 $191,111.1 $90,147.0 50.2% 26.7% -8.8% 2.1x 7.9x 2.2x 8.1x -0.3% Microsoft MSFT $333,524.9 $272,693.9 $93,456.0 65.9% 36.0% 12.0% 2.9x 8.1x 2.9x 8.2x -12.4% Oracle ORCL $188,439.1 $177,356.1 $38,840.0 61.1% 43.2% 2.5% 4.6x 10.6x 4.6x 9.6x -2.4% SAP AG SAP $80,438.9 $88,248.9 $18,359.0 71.6% 32.9% 8.6% 4.8x 14.6x 4.5x 12.8x 15.9% Median: $158,642 $177,356 $90,147.0 61.1% 32.9% 2.5% 2.9x 8.1x 2.9x 8.2x -2.4%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - March 2015 TTM Revenue Growth 2.5% 8% TTM EBITDA Growth 1.6% TTM Earnings Growth -6.6% 6% Gross Profit Margin 61.1% EBITDA Margin 32.9% 4% Net Income Margin 17.2% SG&A Expenses as a % of Total Revenue 22.6% R&D Expenses as a % of Total Revenue 12.7% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 1.3 Quick Ratio 1.0 -2% Cash as Percent of Market Cap 22.8% Avg Days Outstanding: Accounts Receivable 58 -4% Avg Days Outstanding: Accounts Payable 60 Working Capital to TTM Operating Expense Ratio 0.2x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 24.3% Cash from Operations Growth (YoY) -3.5% -10% Cash from Investing Growth (YoY) -62.7% Cash from Financing Growth (YoY) -19.5% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 21.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Bango PLC BGO $57.5 $51.8 $5.1 26.3% -95.7% -42.0% 10.2x n/a 0.0x 0.0x -5.2% iDream Sky Technologies DSKY $300.1 $153.4 $984.2 41.0% 1.1% 299.1% 0.2x 14.3x 0.6x 3.2x -58.5% King Digital Entertainment KING $5,055.5 $4,091.5 $2,269.4 68.4% 32.8% 20.4% 1.8x 5.5x 1.9x 4.9x 13.2% Glu Mobile GLUU $540.1 $469.2 $223.1 63.7% 6.6% 111.3% 2.1x 31.8x 1.8x 14.2x 23.7% Gree TSE:3632 $194,910.0 $124,447.0 $107,194.0 75.7% 31.4% -25.0% 1.2x 3.7x 1.4x 4.9x 15.3% Millennial Media MM $201.6 $153.2 $296.2 39.3% -12.1% 14.3% 0.5x n/a 0.5x n/a -15.2% MobileIron MOBL $716.8 $598.6 $132.3 81.8% -43.3% 25.3% 4.5x n/a 3.5x n/a -6.2% Momo MOMO $2,002.1 $1,551.1 $44.8 64.8% -52.1% 1330.3% 34.7x n/a 9.3x 39.8x -17.0% Myriad Group AG MYRN $437.1 $421.8 $40.2 85.8% 31.2% -6.9% 10.5x 33.7x 0.0x 0.0x 0.7% NQ Mobile NQ $333.5 $325.8 $332.3 31.8% -20.1% 68.9% 1.0x n/a 0.7x 7.2x -12.9% Opera OPERA $9,245.4 $8,681.3 $480.8 39.1% 22.2% 60.2% 18.1x 81.5x 1.7x 8.5x -36.1% Qihoo 360 Technology QIHU $6,447.5 $6,492.2 $1,390.7 78.0% 24.8% 107.2% 4.7x 18.9x 3.3x 10.7x -14.3% Pandora Media P $3,389.8 $3,035.2 $920.8 44.8% -1.7% 40.6% 3.3x n/a 2.6x 40.1x -8.6% Synchronoss Technologies SNCR $2,027.1 $1,979.2 $457.3 59.7% 26.6% 31.0% 4.3x 16.3x 3.5x 10.5x 14.4% Tangoe TNGO $537.2 $487.5 $212.5 54.6% 7.7% 12.5% 2.3x 29.8x 2.0x 12.6x 8.9% TeleCommunication Systems TSYS $232.3 $321.3 $359.8 41.0% 8.4% -0.7% 0.9x 10.6x 0.8x 8.1x 22.8% TeleNav TNAV $316.0 $187.9 $143.6 54.7% -25.6% -21.7% 1.3x n/a 1.0x n/a 18.9% Zynga ZNGA $2,598.2 $1,681.7 $690.4 69.2% -15.2% -20.9% 2.4x n/a 2.4x n/a 4.4% Median: $628.4 $543.1 $346.1 57.2% 3.8% 22.9% 2.4x 17.6x 1.8x 8.3x -2.2%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - March 2015 TTM Revenue Growth 22.9% 8% TTM EBITDA Growth -18.2% TTM Earnings Growth -48.5% 6% Gross Profit Margin 57.2% EBITDA Margin 3.8% 4% Net Income Margin -2.5% SG&A Expenses as a % of Total Revenue 37.7% 2% R&D Expenses as a % of Total Revenue 11.1% 0% Balance Sheet Analysis (Median) Current Ratio 3.6 -2% Quick Ratio 3.4 Cash as Percent of Market Cap 20.3% -4% Avg Days Outstanding: Accounts Receivable 59 Avg Days Outstanding: Accounts Payable 31 -6% Working Capital to TTM Operating Expense Ratio 0.0x -8% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 2.7% Cash from Operations Growth (YoY) -6.1% -12% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) 50.2% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 0.0%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD A10 Networks ATEN $266.5 $174.6 $179.5 76.1% -12.8% 26.6% 1.0x n/a 0.9x n/a -4.6% Allot Communications ALLT $293.2 $160.8 $117.2 70.4% 2.7% 21.4% 1.4x 50.9x 1.2x 8.3x -4.2% Aruba Networks ARUN $2,656.3 $2,365.3 $812.4 69.9% 9.9% 27.4% 2.9x 29.3x 2.6x 10.6x 34.6% Barracuda Networks CUDA $2,020.0 $1,853.3 $265.6 78.9% 3.4% 17.6% 7.0x 204.1x 6.0x 23.9x 10.0% Brocade BRCD $5,003.8 $4,728.8 $2,223.0 66.7% 25.6% 1.1% 2.1x 8.3x 2.1x 8.0x 1.5% Cisco Systems CSCO $140,507.9 $108,022.9 $48,083.0 61.8% 29.1% 0.4% 2.2x 7.7x 2.2x 8.0x 0.5% Cyan CYNI $192.6 $163.4 $100.5 41.6% -49.3% -13.8% 1.6x n/a 1.2x n/a 55.9% F5 Networks FFIV $8,291.6 $7,637.5 $1,840.5 82.4% 31.6% 15.6% 4.1x 13.1x 3.8x 9.7x 43.7% Gigamon GIMO $704.2 $554.8 $157.1 76.2% -9.3% 12.0% 3.5x n/a 2.9x 21.0x 19.0% Juniper Networks JNPR $9,189.8 $8,567.0 $4,627.1 62.7% 17.7% -0.9% 1.9x 10.5x 1.9x 7.6x 1.0% Mavenir Systems MVNR $514.0 $486.2 $129.8 54.7% -8.4% 28.1% 3.7x n/a 2.6x 39.3x 31.9% Radware RDWR $941.6 $837.1 $221.9 82.1% 14.9% 15.0% 3.8x 25.2x 3.4x 15.1x -4.0% Riverbed Technology RVBD $3,299.2 $3,300.0 $1,089.2 74.1% 16.1% 4.6% 3.0x 18.8x 2.9x 11.2x 2.6% Median: $2,020.0 $1,853.3 $265.6 70.4% 9.9% 15.0% 2.9x 18.8x 2.6x 10.6x 2.6%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - March 2015 TTM Revenue Growth 15.0% TTM EBITDA Growth 8.8% 10% TTM Earnings Growth 5.9% Gross Profit Margin 70.4% 8% EBITDA Margin 9.9% Net Income Margin -0.2% 6% SG&A Expenses as a % of Total Revenue 47.3% R&D Expenses as a % of Total Revenue 20.7% 4% Balance Sheet Analysis (Median) Current Ratio 2.4 2% Quick Ratio 2.0 Cash as Percent of Market Cap 21.2% 0% Avg Days Outstanding: Accounts Receivable 49 Avg Days Outstanding: Accounts Payable 48 Working Capital to TTM Operating Expense Ratio 0.4x -2%

Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 11.4% Cash from Operations Growth (YoY) 0.0% -6% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) -18.9% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 0.0%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD A10 Networks ATEN $266.5 $174.6 $179.5 76.1% -12.8% 26.6% 1.0x n/a 0.9x n/a -4.6% AVG Technologies AVG $1,116.7 $1,242.8 $374.1 86.2% 32.4% -8.1% 3.3x 10.3x 3.0x 8.1x 10.6% Barracuda Networks CUDA $2,020.0 $1,853.3 $265.6 78.9% 3.4% 17.6% 7.0x 204.1x 6.0x 23.9x 10.0% Cyberark Software CYBR $1,699.2 $1,522.0 $103.0 85.7% 20.6% 55.7% 14.8x 71.8x 11.4x 107.6x 42.9% Check Point Software Tech CHKP $15,065.3 $13,752.9 $1,526.2 88.3% 54.0% 8.0% 9.0x 16.7x 8.5x 15.1x 4.5% Cyren CYRN $95.0 $88.9 $31.9 74.6% -12.4% -1.0% 2.8x n/a 2.5x 0.0x 77.2% Fortinet FTNT $5,901.8 $5,181.8 $814.3 70.3% 8.8% 25.6% 6.4x 72.0x 5.6x 34.1x 13.5% Guidance Software GUID $161.9 $143.8 $108.7 66.9% -5.3% -1.7% 1.3x n/a 1.3x 84.7x -22.8% Imperva IMPV $1,159.0 $1,049.2 $164.0 77.7% -32.3% 19.1% 6.4x n/a 5.3x n/a -11.9% Palo Alto Networks PANW $12,018.4 $11,820.3 $738.9 72.8% -10.4% 53.0% 16.0x n/a 11.6x 61.8x 20.3% Proofpoint PFPT $2,309.2 $2,256.6 $210.7 66.2% -17.4% 40.6% 10.7x n/a 9.1x n/a 24.8% Sourcefire FIRE $112.2 $115.3 $134.0 32.1% 6.7% 10.3% 0.9x 12.9x 0.0x 0.0x 13.3% Symantec SYMC $15,943.8 $14,298.8 $6,615.0 83.4% 29.0% -2.7% 2.2x 7.4x 2.2x 6.5x -8.2% Trend Micro TSE:4704 $533,554.1 $396,128.1 $115,205.0 82.3% 35.8% 6.4% 3.4x 9.6x 3.2x 9.3x 18.6% VASCO VDSI $849.1 $711.7 $201.5 63.4% 19.5% 30.0% 3.5x n/a 3.1x 13.8x -21.1% Median: $1,699.2 $1,522.0 $210.7 76.1% 6.7% 17.6% 3.5x 14.8x 3.2x 14.4x 10.6%

Income Statement Analysis (Median) Security Software Stock Market Return: January - March 2015 TTM Revenue Growth 17.6% 14% TTM EBITDA Growth -12.6% TTM Earnings Growth 1.4% 12% Gross Profit Margin 76.1% EBITDA Margin 6.7% 10% Net Income Margin 2.3% SG&A Expenses as a % of Total Revenue 51.9% 8% R&D Expenses as a % of Total Revenue 18.4% 6% Balance Sheet Analysis (Median) Current Ratio 1.9 4% Quick Ratio 1.7 Cash as Percent of Market Cap 11.3% 2% Avg Days Outstanding: Accounts Receivable 66 0% Avg Days Outstanding: Accounts Payable 47 Working Capital to TTM Operating Expense Ratio 0.4x -2% Cash Flow Statement Analysis (Median) -4% Levered FCF Margin 15.9% Cash from Operations Growth (YoY) 17.1% -6% Cash from Investing Growth (YoY) -65.8% Cash from Financing Growth (YoY) 39.8% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 21.3%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Brocade BRCD $5,003.8 $4,728.8 $2,223.0 66.7% 25.6% 1.1% 2.1x 8.3x 2.1x 8.0x 1.5% CA Technologies CA $14,439.9 $13,154.9 $4,426.0 85.4% 31.1% -0.4% 3.0x 9.6x 3.1x 8.2x 7.1% Cisco Systems CSCO $140,507.9 $108,022.9 $48,083.0 61.8% 29.1% 0.4% 2.2x 7.7x 2.2x 8.0x 0.5% CommVault Systems CVLT $1,962.0 $1,597.1 $613.6 86.8% 11.5% 8.1% 2.6x 22.7x 2.5x 13.6x -15.2% EMC EMC $50,527.6 $49,330.6 $24,574.0 62.0% 22.9% 5.4% 2.0x 8.7x 1.9x 7.0x -13.9% FalconStor Software FALC $63.4 $49.0 $54.2 80.9% 0.9% -2.1% 0.9x 104.8x 0.0x 0.0x 9.9% Informatica INFA $4,799.1 $4,077.5 $1,055.4 82.4% 18.0% 8.0% 3.9x 21.5x 3.6x 14.8x 15.8% NetApp NTAP $11,054.9 $7,297.1 $6,232.0 63.2% 16.0% -2.5% 1.2x 7.3x 1.2x 5.3x -14.1% Splunk SPLK $7,401.0 $6,550.8 $450.9 84.8% -45.1% 49.0% 14.5x n/a 10.9x 180.7x 0.7% Varonis Systems VRNS $636.2 $524.4 $101.3 90.2% -15.8% 35.8% 5.2x n/a 4.0x n/a -22.5% Median: $6,202.4 $5,639.8 $1,639.2 81.7% 17.0% 3.3% 2.4x 9.2x 2.3x 8.0x 0.6%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - March 2015 TTM Revenue Growth 3.3% 10% TTM EBITDA Growth 2.3% TTM Earnings Growth -8.5% 8% Gross Profit Margin 81.7% EBITDA Margin 17.0% 6% Net Income Margin 10.2% SG&A Expenses as a % of Total Revenue 40.8% R&D Expenses as a % of Total Revenue 15.1% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.3 Quick Ratio 2.0 0% Cash as Percent of Market Cap 18.6% Avg Days Outstanding: Accounts Receivable 70 -2% Avg Days Outstanding: Accounts Payable 44 Working Capital to TTM Operating Expense Ratio 0.6x -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 16.0% Cash from Operations Growth (YoY) -3.3% -8% Cash from Investing Growth (YoY) -59.8% Cash from Financing Growth (YoY) -97.2% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 0.0%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD CA Technologies CA $14,439.9 $13,154.9 $4,426.0 85.4% 31.1% -0.4% 3.0x 9.6x 3.1x 8.2x 7.1% Citrix Systems CTXS $10,208.1 $10,711.6 $3,152.8 84.9% 21.4% 5.2% 3.4x 15.9x 3.2x 12.0x 0.6% Netscout Systems NTCT $1,807.4 $1,612.7 $446.6 78.6% 25.5% 16.8% 3.6x 14.2x 3.2x 10.3x 21.1% Red Hat RHT $13,893.7 $13,346.4 $1,789.5 84.7% 18.2% 16.6% 7.5x 40.9x 6.6x 24.8x 9.8% SolarWinds SWI $3,907.9 $3,657.5 $428.7 89.7% 31.9% 27.8% 8.5x 26.8x 7.0x 15.3x 2.5% VMWare VMW $35,068.9 $29,498.9 $6,186.0 84.5% 24.9% 15.1% 4.8x 19.2x 4.4x 12.0x -0.1% Median: $12,050.9 $11,933.3 $2,471.2 84.8% 25.2% 15.8% 4.2x 17.5x 3.8x 12.0x 4.8%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - March 2015 TTM Revenue Growth 15.8% 8% TTM EBITDA Growth 1.6% TTM Earnings Growth -9.9% Gross Profit Margin 84.8% 6% EBITDA Margin 25.2% Net Income Margin 13.5% 4% SG&A Expenses as a % of Total Revenue 47.1% R&D Expenses as a % of Total Revenue 16.8% 2%

Balance Sheet Analysis (Median) 0% Current Ratio 1.5 Quick Ratio 1.4 Cash as Percent of Market Cap 10.2% -2% Avg Days Outstanding: Accounts Receivable 72 Avg Days Outstanding: Accounts Payable 52 -4% Working Capital to TTM Operating Expense Ratio 0.4x -6% Cash Flow Statement Analysis (Median)

Levered FCF Margin 22.1% -8% Cash from Operations Growth (YoY) 2.9% Cash from Investing Growth (YoY) 31.2% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -90.3% Levered FCF Growth (YoY) 21.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Advent Software ADVS $2,319.6 $2,503.5 $396.8 72.1% 25.9% 3.6% 6.3x 24.4x 6.0x 16.8x 46.3% Broadridge Financial BR $6,648.7 $6,858.8 $2,622.6 31.4% 19.9% 4.6% 2.6x 13.1x 2.5x 11.0x 21.3% Fidessa FDSA $838.4 $761.6 $275.0 20.5% 18.2% -1.4% 2.8x 15.2x 2.6x 11.5x -9.5% Jack Henry & Associates JKHY $5,715.3 $5,686.9 $1,254.8 42.8% 34.6% 6.5% 4.5x 13.1x 4.2x 12.1x 12.8% MSCI MSCI $6,891.4 $7,182.6 $996.7 69.0% 41.3% 9.1% 7.2x 17.4x 6.7x 16.4x 29.0% SS&C SSNC $5,255.3 $5,784.6 $767.9 46.5% 38.9% 7.7% 7.5x 19.4x 6.7x 16.0x 12.9% Median: $5,485.3 $5,735.8 $882.3 44.6% 30.3% 5.6% 5.4x 16.3x 5.1x 14.1x 17.1%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - March 2015 TTM Revenue Growth 5.6% 20% TTM EBITDA Growth 4.6% TTM Earnings Growth 6.3% Gross Profit Margin 44.6% EBITDA Margin 30.3% 15% Net Income Margin 14.7% SG&A Expenses as a % of Total Revenue 14.2% R&D Expenses as a % of Total Revenue 2.8% 10% Balance Sheet Analysis (Median) Current Ratio 1.4 Quick Ratio 1.2 Cash as Percent of Market Cap 3.4% 5% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 8 Working Capital to TTM Operating Expense Ratio 0.1x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.8% Cash from Operations Growth (YoY) 10.8% -5% Cash from Investing Growth (YoY) 7.0% Cash from Financing Growth (YoY) 23.8% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 15.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Blackbaud BLKB $2,194.1 $2,459.9 $564.4 51.6% 16.5% 12.0% 4.4x 26.5x 3.9x 18.1x 12.9% Constellation CSU $9,276.8 $9,536.1 $1,669.3 34.1% 14.6% 37.9% 5.7x 39.0x 3.9x 17.4x 27.4% EPIQ Systems EPIQ $664.1 $924.7 $444.1 51.3% 11.8% 1.2% 2.1x 17.7x 1.9x 8.9x 8.2% Guidewire Software GWRE $3,691.2 $3,145.8 $369.4 60.8% 8.7% 17.2% 8.5x 98.2x 8.1x 52.2x 5.3% Sapiens International SPNS $391.1 $344.6 $157.5 37.1% 11.9% 16.3% 2.2x 18.4x 2.0x 13.8x 11.7% Silver Spring Networks SSNI $441.6 $322.0 $191.3 29.5% -41.9% -41.5% 1.7x n/a 1.2x 37.0x 10.5% Tyler Technologies TYL $4,056.7 $3,850.5 $515.4 47.5% 22.3% 18.9% 7.5x 33.5x 6.7x 25.1x 11.8% Median: $2,194.1 $2,459.9 $444.1 47.5% 11.9% 16.3% 4.4x 30.0x 3.9x 18.1x 11.7%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - March 2015 TTM Revenue Growth 16.3% 15% TTM EBITDA Growth 17.5% TTM Earnings Growth 11.1% Gross Profit Margin 47.5% EBITDA Margin 11.9% 10% Net Income Margin 5.1% SG&A Expenses as a % of Total Revenue 28.8% R&D Expenses as a % of Total Revenue 7.2% 5% Balance Sheet Analysis (Median) Current Ratio 1.7 Quick Ratio 1.5 Cash as Percent of Market Cap 8.2% 0% Avg Days Outstanding: Accounts Receivable 61 Avg Days Outstanding: Accounts Payable 21 Working Capital to TTM Operating Expense Ratio 0.3x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 15.2% Cash from Operations Growth (YoY) 57.4% -10% Cash from Investing Growth (YoY) 23.6% Cash from Financing Growth (YoY) -96.2% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 91.7%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG SaaS Index $1,074.3 $985.4 $155.7 66.4% -12.1% 31.6% 6.3x 51.2x 4.7x 30.1x 4.4% CRM & Marketing $1,160.4 $992.9 $150.0 68.0% -12.1% 28.5% 6.5x 121.9x 4.7x 29.2x -7.7% ERP & Supply Chain $1,404.3 $1,263.5 $179.8 68.5% -2.1% 27.0% 7.2x 65.5x 5.8x 31.0x 11.4% Vertically Focused $1,071.3 $1,140.7 $161.5 63.1% 7.2% 39.1% 7.5x 48.8x 6.5x 25.7x -4.5% Human Capital Management $1,445.9 $1,356.5 $150.9 59.8% -7.3% 31.2% 7.6x 65.2x 6.0x 43.1x 8.1% SaaS Other $669.0 $659.2 $160.6 69.9% -16.0% 32.1% 4.4x 40.5x 3.6x 32.9x 6.0%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - March 2015 TTM Revenue Growth 31.6% 8% TTM EBITDA Growth -0.1% TTM Earnings Growth -11.8% Gross Profit Margin 66.4% 6% EBITDA Margin -12.1% Net Income Margin -22.7% 4% SG&A Expenses as a % of Total Revenue 60.1% R&D Expenses as a % of Total Revenue 19.4% 2% Balance Sheet Analysis (Median) Current Ratio 2.0 0% Quick Ratio 1.9 Cash as Percent of Market Cap 11.1% -2% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 28 -4% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 4.2% Cash from Operations Growth (YoY) 8.2% -8% Cash from Investing Growth (YoY) -65.4% Cash from Financing Growth (YoY) 4.8% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 7.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Bazaarvoice BV $449.1 $401.3 $185.9 64.4% -12.1% 20.0% 2.2x n/a 2.0x n/a -31.0% Constant Contact CTCT $1,227.8 $1,065.1 $331.7 72.5% 11.2% 16.2% 3.2x 28.6x 2.7x 14.1x 6.6% Cvent CVT $1,160.4 $992.9 $142.2 70.2% 3.6% 28.0% 7.0x 193.0x 5.6x 54.7x 0.2% HubSpot HUBS $1,288.0 $1,164.5 $115.9 68.0% -40.4% 49.3% 10.0x n/a 7.2x n/a 19.2% LivePerson LPSN $582.7 $533.3 $209.9 74.9% 5.0% 18.1% 2.5x 50.8x 2.0x 19.1x -25.1% Marketo MKTO $1,077.2 $970.7 $150.0 66.1% -31.0% 56.3% 6.5x n/a 4.7x n/a -22.5% Marin Software MRIN $231.0 $166.0 $99.4 64.2% -27.0% 28.5% 1.7x n/a 1.4x n/a -26.5% Salesforce.com CRM $42,157.1 $43,359.3 $5,373.6 76.0% 3.1% 32.0% 8.1x 257.2x 6.7x 39.4x 12.8% Zendesk ZEN $1,885.5 $1,770.0 $127.0 63.8% -46.9% 76.3% 13.9x n/a 9.4x n/a -7.7% Median: $1,160.4 $992.9 $150.0 68.0% -12.1% 28.5% 6.5x 121.9x 4.7x 29.2x -7.7%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 28.5% 8% TTM EBITDA Growth 2.5% TTM Earnings Growth -7.9% 6% Gross Profit Margin 68.0% EBITDA Margin -12.1% 4% Net Income Margin -26.5% SG&A Expenses as a % of Total Revenue 64.0% 2% R&D Expenses as a % of Total Revenue 20.2%

Balance Sheet Analysis (Median) 0% Current Ratio 1.9 Quick Ratio 1.8 -2% Cash as Percent of Market Cap 10.5% Avg Days Outstanding: Accounts Receivable 62 -4% Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.4x -6%

Cash Flow Statement Analysis (Median) -8% Levered FCF Margin -2.0% Cash from Operations Growth (YoY) 28.6% -10% Cash from Investing Growth (YoY) -57.4% Cash from Financing Growth (YoY) -22.8% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 30.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Amber Road AMBR $240.8 $203.0 $64.8 57.6% -35.2% 23.4% 3.1x n/a 2.6x n/a -9.0% Fleetmatics FLTX $1,699.7 $1,548.9 $231.6 75.2% 25.1% 30.6% 6.7x 26.6x 5.4x 16.8x 26.8% Netsuite N $7,171.2 $6,995.4 $556.3 68.2% -9.2% 34.2% 12.6x n/a 9.7x 114.3x -13.6% SciQuest SQI $468.3 $337.4 $101.9 69.1% 5.1% 13.0% 3.3x 65.5x 3.1x 15.2x 17.9% SPS Commerce SPSC $1,108.8 $978.0 $127.9 68.7% 10.3% 22.6% 7.6x 73.9x 6.2x 45.2x 20.7% Workday WDAY $15,869.1 $14,505.1 $787.9 66.4% -19.9% 68.0% 18.4x n/a 12.7x n/a 5.0% Median: $1,404.3 $1,263.5 $179.8 68.5% -2.1% 27.0% 7.2x 65.5x 5.8x 31.0x 11.4%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 27.0% 20% TTM EBITDA Growth 22.9% TTM Earnings Growth -0.1% Gross Profit Margin 68.5% 15% EBITDA Margin -2.1% Net Income Margin -9.0% SG&A Expenses as a % of Total Revenue 53.0% 10% R&D Expenses as a % of Total Revenue 17.1%

Balance Sheet Analysis (Median) Current Ratio 2.7 5% Quick Ratio 2.6 Cash as Percent of Market Cap 11.8% Avg Days Outstanding: Accounts Receivable 55 0% Avg Days Outstanding: Accounts Payable 19 Working Capital to TTM Operating Expense Ratio 0.8x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.6% Cash from Operations Growth (YoY) 20.4% -10% Cash from Investing Growth (YoY) -56.8% Cash from Financing Growth (YoY) -83.6% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -0.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 2U TWOU $1,049.2 $962.3 $110.2 75.6% -24.4% 32.6% 8.7x n/a 6.6x n/a 31.3% Athenahealth ATHN $4,560.2 $4,653.7 $752.6 59.8% 8.2% 26.5% 6.2x 75.6x 5.1x 29.1x -19.3% Castlight Health CSLT $713.0 $520.5 $45.6 39.1% -186.0% 251.5% 11.4x n/a 6.8x n/a -33.5% DealerTrack TRAK $2,094.0 $2,650.8 $854.4 46.7% 12.4% 77.4% 3.1x 25.0x 2.4x 11.9x -12.3% Ebix EBIX $1,071.3 $1,140.7 $214.3 77.9% 36.9% 4.7% 5.3x 14.4x 4.6x 12.8x 81.2% Ellie Mae ELLI $1,612.6 $1,537.4 $161.5 71.3% 19.5% 25.7% 9.5x 48.8x 7.5x 38.8x 37.5% Medical Transcript MTBC $23.5 $24.8 $18.3 44.2% -9.6% 74.8% 1.4x n/a 0.8x 8.9x -21.9% Medidata Solutions MDSO $2,668.4 $2,636.5 $350.9 75.4% 11.3% 20.9% 7.5x 66.8x 6.6x 28.0x 4.8% OPOWER OPWR $513.9 $389.3 $128.4 65.6% -29.7% 44.8% 3.0x n/a 2.7x n/a -30.2% RealPage RP $1,589.5 $1,582.6 $404.6 56.8% 7.2% 7.3% 3.9x 54.2x 3.5x 19.3x -6.3% Textura TXTR $697.0 $630.6 $63.0 79.6% -27.0% 54.5% 10.0x n/a 7.0x 75.9x -4.5% Q2 Holdings QTWO $770.3 $681.9 $79.1 41.8% -18.9% 39.1% 8.6x n/a 6.5x n/a 11.9% Veeva Systems VEEV $3,334.1 $2,936.2 $313.2 63.1% 23.3% 49.0% 9.4x 40.2x 7.4x 25.7x -2.7% Median: $1,071.3 $1,140.7 $161.5 63.1% 7.2% 39.1% 7.5x 48.8x 6.5x 25.7x -4.5%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 39.1% 8% TTM EBITDA Growth 5.8% TTM Earnings Growth 6.3% 6% Gross Profit Margin 63.1% EBITDA Margin 7.2% 4% Net Income Margin -2.5% SG&A Expenses as a % of Total Revenue 45.5% 2% R&D Expenses as a % of Total Revenue 15.9% 0% Balance Sheet Analysis (Median) Current Ratio 2.9 -2% Quick Ratio 2.3 Cash as Percent of Market Cap 9.6% -4% Avg Days Outstanding: Accounts Receivable 51 Avg Days Outstanding: Accounts Payable 26 -6% Working Capital to TTM Operating Expense Ratio 0.5x -8% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 6.1% Cash from Operations Growth (YoY) 40.2% -12% Cash from Investing Growth (YoY) -58.7% Cash from Financing Growth (YoY) 4.9% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 5.6%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Benefitfocus BNFT $1,047.0 $1,044.9 $137.4 36.3% -37.6% 31.2% 7.6x n/a 6.0x n/a 17.5% Callidus Software CALD $679.0 $657.3 $136.6 59.7% -1.9% 21.6% 4.8x n/a 4.0x 30.2x -20.3% Cornerstone OnDemand CSOD $1,556.7 $1,499.7 $263.6 70.5% -16.1% 42.4% 5.7x n/a 4.4x 273.9x -16.0% HealthStream HSTM $697.6 $576.6 $179.5 56.9% 16.9% 27.3% 3.2x 19.0x 2.8x 20.9x -12.1% Halogen Software TSX:HGN $201.1 $149.8 $56.7 71.8% -18.0% 18.1% 2.6x n/a 1.8x n/a 8.1% Paycom Software PAYC $1,871.4 $1,873.2 $150.9 83.6% 14.6% 40.3% 12.4x 85.3x 9.5x 55.1x 23.0% Paylocity Holding PCTY $1,445.9 $1,356.5 $127.8 50.6% -7.3% 41.2% 10.6x n/a 8.3x 215.7x 11.6% The Ultimate Software Group ULTI $4,861.8 $4,753.6 $505.9 59.8% 14.4% 23.3% 9.4x 65.2x 7.7x 31.1x 15.9% Workday WDAY $15,869.1 $14,505.1 $787.9 66.4% -19.9% 68.0% 18.4x n/a 12.7x n/a 5.0% Median: $1,445.9 $1,356.5 $150.9 59.8% -7.3% 31.2% 7.6x 65.2x 6.0x 43.1x 8.1%

Income Statement Analysis (Median) Human Capital Management SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 31.2% 20% TTM EBITDA Growth -32.0% TTM Earnings Growth -40.2% Gross Profit Margin 59.8% 15% EBITDA Margin -7.3% Net Income Margin -13.2% SG&A Expenses as a % of Total Revenue 52.0% R&D Expenses as a % of Total Revenue 14.9% 10%

Balance Sheet Analysis (Median) Current Ratio 1.4 5% Quick Ratio 1.1 Cash as Percent of Market Cap 6.2% Avg Days Outstanding: Accounts Receivable 66 0% Avg Days Outstanding: Accounts Payable 21 Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.7% Cash from Operations Growth (YoY) 8.6% -10% Cash from Investing Growth (YoY) -174.6% Cash from Financing Growth (YoY) 175.5% Human Capital Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 21.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Box BOX $2,302.9 $2,014.3 $216.4 78.2% -64.9% 74.3% 9.3x n/a 7.1x n/a -15.0% ChannelAdvisors ECOM $241.7 $177.1 $84.9 71.5% -33.2% 24.8% 2.1x n/a 1.8x n/a -55.0% Covisint COVS $79.2 $35.9 $89.5 33.8% -37.6% -9.1% 0.4x n/a 0.4x n/a -20.7% Demandware DWRE $2,222.8 $1,979.9 $160.6 73.8% -13.2% 50.6% 12.3x n/a 8.5x 195.9x 7.9% FireEye FEYE $6,109.9 $5,707.7 $425.7 58.9% -89.3% 163.5% 13.4x n/a 9.2x n/a 26.5% HortonWorks HDP $1,028.0 $823.5 $46.0 -75.6% -365.1% 71.8% 17.9x n/a 9.6x n/a -6.5% inContact SAAS $669.0 $659.2 $171.8 48.6% -4.1% 32.1% 3.8x n/a 3.2x 72.0x 24.1% IntraLinks Holdings IL $590.6 $617.0 $255.8 72.9% 4.7% 9.1% 2.4x 51.2x 2.3x 15.8x -9.7% J2 Global JCOM $3,168.5 $3,232.4 $599.0 82.3% 41.6% 15.0% 5.4x 13.0x 4.6x 10.7x 7.7% Jive Software JIVE $381.6 $274.1 $178.7 62.7% -22.2% 22.6% 1.5x n/a 1.4x n/a -15.5% Liquid Holdings Group LIQD $15.7 $0.0 $5.2 54.2% n/a 1.3% n/a n/a 0.0x 0.0x -24.0% New Relic NEWR $1,632.7 $1,427.9 $96.8 81.0% -40.8% 82.2% 14.7x n/a 10.6x n/a -4.9% Qualys QLYS $1,576.4 $1,449.2 $133.6 78.3% 15.8% 23.7% 10.8x 68.5x 8.6x 33.6x 24.6% RingCentral RNG $1,054.1 $938.0 $219.9 65.1% -15.8% 37.0% 4.3x n/a 3.3x n/a 4.1% Rally Software Development RALY $395.7 $329.1 $87.5 73.1% -33.8% 17.7% 3.8x n/a 3.1x n/a 34.2% Service-now.com NOW $11,683.1 $11,458.0 $755.4 63.9% -16.1% 58.1% 15.2x n/a 11.6x 86.9x 16.9% Tableau Software DATA $6,580.6 $5,900.0 $412.6 91.0% 4.8% 77.5% 14.3x 297.4x 10.1x 139.3x 7.6% Tangoe TNGO $537.2 $487.5 $212.5 54.6% 7.7% 12.5% 2.3x 29.8x 2.0x 12.6x 8.9% TrueCar TRUE $1,435.5 $1,294.5 $206.6 91.5% -19.3% 54.3% 6.3x n/a 4.6x 45.8x -18.0% Upland Software UPLD $107.0 $101.8 $64.6 64.2% -13.1% 56.8% 1.6x n/a 1.4x 29.9x -26.3% Workiva WK $578.6 $502.4 $112.7 69.9% -30.8% 32.3% 4.5x n/a 3.6x n/a 6.0% Yodlee YDLE $395.8 $324.6 $89.1 60.5% -1.9% 27.0% 3.6x n/a 3.0x 32.9x 10.4% Zix ZIXI $223.9 $202.2 $51.3 83.4% 17.2% 5.6% 3.9x 23.0x 3.7x 14.7x 10.7% Median: $669.0 $659.2 $160.6 69.9% -16.0% 32.1% 4.4x 40.5x 3.6x 32.9x 6.0%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 32.1% 10% TTM EBITDA Growth -25.1% TTM Earnings Growth -17.8% 8% Gross Profit Margin 69.9% EBITDA Margin -16.0% 6% Net Income Margin -25.7% SG&A Expenses as a % of Total Revenue 65.0% 4% R&D Expenses as a % of Total Revenue 21.6% 2% Balance Sheet Analysis (Median) Current Ratio 2.4 0% Quick Ratio 2.3 Cash as Percent of Market Cap 13.4% -2% Avg Days Outstanding: Accounts Receivable 71 -4% Avg Days Outstanding: Accounts Payable 38 Working Capital to TTM Operating Expense Ratio 0.5x -6% Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 1.4% Cash from Operations Growth (YoY) -8.5% -10% Cash from Investing Growth (YoY) -72.1% Cash from Financing Growth (YoY) 23.2% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 2.5%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Internet Index $1,302.5 $1,053.8 $531.0 63.5% 8.4% 19.3% 1.8x #DIV/0! 2.0x 13.3x -1.1% Ad Tech & Lead Generation $676.5 $579.4 $474.9 50.4% 3.3% 21.0% 1.2x 12.7x 2.5x 15.3x -11.4% Commerce $765.5 $582.3 $498.9 34.3% 7.8% 17.8% 1.2x 13.8x 1.2x 11.4x 0.3% Content & Media $2,416.6 $1,799.5 $768.2 59.8% 11.7% 12.1% 2.2x 19.0x 2.2x 14.3x -8.6% Gaming $2,326.19 $1,762.6 $2,683.1 70.7% 14.1% 15.2% 2.1x #DIV/0! 2.0x 8.1x 1.1% Infrastructure $547.18 $457.0 $308.5 61.5% 6.0% 5.3% 1.4x 15.3x 1.2x 12.0x 0.2% Search $39,419.58 $37,081.7 $49,909.7 70.2% 33.4% 23.7% 1.6x 7.9x 4.5x 12.2x -0.9% Services $729.79 $643.8 $253.9 72.9% 6.5% 24.0% 2.4x 28.2x 2.0x 13.3x -8.1% Social $4,154.90 $3,488.4 $2,218.8 68.2% 10.5% 51.5% 8.4x 34.9x 5.5x 25.3x 4.8% Travel $5,597.53 $5,413.2 $1,089.0 82.8% 13.8% 22.5% 2.5x 17.5x 4.8x 18.2x 7.2%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - March 2015 TTM Revenue Growth 19.3% 8% TTM EBITDA Growth #DIV/0! TTM Earnings Growth -1.1% Gross Profit Margin 63.5% 6% EBITDA Margin 8.4% Net Income Margin 0.5% 4% SG&A Expenses as a % of Total Revenue 39.9% R&D Expenses as a % of Total Revenue 12.5% 2% Balance Sheet Analysis (Median) Current Ratio 2.3 0% Quick Ratio 2.1 Cash as Percent of Market Cap #DIV/0! -2% Avg Days Outstanding: Accounts Receivable 39 Avg Days Outstanding: Accounts Payable 38 -4% Working Capital to TTM Operating Expense Ratio 0.5

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 6.9% Cash from Operations Growth (YoY) 13.1% -8% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) -9.8% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 6.5%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD AOL AOL $3,105.9 $3,078.7 $2,527.2 26.5% 17.3% 8.9% 1.2x 7.1x 1.2x 6.1x -12.9% Baidu.com BIDU $73,161.4 $68,515.2 $49,052.3 68.8% 34.2% 53.6% 1.4x 4.1x 6.3x 21.1x -6.6% Criteo SA CRTO $2,409.9 $2,075.6 $745.1 35.9% 8.2% 67.8% 2.8x 33.9x 4.3x 17.0x -1.1% Google GOOGL $375,258.8 $320,640.8 $66,001.0 61.6% 32.5% 18.9% 4.9x 14.9x 4.2x 10.9x 4.7% Marchex MCHX $171.6 $91.5 $182.6 37.3% 4.8% 19.7% 0.5x 10.4x 0.7x 8.0x -13.7% MaxPoint Interactive MXPT $244.9 $276.1 $106.5 50.4% -8.5% 61.1% 2.6x n/a 3.1x n/a -1.8% ReachLocal RLOC $85.3 $42.4 $474.9 46.8% -7.0% -7.6% 0.1x n/a 0.1x n/a -14.7% Rocket Fuel FUEL $387.3 $367.1 $408.6 45.7% -9.2% 69.8% 0.9x n/a 0.7x n/a -42.8% The Rubicon Project RUBI $676.5 $579.4 $125.3 83.4% -8.7% 49.5% 4.6x n/a 3.3x 27.6x 11.7% Sohu.com SOHU $2,054.2 $1,843.5 $1,673.1 59.0% 3.3% 19.5% 1.1x 33.0x 0.9x 13.7x 1.7% Tremor TRMR $120.2 $42.4 $159.5 36.2% -10.4% 21.0% 0.3x n/a 0.2x n/a -19.0% TubeMogul TUBE $412.4 $367.1 $114.2 70.3% -0.9% 99.7% 3.2x n/a 2.5x n/a -34.2% Yahoo! YHOO $41,596.5 $34,862.4 $4,711.4 69.7% 12.7% 0.8% 7.4x 58.2x 8.0x 31.1x -11.4% Yandex YNDX $4,817.1 $4,812.1 $50,767.0 71.8% 39.0% 28.5% 0.1x 0.2x 4.8x 13.5x -17.4% YuMe YUME $173.0 $108.8 $177.8 47.6% -2.6% 17.6% 0.6x n/a 0.5x 57.9x 1.0% Median: $676.5 $579.4 $474.9 50.4% 3.3% 21.0% 1.2x 12.7x 2.5x 15.3x -11.4%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - March 2015 TTM Revenue Growth 21.0% 10% TTM EBITDA Growth -32.5% TTM Earnings Growth -40.5% Gross Profit Margin 50.4% EBITDA Margin 3.3% 5% Net Income Margin -4.9% SG&A Expenses as a % of Total Revenue 38.0% R&D Expenses as a % of Total Revenue 14.2% 0% Balance Sheet Analysis (Median) Current Ratio 2.2x Quick Ratio 2.2x Cash as Percent of Market Cap 27.6% -5% Avg Days Outstanding: Accounts Receivable 75.5x Avg Days Outstanding: Accounts Payable 63.3x Working Capital to TTM Operating Expense Ratio 0.5x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 4.5% Cash from Operations Growth (YoY) 28.5% -15% Cash from Investing Growth (YoY) -38.7% Cash from Financing Growth (YoY) -33.1% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 17.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 1-800-FLOWERS.COM FLWS $765.5 $806.3 $1,027.9 44.0% 10.1% 36.3% 0.8x 7.8x 0.7x 9.3x 50.3% 58.com WUBA $4,663.4 $4,054.3 $265.0 94.8% 4.3% 81.8% 15.3x 357.7x 7.9x n/a 26.2% Alibaba BABA $207,044.0 $198,702.9 $70,810.0 70.1% 41.9% 44.1% 2.8x 6.7x 12.8x 23.9x -19.7% Amazon.com AMZN $172,797.3 $171,470.3 $88,988.0 29.5% 4.9% 19.5% 1.9x 39.3x 1.7x 20.7x 20.6% Bitauto Holdings BITA $3,124.2 $2,917.4 $2,458.9 75.7% 24.1% 70.8% 1.2x 4.9x 4.8x 51.6x -31.9% BlueNile NILE $378.0 $287.3 $473.5 18.3% 3.3% 5.2% 0.6x 18.2x 0.6x 12.4x -9.1% Borderfree BRDR $192.1 $65.4 $125.5 25.5% -0.1% 13.6% 0.5x n/a 0.5x 13.8x -31.6% Chegg CHGG $671.8 $582.3 $304.8 34.2% 7.8% 19.3% 1.9x 24.4x 1.9x n/a 13.6% DangDang DANG $771.3 $549.5 $7,957.0 18.5% 1.4% 25.8% 0.1x 5.1x 0.3x 11.4x 0.3% eBay EBAY $69,945.7 $67,474.7 $18,088.0 67.8% 27.0% 9.2% 3.7x 13.8x 3.5x 11.4x 2.6% GeekNet GKNT $52.9 -$1.9 $140.7 17.2% -4.8% 1.8% n/a 0.3x n/a 0.9x -2.9% Groupon GRPN $4,869.4 $3,837.8 $3,191.7 48.5% 2.8% 24.0% 1.2x 43.0x 1.1x 12.1x -10.1% Liquidity Services LQDT $296.2 $222.0 $498.9 34.3% 9.7% -1.3% 0.4x 4.6x 0.5x 6.9x 24.1% Mecox Lane MCOX $43.5 $24.8 $49.6 65.1% 24.4% -43.3% 0.5x 2.0x 0.0x 0.0x -4.7% Mercadolibre MELI $5,409.9 $5,321.7 $556.5 78.5% 33.6% 17.8% 9.6x 28.5x 7.8x 23.8x -2.6% MOL Global MOLG $154.6 $131.9 $202.7 27.6% -0.4% 18.2% 0.7x n/a 0.0x 0.0x -24.2% Overstock.com OSTK $587.9 $407.2 $1,497.1 18.6% 1.7% 14.8% 0.3x 16.4x 0.2x 8.5x 2.8% PetMed Express PETS $334.7 $282.1 $228.0 33.7% 12.9% -3.3% 1.2x 9.6x 1.2x 9.5x 15.2% Stamps.com STMP $1,098.0 $1,050.6 $147.3 77.7% 26.2% 15.2% 7.1x 27.3x 6.0x 20.7x 41.4% Median: $765.5 $582.3 $498.9 34.3% 7.8% 17.8% 1.2x 13.8x 1.2x 11.4x 0.3%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - March 2015 TTM Revenue Growth 17.8% 8% TTM EBITDA Growth 6.3% TTM Earnings Growth -14.6% Gross Profit Margin 34.3% 6% EBITDA Margin 7.8% Net Income Margin -7.0% 4% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 17.9% 2% Balance Sheet Analysis (Median) Current Ratio 2.3x 0% Quick Ratio 2.0x Cash as Percent of Market Cap #DIV/0! -2% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 34.5x -4% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 1.0% -8% Cash from Investing Growth (YoY) -18.8% Cash from Financing Growth (YoY) -67.9% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 1.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD AOL AOL $3,105.9 $3,078.7 $2,527.2 26.5% 17.3% 8.9% 1.2x 7.1x 1.2x 6.1x -12.9% DemandMedia DMD $105.2 $57.4 $172.4 59.8% 8.3% -17.7% 0.3x 4.0x 0.4x 2.7x 0.5% InterActiveCorp IACI $5,677.8 $5,648.3 $3,109.5 71.6% 15.6% 2.9% 1.8x 11.7x 1.7x 10.8x 12.5% Netflix NFLX $25,208.9 $24,530.0 $5,807.7 32.3% 7.9% 25.7% 4.2x 53.4x 3.6x 40.5x 19.4% Pandora P $3,389.8 $3,035.2 $920.8 44.8% -1.7% 40.6% 3.3x n/a 2.6x 40.1x -8.6% Shutterstock SSTK $2,449.0 $2,160.7 $328.0 60.4% 14.2% 39.3% 6.6x 46.3x 4.9x 23.2x 0.2% SINA SINA $2,125.2 $1,034.2 $768.2 62.2% 1.1% 15.5% 1.3x 119.6x 1.2x 18.3x -14.9% TheStreet.com TST $62.7 $28.2 $61.1 48.0% -1.1% 12.1% 0.5x n/a 0.4x 9.6x -20.7% WebMD Health WBMD $1,554.1 $1,799.5 $580.4 61.4% 19.5% 12.6% 3.1x 15.9x 2.9x 9.8x 12.1% XO Group XOXO $463.5 $373.6 $143.7 85.2% 11.7% 7.4% 2.6x 22.1x 2.6x 14.3x -2.5% Xunlei XNET $417.4 -$17.2 $179.5 45.2% 16.8% 2.8% n/a n/a n/a n/a -20.4% Yahoo! YHOO $41,596.5 $34,862.4 $4,711.4 69.7% 12.7% 0.8% 7.4x 58.2x 8.0x 31.1x -11.4% Youku YOKU $2,416.6 $1,232.8 $4,030.1 28.5% 8.4% 33.1% 0.3x 3.6x 1.3x n/a -31.7% Median: $2,416.6 $1,799.5 $768.2 59.8% 11.7% 12.1% 2.2x 19.0x 2.2x 14.3x -8.6%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - March 2015 TTM Revenue Growth 12.1% 10% TTM EBITDA Growth -9.9% TTM Earnings Growth 45.8% Gross Profit Margin 59.8% EBITDA Margin 11.7% 5% Net Income Margin 5.0% SG&A Expenses as a % of Total Revenue 39.7% R&D Expenses as a % of Total Revenue 10.3% 0% Balance Sheet Analysis (Median) Current Ratio 3.8x Quick Ratio 3.5x Cash as Percent of Market Cap 20.3% -5% Avg Days Outstanding: Accounts Receivable 65.3x Avg Days Outstanding: Accounts Payable 27.8x Working Capital to TTM Operating Expense Ratio 0.7x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 11.2% Cash from Operations Growth (YoY) 1.8% -15% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) -82.2% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 11.2%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD ChangYou.com CYOU $1,345.7 $1,355.7 $755.3 73.3% 10.0% 2.4% 1.8x 17.9x 1.5x 7.5x -4.0% Giant Interactive GA $0.7 $5.6 $0.6 -57.8% 0.0% 0.0% 9.2x #DIV/0! 0.0x 0.0x 0.0% Netease NTES $13,690.2 $10,380.5 $11,712.8 72.2% 42.2% 27.4% 0.9x 2.1x 4.4x 10.9x 6.9% NCSoft A036570 $3,622,463.4 $2,740,069.0 $838,718.2 73.7% 37.3% 10.8% 3.3x 8.8x 3.1x 8.1x 0.6% Perfect World PWRD $923.8 $582.6 $3,693.2 73.5% 18.3% 30.4% 0.2x 0.9x 0.8x 6.4x -3.5% Sohu.com SOHU $2,054.2 $1,843.5 $1,673.1 59.0% 3.3% 19.5% 1.1x 33.0x 0.9x 13.7x 1.7% Tencent Holdings SEHK:700 $1,365,936.4 $1,346,773.3 $78,932.0 60.9% 39.0% 30.6% 17.1x 43.8x 10.8x 25.7x 30.5% Zynga ZNGA $2,598.2 $1,681.7 $690.4 69.2% -15.2% -20.9% 2.4x n/a 2.4x n/a 4.4% Median: $2,326.2 $1,762.6 $2,683.1 70.7% 14.1% 15.2% 2.1x #DIV/0! 2.0x 8.1x 1.1%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - March 2015 TTM Revenue Growth 15.2% 10% TTM EBITDA Growth #DIV/0! TTM Earnings Growth -7.7% 8% Gross Profit Margin 70.7% EBITDA Margin 14.1% 6% Net Income Margin 8.4% SG&A Expenses as a % of Total Revenue 38.0% 4% R&D Expenses as a % of Total Revenue 17.9%

Balance Sheet Analysis (Median) 2% Current Ratio 2.5x Quick Ratio 1.8x 0% Cash as Percent of Market Cap 33.0% Avg Days Outstanding: Accounts Receivable 25.5x -2% Avg Days Outstanding: Accounts Payable 57.0x Working Capital to TTM Operating Expense Ratio 0.6x -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 19.6% Cash from Operations Growth (YoY) 5.8% -8% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) 12.9% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 40.3%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD 8x8 EGHT $743.8 $555.9 $154.7 71.2% 5.9% 28.2% 3.6x 61.1x 3.0x 25.9x -7.3% Akamai Technologies AKAM $12,705.3 $12,551.8 $1,963.9 68.9% 34.8% 24.5% 6.4x 18.3x 5.6x 13.4x 12.3% Brightcove BCOV $238.4 $217.1 $125.0 65.0% -3.1% 13.8% 1.7x n/a 1.6x 36.0x -5.3% BroadSoft BSFT $971.6 $898.2 $216.9 73.4% 8.7% 21.5% 4.1x 47.5x 3.4x 14.4x 16.0% Envivio ENVI $49.1 $11.3 $41.6 63.5% -29.9% -3.8% 0.3x n/a 0.3x 0.0x 31.1% GoDaddy GDDY $0.0 $0.0 $1,387.3 62.6% 6.2% 22.7% n/a n/a 0.0x 0.0x 0.0% Harmonic HLIT $656.8 $551.9 $433.6 49.1% 4.3% -6.1% 1.3x 29.9x 1.2x 8.0x 5.7% Interactive Intelligence ININ $882.7 $826.5 $341.3 60.3% -0.2% 7.2% 2.4x n/a 2.2x 94.1x -13.8% Limelight Networks LLNW $356.9 $264.1 $162.3 49.4% -3.5% -6.4% 1.6x n/a 1.6x 59.3x 31.0% Mitel Networks MITL $1,018.1 $1,223.6 $1,104.0 53.5% 13.6% 106.0% 1.1x 8.2x 1.1x 7.2x -5.1% Polycom PLCM $1,798.0 $1,411.3 $1,347.3 58.3% 12.3% -0.8% 1.0x 8.5x 1.0x 6.3x 0.4% Rovi ROVI $1,649.8 $2,435.9 $542.3 80.2% 34.3% 0.9% 4.5x 13.1x 4.4x 10.3x -19.3% SeaChange International SEAC $256.3 $155.7 $115.4 50.4% -12.1% -21.1% 1.3x n/a 1.2x n/a 25.2% ShoreTel SHOR $437.6 $362.0 $352.3 59.6% 6.7% 5.9% 1.0x 15.2x 1.0x 12.0x -5.8% Sonus Networks SONS $389.5 $283.9 $275.7 63.9% -4.4% -3.0% 1.0x n/a 1.1x 33.4x -61.6% Synacor SYNC $62.3 $39.2 $106.6 45.6% -1.3% -4.7% 0.4x n/a 0.4x 13.1x 10.7% Tucows TCX $210.5 $202.3 $147.7 27.9% 9.0% 13.6% 1.4x 15.3x 1.2x 10.1x -0.3% VeriSign VRSN $7,827.7 $7,784.2 $1,010.1 81.3% 62.2% 4.7% 7.7x 12.4x 7.4x 11.0x 17.1% Median: $547.2 $457.0 $308.5 61.5% 6.0% 5.3% 1.4x 15.3x 1.2x 12.0x 0.2%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - March 2015 TTM Revenue Growth 5.3% 8% TTM EBITDA Growth 6.3% TTM Earnings Growth -14.6% Gross Profit Margin 61.5% 6% EBITDA Margin 6.0% Net Income Margin -7.0% 4% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 17.9% 2% Balance Sheet Analysis (Median) Current Ratio 2.3x 0% Quick Ratio 2.0x Cash as Percent of Market Cap #DIV/0! -2% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 34.5x -4% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 1.0% -8% Cash from Investing Growth (YoY) -18.8% Cash from Financing Growth (YoY) -67.9% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 1.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Baidu.com BIDU $73,161.4 $68,515.2 $49,052.3 68.8% 34.2% 53.6% 1.4x 4.1x 6.3x 21.1x -6.6% Google GOOGL $375,258.8 $320,640.8 $66,001.0 61.6% 32.5% 18.9% 4.9x 14.9x 4.2x 10.9x 4.7% InterActiveCorp IACI $5,677.8 $5,648.3 $3,109.5 71.6% 15.6% 2.9% 1.8x 11.7x 1.7x 10.8x 12.5% Yandex YNDX $4,817.1 $4,812.1 $50,767.0 71.8% 39.0% 28.5% 0.1x 0.2x 4.8x 13.5x -17.4% Median: $39,419.6 $37,081.7 $49,909.7 70.2% 33.4% 23.7% 1.6x 7.9x 4.5x 12.2x -0.9%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - March 2015 TTM Revenue Growth 23.7% 8% TTM EBITDA Growth 6.3% TTM Earnings Growth -14.6% Gross Profit Margin 70.2% 6% EBITDA Margin 33.4% Net Income Margin -7.0% 4% SG&A Expenses as a % of Total Revenue 37.0% R&D Expenses as a % of Total Revenue 17.9% 2% Balance Sheet Analysis (Median) Current Ratio 2.3x 0% Quick Ratio 2.0x Cash as Percent of Market Cap #DIV/0! -2% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 34.5x -4% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 5.4% Cash from Operations Growth (YoY) 1.0% -8% Cash from Investing Growth (YoY) -18.8% Cash from Financing Growth (YoY) -67.9% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 1.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Angie's List ANGI $343.5 $338.1 $325.9 72.9% 1.4% 22.5% 1.0x 73.6x 0.9x 11.7x -8.1% Bankrate RATE $1,184.3 $1,305.3 $531.0 65.3% 22.5% 24.0% 2.5x 10.9x 2.2x 8.2x -8.2% Carbonite CARB $389.7 $328.6 $122.6 68.5% 3.7% 14.4% 2.7x 72.3x 2.4x 14.7x 1.1% Care.com CRCM $240.7 $168.8 $116.7 74.0% -27.0% 43.2% 1.4x n/a 1.1x n/a -3.4% Cimpress CMPR $2,751.1 $3,078.6 $1,398.2 62.7% 14.6% 15.2% 2.2x 15.1x 2.0x 12.2x 14.3% Coupons.com COUP $971.1 $777.7 $221.8 61.1% -8.3% 32.1% 3.5x n/a 2.8x 20.0x -31.9% eHealth EHTH $167.3 $115.8 $179.7 97.5% 0.4% 0.3% 0.6x 153.0x 0.7x n/a -61.3% Everyday Health EVDY $405.4 $444.7 $184.3 73.3% 11.1% 18.3% 2.4x 21.7x 1.9x 8.9x -12.1% GrubHub GRUB $3,796.6 $3,483.4 $253.9 65.5% 26.2% 85.1% 13.7x 52.5x 9.9x 32.2x 24.1% LendingClub LC $7,309.6 $0.0 $211.1 81.9% n/a 115.4% n/a n/a 0.0x 0.0x -21.2% LifeLock LOCK $1,327.7 $1,053.8 $476.0 74.7% 7.8% 28.8% 2.2x 28.2x 1.8x 13.3x -11.2% Monster Worldwide MWW $575.8 $747.1 $770.0 47.6% 8.9% -4.7% 1.0x 10.9x 1.0x 6.5x 39.3% Qihoo QIHU $6,447.5 $6,492.2 $1,390.7 78.0% 24.8% 107.2% 4.7x 18.9x 3.3x 10.7x -14.3% QuinStreet QNST $264.7 $218.3 $275.3 10.7% -0.6% -7.6% 0.8x n/a 0.8x 13.7x -0.8% Shutterfly SFLY $1,707.8 $1,597.3 $921.6 50.9% 9.8% 17.6% 1.7x 17.7x 1.5x 8.3x 8.5% Tree.Com TREE $641.1 $554.9 $167.4 95.3% 6.8% 20.2% 3.3x 48.6x 2.8x 19.6x 18.3% Wix.com WIX $729.8 $643.8 $141.8 81.6% -37.4% 76.3% 4.5x n/a 3.2x 89.4x -9.0% Xoom XOOM $568.5 $417.5 $159.1 71.5% 6.2% 30.2% 2.6x 42.0x 2.1x 18.0x -15.2% Zillow Z $5,798.5 $5,425.9 $325.9 91.0% -0.8% 65.0% 16.6x n/a 7.5x 39.9x -3.3% Median: $729.8 $643.8 $253.9 72.9% 6.5% 24.0% 2.4x 28.2x 2.0x 13.3x -8.1%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - March 2015 TTM Revenue Growth 24.0% 8% TTM EBITDA Growth 8.3% TTM Earnings Growth -46.1% 6% Gross Profit Margin 72.9% EBITDA Margin 6.5% 4% Net Income Margin -7.6% SG&A Expenses as a % of Total Revenue 50.2% 2% R&D Expenses as a % of Total Revenue 14.5% 0% Balance Sheet Analysis (Median) Current Ratio 2.6x -2% Quick Ratio 2.4x Cash as Percent of Market Cap 16.4% -4% Avg Days Outstanding: Accounts Receivable 19.0x -6% Avg Days Outstanding: Accounts Payable 44.9x Working Capital to TTM Operating Expense Ratio 0.3x -8% Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 5.6% Cash from Operations Growth (YoY) 50.3% -12% Cash from Investing Growth (YoY) -77.0% Cash from Financing Growth (YoY) 1.4% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 17.0%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Facebook FB $230,120.8 $219,154.8 $13,507.0 83.3% 46.5% 51.5% 16.2x 34.9x 12.8x 21.1x 4.8% LinkedIn LNKD $31,261.9 $28,905.6 $2,218.8 86.8% 10.5% 45.2% 13.0x 124.4x 9.7x 35.4x 8.8% Mail.ru Group LSE:MAIL $4,154.9 $3,488.4 $35,778.0 62.7% 49.8% 33.0% 0.1x 0.2x 5.4x 11.3x 29.0% Renren RENN $865.5 $159.1 $83.0 42.2% -108.3% -43.9% 1.9x n/a 1.8x n/a -10.4% Twitter TWTR $32,443.7 $30,429.1 $1,403.0 68.2% -24.7% 111.0% 21.7x n/a 12.8x 51.8x 37.0% Yelp YELP $3,526.8 $3,160.9 $377.5 93.5% 6.5% 62.0% 8.4x 128.2x 5.5x 29.6x -14.1% YY YY $3,092.0 $2,730.5 $3,678.4 51.1% 31.5% 101.7% 0.7x 2.4x 3.1x 10.7x -16.9% Median: $4,154.9 $3,488.4 $2,218.8 68.2% 10.5% 51.5% 8.4x 34.9x 5.5x 25.3x 4.8%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - March 2015 TTM Revenue Growth 51.5% 12% TTM EBITDA Growth 42.3% TTM Earnings Growth 23.0% 10% Gross Profit Margin 68.2% EBITDA Margin 10.5% 8% Net Income Margin 20.8% SG&A Expenses as a % of Total Revenue 50.3% 6% R&D Expenses as a % of Total Revenue 24.1% 4% Balance Sheet Analysis (Median) Current Ratio 8.6x 2% Quick Ratio 8.0x Cash as Percent of Market Cap 11.0% 0% Avg Days Outstanding: Accounts Receivable 40.8x Avg Days Outstanding: Accounts Payable 33.2x -2% Working Capital to TTM Operating Expense Ratio 1.5x -4% Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 10.5% Cash from Operations Growth (YoY) 38.2% -8% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) -4.5% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 0.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Ctrip CTRP $8,343.0 $8,461.5 $7,346.9 71.4% -0.4% 36.4% 1.2x n/a 5.1x 102.7x 29.6% Expedia EXPE $11,928.2 $12,586.0 $5,763.5 79.5% 13.1% 20.8% 2.2x 16.7x 2.0x 11.4x 10.0% HomeAway AWAY $2,852.1 $2,364.8 $446.8 84.9% 14.6% 28.9% 5.3x 36.2x 4.6x 18.7x 4.4% MakeMyTrip MMYT $915.2 $845.8 $291.9 30.3% -2.8% 16.9% 2.9x n/a 5.1x 49.5x -19.2% Orbitz OWW $1,302.5 $1,563.5 $932.0 80.7% 15.0% 10.0% 1.7x 11.2x 1.6x 9.3x 40.3% Priceline PCLN $60,464.8 $60,061.2 $8,442.0 89.8% 38.9% 24.3% 7.1x 18.3x 6.4x 16.1x 1.9% Travelzoo TZOO $142.0 $87.2 $138.4 87.5% 9.2% -11.4% 0.6x 6.8x 0.7x 17.6x -20.7% TripAdvisor TRIP $11,887.2 $11,662.2 $1,246.0 96.8% 30.1% 31.9% 9.4x 31.1x 7.3x 21.7x 11.5% Median: $5,597.5 $5,413.2 $1,089.0 82.8% 13.8% 22.5% 2.5x 17.5x 4.8x 18.2x 7.2%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - March 2015 TTM Revenue Growth 22.5% 15% TTM EBITDA Growth 12.5% TTM Earnings Growth 22.8% Gross Profit Margin 82.8% EBITDA Margin 13.8% 10% Net Income Margin 5.1% SG&A Expenses as a % of Total Revenue 53.2% R&D Expenses as a % of Total Revenue 6.0% 5% Balance Sheet Analysis (Median) Current Ratio 1.7x Quick Ratio 1.5x Cash as Percent of Market Cap 14.6% 0% Avg Days Outstanding: Accounts Receivable 38.8x Avg Days Outstanding: Accounts Payable 124.2x Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 11.6% Cash from Operations Growth (YoY) 18.8% -10% Cash from Investing Growth (YoY) #DIV/0! Cash from Financing Growth (YoY) 75.1% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 16.0%