Software Equity Group Flash Report

December 2013 Software Equity GroupSoftware Financial andValuationFinancial Performance of 250+ Publicly Traded Software, and Internet SaaS Select M&A Select Transactionsand Valuations Companies by Product Category Flash Report and and

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

Current Sell-side Representation

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

Recent Sell-side Representation

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

SEG Research Distribution

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

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

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

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

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

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

CONTACT INFORMATION:

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

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

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

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

Company Ticker Index Category Additions: 58.com WUBA Internet Services Software Networking & Network Performance Barracuda Networks CUDA Software Security Wix.com WIX Internet Services

Removals: The Active Network - Software Vertical - Other

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 Nov-29-2013 UXC Limited (ASX:UXC) Keystone Management Solutions Pty Ltd - $25.6 - - Nov-28-2013 ZenithOptimedia Limited Walker Media Holdings Ltd. - $78.4 - - Nov-28-2013 Exatel SA E-Telbank Sp. z o.o. ---- Nov-28-2013 LX Ventures Inc. (TSXV:LXV) Copper.io Inc. - $6.6 - - Nov-28-2013 Hangzhou Kuaizhi Technology Co., Ltd. Shanghai Dahuangfeng Network Information ---- Nov-27-2013 Wirecard AG (XTRA:WDI) PT. Aprisma Indonesia - $120.2 - - Nov-27-2013 Textmunication Holdings, Inc. (OTCPK:FSTW.D) Textmunication Holdings, Inc., Prior to ---- Nov-27-2013 Telecom Holding LLC LLC "Norilsk telecom" ---- Nov-26-2013 Yume no Machi Souzou Iinkai Co., Ltd. (JASDAQ:2484) ZEN Co. Ltd. ---- Nov-26-2013 TOTVS S.A. (BOVESPA:TOTS3) Seventeen Tecnologia da Informacao Em Informatica Ltda $5.8 $7.9 1.4x - Nov-26-2013 Altice VII Sarl Orange Dominicana SA $581.0 $1,435.0 2.5x - Nov-26-2013 Infoniqa SQL AG GlassHouse Technologies, AG ---- Nov-25-2013 UUX OTT Networks ---- Nov-25-2013 Appfire Technologies, Inc. Bob Swift Software, LLC ---- Nov-25-2013 Ygl Convergence Berhad (KLSE:YGL) Ygl E Manufacturing Sdn Bhd ---- Nov-25-2013 Apkudo LLC Blue Potato ---- Nov-25-2013 Nielsen Holdings N.V. (NYSE:NLSN) Harris Interactive Inc. (NasdaqGS:HPOL) $139.7 $102.9 0.7x 8.7x Nov-25-2013 Brandon Advertising, Inc. Wilson Lass+Brandon ---- Nov-25-2013 Omnitracs, Inc. Roadnet Technologies, Inc. ---- Nov-25-2013 StreamTrack Media, Inc. Robot Fruit, Inc. - $0.0 - - Nov-25-2013 Linkem S.p.A. E-via S.p.A., WiMAX Business Unit - $37.1 - - Nov-25-2013 Byliner.com Seesaw Decisions Corp ---- Nov-25-2013 Linx Sistemas E Consultoria Ltda. Ionics Informatica e Automacao Ltda., Certain Assets $2.4 $5.2 2.2x - Nov-22-2013 Sibername Internet and Software Technologies Inc. Webspawner Ltd. ---- Nov-22-2013 Trivone Digital Services Pvt. Ltd. Godot Entertainment & Media Pvt Ltd. ---- Nov-22-2013 Kreata Global Digital Media Service Pvt. Ltd. Flamingos Media Pvt Ltd ---- Nov-22-2013 Towers Watson & Co. (NYSE:TW) Liazon Corporation - $215.0 - - Nov-22-2013 Mobiquity, Inc. Mobility Effect LLC ---- Nov-22-2013 Worth Global Style Network Limited Stylesight Inc. ---- Nov-22-2013 The CHR Group, Inc. Stone Canoe Inc. ---- Nov-22-2013 Miles 33 (Holdings) Ltd. Virtualcom Interactive Srl ---- Nov-21-2013 Trimble Navigation Limited (NasdaqGS:TRMB) Computer Services Consultants (UK) Limited ---- Nov-21-2013 NTT DATA, Inc. Optimal Solutions Integration, Inc. $153.0 - - - Nov-21-2013 Pure Auto, LLC Tentail, Inc. ---- Nov-21-2013 i.d.e.a. Rappaport Communications Inc. ---- Nov-21-2013 i Media Networks Limited RAM Vision Ltd. ---- Nov-21-2013 The Reynolds and Reynolds Company HCD Software, LLC ---- Nov-21-2013 BOKU, Inc. Spunk Media Pvt. Ltd. ---- Nov-21-2013 Livefyre, Inc. Realtidbits Inc. ---- Nov-21-2013 AMN Healthcare Services Inc. (NYSE:AHS) ShiftWise, Inc. ---- Nov-21-2013 Reply S.p.A. (BIT:REY) Mind Services Informatica Ltda. $4.2 $3.4 0.8x - Nov-21-2013 Shenzhen Keybridge Communications Co., Ltd. 65% Stake in Emaxx Telecom and 49% Stake in Star Digital Muds ---- Nov-21-2013 STaSIS Engineering, Inc. RTL Technologies, Inc. ---- Nov-20-2013 Ideagen PLC (AIM:IDEA) Pentana Limited $3.9 $4.9 1.3x - Nov-20-2013 Kallisto Neunzigste Vermögensverwaltungs-GmbH P&I Personal & Informatik Aktiengesellschaft (XTRA:PUI) $119.2 - - - Nov-20-2013 SiteCore A/S Commerceserver.net ---- Nov-20-2013 PasswordBox Legacy Locker Inc. ---- Nov-20-2013 TEOCO Corporation AIRCOM International Limited ---- Nov-20-2013 CM Telecom B.V. Mobillion B.V., Mobillion Activities ---- Nov-20-2013 Private Invesor(s) Scalix, Inc. ---- Nov-20-2013 VML, Inc. Biggs|Gilmore Communications, Inc. $21.0 - - - Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved Select November 2013 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Nov-20-2013 Intuit Inc. (NasdaqGS:INTU) Prestwick Services, LLC ---- Nov-20-2013 Uvet S.p.A Jakala Events S.p.A. $33.6 - - - Nov-20-2013 Woven Digital, LLC Brotips.com ---- Nov-19-2013 Asya Infrastructure and Tourism Corporation Limited (BSE:511144) Ideal Systems Pvt. Ltd. ---- Nov-19-2013 Canal Digitaal B.V. EuroNet Internet BV ---- Nov-19-2013 Savvis, Inc. Tier 3, Inc. ---- Nov-19-2013 Authentic Brands Group LLC Muhammad Ali Enterprises LLC ---- Nov-19-2013 Ziff Davis Media Inc. Techbargains.com, L.L.C. ---- Nov-19-2013 Brandon Advertising, Inc. Benghiat Marketing & Communications, Inc. ---- Nov-19-2013 SilverRail Technologies, Inc. Jeppesen Sanderson, Inc., Journey Planning Business and IPTIS Solution ---- Nov-19-2013 Redhawk Network Security LLC Redhawk Network Engineering, Inc. ---- Nov-19-2013 Red Book Connect, Inc. Schoox Inc. ---- Nov-19-2013 MRM Worldwide, Inc. E/OU MRM ---- Nov-19-2013 E-Smart Bull Marketing Rural Ltda ---- Nov-19-2013 Marco Business Systems Inc. Trust Technology Services Inc. ---- Nov-19-2013 Panna Cotta PCG GmbH MT Performance GmbH ---- Nov-18-2013 Redcentric plc (AIM:RCN) InTechnology Managed Services Limited $65.9 $104.7 1.6x 7.8x Nov-18-2013 Trayport Limited Contigo Ltd. ---- Nov-18-2013 BiologicTx, Inc. Silverstone Solutions, Inc. ---- Nov-18-2013 Allconnect, Inc. WhiteFence, Inc. ---- Nov-18-2013 Advent International Corporation Unit 4 N.V. (ENXTAM:UNIT4) $623.0 $1,709.1 2.6x 17.8x Nov-18-2013 Securus Technologies, Inc. Archonix Systems, LLC ---- Nov-18-2013 Triangle Services, Inc. Content Critical, LLC ---- Nov-18-2013 StudentUniverse.com, Inc. WeHostels Inc. ---- Nov-18-2013 H&H B.V. Buurt & Co B.V. and Next Level Ventures B.V. ---- Nov-18-2013 FinancialForce.com, inc. Less Software Incorporated ---- Nov-18-2013 FinancialForce.com, inc. Vana Group Inc. ---- Nov-18-2013 The Project Factory Pty Ltd Envelop Entertainment Pty Ltd. ---- Nov-18-2013 Her Campus Media LLC HerUni Media Limited ---- Nov-18-2013 Heroku, Inc. CloudConnect, Inc. ---- Nov-18-2013 Add Shoppers, LLC ShareYourCart Ltd. ---- Nov-17-2013 Dropbox, Inc. PiCloud, Inc. ---- Nov-16-2013 Oracle Corporation (NYSE:ORCL) Bitzer Mobile, Inc. ---- Nov-15-2013 3PD, Inc. Optima Service Solutions, LLC $35.7 $26.6 0.7x 7.2x Nov-15-2013 LB Interactive LLC Lagunabeach.com ---- Nov-15-2013 The Gage Team The A Team, Inc. ---- Nov-15-2013 cXense AS EMediate ApS $5.9 $10.0 1.7x 8.2x Nov-15-2013 Premier Alliance Group Inc. (OTCPK:PIMO) Root9B LLC - $1.7 - - Nov-14-2013 NewSpring Capital Wealthcare Capital Management, Inc. ---- Nov-14-2013 InferX Corporation (OTCPK:NFRX) Crossfield Data Services, Inc. ---- Nov-14-2013 eplus Technology, Inc. AdviStor, Inc. ---- Nov-14-2013 CCH Incorporated Best Practice Solutions Pty Ltd. ---- Nov-14-2013 Under Armour, Inc. (NYSE:UA) MapMyFitness, Inc. - $150.0 - - Nov-14-2013 CrowdSource Solutions Inc. Servio, Inc. ---- Nov-14-2013 NIB Health Funds Limited RealSelf Pty. Ltd. ---- Nov-14-2013 Sopra Banking Software SA COR&FJA Banking Solutions GmbH $31.4 $17.5 0.6x - Nov-14-2013 DealFlow Analytics, Inc. Goldfish.io ---- Nov-14-2013 UL LLC The Wercs Ltd. ---- Nov-14-2013 Textura Corporation (NYSE:TXTR) Latista Technologies, Inc. $3.3 $35.0 10.8x - Nov-14-2013 Exceda Ltda. Menta ---- Nov-14-2013 Deliver the Crowd LLC Marketingworks, Inc. ---- Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved Select November 2013 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Nov-14-2013 One Bite Communications Ltd. Goode International Limited ---- Nov-14-2013 Advanced Microelectronics, Inc. Information Technology Architects, Inc. ---- Nov-14-2013 PE&HR Co., Ltd. CYBRiDGE Corporation, InMyBag Business ---- Nov-14-2013 NGP VAN, Inc. NationalField, LLC ---- Nov-13-2013 Verizon Digital Media Services, Inc. upLynk LLC ---- Nov-13-2013 CCI Europe A/S Escenic AS - $4.0 - - Nov-13-2013 Artprice.com (ENXTPA:PRC) artprice.com Switzerland SA ---- Nov-13-2013 VIZRT Ltd. (OB:VIZ) Mosart Medialab AS - $16.9 - - Nov-13-2013 MWW Group, Inc. MWW UK ---- Nov-13-2013 A-T Solutions, Inc. Greenline Systems, Inc. ---- Nov-13-2013 Electronics for Imaging, Inc. (NasdaqGS:EFII) LECTOR Computersysteme GmbH ---- Nov-13-2013 International Business Machines Corporation (NYSE:IBM) Fiberlink Communications Corporation ---- Nov-13-2013 1SEO.com Inc. B Factor Group, LLC ---- Nov-13-2013 Online Buddies, Inc. Lucid Dreams, LLC, Jack'd ---- Nov-13-2013 SDA DMS Zrt. SYNERGON Softcon Kft - $0.5 - - Nov-13-2013 CSI Innovations Inc. Catapult Systems, Inc. $62.3 $41.0 0.7x - Nov-13-2013 Deltek, Inc Centurion Research Solutions, LLC ---- Nov-13-2013 Accellos, Inc. PROFITsystems, Inc. ---- Nov-13-2013 Lagarde BV Pellegrom Telecom B.V. ---- Nov-13-2013 Lonely Planet Publications Pty Ltd. TouristEye S.L. ---- Nov-12-2013 Ketchum, Inc. Ketchum ICON ---- Nov-12-2013 Talus Holdings TRAFFIQ, Inc. ---- Nov-12-2013 Wescom Solutions Meal Metrics Inc. ---- Nov-12-2013 Nemetschek AG (XTRA:NEM) Data Design System ASA $11.7 - - - Nov-12-2013 Private Invesor(s) Project Network LLP ---- Nov-12-2013 GuldAdam Holding AB (publ) (OM:GULA) Gullvekten ---- Nov-12-2013 Blackfin Capital Partners SAS Hyperassur.com ---- Nov-12-2013 RedRidge Verification Services LLC Human Assurance LLC ---- Nov-12-2013 Prozone Sports Ltd. Verusco Technologies Ltd ---- Nov-12-2013 Group Delphi, Inc. Image Exhibits, Inc. ---- Nov-12-2013 Patriot Minefinders Inc. (OTCBB:PROF) Wundr Software Inc. - $8.3 - - Nov-11-2013 Private Invesor(s) aiimi ltd - $0.7 - - Nov-11-2013 Akamai Technologies, Inc. (NasdaqGS:AKAM) Velocius Networks (India) Private Limited ---- Nov-11-2013 Allied Integrated Marketing Inc. Grand Central Marketing, Inc. ---- Nov-11-2013 Match Marketing Group Inc. Circle One Marketing, LLC ---- Nov-11-2013 XYEC Holdings Co., Ltd. (Catalist:5WR) TECHNO LIKE US CO., LTD. - $1.7 - - Nov-11-2013 TrustWave Holdings, Inc. Application Security, Inc. ---- Nov-11-2013 Open Joint Stock Company Tattelecom (MICEX:TTLK) CJSC SMARTS-Ufa and CJSC Shupashkar-GSM ---- Nov-11-2013 Altra Investments Cosapi Data S.A. ---- Nov-11-2013 Yesware, Inc. Attachments.me Inc. ---- Nov-11-2013 Zuercher Technologies, LLC BullBerry Systems, Inc. ---- Nov-11-2013 Novomatic AG Betware Ltd. ---- Nov-11-2013 e-conomic international a/s Gett ApS ---- Nov-11-2013 iris Nation Worldwide Limited Datalytics Ltd - $4.8 - - Nov-10-2013 Vox Media, Inc. Curbed.Com LLC ---- Nov-09-2013 United Commerce Group, Inc. MassageChairs.com and GarageCabinetsOnline.com ---- Nov-08-2013 Westside Investments Plc (AIM:WST) Football Data Services Ltd - $0.4 - - Nov-08-2013 WPP plc (LSE:WPP) Bottle Rocket Apps, LLC $17.0 - - - Nov-08-2013 Gaiam Inc. (NasdaqGM:GAIA) My Yoga Online $2.6 - - - Nov-08-2013 Private Invesor(s) MarketingMobileText, Inc. ---- Nov-08-2013 QualMetrix, LLC Visual Intelligence, LLC, Healthcare Analytics Platform ---- Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved Select November 2013 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Nov-08-2013 Axiell Group AB Selago Design, Inc. ---- Nov-08-2013 Searce, Inc. Consularis Technology Solutions Pvt. Ltd. ---- Nov-07-2013 Autodesk Development B.V. Delcam plc (AIM:DLC) $74.8 $245.7 3.1x 22.0x Nov-07-2013 Publicis Groupe SA (ENXTPA:PUB) ETO Groupe ---- Nov-07-2013 RPI Consultants, LLC Aster Group, Inc., Lawson & Kronos Consulting Practice ---- Nov-07-2013 HyTrust, Inc. High Cloud Security, Inc. ---- Nov-07-2013 FC Business Intelligence Ltd. Open Mobile Media Ltd. ---- Nov-07-2013 Provide Commerce, Inc. Sincerely, Inc. ---- Nov-07-2013 Discovery Education, Inc. Espresso Group Limited ---- Nov-07-2013 Upland Software, Inc. ComSci, LLC ---- Nov-07-2013 Groupon, Inc. (NasdaqGS:GRPN) Living Social Korea Inc. - $260.0 - - Nov-07-2013 AccuWeather, Inc. Sky Motion Research Inc. ---- Nov-07-2013 Sage Communications, LLC Longbottom Communications, LLC ---- Nov-07-2013 Mainsail Partners nCourt, LLC ---- Nov-07-2013 Procura, LLC PeoplePoint Software Pty Ltd ---- Nov-07-2013 Total Rebalance Expert Inc. Cornerstone Revolutions, Inc., PowerAdvisor Business ---- Nov-07-2013 Fit Marketing LLC TOFU Marketing, LLC ---- Nov-06-2013 Qanda Technology Limited (ASX:QNA) Drive My Car Rentals Pty. Ltd. - $9.9 - - Nov-06-2013 Scytl Secure Electronic Voting, S.A. OAK Soluçoes - $3.0 - - Nov-06-2013 SMA Media LLC AdNubo ---- Nov-06-2013 BriteSky Technologies, Inc. Shelter Six Technologies, Inc. ---- Nov-06-2013 ITV plc (LSE:ITV) AdaptiveBlue, Inc. ---- Nov-06-2013 Cyber Point International, LLC Bitmonix, LLC ---- Nov-06-2013 Didit LLC SEO Pledge ---- Nov-06-2013 Exigent Group Limited mLegal ---- Nov-06-2013 Hostnordic A/S Servicegruppen For Dataudstyr A/S, Outsourcing & Hosting Activities ---- Nov-06-2013 Environics Analytics Group Ltd. Generation5, Inc. ---- Nov-05-2013 Coms PLC (AIM:COMS) Comunica Holdings Limited $49.4 $15.3 0.3x 3.8x Nov-05-2013 Bharti Airtel Limited (BSE:532454) Warid Congo S.A. ---- Nov-05-2013 PointClear Solutions, Inc. Worry Free Labs, Inc. ---- Nov-05-2013 Open Text Corporation (NasdaqGS:OTEX) GXS Group, Inc. $487.0 $1,165.0 2.4x - Nov-05-2013 Symbio Freeborders, Inc. ---- Nov-05-2013 Synacor Canada, Inc. Teknision Inc. - $1.0 - - Nov-05-2013 Amdocs Limited (NYSE:DOX) Celcite Management Solutions, LLC - $129.0 - - Nov-05-2013 ARI Network Services Inc. (OTCPK:ARIS) Duo Web Solutions, LLC ---- Nov-05-2013 Applications Technology, Inc. Leidos, Inc., Omnifluent Human Language Technology Software and Related Business ---- Nov-05-2013 NTT Data EMEA Ltd. EBS Romania S.A. $14.9 - - - Nov-05-2013 House of Relations Aps DigiEyeZ A/S ---- Nov-05-2013 Bluefin Software, LLC Peaksware LLC, Mobile GPS Tracking Apps ---- Nov-05-2013 Centro LLC SiteScout, Inc. - $40.0 - - Nov-05-2013 k-eCommerce Azox Inc. ---- Nov-05-2013 Ten-Eight Inc. Emergency Technologies, Inc. ---- Nov-05-2013 Conversion Pipeline LLC Genetti Marketing and Consulting, LLC ---- Nov-05-2013 Mobile Web America, Inc. Kishkee, Inc. ---- Nov-05-2013 Carter Solutions Inc. Centric eSolutions, Inc. ---- Nov-05-2013 Mediatech Solutions, S.L. Enteraction Limited, GameShaper+ ---- Nov-05-2013 Bentley Systems Pty. Limited Engineering Systems Pty Ltd. ---- Nov-05-2013 China TransInfo Technology Corp. SureKAM Corporation (SZSE:002373) $107.5 - - - Nov-04-2013 Enercon Services, Inc. Maracor Technical Services, Inc. ---- Nov-04-2013 CROSSMARK, Inc. PromoWorks, L.L.C. ---- Nov-04-2013 Enables IT, Inc. Know Technology, LLC $2.8 $1.5 0.5x - Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved Select November 2013 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Nov-04-2013 Universe Group plc (AIM:UNG) Retail Service Team Limited $6.5 $0.2 0.0x - Nov-04-2013 Enghouse Systems Limited (TSX:ESL) Information Access Technology, Inc. ---- Nov-04-2013 GSO Capital Partners LP Air2Web India and Velti Inc and Air2Web and Velti DR and Mobile Interactive ---- Nov-04-2013 Polaris Industries, Inc. (NYSE:PII) Primordial, Inc. $2.0 - - - Nov-04-2013 Symphony EYC Slingshot Limited ---- Nov-04-2013 Telecity Group plc (LSE:TCY) PLIX Sp. z o.o. ---- Nov-04-2013 Telecity Group plc (LSE:TCY) 3DC ---- Nov-04-2013 Virtusa Corp. (NasdaqGS:VRTU) OSB Consulting LLC - $13.0 - - Nov-04-2013 XL Marketing Corp. Adchemy, Inc., Customer Acquisition Business ---- Nov-04-2013 Governia Oy Corenet Oy ---- Nov-04-2013 DS Emotion Manchester Limited Iworx PR Limited ---- Nov-04-2013 DataBank IMX, LLC Imaging Solutions, Inc. ---- Nov-04-2013 The CHR Group, Inc. Stan Adler Associates, Inc. ---- Nov-04-2013 Ad2.0 Internet GmbH Advertorial.de ---- Nov-04-2013 CC Bridge Lender, LLC Archetypes, Inc. - $7.3 - - Nov-04-2013 Dropbox, Inc. Sold. ---- Nov-04-2013 Aurora Capital Group Zywave, Inc., Insurance Solutions Division ---- Nov-01-2013 Hermes Documentos S.A.S Computadores Tecnicos Computec Sa, Document Outsourcing Business in Colombia $37.9 - - - Nov-01-2013 Digital Globe Services Inc. (AIM:DGS) Ampush Media, Inc., Actions Business Unit - $3.8 - - Nov-01-2013 Proact Estonia AS Elion Ettevõtted Aktsiaselts, Business Line Containing IT Infrastructure Solutions $2.3 - - - Nov-01-2013 Cad-Quality Finland Oy CAD-Expert Oy $0.5 - - - Nov-01-2013 Overland Storage Inc. (NasdaqCM:OVRL) Tandberg Data Holdings S.a.r.l $60.0 - - - Nov-01-2013 itelligence, Inc. Aster Group, Inc. ---- Nov-01-2013 comForte 21 GmbH Carr Scott Software Inc., Escort Suite Products ---- Nov-01-2013 Noel Leeming Group Limited Maclean Technology Ltd ---- Nov-01-2013 NEWSCYCLE Solutions, Inc. Atex, Inc. ---- Nov-01-2013 SherWeb, Inc. Thoughtbus ---- Nov-01-2013 The Portland Daily Sun NewsSimply, Inc. ---- Nov-01-2013 Aceco T.I. Ltda. Boxfile Importacao E Exportacao Ltda. ---- Nov-01-2013 RI Communications Group, Inc. Hero Media Group, LLC ---- Nov-01-2013 Grand View Media Group, Inc. SSR Communications, Inc. ----

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 $2,437.1 $2,475.8 $784.9 71.1% 20.0% 8.1% 3.1x 14.5x 3.0x 11.5x 22.5% Billing & Service Management $884.6 $798.8 $458.6 58.3% 17.6% 7.7% 2.7x 8.8x 2.5x 7.6x 32.9% Business Intelligence $1,686.4 $1,424.2 $472.8 72.1% 14.0% 14.7% 3.3x 20.0x 3.2x 17.0x 29.2% Development Platforms $2,780.1 $2,847.8 $1,138.5 77.5% 20.0% 0.3% 2.8x 16.3x 3.1x 9.8x 14.6% Engineering & PLM $3,854.1 $3,870.3 $1,086.6 84.0% 20.6% 4.4% 3.0x 14.5x 2.6x 11.5x 22.5% Enterprise Resource Planning $6,259.3 $6,636.0 $2,228.0 72.2% 30.6% 2.7% 3.0x 12.8x 2.9x 10.5x 20.1% Financial & Accounting $2,437.1 $2,475.8 $743.4 54.7% 26.7% 10.7% 3.7x 14.1x 3.6x 11.7x 35.2% Gaming $2,595.9 $2,609.9 $1,966.6 66.8% 13.4% 10.7% 1.6x 13.6x 1.5x 7.3x 47.2% Healthcare $1,098.2 $1,033.8 $560.1 55.5% 16.9% 8.0% 2.6x 18.4x 2.5x 10.8x 28.0% IT Conglomerates $160,832.7 $146,263.7 $80,370.0 72.2% 35.0% 1.2% 3.2x 8.5x 3.0x 7.6x 2.7% Mobile Solutions/Content $602.0 $547.5 $232.1 54.6% 6.5% 13.4% 3.1x 18.4x 2.2x 15.8x 22.4% Networking & Network Performance Managemen $2,172.2 $2,002.1 $784.9 71.1% 13.6% 4.6% 2.8x 17.5x 2.5x 10.3x -3.5% Security $1,095.2 $1,014.1 $218.0 76.9% 1.1% 14.2% 3.7x 13.2x 3.4x 14.3x 7.3% Storage, Data Mgmt & Integration $14,058.8 $9,781.1 $4,614.0 73.5% 23.5% 3.3% 3.0x 8.9x 3.0x 7.6x 8.4% Supply Chain Management & Logistics $1,586.1 $1,512.2 $236.1 61.9% 24.1% 14.2% 5.6x 21.2x 5.1x 17.5x 45.6% Systems Management $9,967.5 $9,188.4 $2,142.6 85.7% 24.2% 15.3% 4.6x 16.0x 4.1x 11.7x -13.6% Vertical - Finance $4,045.9 $4,497.1 $858.5 43.7% 26.3% 8.1% 4.8x 13.6x 5.3x 12.2x 55.5% Vertical - Other $1,607.6 $1,765.2 $401.3 52.5% 12.3% 24.6% 3.4x 29.7x 3.1x 16.2x 54.7%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - November 2013 TTM Revenue Growth 9.0% 40% TTM EBITDA Growth -18.9% TTM Earnings Growth -55.2% Gross Profit Margin 68.2% 35% EBITDA Margin 19.3% Net Income Margin -4.0% 30% SG&A Expenses as a % of Total Revenue 55.8% R&D Expenses as a % of Total Revenue 17.5% 25% Balance Sheet Analysis (Median) Current Ratio 2.5 20% Quick Ratio 2.3 Cash as Percent of Market Cap 8.9% 15% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 25 Working Capital to TTM Operating Expense Ratio 0.6x 10%

Cash Flow Statement Analysis (Median) 5% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 16.4% 0% Cash from Investing Growth (YoY) -62.3%

Cash from Financing Growth (YoY) 109.9% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -1.5%

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 $6,513.4 $5,387.0 $3,345.9 35.2% 18.6% 3.0% 1.6x 8.7x 1.5x 7.6x 19.1% AsiaInfo Holdings, Inc. ASIA $852.4 $525.9 $592.1 38.5% 11.4% 15.4% 0.9x 7.8x 0.8x 6.2x 6.8% CSG Systems International, Inc. CSGS $916.7 $990.6 $750.9 48.9% 16.6% 0.6% 1.3x 7.9x 1.3x 6.1x 57.0% Evolving Systems, Inc. EVOL $114.8 $101.1 $25.4 71.7% 26.5% 4.4% 4.0x 15.0x 3.5x 11.6x 77.3% MIND C.T.I. Ltd. MNDO $35.9 $18.0 $18.3 59.4% 15.3% -10.6% 1.0x 6.4x n/a n/a 7.9% NeuStar, Inc NSR $3,052.7 $3,319.0 $878.6 77.3% 42.0% 11.0% 3.8x 9.0x 3.5x 7.1x 11.6% Redknee Solutions TSX:RKN $664.5 $607.0 $99.1 58.7% 7.4% 74.4% 6.1x 82.9x 2.5x 21.4x 253.1% Synchronoss Technologies, Inc. SNCR $1,242.5 $1,206.8 $325.0 57.8% 20.2% 23.7% 3.7x 18.4x 3.0x 9.0x 46.7% Median: $884.6 $798.8 $458.6 58.3% 17.6% 7.7% 2.7x 8.8x 2.5x 7.6x 32.9%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - November 2013 TTM Revenue Growth 7.7% 40% TTM EBITDA Growth 6.6% TTM Earnings Growth -31.8% Gross Profit Margin 58.3% 35% EBITDA Margin 17.6% Net Income Margin 10.0% 30% SG&A Expenses as a % of Total Revenue 20.0% R&D Expenses as a % of Total Revenue 15.0% 25% Balance Sheet Analysis (Median) Current Ratio 2.7 20% Quick Ratio 2.4 Cash as Percent of Market Cap 16.2% 15% Avg Days Outstanding: Accounts Receivable 98 Avg Days Outstanding: Accounts Payable 40 Working Capital to TTM Operating Expense Ratio 0.7x 10%

Cash Flow Statement Analysis (Median) 5% Levered FCF Margin 9.5% Cash from Operations Growth (YoY) 19.6% 0% Cash from Investing Growth (YoY) -94.4% Cash from Financing Growth (YoY) 68.7% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 40.5%

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 Actuate Corporation BIRT $374.4 $303.4 $137.7 84.9% 11.7% -0.6% 2.2x 18.8x 2.1x 9.8x 36.7% MicroStrategy Incorporated MSTR $1,461.6 $1,117.6 $594.9 74.5% 5.8% 4.4% 1.9x 32.5x 1.8x 18.8x 35.4% Pegasystems Inc. PEGA $1,911.3 $1,722.9 $499.4 69.6% 16.2% 15.3% 3.4x 21.3x 3.1x 27.1x 115.1% Progress Software Corporation PRGS $1,367.5 $1,125.5 $347.3 87.8% 19.9% 69.1% 3.2x 16.3x 3.3x 8.9x 22.3% PROS Holdings PRO $1,083.9 $993.1 $138.7 69.7% 6.7% 24.6% 7.2x 107.7x 5.9x 36.9x 99.1% Qlik Technologies QLIK $2,225.9 $1,990.8 $446.1 87.1% 1.0% 24.2% 4.5x 463.3x 3.8x 39.4x 11.0% Verisk VRSK $10,953.6 $12,079.5 $1,679.0 59.2% 44.6% 14.2% 7.2x 16.1x 6.7x 15.1x 22.9% Teradata NYSE:TDC $7,457.6 $6,850.6 $2,663.0 54.7% 22.5% 2.5% 2.6x 11.5x 2.5x 8.5x -28.4% Median: $1,686.4 $1,424.2 $472.8 72.1% 14.0% 14.7% 3.3x 20.0x 3.2x 17.0x 29.2%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - November 2013 TTM Revenue Growth 14.7% 45% TTM EBITDA Growth -18.3% TTM Earnings Growth 4.3% 40% Gross Profit Margin 72.1% EBITDA Margin 14.0% Net Income Margin 10.6% 35% SG&A Expenses as a % of Total Revenue 48.6% R&D Expenses as a % of Total Revenue 17.4% 30%

Balance Sheet Analysis (Median) 25% Current Ratio 2.1 Quick Ratio 1.9 20% Cash as Percent of Market Cap 11.1% Avg Days Outstanding: Accounts Receivable 86 15% Avg Days Outstanding: Accounts Payable 41 Working Capital to TTM Operating Expense Ratio 0.4x 10%

Cash Flow Statement Analysis (Median) 5% Levered FCF Margin 10.9% Cash from Operations Growth (YoY) -7.4% 0% Cash from Investing Growth (YoY) 35.3% Cash from Financing Growth (YoY) -70.1% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 2.8%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Actuate Corporation BIRT $374.4 $303.4 $137.7 84.9% 11.7% -0.6% 2.2x 18.8x 2.1x 9.8x 36.7% Adobe Systems Incorporated ADBE $28,383.6 $26,739.5 $4,167.0 86.5% 23.3% -5.3% 6.4x 27.6x 6.4x 22.8x 48.1% BSQUARE Corporation BSQR $36.5 $15.2 $92.1 16.9% -1.8% -6.9% 0.2x n/a n/a n/a 6.9% Compuware Corporation CPWR $2,380.3 $2,365.0 $953.4 63.2% 14.2% -1.3% 2.5x 17.5x 2.4x 11.3x 2.8% Magic Software Enterprises Ltd. MGIC $241.4 $205.5 $139.5 40.9% 19.5% 15.2% 1.5x 7.6x 1.3x n/a 40.0% Microsoft Corporation MSFT $318,308.0 $254,899.0 $80,370.0 73.6% 39.0% 11.1% 3.2x 8.1x 3.0x 8.4x 42.2% Oracle Corporation ORCL $160,832.7 $146,263.7 $37,371.0 81.3% 43.5% 1.2% 3.9x 9.0x 3.8x 7.5x 2.5% Progress Software Corporation PRGS $1,367.5 $1,125.5 $347.3 87.8% 19.9% 69.1% 3.2x 16.3x 3.3x 8.9x 22.3% Red Hat, Inc. RHT $8,878.0 $8,014.4 $1,429.2 84.7% 20.2% 16.7% 5.6x 27.7x 5.0x 16.8x -14.2% Software AG XTRA:SOW $3,179.9 $3,330.6 $1,323.5 68.2% 25.6% -8.1% 2.5x 9.8x n/a n/a -5.9% Median: $2,780.1 $2,847.8 $1,138.5 77.5% 20.0% 0.3% 2.8x 16.3x 3.1x 9.8x 14.6%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - November 2013 TTM Revenue Growth 0.3% 40% TTM EBITDA Growth -3.9% TTM Earnings Growth -8.8% 35% Gross Profit Margin 77.5% EBITDA Margin 20.0% Net Income Margin 11.1% 30% SG&A Expenses as a % of Total Revenue 39.5% R&D Expenses as a % of Total Revenue 13.2% 25%

Balance Sheet Analysis (Median) 20% Current Ratio 2.1 Quick Ratio 2.0 15% Cash as Percent of Market Cap 18.5% Avg Days Outstanding: Accounts Receivable 78 10% Avg Days Outstanding: Accounts Payable 35 Working Capital to TTM Operating Expense Ratio 0.4x 5%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 18.6% Cash from Operations Growth (YoY) -13.9% -5% Cash from Investing Growth (YoY) 31.4%

Cash from Financing Growth (YoY) -92.9% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -9.2%

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 ANSYS, Inc. ANSS $7,938.2 $7,230.4 $846.0 87.5% 46.6% 9.1% 8.5x 18.4x 7.8x 15.7x 22.3% Autodesk, Inc. ADSK $10,185.4 $8,871.1 $2,294.2 88.5% 20.1% -0.2% 3.9x 19.2x 4.0x 16.7x 22.5% Cadence Design Systems, Inc CDNS $3,812.6 $3,610.0 $1,429.0 87.1% 21.4% 10.9% 2.5x 11.8x 2.4x 7.7x -5.4% Cimatron Ltd. CIMT $72.3 $59.5 $43.9 87.1% 15.1% 4.0% 1.4x 9.0x 1.3x n/a 74.7% Dassault Systèmes DSY $14,367.4 $12,447.7 $2,793.9 87.2% 30.9% 4.4% 4.5x 14.4x n/a n/a 2.2% GSE Systems Inc. GVP $29.3 $11.8 $48.0 27.7% -5.2% -12.1% 0.2x n/a 0.3x n/a -25.1% Mentor Graphics Corp MENT $2,551.7 $2,567.7 $1,086.6 84.0% 17.9% 0.8% 2.4x 13.2x 2.1x 8.0x 30.6% Parametric Technology Corporation PTC $3,854.1 $3,870.3 $1,293.5 71.2% 20.6% 3.0% 3.0x 14.6x 2.9x 10.0x 39.8% PDF Solutions Inc PDFS $700.3 $615.1 $98.2 60.0% 29.8% 17.8% 6.3x 21.0x 5.4x 13.0x 59.8% Stratasys, Inc. SSYS $5,739.9 $5,125.6 $400.5 45.3% 17.9% 113.4% 12.8x 71.7x 8.4x 24.4x 44.7% Synopsys Inc SNPS $5,656.0 $4,876.1 $1,962.2 82.2% 22.1% 11.7% 2.5x 11.2x 2.4x 7.8x 13.5% Median: $3,854.1 $3,870.3 $1,086.6 84.0% 20.6% 4.4% 3.0x 14.5x 2.6x 11.5x 22.5%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - November 2013 TTM Revenue Growth 4.4% 40% TTM EBITDA Growth 6.9% TTM Earnings Growth 10.7% Gross Profit Margin 84.0% 35% EBITDA Margin 20.6% Net Income Margin 11.1% 30% SG&A Expenses as a % of Total Revenue 36.2% R&D Expenses as a % of Total Revenue 17.7% 25% Balance Sheet Analysis (Median) Current Ratio 2.5 20% Quick Ratio 2.2 Cash as Percent of Market Cap 17.1% 15% Avg Days Outstanding: Accounts Receivable 86 Avg Days Outstanding: Accounts Payable 64 Working Capital to TTM Operating Expense Ratio 0.5x 10%

Cash Flow Statement Analysis (Median) 5% Levered FCF Margin 14.4% Cash from Operations Growth (YoY) 12.8% 0% Cash from Investing Growth (YoY) 11.9%

Cash from Financing Growth (YoY) -57.7% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 4.6%

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 American Software, Inc. AMSW.A $264.6 $201.1 $98.5 54.7% 14.8% -6.6% 2.0x 13.8x 2.0x 10.5x 22.1% Oracle Corporation ORCL $160,832.7 $146,263.7 $37,371.0 81.3% 43.5% 1.2% 3.9x 9.0x 3.8x 7.5x 2.5% QAD Inc. QADA $258.2 $207.9 $258.6 56.0% 4.5% 2.8% 0.8x 18.0x 0.8x 10.4x 25.6% Sage Group plc LSE:SGE $6,259.3 $6,636.0 $2,228.0 94.2% 30.6% 2.7% 3.0x 9.7x n/a n/a 20.1% SAP DB:SAP $98,764.4 $101,550.0 $22,646.0 72.2% 35.0% 6.6% 4.5x 12.8x 4.2x 10.8x 2.7% Median: $6,259.3 $6,636.0 $2,228.0 72.2% 30.6% 2.7% 3.0x 12.8x 2.9x 10.5x 20.1%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - November 2013 TTM Revenue Growth 2.7% 40% TTM EBITDA Growth 3.7% TTM Earnings Growth -6.8% 35% Gross Profit Margin 72.2% EBITDA Margin 30.6% 30% Net Income Margin 10.7% 25% SG&A Expenses as a % of Total Revenue 32.0% R&D Expenses as a % of Total Revenue 13.4% 20%

Balance Sheet Analysis (Median) 15% Current Ratio 1.1 Quick Ratio 0.9 10% Cash as Percent of Market Cap 23.3% 5% Avg Days Outstanding: Accounts Receivable 77 Avg Days Outstanding: Accounts Payable 42 0% Working Capital to TTM Operating Expense Ratio 0.0x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 15.1% -10% Cash from Operations Growth (YoY) 4.1% -15% Cash from Investing Growth (YoY) -129.9% Cash from Financing Growth (YoY) 26.8% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -18.2%

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 ACI Worldwide, Inc. ACIW $2,487.4 $3,085.2 $805.9 62.3% 24.3% 39.5% 3.8x 15.7x 2.9x 9.7x 45.2% Bottomline Technologies EPAY $1,271.9 $1,216.8 $260.3 53.8% 10.1% 11.5% 4.7x 46.3x 3.9x 19.4x 24.9% DST Systems, Inc. DST $3,723.6 $4,176.7 $2,649.9 16.7% 15.5% 4.3% 1.6x 10.2x 2.1x 8.8x 44.7% Evertec EVTC $1,808.4 $2,475.8 $354.9 54.9% 37.9% 5.5% 7.0x 18.4x 6.6x 13.1x 8.9% Fair Isaac Corporation FICO $2,039.8 $2,426.6 $743.4 69.1% 26.7% 9.9% 3.3x 12.2x 3.2x 12.0x 36.2% Fiserv FISV $14,172.4 $17,782.4 $4,742.0 42.5% 29.0% 6.5% 3.7x 12.9x 3.6x 10.8x 35.2% Intuit Inc INTU $21,148.3 $20,531.3 $4,231.0 86.7% 34.4% 11.5% 4.9x 14.1x 4.5x 11.3x 21.1% Model N, Inc MODN $188.5 $85.4 $101.9 54.7% 3.9% 20.9% 0.8x 21.6x 1.1x n/a -58.9% NetSol Technologies Inc. KASE:NETS $36.1 $40.2 $29.9 54.6% 46.4% 22.6% 1.3x 2.9x n/a n/a 150.4% Sage Group plc LSE:SGE $6,259.3 $6,636.0 $2,228.0 94.2% 30.6% 2.7% 3.0x 9.7x n/a n/a 20.1% Qiwi plc QIWI $2,437.1 $2,204.9 $339.0 45.5% 22.4% n/a 6.5x 29.0x 10.6x 23.4x 182.1% Median: $2,437.1 $2,475.8 $743.4 54.7% 26.7% 10.7% 3.7x 14.1x 3.6x 11.7x 35.2%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - November 2013 TTM Revenue Growth 10.7% 45% TTM EBITDA Growth 6.6% TTM Earnings Growth 5.4% 40% Gross Profit Margin 54.7% EBITDA Margin 26.7% Net Income Margin 11.6% 35% SG&A Expenses as a % of Total Revenue 27.9% R&D Expenses as a % of Total Revenue 16.4% 30%

Balance Sheet Analysis (Median) 25% Current Ratio 1.6 Quick Ratio 1.3 20% Cash as Percent of Market Cap 5.3% Avg Days Outstanding: Accounts Receivable 70 15% Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.2x 10%

Cash Flow Statement Analysis (Median) 5% Levered FCF Margin 14.4% Cash from Operations Growth (YoY) 9.1% 0% Cash from Investing Growth (YoY) 17.1% Cash from Financing Growth (YoY) 18.8% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 2.2%

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 Activision Blizzard ATVI $11,968.4 $9,640.4 $4,833.0 68.2% 35.4% 7.5% 2.0x 5.6x 2.2x 6.7x 59.3% Electronic Arts Inc. EA $6,853.2 $6,005.2 $3,775.0 65.3% 11.7% -7.8% 1.6x 13.6x 1.4x 7.9x 52.4% GameLoft SA ENXTPA:GF $881.2 $798.7 $289.2 83.2% 15.2% 21.8% 2.8x 18.2x n/a n/a 51.9% Konami Corporation TSE: 9766 $3,603.2 $3,536.3 $2,213.9 30.7% 11.0% -12.9% 1.6x 14.5x 1.5x 9.2x 19.6% Take-Two Interactive TTWO $1,588.6 $1,370.2 $1,006.8 47.6% -1.1% 13.9% 1.4x n/a 0.9x 4.8x 42.5% Ubisoft Entertainment ENXTPA:UB $1,489.2 $1,683.5 $1,719.3 72.7% 37.7% 16.3% 1.0x 2.6x n/a n/a 25.9% Median: $2,595.9 $2,609.9 $1,966.6 66.8% 13.4% 10.7% 1.6x 13.6x 1.5x 7.3x 47.2%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - November 2013 TTM Revenue Growth 10.7% 70% TTM EBITDA Growth 48.0% TTM Earnings Growth 10.0% Gross Profit Margin 66.8% 60% EBITDA Margin 13.4% Net Income Margin 3.4% 50% SG&A Expenses as a % of Total Revenue 26.7% R&D Expenses as a % of Total Revenue 29.8% 40% Balance Sheet Analysis (Median) Current Ratio 2.0 30% Quick Ratio 1.3 Cash as Percent of Market Cap 17.6% 20% Avg Days Outstanding: Accounts Receivable 43 Avg Days Outstanding: Accounts Payable 94 Working Capital to TTM Operating Expense Ratio 0.5x 10%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 3.5% Cash from Operations Growth (YoY) 7.8% -10% Cash from Investing Growth (YoY) -21.2% Cash from Financing Growth (YoY) 78.1% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 3.5%

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 $824.8 $628.4 $973.6 20.7% 2.9% 32.2% 0.6x 21.9x 0.6x 9.4x -27.5% Allscripts Healthcare Solutions Inc. MDRX $2,637.5 $3,121.5 $1,373.0 39.9% 2.1% -7.4% 2.3x 109.4x 2.2x 14.7x 58.8% Cerner Corporation CERN $19,727.3 $18,988.4 $2,760.6 83.3% 29.4% 9.6% 6.9x 23.4x 5.9x 17.4x 42.9% Computer Programs and Sys, Inc. CPSI $686.5 $672.9 $197.5 45.3% 25.3% 11.2% 3.4x 13.4x 3.2x 12.1x 22.3% MedAssets MDAS $1,332.7 $2,135.1 $673.7 78.0% 30.8% 6.4% 3.2x 10.3x 3.1x 9.4x 22.3% Merge Healthcare MRGE $220.2 $447.0 $242.7 57.8% 6.7% -2.3% 1.8x 27.3x 1.8x 9.9x -11.0% Omnicell, Inc. OMCL $863.7 $747.5 $365.0 53.8% 13.9% 27.3% 2.0x 14.7x 1.8x 10.3x 57.9% Quality Systems, Inc. QSII $1,404.5 $1,320.2 $446.4 57.3% 19.9% -2.1% 3.0x 14.8x 2.8x 11.3x 33.7% Median: $1,098.2 $1,033.8 $560.1 55.5% 16.9% 8.0% 2.6x 18.4x 2.5x 10.8x 28.0%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - November 2013 TTM Revenue Growth 8.0% 40% TTM EBITDA Growth 3.6% TTM Earnings Growth -24.3% 35% Gross Profit Margin 55.5% EBITDA Margin 16.9% Net Income Margin 4.0% 30% SG&A Expenses as a % of Total Revenue 34.3% R&D Expenses as a % of Total Revenue 9.4% 25%

Balance Sheet Analysis (Median) 20% Current Ratio 2.1 Quick Ratio 1.8 15% Cash as Percent of Market Cap 6.0% Avg Days Outstanding: Accounts Receivable 70 10% Avg Days Outstanding: Accounts Payable 40 Working Capital to TTM Operating Expense Ratio 0.3x 5%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 8.4% Cash from Operations Growth (YoY) 10.5% -5% Cash from Investing Growth (YoY) 4.9% Cash from Financing Growth (YoY) -12.1% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -4.4%

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 Hewlett Packard HPQ $52,561.9 $63,372.9 $112,298.0 23.1% 11.4% -6.7% 0.6x 5.0x 0.6x 4.6x 85.5% IBM IBM $195,106.2 $221,144.2 $101,356.0 48.7% 25.6% -3.2% 2.2x 8.5x 2.2x 7.6x -6.7% Microsoft Corporation MSFT $318,308.0 $254,899.0 $80,370.0 73.6% 39.0% 11.1% 3.2x 8.1x 3.0x 8.4x 42.2% Oracle Corporation ORCL $160,832.7 $146,263.7 $37,371.0 81.3% 43.5% 1.2% 3.9x 9.0x 3.8x 7.5x 2.5% SAP AG DB:SAP $98,764.4 $101,550.0 $22,646.0 72.2% 35.0% 6.6% 4.5x 12.8x 4.2x 10.8x 2.7% Median: $160,832.7 $146,263.7 $80,370.0 72.2% 35.0% 1.2% 3.2x 8.5x 3.0x 7.6x 2.7%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - November 2013 TTM Revenue Growth 1.2% 40% TTM EBITDA Growth 3.7% TTM Earnings Growth 12.1% 35% Gross Profit Margin 72.2% EBITDA Margin 35.0% 30% Net Income Margin 18.6% SG&A Expenses as a % of Total Revenue 22.9% 25% R&D Expenses as a % of Total Revenue 13.1% 20% Balance Sheet Analysis (Median) Current Ratio 1.2 15% Quick Ratio 1.0 Cash as Percent of Market Cap 23.1% 10% Avg Days Outstanding: Accounts Receivable 61 Avg Days Outstanding: Accounts Payable 58 5% Working Capital to TTM Operating Expense Ratio 0.1x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.4% -5% Cash from Operations Growth (YoY) -1.6% -10% Cash from Investing Growth (YoY) -1.2% Cash from Financing Growth (YoY) 4.6% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -16.4%

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 $106.5 $95.5 $14.7 26.7% -32.4% n/a 6.5x n/a n/a n/a -23.4% Glu Mobile, Inc. GLUU $287.7 $260.0 $97.1 68.7% -17.3% -7.4% 2.7x n/a 2.2x 179.3x 57.0% Gree TSE:3632 $2,117.7 $1,835.2 $1,524.8 81.9% 33.5% -9.7% 1.2x 3.6x n/a n/a -39.6% Millennial Media Inc MM $518.3 $397.1 $220.5 41.2% -0.9% 42.9% 1.8x n/a 1.0x 20.9x -51.2% Myriad Group AG MYRN $157.7 $175.2 $52.6 22.1% -16.2% 3.0% 3.3x n/a n/a n/a -26.9% NQ Mobile Inc. NQ $696.9 $547.5 $158.9 64.8% 3.0% 113.0% 3.4x 115.2x 2.0x 6.2x 116.6% Opera OB:OPERA $1,606.3 $1,537.4 $271.3 44.7% 27.9% 36.5% 5.7x 20.3x n/a n/a 113.6% Qihoo 360 Technology Co. Ltd QIHU $10,008.3 $9,616.2 $552.4 87.6% 26.4% 91.5% 17.4x 65.9x 10.3x 21.0x 173.6% Pandora Media P $5,516.8 $5,069.0 $588.3 37.0% -7.1% 53.5% 8.6x n/a 7.7x n/a 199.3% Synchronoss Technologies, Inc. SNCR $1,242.5 $1,206.8 $325.0 57.8% 20.2% 23.7% 3.7x 18.4x 3.0x 9.0x 46.7% Tangoe TNGO $602.0 $563.3 $182.9 54.6% 9.0% 30.8% 3.1x 34.4x 2.6x 15.8x 22.4% TeleCommunication Systems TSYS $135.6 $227.2 $416.3 37.1% 7.9% -12.6% 0.5x 6.9x 0.6x 7.5x -10.5% TeleNav TNAV $274.3 $92.8 $193.6 62.0% 6.5% -0.9% 0.5x 7.4x 0.6x n/a -11.8% Velti Plc VELT $8.3 $20.6 $232.1 45.7% -58.8% -1.6% 0.1x n/a 0.1x n/a -98.1% Zynga, Inc ZNGA $3,547.7 $2,449.4 $1,008.1 73.6% 14.2% -21.3% 2.4x 17.1x 3.5x n/a 82.0% Median: $602.0 $547.5 $232.1 54.6% 6.5% 13.4% 3.1x 18.4x 2.2x 15.8x 22.4%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - November 2013 TTM Revenue Growth 13.4% 60% TTM EBITDA Growth 6.8% TTM Earnings Growth -12.8% Gross Profit Margin 54.6% 50% EBITDA Margin 6.5% Net Income Margin 1.6% SG&A Expenses as a % of Total Revenue 36.8% 40% R&D Expenses as a % of Total Revenue 14.8%

Balance Sheet Analysis (Median) 30% Current Ratio 2.7 Quick Ratio 2.5 20% Cash as Percent of Market Cap 10.3% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 49 10% Working Capital to TTM Operating Expense Ratio 0.0x

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 4.1% Cash from Operations Growth (YoY) 7.4% -10% Cash from Investing Growth (YoY) 24.1% Cash from Financing Growth (YoY) 316.8% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 48.2%

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 Allot Communications Ltd. ALLT $424.7 $309.6 $95.6 71.8% -4.1% -4.8% 3.2x n/a 2.8x 20.2x -28.7% Aruba Networks, Inc. ARUN $1,964.0 $1,639.1 $616.5 70.3% 2.9% 13.8% 2.7x 93.1x 2.3x 11.1x -18.2% Barracuda Networks, Inc. CUDA $1,035.4 $1,007.3 $218.0 76.9% 1.1% n/a 4.6x 415.6x 4.2x n/a -3.9% Brocade Communications Systems, BRCD $3,914.1 $3,526.3 $2,222.9 63.5% 23.5% -0.7% 1.6x 6.8x 1.6x 5.6x 53.9% Cisco Systems, Inc. CSCO $113,615.6 $81,652.6 $48,816.0 61.1% 28.3% 4.6% 1.7x 5.9x 1.8x 5.1x 6.8% Cyan, Inc. CYNI $205.7 $133.7 $125.5 41.2% -20.7% 58.4% 1.1x n/a 0.9x n/a -60.1% Compuware Corporation CPWR $2,380.3 $2,365.0 $953.4 63.2% 14.2% -1.3% 2.5x 17.5x 2.4x 11.3x -3.1% F5 Networks, Inc. FFIV $6,384.1 $5,842.0 $1,481.3 82.9% 31.6% 7.6% 3.9x 12.5x 3.5x 8.9x -18.6% Gigamon, LLC GIMO $908.0 $802.6 $129.1 77.6% -19.7% 49.9% 6.2x n/a 4.8x 41.9x 2.6% Juniper Networks, Inc. JNPR $10,236.4 $8,390.5 $4,536.3 63.5% 16.2% 4.4% 1.8x 11.4x 1.7x 6.5x -1.4% Radware Ltd. RDWR $761.9 $671.0 $189.8 81.0% 16.1% 2.9% 3.5x 21.9x 3.3x 16.7x -0.6% Riverbed Technology, Inc. RVBD $2,801.2 $2,890.6 $995.2 73.0% 13.0% 24.0% 2.9x 22.4x 2.7x 9.5x -18.2% Median: $2,172.2 $2,002.1 $784.9 71.1% 13.6% 4.6% 2.8x 17.5x 2.5x 10.3x -3.5%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - November TTM Revenue Growth 4.6% 40% 2013 TTM EBITDA Growth -12.2% TTM Earnings Growth -120.1% Gross Profit Margin 71.1% 30% EBITDA Margin 13.6% Net Income Margin -1.4% SG&A Expenses as a % of Total Revenue 45.0% 20% R&D Expenses as a % of Total Revenue 19.8%

Balance Sheet Analysis (Median) 10% Current Ratio 2.5 Quick Ratio 2.1 0% Cash as Percent of Market Cap 16.0% Avg Days Outstanding: Accounts Receivable 49 Avg Days Outstanding: Accounts Payable 50 -10% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 15.5% Cash from Operations Growth (YoY) -14.9% Cash from Investing Growth (YoY) -11.7% -30% Cash from Financing Growth (YoY) -3.6% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -5.4%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD AVG Technologies N.V. AVG $940.8 $925.0 $400.4 83.9% 33.0% 19.5% 2.3x 7.0x 2.4x 6.9x 7.3% Barracuda Networks, Inc. CUDA $1,035.4 $1,007.3 $218.0 76.9% 1.1% n/a 4.6x 415.6x 4.2x n/a -3.9% Check Point Software Tech Ltd. CHKP $12,151.5 $10,891.1 $1,375.6 88.4% 56.1% 3.4% 7.9x 14.1x 7.5x 12.7x 25.6% Commtouch Software Ltd. CTCH $69.6 $68.7 $30.8 78.5% -2.1% 33.4% 2.2x n/a 1.9x n/a -17.2% Fortinet Inc. FTNT $2,795.2 $2,282.1 $589.1 71.4% 16.4% 17.0% 3.9x 23.6x 3.4x 15.8x -19.3% Guidance Software, Inc. GUID $266.5 $249.9 $118.8 67.5% -7.9% -3.5% 2.1x n/a 2.1x 79.1x -25.5% Imperva IMPV $1,122.8 $1,014.1 $126.8 78.3% -10.9% 32.5% 8.0x n/a 6.3x 166.9x 38.2% Palo Alto Networks, Inc PANW $3,620.4 $3,183.6 $438.4 72.8% -1.8% 54.4% 7.3x n/a 5.4x 43.6x -2.5% Proofpoint, Inc. PFPT $1,095.2 $1,026.4 $125.7 70.5% -12.9% 25.3% 8.2x n/a 6.6x n/a 135.2% Sourcefire, Inc. FIRE $15.6 $14.5 $14.3 33.5% -7.0% -8.1% 1.0x n/a n/a n/a 53.8% Symantec Corporation SYMC $15,653.8 $13,915.8 $6,885.0 83.6% 27.6% 1.8% 2.0x 7.3x 2.1x 6.5x 17.6% Trend Micro TSE:4704 $5,199.0 $3,973.4 $1,061.8 81.5% 33.7% 11.3% 3.7x 11.1x n/a n/a 31.5% VASCO Data Security International VDSI $297.7 $205.6 $150.6 64.0% 10.3% -8.0% 1.4x 13.2x 1.3x 10.6x -5.4% Median: $1,095.2 $1,014.1 $218.0 76.9% 1.1% 14.2% 3.7x 13.2x 3.4x 14.3x 7.3%

Income Statement Analysis (Median) Security Software Stock Market Return: January - November 2013 TTM Revenue Growth 14.2% 40% TTM EBITDA Growth -56.8% TTM Earnings Growth -44.2% 35% Gross Profit Margin 76.9% EBITDA Margin 1.1% 30% Net Income Margin -1.5% SG&A Expenses as a % of Total Revenue 48.4% 25% R&D Expenses as a % of Total Revenue 16.2% 20%

Balance Sheet Analysis (Median) 15% Current Ratio 1.3 Quick Ratio 1.0 10% Cash as Percent of Market Cap 8.2% 5% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 45 0% Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 12.5% -10% Cash from Operations Growth (YoY) 8.5% -15% Cash from Investing Growth (YoY) -20.1% Cash from Financing Growth (YoY) -112.7% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 15.4%

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 Brocade Communications Systems, BRCD $3,914.1 $3,526.3 $2,222.9 63.5% 23.5% -0.7% 1.6x n/a 1.6x 5.6x 53.9% CA, Inc. CA $14,892.0 $13,986.0 $4,614.0 86.0% 34.5% -2.8% 3.0x 8.8x 3.1x 8.5x 50.3% Cisco Systems, Inc. CSCO $113,615.6 $81,652.6 $48,816.0 61.1% 28.3% 4.6% 1.7x 5.9x 1.8x 5.1x 6.8% CommVault Systems, Inc. CVLT $3,539.1 $3,053.9 $542.7 87.1% 17.6% 21.4% 5.6x 32.0x 4.9x 20.1x 3.9% EMC EMC $49,079.7 $47,070.7 $22,569.9 62.5% 23.8% 6.2% 2.1x 8.8x 1.9x 6.0x -3.2% FalconStor Software, Inc. FALC $71.1 $49.0 $66.5 73.5% -11.5% -15.2% 0.7x n/a n/a n/a -37.0% IBM IBM $195,106.2 $221,144.2 $101,356.0 48.7% 25.6% -3.2% 2.2x 8.5x 2.2x 7.6x -6.7% Informatica Corporation INFA $4,211.4 $3,590.8 $906.9 83.3% 18.7% 12.8% 4.0x 21.2x 3.5x 13.4x 29.2% Microsoft Corporation MSFT $318,308.0 $254,899.0 $80,370.0 73.6% 39.0% 11.1% 3.2x 8.1x 3.0x 8.4x 42.2% NetApp, Inc. NTAP $14,058.8 $9,781.1 $6,412.7 60.4% 14.6% 2.5% 1.5x 10.4x 1.5x 6.6x 21.2% Oracle Corporation ORCL $160,832.7 $146,263.7 $37,371.0 81.3% 43.5% 1.2% 3.9x 9.0x 3.8x 7.5x 2.5% Splunk, Inc. SPLK $7,634.5 $7,282.6 $267.9 89.1% -16.2% 51.4% 27.2x n/a 20.2x n/a 146.6% TIBCO Software Inc. TIBX $3,966.1 $3,778.3 $1,051.0 71.3% 18.6% 3.3% 3.6x 19.4x 3.3x 11.9x 8.4% Median: $14,058.8 $9,781.1 $4,614.0 73.5% 23.5% 3.3% 3.0x 8.9x 3.0x 7.6x 8.4%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - November TTM Revenue Growth 3.3% 40% 2013 TTM EBITDA Growth 4.4% TTM Earnings Growth 8.9% 35% Gross Profit Margin 73.5% EBITDA Margin 23.5% Net Income Margin 11.1% 30% SG&A Expenses as a % of Total Revenue 34.2% R&D Expenses as a % of Total Revenue 13.3% 25%

Balance Sheet Analysis (Median) 20% Current Ratio 2.5 Quick Ratio 2.3 15% Cash as Percent of Market Cap 21.6% Avg Days Outstanding: Accounts Receivable 66 10% Avg Days Outstanding: Accounts Payable 34 Working Capital to TTM Operating Expense Ratio 0.6x 5%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 18.0% Cash from Operations Growth (YoY) 2.1% Cash from Investing Growth (YoY) 4.4% -5%

Cash from Financing Growth (YoY) 4.6% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -3.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD American Software, Inc. AMSW.A $264.6 $201.1 $98.5 54.7% 14.8% -6.6% 2.0x 13.8x 2.0x 10.5x 22.1% Aspen Technology, Inc. AZPN $3,676.4 $3,481.0 $327.5 84.7% 23.0% 24.3% 10.6x 46.1x 9.2x 29.1x 41.4% Manhattan Associates, Inc. MANH $2,309.8 $2,183.9 $402.3 56.4% 25.3% 10.4% 5.4x 21.5x 5.0x 17.5x 90.8% The Descartes Systems Group Inc. TSX:DSG $862.3 $840.5 $144.8 67.5% 27.8% 18.0% 5.8x 20.9x 5.2x 17.4x 49.9% Median: $1,586.1 $1,512.2 $236.1 61.9% 24.1% 14.2% 5.6x 21.2x 5.1x 17.5x 45.6%

Income Statement Analysis (Median) Supply Chain Management & Logistics Software Stock Market Return: January - November TTM Revenue Growth 14.2% 50% 2013 TTM EBITDA Growth 19.3% TTM Earnings Growth 20.1% 45% Gross Profit Margin 61.9% EBITDA Margin 24.1% 40% Net Income Margin 13.2% SG&A Expenses as a % of Total Revenue 28.2% 35% R&D Expenses as a % of Total Revenue 14.2% 30% Balance Sheet Analysis (Median) Current Ratio 2.4 25% Quick Ratio 2.1 Cash as Percent of Market Cap 5.6% 20% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 14 15% Working Capital to TTM Operating Expense Ratio 0.5x 10% Cash Flow Statement Analysis (Median) 5% Levered FCF Margin 16.0% Cash from Operations Growth (YoY) 33.5% 0% Cash from Investing Growth (YoY) -250.8% Cash from Financing Growth (YoY) -3.9% Supply Chain Management & Logistics S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 7.6%

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 CA Technologies CA $14,892.0 $13,986.0 $4,614.0 86.0% 34.5% -2.8% 3.0x 8.8x 3.1x 8.5x 50.3% Citrix Systems, Inc. CTXS $11,057.1 $10,362.4 $2,856.0 86.5% 21.9% 15.8% 3.6x 16.6x 3.3x 10.5x -13.0% Netscout Systems, Inc. NTCT $1,263.8 $1,126.8 $363.5 79.0% 22.1% 9.0% 3.1x 14.0x 2.7x 9.6x 13.8% Red Hat, Inc. RHT $8,878.0 $8,014.4 $1,429.2 84.7% 20.2% 16.7% 5.6x 27.7x 5.0x 16.8x -14.2% SolarWinds, Inc. SWI $2,513.1 $2,307.0 $311.8 92.3% 47.8% 24.2% 7.4x 15.5x 6.0x 13.5x -38.7% VMWare, Inc. VMW $34,700.4 $29,313.4 $5,017.0 85.5% 26.4% 14.7% 5.8x 22.2x 5.1x 12.9x -15.1% Median: $9,967.5 $9,188.4 $2,142.6 85.7% 24.2% 15.3% 4.6x 16.0x 4.1x 11.7x -13.6%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - November 2013 TTM Revenue Growth 15.3% TTM EBITDA Growth 9.1% 40% TTM Earnings Growth 11.2% Gross Profit Margin 85.7% 30% EBITDA Margin 24.2% Net Income Margin 14.4% SG&A Expenses as a % of Total Revenue 43.6% R&D Expenses as a % of Total Revenue 17.1% 20%

Balance Sheet Analysis (Median) 10% Current Ratio 1.6 Quick Ratio 1.3 Cash as Percent of Market Cap 10.3% 0% Avg Days Outstanding: Accounts Receivable 76 Avg Days Outstanding: Accounts Payable 56 Working Capital to TTM Operating Expense Ratio 0.3x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.5% -20% Cash from Operations Growth (YoY) 14.5% Cash from Investing Growth (YoY) -5.2% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -135.4% Levered FCF Growth (YoY) 6.3%

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 Advent Software, Inc. ADVS $1,793.8 $2,102.5 $377.4 70.8% 20.2% 6.9% 5.6x 27.6x 5.3x 19.4x 119.0% Broadridge Financial BR $4,546.8 $4,887.7 $2,480.2 29.2% 19.9% 6.8% 2.0x 9.9x 1.9x 9.2x 65.2% Fidessa LSE:FDSA $1,296.8 $1,214.4 $420.5 21.6% 19.8% -2.1% 2.9x 14.6x n/a n/a 45.9% Jack Henry & Associates, Inc. JKHY $4,858.5 $4,694.7 $1,154.0 42.4% 32.5% 9.9% 4.1x 12.5x 3.7x 11.2x 41.0% MSCI, Inc. MSCI $5,256.0 $5,779.6 $1,015.1 68.7% 44.9% 9.2% 5.7x 12.7x 5.5x 12.2x 38.2% SS&C Corporation SSNC $3,544.9 $4,299.5 $701.9 44.9% 39.5% 47.5% 6.1x 15.5x 5.7x 13.9x 85.9% Median: $4,045.9 $4,497.1 $858.5 43.7% 26.3% 8.1% 4.8x 13.6x 5.3x 12.2x 55.5%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - November 2013 TTM Revenue Growth 8.1% 60% TTM EBITDA Growth 10.3% TTM Earnings Growth 23.1% Gross Profit Margin 43.7% 50% EBITDA Margin 26.3% Net Income Margin 13.0% SG&A Expenses as a % of Total Revenue 13.1% R&D Expenses as a % of Total Revenue 7.7% 40%

Balance Sheet Analysis (Median) Current Ratio 1.3 30% Quick Ratio 1.0 Cash as Percent of Market Cap 3.9% Avg Days Outstanding: Accounts Receivable 64 20% Avg Days Outstanding: Accounts Payable 11 Working Capital to TTM Operating Expense Ratio 0.1x 10% Cash Flow Statement Analysis (Median) Levered FCF Margin 20.2% Cash from Operations Growth (YoY) 10.6% 0% Cash from Investing Growth (YoY) -14.4%

Cash from Financing Growth (YoY) -62.3% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 28.9%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Blackbaud, Inc. BLKB $1,607.6 $1,765.2 $489.0 54.6% 19.2% 15.8% 3.6x 18.8x 3.3x 15.0x 55.2% Constellation TSX:CSU $3,788.2 $3,886.8 $1,131.5 31.9% 8.5% 36.6% 3.4x 40.6x 2.8x 14.5x 50.2% EPIQ Systems, Inc. EPIQ $581.6 $856.1 $405.9 52.6% 17.9% 24.9% 2.1x 11.8x 1.8x 8.1x 31.7% Guidewire Software, Inc. GWRE $3,134.6 $2,977.9 $303.9 52.6% 1.3% 25.1% 9.8x 730.0x 8.8x 92.2x 54.7% Micros Systems MCRS $4,044.2 $3,452.0 $1,282.9 52.5% 19.8% 11.5% 2.7x 13.6x 2.6x 11.5x 23.0% PROS Holdings PRO $1,083.9 $993.1 $138.7 69.7% 6.7% 24.6% 7.2x 107.7x 5.9x 36.9x 99.1% Sapiens International SPNS $318.6 $291.3 $130.4 37.6% 12.3% 21.5% 2.2x 18.2x n/a n/a 80.6% Silver Spring Networks, Inc. SSNI $975.1 $833.4 $279.8 32.9% -19.8% 34.5% 3.0x n/a 2.0x 17.4x -6.0% Tyler Technologies, Inc. TYL $3,308.7 $3,256.5 $401.3 46.1% 19.0% 14.6% 8.1x 42.8x 7.0x 30.4x 105.2% Median: $1,607.6 $1,765.2 $401.3 52.5% 12.3% 24.6% 3.4x 29.7x 3.1x 16.2x 54.7%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - November 2013 TTM Revenue Growth 24.6% 80% TTM EBITDA Growth -3.4% TTM Earnings Growth -3.9% Gross Profit Margin 52.5% 70% EBITDA Margin 12.3% Net Income Margin 4.5% 60% SG&A Expenses as a % of Total Revenue 27.9% R&D Expenses as a % of Total Revenue 13.7% 50% Balance Sheet Analysis (Median) Current Ratio 1.6 40% Quick Ratio 1.5 Cash as Percent of Market Cap 8.4% 30% Avg Days Outstanding: Accounts Receivable 67 Avg Days Outstanding: Accounts Payable 28 Working Capital to TTM Operating Expense Ratio 0.2x 20%

Cash Flow Statement Analysis (Median) 10% Levered FCF Margin 14.2% Cash from Operations Growth (YoY) 42.4% 0% Cash from Investing Growth (YoY) 12.1% Cash from Financing Growth (YoY) 124.7% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 18.3%

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 $1,426.4 $1,309.8 $166.7 68.7% 0.2% 26.1% 8.2x 62.9x 7.6x 26.1x 39.1% CRM & Marketing $839.2 $732.0 $176.1 71.2% 0.6% 25.1% 3.4x 62.9x 3.0x 25.7x 2.1% ERP & Supply Chain $1,426.4 $1,309.8 $163.1 68.7% 0.2% 37.9% 8.2x 67.6x 7.6x 46.7x 55.6% Vertically Focused $1,740.6 $1,696.6 $260.9 66.9% 15.5% 26.1% 5.5x 29.5x 5.1x 16.8x 39.1% Workforce Management $2,623.5 $2,610.5 $166.7 61.1% -9.8% 42.7% 10.9x 75.7x 9.0x 40.1x 58.1% SaaS Other $1,181.9 $1,104.7 $148.3 72.1% -1.1% 26.0% 9.6x 44.6x 7.7x 26.1x 38.8%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - November 2013 TTM Revenue Growth 26.1% 60% TTM EBITDA Growth -18.9% TTM Earnings Growth -55.2% Gross Profit Margin 68.7% 50% EBITDA Margin 0.2% Net Income Margin -4.0% SG&A Expenses as a % of Total Revenue 55.8% 40% R&D Expenses as a % of Total Revenue 17.5%

Balance Sheet Analysis (Median) 30% Current Ratio 2.5 Quick Ratio 2.3 20% Cash as Percent of Market Cap 8.9% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 25 10% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 16.4% -10% Cash from Investing Growth (YoY) -62.3% Cash from Financing Growth (YoY) 109.9% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -1.5%

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, Inc BV $599.2 $524.4 $176.1 67.9% -20.0% 32.1% 3.0x n/a 2.7x n/a -19.6% Constant Contact CTCT $839.2 $732.0 $276.8 71.2% 8.5% 13.7% 2.6x 31.3x 2.3x 13.2x 85.9% Cvent NYSE:CVT $1,309.5 $1,151.7 $104.0 73.6% 5.6% n/a 11.1x 199.4x 8.9x 112.1x 2.1% LivePerson LPSN $665.3 $587.9 $173.4 76.1% 5.4% 14.5% 3.4x 62.9x 3.0x 24.9x -10.8% Marketo MKTO $1,105.2 $972.2 $84.6 58.5% -42.7% n/a 11.5x n/a 8.4x n/a 26.0% Marin Software MRIN $286.5 $181.9 $72.5 58.6% -39.2% 34.5% 2.5x n/a 2.0x n/a -46.0% Responsys MKTG $869.1 $761.9 $194.3 53.2% 6.9% 25.1% 3.9x 57.1x 3.3x 26.6x 162.2% Salesforce.com CRM $31,410.3 $33,164.5 $3,760.4 76.6% -0.5% 32.1% 8.8x n/a 6.7x 42.7x 21.7% Vocus VOCS $210.5 $253.4 $186.6 79.8% 0.6% 21.0% 1.4x 222.5x 1.4x 12.6x -44.9% Median: $839.2 $732.0 $176.1 71.2% 0.6% 25.1% 3.4x 62.9x 3.0x 25.7x 2.1%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - November 2013 TTM Revenue Growth 25.1% 60% TTM EBITDA Growth -37.0% TTM Earnings Growth -69.3% 50% Gross Profit Margin 71.2% EBITDA Margin 0.6% 40% Net Income Margin -2.4% SG&A Expenses as a % of Total Revenue 64.8% 30% R&D Expenses as a % of Total Revenue 15.6% 20%

Balance Sheet Analysis (Median) 10% Current Ratio 2.8 Quick Ratio 2.7 0% Cash as Percent of Market Cap 12.6% -10% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 20 -20% Working Capital to TTM Operating Expense Ratio 0.6x -30% Cash Flow Statement Analysis (Median) Levered FCF Margin 5.2% -40% Cash from Operations Growth (YoY) 3.3% -50% Cash from Investing Growth (YoY) -45.7% Cash from Financing Growth (YoY) 100.2% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -31.0%

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 E2open, Inc EOPN $590.6 $578.0 $70.2 63.3% -17.5% 0.0% 8.2x n/a 7.0x n/a 53.8% Fleetmatics FLTX $1,426.4 $1,309.8 $163.1 74.5% 26.6% 38.8% 8.0x 30.3x 6.1x 20.3x 55.2% Netsuite N $7,175.6 $6,972.1 $384.5 67.4% -8.1% 33.5% 18.1x n/a 14.0x 149.9x 39.2% SciQuest SQI $663.6 $636.9 $84.1 68.7% 0.2% 37.9% 7.6x 4683.2x 5.9x 31.2x 68.9% SPS Commerce SPSC $1,053.7 $972.9 $98.9 69.6% 9.4% 40.3% 9.8x 105.0x 8.1x 62.3x 67.3% Unit 4 ENXTAM:U $1,541.4 $1,695.9 $623.0 92.8% 14.8% 5.4% 2.7x 18.4x n/a n/a 69.7% Workday, Inc. WDAY $14,328.9 $13,524.9 $408.6 61.1% -26.0% 73.6% 33.1x n/a 21.2x n/a 55.6% Median: $1,426.4 $1,309.8 $163.1 68.7% 0.2% 37.9% 8.2x 67.6x 7.6x 46.7x 55.6%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - November 2013 TTM Revenue Growth 37.9% 80% TTM EBITDA Growth -26.5% TTM Earnings Growth -80.1% 70% Gross Profit Margin 68.7% EBITDA Margin 0.2% Net Income Margin -7.1% 60% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 20.5% 50%

Balance Sheet Analysis (Median) 40% Current Ratio 2.5 Quick Ratio 2.3 30% Cash as Percent of Market Cap 6.5% Avg Days Outstanding: Accounts Receivable 62 20% Avg Days Outstanding: Accounts Payable 27 Working Capital to TTM Operating Expense Ratio 0.8x 10%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 9.4% Cash from Operations Growth (YoY) 24.3% -10% Cash from Investing Growth (YoY) -4.4% Cash from Financing Growth (YoY) -7.4% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 23.4%

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 Athenahealth, Inc ATHN $4,878.1 $5,058.7 $539.7 59.0% 8.9% 35.4% 9.4x 105.5x 7.0x 35.9x 73.9% DealerTrack TRAK $1,834.9 $1,838.6 $457.2 43.3% 13.8% 20.8% 4.0x 29.2x 3.4x 14.2x 39.1% Ebix Inc. EBIX $534.0 $555.6 $207.9 80.4% 40.3% 9.8% 2.7x 6.6x 2.7x 7.2x -14.3% Ellie Mae ELLI $775.4 $710.3 $128.0 75.7% 22.1% 41.2% 5.5x 25.1x 5.1x 18.1x 0.9% Medidata Solutions MDSO $3,181.7 $3,050.2 $260.9 74.1% 16.3% 26.1% 11.7x 71.8x 9.4x 37.6x 187.1% RealPage RP $1,740.6 $1,696.6 $367.2 60.8% 15.5% 19.4% 4.6x 29.8x 3.8x 15.5x 3.0% Textura Corp. TXTR $833.9 $718.4 $35.5 66.9% -86.0% 63.9% 20.2x n/a 12.1x n/a 61.9% Veeva Systems Inc. VEEV $4,950.0 $4,897.1 $168.0 58.6% 22.0% n/a 29.2x 132.8x 22.2x 101.8x 9.0% Median: $1,740.6 $1,696.6 $260.9 66.9% 15.5% 26.1% 5.5x 29.5x 5.1x 16.8x 39.1%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - November 2013 TTM Revenue Growth 26.1% 60% TTM EBITDA Growth 17.8% TTM Earnings Growth -19.1% Gross Profit Margin 66.9% 50% EBITDA Margin 15.5% Net Income Margin 7.4% SG&A Expenses as a % of Total Revenue 39.9% 40% R&D Expenses as a % of Total Revenue 13.5%

Balance Sheet Analysis (Median) 30% Current Ratio 2.5 Quick Ratio 2.1 20% Cash as Percent of Market Cap 7.7% Avg Days Outstanding: Accounts Receivable 51 Avg Days Outstanding: Accounts Payable 21 10% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 8.6% Cash from Operations Growth (YoY) 16.0% -10% Cash from Investing Growth (YoY) -330.7% Cash from Financing Growth (YoY) 193.0% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 1.1%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Callidus Software Inc. CALD $440.9 $468.8 $107.4 53.7% -9.8% 16.4% 4.4x n/a 3.8x 31.9x 131.8% Cornerstone OnDemand CSOD $2,623.5 $2,610.5 $166.7 70.7% -17.3% 60.5% 15.7x n/a 10.8x 274.6x 66.3% Halogen Software, Inc. TSX:HGN $257.0 $200.6 $45.6 74.1% -8.0% n/a 4.4x n/a 3.6x n/a -7.1% The Ultimate Software Group, Inc. ULTI $4,375.9 $4,274.7 $390.7 58.2% 14.5% 24.9% 10.9x 75.7x 9.0x 40.1x 58.1% Workday, Inc. WDAY $14,328.9 $13,524.9 $408.6 61.1% -26.0% 73.6% 33.1x n/a 21.2x n/a 55.6% Median: $2,623.5 $2,610.5 $166.7 61.1% -9.8% 42.7% 10.9x 75.7x 9.0x 40.1x 58.1%

Income Statement Analysis (Median) Workforce Management SaaS Stock Market Return: January - November 2013 TTM Revenue Growth 42.7% 70% TTM EBITDA Growth -11.3% TTM Earnings Growth -28.2% Gross Profit Margin 61.1% 60% EBITDA Margin -9.8% Net Income Margin -22.2% 50% SG&A Expenses as a % of Total Revenue 55.9% R&D Expenses as a % of Total Revenue 16.6% 40% Balance Sheet Analysis (Median) Current Ratio 2.3 30% Quick Ratio 2.1 Cash as Percent of Market Cap 8.8% 20% Avg Days Outstanding: Accounts Receivable 82 Avg Days Outstanding: Accounts Payable 19 Working Capital to TTM Operating Expense Ratio 0.7x 10%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 10.7% Cash from Operations Growth (YoY) 542.9% -10% Cash from Investing Growth (YoY) -267.0% Cash from Financing Growth (YoY) 245.2% Workforce Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 136.9%

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 Benefitfocus, Inc. BNFT $1,181.9 $1,104.7 $96.7 42.5% -18.9% n/a 11.4x n/a 9.0x n/a -9.8% ChannelAdvisors ECOM $778.4 $701.0 $63.5 73.2% -8.3% 26.0% 11.0x n/a 8.8x n/a 86.2% Concur CNQR $5,442.2 $5,256.9 $545.8 71.2% 8.8% 24.1% 9.6x 109.4x 7.7x 46.2x 38.8% Demandware, Inc. DWRE $1,812.0 $1,701.9 $94.5 72.1% -15.8% 31.7% 18.0x n/a 13.5x n/a 105.0% FireEye, Inc. FEYE $4,636.0 $4,328.3 $136.0 73.0% -79.2% n/a 31.8x n/a 19.8x n/a 6.6% inContact, Inc. SAAS $415.8 $374.3 $125.6 48.0% 0.3% 22.1% 3.0x 1078.5x 2.5x 49.1x 37.1% IntraLinks Holdings IL $603.9 $600.1 $229.2 72.5% -0.1% 8.0% 2.6x n/a 2.6x 15.1x 71.0% J2 Global JCOM $2,199.8 $2,136.6 $484.8 82.8% 41.7% 36.8% 4.4x 10.6x 4.0x 9.1x 54.4% Jive Software, Inc JIVE $767.9 $660.8 $139.0 62.0% -38.9% 34.1% 4.8x n/a 3.9x n/a -26.1% OpenTable, Inc. OPEN $1,944.8 $1,842.0 $180.7 74.5% 31.3% 16.0% 10.2x 32.6x 8.6x 19.4x 62.7% Qualys, Inc. QLYS $797.3 $697.5 $103.6 77.7% 12.3% 18.5% 6.7x 54.9x 5.7x 32.7x 58.4% RingCentral, Inc. RNG $987.7 $1,000.3 $148.3 61.7% -18.6% n/a 6.7x n/a 5.4x n/a -12.8% Service-now.com NOW $7,368.3 $7,148.2 $374.6 62.5% -9.5% 80.3% 19.1x n/a 12.8x 127.1x 75.9% Tableau Software DATA $3,876.9 $3,650.5 $192.8 91.8% -1.1% n/a 18.9x n/a 13.2x n/a 29.1% Tangoe TNGO $602.0 $563.3 $182.9 54.6% 9.0% 30.8% 3.1x 34.4x 2.6x 15.8x 22.4% Zix Corporation ZIXI $289.0 $256.1 $47.5 83.6% 22.1% 14.4% 5.4x 24.4x 4.9x 15.3x 57.5% Median: $1,181.9 $1,104.7 $148.3 72.1% -1.1% 26.0% 9.6x 44.6x 7.7x 26.1x 38.8%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - November 2013 TTM Revenue Growth 26.0% 60% TTM EBITDA Growth -70.1% TTM Earnings Growth -58.4% Gross Profit Margin 72.1% 50% EBITDA Margin -1.1% Net Income Margin -5.3% SG&A Expenses as a % of Total Revenue 58.1% 40% R&D Expenses as a % of Total Revenue 18.1%

Balance Sheet Analysis (Median) 30% Current Ratio 2.7 Quick Ratio 2.5 20% Cash as Percent of Market Cap 9.3% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 32 10% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 9.3% Cash from Operations Growth (YoY) 12.1% -10% Cash from Investing Growth (YoY) -54.2% Cash from Financing Growth (YoY) 109.9% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) -24.8%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Category Name Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD SEG Internet Index $2,510.4 $2,141.2 $502.0 64.4% 11.2% 15.9% 3.4x 25.4x 2.7x 14.2x 58.9% Ad Tech & Lead Generation $1,901.6 $1,959.1 $502.3 64.5% 10.2% 16.0% 3.2x 27.7x 2.1x 13.5x 46.3% Commerce $741.7 $580.8 $440.2 41.6% 5.6% 15.9% 1.2x 19.7x 1.2x 15.0x 35.1% Content & Media $3,429.5 $3,367.4 $501.8 50.5% 15.8% 10.8% 3.3x 27.1x 3.6x 12.1x 64.6% Gaming $3,119.26 $2,323.4 $889.9 73.3% 35.2% 15.7% 3.4x 9.1x 2.6x 7.1x 73.8% Infrastructure $597.45 $597.7 $275.7 60.0% 6.1% 4.7% 1.4x 16.3x 1.3x 10.9x 45.1% Services $1,280.78 $1,245.4 $223.1 72.2% 5.3% 45.5% 3.9x 29.2x 2.8x 23.0x 53.1% Social $8,625.35 $8,412.0 $534.5 64.3% 12.1% 56.9% 15.5x 37.2x 11.8x 48.1x 67.9% Travel $4,666.61 $4,156.5 $832.0 82.0% 17.3% 21.1% 4.5x 23.6x 5.4x 18.0x 76.4%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - November 2013 TTM Revenue Growth 16.0% 70% TTM EBITDA Growth 17.7% TTM Earnings Growth 6.0% Gross Profit Margin 64.5% 60% EBITDA Margin 10.2% Net Income Margin 1.7% SG&A Expenses as a % of Total Revenue 39.6% 50% R&D Expenses as a % of Total Revenue 13.7%

Balance Sheet Analysis (Median) 40% Current Ratio 2.4 Quick Ratio 2.2 30% Cash as Percent of Market Cap 13.1% Avg Days Outstanding: Accounts Receivable 40 Avg Days Outstanding: Accounts Payable 55 20% Working Capital to TTM Operating Expense Ratio 0.5

Cash Flow Statement Analysis (Median) 10% Levered FCF Margin 10.0% Cash from Operations Growth (YoY) 10.8% 0% Cash from Investing Growth (YoY) -10.4% Cash from Financing Growth (YoY) 7.9% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -0.4%

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, Inc. ANGI $760.7 $713.0 $223.1 72.7% -13.0% 62.7% 3.2x n/a 2.3x 74.9x 8.6% Baidu.com, Inc. BIDU $58,289.5 $54,336.5 $4,697.8 73.1% 45.0% 40.7% 11.6x 25.7x 8.2x 20.2x 60.0% Bankrate, Inc. RATE $1,901.6 $2,007.0 $428.4 66.2% 21.8% -10.3% 4.7x 21.5x 3.9x 14.1x 46.3% Criteo SA CRTO $1,996.3 $1,959.1 $534.1 35.2% 3.5% n/a 3.7x 106.0x n/a n/a 2.0% Digital Generation, Inc. DGIT $330.5 $656.7 $382.0 64.5% 27.4% -2.4% 1.7x 6.3x 1.7x 5.3x 4.1% eHealth, Inc. EHTH $843.7 $746.0 $170.3 96.9% 10.9% 11.1% 4.4x 40.1x 3.8x 21.1x 65.7% Google Inc. GOOG $353,995.7 $306,396.7 $57,386.0 57.3% 30.7% 23.8% 5.3x 17.4x 4.6x 12.4x 46.5% Groupon GRPN $6,046.5 $4,904.6 $2,443.5 60.5% 5.1% 11.7% 2.0x 39.1x 1.8x 13.5x 82.5% InterActiveCorp IACI $4,765.2 $4,663.0 $3,063.8 65.8% 17.6% 16.4% 1.5x 8.7x 1.5x 7.3x 24.1% LinkedIn LNKD $26,750.3 $24,478.0 $1,384.9 86.9% 12.1% 65.6% 17.7x 145.7x 12.4x 48.1x 98.9% Marchex Inc. MCHX $333.7 $308.6 $150.8 39.1% 2.5% 8.2% 2.0x 80.9x 2.0x 19.8x 119.7% QuinStreet QNST $379.7 $342.7 $303.4 17.6% 10.2% -12.8% 1.1x 11.0x 1.1x 8.7x 28.1% ReachLocal, Inc. RLOC $351.5 $265.9 $502.3 49.8% 1.9% 15.5% 0.5x 27.7x 0.5x 7.0x -7.2% Rocket Fuel, Inc. FUEL $1,566.9 $1,468.4 $195.1 46.4% -7.7% n/a 7.5x n/a 4.2x n/a -14.9% SINA Corporation SINA $5,144.7 $4,408.2 $607.2 57.1% 6.0% 16.0% 7.3x 121.1x 5.7x 30.4x 47.4% Sohu.com Inc. SOHU $2,580.6 $2,069.9 $1,314.3 66.8% 28.5% 29.6% 1.6x 5.5x 1.3x 7.1x 40.4% Tree.Com, Inc. TREE $336.1 $248.3 $126.8 94.9% 5.3% 97.6% 2.0x 36.9x 1.6x 12.7x 76.0% Tremor, Inc. TRMR $230.9 $134.7 $128.0 44.0% -1.9% n/a 1.1x n/a 1.0x n/a -48.3% ValueClick, Inc. VCLK $1,428.6 $1,569.1 $684.3 63.3% 32.7% 24.7% 2.3x 7.0x 2.6x 6.8x 8.9% Yandex YNDX $12,952.6 $12,584.2 $1,118.8 74.8% 43.0% 37.3% 11.2x 26.1x 8.6x 19.7x 72.9% YuMe YUME $279.1 $216.1 $142.6 47.0% 5.0% n/a 1.5x 30.4x 1.2x 59.7x -2.9% Median: $1,901.6 $1,959.1 $502.3 64.5% 10.2% 16.0% 3.2x 27.7x 2.1x 13.5x 46.3%

Income Statement Analysis (Median) Internet Ad Tech and Lead Generation Stock Market Return: January - November 2013 TTM Revenue Growth 16.0% 70% TTM EBITDA Growth 17.3% TTM Earnings Growth -11.1% 60% Gross Profit Margin 64.5% EBITDA Margin 10.2% Net Income Margin 0.5% 50% SG&A Expenses as a % of Total Revenue 37.6% R&D Expenses as a % of Total Revenue 8.3% 40%

Balance Sheet Analysis (Median) 30% Current Ratio 2.7x Quick Ratio 2.4x 20% Cash as Percent of Market Cap 15.5% Avg Days Outstanding: Accounts Receivable 48.6x 10% Avg Days Outstanding: Accounts Payable 61.9x Working Capital to TTM Operating Expense Ratio 0.5x 0%

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 10.4% Cash from Operations Growth (YoY) -1.5% -20% Cash from Investing Growth (YoY) 10.8% Cash from Financing Growth (YoY) 57.6% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -3.9%

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 1-800-FLOWERS.COM, Inc. FLWS $327.6 $395.0 $739.0 41.6% 5.9% 4.1% 0.5x 9.0x 0.5x 7.5x 34.7% 58.com Inc. WUBA $2,598.4 $2,672.6 $125.2 92.7% 5.1% n/a 21.4x 415.1x 13.5x 64.6x 30.8% Amazon.com, Inc. AMZN $180,173.3 $175,527.3 $70,133.0 26.6% 4.5% 22.5% 2.5x 55.3x 2.0x 27.8x 53.0% Bitauto Holdings Limited BITA $1,267.3 $1,163.4 $214.1 75.0% 19.5% 41.0% 5.4x 27.8x 4.1x 21.0x 331.5% BlueNile NILE $589.8 $542.5 $440.2 18.6% 3.5% 17.0% 1.2x 35.5x 1.1x 20.2x 18.8% DangDang DANG $748.8 $514.8 $974.9 16.2% -5.0% 24.1% 0.5x n/a 0.4x n/a 113.5% Digital River Inc. DRIV $597.4 $321.2 $402.3 80.3% 5.6% 4.7% 0.8x 14.3x 0.9x 7.5x 20.9% eBay Inc. EBAY $65,403.1 $59,663.1 $15,510.0 69.0% 29.7% 15.2% 3.8x 13.0x 3.3x 10.0x -5.7% GeekNet GKNT $125.1 $84.4 $130.3 20.3% 2.0% 21.3% 0.6x 31.7x 0.5x 15.0x 6.6% Liquidity Services, Inc. LQDT $744.3 $649.2 $505.9 42.8% 18.0% 6.4% 1.3x 7.1x 1.3x 6.6x -44.4% Mecox Lane Limited MCOX $53.2 $35.7 $103.9 37.9% -16.3% -38.9% 0.3x n/a n/a n/a 50.6% Mercadolibre, Inc. MELI $4,888.2 $4,691.7 $441.7 77.6% 34.3% 24.0% 10.6x 30.9x 8.5x 24.6x 35.1% Overstock.com, Inc. OSTK $665.7 $580.8 $1,248.7 19.0% 2.4% 16.6% 0.5x 19.7x 0.4x 12.7x 86.9% PetMed Express, Inc. PETS $303.7 $252.3 $235.4 33.4% 12.5% 0.8% 1.1x 8.6x 1.0x 8.5x 44.9% Stamps.com STMP $741.7 $668.2 $125.5 77.1% 27.3% 11.3% 5.3x 19.5x 4.8x 15.2x 76.1% Median: $741.7 $580.8 $440.2 41.6% 5.6% 15.9% 1.2x 19.7x 1.2x 15.0x 35.1%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - November 2013 TTM Revenue Growth 15.9% 70% TTM EBITDA Growth -3.6% TTM Earnings Growth -30.7% Gross Profit Margin 41.6% 60% EBITDA Margin 5.6% Net Income Margin -0.8% 50% SG&A Expenses as a % of Total Revenue 41.1% R&D Expenses as a % of Total Revenue 17.3% 40% Balance Sheet Analysis (Median) Current Ratio 3.2x 30% Quick Ratio 2.8x Cash as Percent of Market Cap 22.5% 20% Avg Days Outstanding: Accounts Receivable 66.4x Avg Days Outstanding: Accounts Payable 55.0x Working Capital to TTM Operating Expense Ratio 0.6x 10%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 14.9% -10% Cash from Investing Growth (YoY) 25.5% Cash from Financing Growth (YoY) -90.8% Commerce 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 AOL, Inc. AOL $3,429.5 $3,367.4 $2,240.4 30.5% 18.6% 3.3% 1.5x 8.1x 1.4x 6.7x 47.2% DemandMedia DMD $494.6 $438.1 $401.1 50.5% 15.8% 10.8% 1.1x 6.9x 1.1x 5.2x -43.3% InterActiveCorp IACI $4,765.2 $4,663.0 $3,063.8 65.8% 17.6% 16.4% 1.5x 8.7x 1.5x 7.3x 24.1% Netflix NFLX $21,676.5 $21,041.5 $4,144.6 28.4% 5.1% 17.1% 5.1x 98.7x 4.2x 41.4x 297.6% Pandora P $5,516.8 $5,069.0 $588.3 37.0% -7.1% 53.5% 8.6x n/a 7.7x n/a 199.3% Shutterstock, Inc. SSTK $2,589.6 $2,394.1 $216.6 61.6% 20.6% 39.6% 11.1x 53.5x 8.4x 37.6x 180.9% TheStreet.com, Inc. TST $74.7 $25.5 $53.5 48.3% -3.5% 4.5% 0.5x n/a n/a n/a 30.2% WebMD Health Corp. WBMD $1,738.0 $1,661.9 $501.8 58.7% 12.2% 2.9% 3.3x 27.1x 3.1x 12.1x 154.4% XO Group XOXO $387.6 $301.4 $133.4 83.0% 18.0% 4.3% 2.3x 12.5x 2.2x 9.8x 64.6% Yahoo! Inc. YHOO $37,514.1 $35,782.0 $4,760.4 70.1% 24.9% -4.1% 7.5x 30.2x 8.0x 23.7x 84.2% Youku YOKU $4,709.1 $4,185.9 $451.4 23.9% 5.5% 88.1% 9.3x 169.7x 6.5x 88.1x 43.8% Median: $3,429.5 $3,367.4 $501.8 50.5% 15.8% 10.8% 3.3x 27.1x 3.6x 12.1x 64.6%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - November 2013 TTM Revenue Growth 10.8% 80% TTM EBITDA Growth 34.6% TTM Earnings Growth 21.9% Gross Profit Margin 50.5% 70% EBITDA Margin 15.8% Net Income Margin 1.7% 60% SG&A Expenses as a % of Total Revenue 34.8% R&D Expenses as a % of Total Revenue 9.3% 50% Balance Sheet Analysis (Median) Current Ratio 2.8x 40% Quick Ratio 2.2x Cash as Percent of Market Cap 11.1% 30% Avg Days Outstanding: Accounts Receivable 51.0x Avg Days Outstanding: Accounts Payable 25.6x Working Capital to TTM Operating Expense Ratio 0.6x 20%

Cash Flow Statement Analysis (Median) 10% Levered FCF Margin 13.3% Cash from Operations Growth (YoY) -7.8% Cash from Investing Growth (YoY) -82.7% 0% Cash from Financing Growth (YoY) 94.5% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 30.9%

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 ChangYou.com CYOU $1,492.9 $1,321.3 $716.6 83.3% 58.7% 18.7% 1.8x 3.1x 1.6x 3.5x 2.4% Giant Interactive GA $2,690.9 $2,197.4 $379.4 90.3% 63.6% 11.9% 5.8x 9.1x 5.3x 8.0x 97.7% Netease NTES $9,323.9 $6,574.5 $1,477.6 73.0% 48.7% 12.6% 4.4x 9.1x 3.9x 7.7x 72.8% NCSoft KOSE:A036 $4,476.1 $3,906.8 $771.7 71.6% 34.7% 36.3% 5.1x 14.6x n/a n/a 54.9% Perfect World PWRD $936.1 $571.6 $465.0 77.1% 20.3% -0.6% 1.2x 6.1x 1.0x 5.6x 79.5% Sohu.com Inc. SOHU $2,580.6 $2,069.9 $1,314.3 66.8% 28.5% 29.6% 1.6x 5.5x 1.3x 7.1x 40.4% Tencent Holdings SEHK:700 $106,462.8 $103,198.8 $9,086.3 55.3% 35.6% 40.2% 11.4x 31.9x n/a n/a 74.8% Zynga, Inc. ZNGA $3,547.7 $2,449.4 $1,008.1 73.6% 14.2% -21.3% 2.4x 17.1x 3.5x n/a 82.0% Median: $3,119.3 $2,323.4 $889.9 73.3% 35.2% 15.7% 3.4x 9.1x 2.6x 7.1x 73.8%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - November 2013 TTM Revenue Growth 15.7% 80% TTM EBITDA Growth 15.4% TTM Earnings Growth 14.4% 70% Gross Profit Margin 73.3% EBITDA Margin 35.2% Net Income Margin 26.5% 60% SG&A Expenses as a % of Total Revenue 25.7% R&D Expenses as a % of Total Revenue 14.2% 50%

Balance Sheet Analysis (Median) Current Ratio 2.2x 40% Quick Ratio 2.0x Cash as Percent of Market Cap 31.0% 30% Avg Days Outstanding: Accounts Receivable 17.9x Avg Days Outstanding: Accounts Payable 63.7x Working Capital to TTM Operating Expense Ratio 0.9x 20%

Cash Flow Statement Analysis (Median) 10% Levered FCF Margin 7.6% Cash from Operations Growth (YoY) 10.5% 0% Cash from Investing Growth (YoY) 4.2% Cash from Financing Growth (YoY) -108.3% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -4.2%

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 8x8, Inc. EGHT $892.6 $831.4 $118.1 70.0% 12.7% 21.7% 7.0x 55.2x 6.0x 48.4x 39.5% Akamai Technologies, Inc. AKAM $8,003.9 $7,437.5 $1,519.8 73.4% 36.6% 15.2% 4.9x 13.4x 4.3x 10.1x 6.1% Brightcove Inc. BCOV $409.4 $375.3 $104.5 67.0% -5.6% 27.2% 3.6x n/a 3.1x 69.6x 45.1% BroadSoft, Inc. BSFT $750.3 $682.9 $172.3 77.7% 4.3% 8.0% 4.0x 92.8x 3.5x 14.0x -27.8% Digital River Inc. DRIV $597.4 $321.2 $402.3 80.3% 5.6% 4.7% 0.8x 14.3x 0.9x 7.5x 20.9% Envivio, Inc. ENVI $81.2 $28.2 $38.4 64.5% -31.8% -18.1% 0.7x n/a 0.6x n/a 61.5% Harmonic Inc HLIT $776.2 $606.9 $513.3 46.3% 6.1% 2.1% 1.2x 19.3x 1.2x 10.3x 45.6% Interactive Intelligence, Inc. ININ $1,315.4 $1,232.0 $298.0 64.8% 8.0% 32.7% 4.1x 51.9x 3.7x 51.6x 89.1% Limelight Networks, Inc. LLNW $199.4 $88.1 $177.7 50.9% -5.4% -1.1% 0.5x n/a 0.5x n/a -12.4% Mitel Networks Corp. MITL $463.5 $695.7 $579.4 56.6% 15.2% -2.1% 1.2x 7.9x 1.1x 6.6x 169.6% Polycom, Inc. PLCM $1,832.0 $1,208.0 $1,373.5 58.4% 8.0% -3.7% 0.9x 11.0x 0.9x 6.1x -3.2% Rovi Corporation ROVI $1,853.5 $2,552.8 $605.6 82.4% 31.9% -7.6% 4.2x 13.2x 4.2x 9.7x 15.8% SeaChange International Inc. SEAC $487.7 $369.3 $155.3 56.7% 11.3% -0.4% 2.4x 21.0x 2.1x 11.5x 46.5% ShoreTel, Inc. SHOR $487.8 $451.3 $322.8 60.0% 0.2% 20.6% 1.4x 684.8x 1.3x 15.7x 78.8% Sonus Networks, Inc SONS $795.9 $597.7 $275.7 57.9% -3.2% 8.9% 2.2x n/a 2.1x n/a 49.2% Synacor, Inc SYNC $76.6 $44.4 $114.6 46.7% 4.3% -3.5% 0.4x 9.0x 0.4x 8.9x -51.0% Tucows Inc. TCX $136.9 $132.3 $126.6 23.9% 6.4% 13.7% 1.0x 16.3x 1.0x 12.9x 116.6% VeriSign VRSN $7,792.8 $7,349.7 $949.7 80.8% 62.5% 12.1% 7.7x 12.4x 7.3x 11.9x 42.7% Median: $597.4 $597.7 $275.7 60.0% 6.1% 4.7% 1.4x 16.3x 1.3x 10.9x 45.1%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - November 2013 TTM Revenue Growth 4.7% 70% TTM EBITDA Growth -3.6% TTM Earnings Growth -30.7% Gross Profit Margin 60.0% 60% EBITDA Margin 6.1% Net Income Margin -0.8% 50% SG&A Expenses as a % of Total Revenue 41.1% R&D Expenses as a % of Total Revenue 17.3% 40% Balance Sheet Analysis (Median) Current Ratio 3.2x 30% Quick Ratio 2.8x Cash as Percent of Market Cap 22.5% 20% Avg Days Outstanding: Accounts Receivable 66.4x Avg Days Outstanding: Accounts Payable 55.0x Working Capital to TTM Operating Expense Ratio 0.6x 10%

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 9.2% Cash from Operations Growth (YoY) 14.9% -10% Cash from Investing Growth (YoY) 25.5% Cash from Financing Growth (YoY) -90.8% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 0.8%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - November 2013 TTM Revenue Growth 45.5% 90% TTM EBITDA Growth 48.4% TTM Earnings Growth 27.9% 80% Gross Profit Margin 72.2% EBITDA Margin 5.3% Net Income Margin -1.4% 70% SG&A Expenses as a % of Total Revenue 57.0% R&D Expenses as a % of Total Revenue 18.5% 60%

Balance Sheet Analysis (Median) 50% Current Ratio 1.6x Quick Ratio 1.5x 40% Cash as Percent of Market Cap 11.9% Avg Days Outstanding: Accounts Receivable 22.4x 30% Avg Days Outstanding: Accounts Payable 40.4x Working Capital to TTM Operating Expense Ratio 0.2x 20%

Cash Flow Statement Analysis (Median) 10% Levered FCF Margin 6.0% Cash from Operations Growth (YoY) 14.1% 0% Cash from Investing Growth (YoY) -52.5% Cash from Financing Growth (YoY) 64.3% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -5.7%

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Facebook FB $115,401.5 $106,648.5 $6,871.0 75.7% 47.5% 48.2% 15.5x 32.7x 11.1x 18.9x 67.9% LinkedIn LNKD $26,750.3 $24,478.0 $1,384.9 86.9% 12.1% 65.6% 17.7x 145.7x 12.4x 48.1x 98.9% Mail.ru Group LSE:MAIL $8,625.3 $8,412.0 $721.5 56.3% 44.3% 32.2% 11.7x 26.3x n/a n/a 36.1% Renren Inc RENN $1,128.8 $220.4 $192.6 63.7% -54.1% 20.3% 1.1x n/a 1.4x n/a -14.4% Twitter, Inc. TWTR $22,643.0 $22,509.4 $534.5 64.3% -10.6% n/a 42.1x n/a 22.7x 228.4x -7.4% Yelp, Inc. YELP $4,218.7 $4,117.4 $203.5 92.8% -0.3% 67.7% 20.2x n/a 13.1x 80.3x 208.1% YY, Inc. YY $2,781.2 $2,476.5 $241.4 53.6% 24.5% 121.9% 10.3x 41.8x 6.3x 17.8x 252.1% Median: $8,625.3 $8,412.0 $534.5 64.3% 12.1% 56.9% 15.5x 37.2x 11.8x 48.1x 67.9%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - November 2013 TTM Revenue Growth 56.9% 120% TTM EBITDA Growth 61.3% TTM Earnings Growth 41.7% Gross Profit Margin 64.3% 100% EBITDA Margin 12.1% Net Income Margin 2.5% SG&A Expenses as a % of Total Revenue 44.7% 80% R&D Expenses as a % of Total Revenue 22.5%

60% Balance Sheet Analysis (Median) Current Ratio 4.6x Quick Ratio 4.4x 40% Cash as Percent of Market Cap 8.1% Avg Days Outstanding: Accounts Receivable 49.0x Avg Days Outstanding: Accounts Payable 46.5x 20% Working Capital to TTM Operating Expense Ratio 1.3x

Cash Flow Statement Analysis (Median) 0% Levered FCF Margin 31.4% Cash from Operations Growth (YoY) 107.1% -20% Cash from Investing Growth (YoY) -33.8% Cash from Financing Growth (YoY) -111.6% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) n/a

TTM TTM TTM Forward TTM Gross EBITDA Revenue EV/ Forward EV/ Company Name Ticker Market Cap EV Revenue Margin Margin Growth EV/ Revenue EBITDA EV/ Revenue EBITDA YTD Ctrip CTRP $6,200.3 $5,523.8 $824.6 74.7% 17.4% 26.7% 6.7x 38.5x 5.3x 18.9x 106.3% Expedia EXPE $8,302.2 $8,206.5 $4,594.1 77.9% 13.9% 19.6% 1.8x 12.8x 1.6x 8.5x 1.7% HomeAway AWAY $3,132.9 $2,789.2 $327.8 83.9% 18.0% 22.6% 8.5x 47.2x 7.1x 24.6x 66.0% MakeMyTrip MMYT $600.1 $538.0 $243.6 21.3% -9.1% 15.7% 2.2x n/a 5.5x n/a 21.0% Orbitz OWW $748.8 $1,036.1 $839.3 81.2% 14.1% 9.5% 1.2x 8.8x 1.2x 7.1x 140.3% Priceline PCLN $61,319.1 $57,041.6 $6,442.8 82.9% 37.4% 27.3% 8.9x 23.6x 7.1x 18.0x 86.8% Travelzoo TZOO $330.0 $251.6 $157.8 89.3% 17.1% 5.7% 1.6x 9.3x 1.5x 7.9x 10.7% TripAdvisor Inc TRIP $12,547.0 $12,490.8 $901.4 98.2% 36.3% 23.2% 13.9x 38.1x 11.5x 28.1x 100.0% Median: $4,666.6 $4,156.5 $832.0 82.0% 17.3% 21.1% 4.5x 23.6x 5.4x 18.0x 76.4%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - November 2013 TTM Revenue Growth 21.1% 80% TTM EBITDA Growth 6.8% TTM Earnings Growth -19.0% 70% Gross Profit Margin 82.0% EBITDA Margin 17.3% Net Income Margin 5.2% 60% SG&A Expenses as a % of Total Revenue 49.5% R&D Expenses as a % of Total Revenue 14.8% 50% Balance Sheet Analysis (Median) Current Ratio 1.7x 40% Quick Ratio 1.4x Cash as Percent of Market Cap 13.5% 30% Avg Days Outstanding: Accounts Receivable 35.5x Avg Days Outstanding: Accounts Payable 240.6x Working Capital to TTM Operating Expense Ratio 0.5x 20%

Cash Flow Statement Analysis (Median) 10% Levered FCF Margin 25.6% Cash from Operations Growth (YoY) 28.4% Cash from Investing Growth (YoY) -0.5% 0% Cash from Financing Growth (YoY) -61.4% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 25.2%