Weekly Internet / Digital Media / Saas Sector Summary

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Weekly Internet / Digital Media / SaaS Sector Summary Week of April 11th, 2016 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months

135% 115%

10.9% 26.4% 110% 9.8% 125% 9.2%

105% 4.2% 3.9% 115% 3.8% 1.3% 100% 9.5% (2.1%) 6.6% 105% 95% (6.5%) (0.5%) (3.1%) 90% 95% (3.4%) (8.5%) 85% 85% (16.7%) (19.2%) 80%

75% 75%

65% 70% 4/13/2015 6/4/2015 7/26/2015 9/16/2015 11/7/2015 12/29/2015 2/19/2016 4/11/2016 1/11/2016 1/24/2016 2/6/2016 2/19/2016 3/3/2016 3/16/2016 3/29/2016 4/11/2016

(1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers

(5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS

Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z. (4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. (5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. (6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 2 (7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Industry Stock Market Valuation Internet / Digital Media / SaaS: Financial Metrics

EV / 2016E Revenue EV / 2016E EBITDA 45.0x 5.0x 35.9x 4.0x 3.8x 3.8x 30.0x 2.9x 2.7x 3.0x 2.5x 2.5x 2.0x 1.9x 16.9x 16.7x 2.0x 14.8x 1.4x 15.0x 10.5x 10.3x 10.0x 9.5x 7.5x 1.0x

0.0x 0.0x

Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z. (4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. (5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. (6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 3 (7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Search / Online Advertising

Alphabet Inc. $757.54 $529.00 $810.35 $521,430 ($64,278) $457,152 6.1x 6.1x 5.3x 18.7x 15.5x 13.0x 32.1x 26.2x 21.9x 16.4% 1.3 16.7% NA Microsoft Corporation 54.31 39.72 56.85 429,554 (57,446) 372,108 4.2 4.1 3.9 12.2 11.0 10.9 38.4 20.7 19.2 9.3% 2.1 4.2% (10.1%) Yahoo! Inc. 36.48 26.15 46.13 34,540 (4,591) 29,985 6.0 7.4 8.5 90.7 32.4 39.7 62.9 62.2 68.8 1.8% 37.6 (12.4%) 1.6% Yandex N.V. 15.68 9.94 21.36 5,010 (208) 4,803 5.8 5.9 4.6 20.5 16.7 13.4 37.7 30.1 25.4 20.4% 1.2 28.3% 5.3% Criteo SA (1) 38.25 24.23 57.30 2,390 (343) 2,051 4.7 4.0 2.9 18.0 15.4 10.0 42.0 35.7 21.9 24.9% 0.9 39.4% 14.1% The Rubicon Project, Inc. (1) 18.60 11.72 19.45 878 (140) 738 3.0 3.3 2.5 38.8 17.0 12.5 NM 28.0 25.1 24.6% 1.0 32.1% 124.7% TubeMogul, Inc. (1) 13.86 9.11 17.77 493 (80) 413 2.3 2.4 1.8 NM NM 71.4 NM NM NM NM NM 29.7% 62.0% Blucora, Inc. 5.11 4.69 16.66 211 505 730 6.2 1.6 1.6 32.2 10.8 8.2 12.8 4.4 5.1 18.5% 0.3 (3.0%) NA Marchex, Inc. 4.32 3.08 5.32 181 (109) 72 0.5 0.5 0.5 38.5 4.8 17.1 86.4 21.9 NM 15.0% NM (3.8%) 11.8% QuinStreet, Inc. 3.31 2.65 6.82 150 (36) 114 0.4 0.4 0.3 NM 12.3 6.9 NM NM NM NA NA 14.1% (2.6%) Rocket Fuel Inc. 3.01 2.61 9.66 131 5 137 0.3 0.3 0.3 NM NM 21.8 NM NM NM NA NA (1.3%) (10.1%) YuMe, Inc. 3.61 2.35 5.76 126 (48) 77 0.4 0.5 0.4 NM NM 15.3 NM NM NM NA NA 3.2% (5.7%) Marin Software Incorporated 2.88 2.61 7.62 110 (34) 75 0.7 0.7 0.7 NM NM 17.3 NM NM NM NA NA 4.1% 7.5% Blinkx plc 0.26 0.21 0.58 104 (75) 29 0.1 0.1 0.1 NM NM 6.3 NM 11.1 6.5 NM NM 6.9% (13.8%) Tremor Video, Inc. 1.86 1.29 3.28 98 (60) 38 0.2 0.2 0.2 NM NM 16.1 NM NM NM NA NA (6.0%) (9.5%) Sizmek Inc. 2.80 2.68 7.91 81 (42) 39 0.2 0.2 0.2 6.7 3.4 2.4 NM NA NM NA NA 11.7% 13.4% ReachLocal, Inc. 1.93 0.55 3.50 58 12 70 0.2 0.2 0.2 NM NM 4.4 NM NM NM NA NA (17.8%) (18.4%) MaxPoint Interactive, Inc. 1.85 1.16 10.14 49 (10) 39 0.3 0.5 0.4 NM NM NM NM NM NM 20.0% NM 11.6% 6.2%

Mean 2.3x 2.1x 1.9x 30.7x 13.9x 16.9x 44.6x 26.7x 24.2x 16.8% 6.4 8.7% 11.0% Median 0.6 0.6 0.6 20.5 13.9 13.0 38.4 26.2 21.9 18.5% 1.2 5.5% 3.5%

Internet Content

TEGNA Inc. $22.73 $21.11 $38.48 $4,969 $4,072 $9,331 3.1x 2.9x 2.7x 8.4x 8.6x 7.0x 14.6x 15.2x 9.9x 6.0% 1.6 8.4% (1.1%) IAC/InterActiveCorp 46.55 38.82 84.66 3,867 268 4,576 1.4 1.4 1.4 11.9 9.5 8.2 34.9 14.4 14.6 14.7% 1.0 3.6% 2.2% Zillow Group, Inc. 21.05 16.46 35.47 3,756 (290) 3,466 5.4 5.4 4.3 NM 37.0 29.6 NM NM NM 49.8% NM 24.4% 83.4% GoDaddy Inc. 30.64 21.04 35.35 2,381 723 3,360 2.1 2.1 1.8 25.7 10.0 8.3 NM 24.2 19.5 22.0% 0.9 14.5% 14.4% WebMD Health Corp. 61.19 37.57 63.14 2,201 162 2,362 3.7 3.7 3.4 16.1 12.3 10.6 41.2 41.7 33.9 12.5% 2.7 9.9% NA comScore, Inc. 28.96 26.21 65.00 1,641 (114) 1,527 4.1 4.1 2.9 41.1 16.4 12.3 NM 16.5 18.6 23.5% 0.8 40.8% 8.4% Shutterfly, Inc. 45.82 35.22 49.10 1,597 71 1,668 1.6 1.6 1.4 14.5 8.6 7.8 NM NM 60.3 20.0% 3.0 9.1% 13.4% Renren Inc. 3.43 2.58 4.45 1,163 (172) 990 18.1 14.0 6.8 NM NM NM NM NM NM 20.0% NM 107.0% (36.4%) Web.com Group, Inc. 18.63 15.71 26.04 884 404 1,288 2.4 2.3 1.7 11.6 8.4 7.5 10.8 7.7 7.2 11.0% 0.7 35.5% 2.8% Bankrate, Inc. 8.73 6.59 15.80 850 61 911 2.5 1.7 2.5 8.5 6.0 9.0 48.5 12.4 19.2 17.7% 1.1 (33.9%) (23.0%) XO Group Inc. 16.50 13.55 17.91 416 (89) 328 2.3 2.3 2.1 16.3 12.2 9.5 78.6 45.2 32.7 NA NA 11.6% 2.9% DHI Group, Inc. 7.77 7.05 10.48 407 67 474 1.8 1.9 1.9 7.4 6.4 6.8 NM 17.9 16.8 NA NA (3.8%) (4.0%) Monster Worldwide, Inc. 3.21 2.43 8.23 289 31 320 0.5 0.5 0.5 3.4 2.9 3.3 32.1 8.1 9.7 NA NA (5.1%) (9.2%) TechTarget, Inc. 7.11 5.98 11.64 229 (25) 204 1.8 1.8 1.7 11.6 8.3 6.9 33.9 19.8 16.5 24.5% 0.7 8.1% (4.1%) United Online, Inc. 11.39 9.50 18.00 170 (105) 65 0.4 0.4 0.5 4.3 3.1 4.5 50.0 24.2 42.2 NA NA (18.5%) (4.1%) Everyday Health, Inc. 5.15 3.71 14.24 169 81 250 1.1 1.1 1.0 10.4 5.4 5.6 NM 9.4 12.1 NA NA 12.4% 29.6% eHealth, Inc. 8.71 8.14 16.81 158 (63) 95 0.5 0.5 0.5 17.0 8.5 6.6 NM 15.1 17.5 10.0% 1.8 9.2% 11.5% RealNetworks Inc. 4.07 3.04 7.15 149 (99) 50 0.4 0.4 0.4 NM NM NM NM NM NM NA NA 4.0% (15.7%) Demand Media, Inc. 5.18 3.94 6.89 103 (39) 65 0.5 0.5 0.5 NM NM NM NM NM NM NA NA 4.6% (19.8%) TheStreet, Inc. (2) 1.21 0.82 2.05 43 27 69 1.0 1.0 1.0 37.4 23.9 31.5 NM NM NM NA NA (0.9%) (1.8%)

Mean 2.7x 2.5x 2.0x 15.3x 11.0x 10.3x 38.3x 19.4x 22.0x 19.3% 1.4 12.0% 2.6% Median 1.8 1.7 1.7 11.8 8.6 7.8 34.9 15.8 17.5 18.8% 1.0 8.8% (1.1%)

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 4 (1) Revenue multiples reflective of Net Revenue. (2) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Internet Commerce

Amazon.com, Inc. $595.93 $374.40 $696.44 $281,035 ($2,261) $278,774 2.6x 2.6x 2.1x 35.4x 25.5x 19.7x NM NM NM 48.3% NM 21.3% 21.9% Alibaba Group Holding Limited 77.71 57.20 95.06 195,241 (7,448) 188,533 13.0 13.0 10.1 38.1 25.4 20.4 37.7 31.8 25.6 24.5% 1.0 28.7% 26.0% The Priceline Group Inc. 1,264.63 954.02 1,476.52 62,747 3,510 66,257 7.2 7.2 6.2 18.9 18.0 15.2 25.6 21.9 18.3 17.3% 1.1 16.9% 8.7% Netflix, Inc. 102.68 67.06 133.27 43,955 61 44,016 6.5 6.5 5.0 NM 91.9 79.4 NM NM NM 52.0% NM 29.1% 22.8% eBay Inc. 24.06 21.52 66.73 27,492 648 28,140 3.3 3.3 3.2 9.6 8.0 8.1 15.0 13.2 12.9 5.7% 2.3 1.7% (0.0%) Expedia Inc. 101.96 88.40 140.51 15,353 1,919 17,996 2.7 2.7 2.0 24.6 15.7 11.1 38.9 25.2 19.5 28.6% 0.7 32.8% 25.3% QVC Group 25.60 22.51 31.62 12,467 6,097 18,662 2.0 2.1 1.8 10.2 9.6 9.2 19.5 14.1 17.1 20.0% 0.9 18.3% 16.0% Copart, Inc. 40.92 32.26 41.80 4,583 517 5,100 4.4 4.4 4.1 12.7 12.0 11.7 23.1 23.7 19.9 11.8% 1.7 8.3% 8.5% Cimpress N.V. 89.63 63.15 94.57 2,809 623 3,497 2.2 2.2 2.0 16.7 15.0 12.6 41.2 25.0 22.6 16.4% 1.4 13.0% 12.8% GrubHub Inc. 23.29 17.77 47.38 1,971 (196) 1,775 4.9 4.9 3.9 19.9 17.2 14.0 52.9 37.4 30.6 28.0% 1.1 26.1% 36.3% Stamps.com Inc. 93.96 60.16 123.75 1,570 88 1,658 7.8 8.2 5.5 25.8 23.6 15.1 NM 24.7 17.8 20.5% 0.9 49.0% 67.0% Shutterstock, Inc. 36.83 25.44 74.30 1,299 (288) 1,011 2.4 2.4 2.0 18.3 12.1 10.3 68.2 31.6 27.4 16.0% 1.7 18.0% 27.2% Etsy, Inc. 8.05 6.04 35.74 907 (280) 628 2.3 2.3 1.8 48.8 22.7 17.1 NM NM NM 10.0% NM 25.2% 35.4% Quotient Technology Inc. 10.81 5.00 14.45 889 (137) 752 3.2 3.3 2.9 NM 60.4 32.2 NM NM NM 20.0% NM 13.3% 15.7% 1-800-Flowers.com Inc. 7.23 6.11 13.28 468 16 484 0.4 0.4 0.4 6.1 6.0 5.2 13.6 17.7 15.2 18.0% 0.8 1.6% 2.6% Angie's List, Inc. 7.94 3.73 11.25 466 3 468 1.4 1.4 1.3 21.7 16.7 14.3 46.7 38.5 43.4 8.0% 5.4 1.7% 5.0% Overstock.com Inc. 14.60 10.03 25.93 369 (155) 213 0.1 NA NA 18.9 NA NA NM NA NA NA NA NA 2.1% Blue Nile Inc. 25.12 22.33 39.00 291 (86) 205 0.4 0.4 0.4 11.9 9.1 9.3 27.9 28.3 30.3 18.8% 1.6 (3.8%) (4.8%) Travelzoo Inc. 7.86 6.63 14.29 114 (30) 84 0.6 0.6 0.6 8.7 8.8 9.4 30.2 20.2 47.4 5.0% 9.5 0.6% (6.5%) CafePress Inc. 3.75 3.02 5.36 63 (49) 14 0.1 0.1 0.1 3.4 3.8 3.5 NM NM NM NA NA 0.7% NA

Mean 3.4x 3.6x 2.9x 19.4x 21.1x 16.7x 33.9x 25.2x 24.9x 20.5% 2.1 15.9% 16.9% Median 2.5 2.6 2.0 18.6 15.7 12.6 30.2 24.8 21.3 18.4% 1.2 16.9% 15.7%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $96.27 $86.25 $122.08 $157,071 $14,614 $175,925 3.2x 3.3x 3.1x 10.7x 10.4x 10.0x 18.0x 18.0x 16.5x 11.5% 1.4 5.8% 13.8% Comcast Corporation 61.44 50.01 64.99 149,011 50,220 202,161 2.7 2.7 2.6 8.1 8.2 7.7 19.0 18.8 17.3 11.7% 1.5 6.9% 8.5% Time Warner Inc. 73.27 55.53 91.34 57,895 21,637 79,561 2.8 2.8 2.7 10.1 10.3 9.6 16.0 15.6 13.7 13.7% 1.0 3.3% (5.9%) Twenty-First Century Fox, Inc. 28.53 22.66 35.15 54,720 15,444 71,772 2.7 2.7 2.5 11.7 11.1 10.1 19.4 17.5 14.7 14.8% 1.0 6.5% (8.4%) Sony Corporation 27.46 20.37 36.77 34,642 2,094 42,140 0.6 0.6 0.6 5.7 10.8 5.9 31.3 42.4 22.7 10.0% 2.3 5.7% 0.2% CBS Corporation 53.52 38.51 63.95 24,595 8,125 32,720 2.4 2.4 2.3 10.5 10.5 9.5 18.6 16.1 13.4 16.2% 0.8 5.4% 6.2% Discovery Communications, Inc. 28.35 23.74 34.94 16,176 7,196 23,613 3.7 3.7 3.6 9.7 9.7 9.7 18.0 15.7 14.4 14.2% 1.0 2.9% (1.8%) Viacom, Inc. 38.13 30.11 73.52 15,095 12,240 27,624 2.1 2.1 2.1 6.9 6.8 7.0 8.2 7.1 7.3 5.3% 1.4 1.2% (5.7%) Scripps Networks Interactive, Inc. 64.82 47.62 72.11 8,353 3,787 12,552 4.2 4.2 3.7 9.2 10.1 9.1 13.9 14.4 12.7 11.1% 1.2 12.8% 27.3% Tribune Media Company 38.73 26.10 59.42 3,589 3,216 6,811 3.4 3.4 3.1 17.3 14.2 10.8 18.4 32.8 17.4 3.0% 5.8 11.1% NA Lions Gate Entertainment Corp. 19.90 16.21 41.41 2,985 1,506 4,580 2.1 2.0 1.8 68.5 17.0 15.3 50.8 34.4 18.9 27.6% 0.7 13.1% (10.8%)

Mean 2.7x 2.7x 2.5x 15.3x 10.8x 9.5x 21.1x 21.2x 15.4x 12.7% 1.6 6.8% 2.4% Median 2.7 2.7 2.6 10.1 10.4 9.6 18.4 17.5 14.7 11.7% 1.2 5.8% (0.8%)

Publishers

Thomson Reuters Corporation $40.39 $36.64 $43.36 $30,636 $7,652 $38,775 3.2x 3.2x 3.3x 14.9x 11.3x 11.9x 25.2x 19.6x 19.5x 8.4% 2.3 (3.7%) (2.0%) Pearson plc 11.90 9.19 20.89 9,655 1,127 10,787 1.6 1.5 1.7 10.4 8.3 10.0 NM 11.7 15.3 NM NM (11.9%) NA News Corporation 12.29 10.21 16.27 7,127 (1,883) 5,431 0.6 0.7 0.7 8.5 5.9 6.5 NM 32.8 24.7 9.2% 2.7 (2.9%) (4.3%) UBM plc 8.50 6.58 8.72 3,761 737 4,542 4.0 3.3 4.0 15.5 12.2 14.2 31.7 15.5 17.3 3.8% 4.6 (18.7%) NA Lagardere SCA 26.93 25.65 34.53 3,451 1,684 5,288 0.7 0.7 0.6 8.8 8.3 7.4 43.5 13.5 12.8 9.8% 1.3 6.5% (9.6%) Graham Holdings Company 467.84 425.14 1,119.54 2,637 (734) 1,929 0.7 0.8 0.8 5.9 7.4 6.7 NM 28.9 19.1 NA NA 1.2% (15.3%) The New York Times Company 12.42 11.48 14.53 1,990 (182) 1,809 1.1 1.1 1.2 7.5 6.5 7.5 32.7 19.8 22.2 4.0% 5.6 (0.1%) 0.0% Gannett Co., Inc. 15.38 10.75 17.91 1,792 (197) 1,595 0.6 0.5 0.5 4.2 4.1 4.0 12.3 8.9 10.7 NM NM 5.8% (9.7%) Time Inc. 14.60 12.23 24.26 1,531 582 2,113 0.7 0.7 0.7 5.2 4.7 4.6 NM 12.2 10.3 6.5% 1.6 1.8% (1.8%) The E. W. Scripps Company 15.04 14.56 25.02 1,262 291 1,553 2.2 2.0 1.5 46.7 13.6 6.1 NM 63.5 12.6 3.0% 4.2 29.8% 36.0% Tribune Publishing Company 6.86 5.45 19.88 217 349 566 0.3 0.3 0.3 5.1 3.6 3.9 NM 6.2 6.3 NA NA (0.7%) 1.0%

Mean 1.4x 1.3x 1.4x 12.1x 7.8x 7.5x 29.1x 21.2x 15.5x 6.4% 3.2 0.6% (0.6%) Median 0.7 0.8 0.8 8.5 7.4 6.7 31.7 15.5 15.3 6.5% 2.7 (0.1%) (2.0%)

5 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Diversified Marketing

WPP plc $23.47 $18.15 $23.92 $30,357 $4,735 $35,650 2.0x 2.0x 1.9x 11.3x 12.1x 11.5x 18.0x 17.2x 15.8x 8.5% 1.8 5.1% (0.1%) Nielsen Holdings plc 52.66 42.76 53.53 19,057 6,987 26,238 4.3 4.3 4.1 17.5 14.1 13.4 34.2 20.2 18.3 11.6% 1.6 3.3% (0.6%) Experian plc 17.58 14.50 18.12 16,872 3,340 20,228 4.3 4.3 4.5 13.6 11.3 13.0 25.6 19.3 19.5 11.0% 1.8 (4.2%) (6.4%) Equifax Inc. 113.69 90.94 116.80 13,496 1,102 14,637 5.5 5.5 4.8 16.0 15.9 13.5 32.0 25.4 22.7 11.6% 2.0 14.5% 6.7% Alliance Data Systems Corporation 206.70 176.63 312.00 12,260 16,010 28,437 4.4 4.4 4.0 18.8 14.9 13.8 23.4 13.8 12.3 14.1% 0.9 10.0% 17.7% The Interpublic Group of Companies, Inc. 22.70 18.16 23.80 9,165 253 9,706 1.3 1.3 1.2 9.4 9.4 8.8 20.8 19.5 17.3 11.3% 1.5 2.7% (0.5%) Havas SA 8.07 7.39 9.42 3,370 (96) 3,275 1.4 1.4 1.2 9.1 8.4 7.4 18.1 16.8 14.7 11.0% 1.3 13.1% 3.8% Acxiom Corporation 21.40 15.78 23.42 1,663 15 1,678 1.6 1.9 1.9 9.9 11.4 10.5 NM 36.6 37.1 12.5% 3.0 0.8% 6.2% MDC Partners Inc. 21.98 16.15 28.64 1,099 680 1,928 1.5 1.5 1.3 11.6 9.8 8.4 NM NM 21.7 8.0% 2.7 7.5% 5.6% Harte-Hanks Inc. 2.41 2.24 7.90 148 60 207 0.4 0.4 0.4 5.7 5.3 4.7 NM 11.5 11.5 NM NM (2.8%) (11.4%)

Mean 2.7x 2.7x 2.5x 12.3x 11.2x 10.5x 24.6x 20.0x 19.1x 11.1% 1.8 5.0% 2.1% Median 1.8 2.0 1.9 11.4 11.3 11.0 23.4 19.3 17.8 11.3% 1.8 4.2% 1.8%

Gaming

Tencent Holdings Limited $20.57 $15.99 $22.05 $190,031 ($2,288) $188,061 11.9x 12.2x 9.0x 28.4x 28.1x 21.4x 43.7x 40.2x 29.9x 26.4% 1.1 35.1% 38.6% Activision Blizzard, Inc. 33.41 22.62 39.93 24,556 2,248 26,804 5.7 5.7 4.3 18.9 16.6 12.3 28.1 24.6 18.7 14.4% 1.3 34.0% (14.2%) Electronic Arts Inc. 63.16 53.01 76.92 19,536 (2,889) 16,647 3.9 3.7 3.6 17.7 11.4 11.1 32.3 21.1 19.4 11.5% 1.7 2.4% (5.0%) NetEase, Inc. 138.91 102.80 186.45 18,158 (3,605) 14,566 4.1 4.2 2.7 12.7 12.7 10.0 17.7 16.4 13.4 24.3% 0.6 52.7% 118.0% Naver Corporation 579.66 399.83 602.36 16,890 (1,181) 15,832 5.7 5.7 4.8 20.4 19.6 15.4 38.7 41.2 29.9 22.8% 1.3 20.4% NA NCsoft Corporation 213.01 154.95 241.82 4,524 (810) 3,731 5.2 5.2 4.3 16.1 15.9 11.4 32.9 28.8 19.7 16.0% 1.2 21.8% (6.5%) Ubisoft Entertainment SA 30.35 16.95 32.56 3,344 180 3,524 2.7 3.5 1.6 NM 7.8 4.4 NM NM 13.7 27.1% 0.5 118.8% (62.1%) DeNA Co., Ltd. 18.10 14.19 25.05 2,625 (631) 2,056 1.7 1.7 1.5 7.5 7.9 5.8 28.3 24.5 14.4 20.0% 0.7 13.8% (2.1%) GungHo Online Entertainment, Inc. 2.67 2.19 4.71 2,559 (676) 1,897 1.5 1.5 1.5 3.1 2.9 3.2 7.7 7.0 7.1 NA NA (2.1%) (13.0%) Zynga, Inc. 2.34 1.78 3.13 2,019 (987) 1,032 1.3 1.4 1.4 NM 51.3 23.7 NM NM NM 21.0% NM (0.1%) (3.5%) Gree, Inc. 5.54 4.24 8.15 1,302 (640) 662 1.0 1.0 1.0 4.0 4.0 4.6 NM NM 16.4 NA NA (5.5%) (25.1%) Changyou.com Limited 19.09 15.21 35.27 970 (216) 784 1.0 1.0 1.4 3.2 3.7 5.1 4.7 4.8 8.2 15.0% 0.5 (26.1%) (25.0%) Glu Mobile, Inc. 2.82 1.98 7.03 373 (181) 192 0.8 0.8 0.7 30.8 17.0 NM NM NM NM 15.0% NM 11.9% (16.2%) GameAccount Network plc 0.38 0.31 1.11 25 (12) 13 1.3 1.4 0.7 NM NM 1.7 NM NM 4.8 NA NA 119.1% (36.2%)

Mean 3.4x 3.5x 2.7x 14.8x 15.3x 10.0x 26.0x 23.2x 16.3x 19.4% 1.0 28.3% (4.0%) Median 2.2 2.6 1.5 16.1 12.7 10.0 28.3 24.5 15.4 20.0% 1.1 17.1% (13.0%)

Social Media & New Platform

Facebook, Inc. $108.99 $72.00 $117.59 $319,705 ($18,119) $301,586 16.8x 17.3x 11.8x 36.6x 28.0x 19.4x 84.3x 50.2x 34.7x 31.5% 1.1 46.9% 51.7% LinkedIn Corporation 109.30 98.25 266.53 14,436 (1,993) 12,470 4.2 4.2 3.4 50.5 16.6 12.7 NM 40.7 34.1 28.4% 1.2 22.9% 34.0% Twitter, Inc. 16.51 39.40 52.54 11,431 720 12,151 5.5 5.5 4.1 NM 22.5 15.7 NM 46.6 30.4 36.2% 0.8 33.5% 48.3% Groupon, Inc. 4.13 2.15 7.54 2,385 (796) 1,591 0.5 0.5 0.5 24.6 6.7 14.6 NM 40.2 NM 21.7% NM (1.4%) 3.8% Pandora Media, Inc. 8.17 7.10 22.60 1,860 (136) 1,724 1.5 1.5 1.2 NM 32.0 NM NM 86.4 NM 36.7% NM 22.3% 25.4% Yelp Inc. 19.49 14.53 52.51 1,482 (371) 1,111 2.0 2.0 1.6 NM 15.1 11.7 NM 52.3 36.4 32.6% 1.1 26.0% 39.9%

Mean 5.1x 5.2x 3.8x 37.2x 20.2x 14.8x NM 52.7x 33.9x 31.2% 1.1 25.0% 33.9% Median 3.1 3.1 2.5 36.6 19.6 14.6 NM 48.4 34.4 32.1% 1.1 24.5% 36.9%

6 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 4/11/16 Low High Value Debt Value LTM CY 15E CY 16E LTM CY 15E CY 16E LTM CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ SaaS salesforce.com, inc. $74.16 $52.60 $82.90 $49,754 $715 $50,469 7.6x 7.6x 6.2x NM 43.3x 30.1x NM 98.5x 73.3x 26.6% 2.8 22.2% 25.3% Workday, Inc. 77.03 47.32 93.62 15,021 (1,462) 13,559 11.7 11.7 8.8 NM NM NM NM NM NM 41.9% NM 33.7% 42.9% ServiceNow, Inc. 63.31 46.00 91.28 10,179 (327) 9,853 9.8 9.8 7.2 NM 64.2 39.1 NM NM 99.8 41.2% 2.4 35.9% 44.3% NetSuite Inc. 70.41 51.75 102.46 5,632 (81) 5,551 7.5 7.5 5.8 NM NM 66.3 NM NM NM 23.5% NM 30.1% 30.6% The Ultimate Software Group, Inc. 186.82 148.26 216.27 5,389 (112) 5,278 8.5 8.6 6.8 82.5 35.5 27.7 NM 73.0 57.8 25.2% 2.3 25.2% 26.0% Shopify Inc. 29.52 18.48 42.13 2,372 (192) 2,180 10.6 11.1 6.6 NM NM NM NM NM NM 25.0% NM 67.5% 99.5% Zendesk, Inc. 21.01 11.06 28.20 1,916 (256) 1,660 8.0 8.0 5.6 NM NM NM NM NM NM 36.2% NM 44.0% 62.5% Cornerstone OnDemand, Inc. 33.00 22.25 40.70 1,808 (12) 1,796 5.3 5.2 4.2 NM NM 48.6 NM NM NM 20.0% NM 25.6% 25.5% RealPage, Inc. 19.81 16.06 23.98 1,559 9 1,568 3.3 3.4 2.7 29.7 17.4 13.2 NM 37.4 27.9 20.0% 1.4 22.3% 16.5% Demandware, Inc. 39.56 26.47 75.90 1,495 (197) 1,299 5.5 5.5 4.3 NM 71.2 55.1 NM NM NM 38.5% NM 28.6% 43.9% Box, Inc. 12.02 8.82 20.60 1,457 (141) 1,316 4.3 4.4 3.3 NM NM NM NM NM NM 68.4% NM 31.3% 35.7% HubSpot, Inc. 41.46 27.00 60.11 1,439 (104) 1,335 7.3 7.5 5.3 NM NM NM NM NM NM 40.2% NM 40.0% 55.5% RingCentral, Inc. 16.09 13.88 25.67 1,159 (102) 1,057 3.6 3.6 3.0 NM NM 55.8 NM NM NM 23.3% NM 20.1% 34.8% Marketo, Inc. 21.00 12.86 33.99 932 (105) 832 4.0 4.0 3.0 NM NM NM NM NM NM 20.9% NM 30.1% 37.6% Cvent, Inc. 21.37 17.85 37.25 899 (145) 753 4.0 4.0 3.3 NM 32.6 26.3 NM 78.6 NM 30.0% NM 23.3% 29.5% MINDBODY, Inc. 13.64 9.14 18.39 541 (77) 464 4.6 4.6 3.4 NM NM NM NM NM NM NA NA 33.9% 40.1% AppFolio, Inc. 12.30 11.07 19.94 413 (22) 391 5.2 5.2 3.8 NM NM NM NM NM NM 30.0% NM 36.9% 54.3% LivePerson Inc. 5.80 3.74 10.66 333 (49) 284 1.2 1.2 1.2 16.7 13.3 12.5 NM 44.8 68.7 20.0% 3.4 (2.9%) 1.6% ChannelAdvisor Corporation 11.77 8.71 14.73 299 (56) 243 2.4 2.5 2.2 NM NM NM NM NM NM 25.0% NM 15.3% 23.5% Jive Software, Inc. 3.77 2.84 5.99 289 (103) 186 0.9 1.0 0.9 NM 30.6 33.1 NM NM NM NA NA 4.1% 5.2% Apigee Corporation 9.20 5.14 20.50 274 (71) 203 2.6 2.6 1.9 NM NM NM NM NM NM NA NA 34.0% 34.6% Bazaarvoice, Inc. 3.10 2.82 6.56 252 (52) 200 1.0 1.0 1.0 NM NM 59.1 NM NM NM NA NA 4.0% 1.4% Xactly Corporation 7.35 4.68 10.67 217 (32) 185 2.4 2.4 1.9 NM NM NM NM NM NM 20.0% NM 25.6% 30.3% Brightcove Inc. 5.99 4.70 7.72 196 (27) 169 1.3 1.3 1.2 NM 25.1 19.2 NM NM 90.8 15.0% 6.1 9.4% 12.0% Marin Software Incorporated 2.88 2.61 7.62 110 (34) 75 0.7 0.7 0.7 NM NM 17.3 NM NM NM NA NA 4.1% 7.5%

Mean 4.9x 5.0x 3.8x 43.0x 37.0x 35.9x NM 66.5x 69.7x 29.6% 3.1 25.8% 32.8% Median 4.3 4.4 3.3 29.7 32.6 31.6 NM 73.0 71.0 25.1% 2.6 25.6% 30.6%

7 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

4/12/2016 $52 NA NA NA NA

4/5/2016 $168 NA NA NA NA

4/4/2016 $275 NA NA NA NA

3/25/2016 $100 NA NA NA NA

3/22/2016 $540 NA NA NA NA

3/21/2016 $56 NA NA NA NA

3/21/2016 $200 NA NA NA NA

(1) 3/17/2016 $72 2.7x 89.6x NA NA

(1) 3/7/2016 $207 1.7x NA NA NA

3/3/2016 $100 NA NA NA NA

3/1/2016 $260 NA NA NA NA

2/25/2016 $250 NA NA NA NA

(1) 2/24/2016 $400 10.7x NA NA NA

Notes: Multiples <0x or >50x considered NM. 8 Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiple based on period ending 12/31/15. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 2/23/2016 $68 1.2x 11.3x NA NA

2/18/2016 $500 NA NA NA NA

(2) (3) 2/14/2016 $389 4.1x 22.1x 3.1x 15.7x

2/12/2016 $85 NA NA NA NA

2/12/2016 $108 NA NA NA NA

2/4/2016 $100 NA NA NA NA

(4) 2/4/2016 $342 1.6x NA NA NA

(4) 2/3/2016 $1,400 11.7x NA NA NA

2/3/2016 $96 NA NA NA NA

(5) 2/1/2016 $379 6.6x NM 4.2x NA

1/20/2016 $130 NA NA NA NA

(6) 1/20/2016 $200 5.0x NA NA NA

(7) 1/11/2016 $155 4.8x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiples based on acquirer press release 2/23/16. (2) LTM multiples based on acquirer press release 2/15/16. (3) NTM multiples based on Capital IQ consensus estimates. (4) LTM multiple based on period ending 12/31/15. (5) Reflects a $360MM placement for 95% ownership. 9 (6) LTM multiple based on acquirer press release 1/20/16. (7) Reflects a $93MM private placement for 60% ownership. LTM multiple based on 2014 figure. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

1/11/2016 $135 NA NA NA NA

1/11/2016 $62 NA NA NA NA

(1) 12/23/2015 $100 5.0x NA NA NA

12/23/2015 $300 NA NA NA NA

(2) 12/22/2015 $175 2.3x NA NA NA

12/17/2015 $475 NA NA NA NA

(3) 12/15/2015 $841 2.8x NA NA NA

(4) 12/8/2015 $200 8.0x NA NA NA

(5) 12/1/2015 $180 1.3x 9.2x NA NA

11/16/2015 $163 NA NA NA NA

11/9/2015 $280 NM NA NA NA

(6) 11/5/2015 $450 7.9x NM 5.0x NA

(7) 11/4/2015 $2,929 6.0x 30.0x 5.3x 19.9x

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiple based on acquirer press release 12/30/15. Excludes $18MM earnout. (2) LTM multiple based on acquirer press release 12/22/15. (3) LTM multiple based on 2014 figure. (4) LTM revenue based on Wall Street research. (5) LTM multiples based on acquirer press release 12/1/15. Excludes net debt. 10 (6) NTM multiple based on acquirer conference call 11/5/15. (7) NTM multiples based on Capital IQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

11/3/2015 $649 0.5x NA NA NA

(1) 11/3/2015 $95 47.5x NA NA NA

(2) 11/3/2015 $4,963 2.4x 5.7x 2.8x 7.3x

(2) 11/2/2015 $937 2.6x 13.3x 2.3x 11.0x

(3) 10/30/2015 $165 NA NA NA NA

(4) 10/29/2015 $105 NA NA NA NA

(2) 10/21/2015 $4,612 9.9x 32.0x 8.0x 17.0x

10/19/2015 $160 NA NA NA NA

(5) (6) 10/19/2015 $400 8.0x NA 5.3x NA

10/19/2015 $575 NA NA NA NA

(7) 10/19/2015 $85 NA NA NA NA

10/15/2015 $176 NA NA NA NA

(5) 10/15/2015 $80 6.0x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM revenue based on Wall Street research. (2) NTM multiples based on Capital IQ consensus estimates. (3) Excludes $25MM earnout. (4) Excludes $40MM earnout. (5) LTM multiple based on 2014 figure. 11 (6) NTM multiple based on acquirer press release. (7) Aggregate value reduced by an estimated $6MM working capital adjustment. IPO Pipeline Internet / Digital Media / SaaS: IPOs in Public Registration

Offering Amounts $10MM or Greater Primary Initial Initial Offering LTM Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % EBITDA

Nutanix, Inc., together with its subsidiaries, provides enterprise cloud platform solutions that Internet Software and Services 12/22/15 $200 $283 (45.7%) ($111) converge traditional silos of server, virtualization, and storage into one integrated solution.

SecureWorks Corp. provides intelligence-driven Application Software 12/17/15 100 information security solutions focused on 317 (29.3%) (52) protecting organizations from cyber-attacks.

12 Notes: Source: Dealogic, Capital and SEC.gov. IPO Pipeline Internet / Digital Media / SaaS: Recently Withdrawn IPOs / Follow-ons

Offering Amounts $10MM or Greater Primary Initial Date Initial Offering Issuer Industry Filing Date Withdrawn Amount ($MM) Description

SunGard Data Systems provides solutions that automate the business Application Software 06/03/15 08/18/15 $100 processes associated with trading, managing investment portfolios, and accounting for investment assets.

Zoosk, Inc. operates an online dating platform that helps singles to find the Internet Software and Services 04/16/14 05/08/15 100 person and relationship that is right for them.

13 Notes: Source: Dealogic, Capital and SEC.gov. Venture Capital Industry TMT: Transactions Since 2001

$12 1,000

$10 800

600

$6 $Bn

400 NumberofInvestments $4

200 $2

$0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 Quarter - Year

(1) Number of Deals Investment Amount

Notes: 14 (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007

120 $10,000

(6) $9,000

100 30 1,250 $8,000

(4) (5) $7,000 25 80 1,000

$6,000

60 $5,000750 $MM

(7) Number of FinancingsofNumber

15 $4,000 $MM

40 500 (2) $3,000 10 Number Number of Financings (1) (3) $2,000 20 250 5

$1,000

May Feb Feb Mar Mar Apr Apr May Feb Mar Apr Mar Apr May Apr May Feb May Feb Mar

Jan Sep Jan Jun Nov Jul Nov Jul Aug Dec Aug Sep Jun Jul Aug Nov Dec Jul Aug Sep Dec Jan Jun Aug Sep Dec Jan Jun Sep Nov Jan Jun Jul

Oct Oct Oct

0 0 Oct $00

Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16

- - - - -

------

- - - 09 10 - 07 08 ------11

------

- 07 08 10 11 - 07 08 - 09 - 09 - 10

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

07 08 09 10 10 11 11 07 07 07 08 08 08 09 09 09 10 10

07 11 08 09 10

Notes: Amount Raised ($MM) Number of Financings Source: DowJones VentureWire. Only financings > $10MM included. (1) Chart excludes Groupon’s $377MM raise on 12/29/10. (2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11. (3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13. (4) Chart excludes Lyft’s $332MM raise on 4/2/14. (5) Chart excludes Good Technology’s $583MM raise on 4/10/2014. 15 (6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014. (7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014. Recent Private Financings Internet / Digital Media / Software

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

RideLabs San Francisco, CA 8-Apr-2016 Series A $12 Not disclosed Khosla Ventures Provider of transportation services and a transportation mobile application. $12 www.instantcab.com

Electric Imp Los Altos, CA 7-Apr-2016 Series C $21 Rampart Capital Rampart Capital, Redpoint Ventures Provider of technology to connect devices to the Internet, wirelessly. $44 www.electricimp.com

Twiggle Tel Aviv, Israel 7-Apr-2016 Series A $13 Naspers Naspers, Ronald Cohen, State Of Mind Ventures, Yahoo Japan Provider of an online search engine. $15 www.twiggle.com

Globality (IT) Menlo Park, CA 7-Apr-2016 Series B $27 Not disclosed Al Gore, John Joyce, Ken Goldman, Michael Marks, Ron Johnson Provider of global technological services. $37 www.globality.com

Intercom Bessemer Venture Partners, ICONIQ Capital, Index Ventures, The Provider of a customer relationship management and messaging tool for web San Francisco, CA 7-Apr-2016 Series D $50 Index Ventures $116 Social+Capital Partnership businesses. www.intercom.io

Luxe San Francisco, CA 7-Apr-2016 Series B $50 The Hertz Redpoint Ventures, The Hertz, Venrock Provider of mobile application for valet parking. $76 www.luxevalet.com x.ai CrunchFund, DCM Ventures, FirstMark Capital, IA Ventures, Lerer New York, NY 7-Apr-2016 Series B $23 Two Sigma Investments Hippeau Ventures, Pritzker Group Venture Capital, SoftBank Provider of an artificial intelligence powered personal assistant application. $34 www.x.ai Capital, Two Sigma Investments, Work-Bench

IronPlanet Pleasanton, CA 6-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of an online marketplace for used heavy equipment. $153 www.ironplanet.com

CrossChx Drive Capital, Khosla Ventures, Moonshots Capital, NCT Ventures, Columbus, OH 6-Apr-2016 Series C $15 Not disclosed Provider of patient identification and security technologies for healthcare facilities. $35 Silicon Valley Bank crosschx.com

Endless Mobile San Francisco, CA 6-Apr-2016 Angel $23 Not disclosed Not disclosed Manufacturer of a computer device. $33 www.endlessm.com

Finanzcheck.de Acton Capital Partners, HarbourVest Partners, Highland Capital Hamburg, Germany 6-Apr-2016 Series C $37 HarbourVest Partners Provider of consumer loan technology platform. $52 Partners Europe www.finanzcheck.de

Vasona Networks Bessemer Venture Partners, New Venture Partners, Nexstar Capital Provider of platforms for mobile network capacity, resource management and San Jose, CA 6-Apr-2016 Series C $15 Not disclosed $40 Partners edge intelligence. www.vasonanetworks.com

Mintigo San Mateo, CA 5-Apr-2016 Series D $15 Sequoia Capital Sequoia Capital Provider of an intelligent lead-generation services for customers. $34 www.mintigo.com

Origami Energy Cambridge, United Kingdom 5-Apr-2016 Series A $20 Not disclosed Cambridge Innovation Capital, Fred. Olsen, Octopus Investments Provider of grid-scale energy management services. $25 www.origamienergy.com

Notes: 16 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Vinomofo Cremorne, Australia 5-Apr-2016 Venture Round $19 Blue Sky Alternative Investments Blue Sky Alternative Investments Operator of an e-commerce site for wine. NA www.vinomofo.com

MariaDB Espoo, Finland 5-Apr-2016 Series C $12 Not disclosed California Technology Ventures, Intel Capital, SmartFin Capital Provider of a database software. $44 www.mariadb.com

Persado American Express Ventures, Bain Capital Ventures, Citi Ventures, New York, NY 5-Apr-2016 Series C $30 The Goldman Sachs Group Provider of marketing software. $66 StarVest Partners, The Goldman Sachs Group, TLcom Capital www.persado.com

Virool San Francisco, CA 5-Apr-2016 Series A $20 Not disclosed 500 Startups, FJ Labs, Flint Capital, Menlo Ventures, Yahoo Japan Developer of social video advertising platform. $27 www.virool.com

EdCast Mountain View, CA 4-Apr-2016 Venture Round $13 Not disclosed Not disclosed Provider of an online learning platform. $19 www.edcast.com

Eris London, United Kingdom 1-Apr-2016 Grant $1 Mondroit Capital Mondroit Capital Developer of legal software systems. $1 www.erisindustries.com

Slack Technologies Accel Partners, Comcast Ventures, GGV Capital, Index Ventures, San Francisco, CA 1-Apr-2016 Venture Round $200 Thrive Capital Developer of a real time messaging, archiving and search tool. $547 Spark Capital, The Social+Capital Partnership, Thrive Capital www.slack.com

Swanest London, United Kingdom 1-Apr-2016 Seed $10 Andreessen Horowitz Andreessen Horowitz Provider of an online brokerage platform. $10 www.swanest.com

Home24 Baillie Gifford, HV Holtzbrinck Venture, Investment AB Kinnevik, Provider of an online shopping platform for furniture, interior decorating, lighting Berlin, Germany 31-Mar-2016 Venture Round $22 Baillie Gifford $176 Rocket Internet and other home accessories. www.home24.de

Mashable R&R Ventures Partners, Time Warner Investments, Turner Provider of an online news site covering digital culture, social media and New York, NY 31-Mar-2016 Series C $15 Turner Broadcasting System $59 Broadcasting System, Updata Partners technology. www.mashable.com

Playbuzz 83North, Carmel Ventures, FirstTime Venture Capital, Saban New York, NY 31-Mar-2016 Series C $15 Saban Capital Group Developer of a free content platform. $35 Capital Group, Walt Disney www.playbuzz.com blispay. Accomplice VC, AngelList, FirstMark Capital, Founder Collective, Forest Hill, MD 31-Mar-2016 Seed $13 FirstMark Capital Provider of mobile credit for businesses and consumers. $14 New Enterprise Associates, TriplePoint Capital www.blispay.com

Garena General Atlantic, Keytone Ventures, Khazanah Nasional, Ontario Singapore, Singapore 31-Mar-2016 Series D $170 Khazanah Nasional Provider of an online mobile platform for entertainment and communication. $172 Teachers' Pension Plan www.garena.sg

Invoca Accel Partners, Morgan Stanley Alternative Investment Partners, Morgan Stanley Alternative Investment Santa Barbara, CA 30-Mar-2016 Series D $30 Rincon Venture Partners, Salesforce Ventures, StepStone, Upfront Provider of a pay-per-call platform for the performance marketing industry. $62 Partners www.invoca.com Ventures

Notes: 17 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Asana San Francisco, CA 30-Mar-2016 Series C $50 Sam Altman 8 | partners, Founders Fund, Mark Zuckerberg, VegasTechFund Developer of task management software for enterprises. $89 www.asana.com

Cockroach Labs New York, NY 30-Mar-2016 Series A1 $20 Index Ventures Benchmark Capital, FirstMark Capital, GV, Index Ventures Provider of a data-storage framework. $27 www.cockroachlabs.com

Cyara Hawthorn, Australia 30-Mar-2016 Series A $25 PeakSpan Capital Greenspring Associates, PeakSpan Capital Provider of an online platform for customer experience testing. $25 www.cyara.com

Gauss Surgical Jump Capital, Lifeforce Ventures, Promus Ventures, Providence Developer of a mobile computer vision platform to monitor surgical blood loss in Los Altos, CA 30-Mar-2016 Series B $13 Providence Ventures $24 Ventures, StartX, Summation Health Ventures real time. www.gausssurgical.com

LoanLogics Provider of a technology platform to improve the transparency, accuracy and Trevose, PA 30-Mar-2016 Series B $10 Blue Cloud Ventures Blue Cloud Ventures, Volition Capital $22 quality of consumer loan commerce. www.loanlogics.com

MapD San Francisco, CA 30-Mar-2016 Series A $10 Vanedge Capital GV, Nvidia, Vanedge Capital, Verizon Ventures Provider of big data analytics and visualization platform. $24 www.mapd.com

Planday Brooklyn, NY 30-Mar-2016 Series B $14 Creandum, IDInvest Partners Creandum, IDInvest Partners, SEB Asset Management Provider of workforce scheduling SaaS platform. $18 www.planday.com

Urfresh China 29-Mar-2016 Series B $30 Capital Today, Fengshang Capital Capital Today, Fengshang Capital Operator of a fresh produce e-commerce platform. $30 www.urfresh.cn

Beamr Tel Aviv, Israel 29-Mar-2016 Acquisition Financing $15 Disruptive Ventures Disruptive Ventures, Innovation Endeavors, Marker Provider of image and video optimization products. $25 www.beamr.com

Betterment Anthemis Group, Bessemer Venture Partners, Francisco Partners, New York, NY 29-Mar-2016 Series E $100 Investment AB Kinnevik Globespan Capital Partners, Investment AB Kinnevik, Menlo Provider of an online investment platform. $205 www.betterment.com Ventures

Icebrg Bellevue, WA 29-Mar-2016 Series A $10 Pelion Venture Partners Madrona Venture Group, Pelion Venture Partners Provider of network security services. $13 www.icebrg.io

LeTV Sports Beijing, China 29-Mar-2016 Series B $1,200 HNA Group HNA Group Provider of platform for streaming live sporting events. $1,331 www.lesports.com

Load DynamiX Azure Capital Partners, Benhamou Global Ventures, HighBAR San Jose, CA 29-Mar-2016 Venture Round $20 HighBAR Partners Provider of workload analysis and modeling software. $39 Partners, Kinetic Ventures www.loaddynamix.com

Wave Accounting Business Development Bank of Canada, Charles River Ventures, Toronto, Canada 29-Mar-2016 Series C $23 Not disclosed Developer of financial software for small businesses. $48 OMERS Ventures, The Social+Capital Partnership www.waveapps.com

Notes: 18 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Figtree Financing San Diego, CA 28-Mar-2016 Series A $30 LL Funds LL Funds Provider of financial services for property owners. $30 www.figtreefinancing.com

Hopper Atlas Venture, Brightspark Ventures, Business Development Bank Cambridge, MA 28-Mar-2016 Series C $16 Business Development Bank of Canada Developer of a mobile trip-planning application. $38 of Canada, OMERS Ventures www.hopper.com

Zeel Emil Capital Partners, Lightbank, NAV.VC, Partech Ventures, Slow New York, NY 24-Mar-2016 Series A $10 Emil Capital Partners Provider of an online directory and appointment-booking service for people. $12 Ventures www.zeel.com

Bromium Andreessen Horowitz, Highland Capital Partners, Ignition Venture Cupertino, CA 24-Mar-2016 Series D $40 Not disclosed Partners, Intel Capital, Lightspeed Venture Partners, Meritech Developer of endpoint security system. $116 www.bromium.com Capital Partners, Silver Lake

HG Data Santa Barbara, CA 24-Mar-2016 Series B $12 Updata Partners EPIC Ventures, Rincon Venture Partners, Updata Partners Developer of a competitive intelligence database for the technology industry. $23 www.hgdata.com

Kreditech Amadeus Capital Partners, Blumberg Capital, HPE Growth Capital, Hamburg, Germany 24-Mar-2016 Series C $103 J.C. Flowers & Company International Finance Corporation, J.C. Flowers & Company, Point Provider of a big data credit-scoring platform. $374 www.kreditech.com Nine Capital, Valar Ventures, Värde Partners

Mesosphere A Capital, Andreessen Horowitz, FUEL Capital, Hewlett-Packard San Francisco, CA 24-Mar-2016 Series C $74 Hewlett-Packard Enterprise Provider of an application programming interface for building distributed systems. $124 Enterprise, Khosla Ventures, Microsoft, Triangle Peak Partners www.mesosphere.com

Checkr San Francisco, CA 23-Mar-2016 Series B $40 Y Combinator Accel Partners, GV, IVP, Y Combinator Provider of background check application. $49 www.checkr.com

Science Exchange Collaborative Fund, Fenwick & West, Index Ventures, Maverick Palo Alto, CA 23-Mar-2016 Series B $25 Maverick Capital Capital, O'Reilly AlphaTech Ventures, Silicon Valley Bank, Union Provider of an online marketplace for science experiments. $30 www.scienceexchange.com Square Ventures, Windham Venture Partners, Y Combinator

BetterWorks 8 | partners, AME Cloud Ventures, Dipchand Nishar, Emergence Redwood City, CA 23-Mar-2016 Series B $20 Emergence Capital Partners Capital Partners, Formation 8, Kleiner Perkins Caufield & Byers, Developer of an enterprise goal-setting software. $35 www.betterworks.com Pejman Mar Ventures

GoCardless London, United Kingdom 23-Mar-2016 Series C $13 Notion Capital Accel Partners, Balderton Capital, Notion Capital, Passion Capital Provider of online-payment services. $33 www.gocardless.com

Stratoscale Battery Ventures, Bessemer Venture Partners, Cisco Investments, Herzliya Pituach, Israel 23-Mar-2016 Series C $27 Qualcomm Ventures Developer of virtulization technology for large data centers. $69 Intel Capital, Qualcomm Ventures, SanDisk Ventures www.stratoscale.com

Convoy (Logisitics Application) Allen & Company, Bezos Expeditions, FUEL Capital, Greylock Seattle, WA 22-Mar-2016 Series A $16 Greylock Partners Developer of technology for on-demand shipment services. $19 Partners, Omidyar Network www.convoy.com

Domo American Fork, UT 22-Mar-2016 Series E $131 BlackRock BlackRock, Canyon Capital Realty Advisors, Credit Suisse Provider of a cloud-based business management platform. $615 www.domo.com

Notes: 19 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Byju's Bangalore, India 22-Mar-2016 Venture Round $80 Not disclosed Sequoia Capital, Sofina Provider of online education services. $120 www.byjus.com

HomeUnion Artiman Ventures, Colchis Capital Management, Ka Hui Lua, Irvine, CA 22-Mar-2016 Series B $16 Not disclosed Operator of an online real estate investment management firm. $22 Northgate Capital, NVC Investment, Tamarisc www.homeunion.com

Striim Atlantic Bridge Capital, Frank Caufield, Intel Capital, Panorama Palo Alto, CA 22-Mar-2016 Series B $30 Intel Capital Provider of enterprise infrastructure software. $42 Point Partners, Summit Partners www.striim.com

Adams Street Partners, Cambia Health Solutions, Catalyst Health Maxwell Health Ventures, Cendana Capital, GIS Strategic Ventures, Industry Boston, MA 21-Mar-2016 Series C $22 GIS Strategic Ventures Provider of an employee benefits management platform. $58 Ventures, Lerer Hippeau Ventures, Schooner Capital, Sun Life www.maxwellhealth.com Financial, Tribeca Venture Partners, Vaizra Ventures

Easyhin Hawthorne Investments, Fosun Kinzon Capital, Morningside Shenzhen, China 21-Mar-2016 Series B $15 Fosun Kinzon Capital Provider of an online health management platform for mothers and babies. $27 Venture Group, SB China Venture Capital www.easyhin.com

Moat New York, NY 21-Mar-2016 Series C $50 Insight Venture Partners Insight Venture Partners Provider of multi-platform and actionable marketing analytics for brands. $68 www.moat.com

Sight Machine GE Ventures, Huron River Ventures, IA Ventures, Jump Capital, San Francisco, CA 21-Mar-2016 Series B $14 Jump Capital Mercury Fund, O'Reilly AlphaTech Ventures, Orfin Ventures, Pritzker Developer of manufacturing analytics platform. $25 www.sightmachine.com Group Venture Capital, Two Roads Group

Handshake BOLDstart Ventures, Emergence Capital Partners, MHS Capital, New York, NY 17-Mar-2016 Series B $14 Sozo Ventures Point Nine Capital, Primary Venture Partners, SoftTech VC, Sozo Provider of a sales order management platform. $24 www.handshake.com Ventures

Kenandy Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Redwood City, CA 17-Mar-2016 Series B1 $12 Not disclosed Provider of a cloud-based platform for enterprise resource management. $55 Salesforce Ventures, WS Investments www.kenandy.com

AvidXchange Charlotte, NC 17-Mar-2016 Venture Round $10 Not disclosed Not disclosed Provider of accounts payable and on-demand invoice management services. $261 www.avidxchange.com

M-Files Dallas, TX 17-Mar-2016 Series B $36 Partech Ventures Draper Esprit, Finnish Industry Investment, Partech Ventures Provider of document management software. $44 www.m-files.com

Momo App (M_Service) Ho Chi Minh, Vietnam 17-Mar-2016 Series B $28 Standard Chartered Private Equity Goldman Sachs Capital Partners, Standard Chartered Private Equity Provider of online mobile services and payment application. $34 www.momo.vn

Douyu.com Shanghai, China 16-Mar-2016 Series B $100 Tencent Holdings Nanshan Capital, Sequoia Capital, Tencent Holdings Provider of an online platform that broadcasts live e-sports events. $103 www.douyutv.com

Ring Santa Monica, CA 16-Mar-2016 Series C $61 Kleiner Perkins Caufield & Byers Kleiner Perkins Caufield & Byers, Richard Branson Developer of wireless frequency enabled security device. $100 www.ring.com

Notes: 20 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Striim Atlantic Bridge Capital, Frank Caufield, Intel Capital, Panorama Palo Alto, CA 16-Mar-2016 Series B $30 Intel Capital Provider of enterprise infrastructure software. $42 Point Partners, Regis McKenna, Summit Partners www.striim.com

Usermind Seattle, WA 16-Mar-2016 Series B $15 Menlo Ventures Andreessen Horowitz, Charles River Ventures, Menlo Ventures Developer of enterprise software for business operations. $22 www.usermind.com

Next Insurance Ribbit Capital, TLV Partners, Zeev Developer and provider of an insurance technology for small businesses to find Palo Alto, CA 15-Mar-2016 Series A $13 Ribbit Capital, TLV Partners, Zeev Ventures $13 Ventures and obtain insurance online. www.next-insurance.com

Redbubble Melbourne, Australia 15-Mar-2016 Venture Round $12 Blackbird Ventures Blackbird Ventures Provider of a digital platform for artwork products. $28 www.redbubble.com

Turn Redwood City, CA 15-Mar-2016 Debt Financing $14 Not disclosed Not disclosed Provider of data and media management platform. $152 www.turn.com

Couchbase Accel Partners, Adams Street Partners, Ignition Venture Partners, Mountain View, CA 15-Mar-2016 Series F $30 Sorenson Capital Mayfield, North Bridge Venture Partners, Sorenson Capital, Provider of database technologies. $129 www.couchbase.com WestSummit Capital

Pivot3 Austin, TX 15-Mar-2016 Series C $55 Argonaut Private Equity, S3 Ventures Argonaut Private Equity, S3 Ventures Provider of software infrastructure for the networked storage market. $214 www.pivot3.com

Skyport Systems Cisco Investments, GV, Index Ventures, Instant Scale Capital, Intel Developer of enterprise IT software that provides a secure-computing Mountain View, CA 15-Mar-2016 Series C $30 GV $67 Capital, Northgate Capital, Sutter Hill Ventures, Thomvest Ventures infrastructure for enterprise applications. www.skyportsystems.net

Alooma Lightspeed Venture Partners, Sequoia Tel Aviv, Israel 14-Mar-2016 Series A $11 Lightspeed Venture Partners, Sequoia Capital Provider of data plumbing services. $15 Capital www.alooma.com

LendInvest London, United Kingdom 14-Mar-2016 Series B $25 Atomico Atomico Provider of a peer-to-peer marketplace lending platform. $152 www.lendinvest.com

Zenly Paris, France 14-Mar-2016 Venture Round $11 Not disclosed IDInvest Partners, Kima Ventures Provider of a mobile-based, location-sharing platform. $11 www.zen.ly

Ezbob Leumi Partners, Oaktree Capital London, United Kingdom 11-Mar-2016 Series C $29 Leumi Partners, Oaktree Capital Management Operator of an e-lending platform. $82 Management www.ezbob.com

Bustle General Catalyst Partners, GGV Capital, Saban Capital Group, The New York, NY 10-Mar-2016 Series D $12 Saban Capital Group Provider of digital media site for women. $39 Social+Capital Partnership, Time Warner Investments www.bustle.com

Icertis Eight Roads Ventures, Greycroft Partners, Ignition Venture Partners, Bellevue, WA 10-Mar-2016 Series B $15 Ignition Venture Partners Provider of a contract management software. $22 Vijay Vashee www.icertis.com

Notes: 21 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Justworks Bain Capital Ventures, Index Ventures, Redpoint Ventures, Thrive New York, NY 10-Mar-2016 Series C $33 Redpoint Ventures Provider of an online payroll and benefits platform. $58 Capital www.justworks.com

Soothe Los Angeles, CA 10-Mar-2016 Series B $35 The Riverside Company The Riverside Company Provider of massage services. $48 www.soothe.com

The Whistle New York, NY 10-Mar-2016 Series C $20 NBC Sports Ventures Emil Capital Partners, NBC Sports Ventures, Sky Ventures, TEGNA Producer and publisher of sports-focused videos. $63 www.whistlesports.com

Attivio General Electric Pension Trust, Oak Investment Partners, Per-Olof Provider of enterprise software services and unified information access for Newton, MA 9-Mar-2016 Series E $31 Not disclosed $103 Soderberg, Tenth Avenue Holdings businesses. www.attivio.com fuboTV Chris Silbermann, David Stern, Edgar Bronfman, LionTree Advisors, New York, NY 9-Mar-2016 Series B $15 Sky UK, Twenty-First Century Fox Provider of an online video streaming platform for sports. $21 Luminari Capital, Sky UK, Twenty-First Century Fox www.fubo.tv

Intersec Cisco Systems, Harbert Management, Cisco Systems, CM-CIC Investissement, Harbert Management, Paris, France 8-Mar-2016 Series C $10 Developer of software for telecom service providers. $34 Omnes Capital Highland Capital Partners Europe, Innovacom, Omnes Capital www.intersec.com

Crimson Hexagon Provider of technologies for companies to identify opinion from in-house content Boston, MA 8-Mar-2016 Series C $20 Sageview Capital Sageview Capital repository and blogosphere. Offers market research insight into the stream of $31 www.crimsonhexagon.com online opinion-turning qualitative feedback into quantitative terms.

Culture Amp Provider of people analytics platform for data-driven insights on employee Richmond, Australia 7-Mar-2016 Series B $10 Index Ventures Blackbird Ventures, Felicis Ventures, Index Ventures $16 engagement and company culture. www.cultureamp.com

Property Partner Operator of a online crowdfunding platform for investments in residential London, United Kingdom 7-Mar-2016 Series B $23 Octopus Investments Dawn Capital, Index Ventures, Octopus Investments $33 properties. www.propertypartner.co

WorkForce Software Livonia, MI 7-Mar-2016 Venture Round $18 Not disclosed ORIX Ventures Provider of workforce management services for mid-size and large employers. NA www.workforcesoftware.com

Oro Los Angeles, CA 3-Mar-2016 Series A $12 Highland Capital Partners Europe Highland Capital Partners Europe Developer of open source Customer Relationship Management (CRM) software. $12 www.orocrm.com

Snapchat Access Industries, Alibaba Group, Fidelity Investments, Graph Los Angeles, CA 3-Mar-2016 Series F $713 Not disclosed Ventures, New Enterprise Associates, York Capital Management Developer of a photo messaging application. $1,363 www.snapchat.com Global Advisors, Yorkville Capital Management

Wrap (Media) Christopher Crain, Dream Incubator, Founders Fund, San Francisco, CA 3-Mar-2016 Series B $17 ProSiebenSat.1 Media, Raine Ventures ProSiebenSat.1 Media, Raine Ventures, Salesforce Ventures, Developer of a storytelling mobile user interface and interaction platform. $23 www.wrap.co Transmedia Capital

Blippar London, United Kingdom 2-Mar-2016 Series D $54 Khazanah Nasional Khazanah Nasional, Lansdowne Partners, Qualcomm Ventures Provider of augmented reality software for smartphones. $126 www.blippar.com

Notes: 22 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Atlas Venture, Business Development Bank of Canada, Converge Venture Partners, Docomo Capital, Export Development Canada, Influitive Export Development Canada, Georgian First Round Capital, Georgian Partners, Hummer Winblad Venture Toronto, Canada 2-Mar-2016 Series B $39 Provider of a platform for advocate marketing. $50 Partners, Leaders Fund Partners, Illuminate Ventures, Leaders Fund, Lightspeed Venture www.influitive.com Partners, NTT DoCoMo Ventures, OurCrowd, Relay Ventures, Resolute Ventures, RocketSpace

Mercari Development Bank of Japan, Global Brain, Globis Capital Partners, Tokyo, Japan 2-Mar-2016 Series D $75 Mitsui & Co Provider of a resale shopping application. $117 Mitsui & Co, Sumitomo Mitsui Trust Bank, World Innovation Lab www.mercari.com

CornerJob Antai Venture Builder, Banco Sabadell Foundation, Bonsai Venture Barcelona, Spain 1-Mar-2016 Series A $10 Not disclosed Capital, Caixa Capital Risc, Cube Investments, Ithaca Investments, Developer of an application for recruitment. $10 www.cornerjob.com Media Digital Ventures, Mediaset, Samaipata Ventures

Parchment Scottsdale, AZ 1-Mar-2016 Venture Round $12 Not disclosed Not disclosed Provider of an online educational record management service. $69 www.parchment.com American Family Mutual Insurance Company, Andreessen Horowitz, YourMechanic Data Point Capital, Lerer Hippeau Ventures, PG Ventures, Promus Mountain View, CA 1-Mar-2016 Series B $24 Not disclosed Provider of mobile car repair services. $36 Ventures, SAIC Capital, Silicon Valley Bank, SoftBank Capital, www.yourmechanic.com Verizon Ventures Hit the Mark Mumbai, India 29-Feb-2016 Series C $13 Eduardo Saverin Eduardo Saverin Operator of an online store offering baby and children's products. $27 www.hopscotch.in

MedCPU New York, NY 29-Feb-2016 Venture Round $35 UPMC Health System Merck Global Health Innovation, UPMC Health System Provider of real-time clinical care software. $62 www.MedCPU.com

Replay Technologies Newark, CA 29-Feb-2016 Series B $14 Deutsche Telekom Deutsche Telekom Provider of a video technology. $37 www.replay-technologies.com

Souq.com Baillie Gifford, International Finance Corporation, Naspers, Dubai, United Arab Emirates 29-Feb-2016 Venture Round $275 Naspers, Tiger Global Management Operator of an e-commerce portal in the Middle East and North Africa. $725 Standard Chartered Private Equity, Tiger Global Management www.uae.souq.com

55Haitao Pasadena, CA 25-Feb-2016 Series A $15 JJ Capital JJ Capital Operator of an e-commerce cashback website. $15 www.55haitao.com

AppCard Alexander Rittweger, Philippine Long Alexander Rittweger, Founders Fund, Innovation Endeavors, Jerry Provider of a platform enabling merchants to retain customers through loyalty New York, NY 25-Feb-2016 Series B $20 $33 Distance Telephone Yang, Philippine Long Distance Telephone programs, analytics engines, rewards and personalized offers. www.appcard.com enSilo Lightspeed Venture Partners, Carmel Ventures, Lightspeed Venture Partners, Rembrandt Venture Palo Alto, CA 25-Feb-2016 Series A $19 Provider of a real-time targeted attack exfiltration prevention platform. $21 Rembrandt Venture Partners Partners www.ensilo.com

Niantic Alsop Louie Partners, Cyan Banister, Fuji Television Network, GV, San Francisco, CA 25-Feb-2016 Series A $30 Not disclosed Lucas Nealan, Nintendo, Scott Banister, The Pokémon Company, Developer of gaming software. $33 www.nianticlabs.com You & Mr Jones Brandtech Ventures

Shopgate Austin, TX 25-Feb-2016 Series C $15 Not disclosed Not disclosed Provider of a mobile shopping application for mail-order and retail businesses. $22 www.shopgate.com

Notes: 23 Source: PitchBook. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock

Undisclosed

Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Consortium Led by A subsidiary of

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller April 2015 April 2015 March 2015 February 2015 December 2014 October 2014 October 2014 September 2014 September 2014

Sale of Acquired by Acquired by Preferred Stock Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of

to Japan We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller August 2014 August 2014 August 2014 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013

Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by Store Assets to Reality Media Holdings Fairness Opinion for We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012

Sale of Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012

24 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo London

th 150 California St., Ste. 2300 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome 48 Dover Street San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 London W1S 4FF United States United States Japan United Kingdom Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +44 (0) 207 038-3200

Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros Joshua Wepman Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (212) 999-7092 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Ashley Ma Giuseppe Diprima Tomohiko Kubota Saif Malik Director Vice President Vice President Vice President

Phone: (212) 999-7076 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216 Mobile: (917) 575-0103 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553 [email protected] [email protected] [email protected]