AUGUST 2010 M&A & Investment Summary

Marketing, Information and Digital Media / Commerce Industries AUGUST 2010 M&A & Investment Summary

Expertise. Commitment. Results. MARKETING, INFORMATION AND DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution A total of 57 deals worth approximately $2.6 billion were announced in August 2010 • Marketing Technology, Digital Media / Commerce and Interactive Advertising were the most active segments • Software & Information was the highest value segment with three deals worth approximately $802 million • Strategic buyers announced 31 deals for approximately $2.2 billion (83% of total) • VC/Growth Capital investors announced 25 deals for approximately $342 million • Francisco Partners’ acquisition of Emailvision for $109.4 million was the only buyout transaction announced this month

AUGUST 2010 ($ in millions) BUYER/INVESTOR BREAKDOWN Transactions Est. ValueStrategic Buyout VC /Growth Capital #% $ %#$#$#$ Marketing Technology 21 37% 787.9 30% 8 640.0 0 0.0 13 147.9 Digital Media / Commerce 16 28% 674.1 25% 11 601.0 0 0.0 5 73.1 Interactive Advertising 12 21% 344.1 13% 7 124.0 1 109.4 4 110.7 Advertising & Promotion 4 7% 34.3 1% 3 32.0 0 0.0 1 2.3 Software & Information 3 5% 802.1 30% 2 796.0 0 0.0 1 6.1 Out-of-Home & Specialty Media 1 2% 2.0 0% 0 0.0 0 0.0 1 2.0 Marketing Services 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 57 100% 2,644.5 100% 31 2,193.0 1 109.4 25 342.1

$14.1 Marketing, Information and Digital Media / Commerce Industries M&A and Investment Volume $9.5 Last 13 Months $9.4 $7.6

$4.7 $3.5 $3.5 $3.6 $2.5 $2.6 $2.6 $2.3 $2.6 $1.3 $1.4 $1.8 Value ($ in billions) in ($ Value 44 49 80 65 5779 54 68 72 98 56 71 57 $- Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10

M&A & INVESTMENT SUMMARY AUGUST 2010 2 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions)

Select Transactions With Multiples Information EV/ EV/ Target Segment Buyer/Investor Ent. Value Rev EBITDA REV EBITDA Interactive Advertising Emailvision, Inc. (France) Email Services Francisco Partners$ 109.4 $ 54.3 $ 5.2 2.0x 21.2x BV! Media, Inc. (Canada) Ad Networks/Exchanges Rogers Communications, Inc. 24.2 13.1 1.9 1.8x 13.0x

Digital Media / Commerce CMI Marketing, Inc. Social Media Yahoo!, Inc. 100.0 27.5 - 3.6x NA Investopedia.com, Inc. Niche Content ValueClick, Inc. 42.0 10.0 5.0 4.2x 8.4x

Software & Information United BioSource Corp. Marketing Data Medco Health Solutions, Inc. 730.0 280.0 56.0 2.6x 13.0x A.D.A.M., Inc. Healthcare-BioPharma Ebix, Inc. 66.0 27.9 6.3 2.4x 10.5x

Marketing Technology Unica Corporation MRM/Workflow Management IBM Corporation 480.0 109.2 10.1 4.4x 47.5x

Note: Transaction values where not publicly disclosed have been estimated.

M&A & INVESTMENT SUMMARY AUGUST 2010 3 EQUITY MARKETS

Index Performance Since Jan 1, 2010 Index Performance Since Aug 1, 2010 • S&P 500 – T 2.5% • S&P 500 – T 6.80% • NASDAQ – T 3.4% • NASDAQ – T 7.90% •Dow Jones –T 1.3% •Dow Jones –T 6.18%

115

110

105

100

95 Index Performance (%) Performance Index

85 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10

S&P 500 NASDAQ Dow Jones

M&A & INVESTMENT SUMMARY AUGUST 2010 4 IPO PIPELINE ($ in Millions) Securities in Registration Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA

Nielsen Holdings (Netherlands) Market Research$ 1,750.0 $ 4,902.0 $ 1,345.0 Toys R US Multichannel Retailer 800.0 13,568.0 1,130.0 Affinion Group Holdings Loyalty Solutions Provider 400.0 1,386.1 296.6 Newegg eCommerce 175.0 2,289.8 55.7 Demand Media Domain Portfolio/Marketplace 125.0 221.1 46.8 Everyday Health Healthcare Information 100.0 95.7 3.0 Epocrates Healthcare Information 75.0 93.3 17.7 Reply.com Online Lead Generation 60.0 38.3 8.1

IPO Performance Initial Offering Final Price Stock Price at Close Stock Price Date Ticker Company Name Price Range Per Share on 1st Trading Day on Aug 31, 2010

Feb-10 QNST QuinStreet $17.00 - $19.00 $15.00 $15.00, flat $10.73 Mar-10 FNGN Financial Engines $9.00 - $11.00 $12.00 $17.25, up 44% $13.30 Mar-10 SSNC SS&C Technologies $13.00 - $15.00 $15.00 $15.08, up 1% $14.09 Apr-10 SPSC SPS Commerce $11.00 - $13.00 $12.00 $13.60, up 13% $10.19 Apr-10 CNVO Convio $10.00 - $12.00 $9.00 $10.24, up 14% $8.29 May-10 RLOC ReachLocal $17.00 - $19.00 $13.00 $14.98, up 15% $13.01 Jun-10 MOTR Motricity $10.00 - $11.00 $10.00 $9.26, down 7% $7.36 Jul-10 QLIK Qlik Technologies $8.50 - $9.50 $10.00 $14.06, up 41% $18.63 Jul-10 GDOT Green Dot Corp. $32.00 - $35.00 $36.00 $44.99, up 25% $45.26 Aug-10 MDMD MediaMind Technologies $14.00 - $16.00 $11.50 $11.00, down 4% $11.80 Aug-10 MMYT MakeMyTrip Ltd. (India) $12.00 - $14.00 $14.00 $26.45, up 89% $34.00

New filing in August.

M&A & INVESTMENT SUMMARY AUGUST 2010 5 INTERACTIVE ADVERTISING Transactions by Segment & Buyer Type ($ in Millions) • With four transactions for approximately $69 million, Interactive Agency was the most active subsegment • Select acquisitions included › Francisco Partners’ acquisition of Emailvision, (France) an email service provider › Roger Communications’ (Canada) acquisition of BV! Media, (Canada) an ad network business › JWT’s acquisition of Digitaria Interactive, an interactive agency › Euro RSCG Discovery’s acquisition of Congruent Media, an interactive agency • Select investments included › Singapore-based Temasek Holdings’ $50 million growth investment in Tudou.com, (China) a leading digital- video website › Bain Capital’s $16.7 million investment in 1-800-DENTIST.com › General Atlantic’s undisclosed growth investment in Red Ventures, a customer acquisition marketing company

INTERACTIVE ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Interactive Agency 4 33% 69.0 20% 4 69.0 0 0.0 0 0.0 Email Services 2 17% 129.4 38% 1 20.0 1 109.4 0 0.0 Digital Video 2 17% 60.0 17% 1 10.0 0 0.0 1 50.0 Online Lead Generation 2 17% 56.7 16% 0 0.0 0 0.0 2 56.7 Ad Networks/Exchanges 2 17% 29.0 8% 1 25.0 0 0.0 1 4.0 Total 12 100% 344.1 100% 7 124.0 1 109.4 4 110.7

M&A & INVESTMENT SUMMARY AUGUST 2010 6 INTERACTIVE ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $450.02 -29% $ 143,574.7 $ 113,515.7 $ 26,213.6 $ 10,825.5 41.3% 17.7% 4.3x 10.5x Microsoft Corporation United States 23.47 -26% 203,055.9 172,468.9 62,484.0 27,197.0 43.5% 6.9% 2.8x 6.3x

2 ergo Group plc United Kingdom $0.88 -57% $ 28.9 $ 24.0 $ 33.1 $ 4.5 13.7% -16.1% 0.7x 5.3x Autobytel Inc. United States 0.85 -40% 38.6 14.7 49.5 (6.6) NM -15.7% 0.3x NM Blinkx plc United Kingdom * 1.14 -21% 350.8 336.1 33.7 (6.5) NM 141.6% 10.0x NM Burst Media Corp, United States 0.08 -55% 5.9 0.5 31.4 0.3 0.9% 15.2% 0.0x 1.7x BV! Media Inc. Canada 0.37 -9% 22.5 22.1 12.6 1.8 14.1% 48.9% 1.8x 12.5x Constant Contact, Inc. United States 17.72 -33% 513.5 397.5 151.9 7.1 4.7% 41.5% 2.6x 55.8x Cyberplex Inc. Canada 0.50 -66% 66.4 99.7 78.3 4.7 6.0% -15.1% 1.3x 21.1x eHealth, Inc. United States 10.10 -47% 237.8 96.5 141.8 28.1 19.8% 15.0% 0.7x 3.4x E-mail Vision France 3.71 -2% 66.9 66.0 42.1 2.5 6.0% 34.9% 1.6x 26.2x Glu Mobile, Inc. United States 1.13 -33% 34.8 37.7 71.9 (4.9) NM -16.5% 0.5x NM Hi-Media S.A. France 3.80 -50% 167.8 209.1 247.0 26.8 10.8% 27.0% 0.8x 7.8x IAC/InterActiveCorp. United States 24.78 -5% 2,591.8 1,281.1 1,492.5 131.3 8.8% -3.2% 0.9x 9.8x InfoSpace Inc. United States 6.99 -43% 251.8 28.5 246.0 21.8 8.9% 54.7% 0.1x 1.3x InsWeb Corp. United States 4.90 -16% 23.8 13.9 36.3 0.8 2.2% 9.5% 0.4x 17.7x Internet Brands, Inc. United States 10.35 -10% 479.1 420.4 107.5 40.4 37.6% 6.8% 3.9x 10.4x LookSmart, Ltd. United States 1.55 -21% 26.6 3.7 51.6 0.4 0.7% -9.2% 0.1x 10.3x Lyris, Inc. United States 0.32 -36% 38.8 43.6 43.8 3.1 7.1% 1.2% 1.0x 13.9x Marchex, Inc. United States * 4.01 -32% 141.4 108.5 91.0 0.3 0.3% -23.9% 1.2x 398.7x OPT Inc. Japan 1,343.40 -28% 199.0 59.8 629.6 18.4 2.9% -2.0% 0.1x 3.3x PubliGroupe SA Switzerland 100.59 -20% 237.5 321.8 1,554.4 (9.6) NM -24.1% 0.2x NM QuinStreet, Inc. United States 10.73 -41% 483.5 421.4 334.8 58.0 17.3% 28.5% 1.3x 7.3x ReachLocal, Inc. United States 13.01 -23% 361.7 277.8 246.4 (4.8) NM 0.0% 1.1x NM Septeni Holdings Co Ltd Japan 513.58 -48% 64.6 25.3 365.5 12.9 3.5% -2.1% 0.1x 2.0x TradeDoubler AB Sweden 3.12 -72% 133.7 117.2 361.5 6.1 1.7% -11.8% 0.3x 19.1x Travelzoo Inc. United States 18.26 -13% 300.3 268.2 104.0 18.7 18.0% 22.7% 2.6x 14.4x Tree.Com, Inc. United States 7.28 -25% 78.1 95.5 192.4 (3.1) NM -11.2% 0.5x NM ValueClick, Inc. United States 10.88 -22% 890.1 718.3 410.8 113.8 27.7% 22.7% 1.7x 6.3x Velti Plc United Kingdom 6.72 -16% 252.3 270.7 90.0 23.4 26.0% 45.0% 3.0x 11.5x Vertro, Inc. United States 2.00 -52% 14.1 8.2 32.0 (1.1) NM 2.6% 0.3x NM Yahoo! Inc. United States 13.11 -31% 17,674.6 15,085.3 6,505.7 1,328.0 20.4% -3.6% 2.3x 11.4x YOC AG Germany 45.98 -23% 79.5 85.5 37.9 2.9 7.7% 24.5% 2.3x 29.3x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (7.0x) Low 0.0x 1.3x and EBITDA multiples that are 2.0 standard deviations above the mean (188.4x). Mean 1.4x 29.2x Median 0.9x 10.9x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 2.1x 13.4x Adj. W Avg* 2.0x 11.7x High 10.0x 398.7x

M&A & INVESTMENT SUMMARY AUGUST 2010 7 ADVERTISING & PROMOTION Transactions by Segment & Buyer Type ($ in Millions) • Four transactions were announced in the Advertising & Promotion segment for approximately $34 million • Acquisitions included › MDC Partners’ (Canada) acquisition of Relevent, an experiential marketing agency › Grey Healthcare Group’s acquisition of Geoff Howe Marketing Communications, an agency specializing in the marketing of animal health, diet and nutrition products › LeapFrog Solutions’ acquisition of Kensington Creative Worldwide, a graphic design and marketing agency • The only VC transaction in the Advertising & Promotion segment this month was Flybridge Capital Partners’ $2.3 million first round investment in SaveWave

ADVERTISING & PROMOTION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Experiential Marketing 1 25% 20.0 58% 1 20.0 0 0.0 0 0.0 Specialty Agency 1 25% 10.0 29% 1 10.0 0 0.0 0 0.0 Promotion Agency 1 25% 2.3 7% 0 0.0 0 0.0 1 2.3 General Agency 1 25% 2.0 6% 1 2.0 0 0.0 0 0.0 Total 4 100% 34.3 100% 3 32.0 0 0.0 1 2.3

M&A & INVESTMENT SUMMARY AUGUST 2010 8 ADVERTISING & PROMOTION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc United Kingdom $1.73 -18% $ 1,967.1 $ 2,525.4 $ 2,055.4 $ 297.6 14.5% 0.1% 1.2x 8.5x Cello Group Plc United Kingdom 0.72 -4% 44.3 62.6 204.6 11.2 5.5% -8.0% 0.3x 5.6x Chime Communications plc United Kingdom 3.22 -10% 236.7 226.1 448.0 37.7 8.4% 0.0% 0.5x 6.0x Dentsu Inc. Japan 22.77 -30% 5,672.4 5,643.9 19,365.6 678.9 3.5% -4.9% 0.3x 8.3x Havas France 4.60 -15% 1,978.5 1,911.1 1,805.1 282.4 15.6% -2.8% 1.1x 6.8x Huntsworth plc United Kingdom 1.16 -15% 267.4 354.0 249.7 31.2 12.5% 7.5% 1.4x 11.3x IPG United States 8.53 -56% 4,169.6 4,670.1 6,187.0 774.9 12.5% -4.0% 0.8x 6.0x M&C Saatchi plc United Kingdom 1.52 -6% 93.6 78.5 167.1 19.4 11.6% -0.9% 0.5x 4.0x MDC Partners Inc. Canada 11.47 -12% 327.3 644.7 590.5 47.2 8.0% 7.7% 1.1x 13.6x mktg, inc. United States 0.40 -67% 3.4 2.2 87.3 1.1 1.3% -6.9% 0.0x 1.9x Omnicom Group Inc. United States 35.01 -21% 10,550.5 12,657.1 12,064.6 1,704.1 14.1% -2.0% 1.0x 7.4x Photon Group Limited Australia 0.09 -95% 16.4 252.3 497.3 36.2 7.3% -10.1% 0.5x 7.0x Publicis Groupe SA France 42.01 -9% 7,514.6 8,330.7 5,959.4 1,059.7 17.8% 3.5% 1.4x 7.9x Sapient Corp. United States * 10.40 -10% 1,404.1 1,236.0 766.2 69.9 9.1% 16.2% 1.6x 17.7x WPP plc Ireland 9.92 -13% 12,456.4 17,396.6 13,227.3 1,908.2 14.4% 4.9% 1.3x 9.1x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (2.3x) Low 0.0x 1.9x and EBITDA multiples that are 2.0 standard deviations above the mean (15.8x). Mean 0.9x 8.1x Median 1.0x 7.4x Weighted Avg 1.1x 8.3x Adj. W Avg* 1.1x 8.0x High 1.6x 17.7x

M&A & INVESTMENT SUMMARY AUGUST 2010 9 OUT-OF-HOME & SPECIALTY MEDIA Transactions by Segment & Buyer Type ($ in Millions) • Select transaction in the Out-of-Home & Specialty Media segment included › Netpulse Media Network, a San Francisco-based company facilitating advertising and content in fitness centers, raised an additional $2 million from undisclosed investors. Netpulse Media Network had previously raised $3.1 million from Javelin Venture Partners and DFJ Frontier

M&A & INVESTMENT SUMMARY AUGUST 2010 10 OUT-OF-HOME & SPECIALTY MEDIA PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Astral Media Inc. Canada $34.03 -6% $ 1,925.5 $ 2,481.6 $ 899.2 $ 313.4 34.9% 2.8% 2.8x 7.9x Clear Channel Outdoor Holdings Inc. United States 10.05 -24% 3,577.1 5,714.7 2,733.9 533.0 19.5% -4.9% 2.1x 10.7x Clear Media Ltd. Hong Kong 0.53 -23% 278.1 228.1 151.1 56.3 37.3% -0.8% 1.5x 4.1x Focus Media Holding Ltd. Hong Kong 19.05 -5% 2,772.6 2,201.0 553.8 119.3 21.5% 281.8% 4.0x 18.4x JCDecaux SA France 23.97 -18% 5,306.2 6,004.2 2,583.7 523.0 20.2% 3.8% 2.3x 11.5x Lamar Advertising Co. United States 26.21 -32% 2,410.5 4,930.6 1,064.6 434.3 40.8% -4.4% 4.6x 11.4x National CineMedia, Inc. United States 15.89 -21% 842.2 1,753.1 398.0 192.2 48.3% 3.0% 4.4x 9.1x Tom Group Ltd. Hong Kong * 0.09 -21% 350.1 509.7 319.3 16.3 5.1% -3.9% 1.6x 31.4x Valassis Communications Inc. United States 29.31 -24% 1,441.7 1,935.9 2,279.0 291.9 12.8% -0.3% 0.8x 6.6x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (6.8x) Low 0.8x 4.1x and EBITDA multiples that are 2.0 standard deviations above the mean (28.7x). Mean 2.7x 12.3x Median 2.3x 10.7x Weighted Avg 2.8x 11.8x Adj. W Avg* 2.8x 11.4x High 4.6x 31.4x

M&A & INVESTMENT SUMMARY AUGUST 2010 11 DIGITAL MEDIA / COMMERCE Transactions by Segment & Buyer Type ($ in Millions) • The eCommerce subsegment had seven transactions, of which four were investments for approximately $48 million • Social Media and Social Games subsegments had five transactions in aggregate • Google was the most active strategic acquirer, announcing three transactions in this segment • Select acquisitions included › Google’s acquisition of Slide, a social gaming company for $228 million › Yahoo!’s acquisition of CMI Marketing (dba CafeMom.com) for a reported $100 million › Ybrant Digital’s acquisition of Lycos for $36 million. Note, Daum Communications paid $95 million to acquire Lycos from Terra Networks in 2004 › Groupon’s acquisition of Darberry (Russia) and Qpod (Japan) • Select investments included › Index Ventures’ $11.9 million investment in Notonthehighstreet Enterprises Ltd. (United Kingdom) › August Capital Management’s $6 million investment in Zulily, a private-sale shopping site for children's items › Insight Venture Partners’ undisclosed investment in Mentez, Latin America’s biggest social games publisher

DIGITAL MEDIA / COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$e #$ eCommerce 7 44% 188.1 28% 3 140.0 0 0.0 4 48.1 Social Media 3 19% 120.0 18% 3 120.0 0 0.0 0 0.0 Social Games 2 13% 253.0 38% 1 228.0 0 0.0 1 25.0 Niche Content 2 13% 52.0 8% 2 52.0 0 0.0 0 0.0 Web Search/Portals 1 6% 36.0 5% 1 36.0 0 0.0 0 0.0 Vertical Search 1 6% 25.0 4% 1 25.0 0 0.0 0 0.0 Total 16 100% 674.1 100% 11 601.0 0 0.0 5 73.1

M&A & INVESTMENT SUMMARY AUGUST 2010 12 DIGITAL MEDIA / COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $124.83 -17% $ 55,902.0 $ 50,926.0 $ 28,665.0 $ 1,720.0 6.0% 39.8% 1.8x 29.6x eBay Inc. United States 23.23 -18% 30,481.4 25,583.5 9,020.2 2,761.7 30.6% 9.0% 2.8x 9.3x Time Warner Inc. United States 29.98 -12% 33,704.0 45,992.0 26,568.0 6,579.0 24.8% 13.1% 1.7x 7.0x Yahoo! Inc. United States 13.11 -31% 17,674.6 15,085.3 6,505.7 1,328.0 20.4% -3.6% 2.3x 11.4x

1-800-Flowers.com Inc. United States $1.58 -68% $ 100.7 $ 133.4 $ 667.7 $ 26.7 4.0% -6.5% 0.2x 5.0x Alloy Inc. United States 9.60 0% 123.5 99.9 211.5 10.9 5.1% 0.3% 0.5x 9.2x Ancestry.com Inc. United States 19.18 -10% 840.3 782.6 256.0 76.3 29.8% 21.7% 3.1x 10.3x AOL, Inc. United States 22.22 -25% 2,371.8 2,049.2 2,849.9 863.0 30.3% -21.4% 0.7x 2.4x BIDZ.com, Inc. United States * 1.60 -60% 31.4 21.7 106.2 0.3 0.3% -28.6% 0.2x 65.6x Blue Nile Inc. United States 41.06 -39% 587.9 541.6 320.5 21.8 6.8% 13.1% 1.7x 24.9x Bluefly Inc. United States 1.58 -50% 38.9 27.3 82.2 0.5 0.6% -5.4% 0.3x 56.4x CyberAgent Inc. Japan 1,601.38 -29% 1,038.2 816.1 1,062.0 121.3 11.4% 0.7% 0.8x 6.7x Dena Co. Ltd. Japan 29.94 -15% 4,263.3 3,861.4 717.1 359.1 50.1% 69.7% 5.4x 10.8x Drugstore.com Inc. United States 1.57 -60% 166.4 149.0 458.5 7.8 1.7% 27.3% 0.3x 19.1x Ediets.com Inc. United States 0.69 -77% 39.6 36.6 18.6 (8.0) -43.1% -0.9% 2.0x NM Expedia Inc. United States 22.86 -17% 6,503.5 6,332.4 3,101.8 765.5 24.7% 8.5% 2.0x 8.3x Gree, Inc. Japan 73.59 -22% 3,347.4 3,093.6 397.9 221.8 55.7% 152.6% 7.8x 14.0x Hollywood Media Corp. United States 1.06 -39% 33.0 26.4 108.7 (1.0) -0.9% 2.5% 0.2x NM HSN, Inc. United States 26.29 -24% 1,512.7 1,566.8 2,853.1 221.8 7.8% 4.9% 0.5x 7.1x Info Edge (India) Ltd. India 21.83 -13% 595.9 513.1 52.8 14.2 26.9% -3.5% 9.7x 36.1x Kongzhong Corp. China 5.35 -67% 188.5 57.0 140.8 21.1 15.0% 23.9% 0.4x 2.7x MakeMyTrip Limited India * 34.00 -6% 1,160.6 1,183.0 83.6 (5.1) -6.1% 21.9% 14.2x NM Media General, Inc. United States 7.69 -43% 177.3 834.0 660.1 122.7 18.6% -8.5% 1.3x 6.8x Mixi, Inc. Japan 5,361.71 -48% 829.5 688.2 164.4 38.9 23.7% 19.0% 4.2x 17.7x Monster Worldwide, Inc. United States 11.03 -43% 1,431.9 1,184.9 857.9 31.9 3.7% -22.0% 1.4x 37.2x Move, Inc. United States * 1.88 -41% 294.2 251.9 200.8 2.7 1.3% -12.0% 1.3x 93.2x Netflix, Inc. United States 125.52 -12% 6,572.0 6,530.0 1,881.1 276.3 14.7% 25.1% 3.5x 23.6x OpenTable, Inc. United States * 53.24 -5% 1,217.1 1,136.0 79.9 19.6 24.5% 30.8% 14.2x 57.9x Orbitz Worldwide, Inc. United States 5.04 -38% 515.5 867.5 742.3 136.2 18.4% -6.8% 1.2x 6.4x Overstock.com Inc. United States 14.01 -47% 323.1 298.4 1,011.7 21.0 2.1% 26.4% 0.3x 14.2x PC Connection, Inc. United States 6.52 -18% 176.6 130.0 1,752.0 30.4 1.7% 10.6% 0.1x 4.3x PC Home Online Inc. Taiwan 4.26 -20% 247.6 212.4 286.7 6.8 2.4% 18.3% 0.7x 31.4x PC Mall Inc. United States 4.20 -48% 51.3 109.3 1,224.2 14.1 1.1% 3.7% 0.1x 7.8x priceline.com United States 291.48 -8% 14,103.8 13,435.0 2,624.2 620.3 23.6% 29.1% 5.1x 21.7x RealNetworks Inc. United States 2.71 -50% 367.5 54.2 503.3 (13.1) -2.6% -13.4% 0.1x NM Rediff.com India Ltd. India 1.99 -50% 58.2 12.6 19.1 (5.1) -26.9% -13.6% 0.7x NM Scripps Interactive, Inc. United States 40.18 -16% 6,681.6 7,487.6 1,779.6 723.4 40.7% 17.3% 4.2x 10.4x Shutterfly, Inc. United States 22.23 -17% 606.2 447.3 264.1 33.8 12.8% 20.8% 1.7x 13.2x Sify Technologies India 1.23 -55% 52.7 96.5 160.2 1.9 1.2% 17.9% 0.6x 50.3x

M&A & INVESTMENT SUMMARY AUGUST 2010 13 DIGITAL MEDIA / COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Stamps.com Inc. United States $11.44 -9% $ 163.3 $ 126.7 $ 84.1 $ 8.9 10.6% 1.7% 1.5x 14.3x TechTarget, Inc. United States 4.44 -36% 189.1 118.7 92.4 3.9 4.2% -1.6% 1.3x 30.3x The Knot, Inc. United States 7.07 -41% 240.7 116.4 111.3 12.8 11.5% 6.4% 1.0x 9.1x TheStreet.com, Inc. United States 2.80 -30% 88.6 50.5 59.9 1.7 2.9% -4.8% 0.8x 29.4x United Online, Inc. United States 4.93 -47% 430.6 612.2 960.1 180.2 18.8% 1.1% 0.6x 3.4x ValueVision Media Inc. United States 2.00 -62% 65.5 59.5 525.9 (15.9) -3.0% 0.7% 0.1x NM WebMD Health Corp. United States 50.94 -2% 3,024.6 2,602.3 480.4 91.3 19.0% 21.4% 5.4x 28.5x WebMediaBrands Inc United States 0.65 -56% 24.5 17.0 7.5 (6.0) -79.9% 10.0% 2.3x NM

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (12.6x) Low 0.1x 2.4x and EBITDA multiples that are 2.0 standard deviations above the mean (63.3x). Mean 2.4x 21.9x Median 1.2x 14.1x Note: Revenue and EBITDA multiples for Yahoo, eBay and Amazon excluded from Summary Multiples. Weighted Avg 4.2x 17.2x Adj. W Avg* 3.8x 17.3x High 14.2x 93.2x

M&A & INVESTMENT SUMMARY AUGUST 2010 14 MARKETING TECHNOLOGY Transactions by Segment & Buyer Type ($ in Millions) • IBM’s acquisition of Unica, a provider of enterprise marketing management software, for $480 million was the largest transaction in the Marketing Technology segment • Select acquisitions included › Tencent Holdings’ acquisition of Comsenz (China) for $60 million › Motorola’s acquisition of North 280, a web app developer for a reported $20 million › WebTrends’ acquisition of Transpond, a developer of an app platform for the iPhone › Nokia’s acquisition of Motally, a mobile analytics company • Select investments included › JMI Equity’s $40 million growth investment in iContact, an email marketing software and analytics company › Trident Capital’s $15 million investment in PocketGear, a mobile app store and content marketplace › Foundry Group’s $6 million investment in MediaLets, a mobile analytics company › Google Ventures’ $5 million investment in Ngmoco, a social gaming company

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Mobile Technology 5 24% 55.4 7% 2 35.0 0 0.0 3 20.4 MRM/Workflow Management 2 10% 483.0 61% 1 480.0 0 0.0 1 3.0 Email/Messaging Software 2 10% 47.0 6% 0 0.0 0 0.0 2 47.0 Commerce Management 2 10% 43.0 5% 1 25.0 0 0.0 1 18.0 Online Targeting/Optimization 2 10% 30.0 4% 0 0.0 0 0.0 2 30.0 Web Analytics & Reporting 2 10% 21.0 3% 1 15.0 0 0.0 1 6.0 Website Creation/Hosting 1 5% 60.0 8% 1 60.0 0 0.0 0 0.0 Content Delivery Network 1 5% 15.0 2% 0 0.0 0 0.0 1 15.0 Content Management 1 5% 15.0 2% 1 15.0 0 0.0 0 0.0 Search & Discovery 1 5% 10.0 1% 1 10.0 0 0.0 0 0.0 BI tools 1 5% 6.5 1% 0 0.0 0 0.0 1 6.5 Media Planning/Buying Platform 1 5% 2.0 0% 0 0.0 0 0.0 1 2.0 Total 21 100% 787.9 100% 8 640.0 0 0.0 13 147.9

M&A & INVESTMENT SUMMARY AUGUST 2010 15 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Akamai Technologies Inc. United States $46.07 -10% $ 8,366.5 $ 7,926.5 $ 930.2 $ 364.3 39.2% 12.76% 8.5x 21.8x Autonomy Corp. plc United Kingdom 23.95 -23% 5,783.4 5,616.7 830.0 388.6 46.8% 38.92% 6.8x 14.5x Salesforce.com United States 109.88 -10% 14,141.6 13,890.0 1,455.8 169.7 11.7% 22.64% 9.5x 81.9x

Adobe Systems Inc. United States $27.70 -27% $ 14,548.7 $ 13,397.6 $ 3,256.5 $ 1,066.4 32.7% -1.13% 4.1x 12.6x Alterian plc United Kingdom 2.87 -13% 174.5 157.4 57.7 12.4 21.5% 13.84% 2.7x 12.7x Art Technology Group Inc. United States 3.47 -29% 548.6 403.5 186.9 25.5 13.6% 8.35% 2.2x 15.8x Blackbaud Inc. United States 20.82 -23% 912.1 903.0 315.1 63.7 20.2% 1.08% 2.9x 14.2x Convio, Inc. United States 8.29 -25% 144.0 92.0 66.9 6.1 9.1% 0.00% 1.4x 15.1x DemandTec, Inc. United States 7.46 -22% 224.2 168.7 77.6 (7.1) -9.1% 1.38% 2.2x NM DG FastChannel, Inc. United States 15.79 -64% 449.0 369.4 220.2 95.5 43.4% 23.36% 1.7x 3.9x Digital River Inc. United States 26.37 -36% 1,045.3 705.6 384.8 59.5 15.5% -1.76% 1.8x 11.9x Informatica Corporation United States 32.14 -7% 2,974.4 2,812.2 565.1 130.3 23.1% 21.62% 5.0x 21.6x InnerWorkings Inc. United States 5.43 -30% 247.9 280.5 438.8 18.7 4.3% 4.25% 0.6x 15.0x Interactive Intelligence, Inc. United States 14.91 -38% 261.1 185.5 142.9 21.9 15.3% 15.52% 1.3x 8.5x JDA Software Group Inc. United States 22.96 -28% 959.7 1,086.0 493.0 117.7 23.9% 27.23% 2.2x 9.2x Keynote Systems Inc. United States 10.06 -17% 150.2 89.9 79.1 7.4 9.4% -2.89% 1.1x 12.1x MediaMind Technologies Inc. United States 11.80 -7% 211.2 178.8 74.9 15.7 21.0% 24.71% 2.4x 11.4x Open Text Corp. Canada 44.00 -14% 2,501.3 2,475.6 912.0 265.1 29.1% 16.08% 2.7x 9.3x PROS Holdings, Inc. United States 7.87 -26% 205.6 144.8 68.6 4.8 7.0% -7.81% 2.1x 30.4x Rightnow Technologies Inc. United States 16.70 -16% 535.0 435.6 165.9 14.3 8.6% 14.63% 2.6x 30.4x S1 Corporation United States 4.85 -29% 257.5 221.0 222.7 28.2 12.7% -5.78% 1.0x 7.8x Sage Group plc United Kingdom 3.76 -6% 4,947.5 5,385.2 2,139.1 570.2 26.7% 0.48% 2.5x 9.4x smartFOCUS Group Plc United Kingdom 0.19 -24% 17.9 14.8 19.3 1.7 8.6% 14.73% 0.8x 9.0x Tibco Software, Inc. United States 14.49 -6% 2,375.0 2,140.0 674.1 147.5 21.9% 8.13% 3.2x 14.5x Unica Corporation United States 21.11 -1% 455.9 412.8 109.2 10.1 9.2% 4.19% 3.8x 41.0x Vocus Inc. United States * 14.82 -32% 287.9 192.7 89.1 1.8 2.0% 8.63% 2.2x 107.3x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (5.5x) Low 0.6x 3.9x and EBITDA multiples that are 2.0 standard deviations above the mean (62.2x). Mean 2.3x 19.2x Median 2.2x 12.6x Note: Revenue and EBITDA multiples for Akamai Technologies, Autonomy and Salesforce.com excluded from Summary Multiples. Weighted Avg 3.4x 14.1x Adj. W Avg* 3.4x 13.4x High 5.0x 107.3x

M&A & INVESTMENT SUMMARY AUGUST 2010 16 SOFTWARE & INFORMATION Transactions by Segment & Buyer Type ($ in Millions) • Software & Information was the highest value segment in August with three transactions worth approximately $802 million • Transactions in this segment included › Medco Health Solutions’ acquisition of United BioSource, a healthcare-focused information services business for $730 million › Ebix’s acquisition of A.D.A.M, a health-information and benefits technology company, for $66 million › Cross Atlantic Partners’ $6.1 million investment in Health Market Science

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Marketing Data 2 67% 736.1 92% 1 730.0 0 0.0 1 6.1 Healthcare-BioPharma 1 33% 66.0 8% 1 66.0 0 0.0 0 0.0 Total 3 100% 802.1 100% 2 796.0 0 0.0 1 6.1

M&A & INVESTMENT SUMMARY AUGUST 2010 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Actuate Corporation United States $3.99 -34% $ 177.3 $ 154.3 $ 119.9 $ 15.7 13.1% -4.6% 1.3x 9.8x Acxiom Corporation United States 12.40 -38% 991.8 1,281.7 1,113.6 245.4 22.0% -7.3% 1.2x 5.2x Adobe Systems Inc. United States 27.70 -27% 14,548.7 13,397.6 3,256.5 1,066.4 32.7% -1.1% 4.1x 12.6x Advent Software, Inc. United States 49.67 -6% 1,270.0 1,167.4 266.1 42.1 15.8% 4.7% 4.4x 27.7x Advisory Board Co. United States 40.54 -10% 632.6 602.8 249.3 36.2 14.5% 8.5% 2.4x 16.7x Alliance Data Systems Corporation United States 56.19 -28% 2,957.4 9,056.4 2,360.6 632.1 26.8% 20.7% 3.8x 14.3x Allscripts Healthcare Solutions, Inc. United States 16.66 -26% 3,063.2 2,922.1 704.5 125.3 17.8% 28.5% 4.1x 23.3x Alterian plc United Kingdom 2.87 -13% 174.5 157.4 57.7 12.4 21.5% 13.8% 2.7x 12.7x Arbitron Inc. United States 25.44 -24% 682.7 737.4 383.9 83.0 21.6% 0.7% 1.9x 8.9x Art Technology Group Inc. United States 3.47 -29% 548.6 403.5 186.9 25.5 13.6% 8.3% 2.2x 15.8x Athenahealth, Inc. United States 26.94 -44% 919.8 842.1 214.9 24.1 11.2% 34.1% 3.9x 35.0x Automatic Data Processing, Inc. United States 38.61 -16% 18,997.0 17,368.4 8,927.7 2,086.6 23.4% 1.0% 1.9x 8.3x Autonomy Corp. plc United Kingdom 23.95 -23% 5,783.4 5,616.7 830.0 388.6 46.8% 38.9% 6.8x 14.5x Aveva Group plc United Kingdom 21.90 -4% 1,485.4 1,255.5 225.1 80.7 35.8% -9.6% 5.6x 15.6x Blackbaud Inc. United States 20.82 -23% 912.1 903.0 315.1 63.7 20.2% 1.1% 2.9x 14.2x Blackboard Inc. United States 33.09 -29% 1,134.5 1,156.4 407.2 99.1 24.3% 17.5% 2.8x 11.7x Brainjuicer Group Plc United Kingdom 2.59 -12% 32.3 28.7 19.1 2.8 14.9% 26.7% 1.5x 10.1x Broadridge Financial Solutions Inc. United States 21.35 -11% 2,705.8 2,617.3 2,209.2 408.2 18.5% 6.6% 1.2x 6.4x Cegedim SA France 66.10 -35% 922.7 1,436.7 1,252.7 254.9 20.3% 3.0% 1.1x 5.6x Cerner Corp. United States 72.85 -22% 6,008.8 5,492.7 1,763.1 450.9 25.6% 4.7% 3.1x 12.2x Cision AB Sweden 0.70 -45% 104.2 185.1 159.4 (20.0) NM -29.0% 1.2x NM Compuware Corporation United States 7.17 -20% 1,600.7 1,462.0 884.3 183.6 20.8% -12.1% 1.7x 8.0x comScore, Inc. United States 18.17 -12% 565.7 485.9 143.8 19.9 13.8% 15.8% 3.4x 24.4x Concur Technologies, Inc. United States 46.77 -6% 2,428.1 2,101.4 280.3 65.0 23.2% 16.6% 7.5x 32.3x Corporate Executive Board Co. United States 28.04 -16% 961.0 864.4 424.5 106.9 25.2% -16.3% 2.0x 8.1x CoStar Group Inc. United States 41.27 -11% 854.5 653.9 219.2 39.8 18.2% 5.3% 3.0x 16.4x Craneware plc United Kingdom 5.99 -10% 151.7 126.2 25.6 6.5 25.4% 24.3% 4.9x 19.4x DemandTec, Inc. United States 7.46 -22% 224.2 168.7 77.6 (7.1) NM 1.4% 2.2x NM Digital River Inc. United States 26.37 -36% 1,045.3 705.6 384.8 59.5 15.5% -1.8% 1.8x 11.9x Dun & Bradstreet Corp. United States 65.90 -22% 3,298.5 4,025.4 1,657.2 516.3 31.2% -3.0% 2.4x 7.8x Ebix Inc. United States 18.57 -18% 642.9 663.0 118.4 53.4 45.1% 42.0% 5.6x 12.4x Epicor Software Corporation United States 6.79 -38% 429.9 575.7 418.9 56.8 13.6% -8.3% 1.4x 10.1x Equifax Inc. United States 29.47 -20% 3,684.3 4,696.3 1,872.6 601.0 32.1% 4.8% 2.5x 7.8x Experian plc Ireland 9.54 -7% 9,714.1 11,645.4 3,880.0 1,129.0 29.1% 0.2% 3.0x 10.3x FactSet Research Systems Inc. United States 73.55 -7% 3,407.3 3,182.6 628.3 254.8 40.5% 1.3% 5.1x 12.5x Fair Isaac Corp. United States 22.39 -17% 933.9 1,212.1 602.5 151.4 25.1% -8.3% 2.0x 8.0x Fidelity National Information Services, Inc. United States 25.85 -16% 9,807.1 12,498.4 4,681.9 1,180.8 25.2% 39.7% 2.7x 10.6x Fidessa group plc United Kingdom 21.05 -14% 745.8 684.7 375.6 80.3 21.4% 14.0% 1.8x 8.5x Financial Engines, Inc. United States 13.30 -30% 550.2 453.2 98.1 12.1 12.3% 0.0% 4.6x 37.6x First American Financial Corporation United States 14.83 -7% 1,544.4 1,286.9 4,011.7 316.3 7.9% 0.0% 0.3x 4.1x

M&A & INVESTMENT SUMMARY AUGUST 2010 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Forrester Research Inc. United States $30.69 -10% $ 692.3 $ 415.4 $ 239.2 $ 43.9 18.4% -0.5% 1.7x 9.5x FTI Consulting, Inc. United States 32.78 -32% 1,534.6 1,973.1 1,390.6 301.6 21.7% 2.5% 1.4x 6.5x Gartner Inc. United States 28.68 -4% 2,733.5 2,974.8 1,206.3 165.1 13.7% 1.5% 2.5x 18.0x GfK Aktiengesellschaft Germany 38.14 -8% 1,370.9 1,979.1 1,494.1 224.8 15.0% 2.4% 1.3x 8.8x

Harris Interactive Inc. United States 0.92 -41% 50.1 51.5 168.4 8.4 5.0% -8.6% 0.3x 6.1x Harte-Hanks Inc. United States 10.23 -35% 650.9 784.6 834.6 115.5 13.8% -14.2% 0.9x 6.8x Health Grades Inc. United States 8.19 0% 250.1 225.4 58.2 13.0 22.4% 26.1% 3.9x 17.3x IHS Inc. United States 61.79 -5% 3,959.4 3,880.6 1,003.8 239.0 23.8% 10.5% 3.9x 16.2x Informa plc Switzerland 5.89 -13% 3,528.6 4,918.8 1,810.3 475.0 26.2% -6.0% 2.7x 10.4x Informatica Corporation United States 32.14 -7% 2,974.4 2,812.2 565.1 130.3 23.1% 21.6% 5.0x 21.6x Information Services Group, Inc. United States 1.50 -65% 48.0 77.4 135.1 17.4 12.9% -6.4% 0.6x 4.4x International Datacasting Corp. Canada 0.23 -32% 12.9 8.6 23.3 (3.1) NM -17.3% 0.4x NM Ipsos SA France 37.34 -8% 1,267.9 1,585.2 1,258.3 157.5 12.5% 6.3% 1.3x 10.1x JDA Software Group Inc. United States 22.96 -28% 959.7 1,086.0 493.0 117.7 23.9% 27.2% 2.2x 9.2x Kenexa Corp. United States 11.11 -31% 251.4 187.8 163.9 17.2 10.5% -7.6% 1.1x 10.9x Keynote Systems Inc. United States 10.06 -17% 150.2 89.9 79.1 7.4 9.4% -2.9% 1.1x 12.1x Lawson Software, Inc. United States 7.59 -10% 1,230.2 1,081.1 736.4 118.4 16.1% -2.8% 1.5x 9.1x Macdonald Dettwiler & Associates Ltd. Canada 43.83 -9% 1,795.8 1,963.5 930.7 174.4 18.7% -8.1% 2.1x 11.3x MedAssets, Inc. United States 19.80 -21% 1,142.9 1,338.5 366.6 101.5 27.7% 13.6% 3.7x 13.2x Mediware Information Systems Inc. United States 10.30 -4% 81.3 59.9 45.0 5.4 12.1% 11.8% 1.3x 11.0x Merge Healthcare Incorporated. United States 2.52 -42% 209.8 408.9 85.2 13.8 16.2% 41.1% 4.8x 29.6x Misys plc United Kingdom 4.20 -6% 2,229.6 2,458.1 1,136.7 231.9 20.4% 13.0% 2.2x 10.6x Moody's Corp. United States 21.14 -32% 4,953.1 5,585.2 1,892.0 804.9 42.5% 11.5% 3.0x 6.9x Morningstar Inc. United States 40.45 -26% 2,004.7 1,685.3 507.1 150.0 29.6% 5.4% 3.3x 11.2x National Research Corp. United States 25.15 -9% 167.3 167.1 58.9 18.6 31.6% 5.1% 2.8x 9.0x Navigant Consulting Inc. United States 9.90 -36% 496.0 696.9 697.2 98.9 14.2% -6.8% 1.0x 7.0x Onvia Inc. United States 3.05 -64% 25.7 12.7 27.4 2.0 7.1% 20.1% 0.5x 6.5x Parametric Technology Corporation United States 17.02 -16% 1,963.3 1,744.3 988.3 130.9 13.2% -0.3% 1.8x 13.3x Paychex Inc. United States 24.89 -24% 8,996.8 8,630.0 2,000.8 811.2 40.5% -3.9% 4.3x 10.6x PROS Holdings, Inc. United States 7.87 -26% 205.6 144.8 68.6 4.8 7.0% -7.8% 2.1x 30.4x Qlik Technologies, Inc. United States 18.63 -6% 1,437.0 1,429.9 193.0 31.5 16.3% 0.0% 7.4x 45.4x Quality Systems Inc. United States 56.05 -19% 1,620.5 1,519.6 308.1 83.9 27.2% 19.9% 4.9x 18.1x Reed Elsevier plc United Kingdom 8.04 -8% 9,639.3 18,629.8 9,773.8 1,997.5 20.4% 3.7% 1.9x 9.3x Reis, Inc. United States 6.55 -6% 69.4 62.5 28.1 3.8 13.4% -26.0% 2.2x 16.6x Rightnow Technologies Inc. United States 16.70 -16% 535.0 435.6 165.9 14.3 8.6% 14.6% 2.6x 30.4x S1 Corporation United States 4.85 -29% 257.5 221.0 222.7 28.2 12.7% -5.8% 1.0x 7.8x Sage Group plc United Kingdom 3.76 -6% 4,947.5 5,385.2 2,139.1 570.2 26.7% 0.5% 2.5x 9.4x Salary.com, Inc. United States 2.86 -31% 51.0 45.1 45.6 (12.8) NM 6.7% 1.0x NM

M&A & INVESTMENT SUMMARY AUGUST 2010 19 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Salesforce.com United States * $109.88 -10% $ 14,141.6 $ 13,890.0 $ 1,455.8 $ 169.7 11.7% 22.6% 9.5x 81.9x Solera Holdings Inc. United States 39.68 -5% 2,778.3 3,181.4 631.3 262.0 41.5% 13.2% 5.0x 12.1x SPS Commerce, Inc. United States 10.19 -30% 118.3 80.7 40.8 4.4 10.7% 0.0% 2.0x 18.4x SS&C Technologies Holdings, Inc. United States 14.09 -23% 1,012.6 1,394.9 299.7 114.6 38.2% 10.9% 4.7x 12.2x SuccessFactors, Inc. United States 21.10 -11% 1,555.8 1,212.6 171.5 (7.9) NM 27.1% 7.1x NM Taleo Corp. United States 25.63 -8% 1,025.6 780.8 212.6 27.5 12.9% 10.8% 3.7x 28.4x Temenos Group AG Switzerland 25.74 -22% 1,540.7 1,687.5 401.3 93.7 23.3% 4.0% 4.2x 18.0x The Dolan Company United States 9.17 -34% 279.6 439.2 288.1 81.2 28.2% 21.1% 1.5x 5.4x The McGraw-Hill Companies, Inc. United States 27.65 -25% 8,546.6 8,676.9 6,002.8 1,511.6 25.2% -1.2% 1.4x 5.7x Thomson Reuters Corporation United States 34.80 -11% 28,942.8 35,612.7 12,929.0 2,975.0 23.0% -1.7% 2.8x 12.0x Toluna plc United Kingdom 3.70 -12% 186.1 169.5 80.0 18.8 23.6% 127.9% 2.1x 9.0x Ultimate Software Group, Inc. United States * 32.92 -12% 826.2 799.1 211.0 11.9 5.7% 11.3% 3.8x 66.9x Unica Corporation United States 21.11 -1% 455.9 412.8 109.2 10.1 9.2% 4.2% 3.8x 41.0x Verisk Analytics, Inc. United States 27.82 -12% 4,978.9 5,397.7 1,081.3 457.1 42.3% 12.7% 5.0x 11.8x Vital Images Inc. United States 12.62 -25% 181.2 64.1 58.8 (0.6) NM -7.1% 1.1x NM Vocus Inc. United States * 14.82 -32% 287.9 192.7 89.1 1.8 2.0% 8.6% 2.2x 107.3x Wolters Kluwer NV Netherlands 18.72 -13% 5,578.1 8,299.8 4,215.6 882.9 20.9% -1.5% 2.0x 9.4x YouGov PLC United Kingdom 0.60 -25% 58.3 41.1 69.0 5.3 7.7% -2.4% 0.6x 7.7x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (8.1x) Low 0.3x 4.1x and EBITDA multiples that are 2.0 standard deviations above the mean (47.6x). Mean 2.8x 16.3x Median 2.3x 11.5x Weighted Avg 3.5x 16.2x Adj. W Avg* 3.1x 12.0x High 9.5x 107.3x

M&A & INVESTMENT SUMMARY AUGUST 2010 20 MARKETING SERVICES Transactions by Segment & Buyer Type ($ in Millions) • No transactions were announced in the Marketing Services segment in August

M&A & INVESTMENT SUMMARY AUGUST 2010 21 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $12.40 -38% $ 991.8 $ 1,281.7 $ 1,113.6 $ 245.4 22.0% -7.3% 1.2x 5.2x ADC Telecommunications Inc. United States 12.68 0% 1,230.3 1,271.0 1,111.5 102.7 9.2% 0.0% 1.1x 12.4x Alliance Data Systems Corporation United States 56.19 -28% 2,957.4 9,056.4 2,360.6 632.1 26.8% 20.7% 3.8x 14.3x AMREP Corp. United States 11.01 -30% 66.0 69.1 120.2 6.3 5.2% -17.2% 0.6x 11.0x Cenveo Inc. United States 5.49 -61% 342.1 1,583.3 1,804.1 185.7 10.3% -2.5% 0.9x 8.5x Clairvest Group Inc. Canada * 11.91 -4% 190.0 102.3 21.9 8.0 36.5% 7.8% 4.7x 12.8x Consolidated Graphics, Inc. United States 39.71 -18% 458.5 624.6 1,001.7 119.2 11.9% -7.7% 0.6x 5.2x Convergys Corporation United States 10.13 -26% 1,256.9 1,292.8 2,667.2 146.9 5.5% 2.0% 0.5x 8.8x DST Systems Inc. United States 40.74 -14% 1,904.2 2,782.7 2,283.6 493.6 21.6% 2.0% 1.2x 5.6x Fair Isaac Corp. United States 22.39 -17% 933.9 1,212.1 602.5 151.4 25.1% -8.3% 2.0x 8.0x Groupe Aeroplan Inc. Canada 10.66 -11% 2,085.7 2,169.5 1,628.3 206.7 12.7% 18.8% 1.3x 10.5x GSI Commerce Inc. United States * 22.70 -28% 1,505.8 1,596.9 1,157.4 78.7 6.8% 20.3% 1.4x 20.3x Harte-Hanks Inc. United States 10.23 -35% 650.9 784.6 834.6 115.5 13.8% -14.2% 0.9x 6.8x Innotrac Corp. United States 1.09 -66% 13.4 13.6 81.4 1.0 1.2% -35.2% 0.2x 14.0x Pareto Corp. Canada 1.88 -12% 66.2 82.2 77.4 9.9 12.9% 12.3% 1.1x 8.3x Quad/Graphics, Inc. United States 42.55 -15% 1,993.0 2,861.4 1,782.1 300.0 16.8% 0.0% 1.6x 9.5x R.R. Donnelley & Sons Company United States 15.13 -35% 3,121.3 5,933.5 9,869.9 1,292.2 13.1% -5.8% 0.6x 4.6x StarTek, Inc. United States 4.43 -50% 66.8 45.1 280.1 16.1 5.8% -2.2% 0.2x 2.8x Sykes Enterprises, Incorporated United States 11.96 -56% 566.9 387.4 1,008.4 109.2 10.8% 23.0% 0.4x 3.5x TechTeam Global Inc. United States 5.81 -41% 65.0 65.2 195.6 8.4 4.3% -17.3% 0.3x 7.8x Teleperformance France 24.20 -31% 1,368.4 1,321.9 2,313.4 275.8 11.9% 1.7% 0.6x 4.8x TeleTech Holdings Inc. United States 12.69 -39% 763.6 637.1 1,105.8 160.7 14.5% -13.7% 0.6x 4.0x Transcontinental Inc. Canada 11.42 -23% 926.8 1,658.2 2,192.5 405.9 18.5% -4.9% 0.8x 4.1x Viad Corp United States 15.85 -38% 325.6 208.9 793.9 18.3 2.3% -17.5% 0.3x 11.4x Vistaprint N.V. Netherlands 30.68 -51% 1,348.2 1,181.1 670.0 115.8 17.3% 29.9% 1.8x 10.2x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (4.3x) Low 0.2x 2.8x and EBITDA multiples that are 2.0 standard deviations above the mean (16.9x). Mean 1.1x 8.6x Median 0.9x 8.3x Weighted Avg 1.4x 8.9x Adj. W Avg* 1.4x 8.2x High 4.7x 20.3x

M&A & INVESTMENT SUMMARY AUGUST 2010 22 CURRENT SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG Interactive Advertising 1.4x 0.9x 2.1x 2.0x Advertising & Promotion 0.9x 1.0x 1.1x 1.1x OOH & Specialty Media 2.7x 2.3x 2.8x 2.8x Digital Media / Commerce 2.4x 1.2x 4.2x 3.8x Marketing Technology 2.3x 2.2x 3.4x 3.4x Software & Information 2.8x 2.3x 3.5x 3.1x Marketing Services 1.1x 0.9x 1.4x 1.4x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG Interactive Advertising 29.2x 10.9x 13.4x 11.7x Advertising & Promotion 8.1x 7.4x 8.3x 8.0x OOH & Specialty Media 12.3x 10.7x 11.8x 11.4x Digital Media / Commerce 21.9x 14.1x 17.2x 17.3x Marketing Technology 19.2x 12.6x 14.1x 13.4x Software & Information 16.3x 11.5x 16.2x 12.0x Marketing Services 8.6x 8.3x 8.9x 8.2x

As of close of business on 08/31/10.

M&A & INVESTMENT SUMMARY AUGUST 2010 23 ALL SEGMENTS Strategic Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed United BioSource Corporation Medco Health Solutions, Inc.$ 730.0 Unica Corporation IBM Corporation 480.0 Slide, Inc. Google, Inc. 228.0 CMI Marketing, Inc. Yahoo!, Inc. 100.0 A.D.A.M., Inc. Ebix, Inc. 66.0 Comsenz, Inc. Tencent Holdings Ltd. 60.0 Investopedia.com, Inc. ValueClick, Inc. 42.0 Lycos, Inc. Ybrant Digital, Inc. 36.0 BV! Media, Inc. Rogers Communications, Inc. 25.0 North 280, Inc. Motorola 20.0 - - Strategic Undisclosed AG2, Inc. Publicis Groupe S.A.$ - Relevent, Inc. MDC Partners, Inc. - Auctiva, Inc. Alibaba.com - mSpoke LinkedIn Corporation - Hot Potato Facebook - Delve Networks Limelight Networks, Inc. - Kensington Creative Worldwide LeapFrog Solutions, Inc. - Geoff Howe Marketing Communications, Inc. Grey Healthcare Group - Like.com Google, Inc. - Darberry, Inc. Groupon, Inc. - Qpod, Inc. Groupon, Inc. - LimeLife, Inc. Total Beauty Media, Inc. - CourseRank, Inc. Chegg, Inc. - Angstro, Inc. Google, Inc. - mPath Global, Inc. ExactTarget, Inc. - Congruent Media, Inc. Euro RSCG Discovery - Digitaria Interactive, Inc. JWT - We Love Mobile, Inc. BD Network, Inc. - Transpond, Inc. WebTrends, Inc. - TextDigger, Inc. Federated Media Publishing, Inc. - Motally, Inc. Nokia Corporation -

M&A & INVESTMENT SUMMARY AUGUST 2010 24 ALL SEGMENTS Buyouts & Venture/Growth Capital Transactions ($ in Millions)

Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Emailvision, Inc. Francisco Partners$ 109.4

VC/Growth Capital Values Disclosed Tudou.com Temasek Holdings (Pte) Ltd.$ 50.0 iContact Corporation JMI Equity Fund 40.0 Etsy, Inc. Index Ventures 20.0 Playspan, Inc. Vodafone Ventures 18.0 1-800-DENTIST Bain Capital, LLC 16.7 YouSendIt, Inc. Adams Street Partners, LLC 15.0 PocketGear, Inc. Trident Capital 15.0 eXelate Media Ltd Menlo Ventures 15.0 AdMeld, Inc. Norwest Venture Partners 15.0 Notonthehighstreet Enterprises Limited Index Ventures 11.9 Hungry Machine, Inc. Investors 10.2 RatePoint, Inc. Prism VentureWorks 7.0 GoodData Corporation Andreessen Horowitz Fund 6.5 Health Market Science Cross Atlantic Capital Partners 6.1 Zulily, Inc. August Capital Management 6.0 MediaLets, Inc. Foundry Group 6.0 Ngmoco, Inc. Google Ventures 5.0 TRAFFIQ Investors 4.0 Visual IQ, Inc. Fog City Capital 3.0 SaveWave, Inc. Flybridge Capital Partners 2.3 Balihoo, Inc. Investors 2.0 Netpulse Media Network, Inc. Investors 2.0 CardStar, Inc. Verizon Communications, Inc. 0.4 - - VC/Growth Capital Undisclosed Mentez LLC Insight Venture Partners$ - Red Ventures Limited General Atlantic, LLC -

M&A & INVESTMENT SUMMARY AUGUST 2010 25 REPRESENTATIVE TRANSACTIONS 2010 Selected Transactions

Undisclosed

has sold a leading marketing database and data analytics solution provider a leading performance-based has been acquired by advertising network has been sold to a leading national in-store advertising network and shopper e-Dialog, Inc. has been sold to marketing company GSI Commerce Inc. (Nasdaq: GSIC) a division of Refinancing of Debt to Adknowledge, Inc. Facilities Acosta Sales & Marketing GSI Commerce, Inc. (Nasdaq: GSIC)

New Digital Group, Inc.

has sold one of Europe’s largest has sold its fulfillment and independent providers of database management digital direct marketing divisions to has sold the assets of a leading online community for services for customer automotive enthusiasts acquisition and retention Budco Prime Point Media and social networking to technology platform has received a majority The Dialogue Company Brite Media Group to investment from a leading fulfillment and direct marketing organization Beckett Media LLC TA Associates

Selected Historical Transactions

(Nasdaq: TREE) (Nasdaq: MIVA) Interactive Prospect Targeting formerly known as MyGreek.com a global marketing services one of the largest and fastest Holdings PLC a provider of accredited continuing a fast growing online advertising company a leading direct response has sold growing providers of out-of-home education programs for clinicians has acquired certain assets of television media company has sold the assets of its Core UK integrated media and marketing network serving the middle an operating company of has been acquired by Business performing online programs reaching consumers in market has received a major MIVA Media specialty venues a leading pay-per-click contextual customer acquisition and email list has been sold to investment from Groupe Aeroplan Inc. Done Right! online advertising network rental, including (TSX: AER) an online directory service has been sold to Prime Visibility Media providing trusted lead generation to Group and marketing services for home ZM Capital in a management-led buyout has acquired certain assets of in a combination that creates improvement professionals across Palladium Equity Partners Adknowledge sponsored by Veronis Suhler Stevenson a portfolio company of the world’s leading loyalty the country Primedia Healthcare management provider Volvere PLC Bridge Investments LLC

On Target Media, LLC

a nationally recognized leader in the largest US out-of-home a leading online competitive advanced data analytics media company providing a leading provider of database intelligence database provider a provider of advanced email has acquired management and donor a leading provider of online lead a fast growing provider of online consumer health education and marketing technology focused on has sold a majority stake to serving the pharmaceutical and relationship software and data generation and e-distribution lead generation services information in physician offices financial service industries the travel and hospitality services to the insurance industry industries Halyard Capital mining, predictive modeling and has been sold to a portfolio company of has been sold to Mosaic Sales Solutions benchmarking services to has been sold to has been sold to a provider of outsourced to create nonprofits On Target Media Holdings Financial Times Group merchandising and sales TRANZACT Alta Communications a portfolio company of services to marketers of Engauge has been sold to a subsidiary of Fishbowl, Inc. a portfolio company of has been sold to branded products a new marketing solutions Seaport Capital agency formed in partnership Blackbaud, Inc. Catterton Partners Pearson plc with Stan Rapp Halyard Capital

Securities offered through Petsky Prunier Securities, LLC, member FINRA/SIPC

M&A & INVESTMENT SUMMARY AUGUST 2010 26 Petsky Prunier: Expertise. Commitment. Results.

• Founded in 1999 • Sectors covered: Interactive Advertising, Marketing Services & Advertising, Digital Media / Commerce, Marketing Technology, Out-of-Home & Specialty Media and Software & Information • More than 30 focused professionals › Unique combination of investment banking and consulting expertise › New York-based with a West Coast office and a Chicago presence • Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and strategic buyers • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC ADVISORY INVESTMENT BANKING CONSULTING INTELLIGENCE

• Sell-Side Representation • Opportunity Mapping: • Market Intelligence •Corporate Divestitures Strategic & Business Planning •Competitiveness • Capital Raising and • Valuation Analysis Private Placements • Value Driver Assessment • Decision & Tactical •M&A Advisory Execution Support •Fairness Opinions

M&A & INVESTMENT SUMMARY AUGUST 2010 27