August 2013 M&A and Investment Summary

Expertise. Commitment. Results. Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 9

3 Additional Monthly M&A and Investment Activity Data 39

4 About Petsky Prunier 54

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affi liate d with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2| M&A and Investment Summary August 2013 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 384 deals were announced in August 2013, of which 202 were reported at $7.7 billion in aggregate value . Marketing Technology and Software were the most active and highest reported value segments with a combined total of 152 deals announced, of which 82 had $3 billion in aggregate value . Strategic buyers announced 166 deals (43 percent of total volume), of which 31 were worth $4.4 billion in aggregate value . VC/Growth Capital investors announced 195 deals, of which 166 were worth $1.9 billion in aggregate reported value . Buyout investors announced 23 deals during the month, of which five were reported at $1.5 billion in aggregate value

AUGUST 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Marketing Technology 77 20% 1,458.0 19% 26 1,000.0 2 ‐ 49 458.0 Software 75 20% 1,451.3 19% 27 1,134.7 10 ‐ 38 316.6 Digital Media/Commerce 74 19% 911.3 12% 27 611.5 0 ‐ 47 299.8 Information & Business Services 46 12% 113971,139.7 15% 28 223. 9 4 800. 0 14 115. 8 Technology & Communications 42 11% 1,218.6 16% 12 378.2 4 346.0 26 494.4 Digital Advertising 28 7% 493.5 6% 12 386.4 0 ‐ 16 107.1 Agency & Marketing Services 24 6% 81.7 1% 20 75.4 1 ‐ 36.3 Traditional Media 18 5% 994.6 13% 14 604.6 2 320.0 2 70.0 Total 384 100% 7,748.5 100% 166 4,414.7 23 1,466.0 195 1,867.8

3| M&A and Investment Summary August 2013 M&A and Investment Summary for All Segments

Transaction Distribution . Compared to July 2013, month‐over‐month deal activity increased six percent in August . Strategic buyer activity accounted for 57 percent of reported deal value during the month, and included: • IBM’s $800 million acquisition of Trusteer, a provider of software that helps protect organizations against financial fraud and advanced security threats • Qualcomm’ s divestiture of its North and Latin American transportation and logistics business, Omnitracs, to private‐equity firm Vista Equity Partners for $800 million • Digital Generation’s $485 million divestiture of its TV ad delivery business to Extreme Reach

M&A and Investment Volume For All Segments ‐ Last 13 Months ($BN) All transactions; VlValue bdbased on reported values only $40.0 $38.0 $35.0

$30.0 Publicis/ Omnicom $25.0 $21.6 $20.2 $20.0 $15.9 $15.0 $9.5 $9.8 $9.9 $10.0 $7.1 $7.2 $8.7 $7.5 $7.7 $6.1 $5.0 401 342 305 390 253 409 298 335 357 361 384 363 384 $‐ Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Note: Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media, Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal, or Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary August 2013 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce MonoPrice.com eCommerce Blucora, Inc.$ 180.0 $ 131.1 $ 16.0 1.4x 11.3x myphotobook eCommerce Elanders AB 13.9 21.1 ‐ 0.7x NA Digital Advertising JumpTap, Inc. Mobile Marketing Millennial Media, Inc. 232.0 63.6 ‐ 3.6x NA Marketing Technology Digital Generation TV Business Content Delivery Network Extreme Reach, Inc. 525.0 235.5 134.1 2.2x 3.9x Adap.tv Online Targeting/Optimization AOL, Inc. 405.0 81.0 ‐ 5.0x NA

Traditional Media Vice Media(1) Entertainment Media Twenty‐First Century Fox, Inc. 1,400.0 175.0 ‐ 8.0x NA Dial Global, Inc. Radio Cumulus Media Inc. 260.0 239.0 4.7 1.1x NM Six Publishing Subsidiaries of The Washington Post Company Newspaper Publishing Nash Holdings 250.0 581.7 ‐ 0.4x NA Boom 97.3, 93.5 Flow, Virgin Radio 95.3, Shore 104.3 FM, AM 650 Radio Newcap Radio 106.6 38.7 ‐ 2.8x NA

Technology & Communcations Globecomm Systems Communications Software Wasserstein & Company 340.0 343.8 33.6 1.0x 10.1x Avelo FS Holdings Limited Financial Technology IRESS Limited 322.8 84.9 ‐ 3.8x NA

Software NexG Co. Ltd.(2) Security Software Solacia Corp. 47.1 20.0 9.4 2.4x 5.0x Digital Healthcare(3) Healthcare Software EMIS Group Plc 47.0 5.5 ‐ 8.5x NA

Information & Business Services Compliance Week Credit/Risk Management Information Wilmington Group plc 11.2 6.0 2.0 1.9x 5.7x

IPOs After Final Pricing Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Advertising YuMe, Inc. Digital Video IPO$ 336.2 $ 123.3 $ 8.7 2.7x 38.6x Marketing Technology Cvent, Inc. CRM IPO 772.1 89.6 9.6 8.6x NM

(1) Vice Media sold a five percent equity stake to Twenty‐First Century Fox for $70 million (2) NexG Co. sold a 44 percent equity stake to Solacia Corp. for $21 million (3) Digital Healthcare sold a 10 percent equity stake to EMIS Group for $5 million Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

5| M&A and Investment Summary August 2013 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA

Aug‐13 Benefitfocus, Inc. Software $75.0 $91.2 ($15.8)

Aug‐13 Chegg, Inc. Dig ita l Mdi/CMedia/Commerce 150. 0 237. 8 $42. 1

Aug‐13 CommScope, Inc. Technology & Communications 750.0 3,130.1 $488.0

Aug‐13 FireEye, Inc. Software 175.0 115.2 ($71.4)

Aug‐13 Montage Technology Group Technology & Communications 115.0 90.0 NA

Aug‐13 Premier, Inc. Information & Business Services 100.0 869.3 $413.1

Aug‐13 RingCentral, Inc. Technology & Communications 100.0 124.8 ($34.2)

Aug‐13 Violin Memory, Inc. Technology & Communications 172.5 73.8 ($50.6)

Jun‐13 SFX Entertainment Inc. Traditional Medi a 75.0 NA NA

Ma y‐13 Covisint Corporation Technology & Communications 100.0 75.0 NA

Jun‐12 goldenTech SA Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology Software NA NA NA

Apr‐12 BlackStratus, Inc. Software 20.0 9.2 (0.6)

Apr‐12 NSFOCUS Information Technology Co., Ltd. Technology & Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobi le Technology Corp. Technology & Communications 451.0 NA NA

Ma r‐12 Reval Holdings, Inc. Software 75.0 47.0 (12.1)

6| M&A and Investment Summary August 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 30, 2013 1st Trading Day Aug‐13 CVT Cvent, Inc. United States $17.00‐$19.00 $21.00 $32.92, up 57% 35.61 8.2% Aug‐13 YUME YuMe, Inc. United States 12.00‐14.00 9.00 9.00, flat 8.48 (()5.8%)

Jul‐13 SALE RetailMeNot, Inc. United States 20.00‐22.00 21.00 27.70, up 32% 31.96 15.4% Jun‐13 GIMO Gigamon LLC United States 18.00‐20.00 19.00 28.47, up 50% 33.80 18.7% Jun‐13 GOGO Gogo Inc. United States 15.00‐17.00 17.00 16.00, down 6% 11.30 (29.4%) Jun‐13 JUSTDIAL Just Dial Limited India 8.39‐9.69 9.46 10.77, up 14% 10.32 (4.1%)

Jun‐13 LITB Light in the Box Chi na 8.50‐10.50 9.50 11.61, up 22% 9.67 (16.7%) Jun‐13 LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 23.75 16.5% Jun‐13 TXTR Textura Corpora ti on Uni ted States 13.00‐15.00 15.00 20.35, up 36% 37.95 86.5% Jun‐13 TRMR Tremor Video, Inc. United States 11.00‐13.00 10.00 8.50, down 15% 7.96 (6.4%) May‐13 ECOM ChannelAdvisor Corpora ti on Uni ted States 12.00‐14.00 14.00 18.44, up 32% 30.62 66.1%

May‐13 CYAN Cyan, Inc. United States 10.00‐12.00 11.00 11.14, up 1% 9.30 (16.5%) May‐13 MKTO Marketo, Inc. United States 11.00‐13.00 13.00 23.10, up 78% 35.08 51.9% May‐13 Q Quintiles Transnational Holdings Inc. United States 36.00‐40.00 40.00 42.11, up 5% 43.26 2.7% May‐13 DATA Tableau Software, Inc. United States 28.00‐30.00 31.00 50.75, up 64% 72.31 42.5%

Apr‐13 RALY Rally Software Development Corp. United States 11.00‐13.00 14.00 17.81, up 27% 25.83 45.0% Mar‐13 MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 13.20 (18.8%) Mar‐13 MODN Model N, Inc. United States 12.50‐14.50 15.50 18.45, up 19% 14.41 (21.9%) Mar‐13 3182 Oisix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 32.09 11.7% Mar‐13 IPDN Professional Diversity Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 4.45 (42.0%)

Feb‐13 DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 3.48 34.4% Feb‐13 3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 35.15 12.8% Feb‐13 XOOM Xoom CiCorporation UiUnite d States 13. 00‐10015.00 16. 00 24925.49, up 59% 26. 89 5.5% Nov‐12 3666 Tecnos Japan Incorporated Japan 16.77‐18.72 18.72 27.66, up 48% 20.10 (27.3%)

7| M&A and Investment Summary August 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 30, 2013 1st Trading Day Nov‐12 YY YY, Inc. China $10.50‐$12.50 $10.50 11.31, up 8% $39.46 248.9% Oct‐12 RKUS Ruckus Wireless, Inc. United States 13.00‐15.00 15.00 12.25, down 18% 13.59 10.9%

Oct‐12 FLTX Fleetmatics Group Limited United States 15.00‐17.00 $27.00 22.30, up 31% 49.45 121.7% Oct‐12 RLGY Realogy Holdings Corp. Uni ted States 23.00‐27.00 27.00 34.20, up 27% 42.33 23.8% Oct‐12 SSTK Shutterstock, Inc. United States 13.00‐15.00 17.00 21.66, up 27% 49.64 129.2% Oct‐12 WDAY Workday, Inc. United States 24.00‐26.00 28.00 48.69, 74% 72.53 48.1% Sep‐12 TRLA Trulia, Inc. United States 14.00‐16.00 17.00 24.00, up 41.8% 41.52 73.0%

8| M&A and Investment Summary August 2013 Digital Media/Commerce

. eCommerce was the most active and highest reported value subsegment across all segments, with 31 transactions announced (14 acquisitions and 17 investments), of which 16 were reported at $573 million in aggregate value . SlSelec t acquiiitisitions: • Woolworths’ $274 million acquisition of Ezibuy, a New Zealand‐based online and catalog retailer of clothing and housewares • Yahoo’s more than $60 million acquisition of Rockmelt, which operates a Web browser that’s integrated with Facebook and Twitter . Select investments: • The $43 million growth capital investment in Fitbit, which provides a mobile digital fitness tracking app, led by SoftBank Capital • The $18 million Kleiner Perkins Caufield & Byers‐led investment in MyFitnessPal, which operates a website enabling users to track and share calorie intake and other health and wellness data

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 31 42% 573.1 69% 14 510.9 0 ‐ 17 62.2 Niche Content 14 19% 29.1 3% 6 2.7 0 ‐ 8 26.4 Mobile Content/Apps 13 18% 108.2 13% 2 ‐ 0 ‐ 11 108.2 Social Media/Apps 10 14% 23.6 3% 1 ‐ 0 ‐ 9 23.6 Classifieds/Auctions/P‐to‐P 2 3% 4.5 1% 1 ‐ 0 ‐ 14.5 Gaming 2 3% 38.0 5% 2 38.0 0 ‐ 0 ‐ Web Search/Portals 1 1% 60.0 7% 1 60.0 0 ‐ 0 ‐ Total 73 100% 836. 3 100% 27 611. 5 0 000.0 46 224. 8

9| M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. United States $5.81 ‐19% $ 370.9 $ 371.9 $ 735.5 $ 44.6 6.1% 2.7% 0.5x 8.3x Amazon.com Inc. United States 281.58 ‐10% 128,649.4 124,228.4 66,848.0 2,924.0 4.4% 23.0% 1.9x 42.5x AOL Inc. United States 33.88 ‐23% 2,601.1 2,234.1 2,210.8 495.1 22.4% 1.9% 1.0x 4.5x Baidu, Inc. China 138.98 ‐3% 48,611.7 45,194.5 4,251.8 2,154.3 50.7% 42.2% 10.6x 21.0x Betfair Group PLC United Kingdom 15.27 ‐1% 1,560.3 1,299.3 602.2 117.6 19.5% ‐0.7% 2.2x 11.0x Blue Nile Inc. United States 37.03 ‐15% 460.2 413.6 431.1 15.5 3.6% 19.3% 1.0x 26.7x CafePress Inc. United States 5.74 ‐42% 98.4 75.4 235.7 7.8 3.3% 22.1% 0.3x 9.6x CDW Corporation United States 21.98 ‐7% 3,779.6 7,607.2 10,415.3 758.1 7.3% 4.5% 0.7x 10.0x Copart, Inc. United States 32.17 ‐16% 4,035.5 4,290.5 1,009.2 336.8 33.4% 10.5% 4.3x 12.7x CyberAgent Inc. Japan 2,418.47 ‐5% 1,506.3 1,249.3 1,606.8 143.8 9.0% 20.0% 0.8x 8.7x Demand Media, Inc. United States 6.65 ‐42% 581.0 531.1 403.0 171.8 42.6% 16.7% 1.3x 3.1x DeNA Co., Ltd. Japan 20.00 ‐43% 2,589.7 2,244.4 2,086.1 827.8 39.7% 30.5% 1.1x 2.7x eBay Inc. United States 50.43 ‐13% 65,283.2 59,380.2 15,022.0 4,422.0 29.4% 15.4% 4.0x 13.4x E‐Commerce China Dangdang Inc. * China 8.81 ‐27% 707.1 496.9 932.8 (59.5) NM 29.3% 0.5x NM eLong Inc. * China 15.38 ‐18% 531.6 231.8 139.7 (17.6) NM 29.8% 1.7x NM Expedia Inc. United States 47.00 ‐31% 6,391.7 5,839.0 4,391.3 607.8 13.8% 19.8% 1.3x 9.6x Facebook, Inc. United States 40.55 ‐3% 98,747.4 90,662.4 6,118.0 2,763.0 45.2% 41.4% 14.8x 32.8x G5 Entertainment AB (publ) Sweden 6.66 ‐24% 58.6 52.5 14.0 5.0 36.0% 48.3% 3.8x 10.4x GameLoft SA France 8.29 ‐3% 687.8 613.7 274.7 42.8 15.6% 26.7% 2.2x 14.3x Geeknet, Inc. * United States 15. 81 ‐21% 104. 4 56. 8 125. 2 090.9 07%0.7% 19. 4% 050.5x 62. 9x Glu Mobile, Inc. * United States 2.31 ‐57% 162.9 143.8 101.5 (12.9) NM 6.0% 1.4x NM Google Inc. United States 848.55 ‐9% 282,584.9 236,352.9 55,797.0 17,004.0 30.5% 30.5% 4.2x 13.9x Gree, Inc. Japan 8.06 ‐55% 1,882.9 1,599.5 1,534.0 554.0 36.1% ‐3.8% 1.0x 2.9x Hollywood Media Corp. * United States 1.49 ‐1% 33.7 24.1 0.5 (5.7) NM ‐34.4% 51.7x NM HSN, Inc. United States 54.96 ‐15% 2,925.0 3,079.9 3,346.9 292.6 8.7% 6.1% 0.9x 10.5x IAC/InterActiveCorp United States 49.64 ‐11% 4,118.9 4,127.8 3,021.4 478.9 15.9% 24.1% 1.4x 8.6x International Game Technology United States 18.75 ‐7% 4,890.0 6,339.0 2,340.3 851.0 36.4% 13.6% 2.7x 7.4x iProperty Group Limited * Malaysia 1061.06 ‐2% 191. 4 180. 8 14. 3 (4. 9) NM 90%9.0% 12. 7x NM Jiayuan.com International Ltd. China 6.37 ‐60% 191.2 105.6 74.0 10.8 14.6% 24.2% 1.4x 9.8x JobStreet Corp. Bhd. Malaysia 1.15 ‐13% 365.7 334.1 53.0 23.0 43.4% 9.5% 6.3x 14.5x Kongzhong Corp. China 9.71 ‐11% 407.4 263.1 177.8 29.7 16.7% 6.3% 1.5x 8.8x LifeLock, Inc. * United States 12.71 ‐4% 1,127.8 958.4 322.5 17.9 5.6% 41.2% 3.0x 53.5x Liberty Interactive Corporation United States 22.27 ‐12% 11,593.7 21,147.7 10,686.0 1,973.0 18.5% 8.0% 2.0x 10.7x LightInTheBox Holding Co., Ltd. * China 10.06 ‐57% 492.5 389.8 261.3 6.8 2.6% 0.0% 1.5x 57.5x LinkedIn Corporation * United States 238.88 ‐4% 26,778.2 25,904.8 1,244.0 158.7 12.8% 71.9% 20.8x 163.2x Liqqyuidity Services, Inc. * United States 29.64 ‐48% 940.9 877.6 499.0 NA NA 15.4% 1.8x NA Mediabistro Inc. * United States 1.60 ‐48% 9.6 15.6 12.7 (2.2) NM ‐9.8% 1.2x NM MeetMe, Inc. * United States 1.71 ‐60% 65.3 65.4 40.5 (5.2) NM 33.7% 1.6x NM Mercadolibre, Inc. Argentina 120.94 ‐11% 5,339.9 5,153.3 415.9 147.2 35.4% 22.1% 12.4x 35.0x Mixi, Inc. Japan 11.99 ‐50% 186.0 56.5 113.2 21.8 19.2% ‐19.1% 0.5x 2.6x NCsoft Corporation South Korea 149.44 ‐42% 2,971.2 2,416.5 735.7 228.8 31.1% 46.6% 3.3x 10.6x 10 | M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Netflix, Inc. * United States $283.91 ‐2% $ 16,728.7 $ 16,148.6 $ 3,943.7 $ 171.9 4.4% 14.1% 4.1x 94.0x Nexon Co. Ltd. Japan 10.94 ‐22% 4,799.2 4,230.4 1,372.2 687.0 50.1% 0.0% 3.1x 6.2x OpenTable, Inc. United States 74.54 ‐5% 1,709.8 1,617.8 173.8 54.1 31.2% 15.5% 9.3x 29.9x Orbitz Worldwide, Inc. United States 9.48 ‐29% 1,023.5 1,250.8 816.7 110.2 13.5% 6.0% 1.5x 11.3x Overstock.com Inc. United States 28.70 ‐19% 681.6 596.9 1,202.6 36.1 3.0% 13.9% 0.5x 16.5x Pacific Online Ltd. China 0.45 ‐13% 487.8 443.1 123.5 50.2 40.6% 12.1% 3.6x 8.8x Pandora Media, Inc. * United States 18.39 ‐16% 3,244.4 3,185.4 528.0 (39.8) NM 56.0% 6.0x NM PC Home Online Inc. Taiwan 5.56 ‐16% 457.3 359.5 514.2 21.6 4.2% 7.6% 0.7x 16.6x Perform Group plc. United Kingdom 8.20 ‐14% 2,154.2 2,115.4 246.4 53.6 21.7% 46.9% 8.6x 39.5x PetMed Express, Inc. United States 14.94 ‐16% 287.5 237.1 233.1 29.3 12.6% ‐0.2% 1.0x 8.1x Phoenix New Media Limited China 8.70 ‐11% 670.2 482.9 200.9 24.5 12.2% 14.9% 2.4x 19.7x priceline.com Incorporated United States 934.61 ‐6% 48,133.3 44,483.4 5,879.2 2,098.8 35.7% 22.3% 7.6x 21.2x Rakuten, Inc. Japan 12.55 ‐10% 16,520.1 16,695.0 4,875.1 1,127.6 23.1% 20.1% 3.4x 14.8x Rediff.com India Limited * India 2.37 ‐49% 65.4 45.4 16.1 (7.4) NM ‐11.6% 2.8x NM Renren Inc. * China 3.35 ‐28% 1,269.0 432.7 195.4 (91.2) NM 35.8% 2.2x NM Shutterfly, Inc. United States 53.40 ‐11% 2,015.2 1,887.3 700.5 82.9 11.8% 32.0% 2.7x 22.8x Shutterstock, Inc. United States 48.79 ‐20% 1,645.2 1,532.4 199.3 43.6 21.9% 38.4% 7.7x 35.2x Sky‐mobi Limited China 3.48 ‐30% 107.1 7.7 93.3 5.5 5.9% ‐14.8% 0.1x 1.4x Spark Networks, Inc. * United States 6.73 ‐27% 159.9 141.5 67.0 (9.3) NM 21.5% 2.1x NM Stamps. com Inc. United States 41. 16 ‐11% 643. 9 584. 3 123. 4 32. 4 26. 3% 13. 5% 474.7x 18. 0x Taomee Holdings Ltd. China 4.60 ‐34% 168.9 51.8 40.9 3.9 9.6% ‐2.9% 1.3x 13.1x The Active Network, Inc. United States 9.64 ‐26% 601.2 497.2 441.3 13.2 3.0% 15.6% 1.1x 37.7x TheStreet, Inc. * United States 2.17 ‐7% 73.5 23.4 51.5 (1.7) NM ‐4.5% 0.5x NM United Online, Inc. United States 8.05 ‐10% 744.9 855.9 865.9 91.3 10.5% ‐1.0% 1.0x 9.4x U.S. Auto Parts Network, Inc. United States 0.95 ‐75% 31.4 43.3 269.2 2.6 1.0% ‐16.9% 0.2x 16.5x ValueVision Media Inc. United States 4.79 ‐25% 236.9 242.5 615.0 11.2 1.8% 10.9% 0.4x 21.7x Vipshop Holdings Limited * China 38.88 ‐23% 2,151.0 1,766.5 1,117.5 20.5 1.8% 183.5% 1.6x 86.1x Vitacost.com, Inc. * United States 8.35 ‐11% 280.8 250.3 362.2 (8.7) NM 23. 1% 07x0.7x NM WebMD Health Corp. United States 31.13 ‐12% 1,543.4 1,317.3 488.3 53.4 10.9% ‐3.4% 2.7x 24.7x XO Group Inc. United States 12.33 ‐8% 304.2 221.3 131.2 22.8 17.4% 3.1% 1.7x 9.7x Yahoo! Inc. United States 27.11 ‐9% 27,660.9 25,131.0 4,823.2 1,283.6 26.6% ‐3.1% 5.2x 19.6x Yandex N.V. Netherlands 32.41 ‐23% 10,578.9 10,362.7 1,014.2 448.0 44.2% 37.1% 10.2x 23.1x YY Inc. China 39.33 ‐18% 2,144.9 1,871.7 198.6 42.0 21.1% 132.1% 9.4x 44.6x Zynga, Inc. United States 2.88 ‐29% 2,316.5 1,201.2 1,122.1 168.6 15.0% ‐11.8% 1.1x 7.1x

Adjusted Weighted Average 5.7x 22.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.2x)

11 | M&A and Investment Summary August 2013 Digital Advertising

. Within Digital Advertising the most active subsegment was Digital Video with six acquisitions announced, while Mobile Marketing was the highest reported valued subsegment with four transactions announced, of which three were worth $235 million in aggregate value . SlSelec t acquiiitisitions: • Millennial Media’s $232 million acquisition of mobile ad network JumpTap, which offers data‐driven targeted advertising • Blinkx’ acquisition of Grab Media, a video syndication and advertising platform operator that had raised over $34 million in funding from Court Square Ventures, Longworth Venture Partners, SCP Worldwide, and SoftBank Capital . Select investments: • The $25 million Keating Capital‐led investment in Glam Media, a women‐focused online advertising networks • The $14 million investment in Martini Media Network, an online ad network targeting affluent consumer from Venrock, Granite Ventures, Reed Elsevier Ventures, and Silicon Valley Bank

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 6 21% 26.5 5% 4 10.0 0 ‐ 2 16.5 Digital Promotion/Coupon 5 18% 104.4 21% 4 94.4 0 ‐ 1 10.0 Mobile Marketing 4 14% 235.0 48% 1 232.0 0 ‐ 33.0 Ad Networks/Exchanges 3 11% 59.0 12% 0 ‐ 0 ‐ 3 59.0 Comparison Shopping 3 11% 5.8 1% 1 ‐ 0 ‐ 25.8 Local Search 3 11% 6.3 1% 0 ‐ 0 ‐ 36.3 Other* 4 14% 56.5 11% 2 50.0 0 ‐ 26.5 Total 28 100% 493.5 100% 12 386.4 0 0.0 16 107.1 *Other includes Online Lead Generation, Search Marketing, and Vertical Search

12 | M&A and Investment Summary August 2013 Digital Advertising Public Company Valuation

($ in Millions, except stock price Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States $20.96 ‐26% $ 1,223.7 $ 1,172.4 $ 199.6 $ (34.3) NM 67.6% 5.9x NM Autobytel Inc. United States 5.89 ‐10% 52.4 41.6 70.4 3.4 4.9% 8.4% 0.6x 12.1x Bankrate, Inc. United States 17.20 ‐13% 1,743.1 1,825.3 424.0 92.7 21. 9% ‐10. 5% 43x4.3x 19. 7x Blinkx plc United States 2.27 ‐1% 832.8 775.9 198.0 28.2 14.2% 73.0% 3.9x 27.6x Blucora, Inc. United States 20.02 ‐9% 823.8 652.3 472.9 85.4 18.1% 39.3% 1.4x 7.6x Constant Contact, Inc. United States 19.13 ‐10% 586.9 487.7 268.6 19.6 7.3% 14.8% 1.8x 24.9x Ctrip.com International Ltd. China 46.02 ‐4% 5,972.0 5,281.0 761.9 124.1 16.3% 23.6% 6.9x 42.6x Demand Media, Inc. United States 6.48 ‐44% 566.2 516.3 403.0 72.0 17.9% 16.7% 1.3x 7.2x Dice Holdings, Inc. United States 8.33 ‐20% 491.8 477.2 203.2 66.6 32.8% 7.7% 2.3x 7.2x Digital Globe Services Inc. United States 3.48 ‐8% 103.3 105.1 22.8 3.6 15.8% 0.0% 4.6x 29.1x eHealth, Inc. United States 27.67 ‐14% 509.6 419.9 165.9 19.3 11.6% 10.2% 2.5x 21.7x Google Inc. United States 846.90 ‐9% 282,035.5 235,803.5 55,797.0 17,004.0 30.5% 30.5% 4.2x 13.9x Groupon, Inc. United States 10.16 ‐9% 6,761.9 5,577.9 2,417.0 133.0 5.5% 17.9% 2.3x 41.9x Hi‐Media S.A. France 2.36 ‐20% 105.4 132.3 256.8 17.2 6.7% ‐15.3% 0.5x 7.7x HomeAway, Inc. United States 31.54 ‐8% 2,689.0 2,352.7 310.8 56.8 18.3% 21.7% 7.6x 41.4x InternetQ PLC United Kingdom 4.90 ‐13% 189.3 181.1 96.8 13.7 14.2% 46.6% 1.9x 13.2x LeGuide.com S.A. France 36.72 ‐3% 130.6 95.3 62.6 12.7 20.3% 38.8% 1.5x 7.5x MakeMyTrip Limited India 13.65 ‐26% 513.3 442.4 241.9 (19.8) NM 15.9% 1.8x NM Millennial Media Inc. United States 6556.55 ‐61% 533. 1 410. 4 211. 8 (1. 3) NM 60. 3% 19x1.9x NM Monster Worldwide, Inc. United States 4.50 ‐50% 508.7 568.1 844.1 133.3 15.8% ‐10.1% 0.7x 4.3x Move, Inc. United States 14.50 ‐5% 584.4 552.4 213.9 14.9 7.0% 12.1% 2.6x 37.1x Opera Software ASA Norway 9.31 ‐3% 1,137.3 1,081.1 252.1 70.2 27.8% 38.0% 4.3x 15.4x OPT, Inc. Japan 10.79 ‐10% 317.9 210.9 802.4 27.7 3.4% 13.2% 0.3x 7.6x Pacific Online Ltd. China 0.44 ‐13% 485.0 440.3 123.5 50.5 40.9% 12.1% 3.6x 8.7x QuinStreet, Inc. United States 8.71 ‐10% 376.6 341.4 305.1 33.7 11.0% ‐17.6% 1.1x 10.1x ReachLocal, Inc. United States 10.98 ‐37% 308.0 226.1 488.0 9.3 1.9% 17.7% 0.5x 24.3x Responsys, Inc. United States 14. 35 ‐15% 722. 5 616. 6 183. 2 16. 8 92%9.2% 23. 2% 34x3.4x 36. 7x RetailMeNot, Inc. United States 31.96 ‐5% 1,614.2 1,894.4 168.9 62.6 37.1% 0.0% 11.2x 30.2x Rightmove plc * United Kingdom 35.98 ‐7% 3,540.3 3,530.3 195.5 136.4 69.8% 19.2% 18.1x 25.9x Rovi Corporation United States 17.93 ‐32% 1,806.1 2,474.5 626.3 211.5 33.8% ‐7.0% 4.0x 11.7x Septeni Holdings Co., Ltd. Japan 1,548.57 ‐22% 195.2 148.6 448.3 17.6 3.9% 12.4% 0.3x 8.4x The Active Network, Inc. United States 9.80 ‐25% 611.2 507.1 441.3 13.2 3.0% 15.6% 1.1x 38.4x TiVo Inc. United States 11.67 ‐17% 1,423.4 562.1 353.5 1.1 0.3% 33.8% 1.6x NM TradeDoubler AB Sweden 3.27 ‐9% 138.5 113.4 313.5 5.6 1.8% ‐17.8% 0.4x 20.1x Travelzoo Inc. United States 27. 01 ‐20% 414. 9 341. 1 156. 0 27. 1 17. 4% 23%2.3% 222.2x 12. 6x Tree.Com, Inc. United States 25.04 ‐1% 278.5 193.2 112.7 5.1 4.5% 108.9% 1.7x 38.1x Tremor Video, Inc. United States 7.96 ‐12% 394.4 531.8 122.9 (1.8) NM 0.0% 4.3x NM TripAdvisor Inc. United States 73.97 ‐10% 10,576.6 10,565.2 859.0 335.2 39.0% 22.8% 12.3x 31.5x Trulia, Inc. * United States 41.52 ‐14% 1,572.4 1,365.7 92.8 (0.7) NM 81.1% 14.7x NM

13 | M&A and Investment Summary August 2013 Digital Advertising Public Company Valuation

Adjusted Weighted Average 4.6x 16.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (68.3x)

14 | M&A and Investment Summary August 2013 Marketing Technology

. Mobile Technology and CRM were the most active Marketing Technology subsegments in August, with a 11 and 10 acquisitions announced, respectively. Online Targeting/Optimization was the highest reported value subsegment with nine acquisitions announced for $420 million in aggregate reported value . Select acquisitions: • AOL’s $405 million acquisition of video advertising platform Adap.tv, which provides a programmatic platform for buyers and sellers tools to plan, buy, and measure across linear TV and online video • Rentrak’s acquisition of iTVX, a company providing solutions to measure bddbranded entertainment analytics, insights, and research across TV, movies, Internet, and social media . Select investments: • The $165 million investment in HootSuite Media, which provides Web‐based social media management solutions for businesses and organizations to collaboratively execute campaigns across various social networks

• Goldman Sachs’MARKETING $40 TECHNOLOGYmillion investment TRANSACTIONS BY SEGMENTin SugarCRM, which offers customer relationship managementBUYER/INVESTOR BREAKDOWN software Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Mobile Technology 11 14% 25.5 3% 3 ‐ 0 ‐ 8 25.5 CRM 10 13% 65.4 7% 3 ‐ 1 ‐ 665.4 Content Management 9 12% 115.1 12% 4 70.0 0 ‐ 545.1 Online Targeting/Optimization 9 12% 419.7 45% 4 405.0 0 ‐ 514.7 BI Tools 8 11% 71.1 8% 3 ‐ 0 ‐ 571.1 Social Technology 7 9% 190.2 20% 1 ‐ 0 ‐ 6190.2 Other* 22 29% 46.0 5% 7 ‐ 1 ‐ 14 46.0 Total 76 100% 933.0 100% 25 475.0 2 0.0 49 458.0 *Other includes Ad Serving, Analytics/Reporting, Commerce Management, Email/Messaging Software, Market Research Software, Media Management System, Product/Price Software, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, and Teleservices/eServices

15 | M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Actuate Corporation United States $7.12 ‐7% $ 341.3 $ 268.2 $ 137.6 $ 17.3 12.6% ‐1.9% 1.9x 15.5x Adobe Systems Inc. United States 45.53 ‐6% 22,867.9 20,527.9 4,252.4 1,133.1 26.6% ‐1.9% 4.8x 18.1x Bazaarvoice, Inc. United States 10.74 ‐33% 795.1 699.8 160.3 (()45.1) NM 51.0% 4.4x NM Bitauto Holdings Limited China 13.99 ‐23% 562.9 477.6 196.8 34.8 17.7% 45.6% 2.4x 13.7x Blackbaud Inc. United States 36.08 ‐4% 1,646.8 1,835.4 483.6 86.0 17.8% 22.3% 3.8x 21.3x Brightcove, Inc. United States 9.25 ‐36% 262.0 231.5 98.0 (8.0) NM 27.7% 2.4x NM ChannelAdvisor Corporation United States 32.96 ‐8% 713.4 632.4 59.9 (3.1) NM 0.0% 10.6x NM Constant Contact, Inc. United States 18.46 ‐13% 566.4 467.1 268.6 19.6 7.3% 14.8% 1.7x 23.8x Cvent, Inc. * United States 34.23 ‐13% 1,323.6 1,282.7 89.6 9.6 10.7% 0.0% 14.3x 133.4x Dealertrack Technologies, Inc. United States 39.63 ‐5% 1,733.8 1,734.6 431.7 60.9 14.1% 15.1% 4.0x 28.5x Demandware, Inc. United States 41.72 ‐15% 1,277.7 1,173.3 88.7 (12.0) NM 33.4% 13.2x NM Digital Generation, Inc. United States 12.28 ‐13% 342.8 681.5 385.7 103.1 26.7% 1.0% 1.8x 6.6x Digital River Inc. United States 17.88 ‐12% 612.4 346.8 399.2 29.2 7.3% ‐0.4% 0.9x 11.9x E2open, Inc. United States 20.08 ‐9% 517.6 487.2 75.1 (2.6) NM 17.4% 6.5x NM eBay Inc. United States 50.43 ‐13% 65,283.2 59,380.2 15,022.0 4,422.0 29.4% 15.4% 4.0x 13.4x Informatica Corporation United States 35.97 ‐10% 3,893.3 3,289.1 861.8 167.8 19.5% 6.5% 3.8x 19.6x Infosystems S.A. Poland 1.00 ‐43% 4.1 3.7 2.5 0.6 23.7% 54.6% 1.5x 6.3x Interactive Intelligence Group Inc. United States 59.50 ‐11% 1,192.1 1,116.3 279.3 19.3 6.9% 28.5% 4.0x 57.8x IBM Corporation United States 182.16 ‐16% 199,542.8 223,408.8 102,383.0 26,230.0 25.6% ‐3.5% 2.2x 8.5x Jive Software, Inc. United States 12.33 ‐33% 847.8 722.6 130.5 (48.2) NM 36.5% 5.5x NM LivePerson Inc. United States 9.36 ‐51% 505.8 430.8 167.9 12.5 7.5% 14.9% 2.6x 34.4x Marin Software Incorporated United States 13.17 ‐34% 427.7 313.0 67.9 (28.1) NM 0.0% 4.6x NM Marketo, Inc. * United States 36.90 ‐7% 1,366.7 1,251.5 74.5 (36.9) NM 0.0% 16.8x NM Mercadolibre, Inc. Argentina 120.94 ‐11% 5,339.9 5,153.3 415.9 147.2 35.4% 22.1% 12.4x 35.0x MicroStrategy Inc. United States 91.88 ‐33% 1,038.3 720.6 589.0 29.3 5.0% 2.3% 1.2x 24.6x NetSuite Inc. * United States 97.86 ‐3% 7,259.5 7,066.0 357.4 (27.7) NM 32.8% 19.8x NM Nuance Communications, Inc. United States 18.50 ‐29% 5,741.1 7,221.1 1,851.8 345.0 18.6% 19.5% 3.9x 20.9x Open Text Corporation Canada 68.80 ‐7% 4,063.5 4,158.6 1,363.3 408.6 30.0% 12.9% 3.1x 10.2x Opera Software ASA Norway 9.11 ‐4% 1,113.3 1,056.6 252.1 70.2 27.8% 38.0% 4.2x 15.1x Oracle Corporation United States 31.66 ‐13% 146,611.3 133,386.3 37,180.0 17,333.0 46.6% 0.2% 3.6x 7.7x Pitney Bowes Inc. United States 16.85 ‐7% 3,400.5 6,720.1 4,844.5 932.4 19.2% 0.5% 1.4x 7.2x PTC Inc. United States 26.45 ‐6% 3,160.3 3,171.4 1,274.0 252.9 19.9% 0.3% 2.5x 12.5x Qlik Technologies, Inc. United States 33.00 ‐6% 2,899.4 2,675.8 428.1 5.5 1.3% 22.8% 6.2x NM RealNetworks Inc. United States 7.58 ‐13% 270.4 33.6 233.0 (18.7) NM ‐21.6% 0.1x NM Responsys, Inc. United States 14.13 ‐17% 711.4 605.5 183.2 16.8 9.2% 23.2% 3.3x 36.0x Sage Group plc United Kingdom 5.43 ‐10% 6,012.2 6,369.3 2,088.2 617.6 29.6% 2.9% 3.1x 10.3x Salesforce.com, Inc United States 42.78 ‐10% 25,237.4 24,832.0 3,472.8 76.1 2.2% 31.4% 7.2x NM SAP AG Germany 75.11 ‐13% 89,567.0 91,666.3 21,628.9 7,409.8 34.3% 9.8% 4.2x 12.4x Sky‐mobi Limited China 3.48 ‐30% 107.1 7.7 93.3 5.5 5.9% ‐14.8% 0.1x 1.4x Synchronoss Technologies, Inc. United States 34.03 ‐7% 1,317.6 1,267.7 304.3 63.0 20.7% 20.3% 4.2x 20.1x

16 | M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Tableau Software, Inc. * United States $72.31 ‐4% $ 4,278.9 $ 4,057.5 $ 163.8 $ (4.4) NM 0.0% 24.8x NM The Active Network, Inc. United States 9.80 ‐25% 611.2 507.1 441.3 13.2 3.0% 15.6% 1.1x 38.4x TIBCO Software Inc. United States 22.54 ‐32% 3 ,698.6 3,505.2 1,035.2 192.3 18.6% 4.4% 3.4x 18.2x Verint Systems Inc. United States 33.15 ‐11% 1,747.3 2,083.4 847.7 157.7 18.6% 5.6% 2.5x 13.2x Vocus Inc. * United States 9.24 ‐55% 195.2 237.3 185.2 0.9 0.5% 34.3% 1.3x 267.2x

Adjusted Weighted Average 3.7x 10.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (79.8x)

17 | M&A and Investment Summary August 2013 Agency & Marketing Services

. There were 24 transactions announced in the Agency and Marketing Services segment In August, up from 16 in the previous month. Digital Agency was the most active subsegment with six acquisitions announced. . SlSelec t acquiiitisitions: • United Drug’s $15 million acquisition of Canada‐based Medical Communications Group, a company specializing in healthcare marketing, communications and sample and promotional material management services • Swift Collective acquisition of public relations firm Saeger Media Group, to form digital communications agency Swift . Select investments: • WPP’s investment for a 28 percent stake in Scangroup, a $150 million Kenya‐based marketing services group

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 6 25% 60.7 74% 6 60.7 0 ‐ 0 ‐ Loyalty/Retention 4 17% 5.3 6% 3 ‐ 0 ‐ 15.3 Public Relations 3 13% ‐ 0% 2 ‐ 1 ‐ 0 ‐ Database/Analytics 2 8% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Healthcare Agency 2 8% 14.7 18% 2 14.7 0 ‐ 0 ‐ Other* 9 38% 15.7 19% 7 14.7 0 ‐ 21.0 Total 24 100% 81.7 100% 20 75.4 1 0.0 3 6.3 *Other includes Channel Services, DR Media Buying, Experiential Marketing, General Agency, Marketing Consulting, Performance/Contract Sales, and Social Agency

18 | M&A and Investment Summary August 2013 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $0.99 ‐4% $ 81.8 $ 95.4 $ 219.7 $ 12.8 5.8% 5.8% 0.4x 7.4x Charm Communications Inc. China 4.00 ‐36% 160.1 74.0 176.9 (2.4) NM ‐19.6% 0.4x NM Chime Communications plc * United Kingdom 4814.81 ‐4% 406. 7 432. 3 481. 5 14. 1 29%2.9% ‐11. 8% 09x0.9x 30. 7x Creston plc United Kingdom 1.60 ‐6% 96.3 79.0 114.2 17.9 15.7% 0.4% 0.7x 4.4x Dentsu Inc. * Japan 32.92 ‐17% 8,201.6 11,634.1 20,232.6 661.1 3.3% 3.6% 0.6x 17.6x Enero Group Limited Australia 0.46 ‐23% 39.0 24.8 307.1 3.8 1.2% ‐17.8% 0.1x 6.5x Havas France 7.26 ‐8% 2,821.3 3,185.2 2,344.3 365.2 15.6% 8.1% 1.4x 8.7x Huntsworth plc United Kingdom 0.95 ‐4% 236.4 343.5 264.0 46.0 17.4% ‐1.5% 1.3x 7.5x M&C Saatchi plc United Kingdom 4.36 ‐6% 296.7 273.1 275.5 31.8 11.6% 10.7% 1.0x 8.6x MDC Partners Inc. United States 23.94 ‐2% 752.4 1,400.6 1,117.2 89.4 8.0% 11.9% 1.3x 15.7x Next Fifteen Communications Group plc United Kingdom 1.43 ‐21% 85.3 96.9 147.2 17.3 11.7% 2.6% 0.7x 5.6x Omnicom Group Inc. United States 60.22 ‐15% 15,714.2 19,000.5 14,387.1 2,116.0 14.7% 2.0% 1.3x 9.0x OPT, Inc. Japan 9.22 ‐23% 271.5 164.0 802.4 27.7 3.4% 13.2% 0.2x 5.9x Publicis Groupe SA France 73.78 ‐12% 15,594.3 16,514.0 8,939.9 1,732.2 19.4% 10.9% 1.8x 9.5x Sapient Corp. United States 14.99 ‐6% 2,095.4 1,840.9 1,188.6 152.8 12.9% 11.7% 1.5x 12.0x The Interpublic Group of Companies, Inc. United States 15.65 ‐10% 6,606.7 7,732.2 7,032.9 827.4 11.8% 0.2% 1.1x 9.3x WPP plc United Kingdom 18.29 ‐5% 24,414.1 29,182.1 16,305.5 2,780.6 17.1% 4.4% 1.8x 10.5x

Adjusted Weighted Average 1.5x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.0x)

19 | M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $24.92 ‐6% $ 1,845.6 $ 1,886.1 $ 1,093.9 $ 206.1 18.8% ‐2.9% 1.7x 9.2x Aimia Inc. Canada 15.16 ‐4% 2,615.4 2,875.4 1,578.2 (345.4) NM ‐22.1% 1.8x NM Alliance Data Systems Corporation * United States 196. 61 ‐6% 9, 583. 4 13, 823. 1 3, 964. 9 120681,206.8 30. 4% 14. 9% 35x3.5x 11. 5x CSG Systems International Inc. United States 23.88 ‐7% 757.1 838.2 754.7 134.8 17.9% 2.1% 1.1x 6.2x Data Group Inc Canada 1.40 ‐66% 32.9 126.7 311.0 26.7 8.6% ‐2.8% 0.4x 4.7x DST Systems Inc. United States 72.30 ‐3% 3,111.1 3,548.6 2,630.1 390.8 14.9% 5.2% 1.3x 9.1x Fair Isaac Corporation United States 50.85 ‐6% 1,790.0 2,182.0 739.2 193.1 26.1% 13.6% 3.0x 11.3x Harte‐Hanks Inc. United States 8.74 ‐14% 546.5 586.8 758.6 84.4 11.1% ‐2.0% 0.8x 7.0x High Co. SA France 6.80 ‐4% 71.1 34.5 174.3 16.6 9.5% ‐3.6% 0.2x 2.1x Insignia Systems Inc. United States 2.63 0% 35.9 13.0 24.9 3.0 11.9% 55.5% 0.5x 4.4x Multiplus SA Brazil 10. 28 ‐52% 1, 664. 7 1, 338. 9 713. 6 123. 0 17. 2% 14. 1% 19x1.9x 10. 9x Points International Ltd. * Canada 22.11 ‐4% 336.4 289.6 153.9 2.6 1.7% 22.1% 1.9x 113.3x Valassis Communications Inc. United States 27.83 ‐11% 1,051.3 1,527.7 2,081.7 268.7 12.9% ‐4.6% 0.7x 5.7x Viad Corp United States 22.75 ‐20% 462.3 389.6 1,044.5 72.2 6.9% 12.5% 0.4x 5.4x

Adjusted Weighted Average 1.6x 10.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.0x)

20 | M&A and Investment Summary August 2013 Traditional Media

. There were a total of 18 transactions announced (16 acquisitions and two investments) in the Traditional Media segment in August. Of those, six were reported at $995 million in aggregate value . SlSelec t acquiiitisitions: • The Washington Post’s $250 million divestiture of six publishing subsidiaries, including The Washington Post newspaper, to Nash Holdings, Jeff Bezos’ personal investment firm • Bell Media’s divestiture of five radio stations – Boom 97.3, 93.5 Flow, Virgin Radio 95.3, Shore 104.3 FM, and AM 650 –to Newcap Radio, for $107 million . Select investments: • Twenty‐First Century Fox’ $70 million investment for in Vice Media, valuing the company at $1.4 billion

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Newspaper Publishing 4 22% 320.0 32% 2 ‐ 2320.00 ‐ Consumer Magazine Publishing 3 17% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Radio 3 17% 604.6 61% 3 604.6 0 ‐ 0 ‐ B‐to‐B Media 2 11% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Cable & Satellite Television 2 11% ‐ 0% 1 ‐ 0 ‐ 1 ‐ Other* 4 22% 70.0 7% 3 ‐ 0 ‐ 170.0 Total 18 100% 994.6 100% 14 604.6 2 320.0 2 70.0

*Other includes Broadcast Television, Digital Place‐Based Media, Entertainment Media, and Yellow Pages

21 | M&A and Investment Summary August 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $51.58 ‐7% $ 32,773.3 $ 38,914.3 $ 14,703.0 $ 3,638.0 24.7% 7.6% 2.6x 10.7x Discovery Communications, Inc. * United States 78.19 ‐13% 27,401.7 33,424.7 4,899.0 2,096.0 42.8% 11.4% 6.8x 15.9x News Corporation United States 15.76 ‐4% 9,125.4 7,705.4 8,768.0 616.0 7.0% 2.4% 0.9x 12.5x Time Warner Inc. United States 60.98 ‐8% 56,102.0 73,486.0 29,380.0 7,743.0 26.4% 1.4% 2.5x 9.5x Twenty‐First Century Fox, Inc. United States 31.57 ‐7% 73,164.3 86,609.3 27,675.0 6,141.0 22.2% 10.5% 3.1x 14.1x Viacom, Inc. United States 79.41 ‐2% 37,883.2 45,823.2 13,505.0 4,012.0 29.7% ‐7.4% 3.4x 11.4x The Walt Disney Company United States 60.81 ‐10% 108,633.5 122,075.5 44,255.0 11,450.0 25.9% 5.6% 2.8x 10.7x

Adjusted Weighted Average 2.8x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x)

B‐to‐B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $17.96 ‐2% $ 2,270.7 $ 2,341.5 $ 595.3 $ 178.1 29.9% 1.8% 3.9x 13.1x Global Sources Ltd. Hong Kong 6.51 ‐23% 223.9 99.7 212.5 44.8 21.1% ‐4.0% 0.5x 2.2x Informa plc Switzerland 7.78 ‐8% 4,691.8 6,125.4 1,879.5 568.9 30.3% 2.8% 3.3x 10.8x TechTarget, Inc. * United States 4.45 ‐26% 171.0 138.6 92.6 7.5 8.2% ‐11.8% 1.5x 18.4x The Dolan Company United States 2.07 ‐64% 63.2 208.0 260.6 35.6 13.6% 16.8% 0.8x 5.9x UBM plc United Kingdom 10.86 ‐12% 2,645.1 3,428.1 1,203.3 278.6 23.2% 12.2% 2.8x 12.3x

Adjusted Weighted Average 3.2x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.7x)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $7.11 ‐29% $ 162.9 $ 262.2 $ 103.8 $ 29.6 28.5% 6.8% 2.5x 8.9x CC Media Holdings, Inc. United States 3953.95 ‐43% 341. 9 20, 372. 4 624486,244.8 185531,855.3 29. 7% 07%0.7% 33x3.3x 11. 0x Cumulus Media Inc. United States 4.61 ‐6% 822.4 3,512.7 1,082.1 354.7 32.8% 17.2% 3.2x 9.9x Dial Global, Inc. * United States 0.34 ‐90% 19.4 307.7 239.0 4.7 2.0% 82.0% 1.3x 65.1x Emmis Communications Corp. United States 3.24 ‐6% 134.2 318.6 197.7 32.6 16.5% 1.9% 1.6x 9.8x Entercom Communications Corp. United States 8.34 ‐24% 311.8 851.0 384.0 109.0 28.4% 1.0% 2.2x 7.8x Journal Communications Inc. United States 7.25 ‐24% 369.2 598.7 418.2 90.8 21.7% 16.0% 1.4x 6.6x Radio One Inc. United States 2.32 ‐16% 111.1 1,106.5 434.5 157.5 36.3% 5.7% 2.5x 7.0x Salem Communications Corp. United States 7.92 ‐22% 196.5 494.3 233.0 49.7 21.3% 4.3% 2.1x 10.0x SIRIUS XM Radio Inc. * United States 3.58 ‐7% 22,198.1 24,796.1 3,597.3 1,227.3 34.1% 12.8% 6.9x 20.2x Spanish Broadcasting System Inc. United States 3.70 ‐26% 26.9 375.3 148.0 47.7 32.2% 4.7% 2.5x 7.9x Pandora Media, Inc. United States 18.39 ‐16% 3,244.4 3,185.4 528.0 (39.8) NM 56.0% 6.0x NM

Adjusted Weighted Average 4.5x 19.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.2x)

22 | M&A and Investment Summary August 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. * United States $61.98 ‐14% $ 4,479.6 $ 6,215.8 $ 1,460.1 $ 499.0 34.2% 14.4% 4.3x 12.5x British Sky Broadcasting Group plc United Kingdom 12.99 ‐7% 20,399.0 22,734.8 10,996.3 2,466.8 22.4% 6.5% 2.1x 9.2x Cablevision Systems Corporation United States 17.73 ‐12% 4,741.0 14,489.4 6,709.3 1,724.6 25.7% 4.3% 2.2x 8.4x CBS Corporation United States 51.10 ‐8% 32,468.3 38,609.3 14,703.0 3,638.0 24.7% 7.6% 2.6x 10.6x Charter Communications, Inc. United States 121.42 ‐12% 12,596.6 25,393.6 7,682.0 2,659.0 34.6% 4.5% 3.3x 9.6x Comcast Corporation United States 42.09 ‐9% 109,832.0 152,575.0 64,061.0 20,744.0 32.4% 7.7% 2.4x 7.4x Crown Media Holdings Inc. United States 3.07 ‐3% 1,104.2 1,529.4 354.4 267.1 75.4% 3.0% 4.3x 5.7x DIRECTV United States 58.18 ‐14% 31,940.5 48,788.5 30,750.0 7,480.0 24.3% 7.6% 1.6x 6.5x Discovery Communications, Inc. * United States 77.51 ‐13% 27,190.7 33,213.7 4,899.0 2,096.0 42.8% 11.4% 6.8x 15.8x Dish Network Corp. United States 44.96 ‐4% 20,531.7 25,199.2 14,274.2 2,930.1 20.5% ‐0.8% 1.8x 8.6x Entravision Communications Corporation United States 5.23 ‐28% 459.6 759.5 228.3 77.9 34.1% 13.5% 3.3x 9.8x General Communication Inc. United States 8.95 ‐14% 363.4 1,344.9 738.0 226.5 30.7% 6.3% 1.8x 5.9x Gray Television Inc. United States 6.60 ‐30% 380.5 1,190.1 391.9 159.6 40.7% 16.5% 3.0x 7.5x Grupo Televisa, S.A.B. Mexico 25.15 ‐14% 14,428.6 17,956.2 5,432.5 2,160.6 39.8% 6.5% 3.3x 8.3x Journal Communications Inc. United States 7.19 ‐24% 366.2 595.7 418.2 90.8 21.7% 16.0% 1.4x 6.6x Liberty Global plc * United Kingdom 77.68 ‐6% 30,425.4 71,724.9 11,178.9 5,028.6 45.0% 13.1% 6.4x 14.3x Traverse Energy Ltd. Canada 0.65 ‐8% 32.4 28.4 9.5 5.8 61.0% 76.2% 3.0x 4.9x Nexstar Broadcasting Group, Inc. * United States 33.57 ‐16% 1,007.0 1,955.6 444.5 160.5 36.1% 33.3% 4.4x 12.2x Scripps Networks Interactive, Inc. United States 73.53 ‐4% 10,726.2 12,173.3 2,430.4 1,084.1 44.6% 10.8% 5.0x 11.2x Sinclair Broadcast Group Inc. United States 23.92 ‐25% 2,387.8 4,293.4 1,185.0 459.5 38.8% 36.6% 3.6x 9.3x The E. W. Scripps Company United States 15.21 ‐16% 868.3 840.6 885.9 124.3 14.0% 12.2% 0.9x 6.8x Time Warner Cable Inc. United States 107.35 ‐11% 30,678.7 54,192.7 21,873.0 7,662.0 35.0% 7.0% 2.5x 7.1x Ziggo N.V. Netherlands 39.61 ‐5% 7,922.6 11,837.1 2,006.0 1,103.8 55.0% 1.0% 5.9x 10.7x

Adjusted Weighted Average 2.9x 8.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.3x)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $28.30 ‐7% $ 2,367.7 $ 2,540.0 $ 799.0 $ 123.5 15.5% 17.7% 3.2x 20.6x Eros International Plc United Kingdom 3.77 ‐9% 473.7 677.8 215.3 158.7 73.7% 4.3% 3.1x 4.3x Lions Gate Entertainment Corp. * United States 35.01 ‐3% 4,800.2 6,096.9 2,806.0 322.3 11.5% 56.1% 2.2x 18.9x Live Nation Entertainment, Inc. United States 16.86 ‐11% 3,304.9 3,875.1 6,003.6 449.9 7.5% 11.3% 0.6x 8.6x Village Roadshow Limited Austral ia 5.52 ‐4% 880.3 1,131.9 857.2 154.1 18.0% 1.8% 1.3x 7.3x Twenty‐First Century Fox, Inc. United States 31.33 ‐8% 72,584.7 86,029.7 27,675.0 6,141.0 22.2% 10.5% 3.1x 14.0x World Wrestling Entertainment Inc. United States 9.77 ‐14% 733.6 610.8 495.6 50.2 10.1% 1.9% 1.2x 12.2x

Adjusted Weighted Average 29x2.9x 13. 6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x)

23 | M&A and Investment Summary August 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Out‐of‐Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. * China $1.78 ‐31% $ 108.1 $ (9.4) $ 281.0 $ 16.6 5.9% ‐1.9% NM NM APG|SGA SA Switzerland 246.22 ‐7% 724.9 667.3 339.4 141.2 41.6% ‐1.2% 2.0x 4.7x Clear Channel Outdoor Holdings Inc. * United States 7.56 ‐14% 2,701.0 7,482.5 2,951.4 718.0 24.3% ‐0.9% 2.5x 10.4x Clear Media Ltd. Hong Kong 0.65 ‐33% 349.3 172.8 204.4 82.9 40.6% 5.0% 0.8x 2.1x JCDecaux SA * France 33.47 ‐2% 7,436.1 7,510.4 3,439.8 721.4 21.0% 4.5% 2.2x 10.4x Lamar Advertising Co. * United States 42.07 ‐15% 3,975.3 6,005.4 1,220.0 526.2 43.1% 5.5% 4.9x 11.4x Mood Media Corporation Canada 1.08 ‐54% 185.5 747.6 507.3 111.0 21.9% 38.3% 1.5x 6.7x National CineMedia, Inc. United States 17.98 ‐6% 996.0 1,956.5 464.6 231.2 49.8% 5.6% 4.2x 8.5x NTN Buzztime Inc. * United States 0.38 ‐25% 27.0 25.1 23.6 2.3 9.8% ‐1.8% 1.1x 10.8x Tom Group Ltd. Hong Kong 0.14 ‐4% 546.8 780.4 263.9 (1.2) NM ‐12.4% 3.0x NM Valassis Communications Inc. United States 27.55 ‐12% 1,040.7 1,517.1 2,081.7 268.7 12.9% ‐4.6% 0.7x 5.6x

Adjusted Weighted Average 2.8x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.1x)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $7.24 ‐10% $ 159.3 $ 126.6 $ 429.9 $ 26.1 6.1% ‐4.2% 0.3x 4.8x Daily Mail and General Trust plc * United Kingdom 12.22 ‐6% 4,582.2 5,820.2 2,652.5 500.8 18.9% 7.6% 2.2x 11.6x Emmis Communications Corp. * United States 3.18 ‐8% 131.7 316.1 197.7 32.6 16.5% 1.9% 1.6x 9.7x Gannett Co., Inc. United States 24.09 ‐10% 5,520.0 6,939.0 5,368.0 1,107.2 20.6% 3.6% 1.3x 6.3x Glacier Media, Inc. Canada 1.33 ‐36% 118.4 277.0 315.6 41.7 13.2% 17.3% 0.9x 6.6x John Wiley & Sons Inc. United States 43.80 ‐16% 2,573.1 2,948.6 1,760.8 318.3 18.1% ‐1.2% 1.7x 9.3x Journal Communications Inc. United States 7.19 ‐24% 366.2 595.7 418.2 90.8 21.7% 16.0% 1.4x 6.6x Martha Stewart Living Omnimedia Inc. United States 2.43 ‐27% 164.0 120.5 179.3 (2.7) NM ‐15.3% 0.7x NM Meredith Corporation United States 43.01 ‐12% 1,918.1 2,240.4 1,471.3 265.8 18.1% 6.9% 1.5x 8.4x Reed Elsevier plc * United Kingdom 12.24 ‐8% 14,251.3 34,057.5 9,944.2 3,154.3 31.7% 0.0% 3.4x 10.8x Scholastic Corporation United States 29.51 ‐15% 940.1 912.4 1,792.4 151.8 8.5% ‐16.2% 0.5x 6.0x The E. W. Scripps Company United States 15.21 ‐16% 868.3 840.6 885.9 124.3 14.0% 12.2% 0.9x 6.8x The McClatchy Company United States 3.10 ‐10% 267.3 1,816.3 1,286.7 298.9 23.2% ‐5.4% 1.4x 6.1x The New York Times Company United States 11.15 ‐13% 1,657.3 1,607.6 1,976.1 299.2 15.1% 0.6% 0.8x 5.4x The Washington Post Company United States 564.00 ‐7% 4,186.0 3,772.6 4,054.0 575.8 14.2% 1.4% 0.9x 6.6x Valassis Communications Inc. United States 27.55 ‐12% 1,040.7 1,517.1 2,081.7 268.7 12.9% ‐4.6% 0.7x 5.6x

Adjusted Weighted Average 1.4x 6.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.4x)

24 | M&A and Investment Summary August 2013 Technology & Communications

. Activity and reported value in the Technology & Communications segment was led by the Financial Technology subsegment with 10 deals announced for $457 million in value . SlSelec t acquiiitisitions: • Wasserstein’s $340 million acquisition of Globecomm Systems, a provider of satellite‐based managed network solutions • IRESS’ $323 million acquisition of UK‐based Avelo, a company offering technology solutions to the financial services market • Computer Sciences Corporation’ s acquisition of Infochimps, a company delivering big data enterprise systems that offer real‐time processing and streaming, batch Hadoop, and ad hoc queries for actionable analytics . Select investments: • The $150 million investment in Pure Storage, an all‐flash enterprise storage array company, led by T. Rowe Price and Tiger Global Management • Wellington Partners’ $76 million investment in Powa Technologies, a company delivering integrated mobile payments solutions

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Technology 10 24% 456.5 37% 4 322.8 1 ‐ 5 133.7 Cloud Computing Technology 6 14% 28.0 2% 0 ‐ 1 ‐ 528.0 Communications Software 4 10% 348.0 29% 2 2.0 2 346.0 0 ‐ Data Center Technology 4 10% 255.0 21% 0 ‐ 0 ‐ 4 255.0 Cloud Storage 3 7% 23.5 2% 0 ‐ 0 ‐ 323.5 Infrastr uctur e Techn ol ogy 3 7% 2550.0 2% 1 ‐ 0 ‐ 22550.0 Other* 12 29% 82.6 7% 5 53.4 0 0% 7 29.2 Total 42 100% 1,218.6 100% 12 378.2 4 346.0 26 494.4 *Other includes Big Data Technology, Enterprise Mobility, Internet Services Providers, Messaging & Mediation Software, Mobile Infrastructure, Networking Equipment, and Virtualization Technology

25 | M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $113.00 ‐5% $ 77,231.9 $ 79,368.9 $ 30,270.0 $ 7,794.0 25.7% 2.1% 2.6x 10.2x ACI Worldwide, Inc. United States 49.03 ‐6% 1,938.8 2,492.2 747.0 163.4 21.9% 39.7% 3.3x 15.2x ADATA Technology Co., Ltd. Taiwan 2.26 ‐8% 477.5 691.6 1 ,035.3 84.0 8.1% 4.9% 0.7x 8.2x Advanced Micro Devices, Inc. United States 3.42 ‐26% 2,462.5 3,541.5 4,673.0 (282.0) NM ‐26.7% 0.8x NM Akamai Technologies, Inc. United States 46.41 ‐4% 8,268.4 7,737.6 1,469.3 543.6 37.0% 17.0% 5.3x 14.2x AVG Technologies N.V. Netherlands 21.55 ‐9% 1,177.6 1,172.5 395.6 135.2 34.2% 27.2% 3.0x 8.7x Brightcove, Inc. United States 9.25 ‐36% 262.0 231.5 98.0 (8.0) NM 27.7% 2.4x NM CA Technologies United States 29.41 ‐6% 13,400.0 12,350.0 4,626.0 1,682.0 36.4% ‐3.5% 2.7x 7.3x Carbonite, Inc. United States 14.50 0% 379.7 321.2 96.0 (2.9) NM 33.2% 3.3x NM CDW Corporation United States 21.98 ‐7% 3,779.6 7,607.2 10,415.3 758.1 7.3% 4.5% 0.7x 10.0x Check Point Software Technologies Ltd. Israel 55.92 ‐6% 10,984.7 9,744.2 1,363.8 765.2 56.1% 4.4% 7.1x 12.7x ChinaCache International Holdings Ltd. China 4.90 ‐23% 114.7 72.8 150.2 4.2 2.8% 28.2% 0.5x 17.5x Citrix Systems, Inc. United States 70.26 ‐15% 13,165.5 12,465.3 2,784.7 610.9 21.9% 16.5% 4.5x 20.4x CommVault Systems, Inc. United States 85.35 ‐4% 3,988.6 3,529.8 519.0 91.1 17.6% 21.7% 6.8x 38.7x Cray Inc. United States 24.85 ‐13% 940.3 699.3 388.6 (2.1) NM 19.7% 1.8x NM Crossroads Systems, Inc. United States 1.66 ‐60% 19.7 16.1 14.3 (11.9) NM ‐3.9% 1.1x NM Datalink Corporation United States 12.79 ‐5% 283.9 260.8 533.8 24.6 4.6% 20.2% 0.5x 10.6x Dell Inc. United States 13.78 ‐6% 24,230.3 19,213.3 56,623.0 3,114.0 5.5% ‐6.1% 0.3x 6.2x Dot Hill Systems Corp. United States 2.27 ‐24% 133.8 95.5 187.4 (2.5) NM ‐4.9% 0.5x NM Elecom Co., Ltd. Japan 12.52 ‐24% 275.8 158.4 627.6 72.1 11. 5% ‐16%1.6% 03x0.3x 22x2.2x EMC Corporation United States 25.75 ‐9% 53,582.0 50,966.0 22,308.9 5,328.4 23.9% 6.4% 2.3x 9.6x ePlus inc. United States 52.58 ‐22% 431.2 504.5 997.7 75.4 7.6% 11.9% 0.5x 6.7x Euronet Worldwide Inc. United States 35.01 ‐9% 1,752.4 1,861.0 1,344.8 164.1 12.2% 10.3% 1.4x 11.3x F‐Secure Oyj Finland 2.25 ‐21% 350.0 304.6 202.9 41.9 20.7% 1.0% 1.5x 7.3x Fusion‐io, Inc. United States 10.71 ‐67% 1,072.7 834.3 432.4 (13.1) NM 20.3% 1.9x NM Gemalto NV Netherlands 83.56 ‐17% 7,026.1 6,575.8 2,960.6 444.4 15.0% 11.4% 2.2x 14.8x Google Inc. United States 848.55 ‐9% 282,584.9 236,352.9 55,797.0 17,004.0 30.5% 30.5% 4.2x 13.9x GraphOn Corp. United States 0.45 ‐44% 44.2 39.4 6.4 (3.0) NM ‐4.4% 6.2x NM Green Dot Corporation United States 23.36 ‐9% 855.0 397.4 570.9 84.9 14.9% 8.9% 0.7x 4.7x Imperva Inc. United States 46.94 ‐11% 1,161.9 1,050.1 118.1 (12.0) NM 32.5% 8.9x NM Integrated Electrical Services, Inc. United States 4.13 ‐36% 62.4 52.1 494.2 4.2 0.9% 27.4% 0.1x 12.4x Intel Corporation United States 22.29 ‐14% 111,023.9 107,175.9 52,325.0 20,187.0 38.6% ‐4.0% 2.0x 5.3x IBM Corporation United States 182.16 ‐16% 199,542.8 223,408.8 102,383.0 26,230.0 25.6% ‐3.5% 2.2x 8.5x Interxion Holding NV Netherlands 23.79 ‐15% 1,633.6 1,951.0 382.5 152.3 39.8% 13.1% 5.1x 12.8x Jack Henry & Associates Inc. United States 49.82 ‐5% 4,248.1 4,198.7 1,129.4 365.1 32.3% 10.0% 3.7x 11.5x J‐Stream Inc. Japan 431.07 ‐53% 50.1 34.4 49.3 3.8 7.7% ‐8.8% 0.7x 9.0x Limelight Networks, Inc. United States 2.12 ‐17% 205.5 87.9 180.0 (()7.2) NM 1.7% 0.5x NM LogMeIn, Inc. * United States 29.30 ‐8% 711.0 509.6 150.5 4.2 2.8% 15.9% 3.4x 122.2x LSI Corporation United States 7.53 ‐7% 4,119.5 3,446.0 2,382.3 340.6 14.3% 1.3% 1.4x 10.1x Melbourne IT Ltd. Australia 1.46 ‐33% 120.6 35.4 151.3 21.2 14.0% ‐9.1% 0.2x 1.7x Micron Technology Inc. United States 13.24 ‐12% 13,749.4 15,519.4 8,193.0 1,792.0 21.9% ‐2.6% 1.9x 8.7x

26 | M&A and Investment Summary August 2013 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 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Microsoft Corporation United States $33.02 ‐9% $ 275,055.1 $ 215,131.1 $ 77,849.0 $ 30,103.0 38.7% 5.6% 2.8x 7.1x NEC Corporation Japan 2.17 ‐28% 5,640.2 10,472.0 31,036.5 2,030.2 6.5% 2.7% 0.3x 5.2x NetApp, Inc. United States 41.43 ‐4% 14,960.8 10,871.6 6,404.0 890.1 13.9% 3.0% 1.7x 12.2x Oracle Corporation United States 31.66 ‐13% 146,611.3 133,386.3 37,180.0 17,333.0 46.6% 0.2% 3.6x 7.7x ProAct IT Group AB Sweden 12.23 ‐27% 113.9 140.0 344.7 20.6 6.0% ‐5.6% 0.4x 6.8x QUALCOMM Incorporated United States 66.56 ‐3% 114,178.8 102,742.8 23,255.0 8,089.0 34.8% 26.6% 4.4x 12.7x Qualys, Inc. United States 19.80 ‐3% 633.6 528.6 99.2 12.2 12.3% 18.9% 5.3x 43.2x Quantum Corporation United States 1.44 ‐18% 356.5 484.8 594.7 14.5 2.4% ‐7.0% 0.8x 33.5x Rackspace Hosting, Inc. United States 43.72 ‐46% 6,074.4 5,899.8 1,426.9 450.6 31.6% 22.2% 4.1x 13.1x Red Hat, Inc. United States 50.32 ‐16% 9,525.8 8,672.1 1,377.3 277.3 20.1% 16.4% 6.3x 31.3x SanDisk Corp. United States 55.02 ‐14% 13,226.3 11,444.8 5,631.7 1,559.0 27.7% 7.7% 2.0x 7.3x SAP AG Germany 75. 11 ‐13% 89, 567. 0 91, 666. 3 21, 628. 9 740987,409.8 34.3% 9.8% 4.2x 12.4x Seagate Technology Public Limited Company Ireland 38.87 ‐19% 13,869.1 14,469.1 14,351.0 2,963.0 20.6% ‐3.9% 1.0x 4.9x Silicon Graphics International Corp. United States 14.70 ‐30% 497.2 322.0 767.2 11.5 1.5% 1.9% 0.4x 28.0x SK Hynix, Inc. South Korea 24.86 ‐16% 17,657.0 21,083.3 10,353.6 4,204.4 40.6% 20.2% 2.0x 5.0x Sony Corporation Japan 20.14 ‐18% 20,360.5 24,371.2 70,233.7 3,243.6 4.6% 7.4% 0.3x 7.5x Splunk, Inc. * United States 48.11 ‐10% 4,994.4 4,663.1 219.0 (26.3) NM 59.2% 21.3x NM Symantec Corporation United States 25.69 ‐5% 17,947.6 16,258.6 6,947.0 1,904.0 27.4% 3.0% 2.3x 8.5x Synchronoss Technologies, Inc. United States 34.03 ‐7% 1,317.6 1,267.7 304.3 63.0 20.7% 20.3% 4.2x 20.1x Tableau Software, Inc. * United States 68.07 ‐9% 4 ,028.0 3,806.6 163.8 (()4.4) NM 0.0% 23.2x NM Teradata Corporation United States 58.92 ‐27% 9,609.9 9,046.9 2,644.0 607.0 23.0% 3.6% 3.4x 14.9x Trend Micro Inc. Japan 34.76 ‐5% 4,617.1 3,301.4 1,017.3 335.9 33.0% 7.7% 3.2x 9.8x The KEYW Holding Corporation United States 11.52 ‐30% 422.4 509.6 287.7 25.3 8.8% 33.2% 1.8x 20.1x Unisys Corporation United States 25.35 ‐10% 1,106.3 1,007.8 3,525.2 265.1 7.5% ‐8.6% 0.3x 3.8x VeriSign, Inc. United States 48.46 ‐3% 6,957.9 6,316.8 929.5 575.8 61.9% 13.3% 6.8x 11.0x VMware, Inc. United States 83.82 ‐19% 36,002.1 31,129.1 4,861.4 1,228.1 25.3% 16.3% 6.4x 25.3x Western Digital Corporation United States 62.46 ‐12% 14,802.8 12,448.8 15,351.0 3,318.0 21.6% 23.0% 0.8x 3.8x Xoom Corporation * United States 27.31 ‐25% 901.6 798.0 99.9 4.3 4.3% 0.0% 8.0x 185.1x

Adjusted Weighted Average 3.2x 10.2x

27 | M&A and Investment Summary August 2013 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aastra Technologies Ltd. Canada $18.16 ‐28% $ 213.9 $ 90.9 $ 566.1 $ 37.7 6.7% ‐8.3% 0.2x 2.4x ADTRAN Inc. United States 24.22 ‐10% 1,410.0 1,265.9 607.1 48.6 8.0% ‐11.5% 2.1x 26.0x Alcatel‐Lucent, S.A. France 2.63 ‐6% 5,979.0 7,994.3 18,889.8 1,131.0 6.0% ‐0.5% 0.4x 7.1x Allot Communications Ltd. * Israel 12.30 ‐58% 400.6 265.8 99.5 0.9 0.9% 7.2% 2.7x 309.5x Ambient Corporation United States 2.40 ‐59% 40.0 33.5 26.6 (12.1) NM ‐53.8% 1.3x NM Anaren, Inc. United States 24.93 ‐2% 314.8 263.8 158.4 27.5 17.4% 7.5% 1.7x 9.6x Aruba Networks, Inc. United States 16.76 ‐37% 1,913.5 1,498.7 600.0 25.7 4.3% 16.1% 2.5x 58.3x AudioCodes Ltd. Israel 6.23 ‐6% 237.7 206.0 130.1 3.4 2.6% ‐4.7% 1.6x 59.9x Aviat Networks, Inc. United States 2.57 ‐34% 157.4 76.2 471.3 11.4 2.4% 6.1% 0.2x 6.7x Axesstel Inc. United States 0.57 ‐71% 14.0 25.0 43.4 0.5 1.1% ‐29.4% 0.6x 53.2x Blonder Tongue Laboratories Inc. United States 0.88 ‐48% 5.5 11.2 30.2 (0.2) NM 8.7% 0.4x NM BroadSoft, Inc. United States 32.23 ‐25% 906.2 844.0 169.6 15.6 9.2% 9.4% 5.0x 54.2x Brocade Communications Systems, Inc. United States 7.48 ‐7% 3,346.1 3,154.9 2,242.4 501.5 22.4% 1.5% 1.4x 6.3x CalAmp Corp. United States 16.10 ‐4% 555.6 538.7 190.5 18.9 9.9% 28.7% 2.8x 28.5x Calix Inc. * United States 12.69 ‐5% 630.8 561.4 357.7 4.5 1.3% 7.5% 1.6x 123.5x Ciena Corporation United States 20.11 ‐15% 2,052.3 2,805.6 1,900.4 88.6 4.7% 6.5% 1.5x 31.7x Cisco Systems, Inc. United States 23.45 ‐11% 125,298.0 90,899.0 48,607.0 13,865.0 28.5% 5.5% 1.9x 6.6x Clearfield, Inc. United States 12.25 ‐15% 158.0 143.1 44.7 5.4 12.2% 18.4% 3.2x 26.3x ClearOne, Inc. United States 8.23 ‐16% 74.7 42.0 47.6 7.1 15.0% 5.1% 0.9x 5.9x COM DEV International Ltd. Canada 3.90 ‐6% 297.8 291.9 217.2 33.6 15.5% 10.5% 1.3x 8.7x Communications Systems Inc. United States 11. 98 0% 102. 4 85. 4 113. 8 696.9 61%6.1% ‐28%2.8% 08x0.8x 12. 4x Corning Inc. United States 14.17 ‐14% 20,693.9 18,216.9 7,980.0 2,571.0 32.2% 2.4% 2.3x 7.1x CTX Virtual Technologies, Inc. United States 1.55 ‐38% 12.4 12.5 119.2 16.9 14.2% 198.1% 0.1x 0.7x Cyan, Inc. United States 9.70 ‐36% 448.7 360.8 116.6 (19.9) NM 0.0% 3.1x NM DDS Wireless International Inc. Canada 1.75 ‐25% 24.2 14.6 35.7 2.7 7.5% ‐15.0% 0.4x 5.5x Dialogic, Inc. United States 0.90 ‐79% 14.4 91.8 145.8 (3.6) NM ‐17.3% 0.6x NM Digi International Inc. United States 9.28 ‐18% 238.6 147.9 191.3 17.9 9.4% ‐2.0% 0.8x 8.3x DragonWave Inc. Canada 2.71 ‐23% 103.2 99.0 135.4 (52.0) NM 184.6% 0.7x NM EchoStar Corp. United States 40.28 ‐9% 3,609.6 4,460.3 3,176.4 605.5 19.1% ‐2.8% 1.4x 7.4x Emulex Corporation United States 7247.24 ‐19% 657. 8 552. 2 478. 6 51. 1 10. 7% ‐46%4.6% 121.2x 10. 8x Ericsson Sweden 12.06 ‐8% 38,755.9 33,115.1 33,971.6 3,993.2 11.8% 1.5% 1.0x 8.3x Extreme Networks Inc. United States 3.73 ‐15% 346.4 207.6 299.3 14.3 4.8% ‐7.2% 0.7x 14.6x F5 Networks, Inc. United States 83.22 ‐25% 6,516.5 5,965.1 1,448.5 457.3 31.6% 9.0% 4.1x 13.0x Finisar Corp. United States 20.86 ‐8% 1,994.8 1,751.5 934.3 73.6 7.9% ‐1.9% 1.9x 23.8x Fleetmatics Group PLC * Ireland 45.09 ‐3% 1,606.9 1,525.3 150.0 36.1 24.1% 38.7% 10.2x 42.2x Franklin Wireless Corp. United States 1.70 ‐31% 17.6 7.3 40.5 2.0 5.0% 196.2% 0.2x 3.6x Gigamon Inc. * United States 33.27 ‐12% 1,013.9 892.4 115.8 (25.9) NM 41.8% 7.7x NM Gogo Inc. United States 10.73 ‐36% 911.2 844.9 271.6 9.4 3.5% 36.2% 3.1x 89.7x Harmonic Inc. United States 7.26 ‐10% 734.1 572.5 510.8 29.4 5.8% ‐2.0% 1.1x 19.5x Harris Corporation United States 56.22 ‐4% 6,011.9 7,425.9 5,111.7 1,105.5 21.6% ‐6.2% 1.5x 6.7x Infoblox Inc. * United States 33.37 ‐5% 1,671.0 1,479.3 207.1 (2.2) NM 26.6% 7.1x NM Interactive Intelligence Group Inc. United States 59.50 ‐11% 1,192.1 1,116.3 279.3 19.3 6.9% 28.5% 4.0x 57.8x JDS Uniphase Corporation United States 13.07 ‐16% 3,103.1 2,649.3 1,676.9 151.8 9.1% 0.9% 1.6x 17.5x Juniper Networks, Inc. United States 19.01 ‐17% 9,635.0 7,841.5 4,469.0 711.0 15.9% 3.1% 1.8x 11.0x 28 | M&A and Investment Summary August 2013 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA KVH Industries Inc. United States $12.88 ‐14% $ 200.6 $ 184.4 $ 161.5 17.9 11.1% 38.9% 1.1x 10.3x Meru Networks, Inc. United States 3.42 ‐51% 76.8 53.0 104.8 (13.3) NM 15.1% 0.5x NM Mitel Networks Corporation Canada 4.50 ‐11% 241.7 460.8 576.9 79.7 13.8% ‐ 5.7% 0.8x 5.8x Motorola Solutions, Inc. United States 56.39 ‐13% 14,991.5 14,259.5 8,674.0 1,489.0 17.2% 2.2% 1.6x 9.6x Netgear Inc. United States 29.17 ‐29% 1,127.9 839.8 1,276.8 135.9 10.6% 1.6% 0.7x 6.2x Nokia Corporation Finland 3.95 ‐18% 14,646.0 10,359.4 34,874.2 3,053.6 8.8% ‐20.8% 0.3x 3.4x Nuance Communications, Inc. United States 18.50 ‐29% 5,741.1 7,221.1 1,851.8 345.0 18.6% 19.5% 3.9x 20.9x Numerex Corp. United States 10.01 ‐28% 189.2 167.1 70.4 3.3 4.7% 16.8% 2.4x 50.2x Optical Cable Corp. United States 4.31 ‐16% 26.9 36.4 80.6 5.2 6.4% 3.5% 0.5x 7.0x Palo Alto Networks, Inc. * United States 47.30 ‐35% 3,364.7 3,003.0 359.4 (6.8) NM 63.6% 8.4x NM PCTEL, Inc. United States 8.50 ‐15% 151.7 100.3 103.5 4.8 4.6% 35.0% 1.0x 21.0x Plantronics, Inc. United States 43.41 ‐11% 1,834.4 1,476.5 783.7 158.8 20.3% 9.0% 1.9x 9.3x Polycom, Inc. United States 10.21 ‐15% 1,731.9 1,122.0 1,372.4 101.2 7.4% ‐5.1% 0.8x 11.1x Procera Networks, Inc. United States 12.60 ‐49% 255.9 145.1 64.6 (3.7) NM 17.9% 2.2x NM QUALCOMM Incorporated United States 66.56 ‐3% 114,178.8 102,742.8 23,255.0 8,089.0 34.8% 26.6% 4.4x 12.7x RadiSys Corporation United States 3.52 ‐32% 101.3 100.4 266.6 3.6 1.4% ‐19.3% 0.4x 27.5x Radware Ltd. Israel 14.41 ‐25% 645.9 591.0 189.3 35.3 18.6% 5.7% 3.1x 16.8x RELM Wireless Corp. United States 2.63 ‐36% 35.7 29.9 27.1 2.8 10.5% 2.8% 1.1x 10.5x BlackBerry Limited Canada 10.34 ‐41% 5,329.0 2,544.8 11,336.0 1,318.0 11.6% ‐30.6% 0.2x 1.9x Riverbed Technology, Inc. United States 15.60 ‐36% 2,562.4 2,671.2 952.0 135.9 14.3% 23.1% 2.8x 19.7x Sandvine Corporation Canada 1771.77 ‐17% 245. 2 163. 1 97. 8 13. 9 14. 2% 14. 6% 17x1.7x 11. 7x ShoreTel, Inc. United States 5.01 ‐5% 294.9 272.6 313.5 (4.3) NM 27.1% 0.9x NM Sierra Wireless Inc. Canada 12.13 ‐12% 371.6 194.2 420.6 (4.5) NM 77.7% 0.5x NM SolarWinds, Inc. * United States 36.17 ‐41% 2,727.7 2,551.8 295.7 145.8 49.3% 26.8% 8.6x 17.5x Solera Holdings Inc. United States 53.06 ‐11% 3,650.8 4,430.2 838.1 342.8 40.9% 6.1% 5.3x 12.9x Sonus Networks, Inc. United States 3.34 ‐10% 944.7 732.0 264.7 (15.3) NM 0.8% 2.8x NM Symmetricom Inc. United States 4.81 ‐32% 195.4 119.9 211.0 6.9 3.3% ‐11.2% 0.6x 17.4x Telcoware Co Ltd South Korea 7.97 ‐28% 56.2 17.9 51.6 6.9 13.4% 0.0% 0.3x 2.6x TeleCommunication Systems Inc. United States 2.54 ‐21% 149.0 243.6 460.4 36.8 8.0% 2.5% 0.5x 6.6x Tellabs Inc. United States 2222.22 ‐43% 787. 8 246. 1 928. 1 393.9 04%0.4% ‐22. 2% 030.3x 63. 1x TESSCO Technologies Inc. United States 31.25 ‐6% 257.0 268.4 704.3 32.9 4.7% ‐7.6% 0.4x 8.2x Transmode AB (publ) Sweden 15.14 0% 420.7 365.9 154.3 28.5 18.5% 1.3% 2.4x 12.9x Ubiquitous Corporation * Japan 1,638.25 ‐59% 142.0 129.3 8.6 0.3 2.9% ‐4.8% 15.0x 513.3x Vecima Networks Inc. Canada 4.53 ‐21% 101.1 80.9 97.2 13.7 14.1% 12.1% 0.8x 5.9x Verint Systems Inc. United States 33.20 ‐10% 1,749.9 2,086.0 847.7 157.7 18.6% 5.6% 2.5x 13.2x ViaSat Inc. United States 64.71 ‐12% 2,940.5 3,454.1 1,199.0 151.3 12.6% 31.7% 2.9x 22.8x Vonage Holdings Corporation United States 3.16 ‐9% 664.2 638.4 835.2 113.3 13.6% ‐2.9% 0.8x 5.6x Westell Technologies, Inc. United States 2.89 ‐8% 170.6 89.7 53.1 (6.3) NM ‐5.0% 1.7x NM ZTE Corp. China 2.75 ‐6% 8,897.0 12,033.3 12,886.9 (201.1) NM ‐13.9% 0.9x NM

Adjusted Weighted Average 2.5x 10.6x

29 | M&A and Investment Summary August 2013 Software

. There were 75 transactions announced in the Software segment. Healthcare Software was the most active subsegment with 16 deals announced, while Security Software was the highest reported value subsegment worth $1.1 billion in reported value . SlSelec t acquiiitisitions: • IBM’s $800 million acquisition of Trusteer, a provider of software that helps protect organizations against financial fraud and advanced security threats • EMC’s $225 million acquisition of Aveksa, an identity management software company offering enterprise access governance automation solutions . Select investments: • The $35 million BlackRock‐led investment in Apigee, a developer of API management software • The $30 million investment in Soasta, a provider of cloud‐based performance testing, from Macquarie Capital and Roth Capital

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM#$MM Healthcare 16 21% 27.7 2% 8 4.7 2 ‐ 6 23.0 Security 11 15% 1,078.7 74% 3 1,025.0 1 ‐ 7 53.7 Geo‐Demo 10 13% 55.0 4% 3 ‐ 1 ‐ 6 55.0 Software Development Tools 9 12% 32.3 2% 2 ‐ 3 ‐ 4 32.3 Software Platform 7 9% 46.7 3% 2 ‐ 0 ‐ 5 46.7 ERP 6 8% 33.0 2% 3 33.0 3 ‐ 0 ‐ Other* 16 21% 177.9 12% 6 72.0 0 ‐ 10 105.9 Total 75 100% 1,451.3 100% 27 1,134.7 10 0.0 38 316.6 *Other includes Collaboration, Credit/Risk Management, Data Management, HR, Infrastructure, and Legal

30 | M&A and Investment Summary August 2013 Software Public Company Valuation

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $26.99 ‐25% $ 1,370.2 $ 1,199.6 $ 370.8 $ 71.4 19.3% 6.7% 3.2x 16.8x Ebix Inc. United States 11.37 ‐54% 431.7 467.4 211.4 82.8 39.2% 18.6% 2.2x 5.6x Epiq Systems, Inc. United States 12.25 ‐15% 445.3 694.0 380.0 72.4 19.1% 22.2% 1.8x 9.6x Fidessa group plc United Kingdom 32.98 ‐3% 1,224.5 1,146.8 420.5 84.6 20.1% ‐2.1% 2.7x 13.6x Guidewire Software, Inc. United States 45.96 ‐1% 2,638.4 2,484.3 271.3 8.9 3.3% 25.9% 9.2x NM Innovation Group plc United Kingdom 0.45 ‐3% 446.2 409.7 301.8 34.3 11.4% 7.5% 1.4x 11.9x Management Consulting Group PLC United Kingdom 0.41 ‐17% 203.9 283.8 398.7 33.9 8.5% ‐10.7% 0.7x 8.4x Model N, Inc. * United States 14.41 ‐42% 330.8 226.1 97.3 7.1 7.3% 0.0% 2.3x 31.8x NetSuite Inc. * United States 99.43 ‐1% 7,376.0 7,182.5 357.4 (27.7) NM 32.8% 20.1x NM Performant Financial Corporation United States 10.83 ‐23% 519.4 606.8 227.9 67.1 29.4% 23.0% 2.7x 9.0x RealPage, Inc. * United States 20. 71 ‐23% 159541,595.4 1, 561. 1 352. 4 55. 5 15. 8% 20. 7% 44x4.4x 28. 1x Solera Holdings Inc. United States 51.62 ‐14% 3,551.8 4,331.1 838.1 342.8 40.9% 6.1% 5.2x 12.6x SS&C Technologies Holdings, Inc. United States 35.39 ‐9% 2,884.3 3,734.6 688.0 267.2 38.8% 70.1% 5.4x 14.0x Tyler Technologies, Inc. * United States 73.89 ‐6% 2,352.8 2,349.7 388.1 77.0 19.8% 16.4% 6.1x 30.5x

Adjusted Weighted Average 5.1x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.1x)

Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $9.04 ‐9% $ 501.7 $ 370.9 $ 165.9 $ 9.6 5.8% 7.8% 2.2x 38.7x Allscripts Healthcare Solutions, Inc. United States 14.54 ‐12% 2,566.9 3,040.0 1,403.6 77.9 5.6% ‐5.6% 2.2x 39.0x athenahealth, Inc. * United States 105.49 ‐10% 3,887.2 4,099.9 494.1 42.7 8.6% 31.3% 8.3x 96.1x Cegedim SA France 25.24 ‐30% 352.6 1,014.7 1,179.4 201.0 17.0% 4.0% 0.9x 5.0x Cerner Corporation United States 46.06 ‐9% 15,803.6 15,015.9 2,711.7 782.2 28.8% 12.3% 5.5x 19.2x Computer Programs & Systems Inc. United States 54.96 ‐6% 609.0 596.7 195.9 48.8 24.9% 12.3% 3.0x 12.2x Craneware plc United Kingdom 6266.26 ‐16% 169. 2 142. 0 42. 4 12. 1 28. 4% 53%5.3% 33x3.3x 11. 8x Greenway Medical Technologies, Inc. * United States 13.62 ‐31% 405.2 393.9 134.8 2.2 1.6% 8.7% 2.9x 177.5x McKesson Corporation United States 121.41 ‐4% 27,757.2 29,726.2 123,964.0 3,094.0 2.5% 0.4% 0.2x 9.6x MedAssets, Inc. United States 22.42 ‐7% 1,372.0 2,202.7 670.8 212.2 31.6% 9.4% 3.3x 10.4x Medidata Solutions, Inc. * United States 89.44 ‐8% 2,386.0 2,245.7 245.8 39.5 16.1% 24.5% 9.1x 56.8x Merge Healthcare Incorporated United States 2.65 ‐44% 248.2 483.5 245.9 27.0 11.0% ‐0.9% 2.0x 17.9x Quality Systems Inc. United States 20.69 ‐12% 1,232.9 1,102.9 451.5 97.4 21.6% 0.8% 2.4x 11.3x Streamline Health Solutions, Inc. United States 6.92 ‐11% 86.8 104.1 24.8 (0.1) NM 34.6% 4.2x NM

Adjusted Weighted Average 2.6x 16.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (87.8x)

31 | M&A and Investment Summary August 2013 Software Public Company Valuation

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $63.05 ‐10% $ 1,853.0 $ 1,385.4 $ 242.8 $ 82.5 34.0% 7.5% 5.7x 16.8x Allocate Software plc. United Kingdom 1.45 ‐1% 93.1 78.9 56.2 6.7 11. 9% 13%1.3% 14x1.4x 11. 8x Concur Technologies, Inc. United States 97.72 ‐6% 5,475.1 5,195.1 506.8 46.4 9.2% 21.5% 10.3x 112.0x Cornerstone OnDemand, Inc. United States 51.51 ‐4% 2,648.1 2,575.5 149.2 (29.1) NM 60.2% 17.3x NM Dice Holdings, Inc. United States 8.33 ‐20% 491.8 477.2 203.2 66.6 32.8% 7.7% 2.3x 7.2x LinkedIn Corporation * United States 240.04 ‐3% 26,908.3 26,034.9 1,244.0 158.7 12.8% 71.9% 20.9x 164.0x Monster Worldwide, Inc. United States 4.50 ‐50% 508.7 568.1 844.1 133.3 15.8% ‐10.1% 0.7x 4.3x Saba Software, Inc. United States 9.95 ‐5% 296.4 282.2 121.3 (9.8) NM 7.7% 2.3x NM The Ultimate Software Group, Inc. United States 140.21 ‐6% 3,902.8 3,821.7 370.2 53.1 14.3% 24.2% 10.3x 72.0x Workday, Inc. * United States 72.53 ‐7% 12,547.7 11,729.3 353.3 (100.3) NM 77.4% 33.2x NM

Adjusted Weighted Average 17.0x 75.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (31.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (118.2x)

Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AVG Technologies N.V. Netherlands $21.67 ‐9% $ 1,184.1 $ 1,179.1 $ 395.6 $ 135.2 34.2% 27.2% 3.0x 8.7x Checkpoint Systems Inc. United States 14.67 ‐17% 604.4 577.4 689.8 53.0 7.7% 0.4% 0.8x 10.9x Cisco Systems, Inc. United States 23.31 ‐12% 124,576.5 90,177.5 48,607.0 13,865.0 28.5% 5.5% 1.9x 6.5x Fortinet Inc. United States 19.80 ‐30% 3,219.2 2,716.5 570.7 103.2 18.1% 18.0% 4.8x 26.3x Gemalto NV Netherlands 82.76 ‐17% 6,959.3 6,513.3 3,066.7 475.3 15.5% 11.9% 2.1x 13.7x Imperva Inc. United States 47.20 ‐10% 1,168.3 1,056.6 118.1 (12.0) NM 32.5% 8.9x NM Infoblox Inc. United States 34.90 ‐2% 1,747.7 1,556.0 207.1 (2.2) NM 26.6% 7.5x NM Juniper Networks, Inc. United States 18.90 ‐18% 9,579.3 7,785.8 4,469.0 711.0 15.9% 3.1% 1.7x 11.0x NQ Mobile Inc. * China 16.94 ‐15% 878.5 757.4 130.5 6.1 4.6% 117.0% 5.8x 125.1x Palo Alto Networks, Inc. United States 48.02 ‐34% 3,416.0 3,054.3 359.4 (6.8) NM 63.6% 8.5x NM Proofpp,oint, Inc. United States 28.81 ‐4% 1 ,017.4 930.9 118.3 (()14.4) NM 26.2% 7.9x NM Qihoo 360 Technology Co. Ltd. * China 77.93 ‐5% 9,567.6 9,193.4 448.5 100.0 22.3% 78.1% 20.5x 91.9x Sourcefire, Inc. * United States 75.46 ‐1% 2,374.8 2,173.6 247.4 18.5 7.5% 26.7% 8.8x 117.7x Symantec Corporation United States 25.61 ‐5% 17,911.6 16,222.6 6,947.0 1,904.0 27.4% 3.0% 2.3x 8.5x Trend Micro Inc. Japan 35.05 ‐4% 4,654.9 3,345.8 1,017.3 335.9 33.0% 7.7% 3.3x 10.0x VeriSign, Inc. United States 47.99 ‐4% 6,890.5 6,249.3 929.5 575.8 61.9% 13.3% 6.7x 10.9x

Adjusted Weighted Average 2.5x 7.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean ()(15.5x)and EBITDA multipples that are 1.0 standard deviations above the mean ()(82.8x)

32 | M&A and Investment Summary August 2013 Software Public Company Valuation

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $83.98 ‐6% $ 7,762.8 $ 7,129.6 $ 830.2 $ 388.0 46.7% 10.5% 8.6x 18.4x Autodesk, Inc. United States 36.75 ‐12% 8,176.9 6,925.0 2,287.0 464.8 20. 3% ‐05%0.5% 30x3.0x 14. 9x Aveva Group plc United Kingdom 35.89 ‐10% 2,289.1 1,994.6 334.4 104.7 31.3% 12.4% 6.0x 19.1x Dassault Systemes SA France 127.60 ‐6% 15,948.6 13,916.8 2,691.4 834.8 31.0% 8.4% 5.2x 16.7x

Adjusted Weighted Average 5.5x 16.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.1x)

Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Oracle Corporation United States $31.86 ‐13% $ 147,537.5 $ 134,312.5 $ 37,180.0 $ 17,333.0 46.6% 0.2% 3.6x 7.7x Salesforce.com, Inc United States 49.13 ‐2% 29,281.5 31,097.8 3,472.8 76.1 2.2% 31.4% 9.0x NM Adobe Systems Inc. United States 45.75 ‐6% 22,978.4 20,638.4 4,252.4 1,133.1 26.6% ‐1.9% 4.9x 18.2x Oracle Corporation United States 31.86 ‐13% 147,537.5 134,312.5 37,180.0 17,333.0 46.6% 0.2% 3.6x 7.7x IBM Corporation United States 182.27 ‐16% 199,663.3 223,529.3 102,383.0 26,230.0 25.6% ‐3.5% 2.2x 8.5x NetSuite Inc. United States 99.43 ‐1% 7,376.0 7,182.5 357.4 (27.7) NM 32.8% 20.1x NM Opera Software ASA Norway 9.31 ‐3% 1,137.3 1,081.1 252.1 70.2 27.8% 38.0% 4.3x 15.4x CA Technologies United States 29.25 ‐7% 13,327.1 12,277.1 4,626.0 1,682.0 36.4% ‐3.5% 2.7x 7.3x CommVault Systems, Inc. United States 83.83 ‐5% 3,917.5 3,458.7 519.0 91.1 17.6% 21.7% 6.7x 38.0x Daegis Inc. United States 1.14 ‐34% 18.7 29.6 38.5 5.3 13.7% ‐7.4% 0.8x 5.6x Guidance Software, Inc. United States 8.42 ‐36% 241.7 219.0 126.6 (2.9) NM 10.9% 1.7x NM Informatica Corporation United States 35.77 ‐10% 3,871.6 3,267.5 861.8 167.8 19.5% 6.5% 3.8x 19.5x IntraLinks Holdings, Inc. * United States 7.82 ‐22% 430.4 430.0 224.9 2.7 1.2% 6.2% 1.9x 158.1x Rally Software Development Corp. United States 25.83 ‐15% 626.6 522.9 59.9 (11.9) NM 0.0% 8.7x NM ServiceNow, Inc. United States 46.88 ‐2% 6,413.2 6,159.4 327.7 (33.7) NM 84.5% 18.8x NM TIBCO Software Inc. United States 22.54 ‐32% 3,698.6 3,505.2 1,035.2 192.3 18.6% 4.4% 3.4x 18.2x Textura Corporation * United States 37. 95 ‐2% 865. 2 808. 7 31. 0 (28. 9) NM 00%0.0% 26. 1x NM

Adjusted Weighted Average 3.8x 8.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (22.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (71.9x)

33 | M&A and Investment Summary August 2013 Information & Business Services

. A total of 47 transactions were announced in the Information & Business Services segment, of which 15 were worth $1.2 billion in aggregate reported value . SlSelec t acquiiitisitions: • Qualcomm’s divestiture of its North and Latin American transportation and logistics business, Omnitracs, to Vista Equity Partners for $800 million • Agero’s divestiture of its Connective Vehicle Services division, which provides telematics services for vehicles that includes security, safety, and other techlhnologies, to Sirius XM Radio for $530 million • WPP/Kantar’s acquisition of The Benenson Strategy Group, a $16 million global strategic research and consulting firm . Select investments: • The $72 million investment in Mexico‐based Grupo redIT, a provider of managed IT services and connectivity solutions

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 10 21% 75.5 6% 7 ‐ 0 ‐ 375.5 BPO 9 19% 826. 0 68% 3 ‐ 3 800. 0 3 26. 0 HR Information 4 9% 7.3 1% 1 ‐ 0 ‐ 37.3 Market Research 4 9% ‐ 0% 3 ‐ 0 ‐ 1 ‐ Corporate Training 3 6% ‐ 0% 2 ‐ 0 ‐ 1 ‐ Credit/Risk Management Information 3 6% 11.2 1% 3 11.2 0 ‐ 0 ‐ Engineering/Scientific/Tech Information 3 6% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Oth*her* 8 17% 90.7 7% 4 12.7 1 ‐ 378.0 Total 47 100% 1,214.7 100% 28 223.9 4 800.0 15 190.8

*Other includes Financial Information, Fulfillment, Healthcare Information, Management Consulting, Marketing Data, and Printing Services

34 | M&A and Investment Summary August 2013 Information Services Public Company Valuation

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $29.76 ‐7% $ 3,543.4 $ 3,801.9 $ 2,430.8 $ 453.0 18.6% 5.5% 1.6x 8.4x Computershare Limited Australia 8.59 ‐15% 4,778.8 6,008.7 2,041.8 405.5 19.9% 12.5% 2.9x 14.8x CoreLogic, Inc. United States 25.70 ‐13% 2,457.1 3,051.4 1,644.3 349.6 21.3% 14.1% 1.9x 8.7x CoStar Group Inc. * United States 148.51 ‐10% 4,251.1 4,222.9 409.1 72.9 17.8% 44.1% 10.3x 57.9x DST Systems Inc. United States 71.37 ‐4% 3,071.0 3,508.5 2,630.1 390.8 14.9% 5.2% 1.3x 9.0x Dun & Bradstreet Corp. United States 99.48 ‐11% 3,859.5 5,075.8 1,643.7 527.3 32.1% ‐4.7% 3.1x 9.6x Envestnet, Inc. * United States 27.63 ‐5% 923.0 883.4 184.9 20.4 11.0% 38.8% 4.8x 43.4x Equifax Inc. United States 59.09 ‐10% 7,166.7 8,591.1 2,294.7 713.5 31.1% 13.6% 3.7x 12.0x Experian plc Ireland 17.48 ‐12% 17,153.7 20,298.4 4,730.0 1,590.0 33.6% 5.4% 4.3x 12.8x FactSet Research Systems Inc. United States 102.35 ‐9% 4,437.3 4,179.9 846.4 320.9 37.9% 7.1% 4.9x 13.0x Fair Isaac Corporation United States 50.08 ‐7% 1,762.9 2,154.8 739.2 193.1 26. 1% 13. 6% 29x2.9x 11. 2x Fidelity National Information Services, Inc. United States 44.46 ‐7% 12,987.1 17,246.7 5,927.5 1,687.4 28.5% 3.4% 2.9x 10.2x Financial Engines, Inc. * United States 53.45 ‐2% 2,655.4 2,439.6 211.5 40.8 19.3% 30.1% 11.5x 59.9x Lender Processing Services, Inc. United States 31.90 ‐7% 2,721.4 3,651.9 1,939.0 411.8 21.2% ‐0.3% 1.9x 8.9x McGraw Hill Financial, Inc. United States 58.37 ‐9% 16,063.4 15,820.4 4,773.0 1,718.0 36.0% 47.1% 3.3x 9.2x Moody's Corporation United States 63.56 ‐11% 14,008.6 14,050.6 2,930.5 1,274.5 43.5% 22.8% 4.8x 11.0x Morningstar Inc. United States 75.09 ‐6% 3,462.6 3,150.4 675.8 208.2 30.8% 4.7% 4.7x 15.1x MSCI Inc. United States 37.51 ‐3% 4,466.2 4,949.7 992.3 446.9 45.0% 8.0% 5.0x 11.1x Reis, Inc. United States 17.13 ‐10% 186.8 178.7 33.1 6.6 19.9% 16.1% 5.4x 27.1x SEI Investments Co. United States 29. 76 ‐9% 5, 130. 7 4, 643. 7 1, 059. 8 250. 9 23. 7% 12. 9% 44x4.4x 18. 5x Thomson Reuters Corporation United States 32.72 ‐7% 27,148.4 33,791.8 13,029.0 2,984.0 22.9% ‐4.3% 2.6x 11.3x Verisk Analytics, Inc. United States 62.18 ‐5% 10,441.0 11,668.9 1,639.2 761.9 46.5% 16.1% 7.1x 15.3x

Adjusted Weighted Average 3.7x 11.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.4x)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $24.88 ‐6% $ 1,842.6 $ 1,883.1 $ 1,093.9 $ 206.1 18.8% ‐2.9% 1.7x 9.1x Alliance Data Systems Corporation United States 195.70 ‐6% 9,539.0 17,912.5 3,964.9 1,206.8 30.4% 14.9% 4.5x 14.8x Arbitron Inc. United States 47.06 0% 1,267.8 1,172.7 458.3 127.4 27.8% 5.0% 2.6x 9.2x Brainjuicer Group Plc United Kingdom 3.91 ‐32% 49.1 43.3 33.8 3.2 9.5% 0.5% 1.3x 13.4x Cello Group Plc United Kingdom 1.01 ‐3% 82.8 96.3 219.7 12.8 5.8% 5.8% 0.4x 7.5x Cision AB Sweden 5.58 ‐37% 82.8 135.1 132.3 17.6 13.3% ‐7.3% 1.0x 7.7x comScore, Inc. * United States 28.49 ‐4% 1,015.9 950.3 271.4 21.7 8.0% 11.3% 3.5x 43.8x Cross Marketing Inc. Japan 9.32 ‐43% 55.2 46.0 58.8 9.3 15.7% 0.0% 0.8x 5.0x Ebiquity plc United Kingdom 1.84 ‐2% 128.1 153.2 99.7 17.6 17.7% 21.0% 1.5x 8.7x GfK SE Germany 54.94 ‐8% 2,005.6 2,655.0 1,980.0 257.0 13.0% 6.2% 1.3x 10.3x Harris Interactive Inc. United States 1.93 ‐12% 111.5 95.8 140.3 13.1 9.4% ‐4.9% 0.7x 7.3x Harte‐Hanks Inc. United States 8.30 ‐18% 519.0 559.3 758.6 84.4 11.1% ‐2.0% 0.7x 6.6x

35 | M&A and Investment Summary August 2013 Information Services Public Company Valuation

($ in Millions, except stock price data)

Marketing Information (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA InnerWorkings Inc. United States $10.27 ‐35% $ 523.3 $ 587.5 $ 822.9 $ 28.1 3.4% 13.8% 0.7x 20.9x INTAGE Inc. Japan 24.11 ‐15% 242.5 213.2 406.1 51.6 12.7% 7.3% 0.5x 4.1x Ipsos SA France 38.37 ‐13% 1,739.0 2,596.0 2,283.2 262.1 11.5% 7.0% 1.1x 9.9x Macromill, Inc. Japan 6.28 ‐31% 395.7 318.4 172.5 44.1 25.6% 20.3% 1.8x 7.2x NeuStar, Inc. United States 50.54 ‐12% 3,252.9 3,492.6 862.1 386.3 44.8% 17.7% 4.1x 9.0x Nielsen Holdings N.V. Netherlands 34.50 ‐7% 13,010.6 18,164.6 5,680.0 1,581.0 27.8% 4.7% 3.2x 11.5x Onvia Inc. United States 5.26 ‐6% 38.6 30.8 21.9 (0.7) NM ‐1.4% 1.4x NM Pearson plc United Kingdom 19.66 ‐7% 15,890.3 19,183.7 7,842.5 1,337.5 17.1% 13.6% 2.4x 14.3x Rentrak Corporation United States 24.85 ‐1% 296.0 275.4 104.8 (4.5) NM 14.1% 2.6x NM YouGov PLC United Kingdom 1.03 ‐19% 97.9 88.1 92.5 6.9 7.5% ‐1.1% 1.0x 12.7x

Adjusted Weighted Average 2.6x 12.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.0x)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Corporate Executive Board Co. United States $64.84 ‐7% $ 2,178.1 $ 2,611.0 $ 753.4 $ 166.4 22.1% 45.5% 3.5x 15.7x Forrester Research Inc. United States 32.98 ‐17% 666.3 487.7 293.2 40.6 13.8% ‐0.2% 1.7x 12.0x Gartner Inc. United States 57.97 ‐8% 5,400.4 5,279.8 1,702.0 284.3 16.7% 10.5% 3.1x 18.6x IHS Inc. United States 107.15 ‐10% 7,191.3 7,936.0 1,600.6 358.1 22.4% 11.2% 5.0x 22.2x Informa plc Switzerland 7.87 ‐7% 4,744.4 6,172.7 1,879.5 568.9 30.3% 2.8% 3.3x 10.9x National Research Corp. United States 28.96 ‐38% 439.9 441.0 90.6 28.3 31.2% 12.3% 4.9x 15.6x NIC Inc. United States 22.26 ‐8% 1,444.9 1,364.2 237.6 63.2 26.6% 23.4% 5.7x 21.6x Proofpoint, Inc. United States 28.81 ‐4% 1,017.4 930.9 118.3 (14.4) NM 26.2% 7.9x NM Reed Elsevier plc(1) United Kingdom 12.24 ‐8% 27,118.0 34,057.5 9,944.2 3,154.3 31.7% 6.6% 3.4x 10.8x Solera Holdings Inc. United States 51.62 ‐14% 3,551.8 4,331.1 838.1 342.8 40.9% 6.1% 5.2x 12.6x Wolters Kluwer NV Netherlands 23.59 ‐6% 6,973.9 9,984.0 4,692.9 1,176.5 25.1% 4.0% 2.1x 8.5x The Advisory Board Company United States 54.77 ‐9% 1,963.2 1,923.0 469.9 63.9 13.6% 19.1% 4.1x 30.1x

Adjusted Weighted Average 3.6x 13.2x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.5x)

36 | M&A and Investment Summary August 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland $72.25 ‐14% $ 46,590.3 $ 41,134.9 $ 28,312.0 $ 4,366.1 15.4% 2.2% 1.5x 9.4x Amdocs Limited Channel Islands 36.86 ‐6% 5,933.8 4,843.1 3,322.8 619.9 18.7% 2.6% 1.5x 7.8x Bechtle AG Germany 48.36 ‐7% 1,015.6 1,009.9 2,790.2 130.5 4.7% 4.0% 0.4x 7.7x Booz Allen Hamilton Holding Corporation United States 20.23 ‐9% 2,815.0 4,133.7 5,753.3 548.0 9.5% ‐1.6% 0.7x 7.5x Broadridge Financial Solutions, Inc. United States 29.76 ‐7% 3,543.4 3,801.9 2,430.8 453.0 18.6% 5.5% 1.6x 8.4x Business & Decision SA France 3.83 ‐30% 30.2 62.8 293.2 17.1 5.8% ‐10.9% 0.2x 3.7x Cap Gemini S.A. France 54.71 ‐5% 8,620.6 8,415.9 13,190.8 1,289.6 9.8% 0.6% 0.6x 6.5x CGI Group, Inc. Canada 33.13 ‐5% 10,234.0 12,976.0 8,764.0 1,170.8 13.4% 121.6% 1.5x 11.1x Cognizant Technology Solutions Corporation United States 73.30 ‐10% 22,090.3 19,189.8 8,021.9 1,674.3 20.9% 18.5% 2.4x 11.5x Computer Sciences Corporation United States 50.15 ‐8% 7,406.6 8,200.6 14,620.0 2,125.5 14.5% ‐2.3% 0.6x 3.9x CSG Systems International Inc. United States 23.54 ‐9% 746.3 827.4 754.7 134.8 17. 9% 21%2.1% 11x1.1x 61x6.1x Dynamics Research Corporation United States 7.08 ‐4% 73.5 161.7 295.9 27.9 9.4% ‐15.8% 0.5x 5.8x Information Services Group, Inc. United States 3.43 ‐6% 125.3 166.4 202.2 19.2 9.5% 6.2% 0.8x 8.7x Infosys Ltd. India 47.18 ‐1% 26,959.7 23,369.4 7,637.0 2,117.0 27.7% 7.9% 3.1x 11.0x iSoftStone Holdings Limited China 5.06 ‐17% 295.8 375.2 405.3 42.6 10.5% 19.9% 0.9x 8.8x ITS Group France 4.63 ‐25% 26.7 33.9 122.6 10.0 8.1% 2.6% 0.3x 3.4x NCI, Inc. United States 5.32 ‐31% 68.8 77.8 352.6 18.3 5.2% ‐19.3% 0.2x 4.3x Osiatis SA France 12.66 ‐2% 194.6 195.3 407.8 32.5 8.0% 10.4% 0.5x 6.0x Wipro Ltd. India 7.36 ‐2% 18,029.4 16,364.9 6,380.3 1,331.7 20.9% 17.2% 2.6x 12.3x

Adjusted Weighted Average 1.6x 8.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.3x)

37 | M&A and Investment Summary August 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States $10.25 ‐35% $ 73.7 $ 81.0 $ 82.9 $ 0.6 0.7% ‐2.8% 1.0x 132.2x Cenveo Inc. United States 2.80 ‐11% 179.4 1,369.4 1,758.6 181.9 10.3% ‐4.7% 0.8x 7.5x Communisis plc United Kingdom 0.88 ‐18% 167.5 187.5 362.4 30.7 8.5% 6.9% 0.5x 6.1x Consolidated Graphics, Inc. United States 53.50 ‐10% 518.3 615.4 1,046.6 118.3 11.3% 0.6% 0.6x 5.2x Contax Participacoes S.A. Brazil 1.51 ‐38% 540.1 873.7 1,632.0 200.5 12.3% 5.8% 0.5x 4.4x Convergys Corporation United States 17.63 ‐11% 1,829.0 1,302.6 2,014.2 231.8 11.5% 1.6% 0.6x 5.6x Elanders AB Sweden 3.32 ‐7% 75.4 189.0 295.1 29.6 10.0% 4.5% 0.6x 6.4x Eniro AB Sweden 2.74 ‐9% 277.7 670.3 566.8 143.2 25.3% ‐8.4% 1.2x 4.7x Exlservice Holdings, Inc. United States 27.11 ‐18% 887.4 770.7 462.3 83.9 18.1% 11.3% 1.7x 9.2x Firstsource Solutions Limited India 0.19 ‐16% 128.1 310.9 480.5 54.1 11.3% 18.0% 0.6x 5.7x Genpact Ltd. Bermuda 19.25 ‐10% 4,419.5 4,665.0 2,037.5 375.4 18. 4% 14. 8% 23x2.3x 12. 4x InnerWorkings Inc. United States 10.27 ‐35% 523.3 587.5 822.9 28.1 3.4% 13.8% 0.7x 20.9x Innotrac Corp. United States 4.18 ‐6% 55.4 51.8 119.2 8.8 7.4% 29.2% 0.4x 5.9x Luxoft Holding, Inc. Switzerland 23.75 ‐6% 775.2 800.9 327.4 56.8 17.4% 0.0% 2.4x 14.1x MAXIMUS, Inc. United States 37.51 ‐8% 2,557.9 2,371.5 1,247.7 201.1 16.1% 24.8% 1.9x 11.8x Quad/Graphics, Inc. United States 31.34 ‐9% 1,496.5 2,971.6 4,410.5 551.6 12.5% 3.8% 0.7x 5.4x Quintiles Transnational Holdings Inc. United States 43.26 ‐9% 5,576.9 7,065.1 3,731.0 498.8 13.4% 0.0% 1.9x 14.2x R.R. Donnelley & Sons Company United States 16.68 ‐14% 3,030.8 6,205.9 10,278.5 1,198.0 11.7% ‐1.7% 0.6x 5.2x Salmat Ltd. Australia 1.87 ‐24% 295.9 216.6 428.0 35.0 8.2% ‐7.9% 0.5x 6.2x Serco Group plc United Kingdom 8478.47 ‐21% 4, 137. 7 5, 308. 9 7, 783. 0 622. 5 80%8.0% 80%8.0% 07x0.7x 85x8.5x StarTek, Inc. United States 6.21 ‐14% 94.9 84.9 212.2 8.4 3.9% 7.1% 0.4x 10.1x Sykes Enterprises, Incorporated United States 17.03 ‐5% 731.2 676.8 1,190.8 103.3 8.7% 7.0% 0.6x 6.6x Teleperformance France 45.03 ‐17% 2,523.2 2,432.8 3,140.5 395.4 12.6% 10.2% 0.8x 6.2x TeleTech Holdings Inc. United States 24.47 ‐5% 1,244.3 1,218.4 1,159.6 148.2 12.8% ‐2.2% 1.1x 8.2x Trans Cosmos, Inc. Japan 15.16 ‐12% 623.7 392.8 1,713.4 97.6 5.7% 4.6% 0.2x 4.0x Transcom WorldWide SA Luxembourg 0.12 ‐15% 141.8 216.6 842.4 27.9 3.3% 13.7% 0.3x 7.8x Transcontinental Inc. Canada 12.98 ‐2% 1,001.2 1,450.0 2,136.8 358.7 16.8% 7.0% 0.7x 4.0x Vistaprint N.V. Netherlands 53.24 ‐7% 1,750.5 1,938.8 1,167.5 106.0 9.1% 14.4% 1.7x 18.3x WtWest CtiCorporation UitdUnited Sta tes 21. 87 ‐35% 1, 827. 6 5, 203. 8 2, 670. 0 653. 4 24.5% 4.4% 1.9x 8.0x Xchanging PLC United Kingdom 1.94 ‐17% 468.7 369.2 1,053.1 112.9 10.7% 6.3% 0.4x 3.3x

Adjusted Weighted Average 1.1x 9.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.3x)

38 | M&A and Investment Summary August 2013 PPLLC Indices Valuation Summary

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 4.2x 1.9x 6.1x 5.7x Digital Advertising 4.3x 2.3x 5.0x 4.6x Marketing Technology 52x5.2x 38x3.8x 40x4.0x 37x3.7x Agency 1.0x 1.0x 1.5x 1.5x Marketing Services 1.4x 1.2x 2.4x 1.6x Traditional Media 2.5x 2.2x 3.1x 2.6x Technology 3.2x 2.1x 3.3x 3.2x Communications 2.1x 1.4x 2.6x 2.5x SftSoftware 616.1x 363.6x 555.5x 393.9x Information 3.3x 2.9x 3.9x 3.6x Business Services 1.3x 0.7x 3.5x 2.0x

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 24. 0x 13. 9x 27. 9x 22. 0x Digital Advertising 26.8x 19.7x 15.8x 16.4x Marketing Technology 30.2x 16.8x 10.3x 10.8x Agency 10.6x 8.9x 10.7x 9.8x Marketing Services 15.4x 7.0x 10.4x 10.1x Traditional Media 10.1x 9.2x 10.5x 10.2x ThlTechnology 17.4x 10.2x 10.3x 10.2x Communications 31.6x 12.1x 10.8x 10.6x Software 29.3x 13.8x 18.5x 10.6x Information 15.2x 11.2x 14.0x 12.3x Business Services 12.0x 8.4x 23.0x 11.0x

As of close of business on 08/30/13

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean 39 | M&A and Investment Summary August 2013 PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150 150

140 140 • S&P 500 –  16.1% • S&P 500 –  16.1 % (%)

(%) 130 130 • Digital Media/ • Digital Advertising –  32.5% Commerce –  33.5% 120 120 110 Performance Performance

110 • Traditional Media –  31.9% 100 Index Index 100 90

90 80 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13

S&P 500 Digital Media/Commerce Traditional Media S&P 500 Digital Advertising

Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 130 150

• S&P 500 –  16.1 % 140 • S&P 500 –  16.1 % 120 (%) (%) • Marketing Technology –  5.4% 130 • Agency –  35.9% 110 rmance

mance 120 oo

rr • Marketing Services –  28.2% 100 Perf 110 Perfo

90 Index 100 Index

80 90 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13

S&P 500 Marketing Technology S&P 500 Agency Marketing Services

Note: LTM as of 8/30/13 40 | M&A and Investment Summary August 2013 PPLLC Indices LTM Share Pricing Trends

Technology Communications

130 LTM Index Performance 130 LTM Index Performance

• S&P 500 –  16.1% • S&P 500 –  16.1% 120 120 (%) (%)

• Technology –  8.8% • Communications –  17.4% 110 110

100 100 Performance Performance

Index Index 90 90

80 80 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13

S&P 500 Technology S&P 500 Communications

Software Information & Business Services LTM Index Performance LTM Index Performance 150 140

140 • S&P 500 –  16.1 % • S&P 500 –  16.1% 130 (%)

130 (%) • Software –  34.3% • Information –  26.5% 120 120 mance ormance ff rr • Business Services –  26.2% 110 110 Per

Perfo 100

Index 100

90 Index

80 90 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13

S&P 500 Software S&P 500 Information Business Services

Note: LTM as of 8/30/13 41 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Trusteer Software International Business Machines Corpora ti on$ 800.0 Digital Generation TV Business Agency & Ma rketing Services Extreme Reach, Inc. 525.0 Adap.tv Marketing Technology AOL, Inc. 405.0 Avelo FS Holdings Limited Technology & Communications IRESS Limited 322.8 EziBuy Digital Media/Commerce Woolworths Limited 274.2 Dial Global, Inc. Traditional Media Cumulus Media Inc. 260.0 Cumul us Media Inc., 53 Radio Stations Traditional Media Townsquare Media LLC 238. 0 JumpTap, Inc. Digital Advertising Millennial Media , Inc. 232.0 Aveksa, Inc. Software EMC Corpora ti on 225.0 Ca rdi ocom LLC Information & Business Services Medtronic, Inc. 200.0 MonoPrice.com Digital Media/Commerce Blucora, Inc. 180.0 Boom 97.3, 93.5 Flow, Virgin Radio 95.3, Shore 104.3 FM, AM 650 Traditional Media Newca p Radio 106.6 Nuomi Holdings, Inc. Digital Advertising Baidu, Inc. 94.4 Saperion Software Lexmark International, Inc. 72.0 Locu, Inc. Marketing Technology Go Daddy Operating Compa ny, LLC 70.0 RockMelt, Inc. Digital Media/Commerce Yahoo!, Inc. 60. 0 Adam Internet Technology & Communications iiNet Limited 53.4 StreetEasy Digital Advertising Zillow, Inc. 50.0 Indiabulls Finance Compa ny Pvt. Ltd. Digital Media/Commerce Indiabulls Housing Finance Ltd. 42.8 Tom Waterhouse Digital Media/Commerce William Hill plc 36.7 Cordys Software OpenText Corpora ti on 33.0 Medical Communications Group Agency & Ma rketing Services United Drug plc 14.7 myphotobook Digital Media/Commerce Elanders AB 13.9 I‐Net Bridge Information & Business Services McGregor BFA 12.7 CliCompliance WkWeek IfInforma tion & BiBusiness SiServices Wilm ing ton Group plc 11. 2 Matcha.tv Digita l Advertising Apple Inc. 10.0 Digital Healthcare Software EMIS Group Plc 4.7 BrightNest Digital Media/Commerce Angie's List, Inc. 2.7 Plustext Mobile Solutions Technology & Communications One97 Communications 2.0 Sneaky Games Digital Media/Commerce Seal Gaming LLC 1.3 Strategic Undisclosed AdMedia Group Traditional Media W Technologies, Inc. ‐ AlgoTrim Information & Business Services Apple Inc. ‐ Apos Systems, Location Intelligence Division Marketing Technology Galigeo ‐ Artez Interactive Technology & Communications FrontStream Payments, Inc. ‐ ArthurKade.com Digital Media/Commerce MSquared Entertainment, LLC ‐ Avectra, Inc. Marketing Technology Abila, Inc. ‐

42 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed BestVendor Information & Business Services Docstoc, Inc. ‐ Blip Networks, Inc. Digital Advertising Maker Studios ‐ BrandAnalytics Cons ul tori a Ltda. Agency & Ma rketing Services Millward Brown, Inc. ‐ Brandigital S.A. Agency & Ma rketing Services Geometry Global ‐ Causata, Inc. Marketing Technology NICE Systems, Ltd. ‐ Cisimple Software Appurify, Inc. ‐ Cla imsne t.com SftSoftware SSI Group, Inc. ‐ Coa s t Guard News Digital Media/Commerce Bright Mountain Holdings, Inc. ‐ CPAS Systems Software Xerox Corpora ti on ‐ CPC Ma rketi ng Technology Telestream, Inc. ‐ CryoGa s International Information & Business Services GasWorld Ltd. ‐ Cus tomer Focused Marketing Ma rketing Technology Dealertrack Technologies, Inc. ‐ Darik News and Net Info Digital Media/Commerce Modern Times Group MTG AB ‐ DealAngel, Inc. Digital Advertising OneTwoTrip ‐ Dermstore Beauty Group Digital Media/Commerce Target Corpora ti on ‐ DiDesign Cl in ica l s SftSoftware Firs t DtBDataBan k, Inc. ‐ Designercity (HK) Limited Agency & Ma rketing Services XM Asia ‐ Dorland Health and Contexo Media Information & Business Services United Communications Group ‐ DwellStudio Digital Media/Commerce Wayfair LLC ‐ Dynamite Data LLC Information & Business Services Market Track LLC ‐ Eclipse Marketing Ltd. Agency & Ma rketing Services ExpertSOLUTIONS ‐ eDocument Resources Information & Business Services Databank IMX, LLC ‐ Elypsis Winery Software Solutions Software WineDirect ‐ Engauge Ma rketing, LLC Agency & Ma rketing Services Publicis Groupe S.A. ‐ EhiEphricon WbWeb MktiMarketing, LLC Dig ita l Adver tis ing Stra ig ht NthNorth, LLC ‐ Equator, LLC Technology & Communications Altisource Portfolio Solutions S.A. ‐ Espalhe Agency & Ma rketing Services Publicis Groupe S.A. ‐ ExtendMD LLC Software Orange Health Solutions ‐ Fine Trade Marketing Technology NTT Docomo, Inc. ‐ ForeFront Africa Informa tion & Business Services Imperial Holdings ‐ Franchise System Software Linx Sistemas E Cons ul tori a Ltda. ‐ Freedom Dark Fiber Networks Technology & Communications Wilcon ‐ Gaffey and Associates Software HealthTech Solutions Group ‐ GEGoExpo, LLC MktiMarketing ThTechno logy CACoreApps, LLC ‐ Grab Media Digital Advertising blinkx, Inc. ‐ Gulf Publishing Compa ny Book Assets Information & Business Services Reed Elsevier Group plc ‐ H&D Ventures Agency & Ma rketing Services Starcount ‐ HarborPoint Media Tra ditional Media Ha lifax Media Holdings ‐ Heritage Ma kers Partners Digital Media/Commerce Youngevity International, Inc. ‐ 43 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Hobby Star Marketing Traditional Media Informa plc ‐ Ideag Group, LLC Traditional Media American Farm Bureau Federation ‐ iMakeNews, Inc. Marketing Technology Reynolds & Reynolds Co. ‐ Infochimps, Inc. Technology & Communications Computer Sciences Corpora ti on ‐ InvisibleHand Marketing Technology Skimlinks Ltd. ‐ iTVX, Inc. Marketing Technology Rentrak Corpora ti on ‐ JkBJackBe MktiMarketing ThTechno logy SftSoftware AG ‐ Janamesa Servicos de Informatica Ltd. Digital Media/Commerce Hellofood ‐ Jet Cooper Agency & Ma rketing Services Shopify ‐ JobOn Corporation Software Corporate Technology Group ‐ KinderTown Marketing Technology Demme Learning ‐ LogoChef Digital Media/Commerce 99designs ‐ Luma Digital Media/Commerce Instagram, Inc. ‐ Man's World and Rolling Stone India Maga zines Tra ditional Media Spenta Multimedia ‐ Maraka na Informa tion & Business Services Twitter, Inc. ‐ MktiMarketing WkWerks Agency & MktiMarketing SiServices CROSSMARK, Inc. ‐ Marketwell Agency & Ma rketing Services Antuit ‐ MegaMenu Digital Media/Commerce Hellofood ‐ Mercer Mastery Software Patterson Compa ni es , Inc. ‐ Mobile Technologies Marketing Technology Facebook ‐ MobileTrax, LLC Information & Business Services Compass Intelligence, LLC ‐ Mobise Softwa re EagleView Technologies, Inc. ‐ Multimedia Research Group Information & Business Services SNL Ka gan ‐ My Comba t Cha nnel Tra di ti ona l Media Anthem Media Group ‐ NCS Group IfInforma tion & BiBusiness SiServices TltTelstra CtiCorporation Lim ite d ‐ Newsweek Traditional Media IBT Media Inc. ‐ Niceware International, LLC Software NiceLabel ‐ Novaled Technology & Communications Samsung Electronics ‐ Offerum Digital Advertising Planeo.com ‐ Omaha Legal Services, Inc. Information & Business Services D4, LLC ‐ OpenLogic, Inc. Software Rogue Wave Software, Inc. ‐ Optimum Outcomes Information & Business Services Adreima, Inc. ‐ Partnerpedia Solutions Marketing Technology BMC Software, Inc. ‐ PifPassif SiSemicon dtductor ThTechno logy & CitiCommunications AlApple Inc. ‐ PathCentral, Inc. Software XIFIN, Inc. ‐ Pehla Media & Entertainment Traditional Media Panther Media Group Limited ‐ Phoenix Practice Ma rketi ng Agency & Ma rketing Services New Patients, Inc. ‐ PlayCez Technologies Private Limited Digital Media/Commerce Biztra deshows ‐ Plumfare, Inc. Digital Advertising Groupon, Inc. ‐ 44 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Popshops.com Marketing Technology Rakuten, Inc. ‐ Post Visual Co. Ltd. Agency & Ma rketing Services JWT ‐ PrecisionIR Marketing Technology Issuer Direct Corpora ti on ‐ Precog Marketing Technology RichRelevance, Inc. ‐ Preferred Appraisal, Inc. Software Accurate Group ‐ PRION Group Information & Business Services Accenture plc ‐ PfitPitProfitPoint, LLC Agency & MktiMarketing SiServices Clu tc h HldiHoldings LLC ‐ Promoland Digital Advertising High Co. SA ‐ Property Cl a i ms Services Information & Business Services VeriClaim, Inc. ‐ Quantum Loyalty Solutions, Inc. Agency & Ma rketing Services Fandango, Inc. ‐ R and R Images Information & Business Services Shutterfly ‐ R.E.D. Stamp, Inc. Digital Media/Commerce The Occasions Group, Inc. ‐ R.R. Bowker Business Intelligence & Commerce Solutions Marketing Technology Nielsen Holdings B.V. ‐ RapidDecision Information & Business Services GSI, Inc. ‐ ReaEvolution Software Logibec Groupe Informatique Ltee ‐ RdRed ElEagle CltiConsulting SftSoftware DTkDoxTek, Inc. ‐ RhinoSEO Marketing Technology Xtari Business Services ‐ Rip It Up Traditional Media Ha rk Entertainment Ltd. ‐ Ronin Solutions LLC Marketing Technology Pure Auto, LLC ‐ Saeger Media Group Agency & Ma rketing Services Swift Collective ‐ Sanoma Hearst Romania Traditional Media Burda Style Group ‐ Sensinode Oy Technology & Communications ARM Holdings plc ‐ Serious Shops Digital Media/Commerce Vertana Group LLC ‐ ShoeDazzle.com, Inc. Digital Media/Commerce JustFab ‐ Simp le TthTruths Dig ita l Mdi/CMedia/Commerce SbkSourcebooks, Inc. ‐ SmartPay Technology & Communications Ca rdConnect ‐ Snapette, Inc. Digital Media/Commerce PriceGrabber.com, LLC ‐ Solutionary, Inc. Software Nippon Telegraph & Telephone Corp. ‐ Statlistics Agency & Ma rketing Services Alesco Data Group, LLC ‐ Sterci A.C. and Simplex GTP Technology & Communications Bottomline Technologies, Inc. ‐ Stringwire Digital Advertising NBC News Digital ‐ Tacit Knowledge Systems, Inc. Information & Business Services Newgistics, Inc. ‐ TeamPlatform Software 3D Systems Corpora ti on ‐ TltTeletrac SftSoftware DhDanaher Corp. ‐ The Benenson Strategy Group Information & Business Services The Ka ntar Group Limited ‐ The Black Book Traditional Media The Berry Compa ny, LLC ‐ The Good Food Guide Digital Media/Commerce Waitrose Limited ‐ The Group Agency & Ma rketing Services WPP Group ‐ Thompson Information Services Information & Business Services Columbia Books & Information Services ‐ 45 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Three Foodservice Agencies Agency & Ma rketing Services KeyImpact Sales & Systems, Inc. ‐ Time Link International Software Kronos Incorporated ‐ TrainSignal, Inc. Information & Business Services Pluralsight LLC ‐ Trendrr Marketing Technology Twitter, Inc. ‐ TripFlavor Digital Media/Commerce zozi ‐ TWO Social Agency & Ma rketing Services iSentia ‐ VtilVerticurl MktiMarketing ThTechno logy OilOOgilvyOne WldidWorldwide ‐ VisibleRisk Software Click Security, Inc. ‐ VitaminDaily.com Digital Media/Commerce Glacier Media Group ‐ Vizibility, Inc. Marketing Technology ALL‐STATE International, Inc. ‐ Woodhead Publishing Information & Business Services Reed Elsevier Group plc ‐ WorldCompliance Information & Business Services Accuity Holdings ‐ X7 Systems Integration Information & Business Services Systems Development.Integration ‐

46 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Omnitracs, Inc. Information & Business Services Vista Equity Partners$ 800.0 Globecomm Systems Technology & Communications Wasserstein & Company 340.0 Six Publishing Subsidiaries of The Washington Post Compa ny Tra di tional Media Na sh Holdings 250.0 The Boston Globe Traditional Media (Priva te Investors) 70.0 Statseeker Pty Ltd. Technology & Communications NBC Capi tal 6.0 Buyout Deals Undisclosed 6N Systems Software Marlin Equity Partners ‐ Ajubeo Technology & Communications Grey Mountain Partners ‐ Alert Logic, Inc. Software Welsh, Ca rs on, Anderson & Stowe ‐ Asset Control Systems, Inc. Software Marlin Equity Partners ‐ BlackLine Systems, Inc. Software Silver Lake Partners ‐ Bracket Information & Business Services Parthenon Capi tal ‐ CableNet Services Unlimited, LLC Information & Business Services Resilience Ca pi ta l Partners ‐ Ccgroup Ltd. Agency & Ma rketing Services Management Buyout ‐ e‐conomic international a/s Software HgCapital ‐ GiftWorks & Artez Interactive Marketing Technology Arsenal Ca pi ta l Partners, Inc. ‐ LG Sistemas Software H.I.G. Ca pi ta l LLC ‐ Mandata Ltd. Software Synova Ca pi ta l LLP ‐ Nair & Co. Information & Business Services HgCapital ‐ Paymetric, Inc. Technology & Communications Francisco Partners ‐ Physicians Interactive Software Global Health Innovation Fund, LLC ‐ proALPHA Software AG Software Bregal Ca pi ta l LLP ‐ Skrill Holdings Ltd. Marketing Technology CVC Ca pi ta l Partners Ltd. ‐ WorkOasis Software Marlin Equity Partners ‐

47 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed HootSuite Media , Inc. Marketing Technology Insight Venture Partners$ 165.0 Pure Storage, Inc. Technology & Communications T. Rowe Price Associates 150.0 Powa Technologies Ltd. Technology & Communications Wellington Partners 76.0 ShopRunner Information & Business Services Alibaba Group 75.0 redIT Information & Business Services Cartesian Ca pi ta l Group LLC 72.0 Vice Media Traditional Media Twenty‐First Century Fox, Inc. 70.0 Cleversafe, Inc. Technology & Communications New Enterprise Associates 55. 0 Fitbit, Inc. Digital Media/Commerce (Unnamed Fund Contibuters) 43.0 Credora x, Inc. Technology & Communications FTV Capital 40.0 SugarCRM, Inc. Marketing Technology Goldman Sachs Private Investment Area 40.0 Birst, Inc. Marketing Technology Sequoia Capital 38.0 Apigee Corporation Software BlackRock, Inc. 35.0 Tegile Systems, Inc. Technology & Communications Meritech Ca pi ta l Partners 35.0 SOASTA, Inc. Software Macquarie Ca pi ta l Group 30.0 Couchbase, Inc. Software Adams Street Partners, LL C 25.0 Glam Media , Inc. Digital Advertising Kea ting Capi tal 25. 0 Slice Technologies, Inc. Marketing Technology Rakuten, Inc. 23.0 NexG Co. Ltd. Software Solacia Corp. 20.9 FilmTrack, Inc. Marketing Technology Insight Venture Partners 20.0 Revizer Technologies Digital Advertising Pitango Venture Capital 20.0 InsideView, Inc. Marketing Technology Split Rock Partners , LLC 19.0 Camera360 Digital Media/Commerce Susquehanna International Group, LLP 18.0 MyFitnessPal, LLC Digital Media/Commerce Kleiner Perkins Caufield & Byers 18.0 Taulia, Inc. Software Duff Ackerman & Goodrich, LLC 18.0 Magina tics , Inc. Technology & Communications Intel Capi tal 17. 0 SilkRoad Technology, Inc. Software Foundation Capital 16.0 Divisions Maintenance Group Information & Business Services Caltius Mezzanine 16.0 Everspin Technologies, Inc. Technology & Communications New Venture Partners LL C 15.0 Cha nge Healthcare Corporation Software HLM Venture Partners 15.0 YellowPepper Technology & Communications LatinIdea Ventures, LLC 15.0 Everspin Technologies, Inc. Technology & Communications New Venture Partners LLC 15.0 Modernizing Medicine Software Summit Partners LP 14.0 Martini Media Network Digital Advertising Venrock Associates 14.0 Restorando SAS.A. Digital Media/Commerce Flybridge Ca pi ta l Partners 13. 3 Jama Software, Inc. Software Trinity Ventures 13.0 Looker Marketing Technology First Round Capital 13.0 Tidemark Systems, Inc. Marketing Technology Tenaya Capital 13.0 LendKey Technologies, Inc. Software Updata Partners 12.5 Belly, Inc. Marketing Technology New Enterprise Associates 12.1 48 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Get Taxi, Inc. Digital Media/Commerce Kreos Capital$ 12.0 Cyvera Ltd. Software Battery Ventures 11.0 OpenRoad Media, LLC Digital Media/Commerce NewSpring Capital 11.0 RebelMouse Marketing Technology Oak Investment Partners 10.3 Ambiq Micro, Inc. Technology & Communications Austin Ventures 10.0 Cl oudPhys i cs , Inc. Software Kleiner Perkins Caufield & Byers 10.0 SmartRecruiters Software Rembrandt Venture Partners 10. 0 IPG Proprietary & Confi denti a l Softwa re Ca mden Partners 10.0 Fab, Inc. Digital Media/Commerce SingTel Ventures 10.0 Tastemade, Inc. Digital Advertising Raine Ventures 10.0 Nakedwines.com, Inc. Digital Advertising WIV Wein International AG 10.0 Cl us tri x, Inc. Software HighBAR Partners 10.0 Morphlabs, Inc. Technology & Communications Tallwood Venture Capital 10.0 ChinAmerican Andy Movie Entertainment Media Co. Information & Business Services (Unnamed Fund Contibuters) 10.0 Defense.net Software Bessemer Venture Partners 9.5 Apsalar, Inc. Ma rketing Technology DCM 909.0 Ca reCl oud Corporation Software Adams Street Partners, LL C 9.0 VeliQ BV Technology & Communications NorthCap Partners 9.0 VeliQ BV Technology & Communications NorthCap Partners 9.0 500px, Inc. Digital Media/Commerce Andreessen Horowitz 8.8 Falcon Social Marketing Technology Target Partners 8.0 Versafe, Inc. Software (Unnamed Fund Conti buters ) 8.0 4iNFO, Inc. Marketing Technology Vulcan Ca pi ta l 8.0 ShareThis, Inc. Marketing Technology Jump Ca pi ta l 7.0 Cl ea rDATA Networks, Inc. Technology & Communications Norwest Venture Partners 707.0 Trax Technology Solutions Pte Ltd. Marketing Technology (Unnamed Fund Conti buters ) 6.6 Bustle.com Digital Media/Commerce Time Warner Investments 6.5 drillMap, Inc. Software RockPort Capi tal Partners 6.5 Vungle, Inc. Digital Advertising Crosslink Ca pi ta l 6.5 Speakaboos Digital Media/Commerce [212]MEDIA 6.2 HyTrust, Inc. Technology & Communications Intel Capi tal 6.0 AnsibleWorks Software Menlo Ventures 6.0 Glow Digital Media/Commerce Kreos Ca pi ta l 6.0 Ekahau, Inc. Ma rketing Technology Horizon Technology Finance 606.0 ThirdLove Digital Media/Commerce New Enterprise Associates 5.6 Vee24, Inc. Marketing Technology Data Point Ca pi ta l 5.5 Cl utch Holdings LLC Agency & Ma rketing Services Safeguard Scientifics, Inc. 5.3 Newforma, Inc. Softwa re North Bridge Venture Partners 5.1 Parse.ly Marketing Technology Grotech Ventures 5.0 49 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Get Taxi, Inc. Digital Media/Commerce Kreos Capital$ 12.0 Cyvera Ltd. Software Battery Ventures 11.0 OpenRoad Media, LLC Digital Media/Commerce NewSpring Capital 11.0 RebelMouse Marketing Technology Oak Investment Partners 10.3 Ambiq Micro, Inc. Technology & Communications Austin Ventures 10.0 Cl oudPhys i cs , Inc. Software Kleiner Perkins Caufield & Byers 10.0 SmartRecruiters Software Rembrandt Venture Partners 10. 0 IPG Proprietary & Confi denti a l Softwa re Ca mden Partners 10.0 Fab, Inc. Digital Media/Commerce SingTel Ventures 10.0 Tastemade, Inc. Digital Advertising Raine Ventures 10.0 Nakedwines.com, Inc. Digital Advertising WIV Wein International AG 10.0 Cl us tri x, Inc. Software HighBAR Partners 10.0 Morphlabs, Inc. Technology & Communications Tallwood Venture Capital 10.0 ChinAmerican Andy Movie Entertainment Media Co. Information & Business Services (Unnamed Fund Contibuters) 10.0 Defense.net Software Bessemer Venture Partners 9.5 Apsalar, Inc. Ma rketing Technology DCM 909.0 Ca reCl oud Corporation Software Adams Street Partners, LL C 9.0 VeliQ BV Technology & Communications NorthCap Partners 9.0 VeliQ BV Technology & Communications NorthCap Partners 9.0 500px, Inc. Digital Media/Commerce Andreessen Horowitz 8.8 Falcon Social Marketing Technology Target Partners 8.0 Versafe, Inc. Software (Unnamed Fund Conti buters ) 8.0 4iNFO, Inc. Marketing Technology Vulcan Ca pi ta l 8.0 ShareThis, Inc. Marketing Technology Jump Ca pi ta l 7.0 Cl ea rDATA Networks, Inc. Technology & Communications Norwest Venture Partners 707.0 Trax Technology Solutions Pte Ltd. Marketing Technology (Unnamed Fund Conti buters ) 6.6 Bustle.com Digital Media/Commerce Time Warner Investments 6.5 drillMap, Inc. Software RockPort Capi tal Partners 6.5 Vungle, Inc. Digital Advertising Crosslink Ca pi ta l 6.5 Speakaboos Digital Media/Commerce [212]MEDIA 6.2 HyTrust, Inc. Technology & Communications Intel Capi tal 6.0 AnsibleWorks Software Menlo Ventures 6.0 Glow Digital Media/Commerce Kreos Ca pi ta l 6.0 Ekahau, Inc. Ma rketing Technology Horizon Technology Finance 606.0 ThirdLove Digital Media/Commerce New Enterprise Associates 5.6 Vee24, Inc. Marketing Technology Data Point Ca pi ta l 5.5 Cl utch Holdings LLC Agency & Ma rketing Services Safeguard Scientifics, Inc. 5.3 Newforma, Inc. Softwa re North Bridge Venture Partners 5.1 Parse.ly Marketing Technology Grotech Ventures 5.0 50 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed TagMan Marketing Technology Greycroft LLC $ 5.0 Autobutler.dk.ApS Digital Advertising Creandum 5.0 GuideSpark, Inc. Information & Business Services Storm Ventures, LLC 5.0 Blue Apron, Inc. Digital Media/Commerce Bessemer Venture Partners 5.0 Fab, Inc. Digital Media/Commerce ITOCHU Corp. of Japan 5.0 ShopAdvisor, Inc. Digital Advertising Pittco Ca pi ta l Partners 5.0 Cl oud Technology Partners , Inc. Technology & Communications Oak Investment Partners 505.0 Ca ta vol t, Inc. Technology & Communications Toba Ca pi ta l 5.0 Lendio, Inc. Digital Advertising Tribeca Venture Partners 4.5 Seismic Software Sigma West 4.5 WaterSmart Software, Inc. Marketing Technology The Westly Group 4.5 Ticketbis, SL Digital Media/Commerce (Unnamed Fund Conti buters ) 4.5 StyleSaint, Inc. Digital Media/Commerce General Ca ta l ys t Partners LLC 4.3 360pi Marketing Technology Silverton Partners 4.1 Doctor Evidence, LLC Information & Business Services (Unnamed Fund Conti buters ) 4.0 InstaEDU, Inc. Digital Media/Commerce Battery Ventures 404.0 Green Mountain Digital Digital Media/Commerce Mons ter Worldwide, Inc. 3.8 Entangled Media Technology & Communications Crosslink Ca pi ta l 3.5 Abacus Software Limited Information & Business Services Business Growth Fund 3.5 DigitalOcean, Inc. Software IA Ventures 3.2 FeeX Digital Media/Commerce Blumberg Ca pi ta l 3.0 RivalHealth, LLC Digital Media/Commerce Fulcrum Equity Partners 3.0 Punchh Marketing Technology Cervin Ventures 3.0 Syntellia, Inc. Technology & Communications Highland Ca pi ta l Partners 3.0 IfOnly Digital Media/Commerce (Private Investors) 303.0 Ca nva , Inc. Marketing Technology Matrix Partners 3.0 Zadara Storage, Inc. Technology & Communications Toshiba America Electronic Components , Inc. 3.0 Datorama Marketing Technology Cedar Fund 3.0 Engagor NV Marketing Technology Hummingbird Ventures 2.6 trueAnthem, Inc. Digital Media/Commerce CrunchFund 2.6 Social Chorus , Inc. Marketing Technology Windforce Ventures, LLC 2.5 Lockbox Software (Unnamed Fund Contributors) 2.5 Wanderu, Inc. Digital Media/Commerce ALTA Ventures Mexico 2.5 Ca rni va l Labs Digital Advertising Lerer Ventures 242.4 Ca rdi na l Blue Software, Inc. Digital Media/Commerce 500 Startups 2.3 Dragon Innovation, Inc. Digital Media/Commerce Flybridge Ca pi ta l Partners 2.3 Videolicious Digital Media/Commerce Venture51 Ca pi ta l Fund LLP 2.3 Lytics, Inc. Marketing Technology Rembrandt Venture Partners 2.2 Patreon, Inc. Digital Medi a /Commerce Cha rl es River Ventures 2.1 51 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed WillCall, Inc. Digital Media/Commerce SV Angel, LLC$ 2.1 Woofound, Inc. Digital Advertising Maryland Technology Development Corpora ti on 2.0 ThingLink Digital Media/Commerce Inventure Oy 2.0 Unite Us, Inc. Digital Medi a /Commerce (Pri va te Investors) 2.0 ubimo Ltd. Marketing Technology Pitango Venture Capi tal 2.0 ubimo Ltd. Marketing Technology Pitango Venture Capi tal 2.0 Signal Data Corpora ti on Information & Business Services Atlas Venture 202.0 VividCortex, Inc. Software Battery Ventures 2.0 RIVS, Inc. Software IrishAngels 2.0 Maxwell Health Software Tribeca Venture Partners 2.0 Arkami, Inc. Software McNeel Capi tal 1.8 collegefeed, Inc. Information & Business Services Accel Partners 1.8 eShares, Inc. Software Draper Fisher Jurvetson 1.8 Shoefitr Marketing Technology (Unnamed Fund Conti buters ) 1.8 Cl us ter Labs Digital Media/Commerce Baseline Ventures 1.6 Logicbroker, Inc. Ma rketing Technology Connecti cut Innovations, Inc. 161.6 Zendrive, Inc. Marketing Technology First Round Ca pi ta l 1.5 RUN Marketing Technology Verizon Ventures 1.5 Foap AB Digital Media/Commerce Industrifonden 1.5 ChoreMonster LLC Digital Media/Commerce Detroit Venture Partners, LLC 1.5 Ci tyMa ps , Inc. Digital Media/Commerce A‐Grade Fund 1.5 Synack, Inc. Software Kleiner Perkins Caufield & Byers 1.5 Zipmark, Inc. Technology & Communications Village Ventures 1.5 SQLstream, Inc. Technology & Communications (Unnamed Fund Conti buters ) 1.5 Simple Rules, Inc. Digital Advertising Javelin Venture Partners 131.3 Android‐Apps.com Digital Media/Commerce Thor Media 1.2 TrendKite Marketing Technology Silverton Partners 1.2 WALLMOB A/S (PLC) Technology & Communications (Unnamed Fund Conti buters ) 1.2 RealScout, Inc. Marketing Technology DCM 1.1 TROVE Predictive Data Science Marketing Technology Cubrc, Inc. 1.1 Sales Predict Ma rketing Technology Pitango Venture Capi tal 1.0 LeadiD Agency & Ma rketing Services Genacast Ventures, LLC 1.0 Sportsmanias.com Digital Media/Commerce Mas Equity Partners, LLC 1.0 MySiteApp Ltd. Ma rketing Technology thetime 101.0 Kamcord, Inc. Marketing Technology Tencent Holdings Ltd., Investment Arm 1.0 Sensor Tower Information & Business Services Rembrandt Venture Partners 1.0 Vastrm Fashion Digital Media/Commerce Y Combi nator 1.0 Mover.io Technology & Communications Yaletown Venture Partners, Inc. 1.0 GiftWorks Marketing Technology FrontStream Payments , Inc. 0.8 52 | M&A and Investment Summary August 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyy/er/Investor Reported TV VC/Growth Capital Values Disclosed TrekkSoft Marketing Technology Redalpine Venture Partners AG$ 0.8 StyleSeek Digital Advertising (Unnamed Fund Conti buters ) 0.8 Siasto, Inc. Software Y Combi nator 0.8 Retention Science Marketing Technology Forerunner Ventures 0.7 The Luxe Nomad Digital Media/Commerce Innosight Ca pi ta l 0.7 Tapastic Digital Media/Commerce 500 Startups 0.7 BioBeats, Inc. Technolo gy & Communications ENIAC Ventures 0.7 4th Screen Advertising Digital Advertising Rivers Ca pi ta l Partners Ltd 0.6 ShopPad, Inc. Marketing Technology (Angel Investors) 0.5 RecruitLoop Information & Business Services (Private Investors) 0.5 VC/Growth Capital Undisclosed Ca reInSync Corporation Software Samsung Venture Investment Corpora ti on ‐ CarProof, Inc. Digital Media/Commerce Hellman & Friedman, LLC ‐ Cha mpi on Medical Technologies Software Jump Ca pi ta l ‐ DivvyyQHQ Ma rketing Technology Digital Sandbox ‐ Flashtalking Marketing Technology TA Associates ‐ Get Real Health Software TELUS Ventures ‐ Goo Technologies AB Marketing Technology Moore Ca pi ta l ‐ IP Health Pty Ltd. Software Telstra Applications and Ventures Group ‐ Kuliza Technologies Information & Business Services Blume Venture Advisors ‐ LE TOTE Digital Media/Commerce Andreessen Horowitz ‐ Linkage, Inc. Information & Business Services BB&T Ca pi ta l Partners, LLC ‐ MutualMobile Digita l Advertising WPP Digital ‐ OmniForce Information & Business Services Bre gal Partners ‐ Orange Leap, LLC Marketing Technology (Unnamed Fund Conti buters ) ‐ Parrot Analytics Limited Marketing Technology ICE Angels ‐ Reach Proces s Outsourcing Software Sequoia Ca pi ta l ‐ Roadtrippers LLC Digital Advertising Drive Ca pi ta l ‐ Safaba Translation Solutions, LLC Marketing Technology Newlin Investment Compa ny, LLC ‐ Scangroup Limited Agency & Ma rketing Services WPP Group ‐ Seamless.com (will merge w/Grubhub) Digital Media/Commerce T. Rowe Price Associates ‐ SecondSync Ltd Information & Business Services Kantar Media ‐ Secoo Digital Media/Commerce Va ngoo Investment Partners ‐ Singly, Inc. Software Appcelerator, Inc. ‐ The Basketball Channel Traditional Media Primco Ma na gement, Inc. ‐ Titan Photonics, Inc. Technology & Communications Hillcrest Ma nagement, LL C ‐ Versify Solutions, Inc. Software SJF Ventures ‐ WealthForge Holdings, LLC Digital Medi a /Commerce Center for Innova ti ve Technology ‐

53 | M&A and Investment Summary August 2013 Petsky Prunier: Maximizing Shareholder Value

Overview

. Founded in 1999 . Focused on the technology, marketing, media, eCommerce, and healthcare industries • More than 35 focused professionals . Unique combination of investment banking and consulting expertise . New York, Palo Alto, Las Vegas, Chicago, Tampa . Sell‐side and private placement close rate is unmatched at our level of deal volume . Deep relationships across a broad spectrum of venture capital and private eqyquity gp,groups, lenders and strategic buyers . With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services . International reach enhanced through our partnership with investment bank Altium, which operates from ten offices across Europe . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

. Sell‐Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Media . M&A Transaction Due Diligence Support and . Corporate Divestitures . Marketing Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership

54 | M&A and Investment Summary August 2013 Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2012 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count 1Petsky Prunier LLC 30 2Nomura Holdings Inc 24 3GCA Savvian Group Corp 23 4Goldman Sachs & Co. 20 5MorganStanley 19 6Jordan Edmiston Group 18 7Jefferies Group Inc. 16 8China Renaissance Partners 15 8Sumitomo Mitsui Financial 15 10 JP Morgan 14 10 RBC Capital Markets 14

Based on number of deals announced in 2011‐2012 valued at $500 million or less

Nearly 60 transactions closed since 2010: . Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

55 | M&A and Investment Summary August 2013 International Partnership with Altium

Description Network

. Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs Madrid Zurich . European‐based, mid‐market financial advisory group, employee‐ New York Palo Alto Las Vegas Chicago Manchester Frankfurt owned and truly independent Tampa Leeds Milan London Munich . A leading advisor for more than 25 years Paris Dubai

. Founded as the corporate finance arm of private equity investor Apax Partners

. Operates ten international offices in Europe with additional partnerships in the U.S. and Asia

. Completed 50+ technology transactions across 12 countries in the past five years

. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with offices in Bangalore, Mumbai, Delhi India Beijing . Hina Group has provided M&A advisory and corporate finance Shanghai services on 50+ transactions in China

56 | M&A and Investment Summary August 2013 Representative Recent Transactions

has sold a leading digital advertising monetization and the largest provider of cloud‐based SaaS shopper marketing partner for e‐commerce a leading provider of social software a leading multiplatform travel and has sold tools for printing signs, labels and tags, retailers one of the largest digital agencies solutions and digital marketing services lifestyle media company along with digital subsidiary and publishing digital displays for retailers a portfolio company of for some of the world’s largest brands, has been sold to a leading developer of popular has been sold to real‐money and social gaming one of just thirteen Facebook Strategic has been sold to Preferred Marketing Developers (sPMD) provider of online travel guides for top has been sold to has been sold to has received a $68M minority investment destinations around the world specializing in retail, digital, shopper a unit of from a subsidiary of to marketing and consumer services to with financing from (Nasdaq: RNWK) (Nasdaq:(ENXTPA: RNWK) PUB) (NYSE: LXK ) (NYSE: GCI )

a dynamic display media and a leading provider of transportation‐based a leading digital direct marketing company a leading provider of digital production a real‐time behavioral advertising retargeting company digital media networks utilizing a proprietary database to provide a leading provider of in‐store and shopper services to brands and agencies a leader in technology and global in‐app a provider of a cloud‐based integration company customer acquisition solutions for marketing signage to major major brands advertising for Facebook, platform for the digital marketing industry North American retailers has been acquired by has been acquired by has received a mezzanine debt Apple (iOS), and Android developers has been sold to investment from has received an equity investment from has received $15M financing has been sold to has received $66M investment led by from

with debt financing from (NYSE: AOL) (NYSE: ACN) (JASDAQ:4755)

has sold a leader in global healthcare primary has sold a leading provider of taxi‐based market research and influence a portfolio company of the top independent outdoor media has acquired network mapping direct‐to‐consumer marketer of Vestar Capital Partners a leader in multichannel retail, has been sold to dental savings plans and has sold ecommerce and loyalty marketing has been sold to a leading provider of integrated data, services has been sold to technology and analytics solutions leading provider of services for domain a pioneer in measuring the has been sold to name registration, acquisition, brokerage a portfolio company of to impact of promotion on to and sales physician prescribing behavior (NYSE: PAY)

(TSX: PTO) a leading online video a division of a digital communications agency with a a leading shopper marketing has received a majority investment from advertising network execution company proprietary software platform serving a premier provider of benchmark‐based biopharmaceutical companies advisory services to the pharmaceutical has been sold to has received a growth capital investment has been sold to has been sold to and biotech industry from has been sold to has been acquired by has acquired

(Nasdaq: GSIC)

57 | M&A and Investment Summary August 2013