July 2016 M&A and Investment Summary Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 8

3 Additional Monthly M&A and Investment Activity Data 40

4 About Petsky Prunier 52

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 registered with the U.S. SEC and a member of FINRA.

2 | M&A and Investment Summary July 2016 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 427 deals were announced in July 2016, of which 252 were worth $33.3 billion in aggregate reported value . Software was the most active segment with 127 deals announced — 87 of these transactions reported $10 billion in value . Digital Media/Commerce was the most valuable subsegment with 109 transactions announced, of which 84 were worth a reported $12.4 billion in value . Strategic buyers announced 183 deals (37 reported $18 billion in value) . VC/Growth Capital investors announced 230 transactions (209 reported $5.1 billion in value) . Private Equity investors announced 14 deals during the month (six reported $10.2 billion in value)

July 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 127 30% $10,031.2 30% 38 $4,165.7 4 $4,812.2 85 $1,053.3 Digital Media/Commerce 109 26% 12,423.5 37% 30 8,369.5 4 1,820.0 75 2,234.0 Marketing Technology 73 17% 1,844.7 6% 29 527.0 1 - 43 1,317.7 Agency & Marketing Services 34 8% 103.8 0% 30 74.8 1 - 3 29.0 Business Services 34 8% 813.3 2% 24 498.3 2 - 8 315.0 Traditional Media 18 4% 4,281.1 13% 15 4,265.8 0 - 3 15.3 Information 17 4% 3,685.2 11% 12 33.9 2 3,600.0 3 51.3 Digital Advertising 15 4% 124.5 0% 5 48.5 0 - 10 76.0 Total 427 100% 33,307.2 100% 183 17,983.4 14 10,232.2 230 5,091.6

* Oracle’s $9.4 billion acquisition of NetSuite has been excluded to limit comparative distortions

3 | M&A and Investment Summary July 2016 M&A and Investment Summary for All Segments

Transaction Distribution . Reported transaction value in July was up more than 40 percent from July 2015 and down 10 percent from June of 2016 . Strategic activity accounted for 43 percent of reported deal activity during the month and included significant transactions: • Verizon’s acquisition of Yahoo’s core operating business for $4.8 billion • The acquisition of the Ultimate Fighting Championship by WME|IMG for a reported $4 billion • KKR’s $3.3 million purchase of enterprise resource planning and retail management software developer Epicor Software • Digital automotive classifieds operator Trader Corporation’s sale to Thoma Bravo for $1.2 billion • The acquisition of Opera’s internet browsing assets by a consortium of China-based investors led by Golden Brick Silk Road for $600 million

$120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 $42.6 $40.4 Supercell / $200.0 $40.0 IMS Health Tencent NetSuite Sungard $26.7 $27.4 $24.9 $30.0 $23.1 Veritas $23.7 HP IT / CSC Solera $21.3 $22.1 $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 466 448 376 403 424 363 407 418 427 433 404 432 491 $- $- Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4 | M&A and Investment Summary July 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Forsman & Bodenfors AB Digital Agency MDC Partners, Inc. $ 32.3 $ 40.0 $ - 0.8x NA

Business Services Client Strategy Group LLC IT Consulting/Systems Integration Columbus A/S 6.4 4.9 0.7 1.3x 8.7x

Digital Advertising Massive Group Pty. Ltd. Search Marketing Jaywing plc 3.5 1.2 0.4 2.9x 8.0x Digital Media/Commerce Yahoo, Operating Business Web Search/Portals Verizon Communications, Inc. 4,825.8 4,968.3 151.1 1.0x 31.9x Dollar Shave Club, Inc. eCommerce Unilever 1,000.0 152.0 - 6.6x NA Opera Software ASA, Internet Browser Assets Web Search/Portals Golden Brick Silk Road Fund Management 600.0 149.0 34.0 4.0x 17.6x

Marketing Technology Olapic, Inc. Content Management Monotype Imaging, Inc. 130.0 9.0 - 14.4x NA ConvertMedia Analytics & Targeting Taboola Ltd. 100.0 50.0 - 2.0x NA

Software Epicor Software Corporation ERP Software Kohlberg Kravis Roberts & Company L.P. 3,300.0 1,000.0 - 3.3x NA AVG Technologies N.V. Security Software AVAST Software s.r.o. 1,453.3 433.4 128.3 NA 11.3x Epiq Systems, Inc. Legal Software OMERS Private Equity, Inc. 1,000.0 529.7 78.8 NA 12.7x OptionsHouse LLC Financial Software E*TRADE Financial Corporation 725.0 103.6 - 7.0x NA Imprivata, Inc. Security Software Thoma Bravo, Inc. 512.2 125.0 - 4.1x NA

Traditional Media Greater Media, Inc. Radio Beasley Broadcast Group, Inc. 240.0 141.0 - 1.7x NA Metrospace Advertising Pty. Ltd. Traditional Outdoor APN Outdoor Pty. Limited 14.9 4.5 - 3.3x NA

5 | M&A and Investment Summary July 2016 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jul-16 CBS Radio Inc. United States Traditional Media $ 100.0 $ 1,220.0 $ 310.0 Jul-16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA Apr-16 Optiv Security Inc. United States Business Services 100.0 NA NA Apr-16 Medpace, Inc. United States Business Services NA NA 100.0 Apr-16 inVentiv Group Holdings United States Business Services 100.0 1,700.0 NA Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8

6 | M&A and Investment Summary July 2016 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 Jul 29, 2016 1st Trading Day Jun-16 Nasdaq:TLND Talend SA France $15.00-$17.00 18.00 $25.50 up 42% 25.50 0.0%

Jun-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 36.72 (11.7%)

Jun-16 NYSE:TWLO Twilio, Inc. United States 12.00-14.00 15.00 28.79 up 92% 40.63 41.1% Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 10.10 (48.1%)

May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 24.14 33.1%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.81 6.7% Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 29.97 7.9%

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 25.64 181.8%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 21.74 20.8%

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 15.75 6.9% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 11.03 9.2%

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 10.07 (23.0%)

Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 12.60 (21.3%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 12.40 (21.3%)

Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 13.98 (47.7%)

Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 17.44 (38.8%)

7 | M&A and Investment Summary July 2016 Digital Media/Commerce

. Of the total $12.4 billion in value reported in the Digital Media/Commerce segment, $8.4 billion in strategic acquisitions were announced, while more than $2.3 billion Venture/Growth Capital investments were made . eCommerce was the most active subsegment across all segments with 38 transactions announced, of which 34 were reported for $4.5 billion. Select acquisitions from the subsegment include: • The acquisition of online razor and grooming supplies company Dollar Shave Club by Unilever for $1 billion . Select Digital Media/Commerce transactions include: • The $181 million round of funding raised by 3D game development tools provider Unity Technologies led by DFJ Growth • Mobile entertainment network Scopely’s $55 million round of funding led by Greycroft Partners • The $50 million round of funding raised by millennial women-focused digital publisher Refinery29 from Time Warner • Beringer Capital’s acquisition of marketing and media news publisher Adweek from Mediabistro Holdings

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 38 35% $4,510.5 36% 9 $2,977.7 0 - 29 $1,532.8 Mobile Content/Apps 26 24% 278.3 2% 6 30.0 0 - 20 248.3 Classifieds/Auctions/P-to-P 15 14% 1,353.8 11% 1 33.0 2 1,220.0 12 100.8 Social Media/Apps 12 11% 31.1 0% 5 - 0 - 7 31.1 Gaming 8 7% 392.5 3% 4 153.0 0 - 4 239.5 Niche Content 8 7% 431.5 3% 4 350.0 1 - 3 81.5 Web Search/Portals 2 2% 5,425.8 44% 1 4,825.8 1 600.0 0 - Total* Microsoft’s $26.2 billion acquisition of LinkedIn109 and Tencent’s100% $10.2 billion acquisition12,423.5 of Supercell100% have been excluded30 to limit 8,369.5comparative distortions4 1,820.0 75 2,234.0

8 | M&A and Investment Summary July 2016 Digital Media and Internet Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. 791.34 -2% $ 535,736.4 $ 463,544.4 $ 81,761.0 $ 26,911.0 32.9% 17.5% 5.7x 17.2x Apple Inc. 104.21 -16% 561,529.6 583,852.6 220,288.0 73,962.0 33.6% -1.8% 2.7x 7.9x Blucora, Inc. 10.21 -33% 423.9 848.4 203.5 $46.4 22.8% NA 4.2x 18.3x Demand Media, Inc. 5.79 -11% 117.9 87.4 119.7 (22.4) NM -25.4% 0.7x NM Everyday Health, Inc. 8.16 -37% 270.8 353.4 246.0 22.6 9.2% 30.9% 1.4x 15.6x Facebook, Inc. 123.94 -9% 355,914.1 332,621.1 22,160.0 11,075.0 50.0% 51.4% 15.0x 30.0x Fitbit Inc. 13.66 -74% 2,971.6 2,179.9 2,026.6 288.1 14.2% 108.2% 1.1x 7.6x Glu Mobile, Inc. 2.34 -60% 309.6 150.3 235.0 (5.6) NM -5.3% 0.6x NM GoPro, Inc. 12.64 -81% 1,762.5 1,483.3 1,241.2 (199.8) NM -26.9% 1.2x NM IAC/InterActiveCorp 57.96 -26% 4,613.6 5,116.6 3,251.9 368.5 11.3% 3.0% 1.6x 13.9x LinkedIn Corporation 192.73 -25% 25,766.6 23,772.6 3,213.9 266.1 8.3% 34.9% 7.4x 89.3x MeetMe, Inc. 6.43 -6% 306.9 280.9 58.6 11.6 19.8% 24.8% 4.8x 24.2x Netflix, Inc. 91.25 -32% 39,121.6 39,660.5 7,624.6 313.8 4.1% 24.7% 5.2x NM Pandora Media, Inc. 13.60 -40% 3,142.2 3,092.5 1,288.0 (158.8) NM 25.8% 2.4x NM RealNetworks Inc. 4.33 -12% 159.1 72.3 122.9 (46.7) NM -12.9% 0.6x NM TheStreet, Inc. 1.11 -40% 39.1 9.3 66.8 0.8 1.1% 5.2% 0.1x 12.1x Twitter, Inc. 16.64 -48% 11,590.87 9,623.44 2,476.19 (4.85) NM 39.2% 3.9x NM WebMD Health Corp. 61.01 -10% 2,256.5 2,354.9 651.6 153.5 23.6% 10.4% 3.6x 15.3x XO Group Inc. 18.23 -5% 464.6 372.4 144.7 21.5 14.8% 0.6% 2.6x 17.4x Yahoo! Inc. 38.19 -3% 36,277.4 4,622.4 4,893.9 151.1 3.1% 0.5% 0.9x 30.6x Zynga, Inc. 2.87 -2% 2,507.5 1,650.0 768.1 (26.4) NM 8.9% 2.1x NM

Average 2.0x 11.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (44.2x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)

9 | M&A and Investment Summary July 2016 Digital Media and Internet Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 159.60 -27% $55,317.3 $50,512.8 $10,706.5 $2,624.5 24.5% 25.1% 4.7x 19.2x Changyou.com Limited China 19.75 -24% 1,003.4 380.6 682.8 218.7 32.0% -12.8% 0.6x 1.7x CyberAgent Inc. Japan 56.80 -12% 3,568.3 3,203.4 2,865.9 439.7 15.3% 21.2% 1.1x 7.3x DeNA Co., Ltd. Japan 25.89 -7% 3,754.0 3,088.7 1,279.0 290.0 22.7% 0.9% 2.4x 10.7x G5 Entertainment AB (publ) Sweden 4.51 -30% 39.6 35.8 47.6 4.9 10.2% 21.1% 0.8x 7.3x Gree, Inc. Japan 5.08 -30% 1,191.5 435.3 669.0 175.9 26.3% -23.4% 0.7x 2.5x iDreamSky Technology Limited China 13.57 -2% 614.8 543.3 252.4 31.9 12.6% 66.5% 2.2x 17.1x International Game Technology PLC United Kingdom 20.90 -1% 4,201.6 12,031.5 5,133.6 1,586.1 30.9% 29.9% 2.3x 7.6x KongZhong Corporation China 6.06 -22% 285.4 207.2 180.0 22.4 12.4% -21.4% 1.2x 9.3x Mixi, Inc. Japan 36.07 -32% 3,040.7 1,805.9 1,858.3 882.6 47.5% 84.9% 1.0x 2.0x NCsoft Corporation South Korea 225.62 -9% 4,792.2 4,140.0 783.9 266.8 34.0% 5.0% 5.3x 15.5x Naver Corporation South Korea 638.20 -8% 18,595.3 17,142.7 3,169.5 937.4 29.6% 0.0% 5.4x 18.3x NetEase, Inc. China 204.27 -3% 26,856.9 23,040.2 4,192.2 1,399.4 33.4% 108.0% 5.5x 16.5x NEXON Co., Ltd. Japan 15.05 -26% 6,569.4 3,880.5 1,742.5 532.2 30.5% 10.4% 2.2x 7.3x Pacific Online Ltd. China 0.26 -31% 282.8 215.9 168.9 36.2 21.5% 11.0% 1.3x 6.0x Phoenix New Media Limited China 3.89 -42% 277.5 147.7 242.8 18.7 7.7% -4.8% 0.6x 7.9x Renren Inc. * China 1.63 -57% 554.6 583.1 43.5 (90.7) NM 37.4% 13.4x NM HolidayCheck Group AG Germany 2.54 -49% 147.8 110.1 124.6 4.2 3.3% 1.1% 0.9x 26.4x Weibo Corporation * China 32.54 -5% 6,922.1 6,556.1 500.9 69.6 13.9% 38.0% 13.1x 94.2x WeMade Entertainment Co., Ltd. * South Korea 21.53 -66% 357.4 348.0 108.2 3.8 3.5% -22.4% 3.2x 91.6x Yandex N.V. Netherlands 21.65 -7% 6,948.1 6,328.0 1,065.0 320.7 30.1% 26.1% 5.9x 19.7x YY Inc. China 39.19 -40% 2,153.2 2,039.2 991.0 226.7 22.9% 53.7% 2.1x 9.0x

Average 1.7x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (44.4x)

10 | M&A and Investment Summary July 2016 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 9.13 -16% $597.4 $656.8 $1,166.9 $84.7 7.3% 8.0% 0.6x 7.8x Alphabet Inc. 791.34 -2% 535,736.4 463,544.4 81,761.0 26,911.0 32.9% 17.5% 5.7x 17.2x Amazon.com, Inc. 758.81 -1% 359,731.7 361,051.7 120,637.0 10,310.0 8.5% 25.9% 3.0x 35.0x Apple Inc. 104.21 -16% 561,529.6 583,852.6 220,288.0 73,962.0 33.6% -1.8% 2.7x 7.9x Blucora, Inc. 10.21 -33% 423.9 848.4 203.5 46.4 22.8% NA 4.2x 18.3x Blue Nile Inc. 29.06 -25% 337.4 308.1 476.7 16.8 3.5% 0.1% 0.6x 18.3x CafePress Inc. 3.14 -35% 52.5 14.3 99.0 2.6 2.6% -23.2% 0.1x 5.6x CDW Corporation 42.93 -9% 7,109.6 10,486.2 13,350.2 1,000.5 7.5% 9.6% 0.8x 10.5x Chegg, Inc. 5.39 -39% 485.8 424.3 283.2 3.2 1.1% -10.2% 1.5x NM Copart, Inc. 50.44 -2% 5,517.2 6,080.5 1,218.1 429.8 35.3% 5.8% 5.0x 14.1x eBay Inc. 31.16 -2% 35,180.2 36,148.2 8,788.0 3,072.0 35.0% 1.7% 4.1x 11.8x Etsy, Inc. 10.06 -53% 1,137.5 880.6 296.8 21.7 7.3% 39.0% 3.0x 40.6x Expedia Inc. 116.65 -17% 17,450.0 19,376.3 7,736.2 837.9 10.8% 26.7% 2.5x 23.1x FTD Companies, Inc. 25.31 -24% 701.4 926.5 1,182.6 102.6 8.7% 44.5% 0.8x 9.0x GrubHub Inc. 37.92 -3% 3,212.5 2,942.7 418.0 95.7 22.9% 34.2% 7.0x 30.8x HSN, Inc. 51.16 -32% 2,674.9 3,246.1 3,665.5 312.5 8.5% 0.4% 0.9x 10.4x IAC/InterActiveCorp 57.96 -26% 4,613.6 5,116.6 3,251.9 368.5 11.3% 3.0% 1.6x 13.9x QVC Group $26.81 -15% 12,889.6 19,156.6 9,598.0 1,764.0 18.4% 0.7% 2.0x 10.9x Liberty Ventures 37.71 -17% 5,365.0 4,712.0 687.0 (32.0) NM -8.0% 6.9x NM Liquidity Services, Inc. 8.08 -17% 248.3 130.7 321.8 (5.4) NM -32.0% 0.4x NM Match Group, Inc. 15.75 -7% 3,964.3 5,010.5 1,122.9 286.4 25.5% 18.1% 4.5x 17.5x Overstock.com Inc. 16.30 -32% 413.0 311.8 1,673.2 8.0 0.5% 7.7% 0.2x 38.9x PetMed Express, Inc. 20.73 -2% 418.4 374.1 235.5 34.5 14.6% 3.1% 1.6x 10.9x The Priceline Group Inc. 1,350.81 -9% 67,053.4 70,094.3 9,531.4 3,649.6 38.3% 10.3% 7.4x 19.2x Shutterfly, Inc. 53.19 -3% 1,805.8 2,056.5 1,101.2 128.6 11.7% 13.6% 1.9x 16.0x Shutterstock, Inc. 55.09 -5% 1,927.9 1,652.4 444.3 59.9 13.5% 26.0% 3.7x 27.6x Spark Networks, Inc. 1.78 -57% 46.1 42.0 44.5 (4.0) NM -23.9% 0.9x NM Stamps.com Inc. 75.81 -39% 1,322.56 1,349.63 287.40 99.98 34.8% 67.0% 4.7x 13.5x U.S. Auto Parts Network, Inc. 4.09 -9% 141.8 152.4 295.5 7.0 2.4% 1.2% 0.5x 21.6x EVINE Live Inc. 1.89 -40% 108.1 162.8 701.8 8.7 1.2% 4.2% 0.2x 18.7x Wayfair Inc. 43.50 -23% 3,685.1 3,375.6 2,572.9 (75.3) NM 75.7% 1.3x NM

Average 1.8x 13.4x

*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 (27.6x)

11 | M&A and Investment Summary July 2016 eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 52.01 -26% $ 7,366.3 $ 7,155.3 $ 859.0 $ (205.1) NM 182.7% 8.3x NM Alibaba Group Holding Limited * China 82.48 -5% 205,810.4 201,879.2 15,670.6 5,606.6 35.8% 32.7% 12.9x 36.0x Cnova N.V. * Netherlands 4.90 -9% 2,162.4 2,490.3 3,471.3 (129.5) NM -14.8% 0.7x NM E-Commerce China Dangdang Inc. China 6.24 -19% 513.5 306.2 1,434.3 19.8 1.4% 17.0% 0.2x 15.5x JD.com, Inc. * China 21.65 -38% 29,704.5 27,714.8 30,772.7 (176.3) NM 54.0% 0.9x NM Jumei International Holding Limited China 4.12 -79% 604.1 156.2 1,131.0 27.9 2.5% 88.9% 0.1x 5.6x LightInTheBox Holding Co., Ltd. * China 3.50 -18% 241.0 138.1 303.4 (17.8) NM -21.9% 0.5x NM Mercadolibre, Inc. * Argentina 153.08 -2% 6,759.6 6,718.1 661.3 168.5 25.5% 12.2% 10.2x 39.9x PChome Online Inc. Taiwan 11.21 -20% 1,119.6 888.4 744.5 38.6 5.2% 15.0% 1.2x 23.0x Rakuten, Inc. Japan 11.49 -44% 16,384.3 16,982.8 6,541.8 1,288.6 19.7% 18.7% 2.6x 13.2x Travelport Worldwide Limited United Kingdom 13.49 -12% 1,670.3 4,009.2 2,258.1 428.6 19.0% 5.1% 1.8x 9.4x Vipshop Holdings Limited China 14.23 -37% 8,228.8 8,209.4 6,779.9 448.8 6.6% 59.5% 1.2x 18.3x

Average 1.1x 12.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (32.3x)

12 | M&A and Investment Summary July 2016 Digital Advertising

. There was a total of 15 transactions announced in the Digital Advertising segment, of which 10 were worth nearly $125 million in reported value . Local Search and Vertical Search were the most active subsegment with four transactions each . Select Transactions: • OpenMail’s acquisition of online search and monetization solutions provider InfoSpace from Blucora for $45 million • Time Inc.’s acquisition of digital ad network Collective • The acquisition of performance based marketing solutions email lead generation company GetAds by Affiliate.com • The undisclosed amount of funding raised by ground transportation meta search engine developer Mozio by JetBlue Technology Ventures

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Local Search 4 27% $65.5 53% 1 $45.0 0 - 3 $20.5 Vertical Search 4 27% 29.1 23% 0 - 0 - 4 29.1 Ad Networks/Exchanges 1 7% - 0% 1 - 0 - 0 - Affiliate/CPA Network 1 7% - 0% 1 - 0 - 0 - Digital Promotion/Coupon 1 7% 10.0 8% 0 - 0 - 1 10.0 Email Services 1 7% - 0% 1 - 0 - 0 - Mobile Marketing 1 7% 12.0 10% 0 - 0 - 1 12.0 Other* 2 13% 3.5 3% 1 - 0 - 1 4.4 Total 15 100% 124.5 100% 5 48.5 0 0.0 10 76.0

13 | M&A and Investment Summary July 2016 Digital Advertising Public Company Valuation (1/2)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $231.62 -24% $ 13,651.6 $ 30,916.8 $ 6,762.9 $ 1,551.6 22.9% 14.5% 4.6x 19.9x Alphabet Inc. 791.34 -2% 535,736.4 463,544.4 81,761.0 26,911.0 32.9% 17.5% 5.7x 17.2x Angie's List, Inc. $8.09 -28% 475.5 475.0 340.2 26.1 7.7% 1.7% 1.4x 18.2x Autobytel Inc. 14.86 -41% 158.8 160.5 143.2 12.2 8.5% 35.7% 1.1x 13.1x Bankrate, Inc. 7.97 -50% 720.2 809.7 374.8 96.3 25.7% 23.7% 2.2x 8.4x Blucora, Inc. 10.21 -33% 423.9 848.4 203.5 46.4 22.8% NA 4.2x 18.3x Care.com, Inc. 10.99 -8% 314.3 258.7 151.2 (0.1) NM 21.4% 1.7x NM Demand Media, Inc. 5.79 -11% 117.9 87.4 119.7 (22.4) NM -25.4% 0.7x NM DHI Group, Inc. 7.29 -30% 365.1 433.3 246.2 56.0 22.8% -7.1% 1.8x 7.7x Digital Globe Services Inc. 0.64 -50% 19.2 18.8 45.6 4.2 9.3% 15.0% 0.4x 4.4x Facebook, Inc. * 123.94 -9% 355,914.1 332,621.1 22,160.0 11,075.0 50.0% 51.4% 15.0x 30.0x Groupon, Inc. 4.82 -9% 2,769.5 2,217.5 3,118.8 6.6 0.2% 1.1% 0.7x NM IAC/InterActiveCorp 57.96 -26% 4,613.6 5,116.6 3,251.9 368.5 11.3% 3.0% 1.6x 13.9x IDI, Inc 5.18 -52% 262.2 303.0 52.3 (46.5) NM 0.0% 5.8x NM MaxPoint Interactive, Inc. 10.18 -72% 67.2 59.1 140.9 (19.5) NM 17.6% 0.4x NM Monster Worldwide, Inc. 2.53 -69% 225.0 277.7 651.8 92.5 14.2% -6.9% 0.4x 3.0x QuinStreet, Inc. 3.63 -44% 164.9 125.1 289.5 (4.8) NM 3.8% 0.4x NM Quotient Technology Inc. 12.66 -10% 1,049.8 900.5 247.8 (21.1) NM 9.7% 3.6x NM RetailMeNot, Inc. 8.35 -45% 406.9 218.5 243.4 36.6 15.0% -7.7% 0.9x 6.0x RhythmOne plc 0.49 -4% 199.0 155.8 166.7 (16.9) NM -22.4% 0.9x NM Rocket Fuel Inc. 2.24 -73% 98.2 111.3 462.0 (20.6) NM 5.4% 0.2x NM Rovi Corporation 18.81 -21% 1,544.1 2,241.0 508.1 169.0 33.3% -3.2% 4.4x 13.3x The Rubicon Project, Inc. 14.12 -31% 684.3 525.9 280.5 28.4 10.1% 101.2% 1.9x 18.5x TiVo Inc. 10.54 0% 1,050.88 732.42 482.14 84.20 17.5% 5.0% 1.5x 8.7x Travelzoo Inc. 10.20 -2% 143.9 115.9 134.6 11.0 8.2% -9.8% 0.9x 10.6x LendingTree, Inc. 100.98 -28% 1,189.9 1,030.3 337.1 42.4 12.6% 76.3% 3.1x 24.3x Tremor Video, Inc. 2.01 -23% 106.0 49.5 170.4 (11.8) NM 4.7% 0.3x NM TripAdvisor Inc. * 69.97 -20% 10,195.1 9,614.1 1,481.0 233.0 15.7% 11.5% 6.5x 41.3x TrueCar, Inc. 9.37 -5% 784.9 706.1 263.1 (38.0) NM 18.9% 2.7x NM TubeMogul, Inc. 11.21 -25% 400.9 326.4 192.5 (11.8) NM 57.1% 1.7x NM Twitter, Inc. 16.64 -48% 11,590.9 9,623.4 2,476.2 (4.8) NM 39.2% 3.9x NM Web.com Group, Inc. 18.86 -28% 895.9 1,606.3 555.7 111.8 20.1% 2.4% 2.9x 14.4x Yahoo! Inc. 38.19 -3% 36,277.4 4,622.4 4,893.9 151.1 3.1% 0.5% 0.9x 30.6x Yelp Inc. 32.17 -1% 2,460.1 2,084.6 589.8 (8.9) NM 40.6% 3.5x NM YuMe, Inc. 3.58 -26% 124.2 62.1 172.3 (9.5) NM -4.6% 0.4x NM Zillow Group, Inc. * 39.41 -1% 7,055.1 6,771.5 703.4 (10.4) NM 81.8% 9.6x NM

Average 1.7x 12.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.3x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value. 14 | M&A and Investment Summary July 2016 Digital Advertising Public Company Valuation (2/2)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Criteo SA France 44.19 -18% 2,786.8 2,416.6 1,430.3 129.0 9.0% 27.9% 1.7x 18.7x Ctrip.com International Ltd. China 43.67 -24% 20,182.5 22,740.3 1,977.1 (142.3) NM 57.9% 11.5x NM Just Dial Limited India 8.30 -50% 576.8 466.7 104.2 24.3 23.3% 17.1% 4.5x 19.2x MakeMyTrip Limited India 18.83 -18% 795.0 800.5 363.6 (81.4) NM 21.8% 2.2x NM Matomy Media Group Ltd. Israel 0.88 -45% 82.8 102.2 271.0 24.7 9.1% 14.1% 0.4x 4.1x Opera Software ASA Norway 6.29 -23% 919.8 1,087.2 652.6 88.2 13.5% 25.4% 1.7x 12.3x Pacific Online Ltd. China 0.26 -31% 282.8 215.9 168.9 36.2 21.5% 11.0% 1.3x 6.0x Rightmove plc * United Kingdom 53.79 -5% 5,055.2 5,037.6 275.1 202.4 73.6% 15.1% 18.3x 24.9x Septeni Holdings Co., Ltd. Japan 31.92 -18% 827.9 708.5 384.0 35.8 9.3% -24.4% 1.8x 19.8x Taptica International Ltd Israel 1.70 -28% 106.3 89.4 75.8 5.9 7.8% 20.1% 1.2x 15.1x TradeDoubler AB Sweden 0.80 -9% 33.68 24.91 193.10 (7.96) NM -9.0% 0.1x NM XLMedia PLC Channel Islands 1.06 -6% 212.8 176.6 89.2 23.9 26.8% 75.9% 2.0x 7.4x Yandex N.V. Netherlands 21.65 -7% 6,948.1 6,328.0 1,065.0 320.7 30.1% 26.1% 5.9x 19.7x Zhaopin Ltd. China 14.60 -14% 793.8 504.0 225.2 50.3 22.3% 19.3% 2.2x 10.0x

Average 1.4x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.1x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

15 | M&A and Investment Summary July 2016 Marketing Technology

. The Marketing Technology segment announced 73 transactions, of which 44 reported more than $1.8 billion in value . Analytics & Targeting was the most active subsegment with 12 transactions announced, seven of which reported nearly $125 million in value . Select Transactions: • The $900 million raised by contact center and workflow management solutions company Genesys at a reported valuation of $3.8 billion from Hellman & Friedman • Nuance Communications’ acquisition of cloud-based customer engagement platform TouchCommerce for $215 million • The acquisition of social photo crowdsourcing solutions provider Olapic by Monotype for $130 million • Social media management platform Sprinklr’s $105 million round of funding at a reported valuation of $1.8 billion from Wellington Management, Battery Ventures, and Intel Capital • Taboola’s acquisition of video advertising targeting solutions company ConvertMedia for a reported $100 million MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 12 16% $124.5 7% 6 $100.0 0 - 6 $24.5 Social Technology 8 11% 136.7 7% 1 - 0 - 7 136.7 Content Management 7 10% 148.9 8% 5 130.0 0 - 2 18.9 Commerce Management 6 8% 228.6 12% 3 215.0 0 - 3 13.6 CRM 6 8% 69.5 4% 1 - 0 - 5 69.5 SFA/Lead Management 5 7% 20.0 1% 2 - 1 - 2 20.0 Teleservices/eServices 3 4% 901.7 49% 1 - 0 - 2 901.7 Other* 26 36% 214.8 12% 10 82.0 0 - 16 121.8 Total 73 100% 1,844.7 100% 29 527.0 1 0.0 43 1,317.7

16 | M&A and Investment Summary July 2016 Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated 97.86 -3% $ 48,762.75 $ 46,362.73 $ 5,306.22 $ 1,526.91 28.8% 22.0% 8.7x 30.4x AppFolio, Inc. 16.08 -19% 540.4 519.2 82.3 (11.8) NM 53.4% 6.3x NM Bazaarvoice, Inc. 4.15 -27% 340.7 288.0 199.8 (15.0) NM 4.5% 1.4x NM Blackbaud Inc. 66.85 -7% 3,102.1 3,513.5 660.2 110.5 16.7% 13.1% 5.3x 31.8x Brightcove Inc. 10.47 -9% 346.2 317.0 142.2 2.6 1.8% 10.6% 2.2x 123.5x ChannelAdvisor Corporation 15.76 -1% 401.5 341.8 104.3 (7.0) NM 18.4% 3.3x NM Covisint Corporation 2.19 -29% 88.7 49.0 76.0 (11.3) NM -14.1% 0.6x NM Cvent, Inc. 32.62 -12% 1,379.0 1,201.9 198.9 6.3 3.2% 30.9% 6.0x 191.5x eBay Inc. 31.16 -2% 35,180.2 36,148.2 8,788.0 3,072.0 35.0% 1.7% 4.1x 11.8x Endurance International Group 8.98 -57% 1,265.3 3,242.3 801.1 155.6 19.4% 21.1% 4.0x 20.8x Five9,Holdings, Inc. Inc. 12.61 -3% 653.6 641.0 136.6 (9.3) NM 25.2% 4.7x NM GoDaddy Inc. 29.92 -15% 2,452.6 3,292.9 1,664.7 154.1 9.3% 15.3% 2.0x 21.4x HubSpot, Inc. 54.59 -9% 1,907.6 1,800.8 202.7 (41.9) NM 56.1% 8.9x NM Interactive Intelligence Group Inc. 53.95 -2% 1,191.2 1,137.7 400.7 (0.3) NM 14.0% 2.8x NM IBM Corporation 160.62 -2% 153,527.7 187,591.7 80,261.0 17,973.0 22.4% -7.7% 2.3x 10.4x Jive Software, Inc. 3.80 -27% 291.1 181.4 199.3 (19.1) NM 7.9% 0.9x NM LivePerson Inc. 6.68 -31% 385.7 333.3 232.1 15.5 6.7% 0.8% 1.4x 21.5x Marin Software Incorporated 2.50 -56% 95.4 61.4 109.3 (15.7) NM 6.2% 0.6x NM Marketo, Inc. 35.18 0% 1,584.1 1,495.7 226.1 (53.8) NM 38.1% 6.6x NM MaxPoint Interactive, Inc. 10.18 -72% 67.2 59.1 140.9 (19.5) NM 17.6% 0.4x NM MicroStrategy Inc. 174.89 -23% 1,999.2 1,449.1 515.2 129.0 25.0% -7.5% 2.8x 11.2x MINDBODY, Inc. 17.57 -4% 698.0 625.8 119.9 (23.9) NM 41.4% 5.2x NM NetSuite Inc. 108.85 0% 8,755.9 8,629.7 846.4 (62.0) NM 31.5% 10.2x NM Nuance Communications, Inc. 16.07 -26% 4,487.0 6,433.6 1,946.9 305.7 15.7% 1.0% 3.3x 21.0x Oracle Corporation 41.04 -2% 169,196.8 157,427.8 37,047.0 14,753.0 39.8% -3.1% 4.2x 10.7x PayPal Holdings, Inc. 37.24 -11% 44,945.6 39,988.6 10,008.0 2,019.0 20.2% 16.3% 4.0x 19.8x PROS Holdings, Inc. 18.58 -27% 563.4 527.1 162.5 (48.4) NM -13.8% 3.2x NM PTC Inc. 39.73 -4% 4,554.0 4,992.8 1,164.9 184.0 15.8% -11.0% 4.3x 27.1x Qlik Technologies, Inc. 30.20 -30% 2,866.40 2,484.50 665.31 13.33 2.0% 14.7% 3.7x 186.4x Rightside Group, Ltd. 12.00 -5% 230.4 208.4 217.1 (0.4) NM 9.8% 1.0x NM Rovi Corporation 18.81 -21% 1,544.10 2,241.04 508.06 168.96 33.3% -3.2% 4.4x 13.3x The Rubicon Project, Inc. 14.12 -31% 684.3 525.9 280.5 28.4 10.1% 101.2% 1.9x 18.5x salesforce.com, inc. 81.80 -3% 55,419.5 55,453.8 7,072.7 522.3 7.4% 25.0% 7.8x 106.2x Sizmek Inc. 2.73 -65% 79.5 39.2 176.5 6.4 3.6% 4.3% 0.2x 6.1x Square, Inc. 10.07 -37% 3,376.5 2,962.4 1,395.8 (101.1) NM 52.6% 2.1x NM

17 | M&A and Investment Summary July 2016 Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Synchronoss Technologies, Inc. 37.34 -25% $ 1,683.4 $ 1,854.2 $ 588.6 $ 144.5 24.5% 19.7% 3.2x 12.8x Tableau Software, Inc. 56.51 -48% 4,204.1 3,396.1 695.1 (58.1) NM 48.5% 4.9x NM Teradata Corporation 28.38 -23% 3,689.4 3,442.4 2,493.0 379.0 15.2% -7.2% 1.4x 9.1x Verint Systems Inc. 35.27 -41% 2,193.8 2,573.9 1,106.2 121.1 10.9% -3.0% 2.3x 21.3x Xactly Corporation 12.42 -7% 374.2 343.3 81.4 (17.1) NM 27.9% 4.2x NM Zendesk, Inc. 30.24 0% 2,774.3 2,520.0 235.0 (74.2) NM 63.0% 10.7x NM

Adjusted Weighted Average 4.4x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (96.9x)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 7.07 -29% $ 350.03 $ 245.30 $ 432.18 $ 5.23 1.2% 55.6% 0.6x 46.9x ChinaCache International Holdings Ltd. China 5.98 -43% 161.0 98.3 194.9 (14.9) NM -11.7% 0.5x NM Mercadolibre, Inc. Argentina 153.08 -2% 6,759.6 6,718.1 661.3 168.5 25.5% 12.2% 10.2x 39.9x Open Text Corporation Canada 60.93 -4% 7,399.5 8,250.5 1,824.2 571.5 31.3% -1.5% 4.5x 14.4x Opera Software ASA Norway 6.29 -23% 919.8 1,087.2 652.6 88.2 13.5% 25.4% 1.7x 12.3x Sage Group plc United Kingdom 9.46 -1% 10,213.00 10,572.71 2,109.75 562.58 26.7% 3.6% 5.0x 18.8x SAP SE Germany 87.27 -1% 104,563.9 109,169.7 23,643.7 6,657.8 28.2% 11.0% 4.6x 16.4x Shopify Inc. Canada 34.27 -17% 2,803.7 2,614.3 240.6 (16.7) NM 94.7% 10.9x NM Weborama France 12.92 -13% 44.0 42.5 31.8 1.2 3.7% 9.8% 1.3x 36.3x Wix.com ltd Israel 35.60 -6% 1,435.6 1,307.3 240.7 (45.4) NM 39.8% 5.4x NM

Adjusted Weighted Average 2.6x 15.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.6x)

18 | M&A and Investment Summary July 2016 Agency & Marketing Services

. There were 32 transactions announced in the Agency & Marketing Services segment in July. Digital Agency was the most active subsegment with 15 transactions . Select transactions: • MDC Partners’ acquisition of Sweden-based creative agency Forsman & Bodenfors for $32 million • The $12 million raised by search marketing agency Rise Interactive from Quad/Graphics • The acquisition of digital strategy and design firm Idea Couture by Cognizant Technology Solutions (A Petsky Prunier-led transaction) • Dentsu’s acquisition of B-to-B creative agency Gyro Communications from Pegasus Capital Partners • Pamlico Capital’s recapitalization of consumer brand digital promotions company Prizelogic • Accenture’s acquisition of Spain-based web solutions and applications development firm Tecnilógica and The Netherlands-based mobile marketing agency MobGen

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 15 44% $44.3 43% 14 $32.3 0 - 1 $12.0 Public Relations 4 12% - 0% 4 - 0 - 0 - Promotion Agency 3 9% 42.5 41% 2 42.5 0 - 1 - B-to-B Agency 2 6% - 0% 2 - 0 - 0 - Design Agency 2 6% - 0% 2 - 0 - 0 - Healthcare Agency 2 6% - 0% 2 - 0 - 0 - Ad Specialty/Premiums 1 3% - 0% 0 - 1 - 0 - Other* 5 15% 17 16% 4 - 0 - 1 17.0 Total 34 100% 103.8 100% 30 74.8 1 0.0 3 29.0

19 | M&A and Investment Summary July 2016 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.31 -4% $ 113.2 $ 118.8 $ 232.0 $ 13.2 5.7% -7.4% 0.5x 9.0x Creston plc United Kingdom 1.29 -40% 74.6 72.8 155.6 14.5 9.3% 40.5% 0.5x 5.0x Dentsu Inc. Japan 48.39 -32% 13,797.7 15,159.1 7,836.6 1,651.6 21.1% NM 1.9x 9.2x Enero Group Limited Australia 0.90 -9% 76.7 52.2 158.8 9.2 5.8% 6.9% 0.3x 5.7x Hakuhodo DY Holdings Inc Japan 11.83 -18% 4,408.0 3,145.0 10,815.7 451.5 4.2% 7.4% 0.3x 7.0x Havas SA France 8.42 -9% 3,533.7 3,647.7 2,488.8 397.6 16.0% 10.3% 1.5x 9.2x Huntsworth plc United Kingdom 0.53 -16% 170.3 218.8 228.3 25.2 11.0% 3.5% 1.0x 8.7x M&C Saatchi plc United Kingdom 4.05 -19% 295.4 293.8 263.9 30.9 11.7% 5.6% 1.1x 9.5x MDC Holdings Inc. * United States 26.32 -16% 1,289.9 2,029.7 1,928.3 126.8 6.6% 9.9% 1.1x 16.0x Next Fifteen Communications Group plc * United Kingdom 3.84 -5% 276.9 286.7 183.9 23.3 12.6% 22.8% 1.6x 12.3x Omnicom Group Inc. United States 82.29 -4% 19,464.7 23,676.9 15,243.9 2,249.0 14.8% 0.2% 1.6x 10.5x OPT Holding, Inc. Japan 7.48 -13% 193.2 167.1 649.8 29.6 4.5% 2.8% 0.3x 5.7x Publicis Groupe SA France 74.42 -4% 16,535.1 19,202.2 10,896.8 1,971.2 18.1% 16.3% 1.8x 9.7x The Interpublic Group of Companies, Inc. United States 23.06 -7% 9,240.3 10,663.5 7,721.6 1,049.8 13.6% 1.6% 1.4x 10.2x WPP plc United Kingdom 22.55 -1% 28,515.0 33,281.0 18,043.4 3,157.5 17.5% 6.1% 1.8x 10.5x

Adjusted Weighted Average 1.6x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.0x)

20 | M&A and Investment Summary July 2016 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $22.95 -3% $ 1,785.4 $ 1,786.1 $ 850.1 $ 79.3 9.3% 5.6% 2.1x 22.5x Aimia Inc. Canada 6.59 -40% 1,003.8 1,199.4 1,828.0 111.7 6.1% -5.9% 0.7x 10.7x Alliance Data Systems Corporation United States 231.62 -24% 13,651.6 26,482.5 6,762.9 1,551.6 22.9% 14.5% 3.9x 17.1x CSG Systems International Inc. United States 40.26 -13% 1,306.0 1,477.5 753.1 157.0 20.8% 0.6% 2.0x 9.4x DST Systems Inc. United States 123.33 -4% 4,094.6 4,754.6 2,877.1 410.9 14.3% 3.4% 1.7x 11.6x Fair Isaac Corporation * United States 126.64 -3% 3,907.4 4,390.3 878.3 212.8 24.2% 6.1% 5.0x 20.6x Harte-Hanks Inc. United States 1.66 -67% 102.0 169.2 484.9 27.3 5.6% -10.6% 0.3x 6.2x High Co. SA France 11.62 -3% 119.8 74.3 168.0 14.0 8.3% 19.2% 0.4x 5.3x IDI, Inc * United States 5.18 -52% 262.2 303.0 52.3 (46.5) NM 0.0% 5.8x NM Multiplus S.A. Brazil 13.21 -2% 2,139.7 1,691.6 646.1 157.2 24.3% 19.9% 2.6x 10.8x Pitney Bowes Inc. United States 19.31 -11% 3,642.3 6,248.9 3,532.0 785.8 22.2% -6.4% 1.8x 8.0x Points International Ltd. Canada 9.28 -23% 141.7 96.2 302.7 9.6 3.2% 14.8% 0.3x 10.0x Viad Corp United States 34.82 -3% 705.2 839.1 1,073.7 71.0 6.6% -2.8% 0.8x 11.8x

Adjusted Weighted Average 3.1x 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 (17.4x)

21 | M&A and Investment Summary July 2016 Traditional Media

. Of the 18 transactions announced in the Traditional Media segment in July, seven reported nearly $4.3 billion in aggregate reported value; the majority of which is accounted for in WME|IMG’s $4 billion purchase of The Ultimate Fighting Championship . Select Transactions: • Beasley Broadcast Group’s $240 million acquisition of radio broadcasting company Greater Media • The acquisition of Ireland-based animation studio Boulder Media by Hasbro • Informa’s acquisition of communications industry news and events company Light Reading • The acquisition of North Jersey Media Group’s newspaper assets by Gannett • Markets Media’s purchase of institutional trading markets magazine Traders Magazine from SourceMedia • Point-of-care medical and waiting rooms content provider America’s Minority Health Networks’ sale to Saddle Ranch Media

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B-to-B Media 4 22% - 0% 4 - 0 - 0 - Digital Place-Based Media 4 22% 5.3 0% 2 - 0 - 2 5.3 Entertainment Media 4 22% 4,010.0 94% 3 4,000.0 0 - 1 10.0 Broadcast Television 2 11% 10.9 0% 2 10.9 0 - 0 - Consumer Magazine Publishing 1 6% - 0% 1 - 0 - 0 - Total 18 100% 4,281.1 100% 15 4,265.8 0 0.0 3 15.3

22 | M&A and Investment Summary July 2016 Traditional Media Public Company Valuation (1/3)

($ 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $52.22 -10% $ 23,322.0 $ 31,555.0 $ 14,303.0 $ 3,311.0 23.1% 3.9% 2.2x 9.5x Discovery Communications, Inc. United States 25.09 -25% 14,119.7 21,871.7 6,418.0 2,433.0 37.9% 0.4% 3.4x 9.0x Time Warner Inc. United States 76.65 -13% 60,276.8 82,439.8 28,299.0 8,046.0 28.4% 2.2% 2.9x 10.2x Twenty-First Century Fox, Inc. United States 26.64 -23% 50,774.2 67,116.2 26,885.0 6,348.0 23.6% -13.8% 2.5x 10.6x Viacom, Inc. United States 45.47 -20% 18,214.1 30,542.1 13,001.0 3,785.0 29.1% -6.0% 2.3x 8.1x The Walt Disney Company United States 95.95 -21% 155,673.2 175,666.2 54,826.0 16,717.0 30.5% 8.1% 3.2x 10.5x

Adjusted Weighted Average 2.9x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.6x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $13.45 -9% $ 1,700.7 $ 1,693.6 $ 576.0 $ 231.7 40.2% -2.1% 2.9x 7.3x Global Sources Ltd. Bermuda 8.98 -8% 214.5 140.8 163.8 28.9 17.6% -5.0% 0.9x 4.9x Informa plc United Kingdom 9.48 -6% 6,147.3 7,551.3 1,650.0 511.7 31.0% 4.6% 4.6x 14.8x TechTarget, Inc. United States 9.12 -17% 294.5 265.4 113.2 17.6 15.5% 5.9% 2.3x 15.1x UBM plc United Kingdom 8.92 -2% 3,507.8 3,596.4 1,061.0 285.0 26.9% 47.4% 3.4x 12.6x

Adjusted Weighted Average 3.9x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.5x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $5.31 -10% $ 123.8 $ 193.3 $ 109.9 $ 21.9 20.0% 32.6% 1.8x 8.8x Cumulus Media Inc. United States 0.38 -77% 89.7 2,436.1 1,166.1 229.7 19.7% -6.1% 2.1x 10.6x Emmis Communications Corp. United States 3.95 -34% 48.1 327.4 229.0 38.2 16.7% -3.2% 1.4x 8.6x Entercom Communications Corp. United States 14.61 -2% 593.1 1,069.1 448.9 106.8 23.8% 18.0% 2.4x 10.0x Pandora Media, Inc. United States 13.60 -40% 3,142.2 3,092.5 1,288.0 (158.8) NM 25.8% 2.4x NM Radio One Inc. United States 3.20 -10% 155.5 1,119.6 454.2 117.3 25.8% 4.2% 2.5x 9.5x Salem Media Group, Inc. United States 7.57 -7% 193.1 468.7 268.5 47.3 17.6% 0.9% 1.7x 9.9x Sirius XM Holdings Inc. * United States 4.39 -1% 21,413.9 27,039.9 4,802.4 1,650.9 34.4% 10.3% 5.6x 16.4x Spanish Broadcasting System Inc. United States 3.61 -48% 26.2 421.6 146.4 37.0 25.3% 0.5% 2.9x 11.4x Townsquare Media, Inc. United States 8.18 -38% 150.5 708.8 454.5 90.9 20.0% 20.9% 1.6x 7.8x

Adjusted Weighted Average 2.3x 9.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.8x)

23 | M&A and Investment Summary July 2016 Traditional Media Public Company Valuation (2/3)

($ 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $55.36 -36% $ 4,023.3 $ 6,575.4 $ 2,618.8 $ 867.3 33.1% 12.9% 2.5x 7.6x Sky plc United Kingdom 12.22 -20% 20,876.7 29,891.5 15,906.8 2,604.4 16.4% 19.8% 1.9x 11.5x Cablevision Systems Corporation United States 1.22 -11% 145.3 148.6 97.7 19.4 19.9% -0.9% 1.5x 7.7x CBS Corporation United States 52.22 -10% 23,322.0 31,555.0 14,303.0 3,311.0 23.1% 3.9% 2.2x 9.5x Charter Communications, Inc. * United States 234.87 -4% 63,508.8 99,368.8 9,922.0 3,478.0 35.1% 7.1% 10.0x 28.6x Comcast Corporation United States 67.25 -2% 162,195.3 216,519.3 75,973.0 25,476.0 33.5% 6.8% 2.8x 8.5x Discovery Communications, Inc. United States 25.09 -25% 14,119.7 21,871.7 6,418.0 2,433.0 37.9% 0.4% 3.4x 9.0x Dish Network Corp. United States 53.42 -23% 24,832.6 35,886.2 15,136.5 3,110.6 20.6% 1.5% 2.4x 11.5x Entravision Communications Corporation United States 7.26 -24% 646.3 913.6 252.7 67.3 26.6% 1.5% 3.6x 13.6x General Communication Inc. United States 15.39 -31% 596.6 2,018.2 978.5 305.8 31.2% 5.8% 2.1x 6.6x Gray Television, Inc. United States 9.90 -44% 711.1 2,226.6 637.8 218.2 34.2% 15.9% 3.5x 10.2x Grupo Televisa, S.A.B. Mexico 5.30 -13% 15,507.8 20,178.2 5,018.4 1,783.1 35.5% 9.2% 4.0x 11.3x Liberty Global plc United Kingdom 31.71 -42% 29,339.7 78,655.9 18,351.1 8,417.0 45.9% 0.7% 4.3x 9.3x Media General, Inc. United States 17.59 -3% 2,274.7 4,497.1 1,351.7 360.3 26.7% 63.3% 3.3x 12.5x Nexstar Broadcasting Group, Inc. United States 50.55 -18% 1,550.9 3,058.4 950.3 322.5 33.9% 35.9% 3.2x 9.5x Scripps Networks Interactive, Inc. United States 66.06 -3% 8,518.5 12,273.0 3,176.9 1,438.7 45.3% 18.5% 3.9x 8.5x Sinclair Broadcast Group, Inc. United States 27.82 -22% 2,643.7 6,662.1 2,293.3 689.7 30.1% 10.9% 2.9x 9.7x TEGNA Inc. United States 21.90 -26% 4,765.2 9,183.5 3,156.3 1,144.1 36.2% -50.0% 2.9x 8.0x The E. W. Scripps Company * United States 16.96 -26% 1,425.0 1,727.1 802.1 55.5 6.9% 55.3% 2.2x 31.1x Time Warner Inc. United States 76.65 -13% 60,276.8 82,439.8 28,299.0 8,046.0 28.4% 2.2% 2.9x 10.2x

Adjusted Weighted Average 2.9x 9.4x

*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 (18.2x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $39.04 -3% $ 2,477.4 $ 2,779.1 $ 1,125.9 $ 201.3 17.9% 17.3% 2.5x 13.8x DreamWorks Animation SKG Inc. United States $40.97 0% 3,550.7 3,908.9 939.8 127.4 13.6% 33.5% 4.2x 30.7x Eros International Plc United Kingdom 17.41 -55% 984.8 1,205.5 274.4 38.9 14.2% -3.4% 4.4x 31.0x Lions Gate Entertainment Corp. * United States 19.99 -52% 2,951.5 4,560.7 2,347.4 33.5 1.4% -2.2% 1.9x 136.2x Live Nation Entertainment, Inc. United States 27.42 -8% 5,568.6 6,606.4 7,746.6 583.2 7.5% 11.3% 0.9x 11.3x SFX Entertainment, Inc. United States 0.02 -99% 1.8 299.9 402.4 (86.3) NM 17.4% 0.7x NM Twenty-First Century Fox, Inc. United States 26.64 -23% 50,774.2 67,116.2 26,885.0 6,348.0 23.6% -13.8% 2.5x 10.6x Liberty Global plc United Kingdom 31.71 -42% 29,339.7 78,655.9 18,351.1 8,417.0 45.9% 0.7% 4.3x 9.3x Village Roadshow Limited Australia 4.09 -30% 658.3 1,043.4 761.1 114.3 15.0% 10.1% 1.4x 9.1x World Wrestling Entertainment Inc. United States 19.75 -16% 1,508.9 1,459.9 702.5 72.4 10.3% 19.7% 2.1x 20.2x

Adjusted Weighted Average 3.0x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.3x)

24 | M&A and Investment Summary July 2016 Traditional Media Public Company Valuation (3/3)

($ 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.59 -55% $ 162.2 $ 82.4 $ 50.2 $ (70.3) NM -32.7% 1.6x NM APG|SGA SA Switzerland 425.79 -1% 1,277.0 1,183.1 341.9 100.9 29.5% 4.7% 3.5x 11.7x Clear Channel Outdoor Holdings Inc. United States 6.99 -28% 2,512.6 7,327.7 2,781.9 687.2 24.7% -5.4% 2.6x 10.7x Clear Media Ltd. Hong Kong 0.92 -26% 497.8 423.7 236.5 103.2 43.6% 4.1% 1.8x 4.1x JCDecaux SA France 34.21 -23% 7,270.8 7,884.3 3,258.5 550.4 16.9% 12.0% 2.4x 14.3x Lamar Advertising Co. United States 67.86 -2% 6,585.4 8,995.1 1,389.5 578.0 41.6% 6.5% 6.5x 15.6x Mood Media Corporation Canada 0.08 -84% 14.1 611.8 472.2 79.4 16.8% -2.7% 1.3x 7.7x National CineMedia, Inc. United States 15.58 -5% 972.1 2,121.4 445.8 202.2 45.4% 11.3% 4.8x 10.5x NTN Buzztime Inc. United States 6.50 -78% 12.0 17.2 24.3 (2.3) NM -4.3% 0.7x NM Tom Group Ltd. * Hong Kong 0.27 -6% 1,042.9 1,364.1 163.5 7.4 4.5% -16.1% 8.3x 184.7x

Adjusted Weighted Average 4.0x 13.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (72.3x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation * United States $5.17 -18% $ 111.6 $ 39.2 $ 269.2 $ 1.0 0.4% -1.7% 0.1x 41.0x Daily Mail and General Trust plc United Kingdom 9.53 -14% 3,194.0 4,365.1 2,698.7 411.1 15.2% 2.0% 1.6x 10.6x Emmis Communications Corp. United States 3.95 -34% 48.1 327.4 229.0 38.2 16.7% -3.2% 1.4x 8.6x Gannett Co., Inc. United States 12.76 -29% 1,486.9 1,296.0 2,848.7 369.2 13.0% -6.0% 0.5x 3.5x Glacier Media, Inc. Canada 0.48 -47% 53.2 120.4 165.0 12.2 7.4% -12.2% 0.7x 9.9x John Wiley & Sons Inc. United States 57.70 0% 3,319.9 3,579.5 1,727.0 283.3 16.4% -5.2% 2.1x 12.6x Meredith Corporation United States 54.48 -5% 2,333.8 3,003.9 1,649.6 307.7 18.7% 3.5% 1.8x 9.8x News Corporation United States 12.97 -19% 7,620.8 6,236.8 8,292.0 616.0 7.4% 2.4% 0.8x 10.1x Scholastic Corporation United States 41.10 -7% 1,410.3 1,016.9 1,672.8 123.3 7.4% 2.3% 0.6x 8.2x The E. W. Scripps Company * United States 16.96 -26% 1,425.0 1,727.1 802.1 55.5 6.9% 55.3% 2.2x 31.1x The McClatchy Company United States 19.34 -2% 147.0 1,080.2 1,017.2 146.0 14.4% -7.7% 1.1x 7.4x The New York Times Company United States 12.98 -9% 2,090.0 1,792.1 1,564.2 233.5 14.9% -0.8% 1.1x 7.7x Time Inc. United States 16.33 -30% 1,661.9 2,519.9 3,100.0 379.0 12.2% -3.6% 0.8x 6.6x

Adjusted Weighted Average 1.2x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.6x)

25 | M&A and Investment Summary July 2016 Software

. Within the Software segment, nearly $4.2 billion in reported value involved Strategic buyers, while more than $1 billion in Venture/Growth Capital investments transactions were announced

. Security and Financial Software were the most active subsegments in July with 31 and 22 transactions announced, respectively . Select Transactions: • Honeywell’s acquisition of fulfillment software solutions developer Intelligrated from Permira Advisors for $1.5 billion • The $1.3 billion acquisition of security software developer AVG Technologies by competitor Avast Software • OMERS Private Equity’s buyout of eDiscovery and legal services and solutions provider Epiq Systems for $1 billion • Healthcare IT security solutions developer Imprivata’s sale to Thoma Bravo for $544 million • The acquisition of big data analytics platform Platfora by Workday for approximately $200 million

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Security 31 24% $2,484.6 25% 5 $1,453.3 1 $512.2 25 $519.1 Financial 22 17% 797.0 8% 10 730.4 1 - 11 66.6 Collaboration 16 13% 128.5 1% 3 - 0 - 13 128.5 Healthcare 16 13% 330.0 3% 6 233.1 0 - 10 96.9 ERP 8 6% 4,828.7 48% 2 1,500.0 1 3,300.0 5 28.7 HR 6 5% 51.0 1% 1 - 0 - 5 51.0 Other* 28 19% 1,164.6 12% 11 49 1 1,000 16 115.7 Total 127 100% 10,031.2 100% 38 4,165.7 4 4,812.2 85 1,053.3

*Oracle’s $9.3 billion acquisition of NetSuite has been excluded to limit comparative distortions

26 | M&A and Investment Summary July 2016 Software Public Company Valuation (1/3)

($ 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 53.32 -2% $ 1,746.8 $ 1,902.7 $ 272.8 $ 101.7 37.3% 20.3% 7.0x 18.7x Epiq Systems, Inc. United States 16.34 -2% 619.8 999.1 529.7 78.8 14.9% 21.6% 1.9x 12.7x First Data Corporation United States 12.40 -31% 11,253.4 33,462.4 7,812.0 2,343.0 30.0% 2.7% 4.3x 14.3x Fidessa group plc United Kingdom 32.40 -4% 1,240.2 1,136.2 435.7 74.1 17.0% 7.4% 2.6x 15.3x Guidewire Software, Inc. * United States 61.47 -5% 4,458.0 3,879.3 409.2 22.7 5.5% 9.8% 9.5x 170.9x Intuit Inc. United States 110.99 -5% 28,399.2 27,786.2 4,636.0 1,413.0 30.5% 17.5% 6.0x 19.7x Management Consulting Group PLC United Kingdom 0.23 -3% 112.7 182.9 204.9 (0.1) NM -4.8% 0.9x NM Model N, Inc. United States 12.91 -8% 355.3 285.3 99.5 (22.1) NM 18.0% 2.9x NM NetSuite Inc. United States 108.85 0% 8,755.9 8,629.7 846.4 (62.0) NM 31.5% 10.2x NM Performant Financial Corporation United States 2.10 -38% 105.0 124.6 159.1 22.1 13.9% -9.2% 0.8x 5.6x Q2 Holdings, Inc. United States 29.68 -2% 1,164.3 1,059.3 118.5 (18.6) NM 37.0% 8.9x NM RealPage, Inc. United States 25.15 -1% 2,012.6 2,079.5 486.4 60.4 12.4% 17.4% 4.3x 34.4x SS&C Technologies Holdings, Inc. United States 32.22 -17% 6,386.6 8,892.3 1,279.0 405.9 31.7% 57.5% 7.0x 21.9x Tyler Technologies, Inc. United States 163.02 -11% 5,924.2 5,995.2 678.0 138.4 20.4% 26.2% 8.8x 43.3x

Adjusted Weighted Average 6.7x 21.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.4x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 14.12 -11% 2,641.4 3,152.4 1,397.4 124.7 8.9% 1.8% 2.3x 25.3x athenahealth, Inc. * United States 127.79 -25% 5,027.7 5,188.0 1,011.7 85.4 8.4% 21.2% 5.1x 60.7x Cegedim SA France 29.21 -36% 407.6 645.6 491.9 58.7 11.9% 8.2% 1.3x 11.0x Cerner Corporation United States 62.39 -13% 21,092.9 21,184.9 4,493.5 1,252.9 27.9% 27.4% 4.7x 16.9x Civitas Solutions, Inc. United States 21.43 -29% 795.2 1,440.5 1,388.6 131.9 9.5% 5.6% 1.0x 10.9x Computer Programs & Systems Inc. United States 39.64 -33% 536.2 669.3 205.6 36.1 17.6% 3.4% 3.3x 18.5x Cotiviti Holdings, Inc. United States 24.14 -3% 2,176.7 3,189.7 564.4 207.8 36.8% 0.0% 5.7x 15.3x Craneware plc United Kingdom 12.52 -2% 336.0 295.5 46.4 14.1 30.5% 7.8% 6.4x 20.9x HealthEquity, Inc. United States 29.52 -17% 1,714.7 1,581.8 140.9 41.2 29.2% 44.6% 11.2x 38.4x McKesson Corporation United States 194.56 -13% 43,912.6 48,945.6 193,071.0 4,598.0 2.4% 5.4% 0.3x 10.6x Medidata Solutions, Inc. * United States 53.15 -3% 3,040.9 2,978.9 420.8 51.2 12.2% 15.1% 7.1x 58.2x NantHealth, Inc. * United States 10.10 -48% 1,219.5 1,347.6 66.0 (81.9) NM 70.9% 20.4x NM Quality Systems Inc. United States 12.28 -30% 755.3 817.0 492.5 56.5 11.5% -0.4% 1.7x 14.5x Streamline Health Solutions, Inc. United States 1.46 -58% 28.1 38.5 28.8 (0.8) NM 7.3% 1.3x NM USMD Holdings, Inc. United States 20.59 -10% 234.6 270.0 329.4 (6.4) NM 8.5% 0.8x NM Veeva Systems Inc. * United States 37.99 -1% 5,119.7 4,662.3 439.1 87.4 19.9% 30.5% 10.6x 53.3x

Adjusted Weighted Average 2.9x 13.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (46.0x) 27 | M&A and Investment Summary July 2016 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $31.82 -10% $ 1,889.2 $ 1,254.5 $ 328.5 $ 97.5 29.7% 14.0% 3.8x 12.9x Benefitfocus, Inc. United States 43.00 -4% 1,263.3 1,266.0 197.3 (44.0) NM 32.0% 6.4x NM Castlight Health, Inc. United States 3.73 -50% 396.9 276.4 82.1 (76.9) NM 54.3% 3.4x NM Cornerstone OnDemand, Inc. United States 43.19 -4% 2,378.8 2,337.0 365.0 (58.7) NM 30.3% 6.4x NM DHI Group, Inc. United States 7.29 -30% 365.1 433.3 246.2 56.0 22.8% -7.1% 1.8x 7.7x LinkedIn Corporation * United States 192.73 -25% 25,766.6 23,772.6 3,213.9 266.1 8.3% 34.9% 7.4x 89.3x Monster Worldwide, Inc. United States 2.53 -69% 225.0 277.7 651.8 92.5 14.2% -6.9% 0.4x 3.0x Paycom Software, Inc. United States 47.21 -1% 2,829.1 2,782.6 259.6 61.0 23.5% 53.4% 10.7x 45.6x Paylocity Holding Corporation United States 44.64 -5% 2,277.1 2,187.4 210.9 4.9 2.3% 49.2% 10.4x NM The Ultimate Software Group, Inc. * United States 209.10 -7% 6,037.9 5,949.6 699.7 66.3 9.5% 26.1% 8.5x 89.7x Workday, Inc. United States 83.34 -3% 16,418.0 14,852.0 1,256.8 (194.4) NM 43.0% 11.8x NM

Adjusted Weighted Average 8.7x 29.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.5x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.13 -10% $ 238.1 $ 205.6 $ 90.1 $ 13.2 14.6% -3.8% 2.3x 15.6x AVG Technologies N.V. Netherlands 24.73 -15% 1,254.6 1,366.8 433.4 128.3 29.6% 13.1% 3.2x 10.7x Check Point Software Technologies Ltd. Israel 76.88 -15% 13,183.1 11,856.3 1,688.9 860.6 51.0% 8.3% 7.0x 13.8x Cisco Systems, Inc. United States 30.53 -2% 153,557.1 118,640.1 49,452.0 14,760.0 29.8% 1.6% 2.4x 8.0x Cheetah Mobile Inc. China 9.93 -62% 1,414.6 1,200.7 633.7 59.2 9.3% 89.6% 1.9x 20.3x CyberArk Software, Ltd. Israel 56.39 -12% 1,893.0 1,645.5 174.8 35.1 20.1% 47.5% 9.4x 46.9x FireEye, Inc. United States 17.42 -62% 2,897.9 2,691.7 665.6 (410.6) NM 39.5% 4.0x NM Fortinet Inc. * United States 34.69 -31% 5,955.3 4,970.5 1,152.6 53.5 4.6% 32.5% 4.3x 92.9x Gemalto NV Netherlands 65.89 -26% 5,863.5 6,244.9 3,390.2 504.9 14.9% 26.6% 1.8x 12.4x Imperva Inc. United States 47.12 -40% 1,520.1 1,261.4 249.3 (47.6) NM 40.7% 5.1x NM Imprivata, Inc. United States 19.12 -12% 484.3 435.4 125.0 (17.7) NM 21.2% 3.5x NM Infoblox Inc. United States 18.72 -23% 1,065.2 788.0 359.0 0.6 0.2% 26.4% 2.2x NM Juniper Networks, Inc. United States 22.69 -30% 8,711.7 8,500.2 4,887.4 1,068.0 21.9% 8.2% 1.7x 8.0x Mimecast Limited United Kingdom 11.03 -9% 598.3 499.0 141.8 8.0 5.6% 22.2% 3.5x 62.7x Mobileye N.V. * Israel 47.91 -26% 10,503.2 10,212.9 301.1 105.5 35.0% 74.3% 33.9x 96.8x NQ Mobile Inc. China 3.21 -40% 308.7 355.2 391.0 (2.1) NM 14.4% 0.9x NM Palo Alto Networks, Inc. United States 130.89 -33% 11,728.1 11,143.4 1,261.6 (140.0) NM 53.4% 8.8x NM Proofpoint, Inc. United States 75.87 -1% 3,182.5 3,126.5 313.0 (73.3) NM 37.4% 10.0x NM SecureWorks Corp. United States 14.81 NA 1,194.7 1,071.0 361.9 (57.1) NM 29.8% 3.0x NM Symantec Corporation United States 20.43 -12% 12,576.1 8,758.1 3,600.0 892.0 24.8% -9.0% 2.4x 9.8x Trend Micro Inc. Japan 36.56 -31% 5,010.6 3,786.6 1,106.1 353.3 31.9% 5.7% 3.4x 10.7x VeriSign, Inc. United States 86.61 -8% 9,247.0 9,208.6 1,106.7 715.1 64.6% 7.3% 8.3x 12.9x

Adjusted Weighted Average 3.4x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.8x) 28 | M&A and Investment Summary July 2016 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $89.36 -9% $ 7,867.3 $ 7,003.4 $ 950.9 $ 434.8 45.7% 1.3% 7.4x 16.1x Autodesk, Inc. United States 59.45 -10% 13,355.8 12,576.9 2,369.5 22.5 0.9% -7.7% 5.3x NM AVEVA Group plc United Kingdom 25.12 -19% 1,606.6 1,463.3 290.2 68.7 23.7% -3.4% 5.0x 21.3x Dassault Systèmes SE France 82.54 -4% 20,964.3 19,156.4 3,240.2 841.9 26.0% 12.1% 5.9x 22.8x

Adjusted Weighted Average 6.0x 21.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.6x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $97.86 -3% $ 48,762.7 $ 46,362.7 $ 5,306.2 $ 1,526.9 28.8% 22.0% 8.7x 30.4x Atlassian Corporation Plc Australia 29.97 NM 6,395.7 5,672.4 421.3 13.8 3.3% 0.0% 13.5x NM CA, Inc. United States 34.65 0% 14,516.6 13,828.6 4,047.0 1,274.0 31.5% -2.9% 3.4x 10.9x CommVault Systems, Inc. * United States 51.74 -1% 2,298.4 1,888.3 608.4 16.3 2.7% 2.4% 3.1x 116.0x Covisint Corporation United States 2.19 -29% 88.7 49.0 76.0 (11.3) NM -14.1% 0.6x NM Endurance International Group Holdings, Inc. United States 8.98 -57% 1,265.3 3,242.3 801.1 155.6 19.4% 21.1% 4.0x 20.8x First Data Corporation United States 12.40 -31% 11,253.4 33,462.4 7,812.0 2,343.0 30.0% 2.7% 4.3x 14.3x Guidance Software, Inc. United States 5.88 -42% 189.1 168.7 107.8 (9.6) NM -0.4% 1.6x NM Hortonworks Inc. United States 11.71 -59% 676.2 551.6 141.0 (197.6) NM 135.6% 3.9x NM IBM Corporation United States 160.62 -2% 153,527.7 187,591.7 80,261.0 17,973.0 22.4% -7.7% 2.3x 10.4x IntraLinks Holdings, Inc. United States 6.96 -43% 401.5 444.7 280.6 11.1 4.0% 6.7% 1.6x 40.1x NetSuite Inc. United States 108.85 0% 8,755.9 8,629.7 846.4 (62.0) NM 31.5% 10.2x NM Opera Software ASA Norway 6.29 -23% 919.8 1,087.2 652.6 88.2 13.5% 25.4% 1.7x 12.3x Oracle Corporation United States 41.04 -2% 169,196.8 157,427.8 37,047.0 14,753.0 39.8% -3.1% 4.2x 10.7x salesforce.com, inc. * United States 81.80 -3% 55,419.5 55,453.8 7,072.7 522.3 7.4% 25.0% 7.8x 106.2x Rapid7, Inc. United States 13.98 - 586.3 502.8 121.8 (47.9) NM 45.4% 4.1x NM ServiceNow, Inc. United States 74.92 -18% 12,207.7 11,891.9 1,194.0 (91.4) NM 42.9% 10.0x NM Twilio, Inc. * United States 40.63 -9% 3,339.8 3,476.4 192.9 (30.5) NM 86.6% 18.0x NM Varonis Systems, Inc. United States 25.69 -2% 673.4 561.6 134.7 (16.5) NM 26.0% 4.2x NM

Adjusted Weighted Average 4.8x 13.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (77.4x)

29 | M&A and Investment Summary July 2016 Information

. The Information segment reported 17 transactions worth nearly $3.7 billion in value . Financial and Healthcare Information were the most active subsegments with five and hour deals announced, respectively . Select Transactions: • Onex Corporation and Bering Private Equity’s acquisition of Thomas Reuters’ Intellectual Property & Science business for $3.6 billion • Wealth management and investment advice platform Financial Guard’s sale to Legg Mason • Pitney Bowes’ purchase of mapping-related and real estate research company Maponics • The acquisition of insurance carrier pricing information company Enservio by Solera Holdings • TENGA-owned Cars.com’s purchase of car dealer review site DealerRater.com

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 5 29% $3,603.3 98% 3 - 1 $3,600.0 1 $3.3 Healthcare Information 4 24% 51.8 1% 3 6.8 0 - 1 45.0 Product/Price Information 4 24% 3.0 0% 2 - 1 - 1 3.0 HR Information 2 12% - 0% 2 - 0 - 0 - Engineering/Scientific/Tech Information 1 6% 27.1 1% 1 27.1 0 - 0 - Other**Intercontinental Exchange’s $7.4 billion acquisition1 of Interactive 6%Data has been excluded0.0 to limit comparative0% distortions1 0.0 0 0.0 0 0.0 Total 17 100% 3,685.2 100% 12 33.9 2 3,600.0 3 51.3

30 | M&A and Investment Summary July 2016 Information Public Company Valuation (1/2)

($ 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $67.68 -1% $ 8,000.8 $ 8,465.8 $ 2,852.1 $ 606.9 21.3% 7.6% 3.0x 13.9x Computershare Limited Australia 6.74 -28% 3,684.7 5,138.8 1,943.7 595.7 30.6% -2.6% 2.6x 8.6x CoreLogic, Inc. United States 40.28 -7% 3,556.6 5,099.8 1,731.1 360.8 20.8% 18.3% 2.9x 14.1x CoStar Group Inc. * United States 207.90 -8% 6,778.1 6,649.5 788.7 170.9 21.7% 23.5% 8.4x 38.9x DST Systems Inc. United States 123.33 -4% 4,094.6 4,754.6 2,877.1 410.9 14.3% 3.4% 1.7x 11.6x The Dun & Bradstreet Corporation United States 129.25 -2% 4,686.4 6,078.0 1,655.9 415.7 25.1% 4.8% 3.7x 14.6x Envestnet, Inc. * United States 38.17 -18% 1,629.6 1,886.3 456.3 44.5 9.8% 24.4% 4.1x 42.4x Equifax Inc. United States 132.46 -3% 15,807.2 18,698.5 2,873.3 977.0 34.0% 11.9% 6.5x 19.1x Experian plc Ireland 19.61 -1% 18,509.8 21,365.0 4,550.0 1,404.0 30.9% -5.4% 4.7x 15.2x FactSet Research Systems Inc. United States 171.96 -3% 6,990.4 7,079.3 1,101.6 383.6 34.8% 12.0% 6.4x 18.5x Fair Isaac Corporation United States 126.64 -3% 3,907.4 4,390.3 878.3 212.8 24.2% 6.1% 5.0x 20.6x Fidelity National Information Services, Inc. United States 79.53 -2% 26,021.7 36,487.7 7,939.2 2,000.2 25.2% 23.4% 4.6x 18.2x Financial Engines, Inc. United States 26.39 -43% 1,661.3 1,564.2 327.8 61.6 18.8% 12.7% 4.8x 25.4x Moody's Corporation United States 106.01 -6% 20,385.7 22,009.8 3,445.8 1,515.5 44.0% -0.9% 6.4x 14.5x Morningstar Inc. United States 84.58 -5% 3,641.9 3,471.0 787.2 249.9 31.7% 0.7% 4.4x 13.9x MSCI Inc. United States 86.04 0% 8,141.8 9,317.7 1,111.1 535.0 48.1% 7.2% 8.4x 17.4x Reis, Inc. United States 25.28 -5% 286.1 257.2 52.6 16.5 31.5% 23.7% 4.9x 15.5x SEI Investments Co. United States 45.00 -19% 7,259.7 6,664.9 1,349.1 381.1 28.2% 3.1% 4.9x 17.5x Thomson Reuters Corporation United States 42.21 -5% 31,472.7 40,203.4 12,148.0 2,574.0 21.2% 1.7% 3.3x 15.6x Verisk Analytics, Inc. United States 85.28 -1% 14,341.2 17,187.0 2,176.4 992.4 45.6% 26.4% 7.9x 17.3x Workiva Inc. United States 13.94 -26% 571.1 537.8 154.7 (44.6) NM 29.2% 3.5x NM

Adjusted Weighted Average 5.1x 16.3x

*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 (26.9x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $22.95 -3% $ 1,785.4 $ 1,786.1 $ 850.1 $ 79.3 9.3% 5.6% 2.1x 22.5x Alliance Data Systems Corporation * United States 231.62 -24% 13,651.6 30,916.8 6,762.9 1,551.6 22.9% 14.5% 4.6x 19.9x Brainjuicer Group Plc United Kingdom 5.41 -3% 66.9 58.4 37.1 7.4 19.9% 2.2% 1.6x 7.9x Cello Group Plc United Kingdom 1.31 -4% 113.2 118.8 232.0 13.2 5.7% -7.4% 0.5x 9.0x comScore, Inc. United States 25.95 -60% 1,470.6 1,356.6 368.8 37.1 10.1% 12.1% 3.7x 36.5x Cross Marketing Inc. Japan 3.48 -33% 68.0 78.2 134.0 13.5 10.1% 56.8% 0.6x 5.8x Ebiquity plc * United Kingdom 1.55 -25% 112.9 152.1 95.8 0.7 0.8% 0.0% 1.6x 204.6x GfK SE Germany 38.31 -14% 1,398.6 1,794.9 1,755.5 248.9 14.2% 4.1% 1.0x 7.2x Harte-Hanks Inc. United States 1.66 -67% 102.0 169.2 484.9 27.3 5.6% -10.6% 0.3x 6.2x InnerWorkings Inc. United States 8.51 -7% 453.8 551.5 1,058.3 39.3 3.7% 5.8% 0.5x 14.0x

31 | M&A and Investment Summary July 2016 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 16.10 -22% $ 321.4 $ 260.5 $ 404.8 $ 49.3 12.2% 3.5% 0.6x 5.3x Ipsos SA France 32.93 -1% 1,490.6 2,082.7 1,983.4 230.4 11.6% 2.3% 1.1x 9.0x NeuStar, Inc. United States 25.19 -23% 1,373.2 2,297.3 1,126.7 409.5 36.3% 12.2% 2.0x 5.6x Nielsen Holdings plc United Kingdom 53.86 -4% 19,246.6 27,119.6 6,238.0 1,543.0 24.7% 0.3% 4.3x 17.6x Onvia Inc. United States 4.03 -10% 28.7 20.7 23.8 1.4 5.9% 4.2% 0.9x 14.7x Pearson plc United Kingdom 11.71 -28% 9,504.5 11,667.6 5,765.8 816.3 14.2% -3.4% 2.0x 14.3x YouGov plc United Kingdom 2.56 -1% 266.6 253.2 115.4 10.4 9.1% 14.8% 2.2x 24.2x

Adjusted Weighted Average 3.2x 17.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (72.0x)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.46 -60% $ 65.6 $ 84.4 $ 97.8 $ 11.0 11.3% 10.8% 0.9x 7.6x CEB Inc. United States 60.04 -23% 1,933.6 2,671.9 940.7 203.4 21.6% 2.0% 2.8x 13.1x Forrester Research Inc. United States 40.93 -3% 729.7 609.6 321.0 34.3 10.7% 2.2% 1.9x 17.8x Gartner Inc. United States 100.25 -3% 8,270.8 8,773.9 2,249.1 377.0 16.8% 9.9% 3.9x 23.3x IDI, Inc United States 5.18 -52% 262.2 303.0 52.3 (46.5) NM 0.0% 5.8x NM IHS Markit Ltd. * United Kingdom 34.74 -6% 14,606.8 15,296.1 1,129.7 372.1 32.9% 4.9% 13.5x 41.1x Informa plc United Kingdom 9.48 -6% 6,147.3 7,551.3 1,650.0 511.7 31.0% 4.6% 4.6x 14.8x National Research Corp. United States 33.07 -26% 430.8 410.6 103.9 32.7 31.4% 4.9% 4.0x 12.6x NIC Inc. United States 23.32 -2% 1,537.1 1,431.3 300.4 79.6 26.5% 8.4% 4.8x 18.0x Premier, Inc. United States 32.70 -13% 1,489.6 1,293.0 1,127.7 368.6 32.7% 15.6% 1.1x 3.5x Press Ganey Holdings, Inc. * United States 39.92 -3% 2,110.4 2,240.4 330.5 31.2 9.4% 13.5% 6.8x 71.8x Proofpoint, Inc. United States 75.87 -1% 3,182.5 3,126.5 313.0 (73.3) NM 37.4% 10.0x NM Reed Elsevier plc(1) * United Kingdom 19.05 -2% 76,204.2 92,927.3 9,510.4 2,309.6 24.3% 4.5% 9.8x 40.2x Tarsus Group plc Ireland 3.62 0% 369.3 446.6 106.2 36.2 34.1% 40.7% 4.2x 12.3x TechTarget, Inc. United States 9.12 -17% 294.5 265.4 113.2 17.6 15.5% 5.9% 2.3x 15.1x The Advisory Board Company United States 41.76 -31% 1,711.9 2,262.4 804.6 123.2 15.3% 22.3% 2.8x 18.4x UBM plc United Kingdom 8.92 -2% 3,507.8 3,596.4 1,061.0 285.0 26.9% 47.4% 3.4x 12.6x Wolters Kluwer N.V. Netherlands 42.04 -3% 12,255.1 14,321.1 4,703.2 1,251.6 26.6% 7.0% 3.0x 11.4x

Adjusted Weighted Average 7.7x 15.1x

(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 (11.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.8x)

32 | M&A and Investment Summary July 2016 Business Services

. The Business Services segment reported 34 transactions in July worth more than $800 million in value . The IT Consulting/Systems Integration subsegment accounted for half of the segments total activity with 17 transactions announced . Select Transactions: • SYNNEX’s acquisition of business process outsourcing company Minacs from Capital Square Partners and XC Partners for $420 million • The $125 million raised by enterprise software support services provider Rimini Street from Colbeck • Luxoft’s acquisition of IT consulting firm INSYS for $72 million • The acquisition of UK-based big data consulting company Big Data Partnership by Teradata • Ernst & Young’s purchase of financial services consultancy Innovalue

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 17 50% $268.3 33% 13 $78.3 2 - 2 $190.0 Corporate Training 7 21% 115.0 14% 2 - 0 - 5 115.0 BPO 2 6% 420.0 52% 2 420.0 0 - 0 - Healthcare Consulting 2 6% - 0% 2 - 0 - 0 - Logistics 2 6% 10.0 1% 1 - 0 - 1 10.0 Financial Consulting 1 3% - 0% 1 - 0 - 0 - Legal Consulting 1 3% - 0% 1 - 0 - 0 - Other* 2 6% 0.0 0% 2 0.0 0 0.0 0 0.0 Total 34 100% 813.3 100% 24 498.3 2 0.0 8 315.0

33 | M&A and Investment Summary July 2016 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 112.81 -7% $ 70,229.0 $ 67,336.3 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.4x CRA International Inc. United States 27.62 0% 244.8 232.6 312.5 23.3 7.4% 2.0% 0.7x 10.0x FTI Consulting, Inc. United States 42.84 -7% 1,741.9 2,054.4 1,828.1 210.9 11.5% 4.0% 1.1x 9.7x Information Services Group, Inc. United States 3.79 -17% 134.1 166.6 208.6 15.1 7.2% -1.6% 0.8x 11.1x Navigant Consulting Inc. United States 19.71 -1% 934.3 1,120.7 883.6 129.7 14.7% 8.1% 1.3x 8.6x ICF International Inc. United States 41.38 -3% 786.8 1,115.3 1,142.3 109.4 9.6% 5.9% 1.0x 10.2x Huron Consulting Group Inc. United States 61.47 -20% 1,281.5 1,609.9 725.3 159.8 22.0% 32.8% 2.2x 10.1x The Hackett Group, Inc. * United States 13.39 -33% 384.4 371.7 241.6 30.0 12.4% 10.3% 1.5x 12.4x

Adjusted Weighted Average 1.4x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.5x) ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 88.95 -7% $ 40,519.8 $ 39,312.9 $ 11,667.8 $ 2,402.1 20.6% 6.7% 3.4x 16.4x Barrett Business Services Inc. United States 42.98 -19% 309.9 286.2 765.4 35.8 4.7% 14.6% 0.4x 8.0x Capita plc United Kingdom 12.75 -27% 8,477.0 11,312.9 6,618.0 1,008.6 15.2% 8.3% 1.7x 11.2x DHI Group, Inc. United States 7.29 -30% 365.1 433.3 246.2 56.0 22.8% -7.1% 1.8x 7.7x Edenred SA France 22.67 -13% 5,245.4 6,595.2 1,100.6 357.6 32.5% -2.0% 6.0x 18.4x Insperity, Inc. United States 78.49 -4% 1,678.6 1,462.2 2,706.5 110.8 4.1% 11.8% 0.5x 13.2x LinkedIn Corporation * United States 192.73 -25% 25,766.6 23,772.6 3,213.9 266.1 8.3% 34.9% 7.4x 89.3x Marsh & McLennan Companies, Inc. United States 65.75 -4% 34,124.3 37,907.3 13,165.0 2,955.0 22.4% 2.6% 2.9x 12.8x Monster Worldwide, Inc. United States 2.53 -69% 225.0 277.7 651.8 92.5 14.2% -6.9% 0.4x 3.0x Paychex, Inc. United States 59.28 -4% 21,372.3 21,020.2 2,951.9 1,261.7 42.7% 7.7% 7.1x 16.7x Professional Diversity Network, Inc. United States 0.52 -76% 7.5 6.0 35.3 (4.4) NM 67.0% 0.2x NM TriNet Group, Inc. United States 21.69 -20% 1,533.5 1,827.0 2,766.6 114.7 4.1% 19.8% 0.7x 15.9x WageWorks, Inc. United States 61.81 -2% 2,239.5 1,756.1 336.0 65.1 19.4% 15.7% 5.2x 27.0x

Adjusted Weighted Average 4.5x 15.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (42.6x)

34 | M&A and Investment Summary July 2016 Business Services Public Company Valuation (2/3)

($ 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 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 112.81 -7% $ 70,229.0 $ 67,336.3 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.4x Amdocs Limited United States 58.36 -5% 8,740.3 7,615.3 3,704.3 723.7 19.5% 2.4% 2.1x 10.5x Ausy SA France 60.90 -1% 316.1 425.3 428.2 33.5 7.8% 15.7% 1.0x 12.7x Bechtle AG Germany 115.54 -1% 2,426.3 2,307.2 3,318.4 176.4 5.3% 11.4% 0.7x 13.1x Booz Allen Hamilton Holding Corporation United States 30.88 -2% 4,587.3 6,015.6 5,476.9 508.7 9.3% 3.3% 1.1x 11.8x Broadridge Financial Solutions, Inc. United States 67.68 -1% 8,000.8 8,465.8 2,852.1 606.9 21.3% 7.6% 3.0x 13.9x Business & Decision SA France 6.36 -29% 50.1 79.8 244.7 9.9 4.1% 9.5% 0.3x 8.0x Cap Gemini S.A. France 96.04 -3% 16,321.1 18,454.2 13,953.0 1,671.4 12.0% 13.4% 1.3x 11.0x CGI Group Inc. Canada 48.64 -2% 14,635.5 15,919.3 8,232.9 1,404.9 17.1% 4.9% 1.9x 11.3x Cognizant Technology Solutions Corporation United States 57.49 -18% 34,831.4 31,400.6 12,706.6 2,537.8 20.0% 18.2% 2.5x 12.4x Computer Sciences Corporation United States 47.83 -33% 6,660.8 8,133.8 7,106.0 970.0 13.7% -12.5% 1.1x 8.4x CSG Systems International Inc. United States 40.26 -13% 1,306.0 1,477.5 753.1 157.0 20.8% 0.6% 2.0x 9.4x Digi International Inc. United States 11.11 -18% 287.4 163.2 215.7 18.7 8.7% 5.9% 0.8x 8.7x Globant S.A. * Luxembourg 42.19 -2% 1,451.1 1,381.5 272.6 41.0 15.0% 29.2% 5.1x 33.7x International Business Machines Corporation United States 160.62 -2% 153,527.7 187,591.7 80,261.0 17,973.0 22.4% -7.7% 2.3x 10.4x Infosys Limited India 16.05 -16% 36,685.3 31,959.5 9,746.0 2,696.0 27.7% 10.3% 3.3x 11.9x ITS Group France 6.98 -12% 53.4 63.8 208.7 7.6 3.6% 3.9% 0.3x 8.4x NCI, Inc. United States 12.69 -26% 171.4 178.3 331.9 29.4 8.8% 4.7% 0.5x 6.1x NTT Data Corporation Japan 49.95 -19% 14,012.0 15,351.3 14,372.5 2,214.7 15.4% 6.8% 1.1x 6.9x Perficient Inc. United States 22.22 -1% 802.2 849.2 470.2 56.7 12.1% 3.8% 1.8x 15.0x Reply S.p.A. Italy 143.02 -6% 1,337.5 1,307.8 783.3 105.7 13.5% 11.1% 1.7x 12.4x SQLi France 38.18 -2% 138.4 137.1 194.4 13.1 6.7% 10.7% 0.7x 10.5x Tata Consultancy Services Limited * India 39.15 -5% 77,141.3 73,151.4 16,623.5 4,622.6 27.8% 14.4% 4.4x 15.8x Wipro Ltd. India 8.15 -12% 20,016.9 17,160.3 7,788.2 1,608.3 20.6% 9.5% 2.2x 10.7x

Adjusted Weighted Average 2.2x 11.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.1x)

35 | M&A and Investment Summary July 2016 Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/29/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $5.61 -10% $ 45.3 $ 43.7 $ 41.7 $ (0.7) NM -16.3% 1.0x NM Cenveo Inc. United States 9.80 -41% 83.1 1,194.2 1,744.9 145.7 8.3% 2.6% 0.7x 8.2x Communisis plc United Kingdom 0.48 -37% 100.1 140.3 522.4 36.7 7.0% 3.3% 0.3x 3.8x Contax Participações S.A. Brazil 3.03 -90% 3.6 387.7 865.9 (5.6) NM -5.7% 0.4x NM Convergys Corporation United States 26.65 -7% 2,571.3 2,657.5 2,932.3 384.3 13.1% -1.9% 0.9x 6.9x Elanders AB (publ) Sweden 11.41 -3% 302.5 394.4 500.5 49.1 9.8% 5.0% 0.8x 8.0x Eniro AB Sweden 0.07 -62% 32.7 228.6 285.1 50.8 17.8% -19.4% 0.8x 4.5x Exlservice Holdings, Inc. * United States 49.51 -10% 1,658.6 1,503.5 666.9 104.4 15.7% 19.8% 2.3x 14.4x Firstsource Solutions Limited India 0.69 -13% 468.7 587.6 499.3 62.4 12.5% 12.0% 1.2x 9.4x Genpact Limited * Bermuda 26.77 -6% 5,635.6 6,057.2 2,483.6 412.6 16.6% 6.2% 2.4x 14.7x InnerWorkings Inc. * United States 8.51 -7% 453.8 551.5 1,058.3 39.3 3.7% 5.8% 0.5x 14.0x Luxoft Holding, Inc. * SwitzerlandSwitzerland 58.92 -27% 1,953.4 1,845.3 650.8 99.7 15.3% 25.0% 2.8x 18.5x MAXIMUS, Inc. * United States 58.92 -16% 3,823.7 4,053.5 2,314.2 308.4 13.3% 28.3% 1.8x 13.1x Quad/Graphics, Inc. United States 25.36 -7% 1,263.6 2,534.3 4,632.2 485.6 10.5% -4.4% 0.5x 5.2x Quintiles Transnational Holdings Inc. * United States 77.64 -2% 9,198.9 10,899.9 4,497.2 826.8 18.4% 6.3% 2.4x 13.2x R.R. Donnelley & Sons Company United States 17.92 -10% 3,752.4 7,079.7 11,162.1 1,138.8 10.2% -4.4% 0.6x 6.2x Serco Group plc * United Kingdom 1.59 -11% 1,727.9 1,865.5 4,685.1 159.7 3.4% -11.6% 0.4x 11.7x St Ives plc United Kingdom 1.46 -56% 207.4 323.3 503.5 65.9 13.1% 5.2% 0.6x 4.9x StarTek, Inc. * United States 4.22 -16% 66.3 103.5 296.5 7.2 2.4% 18.4% 0.3x 14.3x Sykes Enterprises, Incorporated United States 30.69 -7% 1,297.8 1,108.0 1,283.4 151.2 11.8% -3.3% 0.9x 7.3x Teleperformance SE * France 92.95 -1% 5,209.0 5,571.1 3,808.1 518.3 13.6% 8.1% 1.5x 10.7x TeleTech Holdings Inc. United States 28.54 -7% 1,373.3 1,442.5 1,273.6 157.2 12.3% 0.7% 1.1x 9.2x Trans Cosmos, Inc. Japan 28.67 -15% 1,179.5 1,070.7 2,238.8 118.1 5.3% 12.7% 0.5x 9.1x Transcontinental Inc. Canada 14.43 -14% 1,115.9 1,351.3 1,609.2 310.6 19.3% 0.3% 0.8x 4.4x Cimpress N.V. * Netherlands 94.80 -7% 2,989.7 3,781.4 1,788.0 251.9 14.1% 19.7% 2.1x 15.0x West Corporation * United States 22.11 -24% 1,826.1 5,009.8 2,285.5 651.9 28.5% 1.6% 2.2x 7.7x Xchanging plc United Kingdom 2.57 -12% 645.8 723.2 649.2 86.0 13.2% -23.2% 1.1x 8.4x

Adjusted Weighted Average 1.3x 7.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.9x)

36 | M&A and Investment Summary July 2016 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 3.2x 2.4x 6.5x 2.4x Internationally-based Digital Media and Internet 3.4x 2.2x 4.9x 1.7x US-based eCommerce 2.6x 1.9x 3.9x 1.8x Internationally-based eCommerce 3.4x 1.2x 10.2x 1.1x US-based Digital Advertising 2.7x 1.7x 8.8x 1.7x Internationally-based Digital Advertising 3.9x 1.9x 9.6x 1.4x US-based Marketing Technology 3.9x 3.3x 4.5x 4.4x Internationally-based Marketing Technology 4.5x 4.6x 5.0x 5.0x Agency 1.1x 1.1x 1.6x 1.6x Marketing Services 2.1x 1.8x 3.1x 3.1x Traditional Media 2.6x 2.3x 3.8x 3.0x Software 4.9x 4.1x 4.7x 4.5x Information 4.0x 3.7x 6.1x 5.8x Business Services 1.3x 0.8x 2.7x 2.2x

As of close of business on 07/29/16

*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

37 | M&A and Investment Summary July 2016 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 23.0x 17.2x 17.6x 14.7x Internationally-based Digital Media and Internet 18.9x 9.3x 19.9x 11.0x US-based eCommerce 18.0x 16.6x 17.8x 13.4x Internationally-based eCommerce 20.1x 16.9x 28.9x 12.1x US-based Digital Advertising 16.1x 14.1x 22.1x 14.1x Internationally-based Digital Advertising 14.3x 15.1x 17.8x 12.8x US-based Marketing Technology 41.0x 20.9x 23.7x 14.1x Internationally-based Marketing Technology 26.4x 18.8x 17.2x 17.7x Agency 9.2x 9.2x 10.0x 9.9x Marketing Services 12.0x 10.7x 14.8x 13.6x Traditional Media 16.5x 10.0x 13.2x 12.6x Software 33.0x 17.7x 21.8x 13.6x Information 21.6x 15.6x 23.2x 23.3x Business Services 11.4x 9.7x 16.8x 12.3x

As of close of business on 07/29/16

*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

38 | M&A and Investment Summary July 2016 PPLLC Indices LTM Share Pricing Trends

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

• S&P 500 –  3.1 % 140% • S&P 500 –  3.1 % 140%

130% • Digital Advertising –  17.6 % 125% • Digital Media/Commerce –  14.9 % 120%

110% • Traditional Media – (11.0 %) 110%

100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 –  3.1 % 140% • S&P 500 –  3.1% 140%

130% 130% • • Marketing Technology –  6.1% Agency – (0.1 % ) 120% 120% • Marketing Services –  0.4% 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 –  3.1 % 140% • S&P 500 –  3.1 % 140% 130% • Software –  0.9 % 130% • Information –  7.0 % 120% 120% 110% • Business Services –  1.4 % 110% 100% 100%

Index Performance (%) Performance Index 90% 90%

80% (%) Performance Index Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 80% Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Software S&P 500 Index (^SPX) Note: LTM as of 7/29/2016 Information Business Services S&P 500 Index (^SPX) 39 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Yahoo, Operating Business Digital Media/Commerce Verizon Communications, Inc. $ 4,825.8 Ultimate Fighting Championship Ltd. Traditional Media WME l IMG 4,000.0 China Music Corporation Digital Media/Commerce Tencent Holdings Ltd. 1,637.7 Intelligrated, Inc. Software Honeywell International Inc. 1,500.0 AVG Technologies N.V. Software AVAST Software s.r.o. 1,453.3 Dollar Shave Club, Inc. Digital Media/Commerce Unilever 1,000.0 OptionsHouse LLC Software E*TRADE Financial Corporation 725.0 The Minacs Group Business Services SYNNEX Corporation 420.0 Mtime.com Digital Media/Commerce Wanda Cinema Line Co., Ltd. 350.0 Greater Media, Inc. Traditional Media Beasley Broadcast Group, Inc. 240.0 Yatra Online Private Limited Digital Media/Commerce Terrapin 3 Acquisition Corporation 218.0 TouchCommerce, Inc. Marketing Technology Nuance Communications, Inc. 215.0 Valence Health Software Evolent Health, Inc. 203.1 Platfora, Inc. Software Workday, Inc. 200.0 Best Gaming Technology AG Digital Media/Commerce Playtech plc 153.0 Olapic, Inc. Marketing Technology Monotype Imaging, Inc. 130.0 ConvertMedia Marketing Technology Taboola Ltd. 100.0 INSYS Group, Inc. Business Services Luxoft Holding, Inc. 71.9 Jabong.com Digital Media/Commerce Myntra.com 70.0 XOS Digital, Inc. Marketing Technology Catapult Group International Pty. Ltd. 60.0 Pharmacy2U Ltd. Digital Media/Commerce Direct Healthcare Limited 52.0 Design Data Software Nemetschek Group 48.9 InfoSpace Online Directory Business Digital Advertising OpenMail LLC 45.0 Autobutler.dk.ApS Digital Media/Commerce PSA Group 33.0 Forsman & Bodenfors AB Agency & Marketing Services MDC Partners, Inc. 32.3 Healthways, Inc., Population Health Services Business Assets Software Sharecare, Inc. 30.0 Wandoujia Digital Media/Commerce Alibaba Group Holding Ltd. 30.0 CleanSpark LLC Information Stratean, Inc. 27.1 Ulysses Ltd. Agency & Marketing Services The Marketing Group Plc 26.1 Allgo Embedded Systems Pvt. Ltd. Marketing Technology Visteon Corporation 22.0 Mastermind Involvement Marketing LLC Agency & Marketing Services SharkReach, Inc. 16.4 Metrospace Advertising Pty. Ltd. Traditional Media APN Outdoor Pty. Limited 14.9 UTV Ireland Limited Traditional Media Virgin Media, Inc. 10.9 Open Objects Software Ltd. Information Idox, Plc. 6.8 Client Strategy Group LLC Business Services Columbus A/S 6.4 MeaWallet AS Software Seamless Distribution AB 5.4 Massive Group Pty. Ltd. Digital Advertising Jaywing plc 3.5

40 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Alligent Biopharm Consulting LLC Agency & Marketing Services Envision Pharma Group $ - Almighty LLC Agency & Marketing Services Connelly Partners - Best Rate Referrals Agency & Marketing Services Digital Media Solutions - Case Imagine Agency & Marketing Services events by tlc - Conexance MD Agency & Marketing Services WPP Group - Easycom Group Agency & Marketing Services Grey Group, Inc. - Famous Agency & Marketing Services Grey Group, Inc. - Freshbrick, Inc. Agency & Marketing Services Did-it.com - Gravity Global Agency & Marketing Services BrandingBusiness ` Greenfield Belser Agency & Marketing Services Finn Partners, Inc. - Gyro Communications Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - Idea Couture, Inc. Agency & Marketing Services Cognizant Technology Solutions Corporation - Impress Public Relations, Inc. Agency & Marketing Services Duo Public Relations, Inc. - Kenwerks, Inc. Agency & Marketing Services Steinreich Communications LLC - Marquette Group Agency & Marketing Services Mindstream Interactive, LLC - MobGen B.V. Agency & Marketing Services Accenture plc - Packer Forbes Agency & Marketing Services Four Communications Group plc - PSG Communications Limited Agency & Marketing Services Teneo Holdings LLC - Readify Pty Ltd. Agency & Marketing Services Telstra Corporation Limited - Rollingbox Agency & Marketing Services Voxis SAS - Splash Digital Media LLC Agency & Marketing Services Mungo Creative Group, Inc. - Standing Dog Interactive Agency & Marketing Services Wpromote, Inc. - Tecnilogica Agency & Marketing Services Accenture plc - Troposfere LLC Agency & Marketing Services Brand Kitchen - webguerillas GmbH Agency & Marketing Services Gruner + Jahr AG & Co KG - Webvanta, Inc. Agency & Marketing Services Xfive.co Pty. Ltd. - WIS Performance Media Agency & Marketing Services Dentsu Aegis Network, Inc. - Allied InfoSecurity, Inc. Business Services Delta Risk LLC - ANconnect Business Services Alliance Entertainment LLC - Big Data Partnership Limited Business Services Teradata Corporation - Corality Financial Group Business Services Mazars LLP - DataBank Business Services Digital Bridge Holdings LLC - Dependable IT,Inc. Business Services Connex Telecommunications, Inc. - Expert Global Solutions, Inc. Business Services Alorica, Inc. - Expert Search Group LLC Business Services DOAR Litigation Consulting - Healthcare Services Management, Inc. Business Services Huron Consulting Group, Inc. - Hewlett Packard Enterprise, IT Services Division Business Services Datagroup AG - Innovalue Business Services Ernst & Young LLP - Inspired SS Business Services Evros Technology Group - Intercom Consulting & Federal Systems Business Services Belcan Corporation - Login Consultants Nederland B.V. Business Services Orange SA - Lohika Systems, Inc. Business Services Altran Technologies SA - 41 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Momentum Resources LLC Business Services Vaco, LLC $ - Novactive Sarl Business Services Nextedia S.A. - Physician Billing Partners LLC Business Services Medstreaming LLC - R&J Printing Enterprises, Inc. Business Services Traxium LLC - Virtuoso LLC Business Services AMERI Holdings, Inc. - Zaption, Inc. Business Services Workday, Inc. - Collective Europe Limited Digital Advertising Time Inc. - Drip, Inc. Digital Advertising LeadPages - GetAds LLC Digital Advertising Affiliate.com - Amplitude Studios Digital Media/Commerce SEGA Corporation - Ask.fm Digital Media/Commerce Noosphere Ventures - Busportal.pe Digital Media/Commerce redBus - Composr Digital Media/Commerce BandLab Singapore Pte. Ltd. - everyStory, Inc. Digital Media/Commerce Knowledge Machine International, Inc - FerrariChat.com Digital Media/Commerce Motorsport.com, Inc. - Greentech Media, Inc. Digital Media/Commerce Verisk Analytics, Inc. - Hailo Network Limited Digital Media/Commerce mytaxi - Hours LLC Digital Media/Commerce Five Pack Creative - Lovestruck.com Digital Media/Commerce Datetix Group Ltd. - Math Camp, Inc. Digital Media/Commerce Pinterest, Inc. - Moodstocks SAS Digital Media/Commerce Alphabet Inc. - NFC Games Digital Media/Commerce Fantasy 6 Sports,Inc. - Opinit LLC Digital Media/Commerce Fundamental Applications Corporation - Player.me Digital Media/Commerce SplitmediaLabs Limited - Tickethour SA Digital Media/Commerce Ticketmaster Entertainment, Inc. - TinyCo.com Digital Media/Commerce SGN - Trover, Inc. Digital Media/Commerce Expedia, Inc. - Vespa Networks Limited Digital Media/Commerce Hornet Networks Limited - Zone Technologies, Inc. Digital Media/Commerce Helios and Matheson Analytics, Inc. - Cross-Post LLC Information Recruitology - DealerRater.com, LLC Information Cars.com - Enservio, Inc. Information Solera Holdings, Inc. - Financial Guard LLC Information Legg Mason, Inc. - Hiree Information Quikr India Private Limited - Maponics LLC Information Pitney Bowes, Inc. - Market News International, Inc. Information Hale Global - MyVest Corporation Information TIAA-CREF - The StayWell Company, LLC Information Merck & Company, Inc. - WellCentive, Inc. Information Koninklijke Philips Electronics NV - $99 Social LLC Marketing Technology Wired Investors - 5 Fifteen Marketing Technology Ingenta - AdAssured Marketing Technology Pepperjam LLC - 42 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Anvato, Inc. Marketing Technology Google Ventures $ - CallPromise LLC Marketing Technology Virtual Hold Technology LLC - CheckMate Marketing Technology TrustYou GmbH - Commissions, Inc. Marketing Technology Fidelity National Financial, Inc. - Dubsat Pty. Ltd. Marketing Technology Adstream - EventViva Marketing Technology evvnt Limited - FireSign Dynamic Digital Signage Marketing Technology Industry Weapon, Inc. - Fiveworx, Inc. Marketing Technology Northshore Management Company - GameAnalytics Ap Marketing Technology Mobvista International Technology Limited - GemSeek.com Marketing Technology Future Thinking Limited - INscribe Digital Marketing Technology Independent Publishers Group - INVISION, Inc. Marketing Technology MediaOcean, Inc. - MaxCDN Marketing Technology StackPath - Nextperf Marketing Technology Rakuten Marketing - PointDrive LLC Marketing Technology LinkedIn Corporation - prevero AG Marketing Technology Unit4 N.V. - SalesPredict Ltd. Marketing Technology eBay Incorporated - Synergistics Research Corporation Marketing Technology Phoenix Marketing International, Inc. - SYSCOM, Inc. Marketing Technology Harris, Mackessy & Brennan, Inc. - UpShot Commerce Marketing Technology Mi9 Retail - Vibrant Data, Inc. Marketing Technology Slice Technologies, Inc. - 1Energy Systems Software Doosan GridTech, Inc. - Aternity, Inc. Software Riverbed Technology - Bloom Health Corp. Software Empyrean Benefit Solutions - Cloud9 IDE, Inc. Software Amazon.com, Inc. - Confer Technologies, Inc. Software Carbon Black, Inc. - Coolan, Inc. Software Salesforce.com - Cozilla Software BuildTraders - CyberloQ Software Advanced Credit Technologies, Inc. - DCHQ, Inc. Software Gridstore, Inc. - DisclosureNet, Inc. Software Certent, Inc. - Fedem Technology AS Software SAP AG - HealthQx LLC Software McKesson Corporation - Higher Concept Software Limited Software Point of Rental Software, Inc. - InnQuest Software Corporation Software Valsoft Corporation - Insurance Initiatives Ltd. Software LexisNexis Risk Solutions - Kifi Software Alphabet Inc. - Launchkit Software Google, Inc. - Magplus Software MP5 - Momoe Technologies Private Limited Software ShopClues.com - NerdWallet, Inc. Software aboutLife, Inc. - Pentest Limited Software Secarma Limited - 43 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed RosterCloud Software Rision Limited $ - Sling.xyz Software Avante.com.vc - Status Page Software Atlassian Corporation Plc - Suncoast Solutions Software Procura Healthcare Software - Swarm Enterprises, Inc. Software Integral Ad Science, Inc. - Tracker Systems Software 3PL Central LLC - Union Square Software Ltd. Software Deltek, Inc. - VendSys Software Nayax Ltd. - Zigron Healthcare LLC Software Stella Technology, Inc. - America's Minority Health Networks Traditional Media Saddle Ranch Media, Inc. - Boulder Media Traditional Media Hasbro, Inc. - Dainty Group Traditional Media TEG Pty. Ltd. - Light Reading LLC Traditional Media Informa PLC - North Jersey Media Group, Inc. Traditional Media Gannett Co., Inc. - PetCARE Television Network LLC Traditional Media Health Media Network - Starmount Inc. Traditional Media Infor - The Annual Hotel Conference Traditional Media Questex Media Group - The Social Shake-Up Traditional Media Access Intelligence, Inc. - Traders Magazine Traditional Media Markets Media LLC - Zibrant Limited Traditional Media BCD Meetings & Events LLC -

44 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Thomson Reuters Intellectual Property & Science Business Information Onex Corporation $ 3,600.0 Epicor Software Corporation Software Kohlberg Kravis Roberts & Company L.P. 3,300.0 Trader Corporation Digital Media/Commerce Thoma Bravo, Inc. 1,220.0 Epiq Systems, Inc. Software OMERS Private Equity, Inc. 1,000.0 Opera Software ASA, Internet Browser Assets Digital Media/Commerce Golden Brick Silk Road Fund Management 600.0 Imprivata, Inc. Software Thoma Bravo, Inc. 512.2

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Polyconcept Agency & Marketing Services Charlesbank Capital Partners $ - Dedalus S.p.A. Business Services Ardian SA - IT Lab Limited Business Services ECI Partners - Adweek Digital Media/Commerce Beringer Capital - Dominion Marine Media Digital Media/Commerce Apax Partners, L.P. - JeChange.fr SA Information Ardian SA - Revenew, Inc. Marketing Technology Marlin Equity Partners - EverVest Co. Software Ultra Capital LLC -

45 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Genesys Telecommunications Laboratories, Inc. Marketing Technology Hellman & Friedman, LLC $ 900.0 Babytree Digital Media/Commerce Matrix Partners 450.0 Qufenqi Digital Media/Commerce Beijing Phoenix Wealth Holding Group 449.0 Unity Technologies Digital Media/Commerce DFJ Growth Fund 181.0 StackPath Software ABRY Partners, LLC 150.0 Rimini Street, Inc. Business Services Colbeck Capital Management 125.0 Pinduoduo.com Digital Media/Commerce Banyan Capital 110.0 Sprinklr Marketing Technology Battery Ventures 105.0 BookMyShow Digital Media/Commerce Accel Partners 81.5 UpThere Digital Media/Commerce Kleiner Perkins Caufield & Byers 77.0 Yuntongxun.com Software Sequoia Capital 70.0 Sabio Limited Business Services Lyceum Capital Partners LLP 65.0 Darktrace Limited Software Kohlberg Kravis Roberts & Company L.P. 65.0 Jumia Digital Media/Commerce Commonwealth Development Corporation 55.0 Scopely, Inc. Digital Media/Commerce Greycroft Partners LLC 55.0 Africa Internet Group Digital Media/Commerce CDC Capital 55.0 Silent Circle Software Undisclosed 50.0 Refinery29 Digital Media/Commerce Time Warner, Inc. 50.0 Brillen.de Optik AG Digital Media/Commerce Technology Crossover Ventures 49.0 Matific Business Services (Private Investors) 45.0 WWE & Company Limited Digital Media/Commerce eCargo Enterprise Limited 45.0 DotC United, Inc. Digital Media/Commerce Banyan Capital 45.0 iCarbonX.com Information China Bridge Capital 45.0 PhishMe, Inc. Software Bessemer Venture Partners 42.5 EverFi, Inc. Business Services New Enterprise Associates 40.0 SmartNews, Inc. Digital Media/Commerce Development Bank of Japan 38.0 Kika.Tech, Inc. Digital Media/Commerce Cheetah Mobile, Inc. 33.0 Vena Solutions Ltd. Software Centana Growth Partners 30.0 Takt Marketing Technology Starbucks Corporation 30.0 Yonghong Technology Co., Ltd. Software Tencent Holdings Ltd. 30.0 iFood Digital Media/Commerce Movile 30.0 Zenreach, Inc. Marketing Technology The Founders Fund, LLC 30.0 Sift Science, Inc. Software Insight Venture Partners 30.0 BlueStone Jewellery and Lifestyle Pvt. Ltd. Digital Media/Commerce Accel Partners 30.0 Codeacademy Business Services Index Ventures 30.0 Pantheon Systems, Inc. Marketing Technology Foundry Group 29.0 Vroom, Inc. Digital Media/Commerce Undisclosed 28.8 Zoomcar India Private Ltd. Digital Media/Commerce Sequoia Capital 25.0 True Fit Corporation Marketing Technology Jump Capital 25.0 CornerJob Digital Advertising Northzone 25.0 Capriza Software Andreessen Horowitz 23.0 Bay Dynamics, Inc. Software Carrick Capital Partners, LLC 23.0 46 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Reltio, Inc. Software New Enterprise Associates $ 22.0 Transfix Digital Media/Commerce New Enterprise Associates 22.0 HourlyNerd, Inc. Digital Media/Commerce General Catalyst Partners LLC 22.0 Freshly, Inc. Digital Media/Commerce Insight Venture Partners 21.0 Shipt LLC Digital Media/Commerce Greycroft Partners LLC 20.0 GuardiCore Ltd. Software Battery Ventures 20.0 Index.com Software General Catalyst Partners LLC 19.0 Pixie Technology, Inc. Software Spark Capital 18.5 Innit, Inc. Digital Media/Commerce Undisclosed 18.0 Acalvio Technologies Software Accel Partners 17.0 Redkix, Inc. Software (Private Investors) 17.0 Prinova, Inc. Agency & Marketing Services Volition Capital LLC 17.0 Skycure Marketing Technology Foundation Capital 16.5 Revinate, Inc. Marketing Technology Tenaya Capital 15.3 Good Eggs, Inc. Digital Media/Commerce Index Ventures 15.0 Sun Basket Digital Media/Commerce Accolade Partners 15.0 SafeBreach, Inc. Software Sequoia Capital 15.0 Docent Health Software Bessemer Venture Partners 15.0 Yitiao Digital Media/Commerce CMC Capital Partners HK 15.0 Curefit Software Accel Partners 15.0 FLEXE, Inc. Digital Media/Commerce Redpoint Ventures 14.3 Redis Labs, Inc. Software Bain Capital Ventures 14.0 CareMerge, LLC Software Insight Venture Partners 14.0 Data.world, Inc. Software Shasta Ventures 14.0 Brandcast Brandcast Marketing Technology Shasta Ventures 13.9 KIN Community Digital Media/Commerce Emil Capital 13.5 Adents International Software NAXICAP Partners 13.2 B12.io Marketing Technology General Catalyst Partners LLC 12.4 SirionLabs, Inc. Software Sequoia Capital 12.3 FogHorn Systems, Inc. Software March Capital Partners 12.0 Big Health Ltd. Software Index Ventures 12.0 Kiip, Inc. Digital Advertising North Atlantic Capital Corporation 12.0 Rise Interactive Agency & Marketing Services Quad/Graphics, Inc. 12.0 Indegy Ltd. Software Vertex Venture Capital 12.0 AristaMD, Inc. Software Avalon Ventures 11.0 Grow, Inc. Marketing Technology Toba Capital 11.0 BevSpot, Inc. Software Bain Capital Ventures 11.0 Retty, Inc. Digital Advertising World Innovation Lab 10.5 Azalea Health Software Kayne Partners 10.5 Post-Quantum Software VMS Investment Group 10.3 BP3 Global, Inc. Software Petra Capital Partners, LLC 10.0 Peek Travel, Inc. Digital Advertising (Private Investors) 10.0 47 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed LeadGenius Marketing Technology Lumia Capital $ 10.0 QwikCilver Solutions Private Limited Digital Advertising Accel Partners 10.0 Blue Cedar Networks, Inc. Software Grayhawk Capital 10.0 CargoX Transportes Business Services The Goldman Sachs Group, Inc. 10.0 OpenDoor Trading LLC Software (Private Investors) 10.0 Modo Labs, Inc. Marketing Technology Education Growth Partners LLC 10.0 Lifesum Software Nokia Growth Partners 10.0 Universal Avenue AB Marketing Technology Northzone Ventures 10.0 JUZI Entertainment OG Traditional Media China Growth Capital 10.0 Flashpoint Global Partners Software Cisco Investments 10.0 Paktor Pte. Ltd. Digital Media/Commerce YJ Capital 10.0 Service Partner ONE GmbH Software EQT Ventures 10.0 Netwatch Group Software BDO Development Capital 10.0 Twistlock, Inc. Software Ten Eleven Ventures 10.0 Zeek Mobile Ltd. Digital Media/Commerce Scale-Up Venture Capital 9.5 Homee Interiors, Inc. Digital Media/Commerce (Private Investors) 9.2 Eve Sleep Ltd Digital Media/Commerce Octopus Ventures, LLC 9.1 Exporo AG Digital Media/Commerce Holtzbrinck Ventures 9.1 Scout RFP, Inc. Marketing Technology New Enterprise Associates 9.0 Mezi.com Digital Media/Commerce Nexus Venture Partners 9.0 InfoBionic, Inc. Software Safeguard Scientifics, Inc. 8.2 Veriflow Systems, Inc. Software New Enterprise Associates 8.2 Amplero, Inc. Marketing Technology Wildcat Venture Partners 8.0 Black Swan Data Marketing Technology Albion Ventures LLP 8.0 AttackIQ Software Undisclosed 7.8 Pattern Expert GmbH Software Khosla Ventures 7.8 cloudvirga, Inc. Marketing Technology Dallas Capital 7.5 Powerlinx, Inc. Digital Media/Commerce Altares D&B 7.0 Rockets of Awesome Digital Media/Commerce General Catalyst Partners LLC 7.0 Codeship, Inc. Software Ascent Venture Partners 7.0 Guideline Technologies, Inc. Software Propel Venture Partners 7.0 Appthority, Inc. Software Trident Capital 7.0 Network Locum Ltd. Software BGF 7.0 Rockar Limited Marketing Technology Maven Capital 6.6 Civil Maps Software Motus Ventures 6.6 Teamworks.com Software Seaport Capital, LLC 6.3 Automile AB Software SaaStr 6.2 YouDo.com Digital Media/Commerce Sistema Venture Capital 6.2 Skioo SA Digital Media/Commerce Investinor 6.1 Ridlr Digital Media/Commerce Times Internet Ltd. 6.0 Purplle.com Digital Media/Commerce JSW Ventures 6.0 CoolaData Ltd. Marketing Technology Salesforce Ventures 5.6 48 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Eastwind Networks, Inc. Software Signal Peak Ventures $ 5.5 PacketSled, Inc. Software Keshif Ventures 5.0 Influential Network, Inc. Marketing Technology Capital Zed 5.0 zlien Software Altos Ventures 5.0 Loc8.com Software Clinton Capital Partners 5.0 RentoMojo Digital Media/Commerce Accel Partners 5.0 YAAP Digital Pvt. Ltd. Marketing Technology Rainmaker Ventures 5.0 Snupps, Inc. Digital Media/Commerce (Private Investors) 4.8 Riffyn, Inc. Software Undisclosed 4.6 Kazan Networks Corporation Software Samsung Venture Investment Corporation 4.5 Quantifeed Software PGA Venture Partners 4.5 Finanzchef24 GmbH Digital Advertising Target Partners 4.4 Roomi, Inc. Digital Media/Commerce DCM Ventures 4.0 Poq Studio Ltd. Marketing Technology Beringea LLC 4.0 Nomad Health, Inc. Digital Media/Commerce First Round Capital 4.0 Fuller, Inc. Marketing Technology Voyage Ventures 4.0 ReviewTrackers Marketing Technology American Family Ventures 4.0 PostBeyond Marketing Technology Information Venture Partners 4.0 Genero Media Pty. Ltd. Marketing Technology Ellerstone 4.0 Unify Square, Inc. Software Undisclosed 3.9 Deporvillage SL Digital Media/Commerce P101 3.8 KEY Concierge Digital Media/Commerce ATX Seed Ventures 3.8 sipsynergy Limited Software YFM Equity 3.6 Engie Motors Ltd. Digital Media/Commerce Ton Ventures 3.5 Echobox Limited Marketing Technology Mangrove Capital Partners 3.4 Predata, Inc. Information Edison Partners 3.3 Supermercato24 Digital Media/Commerce 360 Capital Partners 3.3 Cloudbeds Software Cultivation Capital 3.1 Bluebridge Digital LLC Digital Media/Commerce Sigma Prime Ventures 3.0 Bioz, Inc. Information 5AM Ventures 3.0 Machinio, Inc. Digital Advertising Ritchie Bros. Auctioneers, Inc. 3.0 Overcart Digital Media/Commerce JSW Ventures 3.0 Drupe Mobile Ltd. Digital Media/Commerce Canaan Partners 3.0 Airwallex Pty. Ltd. Marketing Technology Gobi Partners 3.0 Butter AI Corporation Software General Catalyst Partners LLC 3.0 Unleashed Software Ltd. Software (Private Investors) 3.0 Parrable, Inc. Marketing Technology Undisclosed 2.9 Skymind, Inc. Software Undisclosed 2.8 MPB.com Traditional Media Mobeus Equity Partners LLP 2.7 Cronycle ltd. Software Andurance Ventures 2.6 Plentific Ltd. Traditional Media (Private Investors) 2.6 Pat Marketing Technology Undisclosed 2.5 49 | M&A and Investment Summary July 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Kite & Lightning Digital Media/Commerce Raine Ventures $ 2.5 BestMile SA Software (Private Investors) 2.5 Zenrez Corporation Digital Media/Commerce Undisclosed 2.5 Admiral (getadmiral.com) Marketing Technology Birchmere Ventures 2.5 Stardog Software Core Capital Partners 2.3 Personio GmbH Software Global Founders Capital 2.3 Trim Digital Media/Commerce Eniac Ventures 2.2 CharityStars.com Digital Media/Commerce 360 Capital Partners 2.2 Cyberhaven Software Accomplice, LLC 2.0 Tediber SAS Digital Media/Commerce 360 Capital Partners 2.0 CloudApp Digital Media/Commerce Ride Ventures 2.0 ZipBooks Software Peak Ventures 2.0 GameOn, Inc. Digital Media/Commerce Quest Venture Partners 2.0 Apps Daily Solutions Pvt. Ltd. Marketing Technology Kalaari Capital 2.0 StockTwits Digital Media/Commerce Social Leverage, LLC 2.0 Markable Digital Media/Commerce Undisclosed 1.9 Buying Show GmbH Digital Media/Commerce Rocket Internet GmbH 1.9 Moneybox Limited Digital Media/Commerce Oxford Capital Partners Limited 1.8 ScoreStream, Inc. Digital Media/Commerce (Private Investors) 1.8 parlamind GmbH Marketing Technology Motu Ventures 1.7 Growbot.io Software General Catalyst Partners LLC 1.7 Freightera, Inc. Digital Media/Commerce Robson Capital 1.6 Bolstra LLC Marketing Technology Elevate Ventures 1.5 section.io Marketing Technology Tahoma Ventures 1.5 Strafe Esports Digital Media/Commerce Undisclosed 1.5 Shyft Technologies, Inc. Digital Media/Commerce Madrona Venture Group 1.5 ColorTV Marketing Technology Foxconn 1.5 Crofarm Agriproducts Pvt. Ltd. Digital Media/Commerce SAIF Partners 1.5 MURAL Software Intel Capital 1.4 Bergamotte Digital Media/Commerce 360 Capital Partners 1.3 LogDNA Software (Private Investors) 1.3 Phrasee Ltd. Marketing Technology Next Fifteen Communications Group plc 1.3 People Post Pty. Ltd. Digital Media/Commerce Undisclosed 1.3 Sansoro Health LLC Software Healthy Ventures 1.2 Teamie Pte. Ltd. Software ACP VC 1.1 SnapTravel Digital Advertising Bee Partners 1.1 L1NDA Marketing Technology DHG 1.1 MailControl Software Guild Capital 1.0 Gravie, Inc. Digital Media/Commerce Securian Financial Group 1.0 Codigames Digital Media/Commerce Faraday Venture Partners 1.0 WorkApps Solutions Pvt. Ltd. Software SRI Capital 1.0

50 | M&A and Investment Summary July 2016 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships with investment bank The Mountain Capital Group in China, as well as Allegro Advisors and o3 Capital in India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and Profit . Privately-Owned Companies . eCommerce Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership

51 | M&A and Investment Summary July 2016 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2015 2011-2015 (5-Year) Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68 2 PwC 17 3 Jordan Edmiston Group 59 4 Jordan Edmiston Group 15 3 Morgan Stanley 59 4 KPMG Corporate Finance 15 5 PwC 52 4 Morgan Stanley 15 6 China Renaissance Partners 47 7 China Renaissance Partners 11 6 Nomura 47 7 Ernst & Young 11 8 GCA Savvian Group 44 9 Avendus Capital 9 9 KPMG Corporate Finance 43 9 Rothschild 9 10 Ernst & Young 38 11 Citi 8 10 JP Morgan 38 11 Credit Suisse 8 12 Jefferies 37 11 Jefferies 8 13 AGC Partners 35 11 William Blair & Company 8 14 Credit Suisse 34 11 Mooreland Partners 8 15 Daiwa Securities 33 Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

. With 25 total transactions closed in 2015, and more than 100 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries

52 | M&A and Investment Summary July 2016 Representative Recent Transactions*

$207,000,000*

a portfolio company of a portfolio company of a portfolio company of (NASDAQ: CTSH) a portfolio company of has entered into a definitive has been sold to has received a majority agreement to receive a has acquired has been sold to investment from majority investment from has been sold to has been sold to has been sold to a division of

(NYSE: OMC) (NASDAQ: SYKE)

*Approximate Value

$225,000,000* $160,000,000*

a portfolio company of a portfolio company of has sold and a portfolio company of has been sold to has been sold to has received a significant growth investment from comprising Media Properties Holdings has been sold to to has been sold to has been sold to has been sold to in partnership with (NYSE: IDI) (NYSE: DLX) (NYSE: ACN)

*Approximate Value *Approximate Value

$160,000,000* $120,000,000

has been sold to has been sold to a portfolio company of has been sold to has been sold to has received a significant has been sold to has been sold to investment from Aperion Management a portfolio company of has sold MediMedia Pharma Solutions and to

(NYSE: EVDY) (NASDAQ: EXLS)

*Approximate Value

$65,000,000 $280,000,000*

has been sold to has been sold to has sold has sold a majority stake to has been sold to has been sold to has been sold to has been sold to a division of to

(NYSE: OMC) (NYSE: RUK) (NYSE: EVDY) (NYSE: WTM)

*Approximate Value *For a more comprehensive list, please click here.

53 | M&A and Investment Summary July 2016