June 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 June 2016 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 491 deals were announced in June 2016, of which 311 were worth $37.1 billion in aggregate reported value . Software was the most active segment with 164 deals announced — 116 of these transactions reported $11.2 billion in value . Digital Media/Commerce was the most valuable subsegment with 115 transactions announced, of which 80 were worth a reported $11.5 billion in value . Strategic buyers announced 178 deals (41 reported $17.7 billion in value) . VC/Growth Capital investors announced 294 transactions (265 reported $13.5 billion in value) . Private Equity investors announced 19 deals during the month (five reported $5.9 billion in value)

June 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 164 33% $11,152.4 30% 43 $6,632.6 8 $2,400.0 113 $2,119.8 Digital Media/Commerce 115 23% 11,517.0 31% 31 1,598.6 2 344.7 82 9,573.7 Marketing Technology 74 15% 6,951.1 19% 13 3,377.4 2 2,614.9 59 958.8 Business Services 32 7% 849.4 2% 25 773.2 1 - 6 76.2 Information 32 7% 1,218.3 3% 18 654.0 3 - 11 564.3 Digital Advertising 31 6% 977.8 3% 13 304.0 2 525.0 16 148.8 Agency & Marketing Services 24 5% 32.4 0% 23 32.4 0 - 1 - Traditional Media 19 4% 4,401.1 12% 12 4,369.3 1 - 6 31.8 Total 491 100% 37,099.5 100% 178 17,741.6 19 5,884.6 294 13,473.4

* Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions

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

Transaction Distribution . Reported transaction value in June was up 140 percent from May of 2016 and more than 100 percent from June 2015 . Strategic activity accounted for 36 percent of reported deal activity during the month and included significant transactions: • Symantec’s acquisition of cybersecurity company Blue Coat Systems for $4.7 billion • The $4.4 billion pending acquisition of media and entertainment company Starz by Lions Gate Entertainment • Salesforce’s pending acquisition of on-demand eCommerce solutions company Demandware for $2.8 billion • The Thoma Bravo pending take-private of business intelligence applications developer Qlik Technologies for $2.8 billion • The $400 million acquisition of revenue cycle management solutions provider Cardon Outreach by Mednax • Cisco’s acquisition of cloud security company CloudLock for $293 million

$120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.5 $70.0 $300.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 $40.4 Supercell / $200.0 $40.0 IMS Health Tencent Sungard $30.0 $26.7 $23.7 $27.4 $24.9 $23.1 Veritas $21.3 $22.1 HP IT / CSC $19.3 Solera $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 $- $- Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-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, 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 June 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 The BIO Agency Ltd. Digital Agency Tech Mahindra Limited $ 32.4 $ 18.4 $ - 1.8x NA

Business Services DST Systems, NA Customer Communications Business Printing Services Broadridge Financial Solutions, Inc. 410.0 1,100.0 - 0.4x NA Lifetime Training Group Corporate Training Silverfleet Capital 175.0 63.0 16.7 2.8x 10.5x Trustmarque Solutions Limited IT Consulting/Systems Integration Capita plc 83.6 283.0 10.8 0.3x 7.7x Digital Advertising ReachLocal, Inc. Local Search Gannett Co., Inc. 156.0 320.0 17.7 0.5x 8.8x Digital Media/Commerce E-Commerce China Dangdang, Inc. eCommerce Imeigu Capital Management 344.7 1,400.0 19.8 0.2x 17.5x

Information Enablon SA Engineering/Scientific/Tech Information Wolters Kluwer NV 279.0 50.2 - 5.6x NA eMarketer, Inc. Financial Information Axel Springer SE 250.0 45.5 13.5 5.5x 18.5x Healthiest You Corporation HR Information Teladoc, Inc. 125.0 16.0 - 7.8x NA Marketing Technology Demandware, Inc. Commerce Management Salesforce.com 2,661.9 365.2 - 7.3x NA Qlik Technologies, Inc. BI Tools Thoma Bravo, Inc. 2,614.9 630.5 3.8 4.1x 682.7x HP Customer Communications Management and Other Assets Teleservices/eServices OpenText Corporation 315.0 125.0 - 2.5x NA Recommind, Inc. Search & Discovery OpenText Corporation 163.0 75.0 - 2.2x NA Software Blue Coat Systems, Inc. Security Software Symantec Corporation 4,650.0 598.0 - 7.8x NA AutoForm Engineering GmbH Engineering Software Astorg Partners 721.0 - 38.0 NA 19.0x Cardon Outreach LLC Healthcare Software MEDNAX, Inc. 400.0 - 35.0 NA 11.4x Higher One Holdings, Inc. Financial Software Blackboard, Inc. 259.5 152.0 - 1.7x NA 4Sight Financial Software Limited Financial software Broadridge Financial Solutions, Inc. 40.0 12.0 - 3.3x NA

Traditional Media Starz Entertainment, LLC Entertainment Media Lions Gate Entertainment Corporation 4,295.4 1,681.3 390.5 2.6x 11.0x UBM Tech & Electronics Media Portfolio B-to-B Media Arrow Electronics, Inc. 23.5 19.0 - 1.2x NA Content Marketing Institute B-to-B Media UBM plc 17.6 9.0 - 2.0x NA

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

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jun-16 Talend SA United States Software $ 86.3 $ 90.0 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 June 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 Jun 30, 2016 1st Trading Day Jun-16 NYSE:TWLO Twilio, Inc. United States $12.00-$14.00 15.00 $28.79 up 92% 36.50 143.3%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 12.50 (10.7%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 21.13 11.2%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.10 1.6% Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 25.90 (6.8%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 13.90 52.7%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 19.00 5.6% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 15.08 2.3% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 10.01 (0.9%)

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 9.05 (30.8%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 10.90 (31.9%)

Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 11.07 (29.7%) Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 12.58 (53.0%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 16.02 (43.8%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 14.10, up 17% 14.46 2.6% Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 12.81 47.2% Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 12.22 (58.8%)

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 16.14 39.6% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 23.17 (26.7%) Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 19.20 1.8%

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

. Of the total $11.5 billion in value reported in the Digital Media/Commerce segment, $9.6 billion in Venture/Growth Capital investments were announced, while nearly $1.6 million in Strategic transactions were made . eCommerce was the most active subsegment across all segments with 50 transactions announced, of which 38 were reported for $5.9 billion. Select acquisitions from the subsegment include: • The $3.5 billion raised by Uber from PIF, Saudi Arabia’s main investment fund, at a reported valuation of $62.5 billion, unchanged from its last round . Select Digital Media/Commerce transactions include: • The $556 million take-private of B-to-B eCommerce company E-Commerce China Dangdang by iMiegu Capital Management • Online organic marketplace Thrive Market’s $111 million round of funding led by Invus • The $70 million round of funding raised by audio platform SoundCloud from Twitter at a reported valuation of $700 million • Google Capital’s $46.4 million investment in care services marketplace Care.com

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 50 43% $5,879.5 51% 11 $1,504.0 2 344.7 37 $4,030.8 Mobile Content/Apps 24 21% 5,284.1 46% 6 - 0 - 18 5,284.1 Social Media/Apps 15 13% 180.0 2% 4 54.6 0 - 11 125.4 Niche Content 14 12% 79.3 1% 6 4.3 0 - 8 75.0 Classifieds/Auctions/P-to-P 6 5% 53.1 0% 1 - 0 - 5 53.1 Gaming 5 4% 41.0 0% 2 35.7 0 - 3 5.3 Web Search/Portals 1 1% - 0% 1 - 0 - 0 - Total 115 100% 11,517.0 100% 31 1,598.6 2 344.7 82 9,573.7 * Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions

8 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. 703.53 -13% $ 479,090.3 $ 413,019.3 $ 77,988.0 $ 25,512.0 32.7% 15.0% 5.3x 16.2x Apple Inc. 95.60 -28% 523,641.8 547,709.8 227,535.0 78,498.0 34.5% 7.2% 2.4x 7.0x Blucora, Inc. 10.36 -36% 428.5 873.0 202.4 $35.6 17.6% NA 4.3x 24.5x Demand Media, Inc. 5.17 -20% 105.3 74.7 119.7 (22.4) NM -25.4% 0.6x NM Everyday Health, Inc. 7.88 -39% 261.5 344.1 246.0 22.6 9.2% 30.9% 1.4x 15.2x Facebook, Inc. 114.28 -16% 326,875.7 306,254.7 19,767.0 9,435.0 47.7% 46.3% 15.5x 32.5x Fitbit Inc. 12.22 -76% 2,658.4 1,866.7 2,026.6 288.1 14.2% 108.2% 0.9x 6.5x Glu Mobile, Inc. 2.20 -66% 291.1 131.8 235.0 (5.6) NM -5.3% 0.6x NM GoPro, Inc. 10.81 -83% 1,494.6 1,105.9 1,440.4 (48.5) NM -5.3% 0.8x NM IAC/InterActiveCorp 56.30 -33% 4,458.9 4,841.5 3,277.6 382.8 11.7% 4.3% 1.5x 12.6x LinkedIn Corporation 189.25 -27% 25,294.2 23,300.2 3,213.9 266.1 8.3% 34.9% 7.2x 87.5x MeetMe, Inc. 5.33 -4% 254.4 228.4 58.6 11.6 19.8% 24.8% 3.9x 19.7x Netflix, Inc. 91.48 -31% 39,180.9 39,480.6 7,164.1 319.7 4.5% 23.4% 5.5x NM Pandora Media, Inc. 12.45 -45% 2,848.3 2,738.0 1,230.6 (112.4) NM 28.6% 2.2x NM RealNetworks Inc. 4.31 -26% 158.4 71.6 122.9 (46.7) NM -12.9% 0.6x NM TheStreet, Inc. 1.13 -43% 39.8 10.0 66.8 0.8 1.1% 5.2% 0.1x 13.0x Twitter, Inc. 16.91 -56% 11,778.95 9,805.22 2,376.61 (66.76) NM 49.6% 4.1x NM United Online, Inc. 11.00 -33% 164.82 66.75 145.29 15.07 10.4% NA 0.5x 4.4x WebMD Health Corp. 58.11 -14% 2,149.2 2,247.6 651.6 153.5 23.6% 10.4% 3.4x 14.6x XO Group Inc. 17.43 -4% 444.2 352.0 144.7 21.5 14.8% 0.6% 2.4x 16.4x Yahoo! Inc. 37.56 -6% 35,679.0 4,622.4 4,829.5 245.4 5.1% 2.5% 1.0x 18.8x Zynga, Inc. 2.49 -13% 2,175.5 1,318.0 768.1 (26.4) NM 8.9% 1.7x NM

Average 2.2x 12.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.2x) *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 June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 165.15 -24% $57,190.8 $52,181.2 $10,764.6 $2,759.6 25.6% 32.9% 4.8x 18.9x Changyou.com Limited China 20.04 -29% 1,018.1 395.3 682.8 218.7 32.0% -12.8% 0.6x 1.8x CyberAgent Inc. Japan 60.08 -4% 3,774.0 3,517.6 2,483.6 382.1 15.4% 19.8% 1.4x 9.2x DeNA Co., Ltd. Japan 23.16 -7% 3,358.1 2,695.4 1,279.0 290.0 22.7% 0.9% 2.1x 9.3x G5 Entertainment AB (publ) Sweden 3.82 -41% 33.6 29.3 47.9 4.3 8.9% 28.7% 0.6x 6.8x GameLoft S.E. * France 8.41 -8% 754.0 714.6 278.2 15.5 5.6% 12.7% 2.6x 46.1x Gree, Inc. Japan 5.63 -23% 1,316.9 563.6 669.0 175.9 26.3% -23.4% 0.8x 3.2x iDreamSky Technology Limited China 13.63 -2% 617.5 546.0 252.4 31.9 12.6% 66.5% 2.2x 17.1x International Game Technology PLC United Kingdom 18.74 -6% 3,767.4 11,489.6 5,122.4 1,553.8 30.3% 41.4% 2.2x 7.4x KongZhong Corporation China 5.06 -35% 238.3 160.1 180.0 22.4 12.4% -21.4% 0.9x 7.2x Mixi, Inc. Japan 40.85 -35% 3,443.4 2,213.4 1,858.3 882.6 47.5% 84.9% 1.2x 2.5x NCsoft Corporation South Korea 204.69 -15% 4,347.8 3,718.4 783.9 266.8 34.0% 5.0% 4.7x 13.9x Naver Corporation South Korea 615.81 -7% 17,942.9 16,789.1 3,033.2 856.9 28.3% 20.0% 5.5x 19.6x NetEase, Inc. China 193.22 0% 25,404.0 21,587.4 4,192.2 1,399.4 33.4% 108.0% 5.1x 15.4x NEXON Co., Ltd. Japan 14.67 -27% 6,401.6 3,723.1 1,742.5 532.2 30.5% 10.4% 2.1x 7.0x Pacific Online Ltd. China 0.24 -43% 263.1 196.2 168.9 36.2 21.5% 11.0% 1.2x 5.4x Phoenix New Media Limited China 3.68 -52% 262.5 132.8 242.8 18.7 7.7% -4.8% 0.5x 7.1x Renren Inc. * China 1.79 -53% 609.0 637.5 43.5 (90.7) NM 37.4% 14.6x NM Weibo Corporation * China 28.41 -4% 6,043.5 5,677.6 500.9 69.6 13.9% 38.0% 11.3x 81.6x WeMade Entertainment Co., Ltd. * South Korea 21.86 -64% 362.9 353.8 108.2 3.8 3.5% -22.4% 3.3x 93.2x Yandex N.V. Netherlands 21.85 -6% 7,095.0 6,554.3 952.6 279.0 29.3% 22.4% 6.9x 23.5x YY Inc. China 33.87 -48% 1,860.9 1,746.9 991.0 226.7 22.9% 53.7% 1.8x 7.7x

Average 1.7x 10.1x

*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 (44.0x)

10 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 9.02 -17% $590.2 $649.6 $1,166.9 $84.7 7.3% 8.0% 0.6x 7.7x Alphabet Inc. 703.53 -13% 479,090.3 413,019.3 77,988.0 25,512.0 32.7% 15.0% 5.3x 16.2x Amazon.com, Inc. 715.62 -2% 337,649.5 339,402.5 113,417.0 9,087.0 8.0% 23.3% 3.0x 37.4x Apple Inc. 95.60 -28% 523,641.8 547,709.8 227,535.0 78,498.0 34.5% 7.2% 2.4x 7.0x Blucora, Inc. 10.36 -36% 428.5 873.0 202.4 35.6 17.6% NA 4.3x 24.5x Blue Nile Inc. 27.38 -30% 317.9 288.6 476.7 16.8 3.5% 0.1% 0.6x 17.2x CafePress Inc. 3.10 -38% 51.8 13.6 99.0 2.6 2.6% -23.2% 0.1x 5.3x CDW Corporation 40.08 -15% 6,637.6 10,014.2 13,350.2 1,000.5 7.5% 9.6% 0.8x 10.0x Chegg, Inc. 5.00 -43% 450.6 389.1 283.2 3.2 1.1% -10.2% 1.4x NM Copart, Inc. 49.01 -2% 5,360.8 5,924.1 1,218.1 429.8 35.3% 5.8% 4.9x 13.8x eBay Inc. 23.41 -65% 26,895.8 27,918.8 8,668.0 2,978.0 34.4% 26.5% 3.2x 9.4x Etsy, Inc. 9.59 -59% 1,084.4 827.5 296.8 21.7 7.3% 39.0% 2.8x 38.2x Expedia Inc. 106.30 -24% 15,815.3 17,694.4 7,202.9 800.2 11.1% 21.3% 2.5x 22.1x FTD Companies, Inc. 24.96 -26% 691.7 916.8 1,182.6 102.6 8.7% 44.5% 0.8x 8.9x GrubHub Inc. 31.07 -14% 2,632.2 2,307.7 385.8 89.3 23.2% 36.1% 6.0x 25.8x HSN, Inc. 48.93 -35% 2,558.3 3,129.5 3,665.5 312.5 8.5% 0.4% 0.9x 10.0x IAC/InterActiveCorp 56.30 -33% 4,458.9 4,841.5 3,277.6 382.8 11.7% 4.3% 1.5x 12.6x QVC Group $25.37 -20% 12,186.4 18,453.4 9,598.0 1,764.0 18.4% 0.7% 1.9x 10.5x Liberty Ventures 37.07 -18% 5,268.7 4,615.7 687.0 (32.0) NM -8.0% 6.7x NM Liquidity Services, Inc. 7.84 -21% 240.9 123.4 321.8 (5.4) NM -32.0% 0.4x NM Match Group, Inc. 15.08 -6% 3,752.0 4,818.4 1,070.6 263.5 24.6% 17.2% 4.5x 18.3x Overstock.com Inc. 16.11 -33% 408.2 306.9 1,673.2 8.0 0.5% 7.7% 0.2x 38.3x PetMed Express, Inc. 18.76 -9% 378.6 341.0 234.7 33.2 14.1% 2.3% 1.5x 10.3x The Priceline Group Inc. 1,248.41 -15% 61,970.3 65,011.2 9,531.4 3,649.6 38.3% 10.3% 6.8x 17.8x Shutterfly, Inc. 46.61 -5% 1,606.2 1,816.0 1,081.2 120.7 11.2% 14.5% 1.7x 15.0x Shutterstock, Inc. 45.80 -20% 1,602.8 1,327.3 444.3 59.9 13.5% 26.0% 3.0x 22.1x Spark Networks, Inc. 1.58 -62% 40.9 36.8 44.5 (4.0) NM -23.9% 0.8x NM Stamps.com Inc. 87.42 -29% 1,525.20 1,577.59 251.74 80.69 32.1% 59.3% 6.3x 19.6x U.S. Auto Parts Network, Inc. 3.95 -10% 137.0 147.6 295.5 7.0 2.4% 1.2% 0.5x 21.0x EVINE Live Inc. 1.65 -48% 94.4 149.1 701.8 8.7 1.2% 4.2% 0.2x 17.1x Wayfair Inc. 39.00 -31% 3,303.9 2,994.4 2,572.9 (75.3) NM 75.7% 1.2x NM

Average 1.6x 12.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.9x)

11 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 45.89 -35% $ 6,499.5 $ 6,288.5 $ 859.0 $ (205.1) NM 182.7% 7.3x NM Alibaba Group Holding Limited * China 79.53 -8% 198,449.4 194,518.2 15,670.6 5,606.6 35.8% 32.7% 12.4x 34.7x Cnova N.V. * Netherlands 4.95 -13% 2,184.4 2,475.0 3,723.0 (99.5) NM -8.9% 0.7x NM E-Commerce China Dangdang Inc. China 6.05 -25% 497.8 290.5 1,434.3 19.8 1.4% 17.0% 0.2x 14.7x JD.com, Inc. * China 21.23 -40% 29,128.3 27,138.6 30,772.7 (176.3) NM 54.0% 0.9x NM Jumei International Holding Limited China 4.13 -80% 605.6 157.6 1,131.0 27.9 2.5% 88.9% 0.1x 5.6x LightInTheBox Holding Co., Ltd. * China 3.40 -26% 233.8 130.8 303.4 (17.8) NM -21.9% 0.4x NM Mercadolibre, Inc. * Argentina 140.67 -1% 6,211.6 6,170.1 661.3 168.5 25.5% 12.2% 9.3x 36.6x PChome Online Inc. Taiwan 10.98 -27% 1,096.1 867.2 744.5 38.6 5.2% 15.0% 1.2x 22.5x Rakuten, Inc. Japan 10.74 -48% 15,305.4 15,901.6 6,541.8 1,288.6 19.7% 18.7% 2.4x 12.3x Travelport Worldwide Limited United Kingdom 12.89 -16% 1,596.0 3,934.9 2,258.1 428.6 19.0% 5.1% 1.7x 9.2x Vipshop Holdings Limited China 11.17 -53% 6,459.3 6,439.8 6,779.9 448.8 6.6% 59.5% 0.9x 14.3x

Average 1.0x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (30.3x)

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

. There was a total of 31 transactions announced in the Digital Advertising segment, of which 19 were worth more than $975 million in reported value . Vertical Search was the most active subsegment with 10 transactions followed by the Digital Video and Local Search subsegments with five transaction each . Select Transactions: • Gannett’s pending acquisition of small and mid-sized business search marketing solutions provider ReachLocal in a transaction valued at $156 million • The acquisition of mobile ad exchange Smaato by China-based Spearhead Integrated Marketing Communications for a reported $148 million • The $34 million Columbus Partners-led investment in programmatic ad network Collective • Internet Brands’ acquisition of ACE Tech, a provider of lead management programs and marketing services to automotive dealerships DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 10 32% $16.7 2% 5 - 0 - 5 $16.7 Digital Video 5 16% 19.0 2% 2 - 0 - 3 19.0 Local Search 5 16% 181.7 19% 1 156.0 0 - 4 25.7 Mobile Marketing 4 13% 193.0 20% 3 148.0 0 - 1 45.0 Online Lead Generation 3 10% 525.0 54% 1 - 2 525.0 0 - Ad Networks/Exchanges 2 6% 34.0 3% 1 - 0 - 1 34.0 Digital Promotion/Coupon 1 3% 6.0 1% 0 - 0 - 1 6.0 Other* 1 3% 0.0 0% 0 - 0 - 1 2.4 Total 31 100% 977.8 100% 13 304.0 2 525.0 16 148.8

13 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $195.92 -36% $ 11,547.5 $ 28,700.8 $ 6,514.6 $ 1,523.2 23.4% 14.9% 4.4x 18.8x Alphabet Inc. 703.53 -13% 479,090.3 413,019.3 77,988.0 25,512.0 32.7% 15.0% 5.3x 16.2x Angie's List, Inc. $6.51 -42% 381.8 380.5 344.4 16.5 4.8% 5.7% 1.1x 23.1x Autobytel Inc. 13.87 -45% 148.2 149.9 143.2 12.2 8.5% 35.7% 1.0x 12.2x Bankrate, Inc. 7.48 -53% 675.9 765.4 374.8 96.3 25.7% 23.7% 2.0x 8.0x Blucora, Inc. 10.36 -36% 428.5 873.0 202.4 35.6 17.6% NA 4.3x 24.5x Care.com, Inc. 11.68 -3% 382.7 330.4 145.9 (3.5) NM 24.2% 2.3x NM Demand Media, Inc. 5.17 -20% 105.3 74.7 119.7 (22.4) NM -25.4% 0.6x NM DHI Group, Inc. 6.23 -41% 323.0 390.1 254.3 59.3 23.3% -4.3% 1.5x 6.6x Digital Globe Services Inc. 0.91 -29% 27.2 26.7 45.6 4.2 9.3% 15.0% 0.6x 6.3x Facebook, Inc. * 114.28 -16% 326,875.7 306,254.7 19,767.0 9,435.0 47.7% 46.3% 15.5x 32.5x Groupon, Inc. * 3.25 -39% 1,885.1 1,250.1 3,101.1 30.7 1.0% 1.2% 0.4x 40.7x IAC/InterActiveCorp 56.30 -33% 4,458.9 4,841.5 3,277.6 382.8 11.7% 4.3% 1.5x 12.6x IDI, Inc 4.73 -63% 239.4 280.2 52.3 (46.5) NM 0.0% 5.4x NM MaxPoint Interactive, Inc. 10.80 -73% 71.3 63.2 140.9 (19.5) NM 17.6% 0.4x NM Monster Worldwide, Inc. 2.39 -71% 212.5 265.3 651.8 92.5 14.2% -6.9% 0.4x 2.9x QuinStreet, Inc. 3.55 -48% 161.2 121.5 289.5 (4.8) NM 3.8% 0.4x NM Quotient Technology Inc. 13.41 -4% 1,112.0 962.7 247.8 (21.1) NM 9.7% 3.9x NM RetailMeNot, Inc. 7.71 -56% 375.7 187.3 243.4 36.6 15.0% -7.7% 0.8x 5.1x RhythmOne plc 0.40 -4% 161.4 118.2 166.7 (16.9) NM -22.4% 0.7x NM Rocket Fuel Inc. 2.22 -73% 97.4 110.4 462.0 (20.6) NM 5.4% 0.2x NM Rovi Corporation 15.64 -34% 1,283.9 2,097.3 510.6 165.0 32.3% -4.4% 4.1x 12.7x The Rubicon Project, Inc. 13.65 -33% 661.5 503.1 280.5 28.4 10.1% 101.2% 1.8x 17.7x TiVo Inc. 9.90 -7% 987.07 668.61 482.14 84.20 17.5% 5.0% 1.4x 7.9x Travelzoo Inc. 8.02 -37% 113.2 83.6 137.4 9.6 7.0% -9.7% 0.6x 8.7x LendingTree, Inc. 88.33 -37% 1,049.3 875.1 298.0 35.2 11.8% 67.2% 2.9x 24.9x Tremor Video, Inc. 1.84 -40% 97.0 40.6 170.4 (11.8) NM 4.7% 0.2x NM TripAdvisor Inc. * 64.30 -32% 9,368.9 8,787.9 1,481.0 233.0 15.7% 11.5% 5.9x 37.7x TrueCar, Inc. 7.85 -33% 657.6 578.8 263.1 (38.0) NM 18.9% 2.2x NM TubeMogul, Inc. 11.90 -27% 425.5 351.1 192.5 (11.8) NM 57.1% 1.8x NM Twitter, Inc. 16.91 -56% 11,778.9 9,805.2 2,376.6 (66.8) NM 49.6% 4.1x NM Web.com Group, Inc. 18.18 -30% 862.3 1,572.7 555.7 111.8 20.1% 2.4% 2.8x 14.1x Yahoo! Inc. 37.56 -6% 35,679.0 4,622.4 4,829.5 245.4 5.1% 2.5% 1.0x 18.8x Yelp Inc. 30.36 -21% 2,321.7 1,946.2 589.8 (8.9) NM 40.6% 3.3x NM YuMe, Inc. 3.68 -34% 127.7 65.6 172.3 (9.5) NM -4.6% 0.4x NM Zillow Group, Inc. * 36.65 0% 6,561.0 6,277.4 703.4 (10.4) NM 81.8% 8.9x NM

Average 1.6x 12.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.0x) *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 June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Criteo SA France 45.92 -20% 2,895.9 2,525.7 1,430.3 129.0 9.0% 27.9% 1.8x 19.6x Ctrip.com International Ltd. China 41.20 -28% 19,041.0 21,598.8 1,977.1 (142.3) NM 57.9% 10.9x NM Just Dial Limited India 9.04 -53% 627.9 518.8 104.2 24.3 23.3% 17.1% 5.0x 21.3x MakeMyTrip Limited India 14.86 -35% 627.4 629.9 336.1 (59.8) NM 12.1% 1.9x NM Matomy Media Group Ltd. Israel 0.98 -40% 91.6 111.1 271.0 24.7 9.1% 14.1% 0.4x 4.5x Opera Software ASA Norway 8.00 -9% 1,170.8 1,339.4 652.6 88.2 13.5% 25.4% 2.1x 15.2x Pacific Online Ltd. China 0.24 -43% 263.1 196.2 168.9 36.2 21.5% 11.0% 1.2x 5.4x Rightmove plc * United Kingdom 48.50 -15% 4,557.8 4,541.3 283.3 203.7 71.9% 15.0% 16.0x 22.3x Septeni Holdings Co., Ltd. * Japan 36.37 -3% 943.6 824.6 384.0 35.8 9.3% -24.4% 2.1x 23.0x Taptica International Ltd Israel 0.92 -61% 57.4 40.5 75.8 5.9 7.8% 20.1% 0.5x 6.8x TradeDoubler AB Sweden 0.74 -18% 31.47 22.62 193.10 (7.96) NM -9.0% 0.1x NM XLMedia PLC Channel Islands 0.87 -23% 174.8 138.6 89.2 23.9 26.8% 75.9% 1.6x 5.8x Yandex N.V. * Netherlands 21.85 -6% 7,095.0 6,554.3 952.6 279.0 29.3% 22.4% 6.9x 23.5x Zhaopin Ltd. China 14.53 -14% 790.0 500.2 225.2 50.3 22.3% 19.3% 2.2x 10.0x

Average 1.4x 12.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.2x) *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: Google Inc. pricing represents (Nasdaq:GOOGL)

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

. The Marketing Technology segment announced 74 transactions, of which 65 reported nearly $7 billion in value . Analytics & Targeting was the most active subsegment with 18 transactions announced, 16 of which reported nearly $300 million in value . Select Transactions: • The OpenText purchase of eDiscovery and information analytics company Recommind for $163 million • Infor’s $125 million acquisition of SaaS-based retailer analytics and merchandising solutions company Predictix • The $55 million acquisition of multi-carrier shipping solutions developer ShippingEasy by Stamps.com • The acquisition of AdGear, a developer of ad serving tools for media agencies and publishers, by Samsung in a transaction valued at $50 million • Syniverse’s $45 million investment in SaaS-based mobile relationship management platform Vibes

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 18 24% $296.9 4% 2 $125.0 0 - 16 $171.9 Commerce Management 9 12% 2,968.3 43% 2 2,716.9 0 - 7 251.4 Email/Messaging Software 6 8% 24.5 0% 2 - 0 - 4 24.5 Content Management 5 7% 70.5 1% 1 - 0 - 4 70.5 SFA/Lead Management 5 7% 61.5 1% 0 - 0 - 5 61.5 Teleservices/eServices 5 7% 361.8 5% 1 315.0 0 - 4 46.8 CRM 4 5% 25.0 0% 0 - 1 - 3 25.0 Other* 22 30% 3,142.6 45% 5 220.5 1 2,614.9 16 237.1 Total 74 100% 6,951.1 100% 13 3,377.4 2 2,614.9 59 958.8

16 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated 95.79 -5% $ 47,731.28 $ 45,331.27 $ 5,306.22 $ 1,526.91 28.8% 22.0% 8.5x 29.7x AppFolio, Inc. 14.46 -27% 486.0 464.7 82.3 (11.8) NM 53.4% 5.6x NM Bazaarvoice, Inc. 4.01 -34% 329.1 276.5 199.8 (15.0) NM 4.5% 1.4x NM Blackbaud Inc. 67.90 -1% 3,150.8 3,562.2 660.2 110.5 16.7% 13.1% 5.4x 32.2x Brightcove Inc. 8.80 -2% 288.4 260.1 138.1 2.1 1.5% 8.9% 1.9x 124.4x ChannelAdvisor Corporation 14.49 -3% 369.1 309.5 104.3 (7.0) NM 18.4% 3.0x NM Covisint Corporation 2.18 -34% 88.3 48.6 76.0 (11.3) NM -14.1% 0.6x NM Cvent, Inc. 35.72 -4% 1,510.1 1,332.9 198.9 6.3 3.2% 30.9% 6.7x 212.4x Demandware, Inc. 74.90 -1% 2,861.8 2,666.4 254.1 (33.7) NM 42.5% 10.5x NM eBay Inc. 23.41 -65% 26,895.8 27,918.8 8,668.0 2,978.0 34.4% 26.5% 3.2x 9.4x Endurance International Group 8.99 -60% 1,266.7 3,243.7 801.1 155.6 19.4% 21.1% 4.0x 20.9x Five9,Holdings, Inc. Inc. 11.90 -8% 616.8 604.2 136.6 (9.3) NM 25.2% 4.4x NM GoDaddy Inc. 31.19 -12% 2,556.7 3,397.0 1,664.7 154.1 9.3% 15.3% 2.0x 22.0x HubSpot, Inc. 43.42 -28% 1,517.2 1,410.5 202.7 (41.9) NM 56.1% 7.0x NM Interactive Intelligence Group Inc. 40.99 -12% 905.0 851.5 400.7 (0.3) NM 14.0% 2.1x NM IBM Corporation 151.78 -13% 145,703.0 176,538.0 80,835.0 19,003.0 23.5% -10.3% 2.2x 9.3x Jive Software, Inc. 3.76 -32% 288.0 178.3 199.3 (19.1) NM 7.9% 0.9x NM LivePerson Inc. 6.34 -38% 364.1 319.6 234.7 16.4 7.0% 5.8% 1.4x 19.5x Marin Software Incorporated 2.35 -64% 89.7 55.7 109.3 (15.7) NM 6.2% 0.5x NM Marketo, Inc. 34.82 -1% 1,567.8 1,479.5 226.1 (53.8) NM 38.1% 6.5x NM MaxPoint Interactive, Inc. 10.80 -73% 71.3 63.2 140.9 (19.5) NM 17.6% 0.4x NM MicroStrategy Inc. 175.02 -23% 1,999.6 1,463.3 525.0 144.0 27.4% -7.2% 2.8x 10.2x MINDBODY, Inc. 16.14 -12% 640.6 565.0 111.1 (26.8) NM 45.0% 5.1x NM NetSuite Inc. 72.80 -29% 5,856.0 5,756.4 792.9 (62.9) NM 32.6% 7.3x NM Nuance Communications, Inc. 15.63 -28% 4,364.2 6,310.7 1,946.9 305.7 15.7% 1.0% 3.2x 20.6x Oracle Corporation 40.93 -3% 168,743.3 156,974.3 37,047.0 14,753.0 39.8% -3.1% 4.2x 10.6x PayPal Holdings, Inc. 36.51 -14% 44,251.1 39,484.1 9,655.0 2,021.0 20.9% 16.5% 4.1x 19.5x PROS Holdings, Inc. 17.43 -31% 528.5 492.3 162.5 (48.4) NM -13.8% 3.0x NM PTC Inc. 37.58 -9% 4,307.5 4,777.2 1,179.3 198.6 16.8% -12.2% 4.1x 24.1x Qlik Technologies, Inc. 29.58 -31% 2,806.46 2,436.51 630.50 3.83 0.6% 11.4% 3.9x NM Rightside Group, Ltd. 10.64 -2% 204.3 182.3 217.1 (0.4) NM 9.8% 0.8x NM Rovi Corporation 15.64 -34% 1,283.88 2,097.29 510.63 165.01 32.3% -4.4% 4.1x 12.7x The Rubicon Project, Inc. 13.65 -33% 661.5 503.1 280.5 28.4 10.1% 101.2% 1.8x 17.7x salesforce.com, inc. 79.41 -6% 53,800.3 53,834.5 7,072.7 522.3 7.4% 25.0% 7.6x 103.1x Sizmek Inc. 2.29 -71% 66.7 26.4 176.5 6.4 3.6% 4.3% 0.1x 4.1x Square, Inc. 9.05 -43% 3,034.5 2,620.4 1,395.8 (101.1) NM 52.6% 1.9x NM

17 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Synchronoss Technologies, Inc. 31.86 -36% $ 1,436.3 $ 1,607.1 $ 588.6 $ 144.5 24.5% 19.7% 2.7x 11.1x Tableau Software, Inc. 48.92 -63% 3,639.4 2,831.4 695.1 (58.1) NM 48.5% 4.1x NM Teradata Corporation 25.07 -33% 3,259.1 3,012.1 2,493.0 379.0 15.2% -7.2% 1.2x 7.9x Verint Systems Inc. 33.13 -47% 2,060.7 2,440.8 1,106.2 121.1 10.9% -3.0% 2.2x 20.2x Xactly Corporation 12.81 -4% 385.9 355.1 81.4 (17.1) NM 27.9% 4.4x NM Zendesk, Inc. 26.38 -6% 2,420.2 2,165.9 235.0 (74.2) NM 63.0% 9.2x NM

Adjusted Weighted Average 4.3x 13.5x

*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 (83.9x)

($ 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 6.49 -35% $ 321.31 $ 216.58 $ 432.18 $ 5.23 1.2% 55.6% 0.5x 41.4x ChinaCache International Holdings Ltd. China 6.48 -41% 174.5 111.8 194.9 (14.9) NM -11.7% 0.6x NM Mercadolibre, Inc. Argentina 140.67 -1% 6,211.6 6,170.1 661.3 168.5 25.5% 12.2% 9.3x 36.6x Open Text Corporation Canada 59.16 -5% 7,175.5 7,867.7 1,823.1 556.8 30.5% -2.1% 4.3x 14.1x Opera Software ASA Norway 8.00 -9% 1,170.8 1,339.4 652.6 88.2 13.5% 25.4% 2.1x 15.2x Sage Group plc United Kingdom 8.58 -1% 9,263.69 9,623.83 2,109.75 562.58 26.7% 3.6% 4.6x 17.1x SAP SE Germany 75.16 -11% 90,041.1 92,889.6 23,942.8 6,635.2 27.7% 14.5% 3.9x 14.0x Shopify Inc. Canada 30.76 -25% 2,596.7 2,407.3 240.6 (16.7) NM 94.7% 10.0x NM Weborama France 12.67 -14% 43.1 41.6 31.8 1.2 3.7% 9.8% 1.3x 35.5x Wix.com ltd Israel 30.35 0% 1,223.9 1,110.5 220.6 (45.7) NM 40.0% 5.0x NM

Adjusted Weighted Average 2.5x 15.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.2x)

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

. There were 24 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active subsegment with 10 transactions . Select transactions: • Tech Mahindra’s acquisition of digital strategy and design firm The BIO Agency in a transaction valued at $32.4 million • Clayton, Dubilier & Rice’s pending buy-out of TRANZACT, a provider of direct-to-consumer sales and marketing solutions for insurance carriers, from White Mountains Insurance Group (a Petsky Prunier-led transaction) • The acquisition of Germany-based retail brand management consultancy dgroup will be acquired by Accenture • Augeo Affinity Marketing’s acquisition of rewards incentive programs provider Incentive Logic • The acquisition of Canada-based digital agency TP1 by Havas • Allison & Partners’ purchase of media relations and marketing agency Higher Ground Communications

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 10 42% $32.4 100% 10 $32.4 0 - 0 - Public Relations 3 13% - 0% 3 - 0 - 0 - Social Agency 3 13% - 0% 3 - 0 - 0 - Branded Communications 2 8% - 0% 2 - 0 - 0 - Loyalty/Retention 2 8% - 0% 1 - 0 - 1 - Channel Services 1 4% - 0% 1 - 0 - 0 - General Agency 1 4% - 0% 1 - 0 - 0 - Other* 2 8% 0 0% 2 - 0 - 0 - Total 24 100% 32.4 100% 23 32.4 0 0.0 1 0.0

19 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.28 -8% $ 110.5 $ 116.1 $ 232.0 $ 13.2 5.7% -7.4% 0.5x 8.8x Creston plc United Kingdom 1.15 -47% 66.6 64.8 155.6 14.5 9.3% 40.5% 0.4x 4.5x Dentsu Inc. Japan 46.45 -35% 13,244.2 14,600.3 7,836.6 1,651.6 21.1% NM 1.9x 8.8x Enero Group Limited Australia 0.93 -5% 79.4 55.3 158.8 9.2 5.8% 6.9% 0.3x 6.0x Globant S.A. * Luxembourg 39.35 -5% 1,353.4 1,283.8 272.6 41.0 15.0% 29.2% 4.7x 31.3x Hakuhodo DY Holdings Inc Japan 11.90 -17% 4,434.3 3,125.6 10,815.7 455.9 4.2% 7.4% 0.3x 6.9x Havas SA France 7.75 -16% 3,250.3 3,169.2 2,376.3 378.0 15.9% 17.3% 1.3x 8.4x Huntsworth plc United Kingdom 0.52 -18% 166.3 206.7 248.3 26.5 10.7% 1.6% 0.8x 7.8x M&C Saatchi plc United Kingdom 3.78 -24% 275.4 273.8 263.9 30.9 11.7% 5.6% 1.0x 8.9x MDC Holdings Inc. United States 24.34 -22% 1,192.9 1,932.7 1,928.3 126.8 6.6% 9.9% 1.0x 15.2x Next Fifteen Communications Group plc United Kingdom 3.30 -18% 238.4 248.2 183.9 23.3 12.6% 22.8% 1.3x 10.7x Omnicom Group Inc. United States 81.49 -5% 19,374.2 23,065.7 15,164.3 2,225.6 14.7% -0.8% 1.5x 10.4x OPT Holding, Inc. Japan 7.44 -13% 192.2 167.5 589.2 28.7 4.9% 3.8% 0.3x 5.8x Publicis Groupe SA France 67.22 -18% 14,927.8 17,070.1 10,427.4 1,878.9 18.0% 32.3% 1.6x 9.1x St Ives plc United Kingdom 1.09 -67% 155.7 271.7 503.5 65.9 13.1% 5.2% 0.5x 4.1x The Interpublic Group of Companies, Inc. United States 23.10 -7% 9,295.6 10,637.6 7,679.8 1,040.5 13.5% 1.4% 1.4x 10.2x WPP plc United Kingdom 20.63 -8% 26,113.8 30,885.4 18,043.4 3,157.5 17.5% 6.1% 1.7x 9.8x

Adjusted Weighted Average 1.5x 9.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.9x)

20 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $21.99 -7% $ 1,710.7 $ 1,711.4 $ 850.1 $ 79.3 9.3% 5.6% 2.0x 21.6x Aimia Inc. Canada 6.09 -46% 926.9 1,123.3 1,828.0 111.7 6.1% -5.9% 0.6x 10.1x Alliance Data Systems Corporation United States 195.92 -36% 11,547.5 24,378.4 6,514.6 1,523.2 23.4% 14.9% 3.7x 16.0x CSG Systems International Inc. United States 40.31 -13% 1,307.7 1,479.2 753.1 157.0 20.8% 0.6% 2.0x 9.4x DST Systems Inc. United States 116.43 -14% 3,863.1 4,531.4 2,868.6 400.5 14.0% 3.6% 1.6x 11.3x Fair Isaac Corporation * United States 113.01 -2% 3,523.5 4,049.1 848.9 197.8 23.3% 4.0% 4.8x 20.5x Harte-Hanks Inc. United States 1.59 -73% 97.7 164.9 484.9 27.3 5.6% -10.6% 0.3x 6.0x High Co. SA France 9.94 -8% 102.6 57.3 168.0 14.0 8.3% 19.2% 0.3x 4.1x IDI, Inc * United States 4.73 -63% 239.4 280.2 52.3 (46.5) NM 0.0% 5.4x NM Multiplus S.A. Brazil 11.29 -14% 1,828.5 1,375.5 646.1 157.2 24.3% 19.9% 2.1x 8.7x Pitney Bowes Inc. United States 17.80 -18% 3,357.4 5,964.1 3,532.0 785.8 22.2% -6.4% 1.7x 7.6x Points International Ltd. Canada 8.98 -27% 137.0 91.4 302.7 9.6 3.2% 14.8% 0.3x 9.5x Viad Corp United States 31.00 -6% 627.8 761.7 1,066.0 75.6 7.1% 2.1% 0.7x 10.1x

Adjusted Weighted Average 2.9x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.6x)

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

. Of the 19 transactions announced in the Traditional Media segment in June, seven reported more than $4.4 billion in aggregate reported value; the majority of which is accounted for in Lions Gate Entertainment’s acquisition of Starz . Select Transactions: • Arrow Electronics' purchase of UBM’s Electronics Media portfolio for $23.5 million • Future plc’s acquisition of print and digital photography magazines publisher Imagine Publishing for $21 million • UBM’s $17.6 million acquisition of content marketing events company Content Marketing Institute • The acquisition of travel magazine Fodor’s by Internet Brands from Penguin Random House • Wasserstein Partners’ acquisition of B-to-B travel information and events company Northstar Travel Group • The majority stake taken in print music publisher Hal Leonard by Seidler Equity Partners

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 9 47% $4,339.1 99% 5 $4,307.3 0 - 4 $31.8 B-to-B Media 4 21% 41.1 1% 2 41.1 1 - 1 - Consumer Magazine Publishing 3 16% 20.9 0% 3 20.9 0 - 0 - Consumer Book Publishing 2 11% - 0% 2 - 0 - 0 - Broadcast Television 1 5% - 0% 0 - 0 - 1 - Total 19 100% 4,401.1 100% 12 4,369.3 1 0.0 6 31.8

22 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $54.44 -6% $ 24,804.4 $ 32,642.4 $ 14,235.0 $ 3,222.0 22.6% 3.6% 2.3x 10.1x Discovery Communications, Inc. United States 25.23 -28% 13,984.1 21,736.1 6,418.0 2,433.0 37.9% 0.4% 3.4x 8.9x Time Warner Inc. United States 73.54 -19% 57,831.1 79,994.1 28,299.0 8,046.0 28.4% 2.2% 2.8x 9.9x Twenty-First Century Fox, Inc. United States 27.05 -22% 51,399.1 67,741.1 26,885.0 6,348.0 23.6% -13.8% 2.5x 10.7x Viacom, Inc. United States 41.47 -36% 16,668.5 28,996.5 13,001.0 3,785.0 29.1% -6.0% 2.2x 7.7x The Walt Disney Company United States 97.82 -20% 158,707.2 178,700.2 54,826.0 16,717.0 30.5% 8.1% 3.3x 10.7x

Adjusted Weighted Average 2.9x 10.3x

*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 (10.8x)

($ 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $12.43 -23% $ 1,571.6 $ 1,564.5 $ 576.0 $ 231.7 40.2% -2.1% 2.7x 6.8x Global Sources Ltd. Bermuda 9.17 -6% 219.0 145.3 163.8 28.9 17.6% -5.0% 0.9x 5.0x Informa plc United Kingdom 9.68 -1% 6,277.8 7,471.3 1,787.6 550.7 30.8% 6.6% 4.2x 13.6x TechTarget, Inc. United States 8.10 -26% 261.6 232.5 113.2 17.6 15.5% 5.9% 2.1x 13.2x UBM plc United Kingdom 8.52 -7% 3,352.5 4,057.0 1,135.4 292.4 25.8% 39.9% 3.6x 13.9x

Adjusted Weighted Average 3.7x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $4.21 -16% $ 98.2 $ 167.6 $ 109.2 $ 22.3 20.5% 55.9% 1.5x 7.5x Cumulus Media Inc. United States 0.31 -85% 72.7 2,419.1 1,166.1 229.7 19.7% -6.1% 2.1x 10.5x Emmis Communications Corp. United States 0.73 -51% 35.3 314.8 231.4 37.3 16.1% -2.7% 1.4x 8.4x Entercom Communications Corp. United States 13.57 -3% 550.9 1,026.9 429.1 101.7 23.7% 12.9% 2.4x 10.1x Pandora Media, Inc. United States 12.45 -45% 2,848.3 2,738.0 1,230.6 (112.4) NM 28.6% 2.2x NM Radio One Inc. United States 3.19 -6% 154.9 1,119.0 454.2 117.3 25.8% 4.2% 2.5x 9.5x Salem Media Group, Inc. United States 7.22 -12% 184.2 459.7 268.5 47.3 17.6% 0.9% 1.7x 9.7x Sirius XM Holdings Inc. * United States 3.95 -6% 19,584.7 25,197.5 4,690.1 1,616.2 34.5% 10.0% 5.4x 15.6x Spanish Broadcasting System Inc. United States 3.56 -51% 25.9 272.5 146.4 37.0 25.3% 0.5% 1.9x 7.4x Townsquare Media, Inc. United States 7.89 -44% 145.1 703.5 454.5 90.9 20.0% 20.9% 1.5x 7.7x

Adjusted Weighted Average 2.2x 9.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.1x)

23 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $60.42 -31% $ 4,391.0 $ 6,943.1 $ 2,618.8 $ 867.3 33.1% 12.9% 2.7x 8.0x Sky plc United Kingdom 11.27 -28% 19,232.9 27,393.0 16,819.1 2,827.0 16.8% 41.2% 1.6x 9.7x Cablevision Systems Corporation United States 1.12 -16% 134.0 137.3 97.7 19.4 19.9% -0.9% 1.4x 7.1x CBS Corporation United States 54.44 -6% 24,804.4 32,642.4 14,235.0 3,222.0 22.6% 3.6% 2.3x 10.1x Charter Communications, Inc. * United States 228.64 -6% 61,824.3 97,684.3 9,922.0 3,478.0 35.1% 7.1% 9.8x 28.1x Comcast Corporation United States 65.19 0% 158,228.8 211,340.8 75,447.0 25,287.0 33.5% 9.0% 2.8x 8.4x Discovery Communications, Inc. United States 25.23 -28% 13,984.1 21,736.1 6,418.0 2,433.0 37.9% 0.4% 3.4x 8.9x Dish Network Corp. United States 52.40 -25% 24,354.0 36,031.8 15,131.9 3,044.0 20.1% 2.4% 2.4x 11.8x Entravision Communications Corporation United States 6.72 -30% 598.2 865.5 252.7 67.3 26.6% 1.5% 3.4x 12.9x General Communication Inc. United States 15.80 -30% 611.1 2,032.7 978.5 305.8 31.2% 5.8% 2.1x 6.6x Gray Television, Inc. United States 10.85 -40% 776.4 2,292.0 637.8 218.2 34.2% 15.9% 3.6x 10.5x Grupo Televisa, S.A.B. Mexico 5.18 -23% 14,970.8 19,141.6 5,231.9 1,943.2 37.1% 8.3% 3.7x 9.9x Liberty Global plc United Kingdom 29.06 -47% 27,079.0 76,395.2 18,351.1 8,417.0 45.9% 0.7% 4.2x 9.1x Media General, Inc. United States 17.19 -5% 2,223.0 4,445.4 1,351.7 360.3 26.7% 63.3% 3.3x 12.3x Nexstar Broadcasting Group, Inc. United States 47.58 -23% 1,459.8 2,967.2 950.3 322.5 33.9% 35.9% 3.1x 9.2x Scripps Networks Interactive, Inc. United States 62.27 -9% 8,029.7 11,784.2 3,176.9 1,438.7 45.3% 18.5% 3.7x 8.2x Sinclair Broadcast Group, Inc. United States 29.86 -17% 2,837.5 6,856.0 2,293.3 689.7 30.1% 10.9% 3.0x 9.9x TEGNA Inc. United States 23.17 -30% 5,041.5 9,459.8 3,101.2 1,128.8 36.4% 58.7% 3.1x 8.4x The E. W. Scripps Company * United States 15.84 -32% 1,330.9 1,633.0 802.1 55.5 6.9% 55.3% 2.0x 29.4x Time Warner Inc. United States 73.54 -19% 57,831.1 79,994.1 28,299.0 8,046.0 28.4% 2.2% 2.8x 9.9x

Adjusted Weighted Average 2.9x 9.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.6x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $40.87 0% $ 3,542.1 $ 3,900.3 $ 939.8 $ 127.4 13.6% 33.5% 4.2x 30.6x Eros International Plc United Kingdom 16.27 -58% 920.6 1,141.3 274.4 38.8 14.1% -3.4% 4.2x 29.4x Lions Gate Entertainment Corp. * United States 20.23 -51% 2,978.4 4,587.6 2,347.4 33.5 1.4% -2.2% 2.0x 137.0x Live Nation Entertainment, Inc. United States 23.50 -21% 4,768.9 5,590.8 7,333.1 546.3 7.4% 6.9% 0.8x 10.2x SFX Entertainment, Inc. United States 0.02 -100% 2.0 300.1 402.4 (86.3) NM 17.4% 0.7x NM Twenty-First Century Fox, Inc. United States 27.05 -22% 51,399.1 67,741.1 26,885.0 6,348.0 23.6% -13.8% 2.5x 10.7x Liberty Global plc United Kingdom 29.06 -47% 27,079.0 76,395.2 18,351.1 8,417.0 45.9% 0.7% 4.2x 9.1x Village Roadshow Limited Australia 3.90 -32% 627.7 1,005.5 761.1 114.3 15.0% 10.1% 1.3x 8.8x World Wrestling Entertainment Inc. United States 18.41 -22% 1,398.3 1,331.2 653.7 77.9 11.9% 10.2% 2.0x 17.1x

Adjusted Weighted Average 3.0x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.1x)

24 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $3.43 -40% $ 214.8 $ 135.0 $ 50.2 $ (70.3) NM -32.7% 2.7x NM APG|SGA SA Switzerland 409.64 -4% 1,228.5 1,086.0 314.8 78.0 24.8% 0.6% 3.5x 13.9x Clear Channel Outdoor Holdings Inc. United States 6.22 -36% 2,235.8 7,051.0 2,781.9 687.2 24.7% -5.4% 2.5x 10.3x Clear Media Ltd. Hong Kong 0.87 -30% 472.0 398.0 236.5 103.2 43.6% 4.1% 1.7x 3.9x JCDecaux SA France 33.74 -26% 7,164.0 7,620.2 3,048.7 578.1 19.0% 13.1% 2.5x 13.2x Lamar Advertising Co. United States 66.30 0% 6,434.0 8,843.7 1,389.5 578.0 41.6% 6.5% 6.4x 15.3x Mood Media Corporation Canada 0.07 -87% 12.7 612.8 472.2 79.4 16.8% -2.7% 1.3x 7.7x National CineMedia, Inc. United States 15.48 -5% 965.8 2,115.1 445.8 202.2 45.4% 11.3% 4.7x 10.5x NTN Buzztime Inc. United States 8.60 -71% 15.9 21.1 24.3 (2.3) NM -4.3% 0.9x NM Tom Group Ltd. * Hong Kong 0.25 -11% 982.9 1,304.1 163.5 7.4 4.5% -16.1% 8.0x 176.5x

Adjusted Weighted Average 4.0x 13.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.4x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation * United States $5.00 -21% $ 107.9 $ 35.5 $ 269.2 $ 1.0 0.4% -1.7% 0.1x 37.2x Daily Mail and General Trust plc United Kingdom 7.93 -40% 2,656.7 3,829.2 2,698.7 411.1 15.2% 2.0% 1.4x 9.3x Emmis Communications Corp. United States 0.73 -51% 35.3 314.8 231.4 37.3 16.1% -2.7% 1.4x 8.4x Gannett Co., Inc. United States 13.81 -23% 1,609.3 1,418.4 2,827.0 389.4 13.8% -8.8% 0.5x 3.6x Glacier Media, Inc. Canada 0.49 -49% 44.0 111.5 165.0 12.2 7.4% -12.2% 0.7x 9.2x John Wiley & Sons Inc. United States 52.18 -6% 3,003.0 3,262.6 1,727.0 283.3 16.4% -5.2% 1.9x 11.5x Meredith Corporation United States 51.91 -1% 2,237.2 2,929.4 1,639.8 314.0 19.2% 5.2% 1.8x 9.3x News Corporation United States 11.35 -29% 6,650.1 5,266.1 8,292.0 616.0 7.4% 2.4% 0.6x 8.5x Scholastic Corporation United States 39.61 -12% 1,352.4 1,017.5 1,646.7 97.6 5.9% 14.6% 0.6x 10.4x The E. W. Scripps Company * United States 15.84 -32% 1,330.9 1,633.0 802.1 55.5 6.9% 55.3% 2.0x 29.4x The McClatchy Company United States 14.62 -16% 111.1 1,044.3 1,037.4 157.1 15.1% -8.0% 1.0x 6.6x The New York Times Company United States 12.10 -15% 1,947.2 1,754.0 1,574.5 239.3 15.2% -0.5% 1.1x 7.3x Time Inc. United States 16.46 -32% 1,675.1 2,533.1 3,100.0 379.0 12.2% -3.6% 0.8x 6.7x

Adjusted Weighted Average 1.1x 8.6x

*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 (21.8x)

25 | M&A and Investment Summary June 2016 Software

. Within the Software segment, more than $6.6 billion in reported value involved Strategic buyers, while nearly $2.2 billion in Venture/Growth Capital investments transactions were announced

. Financial and Healthcare Software were the most active subsegments in June with 27 and 25 transactions announced, respectively . Select Transactions: • Francisco Partners and Elliot Management’s acquisition of Dell’s Software division in a transaction valued at a reported $2 billion • Blackboard’s acquisition of higher education institution refund disbursement and payment processing solutions provider Higher One Holdings in a transaction valued at $260 million • Goldman Sachs Investment Partners’ $150 million investment in multisite property management software developer SMS Assist at a reported $1 billion valuation • Providence Equity Partners’ $130 million investment in IT infrastructure monitoring platform LogicMonitor • The $100 million raised by cybersecurity solutions company Cylance from Blackstone Tactical Opportunities and Insight Venture Partners

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 27 16% $946.3 8% 6 $299.5 2 - 19 $646.8 Healthcare 25 15% 767.4 7% 4 421.0 1 - 20 346.4 Security 23 14% 5,245.2 47% 9 5,000.7 2 - 12 244.5 ERP 16 10% 36.4 0% 7 7.5 1 - 8 28.9 HR 16 10% 227.0 2% 2 10.4 0 - 14 216.6 Collaboration 11 7% 74.4 1% 3 - 0 - 8 74.4 Other* 46 22% 3,767.6 34% 12 894 2 2,400 32 474.1 Total 164 100% 11,152.4 100% 43 6,632.6 8 2,400.0 113 2,119.8

26 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 47.90 -4% $ 1,569.2 $ 1,725.2 $ 272.8 $ 101.7 37.3% 20.3% 6.3x 17.0x Epiq Systems, Inc. United States 14.60 -17% 554.1 933.4 529.7 78.8 14.9% 21.6% 1.8x 11.8x First Data Corporation United States 11.07 -38% 10,046.4 32,255.4 7,812.0 2,343.0 30.0% 2.7% 4.1x 13.8x Fidessa group plc United Kingdom 26.12 -22% 999.8 895.7 435.7 74.1 17.0% 7.4% 2.1x 12.1x Guidewire Software, Inc. * United States 61.76 -5% 4,479.0 3,900.3 409.2 22.7 5.5% 9.8% 9.5x 171.8x Intuit Inc. United States 111.61 0% 28,557.8 27,944.8 4,636.0 1,413.0 30.5% 17.5% 6.0x 19.8x Management Consulting Group PLC United Kingdom 0.21 -7% 106.2 176.4 204.9 (0.1) NM -4.8% 0.9x NM Model N, Inc. United States 13.35 -5% 367.4 297.4 99.5 (22.1) NM 18.0% 3.0x NM NetSuite Inc. United States 72.80 -29% 5,856.0 5,756.4 792.9 (62.9) NM 32.6% 7.3x NM Performant Financial Corporation United States 1.62 -52% 81.0 100.6 159.1 22.1 13.9% -9.2% 0.6x 4.6x Q2 Holdings, Inc. United States 28.02 -8% 1,099.1 994.2 118.5 (18.6) NM 37.0% 8.4x NM RealPage, Inc. United States 22.33 -7% 1,787.0 1,853.8 486.4 60.4 12.4% 17.4% 3.8x 30.7x SS&C Technologies Holdings, Inc. United States 28.08 -27% 5,566.0 8,188.2 1,118.7 366.2 32.7% 42.0% 7.3x 22.4x Tyler Technologies, Inc. United States 166.71 -9% 6,021.3 6,107.7 635.3 133.4 21.0% 23.3% 9.6x 45.8x

Adjusted Weighted Average 6.4x 21.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.2x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 12.70 -20% 2,375.8 2,886.8 1,397.4 124.7 8.9% 1.8% 2.1x 23.1x athenahealth, Inc. * United States 138.01 -19% 5,418.7 5,616.4 974.4 75.6 7.8% 22.4% 5.8x 74.3x Cegedim SA France 30.51 -36% 425.7 662.2 491.9 58.7 11.9% 8.2% 1.3x 11.3x Cerner Corporation United States 58.60 -22% 19,811.6 19,903.6 4,493.5 1,252.9 27.9% 27.4% 4.4x 15.9x Civitas Solutions, Inc. United States 20.83 -31% 772.9 1,418.2 1,388.6 131.9 9.5% 5.6% 1.0x 10.8x Computer Programs & Systems Inc. United States 39.92 -33% 539.9 673.1 205.6 36.1 17.6% 3.4% 3.3x 18.6x Cotiviti Holdings, Inc. United States 21.13 -2% 1,905.3 2,918.3 564.4 207.8 36.8% 0.0% 5.2x 14.0x Craneware plc United Kingdom 10.40 -7% 279.3 238.8 46.4 14.1 30.5% 7.8% 5.2x 16.9x HealthEquity, Inc. United States 30.39 -15% 1,765.0 1,632.1 140.9 41.2 29.2% 44.6% 11.6x 39.6x McKesson Corporation United States 186.65 -21% 42,125.7 47,729.7 190,884.0 4,622.0 2.4% 6.6% 0.3x 10.3x Medidata Solutions, Inc. * United States 46.87 -24% 2,681.6 2,610.9 404.3 43.9 10.9% 15.2% 6.5x 59.5x NantHealth, Inc. * United States 12.50 -36% 1,509.3 1,637.4 66.0 (81.9) NM 70.9% 24.8x NM Quality Systems Inc. United States 11.91 -32% 726.3 794.8 492.5 57.4 11.6% 0.5% 1.6x 13.9x Streamline Health Solutions, Inc. United States 1.20 -66% 23.1 33.5 28.8 (0.8) NM 7.3% 1.2x NM USMD Holdings, Inc. United States 18.74 -18% 213.5 249.0 329.4 (6.4) NM 8.5% 0.8x NM Veeva Systems Inc. United States 34.12 -4% 4,598.2 4,140.7 439.1 87.4 19.9% 30.5% 9.4x 47.4x

Adjusted Weighted Average 2.8x 15.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.4x) 27 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $29.31 -18% $ 1,740.1 $ 1,105.5 $ 328.5 $ 97.5 29.7% 14.0% 3.4x 11.3x Benefitfocus, Inc. United States 38.12 -18% 1,120.0 1,122.6 197.3 (44.0) NM 32.0% 5.7x NM Castlight Health, Inc. United States 3.96 -53% 421.4 300.9 82.1 (76.9) NM 54.3% 3.7x NM Cornerstone OnDemand, Inc. United States 38.06 -12% 2,096.3 2,054.5 365.0 (58.7) NM 30.3% 5.6x NM DHI Group, Inc. United States 6.23 -41% 323.0 390.1 254.3 59.3 23.3% -4.3% 1.5x 6.6x LinkedIn Corporation * United States 189.25 -27% 25,294.2 23,300.2 3,213.9 266.1 8.3% 34.9% 7.2x 87.5x Monster Worldwide, Inc. United States 2.39 -71% 212.5 265.3 651.8 92.5 14.2% -6.9% 0.4x 2.9x Paycom Software, Inc. United States 43.21 -7% 2,589.4 2,542.9 259.6 61.0 23.5% 53.4% 9.8x 41.7x Paylocity Holding Corporation United States 43.20 -8% 2,203.7 2,114.0 210.9 4.9 2.3% 49.2% 10.0x NM The Ultimate Software Group, Inc. * United States 210.29 -3% 6,072.3 5,986.4 660.4 64.4 9.7% 24.7% 9.1x 93.0x Workday, Inc. United States 74.67 -13% 14,710.0 13,144.0 1,256.8 (194.4) NM 43.0% 10.5x NM

Adjusted Weighted Average 8.2x 26.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.2x)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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.32 -25% $ 206.8 $ 174.2 $ 90.1 $ 13.2 14.6% -3.8% 1.9x 13.2x AVG Technologies N.V. Netherlands 18.99 -35% 964.5 1,076.8 433.4 128.3 29.6% 13.1% 2.5x 8.4x Check Point Software Technologies Ltd. Israel 79.68 -11% 13,663.3 12,292.3 1,661.5 857.4 51.6% 8.9% 7.4x 14.3x Cisco Systems, Inc. United States 28.69 -3% 144,302.4 109,385.4 49,452.0 14,426.0 29.2% 1.6% 2.2x 7.6x Cheetah Mobile Inc. China 9.50 -68% 1,353.4 1,139.4 633.7 59.2 9.3% 89.6% 1.8x 19.2x CyberArk Software, Ltd. Israel 48.59 -24% 1,631.1 1,383.6 174.8 35.1 20.1% 47.5% 7.9x 39.4x FireEye, Inc. United States 16.47 -68% 2,739.9 2,533.7 665.6 (410.6) NM 39.5% 3.8x NM Fortinet Inc. * United States 31.59 -37% 5,423.1 4,470.5 1,081.0 53.7 5.0% 32.7% 4.1x 83.2x Gemalto NV Netherlands 60.85 -35% 5,367.7 5,746.9 3,390.2 504.9 14.9% 26.6% 1.7x 11.4x Imperva Inc. United States 43.01 -45% 1,387.5 1,128.8 249.3 (47.6) NM 40.7% 4.5x NM Imprivata, Inc. United States 14.00 -35% 354.6 305.8 125.0 (17.7) NM 21.2% 2.4x NM Infoblox Inc. United States 18.76 -30% 1,067.5 790.3 359.0 0.6 0.2% 26.4% 2.2x NM Juniper Networks, Inc. United States 22.49 -31% 8,634.9 8,521.3 4,888.3 1,092.9 22.4% 8.0% 1.7x 7.8x Mimecast Limited United Kingdom 10.01 -18% 543.0 443.7 141.8 8.0 5.6% 22.2% 3.1x 55.8x Mobileye N.V. * Israel 46.14 -28% 10,115.2 9,858.4 270.5 92.2 34.1% 76.1% 36.4x 107.0x NQ Mobile Inc. China 3.70 -31% 355.8 402.3 391.0 (2.1) NM 14.4% 1.0x NM Palo Alto Networks, Inc. United States 122.64 -39% 10,988.9 10,404.2 1,261.6 (140.0) NM 53.4% 8.2x NM Proofpoint, Inc. United States 63.09 -16% 2,617.9 2,559.1 286.6 (61.4) NM 36.1% 8.9x NM Qihoo 360 Technology Co. Ltd. China 73.05 -4% 8,806.9 9,397.3 1,804.6 380.7 21.1% 29.8% 5.2x 24.7x SecureWorks Corp. United States 14.10 NA 1,137.5 1,013.8 361.9 (57.1) NM 29.8% 2.8x NM Symantec Corporation United States 20.54 -14% 12,642.5 8,824.5 3,600.0 892.0 24.8% -9.0% 2.5x 9.9x Trend Micro Inc. Japan 35.49 -33% 4,864.3 3,645.1 1,106.1 353.3 31.9% 5.7% 3.3x 10.3x VeriSign, Inc. United States 86.46 -8% 9,378.8 9,348.2 1,082.8 689.1 63.6% 6.2% 8.6x 13.6x

Adjusted Weighted Average 3.3x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.9x) 28 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $90.75 -8% $ 7,989.6 $ 7,125.8 $ 950.9 $ 434.8 45.7% 1.3% 7.5x 16.4x Autodesk, Inc. United States 54.14 -18% 12,162.9 11,384.0 2,369.5 22.5 0.9% -7.7% 4.8x NM AVEVA Group plc United Kingdom 22.52 -28% 1,440.2 1,296.7 290.2 68.7 23.7% -3.4% 4.5x 18.9x Dassault Systèmes SE France 75.83 -12% 19,263.6 17,516.1 3,279.3 894.0 27.3% 17.8% 5.3x 19.6x

Adjusted Weighted Average 5.6x 18.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.0x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $95.79 -5% $ 47,731.3 $ 45,331.3 $ 5,306.2 $ 1,526.9 28.8% 22.0% 8.5x 29.7x Atlassian Corporation Plc Australia 25.90 NM 5,527.2 4,803.9 421.3 13.8 3.3% 0.0% 11.4x NM CA, Inc. United States 32.83 -2% 13,800.5 13,080.5 4,025.0 1,256.0 31.2% -5.6% 3.2x 10.4x CommVault Systems, Inc. * United States 43.19 -9% 1,910.0 1,522.8 595.1 12.9 2.2% -2.0% 2.6x 117.8x Covisint Corporation United States 2.18 -34% 88.3 48.6 76.0 (11.3) NM -14.1% 0.6x NM Endurance International Group Holdings, Inc. United States 8.99 -60% 1,266.7 3,243.7 801.1 155.6 19.4% 21.1% 4.0x 20.9x First Data Corporation United States 11.07 -38% 10,046.4 32,255.4 7,812.0 2,343.0 30.0% 2.7% 4.1x 13.8x Guidance Software, Inc. United States 6.19 -39% 199.1 178.7 107.8 (9.6) NM -0.4% 1.7x NM Hortonworks Inc. United States 10.69 -63% 617.3 492.7 141.0 (197.6) NM 135.6% 3.5x NM IBM Corporation United States 151.78 -13% 145,703.0 176,538.0 80,835.0 19,003.0 23.5% -10.3% 2.2x 9.3x IntraLinks Holdings, Inc. United States 6.50 -47% 374.9 418.1 280.6 11.1 4.0% 6.7% 1.5x 37.7x NetSuite Inc. United States 72.80 -29% 5,856.0 5,756.4 792.9 (62.9) NM 32.6% 7.3x NM Opera Software ASA Norway 8.00 -9% 1,170.8 1,339.4 652.6 88.2 13.5% 25.4% 2.1x 15.2x Oracle Corporation United States 40.93 -3% 168,743.3 156,974.3 37,047.0 14,753.0 39.8% -3.1% 4.2x 10.6x salesforce.com, inc. * United States 79.41 -6% 53,800.3 53,834.5 7,072.7 522.3 7.4% 25.0% 7.6x 103.1x Rapid7, Inc. United States 12.58 - 527.6 444.1 121.8 (47.9) NM 45.4% 3.6x NM ServiceNow, Inc. United States 66.40 -27% 10,819.4 10,401.2 1,099.4 (102.3) NM 45.5% 9.5x NM Twilio, Inc. * United States 36.50 -13% 3,000.3 3,136.9 192.9 (30.5) NM 86.6% 16.3x NM Varonis Systems, Inc. United States 24.02 -8% 629.6 517.8 134.7 (16.5) NM 26.0% 3.8x NM

Adjusted Weighted Average 4.6x 12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (76.8x)

29 | M&A and Investment Summary June 2016 Information

. The Information segment reported 32 transactions worth more than $1.2 billion in value . Financial and Healthcare Information were the most active subsegments, each announcing eight deals reported worth $290 million and $70 million, respectively . Select Transactions: • Wolters Kluwer’s $279 million acquisition of environmental sustainability and operation risk management information company Enablon • Axel Springer’s acquisition of digital marketing and media market research firm eMarketer from Stripes Group in a transaction valuing the company at $262 million • The $125 million acquisition of employee engagement programs provider Healthiest You by Teladoc • Workplace review site Glassdoor’s $40 million round of funding at a reported valuation of $1 billion from T. Rowe Price, Battery Ventures, Google Capital, Sutter Hill Ventures, and Tiger Global Management • The $25 million Omers Ventures-led investment in digital health and wellness information platform League

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 8 25% $289.6 24% 5 $250.0 1 - 2 $39.6 Healthcare Information 8 25% 71.1 6% 4 - 1 - 3 71.1 *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Product/Price Information 5 16% 359.6 30% 3 - 0 - 2 359.6 HR Information 3 9% 183.0 15% 1 125.0 0 - 2 58.0 Credit/Risk Management Information 2 6% - 0% 1 - 1 - 0 - Other* 6 19% 315.0 26% 4 279.0 0 0.0 2 36.0 Total 32 100% 1,218.3 100% 18 654.0 3 0.0 11 564.3

30 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $65.20 -1% $ 7,707.6 $ 8,172.6 $ 2,852.1 $ 606.9 21.3% 7.6% 2.9x 13.5x Computershare Limited Australia 6.83 -29% 3,736.3 5,162.6 1,943.7 595.7 30.6% -2.6% 2.7x 8.7x CoreLogic, Inc. United States 38.48 -9% 3,419.2 4,593.9 1,616.9 336.6 20.8% 12.0% 2.8x 13.6x CoStar Group Inc. * United States 218.66 -2% 7,117.6 7,005.7 752.5 123.5 16.4% 22.2% 9.3x 56.7x DST Systems Inc. United States 116.43 -14% 3,863.1 4,531.4 2,868.6 400.5 14.0% 3.6% 1.6x 11.3x The Dun & Bradstreet Corporation United States 121.84 -5% 4,417.7 5,809.3 1,655.9 415.7 25.1% 4.8% 3.5x 14.0x Envestnet, Inc. * United States 33.31 -28% 1,422.1 1,678.8 456.3 44.5 9.8% 24.4% 3.7x 37.7x Equifax Inc. United States 128.40 0% 15,281.4 18,299.3 2,740.1 922.4 33.7% 9.4% 6.7x 19.8x Experian plc Ireland 18.77 -2% 17,716.3 20,574.9 4,550.0 1,404.0 30.9% -5.4% 4.5x 14.7x FactSet Research Systems Inc. United States 161.42 -9% 6,569.8 6,658.6 1,101.6 382.9 34.8% 12.0% 6.0x 17.4x Fair Isaac Corporation United States 113.01 -2% 3,523.5 4,049.1 848.9 197.8 23.3% 4.0% 4.8x 20.5x Fidelity National Information Services, Inc. United States 73.68 -3% 24,052.8 34,750.8 7,221.2 1,749.6 24.2% 12.0% 4.8x 19.9x Financial Engines, Inc. United States 25.87 -44% 1,628.6 1,531.5 327.8 61.6 18.8% 12.7% 4.7x 24.9x Moody's Corporation United States 93.71 -18% 18,207.9 19,799.9 3,435.0 1,521.3 44.3% 0.1% 5.8x 13.0x Morningstar Inc. United States 81.78 -9% 3,509.3 3,357.9 791.1 254.3 32.1% 2.9% 4.2x 13.2x MSCI Inc. United States 77.12 -3% 7,442.2 8,577.2 1,091.1 507.2 46.5% 7.0% 7.9x 16.9x Reis, Inc. United States 24.90 -6% 281.8 252.9 52.6 16.5 31.5% 23.7% 4.8x 15.3x SEI Investments Co. United States 48.11 -13% 7,793.5 7,155.2 1,343.0 382.7 28.5% 4.2% 5.3x 18.7x Thomson Reuters Corporation United States 40.27 -7% 30,218.6 38,933.7 12,181.0 2,503.0 20.5% -1.0% 3.2x 15.6x Verisk Analytics, Inc. United States 81.08 -1% 13,634.9 16,480.7 2,176.4 992.4 45.6% 26.4% 7.6x 16.6x Workiva Inc. United States 13.66 -27% 559.6 526.3 154.7 (44.6) NM 29.2% 3.4x NM

Adjusted Weighted Average 4.9x 16.2x

*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 (29.8x)

31 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $21.99 -7% $ 1,710.7 $ 1,711.4 $ 850.1 $ 79.3 9.3% 5.6% 2.0x 21.6x Alliance Data Systems Corporation * United States 195.92 -36% 11,547.5 28,700.8 6,514.6 1,523.2 23.4% 14.9% 4.4x 18.8x Brainjuicer Group Plc United Kingdom 4.57 -20% 56.4 48.0 37.1 7.4 19.9% 2.2% 1.3x 6.5x Cello Group Plc United Kingdom 1.28 -8% 110.5 116.1 232.0 13.2 5.7% -7.4% 0.5x 8.8x comScore, Inc. United States 23.88 -63% 1,353.3 1,239.3 368.8 37.1 10.1% 12.1% 3.4x 33.4x Cross Marketing Inc. Japan 3.65 -30% 71.3 81.5 134.0 13.5 10.1% 56.8% 0.6x 6.1x Ebiquity plc * United Kingdom 1.41 -32% 102.9 142.1 95.8 0.7 0.8% 0.0% 1.5x 191.1x GfK SE Germany 40.14 -14% 1,465.1 1,858.9 1,755.5 248.9 14.2% 4.1% 1.1x 7.5x Harte-Hanks Inc. United States 1.59 -73% 97.7 164.9 484.9 27.3 5.6% -10.6% 0.3x 6.0x InnerWorkings Inc. United States 8.27 -7% 441.0 538.7 1,058.3 39.3 3.7% 5.8% 0.5x 13.7x Intage Holdings Inc. Japan 15.06 -27% 300.7 240.0 404.8 49.3 12.2% 3.5% 0.6x 4.9x Ipsos SA France 28.39 -12% 1,284.9 1,920.5 1,938.9 216.9 11.2% 6.9% 1.0x 8.9x NeuStar, Inc. United States 23.51 -28% 1,278.5 2,280.3 1,085.9 396.5 36.5% 10.2% 2.1x 5.8x Nielsen Holdings plc * United Kingdom 51.97 -6% 18,751.0 26,189.0 6,201.0 1,526.0 24.6% -0.9% 4.2x 17.2x Onvia Inc. United States 3.87 -14% 27.6 19.6 23.8 1.4 5.9% 4.2% 0.8x 13.9x Pearson plc United Kingdom 12.86 -25% 10,432.9 11,453.9 6,589.0 1,032.3 15.7% -1.6% 1.7x 11.1x YouGov plc United Kingdom 2.23 -12% 232.2 218.8 115.4 10.4 9.1% 14.8% 1.9x 20.9x

Adjusted Weighted Average 1.7x 15.9x

*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 (67.2x)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.53 -54% $ 76.2 $ 101.3 $ 104.0 $ 14.6 14.0% 0.1% 1.0x 6.9x CEB Inc. United States 61.68 -33% 1,986.5 2,381.8 930.0 208.2 22.4% 1.0% 2.6x 11.4x Forrester Research Inc. United States 36.86 -4% 657.1 537.1 315.9 33.2 10.5% 0.6% 1.7x 16.2x Gartner Inc. United States 97.41 -5% 8,036.5 8,539.6 2,249.1 377.0 16.8% 9.9% 3.8x 22.7x IDI, Inc United States 4.73 -63% 239.4 280.2 52.3 (46.5) NM 0.0% 5.4x NM IHS Inc. United States 115.61 -11% 7,798.2 10,414.0 2,249.9 617.1 27.4% 9.3% 4.6x 16.9x Informa plc United Kingdom 9.68 -1% 6,277.8 7,471.3 1,787.6 550.7 30.8% 6.6% 4.2x 13.6x National Research Corp. United States 33.19 -26% 403.6 383.5 103.9 32.7 31.4% 4.9% 3.7x 11.7x Markit Ltd. United Kingdom 32.60 -9% 5,840.2 6,529.5 1,129.7 372.1 32.9% 4.9% 5.8x 17.5x NIC Inc. United States 21.94 0% 1,446.1 1,340.3 300.4 79.6 26.5% 8.4% 4.5x 16.8x 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 39.35 -4% 2,080.3 2,210.3 330.5 31.2 9.4% 13.5% 6.7x 70.9x Proofpoint, Inc. * United States 63.09 -16% 2,617.9 2,559.1 286.6 (61.4) NM 36.1% 8.9x NM Reed Elsevier plc(1) * United Kingdom 18.29 -2% 72,996.4 89,719.6 9,510.4 2,309.6 24.3% 4.5% 9.4x 38.8x Tarsus Group plc Ireland 3.32 -7% 339.1 404.5 120.9 43.2 35.8% 61.1% 3.3x 9.4x TechTarget, Inc. United States 8.10 -26% 261.6 232.5 113.2 17.6 15.5% 5.9% 2.1x 13.2x The Advisory Board Company United States 35.39 -41% 1,450.7 1,952.4 789.8 113.1 14.3% 28.8% 2.5x 17.3x UBM plc United Kingdom 8.52 -7% 3,352.5 4,057.0 1,135.4 292.4 25.8% 39.9% 3.6x 13.9x Wolters Kluwer N.V. Netherlands 40.60 -2% 11,841.2 13,832.5 4,570.2 1,200.1 26.3% 15.0% 3.0x 11.5x

Adjusted Weighted Average 3.9x 15.3x

(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 (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.9x) 32 | M&A and Investment Summary June 2016 Business Services

. The Business Services segment reported 32 transactions in June worth nearly $850 million in value . The IT Consulting/Systems Integration subsegment accounted for more than half of the segments total activity with 17 transactions announced . Select Transactions: • Broadridge Financial Solutions’ acquisition of DST Systems’ North American Customer Communications business for a reported $410 million • Silverfleet Capital’s acquisition of corporate training firm Lifetime Training Group from Sovereign Capital in transaction valued between $175 million and $205 million • The $94 million acquisition of cloud backup and IT support firm Onyx Group by Pulsant • Capita’s acquisition of IT consulting and technology integrator Trustmarque solutions for $83.6 million • The $30 million investment received by IT security consulting firm ReliaQuest from FTV Capital

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 53% $218.2 26% 13 $188.2 1 - 3 $30.0 Corporate Training 5 16% 217.2 26% 3 175.0 0 - 2 42.2 Healthcare Consulting 3 9% - 0% 3 - 0 - 0 - Management Consulting 3 9% 4.0 0% 2 - 0 - 1 4.0 HR Consulting 2 6% - 0% 2 - 0 - 0 - Logistics 1 3% - 0% 1 - 0 - 0 - Printing Services 1 3% 410.0 48% 1 410.0 0 - 0 - Total 32 100% 849.4 100% 25 773.2 1 0.0 6 76.2

33 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 113.29 -6% $ 70,527.8 $ 67,635.1 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.5x CRA International Inc. United States 25.22 -10% 226.1 202.7 306.4 22.7 7.4% -0.6% 0.7x 8.9x FTI Consulting, Inc. United States 40.68 -12% 1,654.3 2,041.8 1,817.1 210.0 11.6% 3.1% 1.1x 9.7x Information Services Group, Inc. United States 3.75 -21% 132.7 165.2 208.6 15.1 7.2% -1.6% 0.8x 11.0x Navigant Consulting Inc. United States 16.15 -10% 769.3 977.5 856.1 122.6 14.3% 8.0% 1.1x 8.0x ICF International Inc. United States 40.90 -4% 777.6 1,106.2 1,142.3 109.4 9.6% 5.9% 1.0x 10.1x Huron Consulting Group Inc. United States 60.42 -23% 1,259.0 1,595.9 725.1 162.4 22.4% 26.9% 2.2x 9.8x The Hackett Group, Inc. * United States 13.87 -31% 398.2 385.5 241.6 30.0 12.4% 10.3% 1.6x 12.9x

Adjusted Weighted Average 1.4x 9.6x

*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 (11.8x) ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 91.87 0% $ 41,850.0 $ 40,892.6 $ 11,464.0 $ 2,414.2 21.1% 6.3% 3.6x 16.9x Barrett Business Services Inc. United States 41.32 -22% 297.9 274.2 765.4 35.8 4.7% 14.6% 0.4x 7.7x Capita plc United Kingdom 12.79 -28% 8,505.7 11,255.3 7,133.0 1,070.9 15.0% 10.5% 1.6x 10.5x DHI Group, Inc. United States 6.23 -41% 323.0 390.1 254.3 59.3 23.3% -4.3% 1.5x 6.6x Edenred SA France 20.54 -24% 4,755.7 5,480.9 1,086.1 345.4 31.8% 4.4% 5.0x 15.9x Insperity, Inc. United States 77.23 0% 1,651.6 1,435.3 2,706.5 110.8 4.1% 11.8% 0.5x 13.0x LinkedIn Corporation * United States 189.25 -27% 25,294.2 23,300.2 3,213.9 266.1 8.3% 34.9% 7.2x 87.5x Marsh & McLennan Companies, Inc. United States 68.46 0% 35,683.6 39,870.6 13,014.0 2,850.0 21.9% 0.9% 3.1x 14.0x Monster Worldwide, Inc. United States 2.39 -71% 212.5 265.3 651.8 92.5 14.2% -6.9% 0.4x 2.9x Paychex, Inc. United States 59.50 0% 21,427.2 21,075.1 2,951.9 1,261.7 42.7% 7.7% 7.1x 16.7x Professional Diversity Network, Inc. United States 0.40 -87% 5.8 4.3 35.3 (4.4) NM 67.0% 0.1x NM TriNet Group, Inc. United States 20.79 -23% 1,469.9 1,763.4 2,766.6 114.7 4.1% 19.8% 0.6x 15.4x WageWorks, Inc. United States 59.81 -2% 2,167.0 1,683.6 336.0 65.1 19.4% 15.7% 5.0x 25.9x

Adjusted Weighted Average 4.5x 15.5x

*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 (41.7x)

34 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 113.29 -6% $ 70,527.8 $ 67,635.1 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.5x Amdocs Limited United States 57.72 -6% 8,644.4 7,494.4 3,682.1 684.8 18.6% 2.0% 2.0x 10.9x Bechtle AG Germany 104.86 -9% 2,202.0 2,083.7 3,318.4 176.4 5.3% 11.4% 0.6x 11.8x Booz Allen Hamilton Holding Corporation United States 29.64 -5% 4,391.7 5,801.4 5,405.7 506.1 9.4% 2.5% 1.1x 11.5x Broadridge Financial Solutions, Inc. United States 65.20 -1% 7,707.6 8,172.6 2,852.1 606.9 21.3% 7.6% 2.9x 13.5x Business & Decision SA France 5.64 -37% 44.5 74.0 244.7 9.9 4.1% 9.5% 0.3x 7.4x Cap Gemini S.A. France 86.85 -14% 14,758.3 16,878.4 12,940.5 1,539.0 11.9% 12.7% 1.3x 11.0x CGI Group Inc. Canada 42.52 -14% 12,777.8 14,239.6 8,157.2 1,394.0 17.1% 2.8% 1.7x 10.2x Cognizant Technology Solutions Corporation United States 57.24 -18% 34,680.0 31,249.2 12,706.6 2,537.8 20.0% 18.2% 2.5x 12.3x Computer Sciences Corporation United States 49.65 -30% 6,914.2 8,387.2 7,106.0 970.0 13.7% -12.5% 1.2x 8.6x CSG Systems International Inc. United States 40.31 -13% 1,307.7 1,479.2 753.1 157.0 20.8% 0.6% 2.0x 9.4x Digi International Inc. United States 10.73 -21% 277.6 162.2 215.7 17.7 8.2% 9.4% 0.8x 9.1x Globant S.A. * Luxembourg 39.35 -5% 1,353.4 1,283.8 272.6 41.0 15.0% 29.2% 4.7x 31.3x International Business Machines Corporation United States 151.78 -13% 145,703.0 176,538.0 80,835.0 19,003.0 23.5% -10.3% 2.2x 9.3x Infosys Limited India 17.33 -9% 39,618.1 34,765.1 9,501.0 2,624.0 27.6% 9.1% 3.7x 13.2x ITS Group France 6.55 -19% 50.1 60.4 208.7 7.6 3.6% 3.9% 0.3x 8.0x NCI, Inc. United States 14.05 -18% 189.7 209.8 335.8 29.6 8.8% 8.7% 0.6x 7.1x NTT Data Corporation Japan 47.03 -24% 13,192.6 15,711.2 14,372.5 2,214.7 15.4% 6.8% 1.1x 7.1x Perficient Inc. United States 20.31 -7% 733.3 780.3 470.2 56.7 12.1% 3.8% 1.7x 13.8x Tata Consultancy Services Limited * India 37.80 -8% 74,479.2 70,316.9 16,393.2 4,615.2 28.2% 14.8% 4.3x 15.2x Wipro Ltd. India 8.27 -11% 20,301.1 17,729.7 7,732.0 1,631.4 21.1% 9.1% 2.3x 10.9x

Adjusted Weighted Average 2.6x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.7x)

35 | M&A and Investment Summary June 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 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $4.92 -9% $ 39.7 $ 42.6 $ 42.9 $ (3.2) NM -7.6% 1.0x NM Cenveo Inc. United States 0.82 -61% 55.4 1,166.4 1,744.9 145.7 8.3% 2.6% 0.7x 8.0x Communisis plc United Kingdom 0.47 -38% 97.4 137.6 522.4 36.7 7.0% 3.3% 0.3x 3.8x Cineplex Inc. * Canada 39.74 -2% 2,521.6 2,824.6 1,125.9 201.3 17.9% 17.3% 2.5x 14.0x Contax Participações S.A. Brazil 2.01 -95% 2.4 390.8 865.9 (5.6) NM -5.7% 0.5x NM Convergys Corporation United States 25.00 -12% 2,412.1 2,498.3 2,932.3 384.3 13.1% -1.9% 0.9x 6.5x Elanders AB (publ) Sweden 9.65 -4% 255.8 344.3 521.9 51.5 9.9% 8.8% 0.7x 6.7x Eniro AB Sweden 0.07 -63% 32.3 229.8 285.1 50.8 17.8% -19.4% 0.8x 4.5x Exlservice Holdings, Inc. * United States 52.41 -1% 1,754.3 1,627.2 652.0 103.2 15.8% 25.1% 2.5x 15.8x Firstsource Solutions Limited * India 0.69 -5% 463.6 581.4 487.4 58.6 12.0% 6.4% 1.2x 9.9x Genpact Limited * Bermuda 26.84 -6% 5,650.4 6,071.9 2,483.6 412.6 16.6% 6.2% 2.4x 14.7x InnerWorkings Inc. * United States 8.27 -7% 441.0 538.7 1,058.3 39.3 3.7% 5.8% 0.5x 13.7x Luxoft Holding, Inc. * SwitzerlandSwitzerland 52.02 -35% 1,724.6 1,616.6 650.8 99.7 15.3% 25.0% 2.5x 16.2x MAXIMUS, Inc. * United States 55.37 -21% 3,593.4 3,823.1 2,314.2 308.4 13.3% 28.3% 1.7x 12.4x Quad/Graphics, Inc. United States 23.29 0% 1,160.4 2,431.1 4,632.2 485.6 10.5% -4.4% 0.5x 5.0x Quintiles Transnational Holdings Inc. * United States 65.32 -19% 7,816.7 9,427.9 4,404.5 804.7 18.3% 5.1% 2.1x 11.7x R.R. Donnelley & Sons Company United States 16.92 -11% 3,543.0 6,870.3 11,162.1 1,138.8 10.2% -4.4% 0.6x 6.0x Salmat Limited Australia 0.33 -51% 52.4 50.2 350.0 12.5 3.6% 1.4% 0.1x 4.0x Serco Group plc * United Kingdom 1.48 -17% 1,611.4 1,749.1 4,685.1 159.7 3.4% -11.6% 0.4x 11.0x St Ives plc United Kingdom 1.09 -67% 155.7 271.7 503.5 65.9 13.1% 5.2% 0.5x 4.1x StarTek, Inc. * United States 4.37 -27% 68.7 105.9 296.5 7.2 2.4% 18.4% 0.4x 14.7x Sykes Enterprises, Incorporated United States 28.96 -12% 1,224.7 1,034.8 1,283.4 151.2 11.8% -3.3% 0.8x 6.8x Teleperformance SE * France 85.48 -5% 4,790.1 5,201.0 3,690.5 496.0 13.4% 23.2% 1.4x 10.5x TeleTech Holdings Inc. United States 27.13 -12% 1,305.4 1,374.7 1,273.6 157.2 12.3% 0.7% 1.1x 8.7x Trans Cosmos, Inc. * Japan 28.27 -16% 1,162.9 1,011.8 1,999.0 107.2 5.4% 12.8% 0.5x 9.4x Transcontinental Inc. Canada 13.49 -20% 1,048.5 1,285.0 1,609.2 310.6 19.3% 0.3% 0.8x 4.1x Cimpress N.V. * Netherlands 92.48 -9% 2,910.2 3,744.7 1,689.3 234.3 13.9% 16.4% 2.2x 16.0x West Corporation * United States 19.66 -36% 1,623.8 4,807.4 2,285.5 651.9 28.5% 1.6% 2.1x 7.4x Xchanging plc United Kingdom 2.55 -13% 641.9 718.8 649.2 86.0 13.2% -23.2% 1.1x 8.4x

Adjusted Weighted Average 1.3x 7.5x

*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 (13.2x)

36 | M&A and Investment Summary June 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 3.0x 2.0x 6.4x 2.2x Internationally-based Digital Media and Internet 3.5x 2.2x 4.8x 1.7x US-based eCommerce 2.5x 1.7x 3.7x 1.6x Internationally-based eCommerce 3.1x 1.1x 9.9x 1.0x US-based Digital Advertising 2.6x 1.7x 8.8x 1.6x Internationally-based Digital Advertising 3.8x 2.0x 9.0x 1.4x US-based Marketing Technology 3.7x 3.2x 4.4x 4.3x Internationally-based Marketing Technology 4.2x 4.1x 4.4x 4.4x Agency 1.2x 1.0x 1.6x 1.5x Marketing Services 2.0x 1.7x 2.9x 2.9x Traditional Media 2.6x 2.2x 3.8x 2.9x Software 4.6x 3.8x 4.4x 4.4x Information 3.6x 3.5x 5.6x 4.5x Business Services 1.3x 0.8x 2.8x 2.3x

As of close of business on 06/30/16

*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 June 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 20.7x 15.7x 17.2x 12.7x Internationally-based Digital Media and Internet 19.2x 9.2x 19.1x 10.1x US-based eCommerce 17.5x 16.7x 17.6x 12.7x Internationally-based eCommerce 18.7x 14.5x 27.7x 11.2x US-based Digital Advertising 16.8x 14.1x 22.0x 12.7x Internationally-based Digital Advertising 14.3x 15.2x 16.3x 12.3x US-based Marketing Technology 33.3x 19.5x 22.2x 13.5x Internationally-based Marketing Technology 24.9x 17.1x 15.1x 15.5x Agency 9.8x 8.8x 9.9x 9.6x Marketing Services 11.2x 9.8x 14.0x 12.6x Traditional Media 15.9x 9.7x 13.0x 12.3x Software 32.1x 16.9x 21.5x 12.8x Information 20.5x 15.4x 22.2x 21.6x Business Services 11.1x 9.7x 16.9x 12.5x

As of close of business on 06/30/16

*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 June 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 – (0.7) % 140% • S&P 500 – (0.7) % 140%

130% • Digital Advertising –  25.9 % 125% • Digital Media/Commerce –  16.5 % 120%

110% • Traditional Media – (9.6 %) 110%

100%

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

80% 80% Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-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 – (0.7) % 140% • S&P 500 – (0.7) % 140%

130% 130% • Marketing Technology – (8.8)% • Agency –  1.6% 120% 120% • Marketing Services – (12.1) % 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-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 – (0.7) % 140% • S&P 500 – (0.7) % 140%

130% • Software – (5.4) % 130% • Information –  3.9 % 120% 120% 110% • Business Services – (4.9)% 110% 100% 100%

Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 80% Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Software S&P 500 Index (^SPX) Note: LTM as of 6/30/2016 Information Business Services S&P 500 Index (^SPX) 39 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Blue Coat Systems, Inc. Software Symantec Corporation $ 4,650.0 Starz Entertainment, LLC Traditional Media Lions Gate Entertainment Corporation 4,295.4 Demandware, Inc. Marketing Technology Salesforce.com 2,661.9 Yihaodian Digital Media/Commerce JD.com 1,500.0 AutoForm Engineering GmbH Software Astorg Partners 721.0 DST Systems, NA Customer Communications Business Business Services Broadridge Financial Solutions, Inc. 410.0 Cardon Outreach LLC Software MEDNAX, Inc. 400.0 HP Customer Communications Management and Other Assets Marketing Technology OpenText Corporation 315.0 CloudLock, Inc. Software Cisco Investments 293.0 Enablon SA Information Wolters Kluwer NV 279.0 Higher One Holdings, Inc. Software Blackboard, Inc. 259.5 eMarketer, Inc. Information Axel Springer SE 250.0 Lifetime Training Group Business Services Silverfleet Capital 175.0 Recommind, Inc. Marketing Technology OpenText Corporation 163.0 ReachLocal, Inc. Digital Advertising Gannett Co., Inc. 156.0 Magic Pony Technology Ltd. Software Twitter, Inc. 150.0 Smaato, Inc. Digital Advertising Spearhead Integrated Marketing Communication Co., Ltd 148.0 Predictix LLC Marketing Technology Infor 125.0 Healthiest You Corporation Information Teladoc, Inc. 125.0 Onyx Group Limited Business Services Pulsant 94.0 Trustmarque Solutions Limited Business Services Capita plc 83.6 ShippingEasy, Inc. Marketing Technology Stamps.com, Inc. 55.0 Skout, Inc. Digital Media/Commerce MeetMe, Inc. 54.6 AdGear Technologies Inc. Marketing Technology Samsung Group 50.0 4Sight Financial Software Limited Software Broadridge Financial Solutions, Inc. 40.0 Betdigital Limited Digital Media/Commerce NYX Gaming Group Limited 35.7 The BIO Agency Ltd. Agency & Marketing Services Tech Mahindra Limited 32.4 AccelOps, Inc. Software Fortinet, Inc. 32.0 Zentri Software Buddy Platform, Inc. 25.7 UBM Tech & Electronics Media Portfolio Traditional Media Arrow Electronics, Inc. 23.5 Capstone Technology Corporation Software Spectris plc 22.5 Roshtov Software Industries Ltd. Software Magic Software Enterprises 21.0 Imagine Publishing Ltd. Traditional Media Future PLC 20.9 Content Marketing Institute Traditional Media UBM plc 17.6 Junkee Media Pty. Ltd. Traditional Media oOh!media Group Limited 11.9 Conexus Limited Business Services PFSweb, Inc. 10.6 Flamingo Customer Experience, Inc. Software Cre8tek Limited 10.4 Badgeville, Inc. Marketing Technology Callidus Software, Inc. 7.5 Axado Software Mercadolibre, Inc. 7.5 Daytime Media House AB Digital Media/Commerce Everysport Media Group AB 4.3 Flavorus, Inc. Digital Media/Commerce Vivendi Ticketing 4.0

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

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Adrenaline Digital, Inc. Agency & Marketing Services Sussex Strategy Group $ - Cemano Communication GmbH Agency & Marketing Services Creative Artists Agency, LLC - Contend, LLC Contend Agency & Marketing Services MOSAIC - Creo Retail Marketing Limited Agency & Marketing Services DS Smith Plc - Dalmatian Advertising Agency & Marketing Services M&C Saatchi plc - ePromode Sdn Bhd Agency & Marketing Services WPP Group - Graion Agency & Marketing Services Valtech - Have Faith In Your Brand Agency & Marketing Services Publicis Groupe S.A. - Higher Ground Communications Agency & Marketing Services Allison & Partners ` Incentive Logic, Inc. Agency & Marketing Services Augeo Affinity Marketing - Intell.io Agency & Marketing Services Aroluxe LLC - Magnetix A/S Agency & Marketing Services Dentsu Aegis Network, Inc. - Midnight Oil Agency Agency & Marketing Services Imagine Print Solutions, Inc. - Quick Think Media Ltd. Agency & Marketing Services Ayima, Inc. - React Marketing Consultants Ltd. Agency & Marketing Services ThinkersHQ Limited - Scorch Pty. Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. - Search Factory Agency & Marketing Services Dentsu Aegis Network, Inc. - Social Net Creator Ltd. Agency & Marketing Services iSentia Group Limited - Tenthwave Digital LLC Agency & Marketing Services Wire Stone, LLC - The IT Marketing Agency Agency & Marketing Services Sherpa Marketing - TP1 Agency & Marketing Services Havas - Your Social B.V. Agency & Marketing Services Oxyma Group B.V. - AbleBridge, Inc. Business Services Crowe Horwath LLP - Adaptive Communications LLC Business Services Optiv Security, Inc. - CAPS Payroll Business Services Cast & Crew Entertainment Services, LLC - Casey Quirk Business Services Deloitte Consulting - Coresec Systems AB Business Services SecureLink Group N.V. - CPE Link Business Services Wolters Kluwer NV - Cymbel Corporation Business Services The Pinnacle Group of Indiana - dgroup GmbH Business Services Accenture plc - E-Doceo Business Services TalentSoft - Equation, Inc. Business Services MedAssets-Precyse - iPremise LLC Business Services NexusTek, Inc. - Maglan Information Defense Technologies Ltd. Business Services Accenture plc - Peak Health Solutions, Inc. Business Services AMN Healthcare, Inc. - Risq Group Pte. Ltd. Business Services SterlingBackcheck - SOURCE, Inc. Business Services Carousel Industries, Inc. - Starlog Conseil Business Services ISPA Consulting SAS - Syslogic Technical Services, Inc. Business Services Incedo, Inc. - System Professional Ltd. Business Services Daily Internet plc - The IN Group, Inc. Business Services DrFirst, Inc. - True Clarity Consulting LLC Business Services Server Suites LLC - 41 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed ACE Tech, Inc. Digital Advertising Internet Brands, Inc. $ - Fiksu, Inc. Digital Advertising ClickDealer.com - Jobr, Inc. Digital Advertising Monster Worldwide, Inc. - OnDeckBiotech Digital Advertising Science Exchange - PageScience Digital Advertising AccentHealth - ROXIMITY, Inc Digital Advertising Verve Mobile, Inc. - Sun Media Digital Advertising Mobusi Mobile Advertising s.l. - The Alpha Grid Media Ltd. Co. Digital Advertising The Financial Times Group - Tripcombi UG Digital Advertising Fareportal, Inc. - twago Digital Advertising Randstad Holding nv - Voyat, Inc. Digital Advertising Intent Media, Inc. - Alexander Street Press LLC Digital Media/Commerce R.R. Bowker - Artfetch Digital Media/Commerce Rise Art Ltd. - Backchannel Digital Media/Commerce Conde Nast - BoldRide.com Digital Media/Commerce Motor1.com LLC - BookMyInterest Digital Media/Commerce Giftxoxo - BrilliantRetail Digital Media/Commerce Vector Media Group - Business.com, Inc. Digital Media/Commerce Purch - DoApp, Inc. Digital Media/Commerce NEWSCYCLE Solutions, Inc. - Fleksy, Inc. Digital Media/Commerce Pinterest, Inc. - Groupon Indonesia Digital Media/Commerce KFit Asia Sdn Bhd - Hyper Travel Digital Media/Commerce Tradeshift, Inc. - MassageNow Digital Media/Commerce Zeel Networks, Inc. - Move Loot, Inc. Digital Media/Commerce Handy, Inc. - One Kings Lane, Inc. Digital Media/Commerce Bed Bath & Beyond, Inc. - OpenStudy Digital Media/Commerce Brainly - OYOFit Digital Media/Commerce Gympik Health Solutions Pvt. Ltd. - Sage Tree LLC Digital Media/Commerce Advantage Solutions - Seene, Inc. Digital Media/Commerce Snapchat, Inc. - Storehouse Media, Inc. Digital Media/Commerce Square, Inc. - Team Chaos LLC Digital Media/Commerce Zynga, Inc. - Techvibes Media, Inc. Digital Media/Commerce Konrad Group, Inc. - TheGrio Digital Media/Commerce Entertainment Studios, Inc. - tote Digital Media/Commerce Pinterest, Inc. - Trampolinn, SAS Digital Media/Commerce GuestToGuest - Wand Labs, Inc. Digital Media/Commerce Microsoft Corporation - Watches.com Digital Media/Commerce Watchismo LLC - 3point Science, Inc. Information ARANZ Geo Limited - Channel IQ, Inc. Information Market Track LLC - ChartLogic, Inc. Information Medsphere Systems Corporation - CMO Software Limited Information Mitratech Holdings, Inc. - Columbia Ultimate, Inc. Information Ontario Systems LLC - 42 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Falcon Healthcare Systems Information DAS Health $ - Global Data Systems sarl Information Briefing Media Ltd - Karmadata's Clinical Trial Applications Division Information WIRB-Copernicus Group - Motivity Solutions, Inc. Information Black Knight Financial Services - Online Business Applications Information Anju Software - Patent River Information Anaqua, Inc. - Prism Valuation Limited Information Markit Group Limited - RigData, Inc. Information S&P Global Platts - SCM World Ltd. Information Gartner, Inc. - Tropics Software Technologies, Inc Information Insurity, Inc. - deltatre Marketing Technology Bruin Sports Capital - Forensiq LLC Marketing Technology Impact Radius, Inc. - Lodestone Social Media LLC Marketing Technology Umbel Corporation - Orchestro, Inc. Marketing Technology E2open, Inc. - SendHub Marketing Technology Cameo Global, Inc. - Waysay LLC Marketing Technology Branding Brand, Inc. - 3Scale Networks, S.L. Software Red Hat, Inc. - Actio Software Corporation Software Enviance, Inc. - Anatole SAS Software Asentinel LLC - Arkin Net, Inc. Software VMware, Inc. - Axxerion Facility Services B.V. Software Main Capital Partners B.V. - BrightPoint Security, Inc. Software ServiceNow, Inc. - Change Healthcare, Inc. Software McKesson's IT Solutions Business - e-conomic international a/s Software Gruppo TeamSystem - ElasticBox, Inc. Software CenturyLink, Inc. - ENCAP AS Software AllClear ID, Inc. - EZSource Software International Business Machines Corporation - Fleetmind Solutions, Inc. Software Safe Fleet - Galleria RTS Software RELEX Solutions - Hap-x Software Global Healthcare Exchange LLC - HawkEye G Software WatchGuard Technologies, Inc. - Hivebench Software Elsevier, Inc. - Joyent, Inc. Software Samsung Electronics - MedHOK, Inc. Software Hearst Health - myVRM Software Condeco Software Limited - PeopleMatter Software SnagAJob.com, Inc. - Performa Apps LLC Software Priority Software Ltd. - PMNsoft Ltd. Software Genpact Limited - Portadi, Inc. Software OneLogin, Inc. - QuadMetrics, Inc. Software FICO - Quadrant Software, Inc. Software Fresche Legacy - Red Sentry Pte. Ltd. Software Secura Group Ltd. - 43 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Telogis, Inc. Software Verizon Communications, Inc. $ - Workplace Systems Ltd. Software WorkForce Software - XyberNET, Inc. Software Blue Hill Data Services, Inc. - Zentila, Inc. Software etouches, Inc. - Digital Funk Machine Traditional Media Digital Domain Holdings Limited - Ebony Media Operations Traditional Media Clear View Group - Fodor's Travel Traditional Media Internet Brands, Inc. - Hal Leonard Corporation Traditional Media Seidler Equity Partners - LawAfrica Traditional Media Longhorn Publishers Limited - Puja Entertainment & Films Ltd. Traditional Media Eros International Ltd. - X5 Music Group AB Traditional Media Warner Music Group - Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Qlik Technologies, Inc. Marketing Technology Thoma Bravo, Inc. $ 2,614.9 Dell Software Group Software Francisco Partners 2,000.0 ION Investment Group Ltd. Software The Carlyle Group 400.0 E-Commerce China Dangdang, Inc. Digital Media/Commerce Imeigu Capital Management 344.7

Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed TRANZACT Agency & Marketing Services Clayton, Dubilier & Rice, Inc. $ - Consulting Solutions International, Inc. Business Services White Wolf Capital LLC - Agencyport Software Ltd. Digital Advertising Apax Partners, L.P. - simplesurance GmbH Digital Media/Commerce Allianz - IHS, Operation Excellence and Risk Management Business Information Genstar Capital, LP - MedForce Information Eureka Growth Capital - OpenSolution Information IK Investment Partners - I@D France SAS Marketing Technology IK Investment Partners - Bomgar Corporation Software Thoma Bravo, Inc. - Conservice LLC Software TA Associates - Elemica Software Thoma Bravo, Inc. - Ping Identity Corporation Software Vista Equity Partners - Qgenda, Inc. Software Francisco Partners - STEELE Compliance & Investigation Services Software Bregal Sagemount - Northstar Travel Group LLC Traditional Media Wasserstein & Company - 44 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Didi Chuxing Digital Media/Commerce Tencent Holdings Ltd. $ 4,500.0 Uber Technologies, Inc. Digital Media/Commerce Public Investment Fund (PIV) 3,500.0 Didi Chuxing Digital Media/Commerce China Life Insureance Co. Ltd. 600.0 Optimal Blue LLC Software GTCR, LLC 350.0 Bitauto Holdings Limited Information Tencent Holdings Ltd. 350.0 Spring Rain Software Co., Ltd. Software Undisclosed 183.0 SMS Assist, LLC Marketing Technology Goldman Sachs Private Capital Investing 150.0 LogicMonitor, Inc. Software Providence Equity Partners, Inc. 130.0 Thrive Market, Inc. Digital Media/Commerce Invus Group 111.0 Liepin.com Software Matrix Partners 100.0 BeiBei Digital Media/Commerce Northern Light Venture Capital 100.0 Cylance, Inc. Software Insight Venture Partners 100.0 Tradeshift, Inc. Software Data Collective 75.0 SoundCloud Ltd. Digital Media/Commerce Twitter, Inc. 70.0 Buildium LLC Software Sumeru Equity Partners LLC 65.0 Circle Internet Financial Limited Digital Media/Commerce General Catalyst Partners LLC 60.0 Udemy.com Digital Media/Commerce Naspers Ltd. 60.0 InVision App, Inc. Marketing Technology Accel Partners 55.0 Spredfast, Inc. Marketing Technology Riverwood Capital, LLC 50.0 Care.com, Inc. Digital Media/Commerce Google Capital 46.4 Vibes Media Digital Advertising Syniverse Holdings 45.0 Ionic Security, Inc. Software Kleiner Perkins Caufield & Byers 45.0 Plaid Technologies, Inc. Software New Enterprise Associates 44.0 Jobandtalent Information Atomico Ventures 42.0 Balluun Inc. Marketing Technology Global Emerging Markets 40.4 Movile Marketing Technology Naspers Ltd. 40.0 Number26 GmbH Software Battery Ventures 40.0 Trax Image Recognition Marketing Technology Broad Peak Investment Advisers 40.0 Glassdoor.com, Inc. Information Battery Ventures 40.0 128 Technology, Inc. Software G20 Ventures 36.0 Suntime Information Ant Financial 35.0 Collective Digital Advertising Accel Partners 34.0 Qumulo, Inc. Software Kleiner Perkins Caufield & Byers 32.5 Weka.io Software Norwest Venture Partners 32.0 SmartRecruiters Software Insight Venture Partners 30.0 Condeco Software Limited Software Highland Capital Partners Europe 30.0 SundaySky, Inc. Marketing Technology Comcast Ventures 30.0 Impact Radius, Inc. Marketing Technology Silversmith Capital Partners 30.0 Reliaquest LLC Business Services FTV Capital 30.0 Signal Digital, Inc. Marketing Technology I2A 30.0 Moogsoft, Inc. Software NorthGate Capital, LLC 30.0 Celonis GmbH Software Accel Partners 27.5 45 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Gladly Software, Inc. Marketing Technology New Enterprise Associates $ 27.0 Kaola FM Traditional Media Legend Capital 26.0 LEAGUE, Inc. Information OMERS Ventures 25.0 Zimperium Ltd. Software Warburg Pincus LLC 25.0 EarlySense Ltd. Software Pitango Venture Capital 25.0 Andela, Inc. Business Services Google Ventures 24.0 Cloudability, Inc. Software Foundry Group 24.0 Omicia, Inc. Software UPMC 23.0 Helpshift, Inc. Marketing Technology Intel Capital 23.0 Digit Digital Media/Commerce Ribbit Capital 22.5 MisterFly SAS Digital Media/Commerce Montefiore Investment 22.2 Narvar Inc. Marketing Technology Accel Partners 22.0 Smule, Inc. Digital Media/Commerce Undisclosed 22.0 Yotpo, LTD. Marketing Technology Bessemer Venture Partners 22.0 EyeView, Inc. Marketing Technology Lightspeed Venture Partners 21.5 Midokura Co., Ltd. Software Simplex, Inc. 20.4 GrowingIO Marketing Technology New Enterprise Associates 20.0 Orbital Insight Information Sequoia Capital 20.0 SecurityScorecard, Inc. Software Sequoia Capital 20.0 Parsable, Inc. Software Schlumberger Limited 20.0 LightCyber, Inc. Software Battery Ventures 20.0 Zerto Ltd. Software Battery Ventures 20.0 Voonik Technologies Private Limited Digital Media/Commerce Sequoia Capital 20.0 DocPlanner Marketing Technology Target Global 20.0 Qadium, Inc. Software New Enterprise Associates 20.0 Vendini, Inc. Digital Media/Commerce Level Equity 20.0 Woven Digital, LLC Digital Media/Commerce WPP Ventures 18.5 Loot Crate, Inc. Digital Media/Commerce Upfront Ventures 18.5 Entstudy.com Business Services Greenwoods Investment 18.2 Reflexion Health Software Undisclosed 18.0 SpringCM, Inc. Marketing Technology North Bridge Venture Partners 17.5 Outreach, Inc. Marketing Technology Trinity Ventures 17.5 Aktana, Inc. Marketing Technology Safeguard Scientifics, Inc. 17.5 Jiff, Inc. Digital Media/Commerce GE Ventures 17.0 Docupace Technologies LLC Software TVC Capital 16.5 Airtasker Pty. Ltd. Digital Advertising Morning Crest Capital 16.4 Verto Analytics, Inc. Marketing Technology EQT Ventures 16.1 The Muse Information Icon Ventures, Inc. 16.0 NSS Labs, Inc. Information Delta-V Capital Delta-v Capital 16.0 StoreKing Digital Media/Commerce Axiata Group 16.0 Juniqe.com Digital Media/Commerce Vorwerk Direct Selling Ventures GmbH 15.8 nCino, Inc Software Undisclosed 15.7 46 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Performance Horizon Group Limited Marketing Technology Greycroft Partners $ 15.5 StyleWe.com Digital Media/Commerce Undisclosed 15.0 Kit Check, Inc. Software Baxter Ventures 15.0 Cloudistics, Inc. Software Bain Capital Ventures 15.0 Roadie, Inc. Digital Media/Commerce UPS Strategic Enterprise Fund 15.0 Talkspace Digital Media/Commerce Norwest Venture Partners 15.0 BitTitan, Inc. Software TVC Capital 15.0 When I Work, Inc. Software Drive Capital 15.0 Amplitude Marketing Technology Battery Ventures 15.0 Keen IO Marketing Technology Sequoia Capital 14.7 Rescale, Inc. Software TransLink Capital 14.0 10-4 Systems, Inc. Software GlobalTranz, Inc. 13.9 Rooomy.com Digital Media/Commerce Antimerdian 13.0 Iggbo, Inc. Software Heritage Group 13.0 Tigera, Inc. Software New Enterprise Associates 13.0 Fender Digital Digital Media/Commerce Undisclosed 12.8 Within Unlimited, Inc. Digital Media/Commerce Andreessen Horowitz 12.6 Chronext AG Digital Media/Commerce Partech Ventures 12.3 Embotics Corporation Software Arrowroot Capital 12.1 hiQ Labs, Inc. Software Undisclosed 12.0 ClearTax Software SAIF Partners 12.0 Anatwine Limited Marketing Technology Zalando SE 12.0 Relay Network LLC Marketing Technology NewSpring Capital 12.0 Hireology, Inc. Software Bain Capital Ventures 12.0 Evidation Health, Inc. Software B Capital Group 11.6 Treasure Data, Inc. Software (Private Investors) 11.5 PredictSpring, Inc. Marketing Technology Felicis Ventures 11.4 Lystable Industries Limited Marketing Technology Valar Ventures LP 11.0 Loggly, Inc. Software True Ventures 11.0 Frequency Networks, Inc. Digital Advertising Liberty Global, Inc. 11.0 Evie Digital Media/Commerce Undisclosed 11.0 Convercent Software Tola Capital 11.0 Marketplacer, Inc. Marketing Technology (Private Investors) 11.0 Flowerplus Digital Media/Commerce NewMargin Ventures 10.7 Nexar, Inc. Digital Media/Commerce True Ventures 10.5 OpsGenie Marketing Technology Battery Ventures 10.0 All Def Digital, Inc. Digital Media/Commerce Andreessen Horowitz 10.0 LeadiD Marketing Technology Edison Partners 10.0 Accedo Broadband Software SEB Venture Capital 10.0 Verodin, Inc. Software The Blackstone Group L.P. 10.0 D3 Technology, Inc. Software West Partners, LLC 10.0 Trooly, Inc. Software Bain Capital Ventures 10.0 47 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Yewno, Inc. Marketing Technology Pacific Capital $ 10.0 Procured Health Software Heritage Group 10.0 Nuxeo SAS Marketing Technology Kennet Partners 10.0 CrowdFlower Software Microsoft Corporation 10.0 Signals Intelligence Group ltd. Marketing Technology Sequoia Capital 10.0 Tubular Labs, Inc. Marketing Technology Marker Financial Advisors LLC 10.0 McMakler GmbH Information Cavalry Investments LLC 9.6 ForUsAll, Inc. Software Foundation Capital 9.5 Sapho, Inc. Software Alsop Louie Partners 9.5 Resin.io Software Draper Fisher Jurvetson 9.0 Rocketrip, Inc. Marketing Technology Bessemer Venture Partners 9.0 Tapp Commerce Oy Digital Media/Commerce AMMA Private Equity 9.0 What3Words Limited Digital Media/Commerce Aramex 8.5 SevenFifty Technologies, Inc. Digital Media/Commerce Formation 8 8.5 GoPuff Digital Media/Commerce Anthos Capital LP 8.3 ePatientFinder Software Undisclosed 8.2 OpenMobile World Wide, Inc. Software (Private Investors) 8.1 FabHotels.com Digital Media/Commerce Accel Partners 8.0 Graphite Software Corporation Software Green Century Investment 8.0 Zaius, Inc. Marketing Technology Underscore VC 8.0 Notarize Digital Media/Commerce Polaris Partners 8.0 Primary Kids, Inc. Digital Media/Commerce Harrison Metal Capital 8.0 TheSkimm, Inc. Digital Media/Commerce 21st Century Fox, Inc. 8.0 OptioPay GmbH Software Berlin Ventures 7.9 daPulse Labs Ltd. Software Genesis Partners Ltd. 7.6 dv01, Inc. Marketing Technology Quantum Strategic Partners 7.5 Node, Inc. Marketing Technology New Enterprise Associates 7.5 StreamLink Software LLC Software Undisclosed 7.5 hibob, Inc. Software Bessemer Venture Partners 7.5 GamEffective Software Jerusalem Venture Partners 7.0 TravelPerk S.L. Software Spark Capital 7.0 Bento for Business Software Comcast Ventures 7.0 RetraceHealth, Inc. Software Lemhi Ventures, Inc. 7.0 CaterWings Ltd. Digital Media/Commerce Rocket Internet GmbH 6.8 B2X Care Solutions GmbH Marketing Technology Harbert Venture Partners 6.8 iContainers Solutions SL Digital Media/Commerce Serena Capital 6.7 Tonic Solutions LLC Software (Private Investors) 6.4 Festicket Ltd. Digital Media/Commerce Playfair Capital 6.3 Hospital IQ Software Undisclosed 6.3 Movvo, Inc. Marketing Technology Caixa Capital 6.2 digi.me Information Swiss Re 6.1 Ifeelgoods Digital Advertising Idinvest Partners 6.0 48 | M&A and Investment Summary June 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed PrettySecrets Digital Media/Commerce RB Investments $ 6.0 Gong.io Ltd. Marketing Technology Norwest Venture Partners 6.0 Jivox, Inc. Digital Advertising Fortisure Ventures LLC 6.0 Instana, Inc. Software Target Partners 6.0 Felix & Paul Studios Traditional Media Comcast Ventures 5.8 Thread, Inc. Digital Media/Commerce Balderton Capital 5.8 Once Dating AG Digital Media/Commerce Partech Ventures 5.7 Box at Work Digital Media/Commerce (Private Investors) 5.5 Evolve Vacation Rental Network Software T. Rowe Price Group, Inc. 5.5 Oribi Ltd. Marketing Technology Sequoia Capital 5.4 Carro Digital Media/Commerce Venturra Capital 5.3 Unomaly AB Software EQT Ventures 5.2 Greytip Software Pvt. Ltd. Software New Enterprise Associates 5.2 Vemba Corporation Digital Advertising Bertelsmann Digital Media Investments 5.0 Dataloop.IO Software Battery Ventures 5.0 Vow To Be Chic, Inc. Digital Media/Commerce Pritzker Group Venture Capital 5.0 Aunt Bertha, Inc. Digital Advertising Techstars Bullet Time Ventures 5.0 Aquicore, Inc. Marketing Technology Kiddar Capital 5.0 Zinc, Inc. Marketing Technology Emergence Capital Partners 5.0 FanXchange Limited Marketing Technology Azure Capital Partners 5.0 Nudge Software, Inc. Marketing Technology OMERS Ventures 5.0 Luxury Garage Sale Digital Media/Commerce Data Point Capital 5.0 Pypestream, Inc. Marketing Technology Undisclosed 4.9 Smart Pension Ltd. Software (Private Investors) 4.8 Smartkarma Information Wavemaker Partners 4.6 Convey Software Silverton Partners 4.5 PediaQ LLC Software Undisclosed 4.5 Qloo, Inc. Digital Media/Commerce (Private Investors) 4.5 Cozy Cloud SAS Software Maif Avenir SAS 4.5 Homie, Inc. Digital Media/Commerce Valar Ventures LP 4.5 Lostmy.name Ltd. Digital Media/Commerce Google Ventures 4.5 CureJoy, Inc. Digital Media/Commerce Accel Partners 4.4 Bonfyre App Software Arsenal Capital Partners, Inc. 4.0 ShipBob, Inc. Software Hyde Park Venture Partners 4.0 Solera Health, Inc. Software BlueCross BlueShield Venture Partners, L.P. 4.0 Innovative Imaging Technologies, Inc. Software (Private Investors) 4.0 Practice XYZ Marketing Technology Social Capital 4.0 Switch, Inc. Digital Advertising Seek Ltd. 4.0 COMATCH GmbH Business Services Action Capital 4.0 RubiconMD, Inc. Software Waterline Ventures 4.0 SMACC GmbH Software Cherry Ventures 3.9 Medal, Inc. Software The Founders Fund, LLC 3.8 49 | M&A and Investment Summary June 2016 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 ($ in Millions) Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Mappedin Software Green Century Investment $ 3.5 FarEye Software SAIF Partners 3.5 LUX Digital Media/Commerce IDG Capital Partners 3.5 Crowded.com, Inc. Digital Advertising Tokalon Venture Capital 3.3 ProntoPro.it Digital Media/Commerce Undisclosed 3.3 ABODO Digital Advertising (Private Investors) 3.3 Mon Purse Digital Media/Commerce Macdoch Ventures 3.1 inMotionNow, Inc. Marketing Technology Madison River Ventures 3.1 Employment Hero Pty. Ltd. Software OneVentures 3.0 Mantis Technology Group Digital Media/Commerce Undisclosed 3.0 Quikly LLC Marketing Technology Plymouth Venture Partners 3.0 Vagabond Vending LLC Software Middleburg Capital 3.0 moQom Ltd. Software Pinemont Limited 3.0 Kwik.me Digital Media/Commerce Norwest Venture Partners 3.0 Try The World LLC Digital Media/Commerce (Private Investors) 3.0 Samba Tech Digital Advertising (Private Investors) 3.0 AVA Digital Media/Commerce Khosla Ventures 3.0 Ebizu Sdn. Bhd. Marketing Technology (Private Investors) 3.0 GToken Pte. Ltd. Digital Media/Commerce (Private Investors) 3.0 CallVU Ltd. Marketing Technology NICE Systems 3.0 AppZen, Inc. Software Resolute Ventures 2.9 OrderYoyo Digital Media/Commerce SEED Capital 2.8 Nuro Secure Messaging Marketing Technology (Private Investors) 2.6 Boon + Gable Digital Media/Commerce Crosscut Ventures 2.5 Splash VR Digital Media/Commerce Greycroft Partners 2.5 MyTaskit Digital Media/Commerce Undisclosed 2.5 Armorway, Inc. Software Aristos Ventures 2.5 Tenjin, Inc. Marketing Technology Netease Capital 2.5 MessageGears, LLC Digital Advertising Covalent Interests 2.4 Fixico BV Digital Media/Commerce Orange Growth Capital 2.3 Gamer Sensei LLC Digital Media/Commerce Accomplice 2.3 NightSwapping Digital Media/Commerce 6eme sens 2.2 Beamery Ltd. Software Edenred S.A. 2.0 Armeron Software Glilot Capital Partners 2.0 followit Digital Advertising Acorn Managed Investments 2.0 OWL Security Software Undisclosed 2.0 PVP Live Interacitve, Inc. Digital Media/Commerce Undisclosed 2.0 Bunker Protect, Inc. Digital Media/Commerce Comcast Ventures 2.0 Valify, Inc. Software Frist Cressey Ventures 2.0 Ripl, Inc. Digital Media/Commerce Trilogy Equity Partners, LLC 1.9 Moka Teknology Indonesia Software East Ventures 1.9 Demandjump LLC Marketing Technology 4G Ventures 1.8 50 | M&A and Investment Summary June 2016 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 ($ in Millions) Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Clubhouse Software, Inc. Software Undisclosed $ 1.7 Attendify Digital Media/Commerce Digital Future 1.7 Instabug, Inc. Software Accel Partners 1.7 PriorAuthNow, Inc. Software (Private Investors) 1.6 Alignable, Inc. Digital Media/Commerce Recruit Strategic Partners 1.5 MindLytiX SA Marketing Technology Iris Capital 1.4 Blow Ltd. Digital Media/Commerce Unilever Ventures 1.4 Collokia Software Globant S.A. 1.3 Preply, Inc. Digital Advertising (Private Investors) 1.3 Bidroom Digital Advertising (Private Investors) 1.1 Muzooka, Inc. Digital Media/Commerce (Private Investors) 1.1 Qimple, Inc. Software Green Century Investment 1.1 Hiri Marketing Technology Delta Partners 1.0

51 | M&A and Investment Summary June 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

52 | M&A and Investment Summary June 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

53 | M&A and Investment Summary June 2016 Representative Recent Transactions*

$207,000,000*

a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of has entered into a definitive has been sold to has received a majority agreement to receive a has been sold to has been sold to investment from majority investment from has signed a definitive agreement has been sold to has been sold to to be sold to a division of in partnership with (NYSE: OMC) (NASDAQ: SYKE)

*Approximate Value

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

a portfolio company of has sold and a portfolio company of has been sold to has received a significant growth investment from has been sold to comprising Media Properties Holdings has been sold to to has been sold to has been sold to has been sold to

(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.

54 | M&A and Investment Summary June 2016