Weekly Internet / Digital Media / SaaS Sector Summary

Week of January 19th, 2015 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

125 130

16.8% 13.3% 115 110 9.7% 7.5% 13.1% 9.6% (2.0%) 8.2% (2.4%) 7.8% 7.4% 5.2% 90 (10.7%) 105 (11.7%) 3.1% (12.2%) 2.7% 1.6%

70 95 1/20/14 3/13/14 5/4/14 6/25/14 8/16/14 10/7/14 11/28/14 1/19/15 10/20/14 11/2/14 11/15/14 11/28/14 12/11/14 12/24/14 1/6/15 1/19/15

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

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

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/19/15 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Search / Online Advertising

Microsoft Corporation $46.24 $35.52 $50.05 $381,150 ($64,623) $316,527 3.5x 3.4x 3.1x 9.5x 9.8x 8.9x 18.1x 17.7x 15.5x 8.2% 1.9 7.9% 25.2% Inc. 510.46 490.91 614.44 346,275 (51,417) 294,858 4.3 4.4 3.8 14.8 11.3 9.6 27.2 19.9 17.1 17.2% 1.0 16.9% 20.1% Yahoo! Inc. 46.47 32.15 52.62 44,023 (10,003) 34,062 7.4 7.7 7.6 47.3 26.2 26.2 6.2 29.4 41.6 5.2% 8.0 2.3% 0.8% N.V. 17.97 15.03 44.24 5,720 40 5,760 4.7 5.8 4.4 12.3 13.4 10.6 18.2 20.4 16.7 20.9% 0.8 30.2% 4.7% Criteo SA 39.91 25.16 60.95 2,395 (309) 2,087 2.6 5.8 4.5 34.4 23.5 15.9 99.6 49.7 35.6 62.8% 0.6 28.9% 59.3% Rocket Fuel Inc. 13.33 13.20 71.89 550 (42) 509 1.4 1.2 0.8 NM NM 47.6 NM NM NM 45.0% NM 52.1% 63.5% Blucora, Inc. 13.24 12.61 27.86 543 (33) 510 0.8 0.9 1.0 4.7 5.2 6.5 18.6 7.0 9.3 18.5% 0.5 (12.2%) (7.5%) TubeMogul, Inc. 16.25 8.15 23.83 469 (53) 416 4.2 3.8 2.7 NM NM NM NM NM NM 22.5% NM 40.1% 111.7% The Rubicon Project, Inc. 15.40 8.76 23.20 399 (102) 296 2.7 2.4 1.9 NM 29.2 25.9 NM NM NM 87.0% NM 29.0% 60.3% Marin Software Incorporated 7.17 7.02 12.65 251 (72) 179 1.9 1.8 1.5 NM NM NM NM NM NM 20.0% NM 19.1% 27.7% QuinStreet, Inc. 5.59 3.78 8.87 248 (43) 205 0.7 0.7 0.7 81.2 16.2 10.8 NM NM NM NA NA 4.7% (10.1%) Millennial Media Inc. 1.42 1.36 8.44 198 (76) 121 0.4 0.4 0.4 NM NM NM NM NM NM 15.0% NM 16.0% 24.5% Sizmek Inc. 6.03 4.85 13.25 183 (91) 92 1.8 0.5 0.5 6.7 4.1 3.6 NM NM NM NA NA 5.1% 3.4% Marchex, Inc. 4.19 3.15 12.84 180 (81) 99 0.5 0.6 0.7 9.9 5.9 7.7 NM 29.8 30.0 NM NM (23.3%) 21.3% YuMe, Inc. 5.20 4.20 8.80 172 (57) 114 0.7 0.6 0.6 NM 81.1 16.5 NM NM NM NA NA 17.0% 18.9% Blinkx plc 0.40 0.35 2.86 161 (115) 47 0.2 0.2 0.2 3.7 NA 2.7 NM 27.3 61.8 NM NM 1.1% (5.0%) Tremor Video, Inc. 2.40 2.03 5.20 123 (78) 45 0.3 0.3 0.2 NM NM NM NM NM NM NA NA 20.8% 10.7% ReachLocal, Inc. 3.35 3.00 14.27 98 (52) 46 0.1 0.1 0.1 NM NM NM NM NM NM 67.5% NM (3.9%) (11.4%)

Mean 2.1 x 2.3 x 1.9 x 22.4 x 20.5 x 14.8 x 31.3 x 25.1 x 28.4 x 32.5% 2.1 14.0% 23.2% Median 1.6 1.1 0.9 11.1 13.4 10.6 18.4 23.9 23.6 20.5% 0.9 16.5% 19.5%

Internet Content

IAC/InterActiveCorp $61.60 $56.50 $80.64 $5,162 $29 $5,227 1.7x 1.7x 1.6x 11.1x 9.8x 8.9x 21.9x 24.4x 17.9x 16.3% 1.1 6.8% 3.4% Zillow, Inc. 96.33 76.00 164.90 3,902 (366) 3,535 12.1 10.9 8.0 NM 69.8 39.9 NM NM NM 67.8% NM 36.9% 66.3% AOL Inc. 46.65 32.31 52.22 3,633 (19) 3,625 1.5 1.4 1.3 8.4 7.2 6.7 38.0 22.5 19.2 14.0% 1.4 7.5% 11.7% Shutterfly, Inc. 43.01 36.30 55.09 1,667 6 1,673 2.0 1.8 1.6 22.8 9.9 8.0 NM NM 72.7 31.2% 2.3 14.7% 15.8% WebMD Health Corp. 40.61 34.48 53.30 1,468 252 1,721 3.1 3.0 2.7 16.0 11.0 9.4 47.5 33.3 25.3 12.5% 2.0 9.7% 9.6% comScore, Inc. 40.25 25.98 48.16 1,377 (14) 1,363 4.3 4.2 3.6 50.3 18.7 15.7 NM 27.9 23.8 24.4% 1.0 15.5% 14.7% Bankrate, Inc. 13.14 9.39 21.49 1,372 121 1,493 2.8 2.7 2.4 12.5 10.8 9.3 NM 19.5 16.5 18.0% 0.9 11.8% 16.9% Renren Inc. 2.59 2.45 4.79 930 (812) 118 1.3 1.3 1.2 NM NM NM NM 47.7 NM 20.0% NM 13.1% (47.4%) Web.com Group, Inc. 17.42 14.71 37.72 915 505 1,420 2.6 2.5 2.5 12.7 8.7 8.7 NM 7.2 7.1 12.0% 0.6 0.8% 9.8% Dice Holdings, Inc. 9.69 6.50 11.49 515 86 601 2.4 2.3 2.1 8.4 7.1 6.7 35.7 18.7 16.3 15.6% 1.0 6.9% 28.5% XO Group Inc. 17.55 8.82 18.60 472 (86) 386 2.8 2.7 2.7 27.2 18.6 12.8 NM 83.6 40.3 NA NA 0.1% 5.6% Everyday Health, Inc. 14.22 10.86 19.89 438 (44) 394 2.3 2.1 1.7 25.6 11.8 8.8 NM 29.8 18.4 43.3% 0.4 23.6% 20.7% Monster Worldwide, Inc. 4.29 3.41 8.50 381 120 557 0.7 0.7 0.7 7.6 5.6 5.2 NM 15.7 13.6 12.0% 1.1 0.8% (2.8%) TechTarget, Inc. 10.76 6.14 11.53 348 (35) 313 3.2 3.0 2.6 30.6 16.1 11.7 NM 41.1 27.2 33.5% 0.8 15.5% 19.5% RealNetworks Inc. 6.71 6.00 8.38 242 (178) 64 0.4 0.4 0.4 NM NM NM NM NM NM NA NA 5.1% (30.2%) United Online, Inc. 14.80 9.20 15.88 211 (76) 134 0.6 0.6 0.6 13.5 4.0 3.8 NM 23.3 15.6 NA NA (0.4%) (6.0%) eHealth, Inc. 9.68 8.88 63.32 172 (58) 114 0.6 0.6 0.6 9.5 47.2 13.5 NM NM NM 15.3% NM (0.3%) (2.0%) Demand Media, Inc. 4.47 4.42 30.25 82 (39) 43 0.1 0.3 0.3 1.5 1.3 1.8 NM NM NM NA NA (8.0%) (18.6%) TheStreet, Inc. (1) 2.13 2.08 3.04 73 1 74 1.3 1.3 1.0 NM 31.0 17.0 NM NM NM NA NA 21.0% 7.6%

Mean 2.4 x 2.3 x 2.0 x 17.2 x 17.0 x 11.1 x 35.8 x 30.4 x 24.2 x 24.0% 1.2 9.5% 6.5% Median 2.0 1.8 1.6 12.7 10.8 8.9 36.9 24.4 18.4 17.2% 1.0 7.5% 9.6%

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/19/15 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Internet Commerce

Alibaba Group Holding Limited $96.89 $82.81 $120.00 $240,838 ($7,448) $234,130 22.7x 20.1x 14.4x 48.7x 38.1x 28.0x 48.3x 45.1x 33.6x 30.9% 1.1 39.9% 56.2% Amazon.com Inc. 290.74 284.00 408.06 134,614 (3,784) 130,830 1.5 1.5 1.2 33.6 21.4 16.3 NM NM NM 36.2% NM 18.4% 20.4% eBay Inc. 53.66 46.34 59.70 66,665 (2,785) 63,880 3.6 3.6 3.2 12.9 11.2 10.2 NM 18.2 16.4 11.4% 1.4 11.8% 11.8% The Priceline Group Inc. 1,008.22 990.69 1,378.96 52,786 (2,311) 50,475 6.2 6.0 5.1 15.9 14.6 12.4 22.8 19.2 16.5 19.5% 0.8 17.2% 25.0% Netflix, Inc. 337.34 299.50 489.29 20,324 (767) 19,557 3.8 3.6 2.9 41.4 34.3 27.9 89.7 98.7 73.3 35.6% 2.1 23.0% 27.4% Liberty Interactive Corporation 27.93 22.37 30.68 13,294 5,222 18,637 1.6 1.9 2.0 9.1 9.8 9.6 27.5 24.6 21.5 21.9% 1.0 (7.1%) 4.7% Expedia Inc. 83.48 62.76 92.08 10,564 (902) 10,300 1.9 1.8 1.6 12.9 9.9 8.5 26.2 20.4 17.9 15.2% 1.2 13.5% 22.2% Copart, Inc. 35.01 29.93 37.81 4,423 83 4,506 3.8 3.8 3.6 11.0 11.8 10.5 24.3 21.1 19.2 13.8% 1.4 5.1% 3.8% GrubHub Inc. 36.98 29.86 45.80 3,015 (181) 2,834 12.3 11.3 8.7 52.0 37.8 27.9 NM NM 72.7 46.8% 1.6 29.9% 74.7% zulily, Inc. 20.81 20.18 73.50 2,608 (344) 2,264 2.1 1.9 1.3 84.3 43.2 21.4 NM 91.3 50.0 68.2% 0.7 46.4% 71.5% HomeAway, Inc. 25.92 25.76 48.90 2,445 (488) 1,966 4.6 4.4 3.7 30.2 16.7 14.5 NM NM NM 23.6% NM 19.2% 29.9% Cimpress N.V. 72.54 37.05 76.68 2,365 409 2,788 2.1 2.0 1.8 15.0 13.4 11.0 36.7 20.9 17.0 18.8% 0.9 11.7% 21.4% Shutterstock, Inc. 57.88 57.14 103.01 2,051 (260) 1,791 5.9 5.5 4.1 39.0 27.4 19.4 90.7 55.9 42.8 34.3% 1.2 32.2% 40.6% Coupons.com Incorporated 17.48 11.61 33.00 1,397 (132) 1,265 5.9 5.6 4.3 NM 55.0 26.7 NM NM 50.9 20.0% 2.5 31.4% 47.4% Digital River Inc. 25.56 13.61 25.88 815 (251) 564 1.5 1.5 1.4 15.8 11.7 10.7 NM 50.4 42.3 10.0% 4.2 6.2% 1.8% Stamps.com Inc. 46.51 27.18 51.07 740 (32) 708 5.1 4.9 4.3 18.2 16.6 14.0 16.4 19.4 16.9 18.0% 0.9 13.2% 21.1% Overstock.com Inc. 22.95 13.82 30.34 551 (113) 439 0.3 0.3 0.3 24.1 12.5 8.8 6.9 41.0 27.0 NA NA 10.8% 17.1% 1-800-Flowers.com Inc. 7.41 4.65 9.31 476 60 538 0.7 0.5 0.4 11.9 5.0 6.3 33.0 9.6 17.5 18.0% 1.0 18.0% 3.0% Blue Nile Inc. 33.99 23.10 43.90 403 (32) 371 0.8 0.8 0.7 22.5 16.8 14.6 43.3 39.3 33.0 19.6% 1.7 9.0% 6.9% Borderfree, Inc. 6.95 13.29 21.25 221 (117) 104 0.8 0.8 0.7 61.7 24.8 20.8 NM NM NM 17.5% NM 13.4% 34.8% Travelzoo Inc. 10.78 10.24 26.98 159 (57) 102 0.7 0.7 0.7 4.7 5.6 6.4 8.8 16.5 19.3 5.0% 3.9 1.4% (10.1%) CafePress Inc. 2.27 1.95 6.97 39 (11) 29 0.1 0.1 0.1 23.6 10.3 4.4 NM NM NM NA NA 5.3% (3.7%)

Mean 4.0 x 3.7 x 3.0 x 28.0 x 20.4 x 15.0 x 36.5 x 37.0 x 32.7 x 24.2% 1.6 16.8% 24.0% Median 2.1 1.9 1.9 22.5 15.6 13.2 27.5 22.9 24.2 19.5% 1.2 13.5% 21.2%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $95.18 $69.85 $96.43 $161,398 $11,419 $176,037 3.6x 3.6x 3.3x 12.7x 11.7x 11.1x 22.3x 21.9x 19.4x 14.5% 1.3 7.4% 7.1% Comcast Corporation 56.77 47.74 59.30 146,256 43,272 190,941 2.8 2.8 2.7 8.4 8.3 7.9 17.9 19.0 17.2 13.2% 1.3 3.9% 4.0% Twenty-First Century Fox, Inc. 34.94 30.67 39.27 75,335 15,553 94,703 2.9 3.1 3.3 13.9 13.9 13.0 19.2 20.5 18.2 16.4% 1.1 (6.0%) 11.7% Time Warner Inc. 83.18 60.72 88.13 69,745 19,347 89,092 2.9 3.2 3.1 10.8 13.1 11.1 17.4 20.0 17.8 15.8% 1.1 4.4% 3.3% CBS Corporation 55.56 48.83 68.10 28,795 6,781 35,576 2.4 2.6 2.5 9.7 10.7 10.3 21.5 18.3 15.2 15.3% 1.0 2.7% 2.0% Viacom, Inc. 68.07 65.73 89.76 27,695 11,662 39,601 2.9 2.8 2.7 9.1 9.1 8.6 12.5 12.3 11.1 12.1% 0.9 4.0% 9.3% Sony Corporation 20.80 12.89 22.95 23,914 4,877 33,866 0.5 0.5 0.5 9.2 11.2 6.4 NM NM 41.0 10.0% 4.1 6.2% (4.1%) Discovery Communications, Inc. 29.42 28.94 44.99 19,718 6,630 27,135 4.4 4.3 4.0 10.9 10.9 10.1 17.5 16.9 14.7 17.4% 0.8 8.7% 14.0% Scripps Networks Interactive, Inc. 73.57 71.06 86.48 10,087 1,227 11,708 4.4 4.4 4.1 10.3 10.2 9.5 20.4 19.0 16.5 11.1% 1.5 6.2% 4.5% Tribune Media Company 55.84 55.09 89.99 5,454 2,740 8,193 4.8 4.5 4.4 18.3 13.7 14.3 21.5 26.3 51.4 NA NA 1.9% 69.2% Lions Gate Entertainment Corp. 28.98 24.54 35.75 4,053 1,425 5,477 2.1 2.1 2.0 18.9 14.2 12.8 21.7 20.0 15.7 18.9% 0.8 7.5% 10.9%

Mean 3.1 x 3.1 x 3.0 x 12.0 x 11.5 x 10.5 x 19.2 x 19.4 x 21.6 x 14.5% 1.4 4.3% 12.0% Median 2.9 3.1 3.1 10.8 11.2 10.3 19.8 19.5 17.2 14.9% 1.1 4.4% 7.1%

Publishers

Thomson Reuters Corporation $39.82 $30.80 $40.06 $31,778 $7,212 $39,472 3.1x 3.1x 3.1x 14.7x 11.7x 10.7x 81.5x 21.3x 18.1x 13.5% 1.3 1.4% 0.7% Pearson plc 18.61 14.87 19.97 15,088 3,712 18,808 2.2 2.5 2.4 14.3 14.3 13.0 32.4 18.5 16.3 7.0% 2.3 2.4% 5.2% News Corporation 15.06 14.28 18.53 8,748 (2,735) 6,154 0.7 0.7 0.7 9.6 7.1 6.5 32.0 33.8 28.8 10.0% 2.9 (0.4%) 3.8% Gannett Co., Inc. 30.81 25.53 35.70 6,958 2,738 9,957 1.8 1.6 1.6 7.9 6.7 6.4 15.0 11.3 12.4 5.5% 2.2 5.6% 15.2% Graham Holdings Company 891.49 611.47 950.08 5,165 (199) 4,999 1.4 1.4 1.4 7.9 7.9 8.0 9.5 25.9 23.1 NA NA (0.0%) 5.0% Lagardere SCA 27.35 20.74 36.92 3,512 1,494 5,097 0.5 0.6 0.6 7.9 7.4 7.3 NM 14.1 12.8 10.5% 1.2 (5.2%) 3.5% UBM plc 7.68 6.70 11.13 3,399 799 4,248 3.3 3.7 2.9 13.0 14.6 11.2 8.7 12.2 12.8 1.4% 9.1 25.9% 3.7% Time Inc. 25.19 18.51 25.83 2,746 1,051 3,797 1.1 1.2 1.2 7.4 7.5 7.3 NM 15.4 17.8 9.0% 2.0 (1.5%) 0.4% The New York Times Company 12.19 11.22 17.37 1,832 (117) 1,719 1.1 1.1 1.1 7.4 7.2 6.9 49.9 31.8 24.7 NA NA (0.5%) 0.8% The E. W. Scripps Company 20.54 15.22 23.34 1,163 74 1,239 1.5 1.5 1.5 16.5 8.9 9.4 NM 61.3 54.8 NA NA (0.5%) 9.5% Tribune Publishing Company 21.77 15.00 25.20 554 288 842 0.5 0.5 0.5 5.6 4.6 4.5 9.3 11.5 NA NA NA (2.3%) (4.7%)

Mean 1.6 x 1.6 x 1.5 x 10.2 x 8.9 x 8.3 x 29.8 x 23.4 x 22.2 x 8.1% 3.0 2.3% 3.9% Median 1.4 1.4 1.4 7.9 7.5 7.3 23.5 18.5 17.9 9.0% 2.2 (0.4%) 3.7%

Diversified Marketing

WPP plc $21.22 $16.54 $23.72 $27,359 $5,058 $32,931 1.7x 1.9x 1.8x 10.5x 11.3x 10.7x 16.5x 16.5x 15.0x 8.0% 1.9 5.0% 15.5% Alliance Data Systems Corporation 289.55 230.53 300.49 18,537 10,502 29,357 5.9 5.5 4.4 21.2 18.6 14.9 33.1 23.2 19.3 15.9% 1.2 25.0% 20.3% Experian plc 17.51 13.79 17.69 17,334 3,816 21,174 4.3 4.4 4.3 12.4 12.3 12.2 21.2 18.7 18.0 7.8% 2.3 2.2% 2.1% Nielsen N.V. 42.70 40.56 49.61 16,043 6,258 22,386 3.6 3.5 3.4 15.1 12.1 11.4 43.2 17.0 15.2 14.9% 1.0 3.6% 13.3% Equifax Inc. 83.32 64.75 84.11 10,047 1,438 11,523 4.8 4.7 4.4 13.6 13.6 12.5 30.0 21.5 19.5 10.5% 1.9 7.1% 7.2% The Interpublic Group of Companies, Inc. 19.77 15.90 21.16 8,268 855 9,411 1.3 1.3 1.2 10.4 9.7 8.9 23.8 20.1 17.0 12.8% 1.3 3.5% 8.3% Havas 7.60 6.25 8.15 3,143 445 3,602 1.5 1.6 1.6 9.6 9.8 9.5 17.4 16.8 15.9 10.7% 1.5 1.6% 8.2% Acxiom Corporation 18.88 16.04 39.30 1,454 195 1,649 1.5 1.6 1.6 9.1 8.0 7.9 NM 24.4 21.5 12.5% 1.7 0.6% (2.9%) MDC Partners Inc. 22.97 16.62 24.23 1,141 695 2,133 1.7 1.7 1.6 45.9 11.8 10.4 NM 62.1 29.8 6.0% 5.0 8.1% 13.2% Harte-Hanks Inc. 7.48 5.65 9.07 464 20 484 0.9 0.9 0.8 8.6 8.2 7.2 22.7 19.4 16.4 NM NM 2.1% (0.6%)

Mean 2.7 x 2.7 x 2.5 x 15.6 x 11.5 x 10.6 x 26.0 x 24.0 x 18.8 x 11.0% 2.0 5.9% 8.5% Median 1.7 1.8 1.7 11.4 11.5 10.5 23.2 19.7 17.5 10.7% 1.7 3.6% 8.2% 3 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/19/15 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Gaming

Tencent Holdings Ltd. $15.86 $12.00 $17.40 $147,150 ($2,664) $144,585 11.8x 11.4x 9.3x 31.8x 26.8x 21.1x 41.7x 38.0x 28.8x 35.1% 0.8 22.7% 27.1% Naver Corporation 719.45 596.14 815.87 21,200 (941) 20,261 8.1 7.9 6.5 24.9 23.7 17.3 66.8 51.9 31.4 48.9% 0.6 22.7% 21.6% Electronic Arts Inc. 48.09 22.97 48.53 14,951 (1,797) 13,154 3.2 NA 3.0 20.0 10.9 11.4 39.0 20.7 20.9 21.2% 1.0 NA 42.4% Activision Blizzard, Inc. 20.25 16.55 24.18 14,560 494 15,054 3.5 3.1 3.2 13.6 9.1 8.7 23.8 14.8 14.3 10.1% 1.4 (2.3%) 9.0% NetEase, Inc. 108.70 62.92 110.82 14,132 (3,154) 10,973 6.3 5.8 4.6 14.2 13.4 11.1 18.7 17.9 15.3 14.0% 1.1 24.4% 31.9% King Digital Entertainment plc 12.75 10.68 23.48 4,077 (516) 3,561 1.5 1.6 1.7 4.7 4.0 4.4 6.8 5.8 6.6 NM NM (5.0%) 12.9% GungHo Online Entertainment, Inc. 3.41 3.41 6.55 3,932 (1,052) 2,904 1.8 2.0 2.2 3.2 3.6 4.1 7.0 7.6 9.1 NM NM (8.8%) (17.3%) NCsoft Corporation 175.23 113.11 213.24 3,497 (777) 2,734 3.6 3.7 3.4 10.2 10.1 9.1 17.3 18.6 17.0 13.4% 1.3 9.5% 26.7% Zynga, Inc. 2.61 2.20 5.89 2,356 (826) 1,531 2.3 2.2 1.9 NM 31.4 15.2 NM NM 80.5 11.5% 7.0 16.0% (12.8%) Ubisoft Entertainment SA 18.45 11.40 19.19 1,989 55 2,044 1.4 1.2 1.1 4.8 3.1 2.6 NM 23.6 12.7 14.4% 0.9 5.0% 53.9% DeNA Co., Ltd. 12.09 9.96 19.62 1,567 (511) 1,106 0.8 0.9 0.9 2.7 3.2 4.0 7.7 NA 11.3 NM NM 5.8% (32.4%) Shanda Games Limited 5.51 4.31 7.00 1,481 (54) 1,477 2.2 2.0 1.9 5.1 4.7 4.5 6.9 7.0 6.7 NA NA 5.4% (13.9%) Changyou.com Limited 26.18 17.13 32.27 1,384 (17) 1,435 2.0 1.9 1.7 36.9 NM 9.2 48.2 NM 17.8 18.5% 1.0 13.6% (1.2%) Gree, Inc. 5.81 5.75 10.57 1,377 (516) 860 0.8 1.0 1.1 2.4 3.2 3.7 8.3 9.7 10.0 NM NM (14.1%) (35.6%) Perfect World Co., Ltd. 19.05 14.78 26.25 947 (346) 606 1.0 1.0 0.8 5.5 6.0 4.7 11.6 9.8 8.5 16.9% 0.5 21.4% 18.5% Glu Mobile, Inc. 3.45 3.27 7.60 369 (54) 315 1.7 1.4 1.3 68.7 12.0 10.6 94.9 55.6 53.1 NA NA 7.1% 198.3%

Mean 3.2 x 3.1 x 2.8 x 16.6 x 11.0 x 8.9 x 28.5 x 21.6 x 21.5 x 20.4% 1.6 8.2% 20.6% Median 2.1 2.0 1.9 10.2 9.1 8.9 18.0 17.9 14.8 15.6% 1.0 7.1% 15.7%

Social Media & New Platform

Facebook, Inc. $75.18 $51.85 $82.17 $209,590 ($13,972) $195,618 17.5x 15.8x 11.5x 32.3x 24.2x 19.2x 69.8x 44.0x 39.1x 35.6% 1.1 37.7% 58.9% LinkedIn Corporation 214.18 136.02 243.25 26,596 (2,264) 24,338 12.0 11.1 8.3 NM 42.4 30.0 NM NM 77.6 41.7% 1.9 34.2% 44.6% , Inc. 37.31 39.40 67.24 23,325 (387) 22,939 19.7 16.6 10.0 NM 86.8 41.6 NM NM NM 82.6% NM 66.9% 114.3% Groupon, Inc. 7.34 5.18 11.21 4,928 (855) 4,073 1.3 1.3 1.1 44.8 15.8 11.9 NM NM 44.5 23.5% 1.9 14.1% 27.2% , Inc. 51.39 49.11 101.75 3,727 (364) 3,363 9.9 8.9 6.2 NM 47.8 27.9 NM 74.9 47.5 65.7% 0.7 43.1% 67.5% Pandora Media, Inc. 15.91 15.26 40.44 3,311 (316) 2,994 3.4 3.3 2.5 NM 47.7 22.2 NM 78.6 31.8 85.9% 0.4 29.8% 23.3%

Mean 10.6 x 9.5 x 6.6 x 38.6 x 44.1 x 25.5 x NM 65.8 x 48.1 x 55.9% 1.2 x 37.6% 56.0% Median 11.0 10.0 7.3 38.6 45.0 25.1 NM 74.9 44.5 53.7% 1.1 35.9% 51.7%

SaaS salesforce.com, inc. $56.64 $48.18 $67.00 $35,740 $1,425 $37,165 7.3x 6.9x 5.7x NM 39.3x 31.6x NM NM 81.8x 28.1% 2.9 21.2% 28.6% Workday, Inc. 78.40 64.15 116.47 14,661 (1,345) 13,316 18.9 17.0 11.8 NM NM NM NM NM NM 40.0% NM 44.4% 68.2% ServiceNow, Inc. 63.96 44.17 71.80 9,485 (210) 9,276 15.2 13.7 9.8 NM NM NM NM NM NM 40.7% NM 39.9% 60.6% NetSuite Inc. 104.04 69.48 120.77 7,984 (159) 7,825 15.2 14.1 10.8 NM NM NM NM NM NM 31.1% NM 30.6% 34.4% The Ultimate Software Group, Inc. 143.34 109.50 171.96 4,067 (101) 3,966 8.2 7.8 6.4 57.7 33.3 26.0 98.3 70.9 58.2 27.0% 2.2 21.9% 23.6% Demandware, Inc. 49.50 44.39 82.23 1,797 (259) 1,538 10.8 9.9 7.0 NM NM NM NM NM NM 37.5% NM 42.4% 56.2% Zendesk, Inc. 24.58 11.06 28.20 1,790 (133) 1,658 14.9 13.3 9.1 NM NM NM NM NM NM 35.0% NM 45.8% 106.8% Cornerstone OnDemand, Inc. 33.20 25.99 61.85 1,778 (4) 1,774 7.3 6.8 5.2 NM NM NM NM NM NM 30.7% NM 30.8% 41.5% RealPage, Inc. 20.03 14.87 23.11 1,577 8 1,585 4.0 3.9 3.6 45.0 23.6 19.3 NM 52.3 41.5 20.0% 2.1 9.6% 6.6% Marketo, Inc. 32.40 22.02 45.00 1,335 (113) 1,224 9.0 8.2 6.1 NM NM NM NM NM NM 22.5% NM 35.9% 54.0% Constant Contact, Inc. 36.98 21.08 38.83 1,171 (154) 1,017 3.2 3.1 2.6 27.5 16.8 13.4 95.6 35.2 28.3 22.5% 1.3 17.0% 15.9% Cvent, Inc. 26.30 22.13 44.31 1,087 (183) 904 6.8 6.4 5.1 NM 53.5 46.6 NM NM NM 25.0% NM 25.4% 28.3% HubSpot, Inc. 33.30 25.79 38.60 1,045 6 1,051 10.1 9.3 7.2 NM NM NM NM NM NM 25.0% NM 28.1% 66.1% RingCentral, Inc. 14.30 10.02 23.65 974 (77) 897 4.4 4.1 3.2 NM NM NM NM NM NM 21.9% NM 26.8% 35.8% Bazaarvoice, Inc. 8.07 5.85 8.73 630 (54) 576 3.2 3.1 2.8 NM NM NM NM NM NM 15.0% NM 12.6% 15.0% LivePerson Inc. 11.23 8.84 14.82 614 (87) 527 2.7 2.5 2.0 52.1 24.7 18.3 NM 52.6 36.7 20.0% 1.8 27.0% 16.8% Jive Software, Inc. 5.94 5.06 10.25 425 (92) 334 2.0 1.9 1.6 NM NM NM NM NM NM 20.0% NM 15.6% 24.7% Marin Software Incorporated 7.17 7.02 12.65 251 (72) 179 1.9 1.8 1.5 NM NM NM NM NM NM 20.0% NM 19.1% 27.7% Brightcove Inc. 7.56 5.06 12.13 244 (20) 224 1.8 1.8 1.7 NM NM 91.7 NM NM NM NA NA 8.3% 10.5% ChannelAdvisor Corporation 9.38 9.03 49.90 233 (78) 156 1.9 1.8 1.5 NM NM NM NM NM NM 20.0% NM 20.5% 26.1%

Mean 7.4 x 6.9 x 5.2 x 45.6 x 31.9 x 35.3 x 96.9 x 52.8 x 49.3 x 26.4% 2.0 26.1% 37.4% Median 7.0 6.6 5.1 48.5 29.0 26.0 96.9 52.5 41.5 25.0% 2.1 26.1% 28.4%

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

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

1/12/2015 $60 NA NA 2.7x NA

1/8/2015 $125 NA NA NA NA

12/11/2014 $800 NA NA NA NA

12/5/2014 $75 2.0x NA NA NA

(1) 11/24/2014 $55 1.1x NA NA NA

11/19/2014 $75 NA NA NA NA

(2) 11/17/2014 $114 2.3x NM 1.6x 11.2x

11/13/2014 $100 2.5x NA NA NA

11/11/2014 $640 NA NA 6.4x NA

11/5/2014 $65 3.6x NA NA NA

11/3/2014 $150 NA NA NA NA

10/31/2014 $82 0.7x NA NA NA

10/23/2014 $840 2.2x 57.3x NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. 5 (1) LTM revenue multiple based on net revenue per Company Press Release. (2) NTM multiples based on CapitalIQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

(1) 10/21/2014 $295 2.0x 9.0x NA NA

10/20/2014 NA NA NA NA NA

10/2/2014 $100 50.0x NA NA NA

(2) 9/30/2014 $950 4.0x NA 3.5x 26.8x

9/23/2014 $88 16.2x NA NA NA

9/22/2014 $158 4.1x NA NA NA

9/18/2014 $82 NA NA NA NA

(3) 9/18/2014 $8,300 12.4x NM 10.2x NM

9/17/2014 NA NA NA NA NA

9/9/2014 $1,000 NA NA NA NA

9/2/2014 $160 NA NA NA NA

9/2/2014 $165 3.1x NA 25.7x NA

8/25/2014 $970 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiples based on implied 22.5% EBITDA margin and GCAS estimate of 15% CY2014 revenue growth rate over CY2013 revenue (per Company Press Release). 6 (2) NTM multiples based on CapitalIQ consensus estimates. (3) NTM multiples based on CapitalIQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

(1) 8/19/2014 $160 NA NA NA NA

(2) 8/11/2014 $360 NA NA 5.5x NA

8/5/2014 $117 NA NA NA NA

(3) 8/5/2014 $2,466 5.9x NA 4.6x 15.9x

(4) 8/5/2014 $230 3.2x NA 2.4x NA

(5) 7/31/2014 $222 4.1x NA 2.6x NA

(6) 7/31/2014 $550 12.2x NA NA NA

7/30/2014 $375 NA NA 6.3x NA

(7) 7/28/2014 $3,509 20.1x NM 12.9x NM

7/23/2014 $170 NA NA NA NA

7/22/2014 $250 1.8x NA NA NA Junos Pulse (8) 7/22/2014 $175 4.5x NA NA NA

(9) 7/21/2014 $250 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value includes earnout. (2) Aggregate Value reflects implied Target Aggregate Value based on 98% stake by Telstra. NTM Revenue based on CY2014 estimates. (3) LTM multiples based on CY2013A; NTM multiples based on CY2014E estimates. (4) Aggregate Value based on market closing price on 8/5/2014. LTM and NTM Revenue multiples based of 2013A and 2014 projections, respectively (assuming 35% 2014 / 2013 Y-o-Y growth rate) per RocketFuel Presentation. (5) Aggregate Value reflects implied Target Aggregate Value based on 65% stake by RTL Group. LTM and NTM Revenue multiples based on GCA Savvian estimates. (6) Aggregate Value and LTM Revenue Multiples based on 451 Research. (7) NTM multiples based on CapitalIQ consensus estimates. 7 (8) LTM revenue based on CY2013 estimate. Assumes 2012 revenue of $22MM growing at 75% year-over-year, based on market rumors. (9) Deal terms undisclosed; market rumors Aggregate Value to be between $200MM and $300MM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

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

7/21/2014 $205 NA NA NA NA

7/15/2014 $155 2.2x NM 1.9x NM

7/14/2014 $72 2.9x NA NA NA

7/10/2014 $350 NA NA NA NA

7/9/2014 $100 20.0x NA NA NA

78/14 $125 6.3x NA NA NA

(1) 7/3/2014 $450 NA NA NA NA

(2) 7/2/2014 $253 0.6x NM 0.6x NM

(3) 6/30/2014 NA NA NA NA NA

(4) 6/24/2014 $75 1.4x 9.5x NA NA

6/23/2014 $115 NA NA NA NA

(5) 6/20/2014 $555 NA NA NA NA

6/16/2014 $76 NA NA NA NA

(6)

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Deal terms undisclosed; market rumors Aggregate Value to be between $400MM and $500MM. (2) NTM Multiples based on CapitalIQ consensus estimates. (3) Deal terms undisclosed; market rumors Aggregate Value to be around $100MM. 8 (4) LTM Revenue and EBITDA Multiples based on CapitalIQ metrics; Aggregate Value excludes $275 potential earnout. (5) Aggregate Value includes $28MM potential earnout. Filed IPOs Internet / Digital Media / SaaS: IPOs In Public Registration

For the period 1/1/2010 to 1/19/2015 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

Canaccord Genuity, Credit Suisse, Deutsche Bessemer Venture Partners (29.7%); Internet Software 07/07/14 75 Bank, Jefferies, Needham & Company, (24.4%); JAFCO Tecnology Partners (8.7%) Oppenheimer, Piper Jaffray

Barclays, Citigroup, Deutsche Bank, J.P. Internet Software 06/09/14 100 Morgan, KKR Capital Markets, Morgan KKR (28.0%); Silver Lake (28.0%); TCV (12.6%) Stanley, RBC, Stifel

BAML, Citigroup, Oppenheimer, RBC Capital Canaan (32.4%); ATA Ventures (17.0%); Bessemer Venture Internet Software 04/16/14 100 Markets, William Blair Partners (16.3%)

Bessemer Venture Partners (5.6%); Draper Fisher Jurvetson BMO Capital Markets, Canaccord Genuity, (25.5%); General Atlantic (8.4%); Meritech Capital Partners Internet Software 03/24/14 250 Credit Suisse, J.P. Morgan, Morgan Stanley, (5.1%); Scale Venture Partners (7.4%); U.S. Venture Partners Pacific Crest, Raymond James, Wells Fargo (13.0%)

9 Notes: Source: Dealogic, CapitalIQ and SEC.gov. Activity TMT: Transactions Since 2001

$12 1,000

$10 800

$8

600

$6 $Bn

400

$4 Number ofInvestments

200 $2

$0 0 Q1 2001 Q3 2002 Q1 2004 Q3 2005 Q1 2007 (1) Q3 2008 Q1 2010 Q3 2011 Q1 2013 Q3 2014 Quarter - Year

Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 10 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007(1)

120.0 7000.0

(6) 30 1,2506000.0 100.0

25 (4) (5) (7) 5000.0 1,000

80.0

20 4000.0

750

60.0 $MM 15 3000.0

(3) $MM

500 Number ofFinancings 40.0 10 (1) (2)

Number Number of Financings 2000.0

250 20.0 5

1000.0

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

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

Oct Oct Oct 0 Oct 0

0.0 0.0

Jun-07 Jun-12 Jan-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14

- - - - -

------

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

------

------

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

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

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

07 11 08 09 10

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

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Partners, Miroma Ventures, Thrive Capital, ClassPass Beehive Holdings, Blake Krikorian, David Tisch, Fritz Lanman, General Catalyst Partners•Thrive Provider of a marketplace and online hub for finding and booking classes and New York, NY 15-Jan-15 $40 Gordon Crawford, Hank Vigil, Individual Investor, Kal Vepuri, $54 Capital activities. www.classpass.com Keith Nowak, Owen Van Natta, Romulus Capital, Scott Banister, Shana Fisher, SV Angel, TechStars

Clinipace Worldwide Crestline Investors, Mario Family Partners, Virgo Investment Provider of technology based clinical research services for clinical trials, Morrisville, NC 15-Jan-15 Venture Round $50 Virgo Investment Group Group, Harbert Venture Partners, Hatteras Venture Partners, $42 registries, grants management and investigator initiated studies. www.clinipace.com Morgan Stanley

Neo Technology Creandum (Johan Brenner)•Dawn Creandum, Dawn Capital, Conor Venture Partners, Fidelity San Mateo, CA 15-Jan-15 Series E $20 Developer of open source graph database. $44 Capital (Haakon Overli) Growth Partners , Sunstone Capital www.neotechnology.com

Qyuki Digital Media Mumbai, India 15-Jan-15 Venture Round $10 Not disclosed Not disclosed Provider of digital media services. $15 www.qyuki.com

SafetyPay Provider of internet payment services for the online shoppers, merchants and Miami Beach, FL 15-Jan-15 Venture Round $19 Not disclosed Not disclosed $40 banks. www.safetypay.com

Boxed AME Cloud Ventures, Digital Sky Technologies, Founders Digital Sky Technologies•GGV Edison, NJ 14-Jan-15 Series B $25 Fund, GGV Capital, Vaizra Ventures, First Round Capital, Provider of a shopping platform. $33 Capital (Jeff Richards) www.boxed.com Partners, Signia Venture Partners

Insite Software Provider of e-commerce services and shipping platform for manufacturers and Minneapolis, MN 14-Jan-15 Venture Round $15 Volition Capital (Roger Hurwitz) Volition Capital $15 distributors. www.insitesoft.com

Lynda.com TPG Capital, Accel Partners, Meritech Capital Partners, Carpinteria, CA 14-Jan-15 Series B $186 TPG Capital (David Trujillo) Provider of online learning courses. $289 Spectrum Equity Investors www.lynda.com

Rounds Entertainment Samsung Venture Investment, , Rhodium, Tim Tel Aviv, Israel 14-Jan-15 Series B $12 Sequoia Capital (Shmil Levy) Provider of a social entertainment platform. $22 Draper, Verizon Investments www.rounds.com

True Fit Jump Capital•Promus Jump Capital, Promus Ventures, Signal Peak Ventures, Provider of a database which helps consumers, brands and retailers to Woburn, MA 14-Jan-15 Venture Round $15 Ventures•Signal Peak Ventures (R. Breakaway Innovation Group, Guggenheim Partners, Novel TMT $22 discover footwear and apparel online stores. www.truefit.com Brandon Tidwell) Ventures

Vidyard Bessemer Venture Partners (Byron Bessemer Venture Partners, Salesforce.com, iNovia Capital, Kitchener, Canada 14-Jan-15 Series B $18 Provider of a video marketing platform. $26 Deeter) OMERS Ventures, SoftTech VC www.vidyard.com

App Annie Institutional Venture Partners (Eric Institutional Venture Partners, Greycroft Partners, IDG Capital Utrecht, Netherlands 13-Jan-15 Venture Round $55 Provider of a market data platform for the mobile-application industry. $94 Liaw) Partners, Sequoia Capital www.appannie.com

Basho Technologies Georgetown Partners (Chester Herndon, VA 13-Jan-15 Series G $25 Georgetown Partners Developer of data store enterprise software. $59 Davenport) www.basho.com

Brian Halligan, Brian Shin, Charles River Ventures, Dharmesh Driftt Shah, Founder Collective, General Catalyst Partners, JD Cambridge, MA 13-Jan-15 Series A $15 Charles River Ventures Provider of a software for consumer services. $15 Sherman, Jeff Seibert, John Kelleher, John Kinzer, Mike Volpe, www.driftt.com NextView Ventures, Phil Harrell, Wayne Chang

Notes: 12 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

Ionic Security Meritech Capital Partners (Mike Meritech Capital Partners, Google Ventures, JAFCO Ventures, Atlanta, GA 13-Jan-15 Series C $40 Provider of data security platform. $78 Gordon) Caufield & Byers, TechOperators www.ionicsecurity.com

Teads London, United Kingdom 13-Jan-15 Venture Round $32 Not disclosed Bpifrance, Elaia Partners, , Partech Ventures Developer of a video advertising platform. $37 www.teads.tv

Whistle Sports Derek Jeter, Emil Capital, Liberty Global, Peyton Manning, New York, NY 13-Jan-15 Venture Round $28 Emil Capital (Andreas Guldin) Producer and publisher of sports-focused videos. $43 British Sky Broadcasting Group www.whistlesports.com

Clearleap Susquehanna Growth Equity (Scott Mosley Ventures, Susquehanna Growth Equity, Noro-Moseley Duluth, GA 12-Jan-15 Series C $25 Provider of web based content management technology. $46 Feldman) Partners, Trinity Ventures www.clearleap.com

Dato , Vulcan Capital, , New Seattle, WA 8-Jan-15 Venture Round $19 Vulcan Capital (Steve Hall) Provider of a machine-learning analytics engine for graph datasets. $25 Enterprise Associates www.dato.com

Panaya Provider of ERP testing and upgrade automation SaaS (Software as a Service) Saddle Brook, NJ 8-Jan-15 Series E $20 Israel Growth Partners Israel Growth Partners $53 technology. www.panaya.com

Seismic Software Solana Beach, CA 8-Jan-15 Series B $20 JMI Equity (Peter Arrowsmith) JMI Equity, Sigma West Provider of a cloud based enterprise software. $25 www.seismic.com

Westwing Home & Living Kreos Capital, Leverate Media, Investment AB Kinnevik, Rocket Munich, Germany 7-Jan-15 Venture Round $31 Not disclosed Provider of site. $213 Internet, www.westwing.de

Bazaar Eric Fellner, Floreat Services, Joe Osnoss, Martin London, United Kingdom 6-Jan-15 Series D $20 Not disclosed Varsavsky, MMC Ventures, Simon Patterson, White Star Operator of film streaming platform. $23 www.mubi.com Capital, Peterson Partners

Blue Box Group Seattle, WA 6-Jan-15 Series B $14 Not disclosed Founder Collective, Voyager Capital Provider of cloud hosting and managed services. $20 www.bluebox.net

Glassdoor Google Capital (Laela Sturdy)•Tiger Google Capital, Battery Ventures, , Tiger Provider of an online social networking company focused on employment Mill Valley, CA 6-Jan-15 Series F $70 $162 Global Management (Lee Fixel) Global Management conditions in the workplace. www.glassdoor.com

Hangzhou Kuaidi Technology Hangzhou, China 6-Jan-15 Venture Round $800 Not disclosed Tiger Fund, Provider of a taxi service platform. $900 www.kuaidadi.com

NetDragon Websoft (Online Education Subsidiary) Guangdong Alpha Animation and Culture, IDG Capital Partners, 6-Jan-15 Venture Round $53 Not disclosed Provider of a mobile online educational platform. $53 Fuzhou, China Vertex Venture Management iSIGHT Partners Bessemer Venture Partners (David Dallas, TX 5-Jan-15 Series C $30 Bessemer Venture Partners Provider of cyber security risk-management services. $49 Cowan) www.isightpartners.com

Notes: 13 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

LalaMove Crystal Stream, Geek Founders, Individual Investors, Hong Kong, Hong Kong 5-Jan-15 Venture Round $10 Crystal Stream Provider of on-demand delivery platform. $10 MindWorks Ventures, Sirius Venture Partners, The Aria Group easyvan.hk/en/home

Reonomy Ventures, Solon Mack Capital, Stephen Mack, Bain Capital Ventures (Michael New York, NY 5-Jan-15 Venture Round $13 FinTech Collective, High Peaks Venture Partners, KEC Provider of data analytics technology. $18 Krupka) www.reonomy.com Ventures, Resolute.vc, SoftBank Capital

Valyoo Technologies Operator of technology company engaged in developing & maintaining website New Delhi, India 5-Jan-15 Series C $22 TPG Capital (Punit Bhatia) TR Capital Group, IDG Ventures India, Unilazer Ventures $36 platforms. www.valyoo.in

Scribd , Charles River Ventures, Redpoint Ventures, Operator of an online social publishing company for readers, authors, and , CA 2-Jan-15 Series C $22 Khosla Ventures (Keith Rabois) $48 SVB Capital publishers. www..com

Beepi Foundation Capital, SherpaVentures, Individual Investor, Los Altos, CA 30-Dec-14 Venture Round $73 Not disclosed Provider of an online platform to certify and sell used cars. $79 Redpoint Ventures, Silicon Valley Bank www.beepi.com

Taboola New York, NY 30-Dec-14 Series E $100 Not disclosed Not disclosed Provider of a video content recommendation platform. $140 www.taboola.com

Facishare Beijing, China 29-Dec-14 Series C $50 DCM (Hurst Lin) DCM, IDG Capital Partners, Northern Light Venture Capital Provider of a social cloud-based sales management platform. $63 www.facishare.com

Instacart Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Khosla Provider of a mobile application that enables users to order and secure delivery San Francisco, CA 29-Dec-14 Series C $210 Andreessen Horowitz (Jeffrey Jordan) $265 Ventures, Sequoia Capital of groceries. www.instacart.com

Breadtrip Fidelity Growth Partners Asia, Tencent Holdings, China Beijing, China 22-Dec-14 Venture Round $50 Tencent Holdings Developer of a online travel application. $62 Broadband Capital Partners www.breadtrip.com

Elemental Technologies Sky PLC, Telstra, General Catalyst Partners, Norwest Venture Portland, OR 22-Dec-14 Venture Round $15 Telstra (Mark Sherman) Developer of video processing software for enterprise video customers. $44 Partners, Voyager Capital www.elementaltechnologies.com

Guokr Beijing, China 22-Dec-14 Series E $20 Tal Education Group (Yachao Liu) IDG Capital Partners, Tal Education Group Provider of science social networking services. $20 www.guokr.com

Bustle General Catalyst Partners (Neil General Catalyst Partners, 500 Startups, Rothenberg Ventures, Brooklyn, NY 18-Dec-14 Venture Round $16 Provider of a digital publication aimed at young women. $27 Sequeira) Social+Capital Partnership, Time Warner Investments www.bustle.com

Fenox Venture Capital, United Services Automobile Expect Labs IDG Ventures USA (Alexander Association, Westcott, IDG Ventures USA, Intel Capital, Liberty Provider of a cloud-based service that enables companies to build intelligent San Francisco, CA 18-Dec-14 Series E $13 Rosen)•United Services Automobile $18 Global, Quest Venture Partners, Samsung Venture Investment, voice interfaces for any application or device. www.expectlabs.com Association (Victor Pascucci) Telefónica Ventures

MixPanel Acquisition San Francisco, CA 18-Dec-14 $65 Andreessen Horowitz (Peter Levine) Andreessen Horowitz Provider of an API based analytics platform for mobile and the web. $77 Financing www.mixpanel.com

Notes: 14 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

Redfin Glynn Capital Annox Capital, Brooks Brothers, Glynn Capital Management, Seattle, WA 18-Dec-14 Series G $71 Management•Wellington Wellington Management, T. Rowe Price, Tiger Global Provider of real estate search and brokerage services. $167 www.redfin.com Management Management

Skytap Insight Venture Partners (Deven Insight Venture Partners, Ignition Venture Partners, Madrona Provider of cloud-based virtual lab that enables the development, testing and Seattle, WA 18-Dec-14 Series D $35 $64 Parekh) Venture Group, OpenView Venture Partners, WRF Capital deployment of applications. www.skytap.com

Adelphic Waltham, MA 17-Dec-14 Series B $11 Blue Chip Venture Blue Chip Venture, Google Ventures, Matrix Partners Developer of a mobile advertising on-demand platform. $23 www.adelphic.com

AgriSight SV Angel, Drive Capital, Huron River Ventures Partners, Hyde Ann Arbor, MI 17-Dec-14 Series B $10 Not disclosed Provider of an online farm management software. $15 Park Venture Partners, Individual Investor www.farmlogs.com

Adyen General Atlantic, Temasek Holdings, , Index Amsterdam, Netherlands 16-Dec-14 Series B $250 General Atlantic (Jonathan Korngold) Provider of an internet payment system for international merchants. $266 Ventures www.adyen.com

Clever Lightspeed Venture Partners (Ravi GSV Capital, Lightspeed Venture Partners, Individual Investor, San Francisco, CA 16-Dec-14 Series B $30 Provider of administrative software for educational institutions. $57 Mhatre) Sequoia Capital www.getclever.com

EdgeWave (EWVE) San Diego, CA 16-Dec-14 Series A $13 TVC Capital (Jeb Spencer) Northgate Capital, TVC Capital, ATA Ventures, RWI Ventures Provider of cloud based security services. NA www.edgewave.com

Flipkart Bangalore, India 16-Dec-14 Venture Round $180 Steadview Capital Management Steadview Capital Management Provider of an online shopping platform. $2,481 www..com

Locon Solutions Falcon Edge Capital, SoftBank Internet and Media, Helion Mumbai, India 16-Dec-14 Venture Round $90 SoftBank Internet and Media Venture Partners, Nexus Venture Partners, Qualcomm Provider of a marketplace of houses for rent and for sale. $123 www.Housing.co.in Ventures

OneLogin Scale Venture Partners (Rory Scale Venture Partners, Charles River Ventures, Social+Capital San Francisco, CA 16-Dec-14 Series C $25 Provider of cloud-based Identity and Access Management platform (IAM). $44 O'Driscoll) Partnership www.onelogin.com

Playdots CrunchFund, Greycroft Partners, Individual Investor, Northzone New York, NY 16-Dec-14 Series A $10 Greycroft Partners•Tencent Holdings Developer of mobile games. $10 Ventures, Slow Ventures, Tencent Holdings weplaydots.com

Rapid7 , MA 16-Dec-14 Series D $31 Not disclosed Bain Capital Ventures, Technology Crossover Ventures Provider of network security risk intelligence software. $92 www.rapid7.com

Hangzhou Xiaoka Technology Company 15-Dec-14 Series B $30 GGV Capital GGV Capital Provider of a car maintenance application. $34 Hangzhou, China www.yangchediandian.com

Tokopedia West Jakarta, Indonesia 15-Dec-14 Series E $100 Softbank () Sequoia Capital, Softbank, SoftBank Ventures Korea Provider of an online platform for business. $101 www..com

Notes: 15 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

Shasta Ventures, CAA Ventures, Eniac Ventures, Founders Hinge 11-Dec-14 Venture Round $12 Shasta Ventures (Tod Francis) Fund, Great Oaks Venture Capital, Lowercase Capital, Red Provider of an online social platform for mobile devices. $21 www.hinge.co Swan Ventures

Infer Palo Alto, CA 11-Dec-14 Venture Round $25 Redpoint Ventures (Satish Dharmaraj) Redpoint Ventures Provider of data-powered business applications. $35 www.infer.com

Jolla Helsinki, Finland 11-Dec-14 Venture Round $12 Not disclosed Not disclosed Developer of mobile devices and operating systems. $18 www.jolla.com

Kamcord GungHo Online Entertainment, Wargaming Public Company, GungHo Online Entertainment (Jun San Francisco, CA 11-Dec-14 Series E $15 Individual Investor, M &Y Growth Partners, Merus Capital, Provider of tools for recording and sharing of games. $28 Iwasaki) www.kamcord.com Tencent Holdings, TransLink Capital, XG Ventures

Ninian Solutions Hermes GPE, Zouk Capital, Duff Ackerman & Goodrich, Eden Provider of cloud collaboration and content management products and London, United Kingdom 11-Dec-14 Series D $51 Zouk Capital (Nathan Medlock) $90 Ventures, JAFCO Ventures, Matrix Partners services. www.huddle.com

Woven Digital Institutional Venture Partners Advancit Capital, Institutional Venture Partners, The San Culver City, CA 11-Dec-14 Series A $18 Provider of branded content. $24 (Somesh Dash) Francisco 49ers, United Talent Agency, Individual Investor www.woven.com

Greylock Partners (Asheem Avi Networks Chandna)•Lightspeed Venture Menlo Ventures, , Lightspeed Venture Sunnyvale, CA 10-Dec-14 Series B $33 Provider of a cloud based networking technology. $33 Partners (Barry Eggers)•Menlo Partners www.avinetworks.com Ventures (Venky Ganesan)

BuildDirect Technologies BMO Capital Markets, Mohr Davidow Ventures, OMERS Provider of a community-based technology platform that directly connects Vancouver, Canada 10-Dec-14 Series D $44 BMO Capital Markets NA Ventures buyers with sellers. www.builddirect.com

Coupang BlackRock Partners BlackRock Private Equity Partners, Wellington Management, Seoul, South Korea 10-Dec-14 Venture Round $300 Provider of an e-commerce marketplace. $480 (Jay Park) Greenoaks Capital, Rose Park Advisors www.coupang.com

HashiCorp San Francisco, CA 10-Dec-14 Series A $10 Fund (Robin Vasan) GGV Capital, Mayfield Fund, True Ventures Provider of a tool for building development environments. $11 www.hashicorp.com

Optoro Generation Investment Management, Kleiner Perkins Caufield & Kleiner Perkins Caufield & Byers Provider of cloud-based tools for the management and sale of returned, Washington, DC 10-Dec-14 Series C $50 Byers, Grotech Ventures, Revolution, SWaN & Legend Venture $85 (Daniel Oros) damaged and excess retail inventory. www.optoro.com Partners

Qubole Norwest Venture Partners (Rama Mountain View, CA 10-Dec-14 Series B $13 Norwest Venture Partners Developer of a cloud data platform. $20 Sekhar) www.qubole.com

ToyTalk Khosla Ventures, Charles River Ventures, First Round Capital, San Francisco, CA 10-Dec-14 Series C $15 Khosla Ventures (Samir Kaul) Developer of and mobile connectivity for toys. $31 Greylock Partners, True Ventures www.toytalk.com

Altiscale Palo Alto, CA 9-Dec-14 Series B $30 Northgate Capital (Brent Jones) Northgate Capital, General Catalyst Partners, Sequoia Capital Provider of a data management platform. $42 www.altiscale.com

Notes: 16 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Beijing Xiaoju Keji Didi Dache Company 9-Dec-14 Series D $700 Temasek Holdings Temasek Holdings, Digital Sky Technologies, Tencent Holdings Provider of mobile application for taxi services. $818 Beijing, China www.xiaojukeji.com

Change.org San Francisco, CA 9-Dec-14 Series C $25 Not disclosed Individual Investor, Omidyar Network, Uprising Provider of a petition platform empowering people to create change. $48 www.change.org

DB Networks Carlsbad, CA 9-Dec-14 Series B $17 Grotech Ventures (Joseph Zell) Citi Ventures, Grotech Ventures, Khosla Ventures Provider of database security software. $24 www.dbnetworks.com

Hired Comcast Ventures, Lumia Capital, Silicon Valley Bank, San Francisco, CA 9-Dec-14 Series B $15 Not disclosed , SherpaVentures, Sierra Ventures, SoftTech Provider of a marketplace for recruiting software engineers. $33 www.developerauction.com VC

Nginx New Enterprise Associates (Peter , e.ventures, Individual Investor, New Enterprise Provider of a platform for powering software as a service applications and San Francisco, CA 9-Dec-14 Series B1 $20 $33 Sonsini) Associates, Runa Capital websites. www.nginx.com

SoundCloud Provider of an online audio platform for receiving, sending and distributing , Germany 9-Dec-14 Venture Round $150 Not disclosed Not disclosed $266 music. www.soundcloud.com

ThousandEyes Sutter Hill Ventures (Stefan Salesforce.com, Sutter Hill Ventures, Individual Investor, Developer of an information technology performance management platform for San Francisco, CA 9-Dec-14 Series B $20 $26 Dyckerhoff) Sequoia Capital SaaS and cloud applications. www.thousandeyes.com

TrackMaven New Enterprise Associates (Harry Washington, DC 9-Dec-14 Series B $14 Bowery Capital, New Enterprise Associates Provider of intelligence platform for enterprise marketers. $22 Weller) www.trackmaven.com

DataGravity Accel Partners, Andreessen Horowitz, Charles River Ventures, Nashua, NH 8-Dec-14 Series C $50 Accel Partners (Ping Li) Provider of software that extracts useful information from stored data sets. $92 General Catalyst Partners www.datagravity.com

Extole Scale Venture Partners (Stacey Scale Venture Partners, Norwest Venture Partners, Redpoint Provider of a social advocacy platform for brands and agencies to drive results San Francisco, CA 8-Dec-14 Series C $14 $49 Bishop) Ventures, Shasta Ventures, Trident Capital through word of mouth marketing. www.extole.com

Mesosphere Khosla Ventures, Andreessen Horowitz, FUEL Capital, SV Provider of an application programming interface for building distributed San Francisco, CA 8-Dec-14 Series B $36 Khosla Ventures (Vinod Khosla) $50 Angel systems. www.mesosphere.io

NEXThink Developer of a software tool to measure and manage information security Prilly, Switzerland 8-Dec-14 Series D $15 Auriga Partners Individual Investor, Auriga Partners, Mannai, VI Partners $29 programs. www.nexthink.com

Revionics Austin, TX 8-Dec-14 Series D $30 (Hillel Moerman) Goldman Sachs Provider of price and promotion optimization systems for retailers. $62 www.revionics.com

Adams Street Partners, Annox Capital, Brooks Brothers, DailyFeats Adams Street Partners (Thomas Cambia Health Solutions, Schooner Capital, Catalyst Health Provider of web and iPhone platform for healthy life style, exercise and healthy Boston, MA 4-Dec-14 Venture Round $26 $36 Bremner) Ventures, Lerer Hippeau Ventures, Serious Change, Tribeca food. www.maxwellhealth.com Venture Partners, Vaizra Ventures

Notes: 17 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

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

ThreatStream General Catalyst Partners (Stephen General Catalyst Partners, Institutional Venture Partners, Redwood City, CA 4-Dec-14 Venture Round $22 Provider of a SaaS-based cyber security intelligence platform. $26 Herrod) Google Ventures, Paladin Capital Group www.threatstream.com

Uber Technologies Provider of a mobile application that connects riders and transportation San Francisco, CA 4-Dec-14 Venture Round $1,200 Not disclosed T. Rowe Price, Fidelity Investments $2,708 providers. www.uber.com

GrabTaxi Holdings Singapore, Singapore 3-Dec-14 Series D $250 Softbank (Nikesh Arora) Softbank Provider of an application for the booking of taxis and cabs. $340 www.grabtaxi.com

InstaMed Provider of real time clearinghouse and payment processor for the healthcare Philadelphia, PA 3-Dec-14 Venture Round $17 Not disclosed Not disclosed $57 industry. www.instamed.com

WhipClip Greycroft Partners, Individual Investor, Institutional Venture Santa Monica, CA 3-Dec-14 Series A $20 Not disclosed Partners, The Raine Group, William Morris Endeavor Provider of online platform for sharing clips of TV shows. $20 www.whipclip.com Entertainment, Ziffren Brittenham LLP

Helpling Individual Investor, Mangrove Capital Partners, Phenomen Berlin, Germany 2-Dec-14 Series A $17 Not disclosed Provider of cleaning service. $17 Ventures, Point Nine Capital www.helpling.de

India World Technologies Gurgaon, India 2-Dec-14 Venture Round $50 Not disclosed Foundation Capital, New Enterprise Associates Provider of online property brokerage service. $106 www.indiahomes.com

Qufenqi Beijing, China 2-Dec-14 Series C $100 Source Code Capital Source Code Capital Retailer of electronic goods. $130 www.qufenqi.com

Return Path Foundry Group, Vista Equity Partners, Costanoa Venture Provider of email marketing solution that enables senders to diagnose and New York, NY 2-Dec-14 Venture Round $35 Vista Equity Partners Capital, Industry Ventures, Sapphire Ventures, Union Square $154 prevent email deliverability and rendering failures. www.returnpath.net Ventures

SendGrid Bain Capital Ventures, Bessemer Venture Partners, Foundry Boulder, CO 2-Dec-14 Series C $20 Bain Capital Ventures (Ajay Agarwal) Provider of an e-mail delivery platform. $47 Group www.sendgrid.com

Stripe Thrive Capital, , General Catalyst Partners, San Francisco, CA 2-Dec-14 Venture Round $70 Thrive Capital Provider of an online payment platform. $190 Khosla Ventures, Sequoia Capital www.stripe.com

Glide Jerusalem, Israel 1-Dec-14 Series B $20 Marker (Ohad Finkelstein) Marker, Menlo Ventures, Two Sigma Investments Developer of an instant video messaging platform. $29 www.glide.me

Narrative Science USAA Life Insurance Company, Battery Ventures, Jump Developer of automated business analytics and natural language Chicago, IL 28-Nov-14 Venture Round $10 USAA Life Insurance Company $29 Capital, Sapphire Ventures communication technology. www.narrativescience.com

Altiscale Palo Alto, CA 26-Nov-14 Venture Round $27 Not disclosed Not disclosed Provider of a data management platform. $39 www.altiscale.com

Notes: 18 Source: DowJones VentureWire. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

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

A subsidiary of to

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor December 2014 October 2014 October 2014 September 2014 September 2014 August 2014 August 2014 August 2014 May 2014

Acquired by Acquisition of Acquired by Acquired by Acquired by Sale of Entertainment Acquired by Acquired by Preferred Stock Store Assets to Reality Media Japan Holdings We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor April 2014 April 2014 March 2014 March 2014 November 2013 September 2013 August 2013 August 2013 July 2013

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

to

Fairness Opinion for We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller July 2013 January 2013 September 2012 August 2012 August 2012 August 2012 June 2012 June 2012 May 2012

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 December 2011 November 2011 November 2011

Acquired by Acquired by Preferred Stock Preferred Stock Acquired By Preferred Stock Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor October 2011 October 2011 September 2011 August 2011 August 2011 August 2011 August 2011 August 2011 July 2011

19 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo London

th 150 St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. 11-1 Marunouchi 1-chome 48 Dover Street San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 London W1S 4FF United States Japan United Kingdom Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +44 (0) 207 038-3200

Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Seihun Kong John Lambros Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Tomohiko Kubota Sachio Kuninori Ashley Ma Saif Malik Clifford Platt Joshua Wepman Vice President Executive Director Vice President Vice President Director Director

Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7076 Phone: +44 (0) 207 038-3216 Phone: (415) 318-3622 Phone: (212) 999-7092 [email protected] [email protected] Mobile: (917) 575-0103 Mobile: +44 (0) 778 606-8553 Mobile: (917) 796-7782 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected]

20