June 2014 M&A and Investment Summary

Expertise. Commitment. Results. Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

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

3 Additional Monthly M&A and Investment Activity Data 42

4 About Petsky Prunier 55

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

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

2| M&A and Investment Summary June 2014 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 372 deals were announced in June 2014, of which 234 were worth $32.6 billion in aggregate reported value . Software was the most active and highest reported value segment with 85 deals announced, of which 43 were reported at $7.2 billion in aggregate value . Marketing Technology was the second most active segment with 78 transactions . Strategic buyers announced 169 deals (45 percent of total volume), of which 51 were worth $21.3 billion in aggregate value . VC/Growth Capital investors announced 187 deals, of which 175 were reported for $4.3 billion, including Uber’s $1.2 billion growth round . Buyout investors announced 16 deals during the month, of which 8 were reported at $7 billion in aggregate value June 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 85 23% $7,216.4 22% 40 $6,587.8 3 ‐ 42 $628.6 Marketing Technology 78 21% 1,374.1 4% 24 352.8 2 143.2 52 878.1 Digital Media/Commerce 60 16% 4,873.7 15% 24 3,142.1 0 ‐ 36 1,731.6 Digital Advertising 47 13% 2,253.5 7% 25 797.4 1 1,100.0 21 356.1 Information & Business Services 39 10% 1,618.3 5% 21 647.5 3 752.0 15 218.8 Technology & Communications 36 10% 9,826.4 30% 16 9,192.4 2 355.6 18 278.4 Traditional Media 16 4% 1,451.4 4% 10 612.4 4 679.0 2 160.0 Agency & Marketing Services 11 3% 4,012.6 12% 9 9.6 1 4,000.0 1 3.0 Total 372 100% 32,626.4 100% 169 21,342.0 16 7,029.8 187 4,254.6

3| M&A and Investment Summary June 2014 M&A and Investment Summary for All Segments

Transaction Distribution . Compared to the previous month aggregate reported value in June decreased 50 percent from May 2014, and increased 51 percent from June 2013 . Strategic activity accounted for 65 percent of reported deal value during the month, and included: • Level 3 Communications $7.7 billion acquisition of TW Telecom, a provider of managed network services • Oracle’s pending $5.3 billion acquisition of MICROS Systems, a provider of information technology solutions for hospitality and retail industries, at a valuation of 3.5x revenue and 17.7x EBITDA • The sale of a majority stake in marketing outsourcing company Advantage Sales and Marketing by Apax Partners to private equity firms Leonard Green & Partners and CVC Capital Partners, reportedly valued at approximately $4 billion • The Priceline Group’s $2.6 billion acquisition of OpenTable, a restaurant reservation solutions provider, at a valuation of 13.2x revenue $90.0 $81.5 $80.0 WhatsApp $70.0 /Facebook $65.1 $60.0 Time $50.0 Warner Cable/Co $38.7 AT&T/ $40.0 $38.0 mcast DirecTV $32.6 $30.0 $21.6(1) $18.0 $18.4 $20.0 $14.7 $11.7 $12.4 $10.0 $7.7 $8.4 392 369 384 375 309 293 301 384 444 406 395 372 $‐ 427 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14 (1) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary June 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Agency & Marketing Services Advantage Sales & Marketing, LLC Retail Services Leonard Green & Partners, L.P.$ 4,000.0 $ 1,600.0 $ ‐ 2.5x NA

Digital Advertising Adconion Media, Inc. & Adconion Pty Limited Ad Networks/Exchanges Amobee Media Systems 229.0 185.0 ‐ 1.2x NA Kontera Technologies, Inc. Ad Networks/Exchanges Amobee Media Systems 150.0 26.0 ‐ 5.8x NA AdColony Mobile Marketing Opera Software ASA 75.0 52.8 7.9 1.4x 9.5x

Digital Media/Commerce OpenTable.com, Inc. Web Search/Portals The Priceline Group, Inc. 2,613.0 198.3 60.2 13.2x 43.4x ALM Media Properties, LLC Niche Content Wasserstein & Company 417.0 177.0 53.0 2.4x 7.9x Healthy Directions, LLC eCommerce Helen of Troy L.P. 195.0 145.0 ‐ 1.3x NA Maplin Electronics Ltd. eCommerce Rutland Partners LLP 144.6 364.5 ‐ 0.4x NA DragonPlay Ltd. Gaming Bally Technologies, Inc. 100.0 ‐ 10.0 NA 10.0x Smile Interactive Co., Ltd. Mobile Content/Apps Macromac PLC 3.9 4.4 ‐ 0.9x NA

Information & Business Services Medical Staffing Network, Inc. Staffing Cross Country Healthcare, Inc. 48.3 229.0 ‐ 0.2x NA Ness Technologies Israel IT Consulting/Systems Integration Hilan Ltd. 42.0 200.7 ‐ 0.2x NA

Marketing Technology Cision AB Email/Messaging Software GTCR, LLC 143.2 128.5 13.9 1.1x 10.3x Precise Media Group Ltd. Analytics & Targeting Kantar Media 118.8 49.0 ‐ 2.4x NA Software Micros Systems, Inc. ERP Software Oracle Corporation 4,431.0 1,268.0 249.7 3.5x 17.7x SeatonCorp HR Software TrueBlue, Inc. 310.0 ‐ 23.0 NA 13.5x ReadSoft AB Financial Software Hyland Software 197.6 119.6 6.3 1.7x 31.5x Atego TM Engineering Software PTC, Inc. 50.0 20.0 ‐ 2.5x NA

Technology & Communications TW Telecom, Inc. Internet Service Providers Level 3 Communications, Inc. 7,725.1 1,591.0 518.3 4.9x 14.9x Fusion‐io, Inc. Data Center Technology SanDisk Corporation 1,275.5 387.4 (75.4) 3.3x NM MPayMe Limited Financial Technology Powa Technologies Ltd. 75.0 30.0 ‐ 2.5x NA ViryaNet Limited Enterprise Mobility Verisae, Inc. 19.5 11.1 ‐ 1.8x NA

Traditional Media Mecom Group plc Newspaper Publishing De Persgroep Publishing 334.0 1,112.6 22.5 0.3x 14.9x

5| M&A and Investment Summary June 2014 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA

Jun‐14 HealthEquity, Inc. United States Software$ 100.0 $ 67.6 18.6

Jun‐14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA

Jun‐14 Travelport Limited United States Digital Media/Commerce 100.0 2,100.0 428.0

May‐14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA

Apr‐14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

Apr‐14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 Mar‐14 Box, Inc. United States Software 250.0 124.1 (142.5)

Mar‐14 Globoforce Group plc Ireland Software NA NA NA

Mar‐14 TubeMogul Inc. United States Digital Advertising 75.0 57.2 (5.9)

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

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

Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1)

6| M&A and Investment Summary June 2014 LTM IPO Performance (1/2)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 4, 2014 1st Trading Day

Jun‐14 NYSE:ANET Arista Networks, Inc. United States $36.00‐$40.50 $43.00 $55.00, up 28% $76.41 38.9%

Jun‐14 NYSE:IMPR Imprivata, Inc. United States 14.00‐16.00 15.00 16.25, up 8% 16.44 1.2%

Jun‐14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00‐25.00 24.00 26.70, up 11% 26.95 0.9%

Jun‐14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00‐10.00 9.00 11.02, up 22% 9.82 (10.9%) Jun‐14 NYSE:ZPIN Zhaopin Ltd. China 12.50‐14.50 13.50 14.65, up 9% 15.06 2.8%

May‐14 NYSE:CMCM Cheetah Mobile, Inc. China 12.50‐14.50 14.00 14.10, flat 20.92 48.4%

May‐14 NasdaqGS:JD JD.com, Inc. China 16.00‐18.00 19.00 22.80, up 20% 27.79 21.9%

May‐14 NYSE:JMEi Jumei international Holding Limited China 19.50‐21.50 22.00 25.52, up 16% 28.14 10.3%

May‐14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00‐14.00 9.00 10.44, up 16% 15.04 44.1%

May‐14 NYSE:ZEN Zendesk, Inc. United States 8.00‐10.00 9.00 13.43, up 49% 16.51 22.9%

Apr‐14 NasdaqGM:FIVN Five9, Inc. United States 9.00‐11.00 7.00 8.25, up 18% 6.98 (15.4%) Apr‐14 NYSE:GRUB GrubHub Inc. United States 23.00‐25.00 26.00 34.00, up 31% 34.10 0.3%

Apr‐14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00‐21.00 20.00 23.90, up 20% 26.15 9.4%

Apr‐14 NYSE:PAYC Paycom Software, Inc. United States 18.00‐20.00 15.00 15.00, flat 14.68 (2.1%)

Apr‐14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States 11.00‐13.00 9.50 12.00, up 26% 8.00 (33.3%)

Apr‐14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00‐17.00 15.00 20.04, up 34% 12.78 (36.2%)

Apr‐14 NasdaqGS:WB Weibo Corporation China 17.00‐19.00 17.00 20.24, up 19% 21.04 4.0% Mar‐14 NYSE:ATEN A10 Networks, Inc. United States 13.00‐15.00 15.00 16.21, up 8% 13.60 (16.1%)

Mar‐14 NYSE:AMBR Amber Road, Inc. United States 10.50‐12.50 13.00 11.50, down 11% 16.58 44.2%

Mar‐14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00‐11.00 10.00 9.99, down 1% 8.18 (18.1%)

Mar‐14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00‐16.00 16.00 20.10, up 26% 17.02 (15.3%)

Mar‐14 NYSE:CSLT Castlight Health, Inc. United States 13.00‐15.00 16.00 38.85, up 143% 14.95 (61.5%)

Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00‐28.00 28.00 29.50, up 5% 32.25 9.3% Mar‐14 NYSE:COUP Coupons.com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 23.36 (22.1%)

Mar‐14 NYSE:EVDY Everyday Health, Inc. United States 13.00‐15.00 14.00 14.50, flat 18.94 30.6%

Mar‐14 NYSE:KING King Digital Entertainment plc United States 21.00‐24.00 22.50 19.00, down 15% 21.87 21.0%

Mar‐14 NasdaqGS:PCTY Paylocity Holding Corpora ti on Uni ted States 14.00‐16.00 17.00 28.50, up 68% 21.65 (24.0%)

Mar‐14 NYSE:QTWO Q2 Holdings, Inc. United States 11.00‐13.00 13.00 16.68, up 28% 15.04 (9.8%) 7| M&A and Investment Summary June 2014 LTM IPO Performance (2/2)

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 4, 2014 1st Trading Day

Mar‐14 NYSE:TNET TriNet Group, Inc. United States $15.00‐$17.00 $16.00 $19.10, up 19% $24.67 29.2%

Mar‐14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00‐21.00 22.00 44.56, up 103% 30.88 (30.7%)

Jan‐14 NYSE:CRCM Care.com, Inc. United States 14.00‐16.00 17.00 24.30, up 43% 12.66 (47.9%)

Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 36.10 34.0% Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 29.61 (12.4%)

Nov‐13 NYSE:CUDA Barrracuda Networks, Inc. United States 18.00‐21.00 18.00 21.55, up 20% 33.97 57.6%

Nov‐13 NYSE:CHGG Chegg, Inc. United States 9.50‐11.50 12.50 9.64, down 23% 6.84 (29.0%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00‐17.00 10.00 9.55, down 4.5% 15.16 58.7%

Nov‐13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50‐11.50 11.22 13.35, up 19% 13.24 (0.8%)

Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 41.33 (8.0%)

Nov‐13 NasdaqGS:WIX Wix.com Ltd. United States 14.50‐16.50 16.50 16.31, down 1% 20.09 23.2%

Nov‐13 NasdaqGS:ZU zulily, Inc. United States 18.00‐20.00 22.00 37.70, up 71% 39.37 4.4% Oct‐13 NasdaqGS:COMM CommScope Holding Compa ny Inc. United States 18.00‐21.00 15.00 4.99, flat 23.34 367.7%

Oct‐13 NasdaqGS:CRTO Criteo SA France 27.00‐29.00 31.00 35.39, up 15% 37.10 4.8%

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings, Inc. China 14.00‐16.00 12.00 13.84, up 32% 15.66 13.2%

Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 3.50 (59.8%)

Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. United States 11.00‐13.00 13.00 11.89, down 9% 7.71 (35.2%)

Oct‐13 NYSE:VEEV Veeva Systems Inc. United States 12.00‐14.00 20.00 37.16, up 86% 24.96 (32.8%)

Sep‐13 NasdaqGM:BNFT Benefitfocus, Inc. United States 21.50‐24.50 26.50 53.55, up 102% 46.73 (12.7%) Sep‐13 NasdaqGS:COVS Covisint Corpora ti on Uni ted States 9.00‐11.00 10.00 12.31, up 23% 5.33 (56.7%)

Sep‐13 NasdaqGS:FEYE FireEye, Inc. United States 12.00‐14.00 20.00 39.40, up 97% 38.95 (1.1%)

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 21.28 66.3%

Sep‐13 NasdaqGS:PINC Premier, Inc. United States 23.00‐26.00 27.00 30.65, up 14% 28.86 (5.8%)

Sep‐13 NasdaqGS:FUEL Rocket Fuel, Inc. United States 27.00‐29.00 29.00 55.42, up 91% 28.54 (48.5%)

Sep‐13 NYSE:VMEM Violin Memory, Inc. United States 8.00‐10.00 9.00 7.20, down 20% 4.48 (37.8%)

Aug‐13 NYSE:CVT Cvent, Inc. United States 17.00‐19.00 21.00 32.92, up 57% 29.04 (11.8%) Aug‐13 NYSE:YUME YuMe, Inc. United States 12.00‐14.00 9.00 9.00, flat 5.99 (33.4%)

Jul‐13 NasdaqGS:SALE RetailMeNot, Inc. United States 20.00‐22.00 21.00 27.70, up 32% 26.29 (5.1%)

8| M&A and Investment Summary June 2014 Digital Media/Commerce

. Of the total $5.3 billion in value reported in the Digital Media/Commerce segment, $3.1 billion in strategic transactions were reported, while another $1.7 billion of Venture/Growth Capital investments were made . Mobile Content/Apps and eCommerce were among the most active subsegments, with 17 and 15 transactions announced, respectively, of which eight and 12 were reported worth a combined total of $1.8 billion . Select acquisitions: • The Priceline Group’s $2.6 billion acquisition of OpenTable, a restaurant reservation solutions provider, at a valuation of 13.2x revenue . Select investments: • The $1.2 billion investment in Uber that was raised from a consortium of investors led by Fidelity Investments, reportedly valuing the on‐demand ride service at $18.2 billion

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Mobile Content/Apps 17 28% $1,270.9 26% 9 $7.9 0 ‐ 8 $1,263.0 eCommerce 16 27% 648.6 13% 6 412.0 0 ‐ 10 236.6 Gaming 9 15% 175.0 4% 4 100.0 0 ‐ 5 75.0 Social Media/Apps 8 13% 72.7 1% 1 1.7 0 ‐ 7 71.0 Classifieds/Auctions/P‐to‐P 5 8% 82.0 2% 0 ‐ 0 ‐ 5 82.0 Niche Content 3 5% 4.0 0% 2 ‐ 0 ‐ 14.0 Domain Portfolio/Marketplace 1 2% 7.5 0% 1 7.5 0 ‐ 0 ‐ Web Search/Portals 1 2% 2,613.0 54% 1 2,613.0 0 ‐ 0 ‐ Total 60 100% 4,873.7 100% 24 3,142.1 0 0.0 36 1,731.6

9| M&A and Investment Summary June 2014 Digital Media/Commerce Public Company Valuation (1/3)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. United States $5.92 ‐17% $ 379.4 $ 381.7 $ 741.9 $ 38.8 5.2% 1.2% 0.5x 9.8x 58.com Inc. * China 55.35 ‐6% 4,507.6 4,185.8 170.3 26.3 15.5% 86.4% 24.6x 159.1x Amazon.com Inc. United States 337.49 ‐17% 155,302.7 149,783.7 78,123.0 3,790.0 4.9% 22.1% 1.9x 39.5x AOL Inc. United States 41.41 ‐22% 3,310.2 3,343.9 2,364.9 434.7 18.4% 7.5% 1.4x 7.7x Baidu, Inc. China 191.20 ‐1% 66,997.9 63,821.3 5,713.0 2,314.9 40.5% 47.7% 11.2x 27.6x Blucora, Inc. United States 18.83 ‐37% 773.8 697.0 624.8 113.1 18.1% 36.9% 1.1x 6.2x Blue Nile Inc. United States 28.89 ‐41% 349.9 293.8 456.6 16.4 3.6% 10.3% 0.6x 17.9x CafePress Inc. United States 5.13 ‐31% 88.4 68.8 241.5 4.9 2.0% 4.8% 0.3x 14.1x Care.com, Inc. * United States 12.66 ‐57% 392.2 273.6 88.6 NA NA 0.0% 3.1x NA CDW Corporation United States 32.50 0% 5,591.0 8,706.9 11,009.2 722.1 6.6% 7.7% 0.8x 12.1x Copart, Inc. United States 36.06 ‐4% 4,545.2 4,732.9 1,139.7 375.4 32.9% 12.9% 4.2x 12.6x Cupid plc * United Kingdom 0.71 ‐54% 50.4 28.7 45.6 (4.7) NM ‐0.4% 0.6x NM CyberAgent Inc. Japan 40.26 ‐25% 2,514.5 2,272.5 1,728.8 201.1 11.6% 0.0% 1.3x 11.3x Demand Media, Inc. United States 4.82 ‐33% 418.1 356.7 383.7 171.8 44.8% ‐2.8% 0.9x 2.1x DeNA Co., Ltd. Japan 13.42 ‐46% 1,738.4 1,253.8 1,776.3 601.1 33.8% 0.0% 0.7x 2.1x eBay Inc. United States 50.94 ‐15% 64,558.5 60,842.5 16,561.0 4,902.0 29.6% 13.9% 3.7x 12.4x E‐Commerce China Dangdang Inc. * China 13.28 ‐30% 1,070.8 847.3 1,083.4 (8.9) NM 23.6% 0.8x NM eLong Inc. * China 21.62 ‐10% 762.9 473.4 167.2 (30.7) NM 28.4% 2.8x NM Everyday Health, Inc. United States 18.94 ‐5% 569.9 786.2 162.9 13.8 8.5% 17.1% 4.8x 57.0x Expedia Inc. United States 82.21 0% 10,673.8 10,353.7 4,959.3 653.8 13.2% 17.3% 2.1x 15.8x Facebook, Inc. United States 66.29 ‐9% 170,123.2 157,886.2 8,916.0 4,665.0 52.3% 62.4% 17.7x 33.8x Forgame Holdings Limited China 3.50 ‐63% 443.9 236.2 190.6 55.8 29.3% 52.3% 1.2x 4.2x G5 Entertainment AB (publ) * Sweden 4.92 ‐34% 43.3 38.3 16.3 (0.2) NM 22.5% 2.4x NM GameLoft SE France 8.82 ‐23% 741.3 659.3 317.1 49.4 15.6% 12.0% 2.1x 13.3x Geeknet, Inc. United States 12.44 ‐38% 82.9 38.6 141.4 0.6 0.4% 16.9% 0.3x 60.8x Glu Mobile, Inc. * United States 5.28 ‐7% 474.6 437.6 125.6 (7.6) NM 18.2% 3.5x NM Google Inc. United States 593.08 ‐3% 397,212.8 348,332.8 62,294.0 18,582.0 29.8% 18.7% 5.6x 18.7x Gree, Inc. Japan 8.43 ‐37% 1,984.3 1,529.9 1,332.6 455.7 34.2% ‐12.4% 1.1x 3.4x GrubHub Inc. United States 34.10 ‐16% 2,687.1 2,574.4 170.0 39.1 23.0% 0.0% 15.1x 65.8x Hollywood Media Corp. * United States 1.31 ‐33% 29.7 6.8 0.4 (4.8) NM ‐31.1% 15.9x NM HSN, Inc. United States 59.95 ‐8% 3,190.3 3,266.9 3,408.8 297.7 8.7% 3.2% 1.0x 11.0x IAC/InterActiveCorp United States 69.00 ‐14% 5,729.7 5,794.5 3,021.0 529.3 17.5% 4.1% 1.9x 10.9x International Game Technology United States 16.20 ‐24% 4,001.4 5,834.1 2,265.4 707.1 31.2% ‐1.3% 2.6x 8.3x iProperty Group Limited * Malaysia 2.97 ‐21% 540.5 525.9 17.8 (2.5) NM 23.2% 29.5x NM j2 Global, Inc. United States 51.20 ‐9% 2,434.7 2,401.1 541.3 228.2 42.2% 35.9% 4.4x 10.5x Jiayuan.com International Ltd. China 5.94 ‐37% 177.3 83.5 83.0 6.6 7.9% 18.5% 1.0x 12.7x JobStreet Corp. Bhd. * Malaysia 0.76 ‐19% 534.5 531.6 2.6 2.0 76.1% NA 207.1x 272.2x Jumei International Holding Limited China 28.14 ‐13% 4,027.6 3,912.1 526.9 77.4 14.7% 0.0% 7.4x 50.5x Kongzhong Corp. China 9.10 ‐39% 417.4 252.1 176.5 24.7 14.0% ‐4.2% 1.4x 10.2x LifeLock, Inc. United States 13.94 ‐39% 1,288.0 1,096.8 395.1 23.5 5.9% 31.3% 2.8x 46.7x Liberty Interactive Corporation United States 29.85 ‐3% 14,500.4 24,458.4 11,316.0 2,023.0 17.9% 8.8% 2.2x 12.1x

10 | M&A and Investment Summary June 2014 Digital Media/Commerce Public Company Valuation (2/3)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA LightInTheBox Holding Co., Ltd. * China 6.91 ‐70% $ 351.7 $ 253.4 $ 300.7 $ (15.4) NM 27.2% 0.8x NM LinkedIn Corporation * United States 173.71 ‐33% 21,150.8 18,849.7 1,677.0 166.3 9.9% 51.3% 11.2x 113.4x Liquidity Services, Inc. * United States 15.63 ‐59% 501.3 399.6 503.6 NA NA 1.5% 0.8x NA Mediabistro Inc. * United States 1.00 ‐82% 6.1 13.7 13.1 (1.4) NM 2.6% 1.0x NM MeetMe, Inc. * United States 2.81 ‐36% 108.5 108.1 42.1 (0.4) NM ‐4.5% 2.6x NM Mercadolibre, Inc. Argentina $96.04 ‐34% 4,240.6 4,035.5 485.3 171.7 35.4% 23.6% 8.3x 23.5x Mixi, Inc. * Japan 35.71 ‐7% 2,971.1 2,796.6 119.1 10.5 8.8% ‐3.8% 23.5x 267.0x NCsoft Corporation South Korea 179.85 ‐28% 3,589.5 2,921.9 743.1 198.2 26.7% ‐5.9% 3.9x 14.7x Netflix, Inc. United States 472.35 ‐1% 28,316.3 27,548.0 4,620.7 342.8 7.4% 22.8% 6.0x 80.4x NEXON Co., Ltd. Japan 9.92 ‐26% 4,363.8 3,388.3 1,552.4 643.7 41.5% 29.4% 2.2x 5.3x OpenTable, Inc. United States 103.54 ‐3% 2,440.0 2,322.4 198.3 60.2 30.4% 18.2% 11.7x 38.6x Orbitz Worldwide, Inc. United States 9.01 ‐32% 983.3 1,175.2 854.4 127.7 14.9% 7.9% 1.4x 9.2x Overstock.com Inc. United States 16.73 ‐53% 401.2 290.6 1,333.4 20.7 1.6% 16.1% 0.2x 14.1x Pacific Online Ltd. China 0.56 ‐36% 625.5 551.0 136.6 52.9 38.7% 18.5% 4.0x 10.4x Pandora Media, Inc. * United States 29.55 ‐27% 6,071.1 5,729.8 734.0 (7.6) NM 0.0% 7.8x NM PC Home Online Inc. Taiwan 10.37 ‐7% 852.6 734.5 574.8 27.6 4.8% 15.5% 1.3x 26.6x Perform Group plc. United Kingdom 3.95 ‐61% 1,040.1 955.7 356.9 50.4 14.1% 37.3% 2.7x 19.0x PetMed Express, Inc. United States 13.78 ‐22% 278.2 244.4 233.4 29.1 12.5% 2.4% 1.0x 8.4x Phoenix New Media Limited China 10.77 ‐21% 796.5 572.8 241.6 47.2 19.6% 30.1% 2.4x 12.1x The Priceline Group Inc. United States 1,243.12 ‐10% 65,179.3 60,323.9 7,133.1 2,680.6 37.6% 29.1% 8.5x 22.5x Rakuten, Inc. Japan 13.55 ‐25% 17,898.3 19,202.7 5,326.3 1,146.6 21.5% 18.7% 3.6x 16.7x RealNetworks Inc. * United States 7.80 ‐13% 279.9 70.2 195.1 (41.7) NM ‐21.5% 0.4x NM Rediff.com India Limited * India 3.03 ‐21% 83.6 63.6 16.3 (6.2) NM 3.8% 3.9x NM Renren Inc. * China 3.41 ‐29% 1,224.6 239.4 140.1 (99.5) NM ‐17.1% 1.7x NM Shutterfly, Inc. United States 49.79 ‐17% 1,918.2 1,827.0 804.0 78.5 9.8% 20.7% 2.3x 23.3x Shutterstock, Inc. United States 85.41 ‐17% 3,006.2 2,793.2 257.2 46.9 18.2% 40.4% 10.9x 59.6x Sky‐mobi Limited China 7.84 ‐38% 234.7 139.8 78.2 2.4 3.1% ‐19.2% 1.8x 57.5x SNAP Interactive, Inc. * United States 0.33 ‐71% 12.9 12.5 12.4 (5.1) NM ‐26.7% 1.0x NM Spark Networks, Inc. * United States 5.68 ‐37% 135.4 124.4 68.8 (9.7) NM 6.7% 1.8x NM Sportsman's Warehouse Holdings, United States 8.00 ‐27% 334.5 556.6 639.1 62.1 9.7% 0.0% 0.9x 9.0x Stamps.com Inc. United States 34.77 ‐30% 562.6 472.3 129.0 36.5 28.3% 8.0% 3.7x 13.0x Taomee Holdings Ltd. China 4.97 ‐44% 178.8 68.1 50.5 6.7 13.2% 28.1% 1.3x 10.2x TheStreet, Inc. * United States 2.48 ‐18% 85.2 27.1 56.3 (0.3) NM 11.4% 0.5x NM Twitter, Inc. * United States 41.33 ‐45% 24,362.9 22,379.8 801.0 (616.3) NM 112.5% 27.9x NM U.S. Auto Parts Network, Inc. United States 4.00 0% 133.7 142.8 257.4 6.4 2.5% ‐8.7% 0.6x 22.2x United Online, Inc. United States 10.33 ‐83% 146.2 78.9 231.8 14.6 6.3% 219.1% 0.3x 5.4x ValueVision Media Inc. United States 5.15 ‐27% 256.7 269.7 648.8 11.2 1.7% 7.8% 0.4x 24.2x

11 | M&A and Investment Summary June 2014 Digital Media/Commerce Public Company Valuation (3/3)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Vipshop Holdings Limited * China 198.97 ‐1% $ 11,244.6 $ 10,863.6 $ 2,087.9 $ 87.1 4.2% 131.6% 5.2x 124.7x Vitacost.com, Inc. * United States 7.98 ‐15% 271.8 242.7 389.8 (7.7) NM 13.0% 0.6x NM WebMD Health Corp. United States 51.93 ‐3% 1,960.0 2,133.9 536.4 86.8 16.2% 12.8% 4.0x 24.6x Weibo Corporation * China 21.04 ‐14% 4,149.9 4,426.6 229.9 (26.7) NM 0.0% 19.3x NM XO Group Inc. United States 13.05 ‐17% 351.3 275.8 136.0 15.9 11.7% 4.9% 2.0x 17.4x Yahoo! Inc. United States 36.14 ‐13% 36,386.0 6,813.9 4,672.7 887.3 19.0% ‐4.7% 1.5x 7.7x Yandex N.V. Netherlands 34.56 ‐24% 11,107.6 10,966.3 1,229.7 479.7 39.0% 37.2% 8.9x 22.9x YY Inc. China 75.88 ‐17% 4,227.5 3,861.7 350.3 108.0 30.8% 117.8% 11.0x 35.8x zulily, Inc. United States 39.37 ‐46% 4,888.0 4,578.6 806.6 18.2 2.3% 101.8% 5.2x 30.0x Zynga, Inc. United States 3.19 ‐46% 2,821.4 2,039.2 777.7 32.6 4.2% ‐36.5% 2.6x 62.6x

Adjusted Weighted Average 7.6x 25.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (52.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (85.8x)

*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.

12 | M&A and Investment Summary June 2014 Digital Advertising

. There were a total of 47 transactions announced (26 acquisitions and 21 investments) in the Digital Advertising segment, worth atotal of $2.3 billion in aggregate reported value . Select acquisitions: • KKR’s $1.1 billion acquisition of Internet Brands, which operates multiple websites and offers complementary services focused on the automotive, health, legal, and home/travel verticals, from Hellman & Friedman and JMI Equity • Amobee’s $235 million acquisition of online advertising network companies Adconion Direct North America and Adconion Australia, as well as its $150 million purchase of Kontera Technologies, a provider of in‐text advertising solutions • Norway‐based Opera Software’s pending acquisition of mobile advertising network AdColony for $75 million in cash and a potential earn‐out of up to $275 million . Select Investments: • The $150 million investment in Houzz, an online community focused on home‐renovation, valuing the company at $2.3 billion

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 11 23% $54.6 2% 4 ‐ 0 ‐ 7$54.6 Vertical Search 9 19% 191.1 8% 5 175.0 0 ‐ 416.1 Mobile Marketing 6 13% 148.3 7% 5 147.0 0 ‐ 11.3 Local Search 5 11% 189.5 8% 2 3.0 0 ‐ 3186.5 Digital Promotion/Coupon 4 9% 116.4 5% 2 93.4 0 ‐ 223.0 Online Lead Generation 4 9% 1,105.4 49% 2 ‐ 1 1,100.0 1 5.4 Ad Networks/Exchanges 3 6% 379.0 17% 3 379.0 0 ‐ 0 ‐ Other* 5 11% 69.2 3% 2 ‐ 0 ‐ 369.2 Total 47 100% 2,253.5 100% 25 797.4 1 1,100.0 21 356.1 *Other includes Affiliate/CPA Network and Comparison Shopping

13 | M&A and Investment Summary June 2014 Digital Advertising Public Company Valuation (1/2)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States $12.31 ‐57% $ 720.3 $ 671.2 $ 266.1 $ (19.4) NM 50.5% 2.5x NM AOL Inc. United States 41.41 ‐22% 3,310.2 3,343.9 2,364.9 434.7 18.4% 7.5% 1.4x 7.7x Autobytel Inc. United States 13.28 ‐29% 119.4 119.8 87.1 6.1 7.0% 27.4% 1.4x 19.6x Bankrate, Inc. United States 18.17 ‐21% 1,903.1 1,956.4 485.5 114.7 23.6% 10.2% 4.0x 17.1x Blinkx plc United States 0.58 ‐86% 231.8 101.2 247.2 30.9 12.5% 24.9% 0.4x 3.3x Blucora, Inc. United States 18.83 ‐37% 773.8 697.0 624.8 113.1 18.1% 36.9% 1.1x 6.2x Constant Contact, Inc. United States 33.31 ‐1% 1,045.6 914.8 296.1 30.5 10.3% 13.7% 3.1x 30.0x Conversant, Inc. United States 25.42 ‐12% 1,703.1 1,672.6 584.6 203.9 34.9% 10.7% 2.9x 8.2x Coupons.com Incorporated United States 23.36 ‐29% 1,811.0 1,613.4 182.9 (8.9) NM 0.0% 8.8x NM Criteo SA France 37.10 ‐39% 2,140.5 1,823.1 681.9 42.1 6.2% 61.7% 2.7x 43.3x Ctrip.com International Ltd. * China 64.91 ‐1% 8,844.1 8,235.2 935.4 140.5 15.0% 31.7% 8.8x 58.6x Demand Media, Inc. United States 4.82 ‐33% 418.1 356.7 383.7 31.9 8.3% ‐2.8% 0.9x 11.2x Dice Holdings, Inc. United States 7.80 ‐21% 423.7 527.0 223.7 62.9 28.1% 12.1% 2.4x 8.4x Digital Globe Services Inc. United States 2.61 ‐46% 78.0 75.1 32.1 3.5 10.9% 40.7% 2.3x 21.3x eHealth, Inc. * United States 37.70 ‐40% 717.2 619.0 186.9 4.3 2.3% 15.7% 3.3x 142.6x Google Inc. United States 593.08 ‐3% 397,212.8 348,332.8 62,294.0 18,582.0 29.8% 18.7% 5.6x 18.7x Groupon, Inc. United States 6.67 ‐48% 4,550.2 3,509.3 2,729.9 117.6 4.3% 14.9% 1.3x 29.8x Hi‐Media S.A. France 3.71 ‐4% 165.9 169.4 251.9 9.3 3.7% ‐4.8% 0.7x 18.3x HomeAway, Inc. United States 34.58 ‐29% 3,233.7 2,776.5 372.7 60.2 16.1% 26.0% 7.4x 46.1x IAC/InterActiveCorp United States 69.00 ‐14% 5,729.7 5,794.5 3,021.0 529.3 17.5% 4.1% 1.9x 10.9x InternetQ PLC United Kingdom 4.54 ‐36% 180.9 174.9 141.9 14.3 10.1% 42.2% 1.2x 12.2x LeGuide.com S.A. France 40.79 ‐25% 148.1 111.8 62.0 9.3 14.9% 4.2% 1.8x 12.1x MakeMyTrip Limited India 32.71 ‐9% 1,363.3 1,296.8 255.4 (12.9) NM 11.6% 5.1x NM Millennial Media Inc. United States 4.45 ‐58% 476.1 378.1 282.4 (5.0) NM 45.4% 1.3x NM Monster Worldwide, Inc. United States 7.03 ‐17% 639.8 805.2 793.7 100.0 12.6% ‐8.6% 1.0x 8.1x Move, Inc. United States 14.92 ‐19% 590.5 558.1 230.8 11.3 4.9% 12.2% 2.4x 49.5x Opera Software ASA Norway 12.96 ‐16% 1,848.5 1,768.2 325.1 82.0 25.2% 40.7% 5.4x 21.6x Pacific Online Ltd. China 0.56 ‐36% 625.5 551.0 136.6 52.9 38.7% 18.5% 4.0x 10.4x QuinStreet, Inc. United States 5.54 ‐43% 242.7 204.0 290.7 21.1 7.3% ‐7.7% 0.7x 9.7x ReachLocal, Inc. United States 7.45 ‐48% 215.2 141.3 517.2 4.7 0.9% 9.4% 0.3x 30.4x RetailMeNot, Inc. United States 26.29 ‐46% 1,412.3 1,255.3 230.5 71.3 30.9% 48.2% 5.4x 17.6x Rightmove plc * United Kingdom 39.56 ‐18% 3,888.8 3,877.2 240.0 167.7 69.9% 17.2% 16.2x 23.1x Rocket Fuel Inc. United States 28.54 ‐60% 1,003.0 814.0 276.8 (13.2) NM 115.9% 2.9x NM Rovi Corporation United States 24.21 ‐4% 2,293.4 3,019.8 547.7 191.9 35.0% 11.9% 5.5x 15.7x Septeni Holdings Co., Ltd. Japan 11.34 ‐25% 287.4 231.7 492.8 23.7 4.8% 16.2% 0.5x 9.8x TiVo Inc. United States 13.24 ‐7% 1,520.6 951.0 430.7 53.2 12.4% 35.1% 2.2x 17.9x TradeDoubler AB Sweden 1.66 ‐52% 70.5 43.6 280.2 5.5 1.9% ‐12.6% 0.2x 8.0x Travelzoo Inc. United States 19.60 ‐42% 289.0 227.8 156.3 26.2 16.8% 1.5% 1.5x 8.7x Tree.Com, Inc. United States 29.04 ‐17% 328.7 239.2 151.2 10.2 6.7% 63.8% 1.6x 23.6x Tremor Video, Inc. United States 4.55 ‐59% 229.1 141.8 141.9 (9.2) NM 25.9% 1.0x NM

14 | M&A and Investment Summary June 2014 Digital Advertising Public Company Valuation (2/2)

Adjusted Weighted Average 5.3x 19.1x

*Calculati on is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (49.9x)

15 | M&A and Investment Summary June 2014 Marketing Technology

. Analytics & Targeting was the most active and highest reported value Marketing Technology subsegment with 18 transactions announced, worth $340 million in aggregate reported value. Content Management was also an active subsegment with 15 deals, worth $232 million . Select acquisitions: • WPP’s $118 million purchase of a majority stake in UK‐based Precise Media Group, a company that provides an online social media monitoring technology platform • Twitter’s $100 million pending acquisition of mobile ad retargeting startup TapCommerce . Select investments: • The $73.4 million Spring Lake Equity Partners‐led investment in MediaMath, which operates a digital media‐buying management platform

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 18 23% $339.7 28% 6 $162.3 0 ‐ 12 $177.4 Content Management 15 19% 231.7 19% 5 72.5 1 ‐ 9159.2 Mobile Technology 9 12% 220.7 18% 5 118.0 0 ‐ 4102.7 MRM/Workflow Management 7 9% 61.2 5% 1 ‐ 0 ‐ 661.2 Social Technology 5 6% 25.6 2% 2 ‐ 0 ‐ 325.6 Commerce Management 3 4% 38.3 3% 0 ‐ 0 ‐ 338.3 CRM 3 4% 17.7 1% 0 ‐ 0 ‐ 317.7 Other* 17 22% 296.0 24% 5 ‐ 0 ‐ 12 270.5 Total 77 100% 1,230.9 100% 24 352.8 1 0.0 52 878.1

*Other includes BI Tools, Content Delivery Network, Email/Messaging Software, Market Research Software, Media Management System, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Website Creation/Hosting

16 | M&A and Investment Summary June 2014 Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Actuate Corporation United States 4.83 ‐41% 222.5 158.4 123.7 7.3 5.9% ‐11.0% 1.3x 21.8x Adobe Systems Inc. United States 73.57 ‐1% 36,591.9 34,768.0 4,105.1 747.8 18.2% ‐3.5% 8.5x 46.5x Bazaarvoice, Inc. United States 8.08 ‐30% 627.3 581.7 168.1 (29.8) NM 14.5% 3.5x NM Bitauto Holdings Limited China 47.97 ‐3% 1,990.6 1,820.0 250.2 52.4 21.0% 38.9% 7.3x 34.7x Blackbaud Inc. United States 36.44 ‐14% 1,645.1 1,785.7 515.8 101.6 19.7% 10.1% 3.5x 17.6x Borderfree, Inc. United States 17.02 ‐20% 535.3 413.9 111.2 1.2 1.1% 20.6% 3.7x NM Brightcove, Inc. United States 10.73 ‐34% 344.4 324.3 116.3 (1.0) NM 25.4% 2.8x NM ChannelAdvisor Corporation United States 25.90 ‐48% 636.6 542.8 72.4 (17.4) NM 28.5% 7.5x NM ChinaCache International Holdings China 15.60 ‐47% 395.7 317.4 192.7 5.5 2.8% 38.7% 1.6x 58.0x Constant Contact, Inc. United States 33.31 ‐1% 1,045.6 914.8 296.1 30.5 10.3% 13.7% 3.1x 30.0x Covisint Corporation United States 5.33 ‐64% 199.8 150.3 97.1 (33.6) NM 7.1% 1.5x NM Cvent, Inc. United States 29.04 ‐37% 1,196.0 994.3 118.2 3.3 2.8% 31.9% 8.4x NM Dealertrack Technologies, Inc. United States 45.81 ‐22% 2,454.4 3,054.9 531.3 47.1 8.9% 30.8% 5.8x 64.8x Demandware, Inc. * United States 66.81 ‐19% 2,397.7 2,143.8 115.4 (17.1) NM 37.5% 18.6x NM Digital River Inc. United States 15.80 ‐22% 515.9 259.4 376.5 29.8 7.9% ‐0.7% 0.7x 8.7x E2open, Inc. United States 21.48 ‐28% 624.8 573.3 71.2 (20.9) NM ‐4.9% 8.0x NM eBay Inc. United States 50.94 ‐15% 64,558.5 60,842.5 16,561.0 4,902.0 29.6% 13.9% 3.7x 12.4x Endurance International Group United States 15.66 ‐4% 2,021.5 3,046.6 543.3 69.3 12.8% 47.2% 5.6x 43.9x Informatica Corporation United States 35.66 ‐19% 3,915.2 3,185.1 977.0 174.8 17.9% 17.7% 3.3x 18.2x Infosystems S.A. Poland 1.11 ‐9% 4.6 3.9 3.0 1.2 42.1% 11.0% 1.3x 3.1x Interactive Intelligence Group Inc. United States 56.35 ‐31% 1,173.2 1,083.2 324.4 20.8 6.4% 25.8% 3.3x 52.1x IBM Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0x Jive Software, Inc. United States 8.56 ‐53% 602.2 496.4 152.9 (60.6) NM 25.2% 3.2x NM LivePerson Inc. United States 10.49 ‐31% 568.6 489.2 183.1 6.5 3.5% 12.3% 2.7x 75.4x Marin Software Incorporated United States 11.39 ‐21% 383.9 293.2 83.0 (27.5) NM 30.2% 3.5x NM Marketo, Inc. United States 29.89 ‐34% 1,210.2 1,099.5 108.5 (42.4) NM 64.5% 10.1x NM Mercadolibre, Inc. Argentina 96.04 ‐34% 4,240.6 4,035.5 485.3 171.7 35.4% 23.6% 8.3x 23.5x MicroStrategy Inc. United States 143.60 ‐2% 1,622.8 1,257.0 583.6 40.6 7.0% 4.7% 2.2x 30.9x NetSuite Inc. * United States 88.63 ‐27% 6,718.0 6,520.3 445.8 (39.4) NM 34.6% 14.6x NM Nuance Communications, Inc. United States 18.90 ‐6% 5,994.3 7,553.3 1,887.6 193.0 10.2% 4.1% 4.0x 39.1x Open Text Corporation Canada 48.75 ‐8% 5,928.0 6,924.6 1,478.0 376.7 25.5% 11.8% 4.7x 18.4x Opera Software ASA Norway 12.96 ‐16% 1,848.5 1,768.2 325.1 82.0 25.2% 40.7% 5.4x 21.6x Oracle Corporation United States 41.34 ‐4% 184,165.1 170,082.1 38,275.0 16,717.0 43.7% 2.9% 4.4x 10.2x PROS Holdings, Inc. * United States 27.15 ‐34% 785.8 741.8 152.1 3.3 2.2% 22.3% 4.9x 223.9x PTC Inc. United States 38.99 ‐3% 4,624.9 4,672.6 1,313.5 304.7 23.2% 3.4% 3.6x 15.3x Qlik Technologies, Inc. United States 23.16 ‐38% 2,076.1 1,822.8 485.0 5.8 1.2% 19.5% 3.8x NM Rovi Corporation United States 24.21 ‐4% 2,293.4 3,019.8 547.7 191.9 35.0% 11.9% 5.5x 15.7x The Rubicon Project, Inc. United States 12.78 ‐45% 458.3 494.9 90.2 (2.8) NM 0.0% 5.5x NM Sage Group plc United Kingdom 6.62 ‐12% 7,230.7 7,849.2 2,271.3 670.0 29.5% ‐3.7% 3.5x 11.7x Salesforce.com, Inc United States 58.76 ‐12% 36,078.6 37,492.5 4,405.1 (32.8) NM 35.7% 8.5x NM SAP AG Germany 78.39 ‐8% 93,559.4 93,162.5 22,989.2 7,916.8 34.4% 2.7% 4.1x 11.8x 17 | M&A and Investment Summary June 2014 Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Sizmek Inc. United States 9.99 ‐25% $ 303.7 $ 220.6 $ 165.4 $ 20.3 12.3% 0.0% 1.3x 10.9x Sky‐mobi Limited China 7.84 ‐38% 234.7 139.8 78.2 2.4 3.1% ‐19.2% 1.8x 57.5x Sungy Mobile Limited China 13.24 ‐61% 442.3 321.5 59.0 15.8 26.8% 76.7% 5.5x 20.4x Synchronoss Technologies, Inc. United States 35.68 ‐9% 1,469.2 1,420.0 369.2 88.6 24.0% 28.5% 3.8x 16.0x Tableau Software, Inc. * United States 69.14 ‐32% 4,699.1 4,082.6 267.0 15.6 5.8% 86.6% 15.3x 262.5x Teradata Corporation United States 40.55 ‐39% 6,394.7 5,712.7 2,733.0 647.0 23.7% 3.6% 2.1x 8.8x TIBCO Software Inc. United States 20.00 ‐26% 3,254.6 3,221.7 1,091.5 196.1 18.0% 5.4% 3.0x 16.4x Verint Systems Inc. United States 50.25 ‐6% 3,005.5 3,819.2 959.9 162.9 17.0% 13.2% 4.0x 23.4x Weborama France 11.55 ‐38% 40.3 37.8 38.1 2.7 7.1% 5.3% 1.0x 13.9x Wix.com ltd Israel 20.09 ‐39% 756.7 656.6 93.8 (34.9) NM 88.5% 7.0x NM Zendesk, Inc. * United States 16.51 ‐12% 1,158.8 1,125.3 83.2 (22.2) NM 0.0% 13.5x NM

Adjusted Weighted Average 4.1x 13.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (92.9x)

18 | M&A and Investment Summary June 2014 Agency & Marketing Services

. There were 12 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active subsegment with four transactions announced, respectively . Select acquisitions: • The sale of a majority stake in marketing outsourcing company Advantage Sales and Marketing by Apax Partners to private equity firms Leonard Green & Partners and CVC Capital Partners, reportedly valued at approximately $4 billion • GTCR’s $143 million purchase of a majority stake in Cision, which provides cloud‐based PR software, services, and tools for the marketing and public relations industry • Creative Artists Agency’s acquisition of experiential marketing agency Promotions Group West (PGW)

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 4 33% $9.6 0% 4 $9.6 0 ‐ 0 ‐ Loyalty/Retention 2 17% 3.0 0% 1 ‐ 0 ‐ 13.0 Retail Services 2 17% 4,000.0 96% 1 ‐ 1 4,000.0 0 ‐ Database/Analytics 1 8% 143.2 3% 0 ‐ 1 143.2 0 ‐ Experiential Marketing 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐ General Agency 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Marketing Consulting 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 12 100% 4,155.8 0% 9 9.6 2 4,143.2 1 3.0

19 | M&A and Investment Summary June 2014 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.47 ‐10% $ 123.4 $ 129.6 $ 273.8 $ 16.6 6.1% 18.2% 0.5x 7.8x Charm Communications Inc. China 4.49 ‐16% 183.2 73.0 183.8 5.1 2.8% 11.1% 0.4x 14.2x Chime Communications plc * United Kingdom 6.05 ‐6% 592.0 665.3 513.1 15.7 3.1% ‐13.1% 1.3x 42.4x Creston plc United Kingdom 1.82 ‐9% 107.8 95.2 128.4 20.0 15.6% ‐0.4% 0.7x 4.8x Dentsu Inc. Japan 41.44 ‐3% 11,948.2 9,971.7 22,624.1 1,118.6 4.9% 19.0% 0.4x 8.9x Enero Group Limited Australia 0.99 ‐4% 84.9 68.6 212.0 3.5 1.7% ‐23.4% 0.3x NM Havas France 8.27 ‐5% 3,389.3 3,673.4 2,408.8 364.0 15.1% ‐1.1% 1.5x 10.1x Huntsworth plc United Kingdom 0.89 ‐29% 279.3 334.3 295.6 48.8 16.5% ‐0.4% 1.1x 6.8x M&C Saatchi plc United Kingdom 4.44 ‐26% 285.2 232.2 277.9 28.1 10.1% 4.9% 0.8x 8.3x mktg, inc. United States 2.68 ‐2% 23.1 17.5 139.0 3.6 2.6% 6.3% 0.1x 4.9x MDC Partners Inc. United States 21.81 ‐20% 1,079.6 2,061.0 1,175.8 103.7 8.8% 7.5% 1.8x 19.9x Next Fifteen Communications Group plc United Kingdom 1.96 ‐5% 119.0 132.9 169.3 18.3 10.8% 6.3% 0.8x 7.3x Omnicom Group Inc. United States 73.38 ‐5% 18,964.4 21,603.2 14,687.8 2,169.3 14.8% 2.6% 1.5x 10.0x OPT, Inc. Japan 7.81 ‐39% 230.5 114.7 635.8 55.5 8.7% ‐21.1% 0.2x 2.1x Porta Communications Plc United Kingdom 0.20 ‐35% 44.6 54.0 41.9 (2.6) NM 191.5% 1.3x NM Publicis Groupe SA France 83.42 ‐13% 17,393.9 16,661.2 9,451.5 1,817.4 19.2% 5.2% 1.8x 9.2x Sapient Corp. United States 16.32 ‐9% 2,313.6 2,038.9 1,308.3 168.0 12.8% 13.4% 1.6x 12.1x The Interpublic Group of Companies, Inc. United States 19.39 ‐2% 8,214.7 9,375.4 7,216.8 848.9 11.8% 3.2% 1.3x 11.0x WPP plc United Kingdom 21.92 ‐18% 28,377.0 32,664.2 18,896.3 3,155.3 16.7% 6.2% 1.7x 10.4x

Adjusted Weighted Average 1.5x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.2x)

20 | M&A and Investment Summary June 2014 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $21.68 ‐45% $ 1,670.3 $ 1,569.3 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.4x 7.9x Aimia Inc. Canada 17.67 ‐5% 3,072.3 3,186.3 1,572.9 (721.6) NM ‐27.0% 2.0x NM Alliance Data Systems Corporation * United States 284.80 ‐5% 15,438.4 20,408.3 4,498.5 1,292.9 28.7% 18.3% 4.5x 15.8x CSG Systems International Inc. United States 26.99 ‐16% 920.1 999.8 754.9 122.4 16.2% 0.3% 1.3x 8.2x Data Group Ltd. Canada 0.65 ‐63% 15.2 105.0 293.3 22.2 7.6% ‐6.2% 0.4x 4.7x DST Systems Inc. United States 93.49 ‐6% 3,710.8 4,240.0 2,660.0 425.4 16.0% 2.1% 1.6x 10.0x Fair Isaac Corporation United States 64.87 ‐1% 2,223.2 2,598.0 743.9 196.1 26.4% 3.9% 3.5x 13.3x Harte‐Hanks Inc. United States 7.22 ‐29% 453.3 463.7 560.0 59.6 10.6% 6.2% 0.8x 7.8x High Co. SA France 6.44 ‐21% 67.2 31.6 180.9 14.5 8.0% 0.6% 0.2x 2.2x Insignia Systems Inc. United States 3.23 ‐7% 41.6 21.3 26.8 2.6 9.9% 13.5% 0.8x 8.1x Multiplus SA Brazil 15.80 ‐5% 2,563.0 1,979.6 775.8 141.4 18.2% 14.4% 2.6x 14.0x PDI, Inc. United States 4.46 ‐29% 68.3 27.6 140.7 (6.7) NM 1.8% 0.2x NM Pitney Bowes Inc. United States 27.93 ‐1% 5,659.7 8,367.8 3,897.5 825.8 21.2% 6.6% 2.1x 10.1x Points International Ltd. * Canada 23.97 ‐28% 369.2 308.1 223.6 5.9 2.6% 50.8% 1.4x 52.7x Viad Corp United States 24.70 ‐15% 504.9 470.9 973.3 61.5 6.3% ‐6.6% 0.5x 7.7x

Adjusted Weighted Average 2.0x 13.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.1x)

21 | M&A and Investment Summary June 2014 Traditional Media

. There were 16 transactions announced in the Traditional Media segment in June, all but six were strategic acquisitions, worth a total of $612 million in aggregate reported value . Select acquisitions: • Wasserstein’s $417 million purchase of business news and information company ALM Media, from Apax Partners and The Royal Bank of Scotland Group • Pamlico Capital and Clarity Telecom’s acquisition of broadband assets from WOW Internet Cable & Phone for $262 million • Rare Television’s acquisition of 360 Production, which provides entertainment media content • AUA Private Equity Partners’ acquisition of Blue Star Media, a television broadcasting company

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 4 25% $160.0 11% 2 ‐ 0 ‐ 2 $160.0 Digital Place‐Based Media 3 19% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Newspaper Publishing 3 19% 529.0 36% 2 529.0 1 ‐ 0 ‐ Broadcast Television 2 13% 83.4 6% 2 83.4 0 ‐ 0 ‐ Cable & Satellite Television 2 13% 262.0 18% 1 ‐ 1262.00 ‐ Other* 2 13% 417.0 29% 0 ‐ 2417.00 ‐ Total 16 100% 1,451.4 100% 10 612.4 4 679.0 2 160.0

*Other includes Consumer Magazine Publishing and B‐to‐B Media

22 | M&A and Investment Summary June 2014 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data) Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $64.30 ‐6% $ 36,734.2 $ 44,417.2 $ 15,100.0 $ 3,750.0 24.8% 5.4% 2.9x 11.8x Discovery Communications, Inc. United States 76.57 ‐16% 26,305.0 32,366.0 5,790.0 2,377.0 41.1% 27.0% 5.6x 13.6x News Corporation United States 18.28 ‐1% 10,584.5 7,531.5 8,645.0 709.0 8.2% 2.4% 0.9x 10.6x Time Warner Inc. United States 71.39 0% 62,973.0 79,718.0 30,401.0 8,057.0 26.5% 6.0% 2.6x 9.9x Twenty‐First Century Fox, Inc. * United States 36.21 ‐1% 79,762.0 97,334.0 30,655.0 6,323.0 20.6% 51.9% 3.2x 15.4x Viacom, Inc. United States 87.48 ‐2% 37,611.0 48,617.0 13,716.0 4,361.0 31.8% 5.1% 3.5x 11.1x The Walt Disney Company United States 86.84 0% 150,393.3 164,670.3 47,104.0 13,178.0 28.0% 7.6% 3.5x 12.5x

Adjusted Weighted Average 3.3x 11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x)

B‐to‐B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $19.05 ‐20% $ 2,439.9 $ 2,502.4 $ 708.6 $ 212.8 30.0% 5.4% 3.5x 11.8x Global Sources Ltd. Hong Kong 8.22 ‐10% 286.2 152.6 200.7 38.5 19.2% ‐10.4% 0.8x 4.0x Informa plc Switzerland 8.42 ‐15% 5,082.2 6,425.2 1,941.9 600.2 30.9% 2.0% 3.3x 10.7x TechTarget, Inc. * United States 8.74 ‐4% 285.7 257.2 91.9 6.7 7.2% ‐4.1% 2.8x 38.7x UBM plc United Kingdom 11.68 ‐10% 2,867.2 3,695.8 1,361.4 324.3 23.8% 3.2% 2.7x 11.4x

Adjusted Weighted Average 3.1x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.7x)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $7.28 ‐27% $ 168.2 $ 259.0 $ 104.3 $ 27.9 26.7% 2.5% 2.5x 9.3x CC Media Holdings, Inc. United States 8.05 0% 706.1 20,702.6 6,242.5 1,775.8 28.4% 0.2% 3.3x 11.7x Cumulus Media Inc. United States 6.60 ‐19% 1,436.9 3,996.7 1,100.3 300.6 27.3% 11.8% 3.6x 13.3x Emmis Communications Corp. United States 2.95 ‐20% 127.0 296.8 205.1 29.1 14.2% 4.6% 1.4x 10.2x Entercom Communications Corp. United States 11.05 ‐4% 431.9 918.6 377.5 99.6 26.4% ‐2.5% 2.4x 9.2x Journal Communications Inc. United States 9.24 ‐8% 470.0 638.7 400.7 80.3 20.0% ‐0.8% 1.6x 8.0x Radio One Inc. United States 4.79 ‐18% 227.2 1,224.0 460.7 134.4 29.2% 9.5% 2.7x 9.1x Salem Communications Corp. United States 9.72 ‐6% 244.4 535.0 243.6 48.4 19.8% 5.7% 2.2x 11.1x Sirius XM Holdings Inc. * United States 3.46 ‐17% 20,876.9 24,207.4 3,899.4 1,302.2 33.4% 11.6% 6.2x 18.6x Spanish Broadcasting System Inc. United States 5.52 ‐26% 40.1 413.2 147.5 42.5 28.8% 0.6% 2.8x 9.7x Pandora Media, Inc. * United States 29.55 ‐27% 6,071.1 5,729.8 734.0 (7.6) NM 0.0% 7.8x NM

Adjusted Weighted Average 5.7x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.1x)

23 | M&A and Investment Summary June 2014 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $62.91 ‐20% $ 4,534.4 $ 7,180.6 $ 1,734.5 $ 607.3 35.0% 23.2% 4.1x 11.8x British Sky Broadcasting Group plc United Kingdom 15.48 ‐5% 23,883.2 26,582.3 12,905.8 2,378.5 18.4% 6.1% 2.1x 11.2x Cablevision Systems Corporation United States 18.29 ‐9% 4,949.2 13,957.4 6,296.5 1,719.4 27.3% 2.8% 2.2x 8.1x CBS Corporation United States 64.30 ‐6% 36,734.2 44,417.2 15,100.0 3,750.0 24.8% 5.4% 2.9x 11.8x Charter Communications, Inc. United States 162.42 0% 17,577.5 31,678.5 8,440.0 2,906.0 34.4% 11.1% 3.8x 10.9x Comcast Corporation United States 54.90 ‐1% 142,523.5 185,897.5 66,755.0 21,938.0 32.9% 6.0% 2.8x 8.5x Crown Media Holdings Inc. United States 3.81 ‐4% 1,370.4 1,757.0 382.9 290.7 75.9% 8.9% 4.6x 6.0x DIRECTV United States 85.93 ‐4% 43,156.1 61,326.1 32,029.0 7,946.0 24.8% 5.8% 1.9x 7.7x Discovery Communications, Inc. United States 76.57 ‐16% 26,305.0 32,366.0 5,790.0 2,377.0 41.1% 27.0% 5.6x 13.6x Dish Network Corp. United States 66.37 0% 30,484.9 35,138.7 14,123.5 2,898.5 20.5% 8.9% 2.5x 12.1x Entravision Communications Corporation United States 6.42 ‐13% 573.0 889.7 227.5 71.1 31.3% 0.7% 3.9x 12.5x General Communication Inc. United States 11.30 ‐4% 468.3 1,842.0 841.7 275.7 32.8% 16.2% 2.2x 6.7x Gray Television Inc. United States 13.75 ‐9% 801.9 1,617.4 359.4 113.6 31.6% ‐10.7% 4.5x 14.2x Grupo Televisa, S.A.B. Mexico 35.70 0% 20,473.2 24,565.7 5,795.2 2,221.2 38.3% 8.0% 4.2x 11.1x Journal Communications Inc. United States 9.24 ‐8% 470.0 638.7 400.7 80.3 20.0% ‐0.8% 1.6x 8.0x Liberty Global plc United Kingdom 44.70 ‐2% 34,227.8 77,639.1 16,336.0 7,285.7 44.6% 62.3% 4.8x 10.7x LIN Media LLC United States 28.18 ‐4% 1,561.2 2,503.0 677.6 169.8 25.1% 14.6% 3.7x 14.7x Media General, Inc. * United States 22.47 ‐6% 1,994.2 2,861.0 363.8 101.0 27.8% 55.1% 7.9x 28.3x Nexstar Broadcasting Group, Inc. United States 52.10 ‐8% 1,595.4 2,612.4 524.0 178.3 34.0% 28.7% 5.0x 14.7x Scripps Networks Interactive, Inc. United States 81.56 ‐6% 11,656.7 12,903.9 2,580.2 1,125.7 43.6% 9.0% 5.0x 11.5x Sinclair Broadcast Group, Inc. United States 35.90 ‐4% 3,496.5 6,215.8 1,493.2 508.0 34.0% 33.1% 4.2x 12.2x The E. W. Scripps Company * United States 21.62 ‐4% 1,213.0 1,227.3 822.0 71.4 8.7% ‐8.2% 1.5x 17.2x Time Warner Cable Inc. United States 150.51 0% 41,933.8 66,264.8 22,227.0 7,787.0 35.0% 2.3% 3.0x 8.5x Time Warner Inc. United States 71.39 0% 62,973.0 79,718.0 30,401.0 8,057.0 26.5% 6.0% 2.6x 9.9x Ziggo N.V. Netherlands 46.38 ‐3% 9,276.1 13,410.4 2,135.9 1,155.2 54.1% 2.2% 6.3x 11.6x

Adjusted Weighted Average 3.2x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.1x)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $23.77 ‐34% $ 2,011.8 $ 2,243.9 $ 719.5 $ 99.4 13.8% ‐3.9% 3.1x 22.6x Eros International Plc United Kingdom 15.40 ‐9% 755.7 930.3 235.5 60.6 25.8% 9.3% 4.0x 15.3x Lions Gate Entertainment Corp. United States 29.19 ‐23% 4,125.9 5,196.2 2,630.3 266.5 10.1% ‐2.9% 2.0x 19.5x Live Nation Entertainment, Inc. United States 25.14 ‐1% 5,045.1 5,463.4 6,682.2 509.5 7.6% 13.7% 0.8x 10.7x SFX Entertainment Inc. United States 7.71 ‐42% 688.0 817.7 193.6 (77.0) NM 453.7% 4.2x NM Twenty‐First Century Fox, Inc. United States 36.21 ‐1% 79,762.0 97,334.0 30,655.0 6,323.0 20.6% 51.9% 3.2x 15.4x Liberty Media Corporation * United States 139.25 ‐13% 15,927.7 29,954.7 4,224.0 1,153.0 27.3% 276.5% 7.1x 26.0x Village Roadshow Limited Austral ia 7.30 ‐8% 1,163.8 1,500.0 852.8 133.0 15.6% ‐1.1% 1.8x 11.3x World Wrestling Entertainment Inc. * United States 12.00 ‐62% 901.9 843.7 509.5 18.8 3.7% 5.1% 1.7x 44.8x

Adjusted Weighted Average 3.0x 17.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.8x) 24 | M&A and Investment Summary June 2014 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out‐of‐Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.36 ‐27% $ 140.7 $ 60.2 $ 271.7 $ 3.6 1.3% ‐4.4% 0.2x 16.8x APG|SGA SA Switzerland 323.94 ‐5% 955.0 825.4 342.6 76.4 22.3% ‐4.3% 2.4x 10.8x CBS Outdoor Americas Inc. United States 32.25 ‐10% 3,870.0 5,354.1 1,302.7 377.2 29.0% 1.9% 4.1x 14.2x Clear Channel Outdoor Holdings Inc. United States 8.17 ‐24% 2,935.7 7,796.2 2,931.2 710.8 24.3% ‐0.5% 2.7x 11.0x Clear Media Ltd. Hong Kong 0.97 ‐4% 522.8 415.0 212.6 85.5 40.2% 8.2% 2.0x 4.9x JCDecaux SA France 38.55 ‐13% 8,615.7 8,519.5 3,637.9 802.1 22.0% 2.0% 2.3x 10.6x Lamar Advertising Co. United States 53.20 ‐2% 5,061.5 6,939.5 1,254.2 541.4 43.2% 5.4% 5.5x 12.8x Mood Media Corporation United States 0.49 ‐59% 87.8 681.3 507.2 83.3 16.4% 3.8% 1.3x 8.2x National CineMedia, Inc. United States 17.44 ‐14% 1,061.0 2,112.9 450.8 216.1 47.9% ‐0.2% 4.7x 9.8x NTN Buzztime Inc. * United States 0.51 ‐48% 46.7 44.0 24.1 0.7 2.8% ‐0.3% 1.8x 64.3x Tom Group Ltd. Hong Kong 0.20 ‐45% 783.0 1,032.9 248.7 (2.7) NM ‐12.6% 4.2x NM Vitreous Glass, Inc. Canada 2.73 ‐3% 16.9 16.4 6.7 2.3 34.5% ‐0.6% 2.5x 7.1x

Adjusted Weighted Average 3.5x 11.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.0x)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $12.07 ‐7% $ 265.7 $ 183.4 $ 365.1 $ 31.0 8.5% 2.4% 0.5x 5.9x Daily Mail and General Trust plc United Kingdom 14.77 ‐20% 5,212.9 6,764.4 3,117.2 552.0 17.7% 4.1% 2.2x 12.3x Emmis Communications Corp. United States 2.95 ‐20% 127.0 296.8 205.1 29.1 14.2% 4.6% 1.4x 10.2x Gannett Co., Inc. United States 32.20 ‐1% 7,302.7 10,695.6 5,327.7 1,064.5 20.0% ‐0.8% 2.0x 10.0x Glacier Media, Inc. Canada 1.32 ‐16% 117.5 252.5 274.8 29.0 10.5% ‐3.5% 0.9x 8.7x John Wiley & Sons Inc. United States 62.05 0% 3,657.0 3,894.6 1,775.2 320.7 18.1% 0.8% 2.2x 12.1x Journal Communications Inc. United States 9.24 ‐8% 470.0 638.7 400.7 80.3 20.0% ‐0.8% 1.6x 8.0x Martha Stewart Living Omnimedia Inc. * United States 4.86 ‐12% 276.8 216.7 156.7 7.7 4.9% ‐15.3% 1.4x 28.3x Meredith Corporation United States 48.82 ‐9% 2,171.4 2,674.3 1,464.9 255.7 17.5% 0.4% 1.8x 10.5x Reed Elsevier plc(1) * United Kingdom 16.28 ‐1% 18,652.5 41,649.1 9,944.2 3,154.3 31.7% 0.0% 4.2x 13.2x Scholastic Corporation United States 34.17 ‐7% 1,100.2 1,257.9 1,779.9 154.5 8.7% ‐8.9% 0.7x 8.1x The E. W. Scripps Company * United States 21.62 ‐4% 1,213.0 1,227.3 822.0 71.4 8.7% ‐8.2% 1.5x 17.2x The McClatchy Company United States 5.80 ‐22% 503.0 1,969.3 1,234.3 266.8 21.6% ‐4.9% 1.6x 7.4x The New York Times Company United States 15.61 ‐10% 2,345.7 2,306.3 1,587.0 256.3 16.2% 5.8% 1.5x 9.0x

Adjusted Weighted Average 1.9x 11.7x

(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 (3.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.1x)

25 | M&A and Investment Summary June 2014 Technology & Communications

. Of the $9.8 billion in reported transaction value in the Technology & Communications segment, $9.2 billion were made in strategic acquisitions . Activity in the segment was led by the Big Data Technology subsegment with nine deals announced, of which seven were reported at $142 million . Select acquisitions: • Level 3 Communications $7.7 billion acquisition of TW Telecom, a provider of managed network services • Sandisk’s $1.2 billion pending acquisition of data center technology developer Fusion‐io • Oak Hill Partners’ $340 million acquisition of UK‐based Pulsant, which provides IT infrastructure Services • The $75 million acquisition of mobile payment solutions provider MPayMe by Powa Technologies, from Billing System Corporation

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Big Data Technology 9 25% $142.4 1% 2$ 2.4 0 ‐ 7 $140.0 Cloud Computing Technology 5 14% 134.9 1% 4 $94.9 0 ‐ 140.0 Enterprise Mobility 5 14% 24.6 0% 4 19.5 0 ‐ 15.1 Data Center Technology 3 8% 1,301.5 13% 1 1,275.5 1 16.0 1 10.0 Financial Technology 3 8% 86.8 1% 1 75.0 0 ‐ 211.8 Networking Equipment 3 8% 31.0 0% 1 ‐ 0 ‐ 231.0 Cloud Storage 2 6% 355.9 4% 0 ‐ 1 339.6 1 16.3 Communications Software 2 6% 8.0 0% 0 ‐ 0 ‐ 28.0 Other* 6 17% 7,749.3 79% 3 7,725.1 0 ‐ 324.2 Total 36 100% 9,826.4 100% 16 9,192.4 2 355.6 18 278.4

*Other includes Internet Services Providers, Virtualization Technology, and Web Conferencing Software

26 | M&A and Investment Summary June 2014 Technology Public Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $145.41 0% $ 95,138.6 $ 99,377.6 $ 31,068.0 $ 8,121.0 26.1% 3.4% 3.2x 12.2x ACI Worldwide, Inc. United States 58.10 ‐12% 2,203.5 2,929.6 924.4 194.5 21.0% 33.8% 3.2x 15.1x ADATA Technology Co., Ltd. Taiwan 2.67 ‐15% 609.6 643.2 1,107.0 61.4 5.5% 14.9% 0.6x 10.5x Advanced Micro Devices, Inc. United States 4.24 ‐9% 3,231.1 4,467.1 5,608.0 409.0 7.3% 13.9% 0.8x 10.9x Akamai Technologies, Inc. United States 62.01 ‐2% 11,037.8 10,930.4 1,663.4 590.5 35.5% 16.9% 6.6x 18.5x Arista Networks, Inc. * United States 76.41 ‐5% 4,858.3 4,871.2 417.1 86.0 20.6% 0.0% 11.7x 56.6x AVG Technologies N.V. Netherlands 20.16 ‐24% 1,062.5 1,031.2 395.9 138.7 35.0% 4.8% 2.6x 7.4x Brightcove, Inc. United States 10.73 ‐34% 344.4 324.3 116.3 (1.0) NM 25.4% 2.8x NM CA Technologies United States 29.36 ‐19% 13,111.9 11,756.9 4,515.0 1,445.0 32.0% ‐2.1% 2.6x 8.1x Carbonite, Inc. United States 12.50 ‐24% 333.7 263.6 111.8 8.7 7.8% 24.2% 2.4x 30.4x CDW Corporation United States 32.50 0% 5,591.0 8,706.9 11,009.2 722.1 6.6% 7.7% 0.8x 12.1x Check Point Software Technologies Ltd. Israel 67.24 ‐4% 12,828.7 11,621.5 1,413.6 779.4 55.1% 4.5% 8.2x 14.9x ChinaCache International Holdings Ltd. China 15.60 ‐47% 395.7 317.4 192.7 5.5 2.8% 38.7% 1.6x 58.0x Citrix Systems, Inc. United States 63.54 ‐18% 10,411.9 9,582.6 2,996.4 679.4 22.7% 12.2% 3.2x 14.1x CommVault Systems, Inc. United States 50.01 ‐44% 2,359.8 1,877.1 586.3 106.6 18.2% 18.2% 3.2x 17.6x Cray Inc. United States 29.39 ‐30% 1,195.9 958.3 501.3 27.2 5.4% 29.1% 1.9x 35.2x Crossroads Systems, Inc. United States 3.18 ‐14% 47.8 45.4 12.8 (7.1) NM ‐10.4% 3.6x NM Datalink Corporation United States 10.16 ‐36% 228.5 173.0 600.2 23.9 4.0% 18.7% 0.3x 7.2x Dot Hill Systems Corp. United States 4.87 ‐20% 292.2 251.8 210.3 8.7 4.1% 14.0% 1.2x 28.9x Elecom Co., Ltd. Japan 24.49 ‐7% 539.6 405.4 677.0 77.4 11.4% 10.3% 0.6x 5.2x EMC Corporation United States 26.92 ‐5% 55,113.3 53,895.3 23,314.0 5,537.0 23.7% 5.9% 2.3x 9.7x ePlus inc. United States 59.04 ‐12% 442.8 524.9 1,057.5 76.7 7.3% 7.6% 0.5x 6.8x Euronet Worldwide Inc. United States 49.79 ‐1% 2,537.2 2,490.4 1,430.8 183.0 12.8% 9.6% 1.7x 13.6x F‐Secure Oyj Finland 3.75 ‐3% 584.4 512.2 211.8 40.8 19.3% ‐0.9% 2.4x 12.5x Fusion‐io, Inc. United States 11.29 ‐28% 1,224.3 999.1 387.4 (75.4) NM ‐10.5% 2.6x NM Gemalto NV Netherlands 104.85 ‐15% 9,045.3 8,441.2 3,246.9 510.6 15.7% 6.4% 2.6x 16.5x Google Inc. United States 593.08 ‐3% 397,212.8 348,332.8 62,294.0 18,582.0 29.8% 18.7% 5.6x 18.7x Green Dot Corporation United States 19.33 ‐28% 767.2 (83.3) 588.2 67.3 11.4% 3.9% NM NM Imperva Inc. United States 25.90 ‐61% 681.2 575.3 140.7 (32.4) NM 26.4% 4.1x NM Integrated Electrical Services, Inc. United States 6.46 ‐8% 115.8 107.2 485.7 6.3 1.3% ‐0.6% 0.2x 16.9x Intel Corporation United States 31.14 ‐1% 155,014.9 149,319.9 52,892.0 20,634.0 39.0% ‐0.2% 2.8x 7.2x IBM Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0x Interxion Holding NV Netherlands 27.56 ‐1% 1,898.8 2,384.1 425.9 175.5 41.2% 9.7% 5.6x 13.6x J‐Stream Inc. Japan 4.55 ‐37% 52.9 47.1 44.6 4.7 10.6% ‐11.0% 1.1x 10.0x Limelight Networks, Inc. United States 3.10 ‐5% 305.3 193.6 168.8 (11.8) NM ‐7.1% 1.1x NM LogMeIn, Inc. United States 46.29 ‐3% 1,124.0 920.0 177.8 16.4 9.2% 23.9% 5.2x 56.2x Melbourne IT Ltd. Australia 1.55 ‐28% 144.3 69.0 96.7 8.5 8.8% ‐4.7% 0.7x 8.1x Micron Technology Inc. United States 33.73 ‐2% 36,103.9 38,329.9 14,974.0 4,899.0 32.7% 82.8% 2.6x 7.8x Microsoft Corporation United States 41.80 ‐1% 345,285.2 281,093.2 83,347.0 32,127.0 38.5% 9.6% 3.4x 8.7x MobileIron, Inc. * United States 9.82 ‐16% 733.1 671.9 108.0 (36.5) NM 0.0% 6.2x NA Montage Technology Group Limited * China 21.28 ‐20% 600.1 466.7 126.4 ‐ 0.0% 55.4% 3.7x NA NEC Corporation Japan 3.54 ‐2% 9,188.9 13,430.8 29,812.5 1,683.5 5.6% ‐0.9% 0.5x 8.0x

27 | M&A and Investment Summary June 2014 Technology Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA NetApp, Inc. United States $37.83 ‐18% $ 12,238.0 $ 8,230.2 $ 6,325.1 $ 1,025.2 16.2% ‐0.1% 1.3x 8.0x Oracle Corporation United States 41.34 ‐4% 184,165.1 170,082.1 38,275.0 16,717.0 43.7% 2.9% 4.4x 10.2x ProAct IT Group AB Sweden 13.14 ‐6% 122.4 138.6 339.4 22.5 6.6% ‐1.6% 0.4x 6.2x Qualys, Inc. * United States 26.01 ‐13% 850.0 744.9 113.4 12.6 11.1% 19.3% 6.6x 59.0x Quantum Corporation United States 1.31 ‐25% 328.5 433.1 553.2 17.3 3.1% ‐5.8% 0.8x 25.1x Rackspace Hosting, Inc. United States 35.86 ‐34% 5,094.7 4,851.8 1,593.6 409.5 25.7% 16.3% 3.0x 11.8x Red Hat, Inc. United States 56.10 ‐9% 10,578.0 9,774.8 1,595.1 304.2 19.1% 15.8% 6.1x 32.1x SanDisk Corp. United States 106.76 0% 24,150.3 23,345.1 6,341.2 2,298.5 36.2% 22.2% 3.7x 10.2x SAP AG Germany 78.39 ‐8% 93,559.4 93,162.5 22,989.2 7,916.8 34.4% 2.7% 4.1x 11.8x Seagate Technology Public Limited Company Ireland 59.26 ‐6% 19,351.9 20,559.9 13,847.0 2,728.0 19.7% ‐10.1% 1.5x 7.5x Silicon Graphics International Corp. United States 10.10 ‐52% 349.0 272.9 558.4 (29.0) NM ‐28.1% 0.5x NM Sony Corporation Japan 16.85 ‐26% 17,586.4 27,680.7 75,981.5 4,863.8 6.4% 14.6% 0.4x 5.7x Splunk, Inc. * United States 53.75 ‐49% 6,373.1 5,546.1 331.3 (103.7) NM 51.3% 16.7x NM Symantec Corporation United States 23.04 ‐15% 15,936.6 13,947.6 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2x Synchronoss Technologies, Inc. United States 35.68 ‐9% 1,469.2 1,420.0 369.2 88.6 24.0% 28.5% 3.8x 16.0x Tableau Software, Inc. * United States 69.14 ‐32% 4,699.1 4,082.6 267.0 15.6 5.8% 86.6% 15.3x 262.5x Teradata Corporation United States 40.55 ‐39% 6,394.7 5,712.7 2,733.0 647.0 23.7% 3.6% 2.1x 8.8x Trend Micro Inc. Japan 33.26 ‐19% 4,456.4 3,474.6 1,078.1 374.1 34.7% 13.5% 3.2x 9.3x The KEYW Holding Corporation United States 13.41 ‐42% 501.8 587.0 284.7 16.4 5.8% 7.2% 2.1x 35.7x VeriSign, Inc. United States 50.20 ‐20% 6,598.8 6,252.6 977.4 596.1 61.0% 8.1% 6.4x 10.5x Violin Memory, Inc. United States 4.48 ‐44% 403.8 324.3 101.0 (127.4) NM 14.3% 3.2x NM VMware, Inc. United States 98.33 ‐13% 42,332.6 37,216.6 5,376.0 1,493.0 27.8% 13.4% 6.9x 24.9x Western Digital Corporation United States 96.54 0% 22,693.6 20,297.6 15,207.0 3,184.0 20.9% ‐7.1% 1.3x 6.4x Xoom Corporation * United States 26.86 ‐26% 1,020.3 815.6 133.8 11.9 8.9% 53.1% 6.1x 68.3x

Adjusted Weighted Average 3.8x 12.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.6x)

28 | M&A and Investment Summary June 2014 Communications Public Company Valuation (1/2)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A10 Networks, Inc. United States $13.60 ‐18% $ 816.7 $ 694.6 $ 157.9 $ (1.6) NM 0.0% 4.4x NM Aerohive Networks, Inc. United States $8.18 ‐33% 373.3 360.3 115.5 (27.0) NM 50.7% 3.1x NM Aastra Technologies Ltd. Canada $39.43 ‐12% 469.7 388.8 569.3 39.5 6.9% ‐0.2% 0.7x 9.8x ADTRAN Inc. United States 23.14 ‐17% 1,305.5 1,193.5 645.7 67.7 10.5% 2.7% 1.8x 17.6x Alcatel‐Lucent France 3.74 ‐20% 10,342.4 11,515.5 19,487.5 1,057.6 5.4% 0.2% 0.6x 10.9x Allot Communications Ltd. * Israel 13.56 ‐25% 447.5 325.3 100.7 0.6 0.6% ‐3.8% 3.2x 576.8x Ambient Corporation United States 0.88 ‐79% 15.4 16.3 6.9 (17.0) NM ‐79.9% 2.4x NM Aruba Networks, Inc. United States 17.48 ‐26% 1,900.7 1,600.5 679.1 15.8 2.3% 15.8% 2.4x 101.5x AudioCodes Ltd. Israel 7.27 ‐20% 314.1 239.9 140.9 5.8 4.1% 10.6% 1.7x 41.3x Aviat Networks, Inc. United States 1.28 ‐55% 79.6 38.1 369.6 (23.4) NM ‐22.7% 0.1x NM Axesstel Inc. United States 0.10 ‐85% 2.5 11.2 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 10.69 ‐10% 5,551.6 4,178.5 4,708.0 (2,362.0) NM ‐58.5% 0.9x NM Barracuda Networks, Inc. United States 33.97 ‐23% 1,747.0 1,616.0 233.8 (0.0) NM 17.5% 6.9x NM Blonder Tongue Laboratories Inc. United States 0.93 ‐21% 5.8 11.0 26.7 (1.9) NM ‐13.4% 0.4x NM BroadSoft, Inc. United States 24.62 ‐35% 703.8 622.5 182.8 (3.2) NM 10.0% 3.4x NM Brocade Communications Systems, Inc. United States 9.54 ‐13% 4,085.1 3,545.3 2,196.8 559.9 25.5% ‐2.8% 1.6x 6.3x CalAmp Corp. United States 19.73 ‐43% 709.2 676.7 241.1 28.3 11.7% 26.6% 2.8x 23.9x Calix Inc. United States 8.27 ‐41% 416.2 341.0 377.9 5.3 1.4% 10.4% 0.9x 63.8x Ciena Corporation United States 22.17 ‐21% 2,341.0 3,140.2 2,215.5 148.0 6.7% 16.6% 1.4x 21.2x Cisco Systems, Inc. United States 25.19 ‐5% 129,040.6 99,480.6 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7x Clearfield, Inc. United States 16.54 ‐38% 222.0 198.9 61.9 11.1 18.0% 47.5% 3.2x 17.8x ClearOne, Inc. United States 10.10 ‐29% 93.5 81.2 51.0 8.4 16.5% 7.3% 1.6x 9.6x COM DEV International Ltd. Canada 4.07 ‐2% 311.7 295.1 201.3 36.9 18.3% ‐2.1% 1.5x 8.0x CommScope Holding Company, Inc. United States 23.34 ‐17% 4,346.8 6,554.2 3,610.5 733.6 20.3% 8.2% 1.8x 8.9x Communications Systems Inc. United States 13.07 ‐6% 112.5 90.2 129.1 10.0 7.8% 20.1% 0.7x 9.0x Corning Inc. United States 22.33 0% 29,218.3 29,690.3 8,294.0 2,538.0 30.6% 4.9% 3.6x 11.7x CTX Virtual Technologies, Inc. United States 1.75 ‐30% 14.0 14.1 119.2 16.9 14.2% 198.1% 0.1x 0.8x Cyan, Inc. United States 4.35 ‐62% 203.5 161.3 109.3 (44.6) NM 1.2% 1.5x NM DDS Wireless International Inc. * Canada 2.12 ‐9% 28.7 18.0 32.8 0.1 0.3% ‐13.8% 0.5x 159.7x Digi International Inc. United States 9.30 ‐27% 236.0 147.4 193.4 13.9 7.2% 1.8% 0.8x 10.6x DragonWave Inc. Canada 2.38 ‐31% 138.5 136.1 90.0 (36.2) NM ‐27.3% 1.5x NM EchoStar Corp. United States 52.47 ‐2% 4,771.2 5,565.8 3,313.0 689.8 20.8% 5.1% 1.7x 8.1x Emulex Corporation United States 6.01 ‐29% 477.4 413.1 467.9 49.1 10.5% ‐3.9% 0.9x 8.4x Ericsson Sweden 11.92 ‐10% 38,426.6 30,503.8 32,546.5 4,518.7 13.9% ‐2.6% 0.9x 6.8x Extreme Networks Inc. United States 4.42 ‐46% 426.5 442.8 443.7 25.2 5.7% 44.3% 1.0x 17.5x F5 Networks, Inc. United States 112.36 ‐4% 8,508.5 7,884.7 1,592.1 488.9 30.7% 11.3% 5.0x 16.1x Finisar Corp. United States 20.70 ‐28% 2,014.3 1,754.4 1,156.8 175.9 15.2% 23.8% 1.5x 10.0x Fleetmatics Group PLC Ireland 32.60 ‐38% 1,222.3 1,098.5 190.8 45.8 24.0% 38.3% 5.8x 24.0x Franklin Wireless Corp. United States 1.77 ‐16% 18.4 9.7 26.7 (0.7) NM ‐34.0% 0.4x NM Gigamon Inc. United States 19.59 ‐53% 625.0 482.3 146.2 (37.7) NM 38.2% 3.3x NM Gogo Inc. * United States 18.98 ‐47% 1,614.2 1,640.9 353.1 13.7 3.9% 41.2% 4.6x 120.1x Harmonic Inc. United States 7.54 ‐9% 703.3 555.6 468.3 30.3 6.5% 1.3% 1.2x 18.3x Harris Corporation United States 76.18 ‐4% 8,113.1 9,421.6 5,042.2 1,104.7 21.9% ‐2.8% 1.9x 8.5x Infoblox Inc. United States 13.04 ‐73% 710.7 449.0 248.5 (3.7) NM 20.0% 1.8x NM Interactive Intelligence Group Inc. United States 56.35 ‐31% 1,173.2 1,083.2 324.4 20.8 6.4% 25.8% 3.3x 52.1x 29 | M&A and Investment Summary June 2014 Communications Public Company Valuation (2/2)

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA JDS Uniphase Corporation United States $12.63 ‐24% $ 2,964.4 $ 2,631.5 $ 1,715.9 $ 147.6 8.6% 1.6% 1.5x 17.8x Juniper Networks, Inc. United States 24.65 ‐14% 11,678.23 10,069.63 4,780.00 812.7 17.0% 8.8% 2.1x 12.4x KVH Industries Inc. United States 14.04 ‐4% 222.7 207.3 159.3 8.7 5.5% 6.0% 1.3x 23.8x Mavenir Systems, Inc. United States 15.16 ‐19% 364.3 355.3 107.6 (3.7) NM 41.0% 3.3x NM Meru Networks, Inc. United States 3.82 ‐28% 88.7 68.7 101.6 (12.4) NM ‐1.2% 0.7x NM Mitel Networks Corporation Canada 10.54 ‐12% 1,043.2 1,273.8 634.4 73.6 11.6% 0.0% 2.0x 17.3x Motorola Solutions, Inc. United States 67.41 ‐1% 17,136.2 16,491.2 8,524.0 1,523.0 17.9% ‐2.2% 1.9x 10.8x Netgear Inc. United States 35.27 ‐3% 1,287.7 1,047.4 1,425.6 143.0 10.0% 15.0% 0.7x 7.3x Nokia Corporation Finland 7.63 ‐8% 28,348.3 25,582.0 16,628.8 2,338.1 14.1% ‐52.9% 1.5x 10.9x Nuance Communications, Inc. United States 18.90 ‐6% 5,994.3 7,553.3 1,887.6 193.0 10.2% 4.1% 4.0x 39.1x Numerex Corp. United States 11.77 ‐26% 236.8 212.8 82.2 4.7 5.7% 22.8% 2.6x 45.6x Optical Cable Corp. United States 4.02 ‐12% 27.9 37.5 75.6 1.3 1.8% ‐6.2% 0.5x 28.0x Palo Alto Networks, Inc. * United States 82.22 ‐4% 6,337.3 5,969.3 532.3 (27.7) NM 48.1% 11.2x NM PCTEL, Inc. United States 8.23 ‐19% 153.3 97.1 102.8 6.4 6.2% 6.3% 0.9x 15.3x Plantronics, Inc. United States 49.66 0% 2,130.5 1,795.1 818.6 153.9 18.8% 7.4% 2.2x 11.7x Polycom, Inc. United States 12.91 ‐8% 1,783.5 1,500.3 1,358.2 132.3 9.7% ‐2.0% 1.1x 11.3x Procera Networks, Inc. United States 10.24 ‐38% 208.5 102.2 75.0 (13.8) NM 22.1% 1.4x NM RadiSys Corporation United States 3.62 ‐27% 130.5 121.3 213.5 (19.4) NM ‐23.4% 0.6x NM Radware Ltd. Israel 16.84 ‐14% 761.5 594.8 198.9 28.7 14.4% 5.1% 3.0x 20.7x RELM Wireless Corp. United States 3.94 ‐4% 53.7 45.7 27.8 2.2 7.7% ‐8.3% 1.6x 21.2x RingCentral, Inc. United States 15.47 ‐35% 1,036.3 901.9 173.2 (34.9) NM 38.3% 5.2x NM Riverbed Technology, Inc. United States 20.42 ‐10% 3,278.3 3,325.3 1,060.3 162.7 15.3% 17.7% 3.1x 20.4x Sandvine Corporation Canada 3.35 ‐13% 503.1 376.9 113.1 30.5 27.0% 21.7% 3.3x 12.4x ShoreTel, Inc. United States 6.62 ‐33% 413.9 364.8 336.8 14.7 4.4% 9.9% 1.1x 24.8x Sierra Wireless Inc. Canada 20.52 ‐23% 645.2 488.2 461.6 11.1 2.4% 13.6% 1.1x 44.1x SolarWinds, Inc. * United States 38.99 ‐17% 2,939.5 2,756.7 358.4 136.5 38.1% 27.0% 7.7x 20.2x Solera Holdings Inc. United States 68.82 ‐3% 4,734.8 6,115.3 937.9 361.5 38.5% 14.7% 6.5x 16.9x Sonus Networks, Inc. * United States 3.95 ‐1% 978.7 821.9 284.2 7.0 2.5% 12.3% 2.9x 116.8x Telcoware Co., Ltd. South Korea 15.66 ‐9% 84.3 29.4 51.6 6.9 13.4% 8.9% 0.6x 4.3x TeleCommunication Systems Inc. United States 3.54 ‐1% 210.0 290.6 352.6 22.1 6.3% ‐26.9% 0.8x 13.2x TESSCO Technologies Inc. United States 32.19 ‐23% 268.1 259.1 560.1 30.4 5.4% ‐25.6% 0.5x 8.5x Transmode AB (publ) Sweden 11.50 ‐35% 318.7 258.8 149.0 21.3 14.3% 0.4% 1.7x 12.1x Ubiquitous Corporation * Japan 14.77 ‐43% 129.2 119.1 7.5 (2.7) NM ‐14.3% 15.9x NM Vecima Networks Inc. Canada 7.38 ‐1% 164.8 128.5 82.8 15.7 18.9% ‐10.4% 1.6x 8.2x Verint Systems Inc. United States 50.25 ‐6% 3,005.5 3,819.2 959.9 162.9 17.0% 13.2% 4.0x 23.4x ViaSat Inc. United States 57.64 ‐23% 2,656.6 3,295.5 1,351.5 177.3 13.1% 20.7% 2.4x 18.6x Vonage Holdings Corporation United States 3.82 ‐23% 808.5 862.0 840.7 67.8 8.1% ‐0.2% 1.0x 12.7x Westell Technologies, Inc. United States 2.50 ‐49% 149.9 98.5 102.1 4.7 4.6% 163.0% 1.0x 21.1x ZTE Corp. China 2.11 ‐28% 7,196.6 9,587.5 12,277.1 627.3 5.1% ‐8.8% 0.8x 15.3x

Adjusted Weighted Average 2.2x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (108.7x)

30 | M&A and Investment Summary June 2014 Software

. Within the Software segment, a total of $6.6 billion in reported value was reported in strategic activity, while another $629 million in investments were announced . Security Software was the most active subsegment with 17 transactions announced worth $201 million, followed by ERP and Healthcare with 11 and eight transactions worth a combined total of $6 billion . Select acquisitions: • Oracle’s pending $5.3 billion acquisition of MICROS Systems, a provider of information technology solutions for hospitality and retail industries, at a valuation of 3.5x revenue and 17.7x EBITDA • WEX’s $533 million purchase of Evolution1, a provider of electronic payment healthcare solutions • ReadSoft’s $188 million acquisition of Hyland Software, which develops enterprise software solutions for organizations . Select investments: • Andreessen Horowitz’s $90 million investment in Tanium

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM#$MM Security 17 20% $201.1 3% 3 ‐ 1 ‐ 13 $201.1 ERP 11 13% 5,383.5 75% 7 5,324.2 1 ‐ 3 59.3 Healthcare 8 9% 663.8 9% 6 647.5 0 ‐ 2 16.3 Collaboration 7 8% 24.0 0% 3 ‐ 0 ‐ 4 24.0 HR 7 8% 357.8 5% 2 310.0 0 ‐ 5 47.8 Infrastructure 7 8% 143.0 2% 2 ‐ 0 ‐ 5 143.0 Other* 28 33% 443.2 6% 17 306.1 1 ‐ 10 137.1 Total 85 100% 7,216.4 100% 40 6,587.8 3 0.0 42 628.6 *Other includes Application Management, Credit/Risk, Data Management, Financial, Geo‐Demo, and Software Development Tools

31 | M&A and Investment Summary June 2014 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $33.46 ‐8% $ 1,722.1 $ 1,972.1 $ 387.3 $ 72.0 18.6% 6.3% 5.1x 27.4x Ebix Inc. United States 14.10 ‐21% 541.2 537.0 203.5 74.5 36.6% ‐2.2% 2.6x 7.2x Epiq Systems, Inc. United States 14.33 ‐15% 511.4 801.4 452.0 68.3 15.1% 23.9% 1.8x 11.7x Fidessa group plc United Kingdom 39.61 ‐15% 1,497.8 1,372.6 478.5 92.9 19.4% 0.1% 2.9x 14.8x Guidewire Software, Inc. United States 40.49 ‐30% 2,775.9 2,345.5 328.9 (2.1) NM 21.2% 7.1x NM Innovation Group plc United Kingdom 0.60 ‐5% 724.2 625.7 353.8 36.8 10.4% 3.8% 1.8x 17.0x Management Consulting Group PLC United Kingdom 0.42 ‐19% 200.3 268.5 441.2 36.0 8.2% ‐10.0% 0.6x 7.5x Model N, Inc. United States 10.82 ‐56% 267.8 166.2 97.2 (1.8) NM 4.7% 1.7x NM NetSuite Inc. * United States 88.63 ‐27% 6,718.0 6,520.3 445.8 (39.4) NM 34.6% 14.6x NM Performant Financial Corporation United States 10.52 ‐12% 509.8 549.6 264.6 88.4 33.4% 23.9% 2.1x 6.2x Q2 Holdings, Inc. United States 15.04 ‐13% 512.5 433.3 60.9 (15.8) NM 0.0% 7.1x NM RealPage, Inc. * United States 22.82 ‐13% 1,797.7 1,755.6 388.6 54.5 14.0% 15.4% 4.5x 32.2x Solera Holdings Inc. United States 68.82 ‐3% 4,734.8 6,115.3 937.9 361.5 38.5% 14.7% 6.5x 16.9x SS&C Technologies Holdings, Inc. United States 46.25 ‐1% 3,834.7 4,486.2 725.3 287.0 39.6% 14.9% 6.2x 15.6x Tyler Technologies, Inc. * United States 94.92 ‐12% 3,133.2 3,036.1 433.5 84.6 19.5% 15.2% 7.0x 35.9x

Adjusted Weighted Average 5.6x 16.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.7x)

Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 16.35 ‐17% 2,934.6 3,442.2 1,366.3 13.3 1.0% ‐4.4% 2.5x NM athenahealth, Inc. * United States 130.75 ‐37% 4,947.8 5,042.6 632.4 58.4 9.2% 40.1% 8.0x 86.3x Cegedim SA France 36.70 ‐7% 511.7 1,166.7 1,216.5 161.0 13.2% ‐3.9% 1.0x 7.2x Cerner Corporation United States 52.35 ‐17% 17,975.5 17,104.8 2,939.3 774.0 26.3% 11.1% 5.8x 22.1x Computer Programs & Systems Inc. United States 66.16 ‐8% 738.6 709.4 203.4 55.6 27.3% 8.0% 3.5x 12.8x Craneware plc United Kingdom 9.09 ‐17% 245.5 213.8 42.5 11.9 27.9% 0.1% 5.0x 18.0x McKesson Corporation United States 190.00 ‐1% 44,002.7 52,325.7 137,609.0 3,176.0 2.3% 12.7% 0.4x 16.5x MedAssets, Inc. United States 23.52 ‐12% 1,434.4 2,210.2 678.4 202.1 29.8% 2.3% 3.3x 10.9x Medidata Solutions, Inc. * United States 43.97 ‐36% 2,378.6 2,389.5 290.2 25.7 8.9% 25.5% 8.2x 92.9x Merge Healthcare Incorporated United States 2.46 ‐48% 233.8 442.7 218.9 25.5 11.6% ‐13.0% 2.0x 17.4x Quality Systems Inc. United States 16.37 ‐32% 985.8 872.0 444.7 61.8 13.9% ‐3.4% 2.0x 14.1x Streamline Health Solutions, Inc. United States 5.10 ‐40% 92.5 89.6 28.5 (4.3) NM 19.9% 3.1x NM USMD Holdings, Inc. United States 11.02 ‐70% 111.8 149.4 245.8 4.7 1.9% 62.4% 0.6x 32.1x Veeva Systems Inc. * United States 24.96 ‐49% 3,189.8 2,844.3 234.1 45.6 19.5% 58.3% 12.2x 62.3x

Adjusted Weighted Average 2.6x 19.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.0x)

32 | M&A and Investment Summary June 2014 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $72.12 ‐16% $ 2,144.1 $ 1,614.4 $ 267.9 $ 85.0 31.7% 14.8% 6.0x 19.0x Allocate Software plc. United Kingdom 2.03 ‐2% 138.8 126.0 65.5 6.7 10.2% 4.4% 1.9x 18.8x Benefitfocus, Inc. United States 46.73 ‐39% 1,180.6 1,129.8 111.6 (29.0) NM 29.0% 10.1x NM Castlight Health, Inc. * United States 14.95 ‐64% 1,338.0 1,118.6 19.4 (74.3) NM 0.0% 57.5x NM Concur Technologies, Inc. * United States 94.79 ‐27% 5,391.8 5,260.6 628.2 29.3 4.7% 30.6% 8.4x 179.8x Cornerstone OnDemand, Inc. United States 45.68 ‐26% 2,427.7 2,355.9 204.9 (31.8) NM 55.7% 11.5x NM Dice Holdings, Inc. United States 7.80 ‐21% 423.7 527.0 223.7 62.9 28.1% 12.1% 2.4x 8.4x LinkedIn Corporation United States 173.71 ‐33% 21,150.8 18,849.7 1,677.0 166.3 9.9% 51.3% 11.2x 113.4x Monster Worldwide, Inc. United States 7.03 ‐17% 639.8 805.2 793.7 100.0 12.6% ‐8.6% 1.0x 8.1x Paycom Software, Inc. United States 14.68 ‐18% 749.3 822.9 117.0 14.6 12.5% 0.0% 7.0x 56.3x Paylocity Holding Corporation United States 21.65 ‐30% 1,073.1 984.1 100.3 2.0 2.0% 0.0% 9.8x NM Saba Software, Inc. United States 11.70 ‐16% 348.5 334.3 121.3 (10.5) NM 7.7% 2.8x NM The Ultimate Software Group, Inc. United States 142.11 ‐17% 4,028.6 3,937.8 433.6 63.3 14.6% 23.2% 9.1x 62.2x Workday, Inc. United States 88.96 ‐24% 16,457.6 15,075.7 537.0 (132.1) NM 74.1% 28.1x NM

Adjusted Weighted Average 15.2x 93.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (41.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (119.1x)

Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.61 ‐13% $ 289.1 $ 221.8 $ 89.6 $ 20.8 23.2% 11.0% 2.5x 10.7x AVG Technologies N.V. Netherlands 20.16 ‐24% 1,062.5 1,031.2 395.9 138.7 35.0% 4.8% 2.6x 7.4x Check Point Software Technologies Ltd. Israel 67.24 ‐4% 12,828.7 11,621.5 1,413.6 779.4 55.1% 4.5% 8.2x 14.9x Cisco Systems, Inc. United States 25.19 ‐5% 129,040.6 99,480.6 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7x Cheetah Mobile Inc. * China 20.92 ‐16% 2,680.2 2,671.5 149.7 19.1 12.8% 0.0% 17.8x 139.6x FireEye, Inc. * United States 38.95 ‐60% 5,651.3 5,066.8 207.1 (208.1) NM 111.5% 24.5x NM Fortinet Inc. United States 25.28 ‐1% 4,122.4 3,561.4 648.4 85.1 13.1% 17.4% 5.5x 41.8x Gemalto NV Netherlands 104.85 ‐15% 9,045.3 8,441.2 3,246.9 510.6 15.7% 6.4% 2.6x 16.5x Imperva Inc. United States 25.90 ‐61% 681.2 575.3 140.7 (32.4) NM 26.4% 4.1x NM Imprivata, Inc. United States 16.44 ‐3% 375.1 370.7 76.3 (9.2) NM 0.0% 4.9x NM Infoblox Inc. United States 13.04 ‐73% 710.7 449.0 248.5 (3.7) NM 20.0% 1.8x NM Juniper Networks, Inc. United States 24.65 ‐14% 11,678.2 10,069.6 4,780.0 812.7 17.0% 8.8% 2.1x 12.4x NQ Mobile Inc. * China 4.58 ‐82% 244.4 143.1 196.7 1.5 0.7% 114.3% 0.7x 98.1x Palo Alto Networks, Inc. United States 82.22 ‐4% 6,337.3 5,969.3 532.3 (27.7) NM 48.1% 11.2x NM Proofpoint, Inc. United States 36.58 ‐20% 1,353.1 1,252.9 149.9 (19.6) NM 33.3% 8.4x NM Qihoo 360 Technology Co. Ltd. China 93.95 ‐24% 11,830.9 11,553.9 826.4 246.6 29.8% 123.6% 14.0x 46.9x Symantec Corporation United States 23.04 ‐15% 15,936.6 13,947.6 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2x Trend Micro Inc. Japan 33.26 ‐19% 4,456.4 3,474.6 1,078.1 374.1 34.7% 13.5% 3.2x 9.3x VeriSign, Inc. United States 50.20 ‐20% 6,598.8 6,252.6 977.4 596.1 61.0% 8.1% 6.4x 10.5x

Adjusted Weighted Average 3.8x 11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (73.8x) 33 | M&A and Investment Summary June 2014 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $77.75 ‐13% $ 7,204.5 $ 6,347.0 $ 878.8 $ 411.4 46.8% 8.4% 7.2x 15.4x Autodesk, Inc. * United States 56.88 ‐3% 12,961.1 11,588.0 2,296.0 392.2 17.1% 0.1% 5.0x 29.5x Aveva Group plc United Kingdom 36.54 ‐20% 2,331.5 2,129.9 407.0 122.9 30.2% 7.8% 5.2x 17.3x Dassault Systemes SA France 131.75 ‐6% 16,432.0 14,583.0 2,831.7 857.6 30.3% 1.6% 5.1x 17.0x

Adjusted Weighted Average 5.5x 16.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.4x)

Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. * United States $73.57 ‐1% $ 36,591.9 $ 34,768.0 $ 4,105.1 $ 747.8 18.2% ‐3.5% 8.5x 46.5x CA Technologies United States 29.36 ‐19% 13,111.9 11,756.9 4,515.0 1,445.0 32.0% ‐2.1% 2.6x 8.1x CommVault Systems, Inc. United States 50.01 ‐44% 2,359.8 1,877.1 586.3 106.6 18.2% 18.2% 3.2x 17.6x Covisint Corporation United States 5.33 ‐64% 199.8 150.3 97.1 (33.6) NM 7.1% 1.5x NM Daegis Inc. United States 1.25 ‐24% 20.4 28.2 31.0 3.7 11.9% ‐23.0% 0.9x 7.6x Endurance International Group Holdings, Inc. * United States 15.66 ‐4% 2,021.5 3,046.6 543.3 69.3 12.8% 47.2% 5.6x 43.9x Guidance Software, Inc. United States 9.77 ‐15% 282.0 260.8 109.0 (11.9) NM ‐16.4% 2.4x NM IBM Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0x Informatica Corporation United States 35.66 ‐19% 3,915.2 3,185.1 977.0 174.8 17.9% 17.7% 3.3x 18.2x IntraLinks Holdings, Inc. * United States 9.47 ‐24% 533.2 545.3 238.7 11.3 4.7% 8.1% 2.3x 48.1x NetSuite Inc. United States 88.63 ‐27% 6,718.0 6,520.3 445.8 (39.4) NM 34.6% 14.6x NM Opera Software ASA Norway 12.96 ‐16% 1,848.5 1,768.2 325.1 82.0 25.2% 40.7% 5.4x 21.6x Oracle Corporation United States 41.34 ‐4% 184,165.1 170,082.1 38,275.0 16,717.0 43.7% 2.9% 4.4x 10.2x Rally Software Development Corp. United States 10.53 ‐68% 261.8 176.1 77.7 (18.7) NM 29.7% 2.3x NM Salesforce.com, Inc United States 58.76 ‐12% 36,078.6 37,492.5 4,405.1 (32.8) NM 35.7% 8.5x NM ServiceNow, Inc. * United States 61.60 ‐14% 8,874.1 8,640.2 477.8 (62.5) NM 69.3% 18.1x NM Textura Corporation United States 24.24 ‐49% 603.1 532.1 53.3 (26.3) NM 0.0% 10.0x NM TIBCO Software Inc. United States 20.00 ‐26% 3,254.6 3,221.7 1,091.5 196.1 18.0% 5.4% 3.0x 16.4x Varonis Systems, Inc. United States 30.88 ‐46% 755.2 629.3 79.5 (8.9) NM 43.7% 7.9x NM

Adjusted Weighted Average 4.3x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.4x)

34 | M&A and Investment Summary June 2014 Information & Business Services

. Strategic and Buyout acquisitions accounted for 86 percent of reported value during the month . IT Consulting/Systems Integration was the most active and highest reported subsegment with nine transactions announced, worth $50 million . Select acquisitions: • Insight Venture Partners’ and GIC’s $752 million pending acquisition of iParadigms, a provider of web‐based solutions for plagiarism prevention and student feedback • Hilan’s $42 million acquisition of Ness Technologies, which offers SAP integration and deployment services . Select investments: • The $67 million investment in HR information company Zenefits, led by Andreessen Horowitz and Institutional Venture Partners • Greylock Partners’ $40 million investment in Grand Rounds, an online platform that provides healthcare information and connects users with medical specialists INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 9 23% $50.2 3% 6 $42.0 0 ‐ 3$8.2 Credit/Risk Management Information 6 15% 73.6 5% 2 15.0 0 ‐ 458.6 Healthcare Information 5 13% 40.0 2% 3 ‐ 0 ‐ 240.0 Staffing 4 10% 54.8 3% 1 48.3 1 ‐ 26.5 Market Research 3 8% 42.2 3% 2 42.2 0 ‐ 1 ‐ Healthcare Consulting 2 5% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Marketing Data 1 3% 752.0 46% 0 ‐ 1752.00 ‐ Other* 9 23% 605.5 37% 5 500.0 1 ‐ 3105.5 Total 39 100% 1,618.3 100% 21 647.5 3 752.0 15 218.8

*Other includes BPO, Financial Consulting, Financial Information, Geo‐Demo Information, HR Consulting, Logistics, and Printing Services 35 | M&A and Investment Summary June 2014 Information Services Public Company Valuation (1/2)

($ in Millions, except stock price data) Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $41.56 ‐2% $ 5,015.0 $ 5,294.6 $ 2,537.2 $ 516.5 20.4% 7.2% 2.1x 10.3x Computershare Limited Australia 12.00 ‐1% 6,675.2 7,788.6 2,012.1 454.9 22.6% 0.3% 3.9x 17.1x CoreLogic, Inc. United States 30.19 ‐17% 2,774.7 4,164.5 1,309.7 239.7 18.3% 8.4% 3.2x 17.4x CoStar Group Inc. * United States 158.58 ‐27% 5,032.9 4,958.2 456.0 116.2 25.5% 18.3% 10.9x 42.7x DST Systems Inc. United States 93.49 ‐6% 3,710.8 4,240.0 2,660.0 425.4 16.0% 2.1% 1.6x 10.0x Dun & Bradstreet Corp. United States 112.38 ‐10% 4,159.9 5,412.3 1,656.1 503.0 30.4% 0.9% 3.3x 10.8x Envestnet, Inc. * United States 48.79 ‐3% 1,661.3 1,608.8 274.4 28.8 10.5% 60.3% 5.9x 55.9x Equifax Inc. United States 72.70 ‐1% 8,871.6 10,444.5 2,321.9 816.1 35.1% 8.8% 4.5x 12.8x Experian plc Ireland 17.51 ‐20% 17,353.9 21,454.8 4,840.0 1,677.0 34.6% 2.3% 4.4x 12.8x FactSet Research Systems Inc. United States 121.46 0% 5,101.3 4,967.2 901.0 346.4 38.4% 6.4% 5.5x 14.3x Fair Isaac Corporation United States 64.87 ‐1% 2,223.2 2,598.0 743.9 196.1 26.4% 3.9% 3.5x 13.3x Fidelity National Information Services, Inc. United States 55.44 ‐2% 15,955.5 20,168.6 6,113.0 1,577.7 25.8% 4.1% 3.3x 12.8x Financial Engines, Inc. * United States 42.84 ‐40% 2,204.0 1,945.3 251.0 52.3 20.8% 26.8% 7.8x 37.2x McGraw Hill Financial, Inc. United States 84.50 0% 23,000.9 23,122.9 4,930.0 1,778.0 36.1% 7.3% 4.7x 13.0x Moody's Corporation United States 90.02 0% 19,237.3 19,479.8 3,007.9 1,387.0 46.1% 6.8% 6.5x 14.0x Morningstar Inc. United States 72.55 ‐16% 3,245.5 2,984.0 710.6 221.9 31.2% 6.6% 4.2x 13.4x MSCI Inc. United States 47.34 0% 5,524.8 6,067.2 1,055.9 449.1 42.5% 12.3% 5.7x 13.5x Reis, Inc. United States 22.12 ‐1% 245.6 229.8 36.4 8.6 23.5% 13.3% 6.3x 26.8x SEI Investments Co. United States 33.08 ‐7% 5,595.8 5,050.2 1,156.6 289.4 25.0% 12.7% 4.4x 17.5x Thomson Reuters Corporation United States 36.72 ‐7% 29,673.3 37,707.1 12,657.0 2,581.0 20.4% ‐2.6% 3.0x 14.6x Verisk Analytics, Inc. United States 61.15 ‐11% 10,174.9 11,018.9 1,628.6 742.0 45.6% 13.3% 6.8x 14.8x

Adjusted Weighted Average 4.4x 13.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.8x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $21.68 ‐45% $ 1,670.3 $ 1,569.3 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.4x 7.9x Alliance Data Systems Corporation United States 284.80 ‐5% 15,438.4 24,881.1 4,498.5 1,292.9 28.7% 18.3% 5.5x 19.2x Brainjuicer Group Plc United Kingdom 7.09 ‐24% 89.6 79.0 41.9 6.5 15.6% 17.5% 1.9x 12.1x Cello Group Plc United Kingdom 1.47 ‐10% 123.4 129.6 273.8 16.6 6.1% 18.2% 0.5x 7.8x Cision AB Sweden 8.91 ‐6% 132.2 161.1 120.6 13.2 11.0% ‐10.5% 1.3x 12.2x comScore, Inc. * United States 38.78 ‐1% 1,351.9 1,323.2 294.9 25.3 8.6% 12.7% 4.5x 52.3x Cross Marketing Inc. Japan 6.75 0% 121.7 120.5 68.1 8.7 12.8% 25.6% 1.8x 13.8x Ebiquity plc United Kingdom 2.07 ‐11% 147.3 183.8 113.6 20.7 18.2% 11.5% 1.6x 8.9x GfK SE Germany 51.52 ‐18% 1,880.6 2,458.1 2,014.3 310.5 15.4% ‐2.4% 1.2x 7.9x Harte‐Hanks Inc. United States 7.22 ‐29% 453.3 463.7 560.0 59.6 10.6% 6.2% 0.8x 7.8x InnerWorkings Inc. United States 8.39 ‐32% 433.4 497.3 927.9 19.1 2.1% 15.2% 0.5x 26.0x

36 | M&A and Investment Summary June 2014 Information Services Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 13.49 ‐3% $ 271.3 $ 241.4 $ 416.4 $ 50.5 12.1% 6.5% 0.6x 4.8x Ipsos SA France 37.38 ‐21% 1,693.6 2,452.5 2,327.7 275.7 11.8% ‐4.3% 1.1x 8.9x NeuStar, Inc. United States 27.04 ‐53% 1,628.8 2,035.2 915.5 352.0 38.4% 7.9% 2.2x 5.8x Nielsen N.V. Netherlands 49.51 0% 18,788.0 25,226.0 5,873.0 1,389.0 23.7% 7.7% 4.3x 18.2x Onvia Inc. United States 4.65 ‐17% 34.4 27.5 22.1 (0.4) NM 0.8% 1.2x NM Pearson plc United Kingdom 19.67 ‐17% 15,927.5 18,576.9 8,692.4 1,413.0 16.3% 2.2% 2.1x 13.1x Rentrak Corporation * United States 54.99 ‐20% 675.7 654.6 75.6 (6.5) NM 32.6% 8.7x NM YouGov PLC United Kingdom 2.02 ‐9% 199.0 188.7 111.7 8.4 7.5% 11.6% 1.7x 22.4x

Adjusted Weighted Average 3.6x 15.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.1x)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $1.05 ‐21% $ 148.3 $ 194.4 $ 127.4 $ 17.0 13.3% 7.1% 1.5x 11.5x Corporate Executive Board Co. United States 69.12 ‐15% 2,336.2 2,697.8 839.2 175.4 20.9% 22.6% 3.2x 15.4x Forrester Research Inc. United States 39.08 ‐6% 735.4 578.2 299.4 31.6 10.6% 1.8% 1.9x 18.3x Gartner Inc. United States 71.46 ‐5% 6,447.5 6,524.9 1,824.2 310.8 17.0% 10.3% 3.6x 21.0x IHS Inc. United States 137.45 ‐2% 9,363.5 11,010.4 2,132.4 462.8 21.7% 33.2% 5.2x 23.8x Informa plc Switzerland 8.42 ‐15% 5,082.2 6,425.2 1,941.9 600.2 30.9% 2.0% 3.3x 10.7x National Research Corp. United States 38.10 ‐15% 422.9 406.4 93.7 29.7 31.7% 5.4% 4.3x 13.7x Markit Ltd. United Kingdom 26.95 ‐2% 4,820.5 5,399.2 979.9 369.8 37.7% 10.8% 5.5x 14.6x NIC Inc. United States 16.05 ‐38% 1,046.7 965.1 253.5 65.7 25.9% 13.8% 3.8x 14.7x Premier, Inc. United States 28.86 ‐26% 934.3 703.2 810.7 282.6 34.9% ‐1.0% 0.9x 2.5x Proofpoint, Inc. * United States 36.58 ‐20% 1,353.1 1,252.9 149.9 (19.6) NM 33.3% 8.4x NM Reed Elsevier plc(1) United Kingdom 16.28 ‐1% 34,709.7 41,649.1 9,944.2 3,154.3 31.7% 6.6% 4.2x 13.2x Solera Holdings Inc. United States 68.82 ‐3% 4,734.8 6,115.3 937.9 361.5 38.5% 14.7% 6.5x 16.9x Tarsus Group plc Ireland 3.91 ‐11% 392.0 449.3 130.1 42.8 32.9% 47.2% 3.5x 10.5x TechTarget, Inc. * United States 8.74 ‐4% 285.7 257.2 91.9 6.7 7.2% ‐4.1% 2.8x 38.7x The Advisory Board Company * United States 52.23 ‐26% 1,911.7 1,886.0 520.6 62.8 12.1% 15.5% 3.6x 30.1x UBM plc United Kingdom 11.68 ‐10% 2,867.2 3,695.8 1,361.4 324.3 23.8% 3.2% 2.7x 11.4x Wolters Kluwer NV Netherlands 29.69 ‐2% 8,767.5 11,474.0 4,846.1 1,211.2 25.0% ‐0.9% 2.4x 9.5x

Adjusted Weighted Average 4.1x 14.7x

(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 (7.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.7x)

37 | M&A and Investment Summary June 2014 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 24.88 0% 248.2 217.4 291.5 26.9 9.2% 10.3% 0.7x 8.1x FTI Consulting, Inc. United States 37.42 ‐20% 1,528.7 2,188.7 1,670.8 233.9 14.0% 5.2% 1.3x 9.4x Information Services Group, Inc. United States 4.73 ‐18% 176.5 206.9 208.6 18.9 9.1% 5.9% 1.0x 10.9x Navigant Consulting Inc. United States 18.07 ‐9% 888.1 1,006.2 726.4 117.0 16.1% 1.0% 1.4x 8.6x ICF International Inc. United States 36.17 ‐18% 721.3 828.3 960.4 87.0 9.1% 1.8% 0.9x 9.5x Huron Consulting Group Inc. United States 70.51 ‐3% 1,589.6 1,731.5 767.2 161.7 21.1% 17.8% 2.3x 10.7x The Hackett Group, Inc. * United States 6.15 ‐18% 183.8 199.9 200.9 17.2 8.5% 0.7% 1.0x 11.6x Towers Watson & Co. United States 105.95 ‐20% 7,448.2 7,028.2 3,602.5 667.1 18.5% 5.2% 2.0x 10.5x

Adjusted Weighted Average 1.8x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 80.59 ‐4% 38,852.6 37,170.8 11,958.0 2,490.2 20.8% 7.6% 3.1x 14.9x Barrett Business Services Inc. United States 54.71 ‐46% 392.6 300.5 556.4 24.9 4.5% 28.9% 0.5x 12.1x Capita plc United Kingdom 19.98 ‐1% 13,161.8 15,623.9 6,681.3 910.7 13.6% 16.2% 2.3x 17.2x Dice Holdings, Inc. United States 7.80 ‐21% 423.7 527.0 223.7 62.9 28.1% 12.1% 2.4x 8.4x Edenred SA France 30.93 ‐16% 7,014.0 7,434.0 1,291.4 402.4 31.2% ‐2.7% 5.8x 18.5x Insperity, Inc. United States 33.46 ‐16% 854.4 594.0 2,281.3 71.7 3.1% 4.9% 0.3x 8.3x LinkedIn Corporation * United States 173.71 ‐33% 21,150.8 18,849.7 1,677.0 166.3 9.9% 51.3% 11.2x 113.4x Marsh & McLennan Companies, Inc. United States 52.02 ‐1% 28,590.2 30,341.2 12,399.0 2,511.0 20.3% 3.3% 2.4x 12.1x Monster Worldwide, Inc. United States 7.03 ‐17% 639.8 805.2 793.7 100.0 12.6% ‐8.6% 1.0x 8.1x Paychex, Inc. United States 41.55 ‐10% 15,082.7 14,531.5 2,518.9 1,087.7 43.2% 8.3% 5.8x 13.4x Professional Diversity Network LLC United States 4.20 ‐26% 26.5 8.2 4.4 (2.3) NM ‐21.7% 1.9x NM Towers Watson & Co. United States 105.95 ‐20% 7,448.2 7,028.2 3,602.5 667.1 18.5% 5.2% 2.0x 10.5x TriNet Group, Inc. United States 24.67 ‐11% 1,703.4 2,183.0 1,802.1 149.4 8.3% 0.0% 1.2x 14.6x WageWorks, Inc. United States 48.14 ‐30% 1,690.0 1,366.1 225.8 42.0 18.6% 19.4% 6.1x 32.5x

Adjusted Weighted Average 3.3x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.1x)

38 | M&A and Investment Summary June 2014 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 81.55 ‐5% $ 51,477.8 $ 47,994.5 $ 29,311.7 $ 4,529.5 15.5% 3.5% 1.6x 10.6x Amdocs Limited Channel Islands 47.00 ‐4% 7,502.0 6,393.4 3,447.5 634.5 18.4% 4.8% 1.9x 10.1x Bechtle AG Germany 88.02 ‐2% 1,848.4 1,776.1 3,189.3 159.8 5.0% 10.5% 0.6x 11.1x Booz Allen Hamilton Holding Corporation United States 21.42 ‐15% 3,125.0 4,523.9 5,478.7 532.9 9.7% ‐4.9% 0.8x 8.5x Broadridge Financial Solutions, Inc. United States 41.56 ‐2% 5,015.0 5,294.6 2,537.2 516.5 20.4% 7.2% 2.1x 10.3x Business & Decision SA France 6.95 ‐8% 54.8 92.7 273.1 13.8 5.1% ‐9.7% 0.3x 6.7x Cap Gemini S.A. France 74.44 ‐5% 11,777.3 11,007.9 13,718.5 1,299.5 9.5% ‐1.7% 0.8x 8.5x CGI Group, Inc. Canada 35.79 ‐8% 11,061.0 13,623.5 9,754.0 1,479.6 15.2% 34.1% 1.4x 9.2x Cognizant Technology Solutions Corporation * United States 50.30 ‐7% 30,605.2 26,740.2 9,244.8 1,955.0 21.1% 20.8% 2.9x 13.7x Computer Sciences Corporation United States 64.26 ‐1% 9,355.7 9,829.7 12,998.0 1,969.0 15.1% ‐8.4% 0.8x 5.0x CSG Systems International Inc. United States 26.99 ‐16% 920.1 999.8 754.9 122.4 16.2% 0.3% 1.3x 8.2x Digi International Inc. United States 9.30 ‐27% 236.0 147.4 193.4 13.9 7.2% 1.8% 0.8x 10.6x Information Services Group, Inc. United States 4.73 ‐18% 176.5 206.9 208.6 18.9 9.1% 5.9% 1.0x 10.9x International Business Machines Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0x Infosys Ltd. India 54.19 ‐16% 30,963.8 26,111.0 8,249.0 2,270.0 27.5% 11.5% 3.2x 11.5x iSoftStone Holdings Limited * China 5.50 ‐1% 321.3 430.6 471.6 29.9 6.3% 20.7% 0.9x 14.4x ITS Group France 10.43 ‐14% 79.2 92.8 156.5 11.6 7.4% 23.8% 0.6x 8.0x NCI, Inc. United States 9.31 ‐29% 120.6 120.4 329.9 18.0 5.5% ‐8.6% 0.4x 6.7x NTT Data Corporation Japan 38.45 ‐9% 10,785.8 13,296.1 13,164.6 1,965.1 14.9% 3.2% 1.0x 6.8x Perficient Inc. * United States 20.35 ‐16% 703.3 748.6 368.9 48.6 13.2% 14.4% 2.0x 15.4x Tata Consultancy Services Limited * India 40.31 ‐1% 78,965.2 76,523.4 13,686.2 4,207.6 30.7% 29.9% 5.6x 18.2x Wipro Ltd. India 9.16 ‐10% 22,445.9 20,186.8 7,263.7 1,627.9 22.4% 16.4% 2.8x 12.4x

Adjusted Weighted Average 2.2x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x) ($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States $6.35 ‐43% $ 51.1 $ 50.7 $ 87.3 $ 0.2 0.2% 6.9% 0.6x 269.8x Cenveo Inc. United States 3.79 ‐3% 251.5 1,442.5 1,849.3 147.1 8.0% 8.3% 0.8x 9.8x Communisis plc United Kingdom 1.08 ‐16% 214.7 258.9 463.3 34.2 7.4% 17.6% 0.6x 7.6x Cineplex Inc. * Canada 39.26 ‐7% 2,472.2 2,815.6 1,131.3 183.5 16.2% 10.2% 2.5x 15.3x Contax Participacoes S.A. Brazil 1.29 ‐29% 522.4 897.9 1,617.6 194.6 12.0% ‐0.5% 0.6x 4.6x Convergys Corporation United States 21.68 ‐11% 2,200.0 2,681.5 2,158.3 272.6 12.6% 7.9% 1.2x 9.8x Elanders AB Sweden 6.28 ‐14% 166.5 328.3 358.3 35.0 9.8% 25.3% 0.9x 9.4x Eniro AB Sweden 6.58 ‐32% 658.7 1,033.6 520.8 130.3 25.0% ‐9.2% 2.0x 7.9x Exlservice Holdings, Inc. United States 30.25 ‐4% 1,015.1 866.6 484.2 95.6 19.7% 6.6% 1.8x 9.1x Firstsource Solutions Limited India 0.65 ‐7% 431.5 605.0 519.6 60.4 11.6% 10.2% 1.2x 10.0x Genpact Limited Bermuda 18.05 ‐15% 3,900.2 3,994.6 2,156.3 384.8 17.8% 9.4% 1.9x 10.4x InnerWorkings Inc. * United States 8.39 ‐32% 433.4 497.3 927.9 19.1 2.1% 15.2% 0.5x 26.0x

39 | M&A and Investment Summary June 2014 Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. * British Virgin Islands 36.58 ‐16% $ 1,198.3 $ 1,181.4 $ 398.3 $ 68.9 17.3% 26.6% 3.0x 17.2x MAXIMUS, Inc. United States 42.99 ‐15% 2,910.3 2,780.3 1,564.3 253.9 16.2% 32.6% 1.8x 11.0x Quad/Graphics, Inc. United States 22.62 ‐39% 1,103.9 2,558.6 4,769.2 570.9 12.0% 12.6% 0.5x 4.5x Quintiles Transnational Holdings Inc. United States 54.96 0% 7,152.6 8,480.6 3,886.2 586.8 15.1% 4.1% 2.2x 14.5x R.R. Donnelley & Sons Company United States 16.82 ‐21% 3,357.3 6,974.0 10,615.6 1,120.2 10.6% 3.7% 0.7x 6.2x Salmat Limited Australia 1.50 ‐30% 237.6 174.9 426.8 31.6 7.4% ‐6.4% 0.4x 5.5x Serco Group plc United Kingdom 6.21 ‐47% 3,335.9 4,625.4 7,353.3 453.2 6.2% 5.6% 0.6x 10.2x St Ives plc United Kingdom 3.68 ‐5% 460.1 481.4 554.4 84.4 15.2% ‐1.8% 0.9x 5.7x StarTek, Inc. United States 7.52 ‐4% 115.7 110.8 240.7 9.9 4.1% 19.7% 0.5x 11.2x Sykes Enterprises, Incorporated United States 22.21 ‐5% 975.5 861.0 1,286.6 119.7 9.3% 11.8% 0.7x 7.2x Teleperformance S.A. France 63.81 ‐1% 3,646.1 3,526.5 3,307.3 406.4 12.3% 3.7% 1.1x 8.7x TeleTech Holdings Inc. United States 29.54 ‐1% 1,460.3 1,452.4 1,207.0 156.8 13.0% 4.2% 1.2x 9.3x Trans Cosmos, Inc. Japan 21.89 ‐6% 900.4 658.8 1,827.1 113.3 6.2% 12.1% 0.4x 5.8x Transcom WorldWide SA Luxembourg 0.20 ‐11% 238.2 310.5 873.8 34.8 4.0% 2.2% 0.4x 8.9x Transcontinental Inc. Canada 14.38 ‐11% 1,124.9 1,453.0 1,940.7 357.0 18.4% ‐3.8% 0.7x 4.1x Vistaprint N.V. Netherlands 41.58 ‐29% 1,384.0 1,534.3 1,212.1 134.2 11.1% 6.5% 1.3x 11.4x West Corporation United States 27.69 ‐1% 2,324.4 5,591.8 2,701.8 691.0 25.6% 1.6% 2.1x 8.1x Xchanging PLC United Kingdom 2.97 ‐9% 723.8 553.3 1,176.2 102.5 8.7% 2.6% 0.5x 5.4x

Adjusted Weighted Average 1.7x 5.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.1x)

40 | M&A and Investment Summary June 2014 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 7.0x 2.2x 7.7x 7.6x Digital Advertising 4.3x 2.4x 6.0x 5.3x Marketing Technology 5.1x 3.8x 4.4x 4.1x Agency 1.0x 1.1x 1.5x 1.5x Marketing Services 1.6x 1.4x 3.1x 2.0x Traditional Media 2.8x 2.5x 3.3x 3.2x Technology 3.4x 2.6x 3.9x 3.8x Communications 2.3x 1.6x 2.4x 2.2x Software 6.6x 5.0x 5.2x 4.6x Information 3.8x 3.5x 4.4x 4.3x Business Services 1.4x 0.8x 2.6x 2.0x

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 34.6x 16.3x 28.4x 25.7x Digital Advertising 25.0x 17.9x 19.8x 19.1x Marketing Technology 38.5x 20.4x 14.6x 13.8x Agency 11.2x 9.2x 10.2x 10.0x Marketing Services 12.5x 8.2x 12.3x 13.0x Traditional Media 12.9x 11.1x 11.4x 11.4x Technology 22.2x 11.8x 12.8x 12.2x Communications 33.2x 16.1x 12.3x 11.4x Software 30.5x 17.0x 16.8x 14.2x Information 17.1x 13.8x 15.8x 14.6x Business Services 12.7x 10.3x 17.3x 11.9x

As of close of business on 07/04/14

*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

41 | M&A and Investment Summary June 2014 PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media Digital Advertising 170 LTM Index Performance 170 LTM Index Performance

155 155 (%)

(%) • S&P 500 –  21.4% • S&P 500 –  21.4%

140 140 • Digital Media/Commerce –  • Digital Advertising –  31.9% 125 39.6% 125 Performance Performance

110 110 • Traditional Media –  26.2% Index Index 95 95

80 80 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14

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

Marketing Technology Agency & Marketing Services 130 LTM Index Performance 155 LTM Index Performance

120 • S&P 500 –  21.4% (%) 140

• S&P 500 –  21.4% (%)

110 • Marketing Technology –  11.9% 125 • Agency –  21.0%

100 110

Performance • Marketing Services –  34.8%

Performance

90 95 Index Index

80 80 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14

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

Note: LTM as of 6/30/14 42 | M&A and Investment Summary June 2014 PPLLC Indices LTM Share Pricing Trends

Technology Communications 130 140 LTM Index Performance LTM Index Performance 130 120 (%) (%)

• S&P 500 –  21.4% • S&P 500 –  21.5% 120 110 • Technology –  21.5% • Communications –  17.5% 110 100 Performance

Performance 100

90 90 Index Index

80 80 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14

S&P 500 Technology S&P 500 Communications

Software Information & Business Services 130 LTM Index Performance 150 LTM Index Performance

140 120 • S&P 500 –  21.4% • S&P 500 –  21.4% (%)

(%) 130 110 • Software –  14.5% • Information –  22.9% 120

100 • Business Services –  9.6%

Performance 110

Performance

90 100 Index Index

80 90 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14 Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14

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

Note: LTM as of 6/30/14 43 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed TW Telecom, Inc. Technology & Communications Level 3 Communications, Inc.$ 7,725.1 Micros Systems, Inc. Software Oracle Corporation 5,300.0 OpenTable.com, Inc. Digital Media/Commerce The Priceline Group, Inc. 2,613.0 Fusion‐io, Inc. Technology & Communications SanDisk Corporation 1,275.5 Evolution1, Inc. Software WEX, Inc. 532.5 Skybox Imaging, Inc. Information & Business Services Google, Inc. 500.0 Mecom Group plc Traditional Media De Persgroep Publishing 334.0 SeatonCorp Software TrueBlue, Inc. 310.0 M and M Direct Limited Digital Media/Commerce BESTSELLER A/S 237.4 Adconion Media, Inc. & Adconion Pty Limited Digital Advertising Amobee Media Systems 229.0 ReadSoft AB Software Hyland Software 197.6 Healthy Directions, LLC Traditional Media Helen of Troy L.P. 195.0 Auto.ru LLC Digital Advertising Yandex 175.0 Tail‐f Systems Software Cisco Systems, Inc. 175.0 Kontera Technologies, Inc. Digital Advertising Amobee Media Systems 150.0 Maplin Electronics Ltd. Digital Media/Commerce Rutland Partners LLP 144.6 Precise Media Group Ltd. Marketing Technology Kantar Media 118.8 Ca pa ri o, Inc. Software Emdeon Business Services LL C 115.0 TapCommerce Marketing Technology Twitter, Inc. 100.0 DragonPlay Ltd. Digital Media/Commerce Bally Technologies, Inc. 100.0 eNovance SaS Technology & Communications Red Hat, Inc. 94.9 Markco Media Ltd. Digital Advertising Monitise plc 93.4 WHTM‐TV (ABC) Traditional Media Media General, Inc. 83.4 MPayMe Limited Technology & Communications Powa Technologies Ltd. 75.0 AdColony Digital Advertising Opera Software ASA 75.0 Atego TM Software PTC, Inc. 50.0 Medical Staffing Network, Inc. Information & Business Services Cross Country Healthcare, Inc. 48.3 CUSTOMS Info, Inc. Information & Business Services The Descartes Systems Group, Inc. 42.2 Ness Technologies Israel Information & Business Services Hilan Ltd. 42.0 Grow Mobile, Inc. Digital Advertising Perion Network Ltd. 42.0 Kigo Ma rketing Technology RealPage, Inc. 37.5 WhippleHill Communications, Inc. Marketing Technology Blackbaud, Inc. 35.0 InstaEDU, Inc. Digital Medi a /Commerce Chegg, Inc. 30.0 HongKong Zoom Interactive Network Marketing Technology Limited Digital Advertising Cheetah Mobile 30.0 Utiligroup Ltd. Softwa re Northedge Ca pi ta l LLP 27.0 Serus Corporation Software E2open, Inc. 26.0 Perfect Audience Marketing Technology Marin Software 25.5 I‐Cubed Softwa re KPIT Technologies Ltd. 24.2 ViryaNet Limited Technology & Communications Verisae, Inc. 19.5 Pulpo Media, Inc. Marketing Technology Entravision Communications Corporation 18.0 Beijing NationSky Network Technology Marketing Technology Beijing Guorun Qilian Venture Ca pi ta l Center 18.0 GMI Ratings Information & Business Services MSCI, Inc. 15.0 44 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed The fresh Group Agency & Ma rketing Services NVM Private Equity Limited$ 9.6 Internet.bs Corporation Digital Medi a /Commerce Centra l Ni c Ltd. 7.5 Socrative, Inc. Digital Media/Commerce MasteryConnect, Inc. 5.0 Digonex Technologies, Inc. Software Emmis Communications Corp. 3.0 Homestay.com Digital Advertising Delta Partners 3.0 Smile Interactive Co., Ltd. Digital Media/Commerce Macroma c PLC 2.9 SoftTechnics Software Intersog 2.5 OhmData Technology & Communications WANdisco, Inc. 2.4 Moment.me Digital Media/Commerce SingTel Innov8 1.7

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Promotions Group West, Inc. Agency & Ma rketing Services Creative Artists Agency $ ‐ Worth1000.com Agency & Ma rketing Services DesignCrowd ‐ EffectiveBrands Holding B.V. Agency & Ma rketing Services Millward Brown, Inc. ‐ Ci rcus Peru S.A. Agency & Ma rketing Services Grey Group ‐ The Hardy Boys Agency & Ma rketing Services J. Walter Thompson Compa ny ‐ Temple Advertising Pvt. Ltd. Agency & Ma rketing Services Bates Chi & Partners ‐ Cri s pi n Porter+ Bogusky Agency & Ma rketing Services The House Worldwide ‐ Haygarth Agency & Ma rketing Services Rapp ‐ Youbibi Digital Advertising Skyscanner Limited ‐ Choos e Digital Digital Advertising Viggle, Inc. ‐ Auto Escape Group Digital Advertising Expedia, Inc. ‐ Lead Media Partners LLC Digital Advertising One On One Marketing, Inc. ‐ Team Internet AG Digital Advertising Matomy Media Group ‐ mDialog Corporation Digital Advertising Google, Inc. ‐ Wirefly, Inc. Digital Advertising BIZX LLC ‐ Afterlive.tv, Inc. Digital Advertising Twitter, Inc. ‐ Yunait Digital Advertising Bownty ‐ UpMobile Digital Advertising InternetQ ‐ Redux, Inc. Digital Advertising CrunchyRoll, Inc. ‐ Medio Systems, Inc. Digital Advertising HERE Maps ‐ HomestayBooking Digital Advertising Homestay.com ‐ Upfront Digital Media Digital Advertising Undertone ‐ The Lacrosse Network Digital Advertising The Whistle Sports Network ‐ Namo Media, Inc. Digital Advertising Twitter, Inc. ‐ emedia Communications LLC Digital Advertising Ziff Davis, Inc. ‐ 45 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Sourcebits, Inc. Digital Media/Commerce Globo Plc $ ‐ PedidosYa Digital Media/Commerce Delivery Hero ‐ A Little Market Digita l Media/Commerce Etsy, Inc. ‐ Delivery Cl ub Ltd. Digital Media/Commerce FoodPanda ‐ The Malaysian Insider Digital Media/Commerce The Edge Media Group Pte. Ltd. ‐ Gadling Digital Media/Commerce Skift Inc. ‐ Layar Digital Media/Commerce Blippar ‐ Bitsquid AB Digital Media/Commerce Autodesk, Inc. ‐ Viacom Inc., Digital Gaming Properties Assets/Products Digital Media/Commerce Defy Media LLC ‐ Simplikate Systems LLC Digital Media/Commerce Phunware ‐ Telephony Media Digital Media/Commerce One Public ‐ Metaboli, White Label Digital Store Division Digital Media/Commerce Nexwa y S.A.S. ‐ Sworkit Pro Digital Media/Commerce Nexercise, Inc. ‐ Cozi , Inc. Digital Media/Commerce Time Inc. ‐ Desti, Inc. Digital Media/Commerce Nokia Corpora ti on ‐ CCS Printing Information & Business Services DirectConnectGroup ‐ Schola rLMS Informa tion & Business Services BitKea Technologies ‐ Intium Consulting Group B.V. Information & Business Services SoftServe, Inc. ‐ MedHelp International, Inc. Information & Business Services Physicians Interactive ‐ Ajasa Technologies, Inc. Information & Business Services TechDigital Corpora ti on ‐ Ergo Asia Pty. Ltd. Information & Business Services Konica Minolta , Inc. ‐ Zanett Commercial Solutions Information & Business Services KPMG LLP ‐ Top Flight Concepts LLC Information & Business Services Unisource Corpora ti on ‐ Blueprint Clinical, Inc. Information & Business Services BioClinica, Inc. ‐ Ci pe Consulting Group LLC Information & Business Services Cumberland Consulting Group LLC ‐ Landes Bioscience, Inc. Information & Business Services Taylor & Francis Group ‐ LTCG Information & Business Services Stone Point Ca pi ta l , LLC ‐ IS Support, Inc. Information & Business Services The Aldridge Compa ny ‐ RJ Health Systems International, LLC Information & Business Services Fitzroy Health ‐ Objective Systems Integrators, Inc. Information & Business Services MYCOM ‐ Revelation, Inc. Information & Business Services FocusVision Worldwide, Inc. ‐ tweetTV Marketing Technology ConnecTV ‐ Mofuse, Inc. Marketing Technology The Search Agency ‐ MoBolt Ma rketing Technology Indeed, LLC ‐ Aito Technologies Oy Marketing Technology EXFO, Inc. ‐ Radoop LLC Marketing Technology RapidMiner, Inc. ‐ Paras tructure, Inc. Marketing Technology Dropbox ‐ 46 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed nettime solutions, LLC Marketing Technology Paychex, Inc. $ ‐ D2 Technologies, Inc. Marketing Technology NewNet Communications Technologies B.V. ‐ UCWeb, Inc. Marketing Technology Alibaba Group Holding Ltd. ‐ buuteeq, Inc. Marketing Technology The Priceline Group, Inc. ‐ Dreamstalk Studios, Inc. Marketing Technology Stardyne Technologies, Inc. ‐ EdgeRank Checker Ma rketi ng Technology Socialbakers ‐ Abacast, Inc. Marketing Technology Wide Orbit, Inc. ‐ Droptalk Marketing Technology Dropbox ‐ Modulus LLC Marketing Technology Progress Software ‐ Pryte Marketing Technology Facebook ‐ Alenty Marketing Technology AppNexus, Inc. ‐ Glenridge Healthcare Solutions, Inc. Software WhiteGlove Health, Inc. ‐ Beans & Intellect Finanical Technology Pvt. Ltd. Software Miles Software Solutions Pvt. Ltd. ‐ Blackbird.io Software Pythian ‐ NeoSystems, Inc. Software Wmode, Inc. ‐ Metabit Co., Ltd. and NYFIX, Inc. Software ULLINK ‐ LiveLOOK, Inc. Software Oracle Corpora ti on ‐ Wombat Software Street Response Laboratories ‐ Pingdom AB Software SolarWinds ‐ Milestone Systems, Inc. Software Canon, Inc. ‐ NewPace Technology Development Inc. Software NewNet Communications Technologies B.V. ‐ Amirsys, Inc. Software Elsevier, Inc. ‐ AddPro AB Software Perusa GmbH ‐ Harmony Information Systems, Inc. Software Mediware Information Systems, Inc. ‐ Synergistic Software Solutions, LLC Software Reinsel Kuntz Lesher ‐ Envista Corporation Software Accela, Inc. ‐ Profeatable Corporation Software Pegasystems, Inc. ‐ WebEquity Solutions, LLC Software Moody's Analytics, Inc. ‐ Mining Information Systems Software Trimble Navigation Limited ‐ NetVentures Corporation Software Daxko, Inc. ‐ Everys ync Solutions Software Infrascale, Inc. ‐ Chameleon Technology Pty Ltd. Software NCS Software Ltd. ‐ UniversalPegasus International, Inc. Software Huntington Ingalls Industries, Inc. ‐ Synchronite LLC Software LivePerson, Inc. ‐ Axium Software Deltek, Inc. ‐ KKT Srl Software FleetMatics ‐ Gazzang, Inc. Software Cloudera, Inc. ‐ iLab Sistemas Software Hexagon AB ‐ RevPoint Healthcare Technologies Software Availity LLC ‐ Synference Ltd. Technology & Communications Optimizely ‐ 47 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Shotgun Software, Inc. Technology & Communications Autodesk, Inc. $ ‐ Integrity Project Technology & Communications Mellanox Technologies Ltd. ‐ Renovo Software, Inc. Technology & Communications Global Tel*Link ‐ Alpental Technologies, Inc. Technology & Communications Google, Inc. ‐ Streem Technology & Communications Box, Inc. ‐ Voltari Messaging Business Technology & Communications CLX Networks AB ‐ MobileSpan, Inc. Technology & Communications Dropbox ‐ Cl oudfi nder Sweden AB Technology & Communications eFolder, Inc. ‐ Fixmo, Inc., Certa i n Assets Technology & Communications Good Technology, Inc. ‐ CSC Media Group Ltd. Traditional Media Sony Pictures Television Group ‐ Windsor Outdoor, More than 35 Billboard Structures in Chicago Traditional Media CBS Outdoor Americas, Inc. ‐ Archibald Media Group Traditional Media Stingray Digital Group Inc. ‐ Blue Star Media Tra ditional Media AUA Private Equity Partners, LLC ‐ Macdonald Outdoor Advertising, Inc. Traditional Media Astral Out‐of‐Home ‐ Destination Media, Inc. Traditional Media Rockbridge Growth Equity, LLC ‐ 360 Production Ltd. Traditional Media Rare Television Limited ‐

48 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Advantage Sales & Marketing, LLC Agency & Ma rketing Services Leonard Green & Partners, L.P.$ 4,000.0 Internet Brands, Inc. Digital Advertising Kohlberg Kravis Roberts & Company 1,100.0 iParadigms, LLC Information & Business Services Insight Venture Partners 752.0 ALM Medi a Properties, LLC Digital Media/Commerce Wasserstein & Company 417.0 Pulsant Technology & Communications Oak Hill Ca pi ta l Partners 339.6 WOW!'s Rapid Ci ty and Sioux Falls, South Dakota Systems Traditional Media Pamlico Capital 262.0 Ci s i on AB Information & Business Services GTCR, LLC 143.2 Egenera, Inc. Technology & Communications Comvest Partners 16.0 Buyout Deals Undisclosed Asset International, Inc. Information & Business Services Genstar Ca pi ta l , LP $ ‐ Independent Clinical Services Information & Business Services TowerBrook Ca pi ta l Partners L.P. ‐ VTLS, Inc. Marketing Technology HGGC, LLC ‐ TIA Technology A/S Software EQT Holdings AB ‐ FireMon Software Insight Venture Partners ‐ Autotask Corporation Software Vista Equity Partners ‐ Grupo Expansión Traditional Media Southern Cros s Group ‐ Lokaltidningen Mitt i Stockholm AB Traditional Media Segulah Advisor AB ‐

49 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Uber, Inc. Digital Media/Commerce FMR LLC$ 1,200.0 Houzz, Inc. Digital Advertising (Private Investors) 150.0 Kobalt Mus ic Group, Ltd. Traditional Media Balderton Capital 140.0 Avtex Solutions LLC Information & Business Services LaSalle Ca pi ta l Group, LP 100.0 Toutiao Marketing Technology Sequoia Capital 100.0 Tujia.com Digital Media/Commerce GGV Capital 100.0 Tanium, Inc. Software Andreessen Horowitz 90.0 MapR Technologies, Inc. Technology & Communications Google Capital 80.0 MediaMath, Inc. Marketing Technology Spring Lake Equity Partners 73.5 Elasticsearch Marketing Technology New Enterprise Associates 70.0 Zenefits Insurance Services Information & Business Services Andreessen Horowitz 66.5 Couchbase, Inc. Software WestSummit Capital 60.0 Plex Systems, Inc. Software T. Rowe Price Associates 50.0 Kony Solutions Marketing Technology SoftBank Capital 50.0 HelloFresh Digital Media/Commerce Insight Venture Partners 50.0 Yext, Inc. Digital Advertising Insight Venture Partners 50.0 Instacart, Inc. Digital Media/Commerce Andreessen Horowitz 44.0 Skyhigh Networks, Inc. Technology & Communications Salesforce.com 40.0 Puppet Labs Software Google Ventures 40.0 Kreditech SSL Holding GmbH Information & Business Services Varde Partners 40.0 Grand Rounds Information & Business Services Greylock Partners 40.0 WellAware Holdings, Inc. Marketing Technology Activant Ca pi ta l Group LLC 37.0 Krux Digital Marketing Technology SAP Ventures 35.0 The SAVO Group Marketing Technology Goldman Sachs Private Investment Area 35.0 Rovio Entertainment Ltd. Digital Media/Commerce European Investment Bank 33.9 Webtrekk GmbH Marketing Technology Deutsche Bank 33.8 Invaluable Digital Media/Commerce Insight Venture Partners 33.8 Databricks Technology & Communications NEA 33.0 Freshdesk, Inc. Marketing Technology Tiger Global Management, LLC 31.0 Phunware Marketing Technology Samsung Venture Investment Corporation 30.7 ForgeRock Software Accel Partners 30.0 ThoughtSpot, Inc. Marketing Technology Khosla Ventures 30.0 SiSense, Ltd. Marketing Technology Battery Ventures 30.0 Ebury Partners UK Ltd. Information & Business Services Greylock Partners 30.0 Wickr, Inc. Digital Media/Commerce Breyer Capital 30.0 Taodangpu Digital Media/Commerce BlueRun Ventures 30.0 Handybook, Inc. Digital Advertising Revolution Growth 30.0 MyOptique Group Limited Digital Medi a /Commerce Ci pi o Partners GmbH 27.2 Zerto Software Harmony Partners 26.0 Ca reCl oud Corporation Software Hercules Technology Growth Ca pi ta l , Inc. 25.5 Visier Corporation Marketing Technology Adams Street Partners, LLC 25.5 GeoDigital International Corporation Software Enertech Ca pi ta l Partners 25.0 50 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Sport Ngin Marketing Technology Piper Jaffray Merchant Banking$ 25.0 Tastemade, Inc. Digital Advertising Scripps Networks Interactive, Inc. 25.0 Zhihu Digital Media/Commerce SAIF Partners 22.0 VeloCloud Networks Technology & Communications New Enterprise Associates 21.0 Light Cha s er Animation Studios Traditional Media GGV Capital 20.0 Aerospike, Inc. Software New Enterprise Associates 20.0 Scivantage Software Comerica Bank 20.0 Aasonn, LLC Software LLR Partners , Inc. 20.0 IgnitionOne, Inc. Marketing Technology SoftBank Capital 20.0 Cl a ri Ma rketi ng Technology Bain Ca pi ta l Ventures 20.0 RichRelevance, Inc. Marketing Technology Centerview Partners LLC 20.0 DewMobile, Inc. Digital Media/Commerce IDG Ca pi ta l Partners 20.0 Yieldbot, Inc. Marketing Technology SJF Ventures 18.0 VigLink Digital Advertising RRE Investors 18.0 Infrascale, Inc. Technology & Communications Carrick Capi tal Partners 16.3 PLUMgrid, Inc. Technology & Communications Longworth Venture Partners 16.2 Vizury Interactive Solutions Marketing Technology Intel Capital 16.0 Schoology, Inc. Software Intel Capital 15.0 Cl oudPhys i cs , Inc. Software Jafco Ventures 15.0 Procore Technologies, Inc. Software Bessemer Venture Partners 15.0 Offerpop Marketing Technology CommonAngels 15.0 chloe + isabel, inc. Digital Media/Commerce General Ca ta l ys t Partners LLC 15.0 Patreon, Inc. Digital Media/Commerce Index Ventures 15.0 Octro, Inc. Digital Media/Commerce Sequoia Capital 15.0 WeLab Limited Digital Media/Commerce TOM Group Limited 14.0 TouchOfModern Digital Advertising Great Oaks Venture Capital 14.0 Gild, Inc. Software Menlo Ventures 13.5 Truveris Software Canaan Partners 12.3 flaregames, GmbH Digital Media/Commerce Accel Partners 12.2 BitGo, Inc. Software Redpoint Ventures 12.0 XebiaLabs , Inc. Software Updata Partners 12.0 Slyce Marketing Technology Canaccord Genuity Corp. 12.0 Glympse, Inc. Digital Media/Commerce Verizon Ventures 12.0 Cl ea rCa re, Inc. Marketing Technology Bessemer Venture Partners 11.0 aCommerce Marketing Technology Ardent Capital 11.0 About.me Digital Media/Commerce Foundry Group 11.0 Fingerprint Digital, Inc. Digital Media/Commerce DreamWorks Animation LLC 10.9 Mesosphere, Inc. Technology & Communications Andreessen Horowitz 10.5 Wash.io, Inc. Digital Media/Commerce Canaan Partners 10.5 FixStream Network, Inc. Technology & Communications Tech Mahindra Limited 10.0 Aryaka Networks, Inc. Technology & Communications Trinity Ventures 10.0 Concurrent, Inc. Technology & Communications Bain Ca pi ta l Ventures 10.0 51 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed BioCatch, Inc. Software Blumberg Capital$ 10.0 Exabeam, Inc. Softwa re Norwest Venture Partners 10.0 Fortscale Security Ltd. Software Intel Capital 10.0 Helpshift, Inc. Marketing Technology Intel Capital 10.0 Placed, Inc. Marketing Technology Madrona Venture Group 10.0 TrialScope, Inc. Information & Business Services Edison Ventures 10.0 Yik Yak, LLC Digital Media/Commerce Azure Ca pi ta l Partners 10.0 Fashionandyou.com Digital Media/Commerce Sequoia Capital 10.0 MiTu, Inc. Digital Advertising Upfront Ventures 10.0 Light Digital Advertising Bessemer Venture Partners 9.7 Onapsis, Inc. Software .406 Ventures, LLC 9.6 Declara Software EDBI 9.0 PackLink.es Information & Business Services Accel Partners 9.0 CrowdTwi s t, Inc. Digital Advertising StarVest Partners, LP 9.0 Cura l a te Ma rketi ng Technology New Enterprise Associates 8.6 Logfire, Inc. Software Edison Ventures 8.3 wikifolio Financial Technologies GmbH Technology & Communications VHB Ventures 8.2 Lucid Design Group, Inc. Information & Business Services Formation 88.2 CoreOS, Inc. Software Kleiner Perkins Caufield & Byers 8.0 BalaBit IT Security Software C5 Ca pi ta l 8.0 SIM Partners Marketing Technology River Ci ti es Capi tal Fund 8.0 Profitero Ltd. Marketing Technology Polaris Partners 8.0 Commerce Guys Marketing Technology ISAI Gestion 7.3 Visual Unity Digital Advertising 3TS Ca pi ta l Partners, Ltd. 7.2 Bot or Not, LLC Software Paladin Ca pi ta l 7.0 Distractify.com LLC Marketing Technology Lightspeed Venture Partners 7.0 Allocadia Software, Inc. Marketing Technology Altos Ventures 7.0 Epoxy, Inc. Marketing Technology Upfront Ventures 6.5 Executive Employers Information & Business Services Agile Ca pi ta l Partners 6.5 SpotHero, Inc. Digital Advertising Chicago Ventures 6.5 Coherent Path, Inc. Marketing Technology Sigma Prime Ventures 6.3 Zaius, Inc. Marketing Technology Matrix Partners 6.3 Virtru Corporation Software Bessemer Venture Partners 6.0 Montage Talent, Inc. Software Beringer Capi tal 6.0 Spotlight Ticket Management Marketing Technology City National Bank 6.0 The Bouqs Digital Media/Commerce Azure Ca pi ta l Partners 6.0 Finanzchef24 GmbH Digital Advertising Target Partners 5.4 5app Ltd. Technology & Communications Beckman Group 5.1 Weave Technology & Communications Homebrew LLC 5.0 CounterTa ck, Inc. Software Fairhaven Ca pi ta l Partners 5.0 Core Informatics LLC Software KLP Enterprises 5.0 52 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Urban Remedy Digital Media/Commerce Venture51 Ca pi ta l Fund LLP$ 5.0 Moi Corporation Digital Advertising Sinar Mas Indonesia 5.0 Namely, Inc. Marketing Technology Bullpen Ca pi ta l 4.7 RedOwl Analytics Information & Business Services (Private Investors) 4.6 Deliveroo Digital Media/Commerce Index Ventures 4.6 WhoKnows, Inc. Software Intel Capi tal 4.5 ScalingData Technology & Communications General Ca ta l ys t Partners LLC 4.4 Health Integrated, Inc. Software Western Technology Investment 4.0 Seal Software Limited Information & Business Services Toba Ca pi ta l 4.0 Rant Media Network, Inc. Digital Media/Commerce Roth Ca pi ta l Partners, LLC 4.0 Pixability, Inc. Digital Advertising Point Judith Ca pi ta l 4.0 Silent Edge Ltd. Software Rockpool Investments 3.8 Pathbrite, Inc. Marketing Technology Cengage Learning 3.7 CoPatient, Inc. Technology & Communications .406 Ventures, LLC 3.6 Outracks Technologies Softwa re Northzone Ventures 3.5 ProjectManager.com Marketing Technology Zeus Ma na gement 3.5 Triblio, Inc. Marketing Technology Longworth Venture Partners 3.4 TrendKite Marketing Technology Mercury Fund 3.2 Cl oud Elements LLC Software Grotech Ventures 3.1 Zula, Inc. Technology & Communications Microsoft Ventures 3.0 Rhiza, Inc. Marketing Technology Draper Triangle Ventures 3.0 PlayBuzz Digital Medi a /Commerce Ca rmel Ventures 3.0 Turnkey Vacation Rentals, LLC Digital Advertising Silverton Partners 3.0 AnyPerk Agency & Ma rketing Services Vegas Tech Fund 3.0 Move Loot, Inc. Digital Media/Commerce Firs t Round Ca pi ta l 2.8 Transifex Marketing Technology New Enterprise Associates 2.5 Big Data Partnership Limited Technology & Communications Beringea LLC 2.1 BlockScore, Inc. Software Battery Ventures 2.0 Neotys SAS Software Ardian SA 2.0 dizmo AG Marketing Technology (Private Investors) 2.0 ReviewTrackers Marketing Technology American Family Insurance 2.0 Fitbay ApS Marketing Technology Steadfast Venture Ca pi ta l 2.0 Gatheredtable Digital Medi a /Commerce (Pri va te Investors) 2.0 Dwellable Digital Advertising Version One Ventures 2.0 Buzzoola Digital Advertising I2BF Global Ventures 2.0 Curi yo Ma rketi ng Technology OurCrowd 1.9 Earshot, Inc. Marketing Technology Birchmere Ventures 1.7 SourceClear, Inc. Softwa re (Priva te Investors) 1.5 Fishidy Digital Media/Commerce Hyde Park Angels 1.5 TextMaster Ma rketing Technology Alven Ca pi ta l Partners 1.4 Trip4Real Experiences, S.L. Digital Media/Commerce Kibo Ventures 1.4 FightMe Digital Advertising HTG Ventures 1.4 53 | M&A and Investment Summary June 2014 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Love With Food Digital Advertising Kapor Capi tal$ 1.4 Crea ti ve Web Srl Marketing Technology Sierra Maya Ventures 1.3 TeamSupport Marketing Technology (Private Investors) 1.3 MobileRQ, Inc. Digital Advertising Verizon Ventures 1.3 Algolia SAS Digital Advertising Storm Ventures, LLC 1.2 ClicData Softwa re (Priva te Investors) 1.0 BeSomebody, Inc. Digital Media/Commerce The E.W. Scripps Compa ny 1.0 Recommend Digital Medi a /Commerce (Pri va te Investors) 1.0 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Tapatalk, Inc. Digital Media/Commerce FLOODGATE Fund LP $ ‐ WUT, Inc. Digital Media/Commerce Foundation Ca pi ta l ‐ goDog Fetch Digital Media/Commerce Analytic Partners , Inc. ‐ Construction Labor Contractors Information & Business Services Silver Oak Partners ‐ WebPT, Inc. Information & Business Services Battery Ventures ‐ Cl oud Theory Solutons, Inc. Information & Business Services The Blackstone Group ‐ Highwire Press , Inc. Information & Business Services Accel‐KKR, LLC ‐ CRMnext Ma rketi ng Technology Norwest Venture Partners ‐ SwipeClock Marketing Technology Moelis Ca pi ta l Partners ‐ Compl i a nt Innovations, Inc. Software Lifeforce Ventures ‐ Repsly, Inc. Software Launchpad Venture Group, LLC ‐ PIXIA Corporation Technology & Communications Enlightment Ca pi ta l ‐

54 | M&A and Investment Summary June 2014 Petsky Prunier: Maximizing Shareholder Value

Overview

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

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

55 | M&A and Investment Summary June 2014 Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count 1Petsky Prunier LLC 44 2Goldman Sachs & Co. 35 3Jordan Edmiston Group, Inc. 31 4Morgan Stanley 29 4Nomura Holdings, Inc. 29 4GCA Savvian Group Corp. 29 7PwC 24 7 China Renaissance Partners 24 9KPMG Corporate Finance 22 10 Sumitomo Mitsui Financial Group, Inc. 20

Based on number of deals announced in 2011 – 2013 valued at $500 million or less

Nearly 60 transactions closed since 2011: . Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

56 | M&A and Investment Summary June 2014 International Partnership with Altium

Description Network

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

. A leading advisor for more than 25 years

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

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

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

. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with India Beijing Shanghai offices in Bangalore, Mumbai, Delhi

. Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

57 | M&A and Investment Summary June 2014 Representative Recent Transactions

a disruptive, rapidly a leading targeted direct marketing expanding marketplace for the leading European online a provider of international local networks the largest independent eCommerce and service numbers, as well as a leading SaaS‐based, cross channel company that connects new movers insurance clicks, calls, and leads a leading global SaaS‐based supplier of high‐performance retailer of promotional products value‐added functions for call centers campaign management platform with local business tag management, data management, gaming and PC components a consumer enthusiast media has sold a majority stake to for B2C marketers has merged with an affiliate of and marketing attribution provider a portfolio company of a subsidiary of and commerce company has been sold to has been sold to has been sold to has been sold to has been sold to has been sold to and (NYSE: WTM)

a leading UK‐based supplier of a portfolio company of healthcare software and IT services a Berlin‐based worldwide travel solution a technology company delivering highly a leading provider of data‐driven provider for premium transportation a portfolio company of targeted programmatic marketing a leading provider of transaction‐based a leading provider of online customer enrollment marketing solutions to solutions using unstructured data media cost databases and software acquisition services to the higher education institutions one of the largest independent for television, radio, and digital has sold in‐store media companies in the U.S. has received a double‐digit million Euro insurance industry investment led by has received a $16MM Series B advertising cost analysis has acquired select assets of has been sold to has been sold to investment led by has been sold to Sample Management Business has been sold to to

(NYSE: RATE) (AIM: EMIS)

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

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

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

58 | M&A and Investment Summary June 2014