Software Equity Group Flash Report

Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately‐held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software‐as‐a‐Service (Saas), software on‐demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty‐one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509‐2800, [email protected] .

CONTACT INFORMATION:

Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509‐2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

Additions: Company Ticker Index Category Rapid7, Inc. RPD Software Security

Removals Company Ticker Previous Index Previous Category Advent Software - Software Vertical - Finance Acquired by SS&C Technologies Holdings, Inc. ($2.6B) ClickSoftware Technologies Ltd. - Software Not Categorized Acquired by Francisco Partners Fund IV ($421.3M) Rally Software Development Corp. - SaaS Other SaaS Acquired by CA Technologies, Inc. ($533. 5M) Geeknet, Inc. - Internet Commerce Acquired by GameStop Corp. ($133.8M) Perfect World Co., Ltd. - Internet Gaming Acquired by Michael Yufend Chi ($918.0M)

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jul-01-2015 ProfitStars, Inc. Bayside Business Solutions, Inc. ---- Jul-01-2015 Multi Packaging Solutions, Inc. BP Media Limited ---- Jul-01-2015 Bluedon Information Security Technologies Co.,Ltd. China Express E-commerce Co., Ltd And $3.7 $177.2 48.6x - Jul-01-2015 Vitec Software Group AB (OM:VIT B) Datamann A/S - $5.2 - - Jul-01-2015 Dai Nippon Printing Co. Ltd. (TSE:7912) DNP HyperTech Co., Ltd. ---- Jul-01-2015 Nintex Group Pty Ltd Drawloop Technologies, Inc. ---- Jul-01-2015 Paratus AMC Limited Funding Empire Limited ---- Jul-01-2015 Fiera Milano SpA. (BIT:FM) Ipack-Ima SpA - $2.8 - - Jul-01-2015 Synoptic Technologies Ltd. iVeridis Corporation ---- Jul-01-2015 Stratacache, Inc. IZ ON Media LLC ---- Jul-01-2015 GL Assessment Ltd. Lucid Research Ltd. ---- Jul-01-2015 Mel Foster Co., Inc. Mills Realty Inc. ---- Jul-01-2015 Amadeus IT Group S.A. Navitaire LLC - $830.0 - 13.8x Jul-01-2015 Infotheek Groep B.V. Network2day BV ---- Jul-01-2015 Gartner Inc. (NYSE:IT) Nubera eBusiness S.L. ---- Jul-01-2015 MAM Software Group, Inc. (NasdaqCM:MAMS) Origin Software Solutions Limited ---- Jul-01-2015 SilverVue, Inc. ProMD LLC ---- Jul-01-2015 LoanLogics, Inc. RexHub, LLC ---- Jul-01-2015 USU Software AG (XTRA:OSP2) SecurIntegration GmbH $1.7 $3.3 2.0x - Jul-01-2015 Shenzhen Sea Star Technology Co., Ltd. Shanghai Lixuan Advertising Co., Ltd. $3.1 $11.3 3.6x - Jul-01-2015 Shenzhen Sea Star Technology Co., Ltd. Shanghai Shunwei Advertising Co., Ltd. $33.3 $50.4 1.5x - Jul-01-2015 Pinnacle Computing Ltd. Sicon Limited, Sage Business ---- Jul-01-2015 Helpling GmbH Teddle Limited - $35.5 - - Jul-01-2015 Level 3 Communications, Inc. (NYSE:LVLT) The IRC Company, Inc. ---- Jul-01-2015 Technia AB Transcat PLM GmbH $52.6 $18.4 0.4x 6.9x Jul-01-2015 Spatial Media LLC UAV Business and Technology Report ---- Jul-01-2015 Global Eagle Entertainment Inc. (NasdaqCM:ENT) Western Outdoor Interactive Pvt. Ltd. - $39.3 - - Jul-01-2015 PayPal, Inc. Xoom Corporation (NasdaqGS:XOOM) $174.1 $866.9 5.0x 123.2x Jul-02-2015 Harris School Solutions CrossPointe, LLC ---- Jul-02-2015 Linkfluence SAS Die Medialysten GmbH ---- Jul-02-2015 Text 100 Limited IncrediBull World Limited $3.8 $2.5 0.7x - Jul-02-2015 Vitec Software Group AB (OM:VIT B) Infoeasy AS $2.7 $1.9 - - Jul-02-2015 ACCEO Solutions Inc. Julo LLC ---- Jul-02-2015 Appriss Inc. Pharmitas, Inc. $5.0 - - - Jul-02-2015 Claranet Limited RedeVF Lda. ---- Jul-02-2015 HR Path, SAS SAGES Software SA ---- Jul-02-2015 Fat Media Ltd. Strategy Digital ---- Jul-02-2015 Sober Media Group, LLC Taj Media, LLC - $5.5 - - Jul-02-2015 Velocity Frequent Flyer Pty Ltd Torque Solutions (Australia) Pty Ltd ---- Jul-02-2015 Euronet Worldwide, Inc. (NasdaqGS:EEFT) XE.com Inc. $10.0 - - - Jul-03-2015 Yahoo Japan Corporation (TSE:4689) Dynatech Inc. - $16.3 - - Jul-03-2015 OlsenMetrix Marketing Metrix Marketing Communications Limited ---- Jul-03-2015 Wireless Logic Group Ltd. SimService A/S ---- Jul-06-2015 Global Health Ltd. (ASX:GLH) Abaki Pty Ltd - $0.4 - - Jul-06-2015 Converteo S.A. Adversitement France ---- Jul-06-2015 Pelephone Communications LTD. Alon Cellular Ltd. ---- Jul-06-2015 Digital Pacific Pty Ltd Crucial Paradigm Pty Ltd. ---- Jul-06-2015 Eagle Financial Publications DividendInvestor.com ---- Jul-06-2015 Coupa Software Incorporated InvoiceSmash Pty. Ltd. ---- Jul-06-2015 SiteCompli, LLC KWG, Inc. ---- Jul-06-2015 Manifest Digital, Inc. McMurry/TMG, LLC ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select July 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jul-06-2015 gamigo AG mobile business engine GmbH $1.7 - - - Jul-06-2015 Future PLC (LSE:FUTR) Net Communities Ltd. ---- Jul-06-2015 CustomerMatrix, Inc. Noopsis SAS ---- Jul-06-2015 Netapsys Conseil SAS Open Resources S.a.r.l. $0.9 - - - Jul-06-2015 kyu Sid Lee, Inc. ---- Jul-07-2015 Telecom Italia Digital Solutions S.p.A. Alfabook S.r.l. ---- Jul-07-2015 Mitratech Holdings, Inc. Bridgeway Software, Inc. ---- Jul-07-2015 Greatist Inc. BSC Media, Inc. ---- Jul-07-2015 IDOX plc (AIM:IDOX) Cloud Amber Limited $3.7 $7.6 2.1x 8.3x Jul-07-2015 Time Inc. (NYSE:TIME) inVNT, LLC ---- Jul-07-2015 e-Gov Systems LLC JPI Data Resource, Inc., Sales And Use Tax Software Assets. ---- Jul-07-2015 Bpifrance Investissement; CDC Entreprises Fonds Patrimoine et Creation FCLa Fonderie SA ---- Jul-07-2015 Time Inc. (NYSE:TIME) LeagueAthletics.com, LLC and League Sports Services, LLC and iScore Sports ---- Jul-07-2015 Cisco Systems, Inc. (NasdaqGS:CSCO) MaintenanceNet, Inc. - $139.0 - - Jul-07-2015 Travelport Worldwide Limited (NYSE:TVPT) Mobile Travel Technologies Ltd. - $60.2 - - Jul-07-2015 ExactBid, Inc. Narrative1 Holdings, LLC ---- Jul-07-2015 Signet Interactive LLC Newton Design & Marketing, LLC ---- Jul-07-2015 Clickindia Infomedia Private Limited Sharingdais Online Services Private Limited ---- Jul-07-2015 Sounday S.r.l. Soundtracker ---- Jul-07-2015 Pureprofile Ltd. (ASX:PPL) Sparc Media Pty Ltd - $4.9 - - Jul-07-2015 CharityVillage Ltd. TalentEgg Inc. ---- Jul-07-2015 EasyFairs SA UK Tech Events Limited ---- Jul-07-2015 Industrial & Financial Systems IFS AB (OM:IFS B) VisionWaves B.V. $5.4 - - - Jul-07-2015 Valtech SA (ENXTPA:LTE) w.illi.am/ Inc. $4.8 - - - Jul-08-2015 MBA Focus, LLC CSO Research, Inc. ---- Jul-08-2015 BlueSoho Disruptive Retail Thinking, LLC ---- Jul-08-2015 DigiTouch S.p.A. (BIT:DGT) E3 SRL $4.9 $3.4 0.7x 4.8x Jul-08-2015 SITO Mobile Ltd. (OTCBB:SITO.D) Hipcricket, Inc., Mobile Advertising Business - $3.8 - - Jul-08-2015 en-japan Inc. (JASDAQ:4849) i Tank Japan .inc. $1.8 $5.2 2.9x - Jul-08-2015 Panduit Corp. Network Vision, Inc. ---- Jul-08-2015 Accenture plc (NYSE:ACN) PacificLink Group ---- Jul-08-2015 AVAST Software s.r.o. Remotium, Inc. ---- Jul-08-2015 Groupe Berger-Levrault Sage Aytos S.L. ---- Jul-08-2015 RIB Software AG (DB:RSTA) Soft SA ---- Jul-08-2015 TargetX.com LLC Uversity, Inc. ---- Jul-09-2015 Capita plc (LSE:CPI) Barrachd Limited ---- Jul-09-2015 Magnus Health, LLC CareFlow, LLC ---- Jul-09-2015 Hunan Kaimeite Gases Co., Ltd. CiWong.Inc. - $56.4 - - Jul-09-2015 The CHR Group, Inc. Colour Creative Persuasion Inc. ---- Jul-09-2015 Prophecy International Holdings Ltd. (ASX:PRO) eMite Pty Ltd. - $13.2 - - Jul-09-2015 PropertyGuru Pte. Ltd. ePropertyTrack Pte. Ltd. ---- Jul-09-2015 Pluralsight LLC HackHands, Inc. ---- Jul-09-2015 TurboAppeal Services LLC Realytics ---- Jul-09-2015 Cirpack SAS SARL ANDREXEN ---- Jul-09-2015 Hunan Kaimeite Gases Co., Ltd. Shenzhen Sontahitec Industry Development Co1, Ltd. - $32.2 - - Jul-09-2015 Xiamen 35.Com Technology Co., Ltd. (SZSE:300051) Suzhou Fulin Internet Technology Co., Ltd. - $169.1 - - Jul-09-2015 Asaas Gestão Financeira S.A. UNI4 Sistemas de Informação LTDA ---- Jul-09-2015 DST Retirement Solutions, LLC Wealth Management Systems Inc. - $64.0 - - Jul-09-2015 MakeMusic Inc. Weezic, SAS ---- Jul-10-2015 SASU Babel Strategie & Communication Born to Run SARL ---- Jul-10-2015 PREMIUM Exhibitions II GmbH Bright GmbH & Co. KG ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select July 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jul-10-2015 Wolters Kluwer NV (ENXTAM:WKL) Effacts BV ---- Jul-10-2015 HashingSpace Corporation (OTCBB:HSHS) HashingSpace Corporation. $0.0 - - - Jul-10-2015 1&1 Internet SE Home.pl Sp. z o.o. - $172.7 - - Jul-10-2015 ContextLogic Inc. Locket, Inc. ---- Jul-10-2015 Scandia Consulting, Inc. Mindfly Inc. ---- Jul-10-2015 Exceptional Innovation, LLC Quadriga Worldwide Ltd. ---- Jul-12-2015 Tune, Inc. appRenaissance LLC ---- Jul-12-2015 Razer Inc. OUYA, Inc., Digital Platform Assets ---- Jul-13-2015 Time-O-Matic Inc. Aerva, Inc. ---- Jul-13-2015 Huawei Investment & Holding Co., Ltd. Amartus, SDN Software Technology and Team - $27.6 - - Jul-13-2015 Les Pros de la Photo Inc. BLACKS Photo Corporation, Blacks.ca Domain and iOS, Android and Windows Phone Apps ---- Jul-13-2015 ARI Network Services Inc. (NasdaqCM:ARIS) Direct Communications Inc. - $6.3 - - Jul-13-2015 WeP Solutions Limited (BSE:532373) eRM Solutions Private Limited - $0.1 - - Jul-13-2015 PTS Solutions, Inc. ITX Information Technology Solutions, Inc. ---- Jul-13-2015 AIM Creative Agency MARION Integrated Marketing, LLC ---- Jul-13-2015 Rakuten, Inc. (TSE:4755) Massi Miliano OÜ ---- Jul-13-2015 Cleoo Limited Omnimedia AG, SME Marketing Business ---- Jul-13-2015 Match.com, L.L.C. Plentyoffish Media Inc. - $575.0 - - Jul-13-2015 Shenzhen O-film Tech. Co., Ltd. (SZSE:002456) ShenZhen Temobi Science & Tech Co., Ltd. - $88.6 - - Jul-13-2015 When I Work, Inc. Shifthub Inc. ---- Jul-13-2015 Exabytes Network Sdn. Bhd. Signetique IT Pte Ltd. ---- Jul-13-2015 eTouches, Inc. TapCrowd NV ---- Jul-13-2015 Consolidation et Développement Gestion SAS; Consolidation Et DeveloppemTarsus France SAS - $10.1 - - Jul-13-2015 Digital Realty Trust Inc. (NYSE:DLR) The Telx Group, Inc. $308.7 $1,886.0 6.1x 24.0x Jul-14-2015 Rocket Internet AG (XTRA:RKET) 82% of Kin Shopping GmbH And 79% of Sparks42 GmbH ---- Jul-14-2015 Amazon Web Services, Inc. Appthwack ---- Jul-14-2015 Simei Media Co.,Ltd. (SZSE:002712) Beijing Aidesai Advertising Co Ltd $52.9 $52.3 1.0x - Jul-14-2015 Data Locker Inc. BlockMaster AB ---- Jul-14-2015 Dean Evans and Associates LLC EmergingSoft Corporation ---- Jul-14-2015 TBX Group, Inc. FleXyber Solutions, Inc. ---- Jul-14-2015 Jive Communications, Inc. FonAngle Communications, Inc. ---- Jul-14-2015 Oricom Inc. (KOSDAQ:A010470) Han Comm, Inc. - $21.0 - - Jul-14-2015 AllOver Media, Inc. Intelligent Media Corporation ---- Jul-14-2015 RALLY4, Inc. mGive, Inc. ---- Jul-14-2015 SinglePoint, Inc. (OTCPK:SING) Mobile Bidding Technologies, Inc. - $1.3 - - Jul-14-2015 NATIONAL Public Relations Inc. NATIONAL Equicom ---- Jul-14-2015 Neoris, Inc. Neoris Argentina ---- Jul-14-2015 Elvaston Capital Management GmbH Nexiga GmbH ---- Jul-14-2015 Egton Medical Information Systems Limited PinBellCom Ltd $1.9 $4.7 2.5x - Jul-14-2015 Click Rain Inc. Rive Immersive, LLC ---- Jul-14-2015 Remitly, Inc. Talio Labs, Inc. ---- Jul-14-2015 First Data Corporation Transaction Wireless, Inc. ---- Jul-14-2015 Solvere One LLC V-Oasis ---- Jul-15-2015 Andromeda Sales and Distribution Pvt. Ltd. Apnapaisa Pvt. Ltd. ---- Jul-15-2015 Pro Gaming League Inc. DK Squad ---- Jul-15-2015 ACCEO Solutions Inc. Gemmar Systems International Inc. ---- Jul-15-2015 Zywave, Inc. INTYGRAL Inc. ---- Jul-15-2015 Groupon, Inc. (NasdaqGS:GRPN) OrderUp, LLC ---- Jul-15-2015 Ipsos SA (ENXTPA:IPS) Research Data Analysis, Inc. $25.0 - - - Jul-15-2015 Ver se' Innovation Pvt Ltd. Rocket Science Technology LLP ---- Jul-15-2015 Seloger.com SA STE PRAXIS SARL ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select July 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jul-15-2015 Malwarebytes Corporation The Safe Mac ---- Jul-15-2015 Mass Capital Ventures LLC Versatile Credit, Inc. ---- Jul-15-2015 SailPoint Technologies, Inc. Whitebox Security Ltd. ---- Jul-15-2015 Aconex Limited (ASX:ACX) Worksite, Inc. - $4.8 - - Jul-16-2015 The Atkins Group Aria Agency, Inc. ---- Jul-16-2015 The Stanley Gibbons Group plc (AIM:SGI) Bid for Wine (UK) Ltd ---- Jul-16-2015 Microsoft Corporation (NasdaqGS:MSFT) FieldOne Systems LLC ---- Jul-16-2015 Microgen plc (LSE:MCGN) Jobstream Group PLC - $5.5 - - Jul-16-2015 AlphaGraphics, Inc. Lone Oak Marketing, LLC ---- Jul-16-2015 benntec Systemtechnik GmbH MarineSoft GmbH ---- Jul-16-2015 CPM Innovations Ltd. More Data Limited ---- Jul-16-2015 Bang PR Pty. Ltd. Park Avenue PR Pty Ltd. ---- Jul-16-2015 Excite Japan Co., Ltd. (JASDAQ:3754) PT Creative Visions Indonesia - $1.4 - - Jul-16-2015 MindTree Limited (BSE:532819) Relational Solutions, Inc. - $10.0 - - Jul-16-2015 CACI Limited Rockshore Group Ltd ---- Jul-16-2015 AlfaPeople A/S Smart Process S.A.S. ---- Jul-16-2015 S'Cape Evénements SARL The Blue Yellow Company SAS ---- Jul-17-2015 Starch Creative Airtime PR ---- Jul-17-2015 Ngai Shun Holdings Limited (SEHK:1246) Anhui LaiWang Technology Limited - $838.6 - - Jul-17-2015 mPulse Mobile Inc. Archer USA Inc. - $0.1 - - Jul-17-2015 Amuse Entertainment Singapore Pte Ltd Crooner PTE. Ltd. ---- Jul-17-2015 Red Books LLC Oventio ---- Jul-17-2015 CashChaCha Inc. Showbox Media (Hong Kong) Limited ---- Jul-19-2015 Civitas Learning, Inc. Blikbook Limited ---- Jul-20-2015 Cegedim Assurances, SA Activus Ltd $7.6 - - - Jul-20-2015 Financière Arthur Kramer Armony Signaletique SAS ---- Jul-20-2015 Schneider Electric SE, Schneider Software AVEVA Group plc (LSE:AVV) $310.0 - - - Jul-20-2015 KMD A/S Banqsoft AS ---- Jul-20-2015 Unizin Courseload, Inc. ---- Jul-20-2015 Patriot National, Inc. (NYSE:PN) Global HR Research, LLC - $42.0 - - Jul-20-2015 MedVision, Inc. Health Access Solutions, Inc. ---- Jul-20-2015 - iManage Incorporated ---- Jul-20-2015 Reynolds Porter Chamberlain Marriott Sinclair LLP ---- Jul-20-2015 The Descartes Systems Group Inc (TSX:DSG) MK Data Services LLC - $83.5 - - Jul-20-2015 Roper Technologies, Inc. (NYSE:ROP) On Center Software, Inc. ---- Jul-20-2015 Easypark AB Park Smart Solutions, SL ---- Jul-20-2015 PDF Solutions Inc. (NasdaqGS:PDFS) Syntricity, Inc. ---- Jul-20-2015 Coupa Software Incorporated TripScanner, Inc. ---- Jul-20-2015 Mikros Systems Corp. (OTCPK:MKRS) VSE Corp., Certain Software Products, Intellectual Property, and Related Assets ---- Jul-20-2015 Itesoft SA (ENXTPA:ITE) W4, société anonyme $5.2 $8.7 1.7x - Jul-20-2015 Mzansi Life Wheels Fanatic SA ---- Jul-21-2015 ApexPeak Pte. Ltd. ASYX International BV ---- Jul-21-2015 Shenzhen Capstone Industrial Co.,Ltd. Beijing Ranshi Technology Co., Ltd. - $169.1 - - Jul-21-2015 Callidus Software Inc. (NasdaqGM:CALD) BridgeFront, LLC ---- Jul-21-2015 Adiant Double Dutch Studios, Inc. ---- Jul-21-2015 ESO Solutions, Inc. Emergency Technologies, Inc. ---- Jul-21-2015 Penske Media Corporation Gold Derby, Inc. ---- Jul-21-2015 Amadeus IT Holding SA (CATS:AMS) Itesso BV ---- Jul-21-2015 Lookingglass Cyber Solutions, LLC Kleissner & Associates s.r.o. ---- Jul-21-2015 Google Inc. (NasdaqGS:GOOGL) Pixate, Inc. ---- Jul-21-2015 Planbox, Inc. Planbox, Inc. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select July 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jul-21-2015 Benseron Information Technologies, Inc. RestaJet, LLC ---- Jul-21-2015 e-Builder, Inc. Scenario Virtual Project Delivery Inc. ---- Jul-22-2015 BlackBerry Limited (TSX:BB) AtHoc, Inc. ---- Jul-22-2015 The Descartes Systems Group Inc (TSX:DSG) BearWare Inc. - $11.3 - - Jul-22-2015 The Coca-Cola Company (NYSE:KO) BYB Brands, Inc. - $25.0 - - Jul-22-2015 Dropbox Inc. Clementine Labs, Inc. ---- Jul-22-2015 Zillow Group, Inc. (NasdaqGS:Z) DotLoop, LLC ---- Jul-22-2015 Sysomos Inc. Expion LLC ---- Jul-22-2015 Modernizing Medicine, Inc. General Medical Applications, Inc. ---- Jul-22-2015 Ctrip.com International Ltd. (NasdaqGS:CTRP) Guangzhou Suanya Information Technology Co., Ltd - $16.0 - - Jul-22-2015 The E. W. Scripps Company (NYSE:SSP) Midroll Media, LLC ---- Jul-22-2015 Workfront, Inc. ProofHQ Limited ---- Jul-22-2015 IMG Worldwide, Inc. PWR Events Ltd ---- Jul-22-2015 Inte Q, LLC Teleformix LLC ---- Jul-22-2015 ClickTripz, LLC TheSuitest Inc. ---- Jul-22-2015 Synechron Inc. Usable Media LLC ---- Jul-23-2015 Persistent Systems, Inc. Aepona Limited ---- Jul-23-2015 Identity Group Holdings Corp. Alchemy Dimensional Graphics LLC ---- Jul-23-2015 Noodle Education, Inc. Allclasses, Inc. ---- Jul-23-2015 Silhouette America, inc. Aspex Research & Technology Ltd ---- Jul-23-2015 International Business Machines Corporation (NYSE:IBM) Compose, Inc. ---- Jul-23-2015 Sophia Research Institute,Ltd. cybervision Hosting - $1.6 - - Jul-23-2015 Société Internationale de Télécommunications Aéronautiques delair Air Traffic Systems GmbH ---- Jul-23-2015 Mekanism, Inc. Epic Signal ---- Jul-23-2015 The Riverside Company; Charles Taylor plc (LSE:CTR) Fadata AD $12.8 - - - Jul-23-2015 Gaming Realms plc (AIM:GMR) GameHouse Canada and GameHouse, Inc. and Certain Assets of RealNetworks, Inc. $6.3 $18.0 2.9x - Jul-23-2015 Centro, Inc. GraphScience, Inc. ---- Jul-23-2015 Ipreo Holdings LLC iLEVEL Solutions, LLC ---- Jul-23-2015 Did-it.com, LLC JB Cumberland & Associates ---- Jul-23-2015 Assicurazioni Generali S.p.A. (BIT:G) MyDrive Solutions Limited ---- Jul-23-2015 Alpha Co., Ltd. (JASDAQ:4760) OK Enterprise Co., Ltd. $5.9 - - - Jul-23-2015 Anoto Group AB (publ) (OM:ANOT) XMS Penvision AB $1.5 $3.3 2.2x - Jul-24-2015 News America Marketing Properties LLC Checkout 51 Inc. ---- Jul-24-2015 Pinewood Technologies PLC Ebbon-Dacs Ltd., DMS Business ---- Jul-24-2015 PSI Services LLC Innovative Exams LLC ---- Jul-24-2015 Applied Information Management Services Sdn. Bhd Jaring Sdn Bhd ---- Jul-24-2015 Engagement Labs Inc. (TSXV:EL) Keller Fay Group LLC $3.7 $4.2 1.1x 6.9x Jul-24-2015 Attercopia Ltd. MediaCo (UK) Ltd. ---- Jul-24-2015 McGraw Hill Financial, Inc. (NYSE:MHFI) SNL Financial LC - $2,225.0 - - Jul-26-2015 Deutsche Boerse AG (XTRA:DB1) 360 Treasury Systems AG - $795.7 - - Jul-27-2015 DIO Ltd. ASG (Essex) Ltd ---- Jul-27-2015 Care-Energy Holding GmbH conesro Management GmbH ---- Jul-27-2015 Vela Software International, Inc. Datamine International Limited ---- Jul-27-2015 Dentsu Aegis Network Ltd. Redirect Digital Marketing Ltda. $1.2 - - - Jul-27-2015 Axado, Informação e Tecnologia S/A Shipfy Desenvolvimento de Sistemas LTDA ---- Jul-27-2015 GREE International, Inc. Twiitch Pty Ltd. ---- Jul-28-2015 Hewlett-Packard Company (NYSE:HPQ) ActiveState Software Inc., Stackato Business ---- Jul-28-2015 Capital Access Group Limited Broker Profile Limited $4.2 $6.2 1.5x - Jul-28-2015 CLARION EVENTS USA, INC. Eagle Eye Expositions LLC, Border Security Expo and US/Canada Border Conference ---- Jul-28-2015 The CI Group Limited Ellipsis, Ltd. ---- Jul-28-2015 Frankly Inc. (TSXV:TLK) Gannaway Web Holdings, LLC $26.5 $45.0 1.7x 6.9x Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select July 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jul-28-2015 Viber Media Inc. Innobell M.S. Ltd. - $9.0 - - Jul-28-2015 Sapiens International Corporation N.V. (NasdaqCM:SPNS) Insseco Sp. Z o.o. $11.5 $9.1 0.8x - Jul-28-2015 SOCOMO Technologies Pvt Ltd Liveminds Solutions PVT. Ltd ---- Jul-28-2015 Poplar Capital Partners LLC Productive Access, Inc. ---- Jul-28-2015 NTT Communications Corporation PT Cyber CSF ---- Jul-28-2015 Datakinetics Limited SoftwareOnZ LLC ---- Jul-28-2015 The Cherryroad Group Inc. Strategic Information Solutions, Inc., Oracle Practice ---- Jul-28-2015 GovDelivery, Inc. Vox Metropolis, Inc. ---- Jul-28-2015 YesVideo, Inc. Yarly, Inc. ---- Jul-28-2015 The Advisory Board Company (NasdaqGS:ABCO) Zeumo, Inc. ---- Jul-28-2015 AllOver Media, Inc. Zoom Media, Inc., Social Indoor and the Family Network Divisions ---- Jul-29-2015 itelligence France S.A.S. Artaud, Courthéoux & Associés, SAP Operations ---- Jul-29-2015 Providence Equity Partners LLC; WPP plc (LSE:WPP) Chime Communications plc (LSE:CHW) $608.4 $662.0 1.1x 14.4x Jul-29-2015 Leaders League Closing Circle SAS ---- Jul-29-2015 INOVVO, LLC comScore, Inc., Wireless Solutions Division ---- Jul-29-2015 Mexican Bitcoin Exchange Rapid Net Profits Pte. Ltd. ---- Jul-29-2015 Cloudability Inc. RipFog, Inc. ---- Jul-29-2015 Autotask Corporation SoonR, Inc. ---- Jul-29-2015 Eureka Group VitaPortal ---- Jul-29-2015 Public Holdings (Australia) Limited (ASX:PHA) YourDash Pty Ltd. - $0.9 - - Jul-30-2015 Landmark Media Investments Limited Benchwarmers.ie ---- Jul-30-2015 NeuStar, Inc. (NYSE:NSR) Bombora Technologies Pty. Ltd. $20.5 $86.3 4.2x - Jul-30-2015 A Brand Company, Inc. BrandAlliance Inc. ---- Jul-30-2015 Transcovo SAS Djump SA ---- Jul-30-2015 Minted LLC Hitched Up ---- Jul-30-2015 Patheon Holdco Ltd. Ingegneria Biomedica Santa Lucia S.p.A. ---- Jul-30-2015 Blue Coat Systems Inc. PerspecSys Inc. ---- Jul-30-2015 ARM Holdings plc (LSE:ARM) Sansa Security, Inc. ---- Jul-31-2015 Gloob Decor Pvt. Ltd. Banana Interactive Games Pvt Ltd ---- Jul-31-2015 - Bossa Studios Limited ---- Jul-31-2015 Securus Technologies, Inc. Cara Clinicals, Inc. ---- Jul-31-2015 Premier Healthcare Solutions, Inc. CECity.com, Inc. - $400.0 - - Jul-31-2015 Q2 Holdings, Inc. (NYSE:QTWO) Centrix Solutions, a Q2 company - $29.0 - - Jul-31-2015 Manitoba Telecom Services, Inc. (TSX:MBT) Globalive Wireless Management Corp., 15 Megahertz Spectrum in Manitoba - $34.6 - - Jul-31-2015 Stride Gaming plc (AIM:STR) InfiApps Limited $13.7 $39.2 2.9x - Jul-31-2015 Yahoo! Inc. (NasdaqGS:YHOO) Polyvore, Inc. - $230.0 - - Jul-31-2015 Sutor Technology Group Limited (NasdaqCM:TOR) Shanghai Legang Supply Chain Management Co. Ltd. ---- Jul-31-2015 Dentsu Inc. (TSE:4324) Synergy Medical Communications, Inc. $6.6 - - - Jul-31-2015 Galicia Energy Corporation Ltd (ASX:GAL) TV2U Worldwide Pty Ltd ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG Software Index $2,709.9 $2,608.7 $622.5 67.2% 19.3% 7.3% 3.3x 16.8x 3.1x 12.1x 12.5% Billing & Service Management $1,018.5 $1,134.1 $526.1 59.7% 28.0% 7.7% 2.0x 9.4x 2.0x 8.5x 15.2% Business Intelligence $2,599.7 $2,878.9 $601.3 76.7% 19.2% 10.3% 3.9x 18.7x 3.4x 14.7x 23.2% Development Platforms $1,484.0 $1,431.1 $347.4 74.9% 18.9% 7.2% 2.5x 9.5x 2.9x 10.8x 14.6% Engineering & PLM $4,179.8 $4,529.1 $1,264.1 84.1% 21.6% 8.8% 3.5x 17.5x 3.5x 12.1x 11.4% Enterprise Resource Planning $8,782.8 $9,580.3 $2,004.9 60.3% 28.4% 2.3% 4.2x 16.8x 4.0x 12.1x 4.9% Financial & Accounting $2,788.3 $3,387.5 $827.6 56.0% 22.3% 4.1% 4.1x 16.8x 4.1x 14.2x 20.1% Gaming $2,796.5 $2,393.1 $1,695.3 68.8% 13.0% 2.5% 1.7x 13.2x 1.4x 11.2x 17.4% Healthcare $1,360.8 $1,732.2 $622.2 53.6% 15.8% 7.5% 2.6x 15.6x 2.4x 11.9x 13.0% IT Conglomerates $158,674.1 $161,207.9 $86,913.0 60.3% 32.6% -0.1% 3.3x 9.3x 3.5x 8.9x 1.2% Mobile Solutions/Content $612.9 $572.1 $314.2 57.5% 4.3% 17.1% 2.1x 17.5x 1.8x 9.7x 0.4% Networking & Network Performance Management $1,460.4 $1,264.1 $260.1 72.9% 11.4% 5.8% 2.5x 14.6x 2.3x 10.8x -4.5% Security $1,679.8 $1,636.6 $236.7 74.9% 4.7% 8.6% 4.3x 13.5x 3.9x 14.3x 33.7% Storage, Data Mgmt & Integration $6,936.4 $5,015.7 $1,649.6 81.5% 16.3% 2.4% 2.2x 9.8x 2.2x 7.7x -6.3% Systems Management $12,488.4 $11,997.1 $2,507.4 85.0% 26.3% 9.4% 5.6x 19.6x 4.2x 12.8x 9.4% Vertical - Finance $6,505.6 $6,314.5 $1,036.1 42.5% 34.4% 8.0% 4.6x 16.8x 4.3x 12.4x 20.3% Vertical - Other $2,816.8 $3,061.1 $452.8 47.3% 13.3% 13.4% 5.1x 32.2x 4.5x 19.9x 38.4%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - July 2015 TTM Revenue Growth 7.3% 20% TTM EBITDA Growth -0.7% TTM Earnings Growth -7.8% Gross Profit Margin 67.2% EBITDA Margin 19.3% 15% Net Income Margin -18.0% SG&A Expenses as a % of Total Revenue 57.5% R&D Expenses as a % of Total Revenue 18.8% 10% Balance Sheet Analysis (Median) Current Ratio 2.1 Quick Ratio 1.9 Cash as Percent of Market Cap 11.8% 5% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 31 Working Capital to TTM Operating Expense Ratio 0.4x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 4.6% Cash from Operations Growth (YoY) 11.1% -5% Cash from Investing Growth (YoY) -32.1% Cash from Financing Growth (YoY) -38.6% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 19.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Amdocs Limited DOX $9,068.3 $7,666.6 $3,617.0 35.6% 19.4% 3.1% 2.1x 10.9x 2.0x 9.7x 26.9% CSG Systems International CSGS $1,018.5 $1,134.1 $748.9 48.3% 16.3% -0.8% 1.5x 9.3x 1.5x 6.8x 28.6% Evolving Systems EVOL $98.4 $87.4 $29.8 75.3% 31.1% 19.0% 2.9x 9.4x 2.8x 8.9x -7.0% MIND C.T.I. MNDO $56.2 $40.6 $23.9 59.7% 34.2% 10.7% 1.7x 5.0x n/a n/a -19.7% NeuStar NSR $1,679.4 $2,054.8 $1,004.4 74.2% 39.1% 7.7% 2.0x 5.2x 1.9x 4.3x 11.3% Redknee Solutions RKN $409.9 $353.9 $241.2 55.3% 6.7% -3.1% 1.5x 21.9x 1.6x 8.0x 18.1% Synchronoss Technologies SNCR $2,096.6 $2,098.5 $526.1 59.8% 28.0% 35.3% 4.0x 14.3x 3.4x 9.7x 15.2% Median: $1,018.5 $1,134.1 $526.1 59.7% 28.0% 7.7% 2.0x 9.4x 2.0x 8.5x 15.2%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - July 2015 TTM Revenue Growth 7.7% 25% TTM EBITDA Growth 38.3% TTM Earnings Growth 21.0% Gross Profit Margin 59.7% 20% EBITDA Margin 28.0% Net Income Margin 12.6% 15% SG&A Expenses as a % of Total Revenue 20.2% R&D Expenses as a % of Total Revenue 12.7% 10% Balance Sheet Analysis (Median) Current Ratio 2.7 5% Quick Ratio 2.6 Cash as Percent of Market Cap 16.7% 0% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 30 -5% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 14.5% Cash from Operations Growth (YoY) 14.4% -15% Cash from Investing Growth (YoY) 43.9% Cash from Financing Growth (YoY) -17.7% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Fair Isaac FICO $2,823.9 $3,387.5 $827.6 66.8% 22.3% 9.2% 4.1x 18.4x 3.9x 14.2x 25.7% Informatica INFA $5,080.6 $4,522.6 $1,066.5 82.7% 18.3% 6.1% 4.2x 23.1x 3.8x 15.9x 28.2% MicroStrategy MSTR $2,316.7 $1,888.8 $556.9 78.5% 20.8% -5.2% 3.4x 16.3x 3.3x 11.8x 25.0% Pegasystems PEGA $2,073.6 $1,846.6 $622.5 68.3% 12.1% 11.4% 3.0x 24.5x 2.6x 15.7x 33.5% Progress Software PRGS $1,484.0 $1,431.1 $347.4 88.0% 22.1% 7.2% 4.1x 18.7x 3.3x 10.8x 11.0% PROS Holdings PRO $645.6 $603.3 $188.6 69.0% -5.3% 24.0% 3.2x n/a 3.4x n/a -17.4% Qlik Technologies QLIK $3,737.0 $3,430.7 $580.2 85.9% 0.2% 14.1% 5.9x 2919.7x 5.2x 46.9x 30.7% Software AG SOW $2,375.5 $2,370.2 $949.8 74.9% 26.9% -6.8% 2.5x 9.3x 2.4x 8.4x 24.4% Splunk SPLK $8,792.3 $7,927.2 $490.6 84.2% -45.5% 48.1% 16.2x n/a 12.1x 202.8x 19.0% Teradata TDC $5,498.1 $5,217.1 $2,686.0 52.9% 20.1% -1.7% 1.9x 9.7x 1.9x 8.1x -15.7% Varonis Systems VRNS $516.5 $403.5 $106.9 90.0% -18.3% 34.5% 3.8x n/a 3.1x n/a -37.2% Verisk VRSK $13,160.5 $16,330.9 $1,870.6 60.3% 46.7% 12.6% 8.7x 18.7x 7.0x 15.1x 22.1% Median: $2,599.7 $2,878.9 $601.3 76.7% 19.2% 10.3% 3.9x 18.7x 3.4x 14.7x 23.2%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - July 2015 TTM Revenue Growth 10.3% 25% TTM EBITDA Growth -14.5% TTM Earnings Growth -13.5% Gross Profit Margin 76.7% 20% EBITDA Margin 19.2% Net Income Margin 9.4% SG&A Expenses as a % of Total Revenue 47.1% 15% R&D Expenses as a % of Total Revenue 18.8%

10% Balance Sheet Analysis (Median) Current Ratio 1.8 Quick Ratio 1.7 5% Cash as Percent of Market Cap 12.2% Avg Days Outstanding: Accounts Receivable 87 Avg Days Outstanding: Accounts Payable 56 0% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 13.5% Cash from Operations Growth (YoY) 18.2% -10% Cash from Investing Growth (YoY) -31.1% Cash from Financing Growth (YoY) 46.9% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD BSQUARE BSQR $76.1 $49.5 $99.5 18.5% 5.2% 5.8% 0.5x 9.5x n/a n/a 42.5% Magic Software Enterprises MGIC $281.3 $200.7 $163.7 38.7% 18.9% 7.3% 1.2x 6.5x 1.1x n/a 7.6% Progress Software PRGS $1,484.0 $1,431.1 $347.4 88.0% 22.1% 7.2% 4.1x 18.7x 3.3x 10.8x 11.0% Red Hat RHT $14,509.8 $14,046.1 $1,846.7 84.8% 18.9% 15.8% 7.6x 40.1x 6.7x 25.1x 14.6% Software AG SOW $2,375.5 $2,370.2 $949.8 74.9% 26.9% -6.8% 2.5x 9.3x 2.4x 8.4x 24.4% Median: $1,484.0 $1,431.1 $347.4 74.9% 18.9% 7.2% 2.5x 9.5x 2.9x 10.8x 14.6%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - July 2015 TTM Revenue Growth 7.2% 20% TTM EBITDA Growth 1.7% TTM Earnings Growth -11.2% Gross Profit Margin 74.9% 15% EBITDA Margin 18.9% Net Income Margin 9.3% SG&A Expenses as a % of Total Revenue 40.1% R&D Expenses as a % of Total Revenue 12.8% 10%

Balance Sheet Analysis (Median) Current Ratio 1.7 5% Quick Ratio 1.7 Cash as Percent of Market Cap 21.3% Avg Days Outstanding: Accounts Receivable 80 0% Avg Days Outstanding: Accounts Payable 47 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.8% Cash from Operations Growth (YoY) 26.5% -10% Cash from Investing Growth (YoY) -109.9% Cash from Financing Growth (YoY) 123.4% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 15.6%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ANSYS ANSS $8,452.1 $7,690.9 $938.5 87.9% 46.0% 6.8% 8.2x 17.8x 7.8x 15.7x 15.3% Aspen Technology AZPN $3,789.3 $3,573.5 $427.7 88.3% 40.7% 14.6% 8.4x 20.5x 7.7x 16.9x 26.7% Autodesk ADSK $11,514.6 $10,431.1 $2,566.2 86.2% 9.7% 11.8% 4.1x 42.0x 4.1x 30.7x -15.0% Cadence Design Systems CDNS $6,110.2 $5,714.6 $1,650.8 86.4% 23.5% 10.0% 3.5x 14.7x 3.2x 10.3x 11.4% Dassault Systèmes DSY $19,157.7 $17,905.4 $2,898.9 84.1% 24.4% 22.9% 6.2x 25.3x 5.5x 15.8x 24.7% GSE Systems GVP $28.6 $17.0 $43.2 28.6% -7.3% -1.6% 0.4x n/a n/a n/a 2.6% Mentor Graphics MENT $3,033.1 $3,033.8 $1,264.1 85.1% 21.6% 6.9% 2.4x 11.1x 2.4x 9.7x 20.4% Parametric Technology PTC $4,179.8 $4,529.1 $1,309.4 72.9% 20.1% -1.9% 3.5x 17.2x 3.7x 13.1x 0.0% PDF Solutions PDFS $440.7 $309.0 $98.5 59.5% 26.5% -5.5% 3.1x 11.8x 2.8x 7.7x -4.4% Stratasys SSYS $1,595.1 $1,270.3 $775.8 47.8% 5.6% 27.2% 1.6x 29.1x 1.6x 7.7x -62.1% Synopsys SNPS $7,884.6 $7,099.2 $2,160.1 82.3% 19.3% 8.8% 3.3x 17.0x 3.1x 11.0x 18.0% Median: $4,179.8 $4,529.1 $1,264.1 84.1% 21.6% 8.8% 3.5x 17.5x 3.5x 12.1x 11.4%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - July 2015 TTM Revenue Growth 8.8% 20% TTM EBITDA Growth 3.5% TTM Earnings Growth -2.0% Gross Profit Margin 84.1% 15% EBITDA Margin 21.6% Net Income Margin 11.5% SG&A Expenses as a % of Total Revenue 35.2% R&D Expenses as a % of Total Revenue 17.8% 10%

Balance Sheet Analysis (Median) Current Ratio 1.9 5% Quick Ratio 1.7 Cash as Percent of Market Cap 12.2% Avg Days Outstanding: Accounts Receivable 88 0% Avg Days Outstanding: Accounts Payable 22 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.3% Cash from Operations Growth (YoY) 10.5% -10% Cash from Investing Growth (YoY) 16.3% Cash from Financing Growth (YoY) -61.2% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 16.8%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD American Software AMSW.A $263.8 $201.6 $102.9 51.0% 11.5% 2.3% 2.0x 17.1x 1.8x 10.0x 4.9% Oracle ORCL $173,182.9 $161,207.9 $38,226.0 60.3% 42.0% -0.1% 4.2x 10.0x 4.2x 8.9x -9.0% QAD QADA $479.2 $363.7 $295.9 55.3% 7.1% 8.4% 1.2x 17.2x 1.2x 13.3x 16.9% Sage Group SGE $8,782.8 $9,580.3 $2,004.9 94.0% 28.4% 1.9% 4.8x 16.8x 4.3x 14.3x 16.2% SAP SAP $85,970.2 $93,075.1 $21,362.3 71.2% 32.6% 12.8% 4.4x 13.3x 4.0x 12.1x 4.6% Median: $8,782.8 $9,580.3 $2,004.9 60.3% 28.4% 2.3% 4.2x 16.8x 4.0x 12.1x 4.9%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - July 2015 TTM Revenue Growth 2.3% 20% TTM EBITDA Growth -10.4% TTM Earnings Growth -19.0% Gross Profit Margin 60.3% 15% EBITDA Margin 28.4% Net Income Margin 14.7% SG&A Expenses as a % of Total Revenue 30.4% R&D Expenses as a % of Total Revenue 13.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.6 5% Quick Ratio 1.4 Cash as Percent of Market Cap 23.6% Avg Days Outstanding: Accounts Receivable 78 0% Avg Days Outstanding: Accounts Payable 19 Working Capital to TTM Operating Expense Ratio 0.3x

-5% Cash Flow Statement Analysis (Median) Levered FCF Margin 13.3% Cash from Operations Growth (YoY) -3.9% -10% Cash from Investing Growth (YoY) -127.1% Cash from Financing Growth (YoY) 254.2% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -2.6%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ACI Worldwide ACIW $2,788.3 $3,573.4 $1,038.5 55.0% 20.4% 6.7% 3.4x 16.8x 3.3x 12.1x 20.1% Bottomline Technologies EPAY $1,064.9 $1,081.5 $327.2 57.8% 13.5% 15.2% 3.3x 24.6x 3.0x 14.5x 8.3% DST Systems DST $3,973.1 $4,368.3 $2,782.8 16.3% 15.3% 3.7% 1.6x 10.2x 2.1x 10.0x 16.0% Evertec EVTC $1,457.0 $2,106.7 $365.0 56.6% 42.1% 1.9% 5.8x 13.7x 5.6x 11.2x -13.6% Fair Isaac FICO $2,823.9 $3,387.5 $827.6 66.8% 22.3% 9.2% 4.1x 18.4x 3.9x 14.2x 25.7% Fiserv FISV $20,375.4 $24,081.4 $5,152.0 43.9% 30.5% 4.1% 4.7x 15.3x 4.4x 13.1x 23.0% Intuit INTU $29,157.5 $27,572.5 $4,388.0 83.1% 24.7% -0.9% 6.3x 25.5x 5.6x 15.4x 16.9% Model N MODN $298.2 $205.0 $84.3 56.0% -22.6% -13.3% 2.4x n/a 2.0x n/a 7.0% NetSol Technologies NETSOL $52.7 $54.6 $29.2 12.6% -4.2% 16.6% 1.9x n/a n/a n/a 55.6% Sage Group SGE $8,782.8 $9,580.3 $2,004.9 94.0% 28.4% 1.9% 4.8x 16.8x 4.3x 14.3x 68.4% Qiwi QIWI $1,796.3 $1,563.1 $265.3 53.7% 31.4% 24.5% 5.9x 18.8x 8.3x 14.5x 50.3% Median: $2,788.3 $3,387.5 $827.6 56.0% 22.3% 4.1% 4.1x 16.8x 4.1x 14.2x 20.1%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - July 2015 TTM Revenue Growth 4.1% 25% TTM EBITDA Growth 0.8% TTM Earnings Growth 1.5% Gross Profit Margin 56.0% 20% EBITDA Margin 22.3% Net Income Margin 10.8% SG&A Expenses as a % of Total Revenue 29.5% 15% R&D Expenses as a % of Total Revenue 14.2%

10% Balance Sheet Analysis (Median) Current Ratio 1.3 Quick Ratio 1.1 5% Cash as Percent of Market Cap 4.5% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 32 0% Working Capital to TTM Operating Expense Ratio 0.1x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 13.2% Cash from Operations Growth (YoY) 16.1% -10% Cash from Investing Growth (YoY) -37.3% Cash from Financing Growth (YoY) 5.0% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 2.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Activision Blizzard ATVI $18,728.3 $18,333.3 $4,575.0 65.1% 30.4% 4.7% 4.0x 13.2x 4.0x 11.9x 29.4% Electronic Arts EA $22,330.2 $20,084.2 $4,504.0 72.5% 28.5% 17.3% 4.5x 15.7x 4.4x 14.0x 52.7% GameLoft SA GFT $402.2 $345.6 $275.1 82.5% 5.1% -2.6% 1.3x 24.8x 1.1x 10.5x 21.3% Konami TSE: 9766 $2,895.8 $2,710.9 $1,818.1 32.8% 13.3% 0.3% 1.5x 11.2x 1.3x 8.9x 13.6% Take-Two Interactive TTWO $2,697.2 $2,075.2 $1,082.9 26.6% -21.9% -53.9% 1.9x n/a 1.5x 12.2x 12.4% Ubisoft Entertainment UBI $2,156.6 $1,938.2 $1,572.5 77.0% 12.6% 45.3% 1.2x 9.8x 1.2x 2.5x 6.9% Median: $2,796.5 $2,393.1 $1,695.3 68.8% 13.0% 2.5% 1.7x 13.2x 1.4x 11.2x 17.4%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - July 2015 TTM Revenue Growth 2.5% 30% TTM EBITDA Growth -30.4% TTM Earnings Growth 62.7% Gross Profit Margin 68.8% 25% EBITDA Margin 13.0% Net Income Margin 5.2% 20% SG&A Expenses as a % of Total Revenue 25.3% R&D Expenses as a % of Total Revenue 25.0% 15%

Balance Sheet Analysis (Median) Current Ratio 2.1 10% Quick Ratio 1.9 Cash as Percent of Market Cap 21.3% 5% Avg Days Outstanding: Accounts Receivable 47 Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.4x 0%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 13.7% Cash from Operations Growth (YoY) 14.9% -10% Cash from Investing Growth (YoY) -37.3% Cash from Financing Growth (YoY) -20.2% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -2.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Accretive Health AH $16,707.7 $18,124.1 $36,896.7 26.7% 6.1% 5.8% 0.5x 8.0x 0.4x 6.8x 16.5% Allscripts Healthcare Solutions MDRX $2,722.7 $3,206.9 $1,372.1 45.1% 4.6% 0.4% 2.3x 50.4x 2.2x 13.0x 12.5% Cerner CERN $24,677.3 $24,619.3 $3,526.6 84.2% 28.4% 20.0% 7.0x 24.6x 5.0x 15.4x 10.3% Computer Programs and Sys CPSI $528.6 $491.6 $192.9 43.2% 22.5% -5.1% 2.5x 11.3x 2.5x 11.3x -20.6% MedAssets MDAS $1,398.0 $2,228.6 $750.0 75.4% 29.2% 9.8% 3.0x 10.2x 2.9x 9.4x 18.3% Merge Healthcare MRGE $533.2 $782.6 $227.6 62.1% 17.3% 5.6% 3.4x 19.8x 3.0x 13.9x 56.0% Omnicell OMCL $1,323.7 $1,235.7 $463.1 52.4% 14.2% 13.9% 2.7x 18.7x 2.3x 12.5x 13.4% Quality Systems QSII $769.0 $652.2 $494.5 54.9% 10.5% 9.2% 1.3x 12.5x 1.3x 8.5x -16.0% Median: $1,360.8 $1,732.2 $622.2 53.6% 15.8% 7.5% 2.6x 15.6x 2.4x 11.9x 13.0%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - July 2015 TTM Revenue Growth 7.5% 20% TTM EBITDA Growth 9.1% TTM Earnings Growth 16.3% Gross Profit Margin 53.6% EBITDA Margin 15.8% 15% Net Income Margin 6.3% SG&A Expenses as a % of Total Revenue 30.4% R&D Expenses as a % of Total Revenue 12.8% 10% Balance Sheet Analysis (Median) Current Ratio 1.5 Quick Ratio 1.1 Cash as Percent of Market Cap 5.2% 5% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 35 Working Capital to TTM Operating Expense Ratio 0.1x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.6% Cash from Operations Growth (YoY) 5.6% -5% Cash from Investing Growth (YoY) -117.4% Cash from Financing Growth (YoY) 150.2% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 36.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Hewlett Packard HPQ $55,131.8 $61,820.8 $108,283.0 24.0% 12.0% -3.2% 0.6x 4.8x 0.6x 4.7x -23.4% IBM IBM $158,674.1 $188,735.1 $86,913.0 50.1% 25.7% -10.4% 2.2x 8.4x 2.3x 8.1x 1.4% Microsoft MSFT $373,505.7 $312,450.7 $93,580.0 64.7% 35.9% 7.8% 3.3x 9.3x 3.5x 9.8x 1.2% Oracle ORCL $173,182.9 $161,207.9 $38,226.0 60.3% 42.0% -0.1% 4.2x 10.0x 4.2x 8.9x -9.0% SAP AG DB:SAP $85,970.2 $93,075.1 $21,362.3 71.2% 32.6% 12.8% 4.4x 13.3x 4.0x 12.1x 4.6% Median: $158,674 $161,208 $86,913.0 60.3% 32.6% -0.1% 3.3x 9.3x 3.5x 8.9x 1.2%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - July 2015 TTM Revenue Growth -0.1% 20% TTM EBITDA Growth -3.9% TTM Earnings Growth -21.1% Gross Profit Margin 60.3% 15% EBITDA Margin 32.6% Net Income Margin 13.0% SG&A Expenses as a % of Total Revenue 21.7% R&D Expenses as a % of Total Revenue 12.9% 10%

Balance Sheet Analysis (Median) Current Ratio 1.3 5% Quick Ratio 1.0 Cash as Percent of Market Cap 25.8% Avg Days Outstanding: Accounts Receivable 56 0% Avg Days Outstanding: Accounts Payable 61 Working Capital to TTM Operating Expense Ratio 0.1x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 20.6% Cash from Operations Growth (YoY) -5.8% -10% Cash from Investing Growth (YoY) -22.1% Cash from Financing Growth (YoY) 31.8% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -4.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Bango PLC BGO $82.8 $73.9 $7.9 26.3% -95.7% -42.0% 9.3x n/a n/a n/a -11.4% iDream Sky Technologies DSKY $508.7 $380.6 $190.6 40.7% 1.9% 196.5% 2.0x 103.9x 1.3x 6.2x -31.5% King Digital Entertainment KING $4,827.2 $4,165.8 $2,233.3 68.7% 35.2% -2.3% 1.9x 5.3x 2.0x 5.3x 9.6% Glu Mobile GLUU $705.8 $640.1 $248.0 62.1% 6.7% 97.5% 2.6x 38.7x 2.3x 20.1x 44.8% Gree TSE:3632 $1,374.2 $788.8 $817.7 74.4% 30.3% -27.9% 1.0x 3.2x 1.1x 4.4x 0.3% Millennial Media MM $240.9 $208.5 $286.7 40.0% -14.5% 1.5% 0.7x n/a 0.6x n/a 0.6% MobileIron MOBL $446.1 $338.4 $140.9 81.6% -51.3% 23.3% 2.4x n/a 2.1x n/a -42.0% Momo MOMO $2,594.5 $2,142.5 $65.6 71.3% -24.6% 665.4% 32.6x n/a 10.4x 27.7x 26.8% Myriad Group AG MYRN $520.0 $504.1 $40.2 85.8% 31.2% -6.9% 12.5x 40.2x n/a n/a 10.4% NQ Mobile NQ $319.1 $304.0 $341.7 27.8% -18.0% 40.5% 0.9x n/a 0.6x 6.6x -16.6% Opera OPERA $1,161.5 $1,178.5 $520.6 36.5% 17.9% 60.1% 2.3x 12.7x 1.8x 8.6x -40.2% Qihoo 360 Technology QIHU $7,995.8 $8,112.6 $1,509.9 77.8% 25.9% 82.7% 5.4x 20.8x 3.8x 12.7x 3.9% Pandora Media P $3,719.2 $3,346.7 $1,023.9 46.1% -3.7% 28.0% 3.3x n/a 2.6x 31.3x -1.2% Synchronoss Technologies SNCR $2,096.6 $2,098.5 $526.1 59.8% 28.0% 35.3% 4.0x 14.3x 3.4x 9.7x 15.2% Tangoe TNGO $429.8 $382.1 $215.6 55.2% 7.7% 10.9% 1.8x 23.0x 1.5x 9.7x -13.0% TeleCommunication Systems TSYS $224.3 $315.3 $358.3 39.7% 8.8% 3.6% 0.9x 10.0x 0.8x 7.4x 17.6% TeleNav TNAV $282.1 $162.1 $160.2 50.8% -19.9% 6.6% 1.0x n/a 0.9x n/a 5.1% Zynga ZNGA $2,281.4 $1,331.0 $705.7 69.3% -11.8% -9.3% 1.9x n/a 1.7x 36.3x -9.2% Median: $612.9 $572.1 $314.2 57.5% 4.3% 17.1% 2.1x 17.5x 1.8x 9.7x 0.4%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - July 2015 TTM Revenue Growth 17.1% 20% TTM EBITDA Growth -21.0% TTM Earnings Growth -18.7% Gross Profit Margin 57.5% 15% EBITDA Margin 4.3% Net Income Margin -3.2% SG&A Expenses as a % of Total Revenue 36.9% 10% R&D Expenses as a % of Total Revenue 16.2%

5% Balance Sheet Analysis (Median) Current Ratio 3.6 Quick Ratio 3.2 0% Cash as Percent of Market Cap 16.5% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 31 -5% Working Capital to TTM Operating Expense Ratio 0.0x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 1.1% Cash from Operations Growth (YoY) 7.0% -15% Cash from Investing Growth (YoY) -20.3% Cash from Financing Growth (YoY) 36.3% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -12.8%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD A10 Networks ATEN $401.1 $304.9 $180.2 75.1% -19.7% 4.2% 1.7x n/a 1.5x n/a 43.4% Allot Communications ALLT $173.8 $50.0 $111.9 70.8% -1.2% 3.9% 0.4x n/a 0.5x n/a -43.2% Barracuda Networks CUDA $1,460.4 $1,264.1 $289.2 79.2% 2.2% 18.7% 4.4x 198.1x 3.7x 12.8x -21.6% Brocade BRCD $4,261.3 $3,682.0 $2,232.6 67.2% 26.0% 1.6% 1.6x 6.3x 1.6x 6.0x -11.9% Cisco Systems CSCO $144,541.0 $111,136.0 $48,675.0 60.5% 27.7% 3.1% 2.3x 8.2x 2.2x 8.0x 4.5% Cyan CYNI n/a n/a $117.5 42.1% -35.8% 7.5% n/a n/a n/a n/a n/a F5 Networks FFIV $9,524.5 $8,726.8 $1,883.8 82.5% 31.7% 13.3% 4.6x 14.6x 4.2x 10.7x 2.9% Gigamon GIMO $891.9 $712.8 $188.8 76.9% 2.8% 27.0% 3.8x 136.3x 3.1x 15.8x n/a Juniper Networks JNPR $11,221.3 $11,321.9 $4,517.1 63.5% 20.0% -7.0% 2.5x 12.5x 2.3x 10.8x 27.6% Radware RDWR $878.5 $797.8 $231.1 82.6% 20.4% 12.7% 3.5x 16.9x 3.2x 15.3x -12.5% Median: $1,460.4 $1,264.1 $260.1 72.9% 11.4% 5.8% 2.5x 14.6x 2.3x 10.8x -4.5%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - July 2015 TTM Revenue Growth 5.8% 20% TTM EBITDA Growth 11.0% TTM Earnings Growth -29.4% Gross Profit Margin 72.9% 15% EBITDA Margin 11.4% Net Income Margin -3.6% SG&A Expenses as a % of Total Revenue 48.1% R&D Expenses as a % of Total Revenue 22.0% 10%

Balance Sheet Analysis (Median) Current Ratio 2.5 5% Quick Ratio 2.1 Cash as Percent of Market Cap 20.1% Avg Days Outstanding: Accounts Receivable 54 0% Avg Days Outstanding: Accounts Payable 59 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.0% Cash from Operations Growth (YoY) 5.3% -10% Cash from Investing Growth (YoY) 15.6% Cash from Financing Growth (YoY) -51.5% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 10.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD AVG Technologies AVG $1,487.6 $1,593.0 $383.3 86.4% 31.0% -3.2% 4.2x 13.4x 3.5x 10.0x 46.8% Barracuda Networks CUDA $1,460.4 $1,264.1 $289.2 79.2% 2.2% 18.7% 4.4x 198.1x 3.7x 12.8x -21.6% Cyberark Software CYBR $1,871.9 $1,680.3 $118.5 86.6% 24.1% 67.4% 14.2x 58.9x 11.5x 91.2x 52.1% Check Point Software CHKP $14,607.7 $13,380.6 $1,558.9 88.3% 53.5% 8.6% 8.6x 16.0x 7.9x 14.3x 2.9% A10 Networks ATEN $401.1 $304.9 $180.2 75.1% -19.7% 4.2% 1.7x n/a 1.5x n/a 43.4% Cyren CYRN $72.9 $69.0 $30.8 73.5% -12.5% -4.9% 2.2x n/a 2.0x n/a 22.2% Fortinet FTNT $8,094.9 $7,221.9 $870.0 70.9% 7.4% 27.0% 8.3x 112.4x 6.4x 36.1x 55.1% Guidance Software GUID $301.7 $280.8 $108.6 66.6% -5.1% -0.2% 2.6x n/a 2.5x 104.4x 43.7% Imperva IMPV $2,010.2 $1,767.5 $177.3 77.9% -31.4% 26.0% 10.0x n/a 8.2x n/a 35.6% Palo Alto Networks PANW $15,546.5 $15,298.6 $822.4 72.5% -12.1% 54.5% 18.6x n/a 13.5x 61.6x 53.0% Proofpoint PFPT $2,581.3 $2,506.4 $227.8 66.7% -19.4% 38.5% 11.0x n/a 8.6x 261.9x 36.3% Rapid7 RPD $890.5 $874.2 $83.7 74.8% -28.1% n/a 10.4x n/a n/a n/a -9.1% Sourcefire FIRE $15.4 $15.1 $15.7 32.0% 7.1% 2.2% 1.0x 13.5x n/a n/a 26.2% Symantec SYMC $15,479.8 $13,684.8 $6,508.0 83.1% 28.3% -2.5% 2.1x 7.4x 2.2x 6.2x -10.0% Trend Micro TSE:4704 $4,976.5 $4,033.9 $979.9 82.1% 34.4% 6.8% 4.1x 12.0x 4.0x 11.6x 31.7% VASCO VDSI $806.1 $649.1 $245.6 59.9% 23.7% 45.4% 2.6x 11.1x 2.7x 11.2x -25.3% Median: $1,679.8 $1,636.6 $236.7 74.9% 4.7% 8.6% 4.3x 13.5x 3.9x 14.3x 33.7%

Income Statement Analysis (Median) Security Software Stock Market Return: January - July 2015 TTM Revenue Growth 8.6% 40% TTM EBITDA Growth -10.1% TTM Earnings Growth -10.9% 35% Gross Profit Margin 74.9% EBITDA Margin 4.7% 30% Net Income Margin -5.2% SG&A Expenses as a % of Total Revenue 53.2% 25% R&D Expenses as a % of Total Revenue 20.0% 20% Balance Sheet Analysis (Median) Current Ratio 1.8 15% Quick Ratio 1.4 Cash as Percent of Market Cap 11.2% 10% Avg Days Outstanding: Accounts Receivable 66 5% Avg Days Outstanding: Accounts Payable 48 Working Capital to TTM Operating Expense Ratio 0.3x 0% Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 15.9% Cash from Operations Growth (YoY) 17.3% -10% Cash from Investing Growth (YoY) 4.9% Cash from Financing Growth (YoY) 15.2% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 53.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Brocade BRCD $4,261.3 $3,682.0 $2,232.6 67.2% 26.0% 1.6% 1.6x 6.3x 1.6x 6.0x -11.9% CA CA $12,857.4 $11,438.4 $4,170.0 85.4% 32.2% -4.9% 2.7x n/a 2.8x 7.3x -3.6% Cisco Systems CSCO $144,541.0 $111,136.0 $48,675.0 60.5% 27.7% 3.1% 2.3x 8.2x 2.2x 8.0x 4.5% CommVault Systems CVLT $1,704.2 $1,292.9 $594.0 86.2% 4.7% -1.7% 2.2x 46.3x 2.2x 16.4x -27.3% EMC EMC $51,763.3 $52,926.3 $24,691.0 61.5% 21.9% 4.7% 2.1x 9.8x 2.0x 7.2x -9.0% FalconStor Software FALC $57.6 $46.4 $52.5 80.3% 0.8% -0.4% 0.9x 110.8x n/a n/a -0.7% Informatica INFA $5,080.6 $4,522.6 $1,066.5 82.7% 18.3% 6.1% 4.2x 23.1x 3.8x 15.9x 28.2% NetApp NTAP $9,347.6 $5,508.9 $6,122.7 62.6% 14.3% -3.2% 0.9x 6.3x 1.0x 5.1x -23.8% Splunk SPLK $8,792.3 $7,927.2 $490.6 84.2% -45.5% 48.1% 16.2x n/a 12.1x 202.8x 19.0% Varonis Systems VRNS $516.5 $403.5 $106.9 90.0% -18.3% 34.5% 3.8x n/a 3.1x n/a -37.2% Median: $6,936.4 $5,015.7 $1,649.6 81.5% 16.3% 2.4% 2.2x 9.8x 2.2x 7.7x -6.3%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - July 2015 TTM Revenue Growth 2.4% 20% TTM EBITDA Growth -2.3% TTM Earnings Growth -8.1% Gross Profit Margin 81.5% 15% EBITDA Margin 16.3% Net Income Margin 9.6% SG&A Expenses as a % of Total Revenue 41.1% 10% R&D Expenses as a % of Total Revenue 15.2%

5% Balance Sheet Analysis (Median) Current Ratio 2.4 Quick Ratio 2.2 0% Cash as Percent of Market Cap 23.0% Avg Days Outstanding: Accounts Receivable 72 Avg Days Outstanding: Accounts Payable 45 -5% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 18.2% Cash from Operations Growth (YoY) -7.1% -15% Cash from Investing Growth (YoY) -17.8% Cash from Financing Growth (YoY) -51.0% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -2.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD CA Technologies CA $12,857.4 $11,438.4 $4,170.0 85.4% 32.2% -4.9% 2.7x 8.5x 2.8x 7.3x -3.6% Citrix Systems CTXS $12,119.4 $12,555.7 $3,168.0 85.1% 23.3% 4.0% 4.0x 17.0x 3.8x 13.0x 19.1% Netscout Systems NTCT $4,080.6 $3,873.4 $446.6 79.1% 27.0% 5.6% 8.7x 32.1x 3.0x n/a 10.1% Red Hat RHT $14,509.8 $14,046.1 $1,846.7 84.8% 18.9% 15.8% 7.6x 40.1x 6.7x 25.1x 14.6% SolarWinds SWI $3,055.7 $2,809.3 $467.2 89.4% 30.9% 22.2% 6.0x 19.5x 5.1x 10.6x -20.2% VMWare VMW $37,694.9 $32,205.9 $6,326.0 84.4% 25.7% 13.2% 5.1x 19.8x 4.6x 12.8x 8.6% Median: $12,488.4 $11,997.1 $2,507.4 85.0% 26.3% 9.4% 5.6x 19.6x 4.2x 12.8x 9.4%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - July 2015 TTM Revenue Growth 9.4% TTM EBITDA Growth 9.2% 20% TTM Earnings Growth 4.7% Gross Profit Margin 85.0% 15% EBITDA Margin 26.3% Net Income Margin 13.4% SG&A Expenses as a % of Total Revenue 46.7% 10% R&D Expenses as a % of Total Revenue 17.3%

Balance Sheet Analysis (Median) 5% Current Ratio 1.5 Quick Ratio 1.4 Cash as Percent of Market Cap 8.1% 0% Avg Days Outstanding: Accounts Receivable 70 Avg Days Outstanding: Accounts Payable 56 Working Capital to TTM Operating Expense Ratio 0.3x -5%

Cash Flow Statement Analysis (Median)

Levered FCF Margin 21.7% -10% Cash from Operations Growth (YoY) -10.2% Cash from Investing Growth (YoY) 32.4% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -145.2% Levered FCF Growth (YoY) 0.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Broadridge Financial BR $6,505.6 $6,824.7 $2,650.5 31.2% 20.0% 4.5% 2.6x 12.9x 2.5x 11.0x 20.3% Fidessa LSE:FDSA $1,426.5 $1,306.4 $446.2 19.8% 17.4% 2.5% 2.9x 16.8x 2.8x 12.9x 3.2% Jack Henry & Associates JKHY $5,658.2 $5,682.8 $1,237.6 42.5% 34.4% 9.1% 4.6x 13.3x 4.3x 12.4x 13.2% MSCI MSCI $7,392.7 $7,737.6 $1,036.1 69.5% 41.7% 8.0% 7.5x 17.9x 6.9x 15.9x 43.8% SS&C SSNC $6,578.7 $6,314.5 $811.8 47.2% 38.2% 10.2% 7.8x 20.4x 5.0x 11.6x 23.6% Median: $6,505.6 $6,314.5 $1,036.1 42.5% 34.4% 8.0% 4.6x 16.8x 4.3x 12.4x 20.3%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - July 2015 TTM Revenue Growth 8.0% 20% TTM EBITDA Growth 4.3% TTM Earnings Growth -0.6% Gross Profit Margin 42.5% EBITDA Margin 34.4% 15% Net Income Margin 16.4% SG&A Expenses as a % of Total Revenue 13.1% R&D Expenses as a % of Total Revenue 6.9% 10% Balance Sheet Analysis (Median) Current Ratio 1.7 Quick Ratio 1.5 Cash as Percent of Market Cap 6.2% 5% Avg Days Outstanding: Accounts Receivable 64 Avg Days Outstanding: Accounts Payable 7 Working Capital to TTM Operating Expense Ratio 0.2x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.1% Cash from Operations Growth (YoY) 12.7% -5% Cash from Investing Growth (YoY) -2.2% Cash from Financing Growth (YoY) 6.3% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 13.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Blackbaud BLKB $2,816.8 $3,061.1 $600.7 51.8% 16.0% 13.4% 5.1x 31.8x 4.5x 19.9x 46.1% Constellation TSX:CSU $9,469.3 $9,694.7 $1,725.0 36.3% 17.3% 17.6% 5.6x 32.5x 4.9x 19.9x 52.8% EPIQ Systems EPIQ $617.1 $888.6 $452.8 51.4% 13.3% -2.1% 2.0x 14.8x 1.6x 7.9x 0.9% Guidewire Software GWRE $4,165.9 $3,615.9 $372.8 60.7% 6.8% 13.3% 9.7x 142.7x 9.1x 52.4x 18.2% Sapiens International SPNS $514.0 $460.2 $161.8 37.8% 12.7% 15.2% 2.8x 22.4x 2.5x 18.9x 48.5% Silver Spring Networks SSNI $556.7 $446.3 $290.7 40.0% -6.3% -8.4% 1.5x n/a 1.5x 26.5x 38.4% Tyler Technologies TYL $4,725.4 $4,521.3 $537.4 47.3% 22.5% 18.2% 8.4x 37.3x 7.3x 26.3x 29.4% Median: $2,816.8 $3,061.1 $452.8 47.3% 13.3% 13.4% 5.1x 32.2x 4.5x 19.9x 38.4%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - July 2015 TTM Revenue Growth 13.4% 50% TTM EBITDA Growth 21.7% TTM Earnings Growth 41.7% Gross Profit Margin 47.3% 40% EBITDA Margin 13.3% Net Income Margin 4.8% SG&A Expenses as a % of Total Revenue 26.9% R&D Expenses as a % of Total Revenue 14.0% 30%

Balance Sheet Analysis (Median) Current Ratio 1.6 20% Quick Ratio 1.5 Cash as Percent of Market Cap 4.3% Avg Days Outstanding: Accounts Receivable 61 10% Avg Days Outstanding: Accounts Payable 19 Working Capital to TTM Operating Expense Ratio 0.2x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.5% Cash from Operations Growth (YoY) 29.4% -10% Cash from Investing Growth (YoY) -1.2% Cash from Financing Growth (YoY) 30.2% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 41.2%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG SaaS Index $1,047.4 $917.1 $159.8 65.4% -10.5% 28.6% 6.3x 43.5x 4.9x 31.0x 3.0% CRM & Marketing $1,118.8 $942.3 $178.3 68.3% -11.3% 28.4% 6.2x 129.3x 4.9x 29.1x -16.0% ERP & Supply Chain $1,197.9 $1,076.6 $143.7 67.7% -9.9% 26.7% 6.9x 38.3x 5.7x 42.6x -7.9% Vertically Focused $1,084.1 $1,193.3 $176.5 60.5% 5.9% 38.8% 8.1x 43.4x 5.7x 26.4x 5.4% Human Capital Management $1,444.0 $1,366.4 $164.5 60.3% -11.3% 33.6% 6.6x 62.4x 5.4x 48.8x 4.9% SaaS Other $578.5 $549.5 $146.5 69.0% -17.0% 27.4% 4.9x 32.1x 3.9x 26.9x 1.1%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - July 2015 TTM Revenue Growth 28.6% 12% TTM EBITDA Growth -0.7% TTM Earnings Growth -7.8% 10% Gross Profit Margin 65.4% EBITDA Margin -10.5% 8% Net Income Margin -18.0% SG&A Expenses as a % of Total Revenue 57.5% 6% R&D Expenses as a % of Total Revenue 18.8% 4% Balance Sheet Analysis (Median) Current Ratio 2.1 2% Quick Ratio 1.9 Cash as Percent of Market Cap 11.8% 0% Avg Days Outstanding: Accounts Receivable 62 -2% Avg Days Outstanding: Accounts Payable 31 Working Capital to TTM Operating Expense Ratio 0.4x -4% Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 4.6% Cash from Operations Growth (YoY) 11.1% -8% Cash from Investing Growth (YoY) -32.1% Cash from Financing Growth (YoY) -38.6% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 19.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Bazaarvoice BV $452.5 $402.7 $191.2 63.4% -11.3% 13.7% 2.1x n/a 2.0x n/a -31.1% Constant Contact CTCT $831.0 $650.3 $353.5 72.8% 12.4% 15.1% 1.8x 14.8x 1.7x 8.1x -27.9% Cvent NYSE:CVT $1,118.8 $942.3 $152.0 68.3% 1.5% 28.6% 6.2x 425.0x 4.9x 47.1x -3.8% HubSpot HUBS $1,784.7 $1,648.8 $129.9 69.3% -37.5% 52.7% 12.7x n/a 9.3x n/a 61.1% LivePerson LPSN $548.3 $511.2 $230.1 73.1% 4.0% 20.5% 2.2x 55.1x 2.0x 23.1x -29.6% Marketo MKTO $1,284.5 $1,180.3 $178.3 65.4% -31.0% 46.2% 6.6x n/a 4.9x n/a -8.0% Marin Software MRIN $202.2 $152.8 $103.0 64.1% -26.3% 24.1% 1.5x n/a 1.3x n/a -34.7% Salesforce.com CRM $48,052.3 $49,072.0 $5,658.0 75.6% 4.3% 28.4% 8.7x 203.6x 7.1x 35.2x 23.7% Zendesk ZEN $1,776.1 $1,473.2 $144.2 64.4% -46.5% 73.3% 10.2x n/a 7.0x n/a -16.0% Median: $1,118.8 $942.3 $178.3 68.3% -11.3% 28.4% 6.2x 129.3x 4.9x 29.1x -16.0%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - July 2015 TTM Revenue Growth 28.4% 15% TTM EBITDA Growth -0.3% TTM Earnings Growth -26.9% Gross Profit Margin 68.3% 10% EBITDA Margin -11.3% Net Income Margin -18.0% 5% SG&A Expenses as a % of Total Revenue 62.7% R&D Expenses as a % of Total Revenue 19.6% 0%

Balance Sheet Analysis (Median) Current Ratio 2.1 -5% Quick Ratio 1.9 Cash as Percent of Market Cap 15.8% -10% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 32 -15% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 0.8% Cash from Operations Growth (YoY) 34.4% -25% Cash from Investing Growth (YoY) -62.7% Cash from Financing Growth (YoY) -72.8% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 23.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Amber Road AMBR $153.7 $145.3 $65.0 54.7% -10.8% 16.3% 2.2x n/a 1.9x n/a -42.0% Apigee Corporation APIC $236.3 $135.5 $64.8 61.3% -76.9% n/a 2.1x n/a 1.7x n/a -51.8% Fleetmatics FLTX $1,837.4 $1,689.3 $245.2 74.7% 25.9% 28.5% 6.9x 26.6x 5.7x 18.8x 35.3% Netsuite N $7,770.6 $7,656.7 $643.6 67.7% -9.9% 35.0% 11.9x n/a 9.0x 113.5x -7.9% SciQuest SQI $330.7 $202.9 $103.7 68.2% 5.1% 4.7% 2.0x 38.3x 1.9x 10.0x -17.2% SPS Commerce SPSC $1,197.9 $1,076.6 $143.7 68.7% 9.8% 25.0% 7.5x 76.2x 6.2x 42.6x 29.7% Workday WDAY $16,107.0 $14,683.5 $879.1 67.5% -17.3% 63.7% 16.7x n/a 11.8x 223.0x 4.9% Median: $1,197.9 $1,076.6 $143.7 67.7% -9.9% 26.7% 6.9x 38.3x 5.7x 42.6x -7.9%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - July 2015 TTM Revenue Growth 26.7% 20% TTM EBITDA Growth 26.3% TTM Earnings Growth 24.1% Gross Profit Margin 67.7% 15% EBITDA Margin -9.9% Net Income Margin -17.0% SG&A Expenses as a % of Total Revenue 52.3% 10% R&D Expenses as a % of Total Revenue 18.6%

5% Balance Sheet Analysis (Median) Current Ratio 2.7 Quick Ratio 2.6 0% Cash as Percent of Market Cap 11.9% Avg Days Outstanding: Accounts Receivable 65 Avg Days Outstanding: Accounts Payable 20 -5% Working Capital to TTM Operating Expense Ratio 0.8x

-10% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.9% Cash from Operations Growth (YoY) 37.3% -15% Cash from Investing Growth (YoY) -12.7% Cash from Financing Growth (YoY) -89.7% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 46.0%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 2U TWOU $1,326.5 $1,243.4 $118.5 76.2% -21.9% 31.2% 10.5x n/a 8.0x n/a 64.7% Alarm.com ALRM $831.0 $798.5 $176.5 60.3% 12.9% 26.9% 4.5x 35.0x 4.0x 46.3x 9.8% AppFolio APPF $479.7 $477.2 $53.7 53.6% -14.9% n/a 8.9x n/a 6.1x n/a 5.4% Athenahealth ATHN $5,407.8 $5,592.6 $834.8 60.5% 7.4% 24.2% 6.7x 90.8x 5.5x 31.0x -5.4% Castlight Health CSLT $673.3 $487.5 $53.2 46.7% -150.6% 173.5% 9.2x n/a 5.7x n/a -38.5% DealerTrack TRAK $3,421.5 $4,223.3 $948.4 45.4% 12.1% 78.5% 4.5x 36.7x 3.7x 18.0x 41.3% Ebix EBIX $1,084.1 $1,193.3 $226.7 74.7% 36.2% 11.4% 5.3x 14.5x 4.6x 12.4x 85.2% Ellie Mae ELLI $2,319.5 $2,229.6 $209.5 69.2% 21.9% 54.6% 10.6x 48.6x 8.4x 34.9x 95.1% Medical Transcript MTBC $22.9 $25.6 $21.9 42.3% -11.8% 102.3% 1.2x n/a 0.9x 11.1x -24.1% Medidata Solutions MDSO $2,974.3 $2,955.1 $365.7 75.9% 10.2% 19.8% 8.1x 79.1x 6.7x 27.4x 15.0% OPOWER OPWR $512.7 $385.3 $133.3 65.3% -30.4% 35.7% 2.9x n/a 2.5x n/a -30.8% RealPage RP $1,527.7 $1,514.9 $414.5 55.9% 5.9% 6.7% 3.7x 61.7x 3.2x 18.1x -10.7% Textura TXTR $749.9 $682.0 $74.7 80.9% -13.1% 44.7% 9.1x n/a 6.4x 38.7x 1.9% Q2 Holdings QTWO $1,011.2 $891.9 $86.5 43.2% -16.2% 42.0% 10.3x n/a 7.9x n/a 43.9% Veeva Systems VEEV $3,546.5 $3,118.0 $336.4 63.8% 24.2% 43.7% 9.3x 38.2x 7.5x 25.5x 2.6% Median: $1,084.1 $1,193.3 $176.5 60.5% 5.9% 38.8% 8.1x 43.4x 5.7x 26.4x 5.4%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - July 2015 TTM Revenue Growth 38.8% 30% TTM EBITDA Growth 4.5% TTM Earnings Growth 14.9% 25% Gross Profit Margin 60.5% EBITDA Margin 5.9% Net Income Margin -3.0% 20% SG&A Expenses as a % of Total Revenue 46.4% R&D Expenses as a % of Total Revenue 14.9% 15%

Balance Sheet Analysis (Median) 10% Current Ratio 1.7 Quick Ratio 1.6 5% Cash as Percent of Market Cap 5.2% Avg Days Outstanding: Accounts Receivable 40 0% Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.3x -5%

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 6.0% Cash from Operations Growth (YoY) 16.5% -15% Cash from Investing Growth (YoY) -47.9% Cash from Financing Growth (YoY) -50.3% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 23.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Benefitfocus BNFT $1,069.6 $1,007.6 $159.8 41.6% -31.6% 33.6% 6.3x n/a 5.5x n/a 19.0% Callidus Software CALD $917.6 $826.0 $154.5 60.2% -3.3% 24.2% 5.3x n/a 4.5x 34.6x 4.3% Cornerstone OnDemand CSOD $1,945.0 $1,952.2 $280.1 69.7% -16.9% 36.7% 7.0x n/a 5.4x 205.9x 4.8% Halogen Software TSX:HGN $165.7 $123.9 $59.0 71.6% -16.0% 18.2% 2.1x n/a 1.8x n/a 3.4% HealthStream HSTM $887.8 $747.9 $189.2 57.1% 16.4% 24.8% 4.0x 24.1x 3.4x 22.3x -2.1% Paylocity Holding PCTY $1,818.5 $1,725.2 $141.3 52.2% -6.7% 40.9% 12.2x n/a 9.5x 160.2x 39.9% Paycom Software PAYC $1,867.9 $1,858.7 $169.2 84.7% 17.6% 44.6% 11.0x 62.4x 8.5x 48.8x 22.8% The Ultimate Software Group ULTI $5,264.8 $5,162.9 $555.0 60.3% 12.3% 21.1% 9.3x 75.7x 7.6x 31.0x 25.6% Workday WDAY $16,107.0 $14,683.5 $879.1 67.5% -17.3% 63.7% 16.7x n/a 11.8x 223.0x 4.9% Xactly XTLY $202.3 $213.7 $63.7 59.6% -19.7% n/a 3.4x n/a 2.8x n/a -16.1% Median: $1,444.0 $1,366.4 $164.5 60.3% -11.3% 33.6% 6.6x 62.4x 5.4x 48.8x 4.9%

Income Statement Analysis (Median) Human Capital Management SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 33.6% 20% TTM EBITDA Growth #NUM! TTM Earnings Growth #NUM! Gross Profit Margin 60.3% 15% EBITDA Margin -11.3% Net Income Margin #NUM! SG&A Expenses as a % of Total Revenue #NUM! 10% R&D Expenses as a % of Total Revenue #NUM!

Balance Sheet Analysis (Median) 5% Current Ratio #NUM! Quick Ratio #NUM! 0% Cash as Percent of Market Cap #NUM! Avg Days Outstanding: Accounts Receivable #NUM! Avg Days Outstanding: Accounts Payable #NUM! -5% Working Capital to TTM Operating Expense Ratio #NUM!

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin #NUM! Cash from Operations Growth (YoY) #NUM! -15% Cash from Investing Growth (YoY) #NUM! Cash from Financing Growth (YoY) #NUM! Human Capital Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) #NUM!

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Box Box $1,965.6 $1,724.9 $236.7 76.7% -61.9% 62.0% 7.3x n/a 5.6x n/a -29.7% ChannelAdvisors ECOM $252.1 $190.9 $88.2 72.1% -31.1% 21.7% 2.2x n/a 2.0x n/a -53.2% Covisint COVS $116.9 $66.8 $88.5 34.4% -30.4% -8.9% 0.8x n/a 0.8x n/a 16.4% Demandware DWRE $2,827.8 $2,638.9 $195.4 72.1% -17.0% 48.5% 13.5x n/a 10.5x 272.9x 33.9% FireEye FEYE $7,092.5 $6,591.9 $529.8 61.0% -74.9% 97.4% 12.4x n/a 8.8x n/a 43.4% HortonWorks HDP $1,047.4 $881.5 $60.3 -43.4% -311.3% 96.6% 14.6x n/a 8.3x n/a -4.9% inContact SAAS $570.6 $532.4 $186.1 49.1% -4.9% 37.4% 2.9x n/a 2.4x 49.9x 5.7% IntraLinks Holdings IL $651.7 $683.3 $262.9 73.0% 4.6% 10.1% 2.6x 56.4x 2.4x 17.0x -0.8% J2 Global JCOM $3,393.7 $3,511.7 $626.2 82.3% 40.9% 15.7% 5.6x 13.7x 4.8x 11.2x 16.0% Jive Software JIVE $353.1 $239.2 $184.8 63.0% -17.2% 20.8% 1.3x n/a 1.2x n/a -22.2% New Relic NEWR $1,651.1 $1,450.4 $110.4 80.3% -40.7% 74.7% 13.1x n/a 9.1x n/a -4.6% Liquid Holdings Group MB $8.5 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -32.5% MINDBODY MB $383.4 $549.5 $76.6 58.5% -30.4% n/a 7.2x n/a 5.6x n/a -15.2% Qualys QLYS $1,255.0 $1,112.1 $148.3 79.1% 20.7% 24.1% 7.5x 36.3x 6.3x 24.1x -0.9% RingCentral RNG $1,360.7 $1,249.0 $254.8 68.1% -10.3% 35.3% 4.9x n/a 3.8x 103.8x 33.7% Service-now.com NOW $498.9 $431.1 $92.5 72.5% -30.6% 19.1% 4.7x n/a 3.9x n/a 66.4% Shopify SHOP $2,834.8 $2,636.0 $144.8 57.1% -7.2% n/a 18.2x n/a 12.2x n/a 45.6% Tableau Software DATA $7,452.2 $6,722.7 $527.4 89.9% -0.3% 71.4% 12.7x n/a 9.2x 85.8x 21.8% Tangoe TNGO $429.8 $382.1 $215.6 55.2% 7.7% 10.9% 1.8x 23.0x 1.5x 9.7x -13.0% TrueCar NasdaqGS: $534.3 $417.7 $221.3 91.1% -19.1% 44.8% 1.9x n/a 1.6x 49.1x -70.0% Upland Software TRUE $124.3 $121.9 $66.5 63.7% 1.8% 38.1% 1.8x 104.6x 1.7x 25.9x -14.4% Workiva WK $586.4 $520.8 $119.7 69.9% -30.9% 28.6% 4.4x n/a 3.5x n/a 7.4% Yodlee YDLE $372.3 $304.3 $93.9 60.8% -3.7% 26.2% 3.2x n/a 2.6x 27.9x 3.0% Zix ZIXI $280.7 $252.7 $51.9 82.8% 17.4% 5.3% 4.9x 28.0x 4.4x 15.8x 37.5% Median: $578.5 $549.5 $146.5 69.0% -17.0% 27.4% 4.9x 32.1x 3.9x 26.9x 1.1%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - July 2015 TTM Revenue Growth 27.4% 20% TTM EBITDA Growth -22.0% TTM Earnings Growth -38.0% Gross Profit Margin 69.0% 15% EBITDA Margin -17.0% Net Income Margin -20.4% SG&A Expenses as a % of Total Revenue 65.4% R&D Expenses as a % of Total Revenue 21.2% 10%

Balance Sheet Analysis (Median) Current Ratio 2.6 5% Quick Ratio 2.5 Cash as Percent of Market Cap 14.3% Avg Days Outstanding: Accounts Receivable 68 0% Avg Days Outstanding: Accounts Payable 37 Working Capital to TTM Operating Expense Ratio 0.5x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 3.5% Cash from Operations Growth (YoY) -2.6% -10% Cash from Investing Growth (YoY) -30.2% Cash from Financing Growth (YoY) 4.9% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 55.1%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG Internet Index $1,189.6 $1,112.1 $476.2 64.2% 8.4% 17.1% 2.1x 19.4x 2.1x 14.3x -6.4% Ad Tech & Lead Generation $618.8 $551.2 $444.2 52.9% 2.0% 20.6% 2.2x 16.8x 2.1x 17.2x -12.5% Commerce $649.4 $636.2 $473.5 43.8% 6.0% 18.1% 1.3x 20.9x 2.0x 19.5x -9.5% Content & Media $2,142.5 $1,734.6 $669.0 58.1% 10.1% 9.2% 2.6x 35.3x 2.4x 17.1x 5.3% Gaming $3,028.22 $2,356.7 $1,332.0 69.5% 32.2% 17.7% 3.0x 11.0x 2.8x 11.7x 3.7% Infrastructure $649.89 $518.9 $304.9 62.0% 5.8% 4.9% 1.6x 18.7x 1.5x 11.4x -1.0% Search $33,510.41 $30,773.0 $6,164.2 69.9% 31.3% 16.7% 4.9x 16.7x 4.4x 11.9x 0.8% Services $919.04 $790.3 $282.1 72.4% 5.4% 22.6% 2.0x 20.8x 1.8x 12.7x -15.6% Social $3,912.58 $4,188.5 $671.4 67.8% 8.5% 46.2% 9.3x 39.2x 7.0x 19.6x -10.0% Travel $6,522.79 $6,350.2 $1,176.0 82.3% 12.0% 18.7% 3.8x 20.8x 3.7x 17.9x 7.7%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - July 2015 TTM Revenue Growth 17.1% 12% TTM EBITDA Growth 5.7% TTM Earnings Growth 6.2% 10% Gross Profit Margin 64.2% EBITDA Margin 8.4% 8% Net Income Margin 0.3% SG&A Expenses as a % of Total Revenue 38.4% 6% R&D Expenses as a % of Total Revenue 15.8% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.4 Quick Ratio 2.1 0% Cash as Percent of Market Cap 19.7% -2% Avg Days Outstanding: Accounts Receivable 41 Avg Days Outstanding: Accounts Payable 54 -4% Working Capital to TTM Operating Expense Ratio 0.5 -6% Cash Flow Statement Analysis (Median) -8% Levered FCF Margin 7.3% Cash from Operations Growth (YoY) 21.2% -10% Cash from Investing Growth (YoY) -20.5% Cash from Financing Growth (YoY) -74.8% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 7.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Baidu.com BIDU $60,614.4 $54,921.4 $9,171.8 68.0% 30.2% 42.5% 6.0x 19.8x 4.4x 21.1x -22.6% Criteo SA CRTO $3,277.9 $2,981.1 $1,068.9 35.9% 8.2% 69.1% 2.8x 34.0x 5.5x 19.5x 33.3% Google GOOGL $439,771.5 $379,973.5 $69,611.0 62.4% 32.5% 14.4% 5.5x 16.8x 4.8x 11.8x 24.2% Marchex MCHX $194.6 $111.0 $174.7 41.1% 6.7% 3.8% 0.6x 9.5x 0.8x 12.8x -2.2% MaxPoint Interactive MXPT $229.9 $192.9 $119.8 50.0% -9.7% 70.2% 1.6x n/a 2.0x n/a -9.1% ReachLocal RLOC $83.6 $51.3 $449.7 45.4% -8.3% -13.0% 0.1x n/a 0.1x 17.2x -16.4% Rocket Fuel FUEL $321.4 $313.9 $438.6 43.0% -12.4% 58.5% 0.7x n/a 0.6x 24.7x -52.6% The Rubicon Project RUBI $760.3 $661.1 $164.2 80.5% -4.4% 65.1% 4.0x n/a 2.2x 15.6x 8.7% Sohu.com SOHU $1,856.7 $1,594.1 $1,856.5 55.8% 11.2% 22.2% 0.9x 7.7x 0.8x 6.1x -8.2% Tremor TRMR $124.9 $50.2 $165.2 37.6% -9.7% 16.4% 0.3x n/a 0.2x n/a -15.9% TubeMogul TUBE $477.2 $441.4 $122.5 70.6% -5.0% 75.9% 3.6x n/a 2.7x n/a -32.7% Yahoo! YHOO $34,412.7 $29,821.2 $4,870.4 67.5% 11.1% 5.4% 6.1x 55.0x 7.2x 32.0x -26.9% Yandex YNDX $4,432.4 $4,268.7 $971.6 71.7% 32.5% 19.0% 4.4x 13.5x 4.4x 12.0x -24.3% YuMe YUME $161.0 $115.9 $180.6 47.9% -2.7% 11.6% 0.6x n/a 0.6x 101.6x -6.4% Median: $618.8 $551.2 $444.2 52.9% 2.0% 20.6% 2.2x 16.8x 2.1x 17.2x -12.5%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - July 2015 TTM Revenue Growth 20.6% 15% TTM EBITDA Growth -21.3% TTM Earnings Growth -23.0% Gross Profit Margin 52.9% 10% EBITDA Margin 2.0% Net Income Margin -7.2% 5% SG&A Expenses as a % of Total Revenue 37.2% R&D Expenses as a % of Total Revenue 15.8% 0% Balance Sheet Analysis (Median) Current Ratio 3.1x -5% Quick Ratio 3.0x Cash as Percent of Market Cap 24.0% -10% Avg Days Outstanding: Accounts Receivable 69.9x Avg Days Outstanding: Accounts Payable 69.9x -15% Working Capital to TTM Operating Expense Ratio 0.5x

Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 1.5% Cash from Operations Growth (YoY) 27.6% -25% Cash from Investing Growth (YoY) -34.2% Cash from Financing Growth (YoY) -91.2% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 1-800-FLOWERS.COM FLWS $649.4 $734.3 $1,080.6 43.8% 8.8% 45.6% 0.7x 7.8x 0.6x 8.3x 26.4% 58.com WUBA $6,861.5 $6,429.0 $303.8 94.3% -15.5% 78.4% 21.2x n/a 9.6x n/a 41.7% Alibaba BABA $196,823.6 $186,914.4 $12,292.0 68.7% 36.3% 45.1% 15.2x 41.9x 11.4x 23.3x -24.4% Amazon.com AMZN $250,762.7 $254,714.7 $95,808.0 31.3% 6.0% 17.2% 2.7x 44.5x 2.2x 20.9x 73.8% Baozun BZUN $403.9 $375.6 $289.2 21.0% -2.2% n/a 1.3x n/a 0.9x 25.2x -20.4% Bitauto Holdings BITA $2,402.1 $1,465.5 $452.7 73.1% 18.7% 80.7% 3.2x 17.3x 2.0x 42.3x -47.6% BlueNile NILE $376.5 $337.3 $476.2 18.4% 3.4% 4.3% 0.7x 20.9x 0.7x 13.9x -9.5% Chegg CHGG $715.1 $636.2 $317.9 37.7% 5.5% 14.5% 2.0x 36.5x 2.1x 155.1x 18.7% DangDang DANG $545.5 $280.4 $1,361.2 17.7% 0.4% 25.4% 0.2x 50.5x 0.2x 116.3x -29.1% eBay EBAY $34,256.6 $31,324.6 $18,351.0 67.4% 28.2% 11.1% 1.7x 6.1x 3.5x 8.8x 33.6% Groupon GRPN $3,261.6 $2,324.1 $3,213.6 47.6% 3.2% 19.0% 0.7x 22.4x 0.7x 6.8x -39.9% Liquidity Services LQDT $269.5 $183.3 $473.5 34.2% 8.6% -6.0% 0.4x 4.5x 0.4x 5.4x 12.8% Mecox Lane MCOX $41.2 $22.7 $51.7 63.8% 13.2% 61.3% 0.4x 3.3x n/a n/a -9.7% Mercadolibre MELI $5,770.6 $5,690.5 $589.3 77.5% 33.3% 21.4% 9.7x 29.0x 8.7x 27.5x 4.0% MOL Global MOLG $84.4 $62.8 $57.7 16.3% -13.4% 16.5% 1.1x n/a n/a n/a -58.6% Overstock.com OSTK $514.7 $392.4 $1,554.2 18.7% 1.5% 16.6% 0.3x 16.6x n/a n/a -10.2% PetMed Express PETS $341.4 $283.1 $228.5 33.0% 13.7% -1.4% 1.2x 9.1x 1.2x 8.6x 20.1% Stamps.com STMP $1,122.5 $1,053.3 $158.0 77.8% 25.6% 22.5% 6.7x 26.0x 5.3x 18.0x 44.1% Wowo Limited WOWO $347.6 $542.8 $32.2 79.9% -121.9% -2.0% 16.9x n/a n/a n/a -59.0% Median: $649.4 $636.2 $473.5 43.8% 6.0% 18.1% 1.3x 20.9x 2.0x 19.5x -9.5%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - July 2015 TTM Revenue Growth 18.1% 20% TTM EBITDA Growth 17.9% TTM Earnings Growth 10.8% Gross Profit Margin 43.8% 15% EBITDA Margin 6.0% Net Income Margin -2.3% 10% SG&A Expenses as a % of Total Revenue 37.6% R&D Expenses as a % of Total Revenue 17.2% 5% Balance Sheet Analysis (Median) Current Ratio 2.4x 0% Quick Ratio 2.0x Cash as Percent of Market Cap 20.1% -5% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 44.8x -10% Working Capital to TTM Operating Expense Ratio 0.4x

Cash Flow Statement Analysis (Median) -15% Levered FCF Margin 7.3% Cash from Operations Growth (YoY) 18.6% -20% Cash from Investing Growth (YoY) 35.5% Cash from Financing Growth (YoY) -3.4% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -9.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD DemandMedia DMD $118.6 $71.2 $160.6 56.0% 2.7% 4.4% 0.4x 16.2x 0.5x 17.1x 4.6% InterActiveCorp IACI $6,406.4 $6,624.6 $3,156.6 73.5% 12.7% 6.0% 2.1x 16.6x 2.0x 11.3x 29.5% Netflix NFLX $48,696.6 $48,299.9 $6,112.0 32.3% 6.7% 24.9% 7.9x 118.6x 6.3x 84.1x 129.3% Pandora P $3,719.2 $3,346.7 $1,023.9 46.1% -3.7% 28.0% 3.3x n/a 2.6x 31.3x -1.2% Shutterstock SSTK $1,916.2 $1,670.7 $352.7 60.2% 13.4% 37.2% 4.7x 35.3x 3.5x 17.2x -22.1% SINA SINA $2,368.8 $1,396.9 $781.4 61.7% 0.6% 10.0% 1.8x 283.0x 1.6x 19.1x 7.4% TheStreet.com TST $64.8 $31.1 $63.6 49.2% 0.1% 13.0% 0.5x 710.4x 0.4x 10.0x -17.0% WebMD Health WBMD $1,603.7 $1,798.6 $597.9 60.6% 20.4% 8.4% 3.0x 14.7x 2.8x 9.0x 11.4% XO Group XOXO $392.3 $309.6 $143.8 86.5% 12.9% 5.8% 2.2x 16.7x 2.2x 12.3x -18.2% Xunlei XNET $619.9 $187.9 $177.7 45.7% 15.4% 6.7% 1.1x 6.9x 1.2x n/a 15.6% Yahoo! YHOO $34,412.7 $29,821.2 $4,870.4 67.5% 11.1% 5.4% 6.1x 55.0x 7.2x 32.0x -26.9% Youku YOKU $3,763.4 $2,786.7 $740.1 23.8% 9.1% 37.9% 3.8x 41.4x 2.5x n/a 6.0% Median: $2,142.5 $1,734.6 $669.0 58.1% 10.1% 9.2% 2.6x 35.3x 2.4x 17.1x 5.3%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - July 2015 TTM Revenue Growth 9.2% 15% TTM EBITDA Growth -21.0% TTM Earnings Growth -10.0% Gross Profit Margin 58.1% 10% EBITDA Margin 10.1% Net Income Margin 3.3% SG&A Expenses as a % of Total Revenue 39.9% R&D Expenses as a % of Total Revenue 14.7% 5%

Balance Sheet Analysis (Median) Current Ratio 2.7x 0% Quick Ratio 2.3x Cash as Percent of Market Cap 26.0% Avg Days Outstanding: Accounts Receivable 65.3x -5% Avg Days Outstanding: Accounts Payable 30.6x Working Capital to TTM Operating Expense Ratio 0.6x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.6% Cash from Operations Growth (YoY) 7.0% -15% Cash from Investing Growth (YoY) 12.8% Cash from Financing Growth (YoY) -105.3% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 10.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ChangYou.com CYOU $1,210.6 $1,078.3 $807.6 69.7% 27.5% 9.7% 1.3x 4.9x 1.4x 6.2x -13.6% Netease NTES $18,121.8 $14,515.2 $2,098.2 71.0% 39.3% 38.2% 6.9x 17.6x 4.7x 13.0x 41.2% NCSoft KOSE:A03657 $3,775.0 $3,119.3 $766.0 74.8% 36.9% 13.2% 4.1x 11.0x 3.8x 10.3x 15.6% Sohu.com SOHU $1,856.7 $1,594.1 $1,856.5 55.8% 11.2% 22.2% 0.9x 7.7x 0.8x 6.1x -8.2% Tencent Holdings SEHK:700 $173,696.1 $170,667.2 $13,377.0 61.4% 41.0% 27.0% 12.8x 31.1x 10.0x 22.7x 28.6% Zynga ZNGA $2,281.4 $1,331.0 $705.7 69.3% -11.8% -9.3% 1.9x n/a 1.7x 36.3x -9.2% Median: $3,028.2 $2,356.7 $1,332.0 69.5% 32.2% 17.7% 3.0x 11.0x 2.8x 11.7x 3.7%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - July 2015 TTM Revenue Growth 17.7% 30% TTM EBITDA Growth 29.8% TTM Earnings Growth 15.2% 25% Gross Profit Margin 69.5% EBITDA Margin 32.2% Net Income Margin 20.1% 20% SG&A Expenses as a % of Total Revenue 30.4% R&D Expenses as a % of Total Revenue 20.1% 15%

Balance Sheet Analysis (Median) Current Ratio 2.8x 10% Quick Ratio 2.1x Cash as Percent of Market Cap 31.4% 5% Avg Days Outstanding: Accounts Receivable 32.9x Avg Days Outstanding: Accounts Payable 42.7x 0% Working Capital to TTM Operating Expense Ratio 0.9x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 28.4% Cash from Operations Growth (YoY) 22.5% -10% Cash from Investing Growth (YoY) 14.6% Cash from Financing Growth (YoY) -44.2% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 44.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 8x8 EGHT $768.0 $611.0 $172.4 72.5% 4.9% 25.6% 3.5x 72.3x 2.9x 32.5x -3.9% Akamai Technologies AKAM $13,731.1 $13,702.1 $2,101.6 68.1% 33.7% 19.3% 6.5x 19.4x 5.8x 14.3x 21.3% Brightcove BCOV $178.2 $158.8 $128.6 64.9% -1.9% 6.9% 1.2x n/a 1.2x 24.4x -29.3% BroadSoft BSFT $1,014.0 $945.1 $240.6 72.2% 8.3% 25.8% 3.9x 47.4x 3.4x 15.4x 21.1% Envivio ENVI $51.4 $18.6 $42.7 65.4% -15.5% -3.4% 0.4x n/a 0.4x n/a 34.8% GoDaddy GDDY $1,846.7 $3,066.8 $1,443.4 63.3% 6.9% 21.5% 2.1x 30.6x 1.9x 8.7x 8.8% Harmonic HLIT $531.8 $426.7 $423.1 52.0% 5.4% -8.2% 1.0x 18.7x 1.0x 9.0x -14.3% Interactive Intelligence ININ $893.3 $832.9 $367.8 60.7% 2.7% 12.1% 2.3x 84.0x 2.1x 63.4x -13.2% Limelight Networks LLNW $375.3 $294.3 $165.9 50.4% -3.3% -0.9% 1.8x n/a 1.7x 46.8x 36.1% Mitel Networks MITL $1,132.6 $1,323.0 $1,110.6 53.2% 13.1% 75.1% 1.2x 9.1x 1.1x 7.3x 0.0% Polycom PLCM $1,517.6 $1,146.0 $1,331.9 58.3% 12.5% -1.0% 0.9x 6.9x 0.9x 5.3x -14.8% Rovi ROVI $991.8 $1,844.8 $524.6 80.5% 31.8% -5.5% 3.5x 11.0x 3.5x 9.4x -51.3% SeaChange International SEAC $229.5 $153.0 $114.3 50.2% -12.1% -15.4% 1.3x n/a 1.3x n/a 9.9% ShoreTel SHOR $457.7 $373.4 $354.9 59.7% 6.3% 5.4% 1.1x 16.7x 1.0x 14.8x -2.1% Sonus Networks SONS $400.2 $301.5 $254.9 64.1% -8.1% -12.3% 1.2x n/a 1.1x 6.7x -60.7% Synacor SYNC $45.2 $21.0 $108.1 45.9% 0.5% 0.1% 0.2x 41.5x 0.2x 6.0x -20.5% Tucows TCX $294.4 $287.2 $153.7 29.1% 11.0% 14.4% 1.9x 17.0x 1.7x 11.9x 39.3% VeriSign VRSN $8,051.2 $8,025.5 $1,031.9 81.5% 61.8% 4.4% 7.8x 12.6x 7.5x 11.0x 24.0% Median: $649.9 $518.9 $304.9 62.0% 5.8% 4.9% 1.6x 18.7x 1.5x 11.4x -1.0%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - July 2015 TTM Revenue Growth 4.9% 15% TTM EBITDA Growth 17.9% TTM Earnings Growth 10.8% Gross Profit Margin 62.0% 10% EBITDA Margin 5.8% Net Income Margin -2.3% SG&A Expenses as a % of Total Revenue 37.6% R&D Expenses as a % of Total Revenue 17.2% 5%

Balance Sheet Analysis (Median) Current Ratio 2.4x 0% Quick Ratio 2.0x Cash as Percent of Market Cap 20.1% Avg Days Outstanding: Accounts Receivable 61.4x -5% Avg Days Outstanding: Accounts Payable 44.8x Working Capital to TTM Operating Expense Ratio 0.4x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 7.3% Cash from Operations Growth (YoY) 18.6% -15% Cash from Investing Growth (YoY) 35.5% Cash from Financing Growth (YoY) -3.4% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -9.1%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - July 2015 TTM Revenue Growth 16.7% 15% TTM EBITDA Growth 17.9% TTM Earnings Growth 10.8% Gross Profit Margin 69.9% EBITDA Margin 31.3% 10% Net Income Margin -2.3% SG&A Expenses as a % of Total Revenue 37.6% R&D Expenses as a % of Total Revenue 17.2% 5% Balance Sheet Analysis (Median) Current Ratio 2.4x Quick Ratio 2.0x Cash as Percent of Market Cap 20.1% 0% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 44.8x Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 7.3% Cash from Operations Growth (YoY) 18.6% -10% Cash from Investing Growth (YoY) 35.5% Cash from Financing Growth (YoY) -3.4% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -9.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Angie's List ANGI $292.6 $281.8 $334.3 72.6% 4.6% 17.0% 0.8x 18.5x 0.8x 7.9x -21.7% Bankrate RATE $919.0 $1,062.2 $550.2 41.4% 18.2% 13.5% 1.9x 10.6x 2.0x 7.4x -26.2% Carbonite CARB $326.4 $261.4 $130.2 69.7% 1.3% 12.3% 2.0x 155.2x 1.8x 8.7x -15.6% Care.com CRCM $191.7 $129.0 $136.4 72.4% -19.6% 43.1% 0.9x n/a 0.8x n/a -23.6% Cimpress CMPR $2,142.6 $2,706.7 $1,494.2 61.9% 13.0% 17.6% 1.8x 14.0x 1.6x 10.7x -12.6% Coupons.com COUP $806.2 $611.3 $225.8 61.2% -6.0% 23.5% 2.7x n/a 2.1x 13.9x -43.6% eHealth EHTH $291.4 $239.6 $187.3 97.6% 3.2% -1.3% 1.3x 39.7x 1.3x 23.1x -32.9% Everyday Health EVDY $376.0 $440.2 $188.0 72.4% 8.7% 15.4% 2.3x 26.8x 1.8x 8.3x -18.9% GrubHub GRUB $2,661.4 $2,354.0 $311.5 64.9% 28.2% 53.3% 7.6x 26.8x 5.7x 18.7x -13.3% LendingClub LC $5,402.3 n/a $253.6 82.8% n/a 110.5% n/a n/a n/a n/a -41.8% LifeLock LOCK $747.4 $421.5 $532.1 75.5% 6.3% 26.3% 0.8x 12.6x 0.7x 5.2x -50.2% Monster Worldwide MWW $643.0 $790.7 $741.5 48.5% 10.7% -5.9% 1.1x 9.9x 1.1x 5.8x 54.9% Qihoo QIHU $7,995.8 $8,112.6 $1,509.9 77.8% 25.9% 82.7% 5.4x 20.8x 3.8x 12.7x 3.9% QuinStreet QNST $259.3 $209.8 $282.1 10.7% -0.1% -0.1% 0.7x n/a 0.7x 13.1x -3.0% Shutterfly SFLY $1,609.5 $1,787.4 $969.2 50.0% 9.2% 16.8% 1.8x 20.0x 1.6x 9.1x 3.7% Tree.Com TREE $949.7 $861.1 $191.2 95.7% 9.5% 22.6% 4.5x 47.6x 4.0x 25.7x 75.2% Wix.com WIX $1,082.2 $997.4 $157.5 81.8% -35.0% 67.9% 6.3x n/a 4.5x 72.3x 33.0% Xoom XOOM $976.9 $789.9 $174.0 72.3% 4.0% 24.2% 4.5x 112.2x 3.7x 28.2x 43.4% Zillow Z $4,765.7 $4,367.2 $386.9 90.6% -1.3% 72.1% 11.3x n/a 6.0x 40.4x -21.4% Median: $919.0 $790.3 $282.1 72.4% 5.4% 22.6% 2.0x 20.8x 1.8x 12.7x -15.6%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - July 2015 TTM Revenue Growth 22.6% 15% TTM EBITDA Growth 4.1% TTM Earnings Growth 36.4% Gross Profit Margin 72.4% 10% EBITDA Margin 5.4% Net Income Margin -5.9% SG&A Expenses as a % of Total Revenue 49.8% 5% R&D Expenses as a % of Total Revenue 20.5%

0% Balance Sheet Analysis (Median) Current Ratio 2.9x Quick Ratio 2.3x -5% Cash as Percent of Market Cap 16.8% Avg Days Outstanding: Accounts Receivable 23.9x Avg Days Outstanding: Accounts Payable 46.2x -10% Working Capital to TTM Operating Expense Ratio 0.3x

-15% Cash Flow Statement Analysis (Median) Levered FCF Margin 7.6% Cash from Operations Growth (YoY) 15.4% -20% Cash from Investing Growth (YoY) -8.6% Cash from Financing Growth (YoY) -83.8% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 65.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Facebook FB $264,002.3 $250,026.3 $14,640.0 83.4% 43.6% 46.2% 17.1x 39.2x 12.6x 21.5x 19.8% LinkedIn LNKD $25,603.5 $23,699.9 $2,561.1 86.3% 8.5% 38.6% 9.3x 109.4x 7.0x 30.7x -11.5% Mail.ru Group LSE:MAIL $3,912.6 $4,188.5 $524.0 64.2% 48.6% 19.5% 8.0x 16.5x 6.6x 14.2x 22.1% Renren RENN $1,189.6 $776.2 $73.4 36.0% -125.9% -43.5% 10.6x n/a 11.0x n/a 30.5% Twitter TWTR $20,826.1 $18,862.5 $1,778.7 67.8% -16.1% 82.6% 10.6x n/a 7.0x 28.4x -15.2% Yelp YELP $1,975.1 $1,607.0 $464.8 92.4% 6.1% 56.5% 3.5x 56.8x 2.6x 17.7x -52.1% YY YY $3,182.4 $2,952.1 $671.4 48.2% 29.0% 91.4% 4.4x 15.2x 3.1x 12.0x -10.0% Median: $3,912.6 $4,188.5 $671.4 67.8% 8.5% 46.2% 9.3x 39.2x 7.0x 19.6x -10.0%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - July 2015 TTM Revenue Growth 46.2% 15% TTM EBITDA Growth 17.1% TTM Earnings Growth 15.0% Gross Profit Margin 67.8% EBITDA Margin 8.5% 10% Net Income Margin 7.3% SG&A Expenses as a % of Total Revenue 51.2% R&D Expenses as a % of Total Revenue 25.9% 5% Balance Sheet Analysis (Median) Current Ratio 9.0x Quick Ratio 8.5x Cash as Percent of Market Cap 17.1% 0% Avg Days Outstanding: Accounts Receivable 41.5x Avg Days Outstanding: Accounts Payable 38.7x Working Capital to TTM Operating Expense Ratio 1.1x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 4.7% Cash from Operations Growth (YoY) 33.4% -10% Cash from Investing Growth (YoY) -51.9% Cash from Financing Growth (YoY) -7.7% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 2.8%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Ctrip CTRP $10,194.0 $10,368.7 $1,432.9 70.7% -2.5% 41.4% 7.2x n/a 5.6x 63.9x 58.3% Expedia EXPE $15,680.1 $15,401.1 $6,104.5 79.9% 11.6% 16.3% 2.5x 21.8x 2.2x 11.9x 42.1% HomeAway AWAY $2,851.6 $2,331.6 $460.1 84.7% 13.7% 23.5% 5.1x 36.9x 4.5x 18.2x 3.9% MakeMyTrip MMYT $613.0 $484.8 $298.5 31.2% -4.4% 9.3% 1.6x n/a 2.9x 28.7x -46.3% Orbitz OWW $1,260.2 $1,374.7 $942.0 77.8% 12.4% 10.2% 1.5x 11.8x 1.4x 8.5x 35.7% Priceline PCLN $64,462.9 $65,131.6 $8,640.9 90.7% 38.1% 21.1% 7.5x 19.8x 6.8x 17.7x 8.9% Travelzoo TZOO $131.7 $75.8 $135.6 86.8% 6.4% -10.7% 0.6x 8.7x 0.6x 14.1x -26.5% TripAdvisor TRIP $12,280.3 $11,857.3 $1,410.0 96.3% 25.2% 31.5% 8.4x 33.3x 7.0x 21.3x 6.4% Median: $6,522.8 $6,350.2 $1,176.0 82.3% 12.0% 18.7% 3.8x 20.8x 3.7x 17.9x 7.7%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - July 2015 TTM Revenue Growth 18.7% 20% TTM EBITDA Growth -7.1% TTM Earnings Growth -17.6% Gross Profit Margin 82.3% 15% EBITDA Margin 12.0% Net Income Margin 3.3% SG&A Expenses as a % of Total Revenue 55.4% 10% R&D Expenses as a % of Total Revenue 15.4%

Balance Sheet Analysis (Median) Current Ratio 1.8x 5% Quick Ratio 1.6x Cash as Percent of Market Cap 23.4% Avg Days Outstanding: Accounts Receivable 37.7x 0% Avg Days Outstanding: Accounts Payable 212.0x Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 12.7% Cash from Operations Growth (YoY) 28.4% -10% Cash from Investing Growth (YoY) -28.1% Cash from Financing Growth (YoY) 48.3% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -4.5%