Marketing, Media, Technology, and Service Industries M&A & November 2011 Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 34

M&A & INVESTMENT SUMMARY NOVEMBER 2011 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A tot al of 245 deal s worth approxi mat el y $6.4 billion were announced in Novemb er 2011 • Digital Media/Commerce was the most active segment with 90 transactions • Digital Media/Commerce was also the highest value segment worth approximately $1.8 billion • Strategic buyers announced 107 deals for approximately $4.4 billion (44% of total volume) • VC/ investors announced 130 deals for approximately $1.3 billion • Buyout investors announced eight deals for approximately $688 million

NOVEMBER 2011 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM#$MM Digital Media/Commerce 90 37% 1,841.2 29% 25 899.5 2 384.1 63 557.6 Marketing Technology 60 24% 1,058.5 17% 25 695.6 2 40.0 33 322.9 Software & Information 30 12% 1,037.8 16% 7 742.2 0 0.0 23 295.6 Digital Advertising 26 11% 1,109.6 17% 15 976.2 1 64.2 10 69.2 Agency/Consulting 22 9% 981.9 15% 20 810.2 1 151.7 1 20.0 OtOut-o fHf-Home & Spec iltialty MdiMedia 9 4% 230. 0 4% 9 230. 0 0 000.0 0 000.0 Marketing Services 8 3% 135.7 2% 6 87.9 2 47.8 0 0.0 Total 245 100% 6,394.7 100% 107 4,441.6 8 687.8 130 1,265.3 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

24. 0 $22. 0 21.0 $18.3 $10.3 18.0 HPQ/ AU $14.7 $8.5 15.0 Skype/ $13.4 MSFT 12.0 $10.7 $9.6 $10.0 $9.4 9.0 $7.6 $6.0 $6.0 $6.4 6.0 $2.7 alue ($ in billions) in ($ alue 303.0 VV 149 182184 207246 241 254 248 245 263 275 279 245 - Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

M&A & INVESTMENT SUMMARY NOVEMBER 2011 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions)

Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Advertising interclick, Inc. Ad Networks/Exchanges Yahoo!, Inc. $270.0 $117.4 10.9 2.3x 24.8x Prime Visibility Media Group Corporation Searc h Marketing blinkx, Inc . 36.0 29.9 - 1.2x NM Mobile Interactive Group Limited(1 ) Mobile Marketing Velti 25.0 20.0 - 1.3x NM Agency/Consulting Photon Group, Field Marketing & Retail Agencies Division Marketing Consulting Navis Capital Partners 151.7 119.3 21.8 1.3x 7.0x The Corkery Group(2 ) Healthcare Agency Cooney/Waters Group, Inc. 42.2 9.9 - 4.3x NM Mr. Youth, LLC(3 ) Social Agency LBi International AB 40.0 25.0 - 1.6x NM Out-of-Home & Specialty Media Carus Publishing(4 ) Custom Publishing ePals Corporation 15.0 16.0 1.0 0.9x 15.0x Marketing Technology Datasquirt Teleservic es/eServic es LiveOps, Inc. 11.8 2.3 - 5.1x NM Software & Information HealthDataInsights HC- Providers SoftSoftware ware HMS Holdings 400.0 85.0 - 47x4.7x NM HealthTrans(5 ) Healthcare-Providers SXC Health Solutions Corporat 250.0 270.0 - 0.9x NM Razor Risk Technologies Credit/Risk Software TMX Group 10.2 9.9 0.6 1.0x 17.0x Marketing Services Clark Holdings, Inc Logistics The Gores Group, LLC 7.8 63.2 0.0 0.9x NM Capscan Ltd(6 ) Data Processing/Enhancement GB Group PLC 17.9 11.2 1.9 1.0x 17.0x

IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Groupon Digital Promotion/Coupon IPO $11,666.7 $1,290.5 (380.7) 9.0x NM Angie's List Social Media/Apps IPO 660.7 78.7 (44.5) 8.4x NM

(1) Revenue per paidcontent.org (2) Revenue per prweek.com (3) Revenue per Reuters (4) Revenue and EBITDA per Folio Magazine (5) Revenue per Chicago Tribune (6) Revenue and EBITDA per techmarketview.com

M&A & INVESTMENT SUMMARY NOVEMBER 2011 4 IPO PIPELINE ($ in Millions)

Securities in Registration (as of 11/30/2011) Aggre gate LTM Date Company Name Segment Offering Value Rev Adj. EBITDA

Nov-11 ExactTarget, Inc. Marketing Technology $100.0 $187.0 NM

Nov-11 NEXON Corporation Digital Media/Commerce 1,300.0 NA NA

Nov-11 Synacor, Inc. Marketing Technology 75.0 80.3 4.6

Nov-11 Yelp, Inc. Digital Media/Commerce 100.0 73.7 NM

Oct-11 Lashou Digital Media/Commerce 100.0 7.0 NM

Sep-11 Guidewire Software, Inc. Software & Information 100.0 172.5 19.1

Aug-11 MobiTV, Inc. Marketing Technology 75.0 72.3 NM

Aug-11 Bazaarvoice, Inc. Marketing Technology 86.3 73.6 NM

Aug-11 Brightcove Software & Information 50.0 48.6 NM

Aug-11 Eloqua Corporation Marketing Technology 100.0 59.5 NM

Aug-11 Jive Software Marketing Technology 100.0 69.4 NM

Aug-11 TIM W.E. SGPS Digital Advertising 181.3 246.6 20.2

Jul-11 Loyalty Alliance Enterprise Corp. Marketing Services 75.5 23.9 9.7

Jul-11 Demandware Marketing Technology 100.0 45.9 1.3

Jul-11 Greenway Medical Software & Information 100.0 89.9 4.9

Jul-11 Zynga Digital Media/Commerce 1,000.0 888.5 181.2

Jun-11 Cafepress Digital Media/Commerce 80.0 160.8 13.5

Apr-11 WageWorks, Inc. Software & Information 52.0 84.6 27.5

Mar-11 Newgistics Marketing Services 86.3 182.8 18.9

Nov-10 .com Vertical Search 50.0 199.6 38.7

Feb-10 Reply.com Digital Advertising 60.0 38.3 8.1

M&A & INVESTMENT SUMMARY NOVEMBER 2011 5 IPO PIPELINE ($ in Millions)

IPO Performance (as of 11/30/2011)

Initial Offering Final Price Stock Price at Close Stock Price on Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2011 Nov-11 ANGI Angie's List, Inc. $11.00-$13.00 $13.00 16.26, up 25% $11.56 Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 17.50 Aug-11 TUDO Tudou Holdings Limited China 28.00-30.00 29.00 25.56, down 11.9% 12.02

Jul-11 Z Zillow, Inc. United States 12.00-14.00 20.00 35.77, up 79% 22.39

Jn11Jun-11 RATE Bankrate , Inc. United States 14.00 -16 .00 15.00 16.44 , up 996%.6% 18.13

Jun-11 AWAY HomeAway United States 25.00 - 27.00 27.00 40.21, up 49% 26.16

Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 10.18

Jun-11 TAOM Taomee Holdings Ltd. China 9.00 - 11.00 9.00 8.23, down 8% 4.77

May-11 LNKD LinkedIn Corp. United States 12.00 - 14.00 11.00 14.75, up 34% 65.93

May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01 , up 29% 6166.16

May-11 RENN RenRen Inc. United States 22.00 - 24.00 25.00 38.84, up 55% 3.70

May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 7.38

May-11 NQ NetQin Mobile India 32.00 - 35.00 45.00 94.25, up 109% 5.86 May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 12.68

May-11 YNDX China 9.50 - 11.50 11.50 9.30, down 19% 21.98 Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 8.34

Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 16.42

Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 13.34

Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 16.12

Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 8.53 Jan-11 VELT Velti Plc China 9.00 - 11.00 12.00 15.58, up 30% 7.40

Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 7.09

Jan-11 NLSN Nielsen Holdings B.V. Netherlands 20.00 - 22.00 23.00 25.00, up 9% 29.05

Dec-10 ISS Isoftstone Holdings Ltd. China 11.00 - 13.00 13.00 16.62, up 28% 8.87 Dec-10 MOBI Sky-mobi Ltd. China 8.00 - 10.00 8.00 6.00, down 25% 4.14 Dec-10 DANG E-Commerce China Dangdang China 13.00 - 15.00 16.00 29.91, up 87% 4.72

Dec-10 YOKU Youku.com China 9.00 - 11.00 12.80 33.44, up 161% 19.53

M&A & INVESTMENT SUMMARY NOVEMBER 2011 6 DIGITAL ADVERTISING Transactions by Segment and Buyer Type

• Digital Video was the most active segment with seven deals, while Ad Networks/Exchanges was the highest value segment worth approximately $385 million • Select acquisitions › Yahoo!’s $270 million acquisition of interclick, which provides a data valuation platform for advertisers › Lenco Mobile’ s $42 million acquisition of iLoop Mobile, a provider of mobile services and technology for interactive mobile marketing › blinkx’s $36 million acquisition of Prime Visibility Media Group, an online marketing company offering search engine optimization, email marketing, media buying and website design • Select investments › The $30 million investment in BrightRoll, a provider of digital video advertising services, led by Trident Capital › The $12 million investment in YuMe Networks, which operates as an online mobile video advertising technology and network, from Samsung Ventures and Translink Capital

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 7 27% 371.8 34% 3 320.0 0 0.0 4 51.8 Mobile Marketing 5 19% 77.9 7% 2 67.0 0 0.0 3 10.9 Ad Networks/Exchanges 4 15% 384.6 35% 3 320.4 1 64.2 0 0.0 Search Marketing 4 15% 163.8 15% 4 163.8 0 0.0 0 0.0 Affiliate/CPA Network 3 12% 55.5 5% 1 50.0 0 0.0 2 5.5 Email Services 1 4% 25.0 2% 1 25.0 0 0.0 0 0.0 Game Advertising 1 4% 1.0 0% 0 0.0 0 0.0 1 1.0 Online Lead Generation 1 4% 30.0 3% 1 30.0 0 0.0 0 0.0 Total 26 100% 1,109.6 100% 15 976.2 1 64.2 10 69.2

M&A & INVESTMENT SUMMARY NOVEMBER 2011 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $599.39 -7% $194,134.9 $158,832.9 $42,561.0 $7,259.0 $35,762.0 $13,446.0 37.6% 29.8% 4.4x 11.8x Microsoft Corporation United States 25.58 -13% 215,183.6 172,341.6 55,939.0 13,097.0 71,120.0 30,146.0 42.4% 8.2% 2.4x 5.7x

Bankrat e, Inc . United States $18.13 -17% $1,812.9 $1,942.0 $64.5 193.5 $387.7 $120.4 31.1% 0.0% 5.0x 16.1x Constant Contact, Inc. * United States 21.88 -40% 650.7 523.0 127.7 - 204.4 18.3 9.0% 25.2% 2.6x 28.6x eHealth, Inc. United States 15.17 -5% 304.1 177.6 126.5 - 159.2 29.7 18.6% 10.5% 1.1x 6.0x Hi-Media S.A. France 2.70 -61% 122.4 152.6 38.7 70.1 335.3 27.7 8.3% 11.7% 0.5x 5.5x IAC/InterActiveCorp. United States 41.88 -5% 3,435.5 2,779.8 865.0 95.8 1,913.9 240.5 12.6% 25.6% 1.5x 11.6x InfoSpace, Inc . United States 9649.64 -2% 380.1 100.8 279.3 - 211.9 23.5 11.1% -9. 9% 05x0.5x 43x4.3x Motric ity, Inc . * United States 1.36 -96% 62.9 65.6 17.7 20.5 133.2 1.7 1.3% 8.5% 0.5x 37.9x OPT, Inc. Japan 1,268.59 -41% 189.4 36.9 166.5 0.4 787.9 20.8 2.6% 9.8% 0.0x 1.8x Pacific Online Ltd. China 0.50 -18% 540.1 500.7 39.4 - 87.8 40.8 46.5% 26.7% 5.7x 12.3x QuinStreet, Inc. United States 9.26 -63% 441.2 399.7 145.3 103.8 400.6 71.3 17.8% 11.3% 1.0x 5.6x Responsys, Inc. United States 8.34 -54% 395.7 308.9 89.1 2.3 128.4 24.4 19.0% 54.1% 2.4x 12.7x Septeni Holdings Co Ltd Japan 549.29 -51% 69.1 26.6 57.8 9.8 449.2 14.2 3.2% 6.1% 0.1x 1.9x The Active Network, Inc. United States 12.68 -46% 688.1 552.6 139.0 3.6 323.0 23.7 7.3% 18.6% 1.7x 23.4x TradeDoubler AB Sweden 3.91 -49% 166.8 128.0 38.2 - 431.5 19.8 4.6% 5.7% 0.3x 6.5x Tree.Com, Inc. United States 5.50 -42% 60.7 50.4 10.3 - 182.0 6.8 3.8% 154.1% 0.3x 7.4x Tudou Holdings Limited China 12.02 -57% 340.8 185.6 168.3 13.1 69.5 (48.6) NM 112.1% 2.7x NM ValueClick, Inc. United States 15.46 -22% 1,276.7 1,323.1 98.7 145.0 506.3 143.7 28.4% 22.8% 2.6x 9.2x Velti Plc * Ireland 7.40 -63% 456.4 326.4 140.4 10.3 159.6 9.2 5.7% 28.1% 2.0x 35.7x Yandex N.V. * Netherlands 21.98 -48% 7,099.4 6,666.6 432.8 - 550.1 244.4 44.4% 0.0% 12.1x 27.3x Yahoo! Inc. United States 15.71 -17% 19,485.1 17,454.3 2,114.8 39.0 5,185.2 1,405.6 27.1% -20.6% 3.4x 12.4x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x) Low 0.0x 1.8x and EBITDA multiples that are 1.0 standard deviations above the mean (25.2x). Mean 2.3x 14.0x Median 1.6x 11.6x Note: Revenue and EBIT DA multiples for Google and Mic rosoft exc luded from Summary Multiples. Weighted Avg 4.7x 15.5x Adj. W Avg* 3.0x 12.2x High 12.1x 37.9x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 8 AGENCY/CONSULTING Transactions by Segment and Buyer Type

• Digital Agency was the most active segment with six deals, and Public Relations was the highest value segment worth $375 million • Select acquisitions › WPP Group’s acquisition of Glover Park, a strategic communications and government relations firm › Cooney/Waters Group’ s $42 million acquisition of The Corkery Group, a full service health and medical public relations company › LBi International’s $40 million acquisition of Mr. Youth, which offers experiential, word of mouth and social interactive marketing services • Select investments › The $20 million investment in Medley Health, which provides physician practice management services, from Cardinal Partners, Technology Partners and Vivo Ventures

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 6 27% 213.0 22% 6 213.0 0 0.0 0 0.0 Public Relations 5 23% 375.0 38% 5 375.0 0 0.0 0 0.0 Experiential Marketing 4 18% 85.0 9% 4 85.0 0 0.0 0 0.0 Marketing Consulting 4 18% 206.7 21% 3 55.0 1 151.7 0 0.0 Healthcare Agency 1 5% 42.2 4% 1 42.2 0 0.0 0 0.0 Other Consulting 1 5% 20.0 2% 0 0.0 0 0.0 1 20.0 Total 22 100% 982 100% 20 810 1 152 1 20

*Other includes Social Agency

M&A & INVESTMENT SUMMARY NOVEMBER 2011 9 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc * United Kingdom $2.14 -2% $2,449.0 $2,989.5 $516.3 $1,148.0 $2,470.2 $282.5 11.4% 33.7% 1.2x 10.6x Cello Group Plc United Kingdom 0.52 -48% 40.6 59.1 8.2 26.3 203.0 12.5 6.1% -2.6% 0.3x 4.7x Cha rm Communic a t ions China 9.61 -24% 376.2 217.3 165.0 - 256.5 47.0 18.3% 0.0% 0.8x 4.6x Chime Communications plc United Kingdom 2.87 -39% 226.7 215.5 14.3 3.0 509.8 46.4 9.1% 6.1% 0.4x 4.6x Dentsu Inc . Japan 28.26 -21% 7,040.3 6,328.2 1,746.7 773.8 23,714.4 810.7 3.4% 3.8% 0.3x 7.8x Havas France 4.13 -28% 1,779.9 1,896.9 1,170.2 1,292.2 2,314.3 367.3 15.9% 8.4% 0.8x 5.2x Huntsworth plc United Kingdom 0.59 -55% 146.7 260.8 9.8 126.3 280.6 47.8 17.0% 4.7% 0.9x 5.5x The Interpublic Group of United States 9.38 -30% 4,325.8 4,765.7 1,798.8 1,724.6 6,971.8 781.4 11.2% 10.6% 0.7x 6.1x M&C Saatchi plc United Kingdom 1.82 -23% 114.2 95.3 28.0 4.4 223.0 25.7 11.5% 24.1% 0.4x 3.7x MDC Partners Inc . * Canada 14.32 -23% 417.5 950.1 7.3 395.0 909.6 76.3 8.4% 43.5% 1.0x 12.5x mkt g, inc . United States 0.63 -50% 5.5 5.8 4.5 2.5 119.9 5.4 4.5% 22.3% 0.0x 1.1x Next Fifteen United Kingdom 1.35 -4% 77.4 85.1 14.0 16.6 141.7 18.0 12.7% 19.0% 0.6x 4.7x Omnicom Group Inc. United States 43.17 -16% 11,909.5 14,858.6 912.0 3,201.6 13,606.4 2,038.6 15.0% 11.3% 1.1x 7.3x Photon Group Limited Australia 0.07 -38% 102.9 205.5 19.9 126.6 577.7 55.0 9.5% -8.4% 0.4x 3.7x Publicis Groupe SA France 47.70 -15% 8,852.1 9,173.7 2,806.5 3,120.1 8,100.2 1,389.5 17.2% 15.0% 1.1x 6.6x Sapient Corp. * United States 12.28 -24% 1,716.6 1,553.0 163.7 - 1,021.7 118.3 11.6% 24.3% 1.5x 13.1x WPP plc Ireland 10.51 -22% 13,252.0 18,118.4 2,840.8 7,464.7 15,423.0 2,301.6 14.9% 8.7% 1.2x 7.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.6x) Low 0.0x 1.1x and EBITDA multiples that are 1.0 standard deviations above the mean (9.6x). Mean 0.8x 6.5x Median 0.8x 5.5x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 1.0x 7.5x Adj. W Avg* 1.0x 7.2x High 1.5x 13.1x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 10 OOH & SPECIALTY MEDIA Transactions by Segment and Buyer Type

• There were nine acquisitions worth approximately $230 million in Out-of-Home & Specialty Media • Select acquisitions › VeriFone Systems’ acquisition of Show Media’s Taxi Top Advertising Division › CLX Medical’s acquisition of Doctors TV Network, a provider of media-based marketing solutions › AllOver Media’s acquisition of Intran Media, an outdoor truck-side advertising company

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Traditional Outdoor 5 56% 90.0 39% 5 90.0 0 0.0 0 0.0 B-to-B Media 2 22% 90.0 39% 2 90.0 0 0.0 0 0.0 Digital Place-Based Media 2 22% 50.0 22% 2 50.0 0 0.0 0 0.0 Total 9 100% 230 100% 9 230 0 0 0 0

M&A & INVESTMENT SUMMARY NOVEMBER 2011 11 OOH & SPECIALTY MEDIA PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $3.33 -60% $219.7 $102.1 $115.5 $0.0 $254.3 $11.9 4.7% 23.4% 0.4x 8.6x Astral Media Inc. Canada 32.93 -22% 1,827.2 2,322.3 23.2 538.4 1,039.1 332.6 32.0% 5.7% 2.2x 7.0x Clear Channel Outdoor United States 11.31 -27% 4,026.2 6,167.2 632.0 2,548.8 2,980.6 723.4 24.3% 7.7% 2.1x 8.5x Clear Media Ltd. Hong Kong 0.37 -46% 193.9 91.8 110.6 - 175.8 65.6 37.3% 16.3% 0.5x 1.4x Focus Media Holding Ltd. Hong Kong 18.52 -51% 2,475.3 1,887.2 639.9 30.0 695.9 245.6 35.3% 20.9% 2.7x 7.7x JCDecaux SA France 25.98 -23% 5,758.7 6,082.3 406.2 792.9 3,498.2 810.2 23.2% 14.5% 1.7x 7.5x Lamar Advertising Co. United States 24.29 -42% 2,257.9 4,439.6 41.5 2,223.2 1,120.9 482.4 43.0% 3.9% 4.0x 9.2x National CineMedia, Inc. United States 13.04 -36% 719.5 1,584.1 68.7 852.0 438.9 211.5 48.2% 2.5% 3.6x 7.5x NTN Buzztime Inc . * United States 0.39 -29% 23.8 21.7 2.5 0.5 24.1 0.8 3.4% -5.8% 0.9x 26.5x Tom Group Ltd. Hong Kong 0.08 -52% 330.2 501.5 136.5 261.4 301.0 (0.4) NM -5.8% 1.7x NM Valassis Communic ations United States 19.21 -46% 859.7 1,381.1 91.0 612.4 2,271.8 284.2 12.5% -1.5% 0.6x 4.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (4.3x) Low 0.4x 1.4x and EBITDA multiples that are 1.0 standard deviations above the mean (15.5x). Mean 1.9x 8.9x Median 1.7x 7.6x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 2.2x 7.6x Adj. W Avg* 2.2x 7.7x High 4.0x 26.5x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 12 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type

• eCommerce was the most active and highest value segments with 23 transactions worth approximately $569 million • Select acquisitions › Premium Lead Company and New Era Investment’s $369 million buyout of China-based online games provider Shanda Interactive Entertainment › Rakuten’s $315 million acquisition of Canada-based Kobo, an eReading platform provider › Changyou.com’s $163 million acquisition of China-based game information portal 17173.com • Select investments › The $150 million investment in daily deals website provider WhaleShark Media, from J.P. Morgan Asset Management and Institutional Venture Partners › The $40 million investment in India-based eCommerce company Fashionandyou.com, led by Norwest Venture Partners › The $37 million investment in flash sales site provider Beyond the Rack, led by Panorama Capital

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 23 26% 568.7 31% 5 395.0 0 0.0 18 173.7 Social Media/Apps 22 24% 136.2 7% 6 58.9 1 15.0 15 62.3 Niche Content 11 12% 310.3 17% 6 292.5 0 0.0 5 17.8 Gaming 9 10% 429.2 23% 2 15.6 1 369.1 6 44.5 Mobile Content/Apps 8 9% 45.7 2% 1 15.0 0 0.0 7 30.7 Classifieds/Auctions/P-to-P 6 7% 110.6 6% 2 87.5 0 0.0 4 23.1 Digital Promotion/Coupon 5 6% 189.0 10% 2 20.0 0 0.0 3 169.0 Comparison Shopping 4 4% 33.2 2% 1 15.0 0 0.0 3 18.2 Local Search 1 1% 1.3 0% 0 0.0 0 0.0 1 1.3 Vertical Search 1 1% 17.0 1% 0 0.0 0 0.0 1 17.0 Total 90 100% 1,841 100% 25 900 2 384 63 558

M&A & INVESTMENT SUMMARY NOVEMBER 2011 13 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $196.03 -21% $89,145.4 $82,819.4 $6,326.0 $0.0 $43,593.0 $1,749.0 4.0% 41.6% 1.9x 47.4x eBay Inc. United States 29.60 -16% 38,211.6 36,742.8 4,012.9 2,544.0 10,767.0 3,070.8 28.5% 19.2% 3.4x 12.0x priceline.com Incorporated United States 486.48 -13% 24,218.4 22,465.4 2,404.6 575.0 4,096.2 1,340.1 32.7% 41.5% 5.5x 16.8x

1-800-Flowers.com Inc. United States $2.33 -39% $151.6 $225.8 $5.7 $79.9 $705.2 $34.2 4.8% 6.7% 0.3x 6.6x AirMedia Group Inc. China 3.59 -56% 236.8 119.3 115.5 - 254.3 11.9 4.7% 23.4% 0.5x 10.0x Alibaba.com Limited China 1.05 -54% 5,216.8 3,771.4 1,584.1 128.4 983.8 312.1 31.7% 22.1% 3.8x 12.1x Ancestry.com Inc. United States 23.62 -48% 1,040.8 993.9 46.9 - 378.2 126.8 33.5% 35.9% 2.6x 7.8x Angie's List, Inc. United States 14.01 -25% 775.6 779.8 10.5 14.8 78.7 (44.5) NM 00%0.0% 99x9.9x NM AOL, Inc. United States 14.47 -44% 1,408.6 1,077.3 444.1 112.8 2,221.3 382.8 17.2% -16.4% 0.5x 2.8x Bet fair Group PLC United Kingdom 12.16 -39% 1,238.4 1,002.6 258.7 - 656.2 75.5 11.5% 15.4% 1.5x 13.3x BIDZ.c om, Inc . United States 0.39 -84% 7.6 6.7 0.8 - 94.2 (5.3) NM -8.7% 0.1x NM Blinkx plc United Kingdom 1.17 -53% 422.1 369.3 52.9 - 83.3 11.2 13.5% 73.8% 4.4x 32.9x Blue Nile Inc . United States 38.56 -40% 522.7 483.3 40.2 0.8 350.5 21.7 6.2% 9.2% 1.4x 22.3x Bluefly Inc . United States 2.07 -41% 58.5 54.4 4.1 - 95.5 (2.1) NM 13.2% 0.6x NM CyberAgent Inc. Japan 3,331.19 -15% 2,173.3 1,955.5 269.2 26.4 1,550.9 220.7 14.2% 23.7% 1.3x 8.9x Demand Media, Inc . United States 7.90 -71% 662.4 583.2 79.2 - 314.0 60.0 19.1% 33.7% 1.9x 9.7x Dena Co. Ltd. Japan 32.35 -42% 4,777.4 3,961.4 862.2 - 1,696.4 848.9 50.0% 59.5% 2.3x 4.7x Dic e Holdings, Inc . United States 7.86 -58% 522.3 463.9 74.5 16.0 169.7 67.5 39.8% 44.0% 2.7x 6.9x E- Comme rc e China China 4.66 -87% 369.4 126.3 243.1 - 485.4 (15.7) NM 53.5% 0.3x NM Ediets.com Inc. United States 0.56 -86% 7.4 6.7 1.7 1.0 24.3 (3.9) NM 19.6% 0.3x NM Inc. United States 28.10 -15% 7,503.4 7,283.1 2,005.9 1,645.4 3,795.0 895.9 23.6% 17.2% 1.9x 8.1x G5 Entertainment AB Sweden 3.12 -22% 24.9 21.9 3.0 - 5.7 2.3 40.7% 137.1% 3.8x 9.4x GameLoft SA France 6.18 -16% 468.7 433.7 39.7 1.8 237.1 37.9 16.0% 20.9% 1.8x 11.4x Glu Mobile, Inc . United States 3.75 -39% 238.9 201.8 37.1 - 66.6 (7.0) NM -1.6% 3.0x NM Gree, Inc . Japan 32.28 -11% 7,475.1 7,207.7 271.3 - 1,066.1 541.8 50.8% 101.5% 6.8x 13.3x Groupon, Inc . United States 18.95 -39% 12,086.4 11,841.5 243.9 - 1,290.5 (365.6) NM 0.0% 9.2x NM Hollywood Media Corp. United States 1.24 -37% 28.7 23.2 5.5 0.0 4.0 (5.9) NM NA 5.9x NM HomeAway, Inc . United States 25.94 -43% 2,090.3 1,918.2 172.1 - 217.3 36.1 16.6% 0.0% 8.8x 53.2x HSN, Inc . United States 36.36 -5% 2,147.3 2,116.1 340.1 308.9 3,137.4 245.5 7.8% 7.4% 0.7x 8.6x Jiayuan.com International China 7.29 -55% 227.9 134.6 25.4 - 32.5 7.0 21.5% 0.0% 4.1x 19.2x Kongzhong Corp. China 4.65 -57% 175.6 33.1 143.7 1.2 153.1 28.4 18.5% 7.3% 0.2x 1.2x LinkedIn Corporation * United States 67.89 -45% 6,623.1 6,235.3 387.7 - 436.1 53.3 12.2% 117.3% 14.3x 117.0x Liquidity Services, Inc. United States 34.29 -5% 970.3 865.9 104.4 - 329.6 39.9 12.1% 19.1% 2.6x 21.7x MakeMyTrip Limited * India 23.53 -31% 867.2 801.6 75.4 9.8 163.0 6.7 4.1% 60.6% 4.9x 119.1x Mixi, Inc. Japan 3,444.20 -42% 534.2 414.3 121.1 - 195.2 40.6 20.8% -1.3% 2.1x 10.2x Monster Worldwide, Inc . United States 7.34 -72% 903.4 804.4 321.8 222.8 1,045.2 145.2 13.9% 19.8% 0.8x 5.5x Move, Inc. United States 6.55 -43% 252.8 219.9 81.3 - 193.4 12.2 6.3% -2.5% 1.1x 18.1x NCSoft South Korea 286.26 -16% 5,670.4 5,159.9 512.0 13.8 532.5 150.8 28.3% -8.6% 9.7x 34.2x Netflix, Inc . United States 66.37 -78% 3,674.3 3,543.2 365.8 234.7 2,924.9 433.8 14.8% 45.4% 1.2x 8.2x OpenTable, Inc. United States 36.24 -69% 860.8 780.9 79.9 - 133.1 37.4 28.1% 52.3% 5.9x 20.9x Worldwide, Inc. United States 3.47 -47% 360.0 692.2 140.8 473.0 772.0 106.5 13.8% 3.0% 0.9x 6.5x Overstock.com Inc. United States 8.24 -53% 191.8 150.2 79.1 37.5 1,089.1 11.5 1.1% 2.4% 0.1x 13.1x Pacific Online Ltd. China 0.50 -17% 540.6 501.1 39.4 - 87.8 40.8 46.5% 26.7% 5.7x 12.3x Pandora Media, Inc. United States 10.78 -59% 1,739.5 1,648.7 90.8 - 240.7 (0.5) NM 111.2% 6.9x NM PC Connection, Inc. United States 10.51 -10% 277.8 240.2 39.8 2.2 2,105.7 53.8 2.6% 11.9% 0.1x 4.5x PC Home Online Inc. Taiwan 6.42 -19% 443.5 370.4 85.0 3.3 431.3 16.9 3.9% 33.1% 0.9x 22.0x PC Mall Inc . United States 5.80 -47% 69.8 139.5 6.2 75.9 1,490.8 24.5 1.6% 16.5% 0.1x 5.7x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 14 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Phoenix New Media Limited China 6.36 -58% 480.6 294.4 186.2 - 129.8 12.9 9.9% 0.0% 2.3x 22.8x Qihoo 360 Technology Co. * China 18.33 -49% 2,116.7 1,798.7 319.3 - 125.3 7.0 5.6% 161.9% 14.3x 257.6x Quepasa Corp. * United States 3.92 -75% 132.0 124.3 14.4 6.7 7.4 (8.0) NM 63.2% 16.8x NM Rakut en, Inc . Japan 1,090.28 -10% 14,317.2 17,033.1 2,503.6 5,178.4 4,721.7 1,170.5 24.8% 9.1% 3.6x 14.6x ReachLocal, Inc. United States 8.43 -70% 247.8 153.6 94.2 - 356.0 (4.1) NM 31.4% 0.4x NM RealNet works Inc . United States 7.69 -55% 264.0 80.9 183.1 - 353.3 2.2 0.6% -21.4% 0.2x 37.2x Rediff.com India Ltd. India 8.35 -54% 227.1 190.8 - - 16.9 (6.6) NM -15.5% 11.3x NM Renren Inc . China 3.79 -84% 1,485.8 291.1 380.3 - 83.1 11.1 13.4% 0.0% 3.5x 26.2x Scripps Networks United States 40.30 -25% 6,425.7 7,485.1 315.3 984.5 2,208.3 957.1 43.3% 22.2% 3.4x 7.8x Shutterfly, Inc. United States 29.09 -56% 1,008.6 939.9 68.7 - 375.7 19.2 5.1% 37.8% 2.5x 49.0x Sify Technologies Limited India 4.40 -48% 785.0 823.3 - - 158.0 9.9 6.2% 14.5% 5.2x 83.5x S ky - mo bi Limit e d China 4.04 -83% 130.0 42.9 87.1 - 106.2 6.2 5.9% 5.8% 0.4x 6.9x Spark Networks, Inc. United States 3.15 -17% 64.9 50.2 14.7 - 45.7 2.5 5.6% 9.4% 1.1x 19.8x Stamps.com Inc. United States 26.62 -21% 399.5 359.9 39.6 - 97.0 13.6 14.0% 14.8% 3.7x 26.5x Taomee Holdings Ltd. China 4.78 -73% 175.4 54.5 54.1 - 41.9 22.3 53.2% 0.0% 1.3x 2.4x TechTarget, Inc. United States 6.08 -38% 234.4 187.9 46.4 - 103.5 16.3 15.8% 13.2% 1.8x 11.5x The Active Network, Inc. United States 12.50 -47% 678.3 542.8 139.0 3.6 323.0 23.7 7.3% 18.6% 1.7x 22.9x TheStreet, Inc. United States 1.63 -55% 52.2 (10.0) 62.2 - 58.2 (3.9) NM - 1.4% NM 2.5x Tudou Holdings Limited China 12.29 -56% 348.5 193.2 168.3 13.1 69.5 (48.6) NM 112.1% 2.8x NM United Online, Inc . United States 5.47 -27% 487.7 636.6 112.8 261.7 912.4 152.4 16.7% -2.7% 0.7x 4.2x ValueVision Media Inc . United States 2.07 -76% 100.3 97.6 27.7 25.0 589.7 6.7 1.1% 9.5% 0.2x 14.6x Vringo, Inc. * United States 1.34 -59% 8.4 9.1 1.7 2.4 0.6 (6.6) NM 359.7% 14.2x NM WebMD Health Corp. United States 35.49 -39% 1,999.7 1,696.1 1,103.6 800.0 576.6 148.6 25.8% 14.4% 2.9x 11.4x WebMediaBrands Inc United States 0.53 -73% 22.2 26.2 1.9 5.9 11.7 (2.3) NM 47.5% 2.2x NM Yahoo! Inc. United States 16.05 -15% 19,906.8 17,876.0 2,114.8 39.0 5,185.2 1,405.6 27.1% -20.6% 3.4x 12.7x Yandex N.V. Netherlands 21.36 -49% 6,899.2 6,466.4 432.8 - 550.1 244.4 44.4% 0.0% 11.8x 26.5x Youku.com Inc * China 19.91 -72% 2,271.5 1,680.4 594.3 3.3 116.1 4.1 3.5% 156.8% 14.5x 413.5x Zillow, Inc. * United States 22.06 -63% 609.6 513.8 95.8 - 55.7 4.3 7.8% 0.0% 9.2x 118.4x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (12.1x) Low 0.1x 1.1x and EBITDA multiples that are 1.0 standard deviations above the mean (98.9x). Mean 3.8x 32.9x Median 2.3x 12.7x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 5.3x 30.0x Adj. W Avg* 4.5x 15.4x High 16.8x 413.5x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 15 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type

• Commerce Management and Mobile Technology were the most active segments with 11 transactions each. The highest value segment was Commerce Management worth approximately $268 million • Select acquisitions › Microsoft’s $100 million acquisition of VideoSurf, a video discovery technology company › eBay’s $80 million acquisition of Hunch, which operates a decision-making site that customizes decision results • Select investments › The $50 million investment in Marketo.com, a provider of on-demand marketing software that allows businesses to optimize their sales and marketing efforts, led by › The $36 million investment in Zuora, a SaaS startup that offers online services to manage and automate customer subscriptions, from Index Ventures, Greylock Partners, Benchmark Capital, Shasta Ventures, Tenaya Capital and private investors

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Commerce Management 11 18% 268.3 25% 4 141.5 1 20.0 6 106.8 Mobile Technology 11 18% 155.5 15% 4 91.5 0 0.0 7 64.0 Social Technology 9 15% 172.4 16% 4 130.0 0 0.0 5 42.4 Content Management 6 10% 91.3 9% 3 70.0 0 0.0 3 21.3 CRM 4 7% 100.0 9% 4 100.0 0 0.0 0 0.0 Analytics & Reporting 3 5% 21.4 2% 2 20.8 0 0.0 1 0.6 Search & Discovery 3 5% 110.5 10% 2 110.0 0 0.0 1 0.5 Content Delivery Network 2 3% 7.0 1% 0 0.0 0 0.0 2 7.0 Media Management System 2 3% 20.8 2% 1 20.0 0 0.0 1 0.8 Online Targeting/Optimization 2 3% 11.7 1% 0 0.0 0 0.0 2 11.7 SFA/Lead Management 2 3% 55.3 5% 0 0.0 0 0.0 2 55.3 Website Creation/Hosting 2 3% 21.2 2% 0 0.0 1 20.0 1 1.2 Other* 35%232%1 120 0 2 11 Total 60 100% 1,059 100% 25 696 2 40 33 323

*Other includes BI tools, SEM/SEO tools and Teleservices/eServices

M&A & INVESTMENT SUMMARY NOVEMBER 2011 16 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $27.42 -24% $13,460.4 $12,257.5 $2,719.3 $1,516.4 $4,072.0 $1,418.6 34.8% 14.7% 3.0x 8.6x Salesforce.com United States 118.42 -26% 16,105.1 16,002.0 645.8 542.7 2,091.5 90.9 4.3% 34.6% 7.7x 176.0x

Akamai Technologies, Inc. United States $28.91 -47% $5,187.4 $4,499.8 $687.5 - $1,119.5 $432.2 38.6% 14.6% 4.0x 10.4x Alterian plc United Kingdom 1.60 -51% 98.02 95.89 2.96 0.85 55.99 -5.79 NM -14.5% 1.7x NM Bitauto Holdings Limited China 4.87 -66% 200.9 113.9 87.0 - 94.2 13.9 14.8% 51.5% 1.2x 8.2x Blackbaud Inc. United States 29.41 -3% 1,274.1 1,222.1 52.0 - 363.2 70.5 19.4% 13.8% 3.4x 17.3x ChinaCache International China 4.89 -85% 117.9 53.4 65.4 0.9 89.6 14.1 15.7% 63.1% 0.6x 3.8x Convio, In c. UUedSaesnited States 1006.26 -21% 188.5 138.4 50.1 - 7669.9 6.7 8.7% 12.2% 1.8x 20.7x DemandTec, Inc. United States 7.60 -46% 253.0 188.8 64.2 - 88.5 (8.4) NM 13.2% 2.1x NM Digital Generation, Inc. United States 11.60 -69% 319.2 1,340.8 72.4 1,094.0 297.3 127.5 42.9% 33.0% 4.5x 10.5x Digit al River Inc . United States 15.99 -60% 597.0 286.6 664.2 353.8 383.8 53.9 14.0% 3.6% 0.7x 5.3x Informatic a Corporation United States 44.96 -28% 4,780.8 4,226.9 553.9 - 754.7 186.4 24.7% 25.2% 5.6x 22.7x InnerWorkings Inc. United States 9.08 -8% 422.6 464.5 11.3 53.2 589.0 25.7 4.4% 28.1% 0.8x 18.1x Interac tive Intelligenc e, United States 22.30 -47% 419.8 351.0 68.8 - 202.5 30.5 15.1% 33.6% 1.7x 11.5x JDA Software Group Inc. United States 31.52 -10% 1,341.2 1,324.6 289.7 273.1 666.3 169.9 25.5% 19.9% 2.0x 7.8x Keynote Systems Inc. United States 18.33 -29% 317.1 215.7 101.4 - 103.0 19.9 19.3% 29.0% 2.1x 10.9x Merc adolibre, Inc . * Argentina 87.69 -5% 3,870.8 3,747.9 126.7 0.3 274.8 98.4 35.8% 35.1% 13.6x 38.1x NetQin Mobile Inc. China 5.86 -51% 268.5 147.1 121.5 - 34.1 (5.8) NM 0.0% 4.3x NM Open Text Corp. Canada 57.02 -21% 3,271.1 3,496.5 119.3 344.7 1,103.9 304.2 27.6% 20.3% 3.2x 11.5x PROS Holdings, Inc. United States 16.01 -19% 431.3 364.9 66.4 - 90.6 11.8 13.1% 33.7% 4.0x 30.8x Rightnow Technologies * United States 42.92 -1% 1,431.5 1,365.0 241.5 175.0 216.2 23.9 11.0% 23.0% 6.3x 57.2x Rovi Corporat ion United States 27.75 -60% 3,052.4 3,690.3 418.8 1,056.8 691.2 275.0 39.8% 28.4% 5.3x 13.4x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (9.3x) Low 0.6x 3.8x and EBITDA multiples that are 1.0 standard deviations above the mean (31.2x). Mean 3.5x 17.5x Median 2.7x 11.5x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 5.4x 19.6x Adj. W Avg* 4.1x 14.4x High 13.6x 57.2x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 17 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type

• Infrastructure Software was the most active segment within Software & Information with seven investments. Worth $419 million, HC-Providers Software was the highest value segment • Select acquisitions › HMS Holdings’ $400 million acquisition of HealthDataInsights, a recovery audit contractor technology firm › SXC Health Solutions’ $250 million acquisition of HealthTrans, a pharmacy benefits administrator › TMX Group’s $10 million acquisition of Australia-based Razor Risk Technologies, a provider of risk management technologies and consulting solutions to financial institutions • Select investments › The $96 million investment in Sweden-based Biocartis, a developer of compact molecular diagnostic systems for infectious disease, from Debiopharm Group, Johnson & Johnson Development, the Wellcome Trust and New Rhein Healthcare › The $40 million investment in Cloudera, a provider of Apache Hadoop-based data management software and services, led by Ignition Partners

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Infrastructure Software 7 23% 85.5 8% 0 0.0 0 0.0 7 85.5 Market Research 5 17% 40.8 4% 3 37.0 0 0.0 2 3.8 HC-Providers Software 4 13% 419.0 40% 1 400.0 0 0.0 3 19.0 Credit/Risk Software 2 7% 25.8 2% 1 10.2 0 0.0 1 15.6 Engineering Software 2 7% 15.5 1% 0 0.0 0 0.0 2 15.5 ERP Software 2 7% 12.4 1% 0 0.0 0 0.0 2 12.4 Financial Software 2 7% 18.3 2% 0 0.0 0 0.0 2 18.3 HC-BioPharma Software 2 7% 116.0 11% 0 0.0 0 0.0 2 116.0 Marketing Data 2 7% 9.5 1% 0 0.0 0 0.0 2 9.5 Other* 2 7% 295 28% 2 295 0 0 0 0 Total 30 100% 1,038 100% 7 742 0 0 23 296 *Other includes Engineering/Scientific/Tech Information and Healthcare-Payors Information

M&A & INVESTMENT SUMMARY NOVEMBER 2011 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $7.13 -20% $395.5 $279.1 $113.2 - $114.8 ($8.0) NM 0.0% 2.4x NM Actuate Corporation United States 6.60 -3% 321.4 258.7 63.5 - 132.0 24.6 18.6% 1.3% 2.0x 10.5x Acxiom Corporation United States 12.44 -34% 973.7 1,174.1 119.2 314.0 1,186.9 241.9 20.4% 4.6% 1.0x 4.9x Adobe Systems Inc. United States 27.42 -24% 13,460.4 12,257.5 2,719.3 1,516.4 4,072.0 1,418.6 34.8% 14.7% 3.0x 8.6x Advent Software, Inc. United States 27.00 -15% 1,371.6 1,314.7 56.9 - 315.5 68.6 21.7% 15.0% 4.2x 19.2x Advisory Board Co. United States 72.38 -1% 1,184.9 1,145.9 39.1 - 327.0 46.2 14.1% 24.8% 3.5x 24.8x Akamai Technologies, Inc. United States 28.91 -47% 5,187.4 4,499.8 687.5 - 1,119.5 432.2 38.6% 14.6% 4.0x 10.4x Allianc e Data Systems Corporation United States 102.41 -4% 5,117.2 11,630.8 239.6 6,753.2 3,081.5 896.2 29.1% 19.4% 3.8x 13.0x Alloc ate Software plc . United Kingdom 1.22 -13% 77.5 64.3 17.1 3.3 49.5 9.2 18.7% 37.1% 1.3x 7.0x Allsc ripts Healthc are Solutions, Inc . United States 19.46 -16% 3,689.1 3,984.7 84.8 380.4 1,366.3 246.5 18.0% 0.0% 2.9x 16.2x Alterian plc United Kingdom 1.60 -51% 98.0 95.9 3.0 0.8 56.0 (5.8) NM -14.5% 1.7x NM Arbitron Inc. United States 37.61 -16% 1,025.0 1,009.0 16.0 - 413.8 112.4 27.2% 7.4% 2.4x 9.0x athenahealth, Inc. United States 59.40 -18% 2,098.5 1,980.0 118.5 - 300.9 51.6 17.1% 30.5% 6.6x 38.4x Automatic Data Processing, Inc. United States 51.09 -7% 24,967.6 23,736.1 1,268.0 36.5 10,172.6 2,172.4 21.4% 12.3% 2.3x 10.9x Aveva Group plc United Kingdom 24.79 -12% 1,681.9 1,434.2 246.2 - 282.5 85.4 30.2% 15.1% 5.1x 16.8x Blackbaud Inc. United States 29.41 -3% 1,274.1 1,222.1 52.0 - 363.2 70.5 19.4% 13.8% 3.4x 17.3x Booz Allen Hamilton Inc . United States 13.97 -33% 1,843.4 2,467.1 356.2 979.9 5,758.0 428.6 7.4% 8.2% 0.4x 5.8x Brainjuic er Group Plc United Kingdom 4.69 -2% 58.5 55.2 3.3 - 29.3 4.0 13.7% 28.7% 1.9x 13.8x Broadridge Financ ial Solutions Inc . United States 22.57 -9% 2,801.3 3,160.8 254.8 614.3 2,221.9 367.9 16.6% 1.3% 1.4x 8.6x Cegedim SA France 22.88 -66% 319.4 972.1 106.3 809.8 1,359.6 240.3 17.7% 5.3% 0.7x 4.0x Cello Group Plc United Kingdom 0.52 -48% 40.6 59.1 8.2 26.3 203.0 12.5 6.1% -2.6% 0.3x 4.7x Cerner Corporation United States 60.98 -18% 10,330.4 9,709.1 755.2 133.8 2,087.7 555.8 26.6% 14.9% 4.7x 17.5x Cision AB Sweden 5.86 -33% 87.0 149.1 4.5 65.9 144.1 23.4 16.3% -17.2% 1.0x 6.4x comScore, Inc. * United States 19.87 -36% 656.3 636.0 33.4 13.1 221.0 10.1 4.6% 40.2% 2.9x 62.7x Concur Technologies, Inc. United States 47.23 -19% 2,554.6 2,239.7 555.5 239.5 349.5 45.9 13.1% 19.3% 6.4x 48.8x Constant Contact, Inc. United States 21.88 -40% 650.7 523.0 127.7 - 204.4 18.3 9.0% 25.2% 2.6x 28.6x Convio, Inc. United States 10.26 -21% 188.5 138.4 50.1 - 76.9 6.7 8.7% 12.2% 1.8x 20.7x CoreLogic , Inc. United States 13.28 -37% 1,414.3 2,154.2 173.6 911.1 1,651.5 233.1 14.1% 36.4% 1.3x 9.2x Cornerstone OnDemand, Inc. * United States 16.12 -31% 781.3 703.5 81.4 3.5 61.8 (19.1) NM 51.9% 11.4x NM Corporate Executive Board Co. United States 39.19 -14% 1,304.8 1,204.6 100.2 - 474.0 95.2 20.1% 10.3% 2.5x 12.6x CoStar Group Inc. United States 66.54 -9% 1,685.9 1,131.6 554.3 - 243.8 41.5 17.0% 9.5% 4.6x 27.3x CRA International Inc . United States 20.42 -31% 217.1 165.7 87.5 - 267.0 - 0.0% 0.0% 0.6x NM Craneware plc United Kingdom 9.32 -4% 251.5 227.8 24.2 - 38.1 9.6 25.2% 34.3% 6.0x 23.7x DemandTec, Inc. United States 7.60 -46% 253.0 188.8 64.2 - 88.5 (8.4) NM 13.2% 2.1x NM Digital Generation, Inc. United States 11.60 -69% 319.2 730.8 72.4 484.0 297.3 127.5 42.9% 33.0% 2.5x 5.7x Digit al River Inc . United States 15.99 -60% 597.0 286.6 664.2 353.8 383.8 53.9 14.0% 3.6% 0.7x 5.3x Dun & BBdttradstreet Corp. UitdUnited SttStates 69.87 -20% 3,396 .3 4,204 .9 93.7 893.2 1,741 .5 512.7 29.4% 5.0% 2.4x 8.2x Ebiquity plc United Kingdom 1.16 -29% 68.0 74.8 5.3 12.5 73.7 8.7 11.8% 108.1% 1.0x 8.6x Ebix Inc. United States 21.50 -29% 781.2 792.9 15.6 27.2 160.0 70.3 43.9% 24.6% 5.0x 11.3x Envestnet, Inc. United States 10.44 -41% 332.0 248.6 83.6 0.2 120.2 18.3 15.2% 30.3% 2.1x 13.6x EPIQ Systems, Inc. United States 13.50 -12% 482.1 663.6 4.7 186.2 277.3 68.2 24.6% 18.6% 2.4x 9.7x Epocrates, Inc. United States 8.53 -72% 205.8 121.6 84.2 - 113.9 6.6 5.8% 12.7% 1.1x 18.3x Equifax Inc. United States 37.15 -7% 4,498.2 5,449.7 102.0 1,035.5 1,932.1 620.9 32.1% 6.6% 2.8x 8.8x Experian plc Ireland 13.28 -1% 13,340.4 15,321.1 484.0 2,300.0 4,527.0 1,443.0 31.9% 13.0% 3.4x 10.6x FactSet Research Systems Inc. United States 93.23 -17% 4,210.7 4,029.0 181.7 - 726.5 275.2 37.9% 13.3% 5.5x 14.6x Fair Isaac Corp. United States 36.37 -2% 1,298 .4 1,568 .9 241.6 512.0 619.7 163.9 26.5% 23%2.3% 25x2.5x 96x9.6x Fidelity National Information Servic es, Inc . United States 24.09 -29% 7,214.3 11,896.9 386.8 4,917.5 5,647.6 1,551.2 27.5% 9.5% 2.1x 7.7x Fidessa group plc United Kingdom 24.54 -26% 884.2 798.6 87.5 - 435.1 90.6 20.8% 8.0% 1.8x 8.8x Financ ial Engines, Inc . United States 21.97 -24% 999.7 867.4 132.3 - 136.3 22.8 16.7% 30.0% 6.4x 38.0x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 19 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Forrester Research Inc. United States 32.37 -19% 733.9 521.3 212.6 - 276.1 38.4 13.9% 12.6% 1.9x 13.6x FTI Consulting, Inc. United States 42.89 -3% 1,757.3 2,426.6 128.2 797.5 1,532.3 266.2 17.4% 10.4% 1.6x 9.1x Gart ner Inc . United States 37.83 -13% 3,589.9 3,653.9 156.9 220.9 1,423.2 224.2 15.8% 15.2% 2.6x 16.3x GfK SE Germany 44.50 -19% 1,614.2 2,090.8 198.3 622.7 1,829.7 291.3 15.9% 8.3% 1.1x 7.2x GlobeOp Financ ial Servic es S.A United Kingdom 4.25 -39% 448.6 362.5 87.8 - 210.3 56.6 26.9% 26.1% 1.7x 6.4x Green Dot Corporation United States 33.40 -49% 1,409.3 1,229.7 220.5 40.8 459.1 81.4 17.7% 27.0% 2.7x 15.1x Harris Interac tive Inc . United States 0.60 -59% 33.1 30.8 12.4 10.0 166.5 6.3 3.8% 0.0% 0.2x 4.9x Harte- Hanks Inc . United States 9.10 -34% 571.6 684.8 71.8 185.0 862.1 101.0 11.7% 2.4% 0.8x 6.8x IHS Inc. UiUnite d States 88.38 -2% 5,745 .6 6,357 .4 202.9 814.6 1,257 .9 283.8 22.6% 21.6% 5.1x 22.4x Informa plc Switzerland 5.68 -22% 3,416.4 4,797.6 58.9 1,468.6 1,987.2 529.0 26.6% 2.3% 2.4x 9.1x Informatic a Corporation United States 44.96 -28% 4,780.8 4,226.9 553.9 - 754.7 186.4 24.7% 25.2% 5.6x 22.7x Information Servic es Group, Inc . United States 1.25 -49% 45.2 99.1 17.1 71.1 171.4 10.0 5.8% 27.1% 0.6x 10.0x InnerWorkings Inc. United States 9.08 -8% 422.6 464.5 11.3 53.2 589.0 25.7 4.4% 28.1% 0.8x 18.1x Interac tive Intelligenc e, Inc . United States 22.30 -47% 419.8 351.0 68.8 - 202.5 30.5 15.1% 33.6% 1.7x 11.5x International Datac asting Corporation Canada 0.27 -46% 16.0 9.5 7.0 0.1 37.9 2.6 6.9% 35.7% 0.3x 3.6x Ipsos SA France 28.40 -43% 1,284.3 1,550.9 169.4 441.4 1,699.0 214.4 12.6% 14.2% 0.9x 7.2x Isoftstone Holdings Limited China 8.87 -61% 492.7 416.4 77.9 - 259.4 30.1 11.6% 44.4% 1.6x 13.8x JDA Software Group Inc. United States 31.52 -10% 1,341 .2 1,324 .6 289.7 273.1 666.3 169.9 25.5% 19.9% 20x2.0x 78x7.8x Kenexa Corp. United States 25.00 -25% 676.5 634.7 81.2 32.0 265.7 20.7 7.8% 52.4% 2.4x 30.7x Keynote Systems Inc. United States 18.33 -29% 317.1 215.7 101.4 - 103.0 19.9 19.3% 29.0% 2.1x 10.9x LECG Corporation United States 0.01 -100% 0.2 52.3 7.0 33.1 297.0 (7.8) NM 11.3% 0.2x NM Lender Processing Services, Inc. United States 18.96 -46% 1,599.9 2,781.7 84.0 1,265.8 2,263.0 517.9 22.9% -5.6% 1.2x 5.4x Macdonald Dettwiler & Associates Ltd. Canada 47.18 -18% 1,499.3 785.2 802.9 103.6 762.8 154.9 20.3% 237.7% 1.0x 5.1x MedAssets, Inc. United States 9.56 -55% 559.1 1,436.4 43.7 920.9 528.4 141.2 26.7% 39.0% 2.7x 10.2x Mediware Information Systems Inc. United States 13.26 -12% 108.1 73.3 34.8 - 58.4 11.5 19.6% 18.3% 1.3x 6.4x Merge Healthcare Inc orporated United States 5.41 -25% 489.6 695.8 44.0 249.7 214.5 48.8 22.8% 89.1% 3.2x 14.3x Misys plc United Kingdom 3.95 -41% 1,269.7 1,417.9 93.4 248.2 608.2 141.9 23.3% 82%8.2% 23x2.3x 10.0x Moody's Corp. United States 34.71 -17% 7,705.6 8,091.9 867.5 1,244.0 2,277.9 988.8 43.4% 16.6% 3.6x 8.2x Morningstar Inc . United States 60.25 -6% 3,013.1 2,582.7 431.4 - 624.0 183.3 29.4% 18.4% 4.1x 14.1x MSCI Inc. * United States 33.75 -17% 4,069.2 4,822.2 300.5 1,264.6 662.9 295.2 44.5% 49.7% 7.3x 16.3x National Research Corp. United States 33.63 -24% 226.1 235.0 6.2 15.1 72.5 21.9 30.2% 18.2% 3.2x 10.7x Navigant Consulting Inc. United States 11.27 -12% 589.2 762.2 1.4 174.4 770.6 97.6 12.7% 10.9% 1.0x 7.8x Nielsen Holdings N.V. Netherlands 29.05 -12% 10,435.5 17,090.5 404.0 7,048.0 5,482.0 1,367.0 24.9% 8.5% 3.1x 12.5x Onvia Inc. United States 3.00 -40% 25.5 15.1 10.4 - 24.1 3.5 14.7% -12.3% 0.6x 4.2x Open Text Corp. Canada 57.02 -21% 3,271.1 3,496.5 119.3 344.7 1,103.9 304.2 27.6% 20.3% 3.2x 11.5x Parametric T ec hnology Corporation United States 20.83 -18% 2,433.9 2,466.0 167.9 200.0 1,166.9 189.5 16.2% 15.5% 2.1x 13.0x Paychex Inc. United States 29.11 -14% 10,548.9 10,063.8 485.1 - 2,129.1 907.3 42.6% 5.5% 4.7x 11.1x PROS Holdings, Inc . United States 16.01 -19% 431.3 364.9 66.4 - 90.6 11.8 13.1% 33.7% 4.0x 30.8x Qlik Tec hnologies, Inc . * United States 27.37 -23% 2,288.5 2,118.6 170.1 0.2 293.9 13.4 4.6% 42.0% 7.2x 157.6x Quality Systems Inc . United States 35.35 -30% 2,080.3 1,953.5 126.9 - 397.1 123.1 31.0% 24.9% 4.9x 15.9x RealPage, Inc . * United States 25.03 -27% 1,797.6 1,808.0 47.5 57.9 240.9 28.8 12.0% 39.8% 7.5x 62.7x Reed Elsevier NV Netherlands 11.79 -15% 8,674.2 8,685.0 2.9 14.5 - - NM 0.0% NM NM Reis, Inc . United States 9.15 -17% 96.6 81.4 22.3 7.1 29.7 5.3 17.8% 22.9% 2.7x 15.3x Rightnow Technologies Inc. * United States 42.92 -1% 1,431.5 1,365.0 241.5 175.0 216.2 23.9 11.0% 23.0% 6.3x 57.2x S1 Corporation United States 9.74 -7% 537.6 449.5 88.1 0.0 235.2 14.2 6.0% 8.8% 1.9x 31.7x Sage Group plc United Kingdom 4.56 -4% 5,988.8 6,006.6 285.8 303.5 2,086.0 570.7 27.4% -7.0% 2.9x 10.5x Salesforce.com * United States 118.42 -26% 16,105.1 16,002.0 645.8 542.7 2,091.5 90.9 4.3% 34.6% 7.7x 176.0x Solera Holdings Inc . United States 47.32 -24% 3,355.2 4,101.0 378.1 1,022.4 724.5 310.6 42.9% 13.3% 5.7x 13.2x SPS Commerce, Inc. * United States 23.45 -5% 283.1 251.6 31.5 - 54.0 3.6 6.7% 26.7% 4.7x 69.6x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 20 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA SS&C T ec hnologies Holdings, Inc . United States 16.05 -27% 1,242.1 1,338.6 76.2 172.7 361.2 133.0 36.8% 15.1% 3.7x 10.1x Streamline Health Solutions, Inc. United States 1.45 -34% 14.6 15.4 0.6 1.4 17.7 0.9 5.1% -5.0% 0.9x 17.2x Taleo Corp. United States 32.39 -15% 1,344.1 1,233.1 111.0 0.1 297.8 33.6 11.3% 35.0% 4.1x 36.7x Temenos Group AG Switzerland 16.68 -61% 1,151.7 1,360.2 83.7 293.4 496.3 60.7 12.2% 19.1% 2.7x 22.4x The Dolan Company United States 9.13 -39% 275.5 477.6 2.1 190.0 293.9 56.3 19.1% -3.4% 1.6x 8.5x The Hackett Group, Inc. United States 3.78 -28% 152.7 134.7 18.0 - 218.2 18.4 8.4% 16.5% 0.6x 7.3x The Mc Graw-Hill Companies, Inc . United States 42.70 -9% 12,528.2 12,332.3 1,473.8 1,198.0 6,318.1 1,630.4 25.8% 4.6% 2.0x 7.6x Thomson Reuters Corporation United States 27.14 -34% 22,457.4 30,218.3 645.0 7,897.0 13,688.0 3,244.0 23.7% 5.5% 2.2x 9.3x TIBCO Sof tware Inc. UiUnite d States 27.40 -13% 4,417 .5 4,185 .0 272.5 38.7 872.0 193.0 22.1% 23.1% 4.8x 21.7x Ultimate Software Group, Inc. * United States 66.32 -2% 1,726.2 1,680.3 51.0 5.0 256.9 23.6 9.2% 17.0% 6.5x 71.2x Verint Systems Inc. United States 28.29 -26% 1,097.4 1,804.8 179.1 597.1 744.8 137.2 18.4% 4.5% 2.4x 13.2x Verisk Analytics, Inc. United States 39.28 0% 6,423.9 7,385.4 57.7 1,019.3 1,273.4 550.9 43.3% 14.7% 5.8x 13.4x Vocus Inc. * United States 21.22 -37% 424.6 319.0 106.6 1.1 110.4 1.4 1.3% 18.9% 2.9x 230.7x Wolters Kluwer NV Netherlands 17.36 -28% 5,236.4 8,265.4 438.5 3,680.6 5,183.3 1,183.3 22.8% 7.9% 1.6x 7.0x YouGov PLC United Kingdom 0.76 -26% 74.1 59.5 15.5 - 92.5 8.6 9.3% 26.9% 0.6x 6.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (7.0x) Low 0.2x 3.6x and EBITDA multiples that are 1.0 standard deviations above the mean (53.3x). Mean 2.9x 21.0x Median 2.4x 11.5x Note: Revenue and EBITDA multiples for Google and Mic rosoft exc luded from Summary Multiples. Weighted Avg 3.5x 23.3x Adj. W Avg* 3.2x 12.7x High 11.4x 230.7x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 21 MARKETING SERVICES Transactions by Segment and Buyer Type

• There were eight transactions worth approximately $136 million in Marketing Services • Select acquisitions › GB Group’s $18 million acquisition of U.K.-based Capscan, which provides address management solutions and data integrity services › Vomela Specialty’s acquisition of American Screen Art, a supplier of digital and screen printed graphic products and solutions including in store displays and outdoor signage

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Database/Analy tics 2 25% 30. 0 22% 2 30. 0 0 000.0 0 000.0 Logistics 2 25% 12.8 9% 1 5.0 1 7.8 0 0.0 Printer 2 25% 35.0 26% 2 35.0 0 0.0 0 0.0 Data Processing/Enhancement 1 13% 17.9 13% 1 17.9 0 0.0 0 0.0 Fulfillment 1 13% 40.0 29% 0 0.0 1 40.0 0 0.0 Total 8 100% 135.7 100% 6 87.9 2 47.8 0 0.0

M&A & INVESTMENT SUMMARY NOVEMBER 2011 22 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $12.44 -34% $973.7 $1,174.1 $119.2 $314.0 $1,186.9 $241.9 20.4% 4.6% 1.0x 4.9x Alliance Data Systems United States 102.41 -4% 5,117.2 11,630.8 239.6 6,753.2 3,081.5 896.2 29.1% 19.4% 3.8x 13.0x AMREP Corp. United States 6.26 -57% 37.5 33.6 27.3 23.3 93.2 8.2 8.8% -17.6% 0.4x 4.1x Cenveo Inc. United States 3.05 -55% 192.9 1,459.1 21.6 1,287.7 1,959.2 212.3 10.8% 8.2% 0.7x 6.9x Consolidated Graphics, United States 50.95 -16% 528.9 716.7 3.7 191.5 1,068.0 131.7 12.3% 5.7% 0.7x 5.4x Convergys Corporation United States 12.92 -14% 1,552.5 1,207.4 472.5 127.4 2,246.3 250.1 11.1% 0.9% 0.5x 4.8x DST Systems Inc . United States 47.53 -20% 2,096.1 3,044.8 344.3 1,274.7 2,346.0 378.9 16.2% 2.0% 1.3x 8.0x Fair Isaac Corp. * United States 36.37 -2% 1,298.4 1,568.9 241.6 512.0 619.7 163.9 26.5% 2.3% 2.5x 9.6x Groupe Aeroplan Inc. Canada 11.48 -18% 1,997.0 2,293.0 285.9 573.9 2,090.3 312.3 14.9% 16.6% 1.1x 7.3x Harte-Hanks Inc . United States 9.10 -34% 571.6 684.8 71.8 185.0 862.1 101.0 11.7% 2.4% 0.8x 6.8x Innotrac Corp. United States 1.18 -39% 15.4 12.4 3.3 0.3 82.3 2.0 2.4% 6.0% 0.2x 6.3x Insignia Systems Inc. United States 2.20 -72% 32.1 0.1 31.9 - 20.3 (3.9) NM -35.7% 0.0x NM Points International Ltd. * Canada 9.04 -24% 136.3 101.5 34.1 - 117.0 4.2 3.6% 37.3% 0.9x 24.3x Quad/Graphics, Inc. United States 16.02 -65% 750.7 2,409.6 15.8 1,674.2 4,573.7 654.2 14.3% 87.5% 0.5x 3.7x R.R. Donnelley & Sons United States 15.02 -30% 2,820.8 6,411.5 368.1 3,939.2 10,597.3 1,251.9 11.8% 7.1% 0.6x 5.1x StarTek, Inc. United States 2.29 -62% 34.6 23.1 11.5 - 233.0 (1.1) NM -14.7% 0.1x NM Sykes Enterprises, United States 16.29 -29% 713.4 508.6 204.8 - 1,231.8 145.1 11.8% 18.7% 0.4x 3.5x Teleperformance France 19.64 -49% 1,110 .8 1,148 .4 167.9 198.4 3,103 .1 375.1 12.1% 13.2% 04x0.4x 31x3.1x TeleTech Holdings Inc. United States 17.61 -25% 989.2 962.6 169.8 132.3 1,159.3 152.5 13.2% 5.8% 0.8x 6.3x Transcontinental Inc. Canada 11.74 -31% 949.5 1,536.8 63.7 688.3 2,225.5 430.0 19.3% 4.1% 0.7x 3.6x Valassis Communic ations United States 19.21 -46% 859.7 1,381.1 91.0 612.4 2,271.8 284.2 12.5% -1.5% 0.6x 4.9x Viad Corp United States 18.55 -32% 373.3 280.8 104.6 3.6 931.9 51.1 5.5% 12.6% 0.3x 5.5x Vistaprint N.V. Netherlands 32.71 -42% 1,256.5 1,095.4 161.1 - 858.9 135.4 15.8% 23.5% 1.3x 8.1x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.8x) Low 0.0x 3.1x and EBITDA multipp()les that are 1.0 standard deviations above the mean (11.6x). Mean 0.7x 6.8x Median 0.6x 5.9x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 0.9x 6.1x Adj. W Avg* 0.8x 6.0x High 2.5x 24.3x

M&A & INVESTMENT SUMMARY NOVEMBER 2011 23 NOVEMBER SUMMARY TRADING VALUATION INFORMATION

CtCurrent Summary TdiTrading VltiValuation

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.3x 1.6x 4.7x 3.0x Agency/Consulting 080.8x 080.8x 101.0x 101.0x OOH & Specialty Media 1.9x 1.7x 2.2x 2.2x Digit al Media/Commerc e 3.8x 2.3x 5.3x 4.5x Marketing Tec hnology 3.5x 2.7x 5.4x 4.1x Software & Information 2.9x 2.4x 3.5x 3.2x Marketing Servic es 0.7x 0.6x 0.9x 0.8x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 14.0x 11.6x 15.5x 12.2x Agency/Consulting 6.5x 5.5x 7.5x 7.2x OOH & Specialty Media 8.9x 7.6x 7.6x 7.7x Digit al Media/Commerc e 32.9x 12.7x 30.0x 15.4x Marketing Tec hnology 17.5x 11.5x 19.6x 14.4x Software & Information 21.0x 11.5x 23.3x 12.7x Marketing Servic es 6.8x 5.9x 6.1x 6.0x

As of close of business on 11/30/11.

*Calc ulation is market c ap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.

M&A & INVESTMENT SUMMARY NOVEMBER 2011 24 PPLLC INDICES – LTM as of 11/30/11

120 120

Index Performance 115 Index Performance 110 e (%) e (%) • S&P 500 –  0.6% • S&P 500 –  0.6% 110 • Digital Advertising –  16.2% •Software & 100 105 Information –  1.7%

100 90

95

80 90 Index Performanc Index Performanc

70 85 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11

S&P 500 Digital Advertising Google Microsoft S&P 500 Software & Information

130 130 Index Performance Index Performance 120 120 • S&P 500 –  0.6% • S&P 500 –  0.6% ce(%) • Agency/Consulting –  07%0.7% nce (%) 110 • Marketing nn 110 aa Services –  6.9% 100 100

90 90

80

80 Index Perform Index Performa

70 70 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11

S&P 500 Marketing Services S&P 500 Agency/Consulting

160 140 Index Performance Index Performance 140 • S&P 500 –  0.6% • S&P 500 –  0.6% 120 • Digital Media/ 120 • Marketing ance (%) ance (%) Commerce –  22.7 % Technology –  02%0.2% mm mm 100

100 • OOH & Specialty Media –  17.8% 80

60 80 Index Perfor

Index Perfor 40

60 20 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11

S&P 500 Digital Media/Commerce OOH & Specialty Media Amazon eBay priceline S&P 500 Marketing Technology Adobe Akamai Salesforce Yahoo!

M&A & INVESTMENT SUMMARY NOVEMBER 2011 25 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed HealthDataInsights HMS Holdings $400.0 Kobo, Inc. Rakuten, Inc. 315.0 interclick, Inc. Yahoo!, Inc. 270.0 HealthTrans SXC Health Solutions Corporation 250.0 17173.com Changyou.com Limited 162.5 VideoSurf, Inc. Microsoft Corporation 100.0 Hunch, Inc. eBay Incorporated 80.0 LesPAC Mediagrif Interactive Technologies 72.5 The Corkery Group Cooney/Waters Group, Inc. 42.2 iLoop Mobile Lenco Mobile, Inc. 42.0 Mr. Youth, LLC LBi International AB 40.0 Babble Media The Walt Disney Company 40.0 SPB Software Yandex 38.0 Prime Visibility Media Group Corporation blinkx, Inc. 36.0 Mobile Interactive Group Limited Velti 25.0 RTP, LLC Active Network, Inc. 21.5 Capscan Ltd GB Group PLC 17.9 Datasquirt LiveOps, Inc. 11.8 Razor Risk Technologies TMX Group 10.2 Diverse Solutions Zillow, Inc. 7.8 Euclid Elements New Enterprise Associates 5.8 EurosportBET Unibet Group Plc 5.6 SimpleGeo Urban Airship, Inc. 3.5 Go Media C-Store Network 2.0 Zoomingo Naya Ventures 1.3 FusionAds and BeaconAds BuySellAds.com, Inc. 0.4

M&A & INVESTMENT SUMMARY NOVEMBER 2011 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed 80 Destination-Specific Websites TravelShark - Aaren Initative Outdoor Advertising Lintas Media Group - Ad O'clock Aegis Group plc - AdGenesis & TVGenesis Genesis Media - AdParlor, Inc. Adknowledge, Inc. - American Screen Art Vomela Specialty Company - Apture, Inc. Google, Inc. - Auditude, Inc. Adobe Systems, Inc. - Badtech Maximiles - Bizdeals.com RapidBuyr - BLiNQ Media Looxii - Boost Hawkeye - Brotman-Winter-Fried Communications Sage Communications - Business Travel Market Reed Travel Exhibitions - Cheap-Flights.to Beachfront Solutions - Concourse Initiatives JCDecaux S.A. - ConsumerismCommentary.com QuinStreet, Inc. - Copal Partners Moody's Corporation - Coretec h BiliBilgi TkTekno ljiilojisi Hizmet ler i ASA.S. Logo Yazili m Sanay i ve Ticaret AS - CPM Marketing Group, Inc. Health Grades, Inc. - CRM Metrix MetrixLab - CustomerHub Infusionsoft - Data Driven Classroom CaseNEX, LLC - Digital Staircase - Doctors TV Network CLX Medical, Inc. - ECE Flatmedia Stroer Out- of- Home Media AG - eCONNEX Avanade, Inc. - Efficient Frontier Adobe Systems, Inc. - EZYield TravelClick, Inc. - FamilyLink.com, Inc. MyHeritage, Inc. - FanIQ PulsePoint, Inc. - Flux Software Chegg, Inc. - Fresh Start Marketing Cascade Group - Global Bay Mobile Technologies VeriFone Systems, Inc. - Glover Park Group WPP Group - Gomye Publicis Groupe S.A. -

M&A & INVESTMENT SUMMARY NOVEMBER 2011 27 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed HealthConnect Systems Ebix, Inc. - I1 Connect Chatterbox Call Center Ltd. - Impact Asia Cohn & Wolfe - in4, Ltd. Hardwired Interactive - Indiemark Inbox Group, LLC - Infotel Marketing LeapFrog Interactive - Intran Media AllOver Media - Istaybooked.com Villa Marketers - Katango Google, Inc. - Keynoir Time Out Group Ltd. - Laserwords SPi Global - LawBooksForLess BarristerBooks, Inc. - Lot6 Media WebXU, Inc. - Marina Maher Communications Omnicom Group, Inc. - Media One Newad Media, Inc. - Media Social AlphaBird, Inc. - MMAjunkie.com USA Today Sports Media Group - Model Metrics, Inc. Salesforce.com - Niko Sof tware The Free State Group - Octane Data Pentad Solutions - Online Marketing Summit UBM TechW eb - Purvin & Gertz IHS, Inc. - Rejuvenation Williams-Sonoma, Inc. - Richard Day Research Market Probe, Inc. - Russell Publishing CompareNetworks, Inc. - Safe Money Places The Ohlson Group, Inc. - Shine Marketing K3 Business Technology Group - Show Media, Taxi Top Advertising Division VeriFone Systems, Inc. - Siren Communication Havas - SitesNow Karcher Group - Slide Works Designtex - Smartclip Adconion Media Group - SonicPlayer Sylogent - Soocial Viadeo S.A. -

M&A & INVESTMENT SUMMARY NOVEMBER 2011 28 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed The HealthCentral Network, Inc. Remedy Health Media, LLC - TNS OBOP TNS Group Holdings Ltd. - Travidia, Inc. Media Consortium - TRIPS W est Canadian Gift & Tableware Association - Trunk.ly AVOS Systems, Inc. - TSC Travel Services VIA - Wangfan Publicis Groupe S.A. - WhoGlue Facebook - WiMP Music Aspiro Music AB - WorldLingo Translations TransPerfect Translations - XGrapp,h, Inc. Clearsppgring Technolo gies -

M&A & INVESTMENT SUMMARY NOVEMBER 2011 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Shanda Interactive Entertainment Limited Premium Lead Company Limited $369.1 Clark Holdings, Inc The Gores Group, LLC 7.8 Buyout Deals Undisclosed Budco, Inc. Glencoe Capital, LLC - CPA Site Solutions The Riverside Company - intergenia AG Oakley Capital Investments, Ltd. - LifeStreet Media Nautic Partners LLC - meetOne GmbH SevenVentures - Photon Group, Field Marketing & Retail Agencies Division Navis Capital Partners - VC/Growth Capital Values Disclosed WhaleShark Media, Inc. JP Morgan Chase $150.0 Biocartis SA Debiopharm S.A. 96.0 Marketo.com Battery Ventures 50.0 Fashionandyou.com Norwest Venture Partners 40.0 Cloudera, Inc. Ignition Partners LLC 40.0 Beyond the Rack Limited Panorama Capital, LLC 36.6 Zuora, Inc. Index Ventures 36.0 Delivery Agent, Inc. Intel Capital 35.5 Lot18 Holdi ngs, Inc. AlAccel PPtartners 30.0 BrightRoll, Inc. Trident Capital 30.0 Fixmo, Inc. Paladin Capital 23.0 Zinio LLC (Unnamed Fund Contibuters) 20.0 Medley Health Cardinal Partners 20.0 Intent MediaWorks, Inc. 20.0 NanoString Technologies GE Healthmagination Fund 20.0 Dealsandyou.com Mayfield Fund 17.0 HouseTrip SA Balderton Capital 17.0 Tinubu Square Fonds Stratégique d'Investissement 15.6 Urban Airship, Inc. Verizon Communications, Inc. 15.1 , Inc. Redpoint Ventures 15.0 Appcelerator, Inc. Mayfield Fund 15.0 SecondMarket, Inc. The Social+Capital Partnership 15.0 ServiceMesh Ignition Partners LLC 15.0 SNS Plus, Inc. Matrix Partners 12.5 Smule Shasta Ventures 12.0 Kontagent Battery Ventures 12.0 Vyatta, Inc. HighBAR Ventures 12.0 YuMe Networks Samsung Ventures 11.9 Kaggle, Inc. Index Ventures 11.0

M&A & INVESTMENT SUMMARY NOVEMBER 2011 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

RtdReported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed RunKeeper Spark Capital $10.0 LogiXML Summit Partners LP 10.0 Strangeloop Networks (Private Investors) 10.0 Gehry Technologies Autodesk, Inc. 10.0 VMTurbo, Inc. Bain Capital, LLC 10.0 BlueCava, Inc. S3 Ventures 9.5 Onestop Internet, Inc. Fung Capital 9.2 Hotel Tonight, Inc. Battery Ventures 9.0 Klip Benchmark Capital 8.6 chloe + isabel, inc. General Catalyst Partners LLC 8.5 Live Gamer, Inc. Charles River Ventures 8.5 Puppet Labs Google Ventures 8.5 MediaLets, Inc. (Unnamed Fund Contibuters) 8.4 Jivox, Inc. Fortisure Ventures LLC 8.2 Rocket Ninja, Inc. (Private Investors) 7.5 thisMoment, Inc. Sierra Ventures 7.3 ShopSavvy, Inc. (Private Investors) 7.0 Main Street Connect (Unnamed Fund Contibuters) 7.0 Medivo, Inc. (Unnamed Fund Contibuters) 7.0 Catalog Spree Comcast Ventures 6.1 AtArt.sy, Inc. (Pr iva te Inves tors ) 606.0 Minted, LLC Benchmark Capital 5.5 Wrapp Atomico Ventures 5.5 Parse Ignition Partners LLC 5.5 eVariant Health Enterprise Partners 5.3 Seniorlink, Inc. Commonwealth Capital Ventures 5.0 Orchestra Charles River Ventures 5.0 STELLAService, Inc. Battery Ventures 5.0 Mindshapes Ltd. (Unnamed Fund Contibuters) 4.9 Schematic Labs Accel Partners 4.8 Bitzer Mobile, Inc. Acero Capital 4.8 Skimlinks Ltd. Bertelsmann Digital Media Investments 4.5 Academia.edu Spark Capital 4.5 simplifyMD Intersouth Partners 4.5 Trustpilot SEED Capital 4.5 PunchTab, Inc. Mohr, Davidow Ventures 4.4 iVerse Media, LLC PS&J Group 4.0 Modo Labs, Inc. Storm Ventures, LLC 4.0 Scribble Technologies, Inc. Summerhill Venture Partners 4.0 Masabi m8 Capital 4.0 Boundary, Inc. Lightspeed Venture Partners 4.0

M&A & INVESTMENT SUMMARY NOVEMBER 2011 31 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Mavenlink, LLC (Unnamed Fund Contibuters) $3.9 Salorix, Inc. Inventus Capital Partners 3.5 enStratus Networks, Inc. El Dorado Ventures 3.5 Ycharts Morningstar, Inc. 3.3 BagThat (Unnamed Fund Contibuters) 3.2 DesignCrowd Starfish Ventures 3.0 Rounds Verizon Investments 3.0 Standing Cloud, Inc. Foundry Group 3.0 HighlightCam, Inc. Quest Venture Partners 2.8 Federated Sample, LLC Sopris Capital Associates 2.8 Snipi, Inc. Ben Franklin Technology Partners 2.5 Agari Data, Inc. Alloy Ventures 2.5 Spotzot, Inc. Cervin Ventures 222.2 CustomMade Ventures Corporation Google Ventures 2.1 Koupon Media DFJ Mercury 2.0 Rethink Books Ambassador Technologies 2.0 Shareaholic, Inc. 500 Startups 1.9 Kicksend, Inc. True Ventures 1.8 Vidyard SoftTech VC, Inc. 1.7 Trippy Sequoia Capital 1.5 Milk Google Ventures 1.5 Zooz Mobile, Inc. lool ventures 1.5 MADS B.V OTM Investments 1.4 Heverest.ru eVenture Capital Partners 1.4 Seva Search, Inc. Fortify Ventures 1.3 Ginzamarkets, Inc. 500 Startups 1.3 Digital Folio, Inc. (Angel Investors) 1.2 WP Engine, LLC Silverton Partners 1.2 Kickanotch Mobile 42 Ventures 1.1 OliOnline MdiMedia Group Ltd. 500 Start ups 101.0 Pocket Change Google Ventures 1.0 FanFueled Listen 1.0 MinoMonster Andreessen Horowitz Fund 1.0 Any.DO (Angel Investors) 1.0 StyleCaster Media Group (Private Investors) 1.0 Dispatch, Inc. Thrive Capital 1.0 UserVoice, Inc. Western Technology Investment 1.0 Postcard On The Run Crosscut Ventures 0.8 Bitehunter.com (Unnamed Fund Contibuters) 0.8 100Plus (Private Investors) 0.8 VoteIt.com (Angel Investors) 0.8

M&A & INVESTMENT SUMMARY NOVEMBER 2011 32 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Network Optix, Inc. (Unnamed Fund Contibuters) $0.8 Scripted.com Crosslink Capital 0.7 Hojoki KIZOO Technology Ventures 0.6 Tracelytics Battery Ventures 0.6 SalesVu (Angel Investors) 0.6 Aksel Paris, Inc. Inspiration Ventures 0.5 Mingly, Inc. idealab! 0.5 100Plus The Founders Fund Management, LLC 0.5 Veenome Ecosystem Ventures 0.5

VC/Growth Capital Undisclosed 1stdibs. com, Inc. Benchmark Capital - AfterCollege, Inc. Flywheel Ventures - commercetools GmbH Bayern Kapital Risikokapitalbeteiligungs - Healthcare Quality Catalyst, LLC Sequoia Capital - Lovingeco, Inc. Godfather Media, Inc. - NewsCred First Mark Capital - OnForce, Inc. North Atlantic Capital Corporation - Outblaze Ventures Holding Limited Intel Capital - Spil Games North Bridge Growth Equity - Taurad Godfather Media, Inc. -

M&A & INVESTMENT SUMMARY NOVEMBER 2011 33 Petsky Prunier: Expertise. Commitment. Results.

• Found ed in 1999 • Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting, Marketing Services, and Software & Information • More than 30 focused professionals › Unique combination of and consulting expertise › New York-based with a West Coast office and a Chicago presence • Deep relationships across a broad spectrum of groups, senior and mezzanine lenders and strategic buyers • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC ADVISORY INVESTMENT BANKING Intelligence Consulting

• Sell-Side Representation • Market Research • Opportunity Mapping: Strategic Development •Corporate Divestitures • Competitive Landscape Analysis • Business Process Engineering/ • Capital Raising and Private • Valuation Analysis Placements Enhancement • Publishing & Thought Leadership • M&A Adv isory • M&T Transaction Due Diligence Support • Fairness Opinions • Acquisition Strategy/Target Identification

M&A & INVESTMENT SUMMARY NOVEMBER 2011 34 REPRESENTATIVE TRANSACTIONS Selected Transactions in 2010 and 2011

has sold has sold its a leading provider of taxi-bas ed has sold has sold outdoor media Niche Market Media has acquired Buying Business has been sold to a leading provider of integrated a leading provider of media a leading online lead data, technology and analytics A leading urban and buying, out-of-home and sampling solutions generation business services in niche markets multic ultural agenc y a pioneer in measuring the to to to to impact of promotion on phys ic ian pres c ribing behavior (NYSE: PAY)

has sold has sold a p or t folio com p an y of a leading advertising has been sold to Vestar Capital Partners technology company has acquired has sold a premier provider has been sold to of affinity programs for univers ities and colleges an integrated digital and to to promotional marketing agenc y in a management-led buyout

has merged with one of North America’s largest a leading online video has received a majority advertis ing network has acquired mobile marketing and gateway solution providers inves tment from has received a growth capital and has been sold to has been sold to inves tment from

a portfolio company of a portfolio company of a fast growing compiler Parthenon Capital Partners of consumer marketing data KRG Cap ita l Partners

one of Europe’s leading online has sold the a division of advertis ing networks Experiential Marketing Business of a digital c ommunic ations agenc y with a proprietary software a provider of multichannel has partnered with a premier provider of benchmark- platform serving marketing software services based advisory services to the biopharmaceutical companies pharmaceutical and biotech indus try has been sold to has been sold to has acquired to has been acqqyuired by to form a joint venture CentrSource Canada

New Digital Group

has sold has sold a leading performance-based advertis ing network a leading marketing database and data analytics solution has been sold to provider a leading online c ommunity for has been sold to a leading national in-s tore automotive enthusiasts a leading digital content advertising network and shopper has been sold to and social networking marketing agency marketing company technology platform to refinanc ing of debt fac ilities to

M&A & INVESTMENT SUMMARY NOVEMBER 2011 35