FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 14 September 2016 CDialogues CDOG Media — GBP 0.65 at close 14 September 2016

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-Sep-2016 14-Sep-2016 14-Sep-2016

3.5 100 100 1D WTD MTD YTD 90 90 Absolute 31.3 31.3 31.3 -23.5 3 Rel.Sector 31.5 33.0 33.2 -24.0 80 80 Rel.Market 31.2 33.3 33.2 -27.8 2.5 70 70 60 60 VALUATION 2

(local currency) (local 50 50 Trailing 1.5 Relative Price 40 Relative Price 40 PE 2.8 30 30 Absolute Price Price Absolute 1 EV/EBITDA - 20 20 0.5 PCF 1.0 10 10 PB 0.5 0 0 0 Price/Sales 0.3 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Div Yield - Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Div Payout 29.4

100 100 100 ROE 17.7 90 90 90 Net Debt/Equity 0.0 80 80 80 70 70 70 60 60 60 DESCRIPTION 50 50 50 The principal activity of the Company is provides 40 40 40

RSI (Absolute) RSI specialised marketing services to mobile network 30 30 30 operators ("MNOs" ), with a particular focus on 20 20 20 emerging markets. 10 10 10 RSI (Relative to FTSE UK All-Share Index) UK All-Share to FTSE (Relative RSI RSI (Relative to FTSE UK All-Share Sector) UK All-Share to FTSE (Relative RSI 0 0 0 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: CDialogues 14 September 2016

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

29-Jul-2016 29-Jul-2016 29-Jul-2016 20 14 14

12 12 15 +1SD 10 10 +1SD +1SD 8 8 10 6 Avg 6 Avg Avg 4 4 5 -1SD 2 -1SD 2 -1SD 0 0 0 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015

Ascential 61.4 Rightmove 25.5 Rightmove 25.0 Zoopla Property Group 44.9 Auto Trader Group 21.4 4imprint Group 19.4 Rightmove 32.3 Wireless Group 16.6 STV Group 11.5 Informa 28.6 4imprint Group 16.5 Zoopla Property Group 9.7 Auto Trader Group 27.5 Moneysupermarket.com Group 9.6 Media 11.6 Media 14.9 Media 3.5 ITV 9.1 STV Group 11.0 Pearson 1.2 Pearson 9.7 Bloomsbury Publishing 7.5 Bloomsbury Publishing 0.9 Sky 7.7 Entertainment One 3.1 CDialogues 0.5 Trinity Mirror 2.8 Trinity Mirror 2.5 Trinity Mirror 0.3 CDialogues 2.8 CDialogues 0.0 Auto Trader Group 0.0 0 10203040506070 0 5 10 15 20 25 30 0 5 10 15 20 25 30

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

29-Jul-2016 29-Jul-2016 29-Jul-2016 20 5 5

+1SD 4 4 15 +1SD +1SD 3 3 10 Avg Avg 2 Avg 2

5 -1SD 1 1 -1SD -1SD 0 0 0 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015

Wireless Group 80.0 Pearson 5.3 Rightmove 15.0 Rightmove 30.4 ITE Group 4.3 Auto Trader Group 12.4 Zoopla Property Group 29.6 RELX 4.0 Zoopla Property Group 10.6 4imprint Group 27.9 UBM 3.9 Moneysupermarket.com Group 5.6 Bloomsbury Publishing 25.1 Informa 4.0 Media 3.2 Media 12.6 Media 2.2 Rightmove 1.2 RELX 10.5 STV Group 1.1 Sky 6.7 Entertainment One 0.6 Entertainment One 1.0 Trinity Mirror 3.2 Auto Trader Group 0.4 Bloomsbury Publishing 1.0 Entertainment One 3.0 Ascential 0.0 Trinity Mirror 0.4 CDialogues 1.0 CDialogues 0.0 CDialogues 0.3 0 102030405060708090 0123456 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: CDialogues 14 September 2016

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

29-Jul-2016 29-Jul-2016 29-Jul-2016 1 30 50 ǁǁ 0.9 25 45 0.8 0.7 40 20 +1SD 0.6 35 0.5 15 0.4 +1SD 30 Avg 10 0.3 25 0.2 -1SD 5 20 0.1 Avg 0 0 15 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015 Aug-2011 Aug-2012 Aug-2013 Aug-2014 Aug-2015

STV Group 3.6 UBM 98.8 Rightmove 50.0 Ascential 2.8 Moneysupermarket.com Group 79.0 STV Group 50.0 Sky 2.5 Informa 76.0 4imprint Group 50.0 RELX 1.8 ITE Group 71.7 Sky 50.0 Tarsus Group 1.5 4imprint Group 60.6 RELX 47.0 Media 32.4 Media 24.1 Media 0.8 CDialogues 29.4 CDialogues 17.7 Bloomsbury Publishing 0.0 Entertainment One 14.0 Wireless Group 11.4 Euromoney Institutional Investor 0.0 Auto Trader Group 11.8 UBM 11.3 Rightmove 0.0 WPP 0.0 Ascential 11.2 Moneysupermarket.com Group 0.0 ITV 0.0 Bloomsbury Publishing 7.6 CDialogues 0.0 Ascential 0.0 Entertainment One 7.4 00.511.522.533.54 0 20 40 60 80 100 120 0 102030405060

ROE vs. PB — sector Du Pont Analysis

30 3 60

2.5 50 25 ǁǁ RMV

2 40 20 FOUR

1.5 30 PB 15

STVG 1 20 10 ZPLA MONY

TRS REL 0.5 10 ASCL ITV ITE 5 SKY INF Media UBM WPP ERM 0 0 WLG ETOBMY PSON 2012 2013 2014 2015 2016 0 TNI CDOG 0 102030405060 Net Margin Asset Turnover Gearing ROE (rhs) ǁ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: CDialogues 14 September 2016

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

CDialogues 14 September 2016 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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