January 2017 M&A and Investment Summary Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 8

3 Additional Monthly M&A and Investment Activity Data 40

4 About Petsky Prunier 52

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

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.

2 | M&A and Investment Summary January 2017 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 457 deals were announced in January 2017, of which 245 were worth $24.6 billion in aggregate reported value . Software was the most active segment with 160 deals announced — 92 of these transactions reported $8.1 billion in value . Digital Media/Commerce was also active with 92 transactions announced, of which 66 were worth a reported $3.1 billion in value . Strategic buyers announced 205 deals (37 reported $14.8 billion in value) . VC/Growth Capital investors announced 227 transactions (200 reported $5.5 billion in value) . Private Equity investors announced 25 deals during the month (eight reported $4.3 billion in value)

January 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 160 35% $8,142.1 33% 65 $6,627.4 8 $100.0 87 $1,414.7 Digital Media/Commerce 92 20% 3,134.2 13% 27 503.0 1 1,000.0 64 1,631.2 Marketing Technology 69 15% 1,059.9 4% 20 215.2 6 - 43 844.7 Business Services 46 10% 5,450.4 22% 31 3,077.2 5 2,348.5 10 24.7 Agency & Marketing Services 32 7% 618.3 3% 28 200.0 1 413.0 3 5.3

Digital* AT&T’s Advertising $108 billion acquisition of Time21 Warner has been5% excluded to limit 327.4comparative distortions1% 13 70.8 1 - 7 256.6 Information 19 4% 4,062.5 17% 11 3,843.2 1 - 7 219.3 Traditional Media 18 4% 1,770.6 7% 10 288.8 2 400.0 6 1,081.8 Total 457 100% 24,565.3 100% 205 14,825.5 25 4,261.5 227 5,478.3

3 | M&A and Investment Summary January 2017 M&A and Investment Summary for All Segments

Transaction Distribution . Reported transaction value in January remained flat from December 2016 and was up nine percent from January 2016 . Strategic activity accounted for 45 percent of reported deal activity during the month and included significant transactions: • Cisco’s acquisition of application performance management company AppDynamics in a transaction valued at more than $3.7 billion • The acquisition of CEB by Gartner in a transaction valuing the company at $3.3 billion • Electronic health records authorization solutions company CoverMyMeds’s sale to McKesson for a reported $1.4 billion • Deluxe’s acquisition of First Manhattan Consulting Group, a leading provider of data-driven marketing services for financial institutions, in a transaction valued at $200 million (A Petsky Prunier-led transaction) • The $150 million purchase of business information and data solutions company Avention by Dun & Bradstreet

$120.0 $500.0 $110.0 $100.0 $400.0 $90.0

$80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $29.3 $30.0 $24.9 HP IT / CSC $21.3 $25.4 $25.2 $24.6 $21.3 $22.1 HP Software $100.0 $20.0 $13.7 MultiPlan TeamHealth $10.0 418 427 433 404 432 491 427 473 463 450 419 415 457 $- $- Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 *Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.

4 | M&A and Investment Summary January 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

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

Business Services Multi Packaging Solutions, Inc. Printing Services WestRock Company 2,256.6 1,610.2 235.0 1.4x 9.6x Harris Corporation, Government IT Services Business IT Consulting/Systems Integration Veritas Capital 690.0 1,000.0 - 0.7x NA CynergisTek, Inc. IT Consulting/Systems Integration Auxilio, Inc. 34.0 15.0 5.0 2.3x 6.8x teamix GmbH IT Consulting/Systems Integration ProAct IT Group AB 9.4 35.0 1.2 0.3x 8.0x

Digital Advertising Shareasale.Com, Inc. Affiliate/CPA Network Affiliate Window Ltd. 45.0 14.0 - 3.2xNA NA Information CEB, Inc. HR Information Gartner, Inc. 3,311.9 938.6 193.2 3.5x 17.1x Axiometrics, Inc. Financial Information RealPage, Inc. 75.0 13.8 - 5.4x NA Health Service Journal Healthcare Information Wilmington plc 23.4 12.4 3.5 1.9xNA 6.8x Marketing Technology Avention, Inc. Marketing Data Dun & Bradstreet, Inc. 150.0 60.0 - 2.5x NA

Software AppDynamics, Inc. Application Management Software Cisco Systems, Inc. 3,902.9 206.0 - 18.9x NA SimpliVity Corporation Infrastructure Software HP, Inc. 650.0 130.0 - 5.0x NA Omtool Ltd. Collaboration Software Upland Software, Inc. 19.2 11.0 - 1.7x NA

Traditional Media AB Groupe S.A. Broadcast Television Mediawan S.A. 288.8 166.8 38.0 1.7x 7.6x

5 | M&A and Investment Summary January 2017 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Feb-17 Snap, Inc. United States Digital Media/Commerce $ 3,000.0 NA NA Jan-17 EVRY AS Norway Business Services 151.1 1,566.9 NA Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Nov-16 Optiv Security Inc. United States Business Services 100.0 NA NA Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA Oct-16 Carbon Black, Inc. United States Software NA NA NA Sep-16 Tintri, Inc. United States Software 100.0 NA NA Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0

6 | M&A and Investment Summary January 2017 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2017 1st Trading Day Dec-16 NasdaqGS:TRVG trivago N.V. Germany $13.00-$15.00 11.00 $11.85 up 7.7% 11.60 (2.1%)

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 27.18 14.7%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.99 (20.7%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 30.27 (18.2%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 29.66 (1.5%)

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 13.84 (38.6%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 12.00 (21.3%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 18.47 25.6%

Jul-16 Nasdaq:TLND Talend S.A. France 15.00-17.00 18.00 25.50 up 42% 22.52 (11.7%) Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 31.85 (23.4%) Jun-16 NYSE:TWLO Twilio Inc. United States 12.00-14.00 15.00 28.79 up 92% 28.83 0.1%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 8.14 (58.2%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 33.86 86.7%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 10.34 (25.5%)

Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc United Kingdom 18.00-20.00 21.00 27.78 up 32% 27.63 (0.5%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 21.13 132.2%

7 | M&A and Investment Summary January 2017 Digital Media/Commerce

. Of the total $3.1 billion in value reported in the Digital Media/Commerce segment, $1.6 billion in Venture/Growth Capital investments were announced, while more than $500 million in strategic acquisitions investments were made . eCommerce was the most active subsegment across all segments with 42 transactions announced, of which 35 were reported for $1.3 billion. Select investments from the subsegment include: • The 33 percent minority stake taken by Sprint in music streaming services company Tidal in a transaction valuing the company at a reported $600 million . Select Digital Media/Commerce transactions include: • The acquisition of social and mobile gaming apps developer Outfit7 by a group of China-based investors represented as China Luck Consortium for a reported $1 billion • The $175 million round of funding received by LetGo, operator of a mobile marketplace for buying and selling goods locally, from Naspers, Accel Partners, New Enterprise Associates, and 14W • Jet.com’s acquisition of shoe eCommerce site ShoeBuy.com in a transaction valued at $70 million

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 42 46% $1,252.6 40% 9 $390.0 0 - 33 $862.6 Digital Marketplace 16 17% 367.5 12% 6 - 0 - 10 367.5 Mobile Content/Apps 14 15% 97.9 3% 4 43.0 0 - 10 54.9 Content 10 11% 88.2 3% 3 - 0 - 7 88.2 Social Media/Apps 8 9% 1,328.0 42% 3 70.0 1 1,000.0 4 258.0 Gaming 2 2% - 0% 2 - 0 - 0 - * Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions Total 92 100% 3,134.2 100% 27 503.0 1 1,000.0 64 1,631.2

8 | M&A and Investment Summary January 2017 Digital Media Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. 820.19 -5% $ 558,870.2 $ 476,472.2 $ 90,272.0 $ 29,860.0 33.1% 20.4% 5.3x 16.0x Apple Inc. 121.35 -7% 638,036.0 665,133.0 218,118.0 69,750.0 32.0% -7.2% 3.0x 9.5x Blucora, Inc. 15.10 -5% 630.0 1,019.8 372.0 $67.6 18.2% NA 2.7x 15.1x Facebook, Inc. 130.32 -4% 375,604.4 349,464.4 27,638.0 14,769.0 53.4% 54.2% 12.6x 23.7x Fitbit, Inc. 6.01 -68% 1,344.7 672.6 2,307.3 210.6 9.1% 52.1% 0.3x 3.2x Glu Mobile Inc. 2.30 -43% 307.0 159.5 215.3 (48.3) NM -17.7% 0.7x NM GoPro, Inc. 10.75 -39% 1,511.1 1,286.2 1,185.5 (331.3) NM -26.8% 1.1x NM IAC/InterActiveCorp 68.81 -7% 5,455.9 5,867.0 3,139.9 393.8 12.5% -2.8% 1.9x 14.9x Leaf Group Ltd. 6.95 -6% 137.2 85.5 113.9 (20.7) NM -15.3% 0.8x NM MeetMe, Inc. 4.92 -39% 289.6 243.9 66.8 21.6 32.4% 33.4% 3.7x 11.3x Netflix, Inc. 140.71 -2% 60,563.2 62,193.7 8,830.7 437.3 5.0% 30.3% 7.0x NM Pandora Media, Inc. 13.00 -15% 3,033.4 3,113.0 1,328.4 (199.9) NM 21.2% 2.3x NM RealNetworks, Inc. 5.35 -2% 197.8 117.0 118.9 (26.5) NM -9.1% 1.0x NM TheStreet, Inc. 0.82 -44% 28.9 5.0 64.5 (0.6) NM -5.0% 0.1x NM Twitter, Inc. 17.62 -33% 12,499.50 10,489.55 2,522.89 41.67 1.7% 27.0% 4.2x NM WebMD Health Corp. 49.89 -26% 1,831.0 1,836.5 689.7 176.8 25.6% 13.6% 2.7x 10.4x XO Group Inc. 18.83 -10% 479.1 377.8 149.3 20.5 13.7% 6.2% 2.5x 18.5x Yahoo! Inc. 44.07 -2% 42,048.3 4,148.6 5,169.1 829.7 16.1% 4.0% 0.8x 5.0x Zynga Inc. 2.52 -18% 2,247.7 1,376.9 736.6 (43.6) NM -4.5% 1.9x NM

Average 1.9x 10.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (18.9x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)

9 | M&A and Investment Summary January 2017 Digital Media Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 175.07 -13% $60,733.7 $55,703.0 $10,651.2 $2,800.0 26.3% 15.1% 5.2x 19.9x Changyou.com Limited China 24.12 -20% 1,225.4 406.7 556.8 156.2 28.1% -31.7% 0.7x 2.6x CyberAgent Inc. Japan 24.82 -16% 3,120.0 2,857.0 2,768.4 322.1 11.6% 22.0% 1.0x 8.9x DeNA Co., Ltd. Japan 22.42 -36% 3,252.9 2,615.7 1,435.3 355.1 24.7% -0.1% 1.8x 7.4x G5 Entertainment AB (publ) Sweden 20.11 -1% 176.9 170.8 50.6 5.5 10.8% 18.7% 3.4x 31.3x Gree, Inc. Japan 5.39 -11% 1,264.0 540.2 537.0 97.2 18.1% -22.0% 1.0x 5.6x International Game Technology PLC United Kingdom 26.41 -18% 5,309.3 13,246.2 5,197.6 1,605.5 30.9% 23.3% 2.5x 8.3x KongZhong Corporation China 6.90 -9% 325.0 245.8 181.2 17.9 9.9% -8.6% 1.4x 13.7x Mixi, Inc. Japan 43.40 -2% 3,553.5 2,497.2 1,976.0 883.2 44.7% 15.5% 1.3x 2.8x Meitu, Inc. * China 1.16 -4% 4,898.0 5,946.2 172.5 (106.9) NM 0.0% 34.5x NM NCsoft Corporation South Korea 263.67 -6% 5,600.4 4,963.7 851.0 305.0 35.8% 11.9% 5.8x 16.3x Naver Corporation South Korea 657.43 -17% 18,938.8 16,958.8 3,341.3 1,039.0 31.1% 23.7% 5.1x 16.3x NetEase, Inc. China 253.90 -7% 33,382.1 29,242.0 5,095.4 1,719.2 33.7% 85.1% 5.7x 17.0x NEXON Co., Ltd. Japan 15.27 -13% 6,639.3 4,291.5 1,833.5 551.1 30.1% -0.9% 2.3x 7.8x Pacific Online Ltd. China 0.26 -18% 288.6 247.4 162.0 33.2 20.5% 0.1% 1.5x 7.5x Phoenix New Media Limited China 3.39 -27% 242.3 157.6 219.5 14.9 6.8% -9.4% 0.7x 10.6x Renren Inc. * China 1.67 -53% 568.2 591.9 46.5 (84.7) NM 211.7% 12.7x NM HolidayCheck Group AG * Germany 2.76 -19% 160.9 124.5 125.5 3.0 2.4% 1.0% 1.0x 41.1x Weibo Corporation * China 48.22 -14% 10,401.1 9,926.1 592.1 122.5 20.7% 36.4% 16.8x 81.0x WeMade Entertainment Co., Ltd. South Korea 20.30 -37% 336.9 314.8 107.2 13.2 12.3% -11.3% 2.9x 23.9x Yandex N.V. Netherlands 23.14 -3% 7,458.3 6,781.1 1,141.4 336.5 29.5% 27.6% 5.9x 20.2x YY Inc. China 41.08 -36% 2,274.3 2,018.7 1,142.5 286.4 25.1% 47.4% 1.8x 7.0x

Average 2.0x 12.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (35.3x)

10 | M&A and Investment Summary January 2017 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. 9.00 -21% $587.5 $584.6 $1,189.0 $78.9 6.6% 2.1% 0.5x 7.4x Alphabet Inc. 820.19 -5% 558,870.2 476,472.2 90,272.0 29,860.0 33.1% 20.4% 5.3x 16.0x Amazon.com, Inc. 823.48 -3% 391,290.1 391,931.1 135,987.0 12,302.0 9.0% 27.1% 2.9x 31.9x Apple Inc. 121.35 -7% 638,036.0 665,133.0 218,118.0 69,750.0 32.0% -7.2% 3.0x 9.5x Blucora, Inc. 15.10 -5% 630.0 1,019.8 372.0 67.6 18.2% NA 2.7x 15.1x Blue Nile, Inc. 40.71 -2% 477.5 437.5 471.9 16.4 3.5% -3.2% 0.9x 26.7x CafePress Inc. 3.44 -14% 57.3 21.8 96.8 (0.9) NM -16.0% 0.2x NM CDW Corporation 51.51 -7% 8,267.7 11,868.5 13,907.9 1,065.2 7.7% 10.2% 0.9x 11.1x Chegg, Inc. 7.19 -16% 656.8 566.6 259.2 (5.8) NM -18.4% 2.2x NM Copart, Inc. 56.74 -2% 6,501.6 7,077.4 1,325.6 468.3 35.3% 15.8% 5.3x 15.1x eBay Inc. 31.83 -4% 35,583.6 37,394.6 8,979.0 3,007.0 33.5% 4.5% 4.2x 12.4x Etsy, Inc. 12.61 -21% 1,457.3 1,198.8 342.7 37.0 10.8% 36.8% 3.5x 32.4x EVINE Live Inc. 1.52 -37% 97.5 144.0 687.2 13.1 1.9% 0.6% 0.2x 11.0x Expedia, Inc. 121.59 -9% 18,242.1 21,207.0 8,379.3 1,016.9 12.1% 32.4% 2.5x 20.9x FTD Companies, Inc. 22.98 -20% 625.6 890.3 1,140.0 101.7 8.9% 5.6% 0.8x 8.8x GrubHub Inc. 41.55 -7% 3,556.4 3,259.8 455.8 104.8 23.0% 36.0% 7.2x 31.1x HSN, Inc. 35.25 -37% 1,839.7 2,399.1 3,592.3 290.0 8.1% -3.2% 0.7x 8.3x IAC/InterActiveCorp 68.81 -7% 5,455.9 5,867.0 3,139.9 393.8 12.5% -2.8% 1.9x 14.9x Liberty Ventures 43.65 -3% 3,706.0 5,243.0 535.0 (22.0) NM -53.4% 9.8x NM Liquidity Services, Inc. 9.75 -15% 305.2 170.6 316.5 (8.6) NM -20.3% 0.5x NM Match Group, Inc. 17.37 -12% 4,446.7 5,375.6 1,222.5 360.2 29.5% 19.8% 4.4x 14.9x Overstock.com, Inc. 16.60 -19% 421.4 295.2 1,800.0 19.7 1.1% 8.6% 0.2x 15.0x PetMed Express, Inc. 21.19 -11% 429.2 381.3 241.5 35.5 14.7% 5.3% 1.6x 10.8x The Priceline Group Inc. 1,575.13 -2% 77,724.8 80,691.7 10,394.6 4,009.5 38.6% 14.7% 7.8x 20.1x QVC Group $19.18 -30% 8,979.9 15,205.9 10,320.0 1,775.0 17.2% 18.3% 1.5x 8.6x Shutterfly, Inc. 51.33 -6% 1,742.4 2,050.6 1,134.2 162.8 14.3% 7.1% 1.8x 12.6x Shutterstock, Inc. 53.80 -17% 1,889.9 1,599.5 480.1 65.1 13.6% 19.9% 3.3x 24.6x Spark Networks, Inc. 0.93 -73% 29.7 18.3 38.1 (2.2) NM -26.4% 0.5x NM Stamps.com Inc. 121.55 -3% 2,072.72 2,153.35 328.29 120.63 36.7% 76.6% 6.6x 17.9x U.S. Auto Parts Network, Inc. 3.39 -24% 118.6 122.5 300.0 9.2 3.1% 2.0% 0.4x 13.3x Wayfair Inc. 41.56 -16% 3,555.1 3,291.2 3,135.6 (136.1) NM 63.4% 1.0x NM

Average 1.8x 12.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (24.0x)

11 | M&A and Investment Summary January 2017 eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 29.18 -53% $ 4,222.4 $ 4,209.0 $ 1,090.8 $ (13.3) NM 102.1% 3.9x NM Alibaba Group Holding Limited * China 101.31 -8% 253,275.0 252,030.1 20,721.5 7,639.5 36.9% 52.4% 12.2x 33.0x Cnova N.V. * Netherlands 5.45 -1% 2,405.1 2,555.2 2,493.6 (42.3) NM -37.5% 1.0x NM JD.com, Inc. * China 28.40 -5% 40,342.3 39,417.6 35,167.1 (39.2) NM 45.3% 1.1x NM Jumei International Holding Limited China 4.32 -35% 633.5 190.1 1,113.4 20.2 1.8% 26.2% 0.2x 9.4x LightInTheBox Holding Co., Ltd. * China 2.97 -17% 204.7 116.7 284.8 (9.5) NM -18.3% 0.4x NM Mercadolibre, Inc. * Argentina 185.39 -4% 8,186.3 8,020.2 768.9 190.7 24.8% 21.6% 10.4x 42.0x PChome Online Inc. Taiwan 8.28 -35% 913.7 690.1 800.2 39.8 5.0% 12.9% 0.9x 17.3x Rakuten, Inc. Japan 10.00 -25% 14,259.1 15,138.2 7,486.6 1,431.9 19.1% 10.0% 2.0x 10.6x Travelport Worldwide Limited United Kingdom 14.36 -5% 1,781.1 4,035.6 2,340.8 414.2 17.7% 7.3% 1.7x 9.7x trivago N.V. * Germany 11.60 -8% 2,772.8 2,770.5 769.1 (31.3) NM 0.0% 3.6x NM Vipshop Holdings Limited China 11.32 -35% 6,588.0 6,485.3 7,723.8 495.7 6.4% 48.4% 0.8x 13.1x

Average 1.6x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (32.3x)

12 | M&A and Investment Summary January 2017 Digital Advertising

. There was a total of 21 transactions announced in the Digital Advertising segment, of which nine were worth more than $325 million in reported value . Online Lead Generation was the most active subsegment with six transactions announced in January . Select Transactions: • The $156 million in financing received by H.I.G Growth Partners-backed digital advertising technology company Centerfield Media in a transaction that supports the company’s acquisition of consumer direct marketing platform Qology Direct from Falcon Investment Partners • Business traveler discount website Upside.com’s $50 million round of funding at a reported valuation of $200 million from Red Ventures and Leucadia National • The acquisition of internet retailer affiliate network ShareASale by Affiliate Window for a reported $45 million • The $20 million investment raised by mobile customer acquisition solutions company Button in a round of funding led by Norwest Venture Partners with participation from Redpoint Ventures, DCM, and Greycroft Partners

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Online Lead Generation 6 29% $174.8 53% 4 $9.3 0 - 2 $165.5 Digital Promotion/Coupon 4 19% 50.0 15% 2 - 1 - 1 50.0 Mobile Marketing 4 19% 21.1 6% 2 - 0 - 2 21.1 Ad Networks/Exchanges 2 10% 16.5 5% 2 16.5 0 - 0 - Search Marketing 2 10% - 0% 1 - 0 - 1 - Vertical Search 2 10% 20.0 6% 1 - 0 - 1 20.0 Affiliate/CPA Network 1 5% 45.0 14% 1 45.0 0 - 0 - Total 21 100% 327.4 100% 13 70.8 1 0.0 7 256.6

13 | M&A and Investment Summary January 2017 Digital Advertising Public Company Valuation (1/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $228.38 -6% $ 13,191.0 $ 32,280.5 $ 7,138.1 $ 1,567.3 22.0% 10.8% 4.5x 20.6x Alphabet Inc. 820.19 -5% 558,870.2 476,472.2 90,272.0 29,860.0 33.1% 20.4% 5.3x 16.0x Angie's List, Inc. $6.27 -42% 370.9 391.2 332.9 19.3 5.8% -2.1% 1.2x 20.3x Autobytel Inc. 13.75 -36% 150.7 141.1 152.7 14.5 9.5% 24.3% 0.9x 9.7x Bankrate, Inc. 10.90 -16% 982.4 1,141.7 412.9 92.9 22.5% 87.5% 2.8x 12.3x Blucora, Inc. 15.10 -5% 630.0 1,019.8 372.0 67.6 18.2% NA 2.7x 15.1x Care.com, Inc. 8.44 -30% 243.2 219.4 155.8 4.4 2.8% 21.1% 1.4x 49.8x Cogint, Inc. 3.85 -39% 205.4 244.9 143.5 (47.9) NM 0.0% 1.7x NM DHI Group, Inc. 5.70 -32% 283.7 345.0 237.1 51.9 21.9% -9.7% 1.5x 6.6x Facebook, Inc. * 130.32 -4% 375,604.4 349,464.4 27,638.0 14,769.0 53.4% 54.2% 12.6x 23.7x Groupon, Inc. 3.45 -42% 1,978.8 1,520.1 3,125.6 (8.5) NM 1.3% 0.5x NM IAC/InterActiveCorp 68.81 -7% 5,455.9 5,867.0 3,139.9 393.8 12.5% -2.8% 1.9x 14.9x Inuvo, Inc. 1.55 -37% 38.6 35.0 72.9 2.0 2.7% 12.3% 0.5x 17.5x Leaf Group Ltd. 6.95 -6% 137.2 85.5 113.9 (20.7) NM -15.3% 0.8x NM MaxPoint Interactive, Inc. 4.20 -65% 27.9 29.9 143.8 (19.1) NM 4.4% 0.2x NM Perion Network Ltd. 1.86 -27% 142.0 197.5 295.9 25.1 8.5% 27.8% 0.7x 7.9x QuinStreet, Inc. 3.50 -19% 160.1 121.6 298.8 (5.9) NM 4.7% 0.4x NM Quotient Technology Inc. 10.65 -26% 937.4 775.8 269.2 (9.0) NM 18.1% 2.9x NM RetailMeNot, Inc. 9.05 -30% 438.9 267.1 266.7 34.8 13.1% 5.2% 1.0x 7.7x RhythmOne plc 0.48 -13% 239.1 199.8 156.1 (20.7) NM -22.1% 1.3x NM Rocket Fuel Inc. 2.00 -51% 91.2 100.3 456.8 (9.1) NM -4.0% 0.2x NM The Rubicon Project, Inc. 8.47 -58% 415.4 222.2 299.6 46.9 15.7% 52.6% 0.7x 4.7x TiVo Corporation 18.90 -20% 2,208.64 2,941.52 546.29 181.31 33.2% 6.9% 5.4x 16.2x Travelzoo Inc. 9.15 -31% 126.5 101.2 131.3 12.2 9.3% -8.8% 0.8x 8.3x LendingTree, Inc. 111.90 -2% 1,319.3 1,142.3 361.9 49.3 13.6% 64.7% 3.2x 23.2x The Trade Desk, Inc. 29.66 -11% 1,144.1 1,072.2 173.2 53.5 30.9% 0.0% 6.2x 20.0x Tremor Video, Inc. 2.44 -12% 126.8 79.2 164.7 (8.2) NM 0.5% 0.5x NM TripAdvisor, Inc. 52.90 -26% 7,707.6 7,076.6 1,473.0 182.0 12.4% 0.1% 4.8x 38.9x TrueCar, Inc. 13.15 -5% 1,123.8 1,049.6 267.0 (30.3) NM 6.1% 3.9x NM

14 | M&A and Investment Summary January 2017 Digital Advertising Public Company Valuation (2/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. * 17.62 -33% $ 12,499.5 $ 10,489.5 $ 2,522.9 $ 41.7 1.7% 27.0% 4.2x 251.7x Web.com Group, Inc. 18.95 -11% 892.8 1,556.8 661.6 125.4 19.0% 22.6% 2.4x 12.4x Yahoo! Inc. 44.07 -2% 42,048.3 4,148.6 5,169.1 829.7 16.1% 4.0% 0.8x 5.0x Yelp Inc. 41.78 -4% 3,278.1 2,845.8 672.0 5.6 0.8% 32.8% 4.2x NM YuMe, Inc. 3.56 -18% 122.1 59.7 168.7 (3.3) NM -4.4% 0.4x NM Zillow Group, Inc. 35.98 -10% 6,369.5 6,154.9 788.3 5.5 0.7% 38.9% 7.8x NM

Average 1.9x 11.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.2x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

15 | M&A and Investment Summary January 2017 Digital Advertising Public Company Valuation (3/3)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Criteo SA France 45.07 -6% 2,873.7 2,485.6 1,629.3 152.2 9.3% 21.3% 1.5x 16.3x Just Dial Limited India 5.41 -60% 376.2 267.1 104.2 25.4 24.3% 17.1% 2.6x 10.5x MakeMyTrip Limited India 33.40 -9% 1,721.3 1,588.5 415.6 (86.1) NM 35.5% 3.8x NM Matomy Media Group Ltd. Israel 1.38 -20% 132.4 157.5 270.4 20.3 7.5% 6.1% 0.6x 7.8x Opera Software ASA Norway 4.50 -46% 661.2 865.8 707.4 83.4 11.8% 48.6% 1.2x 10.4x Pacific Online Ltd. China 0.26 -18% 288.6 247.4 162.0 33.2 20.5% 0.1% 1.5x 7.5x Rightmove plc * United Kingdom 50.52 -8% 4,684.1 4,667.4 275.1 202.4 73.6% 15.1% 17.0x 23.1x Septeni Holdings Co., Ltd. Japan 3.24 -54% 415.4 286.1 168.5 40.9 24.3% -73.6% 1.7x 7.0x Taptica International Ltd Israel 3.05 -2% 190.5 181.6 93.7 12.3 13.1% 41.6% 1.9x 14.8x TradeDoubler AB Sweden 0.57 -33% 24.04 26.77 148.06 (3.59) NM -17.3% 0.2x NM XLMedia PLC Channel Islands 1.32 -10% 264.4 225.8 103.6 29.1 28.1% 53.2% 2.2x 7.8x Yandex N.V. * Netherlands 23.14 -3% 7,458.3 6,781.1 1,141.4 336.5 29.5% 27.6% 5.9x 20.2x Zhaopin Ltd. China 16.00 -5% 888.1 583.5 239.9 51.5 21.5% 20.6% 2.4x 11.3x

Average 1.8x 11.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x)

16 | M&A and Investment Summary January 2017 Marketing Technology

. The Marketing Technology segment announced 69 transactions, of which 44 reported nearly $1.1 billion in value . Analytics & Targeting was the most active subsegment with 17 transactions announced, 15 of which were worth $242 million in value . Select Transactions: • The $250 million Hillhouse Capital equity investment in eCommerce solutions company Magento • Mobile attribution and data analytics company AppsFlyer’s $65 million round of funding from Qumra Capital, Goldman Sachs Private Capital, Magma Venture Partners, Pitango Venture Capital, and Deutsche Telekom Partners • Sales acceleration platform InsideSales.com’s $50 million growth equity investment led by Polaris Partners • The acquisition of discrepancy management and third-party reporting company Ad-Juster by Innotech • Symphony Technology Group’s purchase of hospitality industry customer engagement solutions company Fishbowl • Return Path’s acquisition of email data intelligence company ThreatWave

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital

# % $MM % # $MM # $MM # $MM Analytics & Targeting 17 25% $241.8 23% 2 $31.3 1 - 14 $210.5 CRM 9 13% 44.9 4% 3 - 1 - 5 44.9 Commerce Management 6 9% 290.0 27% 3 - 0 - 3 290.0 Market Research 5 7% - 0% 2 - 3 - 0 - Social Technology 5 7% 75.1 7% 1 33.9 0 - 4 41.2 Content Management 4 6% 40.0 4% 1 - 0 - 3 40.0 Marketing Data 4 6% 156.9 15% 2 150.0 1 - 1 6.9 Other* 19 28% 211.2 20% 6 - 0 - 13 180.8 Total 69 100% 1,059.9 100% 20 215.2 6 0.0 43 844.7

17 | M&A and Investment Summary January 2017 Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated 113.38 -2% $ 56,375.60 $ 53,516.37 $ 5,854.43 $ 1,823.63 31.1% 22.1% 9.1x 29.3x AppFolio, Inc. 22.65 -8% 763.2 745.6 98.0 (7.4) NM 44.5% 7.6x NM Bazaarvoice, Inc. 4.70 -23% 389.3 340.1 201.5 (8.3) NM 2.4% 1.7x NM Blackbaud, Inc. 65.61 -9% 3,049.8 3,409.0 708.4 115.7 16.3% 15.2% 4.8x 29.5x Brightcove Inc. 7.20 -48% 243.2 208.9 146.8 1.8 1.2% 12.1% 1.4x 116.3x ChannelAdvisor Corporation 13.85 -13% 357.1 293.9 110.9 (5.8) NM 16.7% 2.7x NM Covisint Corporation 1.95 -21% 79.6 44.8 73.8 (10.7) NM -10.1% 0.6x NM eBay Inc. 31.83 -4% 35,583.6 37,394.6 8,979.0 3,007.0 33.5% 4.5% 4.2x 12.4x Endurance International Group 7.70 -35% 1,089.6 3,080.5 1,012.1 198.4 19.6% 40.5% 3.0x 15.5x Five9,Holdings, Inc. Inc. 15.46 -9% 818.9 806.2 153.9 (1.9) NM 27.1% 5.2x NM GoDaddy Inc. 35.73 -4% 3,125.3 3,798.5 1,787.4 211.4 11.8% 15.0% 2.1x 18.0x HubSpot, Inc. 51.30 -14% 1,826.7 1,713.7 247.6 (36.5) NM 52.0% 6.9x NM Inter Industries LTD. 2.81 -6% 26.1 32.4 86.8 3.3 3.8% 10.6% 0.4x 9.7x IBM Corporation 174.52 -3% 165,943.1 199,730.1 79,919.0 17,486.0 21.9% -2.2% 2.5x 11.4x Jive Software, Inc. 3.80 -17% 296.8 197.2 202.6 (6.6) NM 4.8% 1.0x NM LivePerson, Inc. 7.30 -18% 423.2 371.8 225.8 16.8 7.4% -5.2% 1.6x 22.1x Marin Software Incorporated 2.25 -35% 86.9 53.5 106.0 (4.4) NM -0.5% 0.5x NM MaxPoint Interactive, Inc. 4.20 -65% 27.9 29.9 143.8 (19.1) NM 4.4% 0.2x NM MicroStrategy Incorporated 201.30 -3% 2,301.9 1,712.5 512.2 124.9 24.4% -3.3% 3.3x 13.7x MINDBODY, Inc. 24.35 -8% 986.3 915.6 129.1 (20.0) NM 38.4% 7.1x NM Nuance Communications, Inc. 15.86 -23% 4,619.3 6,472.0 1,948.9 336.8 17.3% 0.9% 3.3x 19.2x Oracle Corporation 40.11 -5% 164,545.3 161,049.3 37,236.0 14,602.0 39.2% -0.6% 4.3x 11.0x PayPal Holdings, Inc. 39.78 -11% 48,014.5 43,039.5 10,842.0 2,310.0 21.3% 17.2% 4.0x 18.6x PROS Holdings, Inc. 22.38 -13% 683.1 657.6 155.4 (51.4) NM -13.7% 4.2x NM PTC Inc. 52.57 -3% 6,077.4 6,582.1 1,135.8 91.5 8.1% -7.0% 5.8x 71.9x Rightside Group, Ltd. 8.44 -34% 163.9 141.2 218.1 1.4 0.6% 4.6% 0.6x 100.0x The Rubicon Project, Inc. 8.47 -58% 415.4 222.2 299.6 46.9 15.7% 52.6% 0.7x 4.7x salesforce.com, inc. 79.10 -6% 53,716.4 55,031.3 7,907.4 534.2 6.8% 25.5% 7.0x 103.0x Square, Inc. 14.62 -8% 5,148.2 4,633.9 1,631.2 (70.6) NM 42.6% 2.8x NM Synchronoss Technologies, Inc. 38.52 -23% 1,745.5 1,934.9 633.9 130.2 20.5% 14.9% 3.1x 14.9x Tableau Software, Inc. 47.84 -23% 3,640.2 2,775.7 826.9 (96.6) NM 26.5% 3.4x NM Teradata Corporation 29.36 -11% 3,813.9 3,400.9 2,415.0 374.0 15.5% -6.1% 1.4x 9.1x Verint Systems Inc. 37.35 -6% 2,341.1 2,793.8 1,047.0 104.0 9.9% -9.8% 2.7x 26.9x Web.com Group, Inc. 18.95 -11% 892.8 1,556.8 661.6 125.4 19.0% 22.6% 2.4x 12.4x Xactly Corporation 12.15 -25% 380.7 353.4 91.9 (14.4) NM 29.1% 3.8x NM Zendesk, Inc. 23.93 -25% 2,281.5 2,070.1 286.0 (83.3) NM 54.9% 7.2x NM

Adjusted Weighted Average 2.8x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (64.5x) 18 | M&A and Investment Summary January 2017 Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 13.11 -30% $ 696.42 $ 595.67 $ 469.89 $ 9.18 2.0% 38.4% 1.3x 64.9x ChinaCache International Holdings Ltd. China 2.57 -75% 69.2 54.2 165.3 (34.8) NM -20.2% 0.3x NM Mercadolibre, Inc. Argentina 185.39 -4% 8,186.3 8,020.2 768.9 190.7 24.8% 21.6% 10.4x 42.0x Open Text Corporation Canada 34.27 -2% 9,013.0 10,321.2 1,958.7 588.9 30.1% 7.0% 5.3x 17.5x Opera Software ASA Norway 4.50 -46% 661.2 865.8 707.4 83.4 11.8% 48.6% 1.2x 10.4x Sage Group plc United Kingdom 7.70 -19% 8,321.72 8,715.32 2,043.19 581.15 28.4% 9.3% 4.3x 15.0x SAP SE Germany 91.19 -1% 109,264.2 111,072.7 23,289.3 7,490.8 32.2% 6.1% 4.8x 14.8x Shopify Inc. Canada 50.82 -3% 4,573.0 4,172.7 329.1 (24.2) NM 93.3% 12.7x NM United Internet AG Germany 41.65 -17% 8,520.2 10,392.6 4,376.0 925.9 21.2% 6.7% 2.4x 11.2x Weborama France 10.14 -29% 34.5 34.4 34.6 1.7 4.9% 14.2% 1.0x 20.2x Wix.com ltd Israel 52.55 -8% 2,231.2 2,085.7 262.8 (44.3) NM 39.6% 7.9x NM

Adjusted Weighted Average 2.9x 13.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.6x)

19 | M&A and Investment Summary January 2017 Agency & Marketing Services

. There were 32 transactions announced in the Agency & Marketing Services segment in January. Digital Agency was the most active subsegment with 10 transactions . Select transactions: • The majority stake taken by Bain Capital Private Equity in retail services provider Daymon Worldwide in a transaction valuing the company at $413 million • Rakuten-owned Ebates’ acquisition of loyalty marketing solutions and rewards programs provider Cartera Commerce • The acquisition of customer loyalty and engagement platform flok by Wix.com • Impact Sales’ acquisition of retail support and marketing agency Harlow-HRK Sales & Marketing • Marketing consultancy The Shipyard’s acquisition of design agency Stream Digital

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 10 31% - 0% 9 - 0 - 1 - Loyalty/Retention 4 13% 5.3 1% 3 - 0 - 1 5.3 Design Agency 3 9% - 0% 3 - 0 - 0 - Public Relations 3 9% - 0% 3 - 0 - 0 - Specialty Agency 3 9% - 0% 3 - 0 - 0 - Retail Services 2 6% 413.0 67% 1 - 1 413.0 0 - DM Agency 1 3% 200.0 32% 1 200.0 0 - 0 - Other* 6 19% 0 0% 5 - 0 - 1 - Total 32 100% 618.3 100% 28 200.0 1 413.0 3 5.3

20 | M&A and Investment Summary January 2017 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.21 -16% $ 105.7 $ 111.7 $ 214.2 $ 8.2 3.8% -4.4% 0.5x 13.7x Dentsu Inc. Japan 46.28 -15% 13,196.4 15,396.6 7,836.6 1,651.6 21.1% NM 2.0x 9.3x Enero Group Limited Australia 0.69 -32% 59.0 32.1 159.3 11.4 7.1% 0.6% 0.2x 2.8x Hakuhodo DY Holdings Inc Japan 12.32 -7% 4,592.5 3,662.5 12,259.8 528.2 4.3% 8.6% 0.3x 6.9x Havas SA France 8.98 -6% 3,770.4 3,880.5 2,488.8 397.6 16.0% 10.3% 1.6x 9.8x Huntsworth plc United Kingdom 0.49 -19% 156.8 202.7 228.3 25.2 11.0% 3.5% 0.9x 8.0x M&C Saatchi plc United Kingdom 3.93 -17% 295.1 312.6 254.7 27.3 10.7% 9.9% 1.2x 11.5x M.D.C. Holdings, Inc. United States 27.04 -5% 1,392.2 2,154.1 2,326.8 172.1 7.4% 21.9% 0.9x 12.5x Next Fifteen Communications Group plc United Kingdom 4.44 -3% 325.6 342.0 197.1 26.5 13.4% 28.8% 1.7x 12.9x Omnicom Group Inc. United States 85.65 -4% 20,203.2 23,988.2 15,328.4 2,275.2 14.8% 1.0% 1.6x 10.5x OPT Holding, Inc. Japan 6.38 -18% 165.5 144.9 671.4 30.1 4.5% 5.4% 0.2x 4.8x Publicis Groupe SA France 68.59 -9% 15,432.9 18,171.6 10,896.8 1,970.1 18.1% 16.3% 1.7x 9.2x The Interpublic Group of Companies, Inc. United States 23.53 -5% 9,341.6 10,468.8 7,778.3 1,066.7 13.7% 2.0% 1.3x 9.8x WPP plc * United Kingdom 23.17 -3% 29,681.7 35,597.5 17,192.7 2,544.7 14.8% 8.7% 2.1x 14.0x

Adjusted Weighted Average 1.7x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x)

21 | M&A and Investment Summary January 2017 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $26.10 -14% $ 2,030.0 $ 2,129.0 $ 880.0 $ 91.0 10.3% 5.9% 2.4x 23.4x Aimia Inc. Canada 6.54 -8% 996.1 1,147.1 1,777.8 90.1 5.1% -6.2% 0.6x 12.7x Alliance Data Systems Corporation United States 228.38 -6% 13,191.0 26,326.2 7,138.1 1,567.3 22.0% 10.8% 3.7x 16.8x Cogint, Inc. United States 3.85 -39% 205.4 244.9 143.5 (47.9) NM 0.0% 1.7x NM CSG Systems International Inc. United States 48.40 -6% 1,562.4 1,701.6 761.0 172.0 22.6% 1.1% 2.2x 9.9x DST Systems Inc. United States 115.15 -11% 3,684.8 4,018.8 1,556.7 354.1 22.7% -44.9% 2.6x 11.3x Fair Isaac Corporation * United States 123.30 -7% 3,829.6 4,362.1 900.9 206.9 23.0% 6.1% 4.8x 21.1x Harte-Hanks Inc. United States 1.56 -58% 96.1 150.4 462.3 12.8 2.8% -2.4% 0.3x 11.8x High Co. SA France 6.53 -10% 134.3 75.8 182.0 17.7 9.7% 16.9% 0.4x 4.3x Multiplus S.A. Brazil 11.30 -28% 1,830.1 1,431.3 688.6 185.6 27.0% 3.6% 2.1x 7.7x Pitney Bowes Inc. United States 15.92 -27% 2,957.3 5,605.4 3,406.6 757.2 22.2% -4.8% 1.6x 7.4x Points International Ltd. Canada 7.55 -24% 114.6 66.4 319.9 8.7 2.7% 13.9% 0.2x 7.6x Viad Corp United States 43.85 -7% 890.5 1,045.8 1,200.2 120.8 10.1% 13.2% 0.9x 8.7x

Adjusted Weighted Average 2.8x 13.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.7x)

22 | M&A and Investment Summary January 2017 Traditional Media

. Of the 18 transactions announced in the Traditional Media segment in January, eight announced nearly $1.8 billion in reported transaction value . Select Transactions: • The $1 billion investment made by China-based film companies Shanghai Film Group and Huahua Media in Viacom-owned Paramount Pictures • The acquisition of film and production company Revolution Studios by Content Partners from Fortress Investment Group for a reported $400 million • YouTube talent management and media company Studio71’s $56.3 million round of funding at a reported valuation of $425 million in a round of funding from TF1 Group and Mediaset • The purchase of real-time television captioning firm Caption Colorado by captioning and subtitling company Vitac • Vstar Entertainment Group’s acquisition of shows and events producer Cirque Productions

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 11 61% $1,473.3 83% 6 - 1 $400.0 4 $1,073.3 Broadcast Television 2 11% 288.8 16% 2 288.8 0 - 0 - B-to-B Media 2 11% 2.0 0% 0 - 1 - 1 2.0 Consumer Magazine Publishing 1 6% - 0% 1 - 0 - 0 - Digital Place-Based Media 1 6% 6.5 0% 0 - 0 - 1 6.5 Traditional Outdoor 1 6% - 0% 1 - 0 - 0 - Total 18 100% 1,770.6 100% 10 288.8 2 400.0 6 1,081.8

23 | M&A and Investment Summary January 2017 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $64.49 -4% $ 27,760.1 $ 36,538.1 $ 14,442.0 $ 3,352.0 23.2% 5.7% 2.5x 10.9x Discovery Communications, Inc. United States 28.35 -5% 16,741.5 24,597.5 6,471.0 2,435.0 37.6% 0.7% 3.8x 10.1x Time Warner Inc. * United States 96.85 -1% 74,683.9 96,876.9 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.9x Twenty-First Century Fox, Inc. United States 31.38 -1% 57,924.9 74,532.9 27,755.0 6,691.0 24.1% 2.1% 2.7x 11.1x Viacom, Inc. United States 42.14 -10% 16,875.4 28,559.4 12,488.0 2,953.0 23.6% -5.9% 2.3x 9.7x The Walt Disney Company United States 110.65 -1% 175,250.9 194,868.9 55,632.0 16,987.0 30.5% 6.0% 3.5x 11.5x

Adjusted Weighted Average 3.2x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $3.60 -7% $ 1,440.1 $ 1,683.9 $ 456.3 $ 104.5 22.9% 0.0% 3.7x 16.1x Euromoney Institutional Investor PLC United Kingdom $14.06 -9% 1,509.0 1,507.0 524.9 149.5 28.5% -0.1% 2.9x 10.1x Global Sources Ltd. Bermuda 9.20 -3% 219.7 136.9 160.0 26.5 16.6% -6.3% 0.9x 5.2x Informa plc United Kingdom 8.19 -14% 6,747.1 8,075.8 1,650.0 511.7 31.0% 4.6% 4.9x 15.8x TechTarget, Inc. * United States 8.81 -5% 245.1 252.6 109.4 14.5 13.2% -3.3% 2.3x 17.5x UBM plc United Kingdom 8.85 -6% 3,484.3 3,568.2 1,061.0 285.0 26.9% 47.4% 3.4x 12.5x

Adjusted Weighted Average 4.1x 13.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.1x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $7.50 -3% $ 215.8 $ 281.3 $ 111.4 $ 23.5 21.1% 15.9% 2.5x 12.0x Cumulus Media Inc. United States 1.00 -79% 29.2 2,281.7 1,150.7 212.0 18.4% -3.2% 2.0x 10.8x Emmis Communications Corp. United States 3.11 -28% 38.6 289.1 222.0 30.6 13.8% -5.1% 1.3x 9.5x Entercom Communications Corp. United States 14.20 -14% 576.7 1,033.4 454.7 108.4 23.8% 15.1% 2.3x 9.5x Pandora Media, Inc. United States 13.00 -15% 3,033.4 3,113.0 1,328.4 (199.9) NM 21.2% 2.3x NM Radio One, Inc. United States 3.00 -16% 142.4 1,088.0 452.0 121.8 26.9% 0.2% 2.4x 8.9x Salem Media Group, Inc. United States 6.10 -25% 157.5 427.6 272.8 47.2 17.3% 3.9% 1.6x 9.1x Sirius XM Holdings Inc. * United States 4.72 -2% 22,773.5 28,303.2 5,017.2 1,701.1 33.9% 9.8% 5.6x 16.6x Spanish Broadcasting System, Inc. United States 0.00 #DIV/0! 7.8 410.5 142.8 38.2 26.7% -0.1% 2.9x 10.8x Townsquare Media, Inc. United States 10.68 -8% 196.5 731.7 510.4 102.3 20.0% 21.0% 1.4x 7.2x

Adjusted Weighted Average 2.3x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.2x)

24 | M&A and Investment Summary January 2017 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $57.35 -20% $ 4,039.0 $ 6,496.9 $ 2,705.0 $ 864.0 31.9% 7.7% 2.4x 7.5x Sky plc United Kingdom 12.58 -6% 21,506.1 31,529.5 15,627.5 2,338.5 15.0% 11.0% 2.0x 13.5x CVC Limited Australia 1.41 -5% 168.5 178.3 110.6 26.7 24.1% 24.1% 1.6x 6.7x CBS Corporation United States 64.49 -4% 27,760.1 36,538.1 14,442.0 3,352.0 23.2% 5.7% 2.5x 10.9x Charter Communications, Inc. * United States 323.95 -5% 87,077.8 158,713.8 21,240.0 7,417.0 34.9% 121.2% 7.5x 21.4x Comcast Corporation United States 75.42 -2% 179,122.5 238,772.5 80,403.0 26,417.0 32.9% 7.9% 3.0x 9.0x Discovery Communications, Inc. United States 28.35 -5% 16,741.5 24,597.5 6,471.0 2,435.0 37.6% 0.7% 3.8x 10.1x DISH Network Corporation United States 59.17 -6% 27,526.6 39,353.4 15,149.1 3,145.5 20.8% 1.2% 2.6x 12.5x Entravision Communications Corporation United States 5.40 -35% 484.3 731.5 253.7 62.6 24.7% -0.1% 2.9x 11.7x General Communication, Inc. United States 20.12 -6% 725.3 2,059.3 942.9 286.4 30.4% -2.4% 2.2x 7.2x Gray Television, Inc. United States 11.85 -20% 847.6 2,372.9 744.3 273.8 36.8% 22.9% 3.2x 8.7x Grupo Televisa, S.A.B. Mexico 4.48 -12% 13,070.7 17,628.4 4,853.8 1,759.4 36.2% 7.8% 3.6x 10.0x Liberty Global plc United Kingdom 36.48 -8% 32,232.6 77,709.0 19,468.5 8,797.7 45.2% 6.4% 4.0x 8.8x Nexstar Media Group, Inc. United States 65.40 -4% 3,073.8 5,507.8 1,045.6 360.1 34.4% 24.9% 5.3x 15.3x Scripps Networks Interactive, Inc. United States 76.16 -2% 9,833.1 13,392.7 3,364.5 1,483.1 44.1% 18.7% 4.0x 9.0x Sinclair Broadcast Group, Inc. United States 33.75 -3% 3,059.0 7,131.0 2,551.0 769.3 30.2% 14.9% 2.8x 9.3x TEGNA Inc. United States 22.91 -10% 4,912.3 9,383.8 3,259.0 1,163.4 35.7% 12.3% 2.9x 8.1x The E. W. Scripps Company * United States 19.48 -4% 1,614.9 1,923.2 875.2 87.0 9.9% 32.3% 2.2x 22.1x Time Warner Inc. United States 96.85 -1% 74,683.9 96,876.9 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.9x

Adjusted Weighted Average 3.1x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.6x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $40.17 -2% $ 2,551.5 $ 2,884.3 $ 1,143.0 $ 189.1 16.5% 15.8% 2.5x 15.3x Eros International Plc * United States 11.90 -40% 673.1 868.4 268.6 21.3 7.9% -20.5% 3.2x 40.8x Lions Gate Entertainment Corp. United States 28.77 -1% 2,267.2 3,732.2 2,654.8 (32.0) NM 16.3% 1.4x NM Live Nation Entertainment, Inc. United States 28.62 -1% 5,822.5 7,361.0 8,294.1 626.4 7.6% 17.1% 0.9x 11.8x Twenty-First Century Fox, Inc. United States 31.38 -1% 57,924.9 74,532.9 27,755.0 6,691.0 24.1% 2.1% 2.7x 11.1x Liberty Global plc United Kingdom 36.48 -8% 32,232.6 77,709.0 19,468.5 8,797.7 45.2% 6.4% 4.0x 8.8x Village Roadshow Limited Australia 3.00 -44% 485.6 905.3 780.8 110.0 14.1% 7.4% 1.2x 8.2x World Wrestling Entertainment, Inc. United States 19.58 -9% 1,496.0 1,471.3 700.4 73.1 10.4% 10.6% 2.1x 20.1x

Adjusted Weighted Average 3.0x 10.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.3x)

25 | M&A and Investment Summary January 2017 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.44 -57% $ 152.8 $ (59.6) $ (14.1) $ (86.6) NM #VALUE! 4.2x 0.7x APG|SGA SA Switzerland 455.08 -3% 1,364.8 1,272.8 320.3 78.5 24.5% -1.5% 4.0x 16.2x Clear Channel Outdoor Holdings, Inc. United States 4.95 -32% 1,782.0 6,688.8 2,748.0 652.6 23.7% -3.1% 2.4x 10.2x Clear Media Limited Hong Kong 1.05 -3% 566.9 508.8 231.6 101.8 44.0% -2.0% 2.2x 5.0x JCDecaux SA France 31.93 -26% 6,786.8 7,379.2 3,258.5 550.4 16.9% 12.0% 2.3x 13.4x Lamar Advertising Company United States 75.52 -2% 7,349.8 9,692.3 1,469.5 614.5 41.8% 10.2% 6.6x 15.8x Mood Media Corporation Canada 0.05 -77% 9.9 614.4 470.0 76.8 16.3% -1.5% 1.3x 8.0x National CineMedia, Inc. United States 14.66 -9% 914.8 2,034.3 441.5 195.1 44.2% 1.9% 4.6x 10.4x NTN Buzztime, Inc. United States 7.83 -35% 17.7 23.1 22.9 0.0 0.2% -7.7% 1.0x NM TOM Group Limited * Hong Kong 0.24 -17% 942.6 1,278.1 147.0 9.6 6.5% -20.0% 8.7x 133.4x

Adjusted Weighted Average 4.2x 13.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.4x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation United States $6.35 -20% $ 137.6 $ 61.9 $ 267.0 $ 5.9 2.2% -1.9% 0.2x 10.5x Daily Mail and General Trust plc United Kingdom 8.71 -17% 2,894.1 3,971.3 2,496.6 327.4 13.1% 4.0% 1.6x 12.1x Emmis Communications Corp. United States 3.11 -28% 38.6 289.1 222.0 30.6 13.8% -5.1% 1.3x 9.5x Gannett Co., Inc. United States 9.62 -46% 1,121.8 1,390.0 2,919.8 332.4 11.4% -1.5% 0.5x 4.2x Glacier Media Inc. Canada 0.58 -20% 63.2 117.7 154.9 12.2 7.9% -12.3% 0.8x 9.6x John Wiley & Sons, Inc. United States 55.10 -6% 3,165.4 3,782.0 1,700.6 274.4 16.1% -3.6% 2.2x 13.8x Meredith Corporation United States 61.30 -2% 2,666.9 3,298.0 1,701.1 357.9 21.0% 5.3% 1.9x 9.2x News Corporation United States 12.29 -16% 7,219.8 6,333.8 8,243.0 655.0 7.9% 2.4% 0.8x 9.7x Scholastic Corporation United States 45.78 -7% 1,578.9 1,143.3 1,785.6 142.5 8.0% 9.7% 0.6x 8.0x The E. W. Scripps Company * United States 19.48 -4% 1,614.9 1,923.2 875.2 87.0 9.9% 32.3% 2.2x 22.1x The McClatchy Company United States 11.54 -42% 87.4 995.5 1,000.7 141.8 14.2% -7.4% 1.0x 7.0x The New York Times Company United States 13.50 -5% 2,174.8 1,859.7 1,555.3 194.4 12.5% -1.5% 1.2x 9.6x Time Inc. United States 19.25 -6% 1,906.9 2,843.9 3,045.0 316.0 10.4% -2.4% 0.9x 9.0x

Adjusted Weighted Average 1.3x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x)

26 | M&A and Investment Summary January 2017 Software

. Within the Software segment, more than $6.6 billion in reported value involved strategic transactions while $1.4 billion in Venture/Growth Capital investments were announced . Healthcare and Security Software were the most active subsegments in January with 22 and 21 transactions announced, respectively . Select Transactions: • Hyper-converged infrastructure developer SimpliVity’s sale to Hewlett Packard for $650 million • The $425 million acquisition of project management tools developer Trello by Atlassian • Enterprise web and video communications technology company Zoom Video Communications’ $100 million round of funding at a reported valuation of $1 billion from Sequoia Capital, Emergence Capital, AME Cloud Ventures, and Qualcomm Ventures • The $70 million round of funding raised by cybersecurity startup SentinelOne led by Redpoint Ventures with participation from Sound Ventures, Third Point Ventures, Data Collective, and Granite Hill Capital Partners • Cloud performance platform Turbonomic’s $50 million round of funding led by General Atlantic

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare 22 14% $1,740.4 21% 7 $1,553.5 2 - 13 $186.9 Security 21 13% 281.9 3% 5 19.0 1 50.0 15 212.9 Financial 20 13% 118.1 1% 7 20.0 0 - 13 98.1 HR 18 11% 129.2 2% 6 2.9 1 - 11 126.3 Collaboration 13 8% 569.6 7% 9 444.2 0 - 4 125.4 Cloud Computing 10 6% 180.7 2% 3 - 0 - 7 180.7 *Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions Other* 56 29% 4,919.2 60% 28 4,588 4 50 24 281.4 Total 160 100% 8,142.1 100% 65 6,627.4 8 100.0 87 1,414.7

27 | M&A and Investment Summary January 2017 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apptio, Inc. United States 13.84 -44% $ 530.2 $ 407.8 $ 151.1 $ (27.6) NM 22.7% 2.7x NM BlackLine, Inc. * United States 27.18 -7% 1,393.5 1,439.7 112.3 (17.8) NM 49.3% 12.8x NM Coupa Software Incorporated United States 25.99 -38% 1,299.0 1,078.4 122.1 (39.2) NM 68.4% 8.8x NM Ebix, Inc. United States 55.50 -12% 1,799.0 1,962.9 288.5 107.5 37.3% 12.7% 6.8x 18.3x First Data Corporation United States 15.34 -5% 13,974.5 35,398.5 7,860.0 2,398.0 30.5% 1.8% 4.5x 14.8x Fidessa group plc United Kingdom 28.90 -13% 1,109.2 1,025.1 409.4 69.7 17.0% 8.5% 2.5x 14.7x Guidewire Software, Inc. * United States 52.33 -18% 3,846.8 3,316.5 436.3 17.9 4.1% 13.9% 7.6x 185.1x Intuit Inc. United States 118.58 -2% 30,435.8 30,930.8 4,759.0 1,429.0 30.0% 10.9% 6.5x 21.6x Management Consulting Group PLC United Kingdom 0.08 -76% 38.0 35.6 179.9 (2.1) NM 169.7% 0.2x NM Model N, Inc. United States 8.80 -37% 247.3 181.2 107.0 (26.8) NM 14.1% 1.7x NM Performant Financial Corporation United States 2.08 -49% 104.5 119.5 148.6 23.7 15.9% -6.0% 0.8x 5.1x Q2 Holdings, Inc. United States 31.75 -5% 1,274.4 1,182.1 138.5 (21.9) NM 37.6% 8.5x NM RealPage, Inc. United States 30.60 -3% 2,462.4 2,516.3 540.8 75.0 13.9% 19.8% 4.7x 33.5x SS&C Technologies Holdings, Inc. United States 32.13 -6% 6,516.6 8,905.1 1,381.4 476.6 34.5% 53.5% 6.4x 18.7x Tyler Technologies, Inc. United States 146.02 -17% 5,348.3 5,335.3 721.7 147.4 20.4% 29.0% 7.4x 36.2x

Adjusted Weighted Average 6.1x 21.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (76.1x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 11.71 -23% 2,167.4 3,741.5 1,470.1 132.5 9.0% 6.4% 2.5x 28.2x athenahealth, Inc. United States 125.99 -12% 4,971.6 5,132.6 1,082.9 169.3 15.6% 17.1% 4.7x 30.3x Cegedim SA France 28.07 -13% 392.2 627.7 491.9 48.8 9.9% 20.2% 1.3x 12.9x Cerner Corporation United States 53.71 -20% 18,234.3 18,114.2 4,632.8 1,294.5 27.9% 12.9% 3.9x 14.0x Civitas Solutions, Inc. United States 18.30 -21% 682.0 1,280.7 1,407.6 142.9 10.2% 3.0% 0.9x 9.0x Computer Programs and Systems, Inc. United States 22.60 -61% 305.8 457.9 247.0 36.5 14.8% 34.1% 1.9x 12.6x Cotiviti Holdings, Inc. United States 33.86 -7% 3,053.2 3,796.9 608.7 206.3 33.9% 18.7% 6.2x 18.4x Craneware plc United Kingdom 16.31 -5% 439.6 393.5 49.8 15.2 30.5% 11.2% 7.9x 25.9x HealthEquity, Inc. * United States 46.25 -6% 2,745.8 2,580.1 167.4 51.8 30.9% 44.6% 15.4x 49.8x McKesson Corporation United States 139.15 -30% 29,507.1 37,667.1 196,498.0 4,624.0 2.4% 3.9% 0.2x 8.1x Medidata Solutions, Inc. * United States 49.54 -14% 2,853.5 2,783.2 437.8 56.2 12.8% 14.3% 6.4x 49.6x NantHealth, Inc. United States 8.14 -58% 986.9 1,023.8 96.7 (130.6) NM 102.2% 10.6x NM Quality Systems, Inc. United States 15.01 -4% 937.2 938.2 505.2 61.2 12.1% 2.5% 1.9x 15.3x Streamline Health Solutions, Inc. United States 1.47 -30% 28.3 40.8 27.0 (2.7) NM -5.2% 1.5x NM Veeva Systems Inc. * United States 42.33 -12% 5,806.1 5,295.3 508.2 104.3 20.5% 33.0% 10.4x 50.8x

Adjusted Weighted Average 3.1x 13.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.9x) 28 | M&A and Investment Summary January 2017 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job, Inc. China $35.18 -4% $ 2,108.3 $ 1,446.8 $ 337.3 $ 97.6 28.9% 14.1% 4.3x 14.8x Benefitfocus, Inc. United States 30.25 -33% 900.0 915.0 225.0 (27.5) NM 31.6% 4.1x NM Castlight Health, Inc. United States 3.10 -44% 323.3 206.9 93.1 (62.9) NM 36.0% 2.2x NM Cornerstone OnDemand, Inc. United States 40.69 -15% 2,286.2 2,285.0 410.0 (46.6) NM 28.0% 5.6x NM DHI Group, Inc. United States 5.70 -33% 283.7 345.0 237.1 51.9 21.9% -9.7% 1.5x 6.6x Paycom Software, Inc. United States 46.24 -13% 2,779.5 2,735.1 306.4 62.0 20.2% 50.5% 8.9x 44.1x Paylocity Holding Corporation * United States 30.86 -38% 1,584.5 1,506.5 264.1 8.4 3.2% 40.8% 5.7x 179.6x The Ultimate Software Group, Inc. United States 193.66 -14% 5,616.3 5,515.9 741.4 64.6 8.7% 27.2% 7.4x 85.4x Workday, Inc. United States 83.09 -11% 16,701.1 15,314.8 1,456.2 (244.4) NM 36.7% 10.5x NM

Adjusted Weighted Average 8.5x 58.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (136.7x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.37 -18% $ 209.7 $ 177.4 $ 87.3 $ 11.3 12.9% -7.6% 2.0x 15.8x AVG Technologies N.V. Netherlands 24.98 -29% 1,267.2 1,389.2 430.6 125.0 29.0% 6.8% 3.2x 11.1x Check Point Software Technologies Ltd. Israel 98.77 -1% 17,275.0 15,902.1 1,741.3 864.8 49.7% 6.8% 9.1x 18.4x Cisco Systems, Inc. United States 30.72 -4% 154,207.0 118,029.0 48,917.0 14,994.0 30.7% -1.4% 2.4x 7.9x Cheetah Mobile Inc. China 9.88 -46% 1,407.5 1,315.8 660.1 34.6 5.2% 39.3% 2.0x 38.0x CyberArk Software Ltd. Israel 53.06 -10% 1,781.2 1,528.7 203.7 39.2 19.3% 39.9% 7.5x 39.0x FireEye, Inc. United States 13.55 -31% 2,318.4 2,125.1 714.1 (297.4) NM 14.6% 3.0x NM Fortinet, Inc. * United States 33.26 -11% 5,755.3 4,724.9 1,275.4 95.5 7.5% 26.4% 3.7x 49.5x Gemalto N.V. Netherlands 58.01 -20% 5,193.0 5,559.6 3,462.3 608.9 17.6% 10.1% 1.6x 9.1x Imperva, Inc. United States 41.75 -27% 1,371.1 1,112.0 258.8 (59.1) NM 21.5% 4.3x NM Juniper Networks, Inc. United States 26.78 -9% 10,185.1 9,733.3 4,990.1 1,119.0 22.4% 2.7% 2.0x 8.7x Mimecast Limited United Kingdom 21.26 -14% 1,165.7 1,059.1 159.8 (0.6) NM 24.5% 6.6x NM Mobileye N.V. * Israel 42.96 -16% 9,418.1 9,088.5 325.4 108.7 33.4% 55.9% 27.9x 83.6x NQ Mobile Inc. China 3.81 -29% 366.4 348.7 375.8 0.6 0.2% 1.9% 0.9x NM Palo Alto Networks, Inc. United States 147.56 -11% 13,529.2 12,645.4 1,479.4 (160.8) NM 43.2% 8.5x NM Proofpoint, Inc. United States 80.16 -9% 3,448.1 3,418.0 375.5 (54.0) NM 41.5% 9.1x NM SecureWorks Corp. United States 10.34 NA 834.1 723.3 404.6 (32.3) NM 27.7% 1.8x NM Symantec Corporation United States 27.55 -1% 17,175.2 18,732.2 3,777.0 855.0 22.6% -38.9% 5.0x 21.9x Trend Micro Incorporated Japan 38.88 -9% 5,330.8 4,204.0 1,233.9 389.5 31.6% 1.7% 3.4x 10.8x VeriSign, Inc. United States 80.21 -13% 8,387.9 8,493.8 1,128.5 735.1 65.1% 8.2% 7.5x 11.6x

Adjusted Weighted Average 3.7x 10.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.2x)

29 | M&A and Investment Summary January 2017 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA , Inc. United States $93.26 -6% $ 8,069.8 $ 7,231.5 $ 969.5 $ 447.6 46.2% 2.5% 7.5x 16.2x Autodesk, Inc. United States 81.34 -3% 18,102.7 17,623.7 2,200.5 (130.1) NM -12.7% 8.0x NM AVEVA Group plc United Kingdom 23.97 -11% 1,532.6 1,376.2 265.4 67.6 25.5% -0.5% 5.2x 20.4x Dassault Systèmes SE France 77.35 -10% 19,614.9 18,016.1 3,225.6 970.2 30.1% 7.6% 5.6x 18.6x

Adjusted Weighted Average 6.8x 18.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.5x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $113.38 -1% $ 56,375.6 $ 53,516.4 $ 5,854.4 $ 1,823.6 31.1% 22.1% 9.1x 29.3x Team Tankers International Ltd. United States 1.50 NM 281.4 280.6 284.7 50.3 17.7% -12.6% 1.0x 5.6x CA, Inc. United States 31.27 -11% 13,065.8 12,326.8 4,033.0 1,283.0 31.8% -0.1% 3.1x 9.6x Commvault Systems, Inc. * United States 49.10 -15% 2,223.9 1,786.7 637.2 17.2 2.7% 8.7% 2.8x 103.7x Covisint Corporation United States 1.95 -21% 79.6 44.8 73.8 (10.7) NM -10.1% 0.6x NM Endurance International Group Holdings, Inc. United States 7.70 -35% 1,089.6 3,080.5 1,012.1 198.4 19.6% 40.5% 3.0x 15.5x First Data Corporation United States 15.34 -5% 13,974.5 35,398.5 7,860.0 2,398.0 30.5% 1.8% 4.5x 14.8x Guidance Software, Inc. United States 7.26 -7% 233.8 226.7 108.7 (13.6) NM 1.0% 2.1x NM Hortonworks Inc. United States 9.70 -26% 589.4 505.9 169.9 (236.3) NM 74.8% 3.0x NM IBM Corporation United States 174.52 -3% 165,943.1 199,730.1 79,919.0 17,486.0 21.9% -2.2% 2.5x 11.4x Nutanix, Inc. United States 30.27 -35% 4,306.1 3,959.0 524.0 (234.9) NM 85.1% 7.6x NM Opera Software ASA Norway 4.50 -46% 661.2 865.8 707.4 83.4 11.8% 48.6% 1.2x 10.4x Oracle Corporation United States 40.11 -5% 164,545.3 161,049.3 37,236.0 14,602.0 39.2% -0.6% 4.3x 11.0x salesforce.com, inc. * United States 79.10 -6% 53,716.4 55,031.3 7,907.4 534.2 6.8% 25.5% 7.0x 103.0x Rapid7, Inc. United States 12.47 - 529.7 442.0 145.3 (52.8) NM 45.8% 3.0x NM ServiceNow, Inc. * United States 90.62 -3% 15,043.9 14,652.4 1,390.5 (68.7) NM 38.3% 10.5x NM Talend S.A. France 22.52 -35% 642.0 552.2 96.5 (25.3) NM 0.0% 5.7x NM Twilio Inc. United States 28.83 -59% 2,511.9 2,259.7 246.7 (32.0) NM 72.2% 9.2x NM Varonis Systems, Inc. United States 29.90 -7% 797.6 685.6 153.9 (14.6) NM 31.4% 4.5x NM

Adjusted Weighted Average 4.6x 13.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.9x)

30 | M&A and Investment Summary January 2017 Information

. The Information segment reported 19 transactions worth a reported $4.1 billion in value . Healthcare Information was the most active subsegment throughout the month with seven deals announced . Select Transactions: • The acquisition of automotive services information company Autodata by Solera in a transaction valuing the company at $418 million • Healthcare information sharing site PatientsLikeMe’s $100 million round of funding from iCarbonX and Invus • Kleiner Perkins Caufield & Byers’ $90 million investment in Medicaid data platform Nuna • RealPage’s acquisition of apartment market data company Axiometrics in a transaction valuing the company at $75 million • Wilmington’s acquisition of UK-based healthcare sector information provider Health Service Journal from Ascential for $23.4 million

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 7 37% $250.2 6% 2 $38.4 0 - 5 $211.8 Financial Information 6 32% 75.0 2% 6 75.0 0 - 0 - Credit/Risk Management Information 2 11% 417.9 10% 1 417.9 0 - 1 - HR Information 2 11% 3,319.4 82% 1 3,311.9 0 - 1 7.5 *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Geo-Demo Information 1 5% - 0% 1 - 0 - 0 - Product/Price Information 1 5% - 0% 0 - 1 - 0 - Total 19 100% 4,062.5 100% 11 3,843.2 1 0.0 7 219.3

31 | M&A and Investment Summary January 2017 Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $66.53 -7% $ 7,922.2 $ 8,820.6 $ 227.5 $ 1,125.9 $ 3,197.6 $ 629.0 19.7% 17.0% 2.8x 14.0x Computershare Limited Australia 9.77 -2% 5,337.8 6,690.5 547.3 1,863.3 1,964.4 428.8 21.8% -0.3% 3.4x 15.6x CoreLogic, Inc. United States 35.27 -19% 3,046.2 4,568.7 100.8 1,623.4 1,868.5 390.0 20.9% 26.0% 2.4x 11.7x CoStar Group, Inc. * United States 202.10 -10% 6,587.1 6,401.4 523.3 337.5 812.3 206.5 25.4% 20.4% 7.9x 31.0x DST Systems, Inc. United States 115.15 -11% 3,684.8 4,018.8 195.5 508.2 1,556.7 354.1 22.7% -44.9% 2.6x 11.3x The Dun & Bradstreet Corporation United States 122.62 -13% 4,510.4 5,802.6 327.3 1,606.4 1,685.9 424.5 25.2% 5.2% 3.4x 13.7x Envestnet, Inc. * United States 37.80 -9% 1,627.4 1,868.0 50.7 290.9 541.1 46.9 8.7% 35.5% 3.5x 39.8x Equifax Inc. United States 117.28 -14% 14,045.6 16,818.4 111.5 2,843.0 3,010.1 1,035.9 34.4% 14.8% 5.6x 16.2x Experian plc Ireland 19.21 -5% 17,881.9 20,946.1 166.0 3,327.0 4,607.0 1,401.0 30.4% -0.5% 4.5x 15.0x FactSet Research Systems Inc. United States 173.05 -6% 6,846.9 7,017.7 194.2 365.0 1,144.7 402.4 35.2% 10.6% 6.1x 17.4x Fair Isaac Corporation United States 123.30 -7% 3,829.6 4,362.1 88.1 620.7 900.9 206.9 23.0% 6.1% 4.8x 21.1x Fidelity National Information Services, Inc. United States 79.42 -3% 26,068.0 36,251.0 701.0 10,789.0 8,669.2 2,199.2 25.4% 35.2% 4.2x 16.5x Financial Engines, Inc. * United States 38.55 -4% 2,386.6 2,267.8 118.8 - 389.4 69.5 17.9% 27.5% 5.8x 32.6x Moody's Corporation United States 103.67 -6% 19,821.7 21,388.5 2,057.9 3,418.1 3,528.0 1,579.7 44.8% 0.9% 6.1x 13.5x Morningstar, Inc. United States 76.15 -15% 3,278.9 3,074.1 265.1 60.0 788.0 249.6 31.7% 0.6% 3.9x 12.3x MSCI Inc. United States 82.75 -9% 7,788.8 8,889.2 974.1 2,074.5 1,150.7 569.5 49.5% 7.0% 7.7x 15.6x Reis, Inc. United States 20.00 -25% 226.0 200.9 25.2 - 50.2 13.3 26.5% 5.8% 4.0x 15.1x SEI Investments Co. United States 48.51 -8% 7,714.6 7,018.9 695.7 - 1,401.5 402.0 28.7% 5.0% 5.0x 17.5x Thomson Reuters Corporation United States 44.73 -3% 32,535.3 41,595.0 956.0 9,476.0 12,145.0 2,560.0 21.1% 4.9% 3.4x 16.2x Verisk Analytics, Inc. United States 82.64 -4% 13,838.1 15,956.2 168.2 2,286.3 2,273.8 1,033.2 45.4% 30.1% 7.0x 15.4x Workiva Inc. United States 12.60 -34% 519.3 487.0 53.8 21.5 172.2 (44.0) NM 27.0% 2.8x NM

Adjusted Weighted Average 4.8x 15.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.6x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $26.10 -14% $ 2,030.0 $ 2,129.0 $ 137.9 $ 236.8 $ 880.0 $ 91.0 10.3% 5.9% 2.4x 23.4x Alliance Data Systems Corporation United States 228.38 -6% 13,191.0 32,280.5 1,859.2 20,948.7 7,138.1 1,567.3 22.0% 10.8% 4.5x 20.6x Brainjuicer Group Plc United Kingdom 9.36 -9% 114.4 107.9 6.9 - 35.4 7.3 20.7% 6.2% 3.0x 14.7x Cello Group Plc United Kingdom 1.21 -16% 105.7 111.7 5.3 11.7 214.2 8.2 3.8% -4.4% 0.5x 13.7x comScore, Inc. * United States 33.55 -23% 1,918.3 1,804.3 147.0 33.0 368.8 37.1 10.1% 12.1% 4.9x 48.6x Ebiquity plc * United Kingdom 1.29 -27% 94.0 130.5 12.9 55.2 95.8 0.7 0.8% 0.0% 1.4x 175.5x GfK SE Germany 46.99 -2% 1,715.5 2,064.2 199.9 545.7 1,688.1 55.6 3.3% -1.0% 1.2x 37.1x Harte Hanks, Inc. United States 1.56 -58% 96.1 150.4 6.9 61.2 462.3 12.8 2.8% -2.4% 0.3x 11.8x InnerWorkings, Inc. United States 9.61 -7% 516.8 629.7 20.8 133.7 1,090.6 41.9 3.8% 8.4% 0.6x 15.0x Intage Holdings Inc. Japan 18.62 -4% 371.8 314.0 98.7 32.8 460.0 55.3 12.0% 3.7% 0.7x 5.7x Ipsos SA France 33.09 -4% 1,379.2 1,951.0 140.7 706.3 1,983.4 230.4 11.6% 2.3% 1.0x 8.5x NeuStar, Inc. United States 33.20 -1% 1,822.2 2,688.8 45.8 808.1 1,209.8 475.8 39.3% 15.2% 2.2x 5.7x Nielsen Holdings plc United States 40.91 -27% 14,622.5 22,334.5 446.0 7,969.0 6,277.0 1,559.0 24.8% 1.6% 3.6x 14.3x Onvia, Inc. United States 4.50 -14% 32.1 24.5 7.6 0.0 24.2 0.7 2.9% 3.6% 1.0x 34.8x Pearson plc United Kingdom 7.78 -37% 6,343.1 8,390.3 1,344.1 3,505.7 5,765.8 817.6 14.2% -3.4% 1.5x 10.3x YouGov plc United Kingdom 3.26 -2% 340.2 320.7 20.7 - 117.1 11.2 9.6% 15.9% 2.7x 28.5x

Adjusted Weighted Average 3.2x 17.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (70.1x)

32 | M&A and Investment Summary January 2017 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.64 -23% $ 92.3 $ 110.1 $ 3.9 $ 22.6 $ 97.8 $ 11.7 12.0% 10.8% 1.1x 9.4x CEB Inc. United States 76.45 -1% 2,464.8 3,215.2 135.8 886.3 938.6 194.0 20.7% 1.4% 3.4x 16.6x Cogint, Inc. United States 3.85 -39% 205.4 244.9 10.4 49.9 143.5 (47.9) NM 0.0% 1.7x NM Forrester Research Inc. United States 40.80 -8% 743.3 610.1 133.2 - 323.6 35.6 11.0% 3.3% 1.9x 17.1x Gartner, Inc. * United States 99.36 -6% 8,208.1 8,493.7 465.7 751.3 2,444.5 409.1 16.7% 13.0% 3.5x 20.8x IHS Markit Ltd. * United Kingdom 39.45 -1% 16,003.2 19,323.9 138.9 3,401.9 2,734.8 764.2 27.9% 25.2% 7.1x 25.3x Informa plc United Kingdom 8.19 -14% 6,747.1 8,075.8 68.3 1,471.3 1,650.0 511.7 31.0% 4.6% 4.9x 15.8x National Research Corporation United States 40.00 -14% 506.4 481.5 28.9 4.0 107.4 34.2 31.9% 6.2% 4.5x 14.1x NIC Inc. United States 24.10 -7% 1,590.1 1,438.7 127.0 - 317.9 84.6 26.6% 8.7% 4.5x 17.0x Premier, Inc. United States 31.86 -9% 1,612.3 1,475.4 156.0 19.1 1,205.0 375.5 31.2% 14.9% 1.2x 3.9x Proofpoint, Inc. * United States 80.16 -9% 3,448.1 3,418.0 396.8 366.7 375.5 (54.0) NM 41.5% 9.1x NM Reed Elsevier plc(1) United Kingdom 17.88 -6% 36,415.4 42,251.5 280.5 6,405.3 8,327.6 2,484.7 29.8% 6.3% 5.1x 17.0x Tarsus Group plc Ireland 3.31 -9% 371.9 445.2 11.6 84.4 106.2 36.2 34.1% 40.7% 4.2x 12.3x TechTarget, Inc. United States 8.81 -5% 245.1 252.6 42.2 49.7 109.4 14.5 13.2% -3.3% 2.3x 17.5x The Advisory Board Company United States 45.50 -11% 1,826.7 2,336.9 55.1 565.3 804.5 116.4 14.5% 12.8% 2.9x 20.1x UBM plc United Kingdom 8.85 -6% 3,484.3 3,568.2 642.9 691.8 1,061.0 285.0 26.9% 47.4% 3.4x 12.5x Wolters Kluwer N.V. Netherlands 38.15 -9% 10,903.0 12,898.3 875.1 2,923.0 4,703.2 1,251.6 26.6% 7.0% 2.7x 10.3x

Adjusted Weighted Average 4.7x 15.3x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.5x)

33 | M&A and Investment Summary January 2017 Business Services

. The Business Services segment reported 46 transactions in January worth nearly $5.5 billion in value . The IT Consulting/Systems Integration subsegment accounted for 52 percent of segments total activity with 24 transactions . Select Transactions: • WestRock Corporation’s acquisition of Multi Packaging Solutions in a transaction valuing the company at $2.3 billion, including $873 million in debt • The controlling stake taken in IT outsourcing firm GlobalLogic by Canada Pension Plan Investment Board from Apax Partners in a transaction valuing the company at a reported $1.5 billion • Veritas Capital’s acquisition of Harris Corporation’s government IT services business for $690 million • The acquisition of Pediatric Services of America by Bain Capital-owned Epic Health Services for a reported $300 million • Accenture’s acquisition of Germany-based consulting and integration company solid service

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 24 52% $1,462.1 27% 19 $52.1 2 $1,410.0 3 - BPO 4 9% 978.5 18% 2 40.0 1 938.5 1 - Corporate Training 4 9% 24.7 0% 1 - 0 - 3 24.7 Printing Services 3 7% 2,256.6 41% 2 2,256.6 1 - 0 - Staffing 3 7% - 0% 3 - 0 - 0 - HR Consulting 2 4% - 0% 1 - 0 - 1 - Logistics 2 4% 428.5 8% 1 428.5 1 - 0 - Other* 4 9% 300.0 6% 2 300.0 0 0.0 2 0.0 Total 46 100% 5,450.4 100% 31 3,077.2 5 2,348.5 10 24.7

34 | M&A and Investment Summary January 2017 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 113.87 -9% $ 70,898.9 $ 67,463.7 $ 4,079.6 $ 27.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 2.0x 11.9x CRA International, Inc. United States 33.23 -11% 274.9 250.4 25.2 - 317.7 25.1 7.9% 2.6% 0.8x 10.0x FTI Consulting, Inc. United States 42.14 -11% 1,752.9 1,998.1 225.2 470.3 1,810.7 202.1 11.2% 2.8% 1.1x 9.9x Information Services Group, Inc. United States 3.30 -24% 118.1 158.9 19.1 58.8 216.1 15.9 7.4% 3.6% 0.7x 10.0x Navigant Consulting, Inc. United States 24.70 -11% 1,162.4 1,316.6 7.0 161.2 911.1 138.0 15.2% 10.9% 1.4x 9.5x ICF International, Inc. United States 52.00 -13% 985.8 1,257.3 9.6 281.2 1,176.3 110.0 9.3% 4.3% 1.1x 11.4x Huron Consulting Group Inc. United States 45.30 -30% 943.1 1,260.0 9.1 326.1 733.2 152.6 20.8% 40.1% 1.7x 8.3x The Hackett Group, Inc. * United States 16.25 -11% 464.0 462.2 14.4 12.6 257.2 36.3 14.1% 12.4% 1.8x 12.7x

Adjusted Weighted Average 1.3x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x) ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 100.99 -3% $ 45,564.0 $ 44,754.1 $ 2,746.2 $ 2,002.5 $ 12,051.0 $ 2,733.1 22.7% 7.2% 3.7x 16.4x Barrett Business Services, Inc. United States 60.11 -10% 435.4 412.3 27.8 4.7 813.2 36.2 4.4% 12.6% 0.5x 11.4x Capita plc United Kingdom 6.29 -56% 4,185.4 6,869.3 1,328.1 4,070.5 6,618.0 1,008.6 15.2% 8.3% 1.0x 6.8x DHI Group, Inc. United States 5.70 -33% 283.7 345.0 29.4 90.7 237.1 51.9 21.9% -9.7% 1.5x 6.6x Edenred SA France 21.76 -10% 5,037.5 6,341.0 970.6 2,241.1 1,100.6 357.6 32.5% -2.0% 5.8x 17.7x Insperity, Inc. United States 71.50 -13% 1,521.3 1,400.3 225.4 104.4 2,862.3 115.2 4.0% 12.3% 0.5x 12.2x Marsh & McLennan Companies, Inc. United States 68.02 -3% 35,070.7 38,521.7 1,026.0 4,807.0 13,211.0 3,104.0 23.5% 2.5% 2.9x 12.4x Paychex, Inc. United States 60.29 -3% 21,634.7 21,444.8 293.0 103.1 3,063.4 1,310.5 42.8% 7.8% 7.0x 16.4x Professional Diversity Network, Inc. United States 9.87 -18% 35.8 36.5 0.5 1.3 29.2 (3.0) NM -22.9% 1.3x NM TriNet Group, Inc. United States 25.43 -5% 1,750.3 2,057.9 160.6 468.1 2,974.9 144.0 4.8% 17.3% 0.7x 14.3x WageWorks, Inc. * United States 72.15 -4% 2,643.8 2,056.0 666.6 78.9 346.8 64.5 18.6% 5.2% 5.9x 31.9x

Adjusted Weighted Average 4.0x 14.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.7x)

35 | M&A and Investment Summary January 2017 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 113.87 -9% $ 70,898.9 $ 67,463.7 $ 4,079.6 $ 27.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 2.0x 11.9x Amdocs Limited United States 58.71 -4% 8,617.9 7,722.1 940.3 - 3,751.5 703.4 18.8% 2.5% 2.1x 11.0x Ausy SA France 59.30 -4% 326.0 431.4 53.6 162.7 483.9 42.0 8.7% 16.7% 0.9x 10.3x Bechtle AG Germany 101.24 -11% 2,126.1 2,040.2 158.8 69.4 3,366.4 183.3 5.4% 8.3% 0.6x 11.1x Booz Allen Hamilton Holding Corporation United States 33.82 -12% 5,071.4 6,285.8 349.6 1,564.0 5,646.5 518.1 9.2% 6.1% 1.1x 12.1x Business & Decision SA * France 8.35 -2% 65.8 96.3 11.8 42.9 254.3 4.3 NA 4.2% 0.4x 22.6x Cap Gemini S.A. France 81.33 -16% 13,523.8 16,127.6 1,652.5 4,304.5 13,953.0 1,715.8 12.3% 13.4% 1.2x 9.4x Cerner Corporation * United States 53.71 -20% 18,234.3 18,114.2 692.7 572.5 4,632.8 1,294.5 27.9% 12.9% 3.9x 14.0x CGI Group Inc. Canada 47.98 -7% 14,220.2 15,263.5 233.7 1,369.3 7,947.5 1,352.8 17.0% 2.4% 1.9x 11.3x Cognizant Technology Solutions Corporation United States 52.59 -17% 31,906.4 27,944.4 4,858.6 896.6 13,257.6 2,648.1 20.0% 11.2% 2.1x 10.6x Computer Sciences Corporation United States 62.20 -12% 8,758.7 11,291.7 1,111.0 2,923.0 7,525.0 755.0 10.0% 4.4% 1.5x 15.0x Digi International Inc. United States 13.05 -8% 343.5 210.4 133.1 - 197.9 20.4 10.3% -4.3% 1.1x 10.3x Globant S.A. * Luxembourg 33.15 -30% 1,143.7 1,088.6 55.4 0.3 307.2 55.6 18.1% 29.4% 3.5x 19.6x International Business Machines Corporation United States 174.52 -3% 165,943.1 199,730.1 8,527.0 42,168.0 79,919.0 17,486.0 21.9% -2.2% 2.5x 11.4x Infosys Limited India 13.76 -28% 31,441.5 26,927.3 4,487.0 - 10,085.0 2,787.0 27.6% 9.5% 2.7x 9.7x ITS Group France 7.60 -7% 58.1 60.9 10.7 13.4 212.2 8.1 3.8% 1.7% 0.3x 7.5x NCI, Inc. United States 12.70 -17% 171.9 171.6 0.2 - 329.3 29.2 8.9% 1.8% 0.5x 5.9x NTT Data Corporation Japan 50.54 -10% 14,175.5 14,871.4 3,397.6 3,889.4 16,305.1 2,604.8 16.0% 5.9% 0.9x 5.7x Perficient, Inc. United States 17.73 -22% 639.3 657.0 10.2 28.0 481.9 54.6 11.3% 7.0% 1.4x 12.0x Reply S.p.A. Italy 128.41 -13% 1,200.9 1,176.7 84.3 59.7 846.5 109.8 13.0% 11.4% 1.4x 10.7x SQLi France 43.60 -5% 161.1 164.2 11.1 14.3 205.9 14.9 7.2% 7.3% 0.8x 11.0x Tata Consultancy Services Limited India 33.03 -19% 65,086.4 59,418.7 5,723.2 37.5 17,194.0 4,710.5 27.4% 11.8% 3.5x 12.6x Wipro Limited India 6.77 -25% 16,366.8 13,807.5 4,881.9 2,301.8 8,052.0 1,606.6 20.0% 9.9% 1.7x 8.6x

Adjusted Weighted Average 2.4x 11.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.3x)

36 | M&A and Investment Summary January 2017 Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $7.04 -14% $ 56.9 $ 48.6 $ 11.9 $ 3.7 $ 43.0 $ (1.8) NM -2.0% 1.1x NM Broadridge Financial Solutions, Inc. United States $66.53 -7% $ 7,922.2 $ 8,820.6 $ 227.5 $ 1,125.9 $ 3,197.6 $ 629.0 19.7% 17.0% 2.8x 14.0x Cenveo, Inc. United States 6.90 -34% 59.0 1,098.2 4.9 1,044.1 1,721.7 143.4 8.3% 0.3% 0.6x 7.7x Communisis plc United Kingdom 0.58 -7% 120.7 153.2 45.2 79.6 471.4 33.1 7.0% 1.8% 0.3x 4.6x Contax Participações S.A. * Brazil 2.88 -50% 11.9 347.1 182.6 508.0 877.5 3.0 0.3% 4.0% 0.4x 115.5x Convergys Corporation United States 24.82 -20% 2,367.1 2,525.5 141.4 299.8 2,907.4 391.5 13.5% -1.9% 0.9x 6.5x CSG Systems International, Inc. United States 48.40 -6% 1,562.4 1,701.6 276.5 416.3 761.0 172.0 22.6% 1.1% 2.2x 9.9x Elanders AB (publ) Sweden 12.02 -11% 425.1 679.1 71.7 316.6 692.4 56.7 8.2% 48.4% 1.0x 12.0x Eniro AB Sweden 0.03 -72% 16.6 212.2 7.0 201.7 241.2 52.4 21.7% -19.9% 0.9x 4.0x Exlservice Holdings, Inc. * United States 45.95 -16% 1,539.7 1,371.3 214.0 45.5 674.6 101.5 15.0% 12.8% 2.0x 13.5x Firstsource Solutions Limited India 0.59 -26% 398.8 475.3 53.2 129.1 517.4 65.4 12.6% 13.9% 0.9x 7.3x Genpact Limited * Bermuda 24.68 -13% 4,954.7 5,401.7 421.0 865.9 2,535.5 403.7 15.9% 4.9% 2.1x 13.4x InnerWorkings, Inc. United States 9.61 -7% 516.8 629.7 20.8 133.7 1,090.6 41.9 3.8% 8.4% 0.6x 15.0x Luxoft Holding, Inc. * SwitzerlandSwitzerland 58.85 -11% 1,952.1 1,872.5 80.2 0.5 715.7 97.4 13.6% 20.7% 2.6x 19.2x MAXIMUS, Inc. * United States 55.14 -11% 3,571.8 3,675.3 66.2 165.6 2,403.4 345.3 14.4% 14.5% 1.5x 10.6x Quad/Graphics, Inc. United States 26.19 -11% 1,337.0 2,505.1 11.5 1,179.6 4,525.4 494.1 10.9% -3.9% 0.6x 5.1x Quintiles IMS Holdings, Inc. * United States 78.49 -4% 19,322.8 20,754.5 1,249.6 2,449.8 4,540.1 848.6 18.7% 6.5% 4.6x 24.5x R.R. Donnelley & Sons Company United States 17.15 -71% 1,197.1 4,690.2 411.8 3,890.9 11,088.1 1,025.8 9.3% -2.7% 0.4x 4.6x Serco Group plc United Kingdom 1.81 -4% 1,968.9 2,150.5 221.0 411.1 4,064.8 162.9 4.0% -3.9% 0.5x 13.2x St Ives plc United Kingdom 0.92 -70% 131.0 232.5 15.7 123.0 488.0 46.0 9.4% 6.7% 0.5x 5.1x StarTek, Inc. United States 8.66 -6% 136.4 167.3 0.8 31.7 312.3 16.6 5.3% 18.3% 0.5x 10.1x SYNNEX Corporation United States 120.18 -7% 4,780.6 5,369.0 385.8 974.2 14,061.8 515.5 3.7% 5.4% 0.4x 10.4x Sykes Enterprises, Incorporated United States 27.93 -11% 1,185.0 1,173.7 283.3 272.0 1,408.2 164.4 11.7% 8.4% 0.8x 7.1x Teleperformance SE * France 106.95 -3% 6,055.1 6,404.7 327.6 678.5 3,808.1 518.3 13.6% 8.1% 1.7x 12.4x TeleTech Holdings, Inc. United States 29.60 -7% 1,375.8 1,451.0 61.3 129.2 1,272.1 155.4 12.2% -0.9% 1.1x 9.3x transcosmos inc. Japan 26.25 -9% 1,088.9 992.7 254.0 130.7 2,030.8 99.9 4.9% 8.8% 0.5x 9.9x Transcontinental Inc. Canada 16.62 -7% 1,284.6 1,538.7 12.5 259.8 1,507.3 295.1 19.6% 0.9% 1.0x 5.2x Cimpress N.V. * Netherlands 84.39 -19% 2,624.4 3,651.1 49.6 1,034.1 1,936.6 146.7 7.6% 21.6% 1.9x 24.9x West Corporation * United States 24.27 -6% 2,020.5 5,070.2 183.1 3,169.7 2,292.0 638.5 27.9% 0.5% 2.2x 7.9x Xchanging Solutions Limited * India 0.75 -53% 83.9 68.1 16.3 0.2 42.2 4.1 9.8% -2.6% 1.6x 16.5x

Adjusted Weighted Average 1.3x 13.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.1x)

37 | M&A and Investment Summary January 2017 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 2.9x 2.3x 6.0x 1.9x Internationally-based Digital Media and Internet 5.2x 2.4x 6.4x 2.0x US-based eCommerce 2.7x 1.9x 3.9x 1.8x Internationally-based eCommerce 3.2x 1.4x 9.8x 1.6x US-based Digital Advertising 2.6x 1.5x 7.7x 1.9x Internationally-based Digital Advertising 3.3x 1.9x 7.1x 1.8x US-based Marketing Technology 3.4x 3.0x 4.4x 2.8x Internationally-based Marketing Technology 4.7x 4.3x 5.2x 5.2x Agency 1.2x 1.3x 1.7x 1.7x Marketing Services 1.8x 1.7x 3.0x 2.8x Traditional Media 2.7x 2.3x 3.8x 3.1x Software 4.8x 4.3x 4.6x 4.5x Information 4.1x 3.5x 5.6x 5.5x Business Services 1.3x 0.9x 2.4x 2.0x

As of close of business on 01/31/17

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

38 | M&A and Investment Summary January 2017 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 12.7x 13.1x 14.2x 10.9x Internationally-based Digital Media and Internet 17.5x 12.2x 19.9x 12.3x US-based eCommerce 16.4x 14.9x 17.2x 12.0x Internationally-based eCommerce 19.3x 13.1x 26.7x 10.0x US-based Digital Advertising 27.4x 15.5x 21.1x 11.3x Internationally-based Digital Advertising 12.4x 10.5x 12.9x 11.3x US-based Marketing Technology 30.4x 18.0x 23.0x 12.9x Internationally-based Marketing Technology 24.5x 16.3x 15.8x 16.3x Agency 9.7x 9.8x 11.0x 9.7x Marketing Services 11.9x 10.6x 14.8x 13.3x Traditional Media 13.3x 10.1x 12.6x 12.5x Software 33.1x 18.3x 19.5x 13.9x Information 22.6x 16.2x 21.4x 21.6x Business Services 12.4x 10.0x 12.5x 12.3x

As of close of business on 01/31/17

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

39 | M&A and Investment Summary January 2017 PPLLC Indices LTM Share Pricing Trends

Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%

140% 140% • S&P 500 –  17.5 % • S&P 500 –  17.5 %

130% 125% • Digital Advertising –  9.7 % • Digital Media/Commerce –  22.8 % 120%

110% • Traditional Media –  19.6 % 110% 100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 –  17.5 % 140% • S&P 500 –  17.5 % 140%

130% 130% • Marketing Technology –  21.5 % • Agency –  5.7% 120% 120% • Marketing Services –  18.2 % 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 –  17.5 % 140% • S&P 500 –  17.5 % 140% 130% • Software –  19.6 % 130% • Information –  14.2 % 120% 120% 110% • Business Services –  16.8 % 110% 100% 100%

Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 80% Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Software S&P 500 Index (^SPX) Note: LTM as of 1/31/2017 Information Business Services S&P 500 Index (^SPX) 40 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed AppDynamics, Inc. Software Cisco Systems, Inc. $ 3,902.9 CEB, Inc. Information Gartner, Inc. 3,311.9 Multi Packaging Solutions, Inc. Business Services WestRock Company 2,256.6 CoverMyMeds LLC Software McKesson Corporation 1,400.0 SimpliVity Corporation Software HP, Inc. 650.0 Tian Tian Express Business Services Suning Commerce Group Co., Ltd. 428.5 Trello, Inc. Software Atlassian, Inc. 425.0 Autodata Limited Information Solera Networks 417.9 Pediatric Services of America, Inc. Business Services Epic Health Services, Inc. 300.0 AB Groupe S.A. Traditional Media Mediawan S.A. 288.8 First Manhattan Consulting Group Agency & Marketing Services Deluxe Enterprise Operations 200.0 Tidal Music AS Digital Media/Commerce Sprint Corporation 200.0 Jiff, Inc. Software Castlight Health, Inc. 153.5 Avention, Inc. Marketing Technology Dun & Bradstreet, Inc. 150.0 Sharper Image Corporation Digital Media/Commerce ThreeSixty Group 100.0 Axiometrics, Inc. Information RealPage, Inc. 75.0 Rounds Entertainment Ltd. Digital Media/Commerce Kik Interactive, Inc. 70.0 Shoebuy.com, Inc. Digital Media/Commerce WalMart Stores, Inc. 70.0 Shareasale.Com, Inc. Digital Advertising Affiliate Window Ltd. 45.0 Taxibeat Ltd. Digital Media/Commerce Daimler AG 43.0 Denali Sourcing Services, Inc. Business Services WNS Holdings Ltd. 40.0 CynergisTek, Inc. Business Services Auxilio, Inc. 34.0 ReviewPro Marketing Technology Shiji 33.9 Fredhopper BV Marketing Technology ATTRAQT Group PLC 31.3 IDV Solutions LLC Software Everbridge, Inc. 27.4 Health Service Journal Information Wilmington plc 23.4 Nasty Gal, Inc. Digital Media/Commerce boohoo.com plc 20.0 Babel Systems Limited Software InvestCloud, Inc. 20.0 Omtool Ltd. Software Upland Software, Inc. 19.2 harvest.ai Software Amazon Web Services 19.0 AltaVoice Information Invitae Corporation 15.0 teamix GmbH Business Services ProAct IT Group AB 9.4 GreedyRates.ca, Inc. Digital Advertising XLMedia PLC 9.3 InfoSERVER S.A. Business Services Wipro Limited 8.7 Certon Software, Inc. Software Cyient Limited 7.5 Corporate Payrol, Inc. Software Asure Software, Inc. 2.9

41 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Attitude Design Ltd. Agency & Marketing Services Fifteen Design Limited $ - blue-infinity S.A. Agency & Marketing Services Dentsu Aegis Network, Inc. - Brilliant Experience Agency & Marketing Services 10Pearls LLC - Cartera Commerce, Inc. Agency & Marketing Services Ebates, Inc. - Chase Communications Agency & Marketing Services Levick Strategic Communications - Engage PR Agency & Marketing Services Connect2 Communications - Fetching Communications Agency & Marketing Services French/West/Vaughan - Fight Time Promotions LLC Agency & Marketing Services Alliance MMA, Inc. - flok Ltd. Agency & Marketing Services Wix.com, Inc. - GoFanbase, Inc. Agency & Marketing Services Friendemic, Inc. - Harlow-HRK Sales & Marketing, Inc. Agency & Marketing Services Impact Sales, Inc. - Hint.is Agency & Marketing Services DEG Digital - KINETiQ DIGITAL Agency & Marketing Services Robots and Pencils, Inc. - LOI Marketing Agency & Marketing Services thumbprint - Marketing Source Agency & Marketing Services Equiniti Group plc - MediaCom India Agency & Marketing Services WPP Group - Neccentric Softsmart 2.0 Agency & Marketing Services Telecorp, Inc. - Nerd Platoon Agency & Marketing Services Qode Media, Inc. - Performance Marketing, Inc. Agency & Marketing Services KeyImpact Sales & Systems, Inc. - Pmweb Agency & Marketing Services WPP Group - SESAC, Inc. Agency & Marketing Services The Blackstone Group L.P. - Shufflebox Productions LLC Agency & Marketing Services Weidenhammer Systems Corporation - Socha Dev, Inc. Agency & Marketing Services Taoti Creative, Inc. - Stream Digital Agency & Marketing Services The Shipyard, LLC - TheNewsMarket.com Agency & Marketing Services DMA Media Limited - Vick & Associates, Inc. Agency & Marketing Services Dressander|BHC, Inc. - Zencard Sp. z o.o. Agency & Marketing Services PKO Bank Polski - Altea Conseil SASU Business Services Consort NT SA - Altitude, Inc. Business Services Accenture plc - Coders Center sp. z o.o. Business Services SoftServe, Inc. - Design Campus, Inc. Business Services Kabuni Technologies, Inc. - DSM Computing Solutions, Inc. Business Services Apogee IT Services, Inc. - Enlighten IT Consulting, Inc. Business Services MacAulay-Brown, Inc. - Estia Conseil Business Services Consort NT SA - Fluidtime Data Services GmbH Business Services Kapsch TrafficCom AG - G2S Global Business Services Liberty Advisor Group LLC - Healthcare Data Solutions Business Services Aprima Medical Software, Inc. - Independent Printing Co., Inc. Business Services Ennis, Inc. - 42 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Kerr Consulting Business Services Proviso Capital $ - Medical Staffing Options Business Services Health Carousel LLC - MSX International, Inc. Business Services Bain Capital Ventures - Navantis, Inc. Business Services Datavail Corporation - SEAL Consulting, Inc. Business Services CenturyLink, Inc. - solid serVision Business Services Accenture plc - The App Geeks Business Services Appit Ventures - The Cheyenne Group Business Services SRi - The Kemtah Group, Inc. Business Services Belcan Corporation - The Marcus Buckingham Company Business Services Automatic Data Processing, Inc. - Trinity Healthcare Staffing Group, Inc. Business Services Travel Nurse across America LLC - True North Service, Inc. Business Services LogiGear Corporation - Unified ConneXions, Inc. Business Services Sphere 3D Corporation - Adelphic, Inc. Digital Advertising Viant - BudgetPlaces.com Digital Advertising eDreams ODIGEO - ClassesUSA, Inc. Digital Advertising Quicken Loans, Inc. - Edo Interactive, Inc. Digital Advertising Augeo Affinity Marketing - LowerMyBills.com Digital Advertising Quicken Loans, Inc. - Persio, Inc. Digital Advertising Clutch Holdings LLC - Promio, Inc. Digital Advertising Surefire Social - Qology Direct Digital Advertising Centerfield Media - Slidejoy, Inc. Digital Advertising Buzzvil - TradeMob GmbH Digital Advertising Adikteev - ArtList Digital Media/Commerce Artnet Worldwide Corporation - Barbora Digital Media/Commerce Maxima Grupe - BauZaar srl Digital Media/Commerce Megamark Ltd. - CameraLends LLC Digital Media/Commerce KitSplit, Inc. - Deutsche Telekom, Tolino Technology Platform Assets Digital Media/Commerce Rakuten, Inc. - DOWN Digital Media/Commerce Paktor Pte. Ltd. - Duriana Internet Pte. Ltd. Digital Media/Commerce Carousell Pte. Ltd. - FantasyAces Digital Media/Commerce FantasyDraft LLC - Hamptons Real Estate Online Digital Media/Commerce Zillow Group, Inc. - Housing.com Digital Media/Commerce PropTiger Realty Pvt. Ltd. - LifestyleAsia.com Digital Media/Commerce Hubert Burda Media - Limos.com, Inc. Digital Media/Commerce iCars - Marinas.com, Inc. Digital Media/Commerce Dockwa, Inc. - MastiTickets Digital Media/Commerce BookMyShow - PureWow Digital Media/Commerce The Gallery - RadPad, Inc. Digital Media/Commerce LandlordStation LLC - Reach App Pvt. Ltd. Digital Media/Commerce ixigo - Simplygon Digital Media/Commerce Microsoft Corporation - 43 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Stylofie.com Digital Media/Commerce Little Internet Services Ltd. $ - Vodkaster SAS Digital Media/Commerce Telerama SA - Watchup, Inc. Digital Media/Commerce Plex, Inc. - China Newswire Information iSentia Group Limited - Encima Global LLC Information Strategas Research Partners, LLC - Geolmovel Information VivaReal, Inc. - Interactive Data Managed solutions Information FactSet Research Systems, Inc. - Q4, Inc. Information CapMark Clarity - Telavance, Inc. Information ACA Compliance Group Holdings LLC - AmpedSense Marketing Technology Ezoic - artegic Ag Marketing Technology Main Capital Partners B.V. - Bringhub, Inc. Marketing Technology Integrated Asset Management Corp. - Commerce Sciences Ltd. Marketing Technology Taboola, Inc. - Destimetrics Marketing Technology Inntopia - Fabric, Inc. Marketing Technology Google, Inc. - International Data Group, Inc. Marketing Technology China Oceanwide Holdings Group Co., Ltd. - LiveNinja Marketing Technology IDT Corporation - Luxor CRM, Inc. Marketing Technology Next Gear Solutions, Inc. - MentAd.com Ltd. Marketing Technology SocialCode - Omniata, Inc. Marketing Technology Activision Blizzard, Inc. - PipeShot, Inc. Marketing Technology FunnelSource, Inc. - Real Digital Media LLC Marketing Technology Stratacache, Inc. - Showing Suite, Inc. Marketing Technology ShowingTime - ThreatWave Marketing Technology Return Path, Inc. - Ticketscript B.V. Marketing Technology EventBrite - Watchwith, Inc. Marketing Technology Comcast Corporation - Abbi Ltd. Software WalkMe, Inc. - Agile 3 Solutions LLC Software International Business Machines Corporation - Apiary, Inc. Software Oracle Corporation - Apperian, Inc. Software Arxan Technologies, Inc. - Bunkr Software Synthesio - Business Dynamics Limited Software Bolder Healthcare Solutions - Cabinet Document Management Solutions Software PSIGEN Software, Inc. - Caret Software AssistRx, Inc. - Cloud Cruiser, Inc. Software Hewlett Packard Enterprise Company - Crashlytics Software Google, Inc. - Digicon Information, Inc. Software NBS (thenbs.com) - Digidentity B.V. Software Solera Holdings, Inc. - docSTAR Software Epicor Software Corporation - DxContinuum, Inc. Software ServiceNow, Inc. - Etransmedia Technology, Inc. Software Formativ Health - Exablox Corporation Software StorageCraft Technology Corporation - 44 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Fastlane Software Google, Inc. $ - Financial Management Solutions, Inc. Software Kronos Incorporated - FlexMinder, Inc. Software The Jellyvision Lab, Inc. - Floored, Inc. Software CBRE Group - GenoSpace LLC Software Sarah Cannon Research Institute LLC - Gravitas Technology Services LLC Software Linedata Services S.A. - Idevio AB Software Qlik Technologies, Inc. - Intelesys Corporation Software Polaris Alpha - InterSpec LLC Software ARCOM ONE - Jobspotting GmbH Software SmartRecruiters - Kindling, Inc. Software Spigit - M&S Technologies, Inc. Software The Kudelski Group - Maccabim.com Ltd. Software RiskIQ, Inc. - Maluuba, Inc. Software Microsoft Corporation - Movimento, Inc. Software Delphi Automotive PLC - MVS Solutions, Inc. Software Compuware Corporation - ONEaccess Software Visible Alpha LLC - Patientus GmbH Software jameda GmbH - Performance Assessment Network, Inc. Software PSI Services LLC - Pinnacle Corp. Enterprise Resource Planning Assets Software Professional Datasolutions, Inc. - Pipemonk Software Freshdesk, Inc. - Polymathic LLC Software DevMynd Software - PS Financials Ltd. Software IRIS Software Group Ltd - PSMS Software Roxit Group - Ready Talk Software Premiere Global Services, Inc. - Seamless Medical Systems LLC Software GetWellNetwork, Inc. - Socious, Inc. Software Higher Logic LLC - Spend360 International Ltd. Software Coupa Software, Inc. - Swan Insights SA Software Bisnode AB - TalentSonar Software Unitive, Inc. - Unidesk Corporation Software Citrix Systems, Inc. - Unity&Variety, Inc. Software Quip, Inc. - Valen Analytics Software Insurity, Inc. - Vayyoo, Inc. Software CafeX Communications, Inc. - Verdazo Analytics, Inc. Software Pason Systems, Inc. - Verimoov LLC Software Proactive MD LLC - Vertical Management Systems, Inc. Software NewSpring Capital - Yodil Inc. Software Duck Creek Technologies, Inc. - Bailey Publishing & Communications, Inc. Traditional Media Observer Media Group, Inc. - BottleRock Napa Valley Traditional Media Live Nation Entertainment, Inc. - Caption Colorado LLC Traditional Media VITAC Corporation - Cieslok Media Traditional Media Bell Media - 45 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Cirque Productions Traditional Media VStar Entertainment Group $ - M4e AG Traditional Media Studio 100 NV - OUTtv Network, Inc. Traditional Media Stern Parnters, Inc. - True North Productions Limited Traditional Media Sky plc - VideoLink LLC Traditional Media AVI-SPL, Inc. -

46 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed OutFit7 Limited Digital Media/Commerce United Luck Group Holdings Limited $ 1,000.0 Zenith Vehicle Contracts Limited Business Services Bridgepoint Advisors 938.5 GlobalLogic, Inc. Business Services Canada Pension Plan Investment Board 720.0 Harris Corporation, Government IT Services Business Business Services Veritas Capital 690.0 Daymon Worldwide Agency & Marketing Services Bain Capital, LLC 413.0 Revolution Studios Traditional Media Content Partners 400.0 BluVector, Inc. Software LLR Partners, Inc. 50.0 Iron Mountain Secure Information Management Services Software Summit Partners LP 50.0 Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Colortree Group, Inc. Business Services Sterling National Bank $ - Worldwide Express Operations LLC Business Services Ridgemont Equity Partners - Cox Target Media, Inc. Digital Advertising Platinum Equity, LLC - Gladson, LLC Information The Wicks Group of Companies, L.L.C. - Ad-Juster, Inc. Marketing Technology Innotech Capitals - Claritas, LLC Marketing Technology The Carlyle Group - Fishbowl, Inc. Marketing Technology Symphony Technology Group - Harris Interactive, Inc. Marketing Technology The Stagwell Group LLC - Harris Poll Marketing Technology The Stagwell Group LLC - MarketSight LLC Marketing Technology Reimagine Holdings Group - AccessOne Software Frontier Capital, LLC - LANDesk Software Software Clearlake Capital Group - Medvind Informationsteknik AB Software Marlin Equity Partners - PaySpan, Inc. Software Primus Capital Funds - Planview, Inc. Software Thoma Bravo, Inc. - Software Technology, Inc. Software Thompson Street Capital Partners, LLC - Sziget Cultural Management Ltd. Traditional Media Providence Equity Partners, Inc. -

47 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Paramount Pictures Corporation Traditional Media Shanghai Film Group $ 1,000.0 Magento, Inc. Marketing Technology Hillhouse Capital Management 250.0 Mobike Digital Media/Commerce Sequoia Capital 215.0 Letgo Digital Media/Commerce Accel Partners 175.0 Tricentis GmbH Software Insight Venture Partners 165.0 Centerfield Media Digital Advertising Undisclosed 156.0 Miss Fresh Digital Media/Commerce Tencent Holdings Ltd. 100.0 Zoom Video Communications, Inc. Software Sequoia Capital 100.0 Funding Circle Limited Digital Media/Commerce Accel Partners 100.0 Zhihu Digital Media/Commerce Tencent Holdings Ltd. 100.0 PatientsLikeMe, Inc. Information iCarbonX.com 100.0 99Taxis Digital Media/Commerce Didi Chuxing 100.0 Nuna, Inc. Information Kleiner Perkins Caufield & Byers 90.0 SoundHound, Inc. Digital Media/Commerce Recruit Holdings Co., Ltd. 75.0 Kaminario, Inc. Software Sequoia Capital 75.0 SentinelOne, Inc. Software Redpoint Ventures 70.0 Appsflyer Ltd. Marketing Technology Goldman Sachs Private Capital Investing 65.0 Vestiaire Collective SA Digital Media/Commerce Vitruvian Partners LLP 62.2 Chushou TV Digital Media/Commerce GGV Capital 58.0 Studio71 GmbH Traditional Media TF1 Group 56.3 Practo Technologies Pvt. Ltd. Software Sequoia Capital 55.0 Turbonomic, Inc. Software General Atlantic, LLC 50.0 InsideSales.com Marketing Technology Kleiner Perkins Caufield & Byers 50.0 Collibra Corporation Software Battery Ventures 50.0 Upside.com Digital Advertising Red Ventures Limited 50.0 EasyStack, Inc. Software Cash Capital 50.0 Rubicon Global Holdings LLC Digital Media/Commerce Undisclosed 50.0 PropTiger Realty Pvt. Ltd. Digital Media/Commerce REA Group Limited 50.0 Namely, Inc. Software Sequoia Capital 50.0 Bitglass, Inc. Software New Enterprise Associates 45.0 Fugue, Inc. Software New Enterprise Associates 41.0 The Players' Tribune, Inc. Digital Media/Commerce New Enterprise Associates 40.0 WorkFusion, Inc. Marketing Technology Georgian Partners 35.0 ezCater, Inc. Digital Media/Commerce Iconiq Capital 35.0 HouseCanary, Inc. Marketing Technology Hillspire 33.0 Knock.co Digital Media/Commerce RRE Ventures LLC 32.5 Panzura Software Matrix Partners 32.0 OfferPad LLC Digital Media/Commerce LL Funds 30.0 Huangbaoche Digital Media/Commerce Matrix Partners 30.0 Salsify, Inc. Marketing Technology Underscore VC 30.0 lalamove Digital Media/Commerce Blackhole Capital 30.0 Networked Insights Marketing Technology Sands Light Capital 30.0 48 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Arcadia Healthcare Solutions Software GE Ventures $ 30.0 Doctolib SAS Software Accel Partners 27.7 Whistle Sports Digital Media/Commerce Beringea LLC 27.5 EquipmentShare.com Digital Media/Commerce Insight Venture Partners 26.0 TeamSnap, Inc. Digital Media/Commerce Foundry Group 25.0 Reflektive Software Lightspeed Venture Partners 25.0 Deputy.com Software OpenView Venture Partners 25.0 ProtectWise, Inc. Software Arsenal Venture Partners 25.0 HOOQ Digital Pte. Ltd. Digital Media/Commerce Warner Brothers Entertainment, Inc. 25.0 The Bouqs Digital Media/Commerce Partech Ventures 24.0 Payfone, Inc. Marketing Technology Verizon Ventures 23.5 Perfect Sense Digital, LLC Marketing Technology Carrick Capital Partners, LLC 22.0 FarmLogs Software Naspers Ltd. 22.0 Activehours, Inc. Digital Media/Commerce Matrix Partners 22.0 CompareEuropeGroup Limited Marketing Technology ACE & Company 21.2 OPAQ Networks, Inc. Software Columbia Capital Corporation 21.0 Feedvisor Ltd. Marketing Technology General Catalyst Partners LLC 20.0 Button, Inc. Digital Advertising Norwest Venture Partners 20.0 Shiftgig, Inc. Digital Advertising DRW Ventures 20.0 OrderGroove, Inc. Marketing Technology National Securities 20.0 Aledade, Inc. Software Biomatics Capital 20.0 CloudCraze, LLC Marketing Technology Salesforce Ventures 20.0 Reputation.com, Inc. Marketing Technology Bessemer Venture Partners 20.0 CafeX Communications, Inc. Software Rakuten, Inc. 18.0 Pipedrive, Inc. Marketing Technology Bessemer Venture Partners 17.0 Sourcepoint USA, Inc. Marketing Technology Accel Partners 16.0 ICIX North America LLC Software Arrowroot Capital 15.5 NovuMind, Inc. Software CBC Capital 15.2 Cuemath Business Services Sequoia Capital 15.0 Two Bit Circus Traditional Media Intel Capital 15.0 Aviatrix Systems, Inc. Software CRV 15.0 Lola Travel Company, Inc. Digital Media/Commerce Accel Partners 15.0 MobileCause, Inc. Marketing Technology Level Equity 15.0 TripActions, Inc. Software Lightspeed Venture Partners 14.6 NA-KD Fashion Digital Media/Commerce Northzone Ventures 14.6 seerene GmbH Software Lakestar 14.0 Mighty AI, Inc. Software New Enterprise Associates 14.0 PeraHealth, Inc. Software Mainsail Partners 14.0 Earnix Ltd. Software Jerusalem Venture Partners 13.5 Phantom Cyber Software Kleiner Perkins Caufield & Byers 13.5 Resy Network, Inc. Digital Media/Commerce Airbnb, Inc. 13.0 Cloud Elements, Inc. Software Access Venture Partners 13.0 49 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed SmarterHQ, Inc. Marketing Technology Battery Ventures $ 13.0 zeotap GmbH Marketing Technology New Science Ventures 12.8 Pursuant Health, Inc. Information Undisclosed 12.8 Rockets of Awesome Digital Media/Commerce August Capital 12.5 Tracx Marketing Technology Canaan Partners 12.5 Fuse (Fusetools.com) Software Northzone Ventures 12.0 Velocidi LLC Marketing Technology Pilot Growth Equity Partners 12.0 Qapa SA Software Index Ventures 11.8 Artificial Intelligence Corp. Software Undisclosed 11.2 Itineris NV Software GIMV NV 11.0 Faction, Inc. Software Sweetwater Capital 11.0 Logtrust S.L. Software Kibo Ventures 11.0 Campanda GmbH Digital Media/Commerce Accel Partners 10.6 myTomorrows Software EQT Ventures 10.6 Ozy Media, Inc. Digital Media/Commerce Axel Springer SE 10.0 Blue Pillar, Inc. Software Elevate Ventures 10.0 Zagster, Inc. Digital Media/Commerce Edison Partners 10.0 Mediafly, Inc Marketing Technology Boathouse Capital 10.0 Indifi Technologies Pvt. Ltd. Digital Media/Commerce Accel Partners 10.0 Monese Ltd. Software Anthemis Exponential Ventures 10.0 TyresOnTheDrive.com Digital Media/Commerce True Capital Limited 9.9 Kayrros SAS Marketing Technology Index Ventures 9.6 Bought By Many Ltd. Digital Advertising Octopus Ventures, LLC 9.5 NGDATA Marketing Technology Idinvest Partners 9.4 Kasisto, Inc. Software Propel Venture Partners 9.2 Klipfolio, Inc. Marketing Technology OMERS Ventures 9.1 Redox, Inc. Software RRE Ventures LLC 9.0 Advanced MR Analytics AB Information Pfizer Venture Investments 9.0 Eleven James Digital Media/Commerce Undisclosed 9.0 KenSci, Inc. Software Ignition Partners LLC 8.5 SEWORKS, Inc. Software Samsung Venture Investment Corporation 8.2 SilverCloud Health, Inc. Software B Capital Group 8.1 FLYR, Inc. Marketing Technology Jetblue Technology Ventures 8.0 Split Software, Inc. Software Accel Partners 8.0 Fig.co Digital Media/Commerce Spark Capital 7.8 Gravy Analytics, Inc. Marketing Technology Spring Lake Equity Partners 7.7 Comparably Information Greycroft Partners LLC 7.5 Scandit AG Software Atomico Ventures 7.5 Bankin' Digital Media/Commerce Omnes Capital S.A.S. 7.4 Trackforce, Inc. Software Five Elms Capital 7.4 Dalia Research GmbH Marketing Technology Balderton Capital 7.0 Element Analytics, Inc. Software Kleiner Perkins Caufield & Byers 7.0 50 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Trustpilot Marketing Technology Draper Espirit $ 6.9 Dwolla, Inc. Marketing Technology Union Square Ventures 6.9 habito Software Ribbit Capital 6.9 YouEarnedIt, Inc. Software WPP Group 6.5 SPACES, Inc. Traditional Media Comcast Ventures 6.5 Starburst Labs, Inc. Software Undisclosed 6.3 Secret Double Octopus Ltd. Software Liberty Media Corporation 6.0 Barkly Protects, Inc. Software Undisclosed 6.0 Eulerian Technologies Marketing Technology ISAI Gestion 5.3 My 1st Years Digital Media/Commerce Beringea LLC 5.3 Clutch Holdings LLC Agency & Marketing Services (Private Investors) 5.3 Talkwalker, Inc. Marketing Technology Main Capital Partners B.V. 5.3 Housing Anywhere B.V. Digital Media/Commerce Real Web 5.3 Lingo Live Business Services Owl Ventures 5.2 Qvivr, Inc. Software Khosla Ventures 5.0 Fraugster Ltd. Software Earlybird Venture Capital GmgH & Co. KG 5.0 Iguama Group, Inc. Digital Media/Commerce Kibo Ventures 5.0 Stadium Goods Digital Media/Commerce The Chernin Group 4.6 Unacademy Business Services Nexus Venture Partners 4.5 MainStreaming, Inc. Marketing Technology United Ventures 4.3 Roambee Corporation Software Deutsche Telekom AG 4.1 OOHLALA Mobile, Inc. Digital Media/Commerce Liquid 2 Ventures 4.0 Teachable, Inc Digital Media/Commerce Accomplice, LLC 4.0 Pavia Systems, Inc Software Eileses Capital 4.0 Careship Software Spark Capital 4.0 Blockstack, Inc. Software Union Square Ventures 4.0 Inspectorio, Inc. Software Target Corporation 3.7 Washlava Digital Media/Commerce Undisclosed 3.7 Talentoday, Inc. Software Adecco S.A. 3.5 Local Measure International Pty. Limited Marketing Technology (Private Investors) 3.4 QikServe Limited Software Maven Capital 3.4 Infocyte, Inc. Software LiveOak Venture Partners 3.4 Prattle Analytics LLC Software New Enterprise Associates 3.3 Pitchero Digital Media/Commerce ICM Investment Management 3.3 Budbee AB Digital Media/Commerce (Private Investors) 3.2 Corlytics Software Kernel Capital 3.2 TellusLabs, Inc. Software IA Ventures 3.1 Radish Media, Inc. Digital Media/Commerce Greylock Partners 3.0 ID Dataweb, Inc. Software Strategic Cyber Ventures 3.0 Mac & Mia Digital Media/Commerce Chicago Ventures 3.0 Swimlane LLC Software (Private Investors) 3.0 Cytora Limited Software Parkwalk Advisors Ltd. 2.9 51 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed REVL Ltd. Digital Media/Commerce Undisclosed $ 2.9 Truecaller Digital Media/Commerce Capital Inbox 2.8 Hull, Inc. Marketing Technology Alven Capital Partners 2.6 Cybellum Ltd. Software Blumberg Capital 2.5 Choozle, Inc. Marketing Technology Great Oaks Venture Capital 2.4 Laugh.ly Digital Media/Commerce Social+Capital 2.3 The Athletic Media Company Digital Media/Commerce Bertelsmann Digital Media Investments 2.3 Welcome to the Jungle Digital Media/Commerce (Private Investors) 2.1 Spendesk SAS Software Kima Ventures 2.1 Prep4S Ltd. Digital Media/Commerce Initial Capital 2.1 Yoshi, Inc. Digital Media/Commerce Liquid 2 Ventures 2.1 RocketROI SL Marketing Technology Undisclosed 2.1 Entrypoint Traditional Media Samsung NEXT 2.0 Community Elf LLC Marketing Technology Topanga Partners 2.0 Shoptalk LLC Traditional Media New Enterprise Associates 2.0 Ascent360, Inc. Marketing Technology Access Venture Partners 1.9 Respoke Ltd. Digital Media/Commerce Oxford Capital Partners Limited 1.8 AlpacaDB, Inc. Software Monex Ventures 1.8 TheUberCloud, Inc. Software Earlybird Venture Capital GmgH & Co. KG 1.7 Loyalty Prime Germany GmbH Marketing Technology Senovo 1.6 Sinemia Digital Media/Commerce Revo Capital 1.5 Idea Drop Ltd. Software (Private Investors) 1.3 Komand Software Stonehammer Capital 1.3 ClearScholar Digital Media/Commerce High Alpha 1.3 Lobster IT Limited Digital Media/Commerce (Private Investors) 1.2 Artemest S.r.l. Digital Media/Commerce Internet Advertising Group, Inc. 1.2 Heuritech SAS Marketing Technology Serena Capital 1.2 Staffjoy, Inc. Software Caffeinated Capital 1.2 ParqEx LLC Digital Media/Commerce Venture Management 1.2 Armis Digital Advertising Iris Capital 1.1 Lighthouse.io, Inc. Software Morningside Ventures 1.0 Yet Analytics, Inc. Software Grotech Ventures 1.0

52 | M&A and Investment Summary January 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed C-4 Analytics, LLC. Agency & Marketing Services BV Investment Partners $ - G Media Studios, Inc. Agency & Marketing Services Primoris Wealth Advisors - Alera Group Business Services Genstar Capital, LP - Ascendant Compliance Management Business Services Compliance Solutions Strategies - Edenhouse Solutions Ltd. Business Services ECI Partners - eRisk Consulting LLC Business Services The Catalyst Fund - Humach Business Services Round Spring Ventures - National Arbitration and Mediation, Inc. Business Services Sageview Capital - Telos Corporation Business Services Enlightenment Capital - FirePoint Solutions, Inc. Digital Advertising Sopris Capital Associates - Kopari Beauty Digital Media/Commerce L Catterton - Mobike Digital Media/Commerce Foxconn - Otto Radio, Inc. Digital Media/Commerce Samsung NEXT - Tinybop, Inc. Digital Media/Commerce Sandbox Partners Private Limited - Wydr Digital Media/Commerce Bessemer Venture Partners - Destacame SpA Information Accion Ventures - M3, Inc. Information The Goldman Sachs Group, Inc. - Gimmal LLC Marketing Technology Rubicon Technology Partners - Wochit, Inc. Marketing Technology PA Group - Avalon Healthcare Solutions LLC Software Francisco Partners - Enfusion Systems LLC Software FTV Capital - Healthx, Inc. Software JMI Equity - HERE Maps Software Intel Corporation - illusive networks Software Microsoft Ventures - PAR Excellence Systems, Inc. Software Northlane Capital Partners, LLC - Qualtrax, Inc. Software Common Wealth Growth - think project! International GmbH & Co. KG Software TA Associates -

53 | M&A and Investment Summary January 2017 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Charlotte . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships in China and India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Buy-Side Targeting Criteria & Integration Strategy . Corporate Divestitures . Business Services . Custom Market Research . Selected Buy-Side Engagements . Healthcare Services . Publishing, Speaking, and Thought Leadership . Capital Raising and Private Placements

54 | M&A and Investment Summary January 2017 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2016 2011-2016 (6-Year) Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103 2 Goldman Sachs 18 2 Goldman Sachs 89 3 JP Morgan 16 3 Morgan Stanley 68 3 KPMG Corporate Finance 16 4 PwC 67 5 Rothschild 15 5 Jordan Edmiston Group 65 6 Houlihan Lokey 13 6 KPMG Corporate Finance 63 6 PwC 13 7 China Renaissance Group 52 8 Avendus Capital 11 7 GCA Savvian Group 52 8 Daiwa Securities 11 7 JP Morgan 52 10 Bank of America Merrill Lynch 9 10 Nomura 51 10 Credit Suisse 9 11 Jefferies 46 10 Jefferies 9 12 Ernst & Young 45 10 Morgan Stanley 9 13 Rothschild 44 10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43 15 Citi 8 14 Daiwa Securities 43 15 GCA Savvian Group 8 16 Houlihan Lokey 37

Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. With more than 75 transactions closed in the last 36 months, and more than 125 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries

55 | M&A and Investment Summary January 2017 Representative Recent Transactions*

Compliance Solutions Strategies $200,000,000 a portfolio company of has sold a portfolio company of a portfolio company of

(NYSE: DLX) has been sold to comprised of The Simple Dollar, has been sold to has been sold to Reviews.com, and Freshome has acquired has acquired has been sold to has been sold to a subsidiary of to a division of

a portfolio company of has sold a portfolio company of a portfolio company of has acquired has been sold to (NASDAQ: CTSH) has received a majority has been sold to investment from has acquired to has been sold to has been sold to from a division of a portfolio company of

(NASDAQ: ACXM) (NASDAQ: COGT) (NYSE: OMC)

$207,000,000* $225,000,000*

a portfolio company of a portfolio company of and has received a majority has been sold to has received a majority investment from has been sold to has been sold to has received a significant investment from growth investment from comprising Media Properties Holdings has been sold to has been sold to in partnership with (NASDAQ: SYKE) (NYSE: IDI)

*Approximate Value *Approximate Value

$160,000,000*

has sold a portfolio company of a portfolio company of has been sold to has been sold to has been sold to has been sold to to Aperion Management has been sold to a portfolio company of has been sold to has been sold to and

(NYSE: DLX) (NYSE: ACN)

*Approximate Value

*For a more comprehensive list, please click here. 56 | M&A and Investment Summary January 2017