DM Sector Summary Report 8-22-11

Weekly Internet / Digital Media Sector Summary

Week of August 22 nd , 2011 Industry Stock Market Valuation Internet / Digital Media

Last 12 Months Last 3 Months

180 120

170

110 160

150 100

140 (6%) 33% 130 90 (14%) (17%) 120 7% (17%) 2% 80 (20%) 110 1% (22%) 1% 100 (0%) 70 (33%) 90 (11%)

80 60 08/19/10 11/18/10 02/17/11 05/19/11 08/19/11 05/19/11 06/10/11 07/04/11 07/27/11 08/19/11

(1) (2) (3) NASDAQ Search / Online Advertising eCommerce Internet Content

(4) (5) (6) Publishers Diversified Marketing Media Conglomerates

Notes: 1) Search/Online Advertising Composite includes: AOL, BLNX-GB, GOOG, IACI, ICLK, INSP, MCHX, MSFT, QNST, RLOC, VCLK, YHOO. 2) eCommerce Composite includes: AMZN, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, STMP, TZOO, VPRT. 3) Internet Content Composite includes: DHX, DMD, EHTH, INSW, LNKD, MOVE, MWW, P, RATE, RNWK, SCOR, SFLY, TST, TTGT, UNTD, WBMD-US, WWWW, XOXO. 4) Publishers Composite includes: MMB-FR, NWSA, NYT, PSO, SSP, TRI, UBM-GB, WPO. 1 5) Diversified Marketing Composite includes: ACXM, AGS-GB, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, OMC, PUB-FR, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. Public Company Valuations Internet / Digital Media: Financial Metrics

($MM, Except Per Share Data) Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV /EBITDA Price / EPS Long Term Revenue Growth 8/19/11 Low High Value Debt Value CY 10A CY 11E CY 12E CY 10A CY 11E CY 12E CY 10A CY 11E CY 12E Growth PEG 11E/10A Y/YMRQ Search / Online Advertising

Microsoft Corp. $24.05 $23.32 $29.46 $201,497 ($40,851) $160,646 2.6 x 2.2 x 2.1 x 5.9 x 5.1 x 4.8 x 11.5 x 8.7 x 8.0 x 11.1% 0.8 15.5% 8.3% Google Inc. Cl A 490.92 447.65 642.96 124,802 (34,916) 89,886 3.1 2.6 2.2 7.6 5.7 4.8 18.7 13.8 11.7 19.2% 0.7 18.2% 32.3% Yahoo! Inc. 12.92 11.09 18.84 16,313 (2,417) 13,896 3.0 3.1 3.0 8.4 8.4 7.9 14.4 17.1 14.8 15.2% 1.1 (3.2%) (23.3%) IAC/InterActiveCorp. 34.34 23.34 43.80 2,719 (816) 1,903 1.2 1.0 0.9 7.5 5.3 4.4 36.9 17.4 14.6 7.5% 2.3 19.3% 20.5% AOL Inc. 12.24 10.06 27.65 1,309 (339) 971 0.4 0.4 0.5 1.4 2.8 3.1 NM 13.6 18.9 28.6% 0.5 (8.7%) (7.2%) ValueClick Inc. 13.38 10.44 19.73 1,059 (143) 916 2.1 1.7 1.4 7.2 5.6 4.7 12.2 14.6 12.5 14.0% 1.0 25.4% 26.1% Blinkx PLC 1.66 1.04 2.53 585 (53) 532 10.0 6.3 4.3 NM 24.9 13.6 NM 31.9 19.7 NA NA 58.8% NA QuinStreet Inc. 11.36 10.16 24.91 533 (61) 472 1.4 1.1 1.0 5.7 5.1 4.6 24.7 19.0 15.6 15.0% 1.3 28.6% 6.3% ReachLocal Inc. 13.50 12.69 28.39 395 (94) 301 1.0 0.8 0.6 NM 22.4 8.7 NM NM 78.6 30.0% NM 32.1% 31.8% InfoSpace Inc. 8.83 6.62 9.84 337 (263) 73 0.3 0.3 0.3 2.7 2.5 2.5 23.9 17.0 14.8 17.5% 1.0 (9.1%) (8.6%) Marchex Inc. (Cl B) 9.79 3.80 10.87 265 (28) 237 2.4 1.9 1.7 30.0 13.1 9.8 NM NM NM NA NA 26.1% 81.4% interCLICK Inc. 5.22 3.39 8.93 129 (7) 122 1.2 0.9 0.7 9.4 6.6 5.0 32.6 15.8 12.3 17.5% 0.9 40.0% 34.0%

Mean 2.4 x 1.9 x 1.5 x 8.6 x 9.0 x 6.1 x 21.8 x 16.9 x 20.1 x 17.6% 1.1 20.2% 18.3% Median 1.8 1.4 1.2 7.3 5.7 4.8 21.3 16.4 14.8 16.4% 1.0 22.3% 20.5%

Internet Content

LinkedIn Corporation $79.03 $60.14 $122.70 $7,468 ($372) $7,096 29.2 x 15.1 x 10.2 x NM NM 62.9 x NM NM NM 75.0% NM 93.8% NA Pandora Media Inc. 13.02 11.00 26.00 2,080 (36) 2,043 14.8 8.2 5.0 NM NM NM NM NM NM 40.0% NM 81.8% NA WebMD Health Corp. 32.58 31.66 58.55 1,912 (345) 1,567 2.9 2.7 2.4 9.2 7.8 6.8 37.0 27.6 27.8 22.5% 1.2 10.4% 15.2% Bankrate Inc. 14.85 13.81 18.89 1,485 132 1,617 7.3 4.1 3.4 22.7 13.5 10.8 46.2 28.7 20.4 NA NA 79.0% NA Shutterfly Inc. 41.53 21.96 66.70 1,435 (76) 1,359 4.4 2.8 2.2 26.8 14.3 10.0 70.4 93.1 41.0 25.8% 3.6 56.8% 61.9% Monster Worldwide Inc. 7.27 7.24 25.90 939 (77) 862 .90 0.8 0.7 13.8 4.3 3.3 NM 16.9 9.6 16.8% 1.0 18.3% 25.5% Demand Media Inc. 7.19 7.12 27.38 603 (104) 500 2.0 1.6 1.3 8.6 6.1 4.2 38.7 31.0 18.2 NA NA 25.7% 31.6% Dice Holdings Inc. 8.55 6.12 18.75 574 (50) 524 4.1 2.9 2.5 10.1 6.9 5.6 30.5 17.6 12.8 25.0% 0.7 39.7% 50.0% comScore Inc. 14.26 12.50 31.28 454 (29) 425 2.4 1.8 1.5 37.3 10.9 7.7 NM NM NM 24.4% NM 33.1% 38.4% United Online Inc. 4.92 4.75 7.50 436 151 587 0.6 0.6 0.6 3.3 3.5 3.4 4.5 5.4 6.1 13.5% 0.4 (1.5%) 5.3% RealNetworks Inc. 2.81 2.59 4.31 384 (328) 57 0.1 0.2 0.1 2.7 1.8 1.6 56.2 NM NM 5.0% NM (10.9%) (5.8%) eHealth Inc. 12.58 9.33 15.98 269 (136) 133 0.8 0.9 0.9 4.4 5.5 5.3 17.2 34.8 33.8 15.0% 2.3 (7.8%) (0.2%) XO Group Inc. 8.24 6.95 12.18 250 (95) 155 1.4 1.3 1.1 13.2 8.3 6.3 74.9 60.3 32.7 18.8% 3.2 9.7% 13.6% Web.com Group Inc. 8.12 4.09 16.01 237 74 312 2.6 1.7 1.3 12.8 7.7 6.3 11.8 7.8 6.4 13.3% 0.6 49.9% 70.5% TechTarget Inc. 6.12 4.26 9.77 231 (32) 199 2.1 1.8 1.6 10.0 7.5 6.1 NM 18.0 14.7 12.0% 1.5 13.4% 12.1% Move Inc. 1.32 1.27 2.89 211 (90) 122 0.6 0.6 0.6 5.3 4.9 3.7 29.7 26.4 13.7 25.0% 1.1 (2.1%) (1.6%) TheStreet, Inc. 2.23 2.20 3.64 71 (56) 15 0.3 NA NA NM NA NA NM NA NA NA NA NA 2.5% InsWeb Corp. 6.10 4.15 8.80 35 (6) 29 0.7 NA NA 20.0 NA NA 26.5 NA NA NA NA NA 35.9%

Mean (1) 2.0 x 1.6 x 1.4 x 13.3 x 7.4 x 5.8 x 37.0 x 30.6 x 19.8 x 18.1% 1.6 21.8% 22.8% Median 2.0 1.7 1.4 10.1 7.2 6.1 33.8 27.0 16.4 20.6% 1.1 18.3% 14.4%

Internet Commerce

Amazon.com Inc. $178.93 $122.25 $227.45 $81,223 ($6,355) $74,868 2.2 x 1.5 x 1.2 x 31.9 x 28.2 x 20.4 x 70.7 x 58.4 x 41.6 x 26.9% 2.2 42.5% 51.0% eBay Inc. 27.16 22.37 35.35 35,003 (1,851) 33,151 3.6 2.9 2.5 10.3 8.8 7.5 20.0 13.6 11.7 12.0% 1.1 25.6% 14.9% priceline.com Inc. 448.95 283.11 561.88 22,344 (1,375) 20,969 6.8 4.8 3.9 23.3 14.3 11.1 43.4 20.2 15.5 22.0% 0.9 40.4% 43.7% Netflix Inc. 205.21 119.65 304.79 10,781 (141) 10,640 4.9 3.2 2.3 30.4 21.2 14.9 69.3 45.1 30.6 33.1% 1.4 52.3% 51.7% Liberty Media Holding Corp. Interactive (Series A) 13.74 10.10 18.65 7,869 4,091 11,960 1.3 1.2 1.2 6.8 6.7 6.1 9.5 16.5 13.8 1.0% 16.5 7.3% 6.5% Expedia Inc. 26.53 19.61 32.89 6,597 (667) 5,930 1.8 1.5 1.3 6.7 5.7 5.1 18.2 13.6 11.9 11.6% 1.2 17.9% 22.7% Copart Inc. 38.98 31.28 47.97 2,682 197 2,878 3.7 3.3 3.1 10.2 8.8 8.4 21.9 16.7 14.5 19.5% 0.9 13.9% 7.4% OpenTable Inc. 56.30 48.90 118.66 1,333 (69) 1,264 12.8 8.8 6.8 36.4 22.5 16.0 96.6 44.8 32.7 39.0% 1.1 45.2% 52.7% Vistaprint N.V. 26.00 25.70 56.25 1,044 (208) 836 1.1 0.9 0.8 5.8 5.4 5.2 12.3 12.9 13.5 16.8% 0.8 23.7% 22.7% Digital River Inc. 18.78 18.66 39.85 745 (356) 389 1.1 1.0 0.9 5.7 4.8 3.7 45.6 17.1 13.4 17.3% 1.0 8.4% 13.1% Travelzoo Inc. 32.55 14.06 103.80 536 (40) 496 4.4 3.2 2.6 19.1 11.9 8.2 40.7 22.5 15.9 33.0% 0.7 37.4% 33.7% Blue Nile Inc. 30.44 30.32 64.45 434 (73) 361 1.1 1.0 0.9 14.9 11.9 10.7 36.2 31.0 27.3 16.0% 1.9 7.6% 5.1% Overstock.com Inc. 9.82 9.68 17.69 229 (41) 187 0.2 0.2 0.1 6.7 9.5 7.1 16.6 79.6 20.9 20.0% 4.0 5.8% 1.6% Stamps.com Inc. 15.31 10.90 17.88 219 (23) 196 2.3 2.0 1.8 16.5 10.6 9.8 16.5 12.7 12.1 18.0% 0.7 15.4% 25.7% 1-800-Flowers.com Inc. Cl A 2.30 1.52 3.84 147 33 180 0.3 0.3 0.3 6.3 4.9 3.5 NM 17.5 9.2 16.0% 1.1 3.5% 4.7%

Mean 3.2 x 2.4 x 2.0 x 15.4 x 11.7 x 9.2 x 37.0 x 28.1 x 19.0 x 20.2% 2.4 23.1% 23.8% Median 2.2 1.5 1.3 10.3 9.5 8.2 29.1 17.5 14.5 18.0% 1.1 17.9% 22.7%

Notes: Source: FactSet and Wall Street Estimates. 2 Multiples <0 and >100 considered NM. (1) LinkedIn Corporation and Pandora Media excluded from mean calculation. Public Company Valuations Internet / Digital Media: Financial Metrics (Cont.)

Walt Disney Co. $31.85 $29.60 $44.34 $59,114 $9,719 $68,833 1.8 x 1.7 x 1.6 x 7.8 x 6.7 x 6.1 x 14.4 x 12.2 x 10.5 x 13.1% 0.9 9.0% 6.7% Comcast Corp. Cl A 19.96 16.76 27.16 41,709 37,562 79,271 2.1 1.4 1.3 5.4 4.3 4.1 15.5 12.7 10.4 12.4% 1.0 46.1% 50.5% Time Warner Inc. 27.90 27.83 38.62 29,149 15,021 44,170 1.6 1.5 1.5 7.0 6.5 6.2 12.4 10.0 8.8 14.8% 0.7 7.3% 10.2% Viacom Inc. (Cl B) 40.87 30.39 52.67 21,383 5,915 27,298 2.0 1.8 1.8 7.3 6.5 6.0 17.1 10.5 9.2 12.6% 0.8 9.9% (14.7%) Sony Corp. ADS 20.53 20.47 36.97 20,625 10,029 30,654 0.4 0.3 0.3 4.9 4.6 3.7 27.2 15.9 11.5 84.0% 0.2 17.9% 1.2% CBS Corp (Cl B) 22.04 13.01 29.68 13,807 4,649 18,456 1.3 1.3 1.2 7.8 6.1 5.5 21.2 11.9 9.8 10.2% 1.2 3.6% 7.7% Discovery Communications Inc. (Series A) 36.32 34.75 45.81 5,113 3,162 8,275 2.2 2.0 1.9 4.9 4.3 3.9 20.8 15.3 12.9 18.2% 0.8 9.4% 10.8% Lions Gate Entertainment Corp. 7.08 5.69 7.84 971 693 1,664 1.1 1.1 1.0 19.1 17.7 12.2 NM NM 17.1 15.2% NM (0.4%) (20.0%)

Mean 1.6 x 1.4 x 1.3 x 8.0 x 7.1 x 6.0 x 18.4 x 12.6 x 11.3 x 22.6% 0.8 12.9% 6.6% Median 1.7 1.5 1.4 7.1 6.3 5.7 17.1 12.2 10.4 13.9% 0.8 9.2% 7.2%

Publishers

News Corp. (Cl A) $15.56 $11.91 $18.35 $40,798 $2,815 $43,613 1.3 x 1.3 x 1.2 x 7.6 x 6.7 x 6.1 x 16.0 x 12.4 x 10.4 x 9.7% 1.3 3.1% 10.5% Thomson Reuters Corporation 29.56 28.91 42.15 24,727 6,779 31,506 2.4 2.4 2.3 10.1 8.7 7.9 16.8 14.4 11.8 9.8% 1.5 0.7% 7.2% Pearson PLC ADS 17.19 14.36 19.53 13,989 2,280 16,269 1.8 1.7 1.6 10.4 9.6 9.1 14.3 13.1 12.3 16.8% 0.8 9.1% NA Lagardere S.C.A. 32.61 29.24 48.95 4,276 (1,160) 3,116 0.3 0.3 0.3 3.6 3.1 3.1 15.6 12.4 11.4 2.0% 6.2 (2.4%) NA Gannett Co. Inc. 10.05 9.45 18.93 2,420 1,856 4,276 0.8 0.8 0.8 3.4 3.6 3.4 4.1 4.7 4.3 4.5% 1.0 (2.6%) (2.2%) Washington Post Co. (Cl B) 338.51 332.02 455.69 2,269 (338) 1,931 0.4 0.5 0.5 2.2 3.1 3.3 9.9 14.1 15.5 NA NA (9.8%) (10.7%) United Business Media Ltd. 7.10 6.82 11.75 1,737 774 2,511 1.8 1.6 1.5 8.5 7.2 6.7 14.2 12.3 11.4 15.9% 0.8 12.5% NA New York Times Co. (Cl A) 6.63 6.59 11.72 972 569 1,541 0.6 0.7 0.7 4.0 4.3 4.2 8.1 10.5 8.9 12.0% 0.9 (1.7%) (2.2%) E.W. Scripps Co. (Cl A) 7.11 6.71 10.56 323 (167) 156 0.2 0.2 0.2 1.7 4.9 2.4 3.5 NM 11.7 NA NA (6.2%) (3.0%)

Mean 1.1 x 1.0 x 1.0 x 5.7 x 5.7 x 5.1 x 11.4 x 11.7 x 10.8 x 10.1% 1.8 0.3% (0.1%) Median 0.8 0.8 0.8 4.0 4.9 4.2 14.2 12.4 11.4 9.8% 1.0NM (1.7%) (2.2%)

Diversified Marketing

WPP Plc $9.78 $9.11 $13.94 $12,338 $1,888 $14,227 1.0 x 0.9 x 0.9 x 6.4 x 5.7 x 5.3 x 13.1 x 9.4 x 8.4 x 6.0% 1.6 7.3% NA Experian PLC 11.02 9.31 13.60 11,055 935 11,990 3.1 2.8 2.6 9.0 8.4 7.5 25.6 23.4 20.4 9.0% 2.6 8.7% NA Omnicom Group Inc. 37.05 34.68 51.25 10,354 2,210 12,564 1.0 0.9 0.9 7.3 6.5 5.9 13.7 11.2 9.8 11.0% 1.0 9.6% 14.7% Nielsen Holdings N.V. 26.56 24.30 33.00 9,527 6,814 16,341 3.2 2.9 2.8 12.1 10.7 9.9 27.9 17.1 14.4 20.0% 0.9 8.2% NA Publicis Groupe S.A. 45.41 40.80 58.08 8,710 214 8,924 1.2 1.1 1.0 6.5 5.9 5.4 18.9 16.5 15.0 2.2% 7.6 7.1% 10.7% Interpublic Group Of Cos. 7.74 7.49 13.35 3,704 (58) 3,646 0.6 0.5 0.5 5.0 4.2 3.7 16.5 12.4 9.8 11.3% 1.1 6.2% 7.6% Equifax Inc. 28.79 28.59 39.90 3,524 873 4,397 2.4 2.3 2.2 7.4 6.9 6.4 12.5 11.9 10.7 9.3% 1.3 4.5% 5.7% Aegis Group PLC 2.14 1.66 2.80 2,757 328 3,085 1.3 1.2 1.1 8.8 7.4 6.9 21.3 19.4 17.6 2.8% 7.1 10.4% NA Havas S.A. 3.80 3.66 6.03 1,633 (104) 1,529 0.6 0.6 0.6 3.9 3.6 3.3 13.8 12.0 10.7 3.0% 4.0 4.5% 9.7% Valassis Communications Inc. 23.26 21.50 37.44 1,096 491 1,587 0.7 0.7 0.7 5.5 4.6 4.3 9.1 8.1 6.9 12.5% 0.6 (0.7%) (2.5%) Acxiom Corp. 9.40 9.21 18.83 766 203 969 0.9 0.8 0.8 3.7 3.6 3.4 NM 19.2 11.0 15.0% 1.3 8.7% 6.9% Harte-Hanks Inc. 7.37 7.34 13.74 463 118 580 0.7 0.7 0.7 5.1 5.7 5.1 8.7 10.2 8.9 NA NA (0.9%) 2.6% MDC Partners Inc 12.78 11.24 20.99 372 376 748 1.1 0.9 0.8 8.7 6.5 5.9 NM NM 31.3 15.3% NM 23.5% 41.5%

Mean 1.4 x 1.3 x 1.2 x 6.9 x 6.1 x 5.6 x 16.5NM x 14.2 x 13.5 x 9.8% 2.6 7.5% 10.8% Median 1.0 0.9 0.9 6.5 5.9 5.4 13.8NM 12.2 10.7 10.2% 1.3 7.3% 7.6%

Notes: Source: FactSet and Wall Street Estimates. 3 Multiples <0 and >100 considered NM. Recent Acquisitions Internet / Digital Media: Trailing 6 Months

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

8/22/2011 $74 4.6x NM NA NA

8/8/2011 $115 NA NA NA NA

8/3/2011 $756 2.8x 9.2x NA NA

(1) 8/2/2011 $295 3.7x 12.3x NA NA

8/1/2011 Undisclosed NA NA NA NA

(2) 7/27/2011 $861 1.0x NA NA NA

7/20/2011 $100 4.2x 20.4x NA NA

7/18/2011 Undisclosed NA NA NA NA

(3) 7/12/2011 $750 7.5x NA 5.4x NA

(4) 7/7/2011 $200 NA NA NA NA

7/1/2011 $2,250 NA NA NA NA

6/16/2011 $414 4.9x 27.0x 4.0x 16.5x

6/13/2011 $400 NA NA NA NA

(5) 5/31/2011 $51 NA NA NA NA

5/26/2011 $60 NA NA NA NA

5/23/2011 $60 NA NA NA NA

5/18/2011 $28 NM NM NA NA

(6) 5/17/2011 $575 2.8x 14.5x 2.3x 12.5x

5/16/2011 $525 2.3x 7.7x NA 7.6x

Notes: Multiples <0x or >100x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiples based on CY 2011 financials. (2) Avg. 7/27/11 USD/BGP FX rate of 1.6404 used to convert £525MM purchase price. Sale excludes Aztec, Synovate’s scan data services business. (3) Excludes earnout of up to $550MM and $50MM long-term equity retention awards. (4) Implied Aggregate Value based on 70% stake in markafoni acquired. 4 (5) Avg. 5/31/11 USD/EUR FX rate of 1.4430 used to convert €35MM purchase price. (6) Excludes earnout of up to $25.5MM. Recent Acquisitions Internet / Digital Media: Trailing 6 Months

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

5/10/2011 $8,500 9.9x 32.2x NA NA

(1) 4/28/2011 $165 0.9x 5.5x 0.8x 4.1x

4/27/2011 $762 9.5x 35.3x 8.8x 28.2x

4/26/2011 $104 NA NA NA NA

(2) 4/25/2011 $133 NA NA NA NA

4/25/2011 $70 NA NA NA NA

4/20/2011 $135 7.9x NA 3.4x NA

4/18/2011 $300 NA NA NA NA

4/11/2011 $60 NA NA NA NA

(3) 4/11/2011 $79 1.5x NA NA NA

(4) 4/11/2011 $63 3.4x NA 2.4x NA

3/24/2011 $2,400 1.8x 23.1x 1.3x 12.4x

3/24/2011 $409 0.9x 52.4x 0.8x 21.5x

3/21/2011 $333 NA NA NA NA

(5) 3/7/2011 $61 4.4x NA NA NA

Notes: Multiples <0x or >100x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Includes earnout of up to $5MM and $10MM note payable. (2) Aggregate Value is based on Changyou’s $68.26MM purchase of 68.26% of 7Road; includes earnout of up to $32.78MM. (3) Includes earnout of up to $16MM; consideration consists of cash and 1,509,805 restricted shares of KIT common stock. (4) Includes earnout of up to $37.8MM. 5 (5) Avg. 3/7/11 USD/GBP FX rate of 1.615 used to convert £37.7MM purchase price. Venture Capital Activity TMT: Transactions Since 2001

8 1,600

7 1,400

6 1,200

5 1,000 4 $Bn 800 3

600 Number Number of of Investments Investments 2

1 400

0 200 Q1 '01 '01 Q1 '01 Q2 '01 Q3 '01 Q4 '02 Q1 '02 Q2 '02 Q3 '02 Q4 '03 Q1 '03 Q2 '03 Q3 '03 Q4 '04 Q1 '04 Q2 '04 Q3 '04 Q4 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '06 Q1 '06 Q2 '06 Q3 '06 Q4 '07 Q1 '07 Q2 '07 Q3 '07 Q4 '08 Q1 '08 Q2 '08 Q3 '08 Q4 '09 Q1 '09 Q2 '09 Q3 '09 Q4 '10 Q1 '10 Q2 '10 Q3 '10 Q4 '11 Q1 '11 Q2

Year - Quarter (1) (1) (2) TMT VC-Backed IPO Exit Value TMT VC-Backed M&A Exit Value Number of TMT VC Investments

Notes: (1) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of: Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware. (2) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 6 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media: Monthly Since January 2007 (1)

30 1,000

750

15 500 $MM $MM

10 Number Number Number of of Financings Financings 250

0 0 Nov Dec Jan Jun Jul Aug Sep Nov Dec-10 Jan Jun Jul Jan Jun-07 Jul Aug Sep Nov Dec Jan Jun Jul-08 Aug Sep Nov Dec Jan Jun Jul Aug Sep Feb Mar Apr May Oct Feb Mar Apr May Feb Mar Apr May Oct Feb Mar Apr May Oct Feb Mar Apr May Oct ------10 - - 11 - 07 - - - - 09 ------10 07 08 09 10 - 11 - 07 - 08 - 09 - 10 10 11 11 07 08 08 09 09 10 10 11 11 07 07 08 08 09 09 09 09 10 10 10 07 07 07 07 08 08 08 08 09 09 10 11 07 08 09

Amount Raised ($MM) Number of Financings

Notes: Source: DowJones VentureWire. Only financings > $10MM included. 7 (1) Chart excludes Groupon’s $377MM raise on 12/29/10 and Facebook’s $1.5Bn raise on 1/21/11. Actual amounts raised in the months of 12/2010 and 1/2011 are $1,032MM and $2,105MM respectively. Recent Private Financings Internet / Digital Media: Trailing 6 Weeks

($MM) Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Xiu.com Shenzen, China 18-Aug-11 Series B $100 Warburg Pincus Kleiner Perkins Caufield & Byers Operates a Chinese online luxury shopping site $120 www.xiu.com

Zoove Inc. Operates a national directory of vanity mobile phone numbers, called StarStar Cardinal Venture Capital, Highland Capital Partners, Palo Alto, CA 16-Aug-11 Series D $15 Panorama Capital Numbers, that lets brands easily connect with consumers on any mobile $50 Worldview Technology Partners www.zoove.com phone

Buddy Media Inc. Bay Partners, European Founders Fund, Greycroft New York, NY 15-Aug-11 Series D $54 GGV Capital Partners, Institutional Venture Partners, Softbank Provides technology for managing Facebook marketing $92 www.buddymedia.com Capital, WPP

Gazillion Entertainment Inc. Oak Investment, Hearst Interactive, Revolution Developer and publisher of massively multiplayer online (MMO) games for all San Mateo, CA 11-Aug-11 Series E $20 NA Venture, Pelion Venture Partners, Founders Fund, $122 ages www.gazillion.com Tamasek Holdings

Zulily Inc. Seattle, WA 11-Aug-11 Series C $43 Meritech Capital Partners August Capital, Maveron Operates an online daily deal site for moms, babies and kids $54 www.zulilly.com

BankSimple Anthemis Group, First Round Capital, SV Angel, Focuses on simplifying the banking process by unifying all user accounts into New York, NY 10-Aug-11 Series B $10 IA Ventures $13 Village Ventures, Shasta Ventures one, accessible through a bank card www.banksimple.com

Trendyol Kleiner Perkins Caufield & Byers, Tiger Global Istanbul, Turkey 10-Aug-11 Series B $26 NA Online private sales site based in Turkey $50 Management www.trendyol.com

Bloomspot Inc. Harrison Metal, Menlo Ventures, QED Investors, San Francisco, CA 9-Aug-11 Series B $35 InterWest Partners, Columbia Capital Operates an online daily deals website $46 True Ventures www.bloomspot.com

Groupalia Nauta Capital, Caixa Capital Risc, General Atlantic, Barcelona, Spain 9-Aug-11 Series D $26 NA Operates an online daily deals website in Spain $63 Index Ventures, Insight Venture Partners www.groupalia.com

ZocDoc Inc. Operates a free online service for patients to book doctor and dentist New York, NY 2-Aug-11 Series C $50 DST Global Khosla Ventures, Founders Fund $70 appointments instantly www.zocdoc.com

6waves Lolapps (1) International publisher and developer of gaming applications on the Facebook San Francisco, CA 1-Aug-11 Series B $35 Insight Venture Partners Nexon $53 platform www.6waves.com Union Square Ventures, Benchmark Capital, Twitter Inc. (2) Charles River Ventures, Institutional Venture San Francisco, CA 1-Aug-11 Series F $400 DST Global Online microblogging platform provider $759 Partners, Spark Capital, T. Rowe Price Group, www.twitter.com Kleiner Perkins Caufield & Byers EDO Interactive Baird Venture Partners, VantagePoint Clayton Advisors, Claritas Capital, First Avenue Nashville, TN 1-Aug-11 Series B $20 Links customers and products to advertisers through a deals platform $35 Capital Partners Partners www.edointeractive.com

Yext Inc. Institutional Venture Partners, Sutter Hill Ventures, New York, NY 28-Jul-11 Series D $10 WGI Group Helps businesses manage their online listings $39 SV Angel www.yext.com

LearnVest Inc. Accel Partners, Richmond Global, PKS Capital, New York, NY 26-Jul-11 Series B $19 NA Operates a personal finance and lifestyle website for women $25 Rose Tech Ventures, Circle Financial Group www.learnvest.com

Airbnb Inc. DST Global, General Catalyst Partners, Greylock Operates a community marketplace for people to list, discover, and book San Francisco, CA 25-Jul-11 Series B $112 Andreessen Horowitz Partners, Sequoia Capital, SV Angel, Y Combinator, $120 unique spaces around the world online or from an iPhone device www.airbnb.com Youniversity Ventures

BlueCat Networks Inc. Toronto, Canada 21-Jul-11 Series B $17 Trident Capital Bridgescale Partners, Northleaf Capital Partners Provider of scalable IP Address Management (IPAM) solutions $28 www.bluecatnetworks.com

Second Rotation, Inc. RockPort Capital, Venrock Associates, Physic Operates Gazelle.com, a site that enables consumers to sell their used Boston, MA 21-Jul-11 Series D $22 Craton Equity Partners $46 Ventures electronic devices www.secondrotation.com

Unity Technologies ApS Provides 3D content development solutions with its proprietary solution, the San Francisco, CA 20-Jul-11 Series B $12 WestSummit Capital, iGlobe Partners Sequoia Capital $18 Unity platform www.unity3d.com

Gaikai Inc. Benchmark Capital, Intel Capital, Qualcomm, Rustic Offers a cloud-based system to stream video games to various Web sites and Los Angeles, CA 20-Jul-11 Series C $30 New Enterprise Associates $45 Canyon, TriplePoint Capital electronic devices www.gaikai.com

Acquia Inc. Northbridge Venture Partners, Sigma Partners, Assists companies in building community sites using the open-source content Woburn, MA 20-Jul-11 Series D $15 NA $39 Tenaya Capital management system Drupal www.acquia.com

Reputation.com Inc. Bessemer Venture Partners, European Founders Redwood City, CA 19-Jul-11 Series D $41 August Capital Fund, Floodgate Fund, JAFCO Ventures, Kleiner Offers online services to help consumers manage their privacy online $67 www.reputation.com Perkins, Maples Investments, RP/JA Investments

MoboTap Inc. Mobile technology developer that has launched the Dolphin Browser, a free San Francisco, CA 18-Jul-11 Series A $10 Sequoia Capital Matrix Partners $10 web-browser specifically created and optimized for Android users www.dolphin-browser.com

Badgeville Inc. El Dorado Ventures, Norwest Venture Menlo Park, CA 13-Jul-11 Series B $12 Trinity Ventures, Webb Investment Network Provides a white label social loyalty, rewards, and analytics platform $15 Partners www.badgeville.com

Ostrovok Accel Partners, General Catalyst Moscow, Russia 12-Jul-11 Series A $14 Atomico, Founders Fund Operates a hotels-focused online travel website for Russian consumers $14 Partners www.ostrovok.ru

Notes: Source: DowJones VentureWire. Only financings > $10MM included. 8 (1) Excludes Lolapps’s prior capital raise of $4.5MM. (2) Excludes ~$400MM in secondary funding. GCA Savvian Advisors Leadership in Digital Media Transactions

Acquired By Preferred Acquired By Acquired By Acquired By Sale of Subscription Acquisition of JV from Sale of Business Unit Secondary Stock Music Service to Mogae Consultants Six Apart KK to Sale

Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Founders August 2011 August 2011 July 2011 May 2011 April 2011 March 2011 January 2011 January 2011 January 2011

Preferred Stock Acquired by Acquisition of Preferred Stock Acquired by Preferred Stock Acquired by Acquired by Acquired by

Financial Advisor We Advised the Seller We Advised the Buyer Financial Adviser We advised the seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller December 2010 December 2010 November 2010 October 2010 October 2010 August 2010 July 2010 June 2010 June 2010

1UP Digital Network Sold Stake in Acquired by Acquired by Preferred Stock Acquired by Preferred Stock Acquired by Minority Preferred Preferred Stock a Subsidiary of Investment in to

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller June 2010 January 2010 October 2009 April 2009 February 2009 January 2009 November 2008 November 2008 October 2008

Preferred Stock Preferred Stock Preferred Stock Preferred Stock Preferred Stock Acquisition of Acquired by Acquired by Acquisition of

Mobile Services Business Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Buyer August 2008 July 2008 June 2008 April 2008 January 2008 December 2007 December 2007 December 2007 October 2007

Acquired by Preferred Stock Minority Investment Acquired by Notes & Membership Acquired by Preferred Stock Acquired by Acquired by in Units Front Line Management Financial Advisor to Special We Advised the Seller Financial Advisor Committee of the Investor We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller October 2007 October 2007 August 2007 May 2007 March 2006 September 2005 August 2005 March 2005 December 2004

9 GCA Savvian Advisors Digital Media Team

San Francisco New York Chicago Tokyo London th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. 71 S. Wacker Dr., Ste. 2130 11-1 Marunouchi 1-chome Eagle House, 108-110 Jermyn St. San Francisco, CA 94111 New York, NY 10019 Chicago, IL 60606 Chiyoda-ku, Tokyo 100-6230 London SW1Y 6RH United States United States United States Japan United Kingdom Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: (312) 212-8210 Phone: +81 (3) 6212-7100 Phone: +44 (0) 207 038-3200

Dean Asofsky Allan Bertie Ali Dagli Todd Evans SteveFletcher Mark Greenbaum Managing Director Managing Director Vice President Director Managing Director Managing Director

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Rich Jasen Tomohiko Kubota Sachio Kuninori John Lambros Yuji Sakakura Joshua Wepman Managing Director Associate Executive Director Managing Director Director Vice President

Phone: (415) 318-3653 Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7083 Phone: +81 (3) 6212-7124 Phone: (212) 999-7092 Mobile: (415) 308-4760 [email protected] [email protected] Mobile: (917) 744-9011 [email protected] Mobile: (917) 306-4168 [email protected] [email protected] [email protected]