Software Equity Group Flash Report

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

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

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

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

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

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

CONTACT INFORMATION:

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

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

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

Additions: Company Ticker Index Category Alarm.com Holdings, Inc. ALRM SaaS Vertically Focused AppFolio, Inc. APPFSaaS Vertically Focused MINDBODY, Inc. MBSaaS Other SaaS Xactly Corporation XTLY SaaS Human Capital Management

Removals Company Ticker Previous Index Previous Category AOL, Inc. Ad-Tech - Internet Acquired by Verizon Communications, Inc. ($4.8B) Content and Media Borderfree, Inc. - Internet Commerce Acquired by Pitney Bowes International Holdings ($464.8M)

Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

SEG Software Index

SEG SaaS Index

SEG Internet Index

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-01-2015 KAR Auction Services, Inc. (NYSE:KAR) Autoniq, LLC ---- Jun-01-2015 - Avanquest UK - $4.4 - - Jun-01-2015 Castleton Technology plc (AIM:CTP) Brixx Solutions Ltd. - $7.6 - - Jun-01-2015 space150, LLC Cinram 1K Studios, LLC ---- Jun-01-2015 FAYN Telecommunications s.r.o. City Mobile, 1000 Customers ---- Jun-01-2015 Link Mobility Group ASA (OB:LINK) Cool Group ApS $6.3 $10.7 1.7x 5.6x Jun-01-2015 Elevator Agency, Inc. Copper Blue Creative, Inc. ---- Jun-01-2015 AVEVA Group plc (LSE:AVV) FabTrol Systems, Inc. - $6.5 - - Jun-01-2015 Raizlabs Corporation Find & Form LLC ---- Jun-01-2015 ITM|TwentyFirst LLC Insurance Trust Monitor, Inc. and InsuranceIQ ---- Jun-01-2015 Adobe Systems Incorporated (NasdaqGS:ADBE) Mixamo, Inc. ---- Jun-01-2015 KAR Auction Services, Inc. (NYSE:KAR) MobileTrac, LLC ---- Jun-01-2015 123 Venture; Capzanine; Raise Investissement, SAS Questel S.A. $25.1 - - - Jun-01-2015 SoyDigital Network, S.L.U. Samelan Soluciones Tecnológicas S.L., Vcentral ---- Jun-01-2015 Grupo Minha Vida TecnoNutri ---- Jun-01-2015 Mitel Networks Corporation (NasdaqGS:MITL) TigerTMS Ltd. ---- Jun-02-2015 Microsoft Corporation (NasdaqGS:MSFT) 6 Wunderkinder GmbH ---- Jun-02-2015 Horry Telephone Cooperative, Inc.; Golden West Telecommunications CoopAPH Inc. ---- Jun-02-2015 Active Interest Media, Inc. Catalyst Communication Inc., Select Assets Including Outdoor Guide ---- Jun-02-2015 kyu Digital Kitchen, LLC ---- Jun-02-2015 Avalara, Inc. EZtax, Inc. ---- Jun-02-2015 Innovativ Media Group, Inc. Global Gaming Network, Inc. (OTCPK:GBGM) ---- Jun-02-2015 RealPage, Inc. (NasdaqGS:RP) Indatus ICIM Corp., Select Assets - $49.0 - - Jun-02-2015 Markit Ltd. (NasdaqGS:MRKT) Information Mosaic Holdings Ltd. ---- Jun-02-2015 West Corporation (NasdaqGS:WSTC) Intrafinity Inc. - $19.0 - - Jun-02-2015 iProspect, Inc. Marketing Wizards Sp. z o.o. $2.4 - - - Jun-02-2015 CBOE Holdings, Inc. (NasdaqGS:CBOE) Maxima Analytics, Inc., Market Data Services and Trading Analytics Platforms ---- Jun-02-2015 Markinson Business Solutions Pty Ltd. Megabus Pty Ltd ---- Jun-02-2015 Sprinklr Inc. newBrandAnalytics, Inc. ---- Jun-02-2015 HCA Holdings, Inc. (NYSE:HCA) Pacific Partners Management Services, Inc. ---- Jun-02-2015 GameFly, Inc. Playcast Media Systems Ltd. ---- Jun-02-2015 News Distribution Network, Inc. Reverb Technologies, Inc. ---- Jun-02-2015 Teneology, Inc. Serious Eats and Roadfood ---- Jun-02-2015 Beijing Ultrapower Software Co., LTD (SZSE:300002) Shenzhou Xiangsheng Software $9.1 $48.4 5.3x - Jun-02-2015 HelpSystems, LLC SkyView Partners Inc. ---- Jun-02-2015 Motorsport.com, Inc. Totalrace.com.br ---- Jun-02-2015 Zuken Inc. (TSE:6947) YDC Corporation, CADVANCE Business ---- Jun-03-2015 Presstalis SAS ADthletic Média ---- Jun-03-2015 Advantage Sales & Marketing LLC ATLAS Technology Group, Inc. ---- Jun-03-2015 International Business Machines Corporation (NYSE:IBM) Blue Box Group, Inc. ---- Jun-03-2015 UBM Brazil Hospitalar Feiras, Congressos e Empreendimentos Ltda. ---- Jun-03-2015 VKontakte Ltd. ICVA Ltd. ---- Jun-03-2015 Minicabster Ltd Locar Limited ---- Jun-03-2015 Blue 449 Match Media Australia Pty Limited $170.2 - - - Jun-03-2015 Casers Ltd. Mawal Group ---- Jun-03-2015 GI Partners, LLC MRI Software LLC ---- Jun-03-2015 Insurance Technologies Corporation Multico Rating Systems Inc. ---- Jun-03-2015 Shopventory, Inc. Otterology, LLC ---- Jun-03-2015 Up Group Planvale ---- Jun-03-2015 Pearson VUE, Inc. ProctorCam, Inc. ---- Jun-03-2015 BlockTrail BV SendChat, Inc. ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select June 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-03-2015 HDS International Corp. (OTCPK:HDSI) SirenGPS Inc, Emergency Management - $6.5 - - Jun-03-2015 NeoXam SmartCo $6.8 - - - Jun-03-2015 BRS Golf Limited Teeofftimes Limited ---- Jun-03-2015 Field Data Solutions, Inc. WetCollect, LLC ---- Jun-03-2015 DGital Media, LLC WYD Media Ad Sales, LLC ---- Jun-03-2015 TÜV Rheinland AG Zone 2 Connect GmbH ---- Jun-04-2015 Quantcast Corporation Ad Performance AB ---- Jun-04-2015 Overture Technologies, Inc. AlumniFidelity, Inc. ---- Jun-04-2015 BroadSoft, Inc. (NasdaqGS:BSFT) BroadSoft Design ---- Jun-04-2015 Songkick.com, Inc. Complete Entertainment Resources Ltd. ---- Jun-04-2015 Blue Logic Digital LLP Crazyhorse Creative Limited ---- Jun-04-2015 Local Marketing Solutions Group Inc. DuFour Advertising, LLC ---- Jun-04-2015 SiteMinder Pty Ltd. Globekey Systems Pty Ltd ---- Jun-04-2015 CA, Inc. (NasdaqGS:CA) Grid-Tools Limited ---- Jun-04-2015 IRESS Limited (ASX:IRE) INNERGI Pty Ltd. ---- Jun-04-2015 Oberthur Technologies Prodo Telecom AB ---- Jun-04-2015 Axis Consultants Group Prominent Business Solutions, Inc. ---- Jun-04-2015 8x8 Inc. (NasdaqGS:EGHT) Quality Software Corporation - $4.3 - - Jun-04-2015 SmithBucklin Corporation The Townsend Group, Inc. ---- Jun-04-2015 Mojix Inc. TierConnect, Inc. ---- Jun-04-2015 Comcast Corporation (NasdaqGS:CMCS.A) Visible World, Inc. ---- Jun-05-2015 InfoRelay Online Systems, Inc. 365 Data Centers Inc., Data Center In Reston, Virginia ---- Jun-05-2015 Measure Consumer Perspective Inc. GPS Civil Investigations, LLC ---- Jun-05-2015 Ergo Ltd iSite Web Technologies Limited ---- Jun-05-2015 JM WOWO (NasdaqGM:WOWO) Join Me Group (HK) Investment Company Limited - $523.9 - - Jun-05-2015 Asiasoft Corporation Public Company Limited (SET:AS) Playpark Co.,Ltd. - $0.0 - - Jun-05-2015 Groupon, Inc. (NasdaqGS:GRPN) PrettyQuick LLC ---- Jun-05-2015 Hotspring Ventures Limited Treatwell Holding BV $0.3 $37.8 141.7x - Jun-05-2015 Visteon Technical And Services Centre Private Limited Visteon Automotive Systems India Private Limited, EPG Business - $50.0 - - Jun-07-2015 Synopsys Inc. (NasdaqGS:SNPS) Atrenta Inc. ---- Jun-08-2015 JUST EAT plc (LSE:JE.) Clicca e Mangia and JEB srl ---- Jun-08-2015 Fantasy Aces, LLC DraftTeam Daily Fantasy Sports Corp. (TSXV:DTS) $0.0 - - - Jun-08-2015 Oakley Capital Investments Limited (AIM:OCL) EliteMedianet GmbH $31.4 $24.7 - - Jun-08-2015 PGA TOUR, Inc. EZLinks Golf LLC ---- Jun-08-2015 bloglovin' AB Finale Mobile, Inc ---- Jun-08-2015 InsideSEG LLC Goviva Enterprises, LLC and Beyond Sports & Entertainment, LLC ---- Jun-08-2015 Wise Astute Limited Guangzhou Shun Xin Dai Hu Lian Wang Internet Financial Information Services Limited - $26.3 - - Jun-08-2015 CA, Inc. (NasdaqGS:CA) IdmLogic LTD. ---- Jun-08-2015 Pivotal Software, Inc. Quickstep Technologies, LLC ---- Jun-08-2015 Augural-Strateo SARL Strateo $0.6 - - - Jun-08-2015 Unit4 N.V. Three Rivers Systems, Inc. ---- Jun-08-2015 Bahnhof AB (publ) (OM:BAHN B) Tyfon Svenska AB - $8.4 - - Jun-08-2015 Appery, LLC Verivo Software, Inc. ---- Jun-08-2015 Newad Inc. Zoom Media, Inc., RestoBars, Campus, Fashion, Business, Medical, and Golf networks ---- Jun-09-2015 BlueFocus Communication Group Co., Ltd. (SZSE:300058) Domob Network Technology (Beijing) Co., Ltd. - $115.0 - - Jun-09-2015 Microgen Financial Systems Limited Finalysys Limited - $0.5 - - Jun-09-2015 Verve Wireless, Inc. Fosbury B.V. ---- Jun-09-2015 Brit Media, Inc. Heavy Bits, Inc. ---- Jun-09-2015 Perfect Commerce Holdings, LLC Hubwoo (ENXTPA:HBW) $33.3 $21.9 0.7x 20.8x Jun-09-2015 SARL NEXT ONE Loo Media, SA ---- Jun-09-2015 ACCEO Solutions Inc. Multipost Ltd. - $5.0 - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select June 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-09-2015 Sophos Ltd. (LSE:SOPH) Reflexion Networks, Inc. - $15.0 - - Jun-09-2015 ALTAVIA S.A. Tell Me About It ---- Jun-09-2015 WeddingWire Inc. Themis, Inc. ---- Jun-09-2015 Ticketmaster Entertainment, LLC Uniiverse Collaborative Lifestyle Inc. ---- Jun-09-2015 Bitso SAPI de CV UNISEND S.A.P.I. DE C.V. ---- Jun-09-2015 JetSynthesys Pvt. Ltd. Xerces Technologies Pvt. Ltd. ---- Jun-10-2015 Microsoft Corporation (NasdaqGS:MSFT) BlueStripe Software, Inc. ---- Jun-10-2015 - Brivo Systems, LLC - $50.0 - - Jun-10-2015 BuildDirect Technologies Inc. DraftingSPACE Inc. ---- Jun-10-2015 Meropa Communications (Pty) Ltd. Lange Strategic Communications (Pty) Ltd. ---- Jun-10-2015 SendGrid, Inc. Mail Bypass, Inc. ---- Jun-10-2015 WhitePages.com, Inc. NUMBERCOP LLC ---- Jun-10-2015 GFI Informatique S.A. (ENXTPA:GFI) Ordirope Diffusion S.A. $11.3 - - - Jun-10-2015 Vibe Communications Limited RackHosting Pty Ltd ---- Jun-10-2015 - Renren Inc. (NYSE:RENN) $73.4 $801.4 10.9x - Jun-10-2015 Crowd Mobile Limited (ASX:CM8) Track Concepts B.V. $19.1 $29.8 1.6x 3.0x Jun-10-2015 H5 Data Centers, LLC Wholesale Data Center At 21800 Beaumeade Drive In Ashburn, Virginia ---- Jun-10-2015 GoCoin LLC Ziftr, LLC ---- Jun-10-2015 Underground Elephant, Inc. ZipQuote ---- Jun-11-2015 Blackhawk Network Holdings, Inc. (NasdaqGS:HAWK) Achievers, Inc. ---- Jun-11-2015 Atos SE (ENXTPA:ATO) Blue Elephant Systems GmbH ---- Jun-11-2015 Aptean, Inc. Cinram Group, Inc., Vision Software Solutions ---- Jun-11-2015 Mobyt S.p.A. (BIT:MBY) DigiTel Mobile Srl ---- Jun-11-2015 DIMOCO Europe GmbH DIMOCO France E.U.R.L. ---- Jun-11-2015 ER2 Holdings Limited Easking Limited and CinMedia Limited ---- Jun-11-2015 ViaSat Inc. (NasdaqGS:VSAT) Engreen Inc. ---- Jun-11-2015 Stinton Exploration Ltd. ICEsoft Technologies, Inc. ---- Jun-11-2015 - Infernum Productions AG ---- Jun-11-2015 Diptab Ventures Pvt. Ltd. Instatruck Transportation Services Pvt Ltd ---- Jun-11-2015 Alibaba Group Holding Limited (NYSE:BABA) Nanjing Vulnhunt inc ---- Jun-11-2015 BOTH Media LLC North Technologies Inc. ---- Jun-11-2015 Kronos Incorporated Productive Scheduling Solutions, LLC ---- Jun-11-2015 SuperMap Software Co., Ltd. (SZSE:300036) Shanghai NanKang Technology Co., Ltd. - $14.8 - - Jun-11-2015 ZAP S.A. Internet Sub100 Sistemas Ltda ---- Jun-11-2015 NVIDIA Corporation (NasdaqGS:NVDA) TransGaming Inc., Graphics & Portability Group - $4.1 - - Jun-11-2015 Procima Experts Inc. vCube Solutions ---- Jun-11-2015 Pixie Entertainment Group Pte. Ltd. Zingmobile Group Limited (DB:36Z) $11.4 - - - Jun-12-2015 Butler/Till Media Services, Inc. Brand Cool Marketing, Inc. ---- Jun-12-2015 Supermarket Grocery Supplies Pvt. Ltd. Delyver Retail Network Private Limited ---- Jun-12-2015 - DGT Information Systems Limited - $0.0 - - Jun-12-2015 German Startups Group Berlin GmbH & Co. KGaA Unknown Additional Stake In Exozet Berlin And SoundCloud Ltd. GmbH ---- Jun-12-2015 Altersis SAS ValidIT Sarl ---- Jun-15-2015 Limeade Inc. 9Slides, Inc. ---- Jun-15-2015 Comverse, Inc. (NasdaqGM:CNSI) Acision Ltd. $191.0 $402.2 2.1x 6.6x Jun-15-2015 Cookpad Inc. (TSE:2193) Cucumbertown ---- Jun-15-2015 Cox Automotive, Inc. Dealertrack Technologies, Inc. (NasdaqGS:TRAK) $948.4 $4,459.5 4.7x 36.1x Jun-15-2015 Dentsu Aegis Network Ltd. eCommera Limited $27.4 - - - Jun-15-2015 Syspro Software Ltd. Encore Business Solutions., SYSPRO ERP Business ---- Jun-15-2015 Orange Business Services Gemalto NV, SafeNet Authentication Service ---- Jun-15-2015 GMO Internet Inc. (TSE:9449) GMO CLOUD AMERICA INC. - $0.9 - - Jun-15-2015 GMO Internet Pte. Ltd. GMO CLOUD Pte. Ltd. $0.0 $0.3 8.7x - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select June 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-15-2015 Batia Infotech HelpIQ ---- Jun-15-2015 - iDreamSky Technology Limited (NasdaqGS:DSKY) $190.6 $480.7 2.5x 141.0x Jun-15-2015 Jasper Infotech Private Limited Letsgomo Labs LLP ---- Jun-15-2015 ArisGlobal LLC Medsight Solutions, LLC ---- Jun-15-2015 PFSweb Inc. (NasdaqCM:PFSW) MODA, a PFSweb Company - $2.8 - - Jun-15-2015 Connexity, Inc. PriceGrabber.com, Inc. ---- Jun-16-2015 Schulman Associates IRB, Inc. Absolute Research, LLC ---- Jun-16-2015 Marketing Associates, LLC Conclusive Analytics, Inc. ---- Jun-16-2015 Accelerite Conviture, Inc. ---- Jun-16-2015 Bartle Bogle Hegarty Ltd. Domani Studios LLC ---- Jun-16-2015 Vista Equity Partners EagleView Technologies, Inc. ---- Jun-16-2015 Free Stream Media Corp. Filmaster Sp. z o.o. - $1.1 - - Jun-16-2015 Commerzbank AG (DB:CBK) FinTech Group AG., Contract for Differences Business ---- Jun-16-2015 TDT Media Inc. Flavour ---- Jun-16-2015 Deutscher Sparkassen Verlag GmbH GiroSolution AG ---- Jun-16-2015 Mobomo, LLC Intridea Inc. ---- Jun-16-2015 XLMedia PLC (AIM:XLM) Marmar Media Ltd $11.0 $7.4 0.7x 3.4x Jun-16-2015 Evolve Media, LLC Martini Media Network, Inc. ---- Jun-16-2015 VTX Holdings Limited (ASX:VTX) NexGen Networks Limited - $7.2 - - Jun-16-2015 Vertafore, Inc. QQ Solutions, Inc. ---- Jun-16-2015 Legrand SA (ENXTPA:LR) Raritan, Inc. $114.0 - - - Jun-16-2015 Applied Systems, Inc. SEMCAT Corporation ---- Jun-16-2015 Circuit Atlantic Limited Shippyme Limited ---- Jun-16-2015 Beyondsoft Investment soften.cn - $8.1 - - Jun-16-2015 Greater Intell Inc. Stella Now Limited ---- Jun-16-2015 Avalara, Inc. VAT Applications N.V. ---- Jun-17-2015 Cegid Group SA (ENXTPA:CGD) Altaven SAS $5.6 - - - Jun-17-2015 Autovlan.be Autotrack.be ---- Jun-17-2015 GroupM B.V. Chemistry Media Ltd. ---- Jun-17-2015 Gravity4, Inc. CrossGraph ---- Jun-17-2015 Square Yards Consulting Pvt. Ltd. IDW Technology Pvt. Ltd. ---- Jun-17-2015 Allegro Development Corporation JustCommodity Software Solutions Pte Ltd ---- Jun-17-2015 Grupo Estado S.A. Moving Imóveis ---- Jun-17-2015 Taylor Corporation NEPS, LLC ---- Jun-17-2015 Vista Equity Partners Pearson Education, Inc., Student Information Systems Businesses - $350.0 - - Jun-17-2015 EMG3, LLC Phantom Shoppers, LLC ---- Jun-17-2015 Combell Group NV PriorWeb BVBA ---- Jun-17-2015 CITIC Securities Company Limited (SHSE:600030); China Renaissance Par Qihoo 360 Technology Co. Ltd. (NYSE:QIHU) $1,509.9 $10,045.8 6.7x 27.3x Jun-17-2015 C&H Financial Services, Inc. Regal Payment Systems, LLC ---- Jun-17-2015 Ströer Media SE (DB:SAX) RegioHelden GmbH ---- Jun-17-2015 enable2grow GmbH Schmidt | Grund | Partner ---- Jun-17-2015 PCA Technology Group, Inc. Spark Metrics ---- Jun-17-2015 CEB Inc. (NYSE:CEB) Sunstone Analytics ---- Jun-17-2015 LocoMobi, Inc. Ultimate Systems Solutions, LLC ---- Jun-17-2015 Twitter, Inc. (NYSE:TWTR) Whetlab ---- Jun-17-2015 - Widgix, LLC, HelpGizmo ---- Jun-18-2015 The Reach Group GmbH ad-cons GmbH ---- Jun-18-2015 Google Inc. (NasdaqGS:GOOGL) Agawi Inc. ---- Jun-18-2015 Schibsted ASA (OB:SCHA) Anumex ---- Jun-18-2015 Azini Capital Partners LLP ClusterSeven Ltd. ---- Jun-18-2015 Patriot Technology Solutions, Inc. InsureLinx, Inc. - $6.0 - - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select June 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-18-2015 The Reach Group GmbH netlead GmbH & Co. KG ---- Jun-18-2015 The Reach Group GmbH PR - Popularity Reference GmbH ---- Jun-18-2015 Lamudi GmbH PropertyKita ---- Jun-18-2015 AGS, LLC RocketPlay ---- Jun-18-2015 Undertone Networks, Inc. Spark Flow S.A. ---- Jun-18-2015 Groupon, Inc. (NasdaqGS:GRPN) Venuelabs ---- Jun-19-2015 - ActiveRain Corp. ---- Jun-19-2015 PRISMA MEDIA, SNC Ask Média, Quoi.info ---- Jun-19-2015 AppDynamics, Inc. BugBuster SA ---- Jun-19-2015 RingCentral, Inc. (NYSE:RNG) Glip, Inc. ---- Jun-19-2015 Energizer Tennis Inc. (OTCBB:EZRT) Interactive Multi-Player In-Game Advertising System ---- Jun-19-2015 ASC Services LLC ISMS Solutions, Inc. ---- Jun-19-2015 Aeon Nexus Corporation L&P Media, Ltd. ---- Jun-19-2015 Bonnier Publications A/S Planeto AB ---- Jun-22-2015 Hello Curry Pvt Ltd. Acharis IT Consultancy Private Limited, Fire42 ---- Jun-22-2015 ABT Mining Co. Inc. (OTCPK:ABOT) AUTOCLAIM, Inc. ---- Jun-22-2015 Ingatlan.com Bankráció Kft ---- Jun-22-2015 Numericable-SFR (ENXTPA:NUM) Bouygues Telecom S.A. ---- Jun-22-2015 Social Solutions, Inc. Community Techknowledge, Inc. ---- Jun-22-2015 RungePincockMinarco Limited (ASX:RUL) FlexSim Software Products, Inc. ---- Jun-22-2015 New Asia Holdings, Inc. (OTCPK:NAHD) Magdallen Quant Pte. Ltd. ---- Jun-22-2015 Propago LLC Nationwide Argosy Solutions, LLC, Argosy Marketing Management Platform ---- Jun-22-2015 LATAM Digital Ventures Orange Advertising Americas ---- Jun-22-2015 Bisnode Finland Oy SN4 International Oy ---- Jun-22-2015 Integrity Data, Inc. Sypnio Software LLC ---- Jun-23-2015 Espial Group, Inc. (TSX:ESP) Bluestreak Technology, Inc. ---- Jun-23-2015 Accenture plc (NYSE:ACN) Brightstep AB ---- Jun-23-2015 Sidewalk Labs LLC Control Group, Inc. ---- Jun-23-2015 Myelin Communications HY Connect Inc. and Dodge Communications Inc. ---- Jun-23-2015 iWin, Inc. Jenkat Media, Inc., JenkatGames.com ---- Jun-23-2015 Inventus, LLC Kooby LLP ---- Jun-23-2015 LexisNexis (Pty) Limited Korbitec (Pty) Limited ---- Jun-23-2015 Sierra Wireless Inc. (TSX:SW) MobiquiThings SAS - $15.7 - - Jun-23-2015 Ephox Corporation Moxiecode Systems AB ---- Jun-23-2015 Altus Group Limited (TSX:AIF) MPC Intelligence, Inc. ---- Jun-23-2015 Sound Internet Services Inc. OpenAccess Network Services LLC ---- Jun-23-2015 Redknee Solutions Inc. (TSX:RKN) Orga Systems GmbH $67.2 $42.5 0.6x - Jun-23-2015 EMS Find, Inc. (OTCPK:EMSF) Page-Out,LLC ---- Jun-23-2015 - Prizeo Limited ---- Jun-23-2015 Canelco Capital Oy Savcor Oy ---- Jun-23-2015 Sidewalk Labs LLC Titan Outdoor Holdings, Inc. ---- Jun-23-2015 Augure SA Wisemetrics SAS ---- Jun-23-2015 Konga.com Online Shopping Limited Zinternet Nigeria Limited ---- Jun-24-2015 - 60% of Oriented Media Holdings and 100% of Oriented Media Ventures Ltd and Oriented Media Ventures - - - - Jun-24-2015 Cloudability Inc. Attribo Technologies Pvt. Ltd. ---- Jun-24-2015 mercator Catapult, a Mercator company ---- Jun-24-2015 Wisetechglobal Pty Ltd. CompuClearing Outsourcing Limited (JSE:CCL) $6.4 $18.2 3.0x 11.1x Jun-24-2015 Rogers Communications Inc. (TSX:RCI.B) Data & Audio-Visual Enterprises Holdings Inc. - $354.7 - - Jun-24-2015 Amplify Distribber ---- Jun-24-2015 DMY Capital Limited (ASX:DMY) Goldwing Nominees Pty Ltd. - $2.2 - - Jun-24-2015 Seaonics AS ICD Software AS ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select June 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-24-2015 Scribd, Inc. Librify, Inc. ---- Jun-24-2015 Splunk, Inc. (NasdaqGS:SPLK) Metafor Software Inc. ---- Jun-24-2015 Amercanex Corporation Price Index Associates, LLC ---- Jun-24-2015 ONCBIOMUNE, LLC Quint Media Inc. (OTCPK:QUNI) $0.0 - - - Jun-24-2015 The Rainmaker Group Ventures, LLC. SlopeJet, LLC ---- Jun-24-2015 Softland Inversiones S.L. Toolents S.L. $32.2 - - - Jun-24-2015 Accusoft Corporation Vuzit, LLC ---- Jun-24-2015 Deliv, Inc. WeDeliver, Inc. ---- Jun-24-2015 Vox Telecom Limited WISHLIST Corporation ---- Jun-25-2015 Digital Asset Holdings, LLC bits of proof zrt. ---- Jun-25-2015 Health Media Network LLC MedMedia, LLC ---- Jun-25-2015 Eckoh Plc (AIM:ECK) Netcall plc (AIM:NET) $26.6 $117.3 4.4x 27.9x Jun-25-2015 Proxio, Inc. PCMS Consulting, Inc. ---- Jun-25-2015 Tradesparq Ltd. Shanghai Shuangji IT Co., Ltd. ---- Jun-25-2015 Palo Media Group LLC Smart Ring Leads ---- Jun-25-2015 Tieto Oyj (HLSE:TIE1V) Software Innovation ASA - $78.1 - - Jun-25-2015 emfluence, llc Spiral16, LLC ---- Jun-25-2015 Archer>Malmo inc. Tocquigny Design, Inc. ---- Jun-26-2015 NZX Limited (NZSE:NZX) Apteryx, Inc. $0.8 - - - Jun-26-2015 Astrix Networks Inc. (TSXV:OEE) Dostek Incorporated ---- Jun-26-2015 Johnson & Alcock Ltd Fox Mason Ltd ---- Jun-26-2015 Marlin Equity Partners, LLC IBS AB ---- Jun-26-2015 Lyft Inc. Leo Me, Inc. ---- Jun-26-2015 Japan Systems Co. Ltd. (JASDAQ:9758) NetCam Systems Corporation - $8.1 - - Jun-26-2015 Meteor Development Group, Inc. Percolate Studio Ltd. ---- Jun-26-2015 7Commerce GmbH Verivox GmbH - $334.7 - - Jun-27-2015 Monocept Consulting Pvt. Ltd. DinerKonnect Technologies Pvt. Ltd. ---- Jun-28-2015 Vista Equity Partners Mediaocean LLC ---- Jun-29-2015 Transzap, Inc. ADP, LLC ---- Jun-29-2015 Transzap, Inc. Automatic Data Processing, Inc., Procure-to-Pay ---- Jun-29-2015 Symbility Solutions Inc. (TSXV:SY) BNOTIONS - $3.5 - - Jun-29-2015 STAUFENBIEL INSTITUT GMBH GradeView UG (haftungsbeschränkt) ---- Jun-29-2015 Accel Partners; IDG Capital Partners Kongzhong Corp. (NasdaqGS:KZ) $229.2 $284.7 1.2x 7.4x Jun-29-2015 ADVFN plc (AIM:AFN) London South East Limited ---- Jun-29-2015 Deloitte & Touche LLP LRA by Deloitte ---- Jun-29-2015 Panasonic Enterprise Solutions Company MagicInk Interactive LLC ---- Jun-29-2015 Uber Technologies, Inc. Microsoft Corporation, Bing Map Business ---- Jun-29-2015 Ooyala, Inc. Nativ Limited ---- Jun-29-2015 Ruder Finn, Inc. RF Kyodo ---- Jun-29-2015 Unbounce Marketing Solutions Inc. Rooster Engagement Tools ---- Jun-29-2015 Jive Communications, Inc. Speek Inc. ---- Jun-29-2015 SinnerSchrader AG (XTRA:SZZ) Swipe GmbH $1.6 - - - Jun-29-2015 American Green, Inc. (OTCPK:ERBB) TrackX, LLC ---- Jun-29-2015 Payfort FZ-LLC White Payments Technologies FZE ---- Jun-30-2015 Genstar Capital, LLC All Web Leads, Inc. ---- Jun-30-2015 Champion Solutions Group, Inc. allAware, Inc. ---- Jun-30-2015 Vivendi S.A. (ENXTPA:VIV) Dailymotion SA - $302.1 - - Jun-30-2015 Segue Esprit Inc. Divorced Moms Inc. ---- Jun-30-2015 Ernst & Young Global Limited Entegreat, Inc ---- Jun-30-2015 RideScout LLC GlobeSherpa Inc. ---- Jun-30-2015 Warp 9, Inc. (OTCPK:WNYN) Indaba Group, LLC $1.7 $2.0 1.2x - Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select June 2015 Software Industry M&A Transactions

Target TTM Enterprise Date Revenue Value EV/ EV/ Announced Acquirer Target ($mm) ($mm) Revenue EBITDA Jun-30-2015 Pamplona Capital Management LLP, Private Equity Precyse Solutions, LLC ---- Jun-30-2015 Way to Blue Ltd. Screenburn Media Ltd. ---- Jun-30-2015 Wolters Kluwer Tax & Accounting US SureTax, LLC ---- Jun-30-2015 Etteplan Oyj (HLSE:ETT1V) Thesus Talking Image bv ---- Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG Software Index $2,542.9 $2,344.8 $605.5 67.1% 18.9% 8.2% 3.2x 16.7x 3.1x 11.8x 10.5% Billing & Service Management $1,036.9 $1,152.4 $491.8 59.7% 27.1% 7.6% 2.0x 10.1x 2.0x 8.7x 10.2% Business Intelligence $2,490.9 $2,535.3 $584.7 75.3% 15.2% 10.0% 4.0x 18.6x 3.3x 13.1x 12.9% Development Platforms $1,391.4 $1,328.4 $347.4 73.5% 18.9% 7.2% 2.4x 10.3x 2.2x 10.4x 12.7% Engineering & PLM $4,716.8 $4,979.6 $1,264.1 84.5% 21.4% 8.7% 3.7x 17.2x 3.8x 12.3x 11.8% Enterprise Resource Planning $8,686.6 $9,488.4 $2,004.9 60.3% 28.4% 2.3% 4.3x 13.9x 3.9x 11.8x 8.1% Financial & Accounting $2,818.9 $3,390.1 $815.8 56.0% 22.3% 4.3% 4.2x 17.0x 4.2x 12.9x 18.6% Gaming $2,456.1 $2,060.8 $1,695.3 66.7% 13.0% 2.5% 1.4x 12.4x 1.2x 9.2x 4.8% Healthcare $1,349.3 $1,708.2 $612.6 53.7% 15.9% 7.1% 2.8x 17.5x 2.6x 10.9x 9.0% IT Conglomerates $160,176.8 $162,768.9 $90,147.0 60.3% 32.9% -0.1% 3.1x 8.8x 3.1x 8.5x -4.3% Mobile Solutions/Content $685.8 $644.8 $314.2 57.4% 4.3% 19.1% 2.4x 18.9x 1.9x 10.1x 2.7% Networking & Network Performance Management $1,601.4 $1,434.1 $252.8 73.2% 10.9% 13.6% 2.2x 13.8x 2.1x 9.9x 2.0% Security $2,071.4 $1,828.7 $227.8 75.4% 7.1% 12.6% 4.6x 15.9x 5.1x 19.4x 26.8% Storage, Data Mgmt & Integration $6,913.7 $5,181.5 $1,644.0 81.7% 16.2% 3.4% 2.4x 9.2x 2.4x 7.4x -1.4% Systems Management $12,109.3 $11,614.1 $2,499.8 84.8% 26.3% 14.7% 4.3x 18.5x 3.6x 12.5x 2.9% Vertical - Finance $5,617.6 $5,789.5 $903.8 44.5% 30.3% 6.5% 5.2x 16.5x 4.9x 13.5x 12.2% Vertical - Other $2,623.2 $2,896.7 $435.7 47.5% 12.9% 13.3% 5.0x 31.0x 4.5x 18.7x 35.9%

Income Statement Analysis (Median) SEG SW Index Software Stock Market Return: January - June 2015 TTM Revenue Growth 8.2% 20% TTM EBITDA Growth -10.3% TTM Earnings Growth -24.4% Gross Profit Margin 67.1% EBITDA Margin 18.9% 15% Net Income Margin -18.7% SG&A Expenses as a % of Total Revenue 57.7% R&D Expenses as a % of Total Revenue 19.2% 10% Balance Sheet Analysis (Median) Current Ratio 2.0 Quick Ratio 1.8 Cash as Percent of Market Cap 10.7% 5% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.4x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 6.1% Cash from Operations Growth (YoY) 15.8% -5% Cash from Investing Growth (YoY) -45.8% Cash from Financing Growth (YoY) -13.5% DOW S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 20.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Amdocs Limited DOX $8,440.6 $7,148.1 $3,611.6 35.8% 19.4% 4.8% 2.0x 10.2x 1.9x 9.3x 18.1% CSG Systems International CSGS $1,036.9 $1,152.4 $748.9 48.3% 16.3% -0.8% 1.5x 9.4x 1.5x 6.9x 30.9% Evolving Systems EVOL $104.6 $93.6 $29.8 75.3% 31.1% 19.0% 3.1x 10.1x 3.0x 9.3x -1.2% MIND C.T.I. MNDO $49.9 $36.2 $25.0 60.0% 32.3% 26.8% 1.4x 4.5x n/a n/a -28.7% NeuStar NSR $1,617.4 $2,059.9 $985.1 74.4% 38.6% 7.6% 2.1x 5.4x 2.0x 4.3x 5.3% Redknee Solutions RKN $414.4 $356.0 $241.2 55.3% 6.7% -3.1% 1.5x 22.0x 1.6x 8.1x 19.4% Synchronoss Technologies SNCR $1,979.2 $2,015.8 $491.8 59.7% 27.1% 33.2% 4.1x 15.1x 3.4x 10.1x 10.2% Median: $1,036.9 $1,152.4 $491.8 59.7% 27.1% 7.6% 2.0x 10.1x 2.0x 8.7x 10.2%

Income Statement Analysis (Median) Billing and Service Management Software Stock Market Return: January - June 2015 TTM Revenue Growth 7.6% 25% TTM EBITDA Growth 33.0% TTM Earnings Growth 15.6% Gross Profit Margin 59.7% 20% EBITDA Margin 27.1% Net Income Margin 12.7% 15% SG&A Expenses as a % of Total Revenue 20.2% R&D Expenses as a % of Total Revenue 14.1% 10% Balance Sheet Analysis (Median) Current Ratio 2.7 5% Quick Ratio 2.6 Cash as Percent of Market Cap 16.4% 0% Avg Days Outstanding: Accounts Receivable 73 Avg Days Outstanding: Accounts Payable 24 -5% Working Capital to TTM Operating Expense Ratio 0.6x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 12.9% Cash from Operations Growth (YoY) 5.5% -15% Cash from Investing Growth (YoY) 42.4% Cash from Financing Growth (YoY) -44.1% Billing & Service Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Fair Isaac FICO $2,818.9 $3,390.1 $815.8 66.8% 22.3% 9.7% 4.2x 18.6x 3.9x 12.9x 25.8% Informatica INFA $5,075.3 $4,576.6 $1,055.4 82.4% 18.1% 8.0% 4.3x 24.0x 4.0x 16.7x 28.0% MicroStrategy MSTR $1,926.3 $1,534.5 $565.8 77.1% 12.4% -3.1% 2.7x 22.0x 2.8x 10.8x 4.3% Pegasystems PEGA $1,752.1 $1,526.7 $603.5 68.6% 12.0% 13.2% 2.5x 21.1x 2.3x 13.8x 12.8% Progress Software PRGS $1,391.4 $1,328.4 $347.4 88.0% 22.1% 7.2% 3.8x 17.3x 3.1x 10.4x 2.8% PROS Holdings PRO $623.2 $580.9 $188.6 69.0% -5.3% 24.0% 3.1x n/a 3.3x n/a -20.3% Qlik Technologies QLIK $3,193.0 $2,911.9 $565.9 86.1% 0.5% 16.7% 5.1x 953.2x 4.6x 44.4x 12.9% Software AG SOW $2,163.0 $2,158.6 $905.6 73.5% 26.1% -11.9% 2.4x 9.1x 2.2x 7.6x 13.1% Splunk SPLK $8,752.1 $7,886.9 $490.6 84.2% -45.5% 48.1% 16.1x n/a 12.0x 203.9x 18.4% Teradata TDC $5,481.8 $5,200.8 $2,686.0 52.9% 20.1% -1.7% 1.9x 9.6x 1.9x 7.6x -15.9% Varonis Systems VRNS $548.8 $435.8 $106.9 90.0% -18.3% 34.5% 4.1x n/a 3.4x n/a -33.3% Verisk VRSK $12,301.2 $13,450.8 $1,796.5 59.6% 46.1% 10.3% 7.5x 16.2x 6.2x 13.2x 13.7% Median: $2,490.9 $2,535.3 $584.7 75.3% 15.2% 10.0% 4.0x 18.6x 3.3x 13.1x 12.9%

Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: January - June 2015 TTM Revenue Growth 10.0% 20% TTM EBITDA Growth -17.4% TTM Earnings Growth -17.2% Gross Profit Margin 75.3% 15% EBITDA Margin 15.2% Net Income Margin 7.2% SG&A Expenses as a % of Total Revenue 47.2% R&D Expenses as a % of Total Revenue 18.8% 10%

Balance Sheet Analysis (Median) Current Ratio 1.8 5% Quick Ratio 1.7 Cash as Percent of Market Cap 13.6% Avg Days Outstanding: Accounts Receivable 87 0% Avg Days Outstanding: Accounts Payable 44 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 13.3% Cash from Operations Growth (YoY) 9.0% -10% Cash from Investing Growth (YoY) -35.9% Cash from Financing Growth (YoY) -19.9% Business Intelligence S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -12.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD BSQUARE BSQR $80.1 $53.5 $99.5 18.5% 5.2% 5.8% 0.5x 10.3x n/a n/a 50.0% Magic Software Enterprises MGIC $294.5 $213.9 $163.7 38.7% 18.9% 7.3% 1.3x 6.9x 1.2x n/a 12.7% Progress Software PRGS $1,391.4 $1,328.4 $347.4 88.0% 22.1% 7.2% 3.8x 17.3x 3.1x 10.4x 2.8% Red Hat RHT $13,931.2 $13,467.4 $1,846.7 84.8% 18.9% 15.8% 7.3x 38.5x n/a 24.1x 10.1% Software AG SOW $2,163.0 $2,158.6 $905.6 73.5% 26.1% -11.9% 2.4x 9.1x 2.2x 7.6x 13.1% Median: $1,391.4 $1,328.4 $347.4 73.5% 18.9% 7.2% 2.4x 10.3x 2.2x 10.4x 12.7%

Income Statement Analysis (Median) Development Platforms Software Stock Market Return: January - June 2015 TTM Revenue Growth 7.2% 20% TTM EBITDA Growth 1.7% TTM Earnings Growth -11.2% Gross Profit Margin 73.5% 15% EBITDA Margin 18.9% Net Income Margin 9.3% SG&A Expenses as a % of Total Revenue 39.5% R&D Expenses as a % of Total Revenue 13.0% 10%

Balance Sheet Analysis (Median) Current Ratio 1.7 5% Quick Ratio 1.7 Cash as Percent of Market Cap 22.6% Avg Days Outstanding: Accounts Receivable 80 0% Avg Days Outstanding: Accounts Payable 49 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 21.6% Cash from Operations Growth (YoY) 26.5% -10% Cash from Investing Growth (YoY) -109.9% Cash from Financing Growth (YoY) 84.7% Development Platforms S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 25.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ANSYS ANSS $8,190.8 $7,429.6 $938.5 87.9% 46.0% 6.8% 7.9x 17.2x 7.6x 15.2x 11.8% Aspen Technology AZPN $3,889.2 $3,673.4 $427.7 88.3% 40.7% 14.6% 8.6x 21.1x 7.9x 17.4x 30.1% Autodesk ADSK $11,399.7 $10,316.2 $2,566.2 86.2% 9.7% 11.8% 4.0x 41.5x 4.1x 30.3x -15.9% Cadence Design Systems CDNS $5,754.0 $5,415.9 $1,613.7 85.9% 21.4% 8.7% 3.4x 15.7x 3.1x 10.0x 4.4% Dassault Systèmes DSY $18,323.2 $17,078.0 $2,625.0 84.5% 25.4% 17.3% 6.5x 25.6x 5.3x 15.6x 19.2% GSE Systems GVP $27.7 $16.1 $43.2 28.6% -7.3% -1.6% 0.4x n/a n/a n/a -0.6% Mentor Graphics MENT $3,072.6 $3,073.3 $1,264.1 85.1% 21.6% 6.9% 2.4x 11.2x 2.4x 9.8x 21.9% Parametric Technology PTC $4,716.8 $4,979.6 $1,342.9 72.8% 20.3% 2.2% 3.7x 18.2x 3.9x 13.7x 12.8% PDF Solutions PDFS $503.3 $371.4 $99.9 61.1% 30.1% -4.3% 3.7x 12.3x 3.7x 10.4x 9.2% Stratasys SSYS $1,782.0 $1,411.4 $771.9 48.9% 10.6% 43.4% 1.8x 17.2x 1.6x 6.3x -56.9% Synopsys SNPS $7,855.2 $7,069.7 $2,160.1 82.3% 19.3% 8.8% 3.3x 17.0x 3.1x 11.0x 17.5% Median: $4,716.8 $4,979.6 $1,264.1 84.5% 21.4% 8.7% 3.7x 17.2x 3.8x 12.3x 11.8%

Income Statement Analysis (Median) Engineering & PLM Software Stock Market Return: January - June 2015 TTM Revenue Growth 8.7% 20% TTM EBITDA Growth 3.5% TTM Earnings Growth -8.3% Gross Profit Margin 84.5% 15% EBITDA Margin 21.4% Net Income Margin 11.1% SG&A Expenses as a % of Total Revenue 35.2% R&D Expenses as a % of Total Revenue 17.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.7 5% Quick Ratio 1.6 Cash as Percent of Market Cap 12.8% Avg Days Outstanding: Accounts Receivable 88 0% Avg Days Outstanding: Accounts Payable 25 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 17.8% Cash from Operations Growth (YoY) 3.2% -10% Cash from Investing Growth (YoY) 10.3% Cash from Financing Growth (YoY) -8.3% Engineering & PLM S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 9.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD American Software AMSW.A $268.3 $206.1 $102.9 51.0% 14.8% 2.3% 2.0x 13.6x 1.8x 10.2x 8.1% Oracle ORCL $174,743.9 $162,768.9 $38,226.0 60.3% 42.0% -0.1% 4.3x 10.1x 4.2x 9.0x -8.5% QAD QADA $475.7 $360.2 $295.9 55.3% 7.1% 8.4% 1.2x 17.0x 1.2x 13.1x 15.8% Sage Group SGE $8,686.6 $9,488.4 $2,004.9 94.0% 28.4% 1.9% 4.7x 16.7x 4.2x 14.0x 14.9% SAP SAP $83,669.7 $89,993.3 $19,722.8 71.6% 32.9% 8.6% 4.6x 13.9x 3.9x 11.8x 1.8% Median: $8,686.6 $9,488.4 $2,004.9 60.3% 28.4% 2.3% 4.3x 13.9x 3.9x 11.8x 8.1%

Income Statement Analysis (Median) Enterprise Resource Planning Software Stock Market Return: January - June 2015 TTM Revenue Growth 2.3% 20% TTM EBITDA Growth -6.7% TTM Earnings Growth -19.0% Gross Profit Margin 60.3% 15% EBITDA Margin 28.4% Net Income Margin 14.7% SG&A Expenses as a % of Total Revenue 30.5% R&D Expenses as a % of Total Revenue 13.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.6 5% Quick Ratio 1.4 Cash as Percent of Market Cap 23.2% Avg Days Outstanding: Accounts Receivable 78 0% Avg Days Outstanding: Accounts Payable 19 Working Capital to TTM Operating Expense Ratio 0.3x

-5% Cash Flow Statement Analysis (Median) Levered FCF Margin 13.2% Cash from Operations Growth (YoY) -3.9% -10% Cash from Investing Growth (YoY) -152.6% Cash from Financing Growth (YoY) 250.8% Enterprise Resource Planning S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -2.6%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ACI Worldwide ACIW $2,868.5 $3,660.9 $1,027.5 55.2% 20.5% 11.2% 3.6x 17.4x 3.4x 12.5x 24.7% Bottomline Technologies EPAY $1,078.4 $1,095.0 $327.2 57.8% 13.5% 15.2% 3.3x 24.9x n/a 14.7x 9.7% DST Systems DST $4,623.2 $5,024.0 $2,767.8 16.7% 15.7% 4.1% 1.8x 11.6x 2.5x 11.0x 33.9% Evertec EVTC $1,644.4 $2,294.0 $365.0 56.6% 42.1% 1.9% 6.3x 14.9x 6.1x 12.1x -2.5% Fair Isaac FICO $2,818.9 $3,390.1 $815.8 66.8% 22.3% 9.7% 4.2x 18.6x 3.9x 12.9x 25.8% Fiserv FISV $19,613.2 $23,169.2 $5,107.0 43.5% 30.3% 4.3% 4.5x 15.0x 4.3x 12.9x 17.3% Intuit INTU $27,779.2 $26,194.2 $4,388.0 83.1% 24.7% -0.9% 6.0x 24.2x 5.3x 14.6x 11.1% Model N MODN $312.6 $219.5 $84.3 56.0% -22.6% -13.3% 2.6x n/a 2.2x n/a 12.1% NetSol Technologies NETSOL $40.2 $42.1 $29.2 12.6% -4.2% 16.6% 1.4x n/a n/a n/a 18.6% Sage Group SGE $8,686.6 $9,488.4 $2,004.9 94.0% 28.4% 1.9% 4.7x 16.7x 4.2x 14.0x 66.6% Qiwi QIWI $1,645.5 $1,412.3 $265.3 53.7% 31.4% 24.5% 5.3x 17.0x 6.7x 12.3x 37.7% Median: $2,818.9 $3,390.1 $815.8 56.0% 22.3% 4.3% 4.2x 17.0x 4.2x 12.9x 18.6%

Income Statement Analysis (Median) Financial & Accounting Software Stock Market Return: January - June 2015 TTM Revenue Growth 4.3% 25% TTM EBITDA Growth 0.2% TTM Earnings Growth 4.1% Gross Profit Margin 56.0% 20% EBITDA Margin 22.3% Net Income Margin 11.1% SG&A Expenses as a % of Total Revenue 29.5% 15% R&D Expenses as a % of Total Revenue 14.2%

10% Balance Sheet Analysis (Median) Current Ratio 1.3 Quick Ratio 1.1 5% Cash as Percent of Market Cap 4.6% Avg Days Outstanding: Accounts Receivable 69 Avg Days Outstanding: Accounts Payable 35 0% Working Capital to TTM Operating Expense Ratio 0.1x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 13.2% Cash from Operations Growth (YoY) 18.7% -10% Cash from Investing Growth (YoY) -29.3% Cash from Financing Growth (YoY) -4.6% Financial & Accounting S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 5.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Activision Blizzard ATVI $17,581.0 $17,186.0 $4,575.0 65.1% 30.4% 4.7% 3.8x 12.4x 3.8x 11.1x 21.5% Electronic Arts EA $20,921.5 $18,533.5 $4,515.0 68.3% 25.2% 26.3% 4.1x 16.3x 4.1x 13.5x 41.9% GameLoft SA GFT $363.9 $306.9 $275.1 82.5% 5.1% -2.6% 1.1x 22.0x 1.0x 8.4x 8.4% Konami TSE: 9766 $2,579.5 $2,395.6 $1,818.1 32.8% 13.3% 0.3% 1.3x 9.9x 1.2x 7.8x 1.2% Take-Two Interactive TTWO $2,332.7 $1,710.7 $1,082.9 26.6% -21.9% -53.9% 1.6x n/a 1.2x 10.0x -1.9% Ubisoft Entertainment UBI $1,946.3 $1,726.0 $1,572.5 77.0% 12.6% 45.3% 1.1x 8.7x 1.0x 2.2x -2.6% Median: $2,456.1 $2,060.8 $1,695.3 66.7% 13.0% 2.5% 1.4x 12.4x 1.2x 9.2x 4.8%

Income Statement Analysis (Median) Gaming Software Stock Market Return: January - June 2015 TTM Revenue Growth 2.5% 30% TTM EBITDA Growth -30.4% TTM Earnings Growth 62.7% Gross Profit Margin 66.7% 25% EBITDA Margin 13.0% Net Income Margin 5.2% 20% SG&A Expenses as a % of Total Revenue 25.3% R&D Expenses as a % of Total Revenue 24.2% 15%

Balance Sheet Analysis (Median) Current Ratio 2.1 10% Quick Ratio 1.9 Cash as Percent of Market Cap 23.2% 5% Avg Days Outstanding: Accounts Receivable 47 Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.4x 0%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 12.8% Cash from Operations Growth (YoY) 38.4% -10% Cash from Investing Growth (YoY) -43.3% Cash from Financing Growth (YoY) -20.2% Gaming S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 2.6%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Accretive Health AH $15,306.0 $16,734.0 $36,896.7 26.7% 6.1% 5.8% 0.5x 7.4x 0.4x 6.3x 8.9% Allscripts Healthcare Solutions MDRX $2,575.8 $3,060.1 $1,372.1 45.1% 4.6% 0.4% 2.2x 48.1x 2.1x 12.4x 6.5% Cerner CERN $23,762.0 $23,704.0 $3,526.6 84.2% 28.4% 20.0% 6.7x 23.7x 4.8x 14.8x 6.2% Computer Programs and Sys CPSI $604.5 $563.7 $198.9 44.7% 24.7% -2.2% 2.8x 11.5x 2.8x 10.7x -9.3% MedAssets MDAS $1,331.7 $2,189.1 $734.9 75.9% 29.1% 8.3% 3.0x 10.2x 2.9x 9.4x 12.0% Merge Healthcare MRGE $464.7 $719.8 $215.8 60.8% 16.8% -1.4% 3.3x 19.9x 2.8x 13.2x 36.4% Omnicell OMCL $1,366.9 $1,227.3 $455.4 52.9% 15.0% 15.2% 2.7x 18.0x 2.4x n/a 17.1% Quality Systems QSII $999.1 $868.6 $490.2 54.5% 10.4% 10.2% 1.8x 17.1x 1.7x 10.9x 9.1% Median: $1,349.3 $1,708.2 $612.6 53.7% 15.9% 7.1% 2.8x 17.5x 2.6x 10.9x 9.0%

Income Statement Analysis (Median) Healthcare Software Stock Market Return: January - June 2015 TTM Revenue Growth 7.1% 20% TTM EBITDA Growth 9.7% TTM Earnings Growth 14.6% Gross Profit Margin 53.7% EBITDA Margin 15.9% 15% Net Income Margin 6.2% SG&A Expenses as a % of Total Revenue 29.9% R&D Expenses as a % of Total Revenue 12.8% 10% Balance Sheet Analysis (Median) Current Ratio 1.4 Quick Ratio 1.2 Cash as Percent of Market Cap 6.0% 5% Avg Days Outstanding: Accounts Receivable 74 Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.1x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 12.2% Cash from Operations Growth (YoY) 24.7% -5% Cash from Investing Growth (YoY) -64.4% Cash from Financing Growth (YoY) 129.3% Healthcare S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 34.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Hewlett Packard HPQ $54,210.5 $60,899.5 $108,283.0 24.0% 12.0% -3.2% 0.6x 4.7x 0.6x 4.7x -24.7% IBM IBM $160,176.8 $190,342.8 $90,147.0 50.2% 26.2% -7.3% 2.1x 8.1x 2.3x 8.1x 1.8% Microsoft MSFT $358,189.0 $294,791.0 $94,782.0 65.1% 35.5% 13.7% 3.1x 8.8x 3.1x 8.5x -4.3% Oracle ORCL $174,743.9 $162,768.9 $38,226.0 60.3% 42.0% -0.1% 4.3x 10.1x 4.2x 9.0x -8.5% SAP AG DB:SAP $83,669.7 $89,993.3 $19,722.8 71.6% 32.9% 8.6% 4.6x 13.9x 3.9x 11.8x 1.8% Median: $160,177 $162,769 $90,147.0 60.3% 32.9% -0.1% 3.1x 8.8x 3.1x 8.5x -4.3%

Income Statement Analysis (Median) IT Conglomerates Software Stock Market Return: January - June 2015 TTM Revenue Growth -0.1% 20% TTM EBITDA Growth -3.9% TTM Earnings Growth -14.7% Gross Profit Margin 60.3% 15% EBITDA Margin 32.9% Net Income Margin 17.2% SG&A Expenses as a % of Total Revenue 22.4% R&D Expenses as a % of Total Revenue 12.7% 10%

Balance Sheet Analysis (Median) Current Ratio 1.3 5% Quick Ratio 1.0 Cash as Percent of Market Cap 26.6% Avg Days Outstanding: Accounts Receivable 56 0% Avg Days Outstanding: Accounts Payable 61 Working Capital to TTM Operating Expense Ratio 0.2x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 23.8% Cash from Operations Growth (YoY) -3.9% -10% Cash from Investing Growth (YoY) -42.5% Cash from Financing Growth (YoY) 17.2% IT Conglomerates S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 12.5%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Bango PLC BGO $90.9 $82.0 $7.9 26.3% -95.7% -42.0% 10.3x n/a n/a n/a -2.5% iDream Sky Technologies DSKY $544.8 $416.6 $190.6 40.7% 1.9% 196.5% 2.2x 113.7x 1.4x 6.8x -26.7% King Digital Entertainment KING $4,429.3 $3,768.0 $2,233.3 68.7% 35.2% -2.3% 1.7x 4.8x 1.9x n/a 0.6% Glu Mobile GLUU $747.3 $681.6 $248.0 62.1% 6.7% 97.5% 2.7x 41.2x 2.5x 21.4x 53.3% Gree TSE:3632 $1,364.9 $772.0 $817.7 74.4% 30.3% -27.9% 0.9x 3.1x 1.1x 4.0x -0.4% Millennial Media MM $226.9 $194.5 $286.7 40.0% -14.5% 1.5% 0.7x n/a 0.6x n/a -5.3% MobileIron MOBL $460.9 $343.9 $137.6 81.6% -46.5% 27.4% 2.5x n/a 2.2x n/a -40.1% Momo MOMO $2,580.1 $2,128.1 $65.6 71.3% -24.6% 665.4% 32.4x n/a 10.3x n/a 26.1% Myriad Group AG MYRN $624.4 $608.0 $40.2 85.8% 31.2% -6.9% 15.1x 48.5x n/a n/a 32.5% NQ Mobile NQ $472.0 $456.9 $341.7 27.8% -18.0% 40.5% 1.3x n/a 0.9x 10.0x 23.4% Opera OPERA $1,246.5 $1,264.1 $520.6 36.5% 17.9% 60.1% 2.4x 13.6x 2.0x 9.2x -35.8% Qihoo 360 Technology QIHU $8,728.2 $8,845.0 $1,509.9 77.8% 25.9% 82.7% 5.9x 22.7x 4.1x 13.9x 13.4% Pandora Media P $3,285.6 $2,904.1 $957.3 44.9% -3.6% 30.4% 3.0x n/a 2.4x 35.5x -12.4% Synchronoss Technologies SNCR $1,979.2 $2,015.8 $491.8 59.7% 27.1% 33.2% 4.1x 15.1x 3.4x 10.1x 10.2% Tangoe TNGO $490.6 $442.9 $215.6 55.2% 7.7% 10.9% 2.1x 26.6x 1.7x 11.1x -0.7% TeleCommunication Systems TSYS $201.2 $283.6 $356.6 41.1% 8.9% 1.1% 0.8x 8.9x 0.7x 7.0x 6.1% TeleNav TNAV $324.4 $192.7 $151.4 52.6% -22.7% -7.1% 1.3x n/a 1.0x n/a 20.9% Zynga ZNGA $2,631.0 $1,680.6 $705.7 69.3% -11.8% -9.3% 2.4x n/a 2.2x 41.6x 4.8% Median: $685.8 $644.8 $314.2 57.4% 4.3% 19.1% 2.4x 18.9x 1.9x 10.1x 2.7%

Income Statement Analysis (Median) Mobile Solutions/Content Software Stock Market Return: January - June 2015 TTM Revenue Growth 19.1% 20% TTM EBITDA Growth -21.0% TTM Earnings Growth -20.1% Gross Profit Margin 57.4% 15% EBITDA Margin 4.3% Net Income Margin -3.1% SG&A Expenses as a % of Total Revenue 36.9% 10% R&D Expenses as a % of Total Revenue 16.3%

5% Balance Sheet Analysis (Median) Current Ratio 3.6 Quick Ratio 3.2 0% Cash as Percent of Market Cap 17.0% Avg Days Outstanding: Accounts Receivable 60 Avg Days Outstanding: Accounts Payable 37 -5% Working Capital to TTM Operating Expense Ratio 0.0x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 1.9% Cash from Operations Growth (YoY) 7.0% -15% Cash from Investing Growth (YoY) -26.7% Cash from Financing Growth (YoY) 36.3% Mobile Solutions/Content S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) -19.6%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD A10 Networks ATEN $396.8 $311.2 $177.8 75.4% -18.8% 12.6% 1.8x n/a 1.6x n/a 41.9% Allot Communications ALLT $239.9 $116.1 $118.4 71.0% 3.5% 17.6% 1.0x 28.4x 0.9x 6.8x -21.7% Barracuda Networks CUDA $2,108.2 $1,920.7 $277.4 78.9% 2.8% 18.7% 6.9x 243.6x 5.9x 20.6x 13.3% Brocade BRCD $4,934.1 $4,354.9 $2,232.6 67.2% 26.0% 1.6% 2.0x 7.5x 1.9x 7.0x 2.0% Cisco Systems CSCO $139,658.5 $106,253.5 $48,675.0 60.5% 27.7% 3.1% 2.2x 7.9x 2.1x 7.6x 0.2% Cyan CYNI $253.9 $218.9 $117.5 42.1% -35.8% 7.5% 1.9x n/a 1.4x n/a 104.7% F5 Networks FFIV $8,657.1 $7,990.6 $1,840.5 82.4% 31.6% 15.6% 4.3x 13.8x 4.0x 11.5x -7.7% Gigamon GIMO $1,094.6 $928.0 $172.2 76.7% -1.6% 17.8% 5.4x n/a 4.3x 23.0x n/a Juniper Networks JNPR $10,253.9 $9,993.5 $4,524.4 62.5% 18.4% -5.3% 2.2x 12.0x 2.2x 8.3x 16.6% Radware RDWR $1,024.3 $947.5 $228.1 82.3% 19.1% 14.7% 4.2x 21.8x 3.7x 17.4x 2.0% Median: $1,601.4 $1,434.1 $252.8 73.2% 10.9% 13.6% 2.2x 13.8x 2.1x 9.9x 2.0%

Income Statement Analysis (Median) Networking/Network Performance Mgmt Software Stock Market Return: January - June 2015 TTM Revenue Growth 13.6% 20% TTM EBITDA Growth 12.0% TTM Earnings Growth -4.6% Gross Profit Margin 73.2% EBITDA Margin 10.9% 15% Net Income Margin -4.9% SG&A Expenses as a % of Total Revenue 47.3% R&D Expenses as a % of Total Revenue 21.5% 10% Balance Sheet Analysis (Median) Current Ratio 2.6 Quick Ratio 2.1 Cash as Percent of Market Cap 21.4% 5% Avg Days Outstanding: Accounts Receivable 54 Avg Days Outstanding: Accounts Payable 53 Working Capital to TTM Operating Expense Ratio 0.4x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 14.4% Cash from Operations Growth (YoY) 9.1% -5% Cash from Investing Growth (YoY) -23.7% Cash from Financing Growth (YoY) -24.9% Networking & Network Performance Management S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 11.6%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD AVG Technologies AVG $1,408.4 $1,513.8 $383.3 86.4% 31.0% -3.2% 3.9x 12.7x 3.3x 10.0x 39.0% Barracuda Networks CUDA $2,108.2 $1,920.7 $277.4 78.9% 2.8% 18.7% 6.9x 243.6x 5.9x 20.6x 13.3% Cyberark Software CYBR $1,988.8 $1,797.1 $118.5 86.6% 24.1% 67.4% 15.2x 63.0x 12.3x 98.8x 61.6% Check Point Software CHKP $14,387.0 $13,108.7 $1,526.2 88.3% 54.0% 8.0% 8.6x 15.9x 7.9x 14.4x 1.4% A10 Networks ATEN $396.8 $311.2 $177.8 75.4% -18.8% 12.6% 1.8x n/a 1.6x n/a 41.9% Cyren CYRN $66.0 $62.0 $30.8 73.5% -12.5% -4.9% 2.0x n/a 1.8x n/a 10.5% Fortinet FTNT $7,008.0 $6,204.1 $814.3 70.3% 9.0% 25.6% 7.6x 85.0x 6.3x 35.8x 34.2% Guidance Software GUID $253.8 $229.4 $108.3 67.0% -4.3% -0.6% 2.1x n/a 2.1x 127.2x 20.8% Imperva IMPV $2,071.4 $1,828.7 $177.3 77.9% -31.4% 26.0% 10.3x n/a 8.5x n/a 39.7% Palo Alto Networks PANW $14,615.4 $14,367.4 $822.4 72.5% -12.1% 54.5% 17.5x n/a 12.7x 58.2x 43.9% Proofpoint PFPT $2,509.9 $2,480.6 $210.7 66.2% -17.1% 40.6% 11.8x n/a 9.2x n/a 34.2% Sourcefire FIRE $15.5 $15.1 $15.7 32.0% 7.1% 2.2% 1.0x 13.6x n/a n/a 26.8% Symantec SYMC $15,826.9 $14,031.9 $6,508.0 83.1% 28.3% -2.5% 2.2x 7.6x 2.2x 6.4x -8.0% Trend Micro TSE:4704 $4,652.0 $3,697.3 $979.9 82.1% 34.4% 6.8% 3.8x 11.0x 3.6x 10.4x 23.1% VASCO VDSI $1,193.6 $1,044.5 $227.8 61.3% 22.1% 43.7% 4.6x 20.7x 4.4x 18.1x 10.6% Median: $2,071.4 $1,828.7 $227.8 75.4% 7.1% 12.6% 4.6x 15.9x 5.1x 19.4x 26.8%

Income Statement Analysis (Median) Security Software Stock Market Return: January - June 2015 TTM Revenue Growth 12.6% 35% TTM EBITDA Growth -7.8% TTM Earnings Growth -2.2% 30% Gross Profit Margin 75.4% EBITDA Margin 7.1% 25% Net Income Margin 2.3% SG&A Expenses as a % of Total Revenue 50.9% R&D Expenses as a % of Total Revenue 20.1% 20%

Balance Sheet Analysis (Median) 15% Current Ratio 1.7 Quick Ratio 1.4 10% Cash as Percent of Market Cap 11.3% Avg Days Outstanding: Accounts Receivable 66 5% Avg Days Outstanding: Accounts Payable 46 Working Capital to TTM Operating Expense Ratio 0.3x 0%

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 14.9% Cash from Operations Growth (YoY) 17.7% -10% Cash from Investing Growth (YoY) -30.6% Cash from Financing Growth (YoY) 52.6% Security S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 28.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Brocade BRCD $4,934.1 $4,354.9 $2,232.6 67.2% 26.0% 1.6% 2.0x 7.5x 1.9x 7.0x 2.0% CA CA $12,972.8 $11,569.8 $4,262.0 85.3% 32.3% -3.4% 2.7x 8.4x 2.9x 6.7x -3.1% Cisco Systems CSCO $139,658.5 $106,253.5 $48,675.0 60.5% 27.7% 3.1% 2.2x n/a 2.1x 7.6x 0.2% CommVault Systems CVLT $1,918.2 $1,530.6 $607.5 86.5% 8.4% 3.6% 2.5x 29.9x 2.4x 13.4x -17.7% EMC EMC $51,251.0 $51,851.0 $24,574.0 62.0% 22.9% 5.4% 2.1x 9.2x 2.0x 7.2x -10.7% FalconStor Software FALC $65.2 $51.7 $54.2 80.9% 0.7% -2.1% 1.0x 138.1x n/a n/a 12.8% Informatica INFA $5,075.3 $4,576.6 $1,055.4 82.4% 18.1% 8.0% 4.3x 24.0x 4.0x 16.7x 28.0% NetApp NTAP $9,625.1 $5,786.4 $6,122.7 62.6% 14.3% -3.2% 0.9x 6.6x 1.0x 5.3x -23.2% Splunk SPLK $8,752.1 $7,886.9 $490.6 84.2% -45.5% 48.1% 16.1x n/a 12.0x 203.9x 18.4% Varonis Systems VRNS $548.8 $435.8 $106.9 90.0% -18.3% 34.5% 4.1x n/a 3.4x n/a -33.3% Median: $6,913.7 $5,181.5 $1,644.0 81.7% 16.2% 3.4% 2.4x 9.2x 2.4x 7.4x -1.4%

Income Statement Analysis (Median) Storage, Data Management & Integration Software Stock Market Return: January - June 2015 TTM Revenue Growth 3.4% 20% TTM EBITDA Growth -0.3% TTM Earnings Growth 2.9% Gross Profit Margin 81.7% 15% EBITDA Margin 16.2% Net Income Margin 9.8% SG&A Expenses as a % of Total Revenue 41.1% R&D Expenses as a % of Total Revenue 15.2% 10%

Balance Sheet Analysis (Median) Current Ratio 2.3 5% Quick Ratio 2.1 Cash as Percent of Market Cap 21.1% Avg Days Outstanding: Accounts Receivable 72 0% Avg Days Outstanding: Accounts Payable 42 Working Capital to TTM Operating Expense Ratio 0.6x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 18.3% Cash from Operations Growth (YoY) -3.7% -10% Cash from Investing Growth (YoY) -29.9% Cash from Financing Growth (YoY) -59.7% Storage, Data Management & Integration S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 3.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD CA Technologies CA $12,972.8 $11,569.8 $4,262.0 85.3% 32.3% -3.4% 2.7x 8.4x 2.9x 6.7x -3.1% Citrix Systems CTXS $11,245.8 $11,658.4 $3,152.8 84.9% 21.4% 5.2% 3.7x 17.3x 3.6x n/a 10.5% Netscout Systems NTCT $1,494.7 $1,288.5 $453.7 79.2% 27.5% 14.4% 2.8x 10.3x 2.6x 8.1x 1.3% Red Hat RHT $13,931.2 $13,467.4 $1,846.7 84.8% 18.9% 15.8% 7.3x 38.5x n/a 24.1x 10.1% SolarWinds SWI $3,523.8 $3,284.0 $449.6 89.6% 31.0% 25.5% 7.3x 23.5x 6.0x 12.6x -7.8% VMWare VMW $36,342.0 $30,620.0 $6,186.0 84.5% 25.1% 15.1% 4.9x 19.7x 4.5x 12.5x 4.5% Median: $12,109.3 $11,614.1 $2,499.8 84.8% 26.3% 14.7% 4.3x 18.5x 3.6x 12.5x 2.9%

Income Statement Analysis (Median) Systems Management Software Stock Market Return: January - June 2015 TTM Revenue Growth 14.7% TTM EBITDA Growth 5.3% 20% TTM Earnings Growth 5.6% Gross Profit Margin 84.8% 15% EBITDA Margin 26.3% Net Income Margin 13.9% SG&A Expenses as a % of Total Revenue 47.1% 10% R&D Expenses as a % of Total Revenue 17.3%

Balance Sheet Analysis (Median) 5% Current Ratio 1.5 Quick Ratio 1.3 Cash as Percent of Market Cap 11.3% 0% Avg Days Outstanding: Accounts Receivable 70 Avg Days Outstanding: Accounts Payable 64 Working Capital to TTM Operating Expense Ratio 0.3x -5%

Cash Flow Statement Analysis (Median)

Levered FCF Margin 21.1% -10% Cash from Operations Growth (YoY) -3.3% Cash from Investing Growth (YoY) 25.8% Systems Management S&P NASDAQ SEG SW Index Cash from Financing Growth (YoY) -84.5% Levered FCF Growth (YoY) 1.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Advent Software ADVS $2,329.4 $2,506.6 $403.3 72.0% 26.2% 4.1% 6.2x 23.7x 5.9x 17.3x 46.6% Broadridge Financial BR $5,994.9 $6,314.0 $2,650.5 31.2% 20.0% 4.5% 2.4x 11.9x 2.2x 10.0x 10.8% Fidessa LSE:FDSA $1,359.6 $1,238.9 $428.6 20.5% 18.2% -1.4% 2.9x 15.9x 2.7x 11.5x -1.6% Jack Henry & Associates JKHY $5,240.2 $5,264.9 $1,237.6 42.5% 34.4% 9.1% 4.3x 12.4x 4.0x 11.5x 4.8% MSCI MSCI $6,919.8 $7,182.0 $1,019.8 69.0% 41.2% 9.2% 7.0x 17.1x 6.5x 15.4x 29.8% SS&C SSNC $6,320.5 $6,827.4 $787.8 46.5% 37.5% 8.6% 8.7x 23.1x 7.6x 17.6x 13.5% Median: $5,617.6 $5,789.5 $903.8 44.5% 30.3% 6.5% 5.2x 16.5x 4.9x 13.5x 12.2%

Income Statement Analysis (Median) Vertical - Finance Software Stock Market Return:January - June 2015 TTM Revenue Growth 6.5% 20% TTM EBITDA Growth 2.4% TTM Earnings Growth -0.3% Gross Profit Margin 44.5% EBITDA Margin 30.3% 15% Net Income Margin 13.7% SG&A Expenses as a % of Total Revenue 14.3% R&D Expenses as a % of Total Revenue 8.0% 10% Balance Sheet Analysis (Median) Current Ratio 1.4 Quick Ratio 1.3 Cash as Percent of Market Cap 3.3% 5% Avg Days Outstanding: Accounts Receivable 63 Avg Days Outstanding: Accounts Payable 8 Working Capital to TTM Operating Expense Ratio 0.1x 0% Cash Flow Statement Analysis (Median) Levered FCF Margin 20.5% Cash from Operations Growth (YoY) 6.5% -5% Cash from Investing Growth (YoY) 2.7% Cash from Financing Growth (YoY) 8.2% Vertical - Finance S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 8.8%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Blackbaud BLKB $2,623.2 $2,896.7 $583.8 51.7% 16.2% 13.2% 5.0x 30.5x 4.5x 18.7x 36.0% Constellation TSX:CSU $8,421.8 $8,568.1 $1,697.4 35.1% 16.1% 25.8% 5.0x 31.4x 4.5x 18.7x 35.9% EPIQ Systems EPIQ $629.4 $900.9 $435.7 51.9% 12.9% -3.6% 2.1x 16.1x 1.7x 8.1x 2.9% Guidewire Software GWRE $3,734.1 $3,184.1 $372.8 60.7% 6.8% 13.3% 8.5x 125.7x 8.0x 46.7x 5.9% Sapiens International SPNS $497.2 $443.5 $161.8 37.8% 12.7% 15.2% 2.7x 21.5x 2.4x 17.4x 43.7% Silver Spring Networks SSNI $616.8 $506.5 $290.7 40.0% -6.3% -8.4% 1.7x n/a 1.7x 30.1x 53.4% Tyler Technologies TYL $4,356.6 $4,161.9 $515.4 47.5% 22.3% 18.9% 8.1x 36.2x 7.0x 25.6x 20.0% Median: $2,623.2 $2,896.7 $435.7 47.5% 12.9% 13.3% 5.0x 31.0x 4.5x 18.7x 35.9%

Income Statement Analysis (Median) Vertical - Other Software Stock Market Return: January - June 2015 TTM Revenue Growth 13.3% 40% TTM EBITDA Growth 21.7% TTM Earnings Growth 31.7% 35% Gross Profit Margin 47.5% EBITDA Margin 12.9% 30% Net Income Margin 4.9% SG&A Expenses as a % of Total Revenue 26.9% 25% R&D Expenses as a % of Total Revenue 14.0% 20% Balance Sheet Analysis (Median) Current Ratio 1.7 15% Quick Ratio 1.5 Cash as Percent of Market Cap 6.1% 10% Avg Days Outstanding: Accounts Receivable 61 5% Avg Days Outstanding: Accounts Payable 21 Working Capital to TTM Operating Expense Ratio 0.3x 0% Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 17.5% Cash from Operations Growth (YoY) 48.7% -10% Cash from Investing Growth (YoY) 30.9% Cash from Financing Growth (YoY) -97.6% Vertical - Other S&P NASDAQ SEG SW Index Levered FCF Growth (YoY) 29.0%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG SaaS Index $1,079.5 $931.3 $157.8 65.5% -11.5% 28.6% 5.9x 51.7x 4.8x 29.9x 2.5% CRM & Marketing $1,071.4 $894.9 $163.7 68.3% -11.3% 28.4% 5.9x 120.2x 3.4x 30.0x -15.1% ERP & Supply Chain $1,087.5 $954.0 $136.0 68.2% -8.3% 26.3% 6.7x 59.5x 5.6x 41.0x -5.0% Vertically Focused $1,140.8 $1,247.5 $176.5 60.4% 5.9% 38.5% 8.4x 45.8x 5.7x 26.2x 0.1% Human Capital Management $1,534.2 $1,456.6 $159.3 59.8% -11.3% 33.9% 7.4x 64.5x 6.5x 52.1x 9.1% SaaS Other $683.2 $790.4 $140.7 66.5% -14.6% 28.6% 5.1x 46.0x 3.9x 29.4x 10.3%

Income Statement Analysis (Median) SEG SaaS Index Stock Market Return: January - June 2015 TTM Revenue Growth 28.6% 10% TTM EBITDA Growth -10.3% TTM Earnings Growth -24.4% 8% Gross Profit Margin 65.5% EBITDA Margin -11.5% 6% Net Income Margin -18.7% SG&A Expenses as a % of Total Revenue 57.7% R&D Expenses as a % of Total Revenue 19.2% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.0 Quick Ratio 1.8 0% Cash as Percent of Market Cap 10.7% Avg Days Outstanding: Accounts Receivable 62 -2% Avg Days Outstanding: Accounts Payable 30 Working Capital to TTM Operating Expense Ratio 0.4x -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 6.1% Cash from Operations Growth (YoY) 15.8% -8% Cash from Investing Growth (YoY) -45.8% Cash from Financing Growth (YoY) -13.5% DOW S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 20.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Bazaarvoice BV $472.1 $422.3 $191.2 63.4% -11.3% 13.7% 2.2x n/a 2.1x n/a -28.1% Constant Contact CTCT $924.9 $745.8 $343.2 72.7% 11.8% 15.9% 2.2x 18.4x 1.9x 9.7x -19.8% Cvent CVT $1,071.4 $894.9 $152.0 68.3% 1.5% 28.6% 5.9x 403.6x 4.7x 44.5x -7.9% HubSpot HUBS $1,640.2 $1,504.2 $129.9 69.3% -37.5% 52.7% 11.6x n/a 8.5x n/a 48.1% LivePerson LPSN $559.7 $518.8 $221.9 74.2% 5.0% 21.2% 2.3x 46.9x 2.1x 26.5x -28.2% Marketo MKTO $1,185.3 $1,088.0 $163.7 65.7% -31.9% 50.9% 6.6x n/a n/a n/a -15.1% Marin Software MRIN $243.8 $194.4 $103.0 64.1% -26.3% 24.1% 1.9x n/a 1.6x n/a -21.3% Salesforce.com CRM $45,646.4 $46,666.1 $5,658.0 75.6% 4.3% 28.4% 8.2x 193.6x 6.8x 33.6x 17.5% Zendesk ZEN $1,912.1 $1,609.3 $144.2 64.4% -46.5% 73.3% 11.2x n/a 7.6x n/a -9.6% Median: $1,071.4 $894.9 $163.7 68.3% -11.3% 28.4% 5.9x 120.2x 3.4x 30.0x -15.1%

Income Statement Analysis (Median) CRM & Marketing SaaS Stock Market Return: January - June 2015 TTM Revenue Growth 28.4% 15% TTM EBITDA Growth -0.3% TTM Earnings Growth -17.5% Gross Profit Margin 68.3% 10% EBITDA Margin -11.3% Net Income Margin -18.0% SG&A Expenses as a % of Total Revenue 62.7% 5% R&D Expenses as a % of Total Revenue 19.7%

0% Balance Sheet Analysis (Median) Current Ratio 2.1 Quick Ratio 1.9 -5% Cash as Percent of Market Cap 16.2% Avg Days Outstanding: Accounts Receivable 62 Avg Days Outstanding: Accounts Payable 29 -10% Working Capital to TTM Operating Expense Ratio 0.4x

-15% Cash Flow Statement Analysis (Median) Levered FCF Margin -0.3% Cash from Operations Growth (YoY) 5.1% -20% Cash from Investing Growth (YoY) -105.4% Cash from Financing Growth (YoY) -61.1% CRM & Marketing S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 71.4%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Amber Road AMBR $182.9 $174.4 $65.0 54.7% -10.8% 16.3% 2.7x n/a 2.3x n/a -31.0% Apigee Corporation APIC $291.5 $190.7 $64.8 61.3% -76.9% n/a 2.9x n/a 2.4x n/a -40.5% Fleetmatics FLTX $1,797.5 $1,649.4 $245.2 74.7% 25.9% 28.5% 6.7x 26.0x 5.6x 18.4x 32.4% Netsuite N $7,213.2 $7,030.6 $598.1 68.2% -8.3% 34.2% 11.8x n/a 9.0x 132.4x -14.5% SciQuest SQI $408.6 $281.3 $102.5 68.6% 4.6% 7.9% 2.7x 59.5x 2.5x 11.9x 3.1% SPS Commerce SPSC $1,087.5 $954.0 $136.0 68.9% 10.2% 24.1% 7.0x 68.5x 5.8x 41.0x 18.3% Workday WDAY $14,590.5 $13,166.9 $879.1 67.5% -17.3% 63.7% 15.0x n/a 10.6x 197.9x -5.0% Median: $1,087.5 $954.0 $136.0 68.2% -8.3% 26.3% 6.7x 59.5x 5.6x 41.0x -5.0%

Income Statement Analysis (Median) ERP & Supply Chain SaaS Stock Market Return: January - June 2015 TTM Revenue Growth 26.3% 20% TTM EBITDA Growth 24.4% TTM Earnings Growth 24.1% Gross Profit Margin 68.2% 15% EBITDA Margin -8.3% Net Income Margin -16.8% SG&A Expenses as a % of Total Revenue 52.3% 10% R&D Expenses as a % of Total Revenue 18.8%

Balance Sheet Analysis (Median) Current Ratio 2.7 5% Quick Ratio 2.6 Cash as Percent of Market Cap 13.2% Avg Days Outstanding: Accounts Receivable 65 0% Avg Days Outstanding: Accounts Payable 20 Working Capital to TTM Operating Expense Ratio 0.7x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.6% Cash from Operations Growth (YoY) 27.3% -10% Cash from Investing Growth (YoY) -52.2% Cash from Financing Growth (YoY) -79.4% ERP & Supply Chain S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 23.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 2U TWOU $1,330.6 $1,247.5 $118.5 76.2% -21.9% 31.2% 10.5x n/a 8.0x n/a 65.2% Alarm.com ALRM $689.7 $657.2 $176.5 60.3% 12.9% 26.9% 3.7x 28.8x n/a n/a -8.9% AppFolio APPF $455.8 $453.3 $53.7 53.6% -14.9% n/a 8.4x n/a n/a n/a 0.1% Athenahealth ATHN $4,417.4 $4,622.5 $796.0 60.4% 7.8% 25.9% 5.8x 74.4x 4.8x 27.9x -22.6% Castlight Health CSLT $763.3 $577.5 $53.2 46.7% -150.6% 173.5% 10.9x n/a 6.8x n/a -30.2% DealerTrack TRAK $3,461.2 $4,263.0 $948.4 45.4% 12.1% 78.5% 4.5x 37.0x 3.8x 18.2x 42.9% Ebix EBIX $1,140.8 $1,250.0 $226.7 74.7% 36.2% 11.4% 5.5x 15.2x 4.8x 13.0x 94.9% Ellie Mae ELLI $2,052.2 $1,980.3 $183.5 70.4% 20.9% 41.4% 10.8x 51.7x 8.4x 38.2x 73.5% Medical Transcript MTBC $20.7 $23.4 $21.9 42.3% -11.8% 102.3% 1.1x n/a 0.8x 10.2x -31.4% Medidata Solutions MDSO $3,002.6 $2,948.8 $350.9 75.4% 11.3% 20.9% 8.4x 74.7x n/a 29.1x 16.1% OPOWER OPWR $587.1 $459.8 $133.3 65.3% -30.4% 35.7% 3.4x n/a 3.0x n/a -20.7% RealPage RP $1,517.3 $1,504.5 $414.5 55.9% 5.9% 6.7% 3.6x 61.3x 3.2x 17.9x -11.3% Textura TXTR $714.6 $647.3 $68.4 80.2% -18.8% 48.6% 9.5x n/a 6.5x 55.5x -2.2% Q2 Holdings QTWO $1,050.6 $931.3 $86.5 43.2% -16.2% 42.0% 10.8x n/a 8.3x n/a 49.6% Veeva Systems VEEV $3,692.8 $3,264.2 $336.4 63.8% 24.2% 43.7% 9.7x 40.0x 7.8x 26.2x 6.9% Median: $1,140.8 $1,247.5 $176.5 60.4% 5.9% 38.5% 8.4x 45.8x 5.7x 26.2x 0.1%

Income Statement Analysis (Median) Vertically Focused SaaS Stock Market Return: January - June 2015 TTM Revenue Growth 38.5% 20% TTM EBITDA Growth 4.5% TTM Earnings Growth 1.6% Gross Profit Margin 60.4% 15% EBITDA Margin 5.9% Net Income Margin -3.0% SG&A Expenses as a % of Total Revenue 45.5% 10% R&D Expenses as a % of Total Revenue 15.3%

Balance Sheet Analysis (Median) 5% Current Ratio 1.7 Quick Ratio 1.7 0% Cash as Percent of Market Cap 5.7% Avg Days Outstanding: Accounts Receivable 40 Avg Days Outstanding: Accounts Payable 31 -5% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 6.5% Cash from Operations Growth (YoY) 31.0% -15% Cash from Investing Growth (YoY) -43.8% Cash from Financing Growth (YoY) -17.4% Vertically Focused S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 13.2%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Benefitfocus BNFT $1,253.5 $1,191.5 $149.4 39.3% -34.7% 33.9% 8.0x n/a 6.5x n/a 40.1% Callidus Software CALD $861.2 $771.3 $145.4 59.7% -2.5% 23.4% 5.3x n/a 4.5x 31.5x -2.1% Cornerstone OnDemand CSOD $1,877.0 $1,884.2 $280.1 69.7% -16.9% 36.7% 6.7x n/a 5.2x 215.9x 1.2% HealthStream HSTM $947.8 $911.4 $179.5 56.9% 17.3% 27.3% 5.1x 29.4x 4.3x 30.4x 6.1% Halogen Software TSX:HGN $190.6 $146.9 $59.0 71.6% -16.0% 18.2% 2.5x n/a 2.1x n/a 18.9% Paycom Software PAYC $1,993.4 $1,984.2 $169.2 84.7% 17.6% 44.6% 11.7x 66.6x 9.1x 52.1x 31.0% Paylocity Holding PCTY $1,814.9 $1,721.7 $141.3 52.2% -6.7% 40.9% 12.2x n/a 9.5x 159.9x 39.7% The Ultimate Software Group ULTI $4,696.9 $4,584.2 $529.7 60.0% 13.4% 22.2% 8.7x 64.5x 7.1x 29.0x 12.1% Workday WDAY $14,590.5 $13,166.9 $879.1 67.5% -17.3% 63.7% 15.0x n/a 10.6x 197.9x -5.0% Xactly XTLY $238.0 $249.5 $63.7 59.6% -19.7% n/a 3.9x n/a n/a n/a -1.3% Median: $1,534.2 $1,456.6 $159.3 59.8% -11.3% 33.9% 7.4x 64.5x 6.5x 52.1x 9.1%

Income Statement Analysis (Median) Human Capital Management SaaS Stock Market Return: January - March 2015 TTM Revenue Growth 33.9% 20% TTM EBITDA Growth -34.5% TTM Earnings Growth -29.6% Gross Profit Margin 59.8% 15% EBITDA Margin -11.3% Net Income Margin -18.7% SG&A Expenses as a % of Total Revenue 52.4% 10% R&D Expenses as a % of Total Revenue 15.4%

Balance Sheet Analysis (Median) 5% Current Ratio 1.4 Quick Ratio 1.2 0% Cash as Percent of Market Cap 7.7% Avg Days Outstanding: Accounts Receivable 66 Avg Days Outstanding: Accounts Payable 18 -5% Working Capital to TTM Operating Expense Ratio 0.3x

Cash Flow Statement Analysis (Median) -10% Levered FCF Margin 11.1% Cash from Operations Growth (YoY) 5.2% -15% Cash from Investing Growth (YoY) -131.7% Cash from Financing Growth (YoY) 85.2% Human Capital Management S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 11.1%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Box BOX $2,243.6 $2,003.0 $236.7 76.7% -61.9% 62.0% 8.5x n/a 6.5x n/a -19.8% ChannelAdvisors ECOM $298.6 $237.4 $88.2 72.1% -31.1% 21.7% 2.7x n/a 2.4x n/a -44.5% Covisint COVS $127.6 $77.6 $88.5 34.4% -30.4% -8.9% 0.9x n/a 1.0x n/a 27.7% Demandware DWRE $2,660.2 $2,471.2 $178.3 73.0% -11.5% 50.2% 13.9x n/a 9.9x 241.2x 26.0% FireEye FEYE $7,646.1 $7,248.5 $477.1 59.8% -83.8% 130.3% 15.2x n/a 10.6x n/a 57.6% HortonWorks HDP $1,093.2 $927.3 $60.3 -43.4% -311.3% 96.6% 15.4x n/a 8.8x n/a -0.7% inContact SAAS $606.9 $568.6 $186.1 49.1% -4.9% 37.4% 3.1x n/a 2.6x 53.3x 12.4% IntraLinks Holdings IL $683.2 $714.9 $262.9 73.0% 4.6% 10.1% 2.7x 59.0x 2.6x 17.8x 4.0% J2 Global JCOM $3,275.2 $3,393.2 $626.2 82.3% 40.9% 15.7% 5.4x 13.2x 4.6x 10.8x 11.9% Jive Software JIVE $392.8 $278.8 $184.8 63.0% -17.2% 20.8% 1.5x n/a 1.4x n/a -13.5% Liquid Holdings Group LIQD $12.9 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -37.8% MINDBODY MB $541.0 $707.2 $76.6 58.5% -30.4% n/a 9.2x n/a n/a n/a 19.6% New Relic NEWR $1,661.7 $1,461.0 $110.4 80.3% -40.7% 74.7% 13.2x n/a 9.2x n/a -3.5% Qualys QLYS $1,370.1 $1,227.2 $140.7 78.6% 19.0% 24.0% 8.7x 46.0x 7.0x 26.6x 8.1% RingCentral RNG $1,277.1 $1,163.5 $236.9 66.5% -13.1% 36.8% 4.9x n/a 3.8x 255.9x 25.5% Rally Software Development RALY $498.9 $431.1 $92.5 72.5% -30.6% 19.1% 4.7x n/a 3.9x n/a 66.4% Service-now.com NOW $11,411.4 $11,117.7 $755.4 63.9% -16.1% 58.1% 14.7x n/a 10.4x 76.0x 10.3% Shopify SHOP $2,566.4 $2,594.3 $123.6 58.1% -11.9% n/a 21.0x n/a 15.2x n/a 32.2% Tableau Software DATA $8,203.5 $7,487.8 $468.2 90.3% 2.2% 75.4% 16.0x 734.2x 11.3x 110.8x 34.1% Tangoe TNGO $490.6 $442.9 $215.6 55.2% 7.7% 10.9% 2.1x 26.6x 1.7x 11.1x -0.7% TrueCar TRUE $982.5 $866.0 $221.3 91.1% -19.1% 44.8% 3.9x n/a 2.9x 25.0x -44.9% Upland Software UPLD $140.8 $138.4 $66.5 63.7% 1.8% 38.1% 2.1x 118.8x 1.9x 29.4x -3.0% Workiva WK $555.8 $490.3 $119.7 69.9% -30.9% 28.6% 4.1x n/a 3.2x n/a 1.8% Yodlee YDLE $428.1 $360.1 $93.9 60.8% -3.7% 26.2% 3.8x n/a 3.1x 33.0x 18.5% Zix ZIXI $297.4 $272.5 $51.3 83.4% 16.9% 5.6% 5.3x 31.4x 4.8x 18.1x 45.6% Median: $683.2 $790.4 $140.7 66.5% -14.6% 28.6% 5.1x 46.0x 3.9x 29.4x 10.3%

Income Statement Analysis (Median) Other Public SaaS Companies SaaS Stock Market Return: January - June 2015 TTM Revenue Growth 28.6% 20% TTM EBITDA Growth -29.4% TTM Earnings Growth -34.8% Gross Profit Margin 66.5% 15% EBITDA Margin -14.6% Net Income Margin -22.7% SG&A Expenses as a % of Total Revenue 64.7% R&D Expenses as a % of Total Revenue 21.9% 10%

Balance Sheet Analysis (Median) Current Ratio 2.2 5% Quick Ratio 2.1 Cash as Percent of Market Cap 12.7% Avg Days Outstanding: Accounts Receivable 70 0% Avg Days Outstanding: Accounts Payable 36 Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 3.4% Cash from Operations Growth (YoY) 9.8% -10% Cash from Investing Growth (YoY) -30.4% Cash from Financing Growth (YoY) -28.9% Other SaaS S&P NASDAQ SEG SaaS Levered FCF Growth (YoY) 55.1%

SEG Software Index

SEG SaaS Index

SEG Internet Index

TTM TTM Gross TTM EBITDA Revenue Forward Forward Category Name Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD SEG Internet Index $1,284.5 $1,240.9 $476.2 64.2% 8.5% 18.4% 2.4x 20.0x 2.3x 14.9x 3.2% Ad Tech & Lead Generation $559.7 $481.6 $444.2 53.2% 2.0% 22.1% 2.2x 15.8x 2.0x 17.7x -7.2% Commerce $678.6 $675.0 $463.1 40.1% 5.3% 17.7% 1.6x 23.8x 1.6x 20.4x 5.2% Content & Media $2,613.8 $2,005.0 $665.0 58.1% 10.9% 10.0% 2.9x 39.3x 2.5x 19.0x 12.5% Gaming $2,631.03 $2,080.0 $783.2 70.9% 20.9% 20.9% 2.4x 13.0x 2.2x 9.9x 10.6% Infrastructure $697.36 $557.9 $313.5 61.6% 5.8% 4.9% 1.7x 17.8x 1.5x 12.7x -0.6% Search $38,233.09 $35,972.4 $5,787.4 70.1% 32.3% 20.1% 5.0x 15.2x 4.3x 12.6x -4.4% Services $900.32 $781.2 $278.8 72.4% 5.9% 22.5% 2.4x 28.2x 2.0x 14.2x -3.5% Social $4,339.22 $4,615.1 $671.4 68.3% 10.1% 51.5% 9.9x 36.4x 7.6x 22.5x 5.8% Travel $6,648.11 $6,475.5 $1,122.6 82.2% 12.4% 20.4% 3.9x 18.9x 4.4x 17.7x 12.3%

Income Statement Analysis (Median) SEG Internet Index Stock Market Return: January - June 2015 TTM Revenue Growth 18.4% 10% TTM EBITDA Growth 2.7% TTM Earnings Growth 1.7% 8% Gross Profit Margin 64.2% EBITDA Margin 8.5% Net Income Margin 0.3% 6% SG&A Expenses as a % of Total Revenue 38.6% R&D Expenses as a % of Total Revenue 15.4% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.4 Quick Ratio 2.1 0% Cash as Percent of Market Cap 17.4% Avg Days Outstanding: Accounts Receivable 40 -2% Avg Days Outstanding: Accounts Payable 53 Working Capital to TTM Operating Expense Ratio 0.5 -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 7.9% Cash from Operations Growth (YoY) 22.1% -8% Cash from Investing Growth (YoY) -8.6% Cash from Financing Growth (YoY) -32.6% DOW S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 10.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Baidu.com BIDU $69,922.9 $65,170.4 $8,433.0 68.4% 32.3% 47.4% 7.7x 23.9x 5.5x 19.0x -10.8% Criteo SA CRTO $2,935.5 $2,638.7 $917.5 35.8% 8.5% 70.3% 2.9x 33.9x 4.8x 17.7x 19.4% Google GOOGL $361,855.1 $304,121.1 $67,839.0 62.1% 32.3% 17.0% 4.5x 13.9x 4.0x 10.0x 2.0% Marchex MCHX $209.4 $125.8 $174.7 41.1% 6.7% 3.8% 0.7x 10.7x 0.9x 13.7x 5.2% MaxPoint Interactive MXPT $209.4 $172.4 $119.8 50.0% -9.7% 70.2% 1.4x n/a 1.8x n/a -17.2% ReachLocal RLOC $92.4 $60.1 $449.7 45.4% -8.3% -13.0% 0.1x n/a 0.1x 20.1x -7.6% Rocket Fuel FUEL $345.9 $338.3 $438.6 43.0% -12.4% 58.5% 0.8x n/a 0.6x 26.6x -49.0% The Rubicon Project RUBI $636.7 $516.4 $139.5 83.6% -7.2% 54.5% 3.7x n/a 2.3x 16.7x -6.7% Sohu.com SOHU $2,279.5 $2,080.0 $1,763.1 56.4% 7.5% 20.9% 1.2x 15.8x 1.0x 9.9x 12.7% Tremor TRMR $149.5 $74.9 $165.2 37.6% -9.7% 16.4% 0.5x n/a 0.4x n/a 0.7% TubeMogul TUBE $482.6 $446.8 $122.5 70.6% -5.0% 75.9% 3.6x n/a 2.7x n/a -32.0% Yahoo! YHOO $36,871.4 $32,817.6 $4,711.4 69.7% 12.7% 0.8% 7.0x 54.8x 7.7x 29.9x -21.7% Yandex YNDX $4,919.6 $4,907.5 $897.9 71.8% 36.4% 23.2% 5.5x 15.0x 4.7x 12.9x -17.1% YuMe YUME $181.4 $136.3 $180.6 47.9% -2.7% 11.6% 0.8x n/a 0.7x 119.5x 5.4% Median: $559.7 $481.6 $444.2 53.2% 2.0% 22.1% 2.2x 15.8x 2.0x 17.7x -7.2%

Income Statement Analysis (Median) Internet Ad Tech Stock Market Return: January - June 2015 TTM Revenue Growth 22.1% 15% TTM EBITDA Growth -23.3% TTM Earnings Growth -20.2% Gross Profit Margin 53.2% 10% EBITDA Margin 2.0% Net Income Margin -7.8% SG&A Expenses as a % of Total Revenue 38.3% R&D Expenses as a % of Total Revenue 15.4% 5%

Balance Sheet Analysis (Median) Current Ratio 3.1x 0% Quick Ratio 3.0x Cash as Percent of Market Cap 21.9% Avg Days Outstanding: Accounts Receivable 69.9x -5% Avg Days Outstanding: Accounts Payable 69.9x Working Capital to TTM Operating Expense Ratio 0.5x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 3.9% Cash from Operations Growth (YoY) 19.7% -15% Cash from Investing Growth (YoY) -26.4% Cash from Financing Growth (YoY) -94.2% Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 1-800-FLOWERS.COM FLWS $682.6 $767.6 $1,080.6 43.8% 8.8% 45.6% 0.7x 8.1x 0.6x 8.6x 32.9% 58.com WUBA $7,401.0 $6,968.5 $303.8 94.3% -15.5% 78.4% 22.9x n/a 10.5x n/a 52.9% Alibaba BABA $206,697.4 $196,788.2 $12,292.0 68.7% 36.3% 45.1% 16.0x 44.1x 12.0x 24.4x -20.6% Amazon.com AMZN $202,147.5 $205,397.5 $91,964.0 30.3% 5.3% 17.7% 2.2x 42.2x 1.9x 21.3x 40.7% Baozun BZUN $523.5 $495.2 $289.2 21.0% -2.2% n/a 1.7x n/a 1.1x 32.8x 3.2% Bitauto Holdings BITA $3,134.6 $2,198.0 $452.7 73.1% 18.7% 80.7% 4.9x 26.0x 3.1x 63.4x -31.7% BlueNile NILE $360.7 $321.5 $476.2 18.4% 3.4% 4.3% 0.7x 20.0x 0.6x 13.2x -13.3% Chegg CHGG $674.6 $595.7 $315.3 36.4% 5.4% 17.2% 1.9x 35.1x 2.0x 125.8x 12.0% DangDang DANG $726.5 $461.5 $1,361.2 17.7% 0.4% 25.4% 0.3x 83.2x 0.3x 158.8x -5.6% eBay EBAY $73,180.9 $71,164.9 $18,088.0 67.8% 28.2% 9.2% 3.9x 14.0x 3.7x 11.9x 7.2% GeekNet GKNT $128.4 $91.4 $137.1 17.5% -6.0% -3.0% 0.7x n/a 0.7x n/a 146.4% Groupon GRPN $3,403.7 $2,466.2 $3,213.6 47.6% 3.2% 19.0% 0.8x 23.8x 0.8x 7.2x -37.3% Liquidity Services LQDT $289.0 $202.8 $473.5 34.2% 8.6% -6.0% 0.4x 5.0x 0.5x 6.0x 21.0% Mecox Lane MCOX $40.1 $21.6 $51.7 63.8% 13.2% 61.3% 0.4x 3.1x n/a n/a -12.3% Mercadolibre MELI $6,256.8 $6,176.7 $589.3 77.5% 33.3% 21.4% 10.5x 31.5x 9.4x 29.5x 12.8% MOL Global MOLG $103.3 $81.7 $57.7 16.3% -13.4% 16.5% 1.4x n/a n/a n/a -49.3% Overstock.com OSTK $548.3 $426.0 $1,554.2 18.7% 1.5% 16.6% 0.3x 18.0x n/a n/a -4.3% PetMed Express PETS $349.9 $298.7 $229.4 33.2% 13.1% -1.7% 1.3x 9.9x 1.3x 9.8x 21.8% Stamps.com STMP $1,203.8 $1,134.6 $158.0 77.8% 25.6% 22.5% 7.2x 28.0x 5.8x 19.4x 54.6% Wowo Limited WOWO $627.8 $754.3 $32.2 79.9% -121.9% -2.0% 23.4x n/a n/a n/a -22.1% Median: $678.6 $675.0 $463.1 40.1% 5.3% 17.7% 1.6x 23.8x 1.6x 20.4x 5.2%

Income Statement Analysis (Median) Internet Commerce Internet Stock Market Return: January - June 2015 TTM Revenue Growth 17.7% 20% TTM EBITDA Growth 17.2% TTM Earnings Growth 5.8% Gross Profit Margin 40.1% 15% EBITDA Margin 5.3% Net Income Margin -4.2% SG&A Expenses as a % of Total Revenue 37.3% R&D Expenses as a % of Total Revenue 17.5% 10%

Balance Sheet Analysis (Median) Current Ratio 2.5x 5% Quick Ratio 2.0x Cash as Percent of Market Cap 20.0% Avg Days Outstanding: Accounts Receivable 61.4x 0% Avg Days Outstanding: Accounts Payable 39.4x Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 9.0% Cash from Operations Growth (YoY) 26.6% -10% Cash from Investing Growth (YoY) 38.8% Cash from Financing Growth (YoY) -79.1% Commerce S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 13.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD DemandMedia DMD $126.0 $78.6 $160.6 56.0% 2.7% 4.4% 0.5x 17.9x 0.5x 18.8x 11.8% InterActiveCorp IACI $6,543.3 $6,774.4 $3,141.8 72.5% 14.1% 4.0% 2.2x 15.3x 2.0x 12.4x 33.5% Netflix NFLX $39,825.8 $39,268.1 $5,807.7 32.3% 7.9% 25.7% 6.8x 85.5x 5.5x 83.5x 88.3% Pandora P $3,285.6 $2,904.1 $957.3 44.9% -3.6% 30.4% 3.0x n/a 2.4x 35.5x -12.4% Shutterstock SSTK $2,103.0 $1,857.5 $352.7 60.2% 13.4% 37.2% 5.3x 39.3x 3.9x 19.1x -14.5% SINA SINA $3,124.5 $2,152.5 $781.4 61.7% 0.6% 10.0% 2.8x 436.1x 2.5x 28.8x 41.7% TheStreet.com TST $63.1 $29.4 $63.6 49.2% 0.1% 13.0% 0.5x 670.6x 0.4x 9.4x -19.2% WebMD Health WBMD $1,633.5 $1,850.4 $590.0 61.1% 20.4% 10.0% 3.1x 15.4x 2.9x 10.3x 13.2% XO Group XOXO $432.5 $349.8 $143.8 86.5% 12.9% 5.8% 2.4x 18.9x 2.4x 13.9x -9.8% Xunlei XNET $806.9 $374.9 $177.7 45.7% 15.4% 6.7% 2.1x 13.7x 2.4x n/a 50.5% Yahoo! YHOO $36,871.4 $32,817.6 $4,711.4 69.7% 12.7% 0.8% 7.0x 54.8x 7.7x 29.9x -21.7% Youku YOKU $4,758.6 $3,781.9 $740.1 23.8% 9.1% 37.9% 5.1x 56.3x 3.5x n/a 34.0% Median: $2,613.8 $2,005.0 $665.0 58.1% 10.9% 10.0% 2.9x 39.3x 2.5x 19.0x 12.5%

Income Statement Analysis (Median) Internet Content & Media Stock Market Return: January - June 2015 TTM Revenue Growth 10.0% 15% TTM EBITDA Growth -17.3% TTM Earnings Growth -3.4% Gross Profit Margin 58.1% 10% EBITDA Margin 10.9% Net Income Margin 3.8% SG&A Expenses as a % of Total Revenue 40.1% R&D Expenses as a % of Total Revenue 14.7% 5%

Balance Sheet Analysis (Median) Current Ratio 2.7x 0% Quick Ratio 2.3x Cash as Percent of Market Cap 21.8% Avg Days Outstanding: Accounts Receivable 65.3x -5% Avg Days Outstanding: Accounts Payable 31.5x Working Capital to TTM Operating Expense Ratio 0.6x -10% Cash Flow Statement Analysis (Median) Levered FCF Margin 11.1% Cash from Operations Growth (YoY) 4.7% -15% Cash from Investing Growth (YoY) 10.8% Cash from Financing Growth (YoY) -105.2% Content & Media S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 10.7%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD ChangYou.com CYOU $1,550.5 $1,520.8 $783.2 70.9% 20.9% 5.7% 1.9x 9.3x 1.8x 9.2x 10.6% Netease NTES $18,936.9 $15,330.2 $2,098.2 71.0% 39.3% 38.2% 7.3x 18.6x 5.4x 13.8x 47.5% NCSoft A036570 $3,542.7 $2,862.2 $766.0 74.8% 36.9% 13.2% 3.7x 10.1x 3.5x 9.2x 8.5% Perfect World PWRD $986.8 $643.1 $619.7 71.2% 17.2% 25.9% 1.0x 6.0x 0.8x 5.4x 3.0% Sohu.com SOHU $2,279.5 $2,080.0 $1,763.1 56.4% 7.5% 20.9% 1.2x 15.8x 1.0x 9.9x 12.7% Tencent Holdings SEHK:700 $185,194.8 $182,166.2 $13,377.0 61.4% 41.0% 27.0% 13.6x 33.2x 10.7x 23.7x 37.5% Zynga ZNGA $2,631.0 $1,680.6 $705.7 69.3% -11.8% -9.3% 2.4x n/a 2.2x 41.6x 4.8% Median: $2,631.0 $2,080.0 $783.2 70.9% 20.9% 20.9% 2.4x 13.0x 2.2x 9.9x 10.6%

Income Statement Analysis (Median) Internet Gaming Stock Market Return: January - June 2015 TTM Revenue Growth 20.9% 30% TTM EBITDA Growth 23.2% TTM Earnings Growth 6.5% 25% Gross Profit Margin 70.9% EBITDA Margin 20.9% Net Income Margin 12.3% 20% SG&A Expenses as a % of Total Revenue 32.1% R&D Expenses as a % of Total Revenue 22.0% 15%

Balance Sheet Analysis (Median) Current Ratio 2.5x 10% Quick Ratio 2.0x Cash as Percent of Market Cap 29.0% 5% Avg Days Outstanding: Accounts Receivable 28.5x Avg Days Outstanding: Accounts Payable 43.1x 0% Working Capital to TTM Operating Expense Ratio 0.9x

Cash Flow Statement Analysis (Median) -5% Levered FCF Margin 25.9% Cash from Operations Growth (YoY) 18.8% -10% Cash from Investing Growth (YoY) 14.6% Cash from Financing Growth (YoY) -44.2% Gaming S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 44.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD 8x8 EGHT $790.0 $612.9 $162.4 71.9% 5.3% 26.3% 3.8x 70.8x 3.0x 34.4x -1.1% Akamai Technologies AKAM $12,467.0 $12,363.4 $2,036.9 68.5% 34.0% 22.5% 6.1x 17.8x 5.3x 13.0x 10.4% Brightcove BCOV $223.1 $202.2 $126.8 65.3% -2.4% 9.0% 1.6x n/a 1.5x 38.5x -11.4% BroadSoft BSFT $1,003.8 $934.9 $228.6 73.5% 12.7% 25.1% 4.1x 32.1x 3.4x 15.2x 19.9% Envivio ENVI $52.7 $19.9 $42.7 65.4% -15.5% -3.4% 0.5x n/a 0.5x n/a 40.7% GoDaddy GDDY $1,830.5 $3,050.6 $1,443.4 63.3% 6.9% 21.5% 2.1x 30.5x 1.8x 8.6x 7.8% Harmonic HLIT $604.7 $502.8 $429.5 50.1% 4.7% -8.3% 1.2x 25.1x 1.2x 11.7x -2.6% Interactive Intelligence ININ $958.2 $897.7 $351.3 60.0% 0.3% 8.3% 2.6x 1017.8x 2.3x 68.3x 0.0% Limelight Networks LLNW $392.2 $311.3 $163.4 49.7% -3.9% -3.2% 1.9x n/a 1.8x 52.2x 42.2% Mitel Networks MITL $1,058.3 $1,248.7 $1,110.6 53.2% 13.1% 75.1% 1.1x 8.6x 1.0x 6.9x -17.6% Polycom PLCM $1,545.0 $1,158.1 $1,347.3 58.3% 12.3% -0.8% 0.9x 7.0x 0.9x 5.0x -14.3% Rovi ROVI $1,466.4 $2,289.7 $533.9 80.7% 33.0% -2.4% 4.3x 13.0x n/a 10.4x -29.3% SeaChange International SEAC $233.5 $157.0 $114.3 50.2% -12.1% -15.4% 1.4x n/a 1.3x n/a 11.8% ShoreTel SHOR $437.7 $353.4 $354.9 59.7% 6.3% 5.4% 1.0x 15.8x 1.0x 14.0x -6.4% Sonus Networks SONS $342.2 $258.4 $275.7 63.9% -4.6% -3.0% 0.9x n/a 1.0x 15.8x -66.3% Synacor SYNC $44.6 $20.4 $108.1 45.9% 0.5% 0.1% 0.2x 40.4x 0.2x 6.4x -21.5% Tucows TCX $306.9 $299.7 $153.7 29.1% 11.0% 14.4% 1.9x 17.8x 1.7x 12.4x 46.1% VeriSign VRSN $7,186.3 $7,200.4 $1,019.7 81.5% 62.0% 4.3% 7.1x 11.4x 6.8x 10.0x 7.9% Median: $697.4 $557.9 $313.5 61.6% 5.8% 4.9% 1.7x 17.8x 1.5x 12.7x -0.6%

Income Statement Analysis (Median) Internet Infrastructure Stock Market Return: January - June 2015 TTM Revenue Growth 4.9% 10% TTM EBITDA Growth 17.2% TTM Earnings Growth 5.8% 8% Gross Profit Margin 61.6% EBITDA Margin 5.8% 6% Net Income Margin -4.2% SG&A Expenses as a % of Total Revenue 37.3% R&D Expenses as a % of Total Revenue 17.5% 4%

Balance Sheet Analysis (Median) 2% Current Ratio 2.5x Quick Ratio 2.0x 0% Cash as Percent of Market Cap 20.0% Avg Days Outstanding: Accounts Receivable 61.4x -2% Avg Days Outstanding: Accounts Payable 39.4x Working Capital to TTM Operating Expense Ratio 0.4x -4%

Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 9.0% Cash from Operations Growth (YoY) 26.6% -8% Cash from Investing Growth (YoY) 38.8% Cash from Financing Growth (YoY) -79.1% Infrastructure S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 13.9%

Income Statement Analysis (Median) Internet Search Stock Market Return: January - June 2015 TTM Revenue Growth 20.1% 14% TTM EBITDA Growth 17.2% TTM Earnings Growth 5.8% 12% Gross Profit Margin 70.1% EBITDA Margin 32.3% 10% Net Income Margin -4.2% 8% SG&A Expenses as a % of Total Revenue 37.3% R&D Expenses as a % of Total Revenue 17.5% 6%

Balance Sheet Analysis (Median) 4% Current Ratio 2.5x Quick Ratio 2.0x 2% Cash as Percent of Market Cap 20.0% 0% Avg Days Outstanding: Accounts Receivable 61.4x Avg Days Outstanding: Accounts Payable 39.4x -2% Working Capital to TTM Operating Expense Ratio 0.4x -4% Cash Flow Statement Analysis (Median) -6% Levered FCF Margin 9.0% Cash from Operations Growth (YoY) 26.6% -8% Cash from Investing Growth (YoY) 38.8% Cash from Financing Growth (YoY) -79.1% Search S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 13.9%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Angie's List ANGI $360.5 $341.9 $325.9 72.9% 1.3% 22.5% 1.0x 83.5x 0.9x 10.4x -3.5% Bankrate RATE $1,089.9 $1,233.0 $550.2 41.4% 18.2% 13.5% 2.2x 12.3x 2.3x 8.6x -15.1% Carbonite CARB $322.8 $258.3 $126.5 68.9% -0.2% 13.1% 2.0x n/a 1.8x 9.4x -16.5% Care.com CRCM $189.2 $126.4 $126.6 73.0% -23.1% 42.9% 1.0x n/a 0.8x n/a -24.6% Cimpress CMPR $2,760.8 $3,133.3 $1,451.9 62.4% 14.9% 19.8% 2.2x 14.4x 1.9x 11.5x 14.0% Coupons.com COUP $894.0 $699.1 $225.8 61.2% -6.0% 23.5% 3.1x n/a 2.4x 14.2x -37.4% eHealth EHTH $227.3 $187.9 $190.0 97.5% 3.6% 1.7% 1.0x 27.7x 1.0x 22.0x -47.6% Everyday Health EVDY $404.8 $469.0 $188.0 72.4% 8.7% 15.4% 2.5x 28.6x 1.9x 9.1x -12.6% GrubHub GRUB $2,859.5 $2,561.2 $283.5 65.6% 27.4% 66.8% 9.0x 33.0x 6.7x 22.1x -6.8% LendingClub LC $5,491.6 n/a $253.6 82.8% n/a 110.5% n/a n/a n/a n/a -40.8% LifeLock LOCK $1,547.7 $1,254.3 $502.8 75.1% 6.4% 27.3% 2.5x 38.8x 2.0x 14.4x 3.2% Monster Worldwide MWW $595.2 $750.6 $755.6 47.6% 9.6% -4.8% 1.0x 10.3x 1.0x 5.9x 43.7% Qihoo QIHU $8,728.2 $8,845.0 $1,509.9 77.8% 25.9% 82.7% 5.9x 22.7x 4.1x 13.9x 13.4% QuinStreet QNST $287.4 $237.8 $278.8 10.5% -1.4% -4.1% 0.9x n/a 0.8x 14.9x 7.5% Shutterfly SFLY $1,796.9 $1,847.3 $944.5 50.1% 9.2% 17.5% 2.0x 21.2x 1.7x 9.6x 14.7% Tree.Com TREE $900.3 $811.8 $178.2 95.4% 8.6% 17.9% 4.6x 53.2x 3.8x 24.2x 66.1% Wix.com WIX $912.9 $828.1 $157.5 81.8% -35.0% 67.9% 5.3x n/a 3.8x 60.2x 12.2% Xoom XOOM $821.5 $626.4 $167.6 71.4% 5.3% 25.2% 3.7x 70.1x 3.1x 23.5x 21.5% Zillow Z $5,072.1 $4,673.6 $386.9 90.6% -1.3% 72.1% 12.1x n/a 6.4x 42.9x -16.3% Median: $900.3 $781.2 $278.8 72.4% 5.9% 22.5% 2.4x 28.2x 2.0x 14.2x -3.5%

Income Statement Analysis (Median) Internet Services Stock Market Return: January - June 2015 TTM Revenue Growth 22.5% 10% TTM EBITDA Growth 0.8% TTM Earnings Growth 22.3% Gross Profit Margin 72.4% EBITDA Margin 5.9% 5% Net Income Margin -5.9% SG&A Expenses as a % of Total Revenue 49.8% R&D Expenses as a % of Total Revenue 20.3% 0% Balance Sheet Analysis (Median) Current Ratio 2.6x Quick Ratio 2.5x Cash as Percent of Market Cap 17.3% -5% Avg Days Outstanding: Accounts Receivable 23.9x Avg Days Outstanding: Accounts Payable 46.3x Working Capital to TTM Operating Expense Ratio 0.3x -10%

Cash Flow Statement Analysis (Median) Levered FCF Margin 7.0% Cash from Operations Growth (YoY) 17.2% -15% Cash from Investing Growth (YoY) -8.4% Cash from Financing Growth (YoY) -38.6% Services S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) -19.3%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Facebook FB $240,848.4 $228,621.4 $13,507.0 83.4% 46.6% 51.5% 16.9x 36.4x 12.6x 20.5x 9.3% LinkedIn LNKD $26,028.0 $23,596.4 $2,383.3 86.6% 10.1% 42.1% 9.9x 98.3x 7.6x 35.4x -10.0% Mail.ru Group LSE:MAIL $4,339.2 $4,615.1 $524.0 64.2% 48.6% 19.5% 8.8x 18.1x 6.6x 14.1x 35.4% Renren RENN $1,284.5 $871.1 $73.4 36.0% -125.9% -43.5% 11.9x n/a 12.4x n/a 40.9% Twitter TWTR $24,325.2 $22,368.7 $1,588.4 68.3% -21.1% 98.3% 14.1x n/a 9.2x 36.8x -0.9% Yelp YELP $3,219.3 $2,888.0 $419.6 93.3% 6.8% 59.4% 6.9x 101.6x 4.6x 24.5x -22.0% YY YY $3,742.9 $3,512.6 $671.4 48.2% 29.0% 91.4% 5.2x 18.1x 3.7x 14.3x 5.8% Median: $4,339.2 $4,615.1 $671.4 68.3% 10.1% 51.5% 9.9x 36.4x 7.6x 22.5x 5.8%

Income Statement Analysis (Median) Internet Social Stock Market Return: January - June 2015 TTM Revenue Growth 51.5% 15% TTM EBITDA Growth 22.3% TTM Earnings Growth 18.0% Gross Profit Margin 68.3% EBITDA Margin 10.1% 10% Net Income Margin 9.0% SG&A Expenses as a % of Total Revenue 50.4% R&D Expenses as a % of Total Revenue 24.2% 5% Balance Sheet Analysis (Median) Current Ratio 8.3x Quick Ratio 7.8x Cash as Percent of Market Cap 13.6% 0% Avg Days Outstanding: Accounts Receivable 41.5x Avg Days Outstanding: Accounts Payable 39.1x Working Capital to TTM Operating Expense Ratio 1.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 10.5% Cash from Operations Growth (YoY) 31.1% -10% Cash from Investing Growth (YoY) -68.2% Cash from Financing Growth (YoY) -5.3% Social S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 41.0%

TTM TTM Gross TTM EBITDA Revenue Forward Forward Company Name Ticker Market Cap EV TTM Revenue Margin Margin Growth EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA YTD Ctrip CTRP $10,342.1 $10,516.8 $1,303.3 70.8% -2.6% 39.1% 8.1x n/a 5.7x 62.7x 60.6% Expedia EXPE $13,948.9 $14,368.0 $5,936.5 79.7% 12.4% 19.7% 2.4x 19.6x 2.1x 12.9x 28.0% HomeAway AWAY $2,954.1 $2,434.1 $460.1 84.7% 13.7% 23.5% 5.3x 38.5x 4.7x 19.0x 7.7% MakeMyTrip MMYT $826.3 $684.9 $299.7 30.8% -3.4% 17.3% 2.3x n/a 4.0x 45.5x -27.6% Orbitz OWW $1,275.9 $1,390.3 $942.0 77.8% 12.4% 10.2% 1.5x 11.9x 1.4x 8.5x 37.4% Priceline PCLN $59,683.6 $60,352.2 $8,640.9 90.7% 38.1% 21.1% 7.0x 18.3x 6.3x 16.4x 0.8% Travelzoo TZOO $166.2 $111.6 $138.4 87.5% 9.2% -11.4% 0.8x 8.8x 0.8x 16.2x -7.2% TripAdvisor TRIP $12,505.4 $12,212.4 $1,328.0 96.6% 28.1% 33.3% 9.2x 32.7x 7.3x 21.7x 16.8% Median: $6,648.1 $6,475.5 $1,122.6 82.2% 12.4% 20.4% 3.9x 18.9x 4.4x 17.7x 12.3%

Income Statement Analysis (Median) Internet Travel Stock Market Return: January - June 2015 TTM Revenue Growth 20.4% 20% TTM EBITDA Growth -5.9% TTM Earnings Growth -6.0% Gross Profit Margin 82.2% 15% EBITDA Margin 12.4% Net Income Margin 4.6% SG&A Expenses as a % of Total Revenue 54.5% 10% R&D Expenses as a % of Total Revenue 15.5%

Balance Sheet Analysis (Median) Current Ratio 1.9x 5% Quick Ratio 1.7x Cash as Percent of Market Cap 17.3% Avg Days Outstanding: Accounts Receivable 37.7x 0% Avg Days Outstanding: Accounts Payable 173.0x Working Capital to TTM Operating Expense Ratio 0.4x -5% Cash Flow Statement Analysis (Median) Levered FCF Margin 12.7% Cash from Operations Growth (YoY) 23.5% -10% Cash from Investing Growth (YoY) -28.1% Cash from Financing Growth (YoY) 80.1% Travel S&P NASDAQ SEG Internet Index Levered FCF Growth (YoY) 18.8%