2013 To Our Colleagues and Friends Attending IBC 2013

MediaBridge Capital Advisors is pleased to be attending IBC 2013. MediaBridge Co-founders and Managing Partners Ethan Jacks and John Bowen, and Industry Advisor Graham Sharp, will be in attendance throughout the Show, and look forward to meeting with our colleagues and partners in all market segments of the Industry. As detailed later in this presentation, MediaBridge has been active this year in advising top- tier media technology companies in both M&A and capital raising transactions. Our client Teradek LLC, a leader in wireless video technology based in Irvine CA, was recently acquired by UK-based The Vitec Group plc for up to $30.4 million. In addition, our client iZotope Inc., a leader in music and audio software based in Cambridge MA, received $12 million in growth capital from investor ABS Capital Partners, a top private equity firm based in Baltimore, MD. We are presently carrying out assignments for clients in broadcast, enterprise video communications and video control which we expect to complete before year end. We look forward to meeting with you either at the Show or soon thereafter to discuss your strategic growth plans and options.

Ethan E. Jacks John C. Bowen Managing Partner Managing Partner [email protected] [email protected] 617.592.2739 (m) 617.921.0075 (m) MediaBridge Senior Team

 Our principals have advised on more than 30 mergers and acquisitions in the media sector worldwide. Led by Ethan Jacks and John Bowen, our team has 50+ years of experience in media technology with unmatched expertise in the film, video, audio, broadcast, Internet, and new media markets.

. Extensive investment banking, corporate executive and legal experience . Most recently drove Covington Associates’ expansion into the digital media and technology sectors . Avid Technology Senior Executive (EVP Corp Development/M&A,CLO, CFO) from ‘99 to ’06. Led the Company in its most significant period of growth. Managed 12 strategic acquisitions, doubling the Company’s revenue to $1B and growing market cap from $400M to $2.5B . 20+ years of experience in traditional and new media tech and 10+ years in venture capital and high tech . Corporate development, finance, and legal background; BS and MBA from MIT and its Sloan School of Ethan Jacks Management; J.D., Georgetown University Law Center

. Extensive investment banking, equity research and operational IT experience . Most recently led Covington Associates’ expansion into the digital media and technology sectors, representing both privately-held and publicly-traded companies . VP Equity Research at FAC Equities covering digital media technology, networking hardware and software, and enterprise software companies. Previously at Sybase, McDonnell Douglas, and Digital Equipment Corp. . Author of three significant industry research reports on media technology and CDN markets . 10+ years of experience in traditional and new media technology, and 20+ years of IT Industry experience John Bowen . BS Mechanical Engineering, Digital Systems concentration from University of New Hampshire; MBA from Babson College Senior Advisors – Technology and Media

. 30+ years experience in the media industry . Current member of the Digital Media Strategy team as Cisco Systems . Former Corporate Fellow and member of founding team at Avid Technology . Former Chief Strategy Officer at Signiant . Academy Award and two-time Emmy recipient for scientific and technical invention

Tom Ohanian . 20+ years experience in business development, strategic planning, M&A, IPO, private equity, and international operations . Former Partner at North Bridge Ventures, covering communications, wireless and software . Former Senior Executive at Shiva Corporation, contributing to a successful IPO, several acquisitions, and a rapid growth phase . Adjunct Lecturer at Babson College and former Senior Lecturer at MIT Sloan . Graduate of Fordham University with an MBA from Harvard Business School Angelo Santinelli . 12+ years experience building new businesses in Digital Media, with a focus on content creation, production, and distribution . Chief Strategy Officer for Final Draft, Inc., the world leader in script writing software and services . Former strategic business development executive at Deluxe Digital Distribution . Former executive at Secure Path Technology, an enterprise cloud-based metadata company . Co-founder and former CEO of Sample Digital, Inc. where he oversaw development of Digital Josh Kline Dailies . 25+ years executive management experience in the media industry . Current board member of Media Asset Capital, a full-service media consultancy, and AV3, a web distribution channel . Former President and CEO of xtranormal Inc. . Former EVP and GM of Avid’s Video division, a $470 million business with 1500 employees . Executive management positions with Post Impressions, Discreet Logic, and Dynatech Graham Sharp Senior Audio Advisors – CRX Partners

 Courtney Spencer and Roland MacBeth serve the media technologies industries as strategic and business development consultants. Both have played key roles in the M&A efforts of media technology companies, held key executive positions with consumer electronics and pro audio/broadcast firms, and consulted for some of the best-known companies in the electronics business.  CRX and MediaBridge work to provide the best combination of strategic and transaction expertise to the professional and consumer audio/video markets

. 30+ years of executive experience in professional, broadcast and commercial audio . Senior VP Business & Professional Group Americas (Allen & Heath, Calrec, D&M Pro), D&M Holdings . Full time consultant, D&M Holdings (M&A and post acquisition integration focus) . VP/GM, Professional Audio, Sony Broadcast & Professional

Courtney Spencer

. 30+ years of executive experience in consumer, pro, and commercial AV . Past and present consulting clients include: Gold Peak, Phoenix Gold, D&M Holdings, Mitek, Pioneer Electronics, Terk, Audiosource, KLH, DASH Navigation, XM Satellite Radio, Cerwin-Vega, Carver, Gibson . President - Phoenix Gold International . Senior Vice President of KLH Audio and Vice Chairman KLH Europe . Executive Director of Sales and Marketing - Cerwin-Vega Roland MacBeth Senior Advisors – Technology and Media

. 25+ years experience in Technology, Media, Education, and Healthcare . Chief Marketing Officer at Health Dialog and QuantiaMD . 10 years advising Universities and diverse healthcare industry players . 15 years at Forrester Research in both Research and Marketing executive roles. . Graduated from Harvard University with a degree in Economics Mary Modahl . Strategic advisor specializing in the evolution of the global IT market. . Co-founded or lead several technology companies as Chairman or CEO including Reva Systems (acquired by ODIN) and Xedia Corporation (acquired by Lucent). . Awarded “CEO of the Year” by Massachusetts Telecommunications Council . Served on the Board of Directors for many venture-backed startups and industry consorita . Graduate of Imperial College, London and an Associate of the Royal College of Science Ashley Stephenson . 20+ years in the entertainment industry including award-winning work as an editor, producer, and director . Director of Digital Media and Technology at the University of Southern California’s School of Cinematic Arts . Worked on numerous feature films including the Academy Award winning Harlan County, U.S.A. (1976), Arthur (1981), and Visions of Light (1992) Meri Weingarten . Consultant in Private Equity and Hedge Fund industries . In-house lawyer at Plymouth Rock Assurance in Boston, MA focusing on corporate acquisitions and commercial real estate . Lawyer at Sidley & Austin, focusing on debt-derivatives and secured lending transactions. . Served on the Boards of a variety of nonprofits, providing strategic advice and guidance on fundraising and development, financial, and governance matters Jenny Young du Pont . A.B. from Princeton University and a J.D./M.S.F.S. magna cum laude from Georgetown University Representative Transactions

Transaction Closed During Employment with: * Covington Associates; ** Silverwood Partners; *** Avid Technology Representative Transactions

Transaction Closed During Employment with: * Covington Associates; ** Silverwood Partners; *** Avid Technology Vitec Group Acquires Teradek for $30 Million

 MediaBridge Capital Advisors served as exclusive investment banking advisor to Teradek, LLC in connection with its acquisition in August 2013 by The Vitec Group, plc.

 Based in Irvine, CA, Teradek is a world leading provider of wireless video devices and platforms used by broadcasters, filmmakers, businesses and web channels to wirelessly transmit high-quality images. Teradek's products are used in live electronic news gathering, real-time monitoring and recording, aerial visual capture and webcasting.

 The Vitec Group plc is a leading international provider of products and services for the broadcast, photographic, and military-aerospace- government markets. The acquisition will not only strengthen Vitec's product offerings particularly to the growing number of independent videographers and business users, but will complement Vitec's existing video activities including its range of broadcast microwave systems, and allow Teradek's products to be sold through Vitec's global sales and distributor network.

 Nicol Verheem, CEO and co-founder of Teradek, said: “This represents a major step forward for Teradek which I believe will expand our reach, fuel our continued growth and enhance our focus on product innovation. We will undoubtedly benefit from the resources and reach of Vitec Videocom and will embrace the opportunity to work alongside some of its other market-leading brands.” iZotope Receives $12 Million Investment from ABS Capital

 MediaBridge Capital Advisors served as exclusive investment banking advisor to iZotope, Inc. in connection with a $12 million investment from ABS Capital Partners which closed in August 2013.

 iZotope, Inc., a leading audio technology company founded in 2001 and based in Cambridge, MA, will use the funds to develop new products, expand their markets and increase sales and marketing efforts. With over $2 billion raised since inception, ABS Capital Partners has invested in over 100 growth companies over the past two decades.

 iZotope creates professional audio products for the music, entertainment and education industries. The Company’s current product portfolio is comprised of solutions for audio creation, repair, mixing and mastering. iZotope’s clients include musical giants such as Depeche Mode, Garbage, Skrillex, and Wu-Tang Clan; radio stations and TV programming such as CBS's Survivor, the Discovery Channel’s Deadliest Catch, the World Cup broadcast and the GRAMMY awards. iZotope technology is also directly integrated into products made by industry leaders such as Adobe, Avid and Sony; video games from companies like Microsoft, Harmonix and Ubisoft; and a growing number of mobile phone applications.

 “iZotope is a company driven by a wealth of creative brainpower. Coupled with our position as a market leader, this funding will enable us to realize more of our creative vision, accelerating innovation and new products for our loyal customer base,” explained Mark Ethier, CEO and co-founder of iZotope. Sohonet Raises $7M Growth Equity

 MediaBridge Capital Advisors represented London-based Sohonet, the global leader in network and data management for the media and entertainment industry, in connection with significant investment by FF&P Private Equity. The transaction closed in December of 2012.

 Sohonet offers an extensive range of services backed up by unrivalled support and expertise to enable pan-global collaboration within the media community. It has offices in the UK, Los Angeles and Sydney. The Sohonet Media Network provides a high-speed, end-to-end secure data delivery solution that reliably transports media content between multiple industry participants across the globe, helping to facilitate global collaboration in the media industry.

 Ethan Jacks, Co-Founder and Managing Partner of MediaBridge Capital Advisors, said “Sohonet has established itself over the past decade as the premier supplier of essential high-speed network connectivity and data management for the media and entertainment industry on a world-wide basis. From the creation of blockbuster 3D movies to the delivery of everyday television advertisements, the Sohonet Media Network provides seamless support to the thousands of content creators, producers, and vendors of media throughout the world. Now with the support of top-tier investors FF&P, we look forward to Sohonet’s exponential growth in this expanding marketplace.” Wohler Acquires RadiantGrid

 RadiantGrid was represented in the sale process by Ethan Jacks and John Bowen, principals at MediaBridge Capital Advisors, a digital media-focused investment bank. “We see this acquisition as a benchmark for the transformational change occurring in the broadcast and new media marketplace,” said Jacks. “Wohler and RadiantGrid together will help redefine the best practices for the industry.” The transaction closed in April 2012.

 Wohler President and CEO Carl Dempsey called the move “the most significant [for Wohler] in years. This has put the buzz back in it for us.” Calling RadiantGrid “the world’s best media transformation and integration platform,” Dempsey described the process that led to the acquisition and promised that while the combined organizations would function seamlessly, the RadiantGrid team would remain intact under the Wohler banner.

 Kirk Marple, RadiantGrid president and chief software architect, characterized the union as an ideal match. “We’ve been looking for the right partner to accelerate our growth, both internationally and domestically, and it really seemed like the right fit.” “A key component of the RadiantGrid media platform is its faster-than-real-time processing, recently expanded to include standards conversion — an industry first.” Public Market Overview Publicly Traded Media Technology Companies Market Capitalization – Large Cap (in $MM)

Adobe Akamai Autodesk Cisco Ericsson Naspers Panasonic Sony

$33,082 $26,493 $29,521 September $15,489 $9,073 $6,823 $15,972 2010 $120,163

$33,129 $18,531 $23,632 $20,357 September $11,927 $3,780 $6,036 2011 $84,758

$15,459 $29,084 $22,119 $15,777 September $6,679 $7,121 $11,394 2012 $101,754

$23,571 $40,709 $33,540 $21,323 $20,915 September $8,450 $8,278 2013 $127,035

Adobe Akamai Autodesk Cisco Ericsson Naspers Panasonic Sony Cash (1): $3,866 $531 $1,998 $50,610 $9,621 $1,712 $4,799 $15,354 Debt: $1,526 $0 $746 $16,211 $3,932 $3,265 $10,643 $14,387 Enterprise Value: $21,231 $7,919 $7,026 $92,636 $35,134 $35,151 $27,569 $24,851 EV / Rev: 5.0 x 5.4 x 3.1 x 1.9 x 1.0 x 6.5 x 0.4 x 0.4 x EV / EBITDA: 18.7 x 14.6 x 15.1 x 6.7 x 8.8 x 43.9 x 5.2 x 7.7 x Share Price % 94% 97% 89% 89% 95% 98% 92% 85% 52 Wk High:

Source Capital IQ. 1) Cash includes short-term investments Publicly Traded Media Technology Companies Market Capitalization – Mid Cap (in $MM)

Belden Demand Dolby Evertz EVS Harman RealD Rovi TiVo Yamaha Media $6,447 $2,441 $4,468 $1,148 $1,124 $769 $833 $1,010 $2,064 September 2010 $5,111 $3,547 $2,398 $2,143 $1,353 $697 $860 $878 $735 $1,294 September 2011

$3,502 $3,054 $1,912 $1,590 $894 $957 $658 $558 $1,631 $1,188 September 2012 $3,210 $4,423 $2,553 $1,775 $1,456 $2,539 $551 $1,058 $900 $380 September 2013

Belden Demand Media Dolby Evertz EVS Harman RealD Rovi TiVo Yamaha Cash (1): $476 $70 $518 $219 $14 $464 $18 $713 $1,034 $525 Debt: $1,331 $20 $0 $2 $1 $290 $53 $1,382 $173 $138 Enterprise Value: $3,408 $501 $2,710 $852 $888 $4,249 $414 $2,443 $595 $2,180 EV / Rev: 1.7 x 1.2 x 3.0 x 2.7 x 5.4 x 1.0 x 2.0 x 3.9 x 1.7 x 0.6 x EV / EBITDA: 12.6 x 7.0 x 8.5 x 9.3 x 12.8 x 11.1 x 12.5 x 11.6 x 132.5 x 9.4 x Share Price % 96% 54% 85% 85% 88% 90% 50% 67% 84% 92% 52 Wk High:

Source Capital IQ. 1) Cash includes short-term investments Publicly Traded Media Technology Companies Market Capitalization – Small Cap (in $MM)

Avid Brightcove DTS Envivio Harmonic JVC Vislink Vitec Group VIZRT

$448 $227 September $38 2010 $643 $623 $247 $280

$358 $232 September $32 2011 $494 $531 $629 $396

$364 $354 $140 $210 September $56 2012 $372 $537 $518 $464

$216 $287 $77 $77 $205 September $367 $746 $272 $440 2013

Avid Brightcove DTS Envivio Harmonic JVC Vislink Vitec Group VIZRT Cash (1): $71 $30 $72 $50 $162 $591 $11 $15 $74 Debt: $0 $0 $30 $0 $0 $876 $0 $118 $0 Enterprise Value: $144 $256 $326 $27 $585 $615 $66 $545 $131 EV / Rev: 0.2 x 2.6 x 2.9 x 0.8 x 1.1 x 0.2 x 0.8 x 1.1 x 1.1 x EV / EBITDA: 19.4 x NM 26.2 x NM 19.9 x 3.5 x 10.0 x 6.8 x 5.5 x Share Price % 54% 67% 80% 95% 90% 59% 94% 86% 87% 52 Wk High:

Source Capital IQ. 1) Cash includes short-term investments Publicly Traded Media Distribution Companies Market Capitalization (in $MM)

Charter Comcast EchoStar Netflix Pandora Sirius Time Warner Verizon

$35,660 September $3,900 $1,678 $7,251 $3,928 2010 $50,321 $85,368

$31,970 September $5,378 $2,000 $11,196 $1,946 $6,793 2011 $57,591 $100,670

$39,238 September $7,768 $2,480 $3,106 $2,072 $9,736 2012 $89,296 $124,496

$57,031 $22,912 September $12,922 $3,782 $17,231 $3,213 2013 $111,504 $133,884

Charter Comcast EchoStar Netflix Pandora Sirius Time Warner Verizon Cash (1): $44 $5,154 $1,603 $1,080 $69 $652 $2,063 $2,406 Debt: $12,841 $46,649 $2,446 $500 $10 $3,250 $19,446 $49,752 Enterprise Value: $25,719 $154,247 $4,632 $16,651 $3,154 $25,510 $74,415 $234,325 EV / Rev: 3.3 x 2.4 x 1.5 x 4.2 x 6.0 x 7.1 x 2.5 x 2.0 x EV / EBITDA: 9.7 x 7.4 x 7.7 x 96.9 x NM 20.8 x 9.6 x 7.2 x Share Price % 90% 92% 93% 99% 86% 95% 93% 85% 52 Wk High: Source Capital IQ. 1) Cash includes short-term investments Publicly Traded Media Technology Companies Market Capitalization (in $MM)

CBS Discovery 21st Cent. Fox Lions Gate Scripps Viacom Walt Disney

$16,553 $36,623 $20,250 September $10,368 $985 $7,181 2010 $66,310

$42,555 $15,648 $16,016 $26,555 September $962 $6,584 2011 $60,246

$55,688 $23,003 $20,416 $25,431 September $2,198 $8,990 2012 $89,104

$73,480 $33,993 $27,126 $38,118 September $4,963 $10,868 2013 $109,169

CBS Discovery 21st Cent. Fox Lions Gate Scripps Viacom Walt Disney Cash (1): $282 $490 $6,659 $51 $347 $1,144 $3,932 Debt: $6,423 $6,478 $16,458 $1,348 $1,384 $8,913 $15,003 Enterprise Value: $40,134 $33,149 $86,925 $6,260 $12,315 $46,058 $122,611 EV / Rev: 2.7 x 6.8 x 3.1 x 2.2 x 5.1 x 3.4 x 2.8 x EV / EBITDA: 11.0 x 15.8 x 14.2 x 19.4 x 11.4 x 11.5 x 10.7 x Share Price % 96% 86% 93% 98% 97% 98% 90% 52 Wk High: Source Capital IQ. 1) Cash includes short-term investments Video Markets Overview Four Trends to Watch Video 2013-2014

1. Content Owners have adapted to delivery of content “anytime, anywhere”. As CBS CEO Les Moonves recently commented in connection with CBS’s new contract with Time Warner: “It was important we take a stand. This is a stand about content and how content is sold and how it goes to our consumers and how it will be sold in the future when digital viewing could eclipse more traditional forms of television. One of the things we were fighting for is the ability to slice and dice our content all over the place. To put it on Netflix, to put it on Amazon, to let people binge view. It’s our inherent right to do that. The point is coming very soon where the advertising [rates] online will be the same as they are on the network, and we don’t care where you watch the show.“

2. Second Screen Consumption is Accelerating: Growth in mobile and web-based consumption cannot be underestimated. The iPad and other various OTT options are driving mass adoption of both traditional and non-mainstream media consumption and certain forward thinking operators have embraced new consumption models. Generational behavioral shifts are accelerating change, with two screens becoming the norm. Addressing scale, device format and synchronization, demand variability and bandwidth availability are key.

3. Cloud-Based Solutions: As digital technologies enhance performance, flexibility and cost efficiencies, cloud-based initiatives will go one step further, ranging from utility applications through full network-based solutions. Private-on premises clouds will consist of highly-tuned and integrated compute, networking, storage and infrastructure orchestration software. Unless a manufacturer has significant added value hardware, the manufacturer will need to transition its software offerings to virtualized instances. Live, linear broadcasting infrastructure will migrate to cloud-based transmissions.

4. Network Connected, File-Based Workflows are Critical: There is a growing need for efficient file-based creation and distribution of media that augment and integrate with existing systems (e.g., linear automation, trafficking, rights management, business process management). File-based systems will become more intelligent, orchestrate processes in parallel, and improve multiplatform workflow efficiency, while dramatically reducing costs. Video M&A 2013 Select Transactions from 2013

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 13-Aug Teradek $30 - Vitec Group 13-Aug Amplifier Technology Ltd. $6 0.8x Vislink plc 13-Aug CPC Computer Prompting & Captioning - - Telestream, Inc. 13-Aug Montalto - - Ross Video Limited 13-Aug Stringwire - - NBC News Digital 13-Jul Boxee, Inc. $30 - Samsung Electronics Co. 13-May Hego AB $29 1.9x Chyron Corporation 13-Mar Skyfire Labs, Inc. $155 35.9x Opera Software ASA Harmonic Inc., Optical Transmission Equipment 13-Mar $46 0.9x Aurora Networks, Inc. Business 13-Mar Acme Packet, Inc. $2,004 6.0x Oracle Corporation 13-Feb Harris Broadcast Communications Inc. $225 - Gores Broadcast Solutions, Inc. 13-Feb MIPS Technologies, Inc. $100 5.4x Imagination Technologies Group Plc 13-Feb Olympus Corporation (11.5% stake) $535 - Sony Corporation 13-Feb MIPS Technologies, Inc. (Patents) $350 5.4x Allied Security Trust

Source Capital IQ, Press Releases Video M&A 2012 Select Transactions from Q3 & Q4 2012

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 12-Dec Argo Systems Inc. - - SintecMedia Ltd. 12-Dec KickApps Corporation - - Perfect Sense Digital, LLC 12-Dec Verivue, Inc. $32 - Akamai Technologies, Inc. 12-Sep FastSoft, Inc. $14 - Akamai Technologies, Inc. 12-Aug Zencoder $30 21.4x Brightcove 12-Jul NDS Group $5,022 5.1x Cisco 12-Jul Miranda Technologies $356 1.9x Belden CDT 12-Jul Avid, Consumer Video Editing Assets $3 - Corel Corporation 12-Jul QuickPlay Media - - Madison Dearborn Partners 12-Jul Technicolor SA, Broadcast Services Division $37 - Ericsson

Certain Assets

Source Capital IQ, Press Releases * Estimated Value Video M&A 2012 Select Transactions from Q1 & Q2 2012

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 12-Jun Thrane & Thrane $479 2.4x Cobham plc 12-Jun Hyro, Hyro Digital Division $18 - Kit Digital 12-May SeaChange, Broadcast Server and Storage Business $5 - Vantage Point Capital 12-May SeaChange, On Demand Group Division $27 - Avail-TVN 12-Apr RadiantGrid Technologies - - Wohler 12-Mar Gennum Corporation $501 3.6x Semtech Corp. 12-Mar Cotendo, Inc. $268 9.0x * Akamai Technologies, Inc. 12-Feb Roxio - - Corel Corporation 12-Feb IP Video Systems, Inc. $20 - Barco NV 12-Jan Trident Microsystems, Set Top Box Business $65 - Entropic Communication 12-Jan Telestream, Inc. - - Thoma Bravo 12-Jan Sezmi Corporation $52 - Kit Digital

Certain Assets

Source Capital IQ, Press Releases. * Indicates estimate Growth Capital 2013 Select Video Transactions

$20-65m

$10-20m

$5-10m

$0-5m

Source Capital IQ, Press Releases, Public Filings Growth Capital 2012 Select Video Transactions

$20-50m

$10-20m

$5-10m

$0-5m

Source Capital IQ, Press Releases, Public Filings Audio Markets Overview Trends to Watch Music and Audio 2012-2013

1. Emerging Mobile Tools: Mobile devices, including the iPad, are being increasingly utilized as extensions of, or replacements for, traditional user interfaces. As mobile platforms and software develop, many companies will place increasing emphasis on the very large hobbyist customer population.

2. Software-based Production Systems: Increased computational power, software innovations and AI will drive unprecedented processing power and ease-of-use in the rapidly expanding universe of plug-ins and software-driven hardware products. Meanwhile, leadership positions in the DAW market are evolving, with increasing differentiation between larger/established facilities (mostly Avid-based, especially in the US) and a rapidly growing self-contained producer/engineer/composer market, which is choosing from an expanding range of DAW products.

3. Music and Sound Creation Tools: Advances in sampling continue to narrow the gap between real and sampled instruments, while breakthroughs in synthesis and hybrid sampling technologies are facilitating the creation of an entirely new palette of instrumental sounds, and providing remarkable new tools for sound designers.

4. Consumer Audio: Following a period of declining interest in sound quality in an age dominated by mobile music consumption, there is an emerging initiative driven by the CEA and major CE brands including Sony to promote very high-quality sound to consumers. The continuing vitality of the high-quality premium-priced headphones market segment has pushed sound quality back to greater prominence, especially with young music listeners. Led by artist- endorsed brands like Beats, US headphone sales are roughly $1B/year.

5. Music industry: While music revenues are far below where they were in the heyday of the CD, industry observers note that total music consumption is still strong when all channels including free ones like YouTube are considered. Labels are struggling to strengthen their revenue models, as subscription services grow in importance. Google All Access and Apple’s iTunes Radio bring big players into this arena. Many independent recording artists have moved to a self-distribution model, using social media to build awareness. Live performance income remains the mainstay for artists from top to bottom. Audio M&A – Select Transactions 2013 Select Transactions from 2013

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 13-Aug Music Intelligence Solutions - - R&R World (Tunehog) 13-Jul Blue Microphones, Inc. - - The Riverside Company 13-Jun Allen & Heath Ltd. $66 - Electra Private Equity 13-May Taraki Inc. $16 - Sunrise (China) Technology Group Limited 13-May Red Box Recorders Ltd. - - ISIS Equity Partners LLP 13-Apr Bob Carver, LLC - - Emotiva Audio Corporation 13-Feb Martin Professional A/S $146 - Harman International Industries, Incorporated

Source Capital IQ, Press Releases, Public Filings Audio M&A – Select Transactions 2012

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 12-Oct Beats Electronics (25.1% stake) $151 - HTC Europe Co, Ltd. 12-Jul MOG $14 - Beats Electronics 12-Jul IMM Sound $27 - Dolby Laboritories 12-Jul Phorus, Inc. $13 - DTS Inc. 12-Jul M-Audio LLC and AIR Software Group $14 - Numark Industries, LP 12-Jun Trident Microsystems, MAP-Xtm Audio Line $1 - CSR Plc 12-Jun Turbosound - - MUSIC Group Macao 12-Jun Industrial Acoustics - - AEA Investors 12-May Redmatica - - Apple 12-May Instrinctiv - - Soundcloud 12-Apr SRS Laboritories $148 3.4x DTS, Inc. 12-Mar A-Line Acoustics - - Atlas Sound LP 12-Mar Imagine Research - - iZotope 12-Feb SoniVox - - Numark Industries, LP

Source Capital IQ, Press Releases, Public Filings Audio Growth Capital Select VC/PE Transactions from 2013

$60m $12m $10m $25m $40m

$0-10m

Source Capital IQ, Press Releases, Public Filings Audio Growth Capital Select VC/PE Transactions from 2011-2012

$20-200m

$10-20m

$5-10m

$0-5m

Source Capital IQ, Press Releases, Public Filings Media Markets Overview Media M&A 2013 Select Transactions from Q3 2013

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue Annc. Media General, Inc. - - Young Broadcasting LLC Annc. Communications Corporation of America, Inc. $270 - Nexstar Broadcasting, Inc. Maverick Media of Rockford LLC and Maverick Annc. $16 - Mid-West Family Broadcasting Media of Eau Claire LLC Annc. Titan Broadcast Management LLC $115 - Sinclair Broadcast Group Inc. 13-Aug Baja Broadband $268 3.2x TDS Telecommunications Corp 13-Aug Matcha, Inc. - - Apple 13-Jul Bresnan Broadband Holdings $2,619 5.1 x Charter Communications Operating 13-Jul Servicios Audiovisuales Overon (51% Stake) $53 1.2x Imagina Media Audiovisual 13-Jul AlloCine $67 - Fimalac 13-Jul Parlophone Records Ltd. $764 1.6x Warner Music Group 13-Jul Post Modern Group $24 - Global Eagle Entertainment

Source Capital IQ, Press Releases, Public Filings Media M&A 2013 Select Transactions from Q1 & Q2 2013

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 13-May Orb Networks, Inc. - - Qualcomm 13-May Headland Media Limited $24 2.0x KVH Industries Inc. 13-May NBCUniversal Media, LLC (remaining 49% stake) $16,700 1.7x Comcast Corporation 13-Mar Rhythm & Hues Studio, Inc. $18 - Prana Studios, Inc. 13-Mar Ziggo N.V. (12.6% stake) $811 5.2x Liberty Global Inc. 13-Mar TV Guide Entertainment Group, LLC (50% stake) $100 - CBS Corporation 13-Mar Charter Communications, Inc. (26.6% stake) $2,617 3.0x Liberty Media Corporation 13-Feb D.EXPRES, A.S. $21 2.1x Bauer Ausland 1 13-Feb Bluefin Labs, Inc. - - Twitter, Inc. 13-Jan Nowbox - - YesVideo, Inc. 13-Jan Switchover Media srl - - Discovery Communications, Inc.

Source Capital IQ, Press Releases, Public Filings Media M&A 2012 Select Transactions from Q3 & Q4 2012

Value EV / LTM Date Target Name Acquirer Name ($MM) Revenue 12-Dec Lucasfilm Ltd. $4,097 - The Walt Disney Company 12-Dec Behance, Inc. - - Adobe Systems Inc. 12-Dec Telescope, Inc. - - H.I.G. Growth Partners, LLC; Moorgate Partners 12-Dec Merlin Media, LLC $75 - CBS Radio Inc. 12-Dec Impact Europe Group AB $12 0.3x AVM Impact 12-Nov KMP Holdings Co., Ltd. $18 - KT Music Corporation 12-Nov Consolidated Media Holdings Limited $2,244 178.2x News Limited 12-Nov Ziff Davis Media Inc. $175 5.6x j2 Global, Inc. 12-Oct Cookie Jar Entertainment, Inc. $113 2.0x DHX Media Ltd. 12-Oct Score Media Inc. $151 3.1x Rogers Media Inc. 12-Oct Getty Images, Inc. $3,300 - The Carlyle Group LP News Corp., The Walt Disney Company, 12-Oct Hulu, LLC (10% stake) $200 4.8x NBCUniversal Media, LLC 12-Oct Lisbon Theaters, Inc. $11 2.5x Digital Cinema Destinations Corporation 12-Sep Digital Entertainment International Ltd. $53 0.8x FAB Universal Corporation 12-Sep About.com, Inc. $300 2.7x IAC Search & Media, Inc. 12-Aug Classic Media Inc. $155 2.0x DreamWorks Animation SKG Inc. 12-Jul Spin Media - - Buzz Media

Source Capital IQ, Press Releases, Public Filings Media Growth Capital Select VC/PE Transactions from 2012 & 2013

$20-Xm

$10-20m

$5-10m

$0-5m

Source Capital IQ, Press Releases, Public Filings Why MediaBridge?

• Our exclusive focus on Media Technology

• Relevant and Recent Deal Execution Experience

• Deep Knowledge of Broadcast and Media Business and Prospects

• Relationships and Knowledge of Leading Industry Acquirers

• Our broad financial, legal and operational skills to best handle transaction complexities.

• Our Reputation and Integrity Global Reach, Vertical Depth

Ethan E. Jacks John C. Bowen Managing Partner Managing Partner [email protected] [email protected] 617.592.2739 (m) 617.921.0075 (m)