JANUARY 2011 M&A & Investment Summary

Marketing, Information and Digital Media/Commerce Industries JANUARY 2011 M&A & Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 6 Additional Monthly M&A and Investment Activity Data 23 About Petsky Prunier 30

2 MARKETING, INFORMATION AND DIGITAL MEDIA/COMMERCE INDUSTRIES Transaction Distribution • A tot al of 196 deal s worth approxi mat el y $8.5 billion were announced in January 2011 • Digital Media/Commerce was the most active segment with 78 transactions • Digital Media/Commerce was also the highest value segment worth approximately $3.1 billion • Strategic buyers were the most active acquirers, announcing 108 deals for approximately $4.0 billion (55% of total volume) • VC/Growth Capital investors announced 82 deals for approximately $2.0 billion • Buyout investors announced 6 deals for approximately $2.5 billion

JANUARY 2011 ($ in millions) BUYER/INVESTOR BREAKDOWN Transactions Est. ValueStrategic Buyout VC /Growth Capital #%$ %#$#$#$ Digital Media/Commerce 78 40% 3,108.5 37% 41 1,847 1 25 36 1,237 Marketing Technology 39 20% 701.3 8% 21 582 0 0 18 119 Digital Advertising 30 15% 726.2 9% 13 377 0 0 17 350 Agency/Consulting 19 10% 361.7 4% 15 240 1 41 3 81 Software & Information 19 10% 1,022.7 12% 12 861 1 8 6 153 Marketing Services 11 6% 2,567.1 30% 6 120 3 2,411 2 36 Total 196 100% 8,487.5 100% 108 4,026.5 6 2,484.6 82 1,976.3

Marketing, Information and Digital Media/Commerce Industries M&A andld Investment Volume - Last 13 Months $14.1

$9.6 $9.4 $8.4 $8.5 $7.6 $5.7

$4.7 $3.6 $3.3 $3.2 $2.8 $2.8 $2.8

ue ($ in billions) in ($ ue $2.1 ll $1.8

Va 70 54 57 72 98 50 70 62 59 82 147 180 196 $- Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

M&A & INVESTMENT SUMMARY JANUARY 2011 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS ($ in Millions)

Selected Transactions With Multiples Information EV/ EV/ Target Subsegment Buyer/Investor Ent. Value Rev EBITDA REV EBITDA Marketing Services Pareto Corporation Retail Merc handising The Riverside Comppyany $129.1 $90.7 $11.5 1.4x 11.2x StrategicOne, LLC Database/Analytics Convio, Inc. 5.0 2.0 - 2.5x NM Software & Information RP Data Limited Credit/Risk Management CoreLogic, Inc. 275.9 57.1 20.7 4.8x 13.3x Cytiva Credit/Risk Software Taleo Corporation 12.2 6.8 (1.4) 1.8x NM Digital Advertising Adenyo, Inc . Mobile Marketing Motric ity, Inc. 100.0 20.0 - 50x5.0x NM Marketing Technology Q-go.com b.v. Teleservices/eServices RightNow Technologies, Inc. 34.0 8.0 - 4.3x NM

IPOs After Final Pricing EV/ EV/ Target Subsegment Buyer/Investor Ent. Value Rev EBITDA REV EBITDA Software & Information Nielsen Holdings B.V. * Market Research IPO $14,697.1 $5,052.0 $1,329.0 2.9x 11.1x Digital Media/Commerce Demand Media, Inc . * Domain Portfolio/Marketplac e IPO 1,298.5 234.8 42.8 5.5x 30.3x

* Multiples based on TTM financials and pro forma balance sheets as of 9/30/10 per S-1 Registration Filings

Note: Transaction values where not publicly disclosed have been estimated.

M&A & INVESTMENT SUMMARY JANUARY 2011 4 IPO PIPELINE ($ in Millions)

Securities in Registration (as of 1/31/11) Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA

Affinion Group Holdings eCommerce $400.0 $1,386.1 $296.6 Newegg eCommerce 175.0 2,289.8 55.7

LinkedIn Corporation* Social Media/Apps 175.0 200.7 36.9

ServiceSource International Contract Sales Force 75.0 142.3 11.9

Epocrates Healthcare Information 75.0 93.3 17.7

Reply.com Online Lead Generation 60.0 38.3 8.1

Responsys, Inc. Email Services 60.0 83.3 14.8

Kayak.com Vertical Search 50.0 112.7 16.2 * Filed January 2011

IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2011

Feb-10 QNST QuinStreet United States $17.00 - $19.00 $15.00 $15.00, flat $22.51 Mar-10 FNGN Financial Engines United States $9.00 - $11.00 $12.00 $17.25, up 44% $22.68 Mar-10 SSNC SS&C Technologies Holdings United States $13.00 - $15.00 $15.00 $15.08, up 1% $18.07

Apr-10 SPSC SPS Commerce United States $11.00 - $13.00 $12.00 $13.60, up 13% $15.88 Apr-10 CNVO Convio United States $10.00 - $12.00 $9.00 $10.24, up 14% $9.09 May-10 RLOC ReachLocal United States $17.00 - $19.00 $13.00 $14.98, up 15% $21.80 Jun-10 MOTR Motricity United States $10.00 - $11.00 $10.00 $9.26, down 7% $19.26 Jul-10 QLIK Qlik Technologies United States $8.50 - $9.50 $10.00 $14.06, up 41% $23.21

Jul-10 GDOT Green Dot Corp. United States $32.00 - $35.00 $36.00 $44.99, up 25% $62.91 Aug-10 MDMD MediaMind Technologies United States $14.00 - $16.00 $11.50 $11.00, down 4% $15.13

Aug-10 MMYT MakeMyTrip Ltd. India $12.00 - $14.00 $14.00 $26.45, up 89% $28.75 Sep-10 CCIH ChinaCache International Holdings China $10.00 - $12.00 $13.90 $27.15, up 95% $22.06

Oct-10 BET Betfair Group United Kingdom $19.72 - $20.50 $20.49 $24.29, up 19% $14.67 Nov-10 BAH Booz Allen Hamilton United States $17.00 - $19.00 $17.00 $19.50, up 15% $18.66 Dec-10 DANG E-Commerce China Dangdang China $13.00 - $15.00 $16.00 $29.91, up 87% $28.30 Dec-10 YOKU Youku.com China $9.00 - $11.00 $12.80 $33.44, up 161% $29.63

Dec-10 MOBI Sky-mobi Ltd. China $$$8.00 - $10.00 $8.00 $$,6.00, down 25% $7.21

Dec-10 ISS Isoftstone Holdings Ltd. China $11.00 - $13.00 $13.00 $16.62, up 28% $18.73 Jan-11 NLSN Nielsen Holdings B.V. United States $20.00 - $22.00 $23.00 $25.00, up 9% $26.07 Jan-11 DMD Demand Media, Inc. United States $14.00 - $16.00 $17.00 $22.65, up 33% $20.28

M&A & INVESTMENT SUMMARY JANUARY 2011 5 DIGITAL ADVERTISING Transactions by Segment and Buyer Type ($ in Millions)

• Ad Networks/Exchanges and Online Lead Generation were the most active subsegments with nine transactions each. Ad Networks/Exchanges was also the highest value subsegment worth approximately $316 million • Select acquisitions › Motricity’s acquisition of Canada-based Adenyo, a mobile marketing provider in the US, Canada and France, for up to $150 million › AOL Europe’s acquisition of Goviral, a distributor of branded video content for mainstream brands, content producers and advertising agencies, for $97 million • Select investments › The $200 million investment in Adknowledge, the largest privately-owned performance-based ad network in the US, led by JMI Equity (equity portion) and Bank of America (debt portion) › Blackberry Partners Fund’s $8 million venture capital investment in mobile data intelligence and marketing optimization company Neuralitic Systems

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $

Ad Networks/Exchanges 9 30% 316.4 44% 1 25.0 0 0.0 8 291.4 Online Lead Generation 9 30% 50.5 7% 6 25.4 0 0.0 3 25.1 Mobile Marketing 8 27% 171.2 24% 4 149.2 0 0.0 4 22.0 Digital Video 2 7% 177.1 24% 2 177.1 0 0.0 0 0.0 Email Services 1 3% 2.0 0% 0 0.0 0 0.0 1 2.0 SEM/SEO 1 3% 9.0 1% 0 0.0 0 0.0 1 9.0 Total 30 100% 726.2 100% 13 376.7 0 0.0 17 349.5

M&A & INVESTMENT SUMMARY JANUARY 2011 6 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $616.44 -4% $197,122.2 $165,612.2 $29,321.0 $11,777.0 40.2% 24.0% 5.6x 14.1x Microsoft Corporation United States 27.50 -13% 231,065.5 200,766.5 66,690.0 29,579.0 44.4% 13.6% 3.0x 6.8x

Constant Contact, Inc. * United States $28.46 -11% $826.9 $702.5 $174.2 $14.4 8.3% 35.0% 4.0x 48.8x eHealth, Inc. United States 12.29 -35% 272.8 133.7 144.1 26.8 18.6% 10.9% 0.9x 5.0x Hi- Media S.A. France 5.63 -29% 248.0 299.8 253.8 25.4 10.0% 38.6% 1.2x 11.8x IAC/InterAc tiveCorp. United States 31.22 -1% 2,778.6 1,628.2 1,636.8 169.2 10.3% -3.2% 1.0x 9.6x InfoSpac e Inc . United States 8.58 -28% 310.0 56.3 246.8 20.4 8.3% 18.9% 0.2x 2.8x OPT Inc. Japan 1,485.71 -21% 220.1 79.3 662.1 20.7 3.1% -1.0% 0.1x 3.8x QuinStreet, Inc. United States 23.25 -3% 1,055.6 1,046.9 380.5 69.7 18.3% 29.8% 2.8x 15.0x Septeni Holdings Co Ltd Japan 636.39 -37% 80.0 35.5 412.8 15.9 3.8% 3.6% 0.1x 2.2x TradeDoubler AB Sweden 6.71 -17% 286.5 254.1 422.6 16.9 4.0% -5.8% 0.6x 15.0x Travelzoo Inc. United States 44.00 -17% 723.5 682.2 112.8 25.9 23.0% 20.0% 6.0x 26.3x Tree.Com, Inc. United States 8.37 -14% 90.4 163.0 194.8 8.5 4.3% -10.3% 0.8x 19.2x ValueClic k, Inc . United States 14.34 -17% 1,157.9 993.9 412.4 114.7 27.8% 41.2% 2.4x 8.7x Velti Plc United Kingdom 13.45 -6% 504.7 553.5 124.6 36.5 29.3% 183.3% 4.4x 15.2x Yahoo! Inc. United States 16.62 -13% 21,664.2 18,961.2 6,324.7 1,513.0 23.9% -2.1% 3.0x 12.5x

Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (7.5x) Low 0.1x 2.2x and EBITDA multiples that are 2.0 standard deviations above the mean (38.2x). Mean 2.0x 14.0x Median 1.1x 12.2x Note: Revenue and EBITDA multippgles for Google and Microsoft excluded from Summary yp Multiples. Weighted Avg 2.8x 13.3x Adj. W Avg* 2.8x 12.4x High 6.0x 48.8x

M&A & INVESTMENT SUMMARY JANUARY 2011 7 AGENCY/CONSULTING Transactions by Segment and Buyer Type ($ in Millions)

• Digital Agency was the most active and highest value subsegment in Agency/Consulting with 10 transactions for approximately $190 million • Select acquisitions › The acquisition of digital agency RAZOR by general agency NSI Marketing Services. › D’Dentsu’s acquiiiisition of FiFibrstborn, a mullilftiplatform didiilgital agency • Select investments › Oak India’s $48 million growth capital investment in India-based Ybrant Digital, which offers digital marketing solutions to businesses, agencies, and online publishers worldwide › Austin Ventures’ $30 million venture cappgypital investment in social agency Dachis Group

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $

Digital Agency 10 53% 189.0 52% 8 111.0 0 0.0 2 78.0 Healthcare Agency 2 11% 61.0 17% 1 20.0 1 41.0 0 0.0 Specialty Agency 2 11% 23.2 6% 1 20.0 0 0.0 1 3.2 Design Agency 1 5% 10.0 3% 1 10.0 0 0.0 0 0.0 Experiential Marketing 1 5% 1.5 0% 1 1.5 0 0.0 0 0.0 Promotion Agency 1 5% 15.0 4% 1 15.0 0 0.0 0 0.0 Public Relatio ns 1 5% 2.0 1% 1 2.0 0 0.0 0 0.0 Trade Incentive Management 1 5% 60.0 17% 1 60.0 0 0.0 0 0.0 Total 19 100% 361.7 100% 15 239.5 1 41.0 3 81.2

M&A & INVESTMENT SUMMARY JANUARY 2011 8 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc United Kingdom $2.31 -5% $2,898.8 $3,483.4 $2,055.4 $297.6 14.5% 0.1% 1.7x 11.7x Cello Group Plc United Kingdom 0.96 -6% 59.0 78.4 198.6 10.7 5.4% 4.5% 0.4x 7.4x Chime Communications plc United Kingdom 4.53 0% 333.0 321.9 448.0 37.7 8.4% 0.0% 0.7x 8.5x Dent su Inc . Japan 31.47 -5% 7,840.7 7,579.3 21,077.9 780.9 3.7% 2.1% 0.4x 9.7x Havas France 5.54 -3% 2,381.8 2,514.8 1,805.1 262.8 14.6% -2.8% 1.4x 9.6x Huntsworth plc United Kingdom 1.29 -10% 314.8 405.5 249.7 31.2 12.5% 7.5% 1.6x 13.0x IPG United States 11.75 -2% 5,742.6 6,274.2 6,321.1 814.0 12.9% 3.1% 1.0x 7.7x M&C Saatchi plc United Kingdom 2.17 0% 134.2 125.2 167.4 18.7 11.1% 9.2% 0.7x 6.7x MDC Partners Inc . *Canada 16.91 -10% 486.4 845.9 634.7 41.6 6.6% 17.5% 1.3x 20.3x mkt g, inc . United States 0.85 -35% 3.9 1.0 105.7 3.6 3.4% 26.6% 0.0x 0.3x Omnicom Group Inc. United States 47.91 0% 14,432.4 16,437.5 12,221.5 1,725.8 14.1% 3.3% 1.3x 9.5x Photon Group Limited Australia 0.10 -93% 156.2 424.8 497.3 36.4 7.3% -10.1% 0.9x 11.7x Publicis Groupe SA France 51.00 -6% 9,201.7 10,073.0 5,959.4 1,059.7 17.8% 3.5% 1.7x 9.5x Sapient Corp. United States 12.79 -5% 1,745.6 1,558.8 822.3 77.9 9.5% 26.9% 1.9x 20.0x WPP plc Ireland 12.75 -2% 16,101.6 21,274.5 13,227.3 1,908.2 14.4% 4.9% 1.6x 11.1x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (2.8x) Low 0.0x 0.3x and EBITDA multiples that are 2.0 standard deviations above the mean (20.3x). Mean 1.1x 10.5x Median 13x1.3x 96x9.6x Weighted Avg 1.3x 10.3x Adj. W Avg* 1.3x 10.2x High 1.9x 20.3x

M&A & INVESTMENT SUMMARY JANUARY 2011 9 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type ($ in Millions)

• Social Media/Apps was the most active and highest value subsegment with 23 transactions for approximately $1.7 billion. Facebook’s two-part capital raise accounted for $1.5 billion of the total • Select acquisitions › Amazon’s purchase of the remaining interest in European movie rental and video streaming service LoveFilm for $191 million › Daily deals company LivingSocial’s acquisition of Spain-based competitor Let’s Bonus, which has market presence in Spain, Italy, Portugal, Argentina, and Mexico › Zynga’s acquisition of competing social games company Area/Code • Select investments › Groupon’s $450 million growth capital raise led by Andreessen Horowitz. With the funding, Groupon closed its $950 million financing round, the first half of which was completed in December, 2010

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$e #$

Social Media/Apps 23 29% 1,702.3 55% 9 1157.0 0 0.0 14 545.3 Digital Promotion/Coupon 13 17% 702.9 23% 9 199.4 0 0.0 4 503.5 eCommerce 12 15% 299.5 10% 4 214.5 1 25.0 7 60.0 Mobile Content/Apps 9 12% 125.5 4% 6 100.0 0 0.0 3 25.5 Niche Content 5 6% 75.7 2% 3 40.0 0 0.0 2 35.7 Social Games 5 6% 106.0 3% 3 66.0 0 0.0 2 40.0 Vertical Search 3 4% 30.9 1% 2 25.0 0 0.0 1 5.9 Classifieds/Auctions/P-to-P 2 3% 10.0 0% 2 10.0 0 0.0 0 0.0 Local Search 2 3% 25.0 1% 2 25.0 0 0.0 0 0.0 Web Search/Portals 2 3% 8.8 0% 0 0.0 0 0.0 2 8.8 Comparison Shopping 1 1% 10.0 0% 1 10.0 0 0.0 0 0.0 Digital Place-Based Media 1 1% 12.0 0% 0 0.0 0 0.0 1 12.0 Total 78 100% 3,108.5 100% 41 1,846.9 1 25.0 36 1,236.6

M&A & INVESTMENT SUMMARY JANUARY 2011 10 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $186.21 -3% $83,981.5 $75,866.5 $34,204.0 $1,790.0 5.2% 39.6% 2.2x 42.4x eBay Inc. United States 34.49 -1% 44,780.8 39,972.5 9,156.3 2,837.5 31.0% 4.9% 4.4x 14.1x priceline.com Inc. United States 455.43 -1% 22,359.8 21,400.2 2,895.3 757.3 26.2% 31.5% 7.4x 28.3x Yahoo! Inc. United States 16.62 -13% 21,664.2 18,961.2 6,324.7 1,513.0 23.9% -2.1% 3.0x 12.5x

1-800-Flowers.com Inc. United States $2.79 -24% $178.5 $214.8 $660.9 $29.5 4.5% -1.9% 0.3x 7.3x Ancestry.com Inc. United States 37.23 -1% 1,657.4 1,577.3 278.3 87.6 31.5% 28.1% 5.7x 18.0x AOL, Inc. United States 20.59 -30% 2,197.0 1,481.3 2,416.7 701.2 29.0% -25.8% 0.6x 2.1x BIDZ.com, Inc. United States 1.37 -42% 26.8 21.3 103.2 (0.7) -0.6% -12.6% 0.2x NM Blue Nile Inc . United States 63.66 -1% 915.8 803.3 332.9 24.4 7.3% 10.2% 2.4x 32.9x Bluefly Inc . United States 3.25 -7% 80.0 73.3 84.3 (1.2) -1.4% 0.1% 0.9x NM CyberAgent Inc. Japan 2,961.80 -2% 1,920.3 1,755.9 1,281.8 160.2 12.5% 13.1% 1.4x 11.0x E-Commerce China Dangdang Inc. * China 26.15 -28% 1,557.3 1,561.2 301.6 5.9 1.9% 0.0% 5.2x 266.8x Demand Media, Inc . United States 18.92 -24% 1,550.8 1,521.5 234.8 42.8 18.2% 0.0% 6.5x 35.5x Dena Co. Lt d. Japan 35.03 -7% 5,164.6 4,662.6 1,230.6 643.6 52.3% 152.5% 3.8x 7.2x Drugstore.com Inc. United States 1.88 -52% 199.1 180.1 456.5 5.0 1.1% 10.6% 0.4x 36.1x Ediets.com Inc. United States 0.40 -79% 23.0 22.2 20.3 (9.3) -45.9% 11.7% 1.1x NM Expedia Inc. United States 25.69 -14% 7,117.6 7,596.7 3,348.1 887.4 26.5% 13.3% 2.3x 8.6x Gree, Inc . Japan 15.51 -18% 3,528.4 3,276.3 578.4 293.0 50.7% 94.9% 5.7x 11.2x Hollyypwood Media Corp. United States 1.94 -2% 60.5 31.1 4.0 (()6.2) -156.3% -96.1% 78x7.8x NM HSN, Inc . United States 29.20 -16% 1,686.4 1,761.1 2,920.2 221.2 7.6% 8.6% 0.6x 8.0x Info Edge (India) Ltd. India 10.40 -39% 567.5 482.2 52.8 14.2 26.9% -3.5% 9.1x 33.9x Kongzhong Corp. China 7.00 -30% 246.6 111.3 142.7 14.4 10.1% 15.4% 0.8x 7.7x MakeMyTrip Limited * India 29.70 -31% 1,013.8 961.6 114.5 3.4 3.0% 0.0% 8.4x 282.1x Mixi, Inc. Japan 5,130.83 -35% 794.1 646.2 201.9 42.7 21.2% 27.9% 3.2x 15.1x Monster Worldwide, Inc . United States 16.72 -35% 2,177.0 2,138.3 914.1 49.4 5.4% 1.0% 2.3x 43.3x Move, Inc. United States 2562.56 -11% 405.5 363.5 197.5 13.7 70%7.0% -68%6.8% 181.8x 26.4 x Netflix, Inc . United States 223.20 -1% 11,780.9 11,666.8 2,162.6 321.7 14.9% 29.5% 5.4x 36.3x OpenTable, Inc. United States 91.68 0% 2,110.1 2,067.6 99.0 24.4 24.7% 44.3% 20.9x 84.7x Orbitz Worldwide, Inc. United States 4.81 -37% 492.1 849.1 750.2 140.7 18.8% 1.0% 1.1x 6.0x Overstock.com Inc. United States 14.90 -44% 343.6 317.1 1,063.4 21.2 2.0% 31.6% 0.3x 14.9x PC Connection, Inc. United States 9.40 -5% 250.5 218.0 1,974.2 44.1 2.2% 25.8% 0.1x 4.9x PC Home Online Inc. Taiwan 5.47 -19% 318.3 272.6 316.4 8.8 2.8% 22.3% 0.9x 30.9x PC Mall Inc. United States 7.36 -7% 89.3 144.4 1,279.9 15.9 1.2% 12.7% 0.1x 9.1x RealNet works Inc . United States 3.90 -28% 529.1 199.9 449.4 (13.2) -2.9% -21.1% 0.4x NM Rediff.com India Ltd. India 7.31 -26% 198.8 154.2 21.1 (5.6) -26.4% 14.9% 7.3x NM

M&A & INVESTMENT SUMMARY JANUARY 2011 11 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Sc ripps Interac tive, Inc . United States $49.87 -7% $8,318.9 $8,957.5 $2,067.2 $873.8 42.3% 34.1% 4.3x 10.3x Shutterfly, Inc. United States 44.50 -3% 1,265.4 1,013.1 307.7 46.5 15.1% 24.9% 3.3x 21.8x Sify Technologies India 2.53 -29% 451.2 499.0 151.6 6.9 4.6% 4.5% 3.3x 71.9x Sky-mobi Limited China 9.19 -8% 295.7 262.9 95.7 11.9 12.4% 0.0% 2.7x 22.1x Stamps.com Inc. United States 12.76 -22% 183.1 147.8 85.5 7.6 8.8% 4.2% 1.7x 19.5x TechTarget, Inc. United States 7167.16 -12% 305.4 238.7 91.3 5.1 56%5.6% 16%1.6% 262.6x 46.9 x The Knot, Inc. United States 10.33 -11% 355.1 215.5 112.9 11.9 10.6% 6.1% 1.9x 18.1x TheStreet.com, Inc. United States 3.02 -24% 95.6 59.0 59.0 0.9 1.5% -3.5% 1.0x 67.6x United Online, Inc . United States 6.97 -20% 599.2 786.6 937.4 172.7 18.4% -6.0% 0.8x 4.6x ValueVision Media Inc . United States 7.23 -5% 272.7 269.5 538.7 (9.7) -1.8% 4.2% 0.5x NM WebMD Health Corp. United States 53.55 -2% 3,207.6 2,935.1 504.1 105.7 21.0% 22.8% 5.8x 27.8x WebMediaBrands Inc United States 1.65 -16% 62.1 56.8 8.0 (5.0) -62.5% 10.0% 7.1x NM

Youku.com Inc * China 29.76 -40% 3,135.3 3,241.1 43.1 (16.8) -38.9% 10.0% 75.2x NM

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 3.0 standard deviations above the mean (39.3x) Low 0.1x 2.8x and EBITDA multiples that are 2.0 standard deviations above the mean (178.8x). Mean 5.0x 42.4x Median 2.2x 20.7x Note: Revenue and EBITDA multiples for Amazon, eBay, pric eline, Time Warner and Yahoo! exc luded from Summary Multiples. Weighted Avg 7.6x 31.5x Adj. W Avg* 4.3x 22.0x High 75.2x 303.5x

M&A & INVESTMENT SUMMARY JANUARY 2011 12 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type ($ in Millions)

• With seven transactions for approximately $86 million, Content Management was the most active subsegment in Marketing Technology. Mobile Technology was the highest value subsegment worth approximately $186 million • Select acquisitions › Adobe’s acquisition of Demdex, an online behavioral data provider serving websites and advertisers › Salesforce’s acquisition of DimDim, a browser-based web conferencing and collaboration service provider, for $31 million › The acquisition of ClearSaleing, a provider of advanced advertising analytics and attribution management services, by GSI Commerce, an eCommerce and interactive marketing services provider • Select investments › Intel Capital’ s $10 million investment in [x+1], an online targeting technology provider

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN TransactionsEst. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $

Content Management 7 18% 86.3 12% 4 76.8 0 0.0 3 9.5 Online Targeting/Optimization 5 13% 85.3 12% 1 58.0 0 0.0 4 27.3 Mobile Technology 4 10% 185.7 26% 1 150.0 0 0.0 3 35.7 Commerce Management 3 8% 16.8 2% 2 15.0 0 0.0 1 1.8 Email/Messaging Software 3 8% 46.7 7% 2 46.0 0 0.0 1 0.7 Market Research & Engagement 3 8% 48.5 7% 2 40.0 0 0.0 1 8.5 Web Analytics & Reporting 3 8% 51.8 7% 3 51.8 0 0.0 0 0.0 MktiMarketing Asset Management 2 5% 43.4 6% 1 30.4 0 000.0 1 13.0 SFA/Lead Management 2 5% 29.6 4% 1 25.0 0 0.0 1 4.6 Teleservices/eServices 2 5% 42.6 6% 1 34.0 0 0.0 1 8.6 Content Delivery Network 1 3% 30.0 4% 1 30.0 0 0.0 0 0.0 CRM 1 3% 15.0 2% 1 15.0 0 0.0 0 0.0 Product/Price Software 1 3% 3.0 0% 0 0.0 0 0.0 1 3.0 SEM/SEO tools 1 3% 686.8 1% 0 000.0 0 000.0 1 686.8 Web to Print 1 3% 10.0 1% 1 10.0 0 0.0 0 0.0 Total 39 100% 701.3 100% 21 582.0 0 0.0 18 119.3

M&A & INVESTMENT SUMMARY JANUARY 2011 13 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price % Chg Frm Eqqyuity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $33.57 -10% $16,943.7 $15,998.2 $3,800.0 $1,309.1 34.4% 28.99% 4.2x 12.2x Akamai Technologies Inc. United States 40.75 -25% 7,604.0 6,997.4 1,023.6 390.0 38.1% 19.05% 6.8x 17.9x Autonomy Corp. plc United Kingdom 25.91 -20% 6,275.7 6,034.4 870.4 412.9 47.4% 17.67% 6.9x 14.6x Salesforce.com United States 137.96 -9% 18,127.9 17,855.1 1,554.3 178.3 11.5% 25.24% 11.5x 100.1x

Alterian plc United Kingdom $3.21 -8% $195.4 $182.4 $62.6 $12.0 19.2% 6.35% 2.9x 15.2x Blackbaud Inc. United States 25.97 -10% 1,139.8 1,111.8 327.1 63.4 19.4% 5.74% 3.4x 17.5x Convio, Inc. United States 10.75 -2% 189.3 134.1 69.7 7.0 10.1% 10.55% 1.9x 19.1x DemandTec, Inc. United States 13.56 -3% 422.0 352.7 79.7 (7.0) -8.8% 1.23% 4.4x NM DG Fast Channel, Inc . United States 29.42 -33% 830.8 739.1 228.9 99.5 43.5% 23.48% 3.2x 7.4x Digit al River Inc . United States 35.57 -9% 1,412.1 1,037.7 363.2 44.3 12.2% -10.04% 2.9x 23.5x Informatica Corporation United States 48.94 0% 4,592.7 4,322.4 650.1 153.3 23.6% 29.84% 6.6x 28.2x InnerWorkings Inc. United States 7.12 -8% 325.2 363.6 459.7 19.3 4.2% 1558%.78% 008.8x1888.8x Interactive Intelligence, Inc. United States 36.77 -4% 655.0 569.1 166.3 28.0 16.8% 26.55% 3.4x 20.3x JDA Software Group Inc. United States 29.91 -6% 1,309.0 1,410.1 617.2 147.7 23.9% 59.98% 2.3x 9.5x Keynote Systems Inc. United States 18.00 -8% 277.0 207.8 84.0 9.6 11.5% 4.73% 2.5x 21.5x MediaMind T ec hnologies Inc . United States 12.88 -21% 238.6 141.2 80.8 15.5 19.1% 24.24% 1.7x 9.1x Open Text Corp. Canada 58.37 -2% 3,330.4 3,288.6 937.7 291.3 31.1% 9.72% 3.5x 11.3x PROS Holdings, Inc. United States 11.04 -16% 291.0 235.1 71.0 (2.9) -4.1% 3.29% 3.3x NM Rig htnow Tech nol ogi es Inc. UitdUnited StSttates 26.63 -7% 861.3 759.6 185.5 20.0 10.8% 21.50% 4.1x 38.0x Sage Group plc United Kingdom 4.73 -4% 6,221.1 6,515.1 2,254.0 618.4 27.4% -0.30% 2.9x 10.5x S1 Corporation United States 6.69 -9% 355.8 309.0 216.1 19.8 9.2% -9.25% 1.4x 15.6x S ky - mobi Limit e d China 9.19 -8% 295.7 262.9 95.7 11.9 12.4% 0.00% 2.7x 22.1x smartFOCUS Group Plc United Kingdom 0.24 -14% 23.2 19.7 19.3 1.8 9.6% 16.41% 1.0x 10.6x SoundBite Communications, Inc. United States 2.81 -17% 46.0 10.8 40.0 (2.0) -4.9% -0.68% 0.3x NM Tibco Software, Inc. United States 25.21 -1% 4,148.8 3,944.8 754.0 171.4 22.7% 21.34% 5.2x 23.0x Verint Systems Inc. United States 33.93 -11% 1,248.3 2,004.4 712.7 83.9 11.8% 1.06% 2.8x 23.9x Vocus Inc. * United States 26.15 -8% 510.2 410.1 96.8 0.8 0.9% 14.40% 4.2x 486.5x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (7.3x) Low 0.3x 7.4x and EBITDA multiples that are 2.0 standard deviations above the mean (251.6x). Mean 2.9x 41.6x Median 2.9x 19.0x Note : Revenue and EBITDA multiples for Adobe Systems, Akamai Technologies, Autonomy and Salesforce.com excluded from Summary Multiples. Weighted Avg 3.9x 26.2x Adj. W Avg* 3.9x 18.4x High 6.6x 486.5x

M&A & INVESTMENT SUMMARY JANUARY 2011 14 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type ($ in Millions)

• ERP Software was the most active subsegment with three transactions for $190 million, while the Healthcare- Providers subsegment was the highest value subsegment worth $400 million • Select acquisitions › inVentiv Health’s acquisition of the i3 Clinical Development Businesses of Ingenix, a health care information and technology provider, for a reported $400 million › Information and analytics services provider CoreLogic’s acquisition of RP Data Limited, an Australia-based real estate information company, for $165 million • Select investments › FirstMark Capital’s $6 million venture capital investment in OpenGamma, a provider of analytics and risk management software for the financial services industry

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ ERP Software 3 16% 189.5 19% 2 54.5 0 0.0 1 135.0 Financial So ftware 2 11% 12.2 1% 0 000.0 0 000.0 2 12.2 HC-Providers Software 2 11% 10.0 1% 0 0.0 1 8.0 1 2.0 IT Software 2 11% 24.0 2% 1 21.0 0 0.0 1 3.0 Market Research 2 11% 5.0 0% 2 5.0 0 0.0 0 0.0 Credit/Risk Management 1 5% 165.0 16% 1 165.0 0 0.0 0 0.0 Credit/Risk Software 1 5% 1.0 0% 0 0.0 0 0.0 1 1.0 Financial Consulting 1 5% 30.0 3% 1 30.0 0 0.0 0 0.0 HC-BioPharma Consulting 1 5% 118.8 12% 1 118.8 0 0.0 0 0.0 Healthcare-Providers 1 5% 400.0 39% 1 400.0 0 0.0 0 0.0 HR Software 1 5% 12.2 1% 1 12.2 0 0.0 0 0.0 IT Consulting/Systems Integration 1 5% 30.0 3% 1 30.0 0 0.0 0 0.0 Legal Software 1 5% 25.0 2% 1 25.0 0 0.0 0 0.0 Total 19 100% 1,022.7 100% 12 861.5 1 8.0 6 153.2

M&A & INVESTMENT SUMMARY JANUARY 2011 15 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Rev enue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $8.22 -8% $457.7 $314.8 $91.7 ($3.9) NM 13.6% 3.4x NM Actuate Corporation United States 5.55 -9% 249.4 216.5 131.5 23.6 17.9% 10.2% 1.6x 9.2x Acxiom Corporation United States 17.23 -14% 1,382.1 1,633.0 1,149.5 244.8 21.3% 3.9% 1.4x 6.7x Adobe Systems Inc. United States 33.05 -11% 16,681.3 15,735.7 3,800.0 1,309.1 34.4% 29.0% 4.1x 12.0x Advent Software, Inc. United States 29.56 -6% 1,523.5 1,401.5 274.3 46.0 16.8% 5.6% 5.1x 30.5x Advisory Board Co. United States 49.46 -3% 779.1 746.3 276.4 38.7 14.0% 19.1% 2.7x 19.3x Akamai Technologies Inc. United States 48.32 -12% 8,810.8 8,262.4 977.2 377.6 38.6% 17.2% 8.5x 21.9x Allianc e Data Systems Corporation United States 70.74 -10% 3,678.2 9,629.2 2,791.4 772.4 27.7% 42.1% 3.4x 12.5x Allsc ripts Healthc are Solutions, Inc . United States 21.11 -6% 3,949.7 4,361.0 704.5 125.3 17.8% 28.5% 6.2x 34.8x Alterian plc United Kingdom 3.36 -4% 204.5 191.5 62.6 12.0 19.2% 6.3% 3.1x 15.9x Arbitron Inc. United States 41.69 -7% 1,123.1 1,174.8 385.2 82.1 21.3% 2.2% 3.0x 14.3x athenahealth, Inc. United States 42.94 -13% 1,471.4 1,384.6 230.6 29.8 12.9% 33.9% 6.0x 46.5x Automatic Data Processing, Inc. United States 47.90 -4% 23,624.9 22,318.0 9,268.8 2,073.2 22.4% 5.7% 2.4x 10.8x Autonomy Corp. plc United Kingdom 23.98 -26% 5,807.6 5,606.1 870.4 412.9 47.4% 17.7% 6.4x 13.6x Aveva Group plc United Kingdom 26.48 -3% 1,799.9 1,575.2 246.5 83.0 33.7% -1.4% 6.4x 19.0x Blackbaud Inc. United States 26.29 -8% 1,153.8 1,128.0 319.1 63.2 19.8% 2.7% 3.5x 17.9x Blac kboard Inc . United States 38.86 -15% 1,336.6 1,411.0 447.3 92.4 20.7% 18.7% 3.2x 15.3x Booz Allen Hamilton Inc . United States 18.66 -10% 2,345.6 3,454.0 5,323.1 328.5 6.2% 0.0% 0.6x 10.5x Brainjuic er Group Plc United Kingdom 3.40 -9% 42.3 39.7 21.2 3.0 14.1% 38.9% 1.9x 13.3x Broadridge Financial Solutions Inc. United States 22.89 -5% 2,861.8 3,003.8 2,192.4 387.1 17.7% 6.6% 1.4x 7.8x Cegedim SA France 62.79 -27% 876.7 1,497.6 1,091.7 211.1 19.3% 2.4% 1.4x 7.1x Cello Group Plc United Kingdom 0.99 -3% 61.3 80.7 198.6 10.7 5.4% 4.5% 0.4x 7.6x Cerner Corp. United States 98.85 -2% 8,190.0 7,743.9 1,816.3 474.2 26.1% 8.7% 4.3x 16.3x Cision AB Sweden 0.88 -33% 130.7 209.2 173.7 16.9 9.8% -28.5% 1.2x 12.3x Compuware Corporation United States 10.72 -12% 2,348.0 2,266.1 909.4 197.0 21.7% -0.7% 2.5x 11.5x comScore, Inc. United States 23.96 -7% 752.9 723.9 157.6 17.6 11.2% 25.6% 4.6x 41.1x Concur Technologies, Inc. United States 51.03 -10% 2,682.2 2,279.7 305.5 64.0 21.0% 19.0% 7.5x 35.6x Constant Contact, Inc. United States 27.99 -13% 813.2 691.2 174.2 14.4 8.3% 35.0% 4.0x 48.0x Convio, Inc. United States 9.09 -17% 158.6 105.9 69.7 7.0 10.1% 10.6% 1.5x 15.1x First American Corporation United States 20.05 -46% 2,346.0 2,549.4 5,917.4 659.9 11.2% 110.6% 0.4x 3.9x Corporate Executive Board Co. United States 38.86 -5% 1,333.0 1,250.8 429.8 102.6 23.9% -8.9% 2.9x 12.2x CoStar Group Inc. United States 56.28 -6% 1,167.6 965.0 222.7 38.7 17.4% 7.1% 4.3x 25.0x CRA Int ernati onal Inc. UitdUnited StSttates 24.28 -16% 263.8 183.3 287.4 24.9 8.7% -4.7% 0.6x 7.4x Craneware plc United Kingdom 9.28 -6% 241.0 209.5 28.4 7.2 25.5% 23.5% 7.4x 28.9x DemandT ec , Inc . United States 12.05 -13% 375.0 305.7 79.7 (7.0) NM 1.2% 3.8x NM DG FastChannel, Inc. United States 27.41 -38% 774.0 682.4 228.9 99.5 43.5% 23.5% 3.0x 6.9x Digit al River Inc . United States 31.74 -19% 1,260.0 885.7 363.2 44.3 12.2% -10.0% 2.4x 20.0x Dun & Bradstreet Corp. United States 84.95 -2% 4,231.5 5,121.3 1,676.6 488.3 29.1% -0.6% 3.1x 10.5x Ebix Inc. United States 22.55 -20% 818.6 843.7 128.4 57.4 44.7% 48.4% 6.6x 14.7x Epicor Software Corporation United States 10.36 -8% 656.4 795.5 435.0 57.2 13.1% 3.6% 1.8x 13.9x EPIQ Systems, Inc . United States 12.85 -8% 471.5 486.6 233.8 54.4 23.3% -58%5.8% 212.1x 898.9x Equifax Inc. United States 35.72 -4% 4,407.9 5,316.6 1,921.4 613.0 31.9% 11.2% 2.8x 8.7x Envestnet, Inc. United States 14.25 -19% 447.0 383.7 92.2 9.9 10.8% 0.0% 4.2x 38.7x Experian plc Ireland 12.42 -6% 12,332.7 14,187.0 4,007.0 1,191.0 29.7% 7.4% 3.5x 11.9x

M&A & INVESTMENT SUMMARY JANUARY 2011 16 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA FactSet Research Systems Inc. United States $100.80 -2% $4,671.8 $4,469.4 $659.1 $264.6 40.1% 6.0% 6.8x 16.9x Fair Isaac Corp. United States 25.38 -6% 1,012.8 1,289.5 610.1 143.1 23.5% -1.4% 2.1x 9.0x Fidelity National Information Services, Inc . United States 30.43 -3% 9,158.2 14,053.8 5,214.6 1,386.5 26.6% 59.4% 2.7x 10.1x Fidessa group plc United Kingdom 24.64 -13% 873.1 809.3 375.6 80.3 21.4% 14.0% 2.2x 10.1x Financial Engines, Inc. United States 22.68 -7% 951.1 851.6 104.8 12.7 12.1% 34.6% 8.1x 66.9x Forrester Research Inc. United States 35.64 -4% 799.3 524.2 245.1 42.1 17.2% 4.4% 2.1x 12.4x FTI Consulting, Inc. United States 36.47 -21% 1,693.7 2,173.2 1,388.2 290.3 20.9% 0.6% 1.6x 7.5x Gartner Inc . United States 35.42 -3% 3,404.5 3,561.6 1,235.0 173.5 14.0% 6.6% 2.9x 20.5x GfK Aktiengesellsc haft Germany 51.76 -7% 1,877.7 2,471.3 1,707.0 263.1 15.4% 6.8% 1.4x 9.4x Harris Interac tive Inc . United States 1.13 -24% 61.5 61.2 166.8 6.0 3.6% -0.1% 0.4x 10.2x Harte- Hanks Inc . United States 12.47 -21% 793.4 923.6 860.5 114.5 13.3% 0.0% 1.1x 8.1x IHS Inc . United States 81.96 -4% 5,271.3 5,364.7 1,075.5 255.2 23.7% 11.2% 5.0x 21.0x Informa plc Switzerland 6.91 -5% 4,139.0 5,590.8 1,810.3 475.0 26.2% -6.0% 3.1x 11.8x Informatica Corporation United States 46.40 -4% 4,354.3 4,084.1 650.1 153.3 23.6% 29.8% 6.3x 26.6x Information Services Group, Inc . United States 1.91 -48% 61.3 90.3 134.9 15.1 11.2% -0.6% 0.7x 6.0x InnerWorkings Inc. United States 6.30 -18% 287.8 326.1 459.7 19.3 4.2% 15.8% 0.7x 16.9x Interac tive Intelligenc e, Inc . United States 32.73 -12% 583.1 497.2 166.3 28.0 16.8% 26.6% 3.0x 17.8x International Datac asting Corporation Canada 0.39 -22% 23.3 15.1 29.2 (0.2) NM 30.1% 0.5x NM Ipsos SA France 48.59 -4% 1,655.4 1,997.3 1,258.3 157.6 12.5% 6.3% 1.6x 12.7x Isoftstone Holdings Limited China 18.73 -12% 943.6 956.9 179.6 13.2 7.4% 0.0% 5.3x 72.4x JDA Software Group Inc. United States 30.18 -5% 1,320.8 1,421.0 617.2 147.7 23.9% 60.0% 2.3x 9.6x Kenexa Corp. United States 20.74 -11% 472.4 409.9 174.4 14.3 8.2% 6.5% 2.4x 28.7x Keynote Systems Inc. United States 17.43 -11% 265.1 195.9 84.0 9.8 11.6% 4.7% 2.3x 20.1x Lawson Software, Inc. United States 9.40 -8% 1,538.0 1,476.7 745.1 123.7 16.6% 4.4% 2.0x 11.9x LECG Corporation United States 1.58 -57% 60.4 112.5 297.0 (7.8) NM 11.3% 0.4x NM Lender Processing Services, Inc. United States 31.74 -24% 2,898.5 4,111.5 2,456.3 665.5 27.1% 3.6% 1.7x 6.2x Macdonald Dettwiler & Associates Ltd. Canada 48.41 -12% 1,987.4 1,998.4 973.2 191.8 19.7% -3.5% 2.1x 10.4x MedAssets, Inc. United States 19.63 -22% 1,139.6 1,324.5 380.1 108.5 28.5% 15.4% 3.5x 12.2x MediaMind Technologies Inc. United States 15.13 -6% 280.3 186.4 77.4 14.1 18.2% 0.0% 2.4x 13.2x Mediware Information Systems Inc . United States 11.11 -5% 89.1 65.2 51.8 8.1 15.6% 22.2% 1.3x 8.1x Merge Healthc are Inc orporated. United States 4.28 -14% 356.5 553.7 113.4 19.5 17.2% 81.1% 4.9x 28.3x Misys plc United Kingdom 5.44 -2% 1,990.6 610.3 1,222.3 247.6 20.3% 37.5% 0.5x 2.5x Moody's Corp. United States 29.37 -5% 6,878.5 7,354.2 2,032.0 838.4 41.3% 13.1% 3.6x 8.8x Morningstar Inc . United States 53.42 -5% 2,653.2 2,314.9 526.8 149.8 28.4% 10.8% 4.4x 15.5x MSCI Inc. United States 34.23 -16% 4,097.3 5,061.4 662.9 295.2 44.5% 49.7% 7.6x 17.1x National Researc h Corp. United States 30.10 -15% 200.7 214.1 61.4 19.2 31.2% 9.5% 3.5x 11.2x Navigant Consulting Inc. United States 10.19 -30% 509.5 705.3 703.7 83.3 11.8% -0.5% 1.0x 8.5x Onvia Inc. United States 4.31 -49% 36.3 25.4 27.5 2.7 10.0% 13.3% 0.9x 9.2x Open Text Corp. Canada 49.39 -17% 2,815.2 2,730.2 937.7 291.3 31.1% 9.7% 2.9x 9.4x OpenTable, Inc. * United States 78.62 -9% 1,809.5 1,721.6 87.4 22.2 25.5% 36.6% 19.7x 77.4x PtiParametric TThlechnology CCtiorporation UitdUnited StSttates 22.23 -12% 2,623 .8 2,440 .9 1,018 .2 129.9 12.8% 6.5% 2.4x 18.8x Paychex Inc. United States 32.00 -4% 11,573.9 11,110.4 2,034.3 831.2 40.9% 0.6% 5.5x 13.4x PROS Holdings, Inc . * United States 9.98 -24% 261.3 208.3 67.8 0.9 1.3% -5.4% 3.1x 227.9x Qlik Tec hnologies, Inc . United States 23.21 -21% 1,804.9 1,648.7 207.0 33.5 16.2% 0.0% 8.0x 49.2x

M&A & INVESTMENT SUMMARY JANUARY 2011 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent.LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Quality Systems Inc. United States $79.84 -1% $2,311.9 $2,193.7 $334.8 $91.7 27.4% 19.9% 6.6x 23.9x RealPage, Inc . United States 27.39 -20% 1,839.4 1,841.7 172.4 24.1 14.0% 0.0% 10.7x 76.4x Reed Elsevier plc * United Kingdom 8.86 -4% 10,762.1 - - - NM 0.0% NA NA Reis, Inc . United States 6.82 -6% 71.5 64.7 27.6 4.1 14.8% -16.7% 2.3x 15.8x Right now T ec hnologies Inc . United States 25.93 -9% 838.7 729.6 185.5 20.0 10.8% 21.5% 3.9x 36.5x S1 Corporation United States 6.44 -12% 342.6 295.7 216.1 19.8 9.2% -9.2% 1.4x 14.9x Sage Group plc United Kingdom 4.73 -4% 6,234.6 6,526.8 2,254.0 573.9 25.5% -0.3% 2.9x 11.4x Salesforce.com * United States 129.14 -15% 16,969.0 16,696.1 1,554.3 178.3 11.5% 25.2% 10.7x 93.6x smartFOCUS Group Plc United Kingdom 0.24 -14% 23.1 19.6 19.3 1.8 9.6% 16.4% 1.0x 10.6x Solera Holdings Inc. United States 52.33 -5% 3,676.1 4,076.7 644.3 274.7 42.6% 7.8% 6.3x 14.8x SPS Commerce, Inc. United States 15.88 -5% 186.2 147.2 42.7 4.9 11.4% 19.0% 3.5x 30.3x SS&C Tec hnologies Holdings, Inc . United States 18.07 -18% 1,305.9 1,510.5 313.8 117.5 37.4% 17.0% 4.8x 12.9x Streamline Health Solutions, Inc. United States 1.86 -32% 18.2 20.2 19.0 1.1 5.6% 24.0% 1.1x 18.8x SuccessFactors, Inc. United States 29.12 -11% 2,211.8 1,877.4 188.0 (7.6) NM 30.7% 10.0x NM Taleo Corp. United States 29.46 -10% 1,192.2 928.3 220.6 28.0 12.7% 12.6% 4.2x 33.2x Temenos Group AG Switzerland 39.38 -5% 2,802.4 2,948.5 416.8 99.0 23.8% 11.5% 7.1x 29.8x The Dolan Company United States 13.71 -9% 418.3 573.7 304.2 86.8 28.5% 20.6% 1.9x 6.6x The Hackett Group, Inc. United States 3.49 -22% 146.0 122.8 187.3 9.8 5.3% 19.4% 0.7x 12.5x The Mc Graw-Hill Companies, Inc . United States 38.98 -1% 11,966.9 11,893.5 6,168.3 1,607.2 26.1% 3.6% 1.9x 7.4x Thomson Reuters Corporation United States 39.94 -5% 33,241.5 40,452.0 12,969.0 2,898.0 22.3% -0.5% 3.1x 14.0x Tibco Software, Inc. United States 21.98 -10% 3,617.2 3,413.3 754.0 171.4 22.7% 21.3% 4.5x 19.9x Toluna plc United Kingdom 3.94 -10% 199.1 185.0 107.8 27.6 25.6% 164.5% 1.7x 6.7x Ultimate Software Group, Inc. United States 48.60 -15% 1,229.4 1,196.1 219.9 14.9 6.8% 13.5% 5.4x 80.4x Verint Systems Inc. United States 34.46 -10% 1,267.8 2,023.9 712.7 83.9 11.8% 1.1% 2.8x 24.1x Verisk Analytics, Inc. United States 33.83 -4% 5,828.0 6,245.6 1,110.3 484.0 43.6% 11.8% 5.6x 12.9x Vital Images Inc . * United States 13.29 -21% 186.4 60.9 59.4 0.4 0.7% -0.9% 1.0x 154.6x Vocus Inc. * United States 25.93 -9% 505.9 413.1 92.8 2.3 2.4% 11.6% 4.5x 183.2x Wolters Kluwer NV Netherlands 22.93 -3% 6,831.7 9,764.8 4,215.6 882.9 20.9% -1.5% 2.3x 11.1x YouGov PLC United Kingdom 0.79 -7% 76.8 57.9 69.4 6.8 9.8% -0.2% 0.8x 8.5x

Summary Multiples

*Calc ulation is market c ap weighted and excludes revenue multiples that are 9.3 standard deviations above the mean (27.1x) Low 0.4x 2.5x and EBITDA multiples that are 12.1 standard deviations above the mean (153.2x). Mean 3.5x 24.3x Median 2.9x 13.7x Weighted Avg 4.2x 19.8x Adj. W Avg* 4.3x 16.0x High 19.7x 227.9x

M&A & INVESTMENT SUMMARY JANUARY 2011 18 MARKETING SERVICES Transactions by Segment and Buyer Type ($ in Millions)

• Printer and Retail Merchandising were the most active subsegments in Marketing Services with three transactions each. The highest value subsegment, with approximately $2.4 billion in value, was Retail Merchandising • Select acquisitions › THL Partners’ acquisition of Acosta Sales & Marketing, a full-service sales and marketing agency focused on the consumer packaged goods industry › The Riverside Company’s announced acquisition of Canada-based Pareto Corp., a shopper marketing company, for approximately $126 million › Convio’s acquistion of StrategicOne, an analytics, predictive modeling, and database marketing services provider for $5 million

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Printer 3 27% 55.0 2% 3 55.0 0 0.0 0 0.0 Retail Merchandising 3 27% 2,375.6 93% 1 50.0 2 2,325.6 0 0.0 Contract Sales Force 2 18% 118.8 5% 0 0.0 1 85.0 1 33.8 Loyalty/Retention 2 18% 12.7 0% 1 10.0 0 0.0 1 2.7 Database/Analytics 1 9% 5.0 0% 1 5.0 0 0.0 0 0.0 Total 11 100% 2,567.1 100% 6 120.0 3 2,410.6 2 36.5

M&A & INVESTMENT SUMMARY JANUARY 2011 19 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Pri ce Chg % From EitEquity EtEnt. LTM LTM Margi n LTM LTM Multi pl es Company Name Headquarters 01/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.25 -14% $1,386.0 $1,636.9 $1,149.5 $244.8 21.3% 3.9% 1.4x 6.7x Alliance Data Systems Corporation * United States 76.51 -2% 3,978.2 10,228.1 2,791.4 772.4 27.7% 42.1% 3.7x 13.2x AMREP Corp. United States 12.75 -19% 76.4 73.6 106.5 6.8 6.4% -20.7% 0.7x 10.8x Cenveo Inc. United States 5.52 -61% 346.2 1,593.8 1,811.2 185.0 10.2% 2.0% 0.9x 8.6x Consolidated Graphics, Inc. United States 55.59 0% 628.3 813.5 1,032.9 130.8 12.7% 3.2% 0.8x 6.2x Convergys Corporation United States 13.80 -6% 1,681 .3 1,705 .5 2,203 .4 230.6 10.5% -22.1% 080.8x 747.4x DST Systems Inc. United States 48.78 0% 2,250.4 3,167.6 2,299.1 489.6 21.3% 3.1% 1.4x 6.5x Fair Isaac Corp. United States 25.21 -7% 1,006.0 1,282.7 610.1 143.1 23.5% -1.4% 2.1x 9.0x Groupe Aeroplan Inc. Canada 13.86 -3% 2,592.3 2,534.0 1,812.0 153.4 8.5% 29.7% 1.4x 16.5x GSI Commerc e Inc . * United States 22.40 -29% 1,489.4 1,605.9 1,251.2 84.0 6.7% 29.6% 1.3x 19.1x Hart e- Hanks Inc . United States 12.31 -22% 783.2 913.4 860.5 114.5 13.3% 0.0% 1.1x 8.0x Innotrac Corp. United States 1.50 -14% 18.5 18.1 77.7 (0.1) NM -32.9% 0.2x NM PtPareto Corp. CdCanada 2722.72 -7% 96.6 117.0 87.2 11.1 12.7% 24.1% 1.3x 10.6x Quad/Graphics, Inc. United States 44.10 -12% 2,075.8 3,847.9 2,519.2 365.1 14.5% 0.0% 1.5x 10.5x R.R. Donnelley & Sons Company United States 18.44 -19% 3,803.7 6,509.4 9,894.9 1,249.8 12.6% -1.7% 0.7x 5.2x StarTek, Inc. United States 5.52 -30% 83.4 62.1 273.2 7.2 2.6% -5.7% 0.2x 8.7x Sykes Enterprises, Incorporated United States 19.76 -20% 925.8 719.7 1,101.8 119.0 10.8% 33.3% 0.7x 6.0x Team Precision Public Co. Ltd. Thailand 0.08 -29% 43.4 46.5 61.9 3.1 5.1% 24.8% 0.8x 14.8x Teleperformance France 38.00 -1% 2,148.3 2,099.9 2,318.2 251.7 10.9% 1.6% 0.9x 8.3x TeleTech Holdings Inc. United States 22.33 -1% 1,320.1 1,168.6 1,095.3 154.0 14.1% -9.7% 1.1x 7.6x Transcontinental Inc. Canada 16.65 -4% 1,353.0 2,152.8 2,052.4 399.0 19.4% -3.6% 1.0x 5.4x Viad Corp United States 23.05 -16% 465.4 330.7 844.8 36.8 4.4% 4.8% 0.4x 9.0x Vistaprint N.V. Netherlands 53.37 -15% 2,284.0 2,106.4 734.9 123.9 16.9% 22.0% 2.9x 17.0x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (3.6x) Low 0.2x 5.2x and EBITDA multiples that are 2.0 standard deviations above the mean (17.7x) . Mean 121.2x 989.8x Median 1.0x 8.6x Weighted Avg 1.6x 10.1x Adj. W Avg* 1.3x 9.6x High 3.7x 19.1x

M&A & INVESTMENT SUMMARY JANUARY 2011 20 JANUARY SUMMARY TRADING VALUATION INFORMATION

Current Summary Trading Valuation

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.0x 1.1x 2.8x 2.8x Agency/Consulting 1.1x 1.3x 1.3x 1.3x Digital Media/Commerce 5.0x 2.2x 7.6x 4.3x Marketing Technology 2.9x 2.9x 3.9x 3.9x Software & Information 3.6x 2.9x 4.2x 4.2x Marketing Servic es 1.2x 1.0x 1.6x 1.2x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 14.0x 12.2x 13.3x 12.4x Agency/Consulting 10.5x 9.7x 10.2x 10.1x Digital Media/Commerce 42.4x 20.7x 31.5x 22.0x Marketing Technology 41.6x 19.0x 26.2x 18.4x Software & Information 25.5x 14.6x 17.6x 17.6x Marketing Servic es 9.5x 8.7x 9.8x 9.2x

As of close of business on 01/31/11.

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

M&A & INVESTMENT SUMMARY JANUARY 2011 21 PPLLC INDICES – TTM as of 01/31/11

25 50

20 Index Performance Index Performance • S&P 500 –  18.1% 40 15 e (%) e (%) • S&P 500 –  18.1% cc cc • Digit al Adverti s ing –  44%4.4% 10 30 • Marketing  5 Technology – 41.6% 20 0

-5 10

-10 0 Index Performan -15 Index Performan

-20 -10 2/1/10 4/1/10 6/1/10 8/1/10 10/1/10 12/1/10 2/1/10 4/1/10 6/1/10 8/1/10 10/1/10 12/1/10

S&P 500 Digital Advertising S&P 500 Marketing Technology

40 30

35 Index Performance Index Performance 25 • S&P 500 –  18.1% • S&P 500 –  18.1% 30

e (%) e (%) 20

cc • Agency/Consulting –  30.8% cc • Software & 25

15 Information –  26.7% 20

15 10

10 5

5 0 0

-5 Index Performan -5 Index Performan

-10 -10 2/1/10 4/1/10 6/1/10 8/1/10 10/1/10 12/1/10 2/1/10 4/1/10 6/1/10 8/1/10 10/1/10 12/1/10

S&P 500 Agency/Consulting S&P 500 Software & Information

50 25 Index Performance Index Performance 20 40 • S&P 500 –  18.1% • S&P 500 –  18.1% 15 e (%) • Digital Media/ e (%) • Marketing 10 30 Commerce –  44.3% Services –  7.3% 5

20 0

-5 10 -10

-15 0 Index Performanc Index Performanc -20

-10 -25 2/1/10 4/1/10 6/1/10 8/1/10 10/1/10 12/1/10 2/1/10 4/1/10 6/1/10 8/1/10 10/1/10 12/1/10

S&P 500 Digital Media/Commerce S&P 500 Marketing Services

M&A & INVESTMENT SUMMARY JANUARY 2011 22 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed Ingenix, i3 Clinical Development Businesses inVentiv Health, Inc. $400.0 LOVEFiLM International Ltd. Amazon.com, Inc. 191.1 RP Data Limited CoreLogic, Inc. 165.0 Adenyo, Inc. Motricity, Inc. 100.0 GoViral Limited AOL Europe 96.7 Tripit, Inc. Concur Technologies, Inc. 82.0 Presidium Learning, Inc. Blackboard, Inc. 53.0 Spreets Pty Ltd. Yahoo!7 Pty Ltd. 39.4 Q-go.com b.v. RightNow Technologies, Inc. 34.0 DimDim Salesforce.com 31.0 Immunet Sourcefire, Inc. 21.0 Cytiva Taleo Corporation 12.2 fflick Google, Inc. 10.0 TrackSimple, Inc. BlueKai, Inc. 6.8 Televerde Main Street Capital Partners 6.3 Planet Calypso, Mindark SEE Virtual Worlds 6.0 StrategicOne, LLC Convio, Inc. 5.0 Jinni Media, Ltd. Belgacom SA 5.0 Edumedia Software Solutions Corporation Axiologix Education Corporation 1.5 kwkly Market Leader, Inc. 1.2

Strategic Undisclosed

10Best.com NileGuide - 8touches R.R. Donnelley - AdvisorConnect linked FA, Inc. - Allurent, Inc. Jenzabar, Inc. - AMP Experiential Marketing Unit Brite Media Group - Aptana, Inc. Appcelerator, Inc. - Area/Code Zynga Game Network, Inc. - BitGravity, Inc. Tata Communications Limited - Campbell Alliance Group, Inc. inVentiv Health, Inc. - CardMunch LinkedIn Corporation - ClearSaleing, Inc. GSI Commerce, Inc. - Cloudomatic zferral, LLC - Compass Management Consulting Ltd. Information Services Group, Inc. - DilmotionDailymotion OngeOrange SA - damntheradio, inc. Fanbridge, Inc. - DealerUps eCarList -

M&A & INVESTMENT SUMMARY JANUARY 2011 23 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Demdex, Inc. Adobe Systems, Inc. - DirectPointe - Printing & Imaging Printelligent - Echofon UberMedia - Ega Offset Bong Ljungdahl - Epik One, Inc. Dealer.com - EUFreelance.com Freelancer.com - FastRoofingBids.com Reply!, Inc. - FastRoofingLeads.com Reply!, Inc. - Firstborn Multimedia Corporation Dentsu Network West - FlightCaster Next Jump, Inc. - Freelancer.de Freelancer.com - Grouper Groupon, Inc. - Groupmore Groupon, Inc. - Hammond Associates Mercer Investment Consulting, Inc. - Helicopter, LLC One Kings Lane, Inc. - How Fast Time Flies MyPublisher, Inc. - Hypertag Proxama Ltd. - iHound Mobile SafetyWeb, Inc. - Image Impact Repucom International - Innovectra Corporation ImmersiFind, Inc. - In-Stat, Inc. The NPD Group, Inc. - Intelecare Compliance Solutions, Inc. Remedy Health Media, LLC - Internet Broadcasting Local Network Unit Cox Digital Solutions - iTwango Local.com Corporation - Kewego SA KIT digital, Inc. - KickApps Corporation KIT digital, Inc. - KMA Direct Communications The Pursuant Group - Kyte, Inc. KIT digital, Inc. - LeadToRealty.com Reply!, Inc. - Let's Bonus LivingSocial.com - LogicBuy Ziff Davis Media, Inc. - Loginza Yandex - Mamaloot FamilyFinds - Media Salvation Rentrak Corporation - Mixx.com UberMedia - myID.com SafetyWeb, Inc.- MyPraize Left Behind Games, Inc. - MyThum Interactive, Inc. Olson - Nancy Bailey and Associates Beanstalk Group, Inc. -

M&A & INVESTMENT SUMMARY JANUARY 2011 24 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed NewTide Group OuterBox Solutions, Inc. - ObjectiveMarketer, Inc. E-mail Vision - PlIdemic RockYou - Plixi Lockerz, LLC - PPR Greater China Racepoint Group, Inc. - Qik, Inc. Skype Technologies SA - RAZOR Advertising Agency NSI Marketing Services, Inc. - Rel8tion Facebook - Reviewed.com USA TodI - Revyv, LLC General Cannabis, Inc. - Rockhouse Partners, LLC Etix.com - Saga Inc. Client Profiles, Inc. - Sarvis, Inc. AddSlCdvantage Armed Forces Sales, LLC - Scrapblog, Inc. Mixbook - Sellpoint, Inc. MMV Financial Inc. - SendLabs Dynamic Network Services, Inc. - ShopWiki Corporation Oversee.net - SINow Corporation Google, Inc. - Socialistic Havas - SoSasta.com Groupon, Inc. - Spring Wirtz Und Pischke Kantar Media - Steketee Greiner & Company Agent X - Techlightenment Limited Experian plc - The Ad Ranch Catapult Systems, Inc. - Total Response, Inc. Consolidated Graphics, Inc. - Twangoo Groupon, Inc. - UberTwitter UberMedia - Vendemore AB Bisnode AB - Vesdia Corporation Cartera Commerce, Inc - Virilion, Inc. RepEquity, Inc. - Zoombu Limited Skyscanner Limited -

M&A & INVESTMENT SUMMARY JANUARY 2011 25 ALL SEGMENTS

Buyouts & Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Pareto Corporation The Riverside Company $129.1

Buyout Deals Undisclosed

Acosta Sales & Marketing, Inc. Thomas H. Lee & Company CareFacts Information Systems The Riverside Company - Clear Link Technologies LLC Pamlico Capital - Conisus, LLC Webster Capital - MMA Warehouse, LLC P.A.G. Capital Partners, LLC -

VC/Growth Capital Values Disclosed Facebook Goldman Sachs & Co. $1,000.0 Facebook Goldman Sachs & Co. 450.0 Groupon, Inc. Andreessen Horowitz Fund 450.0 Adknowledge, Inc. JMI Equity Fund 200.0 OSIsoft, LLC Technology Crossover Ventures 135.0 Facebook Mail.Ru 50.0 Ybrant Digital, Inc. Oak India Investments 48.0 AdKeeper Oak Investment Partners 35.0 Cheezburger Network Foundry Group 30.0 Dachis Group Austin Ventures 30.0 Kabam Redpoint Ventures 30.0 Millennial Media, Inc. Bessemer Venture Partners 27.5 TapJoy, Inc. Rho Capital Partners, Inc. 21.0 Turn, Inc. Focus Ventures 20.0 Kony Solutions Insight Venture Partners 19.1 Rdio, Inc. Mangrove Capital Partners 17.5 Flat World Knowledge, LLC Bertelsmann Digital Media Investments 15.0 Komli Media Norwest Venture Partners 15.0 BInote, Inc. Hummer Winblad Venture Partners 13.0 Scribd, Inc. MLC Investments Limited 13.0 Access 360 Media, Inc. Columbia Capital Corporation 12.0 Auditude, Inc. Granite Ventures, LLC 11.0 GroupMe Khosla Ventures 10.6 [x+1] Intel Capital 10.0 Monster Offers Auctus Private Equity Management, Inc. 10.0 OMGPOP, Inc. Spark Capital 10.0 33Across, Inc. Flybridge Capital Partners 9.0 Perfect Market, Inc. Comcast Interactive Capital 9.0 Five9, Inc. Adams Street Partners, LLC 8.6 Klout, Inc. Kleiner, Perkins, Caufield & Byers 8.5

M&A & INVESTMENT SUMMARY JANUARY 2011 26 ALL SEGMENTS

Buyouts & Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Plum District, Inc. Kleiner, Perkins, Caufield & Byers $8.5 Snap Interactive, Inc. (Unnamed Fund Contibuters) 8.5 Thrift Recycling Management QuestMark Partners 8.5 eToro Spark Capital 8.3 Neuralitic, Inc. Blackberry Partners Fund 8.0 Qwiki, Inc. Greylock Management 808.0 Targetspot, Inc. Union Square Ventures 8.0 Voddler AB Nokia Growth Partners 8.0 Smaato, Inc. Aeris Capital AG 7.0 Searchmetrics GmbH Holtzbrinck Ventures GmbH 6.8 Crowd Factory Hummer Winblad Venture Partners 6.5 RentJuice Corporation Highland Capital Partners 6.2 appMobi (Unnamed Fund Contibuters) 6.0 LetsBuy.com Helion Venture Partners 6.0 OpenGamma Limited FirstMark Capital 6.0 Hipmunk, Inc. (Unnamed Fund Contibuters) 5.9 Narrative Science Inc. Battery Ventures 5.7 LibreDigital, Inc. (Unnamed Fund Contibuters) 5.4 Vook, Inc. VantagePoint Venture Partners 5.3 Adteractive, Inc. (Unnamed Fund Contibuters) 5.1 Celtra Technologies, Inc. GrandBanks Capital, Inc. 5.0 ReachForce, Inc. MK Capital Management LLC 4.6 SoCoCo (Unnamed Fund Contibuters) 424.2 Korrio, Inc. Ignition Partners LLC 3.3 FitOrbit Spark Capital 3.2 Assistly, Inc. Index Ventures 3.0 ChaCha Search, Inc. QUALCOMM Ventures 3.0 CQuotient, Inc. Bain Capital, LLC 3.0 Foodspotting, Inc. BlueRun Ventures 3.0 Graphic.ly DFJ Mercury 3.0 trueAnthem, Inc. (Unnamed Fund Contibuters) 2.9 UsingMiles (Unnamed Fund Contibuters) 2.7 RootMusic (Unnamed Fund Contibuters) 2.3 TagMan Greycroft LLC 2.3 Digital Assent LLC ImlI Investments 2.0 Fanbridge, Inc. SoftTech VC, Inc. 2.0 Film Fresh Inc. (Unnamed Fund Contibuters) 2.0 IgnitAd Ltd. Tamir Fishman Ventures 2.0 KnowledgeVision Systems, Inc. GrandBanks Capital, Inc. 2.0 Wavii, Inc. (Unnamed Fund Contibuters) 202.0 SohoOS Mangrove Capital Partners 1.8 Miso Media Google Ventures 1.5 Storenvy, LLC Spark Capital 1.5

M&A & INVESTMENT SUMMARY JANUARY 2011 27 ALL SEGMENTS

Buyouts & Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed ClearRisk, Inc. Growthworks Capital Limited $1.0 OnSwipe Spark Capital 1.0 AffinityClick, Inc. Cassandra Capital L.P. 0.9 Parse.ly Blumberg Capital 0.8 vMobo, Inc. (Unnamed Fund Contibuters) 0.7

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Undisclosed Beauty Ticket, LLC Crescent Venture Investors - Campus Explorer, Inc. Vicente Capital Partners - SoundCloud Ltd. Index Ventures - StrikeAd eValue AG - Total Attorneys, LLC BIA Digital Partners LP - Viamedia, Inc. Lake Capital Management, LLC -

M&A & INVESTMENT SUMMARY JANUARY 2011 28 REPRESENTATIVE TRANSACTIONS

Selected 2011 and 2010 Transactions

has sold the one of Europe’s leading online one of North America’s largest has agreed to be Experiential Marketing a leading online video advertising networks mobile marketing and gateway acquired by has received a majority Business of advertising network solution providers investment from has partnered with has been sold to has been sold to has received a growth capital investment from

a portfolio company of to to form a joint venture KRG Capital Partners Announced CentrSource Canada

a leading has sold a digital communications agency a premier provider of a division of with a proprietary software benchmark-based advisory performance-based a provider of multichannel platform serving services to the advertising network marketing software has agreed to acquire biopharmaceutical companies a leading national in-store pharmaceutical and biotech services advertising network and shopper has been sold to industry has been sold to marketing company has acquired to has been sold to has been acquired by

New Digital

Grouphas sold one of Europe’s largest independent providers of has sold the assets of a leadinggg marketing di gi tal d irect ma rket ing has sold its fulfillment and database a leading online community for services for customer database management has been sold to and data analytics solution automotive enthusiasts acquisition and retention divisions to provider refinancing of debt and social networking technology platform has received a majority to has been sold to facilities to investment from The Dialogue Company a leading fulfillment and direct marketing organization

Selected 2009 Transactions

(NASDAQ: TREE) a global marketing services company (NASDAQ: TREE) has sold has sold has acquired certain assets of has acquired certain assets of a portfolio company of a leading direct response has been acquired by television media company MIVA Media a leading pay–per–click has received a major contextual online advertising an interactive direct marketing investment from network a movie review and consumer in a combination that creates an online directory service has divested one of its company specializing in providing trusted lead generation entertainment site the world’s leading loyalty lead generation for the for–profit, marketing services divisions management provider and marketing services for home to post–secondary education market improvement professionals across from the country

M&A & INVESTMENT SUMMARY JANUARY 2011 29 Petsky Prunier: Expertise. Commitment. Results.

• Found ed in 1999 • Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Advertising & Promotion, Out-of-Home & Specialty Media, Marketing Services and Software & Information • More than 30 focused professionals › Unique combination of investment banking and consulting expertise › New York-based with a West Coast office and a Chicago presence • Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and strategic buyers • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC ADVISORY INVESTMENT BANKING CONSULTING INTELLIGENCE

• Sell-Side Representation • Opportunity Mapping: • Market Intelligence • Corporate Divestitures Strategic & Business Planning • Competitiveness • Capital Raising and • Valuation Analysis Private Placements • Value Driver Assessment •M&A Advisory • DiiDecision & TTtilactical Execution Support • Fairness Opinions

M&A & INVESTMENT SUMMARY JANUARY 2011 30