November 2013 M&A and Investment Summary

Expertise. Commitment. Results. Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 10

3 Additional Monthly M&A and Investment Activity Data 40

4 About Petsky Prunier 53

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

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

2| M&A and Investment Summary November 2013 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 293 deals were announced in November 2013, of which 153 were worth $11.7 billion in aggregate reported value . Digital Media/Commerce and Marketing Technology were the most active segments with 69 and 59 deals announced, respectively . Software was the highest reported value segment with 56 deals announced; 26 were reported at $6.2 billion in aggregate value . Strategic buyers announced 129 deals (44 percent of total volume), of which 11 were worth $2.9 billion in aggregate value . VC/Growth Capital investors announced 153 deals, of which 137 were worth $3.2 billion in aggregate reported value . Buyout investors announced 11 deals during the month, of which five were reported at $5.7 billion in aggregate value . eCommerce and Mobile Content/Apps were the most active subsegments across all segments with 18 and 14 transactions announced

November 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 69 24% $2,937.3 25% 22 $183.5 1 $2,000.0 46 $753.8 Marketing Technology 59 20% 344.6 3% 18 ‐ 1 ‐ 40 344.6 Software 56 19% 6,184.3 53% 32 2,180.0 2 3,400.0 22 604.3 Technology & Communications 33 11% 1,425.4 12% 6 129.0 1 ‐ 26 1,296.4 Information & Business Services 27 9% 480.9 4% 14 117.0 4 321.0 9 42.9 Digital Advertising 20 7% 375.1 3% 11 260.0 0 ‐ 9 115.1 Agency & Marketing Services 18 6% ‐ 0% 18 ‐ 0 ‐ 0 ‐ Traditional Media 11 4% ‐ 0% 8 ‐ 2 ‐ 1 ‐ Total 293 100% 11,747.6 100% 129 2,869.5 11 5,721.0 153 3,157.1

3| M&A and Investment Summary November 2013 M&A and Investment Summary for All Segments

Transaction Distribution . Compared to the previous month aggregate reported value in November increased 39 percent . Buyout activity accounted for 49 percent of reported deal value during the month, and included: • Hellman & Friedman’s purchase of a 70 percent stake of Germany‐based online marketplace Scout24 for $2 billion • Hellman & Friedman’s $1.8 billion purchase from Bain Capital of Applied Systems, a provider of software and services for insurance organizations to automate the management of their clients and policies • Advent International’s $1.6 billion acquisition of Unit 4, a Netherlands‐based ERP solutions company

$40.0 $38.0 $500.0

$35.0 $450.0 $400.0 $30.0 $350.0 Omnicom/ $25.0 (2) Publicis $21.6 $300.0 $20.2 $20.0 $18.0 $250.0 $15.0 $200.0 $11.7 $9.8 $9.9 $150.0 $10.0 (1) $8.7 $7.5 $7.7 $8.4 $7.2 $6.1 $100.0 $5.0 $50.0 390 253 409 298 335 357 361 384 363 384 373 307 288 $‐ $- Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13

(1) Aggregate totals for February 2013 do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal (2) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland

4| M&A and Investment Summary November 2013 Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Digital Media/Commerce Spotify Ltd.(1) Social Media/Apps Technology Crossover Ventures$ 4,000.00 $ 589.60 $ ‐ 6.8x NA

Digital Advertising TicketMonster, Inc. Digital Promotion/Coupon Groupon, Inc. 260.0 100.0 ‐ 2.6x NA Information & Business Services National Technical Systems, Inc. Engineering Consulting Aurora Capital Group 314.0 185.0 17.9 1.7x 17.5x Harris Interactive, Inc. Market Research Nielsen Holdings B.V. 102.9 139.7 11.8 0.7x 8.7x

Software UNIT4 N.V. ERP Software Advent International Corporation 1,600.0 648.3 96.0 2.5x 16.7x GXS, Inc. Infrastructure Software OpenText Corporation 1,165.0 487.0 ‐ 2.4x NA Passport Health Communications, Inc. Healthcare Software Experian plc 850.0 121.4 30.0 7.0x 28.3x onTargetJobs, Inc. HR Software Dice Holdings, Inc. 50.0 38.0 ‐ 1.3x NA

(1) Spotify sold a six percent stake to Technology Crossover Ventures for $250 million

5| M&A and Investment Summary November 2013 Selected IPOs with Valuation Information Disclosed ($ in Millions)

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Twitter, Inc. Social Media/Apps IPO$ 14,901.0 $ 534.5 $ (56.9) 27.9x NM Chegg, Inc. eCommerce IPO 1,291.3 246.7 42.8 5.2x 30.2x zulily, Inc. eCommerce IPO 268.7 567.2 7.6 0.5x 35.2x Marketing Technology Wix.com Ltd. Content Management IPO 596.3 68.8 (19.4) 8.7x NM Sungy Mobile Limited Mobile Technology IPO 137.9 47.5 14.1 2.9x 9.8x

Technology & Communications Barracuda Networks, Inc. Networking Equipment IPO 1,039.8 218.0 4.4 4.8x 236.3x Mavenir Systems, Inc. Networking Equipment IPO 346.9 82.1 (8.4) 4.2x NM

Note: IPO multiples based final share price and TTM financials and pro forma balance sheets per latest Registration Filing

6| M&A and Investment Summary November 2013 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA

Nov‐13 Autohome Inc. China Digital Media/Commerce $120.0 $136.3 NA

Oct‐13 Freelancer.com Australia Digital Media/Commerce 14.2 NA NA

Oct‐13 Nimble Storage United States Technology & Communications 150.0 NA NA

Oct‐13 Varonis Systems, Inc. United States Software 100.0 NA NA

Sep‐13 58.com China Digital Media/Commerce 150.0 NA NA

Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digital Media/Commerce NA NA NA

Sep‐13 Qunar.com China Digital Media/Commerce 125.0 NA NA

Sep‐13 SunEdison Semiconductor, Inc. United States Technology & Communications 250.0 NA NA

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA

Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6)

Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobi le Technology Corp. China Technology & Communications 451.0 NA NA

Ma r‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1)

Note: Autohome annualized revenue based on revenue for the first 9 months of 2013

7| M&A and Investment Summary November 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Nov 29, 2013 1st Trading Day

Nov‐13 NYSE:CUDA Barrracuda Networks, Inc. United States $18.00‐$21.00 $18.00 $21.55, up 20% $20.70 (3.9%)

Nov‐13 NYSE:CHGG Chegg, Inc. United States 9.50‐11.50 12.50 9.64, down 23% 8.21 (14.8%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00‐17.00 10.00 9.55, down 4.5% 10.60 11.0%

Nov‐13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50‐11.50 11.22 13.35, up 19% 15.26 36.0% Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 41.57 59.9%

Nov‐13 NasdaqGM:WIX Wix.com Ltd. United States 14.50‐16.50 16.50 16.31, down 1% 20.50 24.2%

Nov‐13 NasdaqGS:ZU zulily, Inc. United States 18.00‐20.00 22.00 37.70, up 71% 34.99 (7.2%)

Oct‐13 NasdaqGS:COMM CommScope Holding Compa ny Inc. United States 18.00‐21.00 15.00 4.99, flat 16.09 7.3%

Oct‐13 NasdaqGS:CRTO Criteo SA France 27.00‐29.00 31.00 35.39, up 15% 36.10 2.0%

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings, Inc. China 5.60‐7.09 6.58 8.70, up 32% 14.29 64.3%

Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 6.86 (21.2%)

Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. United States 11.00‐13.00 13.00 11.89, down 9% 9.97 (16.1%) Oct‐13 NYSE:VEEV Veeva Systems Inc. United States 12.00‐14.00 20.00 37.16, up 86% 40.49 9.0%

Sep‐13 NasdaqGM:BNFT Benefitfocus, Inc. United States 21.50‐24.50 26.50 53.55, up 102% 48.31 (9.8%)

Sep‐13 NasdaqGS:COVS Covisint Corpora ti on Uni ted States 9.00‐11.00 10.00 12.31, up 23% 12.69 3.1%

Sep‐13 NasdaqGS:FEYE FireEye, Inc. United States 12.00‐14.00 20.00 39.40, up 97% 38.37 (2.6%)

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 18.10 41.4%

Sep‐13 NasdaqGS:PINC Premier, Inc. United States 23.00‐26.00 27.00 30.65, up 14% 32.91 7.4%

Sep‐13 NasdaqGS:FUEL Rocket Fuel, Inc. United States 27.00‐29.00 29.00 55.42, up 91% 47.74 (13.9%) Sep‐13 NYSE:VMEM Violin Memory, Inc. United States 8.00‐10.00 9.00 7.20, down 20% 3.45 (52.1%)

Aug‐13 NYSE:CVT Cvent, Inc. United States 17.00‐19.00 21.00 32.92, up 57% 32.57 (1.1%)

Aug‐13 NYSE:YUME YuMe, Inc. United States 12.00‐14.00 9.00 9.00, flat 8.74 (2.9%)

Jul‐13 NasdaqGS:SALE RetailMeNot, Inc. United States 20.00‐22.00 21.00 27.70, up 32% 28.67 3.5%

Jun‐13 NYSE:GIMO Gigamon LLC United States 18.00‐20.00 19.00 28.47, up 50% 29.21 2.6%

Jun‐13 NasdaqGS:GOGO Gogo Inc. United States 15.00‐17.00 17.00 16.00, down 6% 26.67 66.7%

Jun‐13 NSEI:JUSTDIAL Just Dial Limited India 8.39‐9.69 9.46 10.77, up 14% 19.59 81.9%

Jun‐13 NYSE:LITB Light in the Box Chi na 8.50‐10.50 9.50 11.61, up 22% 7.10 (38.8%) Jun‐13 NYSE:LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 37.93 86.1% 8| M&A and Investment Summary November 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Nov 29, 2013 1st Trading Day

Jun‐13 NYSE:TXTR Textura Corpora ti on Uni ted States $13.00‐$15.00 $15.00 $20.35, up 36% $33.86 66.4%

Jun‐13 NYSE:TRMR Tremor Video, Inc. United States 11.00‐13.00 10.00 8.50, down 15% 4.65 (45.3%)

May‐13 NYSE:ECOM ChannelAdvisor Corpora ti on Uni ted States 12.00‐14.00 14.00 18.44, up 32% 34.33 86.2%

May‐13 NYSE:CYNI Cyan, Inc. United States 10.00‐12.00 11.00 11.14, up 1% 4.43 (60.2%)

May‐13 NasdaqGS:MKTO Marketo, Inc. United States 11.00‐13.00 13.00 23.10, up 78% 29.10 26.0% May‐13 Q Quintiles Transnational Holdings Inc. United States 36.00‐40.00 40.00 42.11, up 5% 43.19 2.6%

May‐13 NYSE:DATA Tableau Software, Inc. United States 28.00‐30.00 31.00 50.75, up 64% 65.54 29.1%

Apr‐13 NYSE:RALY Rally Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 24.60 38.1%

Mar‐13 NYSE:MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 8.78 (46.0%)

Mar‐13 NYSE:MODN Model N, Inc. United States 12.50‐14.50 15.50 18.45, up 19% 8.21 (55.5%)

Mar‐13 TSE:3182 Oisix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 45.10 57.0%

Mar‐13 NasdaqCM:IPDN Professional Diversity Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 5.10 (33.5%) Feb‐13 AIM:DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 4.30 66.0%

Feb‐13 TSE:3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 29.67 (4.8%)

Feb‐13 XOOM Xoom Corpora ti on Uni ted States 13.00‐15.00 16.00 25.49, up 59% 27.64 8.4%

9| M&A and Investment Summary November 2013 Digital Media/Commerce

. Of the total $2.9 billion in value reported in the Digital Media/Commerce segment, $2.2 billion in strategic and buyout transactions were reported, while another $754 million of venture/growth investments were made . eCommerce and Mobile Content/Apps were the most active subsegment across all segments, with 18 and 14 transactions announced, respectively, worth a combined total of $2.2 billion . Select acquisitions: • Hellman & Friedman’s purchase of a 70 percent stake of Germany‐based online marketplace Scout24 for $2 billion • Under Armour’s $150 million acquisition of MapMyfitness, a provider of social wellness mobile applications for fitness enthusiasts . Select investments: • Technology Crossover Ventures’ $250 million investment in UK‐based online digital services provider Spotify, valuing the company at $4 billion • Andreessen Horowitz’ $79 million investment in product development social network Quirky

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 18 26% $2,177.7 74% 4 ‐ 1 $2,000.0 13 $177.7 Mobile Content/Apps 14 20% 63.3 2% 6 3.5 0 ‐ 8 59.8 Social Media/Apps 11 16% 529.8 18% 3 150.0 0 ‐ 8 379.8 Gaming 10 14% 94.2 3% 2 ‐ 0 ‐ 8 94.2 Classifieds/Auctions/P‐to‐P 8 12% 27.5 1% 2 ‐ 0 ‐ 6 27.5 Niche Content 8 12% 44.8 2% 5 30.0 0 ‐ 3 14.8 Total 69 100% 2,937.3 100% 22 183.5 1 2,000.0 46 753.8

10 | M&A and Investment Summary November 2013 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 11/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. United States $5.09 ‐29% $ 327.6 $ 395.0 $ 739.0 $ 43.9 5.9% 4.1% 0.5x 9.0x Amazon.com Inc. * United States 393.62 0% 180,173.3 175,527.3 70,133.0 3,173.0 4.5% 22.5% 2.5x 55.3x AOL Inc. United States 44.58 ‐5% 3,429.5 3,367.4 2,240.4 416.5 18.6% 3.3% 1.5x 8.1x Baidu, Inc. China 166.57 ‐2% 58,289.5 54,336.5 4,697.8 2,111.9 45.0% 40.7% 11.6x 25.7x Betfair Group PLC United Kingdom 17.08 ‐7% 1,745.4 1,470.0 602.2 114.1 18.9% ‐0.4% 2.4x 12.9x Blue Nile Inc. United States 46.06 ‐5% 589.8 542.5 440.2 15.3 3.5% 17.0% 1.2x 35.5x CafePress Inc. United States 6.65 ‐11% 114.2 95.4 242.6 7.1 2.9% 21.3% 0.4x 13.4x CDW Corporation United States 22.30 ‐9% 3,834.7 7,119.8 10,656.3 699.5 6.6% 6.5% 0.7x 10.2x Copart, Inc. United States 34.43 ‐10% 4,322.6 4,603.0 1,087.4 326.9 30.1% 16.0% 4.2x 14.1x Cupid plc United Kingdom 0.90 ‐73% 63.8 43.4 129.1 20.7 16.0% 109.5% 0.3x 2.1x CyberAgent Inc. Japan 37.24 ‐3% 2,320.0 2,035.1 1,655.9 152.5 9.2% 15.2% 1.2x 13.3x Demand Media, Inc. United States 5.51 ‐44% 494.6 438.1 401.1 171.8 42.8% 10.8% 1.1x 2.6x DeNA Co., Ltd. Japan 19.43 ‐42% 2,515.7 2,033.4 2,082.8 788.2 37.8% 17.3% 1.0x 2.6x eBay Inc. United States 50.52 ‐13% 65,403.1 59,663.1 15,510.0 4,600.0 29.7% 15.2% 3.8x 13.0x E‐Commerce China Dangdang Inc. * China 9.31 ‐24% 748.8 514.8 974.9 (49.0) NM 24.1% 0.5x NM eLong Inc. * China 17.81 ‐25% 615.5 319.1 156.4 (17.8) NM 38.0% 2.0x NM Expedia Inc. United States 63.69 ‐6% 8,302.2 8,206.5 4,594.1 640.1 13.9% 19.6% 1.8x 12.8x Facebook, Inc. United States 47.01 ‐14% 115,401.5 106,648.5 6,871.0 3,264.0 47.5% 48.2% 15.5x 32.7x Forgame Holdings Limited China 6.86 ‐28% 863.4 930.4 163.3 51.7 31.6% 0.0% 5.7x 18.0x G5 Entertainment AB (publ) Sweden 5.18 ‐42% 45.6 40.4 14.3 3.6 25.4% 21.6% 2.8x 11.1x GameLoft SA France 10.56 ‐8% 881.2 798.7 289.2 43.9 15.2% 21.8% 2.8x 18.2x Geeknet, Inc. United States 18.84 ‐6% 125.1 84.4 130.3 2.7 2.0% 21.3% 0.6x 31.7x Glu Mobile, Inc. * United States 3.69 ‐11% 287.7 260.0 97.1 (16.8) NM ‐7.4% 2.7x NM Google Inc. United States 1,059.59 ‐1% 353,995.7 306,396.7 57,386.0 17,599.0 30.7% 23.8% 5.3x 17.4x Gree, Inc. Japan 9.13 ‐37% 2,117.7 1,835.2 1,524.8 511.2 33.5% ‐9.7% 1.2x 3.6x Hollywood Media Corp. * United States 1.48 ‐24% 33.5 8.7 0.5 (5.9) NM ‐22.1% 17.0x NM HSN, Inc. United States 57.40 ‐12% 3,035.4 3,170.9 3,367.0 305.1 9.1% 5.0% 0.9x 10.4x IAC/InterActiveCorp United States 57.21 ‐2% 4,765.2 4,663.0 3,063.8 538.6 17.6% 16.4% 1.5x 8.7x International Game Technology United States 17.49 ‐18% 4,353.3 5,804.1 2,341.6 805.6 34.4% 8.9% 2.5x 7.2x iProperty Group Limited * Malaysia 1.68 ‐11% 304.6 296.5 14.3 (4.9) NM 9.0% 20.8x NM Jiayuan.com International Ltd. China 6.00 ‐63% 180.1 90.8 76.8 10.6 13.8% 20.9% 1.2x 8.6x JobStreet Corp. Bhd. Malaysia 0.67 ‐10% 422.4 386.7 53.0 23.9 45.2% 9.0% 7.3x 16.2x Kongzhong Corp. China 7.83 ‐48% 328.5 170.8 171.9 24.0 14.0% ‐3.2% 1.0x 7.1x LifeLock, Inc. * United States 17.22 ‐3% 1,557.5 1,365.6 346.2 18.4 5.3% 38.2% 3.9x 74.2x Liberty Interactive Corporation United States 28.08 ‐1% 14,275.4 24,282.4 10,990.0 2,036.0 18.5% 10.4% 2.2x 11.9x LightInTheBox Holding Co., Ltd. * China 7.10 ‐70% 347.6 245.7 278.4 4.2 1.5% 65.4% 0.9x 58.5x LinkedIn Corporation * United States 224.03 ‐13% 26,750.3 24,478.0 1,384.9 168.0 12.1% 65.6% 17.7x 145.7x Liquidity Services, Inc. * United States 23.17 ‐48% 744.3 649.2 505.9 NA NA 6.4% 1.3x NA Mediabistro Inc. * United States 3.61 ‐33% 21.7 28.7 12.8 (1.9) NM ‐8.8% 2.2x NM Meetic S.A. France 25.47 0% 597.7 574.3 223.9 47.1 21.1% 2.5% 2.6x 12.2x MeetMe, Inc. * United States 1.84 ‐52% 70.8 69.5 39.0 (4.4) NM ‐4.9% 1.8x NM Mercadolibre, Inc. Argentina $110.71 ‐24% 4,888.2 4,691.7 441.7 151.7 34.3% 24.0% 10.6x 30.9x 11 | M&A and Investment Summary November 2013 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 11/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Mixi, Inc. Japan 32.94 0% $ 510.99 $ 391.46 $ 99.81 $ 10.68 10.7% ‐30.4% 3.9x 36.7x NCsoft Corporation South Korea 224.43 ‐2% 4,476.1 3,906.8 735.7 232.1 31.5% 46.6% 5.3x 16.8x Netflix, Inc. * United States 365.80 ‐6% 21,676.5 21,041.5 4,144.6 213.2 5.1% 17.1% 5.1x 98.7x Nexon Co. Ltd. Japan 9.31 ‐30% 4,089.7 3,590.7 1,547.0 766.5 49.5% 52.3% 2.3x 4.7x OpenTable, Inc. United States 83.57 ‐4% 1,944.8 1,842.0 180.7 56.6 31.3% 16.0% 10.2x 32.6x Orbitz Worldwide, Inc. United States 6.92 ‐48% 748.8 1,036.1 839.3 118.2 14.1% 9.5% 1.2x 8.8x Overstock.com Inc. United States 28.00 ‐21% 665.7 580.8 1,248.7 29.5 2.4% 16.6% 0.5x 19.7x Pacific Online Ltd. China 0.45 ‐12% 492.2 447.5 123.5 50.5 40.9% 12.1% 3.6x 8.9x Pandora Media, Inc. * United States 28.40 ‐11% 5,516.8 5,069.0 588.3 (42.0) NM 53.5% 8.6x NM PC Home Online Inc. Taiwan 7.20 ‐5% 592.0 494.6 535.8 24.1 4.5% 8.6% 0.9x 20.5x Perform Group plc. United Kingdom 7.19 ‐29% 1,890.1 1,931.8 268.5 53.1 19.8% 40.8% 7.2x 36.4x PetMed Express, Inc. United States 15.78 ‐11% 303.7 252.3 235.4 29.5 12.5% 0.8% 1.1x 8.6x Phoenix New Media Limited China 9.86 ‐26% 759.5 554.7 216.7 36.5 16.9% 21.8% 2.6x 15.2x priceline.com Incorporated United States 1,192.33 ‐1% 61,319.1 57,041.6 6,442.8 2,412.7 37.4% 27.3% 8.9x 23.6x Rakuten, Inc. Japan 15.36 ‐4% 20,219.7 20,130.8 5,131.7 1,211.2 23.6% 20.2% 3.9x 16.6x Rediff.com India Limited * India 2.21 ‐42% 61.0 41.0 16.2 (6.8) NM ‐4.4% 2.5x NM Renren Inc. * China 2.98 ‐36% 1,128.8 220.4 192.6 (104.3) NM 20.3% 1.1x NM Shutterfly, Inc. United States 47.23 ‐21% 1,796.4 1,703.5 724.6 79.4 11.0% 31.1% 2.4x 21.5x Shutterstock, Inc. * United States 73.98 ‐5% 2,589.6 2,394.1 216.6 44.7 20.6% 39.6% 11.1x 53.5x Sky‐mobi Limited China 3.55 ‐40% 111.9 13.7 89.8 7.7 8.5% ‐14.0% 0.2x 1.8x SNAP Interactive, Inc. * United States 0.59 ‐55% 23.0 21.5 13.6 (4.4) NM ‐34.7% 1.6x NM Spark Networks, Inc. * United States 5.60 ‐40% 134.0 116.7 68.5 (9.1) NM 17.4% 1.7x NM Stamps.com Inc. United States 46.07 ‐7% 741.7 668.2 125.5 34.3 27.3% 11.3% 5.3x 19.5x Taomee Holdings Ltd. China 5.00 ‐28% 183.9 67.8 44.9 5.0 11.0% 8.7% 1.5x 13.7x TheStreet, Inc. * United States 2.20 ‐14% 74.7 25.5 53.5 (1.9) NM 4.5% 0.5x NM Twitter, Inc. * United States 41.57 ‐17% 22,643.0 22,509.4 534.5 (56.9) NM 0.0% 42.1x NM U.S. Auto Parts Network, Inc. * United States 2.66 ‐16% 88.5 105.5 257.9 1.7 0.7% ‐19.0% 0.4x 61.3x United Online, Inc. United States 15.83 ‐75% 210.1 329.3 862.8 87.8 10.2% ‐0.8% 0.4x 3.7x ValueVision Media Inc. United States 5.77 ‐9% 286.4 295.5 624.7 13.8 2.2% 12.2% 0.5x 21.4x Vipshop Holdings Limited * China 83.11 ‐9% 4,625.6 4,143.9 1,345.3 36.6 2.7% 170.3% 3.1x 113.3x Vitacost.com, Inc. * United States 5.74 ‐39% 193.1 173.9 370.5 (6.7) NM 18.3% 0.5x NM WebMD Health Corp. United States 38.67 ‐5% 1,738.0 1,661.9 501.8 61.4 12.2% 2.9% 3.3x 27.1x XO Group Inc. United States 15.67 ‐1% 387.6 301.4 133.4 24.0 18.0% 4.3% 2.3x 12.5x Yahoo! Inc. United States 36.98 ‐1% 37,514.1 35,782.0 4,760.4 1,186.8 24.9% ‐4.1% 7.5x 30.2x Yandex N.V. Netherlands 39.75 ‐5% 12,952.6 12,584.2 1,118.8 481.3 43.0% 37.3% 11.2x 26.1x YY Inc. China 50.38 ‐11% 2,781.2 2,476.5 241.4 59.3 24.5% 121.9% 10.3x 41.8x zulily, Inc. United States 34.99 ‐5% 4,271.1 4,150.4 567.2 7.6 1.3% 0.0% 5.2x 30.0x Zynga, Inc. United States 4.35 ‐4% 3,667.3 2,569.1 1,008.1 143.0 14.2% ‐21.3% 2.5x 18.0x

Adjusted Weighted Average 6.4x 20.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (51.4x) 12 | M&A and Investment Summary November 2013 Digital Advertising

. There were a total of 20 transactions announced (11 acquisitions and nine investments) in the Digital Advertising segment, worth a total of $375 million in aggregate reported value . Select acquisitions: • LivingSocial’s $260 million divestiture of South Korea‐based tickets website Ticket Monster to Groupon • United Arab Emirates‐based Kreata Global Digital Media’s acquisition of India‐based mobile marketing firm Flamingos Media . Select investments: • Tiger Global Management’s $50 million investment in online real estate brokerage Redfin, valuing the company at a reported $500 million • Sequoia Capital’s $37 million investment in India‐based restaurant search engine provider Zomato Media, valuing the company at a reported $165 million

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 6 30% $43.8 12% 1 ‐ 0 ‐ 5 $43.8 Online Lead Generation 3 15% 50.0 13% 2 ‐ 0 ‐ 1 50.0 Affiliate/CPA Network 2 10% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Comparison Shopping 2 10% 2.0 1% 1 ‐ 0 ‐ 12.0 Local Search 2 10% 19.3 5% 0 ‐ 0 ‐ 2 19.3 Digital Promotion/Coupon 1 5% 260.0 69% 1 260.0 0 ‐ 0 ‐ Other* 4 20% 0.0 0% 4 ‐ 0 ‐ 00.0 Total 20 100% 375.1 100% 11 260.0 0 0.0 9 115.1 *Other includes Mobile Marketing and Search Marketing

13 | M&A and Investment Summary November 2013 Digital Advertising Public Company Valuation

($ in Millions, except stock price Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States $14.38 ‐49% $ 840.1 $ 792.4 $ 223.1 $ (29.0) NM 62.7% 3.6x NM Autobytel Inc. United States 10.21 ‐3% 91.0 82.8 74.6 4.1 5.5% 12.8% 1.1x 20.2x Bankrate, Inc. United States 18.00 ‐22% 1,826.5 1,931.9 428.4 93.5 21.8% ‐10.3% 4.5x 20.7x Blinkx plc United States 2.10 ‐2% 775.1 732.3 227.5 34.5 15.1% 49.9% 3.2x 21.2x Blucora, Inc. United States 29.04 ‐3% 1,196.3 1,193.8 504.1 90.1 17.9% 34.0% 2.4x 13.2x Constant Contact, Inc. United States 27.76 ‐7% 851.1 743.9 276.8 23.4 8.5% 13.7% 2.7x 31.8x Ctrip.com International Ltd. China 51.30 ‐16% 6,657.1 5,980.6 5,047.7 878.3 17.4% 26.7% 1.2x 6.8x Demand Media, Inc. United States 5.00 ‐49% 448.9 392.3 401.1 59.2 14.8% 10.8% 1.0x 6.6x Dice Holdings, Inc. United States 7.50 ‐28% 422.5 437.8 207.8 64.8 31.2% 9.4% 2.1x 6.8x Digital Globe Services Inc. United States 2.65 ‐6% 78.9 76.3 25.5 3.4 13.4% 27.8% 3.0x 22.3x eHealth, Inc. United States 43.65 ‐5% 812.8 715.1 170.3 18.6 10.9% 11.1% 4.2x 38.4x Google Inc. United States 1,010.59 ‐3% 337,625.4 290,026.4 57,386.0 17,599.0 30.7% 23.8% 5.1x 16.5x Groupon, Inc. United States 9.99 ‐22% 6,670.6 5,528.7 2,443.5 125.3 5.1% 11.7% 2.3x 44.1x Hi‐Media S.A. France 1.79 ‐20% 80.0 93.5 187.0 11.5 6.2% ‐12.3% 0.5x 8.1x HomeAway, Inc. United States 33.29 ‐5% 2,857.3 2,513.7 327.8 59.2 18.0% 22.6% 7.7x 42.5x IAC/InterActiveCorp United States 56.93 ‐2% 4,741.9 4,639.6 3,063.8 538.6 17.6% 16.4% 1.5x 8.6x InternetQ PLC United Kingdom 3.05 ‐17% 118.4 114.0 83.6 8.3 9.9% 36.9% 1.4x 13.7x Just Dial Limited * India 1,195.55 0% 83,751.5 78,028.4 4,106.8 1,234.7 30.1% 0.0% 19.0x 63.2x LeGuide.com S.A. France 30.50 ‐13% 108.8 82.1 48.2 9.8 20.3% 38.8% 1.7x 8.4x MakeMyTrip Limited India 15.10 ‐7% 567.8 505.7 243.6 (22.1) NM 15.7% 2.1x NM Millennial Media Inc. United States 6.89 ‐55% 561.3 438.7 211.8 (1.3) NM 60.3% 2.1x NM Monster Worldwide, Inc. United States 5.10 ‐20% 534.9 636.9 820.1 126.0 15.4% ‐10.0% 0.8x 5.1x Move, Inc. United States 15.95 ‐13% 622.9 590.9 223.3 15.3 6.8% 15.2% 2.6x 38.7x Opera Software ASA * Norway 69.50 ‐10% 9,136.0 8,714.4 271.3 75.6 27.9% 36.5% 32.1x 115.3x OPT, Inc. Japan 852.00 ‐34% 25,106.2 14,603.2 79,636.0 2,747.0 3.4% 13.2% 0.2x 5.3x Pacific Online Ltd. China 3.68 ‐7% 4,012.0 3,665.3 758.4 310.4 40.9% 12.1% 4.8x 11.8x QuinStreet, Inc. United States 8.56 ‐12% 371.5 334.5 303.4 31.0 10.2% ‐12.8% 1.1x 10.8x ReachLocal, Inc. United States 12.63 ‐27% 350.9 265.4 502.3 9.6 1.9% 15.5% 0.5x 27.6x Responsys, Inc. United States 16.23 ‐11% 834.2 726.9 194.3 13.3 6.9% 25.1% 3.7x 54.5x RetailMeNot, Inc. United States 31.52 ‐20% 1,593.8 1,500.4 182.1 63.5 34.9% 0.0% 8.2x 23.6x Rightmove plc * United Kingdom 26.09 ‐3% 2,548.7 2,542.3 128.7 89.7 69.7% 19.2% 19.8x 28.3x Rovi Corporation United States 16.70 ‐37% 1,682.2 2,381.6 605.6 192.9 31.9% ‐7.6% 3.9x 12.3x Septeni Holdings Co., Ltd. Japan 1,026.00 ‐5% 25,864.6 21,286.6 44,489.0 1,749.0 3.9% 12.4% 0.5x 12.2x TiVo Inc. * United States 13.59 ‐5% 1,657.6 796.3 353.5 4.5 1.3% 33.8% 2.3x 177.3x TradeDoubler AB Sweden 19.60 ‐18% 829.7 643.4 2,064.8 62.2 3.0% ‐15.4% 0.3x 10.3x Travelzoo Inc. United States 20.49 ‐40% 314.8 236.4 157.8 26.8 17.0% 5.7% 1.5x 8.8x Tree.Com, Inc. United States 31.49 ‐4% 350.7 262.9 126.8 5.8 4.6% 97.6% 2.1x 45.4x Tremor Video, Inc. United States 4.29 ‐61% 212.5 116.3 128.0 (2.5) NM 0.0% 0.9x NM TripAdvisor Inc. United States 85.02 ‐5% 12,078.2 12,022.0 901.4 327.5 36.3% 23.2% 13.3x 36.7x

14 | M&A and Investment Summary November 2013 Digital Advertising Public Company Valuation

Adjusted Weighted Average 4.8x 18.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (64.7x)

15 | M&A and Investment Summary November 2013 Marketing Technology

. Mobile Technology and Social Technology were the most active Marketing Technology subsegments with 11 and eight transactions announced, respectively, and nearly $80 million in aggregate reported value for the two subsegments . Select acquisitions: • Talus Holding’s acquisition of TRAFFIQ, a digital media solutions provider which include display media campaigns, planning, execution, and optimization . Select investments: • Bain Capital’s $40 million investment in Aria Systems, a commerce management and cloud billing solutions provider • The $40 million Centro‐led investment in Canada‐based SiteScout, which operates a real‐time ad creation and management platform

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Mobile Technology 10 17% $51.7 15% 1 ‐ 0 ‐ 9$51.7 Social Technology 8 14% 28.2 8% 4 ‐ 0 ‐ 428.2 Analytics & Reporting 6 10% 63.6 18% 1 ‐ 0 ‐ 563.6 BI Tools 5 9% 23.0 7% 0 ‐ 0 ‐ 523.0 Content Management 5 9% 39.9 12% 2 ‐ 0 ‐ 339.9 CRM 4 7% 1.4 0% 2 ‐ 0 ‐ 21.4 Commerce Management 3 5% 40.0 12% 2 ‐ 0 ‐ 140.0 Other* 17 29% 96.8 28% 5 ‐ 1 ‐ 11 96.8 Total 58 100% 344.6 100% 17 0.0 1 0.0 40 344.6

*Other includes Ad Serving, Content Delivery Network, Email/Messaging Software, Market Research Software, Media Management System, MRM/Workflow Management, Online Targeting/Optimization, Product/Price Software, SEM/SEO Tools, SFA/Lead Management, and Teleservices/eServices

16 | M&A and Investment Summary November 2013 Marketing Technology Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $9.49 ‐5% $ 528.3 $ 424.8 $ 166.2 $ 11.0 6.6% 5.2% 2.6x 38.5x Actuate Corporation United States 7.85 ‐5% 374.0 302.9 137.7 16.1 11.7% ‐0.6% 2.2x 18.8x Adobe Systems Inc. United States 56.95 ‐2% 28,468.6 26,824.5 4,167.0 970.1 23.3% ‐5.3% 6.4x 27.7x Bazaarvoice, Inc. United States 7.66 ‐33% 571.6 496.8 176.1 (35.2) NM 32.1% 2.8x NM Bitauto Holdings Limited China 34.56 ‐1% 1,390.4 1,286.5 1,310.6 259.9 19.8% 41.0% 1.0x 5.0x Blackbaud Inc. United States 35.72 ‐15% 1,587.6 1,745.2 489.0 93.8 19.2% 15.8% 3.6x 18.6x Brightcove, Inc. United States 13.41 ‐17% 385.8 351.7 104.5 (5.8) NM 27.2% 3.4x NM ChannelAdvisor Corporation United States 34.12 ‐17% 773.6 696.2 63.5 (5.2) NM 26.0% 11.0x NM ChinaCache International Holdings * China 7.00 ‐34% 163.8 120.2 988.9 0.7 0.1% 28.7% 0.1x 179.7x Constant Contact, Inc. United States 26.85 ‐10% 823.2 716.0 276.8 23.4 8.5% 13.7% 2.6x 30.6x Covisint Corporation United States 13.09 ‐12% 489.1 488.0 98.1 (19.0) NM 20.6% 5.0x NM Criteo SA * France 35.41 ‐21% 1,958.1 1,920.9 394.6 13.7 3.5% 0.0% 4.9x 140.7x Cvent, Inc. * United States 32.96 ‐29% 1,325.2 1,167.4 104.0 5.8 5.6% 0.0% 11.2x 202.1x Dealertrack Technologies, Inc. United States 42.22 ‐3% 1,853.3 1,857.0 457.2 62.9 13.8% 20.8% 4.1x 29.5x Demandware, Inc. * United States 56.97 ‐13% 1,821.6 1,711.5 94.5 (15.0) NM 31.7% 18.1x NM Digital Generation, Inc. United States 11.43 ‐19% 319.9 646.0 382.0 104.6 27.4% ‐2.4% 1.7x 6.2x Digital River Inc. United States 17.55 ‐14% 586.7 310.5 402.3 22.5 5.6% 4.7% 0.8x 13.8x E2open, Inc. United States 21.54 ‐17% 571.0 558.3 70.2 (12.3) NM 0.0% 8.0x NM eBay Inc. United States 49.04 ‐16% 63,487.1 57,747.1 15,510.0 4,600.0 29.7% 15.2% 3.7x 12.6x Endurance International Group United States 12.75 ‐1% 1,609.5 2,726.6 451.4 53.7 11.9% 0.0% 6.0x 50.8x Informatica Corporation United States 38.48 ‐8% 4,175.6 3,555.0 906.9 169.4 18.7% 12.8% 3.9x 21.0x Infosystems S.A. Poland 2.90 ‐49% 11.9 10.7 8.7 2.2 25.1% 58.3% 1.2x 4.9x Interactive Intelligence Group Inc. United States 64.44 ‐10% 1,303.3 1,219.8 298.0 23.7 8.0% 32.7% 4.1x 51.4x IBM Corporation United States 178.94 ‐17% 194,302.7 220,340.7 101,356.0 25,939.0 25.6% ‐3.2% 2.2x 8.5x Jive Software, Inc. United States 10.76 ‐42% 745.0 638.0 139.0 (54.1) NM 34.1% 4.6x NM LivePerson Inc. United States 11.80 ‐22% 638.8 561.4 173.4 9.4 5.4% 14.5% 3.2x 60.0x Marin Software Incorporated United States 8.97 ‐55% 292.7 188.1 72.5 (28.4) NM 34.5% 2.6x NM Marketo, Inc. United States 29.09 ‐27% 1,104.9 971.8 84.6 (36.2) NM 0.0% 11.5x NM Mercadolibre, Inc. Argentina 109.91 ‐25% 4,852.9 4,656.4 441.7 151.7 34.3% 24.0% 10.5x 30.7x MicroStrategy Inc. United States 125.20 ‐4% 1,414.9 1,070.9 594.9 34.4 5.8% 4.4% 1.8x 31.2x NetSuite Inc. * United States 94.08 ‐17% 7,026.3 6,822.7 384.5 (31.3) NM 33.5% 17.7x NM Nuance Communications, Inc. United States 15.99 ‐36% 4,962.2 6,442.1 1,855.3 303.2 16.3% 12.3% 3.5x 21.2x Open Text Corporation Canada 85.84 ‐2% 5,072.2 5,139.0 1,361.6 415.1 30.5% 9.3% 3.8x 12.4x Opera Software ASA * Norway 71.75 ‐7% 9,431.7 9,010.1 271.3 75.6 27.9% 36.5% 33.2x 119.2x Oracle Corporation United States 34.78 ‐5% 158,508.4 143,939.4 37,371.0 16,259.0 43.5% 1.2% 3.9x 8.9x Pitney Bowes Inc. United States 23.63 ‐2% 4,773.1 7,940.6 4,842.7 933.0 19.3% 18.6% 1.6x 8.5x PROS Holdings, Inc. United States 36.83 ‐1% 1,035.8 945.0 138.7 9.2 6.7% 24.6% 6.8x 102.5x PTC Inc. United States 32.27 ‐1% 3,822.1 3,838.3 1,293.5 266.0 20.6% 3.0% 3.0x 14.4x Qlik Technologies, Inc. United States 24.19 ‐36% 2,146.9 1,911.8 446.1 4.3 1.0% 24.2% 4.3x NM RealNetworks Inc. United States 7.54 ‐16% 269.4 51.0 222.9 (20.7) NM ‐18.0% 0.2x NM

17 | M&A and Investment Summary November 2013 Marketing Technology Public Company Valuation

Adjusted Weighted Average 3.9x 11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (82.6x)

18 | M&A and Investment Summary November 2013 Agency & Marketing Services

. There were 18 transactions announced in the Agency & Marketing Services segment in November. Digital Agency was the most active subsegment with seven transactions announced . Select acquisitions: • Allied Integrated Marketing’s acquisition of Grand Central Marketing, an experiential marketing firm providing campaigns and social media strategy • WPP’s purchase of mobile solutions provider Bottle Rocket Apps • CROSSMARK’s purchase of shopper marketing company PromoWorks • MWW Group’s acquisition of UK‐based boutique communications consultancy Parys Communications • Publicis Groupe’s acquisition of France‐based ETO Groupe, a CRM marketing services firm

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 7 39% ‐ 0% 7 ‐ 0 ‐ 0 ‐ Public Relations 3 17% ‐ 0% 3 ‐ 0 ‐ 0 ‐ Social Agency 2 11% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Retail Services 1 6% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Other* 5 28% ‐ 0% 5 ‐ 0 ‐ 0 ‐ Total 18 100% 0.0 0% 18 0.0 0 0.0 0 0.0 *Other includes Experiential Marketing, Database/Analytics, Loyalty/Retention, Promotion Agency, and Specialty Agency

19 | M&A and Investment Summary November 2013 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $0.70 ‐2% $ 57.6 $ 69.0 $ 144.1 $ 8.3 5.8% 11.9% 0.5x 8.3x Charm Communications Inc. China 4.30 ‐28% 172.1 86.0 176.9 (2.4) NM ‐19.6% 0.5x NM Chime Communications plc * United Kingdom 3.16 ‐3% 295.6 312.1 316.8 9.3 2.9% ‐0.7% 1.0x 33.7x Creston plc United Kingdom 0.95 ‐13% 56.7 45.6 75.2 11.8 15.7% 0.4% 0.6x 3.9x Dentsu Inc. * Japan 3,715.00 ‐6% 963,570.4 1,298,803.4 2,007,983.0 65,615.3 3.3% 3.6% 0.6x 19.8x Enero Group Limited Australia 0.67 ‐14% 57.4 41.1 248.1 0.4 0.1% ‐26.0% 0.2x NM Havas France 5.90 ‐7% 2,321.3 2,789.3 1,786.0 289.3 16.2% 4.5% 1.6x 9.6x Huntsworth plc United Kingdom 0.67 ‐1% 208.8 277.8 173.7 30.2 17.4% ‐1.5% 1.6x 9.2x M&C Saatchi plc United Kingdom 3.24 ‐1% 220.4 203.0 173.8 20.1 11.6% 5.9% 1.2x 10.1x MDC Partners Inc. United States 33.06 ‐3% 1,070.2 1,758.0 1,141.3 108.4 9.5% 11.2% 1.5x 16.2x Next Fifteen Communications Group plc United Kingdom 0.83 ‐28% 49.6 53.4 96.1 8.6 9.0% 4.9% 0.6x 6.2x Omnicom Group Inc. United States 70.56 ‐2% 18,159.4 21,341.4 14,471.0 2,135.3 14.8% 2.4% 1.5x 10.0x OPT, Inc. Japan 852.00 ‐34% 25,106.2 14,603.2 79,636.0 2,747.0 3.4% 13.2% 0.2x 5.3x Porta Communications Plc United Kingdom 0.15 ‐11% 21.8 25.5 15.2 (1.9) NM 531.3% 1.7x NM Publicis Groupe SA France 64.56 ‐1% 13,761.6 14,451.6 6,877.0 1,332.5 19.4% 10.9% 2.1x 10.8x Sapient Corp. United States 15.42 ‐5% 2,161.7 1,882.6 1,223.9 158.1 12.9% 12.3% 1.5x 11.9x The Interpublic Group of Companies, Inc. United States 16.94 ‐3% 7,051.1 8,198.1 7,062.9 840.6 11.9% 1.4% 1.2x 9.8x WPP plc United Kingdom 13.60 ‐2% 18,291.1 21,274.5 10,728.2 1,829.5 17.1% 4.4% 2.0x 11.6x

Adjusted Weighted Average 0.7x 9.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.0x)

20 | M&A and Investment Summary November 2013 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $32.26 ‐6% $ 2,389.2 $ 2,416.4 $ 1,092.7 $ 184.9 16.9% ‐2.2% 2.2x 13.1x Aimia Inc. Canada 18.26 ‐4% 3,156.6 3,429.4 1,663.2 (364.0) NM ‐22.1% 2.1x NM Alliance Data Systems Corporation * United States 244.63 ‐1% 11,916.7 15,978.4 4,149.8 1,243.8 30.0% 18.0% 3.9x 12.8x CSG Systems International Inc. United States 27.61 ‐1% 876.7 950.6 750.9 124.7 16.6% 0.6% 1.3x 7.6x Data Group Inc Canada 0.61 ‐76% 14.3 115.8 321.7 27.1 8.4% ‐5.2% 0.4x 4.3x DST Systems Inc. United States 86.44 ‐1% 3,645.2 4,098.3 2,649.9 407.7 15.4% 4.3% 1.5x 10.1x Fair Isaac Corporation United States 55.66 ‐7% 1,959.3 2,346.1 743.4 198.3 26.7% 9.9% 3.2x 11.8x Harte‐Hanks Inc. United States 7.48 ‐26% 467.9 492.2 751.9 79.9 10.6% 23.5% 0.7x 6.2x High Co. SA France 5.40 ‐4% 56.2 28.0 133.4 11.2 8.4% ‐0.7% 0.2x 2.5x Insignia Systems Inc. United States 2.45 ‐19% 31.2 8.3 26.2 3.1 11.9% 37.5% 0.3x 2.7x Multiplus SA Brazil 28.30 ‐44% 4,583.6 3,610.5 1,673.8 276.7 16.5% 16.0% 2.2x 13.1x PDI, Inc. United States 4.86 ‐41% 73.8 20.5 147.6 2.5 1.7% 10.3% 0.1x 8.0x Points International Ltd. * Canada 24.34 ‐5% 373.3 320.9 174.0 3.3 1.9% 32.2% 1.8x 96.5x Valassis Communications Inc. United States 27.96 ‐12% 1,076.2 1,537.6 2,047.2 257.7 12.6% ‐6.0% 0.8x 6.0x Viad Corp United States 25.79 ‐11% 524.3 415.3 973.5 56.7 5.8% ‐4.6% 0.4x 7.3x

Adjusted Weighted Average 1.9x 11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.3x)

21 | M&A and Investment Summary November 2013 Traditional Media

. There were 11 transactions announced in the Traditional Media segment in November, eight of which were strategic acquisitions . Select acquisitions: • PandoDaily’s purchase of Not Safe for Work, a news and print magazine startup • Van Wagner Communications acquisition of out‐of‐home advertising company Citylites USA . Select investments: • Brookside Mezzanine Partners’ investment in Stagnito Media, a provider of B‐to‐B trade publications for food, gourmet, and convenience store retailers

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B‐to‐B Media 3 27% ‐ 0% 1 ‐ 1 ‐ 1 ‐ Consumer Magazine Publishing 2 18% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Entertainment Media 2 18% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Broadcast Television 1 9% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Digital Place‐Based Media 1 9% ‐ 0% 0 ‐ 1 ‐ 0 ‐ Other* 2 18% 0.0 0% 2 ‐ 0 ‐ 0 ‐ Total 11 100% 0.0 0% 8 0.0 2 0.0 1 0.0

*Other includes Radio and Traditional Outdoor

22 | M&A and Investment Summary November 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data) Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $58.86 ‐3% $ 37,398.9 $ 43,478.9 $ 15,071.0 $ 3,675.0 24.4% 11.1% 2.9x 11.8x Discovery Communications, Inc. * United States 84.59 ‐6% 29,311.8 35,295.8 5,198.0 2,184.0 42.0% 18.3% 6.8x 16.2x News Corporation United States 17.42 ‐2% 10,083.1 7,840.1 8,891.0 566.0 6.4% 2.4% 0.9x 13.9x Time Warner Inc. United States 67.50 ‐5% 61,068.8 78,665.8 29,394.0 7,927.0 27.0% 2.2% 2.7x 9.9x Twenty‐First Century Fox, Inc. United States 33.46 ‐6% 76,173.6 90,636.6 28,733.0 6,169.0 21.5% 24.4% 3.2x 14.7x Viacom, Inc. United States 82.36 ‐4% 39,285.0 47,225.0 13,505.0 4,012.0 29.7% ‐7.4% 3.5x 11.8x The Walt Disney Company United States 68.34 ‐2% 122,085.4 135,163.4 45,041.0 11,642.0 25.8% 6.5% 3.0x 11.6x

Adjusted Weighted Average 3.3x 12.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.0x)

B‐to‐B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $11.24 ‐9% $ 1,420.7 $ 1,466.3 $ 392.0 $ 117.3 29.9% 1.8% 3.7x 12.5x Global Sources Ltd. Hong Kong 7.73 ‐9% 265.9 141.6 212.5 44.8 21.1% ‐4.0% 0.7x 3.2x Informa plc Switzerland 5.69 ‐1% 3,428.9 4,352.2 1,236.6 374.3 30.3% 2.8% 3.5x 11.6x TechTarget, Inc. * United States 5.40 ‐9% 209.1 176.6 90.1 6.0 6.6% ‐13.0% 2.0x 29.5x The Dolan Company United States 2.08 ‐52% 63.5 208.3 255.4 33.2 13.0% 15.5% 0.8x 6.3x UBM plc United Kingdom 7.09 ‐11% 1,719.9 2,224.2 791.7 183.3 23.2% 12.2% 2.8x 12.1x

Adjusted Weighted Average 3.2x 11.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.7x)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $8.80 ‐12% $ 202.0 $ 299.7 $ 105.1 $ 29.9 28.4% 7.2% 2.9x 10.0x CC Media Holdings, Inc. United States 6.48 ‐7% 567.9 20,535.0 6,245.0 1,813.8 29.0% 0.7% 3.3x 11.3x Cumulus Media Inc. United States 6.33 ‐6% 1,298.8 3,926.2 1,087.8 348.3 32.0% 1.3% 3.6x 11.3x Westwood One, Inc. * United States 0.16 ‐93% 8.8 297.2 239.0 4.7 2.0% 82.0% 1.2x 62.9x Emmis Communications Corp. United States 2.42 ‐33% 101.1 280.3 199.7 35.1 17.6% 6.3% 1.4x 8.0x Entercom Communications Corp. United States 9.38 ‐15% 350.7 889.9 380.1 102.0 26.8% ‐0.5% 2.3x 8.7x Journal Communications Inc. United States 8.48 ‐11% 432.2 651.5 418.1 87.1 20.8% 12.8% 1.6x 7.5x Radio One Inc. United States 3.47 0% 166.1 1,154.8 443.0 161.7 36.5% 6.4% 2.6x 7.1x Salem Communications Corp. United States 8.79 ‐13% 219.0 505.9 234.8 49.7 21.2% 4.0% 2.2x 10.2x SIRIUS XM Radio Inc. United States 3.71 ‐11% 22,762.8 25,753.5 3,691.4 1,272.1 34.5% 12.1% 7.0x 20.2x Spanish Broadcasting System Inc. United States 3.99 ‐20% 29.0 377.4 148.0 47.7 32.2% 4.7% 2.6x 7.9x Pandora Media, Inc. * United States 27.15 ‐4% 5,135.6 5,076.7 528.0 (39.8) NM 56.0% 9.6x NM

Adjusted Weighted Average 6.4x 18.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.3x)

23 | M&A and Investment Summary November 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $66.21 ‐10% $ 4,785.7 $ 6,460.8 $ 1,523.3 $ 520.3 34.2% 15.0% 4.2x 12.4x Belo Corp. United States 13.74 ‐5% 1,430.6 2,115.0 705.0 236.8 33.6% 2.2% 3.0x 8.9x British Sky Broadcasting Group plc United Kingdom 8.29 ‐13% 13,024.8 14,534.8 7,363.0 1,528.0 20.8% 7.5% 2.0x 9.5x Cablevision Systems Corporation United States 15.35 ‐24% 4,107.7 13,856.2 6,737.6 1,697.3 25.2% 6.8% 2.1x 8.2x CBS Corporation United States 58.86 ‐3% 37,398.9 43,478.9 15,071.0 3,675.0 24.4% 11.1% 2.9x 11.8x Charter Communications, Inc. United States 127.04 ‐12% 13,229.0 27,521.0 7,920.0 2,742.0 34.6% 6.7% 3.5x 10.0x Comcast Corporation United States 47.35 ‐3% 123,333.0 165,392.0 63,668.0 21,066.0 33.1% 3.2% 2.6x 7.9x Crown Media Holdings Inc. United States 3.19 ‐6% 1,147.4 1,560.6 361.7 270.3 74.7% 4.2% 4.3x 5.8x DIRECTV United States 64.17 ‐5% 33,717.6 51,734.6 31,214.0 7,731.0 24.8% 7.1% 1.7x 6.7x Discovery Communications, Inc. * United States 84.59 ‐6% 29,311.8 35,295.8 5,198.0 2,184.0 42.0% 18.3% 6.8x 16.2x Dish Network Corp. United States 47.50 ‐4% 21,691.6 26,359.1 14,352.4 2,823.3 19.7% 0.3% 1.8x 9.3x Entravision Communications Corporation United States 6.60 ‐9% 581.2 902.6 227.6 75.5 33.2% 8.6% 4.0x 12.0x General Communication Inc. United States 9.71 ‐4% 392.1 1,730.8 780.0 245.2 31.4% 12.2% 2.2x 7.1x Gray Television Inc. United States 10.20 ‐2% 588.7 1,378.5 377.3 143.4 38.0% 4.0% 3.7x 9.6x Grupo Televisa, S.A.B. Mexico 29.46 ‐5% 16,901.2 21,165.9 72,140.1 28,695.8 39.8% 6.4% 0.3x 0.7x Journal Communications Inc. United States 8.48 ‐11% 432.2 651.5 418.1 87.1 20.8% 12.8% 1.6x 7.5x Liberty Global plc * United Kingdom 79.48 ‐4% 30,758.1 74,475.3 13,031.0 5,733.4 44.0% 30.5% 5.7x 13.0x LIN Media LLC United States 25.55 ‐4% 1,389.5 2,317.6 664.6 205.7 30.9% 41.8% 3.5x 11.3x Nexstar Broadcasting Group, Inc. * United States 47.62 ‐1% 1,448.0 2,396.6 480.4 165.0 34.3% 37.8% 5.0x 14.5x Scripps Networks Interactive, Inc. United States 75.71 ‐7% 11,057.4 12,317.5 2,481.1 1,095.1 44.1% 10.0% 5.0x 11.2x Sinclair Broadcast Group Inc. United States 34.25 ‐6% 3,431.9 5,677.8 1,264.9 464.5 36.7% 33.6% 4.5x 12.2x The E. W. Scripps Company United States 18.25 ‐10% 1,016.4 998.4 855.8 96.5 11.3% 1.7% 1.2x 10.3x Time Warner Cable Inc. United States 119.14 ‐7% 33,584.4 57,506.4 22,028.0 7,721.0 35.1% 5.4% 2.6x 7.4x Ziggo N.V. Netherlands 31.28 ‐3% 6,254.9 9,279.9 1,554.2 846.3 54.5% 1.5% 6.0x 11.0x

Adjusted Weighted Average 2.8x 8.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $31.23 ‐11% $ 2,616.9 $ 2,761.6 $ 767.3 $ 112.4 14.6% 9.0% 3.6x 24.6x Eros International Plc United Kingdom 2.50 ‐17% 327.0 455.1 208.4 52.7 25.3% 1.0% 2.2x 8.6x Lions Gate Entertainment Corp. * United States 32.18 ‐15% 4,438.2 5,252.6 2,597.8 248.4 9.6% 21.0% 2.0x 21.1x Live Nation Entertainment, Inc. United States 17.91 ‐9% 3,529.7 4,261.1 6,302.7 457.1 7.3% 13.2% 0.7x 9.3x SFX Entertainment Inc. * United States 9.36 ‐30% 803.1 777.7 62.0 (39.2) NM 0.0% 12.5x NM Twenty‐First Century Fox, Inc. United States 33.46 ‐6% 76,173.6 90,636.6 28,733.0 6,169.0 21.5% 24.4% 3.2x 14.7x Village Roadshow Limited Austral ia 7.49 ‐2% 1,194.6 1,482.4 912.9 162.4 17.8% 0.1% 1.6x 9.1x World Wrestling Entertainment Inc. United States 13.13 ‐1% 986.1 900.6 504.7 56.6 11.2% 4.7% 1.8x 15.9x

Adjusted Weighted Average 3.0x 14.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.1x)

24 | M&A and Investment Summary November 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Out‐of‐Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. * China $1.61 ‐50% $ 97.8 $ (19.8) $ 281.0 $ 16.6 5.9% ‐1.9% NM NM APG|SGA SA Switzerland 243.00 ‐1% 715.5 661.8 321.2 133.7 41.6% ‐1.2% 2.1x 5.0x Clear Channel Outdoor Holdings Inc. United States 9.18 ‐4% 3,279.7 8,007.6 2,943.3 715.8 24.3% ‐0.6% 2.7x 11.2x Clear Media Ltd. Hong Kong 6.31 ‐16% 3,385.1 2,016.0 1,585.1 643.2 40.6% 5.0% 1.3x 3.1x JCDecaux SA France 28.28 ‐4% 6,283.5 6,339.8 2,646.1 554.9 21.0% 4.5% 2.4x 11.4x Lamar Advertising Co. United States 48.14 ‐4% 4,555.9 6,516.1 1,236.9 531.1 42.9% 6.1% 5.3x 12.3x Mood Media Corporation Canada 0.47 ‐77% 80.7 673.7 507.3 111.0 21.9% 38.3% 1.3x 6.1x National CineMedia, Inc. United States 17.50 ‐11% 1,055.2 1,972.2 456.0 218.6 47.9% 1.9% 4.3x 9.0x NTN Buzztime Inc. * United States 0.55 ‐22% 39.4 37.5 23.6 2.3 9.8% ‐1.8% 1.6x 16.2x Tom Group Ltd. Hong Kong 1.69 ‐2% 6,574.5 8,386.8 2,047.2 (12.1) NM ‐12.4% 4.1x NM Valassis Communications Inc. United States 27.96 ‐12% 1,076.2 1,537.6 2,047.2 257.7 12.6% ‐6.0% 0.8x 6.0x

Adjusted Weighted Average 3.2x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.1x)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $7.53 ‐12% $ 165.7 $ 109.3 $ 432.9 $ 23.8 5.5% ‐3.3% 0.3x 4.6x Daily Mail and General Trust plc * United Kingdom 8.08 ‐4% 2,852.7 3,653.0 1,746.8 329.8 18.9% 7.6% 2.1x 11.1x Emmis Communications Corp. United States 2.42 ‐33% 101.1 280.3 199.7 35.1 17.6% 6.3% 1.4x 8.0x Gannett Co., Inc. United States 27.56 ‐3% 6,280.8 7,693.0 5,311.6 1,061.1 20.0% 1.7% 1.4x 7.3x Glacier Media, Inc. Canada 1.50 ‐31% 133.9 301.1 332.6 43.9 13.2% 17.3% 0.9x 6.9x John Wiley & Sons Inc. * United States 49.19 ‐4% 2,883.3 3,354.6 1,761.1 320.5 18.2% ‐0.1% 1.9x 10.5x Journal Communications Inc. United States 8.48 ‐11% 432.2 651.5 418.1 87.1 20.8% 12.8% 1.6x 7.5x Martha Stewart Living Omnimedia Inc. United States 3.43 ‐2% 193.9 158.2 169.6 (1.0) NM ‐16.4% 0.9x NM Meredith Corporation * United States 52.60 ‐2% 2,274.9 2,628.5 1,473.6 263.2 17.9% 5.0% 1.8x 10.0x Reed Elsevier plc(1) * United Kingdom 8.86 ‐1% 10,208.2 28,227.6 9,944.2 3,154.3 31.7% 0.0% 2.8x 8.9x Scholastic Corporation United States 29.34 ‐11% 935.6 1,006.8 1,775.3 155.1 8.7% ‐16.0% 0.6x 6.5x The E. W. Scripps Company * United States 18.25 ‐10% 1,016.4 998.4 855.8 96.5 11.3% 1.7% 1.2x 10.3x The McClatchy Company United States 2.86 ‐17% 271.1 1,763.0 1,274.0 288.7 22.7% ‐6.8% 1.4x 6.1x The New York Times Company United States 13.31 ‐9% 1,982.4 1,895.7 1,996.2 297.2 14.9% 19.2% 0.9x 6.4x The Washington Post Company United States 655.81 ‐3% 4,842.2 4,373.1 4,086.9 576.6 14.1% 13.5% 1.1x 7.6x Valassis Communications Inc. United States 27.96 ‐12% 1,076.2 1,537.6 2,047.2 257.7 12.6% ‐6.0% 0.8x 6.0x

Adjusted Weighted Average 1.4x 7.8x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.8x)

25 | M&A and Investment Summary November 2013 Technology & Communications

. Of the $1.4 billion in reported transaction value in the Technology & Communications segment, $1 billion was from the investment in BlackBerry by an investor group led by Fairfax Financial, BlackBerry’s largest shareholder . Activity in the segment was led by the Cloud Storage subsegment with nine deals announced, while Communications Equipment was the highest reported value subsegment with $1 billion . Select acquisitions: • Amdoc’s $129 million purchase of Celcite Management Solutions, a company offering network management solutions • PasswordBox’s acquisition of Legacy Locker, a service that allows users to pass along digital assets to designated individuals • Mobiquity’s acquisition of Mobility Effect, a provider of enterprise mobility applications

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Cloud Storage 9 27% $67.6 5% 1 ‐ 0 ‐ 8 $67.6 Financial Technology 8 24% 66.1 5% 1 ‐ 1 ‐ 666.1 Communications Software 5 15% 143.8 10% 2 129.0 0 ‐ 314.8 Virtualization Technology 3 9% 36.0 3% 0 ‐ 0 ‐ 336.0 Data Center Technology 2 6% 58.0 4% 0 ‐ 0 ‐ 258.0 Enterprise Mobility 2 6% 1.9 0% 1 ‐ 0 ‐ 11.9 Communications Equipment 1 3% 1,000.0 70% 0 ‐ 0 ‐ 1 1,000.0 Other* 3 9% 52.0 4% 1 0.0 0 0% 2 52.0 Total 33 100% 1,425.4 100% 6 129.0 1 0.0 26 1,296.4

*Other includes Cloud Computing Technology, Networking Equipment, and Software‐Defined Networking

26 | M&A and Investment Summary November 2013 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $133.51 0% $ 89,888.3 $ 92,810.3 $ 30,689.0 $ 7,876.0 25.7% 3.7% 3.0x 11.8x ACI Worldwide, Inc. United States 64.53 ‐1% 2,487.4 3,085.2 805.9 196.0 24.3% 39.5% 3.8x 15.7x ADATA Technology Co., Ltd. Taiwan 71.90 ‐23% 16,274.0 20,724.7 32,238.9 2,664.5 8.3% 9.3% 0.6x 7.8x Advanced Micro Devices, Inc. United States 3.64 ‐22% 2,634.2 3,823.2 4,865.0 (90.0) NM ‐18.3% 0.8x NM Akamai Technologies, Inc. United States 44.72 ‐17% 8,003.9 7,437.5 1,519.8 556.6 36.6% 15.2% 4.9x 13.4x AVG Technologies N.V. Netherlands 17.28 ‐35% 940.8 925.0 400.4 132.0 33.0% 19.5% 2.3x 7.0x Brightcove, Inc. United States 14.23 ‐12% 409.4 375.3 104.5 (5.8) NM 27.2% 3.6x NM CA Technologies United States 33.00 ‐1% 14,892.0 13,986.0 4,614.0 1,593.0 34.5% ‐2.8% 3.0x 8.8x Carbonite, Inc. United States 12.40 ‐25% 327.9 265.7 102.1 (0.3) NM 31.4% 2.6x NM CDW Corporation United States 22.30 ‐9% 3,834.7 7,119.8 10,656.3 699.5 6.6% 6.5% 0.7x 10.2x Check Point Software Technologies Ltd. Israel 61.86 ‐2% 12,151.5 10,891.1 1,375.6 771.9 56.1% 3.4% 7.9x 14.1x ChinaCache International Holdings Ltd. * China 7.45 ‐30% 174.4 130.8 988.9 0.7 0.1% 28.7% 0.1x 195.4x Citrix Systems, Inc. United States 59.32 ‐23% 11,057.1 10,362.4 2,856.0 625.7 21.9% 15.8% 3.6x 16.6x CommVault Systems, Inc. United States 74.85 ‐17% 3,539.1 3,053.9 542.7 95.5 17.6% 21.4% 5.6x 32.0x Cray Inc. United States 23.81 ‐17% 910.0 772.6 407.2 (10.3) NM 25.8% 1.9x NM Crossroads Systems, Inc. United States 1.84 ‐43% 22.0 26.8 13.5 (12.3) NM ‐14.3% 2.0x NM Datalink Corporation United States 10.47 ‐28% 237.4 179.2 568.6 23.8 4.2% 24.0% 0.3x 7.5x Dot Hill Systems Corp. United States 2.56 ‐19% 151.0 110.7 191.8 2.7 1.4% ‐2.9% 0.6x 40.7x Elecom Co., Ltd. Japan 1,333.00 ‐18% 29,361.1 17,427.1 62,485.0 7,592.0 12.2% ‐2.1% 0.3x 2.3x EMC Corporation United States 23.85 ‐13% 49,079.7 47,070.7 22,569.9 5,376.4 23.8% 6.2% 2.1x 8.8x ePlus inc. United States 54.02 ‐19% 441.4 511.7 1,008.8 74.3 7.4% 6.4% 0.5x 6.9x Euronet Worldwide Inc. United States 48.45 ‐1% 2,435.5 2,444.2 1,389.0 174.7 12.6% 12.4% 1.8x 14.0x F‐Secure Oyj Finland 1.99 ‐7% 309.2 269.8 155.3 32.5 20.9% ‐1.1% 1.7x 8.3x Fusion‐io, Inc. United States 10.04 ‐59% 1,059.0 833.8 400.6 (46.0) NM ‐0.6% 2.1x NM Gemalto NV Netherlands 83.12 ‐7% 7,158.1 6,886.6 2,359.0 374.1 15.9% 11.9% 2.9x 18.4x Google Inc. United States 1,059.59 ‐1% 353,995.7 306,396.7 57,386.0 17,599.0 30.7% 23.8% 5.3x 17.4x Green Dot Corporation United States 24.25 ‐9% 905.9 490.9 576.0 80.1 13.9% 6.8% 0.9x 6.1x Imperva Inc. United States 44.98 ‐14% 1,122.8 1,014.1 126.8 (13.8) NM 32.5% 8.0x NM Integrated Electrical Services, Inc. United States 4.79 ‐26% 85.8 75.5 494.2 4.2 0.9% 27.4% 0.2x 17.9x Intel Corporation United States 23.84 ‐8% 118,508.6 112,992.6 52,351.0 20,102.0 38.4% ‐2.6% 2.2x 5.6x IBM Corporation United States 179.68 ‐17% 195,106.2 221,144.2 101,356.0 25,939.0 25.6% ‐3.2% 2.2x 8.5x Interxion Holding NV Netherlands 22.51 ‐20% 1,548.9 1,928.6 301.8 122.2 40.5% 12.4% 6.4x 15.8x J‐Stream Inc. Japan 500.00 ‐44% 5,816.7 4,426.7 4,670.0 337.0 7.2% ‐12.6% 0.9x 13.1x Limelight Networks, Inc. United States 2.05 ‐20% 199.4 88.1 177.7 (9.7) NM ‐1.1% 0.5x NM LogMeIn, Inc. * United States 34.50 0% 835.6 636.2 158.1 5.3 3.3% 17.8% 4.0x 120.9x LSI Corporation United States 8.07 ‐5% 4,397.6 3,733.0 2,365.3 331.1 14.0% ‐2.6% 1.6x 11.3x Melbourne IT Ltd. Australia 1.64 ‐33% 135.5 40.2 165.3 22.6 13.6% 11.2% 0.2x 1.8x Micron Technology Inc. United States 21.10 ‐1% 22,194.2 25,994.2 9,073.0 2,163.0 23.8% 10.2% 2.9x 12.0x Microsoft Corporation United States 38.13 0% 318,308.0 254,899.0 80,370.0 31,367.0 39.0% 11.1% 3.2x 8.1x Montage Technology Group Limited China 18.10 ‐8% 479.2 486.0 99.2 24.6 24.8% 0.0% 4.9x 19.8x NEC Corporation Japan 226.00 ‐23% 587,227.6 1,197,602.6 3,006,904.0 166,012.0 5.5% ‐1.1% 0.4x 7.2x

27 | M&A and Investment Summary November 2013 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA NetApp, Inc. United States $39.87 ‐11% $ 13,559.6 $ 9,470.4 $ 6,404.0 $ 889.7 13.9% 3.0% 1.5x 10.6x Oracle Corporation United States 34.37 ‐6% 156,639.9 142,070.9 37,371.0 16,259.0 43.5% 1.2% 3.8x 8.7x ProAct IT Group AB Sweden 81.75 ‐26% 761.1 948.8 2,279.5 135.2 5.9% ‐ 5.8% 0.4x 7.0x Qualys, Inc. United States 20.62 ‐11% 665.0 565.2 103.6 12.7 12.3% 18.5% 5.5x 44.5x Quantum Corporation United States 1.18 ‐33% 292.2 423.3 578.8 18.1 3.1% ‐6.9% 0.7x 23.4x Rackspace Hosting, Inc. United States 49.31 ‐39% 6,851.0 6,676.4 1,479.6 413.4 27.9% 19.4% 4.5x 16.1x Red Hat, Inc. United States 44.27 ‐22% 8,389.1 7,525.5 1,429.2 289.0 20.2% 16.7% 5.3x 26.0x SanDisk Corp. United States 68.95 ‐3% 15,575.2 14,346.4 5,983.6 1,929.3 32.2% 17.6% 2.4x 7.4x SAP AG Germany 60.32 ‐7% 71,996.9 74,043.9 16,732.0 5,853.0 35.0% 6.6% 4.4x 12.7x Seagate Technology Public Limited Company Ireland 47.90 ‐5% 15,622.2 15,993.2 14,108.0 2,839.0 20.1% ‐11.0% 1.1x 5.6x Silicon Graphics International Corp. United States 12.57 ‐40% 430.6 270.6 721.9 9.5 1.3% ‐5.9% 0.4x 28.4x SK Hynix, Inc. South Korea 31,500.00 ‐10% 22,371,328.1 26,188,690.1 11,855,663.0 4,814,361.0 40.6% 20.2% 2.2x 5.4x Sony Corporation Japan 1,641.00 ‐32% 1,702,667.2 3,054,893.2 7,141,175.0 310,372.0 4.3% 9.5% 0.4x 9.8x Splunk, Inc. * United States 60.94 ‐6% 6,447.5 6,100.3 241.4 (34.8) NM 54.7% 25.3x NM Symantec Corporation United States 23.21 ‐14% 16,154.9 14,416.9 6,885.0 1,903.0 27.6% 1.8% 2.1x 7.6x Synchronoss Technologies, Inc. United States 33.02 ‐16% 1,293.0 1,257.3 325.0 65.6 20.2% 23.7% 3.9x 19.2x Tableau Software, Inc. * United States 64.20 ‐17% 3,797.6 3,571.3 192.8 (2.1) NM 0.0% 18.5x NM Teradata Corporation United States 43.79 ‐37% 7,155.3 6,548.3 2,663.0 598.0 22.5% 2.5% 2.5x 11.0x Trend Micro Inc. Japan 3,560.00 ‐8% 472,844.8 344,343.8 100,965.0 33,339.0 33.0% 7.7% 3.4x 10.3x The KEYW Holding Corporation United States 12.35 ‐25% 454.0 532.2 304.1 23.9 7.9% 38.7% 1.7x 22.3x Unisys Corporation United States 26.67 ‐6% 1,171.1 1,096.3 3,439.9 226.2 6.6% ‐7.3% 0.3x 4.8x VeriSign, Inc. United States 54.30 ‐1% 7,441.9 6,998.9 949.7 594.0 62.5% 12.1% 7.4x 11.8x Violin Memory, Inc. United States 6.00 ‐25% 490.9 477.6 94.8 (109.9) NM 27.4% 5.0x NM VMware, Inc. United States 80.32 ‐19% 34,567.0 29,180.0 5,017.0 1,323.0 26.4% 14.7% 5.8x 22.1x Western Digital Corporation United States 71.56 ‐4% 16,925.9 14,454.9 15,120.0 3,202.0 21.2% 9.4% 1.0x 4.5x Xoom Corporation * United States 28.22 ‐23% 1,054.2 853.1 112.2 8.7 7.7% 52.9% 7.6x 98.1x

Adjusted Weighted Average 2.2x 6.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.2x)

28 | M&A and Investment Summary November 2013 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aastra Technologies Ltd. Canada $32.29 ‐3% $ 380.9 $ 294.9 $ 599.2 $ 45.0 7.5% ‐5.1% 0.5x 6.6x ADTRAN Inc. United States 23.74 ‐15% 1,369.5 1,225.1 622.4 55.4 8.9% ‐5.1% 2.0x 22.1x Alcatel‐Lucent, S.A. France 3.05 ‐4% 6,951.9 8,633.9 14,599.0 1,113.0 7.6% 0.7% 0.6x 7.8x Allot Communications Ltd. Israel 12.71 ‐43% 413.9 298.8 95.6 (3.9) NM ‐4.8% 3.1x NM Ambient Corporation United States 1.91 ‐58% 31.8 25.3 26.6 (12.1) NM ‐53.8% 1.0x NM Anaren, Inc. United States 27.80 0% 351.1 300.1 157.9 27.6 17.5% 6.9% 1.9x 10.9x Aruba Networks, Inc. United States 18.43 ‐31% 2,029.0 1,614.2 600.0 25.8 4.3% 16.1% 2.7x 62.6x AudioCodes Ltd. Israel 5.85 ‐23% 223.2 188.8 133.8 5.5 4.1% 1.4% 1.4x 34.5x Aviat Networks, Inc. United States 2.03 ‐48% 126.7 53.4 449.7 1.1 0.2% 0.5% 0.1x 48.5x Axesstel Inc. United States 0.15 ‐93% 3.6 14.5 43.4 0.5 1.1% ‐29.4% 0.3x 30.9x BlackBerry Limited Canada 6.76 ‐63% 3,556.2 1,083.5 10,048.0 156.0 1.6% ‐33.1% 0.1x 6.9x Barracuda Networks, Inc. * United States 21.70 ‐3% 1,085.4 1,057.4 218.0 2.4 1.1% 0.0% 4.9x 436.2x Blonder Tongue Laboratories Inc. United States 0.99 ‐42% 6.1 11.9 30.2 (0.2) NM 8.7% 0.4x NM BroadSoft, Inc. United States 25.18 ‐36% 711.1 643.7 172.3 7.4 4.3% 8.0% 3.7x 87.5x Brocade Communications Systems, Inc. United States 8.23 ‐2% 3,639.3 3,448.1 2,242.4 497.6 22.2% 1.5% 1.5x 6.9x CalAmp Corp. United States 23.68 ‐9% 817.2 794.7 205.3 21.1 10.3% 29.7% 3.9x 37.7x Calix Inc. United States 10.10 ‐28% 502.8 423.6 380.0 11.8 3.1% 15.0% 1.1x 35.9x Ciena Corporation United States 23.25 ‐17% 2,398.1 3,130.8 1,964.7 115.7 5.9% 7.7% 1.6x 27.1x Cisco Systems, Inc. United States 23.45 ‐11% 126,238.8 91,847.8 48,607.0 13,865.0 28.5% 5.5% 1.9x 6.6x Clearfield, Inc. United States 16.63 ‐3% 214.5 198.7 53.4 7.9 14.9% 42.4% 3.7x 25.1x ClearOne, Inc. United States 9.12 ‐7% 81.9 61.7 48.4 7.6 15.7% 6.7% 1.3x 8.1x COM DEV International Ltd. Canada 4.01 ‐9% 306.5 302.1 218.4 34.7 15.9% 8.3% 1.4x 8.7x CommScope Holding Company Inc. United States 16.14 0% 2,997.3 5,790.3 3,487.8 657.3 18.8% 0.0% 1.7x 8.8x Communications Systems Inc. United States 11.82 ‐4% 101.1 84.1 129.8 3.7 2.8% 25.0% 0.6x 23.0x Corning Inc. United States 16.59 ‐8% 24,009.1 21,473.1 8,009.0 2,601.0 32.5% 3.3% 2.7x 8.3x CTX Virtual Technologies, Inc. United States 1.87 ‐25% 14.9 15.1 119.2 16.9 14.2% 198.1% 0.1x 0.9x Cyan, Inc. United States 3.84 ‐74% 177.6 113.2 125.5 (26.0) NM 58.4% 0.9x NM DDS Wireless International Inc. Canada 1.85 ‐25% 25.3 15.6 37.5 2.4 6.3% ‐9.0% 0.4x 6.6x Digi International Inc. United States 10.02 ‐5% 256.1 167.7 195.4 15.7 8.1% 2.5% 0.9x 10.7x DragonWave Inc. Canada 1.32 ‐64% 66.0 75.0 116.7 (43.8) NM 49.4% 0.6x NM EchoStar Corp. United States 47.19 ‐3% 4,228.9 5,079.5 3,260.6 636.5 19.5% 2.9% 1.6x 8.0x Emulex Corporation United States 7.54 ‐16% 689.2 584.3 474.1 48.5 10.2% ‐5.7% 1.2x 12.0x Ericsson Sweden 79.70 ‐12% 256,057.8 222,551.8 227,280.0 27,097.0 11.9% 1.2% 1.0x 8.2x Extreme Networks Inc. United States 6.29 ‐5% 594.2 394.8 299.1 16.4 5.5% ‐6.5% 1.3x 24.0x F5 Networks, Inc. United States 82.86 ‐23% 6,470.5 5,928.4 1,481.3 470.8 31.8% 7.6% 4.0x 12.6x Finisar Corp. United States 23.46 ‐12% 2,248.2 2,005.5 979.9 100.7 10.3% 3.7% 2.0x 19.9x Fleetmatics Group PLC Ireland 36.00 ‐31% 1,326.9 1,210.3 163.1 43.3 26.6% 38.8% 7.4x 28.0x Franklin Wireless Corp. United States 1.70 ‐25% 17.6 7.6 32.8 1.4 4.4% 35.0% 0.2x 5.3x Gigamon Inc. United States 28.66 ‐31% 890.9 785.5 129.1 (25.4) NM 49.9% 6.1x NM Gogo Inc. United States 24.15 ‐3% 2,030.9 1,964.7 271.6 9.4 3.5% 36.2% 7.2x 208.6x Harmonic Inc. United States 7.34 ‐11% 739.9 570.6 513.3 31.4 6.1% 2.1% 1.1x 18.2x Harris Corporation United States 63.56 0% 6,792.9 8,126.1 5,042.1 1,095.3 21.7% ‐6.2% 1.6x 7.4x Infoblox Inc. * United States 43.33 ‐12% 2,291.4 2,082.1 225.0 3.5 1.6% 33.0% 9.3x 589.5x Interactive Intelligence Group Inc. United States 66.49 ‐8% 1,332.2 1,248.7 298.0 23.7 8.0% 32.7% 4.2x 52.6x 29 | M&A and Investment Summary November 2013 Communications Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA JDS Uniphase Corporation United States 12.45 ‐25% $ 2,898.7 $ 2,394.1 $ 1,685.0 146.3 8.7% 1.0% 1.4x 16.4x Juniper Networks, Inc. United States $19.07 ‐17% 9,630.43 7,784.53 4,536.30 781.3 17.2% 4.4% 1.7x 10.0x KVH Industries Inc. United States 12.90 ‐14% 201.4 181.6 162.9 16.8 10.3% 25.8% 1.1x 10.8x Mavenir Systems, Inc. United States 9.00 ‐25% 208.0 225.7 82.1 (8.7) NM 0.0% 2.8x NM Meru Networks, Inc. United States 3.34 ‐52% 75.7 48.4 103.8 (11.4) NM 12.1% 0.5x NM Mitel Networks Corporation Canada 6.79 ‐4% 365.2 597.4 580.0 87.5 15.1% ‐3.5% 1.0x 6.8x Motorola Solutions, Inc. United States 63.51 ‐4% 16,430.9 16,031.9 8,633.0 1,519.0 17.6% 0.9% 1.9x 10.6x Netgear Inc. United States 30.95 ‐24% 1,199.6 898.2 1,323.4 135.9 10.3% 4.2% 0.7x 6.6x Nokia Corporation Finland 5.79 ‐2% 21,476.4 18,953.4 25,250.0 2,850.0 11.3% ‐21.4% 0.8x 6.7x Nuance Communications, Inc. United States 15.70 ‐37% 4,872.2 6,352.1 1,851.8 345.0 18.6% 19.5% 3.4x 18.4x Numerex Corp. United States 13.70 ‐2% 254.8 230.8 75.2 4.1 5.5% 20.5% 3.1x 56.3x Optical Cable Corp. United States 3.91 ‐21% 25.7 36.1 78.2 3.2 4.1% ‐3.6% 0.5x 11.3x Palo Alto Networks, Inc. * United States 41.87 ‐33% 3,034.7 2,615.1 396.1 (5.1) NM 55.3% 6.6x NM PCTEL, Inc. United States 9.59 ‐4% 177.7 122.8 104.1 3.9 3.8% 25.4% 1.2x 31.4x Plantronics, Inc. United States 42.68 ‐14% 1,803.6 1,444.4 798.4 155.9 19.5% 10.7% 1.8x 9.3x Polycom, Inc. United States 10.75 ‐10% 1,832.0 1,208.0 1,373.5 109.7 8.0% ‐3.7% 0.9x 11.0x Procera Networks, Inc. United States 14.10 ‐40% 286.9 178.0 69.9 (10.1) NM 19.1% 2.5x NM QUALCOMM Incorporated United States 67.62 ‐4% 114,239.7 99,289.7 24,866.0 8,578.0 34.5% 30.0% 4.0x 11.6x RadiSys Corporation United States 2.52 ‐52% 73.3 74.8 257.0 2.7 1.0% ‐13.3% 0.3x 27.9x Radware Ltd. Israel 15.25 ‐21% 683.5 592.6 189.8 30.6 16.1% 2.9% 3.1x 19.4x RELM Wireless Corp. United States 2.71 ‐34% 36.8 31.0 27.1 2.8 10.5% 2.8% 1.1x 10.9x RingCentral, Inc. United States 17.52 ‐12% 1,064.3 1,077.0 148.3 (27.5) NM 0.0% 7.3x NM Riverbed Technology, Inc. United States 17.25 ‐19% 2,833.4 2,922.8 995.2 129.3 13.0% 24.0% 2.9x 22.6x Sandvine Corporation Canada 2.65 ‐5% 366.6 274.5 103.2 20.2 19.5% 26.8% 2.7x 13.6x ShoreTel, Inc. * United States 7.29 ‐11% 440.1 403.6 322.8 0.7 0.2% 20.6% 1.3x 612.5x Sierra Wireless Inc. Canada 19.56 ‐7% 601.7 407.8 432.7 (4.1) NM 71.3% 0.9x NM SolarWinds, Inc. United States 33.10 ‐46% 2,487.5 2,281.4 311.8 148.9 47.8% 24.2% 7.3x 15.3x Solera Holdings Inc. United States 62.61 ‐11% 4,306.7 5,044.0 860.4 341.8 39.7% 9.3% 5.9x 14.8x Sonus Networks, Inc. United States 2.99 ‐22% 817.8 619.6 275.7 (8.8) NM 8.9% 2.2x NM Symmetricom Inc. United States 7.17 ‐2% 294.6 214.8 202.6 7.3 3.6% ‐14.8% 1.1x 29.4x Telcoware Co., Ltd. * South Korea 9,500.00 ‐22% 51,173.0 8,565.5 51.6 6.9 13.4% 0.0% 166.0x 1241.4x TeleCommunication Systems Inc. United States 2.36 ‐26% 138.5 230.1 416.3 32.8 7.9% ‐12.6% 0.6x 7.0x Tellabs Inc. United States 2.44 ‐33% 868.0 316.9 862.2 (5.3) NM ‐23.5% 0.4x NM TESSCO Technologies Inc. United States 35.67 ‐10% 293.6 292.9 653.5 31.7 4.9% ‐19.4% 0.4x 9.2x Transmode AB (publ) Sweden 107.50 ‐12% 2,986.1 2,599.0 1,057.0 192.1 18.2% 5.1% 2.5x 13.5x Ubiquitous Corporation * Japan 1,688.00 ‐57% 14,628.0 13,390.0 857.0 25.0 2.9% ‐4.8% 15.6x 535.6x Vecima Networks Inc. Canada 6.68 ‐1% 149.1 121.3 88.9 14.1 15.9% ‐11.7% 1.4x 8.6x Verint Systems Inc. United States 36.07 ‐6% 1,923.3 2,228.1 857.7 167.2 19.5% 4.5% 2.6x 13.3x ViaSat Inc. United States 64.40 ‐12% 2,926.3 3,439.9 1,270.1 154.0 12.1% 30.9% 2.7x 22.3x Vonage Holdings Corporation United States 3.37 ‐14% 694.9 661.5 831.6 90.4 10.9% ‐2.3% 0.8x 7.3x Westell Technologies, Inc. United States 3.99 ‐19% 236.0 154.9 73.2 (2.4) NM 62.4% 2.1x NM ZTE Corp. China 14.79 ‐19% 49,713.2 71,389.9 78,144.8 2,928.9 3.7% ‐12.3% 0.9x 24.4x

Adjusted Weighted Average 2.2x 11.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (39.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (248.7x) 30 | M&A and Investment Summary November 2013 Software

. Within the Software segment, a total of $5.6 billion in strategic and private equity exits were reported, while another $604 million in investments were announced . ERP Software was the most active and highest value subsegment with eight transactions announced worth $3.4 billion, followed by Healthcare Software with eight transactions worth $860 million . Select acquisitions: • Hellman & Friedman’s $1.8 billion purchase from Bain Capital of Applied Systems, a provider of software and services for insurance organizations to automate the management of their clients and policies • Advent International’s $1.6 billion acquisition of Unit 4, a Netherlands‐based ERP solutions company . Select investments: • The Carlyle Group’s $467 million led‐investment in P&I Personal & Informatik, a Germany‐based provider of integrated software solutions for HR Management

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM ERP 8 14% $3,410.0 55% 5 ‐ 2 $3,400.0 1 $10.0 Healthcare 8 14% 860.0 14% 6 850.0 0 ‐ 2 10.0 Data Management 1 2% 17.0 0% 0 ‐ 0 ‐ 1 17.0 Security 8 14% 15.3 0% 5 ‐ 0 ‐ 3 15.3 Infrastructure 6 11% 1,178.5 19% 3 1,165.0 0 ‐ 3 13.5 HR 5 9% 522.3 8% 2 50.0 0 ‐ 3 472.3 Other* 20 36% 181.2 3% 11 115.0 0 ‐ 9 66.2 Total 56 100% 6,184.3 100% 32 2,180.0 2 3,400.0 22 604.3 *Other includes Application Management, Collaboration, Credit/Risk, Engineering, Financial, Geo‐Demo, and Software Development

31 | M&A and Investment Summary November 2013 Software Public Company Valuation

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $33.91 ‐6% $ 1,730.5 $ 2,039.1 $ 41.4 $ 350.0 $ 377.4 $ 76.1 20.2% 6.9% 5.4x 26.8x Ebix Inc. United States 13.23 ‐38% 502.6 524.2 37.7 59.3 207.9 83.9 40.3% 9.8% 2.5x 6.3x Epiq Systems, Inc. United States 15.69 ‐3% 545.4 819.9 37.5 312.0 405.9 72.6 17.9% 24.9% 2.0x 11.3x Fidessa group plc United Kingdom 21.55 ‐3% 807.5 757.2 50.3 ‐ 276.6 54.7 19.8% ‐2.1% 2.7x 13.8x Guidewire Software, Inc. * United States 46.48 ‐10% 3,052.5 2,895.8 156.7 ‐ 300.6 21.7 7.2% 29.6% 9.6x 133.7x Innovation Group plc United Kingdom 0.32 0% 315.7 292.1 44.7 17.9 198.8 22.6 11.4% 7.5% 1.5x 12.9x Management Consulting Group PLC United Kingdom 0.25 ‐23% 123.7 175.3 10.9 62.6 262.3 22.3 8.5% ‐10.7% 0.7x 7.9x Model N, Inc. United States 8.46 ‐66% 194.2 89.5 105.1 0.5 97.3 7.1 7.3% 0.0% 0.9x 12.6x NetSuite Inc. * United States 96.15 ‐16% 7,180.9 6,977.3 467.1 263.6 384.5 (31.3) NM 33.5% 18.1x NM Performant Financial Corporation United States 9.49 ‐33% 457.0 523.5 69.6 136.0 251.3 81.4 32.4% 27.7% 2.1x 6.4x RealPage, Inc. United States 25.64 ‐3% 1,993.4 1,949.4 44.0 ‐ 367.2 58.0 15.8% 19.4% 5.3x 33.6x Solera Holdings Inc. United States 62.61 ‐11% 4,306.7 5,044.0 1,069.2 1,708.2 860.4 341.8 39.7% 9.3% 5.9x 14.8x SS&C Technologies Holdings, Inc. United States 40.35 ‐3% 3,317.9 4,072.5 81.6 836.2 701.9 277.0 39.5% 47.5% 5.8x 14.7x Tyler Technologies, Inc. United States 95.22 ‐9% 3,070.4 3,018.2 52.1 ‐ 401.3 76.1 19.0% 14.6% 7.5x 39.7x

Adjusted Weighted Average 6.0x 21.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (59.8x)

Healthcare Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $9.15 ‐9% $ 509.3 $ 405.9 $ 103.4 $ ‐ $ 166.2 $ 11.0 6.6% 5.2% 2.4x 36.8x Allscripts Healthcare Solutions, Inc. United States 14.32 ‐13% 2,528.0 3,011.3 60.8 544.1 1,373.0 6.6 0.5% ‐7.5% 2.2x NM athenahealth, Inc. * United States 132.58 ‐8% 4,930.5 5,111.1 62.3 242.9 539.7 47.9 8.9% 35.4% 9.5x 106.6x Cegedim SA France 19.90 ‐28% 277.4 792.5 64.4 579.1 903.5 106.5 11.8% ‐0.5% 0.9x 7.4x Cerner Corporation United States 56.39 ‐5% 19,356.6 18,617.7 921.8 182.9 2,760.6 811.7 29.4% 9.6% 6.7x 22.9x Computer Programs & Systems Inc. United States 60.56 ‐2% 675.8 662.2 13.6 ‐ 197.5 50.0 25.3% 11.2% 3.4x 13.2x Craneware plc United Kingdom 4.65 ‐4% 125.6 105.7 30.3 ‐ 41.5 11.6 27.9% 0.9% 2.5x 9.1x McKesson Corporation United States 158.90 ‐1% 36,501.1 38,415.1 2,960.0 4,874.0 127,163.0 3,216.0 2.5% 3.4% 0.3x 11.9x MedAssets, Inc. United States 21.64 ‐19% 1,338.8 2,141.3 ‐ 802.5 673.7 207.6 30.8% 6.4% 3.2x 10.3x Medidata Solutions, Inc. United States 110.68 ‐13% 2,961.5 2,830.0 358.6 227.1 260.9 42.5 16.3% 26.1% 10.8x 66.6x Merge Healthcare Incorporated United States 2.43 ‐48% 228.6 455.5 19.5 245.9 242.7 16.4 6.7% ‐2.3% 1.9x 27.8x Quality Systems Inc. United States 23.39 ‐3% 1,406.3 1,322.0 84.3 ‐ 446.4 89.0 19.9% ‐2.1% 3.0x 14.8x Streamline Health Solutions, Inc. * United States 7.91 ‐7% 103.1 118.8 5.4 13.1 28.5 1.3 4.6% 47.6% 4.2x 91.5x USMD Holdings, Inc. United States 26.70 ‐39% 269.3 289.5 10.4 27.4 198.1 15.7 7.9% 0.0% 1.5x 18.5x Veeva Systems Inc. * United States 37.19 ‐24% 4,546.6 4,493.7 52.9 ‐ 168.0 36.9 22.0% 0.0% 26.8x 121.9x

Adjusted Weighted Average 3.4x 18.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (79.6x)

32 | M&A and Investment Summary November 2013 Software Public Company Valuation

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $70.36 ‐12% $ 2,075.8 $ 1,580.0 $ 3,035.1 $ ‐ $ 1,536.2 $ 504.4 32.8% 8.3% 1.0x 3.1x Al locate Software plc. United Kingdom 1.07 ‐9% 69.9 60.7 13.1 4.0 37.1 4.4 11.9% 1.3% 1.6x 13.7x Benefitfocus, Inc. United States 47.63 ‐15% 1,164.1 1,087.0 84.7 7.5 96.7 (17.3) NM 0.0% 11.2x NM Concur Technologies, Inc. * United States 96.73 ‐15% 5,421.1 5,235.8 832.8 647.2 545.8 49.0 9.0% 24.1% 9.6x 106.9x Cornerstone OnDemand, Inc. United States 47.28 ‐15% 2,460.1 2,447.1 231.7 218.8 166.7 (28.8) NM 60.5% 14.7x NM Dice Holdings, Inc. United States 7.50 ‐28% 422.5 437.8 44.7 60.0 207.8 64.8 31.2% 9.4% 2.1x 6.8x LinkedIn Corporation * United States 211.66 ‐18% 25,273.2 23,000.9 2,272.3 ‐ 1,384.9 168.0 12.1% 65.6% 16.6x 136.9x Monster Worldwide, Inc. United States 5.10 ‐20% 534.9 636.9 86.9 189.0 820.1 126.0 15.4% ‐10.0% 0.8x 5.1x Saba Software, Inc. United States 11.75 ‐2% 350.0 335.8 15.0 0.9 121.3 (9.8) NM 7.7% 2.8x NM The Ultimate Software Group, Inc. United States 156.86 ‐4% 4,380.6 4,279.4 109.7 8.4 390.7 56.5 14.5% 24.9% 11.0x 75.7x Workday, Inc. * United States 73.85 ‐13% 12,849.9 12,031.6 1,294.6 476.3 353.3 (100.3) NM 77.4% 34.1x NM

Adjusted Weighted Average 13.6x 46.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (105.8x)

Security Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absol ute Software Corporation Canada $7.46 ‐8% $ 318.4 $ 267.5 $ 49.5 $ ‐ $ 85.1 $ 17.3 20.3% 11.8% 3.1x 15.5x AVG Technologies N.V. Netherlands 17.08 ‐36% 929.9 914.1 54.9 39.2 400.4 128.6 32.1% 19.5% 2.3x 7.1x Check Point Software Technologies Ltd. Israel 59.67 ‐4% 11,721.3 10,460.9 1,260.4 ‐ 1,375.6 771.9 56.1% 3.4% 7.6x 13.6x Cisco Systems, Inc. United States 23.45 ‐11% 126,238.8 91,847.8 50,610.0 16,211.0 48,607.0 13,865.0 28.5% 5.5% 1.9x 6.6x FireEye, Inc. * United States 37.33 ‐17% 4,385.2 4,077.5 327.7 20.0 136.0 (107.9) NM 0.0% 30.0x NM Fortinet Inc. United States 19.77 ‐22% 3,231.6 2,718.6 513.0 ‐ 589.1 96.5 16.4% 17.0% 4.6x 28.2x Gemalto NV Netherlands 82.18 ‐8% 7,046.3 6,774.8 286.5 9.1 2,359.0 374.1 15.9% 11.9% 2.9x 18.1x Imperva Inc. United States 40.91 ‐22% 1,012.6 903.9 106.8 ‐ 126.8 (13.8) NM 32.5% 7.1x NM Infoblox Inc. United States 43.33 ‐12% 2,291.4 2,082.1 209.3 ‐ 225.0 3.5 1.6% 33.0% 9.3x NM Juniper Networks, Inc. United States 19.07 ‐17% 9,630.4 7,784.5 2,845.2 999.3 4,536.3 781.3 17.2% 4.4% 1.7x 10.0x NQ Mobile Inc. * China 13.49 ‐48% 719.9 598.7 128.4 ‐ 130.5 5.8 4.5% 117.0% 4.6x 102.7x Palo Alto Networks, Inc. United States 41.87 ‐33% 3,034.7 2,615.1 419.6 ‐ 396.1 (5.1) NM 55.3% 6.6x NM Proofpoint, Inc. United States 30.87 ‐9% 1,104.7 1,035.9 71.6 2.8 125.7 (16.2) NM 25.3% 8.2x NM Qihoo 360 Technology Co. Ltd. * China 83.42 ‐14% 10,241.6 9,867.4 378.7 ‐ 448.5 100.0 22.3% 78.1% 22.0x 98.7x Symantec Corporation United States 23.21 ‐14% 16,154.9 14,416.9 3,832.0 2,094.0 6,885.0 1,903.0 27.6% 1.8% 2.1x 7.6x Trend Micro Inc. Japan 3,560.00 ‐8% 472,844.8 344,343.8 128,509.0 ‐ 100,965.0 33,339.0 33.0% 7.7% 3.4x 10.3x VeriSign, Inc. United States 54.30 ‐1% 7,441.9 6,998.9 1,806.8 1,363.8 949.7 594.0 62.5% 12.1% 7.4x 11.8x

Adjusted Weighted Average 3.5x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (22.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.2x)

33 | M&A and Investment Summary November 2013 Software Public Company Valuation

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $83.95 ‐6% $ 7,778.8 $ 7,071.0 $ 707.8 $ ‐ $ 846.0 $ 393.9 46.6% 9.1% 8.4x 18.0x Autodesk, Inc. United States 43.48 ‐1% 9,696.0 8,444.1 1,997.9 746.0 2,287.0 464.8 20.3% ‐0.5% 3.7x 18.2x Aveva Group plc * United Kingdom 26.17 ‐2% 1,669.4 1,479.0 190.4 ‐ 220.2 68.9 31.3% 12.4% 6.7x 21.5x Dassault Systemes SA France 88.16 ‐14% 11,019.1 9,608.4 1,817.0 394.3 2,064.2 637.0 30.9% 4.4% 4.7x 15.1x

Adjusted Weighted Average 5.4x 16.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.8x)

Infrastructure Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $56.18 0% $ 28,083.7 $ 26,439.5 $ 3,163.9 $ 1,519.8 $ 4,167.0 $ 970.1 23.3% ‐5.3% 6.3x 27.3x CA Technologies United States 32.09 ‐3% 14,481.4 13,575.4 2,811.0 1,905.0 4,614.0 1,593.0 34.5% ‐2.8% 2.9x 8.5x CommVault Systems, Inc. United States 75.01 ‐17% 3,546.6 3,061.5 485.1 ‐ 542.7 95.5 17.6% 21.4% 5.6x 32.0x Covisint Corporation United States 12.54 ‐15% 468.5 467.5 1.1 ‐ 98.1 (17.9) NM 20.6% 4.8x NM Daegis Inc. United States 0.90 ‐45% 14.7 25.7 5.0 16.0 38.5 5.3 13.6% ‐7.4% 0.7x 4.9x Endurance International Group Holdings, Inc. United States 11.05 ‐7% 1,394.9 2,511.9 17.0 1,134.0 451.4 53.7 11.9% 0.0% 5.6x 46.8x Guidance Software, Inc. United States 8.87 ‐32% 255.6 239.0 16.8 0.2 118.8 (9.3) NM ‐3.5% 2.0x NM IBM Corporation United States 182.88 ‐15% 198,581.0 224,619.0 10,273.0 36,180.0 101,356.0 25,939.0 25.6% ‐3.2% 2.2x 8.7x Informatica Corporation United States 38.99 ‐7% 4,230.9 3,610.3 620.6 ‐ 906.9 169.4 18.7% 12.8% 4.0x 21.3x IntraLinks Holdings, Inc. * United States 11.05 ‐2% 618.1 614.2 79.4 75.5 229.2 7.4 3.2% 8.0% 2.7x 82.8x NetSuite Inc. United States 96.15 ‐16% 7,180.9 6,977.3 467.1 263.6 384.5 (31.3) NM 33.5% 18.1x NM Opera Software ASA * Norway 69.50 ‐10% 9,136.0 8,714.4 70.1 ‐ 271.3 75.6 27.9% 36.5% 32.1x 115.3x Oracle Corporation United States 34.37 ‐6% 156,639.9 142,070.9 39,137.0 24,123.0 37,371.0 16,259.0 43.5% 1.2% 3.8x 8.7x Rally Software Development Corp. United States 24.38 ‐26% 594.8 490.1 104.7 ‐ 66.1 (11.8) NM 0.0% 7.4x NM Salesforce.com, Inc United States 56.12 ‐2% 33,447.5 35,263.8 623.5 2,439.8 3,472.8 (17.2) NM 31.4% 10.2x NM ServiceNow, Inc. United States 51.96 ‐11% 7,208.8 6,988.6 220.1 ‐ 374.6 (35.7) NM 80.3% 18.7x NM Textura Corporation United States 31.00 ‐34% 742.2 685.7 68.6 11.8 31.0 (28.8) NM 0.0% 22.1x NM TIBCO Software Inc. United States 24.12 ‐11% 3,957.9 3,770.1 723.9 536.1 1,051.0 195.1 18.6% 3.3% 3.6x 19.3x

Adjusted Weighted Average 4.2x 10.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (25.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.3x)

34 | M&A and Investment Summary November 2013 Information & Business Services

. Strategic and private equity buyer transactions accounted for 91 percent ($438 million) of reported value during the month . IT Consulting/Systems Integrations was the most active subsegment with 7 transactions announced . Select acquisitions: • Aurora Capital Group’s $267 million purchase of National Technical Systems, a provider of engineering and compliance testing services • The Nielsen Company’s agreement to acquire market research firm Harris Interactive for $117 million and a 8.7x EBITDA . Select investments: • The $10 million Edison Ventures‐led investment in Red Vision Systems, a provider of real property research solutions

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 7 26% $14.5 3% 5 ‐ 0 ‐ 2$14.5 Financial Information 4 15% 15.0 3% 1 ‐ 0 ‐ 315.0 Market Research 3 11% 117.0 24% 2 117.0 0 ‐ 1 ‐ BPO 2 7% ‐ 0% 0 ‐ 2 ‐ 0 ‐ Marketing Data 2 7% 61.0 13% 0 ‐ 1 54.0 1 7.0 Staffing 2 7% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Other* 7 26% 273.4 57% 4 ‐ 1 267.0 2 6.4 Total 27 100% 480.9 100% 14 117.0 4 321.0 9 42.9

*Other includes Corporate Training, Credit/Risk Consulting, Credit/Risk Management Information, Engineering Consulting, HR Information, Legal Consulting, and Logistics

35 | M&A and Investment Summary November 2013 Information Services Public Company Valuation

($ in Millions, except stock price data) Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $35.90 ‐11% $ 4,278.7 $ 4,619.6 $ 2,480.2 $ 492.8 19.9% 6.8% 1.9x 9.4x Computershare Limited Australia 10.85 ‐4% 6,034.8 7,415.7 2,015.7 379.4 18.8% 11.8% 3.7x 19.5x CoreLogic, Inc. United States 34.38 ‐1% 3,222.1 3,869.5 1,640.1 370.4 22.6% 9.1% 2.4x 10.4x CoStar Group Inc. * United States 172.15 ‐6% 4,950.3 4,884.9 425.4 83.0 19.5% 34.6% 11.5x 58.8x DST Systems Inc. United States 86.44 ‐1% 3,645.2 4,098.3 2,649.9 407.7 15.4% 4.3% 1.5x 10.1x Dun & Bradstreet Corp. United States 111.18 ‐2% 4,242.6 5,489.5 1,641.6 462.0 28.1% ‐3.4% 3.3x 11.9x Envestnet, Inc. * United States 35.31 ‐9% 1,193.5 1,156.8 212.5 24.5 11.5% 48.2% 5.4x 47.2x Equifax Inc. United States 64.65 ‐2% 7,867.0 9,198.7 2,346.7 743.5 31.7% 14.5% 3.9x 12.4x Experian plc Ireland 12.05 ‐7% 12,056.1 14,103.0 4,784.0 1,635.0 34.2% 3.5% 2.9x 8.6x FactSet Research Systems Inc. United States 110.89 ‐2% 4,779.9 4,570.6 858.1 323.5 37.7% 6.5% 5.3x 14.1x Fair Isaac Corporation United States 55.66 ‐7% 1,959.3 2,346.1 743.4 198.3 26.7% 9.9% 3.2x 11.8x Fidelity National Information Services, Inc. United States 48.19 ‐3% 14,029.7 18,200.4 5,992.3 1,529.1 25.5% 3.9% 3.0x 11.9x Financial Engines, Inc. * United States 59.26 ‐7% 2,987.2 2,755.3 225.1 46.1 20.5% 28.4% 12.2x 59.8x Lender Processing Services, Inc. United States 33.99 ‐3% 2,903.4 3,773.4 1,860.6 330.5 17.8% ‐3.3% 2.0x 11.4x McGraw Hill Financial, Inc. United States 71.53 ‐4% 19,370.3 19,440.3 4,851.0 1,749.0 36.1% 97.8% 4.0x 11.1x Moody's Corporation United States 73.45 ‐1% 15,799.1 15,944.9 2,947.5 1,297.2 44.0% 15.9% 5.4x 12.3x Morningstar Inc. United States 81.72 ‐1% 3,755.3 3,415.0 688.4 213.4 31.0% 6.5% 5.0x 16.0x MSCI Inc. United States 41.78 0% 4,946.9 5,470.6 1,015.1 455.6 44.9% 9.2% 5.4x 12.0x Reis, Inc. United States 16.45 ‐14% 179.4 169.2 34.1 7.0 20.6% 15.1% 5.0x 24.1x SEI Investments Co. United States 33.39 ‐3% 5,696.6 5,169.4 1,088.7 259.2 23.8% 13.8% 4.7x 19.9x Thomson Reuters Corporation United States 39.86 ‐1% 32,972.1 39,888.4 12,934.0 2,877.0 22.2% ‐3.1% 3.1x 13.9x The Nasdaq OMX Group, Inc. United States 35.91 ‐1% 6,017.7 8,348.7 3,116.0 899.0 28.9% ‐2.6% 2.7x 9.3x Verisk Analytics, Inc. United States 62.31 ‐10% 10,482.5 11,608.4 1,679.0 748.4 44.6% 14.2% 6.9x 15.5x

Adjusted Weighted Average 3.9x 12.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.8x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $33.28 ‐3% $ 2,499.9 $ 2,527.1 $ 1,092.7 $ 190.3 17.4% ‐2.2% 2.3x 13.3x Alliance Data Systems Corporation * United States 242.26 ‐5% 11,801.2 19,992.9 4,149.8 1,243.8 30.0% 18.0% 4.8x 16.1x Brainjuicer Group Plc United Kingdom 3.31 ‐4% 41.6 36.1 21.2 2.6 12.1% ‐3.6% 1.7x 14.1x Cello Group Plc United Kingdom 0.75 ‐2% 61.8 73.2 144.1 8.3 5.8% 11.9% 0.5x 8.8x Cision AB Sweden 34.00 ‐42% 504.6 768.9 872.0 (205.4) NM ‐8.9% 0.9x NM comScore, Inc. * United States 27.21 ‐9% 971.2 910.1 278.7 23.7 8.5% 11.7% 3.3x 38.4x Cross Marketing Inc. Japan 965.00 ‐40% 5,717.1 5,240.1 5,791.0 873.5 15.1% 9.8% 0.9x 6.0x Ebiquity plc United Kingdom 1.22 ‐3% 84.6 100.9 64.0 11.3 17.7% 21.0% 1.6x 8.9x GfK SE Germany 41.93 ‐9% 1,530.6 1,959.1 1,507.8 193.7 12.8% 2.4% 1.3x 10.1x Harris Interactive Inc. United States 2.01 ‐8% 117.2 101.3 139.7 11.8 8.4% ‐2.1% 0.7x 8.6x Harte‐Hanks Inc. United States 7.96 ‐21% 497.9 522.2 751.9 79.9 10.6% 23.5% 0.7x 6.5x InnerWorkings Inc. United States 6.88 ‐56% 352.7 425.0 855.8 22.9 2.7% 11.9% 0.5x 18.5x 36 | M&A and Investment Summary November 2013 Information Services Public Company Valuation

($ in Millions, except stock price data)

Marketing Information ( Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 1,226.00 ‐12% 24,658.5 21,778.5 40,306.0 5,123.3 12.7% 7.3% 0.5x 4.3x Ipsos SA France 31.14 ‐7% 1,410.7 2,059.8 1,756.3 200.9 11.4% 7.0% 1.2x 10.3x Macromill, Inc. Japan 575.00 ‐35% 36,276.7 30,322.7 17,440.0 4,333.8 24.8% 16.2% 1.7x 7.0x NeuStar, Inc. United States 47.38 ‐17% 2,966.9 3,233.2 878.6 369.0 42.0% 11.0% 3.7x 8.8x Nielsen Holdings N.V. Netherlands 39.66 ‐2% 14,978.9 21,182.9 5,716.0 1,607.0 28.1% 6.6% 3.7x 13.2x Onvia Inc. * United States 4.93 ‐12% 36.1 28.3 21.9 0.4 1.7% ‐0.3% 1.3x 74.2x Pearson plc United Kingdom 13.06 ‐5% 10,557.5 12,686.5 5,160.0 880.0 17.1% 13.6% 2.5x 14.4x Rentrak Corporation United States 39.89 ‐2% 477.7 455.2 111.8 15.9 14.3% 20.8% 4.1x 28.6x YouGov PLC United Kingdom 0.85 ‐2% 80.9 74.3 62.6 4.5 7.2% 7.6% 1.2x 16.6x

Adjusted Weighted Average 1.8x 9.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.1x)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.57 ‐8% $ 80.1 $ 99.5 $ 72.0 $ 9.6 13.3% 9.8% 1.4x 10.4x Corporate Executive Board Co. United States 72.47 ‐6% 2,434.4 2,875.0 790.3 175.6 22.2% 40.9% 3.6x 16.4x Forrester Research Inc. United States 38.25 ‐8% 772.7 594.1 294.3 37.4 12.7% 0.6% 2.0x 15.9x Gartner Inc. United States 60.78 ‐4% 5,602.6 5,440.3 1,738.3 293.4 16.9% 10.8% 3.1x 18.5x IHS Inc. * United States 110.00 ‐7% 7,390.6 9,429.4 1,695.3 367.0 21.6% 14.1% 5.6x 25.7x Informa plc Switzerland 5.69 ‐1% 3,428.9 4,352.2 1,236.6 374.3 30.3% 2.8% 3.5x 11.6x National Research Corp. United States 33.51 ‐28% 455.4 447.6 91.7 28.4 31.0% 9.7% 4.9x 15.7x NIC Inc. United States 23.41 ‐10% 1,521.5 1,430.5 245.7 59.5 24.2% 23.5% 5.8x 24.1x Premier, Inc. United States 31.15 ‐6% 1,008.5 615.1 764.3 302.0 39.5% ‐0.5% 0.8x 2.0x Proofpoint, Inc. * United States 30.87 ‐9% 1,104.7 1,035.9 125.7 (16.2) NM 25.3% 8.2x NM Reed Elsevier plc(1) United Kingdom 8.86 0% 21,195.4 28,134.9 9,944.2 3,154.3 31.7% 6.6% 2.8x 8.9x Solera Holdings Inc. United States 62.61 ‐11% 4,306.7 5,044.0 860.4 341.8 39.7% 9.3% 5.9x 14.8x Tarsus Group plc Ireland 2.52 ‐1% 242.9 276.2 58.4 17.7 30.3% ‐5.2% 4.7x 15.6x TechTarget, Inc. * United States 5.40 ‐9% 209.1 176.6 90.1 6.0 6.6% ‐13.0% 2.0x 29.5x The Advisory Board Company * United States 62.41 ‐12% 2,237.0 2,159.1 487.5 64.7 13.3% 17.8% 4.4x 33.4x UBM plc United Kingdom 7.09 ‐11% 1,719.9 2,224.2 791.7 183.3 23.2% 12.2% 2.8x 12.1x Wolters Kluwer NV Netherlands 20.53 ‐1% 6,068.7 8,348.7 3,610.0 905.0 25.1% 4.0% 2.3x 9.2x

Adjusted Weighted Average 3.6x 11.8x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.7x)

37 | M&A and Investment Summary November 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 18.96 ‐18% 192.7 176.7 270.3 25.9 9.6% ‐2.7% 0.7x 6.8x FTI Consulting, Inc. United States 42.86 ‐2% 1,718.2 2,287.3 1,635.8 264.0 16.1% 4.3% 1.4x 8.7x Information Services Group, Inc. United States 3.64 ‐22% 135.0 176.1 207.1 18.1 8.8% 10.2% 0.9x 9.7x Navigant Consulting Inc. United States 17.45 ‐2% 863.3 970.2 767.2 129.3 16.9% 9.0% 1.3x 7.5x ICF International Inc. United States 33.54 ‐7% 667.1 725.2 951.5 88.2 9.3% 3.5% 0.8x 8.2x Huron Consulting Group Inc. United States 57.43 ‐6% 1,206.4 1,351.4 689.9 132.4 19.2% 13.4% 2.0x 10.2x The Hackett Group, Inc. United States 6.07 ‐19% 186.3 186.5 212.1 19.8 9.3% 6.2% 0.9x 9.4x Towers Watson & Co. * United States 111.41 ‐6% 7,902.3 7,769.1 3,613.5 662.5 18.3% 5.0% 2.2x 11.7x

Adjusted Weighted Average 1.9x 8.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.9x)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 75.76 ‐1% 36,472.8 37,717.6 11,512.2 2,411.7 20.9% 7.2% 3.3x 15.6x Barrett Business Services Inc. United States 83.47 ‐8% 598.1 561.3 502.0 28.0 5.6% 34.3% 1.1x 20.1x Capita plc United Kingdom 9.72 ‐8% 6,378.3 7,941.4 3,563.3 555.2 15.6% 13.6% 2.2x 14.3x Dice Holdings, Inc. United States 7.50 ‐28% 422.5 437.8 207.8 64.8 31.2% 9.4% 2.1x 6.8x Edenred SA France 24.85 ‐8% 5,613.6 6,171.6 994.0 316.0 31.8% 4.9% 6.2x 19.5x Insperity, Inc. United States 33.61 ‐15% 859.4 650.2 2,231.4 87.2 3.9% 5.2% 0.3x 7.5x LinkedIn Corporation * United States 211.66 ‐18% 25,273.2 23,000.9 1,384.9 168.0 12.1% 65.6% 16.6x 136.9x Marsh & McLennan Companies, Inc. United States 46.80 0% 25,682.7 26,789.7 12,148.0 2,355.0 19.4% 2.7% 2.2x 11.4x Monster Worldwide, Inc. United States 5.10 ‐20% 534.9 636.9 820.1 126.0 15.4% ‐10.0% 0.8x 5.1x Paychex, Inc. United States 42.03 ‐4% 15,347.4 14,788.2 2,355.9 1,020.4 43.3% 4.9% 6.3x 14.5x Professional Diversity Network LLC United States 4.95 ‐40% 31.3 10.9 5.0 0.3 6.8% ‐13.9% 2.2x 31.8x Towers Watson & Co. United States 111.41 ‐6% 7,902.3 7,769.1 3,613.5 662.5 18.3% 5.0% 2.2x 11.7x WageWorks, Inc. United States 55.01 ‐7% 1,903.0 1,623.3 210.9 45.2 21.4% 28.1% 7.7x 35.9x

Adjusted Weighted Average 3.5x 14.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (60.2x)

38 | M&A and Investment Summary November 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/29/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $6.95 ‐56% $ 50.0 $ 57.0 $ 83.9 $ 0.1 0.1% 0.5% 0.7x NM Cenveo Inc. United States 3.45 ‐2% 228.3 1,407.8 1,764.9 169.3 9.6% ‐1.2% 0.8x 8.3x Communisis plc United Kingdom 0.62 ‐11% 119.7 132.6 238.4 20.2 8.5% 6.9% 0.6x 6.6x Consolidated Graphics, Inc. United States 61.18 ‐5% 592.7 674.2 1,039.1 117.5 11.3% 0.3% 0.6x 5.7x Contax Participacoes S.A. Brazil 3.71 ‐36% 1,311.2 2,106.9 3,622.4 381.2 10.5% 4.3% 0.6x 5.5x Convergys Corporation United States 20.03 ‐3% 2,037.4 1,446.1 2,027.6 229.8 11.3% 1.5% 0.7x 6.3x Elanders AB Sweden 22.70 ‐7% 516.0 1,340.5 2,025.7 217.9 10.8% 4.7% 0.7x 6.2x Eniro AB Sweden 32.15 ‐5% 3,220.7 5,890.7 3,727.0 929.0 24.9% ‐9.1% 1.6x 6.3x Exlservice Holdings, Inc. United States 23.74 ‐28% 781.9 646.0 472.0 86.2 18.3% 10.3% 1.4x 7.5x Firstsource Solutions Limited India 21.15 ‐11% 13,926.3 22,939.2 29,291.1 3,311.9 11.3% 11.9% 0.8x 6.9x Genpact Ltd. Bermuda 17.94 ‐16% 4,129.5 4,295.6 2,081.2 385.0 18.5% 13.3% 2.1x 11.2x InnerWorkings Inc. United States 6.01 ‐62% 306.3 378.5 855.8 24.3 2.8% 11.9% 0.4x 15.6x Innotrac Corp. United States 8.14 ‐1% 107.8 104.3 119.2 8.8 7.4% 29.2% 0.9x 11.8x Luxoft Holding, Inc. * British Virgin Islands 33.19 ‐1% 1,083.3 1,109.0 327.4 56.8 17.4% 0.0% 3.4x 19.5x MAXIMUS, Inc. United States 47.07 ‐7% 3,209.8 3,023.4 1,247.7 201.1 16.1% 24.8% 2.4x 15.0x Quad/Graphics, Inc. United States 24.02 ‐35% 1,153.9 2,689.2 4,576.8 551.5 12.0% 9.5% 0.6x 4.9x Quintiles Transnational Holdings Inc. United States 43.98 ‐7% 5,670.3 7,133.9 3,750.2 524.1 14.0% 0.0% 1.9x 13.6x R.R. Donnelley & Sons Company United States 16.76 ‐14% 3,045.3 6,116.0 10,384.6 1,125.9 10.8% 1.0% 0.6x 5.4x Salmat Ltd. Australia 2.15 ‐22% 340.3 251.2 467.6 38.2 8.2% ‐7.9% 0.5x 6.6x Serco Group plc United Kingdom 5.09 ‐26% 2,486.8 3,243.9 5,120.8 393.6 7.7% 18.9% 0.6x 8.2x St Ives plc United Kingdom 1.84 ‐5% 220.7 235.4 322.7 33.1 10.3% ‐2.1% 0.7x 7.1x StarTek, Inc. United States 6.46 ‐11% 98.7 92.7 223.0 9.0 4.0% 14.9% 0.4x 10.3x Sykes Enterprises, Incorporated United States 20.31 ‐13% 869.0 777.2 1,232.4 110.3 8.9% 12.1% 0.6x 7.0x Teleperformance France 39.78 ‐3% 2,229.2 2,160.7 2,415.9 304.2 12.6% 10.2% 0.9x 7.1x TeleTech Holdings Inc. United States 25.81 ‐5% 1,301.4 1,285.7 1,170.3 145.7 12.5% 0.2% 1.1x 8.8x Trans Cosmos, Inc. Japan 1,725.00 ‐1% 70,970.6 48,302.6 170,046.0 9,687.0 5.7% 4.6% 0.3x 5.0x Transcom WorldWide SA * Luxembourg 1.23 ‐8% 1,513.0 1,945.9 655.8 20.9 3.2% 12.0% 3.0x 92.9x Transcontinental Inc. Canada 16.53 ‐2% 1,293.6 1,757.0 2,128.9 367.9 17.3% 3.9% 0.8x 4.8x Vistaprint N.V. * Netherlands 54.59 ‐6% 1,805.6 2,011.0 1,191.2 115.2 9.7% 12.4% 1.7x 17.5x West Corporation United States 22.43 ‐33% 1,875.4 5,214.0 2,678.5 661.8 24.7% 3.7% 1.9x 7.9x Xchanging PLC United Kingdom 1.31 ‐13% 316.3 252.0 692.9 74.3 10.7% 6.3% 0.4x 3.4x

Adjusted Weighted Average 1.7x 3.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.4x)

39 | M&A and Investment Summary November 2013 PPLLC Indices Valuation Summary

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 4.0x 2.1x 4.0x 3.8x Digital Advertising 4.4x 2.0x 5.6x 4.8x Marketing Technology 5.5x 3.7x 4.6x 3.8x Agency 1.1x 1.2x 0.7x 0.7x Marketing Services 1.4x 1.3x 2.7x 1.9x Traditional Media 2.7x 2.2x 3.2x 2.8x Technology 3.3x 2.2x 2.2x 2.2x Communications 4.2x 1.6x 13.0x 2.2x Software 7.0x 4.6x 4.9x 4.1x Information 3.5x 3.1x 3.5x 3.2x Business Services 4.1x 0.8x 116.6x 2.7x

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 22.9x 13.4x 14.8x 13.2x Digital Advertising 27.5x 20.8x 19.6x 18.0x Marketing Technology 42.3x 18.8x 13.5x 11.8x Agency 11.8x 10.0x 18.9x 9.2x Marketing Services 14.4x 7.8x 11.6x 11.8x Traditional Media 10.7x 9.6x 10.6x 10.4x Technology 20.0x 11.5x 6.2x 6.2x Communications 66.1x 13.3x 103.5x 11.3x Software 33.1x 15.1x 15.6x 10.8x Information 17.7x 13.1x 13.2x 11.7x Business Services 13.7x 9.6x 6.6x 12.4x

As of close of business on 11/29/13

*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

40 | M&A and Investment Summary November 2013 PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media Digital Advertising

170 LTM Index Performance 170 LTM Index Performance

155 • S&P 500 –  28.1% 155 • S&P 500 –  28.1% (%) (%)

140 140 • Digital Media/ • Digital Advertising –  58.9% 125 Commerce –  53.7% 125 Performance

110 Performance • Traditional Media –  42.7% 110

Index 95 Index 95

80 80 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13 S&P 500 Digital Media/Commerce Traditional Media S&P 500 Digital Advertising

Marketing Technology Agency & Marketing Services 130 LTM Index Performance 155 LTM Index Performance

120

(%) 140 • S&P 500 –  28.1% • S&P 500 –  28.1% (%)

110 • Marketing Technology –  5.8% 125 • Agency –  56.2%

100 110 Performance

• Marketing Services –  36.8% Performance

90 95 Index Index

80 80 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13

S&P 500 Marketing Technology S&P 500 Agency Marketing Services

Note: LTM as of 11/28/13 41 | M&A and Investment Summary November 2013 PPLLC Indices LTM Share Pricing Trends

Technology Communications 130 LTM Index Performance 140 LTM Index Performance

130 120

• S&P 500 –  28.1% (%) • S&P 500 –  28.1% (%)

120 110 • Technology –  26.0% • Communications –  24.4% 110 100 Performance Performance 100

90 90 Index Index

80 80 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13

S&P 500 Technology S&P 500 Communications

Software Information & Business Services 130 LTM Index Performance 140 LTM Index Performance

120 • S&P 500 –  28.1% 130 • S&P 500 –  28.1% (%)

(%)

110 • Software –  17.7% 120 • Information –  39.0%

100 110 • Business Services –  36.7% Performance

Performance

90 100 Index Index 80 90 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13 Oct‐13

S&P 500 Software S&P 500 Information Business Services

Note: LTM as of 11/28/13 42 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed GXS, Inc. Software OpenText Corporation$ 1,165.0 Pass port Health Communications, Inc. Softwa re Experia n plc 850.0 TicketMonster, Inc. Digital Advertising Groupon, Inc. 260.0 MapMyFitness, Inc. Digital Media/Commerce Under Armour, Inc. 150.0 Celcite Ma na gement Solutions, LLC Technology & Communications Amdocs Limited 129.0 Harris Interactive, Inc. Information & Business Services Nielsen Holdings B.V. 117.0 Umeng Software Alibaba Group 80.0 onTargetJobs, Inc. Software Dice Holdings, Inc. 50.0 Latista Technologies, Inc. Software Textura Corporation 35.0 Curbed.com, Inc. Digital Media/Commerce Vox Media, Inc. 30.0 LightSail Education, Inc. Digital Media/Commerce Gotham Ventures 3.5 Strategic Undisclosed Adchemy Actions Digital Advertising XL Ma rketing Corpora ti on ‐ Air2Web and Velti Assets and Mobile Interactive Digital Advertising GSO Ca pi ta l Partners LP ‐ AIRCOM International Limited Technology & Communications TEOCO Corpora ti on ‐ Ampush Media 's Actions Business Unit Digital Advertising Digital Globe Services, Ltd. ‐ Application Security, Inc. Software TrustWave Holdings, Inc. ‐ Attachments.me Software Yesware, Inc. ‐ Avcom Technologies, Inc. Digital Media/Commerce MGT Ca pi ta l Investments, Inc. ‐ Benghiat Marketing & Communications, Inc. Agency & Ma rketing Services The Brandon Agency ‐ BGT Partners Agency & Ma rketing Services PricewaterhouseCoopers LLP ‐ Biggs/Gilmore Communications Agency & Ma rketing Services Valentine McCormick Ligibel, Inc. ‐ Bitworxx Marketing Technology clickworker.com, Inc. ‐ Bitzer Mobile, Inc. Marketing Technology Oracle Corpora ti on ‐ Bookabach Ltd. Digital Media/Commerce HomeAway Software, Inc. ‐ Bottle Rocket Apps, LLC Marketing Technology WPP Group ‐ BrandLoyalty Agency & Ma rketing Services Alliance Data Systems Corpora ti on ‐ CAD‐Expert Oy Software Cad‐Q ‐ Ca ta pul t Systems, Inc. Information & Business Services Chinasoft International Ltd. ‐ Centurion Research Solutions Information & Business Services Deltek, Inc. ‐ Ci rcl e One Marketing Agency & Ma rketing Services Match Marketing Group ‐ Citylites USA Traditional Media Van Wagner Communications ‐ CLC bio Software QIAGEN N.V. ‐ Commerces erver.net Ma rketi ng Technology Sitecore ‐ ComSci LLC Software Upland Software ‐ Content Critical, LLC Marketing Technology Triangle Services, Inc. ‐ Crossfield Data Services, Inc. Information & Business Services InferX Corpora ti on ‐

43 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed CSC World Software Trimble Navigation Limited ‐ DataClues, Inc. Information & Business Services Precision Discovery, Inc. ‐ DecodeDc Digital Media/Commerce The E.W. Scripps Compa ny ‐ Duo Web Solutions Agency & Ma rketing Services ARI Network Services, Inc. ‐ E/OU Agency & Ma rketing Services MRM Worldwide ‐ Electronic Online Systems Software SirsiDynix, Inc. ‐ Encore Payment Systems Software EVO Payments International ‐ Escenic AS Marketing Technol ogy CCI Europe A/S ‐ ETO Groupe Agency & Ma rketing Services Publicis Groupe S.A. ‐ Everyday Doctors Marketing Technology Advice Media LLC ‐ Executive Convers a ti on, Inc. Information & Business Services Corporate Visions, Inc. ‐ Fiberlink Communications Software International Business Machines Corpora ti on ‐ Figment LLC Digital Media/Commerce Random House Children's Books ‐ Flamingos Media Digital Advertising Kreata Global Digital Media Services Pvt. Ltd. ‐ Flex Recruitment Plus Limited Information & Business Services Corporate Resource Services, Inc. ‐ Genetti Ma rketing and Consulting Digital Advertising Conversion Pipeline ‐ GetGlue Digital Media/Commerce i.TV ‐ Giant Interactive Group, Inc. Digital Media/Commerce Baring Private Equity Asia ‐ Goldfish.io Information & Business Services DealFlow Analytics, Inc. ‐ Grand Centra l Marketing Agency & Ma rketing Services Allied Integrated Marketing ‐ Greenline Systems Software A‐T Solutions ‐ High Cl oud Security, Inc. Software HyTrust, Inc. ‐ ICON International Communications Agency & Ma rketing Services Ketchum, Inc. ‐ Imaging Solutions, Inc. Software Databank IMX, LLC ‐ Information Access Technology, Inc. Marketing Technology Enghouse Systems Limited ‐ Kno, Inc. Digital Media/Commerce Intel Corpora ti on ‐ Lector Computersysteme GmbH Software Electronics for Imaging, Inc. ‐ Legacy Locker Technology & Communications PasswordBox, Inc. ‐ Less Software, Inc. Software FinancialForce.com ‐ Longbottom Communications Agency & Ma rketing Services Sage Communications ‐ Longstride Agency & Ma rketing Services The Shipyard ‐ Made Event Traditional Media SFX Entertainment, Inc. ‐ MARACOR Technical Services, Inc. Information & Business Services Enercon Services, Inc. ‐ Meal Metrics Software PointClickCare ‐ Mobility Effect, LLC Technology & Communications Mobiquity, Inc. ‐ MortgageCEO Marketing Technology Ellie Ma e, Inc. ‐

44 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed MyYogaOnline.com Digital Media/Commerce Gaiam, Inc. ‐ NationalField Marketing Technology NGP VAN, Inc. ‐ NetStarter Pty. Ltd. Agency & Ma rketing Services Salmat Digital ‐ Nielson Active Holidays Ltd. Digital Media/Commerce Risk Ca pi ta l Partners LLP ‐ Not Safe For Work Corporation Traditional Media PandoDaily ‐ Open Mobile Media Traditional Media FC Business Intelligence LTD. ‐ Optimal Solutions Integration Information & Business Services NTT DATA, Inc. ‐ Ozon.ru Digital Media/Commerce Sistemas de Informacion Empresarial ‐ PartnerCentric Digital Advertising Schaaf Consulting ‐ Parys Communications Agency & Ma rketing Services MWW Group ‐ PCO Innovation Information & Business Services Accenture plc ‐ Pentana Limited Software Ideagen Plc ‐ PeoplePoint Software Pty Ltd. Software Procura ‐ PiCloud, Inc. Software Dropbox ‐ Plasenta Convers a ti on Agency Marketing Technology Young & Rubicam, Inc. ‐ Pool Supply World, Inc. Digital Media/Commerce Leslie's Poolmart, Inc. ‐ PowerAdvisor's Software Total Rebalance Expert ‐ Primordial, Inc. Software Polaris Industries, Inc. ‐ Prof‐Medi a Management, LLC Traditional Media Gozprom Media ‐ PROMASYS Software OmniComm Systems, Inc. ‐ PromoWorks, LLC Agency & Ma rketing Services CROSSMARK, Inc. ‐ QubeCell Technology & Communications BOKU, Inc. ‐ Radio Impuls Traditional Media Agrofert Holding ‐ Realtidbits Marketing Technology Livefyre, Inc. ‐ Roadnet Technologies, Inc. Information & Business Services Omnitracs, Inc. ‐ Root9B LLC Software Premier Alliance Group ‐ Ruckus Media Group, LLC Digital Media/Commerce KiwiTech ‐ Satellite Logistics Group Software JF Hillebrand AG ‐ Scambler MacGregor Information & Business Services Heidrick & Struggles International, Inc. ‐ Search‐Werks LLC Digital Advertising Riester Corpora ti on ‐ Seesaw Decisions Corporation Digital Media/Commerce Byliner, Inc. ‐ SEOPledge.com Marketing Technology Did‐it.com ‐ Servio Digital Advertising CrowdSource ‐ ShareYourCart Marketing Technology Add Shoppers, LLC ‐ Ship Mate Crui s e App Digital Medi a /Commerce Crui s el i ne.com ‐

45 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Shooting Sports Retailer Traditional Media Grand View Media Group ‐ Sincerely, Inc. Digital Media/Commerce Provide Commerce, Inc. ‐ Sold Digital Media/Commerce Dropbox ‐ Sprout Traditional Media NBC Universal ‐ Stone Ca noe, Inc. Agency & Ma rketing Services The CHR Group ‐ Techbargains.com LLC Digital Advertising Ziff Davis, Inc. ‐ Teknision Software Synacor, Inc. ‐ Tentail, Inc. Marketing Technology PureCars.com ‐ TheBravestOnline.com Digital Media/Commerce Bright Mountain Holdings, Inc. ‐ TOFU Marketing, LLC Agency & Ma rketing Services Fit Marketing ‐ Tourist Eye Digital Media/Commerce Lonely Planet Publications ‐ TvTweet Marketing Technology Seevibes ‐ upLynk LLC Marketing Technology Verizon Digital Media Services, Inc. ‐ Vana Group Software FinancialForce.com ‐ Velocius Networks Technology & Communications Akamai Technologies, Inc. ‐ Virtual Shape Research GmbH Software Autodesk, Inc. ‐ Visual Intelligence LLC Software QualMetrix, Inc. ‐ Webitude Agency & Ma rketing Services HT Mobile Solutions ‐ WeHostels, Inc. Digital Media/Commerce StudentUniverse, Inc. ‐ WhiteFence, Inc. Digital Advertising Allconnect ‐ Worry Free Labs Information & Business Services PointClear Solutions ‐ XtreamService Ma rketing Technology Reynolds & Reynolds Co. ‐

46 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Scout24 Holding GmbH Digital Media/Commerce Hellman & Friedman, LLC$ 2,000.0 Applied Systems, Inc. Software Hellman & Friedman, LLC 1,800.0 UNIT4 N.V. Software Advent International Corporation 1,600.0 National Technical Systems, Inc. Information & Business Services Aurora Capi tal Group 267.0 SQAD Information & Business Services Clarion Ca pi ta l Partners, LLC 54.0 Buyout Deals Undisclosed Leasedrive VELO limited Information & Business Services HgCapital ‐ MetaSource LLC Information & Business Services LaSalle Ca pi ta l Group, LP ‐ nCourt LLC Technology & Communications Mainsail Partners ‐ StoreBoard Media Tra ditional Media Lead Lap Enterprises, LLC ‐ TRAFFIQ Marketing Technology Talus Holdings ‐ Travel Trade Gazette Traditional Media Mana gement Buyout ‐

47 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed BlackBerry Technology & Communications Fairfax Financial Holdings Limited$ 1,000.0 P&I Personal & Informatik AG Software HG Capital 467.9 Spotify Ltd. Digital Media/Commerce Technology Crossover Ventures 250.0 Quirky, Inc. Digital Media/Commerce Andreessen Horowitz 79.0 SimpliVity Corporation Technology & Communications Kleiner Perkins Caufield & Byers 58.0 Redfin, Inc. Digital Advertising Tiger Global Management, LLC 50.0 Kingsoft Corpora ti on Limited Digital Media/Commerce Morningside Group Holdings Limited 50.0 Primary Data LLC Technology & Communications Accel Partners 50.0 Cus tomInk LLC Digital Medi a /Commerce Revol uti on Growth 40.0 Aria Systems, Inc. Marketing Technology Bain Ca pi ta l , LLC 40.0 SiteScout, Inc. Marketing Technology Centro LLC 40.0 Bill.com, Inc. Technology & Communications Scale Venture Partners 38.0 Zomato Media Digital Advertising Sequoia Capital 37.0 Hightail, Inc. Software Western Digital Corporation 34.0 6 Wunderkinder GmbH Digital Media/Commerce Earlybird Venture Ca pi ta l GmgH & Co. KG 30.0 BrightTag, Inc. Marketing Technology Yahoo Japan 27.0 Ele.me Digital Media/Commerce Sequoia Capital 25.0 Beyond the Rack Limited Digital Media/Commerce Iris Capital 25.0 Coho Data, Inc. Technology & Communications Ignition Partners LLC 25.0 8Trip Digital Media/Commerce SoftBank Capital 24.6 DraftKings, Inc. Digital Media/Commerce Atlas Venture 24.0 creativeLIVE, Inc. Digital Media/Commerce Social and Ca pi ta l Partnership 21.5 TinyCo.com Digital Media/Commerce Pinnacle Ventures 20.0 Gainsight Marketing Technology Battery Ventures 20.0 Clearleap, Inc. Marketing Technology Susquehanna Growth Equity LLC 20.0 Sungy Mobile Limited Marketing Technology Qihoo 360 Technology 20.0 Jut, Inc. Software Accel Partners 20.0 Betable Ltd. Digital Media/Commerce Venture51 Ca pi ta l Fund LLP 18.5 Sprinklr Marketing Technology Battery Ventures 17.5 FoundationDB Software CrunchFund 17.0 Alpine Data Labs Marketing Technology Sierra Ventures 16.0 Apprenda, Inc. Marketing Technology Safeguard Scientifics, Inc. 16.0 coresystems ag Digital Media/Commerce (Unnamed Fund Contibuters) 15.5 Apartment List Digital Advertising Matrix Partners 15.0 Talari Networks Technology & Communications Menlo Ventures 15.0 Flurish, Inc. Digital Media/Commerce Google Ventures 14.0 Sittercity, Inc. Digital Media/Commerce Apex Venture Partners 13.0 CENTRI Technology Technology & Communications (Unnamed Fund Contibuters) 13.0 Financeit Canada, Inc. Technology & Communications TTV Capital 13.0 Thinksoft Global Services Limited Information & Business Services SQS Software Quality Systems 12.7

48 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Physical Graph Corpora ti on Ma rketi ng Technology Highland Ca pi ta l Partners 12.5 Yub, Inc. Digital Media/Commerce Atomico Ventures 12.0 Channel IQ Marketing Technology Drive Capital 12.0 Arrayent, Inc. Software Opus Ca pi ta l Group 11.9 GlideSys Technologies US, Inc. Marketing Technology OpenView Venture Partners 11.3 Bitcasa, Inc. Technology & Communications Horizon Ventures 11.0 Xangati, Inc. Technology & Communications HighBAR Ventures 11.0 Kidaptive, Inc. Digital Media/Commerce Formation 8 10.1 Shijiebang (Beijing) Information Technology Ltd. Digital Medi a /Commerce Chi na Rock Capital 10.0 Red Vision Systems, Inc. Information & Business Services Updata Partners 10.0 Talking Data Marketing Technology North Light Venture Capital 10.0 Loop, Inc. Marketing Technology (Private Investors) 10.0 Signpost Marketing Technology OpenView Venture Partners 10.0 Acumatica Software Runa Capital 10.0 Ucloud Information Technology Technology & Communications DCM 10.0 QuorumLabs, Inc. Technology & Communications Toba Capital 10.0 Maxta, Inc. Technology & Communications Andreessen Horowitz 10.0 Spartz, Inc. Digital Media/Commerce Ga rla nd Ca pi ta l Group 8.0 Internet Identity Software Bessemer Venture Partners 8.0 clypd, Inc. Marketing Technology Atlas Venture 7.2 Index.com Information & Business Services Innovation Endeavors 7.0 HipLogiq Marketing Technology Hadron Global Partners, LLC 7.0 Coa chUp, Inc. Digital Media/Commerce Point Judith Ca pi ta l 6.7 GeoPoll Marketing Technology (Unnamed Fund Conti buters ) 6.6 MAG Interactive Digital Media/Commerce Nokia Growth Partners 6.0 Actual Experience Ltd. Software IP Group Plc 6.0 Pass wordBox, Inc. Technology & Communications OMERS Ventures 6.0 Ezoic Marketing Technology Silicon Valley Bank 5.6 The Hunt Digital Medi a /Commerce Ja vel i n Venture Partners 5.5 simpleshow GmbH Digital Medi a /Commerce (Pri va te Investors) 5.4 Spreedly, Inc. Technology & Communications (Private Investors) 5.4 OneSpot, Inc. Marketing Technology Mohr, Davidow Ventures 5.3 Urban Ladder Home Decor Solutions Private Limited Digital Media/Commerce SAIF Partners 5.0 Red Vision Systems, Inc. Information & Business Services Edison Ventures 5.0 RallyPoint Information & Business Services DBL Investors 5.0 Mojave Networks, Inc. Software Bessemer Venture Partners 5.0 RightCare Solutions, Inc. Software Domain Associates, LLC 5.0 ShapeUp Software Cue Ball Venture Strategies 5.0 Appia Marketing Technology North Atlantic Ca pi ta l Corpora ti on 4.5 Mustbin, Inc. Technology & Communications Duff Ackerman & Goodrich, LLC 4.5 49 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed TouchBistro, Inc. Technology & Communications Relay Ventures 4.5 Locality Digital Advertising Matrix Partners 4.3 Yododo.com Digital Media/Commerce Gobi Partners 4.0 BIME Analytics Marketing Technology Alven Ca pi ta l Partners 4.0 Scoopshot Digital Media/Commerce Finnish Industry Investment 3.9 Gutenberg Technology SAS Marketing Technology BNP Paribas 3.9 Ripple Labs, Inc. Technology & Communications Core Innovation Ca pi ta l 3.5 Clozette Pte. Ltd. Digital Media/Commerce Phillip Private Equity 3.0 DesignCrowd Digital Media/Commerce Starfish Ventures 3.0 RoundPegg, Inc. Digital Advertising Access Venture Partners 2.8 Selligy, Inc. Marketing Technology Draper Fisher Jurvetson 2.8 Ninja Metrics, Inc. Marketing Technology Tech Coa s t Angels 2.7 Greenhouse Software, Inc. Software Social and Ca pi ta l Partnership 2.7 Collective IP, Inc. Digital Advertising High Country Venture, LLC 2.5 CurrencyFair Limited Digital Media/Commerce Frontline Ventures 2.5 GraphSQL, Inc. Softwa re (Priva te Investors) 2.5 Seriously Digital Entertainment, Inc. Digital Media/Commerce Upfront Ventures 2.4 PicCollage Digital Media/Commerce 500 Startups 2.3 Quarri Technologies, Inc. Software Wild Basin Investments 2.3 Knozen, Inc. Digital Media/Commerce Firs tMa rk Capi tal 2.3 Slyce Commerce Marketing Technology (Private Investors) 2.2 Yapta, Inc. Digital Advertising Amadeus Capi tal Partners Limited 2.0 Plain Vanilla Corporation Digital Media/Commerce Sequoia Ca pi ta l 2.0 AlephD SAS Marketing Technology (Unnamed Fund Conti buters ) 2.0 Mana ged Methods, Inc. Technology & Communications (Private Investors) 2.0 MenInvest Digital Medi a /Commerce (Pri va te Investors) 1.9 GeoPal Solutions Technology & Communications (Private Investors) 1.9 OPTIMITIVE S.L. Information & Business Services GGM Venture Capi tal 1.8 Jongla Ltd. Technology & Communications (Angel Investors) 1.8 WhoKnows, Inc. Software Citrix Systems 1.8 Mira da Plc Marketing Technology (Private Investors) 1.7 PayClip, Inc. Technology & Communications ALTA Ventures Mexico 1.7 Shuttersong, Inc. Digital Media/Commerce (Unnamed Fund Conti buters ) 1.7 Qloo, Inc. Digital Medi a /Commerce (Pri va te Investors) 1.6 Espresso Logic, Inc. Software Inventus Ca pi ta l Partners 1.6 FlatClub LTD Digital Advertising Coller Ca pi ta l 1.5 Mouth Foods, Inc. Digital Media/Commerce Vocap Ventures 1.5 Sift Digital Media/Commerce DN Capi tal 1.5 Appear Here Limited Digital Media/Commerce MMC Ventures, LLC 1.5 Prompt.ly Marketing Technology (Private Investors) 1.5 50 | M&A and Investment Summary November 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Granify, Inc. Marketing Technology BDC Venture Ca pi ta l 1.5 TheSkimm Digital Medi a /Commerce (Pri va te Investors) 1.4 Intelligent Business Entertainment, Inc. Information & Business Services (Private Investors) 1.4 Windsor Ci rcl e Ma rketi ng Technology IDEA Fund Partners 1.4 Analyze Re, Inc. Software BDC Venture Ca pi ta l 1.4 From The Bench, S.L. Digital Media/Commerce Bonsai Venture Ca pi ta l , S.A., SCR 1.3 Peeractive, Inc. Digital Media/Commerce Robin Hood Ventures 1.3 PriceMatch Software Partech International 1.3 Diary.com Digital Medi a /Commerce (Pri va te Investors) 1.2 Yesware, Inc. Marketing Technology Battery Ventures 1.2 Lifecake Ltd. Technology & Communications Balderton Ca pi ta l 1.1 Veenome Marketing Technology India Venture Partners 1.0 Rubikloud Technologies, Inc. Marketing Technology Horizons Ventures Ltd. 1.0 Jifiti, Inc. Marketing Technology Jesselon Group 1.0 Tailwind Marketing Technology i2E, Inc., Investment Arm 1.0 CapLinked, Inc. Software 500 Startups 1.0 RadPad Digital Media/Commerce Deep Fork Ca pi ta l 0.8 VC/Growth Capital Undisclosed Accruent, Inc. Information & Business Services TA Associates ‐ ARCOS, Inc. Marketing Technology The Riverside Compa ny ‐ Betware Ltd. Digital Medi a /Commerce Novoma ti c AG ‐ Ca ta l yze.i o, Inc. Marketing Technology Baird Ca pi ta l Partners ‐ Col dLi ght Solutions, LLC Marketing Technology Kayne Partners ‐ ContaAzul Software Ribbit Ca pi ta l ‐ fromAtoB GmbH Digital Advertising Seventure Partners ‐ Funambol, Inc. Technology & Communications Harbert Ma nagement Corpora ti on ‐ impacore GmbH Information & Business Services BayBG ‐ LiveSafe, Inc. Digital Medi a /Commerce CIT Gap Funds ‐ On Center Software, Inc. Software Accel‐KKR, LLC ‐ SimplyTapp, Inc. Marketing Technology Lightspeed Venture Partners ‐ Smarsh, Inc. Software Toba Ca pi ta l ‐ Stagnito Media Tra ditional Media Brookside Mezzanine Partners ‐ Terascala, Inc. Technology & Communications Ascent Venture Partners ‐ Zula Technology & Communications Microsoft Ventures ‐

51 | M&A and Investment Summary November 2013 Petsky Prunier: Maximizing Shareholder Value

Overview

. Founded in 1999 . Focused on the technology, marketing, media, eCommerce, and healthcare industries • More than 35 focused professionals . Unique combination of investment banking and consulting expertise . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Sell‐side and private placement close rate is unmatched at our level of deal volume . Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers . With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services . International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

. Sell‐Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Media . M&A Transaction Due Diligence Support and . Corporate Divestitures . Marketing Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership

52 | M&A and Investment Summary November 2013 Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2012 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count 1Petsky Prunier LLC 30 2Nomura Holdings Inc 24 3GCA Savvian Group Corp 23 4Goldman Sachs & Co. 20 5MorganStanley 19 6Jordan Edmiston Group 18 7Jefferies Group Inc. 16 8 China Renaissance Partners 15 8Sumitomo Mitsui Financial 15 10 JP Morgan 14 10 RBC Capital Markets 14

Based on number of deals announced in 2011‐2012 valued at $500 million or less

More than 60 transactions closed since 2010: . Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

53 | M&A and Investment Summary November 2013 International Partnership with Altium

Description Network

. Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs New York Palo Alto Madrid Zurich Las Vegas Chicago Manchester Frankfurt . European‐based, mid‐market financial advisory group, Boston Tampa London Milan Paris Munich employee‐owned and truly independent

. A leading advisor for more than 25 years

. Founded as the corporate finance arm of private equity investor Apax Partners

. Operates eight international offices in Europe with additional partnerships in the U.S. and Asia

. Completed 50+ technology transactions across 12 countries in the past five years

. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with India Beijing Shanghai offices in Bangalore, Mumbai, Delhi

. Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

54 | M&A and Investment Summary November 2013 Representative Recent Transactions

a leading UK‐based supplier of a premier global provider of SaaS‐based healthcare software and IT services online brand protection and a leading provider of social software one of the largest digital agencies a leading provider of transaction‐based a leading provider of data‐driven a portfolio company of domain recovery solutions solutions and digital marketing services a leading provider of online customer media cost databases and software enrollment marketing solutions to a leading developer of popular for some of the world’s largest brands, acquisition services to the a portfolio company of has been sold to for television, radio, and digital higher education institutions real‐money and social gaming one of just thirteen Facebook Strategic insurance industry advertising cost analysis Preferred Marketing Developers (sPMD) has acquired select assets of has been sold to has been sold to has been sold to has been sold to has been sold to has received a $68M minority investment from

(AIM: EMIS) (Nasdaq: RNWK) (NYSE: RATE) (Euronext Amsterdam: WKL) (Nasdaq:(ENXTPA: RNWK) PUB)

has sold a leading digital advertising monetization and the largest provider of cloud‐based SaaS shopper marketing partner for e‐commerce a leading multiplatform travel and has sold tools for printing signs, labels and tags, retailers a leading provider of in‐store and shopper a real‐time behavioral advertising a leading provider of digital production lifestyle media company along with digital subsidiary and publishing digital displays for retailers a portfolio company of marketing signage to major company services to brands and agencies has been sold to North American retailers has been acquired by has been sold to has been sold to provider of online travel guides for top has been sold to has been sold to destinations around the world specializing in retail, digital, shopper a unit of to a subsidiary of marketing and consumer services to with financing from (NYSE: AOL) (NYSE: ACN) (NYSE: LXK ) (NYSE: GCI )

a leading digital direct marketing company a dynamic display media and a leading provider of transportation‐based a leader in global healthcare primary retargeting company digital media networks utilizing a proprietary database to provide customer acquisition solutions for a leader in technology and global in‐app a provider of a cloud‐based integration market research and influence the top independent major brands advertising for Facebook, platform for the digital marketing industry network mapping direct‐to‐consumer marketer of has received a mezzanine debt a leader in multichannel retail, has been acquired by Apple (iOS), and Android developers has been sold to dental savings plans investment from has received an equity investment from ecommerce and loyalty marketing has received $15M financing services has been sold to has received $66M investment led by from has been sold to a portfolio company of with debt financing from

(JASDAQ:4755)

has sold has sold (TSX: PTO) a leading provider of taxi‐based a portfolio company of outdoor media has acquired a leading shopper marketing Vestar Capital Partners execution company has received a majority investment and has sold has been sold to from has been sold to a leading provider of integrated data, has been sold to leading provider of services for domain technology and analytics solutions name registration, acquisition, brokerage a pioneer in measuring the to to and sales impact of promotion on to physician prescribing behavior (NYSE: PAY)

55 | M&A and Investment Summary November 2013