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221221 221221 Expertise. Commitment. Results. 221221 Table of Contents

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178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245

Orange 3 Additional Monthly M&A and Investment Activity Data 42

241 184 0 4 About Petsky Prunier 55 245 232 184

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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 2014 M&A and Investment Summary for All Segments

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122 Transaction Distribution 141 181 . A total of 411 deals were announced in November 2014, of which 260 were worth $14.5 billion in aggregate reported value 178 186 213 . Digital Media/Commerce was the most active segment with 100 deals announced, of which 78 were reported at $3 billion in aggregate 211 216 value 233

234 . Agency & Marketing Services was the highest reported value segment with 22 transactions worth $3.9 billion 235 245 . Strategic buyers announced 151 deals of which 41 were worth $8.2 billion in aggregate value Orange

241 . VC/Growth Capital investors announced 247 deals, of which 216 were reported for $3.7 billion 184 0 . Buyout investors announced 12 deals during the month, of which three were worth $2.5 billion in reported aggregate value 245 232 184

Grey November 2014 138 138 BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Digital Media/Commerce 100 24% $3,015.6 21% 29 $1,201.5 1 - 70 $1,814.1 221 221 Marketing Technology 85 21% 888.7 6% 26 318.5 3 - 56 570.2 221 Software 77 19% 2,107.6 15% 20 637.0 2 691.0 55 779.6 Information & Business Services 51 12% 2,538.8 18% 25 624.1 6 1,840.0 20 74.8 Digital Advertising 37 9% 971.0 7% 13 720.5 0 - 24 250.5 Technology & Communications 29 7% 569.0 4% 12 379.0 0 - 17 190.0 Agency & Marketing Services 22 5% 3,858.7 27% 18 3,847.0 0 - 4 11.7 Traditional Media 9 2% 508.0 4% 8 504.5 0 - 1 3.5 Total 410 100% 14,457.4 100% 151 8,232.1 12 2,531.0 247 3,694.4

3 | M&A and Investment Summary November 2014 M&A and Investment Summary for All Segments

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122 Transaction Distribution 141 181

178 . Compared to the previous month, aggregate reported value in November was flat from October 2014 and increased 40 percent from 186 213 November 2013

211 216 . Strategic activity accounted for 63 percent of reported deal value during the month and included: 233

234 235 • Publicis Groupe’s pending acquisition of digital agency Sapient for $3.7 billion 245

Orange • Churchill Downs’ $885 million purchase of social casino studio and mobile gaming producer Big Fish Games

241 184 • The Carlyle Group’s $700 million buyout of Dealogic, a provider of capital market data, analytics, and services 0

245 232 • Yahoo’s $640 million acquisition of video ad provider Brightroll 184

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138 138 138 $90.0 $500.0 $81.5 203 $80.0 203 203 $70.0 WhatsApp $400.0 /Facebook $65.1 221 221 $60.0 221 $300.0 $50.0 Time $38.7 AT&T/ $37.5 $40.0 Warner DirecTV Cable/Co $32.5 $200.0 $30.0 mcast $24.8 $22.4 $18.4 $20.0 $14.7 $14.5 $14.5 $11.7 $12.4 $100.0 $10.0 293 301 384 444 406 427 395 372 441 314 428 491 410 $- $- Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14

4 | M&A and Investment Summary November 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions)

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0 79 133 Selected Transactions With Multiples Information

122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Agency & Marketing Services 178 Sapient Corporation Digital Agency Publicis Groupe S.A. 3,691.6 1,383.1 176.1 2.7x 21.0x 186 213 Digital Advertising

211 BrightRoll, Inc. Digital Video Yahoo!, Inc. 640.0 100.0 - 6.4x NA 216 Appia, Inc. Mobile Marketing Mandalay Digital Group, Inc. 74.6 30.0 - 2.5x NA 233 Digital Media/ Commerce 234 235 Big Fish Games, Inc. Social Media/Apps Churchill Downs Inc. 885.0 - 60.6 NA 14.6x 245 Information & Business Services Advanced Computer Software Group plc IT Consulting/Systems IntegrationVista Equity Partners 1,140.0 351.7 49.7 3.2x 22.9x Orange Dealogic (Holdings) plc Financial Information The Carlyle Group 700.0 140.1 52.1 5.0x 13.4x 241 CAP Market Research Solera Holdings, Inc. 463.8 46.0 26.7 10.1x 17.4x 184 0 Technology & Communications Lightbridge Communications Corporation Wireless Backhaul Tech Mahindra Limited 240.0 430.0 - 0.6x NA 245 232 184

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5 | M&A and Investment Summary November 2014 Securities in Registration ($ in Millions)

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0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Nov-14 Gumi Inc. Japan Digital Media/Commerce NA NA NA Nov-14 Hortonworks, Inc. United States Technology & Communications 100.0 44.3 (97.7) 178 186 213 Nov-14 On Deck Capital, Inc. United States Software 150.0 73.0 NA

211 Nov-14 New Relic, Inc. United States Software 100.0 85.0 (37.4) 216 233 Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA

234 Oct-14 Connecture, Inc. United States Digital Media/Commerce 86.3 NA NA 235 245 Aug-14 LendingClub Corporation United States Technology & Communications 500.0 147.7 NA

Orange Jun-14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA

241 May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA 184 0 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

245 232 Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 184 Mar-14 Box, Inc. United States Software 250.0 124.1 (142.5)

Grey Mar-14 Globoforce Group plc Ireland Software NA NA NA 138 138 Jun-12 goldenTech SA Switzerland Software 5.2 NA NA 138 Apr-12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) 203 203 Mar-12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) 203

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6 | M&A and Investment Summary November 2014 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 Aug 31, 2014 1st Trading Day

Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China $12.00-$14.00 $15.00 $19.05, up 27% $20.59 8.1%

Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 43.22 16.8%

Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up flat 19.38 10.1%

Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 11.35 10.7%

Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 13.89 20.8%

Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 83.85 52.5%

Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.65 (9.8%)

Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.01 (6.3%)

Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 11.59 5.2%

Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 15.37 4.9%

May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 26.37 87.0%

May-14 NasdaqGS:JD JD.com, Inc. China 16.00-18.00 19.00 22.80, up 20% 31.92 40.0%

May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 30.57 19.8%

May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 20.67 98.0%

May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 27.19 102.5% Apr-14 NasdaqGM:FIVN Five9, Inc. United States 9.00-11.00 7.00 8.25, up 18% 5.87 (28.8%)

Apr-14 NYSE:GRUB GrubHub Inc. United States 23.00-25.00 26.00 34.00, up 31% 38.44 13.1%

Apr-14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00-21.00 20.00 23.90, up 20% 27.90 16.7%

Apr-14 NYSE:PAYC Paycom Software, Inc. United States 18.00-20.00 15.00 15.00, flat 17.92 19.5%

Apr-14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States 11.00-13.00 9.50 12.00, up 26% 6.01 (49.9%)

Apr-14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00-17.00 15.00 20.04, up 34% 9.74 (51.4%)

Apr-14 NasdaqGS:WB Weibo Corporation China 17.00-19.00 17.00 20.24, up 19% 19.92 (1.6%)

Mar-14 NYSE:ATEN A10 Networks, Inc. United States 13.00-15.00 15.00 16.21, up 8% 11.66 (28.1%)

Mar-14 NYSE:AMBR Amber Road, Inc. United States 10.50-12.50 13.00 11.50, down 11% 15.00 30.4%

Mar-14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00-11.00 10.00 9.99, down 1% 7.97 (20.2%)

Mar-14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00-16.00 16.00 20.10, up 26% 14.01 (30.3%)

Mar-14 NYSE:CSLT Castlight Health, Inc. United States 13.00-15.00 16.00 38.85, up 143% 11.91 (69.3%)

Mar-14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00-28.00 28.00 29.50, up 5% 34.37 16.5%

Mar-14 NYSE:COUP Coupons.com Incorporated United States 12.00-14.00 16.00 30.00, up 88% 15.28 (49.1%)

Mar-14 NYSE:EVDY Everyday Health, Inc. United States 13.00-15.00 14.00 14.50, flat 14.56 0.4%

LTM IPO Performance (1/2)

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0 79 133 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 28, 2014 1st Trading Day 122 141 181 Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands $12.50-$14.00 $7.00 $7.15, flat $7.37 3.1% Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 11.48 17.7% 178 186 213 Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 35.03 16.4% Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 23.93 (36.6%) 211 216 Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States 11.00-13.00 12.00 13.44, up 12% 12.09 (10.0%) 233 Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 112.69 20.0% 234 235 Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00-23.00 17.00 16.61, down 2% 16.83 1.3% 245 Sep-14 NasdaqGS:CYBR Cyber-Ark Software Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 42.99 43.6% Orange Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 16.92 3.2% 241 184 Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00-14.00 15.00 19.05, up 27% 20.09 5.4% 0 Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 44.40 20.0% 245 232 Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up 26% 24.10 36.9% 184 Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 12.66 23.5% Grey Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 16.11 40.1% 138 Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 76.84 39.7% 138 138 Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.84 (8.7%) 203 Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.50 (4.5%) 203 203 Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 9.20 (16.5%) 221 Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 14.52 (0.9%) 221 221 May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 17.44 23.7% May-14 NasdaqGS:JD JD.com, Inc. China 16.00-18.00 19.00 22.80, up 20% 23.69 3.9% May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 18.47 (27.6%) May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 19.28 84.7% May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 23.77 77.0% Apr-14 NasdaqGM:FIVN Five9, Inc. United States 9.00-11.00 7.00 8.25, up 18% 4.47 (45.8%) Apr-14 NYSE:GRUB GrubHub Inc. United States 23.00-25.00 26.00 34.00, up 31% 36.58 7.6% Apr-14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00-21.00 20.00 23.90, up 20% 25.08 4.9% Apr-14 NYSE:PAYC Paycom Software, Inc. United States 18.00-20.00 15.00 15.00, flat 29.25 95.0% 7 | M&A and Investment Summary November 2014 LTM IPO Performance (2/2)

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0 79 133 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 28, 2014 1st Trading Day 122 141 181 Apr-14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States $11.00-$13.00 $9.50 $12.00, up 26% $7.05 (41.3%) Apr-14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00-17.00 15.00 20.04, up 34% 14.06 (29.8%) 178 186 213 Apr-14 NasdaqGS:WB Weibo Corporation China 17.00-19.00 17.00 20.24, up 19% 17.95 (11.3%) Mar-14 NYSE:ATEN A10 Networks, Inc. United States 13.00-15.00 15.00 16.21, up 8% 4.08 (74.8%) 211 216 233 Mar-14 NYSE:AMBR Amber Road, Inc. United States 10.50-12.50 13.00 11.50, down 11% 12.01 4.4% Mar-14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00-11.00 10.00 9.99, down 1% 4.87 (51.3%) 234 235 245 Mar-14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00-16.00 16.00 20.10, up 26% 10.01 (50.2%) Mar-14 NYSE:CSLT Castlight Health, Inc. United States 13.00-15.00 16.00 38.85, up 143% 12.43 (68.0%) Orange Mar-14 NYSE:COUP Coupons.com Incorporated United States 12.00-14.00 16.00 30.00, up 88% 15.27 (49.1%) 241 184 Mar-14 NYSE:EVDY Everyday Health, Inc. United States 13.00-15.00 14.00 14.50, flat 12.94 (10.8%) 0 Mar-14 NYSE:KING King Digital Entertainment plc Ireland 21.00-24.00 22.50 19.00, down 15% 15.25 (15.7%) 245 232 Mar-14 NasdaqGS:PCTY Paylocity Holding Corporation United States 14.00-16.00 17.00 28.50, up 68% 29.09 2.1% 184 Mar-14 NYSE:QTWO Q2 Holdings, Inc. United States 11.00-13.00 13.00 16.68, up 28% 18.59 11.5% Grey Mar-14 NYSE:TNET TriNet Group, Inc. United States 15.00-17.00 16.00 19.10, up 19% 31.66 65.8% 138 138 Mar-14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00-21.00 22.00 44.56, up 103% 23.80 (46.6%) 138 Jan-14 NYSE:CRCM Care.com, Inc. United States 14.00-16.00 17.00 24.30, up 43% 8.50 (65.0%)

203 203 Dec-13 NYSE:ATHM Autohome Inc. China 14.00-16.00 17.00 26.95, up 58% 43.22 60.4% 203 Dec-13 NYSE:NMBL Nimble Storage, Inc. United States 18.00-20.00 21.00 33.81, up 61% 26.37 (22.0%)

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8 | M&A and Investment Summary November 2014 Digital Media/Commerce

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122 . Of the total $3 billion in value reported in the Digital Media/Commerce segment, $1.2 billion in strategic transactions were reported, 141 181 while another $1.8 billion of Venture/Growth Capital investments were made

178 186 213 . Mobile Content/Apps was the most active subsegment across all segments with 30 transactions announced, of which 22 were reported

211 for $232 million 216 233 . Select acquisitions: 234 235 245 • Churchill Downs’ $885 million purchase of social casino studio and mobile gaming producer Big Fish Games

Orange

241 . Investors continued to fund eCommerce businesses internationally: 184 0 • Tiger Global Management’s $600 million investment in India-based eCommerce marketplace FlipKart at a valuation over $10 Billion 245 232 184 • The $550 million valuation and $150 million round of funding for Africa-based eCommerce company Jumia from Rocket Internet

Grey • South Korea-based mobile game designing company 4:33 Creative Lab’s $110 million round of funding from Tencent 138 138 138 203 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital

221 # % $MM % # $MM # $MM # $MM 221 221 Mobile Content/Apps 30 30% $231.9 8% 10 $44.5 0 - 20 $187.4 eCommerce 25 25% 1,034.0 34% 6 71.0 1 - 18 963.0 Social Media/Apps 17 17% 1,120.2 37% 5 1,027.0 0 - 12 93.2 Classifieds/Auctions/P-to-P 13 13% 388.7 13% 2 21.0 0 - 11 367.7 Niche Content 9 9% 85.5 3% 4 38.0 0 - 5 47.5 Gaming 6 6% 155.3 5% 2 - 0 - 4 155.3 Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Virtual Goods 0 0% - 0% 0 - 0 - 0 - Web Search/Portals 0 0% - 0% 0 - 0 - 0 - Total 100 100% 3,015.6 100% 29 1,201.5 1 0.0 70 1,814.1

9 | M&A and Investment Summary November 2014 Digital Media/Commerce Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 1-800-Flowers.com Inc. United States $8.70 -7% $ 558.0 $ 620.7 $ 760.0 $ 45.1 5.9% 2.8% 0.8x 13.8x 58.com Inc. * China 47.72 -19% 4,205.8 3,579.5 230.0 24.6 10.7% 83.8% 15.6x NM 178 Alibaba Group Holding Limited * China 112.70 -6% 280,062.4 273,037.5 10,324.3 4,803.8 46.5% 0.0% 26.4x 56.8x 186 213 Amazon.com Inc. United States 339.60 -17% 154,444.9 150,660.9 85,246.0 3,890.0 4.6% 21.5% 1.8x 38.7x AOL Inc. United States 46.10 -13% 3,603.0 3,594.8 2,495.9 433.7 17.4% 11.4% 1.4x 8.3x 211 Baidu, Inc. China 245.33 -3% 86,260.5 82,065.3 7,253.4 2,622.1 36.2% 54.8% 11.3x 31.3x 216 Blucora, Inc. United States 14.56 -51% 597.4 564.5 639.9 110.4 233 17.3% 26.9% 0.9x 5.1x Blue Nile Inc. United States 34.28 -30% 404.8 373.0 462.0 16.5 3.6% 5.0% 0.8x 22.6x 234 CafePress Inc. United States 2.11 -70% 36.5 26.0 238.6 1.2 0.5% -1.6% 0.1x 21.2x 235 Care.com, Inc. United States 8.37 -71% 266.4 183.3 105.7 (33.0) 245 * NM 41.1% 1.7x NM CDW Corporation United States 35.10 -1% 6,041.2 9,144.8 11,737.7 857.6 7.3% 10.1% 0.8x 10.7x Changyou.com Limited China 23.05 -33% 1,235.5 1,286.7 734.2 38.9 Orange 5.3% 2.5% 1.8x 33.1x Chegg, Inc. United States 6.94 -29% 578.6 495.3 297.5 14.8 5.0% 20.6% 1.7x 33.4x 241 Cnova N.V. * Netherlands 7.32 -9% 3,169.0 3,249.0 4,155.9 73.2 1.8% 0.0% 0.8x 44.4x 184 0 Copart, Inc. United States 36.47 -4% 4,606.2 4,689.2 1,174.0 410.1 34.9% 8.0% 4.0x 11.4x Cupid plc * United Kingdom 0.41 -63% 29.1 11.3 29.6 (7.7) NM -43.6% 0.4x NM 245 CyberAgent Inc. Japan 40.15 -14% 2,509.2 2,233.3 1,870.9 246.7 13.2% 26.3% 1.2x 9.1x 232 184 Demand Media, Inc. United States 5.67 -81% 105.4 66.0 365.9 29.4 8.0% 40.0% 0.2x 2.2x DeNA Co., Ltd. Japan 12.48 -42% 1,617.2 1,187.1 1,397.8 414.5 29.7% -25.0% 0.8x 2.9x Grey eBay Inc. United States 54.63 -8% 67,796.0 65,011.0 17,511.0 4,962.0 28.3% 12.9% 3.7x 13.1x E-Commerce China Dangdang Inc. China 11.30 -41% 917.5 644.4 1,249.7 16.0 1.3% 28.5% 0.5x 40.4x 138 eLong Inc. * China 18.53 -23% 665.1 369.8 179.4 (26.0) NM 15.0% 2.1x NM 138 138 Everyday Health, Inc. United States 13.10 -34% 404.4 386.7 174.4 15.4 8.8% 23.2% 2.2x 25.1x Expedia Inc. United States 87.11 -2% 10,831.2 10,566.7 5,559.5 795.9 14.3% 21.0% 1.9x 13.3x 203 Facebook, Inc. * United States 77.57 -4% 216,392.8 202,420.8 11,201.0 6,052.0 54.0% 63.0% 18.1x 33.4x 203 203 Forgame Holdings Limited China 1.95 -4% 247.1 67.0 152.3 28.8 18.9% -5.6% 0.4x 2.3x G5 Entertainment AB (publ) * Sweden 3.29 -37% 29.1 24.6 21.2 (0.1) NM 66.5% 1.2x NM 221 GameLoft SE France 4.67 -56% 395.8 324.5 322.0 36.3 11.3% 5.7% 1.0x 8.9x 221 221 Geeknet, Inc. * United States 8.76 -55% 58.9 28.1 142.7 (2.9) NM 9.5% 0.2x NM Glu Mobile, Inc. * United States 3.72 -51% 403.2 348.9 185.1 4.6 2.5% 90.7% 1.9x 76.1x Google Inc. United States 545.28 -11% 369,063.7 317,646.7 67,911.0 19,960.0 29.4% 25.2% 4.7x 15.9x Gree, Inc. Japan 6.77 -42% 1,601.9 1,121.0 1,054.6 354.2 33.6% -22.7% 1.1x 3.2x GrubHub Inc. * United States 36.41 -21% 2,964.2 2,686.5 229.6 54.5 23.7% 108.9% 11.7x 49.3x Hollywood Media Corp. * United States 1.08 -33% 24.5 1.5 0.4 (4.8) NM -31.1% 3.6x NM HSN, Inc. United States 73.21 0% 3,804.1 3,942.3 3,489.9 303.4 8.7% 3.7% 1.1x 13.0x IAC/InterActiveCorp United States 65.35 -19% 5,484.0 5,548.9 3,003.2 472.0 15.7% -2.0% 1.8x 11.8x iDreamSky Technology Limited * China 20.05 -23% 827.4 664.4 64.1 13.4 20.8% 0.0% 10.4x 49.7x International Game Technology United States 17.15 -8% 4,252.8 5,876.3 2,058.1 657.4 31.9% -12.1% 2.9x 8.9x iProperty Group Limited * Malaysia 2.15 -5% 391.3 378.4 21.1 0.3 1.4% 43.8% 17.9x NM j2 Global, Inc. United States 57.15 0% 2,722.1 2,691.2 569.9 238.1 41.8% 17.6% 4.7x 11.3x JD.com, Inc. * China 23.66 -29% 32,394.0 27,700.4 16,356.6 (815.2) NM 62.5% 1.7x NM

10 | M&A and Investment Summary November 2014 Digital Media/Commerce Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Jiayuan.com International Ltd. China 4.86 -45% $ 145.07 $ 52.18 $ 93.55 $ 3.87 4.1% 22.2% 0.6x 13.5x JobStreet Corp. Bhd. * Malaysia 0.88 -2% 615.6 601.8 2.4 1.4 59.9% NM NM NM 178 Jumei International Holding Limited China 18.32 -54% 2,607.8 2,015.3 607.0 75.5 12.4% 49.1% 3.3x 26.7x 186 213 King Digital Entertainment plc Ireland 15.70 -33% 5,058.2 4,081.8 2,316.3 762.2 32.9% 73.1% 1.8x 5.4x Kongzhong Corp. China 6.48 -47% 301.2 105.0 208.9 22.2 10.6% 21.5% 0.5x 4.7x 211 LifeLock, Inc. * United States 16.58 -27% 1,559.3 1,321.0 448.6 31.7 7.1% 29.6% 2.9x 41.7x 216 Liberty Interactive Corporation United States 28.82 -6% 13,663.9 19,006.9 11,473.0 2,046.0 233 17.8% 12.4% 1.7x 9.3x LightInTheBox Holding Co., Ltd. * China 6.58 -43% 334.3 248.1 349.0 (25.5) NM 25.4% 0.7x NM 234 LinkedIn Corporation * United States 225.17 -6% 28,106.2 25,847.7 2,022.6 226.4 11.2% 46.0% 12.8x NM 235 Liquidity Services, Inc. United States 10.81 -60% 325.3 262.7 495.7 50.4 245 10.2% -2.0% 0.5x 5.2x MeetMe, Inc. * United States 1.74 -60% 79.0 67.5 44.8 0.8 1.7% 15.0% 1.5x 86.2x Mercadolibre, Inc. Argentina $141.10 -2% 6,228.5 6,109.7 529.8 192.5 36.3% 19.9% 11.5x 31.7x Orange Mixi, Inc. Japan 46.26 -22% 3,849.2 3,611.1 393.2 144.4 36.7% 340.4% 9.2x 25.0x 241 NCsoft Corporation South Korea 144.78 -6% 2,889.5 2,228.3 762.8 229.2 30.1% -8.4% 2.9x 9.7x 184 0 Netflix, Inc. * United States 352.06 -28% 21,156.1 20,389.3 5,195.2 472.5 9.1% 25.3% 3.9x 43.2x NEXON Co., Ltd. Japan 9.54 -4% 4,104.8 3,508.7 1,499.2 565.1 37.7% 8.3% 2.3x 6.2x 245 Orbitz Worldwide, Inc. United States 7.66 -23% 844.7 1,045.1 908.9 127.3 14.0% 8.3% 1.1x 8.2x 232 184 Overstock.com Inc. United States 25.10 -20% 605.7 493.0 1,424.3 18.2 1.3% 14.1% 0.3x 27.1x Pacific Online Ltd. China 0.54 0% 594.0 548.4 146.4 54.6 37.3% 20.1% 3.7x 10.0x Grey Pandora Media, Inc. * United States 19.46 -52% 4,095.2 3,778.8 870.1 (8.5) NM 0.0% 4.3x NM PC Home Online Inc. Taiwan 11.62 -5% 1,009.0 889.0 626.5 31.7 5.1% 22.2% 1.4x 28.1x 138 Perform Group plc. United Kingdom 4.05 -43% 1,066.5 1,008.9 401.1 50.9 12.7% 32.7% 2.5x 19.8x 138 138 PetMed Express, Inc. United States 13.72 -18% 275.0 224.9 228.8 28.7 12.6% -2.8% 1.0x 7.8x Phoenix New Media Limited China 8.99 -34% 667.8 446.1 260.6 49.6 19.0% 20.6% 1.7x 9.0x 203 The Priceline Group Inc. United States 1,162.97 -16% 61,090.6 58,779.3 8,143.0 3,169.2 38.9% 26.4% 7.2x 18.5x 203 203 Rakuten, Inc. Japan 13.57 -13% 17,940.0 18,873.6 5,223.9 1,105.7 21.2% 13.8% 3.6x 17.1x RealNetworks Inc. * United States 7.03 -16% 253.0 75.0 171.3 (54.7) NM -23.1% 0.4x NM 221 Rediff.com India Limited * India 1.97 -49% 54.6 37.5 15.8 (10.6) NM -2.7% 2.4x NM 221 221 Renren Inc. * China 2.81 -41% 1,012.8 200.6 90.9 (94.5) NM -46.4% 2.2x NM Shanda Games Limited China 6.54 -7% 1,763.2 1,758.7 661.0 291.0 44.0% -6.3% 2.7x 6.0x Shutterfly, Inc. United States 43.42 -21% 1,685.2 1,691.6 849.0 73.4 8.6% 17.2% 2.0x 23.0x Shutterstock, Inc. * United States 74.22 -28% 2,639.6 2,379.1 304.8 46.0 15.1% 40.7% 7.8x 51.8x Sky-mobi Limited China 5.29 -58% 149.4 52.7 101.8 1.8 1.8% 13.7% 0.5x 29.1x SNAP Interactive, Inc. * United States 0.25 -59% 9.8 9.3 13.2 (2.4) NM -2.5% 0.7x NM Spark Networks, Inc. * United States 3.94 -40% 98.1 88.7 64.6 (4.2) NM -5.7% 1.4x NM Sportsman's Warehouse Holdings, United States 6.97 -37% 292.3 522.1 642.7 59.0 9.2% 0.0% 0.8x 8.9x Stamps.comInc. Inc. United States 47.46 -2% 753.9 722.2 137.8 39.0 28.3% 9.8% 5.2x 18.5x Taomee Holdings Ltd. China 4.10 -54% 147.1 38.4 45.5 3.0 6.6% 1.4% 0.8x 12.9x TheStreet, Inc. * United States 2.22 -27% 76.5 22.2 58.6 0.3 0.5% 9.5% 0.4x 78.0x Travelport Worldwide Limited United Kingdom 16.90 -5% 2,057.9 4,388.9 2,132.0 428.0 20.1% 0.0% 2.1x 10.3x

11 | M&A and Investment Summary November 2014 Digital Media/Commerce Public Company Valuation (3/3) Blue

138 138 138

203 203 203

221 221 221

12 | M&A and Investment Summary November 2014 Digital Advertising

Blue

0 79 133

122 . There was a total of 37 transactions announced in the Digital Advertising segment worth a total of $971 million in aggregate reported 141 181 value

178 186 213 . Digital Video was the most active subsegment with 12 transactions announced worth a reported for $681 million

211 216 . Select acquisitions: 233

234 • Yahoo’s $640 million acquisition of video ad provider Brightroll 235 245 • Mandalay Digital’s $74.6 million purchase of mobile user acquisition network Appia Orange

241 184 . Select Investments: 0

245 • The $100 million investment in South-Korea-based mobile media company Yello Mobile by Formation 8 232 184 • HomeAway’s $20 million investment in travel comparison shopping platform GoGobot’s Grey

138 138 DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Digital Video 12 32% $680.8 70% 4 $640.0 0 - 8 $40.8 221 221 Vertical Search 9 24% 41.4 4% 2 5.9 0 - 7 35.5 221 Ad Networks/Exchanges 4 11% 4.0 0% 3 - 0 - 1 4.0 Comparison Shopping 4 11% 125.2 13% 0 - 0 - 4 125.2 Local Search 3 8% 27.0 3% 1 - 0 - 2 27.0 Email Services 2 5% - 0% 2 - 0 - 0 - Mobile Marketing 2 5% 74.6 8% 1 74.6 0 - 1 - Affiliate/CPA Network 1 3% 18.0 2% 0 - 0 - 1 18.0 Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 37 100% 971.0 100% 13 720.5 0 0.0 24 250.5

13 | M&A and Investment Summary November 2014 Digital Advertising Public Company Valuation (1/2)

Blue

221 Monster Worldwide, Inc. United States 4.43 -48% 395.6 572.0 782.5 73.1 9.3% -4.6% 0.7x 7.8x 221 Opera Software ASA Norway 12.94 -5% 1,820.4 1,744.4 415.9 94.3 22.7% 53.3% 4.2x 18.5x 221 Pacific Online Ltd. China 0.54 0% 594.0 548.4 146.4 54.6 37.3% 20.1% 3.7x 10.0x QuinStreet, Inc. United States 4.55 -50% 204.6 161.9 274.8 2.5 0.9% -9.4% 0.6x 64.0x ReachLocal, Inc. United States 3.35 -77% 98.6 46.6 498.8 (20.8) NM -0.4% 0.1x NM RetailMeNot, Inc. United States 14.59 -70% 796.4 608.7 255.8 68.9 26.9% 40.5% 2.4x 8.8x Rightmove plc United Kingdom 34.44 -22% 3,336.2 3,326.6 262.0 191.5 73.1% 19.0% 12.7x 17.4x Rocket Fuel Inc. United States 16.67 -77% 704.9 662.9 354.7 (29.5) NM 81.8% 1.9x NM Rovi Corporation United States 22.57 -11% 2,139.0 2,858.6 560.8 201.7 36.0% 32.4% 5.1x 14.2x Septeni Holdings Co., Ltd. Japan 8.91 -32% 226.1 165.9 495.4 23.4 4.7% 18.2% 0.3x 7.1x The Rubicon Project, Inc. United States 14.46 -38% 523.2 419.2 111.6 (10.2) NM 48.5% 3.8x NM TiVo Inc. United States 11.87 -17% 1,379.9 875.6 443.7 92.8 20.9% 14.1% 2.0x 9.4x TradeDoubler AB Sweden 1.15 -57% 49.2 27.1 247.3 2.0 0.8% -13.6% 0.1x 13.4x Travelzoo Inc. United States 12.59 -53% 185.9 128.7 148.1 21.6 14.6% -6.2% 0.9x 5.9x Tree.Com, Inc. United States 44.64 -9% 505.4 421.7 159.9 12.0 7.5% 26.1% 2.6x 35.0x 14 | M&A and Investment Summary November 2014 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Tremor Video, Inc. United States 2.57 -56% $ 134.9 $ 56.9 $ 153.9 $ (17.2) NM 20.2% 0.4x NM TripAdvisor Inc. United States 73.23 -34% 10,400.6 10,170.6 1,170.7 337.8 28.9% 29.9% 8.7x 30.1x 178 TrueCar, Inc. United States 19.08 -24% 1,476.6 1,374.5 191.3 (40.0) NM 66.1% 7.2x NM 186 213 Trulia, Inc. United States $51.50 -24% 1,945.9 1,963.9 235.4 (23.2) NM 105.5% 8.3x NM TubeMogul, Inc. * United States 16.15 -21% 483.5 437.4 100.2 2.0 2.0% 104.6% 4.4x 216.3x 211 Twitter, Inc. * United States 41.20 -45% 25,713.6 23,591.7 1,166.6 (778.4) NM 118.3% 20.2x NM 216 233 Velti Plc Ireland 0.02 -80% 1.8 14.1 232.1 (136.5) NM -1.6% 0.1x NM Voltari Corporation United States 1.16 -74% 5.4 28.3 13.0 (15.3) NM 2731.4% 2.2x NM 234 Web.com Group, Inc. United States 17.12 -55% 911.4 1,416.3 540.6 111.5 20.6% 14.4% 2.6x 12.7x 235 245 Yahoo! Inc. United States 51.93 -1% 49,195.9 6,496.6 4,630.9 720.7 15.6% -2.7% 1.4x 9.0x Yelp, Inc. * United States 57.77 -43% 4,235.1 3,871.0 338.3 14.6 4.3% 66.2% 11.4x 265.5x Orange Yandex N.V. Netherlands 25.07 -45% 8,311.2 8,351.1 1,219.3 470.2 38.6% 33.0% 6.8x 17.8x Youku Tudou Inc. China 18.48 -51% 3,725.7 2,392.1 597.4 63.3 10.6% 32.7% 4.0x 37.8x 241 184 YuMe, Inc. United States 5.35 -40% 175.1 117.7 174.7 (0.9) NM 22.6% 0.7x NM 0 Zhaopin Ltd. China 14.60 -14% 703.7 565.6 181.4 43.4 23.9% 25.2% 3.1x 13.0x Zillow, Inc. * United States 120.87 -27% 4,868.7 4,502.4 291.9 (0.9) NM 68.2% 15.4x NM 245 232 184 Average 3.0x 18.0x

Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (82.9x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value 138 138 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 138

203 203 203

221 221 221

15 | M&A and Investment Summary November 2014 Marketing Technology

Blue

0 79 133

122 . Analytics & Targeting was the most active Marketing Technology subsegment with 18 transactions announced, worth a total of $69 141 181 million in aggregate reported value. CRM was the highest reported value subsegment with 13 deals worth $244 million

178 186 213 . Select acquisitions:

211 216 • Emdeon’s acquisition of Change Healthcare, a provider of a consumer engagement platform, for $185 million 233

234 . Select Investments: 235 245 • Powa Technologies $80 million round of funding from Wellington Management Orange

241 184 0

245 232 MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 184 Transactions Reported Value Strategic Buyout Venture/Growth Capital Grey # % $MM % # $MM # $MM # $MM 138 Analytics & Targeting 18 21% $68.9 8% 7 $3.5 0 - 11 $65.4 138 138 CRM 13 15% 243.7 27% 4 185.0 0 - 9 58.7 203 Content Management 8 9% 14.5 2% 2 - 0 - 6 14.5 203 203 Mobile Technology 7 8% 22.0 2% 2 - 0 - 5 22.0 221 Commerce Management 8 9% 160.7 18% 2 12.0 0 - 6 148.7 221 221 BI Tools 5 6% 13.5 2% 2 - 2 - 1 13.5 Content Delivery Network 3 4% 124.0 14% 2 118.0 0 - 1 6.0 Other* 23 27% 241.4 27% 5 - 1 - 17 231.4 Total 85 100% 888.7 100% 26 318.5 3 0.0 56 570.2

*Other includes Ad Serving, Email/Messaging Software, Marketing Asset Management, Media Management System, MRM/Workflow Management, Product/Price Software, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Website Creation/Hosting

16 | M&A and Investment Summary November 2014 Marketing Technology Public Company Valuation (1/2) Blue

0 79 ($ in Millions, except stock price data) 133 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/28/14 52WK High 122 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 Actuate Corporation United States 3.58 -56% 168.9 110.9 107.3 (2.4) NM -22.1% 1.0x NM 181 Adobe Systems Inc. United States 73.39 -2% 36,398.0 34,386.0 4,115.4 720.6 17.5% -1.2% 8.4x 47.7x Bazaarvoice, Inc. United States 7.47 -14% 584.5 518.9 173.8 (30.2) 178 NM 14.7% 3.0x NM 186 Bitauto Holdings Limited China 90.88 -8% 3,861.8 3,696.0 320.5 78.4 24.5% 50.1% 11.5x 47.1x 213 Blackbaud Inc. United States 42.82 -7% 1,941.4 2,058.6 546.5 99.9 18.3% 11.8% 3.8x 20.6x Borderfree, Inc. United States 9.99 -53% 317.8 195.3 124.7 1.7 211 * 1.4% 20.4% 1.6x 115.8x 216 Brightcove, Inc. United States 6.21 -60% 205.4 185.1 123.4 (2.0) NM 18.1% 1.5x NM 233 ChannelAdvisor Corporation United States 17.86 -64% 448.0 370.4 81.6 (27.8) NM 28.4% 4.5x NM

234 ChinaCache International Holdings China 10.40 -65% 268.8 200.7 225.6 11.2 5.0% 40.0% 0.9x 18.0x 235 ConstantLtd. Contact, Inc. United States 33.42 -7% 1,059.2 904.8 318.6 37.0 11.6% 15.1% 2.8x 24.5x 245 Covisint Corporation United States 2.36 -83% 92.2 48.0 91.8 (35.2) NM -6.4% 0.5x NM Cvent, Inc. * United States 27.09 -39% 1,124.1 941.4 133.6 7.7 5.8% 28.4% 7.0x 122.0x Orange Dealertrack Technologies, Inc. United States 47.21 -20% 2,566.8 3,149.3 743.2 96.6 13.0% 62.6% 4.2x 32.6x 241 Demandware, Inc. * United States 56.60 -31% 2,072.9 1,813.9 142.0 (15.9) NM 50.3% 12.8x NM 184 0 Digital River Inc. United States 25.33 -2% 809.4 558.8 375.3 35.7 9.5% -2.9% 1.5x 15.7x E2open, Inc. United States 6.70 -78% 205.0 180.7 76.6 (24.8) NM 9.2% 2.4x NM 245 eBay Inc. United States 54.63 -8% 67,796.0 65,011.0 17,511.0 4,962.0 28.3% 12.9% 3.7x 13.1x 232 184 Endurance International Group United States 16.69 -6% 2,229.3 3,334.4 594.3 97.5 16.4% 18.6% 5.6x 34.2x Five9,Holdings, Inc. Inc. United States 4.60 -51% 218.5 183.6 98.5 (27.9) NM 25.0% 1.9x NM Grey Informatica Corporation United States 36.56 -17% 3,963.3 3,308.7 1,020.2 190.7 18.7% 12.5% 3.2x 17.4x Infosystems S.A. Poland 0.64 -39% 2.6 2.7 2.6 1.3 49.3% 0.7% 1.0x 2.1x 138 Interactive Intelligence Group Inc. United States 45.16 -45% 946.4 886.6 339.5 5.3 138 * 1.6% 13.9% 2.6x 168.2x 138 IBM Corporation United States 162.01 -19% 160,275.4 196,549.4 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.0x Jive Software, Inc. United States 5.87 -49% 420.3 328.7 170.3 (50.7) NM 22.5% 1.9x NM 203 203 LivePerson Inc. United States 13.51 -11% 742.2 655.1 198.6 10.1 5.1% 14.5% 3.3x 64.7x 203 Marin Software Incorporated United States 8.71 -31% 307.8 235.9 94.2 (27.7) NM 29.8% 2.5x NM Marketo, Inc. United States 32.65 -27% 1,343.9 1,232.3 135.8 (44.2) NM 60.5% 9.1x NM 221 221 Mercadolibre, Inc. Argentina 141.10 -2% 6,228.5 6,109.7 529.8 192.5 36.3% 19.9% 11.5x 31.7x 221 MicroStrategy Inc. * United States 174.63 -1% 1,964.9 1,610.3 596.8 22.4 3.8% 5.5% 2.7x 71.8x NetSuite Inc. * United States 105.89 -12% 8,101.3 7,942.2 513.4 (44.8) NM 33.5% 15.5x NM Nuance Communications, Inc. United States 15.17 -23% 4,900.4 6,444.4 1,923.5 244.1 12.7% 3.7% 3.4x 26.4x Open Text Corporation Canada 58.91 -3% 7,167.3 7,980.7 1,754.0 513.9 29.3% 28.8% 4.5x 15.5x Opera Software ASA Norway 12.94 -5% 1,820.4 1,744.4 415.9 94.3 22.7% 53.3% 4.2x 18.5x Oracle Corporation United States 41.99 -3% 185,538.7 167,069.7 38,499.0 16,826.0 43.7% 3.0% 4.3x 9.9x PROS Holdings, Inc. United States 28.74 -30% 841.5 803.0 170.9 (4.5) NM 23.2% 4.7x NM PTC Inc. United States 38.90 -4% 4,508.7 4,827.0 1,357.0 297.2 21.9% 4.9% 3.6x 16.2x Qlik Technologies, Inc. United States 31.17 -1% 2,817.8 2,575.8 535.8 4.2 0.8% 20.1% 4.8x NM Rovi Corporation United States 22.57 -11% 2,139.0 2,858.6 560.8 201.7 36.0% 32.4% 5.1x 14.2x The Rubicon Project, Inc. United States 14.46 -38% 523.2 419.2 111.6 (10.2) NM 48.5% 3.8x NM Sage Group plc United Kingdom 6.36 -8% 6,537.3 7,104.4 2,207.7 651.2 29.5% -3.7% 3.2x 10.9x salesforce.com, inc. United States 58.91 -12% 37,374.1 38,799.0 5,074.2 87.2 1.7% 34.9% 7.6x NM 17 | M&A and Investment Summary November 2014 Marketing Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 11/28/14 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 SAP SE Germany 70.74 -10% $ 84,597.1 $ 85,889.0 $ 21,718.9 $ 7,620.4 35.1% 2.9% 4.0x 11.3x Sizmek Inc. United States 5.90 -55% 182.1 90.9 169.5 17.3 10.2% 9.5% 0.5x 5.3x 178 186 Sky-mobi Limited China 5.29 -58% 149.4 52.7 101.8 1.8 1.8% 13.7% 0.5x 29.1x 213 Sungy Mobile Limited China 6.08 -82% 203.4 84.3 64.0 5.1 7.9% 35.3% 1.3x 16.6x Synchronoss Technologies, Inc. United States 43.65 -19% 1,857.6 1,793.6 424.3 113.3 26.7% 30.5% 4.2x 15.8x 211 216 Tableau Software, Inc. * United States 83.44 -18% 5,814.5 5,170.0 351.2 11.2 3.2% 82.1% 14.7x NM 233 Teradata Corporation United States 45.08 -9% 6,863.6 6,270.6 2,740.0 631.0 23.0% 2.9% 2.3x 9.9x TIBCO Software Inc. United States 24.02 -4% 3,937.5 3,958.4 1,076.2 167.9 15.6% 2.4% 3.7x 23.6x 234 235 Verint Systems Inc. United States 60.47 0% 3,653.6 4,168.5 1,014.3 146.8 14.5% 18.3% 4.1x 28.4x 245 Weborama France 8.34 -44% 28.9 27.5 37.0 2.4 6.6% -2.3% 0.7x 11.3x Wix.com ltd Israel 21.86 -33% 828.8 735.1 125.2 (49.7) NM 81.9% 5.9x NM Orange Zendesk, Inc. * United States 23.60 -16% 1,716.7 1,614.2 111.0 (48.9) NM 0.0% 14.5x NM

241 184 Adjusted Weighted Average 4.1x 13.6x 0

245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.4x) 232 184

Grey

138 138 138

203 203 203

221 221 221

18 | M&A and Investment Summary November 2014 Agency & Marketing Services

Blue

0 79 133

122 . There were 22 transactions announced in the Agency & Marketing Services segment in November. Digital Agency was the most active 141 181 subsegment with nine transactions announced

178 186 213 . Select acquisitions:

211 216 • Publicis Groupe’s pending acquisition of Sapient for $3.7 billion 233

234 • The $65 million acquisition of healthcare performance-based digital marketing programs developer DoctorDirectory by Everyday 235 245 Health (NYSE:EVDY) (Petsky Prunier-led transaction)

Orange

241 • Dentsu Aegis Network’s $48 million acquisition of digital agency Fetch Media 184 0 245 232 184 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital

138 # % $MM % # $MM # $MM # $MM 138 138 Digital Agency 9 41% $3,746.6 97% 6 $3,739.6 0 - 3 $7.0

203 Loyalty/Retention 3 14% 4.7 0% 2 - 0 - 1 4.7 203 203 Public Relations 3 14% - 0% 3 8.0 0 - 0 -

221 Database/Analytics 2 9% 65.0 2% 2 24.7 0 - 0 - 221 221 B-to-B Agency 1 5% - 0% 1 - 0 - 0 - Healthcare Agency 1 5% 24.7 1% 1 - 0 - 0 - Marketing Consulting 1 5% - 0% 1 9.7 0 - 0 - Performance/Contract Sales 1 5% - 0% 1 65.0 0 - 0 - Other* 1 5% 17.7 0% 1 0.0 0 0.0 0 0.0 Total 22 100% 3,858.7 0% 18 3,847.0 0 0.0 4 11.7 *Other includes Product/Price Consulting

19 | M&A and Investment Summary November 2014 Agency Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Cello Group Plc United Kingdom $1.34 -10% $ 115.3 $ 131.5 $ 284.7 $ 19.1 6.7% 15.5% 0.5x 6.9x Chime Communications plc United Kingdom 4.18 -29% 420.4 497.0 611.4 35.6 5.8% 12.8% 0.8x 14.0x 178 186 Creston plc United Kingdom 2.02 1% 112.4 102.7 124.1 18.7 15.1% 3.8% 0.8x 5.5x 213 Dentsu Inc. Japan 37.86 -1% 10,917.3 11,797.2 21,548.6 1,158.3 5.4% 12.4% 0.5x 10.2x Enero Group Limited Australia 0.76 -7% 65.1 49.2 200.9 9.0 4.5% -14.1% 0.2x 5.5x 211 216 Globant S.A. Luxembourg 13.59 -8% 455.2 402.6 190.7 24.0 12.6% 28.8% 2.1x 16.8x 233 Havas France 8.44 -1% 3,493.5 3,911.7 2,457.4 376.2 15.3% -0.7% 1.6x 10.4x Huntsworth plc United Kingdom 0.79 -31% 258.1 314.0 284.9 41.8 14.7% -4.1% 1.1x 7.5x 234 235 M&C Saatchi plc United Kingdom 4.89 -8% 327.0 315.7 281.4 29.8 10.6% 8.4% 1.1x 10.6x 245 MDC Partners Inc. United States 22.02 -14% 1,088.3 2,064.8 1,244.3 113.9 9.2% 9.8% 1.7x 18.1x Next Fifteen Communications Group plc United Kingdom 2.23 -7% 136.9 140.9 171.3 18.7 10.9% 5.6% 0.8x 7.5x Orange Omnicom Group Inc. United States 76.79 0% 19,020.5 22,644.0 15,180.8 2,227.2 14.7% 4.9% 1.5x 10.2x OPT, Inc. Japan 6.70 -37% 173.1 127.8 592.4 44.0 7.4% -13.4% 0.2x 2.9x 241 184 Porta Communications Plc * United Kingdom 0.13 -53% 29.9 36.5 54.9 0.9 1.6% 111.4% 0.7x 40.3x 0 Publicis Groupe SA France 73.01 -17% 15,774.0 15,806.5 9,528.4 1,800.3 18.9% 1.2% 1.7x 8.8x Sapient Corp. United States 24.75 0% 3,472.1 3,157.7 1,383.1 176.1 245 12.7% 13.0% 2.3x 17.9x 232 The Interpublic Group of Companies, Inc. United States 20.25 -2% 8,481.7 9,624.5 7,452.7 901.4 12.1% 5.5% 1.3x 10.7x 184 WPP plc United Kingdom 20.95 -15% 27,575.7 32,696.8 19,090.7 3,150.4 16.5% 4.0% 1.7x 10.4x

Grey Adjusted Weighted Average 1.5x 10.5x

138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.2x) 138

203 203 203

221 221 221

20 | M&A and Investment Summary November 2014 Marketing Services Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Acxiom Corporation United States $19.29 -51% $ 1,485.5 $ 1,680.7 $ 1,074.8 $ 181.8 16.9% 0.0% 1.6x 9.2x Aimia Inc. Canada 12.92 -26% 2,239.4 2,217.4 2,142.7 (162.8) NM 43.9% 1.0x NM 178 186 Alliance Data Systems Corporation * United States 284.64 -5% 16,895.0 23,267.3 4,958.3 1,381.7 27.9% 19.5% 4.7x 16.8x 213 CSG Systems International Inc. United States 25.53 -20% 875.1 949.7 752.1 119.2 15.8% 0.2% 1.3x 8.0x Data Group Ltd. Canada 0.41 -61% 9.5 90.7 281.7 22.0 7.8% -2.1% 0.3x 4.1x 211 216 DST Systems Inc. United States 99.81 -1% 3,779.7 4,304.4 2,710.1 427.2 15.8% 2.3% 1.6x 10.1x 233 Fair Isaac Corporation United States 72.10 -2% 2,309.4 2,750.3 789.0 198.8 25.2% 6.1% 3.5x 13.8x Harte-Hanks Inc. United States 6.30 -31% 391.6 411.7 559.3 56.2 10.1% -1.1% 0.7x 7.3x 234 235 High Co. SA France 5.68 -24% 58.6 22.8 182.7 16.0 8.7% 3.3% 0.1x 1.4x 245 Insignia Systems Inc. United States 2.92 -16% 35.9 18.4 27.2 2.9 10.7% 3.8% 0.7x 6.4x Multiplus SA Brazil 13.79 -7% 2,236.6 1,855.3 713.7 143.0 20.0% 4.6% 2.6x 13.0x Orange PDI, Inc. * United States 1.93 -69% 27.8 (1.5) 130.0 (10.3) NM -13.4% NM 0.1x 241 Pitney Bowes Inc. United States 24.57 -13% 4,938.3 7,514.1 3,926.5 828.5 21.1% 3.4% 1.9x 9.1x 184 0 Points International Ltd. * Canada 13.21 -58% 203.6 148.6 259.2 7.5 2.9% 48.9% 0.6x 19.8x Viad Corp United States 24.51 -14% 489.7 469.2 1,063.1 82.4 7.8% 11.4% 0.4x 5.7x 245 232 Adjusted Weighted Average 1.9x 10.3x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x) Grey

138 138 138

203 203 203

221 221 221

21 | M&A and Investment Summary November 2014 Traditional Media

Blue

0 79 133

122 . There were nine transactions announced in the Traditional Media segment in November worth a total of $508 million in aggregate 141 181 reported value; all but one were strategic acquisitions

178 186 213 . Select acquisitions:

211 216 • Informa’s $237 million purchase of Hanley Wood Exhibitions, the trade show division of UK-based Hanley Wood 233

234 • Landmark Media’s acquisition of CBS affiliate KLAS-TV for $145 million 235 245 • China-based property developer Evergrande Real Estate’s 75 percent majority stake acquisition of magazine publisher New Media Orange

241 Group for $122.5 million 184 0

245 232 184

Grey TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM 203 203 203 Broadcast Television 5 56% $148.5 29% 4 $145.0 0 - 1 $3.5 B-to-B Media 3 33% 237.0 47% 3 237.0 0 - 0 - 221 221 Newspaper Publishing 1 11% 122.5 24% 1 122.5 0 - 0 - 221 Cable & Satellite Television 0 0% - 0% 0 - 0 - 0 - Consumer Book Publishing 0 0% - 0% 0 - 0 - 0 - Other* 0 0% 0.0 0% 0 - 0 - 0 - Total 9 100% 508.0 100% 8 504.5 0 0.0 1 3.5

*Other includes Entertainment and Radio

22 | M&A and Investment Summary November 2014 Traditional Media Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

Large Cap Diversified Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $54.32 -20% $ 28,098.0 $ 34,879.0 $ 14,975.0 $ 3,686.0 24.6% 6.0% 2.3x 9.5x 178 Discovery Communications, Inc. United States 34.75 -23% 23,040.4 30,457.4 6,126.0 2,488.0 40.6% 17.9% 5.0x 12.2x 186 News Corporation United States 15.61 -16% 9,095.6 6,521.6 8,652.0 644.0 7.4% 2.4% 0.8x 10.1x 213 Time Warner Inc. United States 84.58 -4% 70,256.8 89,603.8 30,772.0 8,232.0 26.8% 13.9% 2.9x 10.9x Twenty-First Century Fox, Inc. United States 36.58 0% 77,144.5 96,512.5 32,693.0 6,790.0 211 * 20.8% 13.8% 3.0x 14.2x 216 Viacom, Inc. United States 75.36 -16% 30,612.2 42,518.2 13,783.0 4,342.0 31.5% -0.1% 3.1x 9.8x 233 The Walt Disney Company United States 92.44 0% 155,869.8 170,508.8 48,813.0 13,828.0 28.3% 8.4% 3.5x 12.3x

234 Adjusted Weighted Average 3.2x 11.4x 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x)

Orange B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 241 184 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 0 Euromoney Institutional Investor PLC United Kingdom $15.89 -27% $ 2,005.7 $ 2,076.7 $ 659.5 $ 198.2 30.1% 0.5% 3.1x 10.5x Global Sources Ltd. Hong Kong 6.69 -27% 200.4 119.4 195.4 32.2 16.5% -4.4% 0.6x 3.7x 245 Informa plc Switzerland 7.55 -17% 4,856.5 6,109.2 1,946.5 589.1 30.3% 2.3% 3.1x 10.4x 232 184 TechTarget, Inc. * United States 10.31 -8% 340.6 306.1 99.3 10.2 10.3% 10.2% 3.1x 29.9x UBM plc United Kingdom 7.43 -36% 1,806.7 2,587.5 1,305.2 327.5 25.1% -0.1% 2.0x 7.9x

Grey Adjusted Weighted Average 2.9x 9.7x

138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.6x) 138 Radio Broadcasting 203 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Beasley Broadcast Group Inc. United States $5.51 -43% $ 127.3 $ 213.1 $ 104.0 $ 27.5 26.5% 51.8% 2.0x 7.7x Cumulus Media Inc. United States 4.02 -51% 946.2 3,453.4 1,209.6 279.3 23.1% 25.9% 2.9x 12.4x 221 221 Emmis Communications Corp. United States 2.09 -43% 89.7 403.3 221.1 33.2 15.0% 10.7% 1.8x 12.2x 221 Entercom Communications Corp. United States 10.65 -7% 417.5 883.3 377.9 94.2 24.9% -0.6% 2.3x 9.4x Journal Communications Inc. United States 10.02 -12% 510.7 652.7 413.8 92.5 22.4% 1.6% 1.6x 7.1x Pandora Media, Inc. United States 19.46 -52% 4,095.2 3,778.8 870.1 (8.5) NM 0.0% 4.3x NM Radio One Inc. United States 1.71 -71% 81.4 1,057.3 443.3 122.0 27.5% 0.1% 2.4x 8.7x Salem Communications Corp. United States 7.91 -28% 201.9 488.0 263.3 48.6 18.5% 12.1% 1.9x 10.0x Sirius XM Holdings Inc. * United States 3.61 -7% 19,780.0 24,445.5 4,090.2 1,334.4 32.6% 10.8% 6.0x 18.3x Spanish Broadcasting System Inc. United States 3.44 -54% 25.0 404.2 147.5 37.7 25.6% -3.7% 2.7x 10.7x Townsquare Media, Inc. United States 12.36 -4% 217.0 718.4 355.9 90.4 25.4% 0.0% 2.0x 8.0x

Adjusted Weighted Average 3.5x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)

23 | M&A and Investment Summary November 2014 Traditional Media Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $63.47 -19% $ 4,615.7 $ 7,146.8 $ 2,001.4 $ 628.7 31.4% 31.4% 3.6x 11.4x 178 British Sky Broadcasting Group plc United Kingdom 14.63 -2% 24,677.0 26,707.9 12,523.3 2,640.5 21.1% 4.8% 2.1x 10.1x 186 Cablevision Systems Corporation United States 20.29 -1% 5,527.3 14,441.2 6,413.4 1,802.0 28.1% 4.0% 2.3x 8.0x 213 CBS Corporation United States 54.32 -20% 28,098.0 34,879.0 14,975.0 3,686.0 24.6% 6.0% 2.3x 9.5x Charter Communications, Inc. United States 168.48 0% 18,362.5 35,960.5 8,896.0 3,057.0 34.4% 12.3% 4.0x 11.8x 211 216 Comcast Corporation United States 57.17 -1% 146,405.0 191,090.0 67,969.0 22,691.0 33.4% 6.8% 2.8x 8.4x 233 Crown Media Holdings Inc. United States 3.45 -13% 1,233.7 1,577.6 399.7 301.0 75.3% 10.5% 3.9x 5.2x DIRECTV United States 87.67 -2% 43,769.9 61,024.9 32,932.0 8,102.0 24.6% 5.5% 1.9x 7.5x 234 Discovery Communications, Inc. United States 34.75 -23% 23,040.4 30,457.4 6,126.0 2,488.0 40.6% 17.9% 5.0x 12.2x 235 245 Dish Network Corp. * United States 78.22 0% 36,062.0 40,183.5 14,500.2 2,842.7 19.6% 12.7% 2.8x 14.1x Entravision Communications Corporation United States 6.35 -14% 554.9 872.5 236.9 75.0 31.6% 4.1% 3.7x 11.6x General Communication Inc. United States 12.29 -1% 506.5 1,868.4 899.2 312.1 34.7% 15.7% 2.1x 6.0x Orange Gray Television Inc. United States 10.46 -31% 613.9 1,840.6 425.8 140.8 33.1% 12.8% 4.3x 13.1x 241 Grupo Televisa, S.A.B. * Mexico 37.18 -2% 21,447.8 26,094.1 5,776.1 1,862.3 32.2% 7.5% 4.5x 14.0x 184 Journal Communications Inc. United States 10.02 -12% 510.7 652.7 413.8 92.5 22.4% 1.6% 1.6x 7.1x 0 Liberty Global plc United Kingdom 48.81 1% 42,994.9 84,681.2 18,101.1 8,134.4 44.9% 46.5% 4.7x 10.4x LIN Media LLC United States 24.41 -17% 1,399.6 2,283.5 731.0 190.1 26.0% 10.0% 3.1x 12.0x 245 232 Media General, Inc. United States 15.65 -35% 1,387.3 2,266.7 568.2 170.7 30.0% 145.6% 4.0x 13.3x 184 Nexstar Broadcasting Group, Inc. United States 51.04 -10% 1,586.8 2,609.6 576.6 199.7 34.6% 20.0% 4.5x 13.1x Scripps Networks Interactive, Inc. United States 77.96 -10% 10,690.6 12,311.2 2,650.7 1,133.3 42.8% 6.8% 4.6x 10.9x Grey Sinclair Broadcast Group, Inc. United States 29.33 -22% 2,824.7 6,493.0 1,790.5 601.0 33.6% 41.5% 3.6x 10.8x The E. W. Scripps Company * United States 19.85 -12% 1,121.2 1,197.0 844.2 75.3 8.9% -1.4% 1.4x 15.9x 138 Time Warner Cable Inc. United States 149.71 -4% 41,942.3 65,752.3 22,599.0 7,863.0 34.8% 2.6% 2.9x 8.4x 138 138 Time Warner Inc. United States 84.58 -4% 70,256.8 89,603.8 30,772.0 8,232.0 26.8% 13.9% 2.9x 10.9x Ziggo N.V. * Netherlands 44.97 -12% 8,830.3 12,655.1 2,014.2 1,078.7 53.6% 2.7% 6.3x 11.7x 203 Adjusted Weighted Average 3.1x 9.5x 203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x) 221 221 Entertainment Media 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $23.77 -34% $ 2,032.5 $ 2,489.4 $ 654.7 $ 50.6 7.7% -14.7% 3.8x 49.2x Eros International Plc United Kingdom 21.70 0% 1,163.1 1,301.7 245.8 57.7 23.5% 17.9% 5.3x 22.6x Lions Gate Entertainment Corp. United States 33.28 -7% 4,669.3 6,093.9 2,564.1 289.1 11.3% -1.3% 2.4x 21.1x Live Nation Entertainment, Inc. United States 26.85 0% 5,371.6 6,339.5 6,908.2 524.0 7.6% 9.6% 0.9x 12.1x SFX Entertainment Inc. United States 4.32 -64% 381.3 598.7 343.0 (73.6) NM 240.3% 1.7x NM Twenty-First Century Fox, Inc. United States 36.58 0% 77,144.5 96,512.5 32,693.0 6,790.0 20.8% 13.8% 3.0x 14.2x Liberty Media Corporation United States 36.76 -29% 12,583.3 26,557.3 4,380.0 1,174.0 26.8% 45.0% 6.1x 22.6x Village Roadshow Limited Australia 6.25 -2% 996.5 1,309.9 902.4 153.5 17.0% 3.9% 1.5x 8.5x World Wrestling Entertainment Inc. United States 11.76 -63% 881.6 839.8 520.5 (17.9) NM 3.1% 1.6x NM

Adjusted Weighted Average 3.2x 15.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.9x) 24 | M&A and Investment Summary November 2014 Traditional Media Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

Out-of-Home Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.90 -10% $ 174.7 $ 112.5 $ 263.9 $ (5.9) NM -5.0% 0.4x NM 178 APG|SGA SA Switzerland 304.03 -4% 894.8 804.7 341.1 79.4 23.3% -5.6% 2.4x 10.1x 186 Clear Channel Outdoor Holdings Inc. United States 7.74 -28% 2,811.1 7,742.7 2,965.3 709.4 23.9% 0.7% 2.6x 10.9x 213 Clear Media Ltd. Hong Kong 1.03 -8% 551.1 438.1 217.9 88.3 40.5% 6.5% 2.0x 5.0x JCDecaux SA France 32.90 -19% 7,354.3 7,446.2 3,723.3 809.5 211 21.7% 9.2% 2.0x 9.2x 216 Lamar Advertising Co. * United States 53.26 -2% 5,085.5 6,998.6 1,270.7 549.3 43.2% 3.5% 5.5x 12.7x 233 Mood Media Corporation United States 0.37 -62% 66.5 655.6 499.3 82.2 16.5% -2.7% 1.3x 8.0x National CineMedia, Inc. United States 14.36 -29% 863.8 1,919.4 393.6 178.4 45.3% -13.7% 4.9x 10.8x 234 235 NTN Buzztime Inc. United States 0.32 -62% 29.8 24.5 25.9 (1.0) NM 12.0% 0.9x NM 245 Tom Group Ltd. Hong Kong 0.21 -7% 827.9 1,107.2 216.7 (1.3) NM -18.0% 5.1x NM

Adjusted Weighted Average 3.3x 9.6x Orange

241 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.0x) 184 0 Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 245 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 232 184 A. H. Belo Corporation United States $12.17 -6% $ 265.3 $ 157.6 $ 363.1 $ 30.4 8.4% 20.2% 0.4x 5.2x Daily Mail and General Trust plc United Kingdom 13.16 -22% 4,314.9 5,448.7 2,938.1 523.5 17.8% 3.3% 1.9x 10.4x Emmis Communications Corp. United States 2.09 -43% 89.7 403.3 221.1 33.2 15.0% 10.7% 1.8x 12.2x Grey Gannett Co., Inc. United States 32.56 -9% 7,393.7 10,392.7 5,675.2 1,254.7 22.1% 6.8% 1.8x 8.3x 138 Glacier Media, Inc. Canada 1.40 -5% 126.2 240.7 254.7 25.6 10.0% -4.0% 0.9x 9.4x 138 John Wiley & Sons Inc. United States 59.70 -4% 3,530.1 4,062.9 1,802.1 329.0 18.3% 2.3% 2.3x 12.3x 138 Journal Communications Inc. United States 10.02 -12% 510.7 652.7 413.8 92.5 22.4% 1.6% 1.6x 7.1x Martha Stewart Living Omnimedia Inc. * United States 4.30 -22% 246.6 193.5 147.9 10.6 7.2% -12.8% 1.3x 18.2x 203 203 Meredith Corporation United States 53.61 0% 2,336.9 3,028.4 1,483.4 269.2 18.1% 0.7% 2.0x 11.3x 203 Reed Elsevier plc(1) * United Kingdom 17.43 0% 19,540.0 41,837.0 9,944.2 3,154.3 31.7% 0.0% 4.2x 13.3x Scholastic Corporation United States 35.81 -3% 1,166.0 1,349.5 1,829.8 128.6 7.0% 3.1% 0.7x 10.5x 221 The E. W. Scripps Company * United States 19.85 -12% 1,121.2 1,197.0 844.2 75.3 8.9% -1.4% 1.4x 15.9x 221 221 The McClatchy Company United States 3.34 -55% 293.5 1,628.8 1,215.2 248.9 20.5% -3.1% 1.3x 6.5x The New York Times Company United States 12.77 -26% 1,940.5 1,827.0 1,587.7 232.1 14.6% -0.9% 1.2x 7.9x Time Inc. United States 23.91 -7% 2,609.0 3,660.0 3,352.0 510.0 15.2% -0.1% 1.1x 7.2x

Adjusted Weighted Average 1.7x 11.1x

(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 (3.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x)

25 | M&A and Investment Summary November 2014 Technology & Communications

Blue

0 79 133

122 . There were 30 transactions with a reported transaction value of $649 million in the Technology & Communications segment, $379 141 181 million of which were strategic acquisitions

178 186 213 . Activity in the segment was led by the Cloud Computing Technology subsegment with seven deals announced, of which four were

211 reported for $105 million 216 233 . Select acquisitions: 234 235 245 • The $240 million purchase of deployed wireless networks provider Lightbridge Communications by systems integrator and business Orange consulting firm Tech Mahindra

241 184 0 • Vonage’s $114 million purchase of Telesphere Communications, a provider of unified communications-as-a-service solutions

245 232 184

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 138 # % $MM % # $MM # $MM # $MM Cloud Computing Technology 7 23% $105.0 16% 2 - 0 - 5 $105.0 203 203 Communications Software 6 20% 135.5 21% 4 124.0 0 - 2 11.5 203 Infrastructure Technology 4 13% 8.9 1% 1 - 0 - 3 8.9 221 221 Financial Technology 3 10% 100.0 15% 0 - 0 - 3 100.0 221 Wireless Backhaul 2 7% 244.3 38% 1 240.0 0 - 1 4.3 Big Data Technology 1 3% - 0% 1 - 0 - 0 - Data Center Technology 1 3% 32.0 5% 0 - 0 - 1 32.0 Enterprise Mobility 1 3% - 0% 1 - 0 - 0 - Other 5 17% 23.3 4% 2 15.0 0 - 3 8.3 Total 30 100% 649.0 100% 12 379.0 0 0.0 18 270.0

*Other includes Mobile Infrastructure, Networking Equipment, Processing & Transmission Equipment, Software-Defined Networking, and Virtualization Technology

26 | M&A and Investment Summary November 2014 Technology Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 3M Company United States $159.39 -1% $ 101,448.1 $ 106,140.1 $ 31,671.0 $ 8,467.0 26.7% 3.2% 3.4x 12.5x

178 ACI Worldwide, Inc. United States 19.65 -11% 2,244.1 3,137.3 1,009.1 211.4 21.0% 25.2% 3.1x 14.8x 186 ADATA Technology Co., Ltd. * Taiwan 1.64 -3% 378.0 637.7 1,009.9 15.6 1.5% -4.7% 0.6x 41.0x 213 Advanced Micro Devices, Inc. United States 2.82 -41% 2,202.0 3,473.0 5,856.0 458.0 7.8% 20.4% 0.6x 7.6x Akamai Technologies, Inc. United States 64.44 0% 11,429.0 11,318.2 1,863.6 651.7 35.0% 22.6% 6.1x 17.4x 211 216 Arista Networks, Inc. * United States 76.44 -19% 4,906.0 4,540.2 525.4 118.9 22.6% 72.9% 8.6x 38.2x 233 AVG Technologies N.V. Netherlands 19.72 -8% 1,016.1 972.2 375.8 132.8 35.3% -6.1% 2.6x 7.3x Brightcove, Inc. United States 6.21 -60% 205.4 185.1 123.4 (2.0) NM 18.1% 1.5x NM 234 235 CA Technologies, Inc. United States 31.07 -14% 13,729.8 12,436.8 4,463.0 1,397.0 31.3% -1.1% 2.8x 8.9x 245 Carbonite, Inc. United States 11.66 -16% 316.1 244.6 119.5 8.9 7.5% 17.1% 2.0x 27.4x CDW Corporation United States 35.10 -1% 6,041.2 9,144.8 11,737.7 857.6 7.3% 10.1% 0.8x 10.7x Orange Check Point Software Technologies Ltd. Israel 76.81 -1% 14,654.6 13,414.7 1,462.3 796.8 54.5% 6.3% 9.2x 16.8x ChinaCache International Holdings Ltd. China 10.40 -65% 268.8 200.7 225.6 11.2 5.0% 40.0% 0.9x 18.0x 241 184 Citrix Systems, Inc. United States 66.26 -9% 10,596.7 11,134.6 3,093.8 689.9 22.3% 8.3% 3.6x 16.1x 0 CommVault Systems, Inc. United States 47.60 -39% 2,186.1 1,771.6 613.9 88.4 14.4% 13.1% 2.9x 20.1x Cray Inc. United States 33.72 -20% 1,313.4 1,188.8 607.0 49.4 8.1% 49.1% 2.0x 24.0x 245 232 Crossroads Systems, Inc. United States 2.69 -27% 42.4 41.3 12.1 (5.3) NM -10.9% 3.4x NM 184 Datalink Corporation United States 12.32 -22% 286.3 224.3 617.2 27.7 4.5% 8.6% 0.4x 8.1x Dot Hill Systems Corp. * United States 4.69 -23% 294.2 251.8 207.3 5.1 2.5% 8.1% 1.2x 49.5x Grey Elecom Co., Ltd. Japan 21.82 -6% 483.5 356.2 681.3 81.2 11.9% 19.6% 0.5x 4.4x EMC Corporation United States 30.23 -1% 61,128.7 60,097.7 24,073.0 5,535.0 23.0% 6.7% 2.5x 10.9x 138 138 ePlus inc. United States 69.99 -4% 516.2 642.0 1,096.9 84.3 7.7% 8.7% 0.6x 7.6x 138 Euronet Worldwide Inc. United States 58.53 0% 3,055.5 2,984.9 1,577.6 209.6 13.3% 13.6% 1.9x 14.2x F-Secure Oyj Finland 2.42 -33% 398.6 334.1 196.4 37.1 18.9% 0.2% 1.7x 9.0x 203 Gemalto NV Netherlands 85.28 -25% 7,309.9 6,863.1 3,268.7 488.5 203 14.9% 1.2% 2.1x 14.0x 203 Google Inc. United States 545.28 -11% 369,063.7 317,646.7 67,911.0 19,960.0 29.4% 25.2% 4.7x 15.9x Green Dot Corporation United States 22.01 -18% 1,042.2 273.8 602.4 79.0 13.1% 4.6% 0.5x 3.5x 221 Imperva Inc. United States 43.71 -35% 1,165.2 1,064.0 155.4 (50.5) NM 22.5% 6.8x NM 221 221 Integrated Electrical Services, Inc. United States 7.66 -9% 166.7 155.6 500.3 9.0 1.8% 1.2% 0.3x 17.3x Intel Corporation United States 37.21 1% 178,411.5 175,976.5 54,983.0 23,128.0 42.1% 5.0% 3.2x 7.6x IBM Corporation United States 162.01 -19% 160,275.4 196,549.4 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.0x Interxion Holding NV Netherlands 28.10 -5% 1,942.0 2,486.0 415.0 170.2 41.0% 9.0% 6.0x 14.6x J-Stream Inc. Japan 3.87 -38% 45.0 29.0 43.8 5.5 12.6% 2.8% 0.7x 5.3x Limelight Networks, Inc. United States 2.79 -14% 277.3 176.5 163.7 (7.2) NM -7.9% 1.1x NM LogMeIn, Inc. * United States 51.06 -4% 1,252.1 1,055.7 207.2 19.5 9.4% 31.1% 5.1x 54.1x Melbourne IT Ltd. Australia 1.13 0% 104.8 96.9 105.3 8.9 8.5% 8.2% 0.9x 10.8x Micron Technology, Inc. United States 35.83 0% 38,236.5 41,154.5 16,358.0 5,626.0 34.4% 80.3% 2.5x 7.3x Microsoft Corporation United States 47.80 -4% 393,596.2 328,973.2 91,505.0 33,261.0 36.3% 13.9% 3.6x 9.9x MobileIron, Inc. United States 9.55 -26% 722.6 575.2 122.7 (53.3) NM 0.0% 4.7x NM NEC Corporation Japan 3.17 -8% 8,226.6 11,998.5 27,209.1 1,927.5 7.1% -0.7% 0.4x 6.2x

27 | M&A and Investment Summary November 2014 Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 NetApp, Inc. United States $42.46 -8% $ 13,309.3 $ 9,534.3 $ 6,290.7 $ 1,031.1 16.4% -1.9% 1.5x 9.2x

178 Oracle Corporation United States 41.99 -3% 185,538.7 167,069.7 38,499.0 16,826.0 43.7% 3.0% 4.3x 9.9x 186 ProAct IT Group AB Sweden 10.61 -20% 99.1 114.6 326.6 21.3 6.5% 3.4% 0.4x 5.4x 213 Qualys, Inc. * United States 35.14 -6% 1,165.2 1,051.8 126.0 16.6 13.2% 21.7% 8.3x 63.2x Quantum Corporation * United States 1.62 0% 411.3 510.1 537.1 14.6 2.7% -7.2% 0.9x 35.0x 211 216 Rackspace Hosting, Inc. United States 45.80 -1% 6,587.7 6,336.7 1,730.0 454.4 26.3% 16.9% 3.7x 13.9x 233 Red Hat, Inc. * United States 62.22 -2% 11,663.7 10,860.7 1,666.6 314.7 18.9% 16.6% 6.5x 34.5x SanDisk Corp. United States 104.17 -4% 23,004.9 22,751.5 6,620.3 2,312.6 34.9% 10.6% 3.4x 9.8x 234 SAP SE Germany 70.74 -10% 84,597.1 85,889.0 21,718.9 7,620.4 235 35.1% 2.9% 4.0x 11.3x 245 Seagate Technology Public Limited Company Ireland 65.92 -1% 21,548.7 23,156.7 14,020.0 2,662.0 19.0% -0.6% 1.7x 8.7x Silicon Graphics International Corp. United States 9.51 -34% 331.4 241.9 494.1 (39.5) NM -31.5% 0.5x NM Orange Sony Corporation Japan 22.07 0% 25,351.4 34,618.1 72,758.2 3,662.8 5.0% 11.9% 0.5x 9.5x Splunk, Inc. * United States 67.70 -36% 8,155.6 7,359.2 403.4 (181.5) NM 50.6% 18.2x NM 241 184 Symantec Corporation United States 26.03 0% 17,899.0 16,201.0 6,682.0 1,949.0 29.2% -2.9% 2.4x 8.3x 0 Synchronoss Technologies, Inc. United States 43.65 -19% 1,857.6 1,793.6 424.3 113.3 26.7% 30.5% 4.2x 15.8x Tableau Software, Inc. * United States 83.44 -18% 5,814.5 5,170.0 351.2 11.2 3.2% 82.1% 14.7x NM 245 Teradata Corporation United States 45.08 -9% 6,863.6 6,270.6 2,740.0 631.0 232 23.0% 2.9% 2.3x 9.9x 184 Trend Micro Inc. Japan 30.60 -12% 4,111.0 3,050.1 1,024.3 358.6 35.0% 7.8% 3.0x 8.5x The KEYW Holding Corporation * United States 10.81 -53% 409.7 485.6 285.8 13.1 4.6% -6.0% 1.7x 37.0x Grey VeriSign, Inc. United States 60.15 -4% 7,273.9 7,176.2 999.8 615.5 61.6% 5.3% 7.2x 11.7x Violin Memory, Inc. United States 5.39 -3% 494.3 455.0 86.5 (110.9) NM -15.6% 5.3x NM 138 138 VMware, Inc. United States 88.23 -22% 38,003.2 32,415.2 5,816.0 1,463.0 25.2% 15.9% 5.6x 22.2x 138 Western Digital Corporation United States 103.12 -1% 24,075.3 21,100.3 15,269.0 3,085.0 20.2% 1.0% 1.4x 6.8x Xoom Corporation * United States 13.99 -53% 539.4 380.3 147.3 8.2 5.6% 31.2% 2.6x 46.4x 203 203 Adjusted Weighted Average 3.6x 11.3x 203

221 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.6x) 221 221

28 | M&A and Investment Summary November 2014 Communications Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 A10 Networks, Inc. United States $4.08 -75% $ 248.3 $ 141.2 $ 176.5 $ (13.2) NM 31.8% 0.8x NM Aerohive Networks, Inc. United States $4.94 -60% 222.2 135.7 131.4 (26.2) NM 34.5% 1.0x NM 178 ADTRAN Inc. United States 20.89 -25% 1,140.2 1,056.2 645.1 68.5 10.6% 3.6% 1.6x 15.4x 186 Alcatel-Lucent France 3.52 -18% 9,991.5 11,202.2 17,579.4 1,182.6 6.7% -1.2% 0.6x 9.5x 213 Allot Communications Ltd. Israel 9.60 -47% 325.5 200.1 113.8 6.2 5.4% 19.0% 1.8x 32.5x Aruba Networks, Inc. United States 18.88 -21% 2,077.2 1,761.9 775.8 54.4 7.0% 25.8% 2.3x 32.4x 211 216 AudioCodes Ltd. Israel 4.83 -47% 212.2 198.5 148.7 6.2 4.2% 11.2% 1.3x 32.0x 233 Aviat Networks, Inc. United States 1.43 -44% 86.4 43.6 346.5 (31.6) NM -26.5% 0.1x NM Axesstel Inc. United States 0.02 -90% 1.2 9.9 27.4 (6.1) NM -54.9% 0.4x NM 234 BlackBerry Limited Canada 10.49 -16% 5,455.4 4,313.7 4,051.0 (1,175.0) 235 NM -59.7% 1.1x NM 245 Barracuda Networks, Inc. * United States 35.64 -20% 1,862.4 1,710.6 254.6 8.1 3.2% 16.8% 6.7x 212.3x Blonder Tongue Laboratories Inc. United States 2.74 -5% 16.3 19.8 30.2 0.4 1.2% 6.5% 0.7x 54.5x Orange BroadSoft, Inc. United States 27.11 -15% 789.6 728.6 203.0 8.5 4.2% 17.8% 3.6x 85.5x Brocade Communications Systems, Inc. United States 11.28 -4% 4,860.0 4,200.5 2,211.3 571.2 25.8% -0.5% 1.9x 7.4x 241 CalAmp Corp. United States 18.75 -46% 681.9 646.2 241.5 28.8 11.9% 17.7% 2.7x 22.4x 184 0 Calix Inc. * United States 10.93 -6% 549.6 461.8 383.6 2.2 0.6% 0.9% 1.2x 213.8x Ciena Corporation United States 16.33 -40% 1,783.9 2,595.0 2,280.7 164.0 7.2% 16.1% 1.1x 15.8x 245 Cisco Systems, Inc. United States 27.46 0% 140,240.2 109,112.2 47,302.0 13,009.0 27.5% -3.1% 2.3x 8.4x 232 Clearfield, Inc. United States 12.99 -51% 179.0 154.1 58.0 9.2 15.9% 8.8% 2.7x 16.7x 184 ClearOne, Inc. United States 9.23 -35% 84.2 69.5 56.8 9.5 16.7% 17.3% 1.2x 7.3x COM DEV International Ltd. Canada 3.29 -14% 254.6 244.8 193.7 33.7 17.4% -3.5% 1.3x 7.3x Grey CommScope Holding Company, Inc. United States 22.43 -20% 4,224.7 6,317.5 3,848.3 876.5 22.8% 10.5% 1.6x 7.2x Communications Systems Inc. United States 11.40 -18% 98.6 78.4 119.2 8.4 138 7.1% -8.2% 0.7x 9.3x 138 Corning Inc. United States 21.00 -6% 27,008.5 26,976.5 9,267.0 2,880.0 31.1% 15.7% 2.9x 9.4x 138 CTX Virtual Technologies, Inc. United States 1.50 -30% 12.0 12.1 119.2 16.9 14.2% 198.1% 0.1x 0.7x Cyan, Inc. United States 2.65 -51% 123.1 97.9 90.9 (54.2) NM -27.5% 1.1x NM 203 Digi International Inc. United States 7.25 -43% 180.1 99.8 192.7 7.4 203 3.8% -1.4% 0.5x 13.6x 203 DragonWave Inc. Canada 1.08 -55% 78.9 66.0 106.7 (29.9) NM -8.6% 0.6x NM EchoStar Corp. United States 53.70 0% 4,888.8 5,579.6 3,409.8 823.0 24.1% 4.6% 1.6x 6.8x 221 Emulex Corporation United States 5.47 -31% 392.0 365.8 436.3 29.8 6.8% -8.0% 0.8x 12.3x 221 Ericsson Sweden 12.53 -1% 40,683.3 34,991.1 31,461.1 4,299.6 221 13.7% -0.1% 1.1x 8.1x Extreme Networks Inc. United States 3.59 -56% 354.1 370.4 579.9 8.4 1.4% 93.9% 0.6x 44.1x F5 Networks, Inc. United States 128.90 -1% 9,524.6 8,879.3 1,732.0 532.1 30.7% 16.9% 5.1x 16.7x Finisar Corp. United States 16.97 -41% 1,730.3 1,487.4 1,218.4 168.3 13.8% 24.3% 1.2x 8.8x Fleetmatics Group PLC Ireland 35.14 -21% 1,332.5 1,196.2 217.7 49.9 22.9% 33.5% 5.5x 24.0x Franklin Wireless Corp. United States 1.69 -20% 17.8 9.4 43.2 0.4 0.9% 105.3% 0.2x 23.1x Gigamon Inc. United States 14.64 -60% 477.2 343.1 149.0 (16.9) NM 15.4% 2.3x NM Gogo Inc. * United States 15.79 -56% 1,368.5 1,443.5 391.8 12.0 3.1% 31.0% 3.7x 120.4x Harmonic Inc. United States 7.16 -8% 634.9 537.7 445.9 23.4 5.2% -3.0% 1.2x 23.0x Harris Corporation United States 71.77 -10% 7,485.6 8,665.8 4,975.5 1,072.1 21.5% -1.3% 1.7x 8.1x Infoblox Inc. United States 18.08 -54% 1,000.2 718.2 253.5 (21.4) NM 6.1% 2.8x NM Interactive Intelligence Group Inc. * United States 45.16 -45% 946.4 886.6 339.5 5.3 1.6% 13.9% 2.6x 168.2x JDS Uniphase Corporation United States $13.33 -12% 3,119.59 2,844.29 1,747.80 158.4 9.1% 3.7% 1.6x 18.0x Juniper Networks, Inc. United States 21.99 -24% 9,603.03 9,036.53 4,799.10 863.5 18.0% 5.8% 1.9x 10.5x KVH Industries Inc. United States 12.64 -12% 199.84 220.93 161.11 7.9 4.9% -1.1% 1.4x 27.8x 29 | M&A and Investment Summary November 2014 Communications Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Mavenir Systems, Inc. United States 12.59 -33% $ 363.3 $ 323.9 $ 123.2 $ (4.9) NM 35.5% 2.6x NM Meru Networks, Inc. United States 3.70 -25% 89.5 70.9 99.3 (13.6) NM -4.3% 0.7x NM 178 Mitel Networks Corporation Canada 10.48 -12% 1,031.8 1,228.8 913.9 99.9 10.9% 0.0% 1.3x 12.3x 186 213 Motorola Solutions, Inc. United States 65.72 -4% 15,548.6 16,139.6 5,875.0 1,035.0 17.6% 32.9% 2.7x 15.6x Netgear Inc. United States 34.98 -4% 1,204.7 962.0 1,397.0 140.9 10.1% 5.6% 0.7x 6.8x 211 Nokia Corporation Finland 8.28 -5% 30,573.2 24,377.1 15,658.5 2,593.6 16.6% 396.9% 1.6x 9.4x 216 Nuance Communications, Inc. United States 15.17 -23% 4,900.4 6,444.4 1,923.5 244.1 12.7% 3.7% 3.4x 26.4x 233 Numerex Corp. United States 11.13 -30% 212.2 220.4 91.2 8.7 9.5% 24.1% 2.4x 25.3x Optical Cable Corp. United States 4.51 -9% 31.0 40.4 77.0 2.0 2.5% -1.5% 0.5x 20.7x 234 235 Palo Alto Networks, Inc. * United States 121.21 0% 9,713.8 9,414.2 662.3 (58.5) NM 51.1% 14.2x NM 245 PCTEL, Inc. United States 8.16 -19% 154.1 95.4 103.7 7.2 6.9% -0.4% 0.9x 13.3x Plantronics, Inc. United States 52.26 -1% 2,240.8 1,882.2 854.3 157.3 18.4% 7.0% 2.2x 12.0x Orange Polycom, Inc. United States 13.17 -6% 1,824.8 1,511.1 1,344.2 154.4 11.5% -2.1% 1.1x 9.8x Procera Networks, Inc. United States 7.01 -55% 143.0 40.9 72.6 (10.8) NM 3.8% 0.6x NM 241 184 RadiSys Corporation United States 2.37 -48% 86.1 82.2 194.7 (17.1) NM -24.2% 0.4x NM 0 Radware Ltd. Israel 20.49 -3% 924.0 786.2 213.9 31.7 14.8% 12.7% 3.7x 24.8x RELM Wireless Corp. United States 4.96 -16% 67.6 56.8 31.7 3.1 9.8% 19.1% 1.8x 18.2x 245 RingCentral, Inc. United States 12.26 -48% 868.5 747.6 203.3 (39.5) NM 37.1% 3.7x NM 232 184 Riverbed Technology, Inc. United States 20.45 -10% 3,178.2 3,294.2 1,089.1 185.4 17.0% 9.4% 3.0x 17.8x Sandvine Corporation Canada 2.51 -30% 380.3 236.3 120.0 34.1 28.4% 16.2% 2.0x 6.9x ShoreTel, Inc. United States 7.65 -22% 485.0 422.5 345.9 21.3 6.2% 7.2% 1.2x 19.8x Grey Sierra Wireless Inc. Canada 37.11 -7% 1,187.5 994.4 518.1 18.6 3.6% 19.7% 1.9x 53.4x 138 SolarWinds, Inc. * United States 51.69 0% 3,896.8 3,687.2 407.4 135.8 33.3% 30.6% 9.1x 27.2x 138 Solera Holdings Inc. United States 52.98 -26% 3,605.8 5,374.8 1,049.3 397.1 37.8% 22.0% 5.1x 13.5x 138 Sonus Networks, Inc. * United States 3.71 -13% 919.3 811.2 295.7 2.3 0.8% 7.2% 2.7x 359.1x Telcoware Co., Ltd. South Korea 11.53 -27% 62.1 16.6 60.8 13.1 203 21.5% 6.9% 0.3x 1.3x 203 TeleCommunication Systems Inc. United States 3.13 -13% 185.5 264.8 345.3 27.0 7.8% -17.1% 0.8x 9.8x 203 TESSCO Technologies Inc. United States 29.21 -30% 238.0 237.7 570.9 27.6 4.8% -12.6% 0.4x 8.6x Transmode AB (publ) Sweden 8.90 -43% 247.5 210.6 124.4 11.0 8.8% -15.1% 1.7x 19.1x 221 Ubiquitous Corporation Japan 11.04 -40% 96.7 86.8 5.9 (2.5) 221 * NM -29.8% 14.7x NM 221 Vecima Networks Inc. Canada 8.38 -3% 187.0 144.0 82.5 17.9 21.7% 4.5% 1.7x 8.0x Verint Systems Inc. United States 60.47 0% 3,653.6 4,168.5 1,014.3 146.8 14.5% 18.3% 4.1x 28.4x ViaSat Inc. United States 66.87 -11% 3,138.7 3,827.2 1,354.7 231.7 17.1% 6.7% 2.8x 16.5x Vonage Holdings Corporation United States 3.44 -31% 706.9 748.1 865.6 74.4 8.6% 4.1% 0.9x 10.1x Westell Technologies, Inc. United States 1.32 -72% 80.0 31.8 101.1 (2.0) NM 40.5% 0.3x NM ZTE Corp. China 2.55 -8% 8,675.0 10,534.4 12,947.3 664.6 5.1% 2.0% 0.8x 15.8x

Adjusted Weighted Average 2.2x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (92.8x)

30 | M&A and Investment Summary November 2014 Software

Blue

0 79 133

122 . Within the Software segment, a total of $637 million in reported value was in transactions involving strategic buyers, while another 141 181 $780 million in investments was announced

178 186 213 . Financial and Security were the most active subsegments with 14 transactions each announced worth $885 million and $96 million

211 respectively, followed by Healthcare with 12 transactions worth a total of $688 million 216 233 . Select acquisitions: 234 235 245 • Orix Company’s acquisition of Japan-based accounting software developer Yayoi for $691 million from MBK Partners

Orange

241 • The $400 million acquisition of bswift, a developer of healthcare benefits software, by Aetna 184 0 • The $150 million purchase of imaging and data analysis provider Definiens by MedImmune, the research and development arm of 245 232 AstraZeneca 184

Grey

138 138 SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Financial 14 18% $884.8 42% 5 $27.0 1 $691.0 8 $166.8 221 221 Security 14 18% 96.1 5% 2 - 0 - 12 96.1 221 Healthcare 12 16% 688.4 33% 4 550.0 0 - 8 138.4 Collaboration 7 9% 103.9 5% 0 - 0 - 7 103.9 ERP 6 8% 105.5 5% 2 - 1 - 3 105.5 Data Management 4 5% 110.0 5% 1 - 0 - 3 110.0 Other* 20 26% 118.9 6% 6 60.0 0 - 14 58.9 Total 77 100% 2,107.6 100% 20 637.0 2 691.0 55 779.6 *Other includes Application Management, Credit/Risk, Engineering Software, Geo-Demo, HR, and Legal

31 | M&A and Investment Summary November 2014 Software Public Company Valuation (1/3) Blue

0 79 ($ in Millions, except stock price data) 133 Financial & Credit/Risk Management Software 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Advent Software, Inc. United States $31.81 -12% $ 1,637.3 $ 1,855.6 $ 393.7 $ 99.8 25.3% 4.3% 4.7x 18.6x Ebix Inc. United States 16.30 -9% 596.4 612.8 204.5 80.0 39.1% -1.6% 3.0x 7.7x 178 186 Epiq Systems, Inc. United States 15.94 -20% 571.6 843.2 456.6 57.6 12.6% 12.5% 1.8x 14.6x 213 Fidessa group plc United Kingdom 37.54 -12% 1,431.7 1,340.9 473.5 88.8 18.8% 0.1% 2.8x 15.1x Guidewire Software, Inc. * United States 51.62 -11% 3,554.7 3,110.3 350.2 23.8 6.8% 16.5% 8.9x 130.8x 211 Innovation Group plc United Kingdom 0.49 -16% 574.0 483.8 343.9 35.8 216 10.4% 3.8% 1.4x 13.5x 233 Management Consulting Group PLC United Kingdom 0.26 -45% 124.9 200.3 442.8 35.5 8.0% -1.3% 0.5x 5.6x Model N, Inc. United States 10.35 -20% 259.7 158.7 81.8 (18.4) NM -19.8% 1.9x NM 234 NetSuite Inc. * United States 105.89 -12% 8,101.3 7,942.2 513.4 (44.8) NM 33.5% 15.5x NM 235 245 Performant Financial Corporation United States 6.90 -40% 344.8 374.1 215.7 53.2 24.7% -14.2% 1.7x 7.0x Q2 Holdings, Inc. United States 19.20 -2% 656.7 567.0 72.7 (15.6) NM 36.7% 7.8x NM Orange RealPage, Inc. United States 20.50 -13% 1,613.9 1,621.8 395.6 35.2 8.9% 7.7% 4.1x 46.0x Solera Holdings Inc. United States 52.98 -26% 3,605.8 5,374.8 1,049.3 397.1 37.8% 22.0% 5.1x 13.5x 241 SS&C Technologies Holdings, Inc. United States 51.19 0% 4,259.5 4,785.9 749.7 293.4 184 39.1% 6.8% 6.4x 16.3x 0 Tyler Technologies, Inc. United States 109.43 -4% 3,597.7 3,440.3 476.4 102.4 21.5% 18.7% 7.2x 33.6x

245 Adjusted Weighted Average 5.8x 21.2x 232 184 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.6x)

Grey Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 138 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 138 Allscripts Healthcare Solutions, Inc. United States 12.03 -39% 2,172.2 2,722.1 1,387.9 46.0 3.3% 1.1% 2.0x 59.2x athenahealth, Inc. * United States 116.90 -43% 4,466.9 4,574.4 711.0 59.4 8.3% 31.7% 6.4x 77.1x 203 Cegedim SA France 34.40 -5% 472.9 1,102.7 1,133.8 147.5 13.0% -0.8% 1.0x 7.5x 203 203 Cerner Corporation United States 64.33 -1% 21,751.8 20,566.8 3,181.1 841.5 26.5% 15.2% 6.5x 24.4x Civitas Solutions, Inc. United States 16.66 -5% 624.1 1,388.3 1,244.0 131.1 10.5% 0.0% 1.1x 10.6x 221 Computer Programs & Systems Inc. United States 59.24 -18% 656.3 627.6 209.7 59.8 28.5% 6.2% 3.0x 10.5x 221 Craneware plc United Kingdom 7.66 -24% 205.6 175.6 42.6 12.2 28.6% 2.7% 4.1x 14.4x 221 HealthEquity, Inc. * United States 24.72 2% 1,287.7 1,317.7 73.5 20.5 27.8% 0.0% 17.9x 64.4x McKesson Corporation United States 209.60 0% 48,287.1 56,650.1 161,201.0 3,557.0 2.2% 27.1% 0.4x 15.9x MedAssets, Inc. United States 19.62 -25% 1,178.3 2,073.1 692.5 207.4 29.9% 2.8% 3.0x 10.0x Medidata Solutions, Inc. * United States 43.20 -37% 2,342.6 2,322.5 320.4 25.2 7.9% 22.8% 7.2x 92.1x Merge Healthcare Incorporated United States 3.16 -7% 305.1 499.4 212.3 38.2 18.0% -12.5% 2.4x 13.1x Quality Systems Inc. United States 14.56 -38% 872.7 749.2 462.5 41.5 9.0% 3.6% 1.6x 18.1x Streamline Health Solutions, Inc. United States 4.26 -40% 77.7 88.5 27.4 (9.4) NM -3.8% 3.2x NM USMD Holdings, Inc. * United States 8.27 -68% 84.2 97.0 277.5 1.0 0.4% 19.6% 0.3x 95.6x Veeva Systems Inc. United States 32.19 -27% 4,204.1 3,811.3 289.0 63.4 21.9% 54.4% 13.2x 60.1x

Adjusted Weighted Average 3.1x 22.1x

*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 (70.8x)

32 | M&A and Investment Summary November 2014 Software Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) HR Software 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $36.32 -16% $ 2,162.2 $ 1,622.4 $ 288.6 $ 88.1 30.5% 15.3% 5.6x 18.4x Allocate Software plc. United Kingdom 2.42 -3% 163.2 141.7 67.0 10.6 178 15.9% 8.1% 2.1x 13.3x 186 Benefitfocus, Inc. United States 27.03 -65% 697.7 678.7 127.5 (47.8) NM 31.8% 5.3x NM 213 Castlight Health, Inc. * United States 12.56 -70% 1,135.0 952.8 36.3 (85.2) NM 295.4% 26.3x NM Concur Technologies, Inc. United States 128.83 -1% 7,352.5 7,231.9 702.6 8.8 1.2% 28.7% 10.3x NM 211 Cornerstone OnDemand, Inc. United States 31.55 -49% 1,692.3 1,688.7 242.1 (38.2) NM 45.2% 7.0x NM 216 233 Dice Holdings, Inc. United States 11.00 -4% 583.0 669.1 253.3 71.5 28.2% 21.9% 2.6x 9.4x LinkedIn Corporation * United States 225.17 -6% 28,106.2 25,847.7 2,022.6 226.4 11.2% 46.0% 12.8x 114.2x 234 Monster Worldwide, Inc. United States 4.43 -48% 395.6 572.0 782.5 73.1 9.3% -4.6% 0.7x 7.8x 235 Paycom Software, Inc. United States 28.31 -1% 1,446.0 1,454.7 137.2 18.1 13.2% 39.1% 10.6x 80.4x 245 Paylocity Holding Corporation United States 29.40 -5% 1,441.5 1,368.7 117.4 (6.0) NM 40.1% 11.7x NM Saba Software, Inc. United States 13.75 -5% 409.6 395.4 121.3 (10.5) NM 7.7% 3.3x NM Orange The Ultimate Software Group, Inc. United States 147.84 -14% 4,181.0 4,080.1 482.4 68.7 14.2% 23.5% 8.5x 59.4x Workday, Inc. United States 87.80 -25% 16,343.8 14,998.7 703.5 (159.9) NM 72.2% 21.3x NM 241 184 Adjusted Weighted Average 13.6x 46.5x 0

245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (23.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (85.3x) 232 184 Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Grey Absolute Software Corporation Canada $6.80 0% $ 298.6 $ 234.4 $ 92.5 $ 17.3 18.7% 8.7% 2.5x 13.6x 138 AVG Technologies N.V. Netherlands 19.72 -8% 1,016.1 972.2 375.8 132.8 35.3% -6.1% 2.6x 7.3x 138 Check Point Software Technologies Ltd. Israel 76.81 -1% 14,654.6 13,414.7 1,462.3 796.8 54.5% 6.3% 9.2x 16.8x 138 Cisco Systems, Inc. United States 27.46 0% 140,240.2 109,112.2 47,302.0 13,009.0 27.5% -3.1% 2.3x 8.4x Cheetah Mobile Inc. * China 17.78 -42% 2,276.6 2,005.8 235.2 17.2 7.3% 139.6% 8.5x 116.4x 203 Cyber-Ark Software Ltd. * Israel 43.56 -7% 1,315.0 1,146.0 86.7 14.3 16.5% 0.0% 13.2x 80.1x 203 203 FireEye, Inc. United States 31.00 -68% 4,762.3 4,364.4 339.9 (337.6) NM 150.0% 12.8x NM Fortinet Inc. United States 27.49 -1% 4,536.8 3,876.2 723.7 84.1 11.6% 22.9% 5.4x 46.1x 221 Gemalto NV Netherlands 85.28 -25% 7,309.9 6,863.1 3,268.7 488.5 14.9% 1.2% 2.1x 14.0x 221 Imperva Inc. United States 43.71 -35% 1,165.2 1,064.0 155.4 (50.5) NM 22.5% 6.8x NM 221 Imprivata, Inc. United States 14.69 -14% 350.5 273.9 89.6 (15.3) NM 34.8% 3.1x NM Infoblox Inc. United States 18.08 -54% 1,000.2 718.2 253.5 (21.4) NM 6.1% 2.8x NM Juniper Networks, Inc. United States 21.99 -24% 9,603.0 9,036.5 4,799.1 863.5 18.0% 5.8% 1.9x 10.5x Mobileye N.V. * Israel 44.62 -26% 9,613.0 9,263.8 135.4 (8.5) NM 0.0% 68.4x NM NQ Mobile Inc. China 7.18 -68% 648.8 544.7 196.7 1.5 0.7% 114.3% 2.8x NM Palo Alto Networks, Inc. United States 121.21 0% 9,713.8 9,414.2 662.3 (58.5) NM 51.1% 14.2x NM Proofpoint, Inc. United States 44.34 -4% 1,689.3 1,617.1 180.3 (28.3) NM 43.3% 9.0x NM Qihoo 360 Technology Co. Ltd. China 74.61 -40% 9,444.5 9,458.8 1,181.1 291.2 24.7% 113.8% 8.0x 32.5x Symantec Corporation United States 26.03 0% 17,899.0 16,201.0 6,682.0 1,949.0 29.2% -2.9% 2.4x 8.3x Trend Micro Inc. Japan 30.60 -12% 4,111.0 3,050.1 1,024.3 358.6 35.0% 7.8% 3.0x 8.5x VeriSign, Inc. United States 60.15 -4% 7,273.9 7,176.2 999.8 615.5 61.6% 5.3% 7.2x 11.7x

Adjusted Weighted Average 4.0x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.4x) 33 | M&A and Investment Summary November 2014 Software Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Engineering Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $83.10 -7% $ 7,633.0 $ 6,815.4 $ 917.7 $ 427.5 46.6% 8.5% 7.4x 15.9x 178 Autodesk, Inc. * United States 61.80 -2% 13,940.9 12,786.5 2,434.2 310.9 12.8% 6.1% 5.3x 41.1x 186 213 Aveva Group plc United Kingdom 22.70 -43% 1,540.8 1,357.8 348.4 94.8 27.2% -7.1% 3.9x 14.3x Dassault Systemes SA France 65.69 -2% 16,448.4 15,482.9 2,759.5 802.9 29.1% 5.9% 5.6x 19.3x 211 216 Adjusted Weighted Average 5.8x 18.0x 233

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.1x) 234 235 245 Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Orange Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Adobe Systems Inc. United States $73.39 -2% $ 36,398.0 $ 34,386.0 $ 4,115.4 $ 720.6 17.5% -1.2% 8.4x 47.7x 184 0 CA Technologies, Inc. United States 31.07 -14% 13,729.8 12,436.8 4,463.0 1,397.0 31.3% -1.1% 2.8x 8.9x CommVault Systems, Inc. United States 47.60 -39% 2,186.1 1,771.6 613.9 88.4 14.4% 13.1% 2.9x 20.1x 245 Covisint Corporation United States 2.36 -83% 92.2 48.0 91.8 (35.2) NM -6.4% 0.5x NM 232 Daegis Inc. United States 0.84 -40% 14.1 22.7 28.6 4.0 14.1% -20.4% 0.8x 5.6x 184 Endurance International Group Holdings, Inc. United States 16.69 -6% 2,229.3 3,334.4 594.3 97.5 16.4% 18.6% 5.6x 34.2x Guidance Software, Inc. United States 6.03 -48% 172.7 157.2 108.4 (7.3) NM -8.8% 1.5x NM Grey IBM Corporation United States 162.01 -19% 160,275.4 196,549.4 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.0x

138 Informatica Corporation United States 36.56 -17% 3,963.3 3,308.7 1,020.2 190.7 18.7% 12.5% 3.2x 17.4x 138 IntraLinks Holdings, Inc. * United States 11.08 -11% 625.2 658.8 251.0 7.7 3.1% 9.5% 2.6x 85.3x 138 NetSuite Inc. * United States 105.89 -12% 8,101.3 7,942.2 513.4 (44.8) NM 33.5% 15.5x NM Opera Software ASA Norway 12.94 -5% 1,820.4 1,744.4 415.9 94.3 22.7% 53.3% 4.2x 18.5x 203 203 Oracle Corporation United States 41.99 -3% 185,538.7 167,069.7 38,499.0 16,826.0 43.7% 3.0% 4.3x 9.9x 203 Rally Software Development Corp. United States 10.31 -60% 260.8 183.8 79.4 (24.9) NM 20.2% 2.3x NM salesforce.com, inc. United States 58.91 -12% 37,374.1 38,799.0 5,074.2 87.2 1.7% 34.9% 7.6x NM 221 ServiceNow, Inc. United States 62.58 -13% 9,486.8 9,277.0 609.8 (98.7) 221 * NM 62.8% 15.2x NM 221 Textura Corporation United States 23.78 -43% 612.3 547.0 64.4 (12.2) NM 0.0% 8.5x NM TIBCO Software Inc. United States 24.02 -4% 3,937.5 3,958.4 1,076.2 167.9 15.6% 2.4% 3.7x 23.6x Varonis Systems, Inc. United States 23.52 -59% 589.6 474.2 93.3 (14.9) NM 38.3% 5.1x NM

Adjusted Weighted Average 4.0x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.8x)

34 | M&A and Investment Summary November 2014 Information & Business Services

Blue

0 79 133

122 . IT Consulting/Systems Integration was the highest reported value subsegment with three deals worth $1.1 billion followed by Financial 141 181 Information, which reported seven deals worth $713 million

178 186 213 . Select acquisitions:

211 216 • Vista Equity Partner’s $1.1 billion buyout of Advanced Computer Software, a developer of business and healthcare software 233

234 • The Carlyle Group’s $700 million buyout of Dealogic, a provider of capital market data, analytics, and services 235 245 • Solera Holdings’ (NYSE:SLH) $464 million acquisition of CAP Automotive, a data and information systems specialist for the auto- Orange

241 motive related sectors 184 0 • LexisNexis’ acquisition of Health Market Science, a provider of data on healthcare professionals (Petsky Prunier-led transaction) 245 232 184

Grey INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM 203 Financial Information 7 14% $712.7 28% 1 - 2 $700.0 4 $12.7 203 203 Healthcare Information 7 14% 5.2 0% 5 - 0 - 2 5.2

221 Corporate Training 6 12% 32.6 1% 3 8.1 0 - 3 24.5 221 221 Financial Consulting 5 10% 2.0 0% 4 - 0 - 1 2.0 Logistics 5 10% 2.3 0% 2 - 0 - 3 2.3 Market Research 5 10% 485.8 19% 1 463.8 2 - 2 22.0 BPO 3 6% 3.1 0% 0 - 1 - 2 3.1 IT Consulting/Systems Integration 3 6% 1,143.0 45% 0 - 1 1,140.0 2 3.0 Other* 10 20% 152.2 6% 9 152.2 0 - 1 - Total 51 100% 2,538.8 100% 25 624.1 6 1,840.0 20 74.8

*Other includes Credit/Risk, Engineering Consulting, Healthcare, HR Consulting, Marketing Data, Printing Services, and Staffing

35 | M&A and Investment Summary November 2014 Information Services Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data)

Financial & Credit/Risk Management Information 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $45.28 -1% $ 5,416.3 $ 5,609.1 $ 2,568.6 $ 510.3 19.9% 3.6% 2.2x 11.0x 178 Computershare Limited Australia 9.87 -1% 5,490.0 6,583.6 2,011.4 490.3 24.4% -0.2% 3.3x 13.4x 186 213 CoreLogic, Inc. United States 33.08 -9% 2,972.2 4,245.6 1,314.3 258.6 19.7% 13.9% 3.2x 16.4x CoStar Group Inc. * United States 166.65 -24% 5,458.2 5,362.1 535.5 142.8 26.7% 25.9% 10.0x 37.5x 211 DST Systems Inc. United States 99.81 -1% 3,779.7 4,304.4 2,710.1 427.2 15.8% 2.3% 1.6x 10.1x 216 Dun & Bradstreet Corp. United States 127.11 -1% 4,559.1 5,891.1 1,668.7 473.2 28.4% 1.7% 3.5x 12.4x 233 Envestnet, Inc. * United States 52.37 -5% 1,803.3 1,728.0 326.3 36.5 11.2% 53.6% 5.3x 47.3x Equifax Inc. United States 79.58 -1% 9,568.5 11,043.9 2,390.3 848.2 35.5% 5.8% 4.6x 13.0x 234 235 Experian plc Ireland 15.86 -15% 15,843.7 19,564.8 4,890.0 1,709.0 34.9% 2.2% 4.0x 11.4x 245 FactSet Research Systems Inc. United States 137.36 -1% 5,727.3 5,590.9 920.3 336.7 36.6% 7.3% 6.1x 16.6x Fair Isaac Corporation United States 72.10 -2% 2,309.4 2,750.3 789.0 198.8 25.2% 6.1% 3.5x 13.8x Orange Fidelity National Information Services, Inc. United States 61.27 1% 17,240.7 21,740.4 6,305.3 1,605.5 25.5% 5.3% 3.4x 13.5x Financial Engines, Inc. United States 33.01 -54% 1,716.1 1,420.1 273.6 61.8 22.6% 21.6% 5.2x 23.0x 241 McGraw Hill Financial, Inc. United States 93.68 0% 25,290.2 25,030.2 5,140.0 1,918.0 184 37.3% 8.9% 4.9x 13.1x 0 Moody's Corporation United States 101.26 -1% 20,895.5 21,693.6 3,236.0 1,508.1 46.6% 9.8% 6.7x 14.4x Morningstar Inc. United States 66.98 -20% 2,986.1 2,790.7 744.2 222.1 29.8% 8.1% 3.8x 12.6x 245 MSCI Inc. United States 48.60 -7% 5,438.0 5,782.7 1,104.7 443.0 40.1% 19.6% 5.2x 13.1x 232 Reis, Inc. United States 25.69 -11% 287.3 270.9 39.8 10.2 184 25.5% 16.8% 6.8x 26.6x SEI Investments Co. United States 39.70 0% 6,624.2 6,046.3 1,242.3 353.0 28.4% 14.1% 4.9x 17.1x Thomson Reuters Corporation United States 39.42 1% 31,200.9 38,776.4 12,674.0 2,688.0 21.2% -0.9% 3.1x 14.4x Grey Verisk Analytics, Inc. United States 62.23 -8% 10,230.0 11,070.4 1,698.6 771.9 45.4% 15.7% 6.5x 14.3x 138 138 Adjusted Weighted Average 4.4x 13.7x 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.7x) 203 203 ($ in Millions, except stock price data) 203 Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 221 Acxiom Corporation United States $19.29 -51% $ 1,485.5 $ 1,680.7 $ 1,074.8 $ 181.8 16.9% 0.0% 1.6x 9.2x Alliance Data Systems Corporation United States 284.64 -5% 16,895.0 27,714.7 4,958.3 1,381.7 27.9% 19.5% 5.6x 20.1x Brainjuicer Group Plc United Kingdom 5.93 -31% 74.4 70.4 42.6 6.9 16.1% 17.4% 1.7x 10.3x Cello Group Plc United Kingdom 1.34 -10% 115.3 131.5 284.7 19.1 6.7% 15.5% 0.5x 6.9x comScore, Inc. United States 44.41 0% 1,518.8 1,504.9 315.5 27.1 8.6% 13.2% 4.8x 55.6x Cross Marketing Inc. Japan 3.97 -36% 71.6 72.5 72.0 6.2 8.6% 36.4% 1.0x 11.7x Ebiquity plc United Kingdom 1.74 -19% 124.3 161.5 115.6 20.4 17.7% 6.9% 1.4x 7.9x GfK SE Germany 43.23 -22% 1,576.5 2,083.3 1,842.3 275.8 15.0% -3.2% 1.1x 7.6x Harte-Hanks Inc. United States 6.30 -31% 391.6 411.7 559.3 56.2 10.1% -1.1% 0.7x 7.3x InnerWorkings Inc. United States 7.54 -20% 398.8 480.1 996.4 24.4 2.4% 17.5% 0.5x 19.7x

36 | M&A and Investment Summary November 2014 Information Services Public Company Valuation (2/2) Blue

0 79 133 Marketing Information (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 Intage Holdings Inc. Japan 15.14 0% $ 304.5 $ 249.7 $ 395.1 $ 50.5 181 12.8% 7.6% 0.6x 4.9x Ipsos SA France 28.28 -35% 1,280.6 1,978.7 2,278.9 266.9 11.7% -5.2% 0.9x 7.4x

178 NeuStar, Inc. United States 27.25 -46% 1,505.3 2,055.2 948.9 343.4 36.2% 8.0% 2.2x 6.0x 186 Nielsen N.V. Netherlands 41.52 -16% 15,894.6 22,237.6 6,266.0 1,479.0 23.6% 13.2% 3.5x 15.0x 213 Onvia Inc. * United States 4.49 -19% 33.2 25.3 22.5 0.2 0.8% 2.4% 1.1x 144.7x Pearson plc United Kingdom 19.32 -10% 15,596.2 19,015.2 8,425.6 1,315.3 15.6% -1.6% 2.3x 14.5x 211 216 Rentrak Corporation * United States 87.20 1% 1,059.6 1,037.0 88.7 (3.9) NM 93.4% 11.7x NM 233 YouGov PLC United Kingdom 2.02 -3% 207.8 196.4 113.8 9.4 8.2% 7.7% 1.7x 21.0x

234 Adjusted Weighted Average 3.5x 16.6x 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.6x)

Orange Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 241 Company Name Headquarters 11/28/14 52WK High 184 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 0 Centaur Media plc United Kingdom $0.97 -20% $ 136.1 $ 151.9 $ 125.9 $ 14.5 11.5% 2.2% 1.2x 10.4x Corporate Executive Board Co. United States 73.95 -9% 2,497.4 2,918.5 892.3 187.5 21.0% 12.9% 3.3x 15.6x 245 Forrester Research Inc. United States 40.50 -3% 731.3 618.9 308.9 30.0 9.7% 4.6% 2.0x 20.6x 232 Gartner Inc. United States 85.10 -2% 7,437.5 7,470.1 1,958.2 324.8 184 * 16.6% 12.7% 3.8x 23.0x IHS Inc. United States 126.30 -12% 8,739.0 10,389.1 2,208.2 491.4 22.3% 30.3% 4.7x 21.1x Informa plc Switzerland 7.55 -17% 4,856.5 6,109.2 1,946.5 589.1 30.3% 2.3% 3.1x 10.4x Grey National Research Corp. United States 33.81 -25% 428.4 398.5 96.6 31.7 32.8% 5.4% 4.1x 12.6x 138 Markit Ltd. United Kingdom 25.57 -7% 4,650.6 5,115.5 1,037.5 403.9 38.9% 11.5% 4.9x 12.7x 138 NIC Inc. United States 18.18 -28% 1,185.8 1,079.9 266.9 79.3 29.7% 9.0% 4.0x 13.6x 138 Premier, Inc. United States 34.58 -11% 1,281.7 1,048.2 899.3 304.5 33.9% -1.3% 1.2x 3.4x Proofpoint, Inc. * United States 44.34 -4% 1,689.3 1,617.1 180.3 (28.3) NM 43.3% 9.0x NM 203 203 Reed Elsevier plc(1) United Kingdom 17.43 0% 36,572.2 43,511.7 9,944.2 3,154.3 31.7% 6.6% 4.4x 13.8x 203 Solera Holdings Inc. United States 52.98 -26% 3,605.8 5,374.8 1,049.3 397.1 37.8% 22.0% 5.1x 13.5x Tarsus Group plc Ireland 3.02 -23% 302.2 365.5 124.8 42.6 34.2% 25.0% 2.9x 8.6x 221 TechTarget, Inc. * United States 10.31 -8% 340.6 306.1 99.3 10.2 10.3% 10.2% 3.1x 29.9x 221 221 The Advisory Board Company * United States 42.66 -39% 1,534.5 1,512.0 555.1 61.4 11.1% 13.9% 2.7x 24.6x UBM plc United Kingdom 7.43 -36% 1,806.7 2,587.5 1,305.2 327.5 25.1% -0.1% 2.0x 7.9x Wolters Kluwer NV Netherlands 29.27 -1% 8,693.2 11,490.4 4,845.0 1,195.2 24.7% -1.8% 2.4x 9.6x

Adjusted Weighted Average 3.9x 13.6x

(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 (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.7x)

37 | M&A and Investment Summary November 2014 Business Services Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Consulting 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 30.97 -4% 293.2 250.2 303.6 29.7 9.8% 12.3% 0.8x 8.4x 178 FTI Consulting, Inc. United States 39.06 -16% 1,610.2 2,142.4 1,747.1 217.1 12.4% 6.8% 1.2x 9.9x 186 Information Services Group, Inc. United States 3.96 -31% 145.0 178.2 209.8 21.4 213 10.2% 1.3% 0.8x 8.3x Navigant Consulting Inc. United States 14.25 -28% 693.9 847.7 744.9 116.7 15.7% -0.1% 1.1x 7.3x

211 ICF International Inc. United States 39.59 -11% 766.6 874.4 1,003.5 89.2 8.9% 5.5% 0.9x 9.8x 216 Huron Consulting Group Inc. United States 69.09 -5% 1,506.0 1,641.9 829.5 164.6 19.8% 20.2% 2.0x 10.0x 233 The Hackett Group, Inc. * United States 8.86 -3% 259.9 276.3 206.2 18.5 9.0% 1.8% 1.3x 15.0x Towers Watson & Co. United States 113.38 -14% 7,899.3 7,593.3 3,550.1 652.2 18.4% 2.9% 2.1x 11.6x 234 235 Adjusted Weighted Average 1.8x 10.8x 245

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.7x) HR Services 241 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 85.52 0% 40,907.4 40,375.8 12,418.3 2,613.6 21.0% 12.8% 3.3x 15.4x 245 Barrett Business Services Inc. United States 22.21 -78% 160.7 79.1 605.7 (49.8) 232 NM 20.7% 0.1x NM 184 Capita plc United Kingdom 16.79 -14% 11,097.8 13,970.9 7,095.5 970.5 13.7% 16.4% 2.0x 14.4x Dice Holdings, Inc. United States 11.00 -4% 583.0 669.1 253.3 71.5 28.2% 21.9% 2.6x 9.4x Grey Edenred SA France 28.70 -15% 6,614.2 7,510.5 1,284.1 401.1 31.2% -3.6% 5.8x 18.7x Insperity, Inc. United States 33.18 -9% 839.5 614.1 2,319.1 64.7 2.8% 3.9% 0.3x 9.5x 138 LinkedIn Corporation * United States 225.17 -6% 28,106.2 25,847.7 2,022.6 226.4 11.2% 46.0% 12.8x 114.2x 138 138 Marsh & McLennan Companies, Inc. United States 56.68 0% 30,550.0 32,002.0 12,820.0 2,635.0 20.6% 5.5% 2.5x 12.1x Monster Worldwide, Inc. United States 4.43 -48% 395.6 572.0 782.5 73.1 9.3% -4.6% 0.7x 7.8x 203 Paychex, Inc. United States 47.66 -1% 17,179.9 16,620.6 2,572.6 1,102.2 42.8% 9.0% 6.5x 15.1x 203 Professional Diversity Network LLC United States 4.98 -13% 62.8 52.2 5.0 (2.7) NM 16.5% 10.4x NM 203 Towers Watson & Co. United States 113.38 -14% 7,899.3 7,593.3 3,550.1 652.2 18.4% 2.9% 2.1x 11.6x TriNet Group, Inc. United States 31.30 -5% 2,185.3 2,637.6 2,071.5 171.1 8.3% 39.5% 1.3x 15.4x 221 221 WageWorks, Inc. United States 58.78 -14% 2,077.3 1,770.1 244.4 44.7 18.3% 15.9% 7.2x 39.6x 221 Adjusted Weighted Average 3.5x 14.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.3x)

38 | M&A and Investment Summary November 2014 Business Services Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) IT Consulting/Systems Integration 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 86.33 0% $ 54,172.5 $ 49,828.7 $ 30,002.4 $ 4,684.6 15.6% 5.0% 1.7x 10.6x 178 Amdocs Limited Channel Islands 48.75 -1% 7,728.4 6,513.9 3,563.6 658.4 18.5% 6.5% 1.8x 9.9x 186 Bechtle AG Germany 77.37 -6% 1,624.8 1,590.1 3,143.6 165.3 5.3% 13.0% 0.5x 9.6x 213 Booz Allen Hamilton Holding Corporation United States 27.21 0% 4,021.8 5,425.5 5,300.1 515.2 9.7% -7.7% 1.0x 10.5x Broadridge Financial Solutions, Inc. United States 45.29 -1% 5,435.5 5,628.3 2,568.6 510.3 211 19.9% 3.6% 2.2x 11.0x 216 Business & Decision SA France 6.02 -13% 47.4 84.4 271.3 13.9 5.1% -5.0% 0.3x 6.1x 233 Cap Gemini S.A. France 73.28 -1% 11,633.4 11,505.3 13,913.3 1,359.4 9.8% 0.2% 0.8x 8.5x CGI Group, Inc. Canada 36.90 0% 11,478.6 13,376.4 9,392.1 1,501.0 16.0% 4.1% 1.4x 8.9x 234 235 Cognizant Technology Solutions Corporation United States 53.91 -1% 32,659.3 28,040.8 9,875.9 2,046.4 20.7% 17.1% 2.8x 13.7x 245 Computer Sciences Corporation United States 63.31 -3% 8,891.7 9,783.7 12,874.0 2,029.0 15.8% -4.5% 0.8x 4.8x CSG Systems International Inc. United States 25.53 -20% 875.1 949.7 752.1 119.2 15.8% 0.2% 1.3x 8.0x Orange Digi International Inc. United States 7.25 -43% 180.1 99.8 192.7 7.4 3.8% -1.4% 0.5x 13.6x Globant S.A. * Luxembourg 13.59 -8% 455.2 402.6 190.7 24.0 12.6% 28.8% 2.1x 16.8x 241 International Business Machines Corporation United States 162.01 -19% 160,275.4 196,549.4 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.0x 184 0 Infosys Ltd. * India 70.51 -1% 40,289.3 35,050.1 8,526.0 2,438.0 28.6% 7.8% 4.1x 14.4x ITS Group France 9.06 -18% 69.6 82.1 220.6 13.3 6.0% 78.7% 0.4x 6.2x 245 NCI, Inc. United States 11.67 -11% 151.0 131.3 322.5 19.8 6.1% -5.7% 0.4x 6.6x 232 NTT Data Corporation Japan 38.45 0% 10,786.2 12,939.4 13,004.9 2,063.8 15.9% 8.9% 1.0x 6.3x 184 Perficient Inc. United States 17.60 -27% 608.3 677.7 411.0 56.3 13.7% 19.6% 1.6x 12.0x Tata Consultancy Services Limited * India 42.75 -2% 83,738.2 81,928.0 14,339.0 4,285.4 29.9% 24.2% 5.7x 19.1x Grey Wipro Ltd. India 9.47 -6% 23,219.8 20,919.0 7,388.0 1,690.1 22.9% 15.8% 2.8x 12.4x

138 Adjusted Weighted Average 2.2x 9.3x 138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.1x) 203 203 ($ in Millions, except stock price data) 203 Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 221 AMREP Corporation * United States $3.83 -53% $ 30.9 $ 43.1 $ 84.8 $ 2.4 2.9% 1.0% 0.5x 17.7x Cenveo Inc. United States 1.88 -52% 127.2 1,368.0 1,960.0 145.8 7.4% 14.9% 0.7x 9.4x Communisis plc United Kingdom 0.87 -26% 173.4 230.1 544.4 37.7 6.9% 33.5% 0.4x 6.1x Cineplex Inc. * Canada 38.34 -3% 2,415.2 2,771.2 1,096.4 166.6 15.2% 6.9% 2.5x 16.6x Contax Participacoes S.A. Brazil 0.80 -48% 363.6 668.5 1,419.1 184.1 13.0% -3.9% 0.5x 3.6x Convergys Corporation United States 20.85 -15% 2,092.2 2,256.4 2,618.9 324.1 12.4% 29.2% 0.9x 7.0x Elanders AB Sweden 4.16 -38% 110.3 246.6 447.5 36.2 8.1% 59.4% 0.6x 6.8x Eniro AB Sweden 0.85 -91% 84.8 425.7 457.9 97.4 21.3% -11.3% 0.9x 4.4x Exlservice Holdings, Inc. United States 28.03 -10% 920.7 754.6 488.1 76.1 15.6% 3.4% 1.5x 9.9x Firstsource Solutions Limited India 0.56 -6% 374.9 481.9 503.4 60.7 12.1% 6.4% 1.0x 7.9x Genpact Limited Bermuda 18.02 -3% 3,903.0 4,299.8 2,236.4 371.6 16.6% 7.5% 1.9x 11.6x InnerWorkings Inc. * United States 7.48 -21% 394.5 475.9 996.4 24.4 2.4% 17.5% 0.5x 19.5x

39 | M&A and Investment Summary November 2014 Business Services Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

Outsourced Services (Contd.) 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 11/28/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. * SwitzerlandSwitzerland 40.82 -6% $ 1,329.5 $ 1,303.3 $ 454.3 $ 81.8 18.0% 29.5% 2.9x 15.9x 178 MAXIMUS, Inc. United States 52.89 -2% 3,456.3 3,298.4 1,700.9 264.1 15.5% 27.8% 1.9x 12.5x 186 213 Quad/Graphics, Inc. United States 21.81 -21% 1,068.5 2,681.1 4,787.8 562.5 11.7% 4.6% 0.6x 4.8x Quintiles Transnational Holdings Inc. United States 57.98 -4% 7,160.9 8,576.4 4,105.7 657.2 16.0% 9.5% 2.1x 13.1x 211 R.R. Donnelley & Sons Company United States 16.93 -20% 3,368.6 6,883.2 11,289.4 1,179.5 10.4% 8.7% 0.6x 5.8x 216 Salmat Limited Australia 1.05 -44% 166.6 131.2 427.1 15.4 3.6% -3.2% 0.3x 8.5x 233 Serco Group plc United Kingdom 2.77 -66% 1,501.1 2,422.6 7,171.0 308.2 4.3% -1.8% 0.3x 7.9x St Ives plc United Kingdom 2.90 -18% 370.5 437.6 556.6 81.6 14.7% 2.5% 0.8x 5.4x 234 235 StarTek, Inc. United States 8.39 0% 128.4 124.4 249.3 11.6 4.7% 11.8% 0.5x 10.7x 245 Sykes Enterprises, Incorporated United States 23.40 -5% 1,008.2 877.6 1,312.9 129.5 9.9% 6.5% 0.7x 6.8x Teleperformance S.A. France 69.71 -3% 3,977.4 3,884.4 3,397.6 413.4 12.2% 2.7% 1.1x 9.4x Orange TeleTech Holdings Inc. United States 23.74 -21% 1,157.4 1,197.3 1,221.7 155.1 12.7% 4.4% 1.0x 7.7x Trans Cosmos, Inc. Japan 17.77 -12% 730.9 505.6 1,751.8 98.0 5.6% 9.6% 0.3x 5.2x 241 Transcontinental Inc. Canada 13.47 -10% 1,061.4 1,546.2 1,905.9 355.4 184 18.6% -2.2% 0.8x 4.4x 0 Cimpress N.V. Netherlands 68.03 -1% 2,192.7 2,615.9 1,329.1 186.4 14.0% 11.6% 2.0x 14.0x West Corporation United States 31.47 -5% 2,656.6 6,249.5 2,768.0 687.5 24.8% 3.3% 2.3x 9.1x 245 Xchanging PLC United Kingdom 2.70 -11% 652.8 506.0 1,061.7 102.8 9.7% -10.4% 0.5x 4.9x 232 184 Adjusted Weighted Average 2.3x 4.9x

Grey *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 (16.8x)

138 138 138

203 203 203

221 221 221

40 | M&A and Investment Summary November 2014 PPLLC Indices Valuation Summary Blue 0 79 133 Current Summary Trading Valuation Information 122 141 181 Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 178 186 Digital Media/Commerce 3.8x 1.9x 10.9x 5.0x 213 Digital Advertising 4.1x 2.6x 9.0x 4.5x

211 Marketing Technology 4.5x 3.7x 4.4x 4.1x 216 233 Agency 1.1x 1.1x 1.5x 1.5x Marketing Services 1.5x 1.1x 3.2x 1.9x 234 235 Traditional Media 2.6x 2.3x 3.2x 3.1x 245 Technology 3.3x 2.5x 3.7x 3.6x Orange Communications 2.2x 1.6x 2.5x 2.2x 241 Software 5.8x 4.2x 5.1x 4.6x 184 0 Information 3.7x 3.5x 4.4x 4.2x Business Services 245 1.4x 0.9x 3.1x 2.2x 232 184 EBITDA Multiples Grey Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

138 Digital Media/Commerce 22.6x 17.1x 29.1x 23.6x 138 138 Digital Advertising 31.9x 14.1x 22.7x 21.6x Marketing Technology 32.9x 18.2x 12.9x 13.6x 203 203 Agency 11.9x 10.3x 10.5x 10.5x 203 Marketing Services 8.9x 8.5x 12.8x 10.3x 221 221 Traditional Media 11.2x 10.4x 11.2x 11.0x 221 Technology 17.0x 11.3x 11.5x 11.3x Communications 33.5x 15.8x 13.3x 11.0x Software 30.3x 15.9x 17.0x 14.5x Information 18.8x 13.6x 15.3x 15.0x Business Services 12.0x 9.9x 19.0x 12.1x

As of close of business on 11/28/14

*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

41 | M&A and Investment Summary November 2014 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133

122 141 Digital Media/Commerce and Traditional Media Digital Advertising 181 170 LTM Index Performance 170 LTM Index Performance 178 186 155 • S&P 500 –  15.1% 155 • S&P 500 –  15.1% 213 140 140 211 • Digital Media/Commerce –  14.2% • Digital Advertising –  4.6% 216 125 233 125 • Traditional Media –  12.9% 110 234 110 235

245 (%) Performance Index 95 (%) Performance Index 95

Orange 80 80 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 241 S&P 500 Digital Media/Commerce Traditional Media 184 S&P 500 Digital Advertising 0

245 232 184

Grey Marketing Technology Agency & Marketing Services 138 LTM Index Performance LTM Index Performance 138 130 155 138 • S&P 500 –  15.1% • S&P 500 –  15.1% 203 120 140 203 203 • Marketing Technology –  4.5% 110 125 • Agency – (2.3)%

221 221 100 110 • Marketing Services –  7.3% 221

90 95

Index Performance (%) Performance Index Index Performance (%) Performance Index 80 80 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14

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

Note: LTM as of 11/28/14 42 | M&A and Investment Summary November 2014 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133

122 141 Technology Communications 181 LTM Index Performance LTM Index Performance 130 140 178 186 •  130 •  120 S&P 500 – 15.1% S&P 500 – 15.1% 213 •  120 •  211 110 Technology – 15.2% Communications – 16.1% 216 233 110 100 234 100 235

245 90 (%) Performance Index

90 Index Performance (%) Performance Index

Orange 80 80 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 241 S&P 500 Communications 184 S&P 500 Technology 0

245 232 184

Grey Software Information & Business Services 138 LTM Index Performance LTM Index Performance 138 130 150 138 • S&P 500 –  15.1% 140 • S&P 500 –  15.1% 203 120 203 203 • Software –  10.2% 130 • Information –  5.6% 110

221 120 221 • Business Services –  2.7% 221 100 110

Index Performance (%) Performance Index 100 Index Performance (%) Performance Index

80 90 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14

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

Note: LTM as of 11/28/14 43 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Values Disclosed 186 213 Sapient Corporation Agency & Marketing Services Publicis Groupe S.A. $ 3,691.6 Big Fish Games, Inc. Digital Media/Commerce Churchill Downs Inc. 885.0 211 BrightRoll, Inc. Digital Advertising Yahoo!, Inc. 640.0 216 CAP Information & Business Services Solera Holdings, Inc. 463.8 233 bswift Software Aetna, Inc. 400.0 Lightbridge Communications Corporation Technology & Communications Tech Mahindra Limited 240.0 234 235 Hanley Wood Exhibitions, Inc. Traditional Media Informa PLC 237.0 245 Aorato Ltd. Software Microsoft Corporation 200.0 Change Healthcare Corporation Marketing Technology Emdeon, Inc. 185.0 Orange Definiens Software MedImmune 150.0 KLAS-TV Traditional Media Nexstar Broadcasting Group, Inc. 145.0 241 184 New Media Group Holdings Limited Traditional Media Evergrande Real Estate Group Limited 122.5 0 Vision Globale Marketing Technology TVA Group, Inc. 118.0 Telesphere Networks, Ltd. Technology & Communications Vonage Holdings Corporation 114.0 245 Smarterer, Inc. Digital Media/Commerce Pluralsight LLC 75.0 232 184 Appia, Inc. Digital Advertising Mandalay Digital Group, Inc. 74.6 DoctorDirectory.com, Inc. Agency & Marketing Services Everyday Health, Inc. 65.0 ContactAtOnce! Digital Media/Commerce LivePerson, Inc. 65.0 Grey Lagoa Software Autodesk, Inc. 60.0 138 Fifth Gear Digital Media/Commerce Speed Commerce, Inc. 55.0 138 Fetch Media Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. 48.0 138 QualityHealth Digital Media/Commerce Sharecare, Inc. 38.0 Airclic Digital Media/Commerce The Descartes Systems Group, Inc. 30.0 203 203 Owners.com Software Altisource Portfolio Solutions S.A. 27.0 203 Steel Media, Inc. Agency & Marketing Services Social Reality, Inc. 20.0 Surfdome Shop, Ltd. Digital Media/Commerce SurfStitch Pty Ltd. 16.0 221 Megaport Pty Ltd. Technology & Communications Amcom Telecommunications Ltd. 15.0 221 221 GrooveBook Digital Media/Commerce Shutterfly, Inc. 14.5 One2Car Co. Ltd Digital Media/Commerce iCarAsia 14.4 GDM Digital Marketing Technology Ve Interactive Ltd. 12.0 PingTone Communications Technology & Communications Fusion Telecommunications International, Inc. 10.0 PPS Group Ltd. Agency & Marketing Services Porta Communications plc 9.7 Uhak.com Information & Business Services Loyalist Group 8.1 Speed Communications Agency & Marketing Services Bray Leino 8.0 Prestiamoci.it Digital Media/Commerce TrustBuddy International AB 6.6 Solution Q, Inc. Information & Business Services Upland Software, Inc. 6.2 Breakthrough Behavioral, Inc. Digital Advertising MDLIVE, Inc. 5.9 Decision Street Agency & Marketing Services Cvent, Inc. 4.7 Swarm Solutions, Inc. Marketing Technology Groupon, Inc. 3.5 BranchOut, Inc. Digital Media/Commerce 1-Page, Inc. 2.0

44 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Cellular GmbH Agency & Marketing Services Cellular GmbH $ - 213 Olson Communications Agency & Marketing Services Fingerpaint Marketing, Inc. - 500friends, Inc. Agency & Marketing Services Merkle, Inc. - 211 216 Interval Agency & Marketing Services ReviveHealth - 233 What Creative Limited Agency & Marketing Services Thompson Brand Partners - Braben Communications Agency & Marketing Services MWW Group - 234 Media Iris LLC Agency & Marketing Services Market Track LLC - 235 245 The Marketing Grid, Inc. Agency & Marketing Services Semcasting, Inc. - Folk Agency & Marketing Services Readify Pty Ltd. - Orange Aconite Technology Ltd. Agency & Marketing Services Proxama Ltd. - Gloo Digital Design Agency & Marketing Services Ogilvy & Mather Worldwide - 241 Motley Bunch, Inc. Digital Advertising Return Path, Inc. - 184 0 Mywedding.com LLC Digital Advertising Meredith Corporation - iSocket, Inc. Digital Advertising The Rubicon Project - 245 Shiny Ads Digital Advertising The Rubicon Project - 232 @Leisure Digital Advertising Axel Springer AG - 184 Maps.Me Digital Advertising Mail.Ru - Rooster Teeth Productions LLC Digital Advertising Fullscreen, Inc. - Grey Rare Crowds, Inc. Digital Advertising MediaMath, Inc. - StyleHaul, Inc. Digital Advertising RTL Group - 138 138 Fanhattan, Inc. Digital Advertising Rovi Corporation - 138 Unroll.me Digital Media/Commerce Slice Technologies, Inc. - International Wine Cellar Digital Media/Commerce Vinous - 203 Relay Digital Media/Commerce Kik Interactive, Inc. - 203 203 Delivery Town Ltd. Digital Media/Commerce JUST EAT Canada - Little Bit Studio LLC Digital Media/Commerce Cupcake Digital, Inc. - 221 Made With Mischief, Inc. Digital Media/Commerce The Foundry - 221 Get It, LLC Digital Media/Commerce Get It, LLC - 221 InAppFuel, Inc. Digital Media/Commerce Tapinator, Inc. - MyDeliveryCab Ltd. Digital Media/Commerce Dinein.co.uk - appifier Digital Media/Commerce AppMakr - CoffeeTable Digital Media/Commerce Wanderful Media - eatcity.ie Digital Media/Commerce Just-Eat plc - Dashbox, Inc. Digital Media/Commerce FilmTrack, Inc. - Slidelane Digital Media/Commerce Mommy Nearest, Inc. - Desura Pty Ltd. Digital Media/Commerce Bad Juju Games, Inc. - Giran Digital Media/Commerce Wine.com.br - BlogHer LLC Digital Media/Commerce SheKnows LLC - Apalon Digital Media/Commerce Mindspark Interactive Network, Inc. - WealthTouch Holdings, Inc. Information & Business Services Archway Technology Partners LLC - Experience 1, Inc. Information & Business Services Solutionstar Holdings LLC - Oasis Outsourcing, Inc. Information & Business Services Stone Point Capital, LLC - 45 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Hirease, Inc. Information & Business Services Accurate Background, Inc. $ - Superior Global Solutions Information & Business Services iMedX - 211 Medwrite, Inc. Information & Business Services iMedX - 216 Gambassa, Inc. Information & Business Services Greenwood Hall - 233 VFA, Inc. Information & Business Services Accruent LLC - Global Knowledge Training LLC Information & Business Services Rhone Capital LLC - 234 235 Infotrieve, Inc. Information & Business Services Copyright Clearance Center - 245 Incepture, Inc. Information & Business Services ZeroChaos - Commercial Printing & Imaging Information & Business Services Complemar Partners, Inc. - Orange Stratafly, Inc. Information & Business Services Prospect Media, Inc. - Logistics Management Solutions LLC Information & Business Services Transplace, Inc. - 241 184 L2C, Inc. Information & Business Services TransUnion, LLC - 0 XRS Corporation Information & Business Services Omnitracs, LLC - WebOutcomes Information & Business Services WebPT, Inc. - 245 5one Marketing Information & Business Services MasterCard, Inc. - 232 184 NeST Software Information & Business Services QuEST Global Services Pte Ltd. - PDR Network, LLC Information & Business Services LDM Group, LLC - Cooliris, Inc. Marketing Technology Yahoo!, Inc. - Grey LinkSmart, Inc. Marketing Technology VigLink - 138 Alpha Systems Marketing Technology DataBank - 138 Videoplaza Ltd. Marketing Technology Ooyala, Inc. - 138 Servion Global Solutions Ltd. Marketing Technology Everstone Group - SITmobile S.L. Marketing Technology Soprano Design Pty Ltd. - 203 203 Cloud View Technologies LLC Marketing Technology Books International, Inc. - 203 Brilliance Financial Technology Marketing Technology Implement Holdings - Matchbook Labs, Inc. Marketing Technology Campaign Monitor Pty Ltd. - 221 OnFocus Healthcare, Inc. Marketing Technology MedeAnalytics, Inc. - 221 221 Renew Data Corporation Marketing Technology LDiscovery, LLC - JOC Group, Inc. Marketing Technology IHS, Inc. - Archer USA Inc., Marketing Services Business Marketing Technology Waterfall International, Inc. - Gridskippr Marketing Technology SocialRadar, Inc. - Co-Optimum, Inc. Marketing Technology Ansira - NARxCHECK Marketing Technology Appriss Inc. - Spectrum Edu Solutions LLC Marketing Technology Liaison International - Leftronic, Inc. Marketing Technology AppDirect, Inc. - Arcametrics Systems, Inc. Marketing Technology Adroit Digital - advertzoom GmbH Marketing Technology BrandMaker GmbH - Vendormate, Inc. Marketing Technology Global Healthcare Exchange LLC - Heartbeat Experts Marketing Technology Truven Health Analytics, Inc. - Decade Software Company LLC Software Accela, Inc. - BRToken Software Datablink, Inc. -

46 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Piracle, Inc. Software AvidXchange, Inc. $ - 213 RelativeWave LLC Software Google, Inc. - Comdata Corporation Software FleetCor Technologies, Inc. - 211 216 Health Services Integration Software Syncordia Technologies and Heatlcare Solutions, Inc. - 233 Uptime Software, Inc. Software Idera, Inc. - Monchilla, Inc. Software Xero Ltd. - 234 BlueSpace Federal Software Sterling Computers Corporation - 235 245 Allegiance Software Inc. Software Maritz Holdings, Inc. - Corona Labs, Inc. Software Fuse Powered, Inc. - Orange Joss Technology, Inc. Software AIM Software GmbH - COCG Software Healthgrades - 241 VERTEX, Inc. Software Ebix, Inc. - 184 0 Proximal Data Software Samsung Group - Logic Method IT LLC Technology & Communications Day1 Solutions LLC - 245 Stoke, Inc. Technology & Communications Mavenir Systems, Inc. - 232 ParentLink Technology & Communications Blackboard, Inc. - 184 Odecee Technology & Communications Cognizant Technology Solutions Corporation - Local Cloud9 LLC Technology & Communications Tectonic - Grey IntelliResponse Systems Inc. Technology & Communications 24/7, Inc. - Versatile Systems, Inc. Technology & Communications BigR.io LLC - 138 138 CSU Industries, Inc. Technology & Communications Curvature Solutions LLC - 138 SocialNewsDesk Traditional Media Graham Media Group, Inc. - Consumibles E-Magazine Traditional Media Recycling Times Media - 203 InterMedia Outdoors Holdings, Inc. Traditional Media Kroenke Sports & Entertainment LLC - 203 203 Choice TV Traditional Media Blue Ant Media - Cygnus Business Media trade/web portals & pubs Traditional Media SouthComm Communications, Inc. - 221 221 221

47 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Buyout Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Buyout Deals 178 Values Disclosed 186 213 Advanced Computer Software Group plc Information & Business Services Vista Equity Partners $ 1,140.0 Dealogic (Holdings) plc Information & Business Services The Carlyle Group 700.0 211 Yayoi Co., Ltd. Software MBK Partners Limited 691.0 216 233

234 Target Target Segment Buyer/Investor Reported TV 235 Buyout Deals 245 Undisclosed Park View Legal Digital Media/Commerce Tregaron Capital Company $ - Orange MarketCast LLC Information & Business Services RLJ Equity Partners - Intelliteach, Inc. Information & Business Services Dominus Capital, L.P. - 241 184 Survey Sampling International, LLC Information & Business Services HGGC, LLC - 0 ISI International Strategy & Investment Information & Business Services Evercore Partners, Inc. - ChyronHego Corporation Marketing Technology Vector Capital Corporation - 245 PI Worldwide Marketing Technology Phoenix Strategy Investments LLC - 232 184 CRGT, Inc. Marketing Technology Bridge Growth Partners LLC - TriTech Software Systems Software Insight Venture Partners -

Grey

138 138 138

203 203 203

221 221 221

48 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Flipkart.com Digital Media/Commerce Tiger Global Management, LLC $ 600.0 Jumia Digital Media/Commerce Rocket Internet GmbH 150.0

211 4:33 Creative Lab Digital Media/Commerce Tencent Holdings Ltd., Investment Arm 110.0 216 Sentient Technologies (USA) LLC Software Access Venture Partners 103.5 233 HIHEY.com Digital Media/Commerce CITIC Securities 100.0 Avalara Software Warburg Pincus LLC 100.0 234 235 Revel Systems, Inc. Software Welsh, Carson, Anderson & Stowe 100.0 245 Yello Mobile Digital Advertising Formation 8 100.0 Butterfly Network, Inc. Software Aeris Capital AG 100.0 Orange Powa Technologies Ltd. Marketing Technology Wellington Management Company 80.0 Yik Yak, LLC Digital Media/Commerce Sequoia Capital 62.0 241 Zomato Media Marketing Technology Vy Capital 60.0 184 0 iCarsclub Pte. Ltd. Digital Media/Commerce IDG Capital Partners 60.0 Ppzuche Digital Media/Commerce Sequoia Capital 60.0 245 Prezi, Inc. Software Spectrum Equity Investors, LP 57.0 232 184 Craftsy, Inc. Digital Media/Commerce Stripes Group 51.0 CipherCloud, Inc. Technology & Communications Transamerica Ventures 50.0 BigCommerce Pty. Ltd. Marketing Technology SoftBank Capital 50.0 Grey LiveAuctioneers Digital Media/Commerce Bessemer Venture Partners 47.6 138 Kik Interactive, Inc. Digital Media/Commerce Valiant Capital Partners 38.3 138 Teespring, Inc. Digital Media/Commerce Khosla Ventures 35.0 138 Scopely, Inc. Digital Media/Commerce Highland Capital Partners 35.0 Gigya, Inc. Marketing Technology Intel Capital 35.0 203 203 Stratoscale Technology & Communications Intel Capital 32.0 203 Elance-oDesk Digital Media/Commerce Benchmark Capital 30.0 Endgame, Inc. Software Bessemer Venture Partners 30.0 221 Ifbyphone, Inc. Marketing Technology SSM Partners 30.0 221 221 blued Digital Media/Commerce DCM 30.0 Menlook.com Digital Media/Commerce Idinvest Partners 28.8 OrderWithMe.com Marketing Technology Silicon Valley Bank 28.0 Door to Door Organics Digital Media/Commerce Arlon Group LLC 26.0 Host Analytics, Inc. Software Centerview Capital Technology 25.0 Gravitant, Inc. Technology & Communications Cielo Private Equity 25.0 Yplan Digital Media/Commerce Octopus Ventures, LLC 24.0 Getaround, Inc. Digital Media/Commerce Cox Automotive 24.0 Shift Technologies, Inc. Digital Media/Commerce DFJ 23.8 Face++ Marketing Technology Innovation Works 22.0 Gogobot, Inc. Digital Advertising HomeAway.com, Inc. 20.0 Evernote Corporation Digital Media/Commerce Nikkei, Inc. 20.0 Zerve, Inc. Digital Advertising DFJ 20.0 Fyndiq AB Digital Media/Commerce Northzone Ventures 20.0 Intersec Marketing Technology Highland Capital Partners 20.0 49 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital

178 Values Disclosed 186 MoneyDesktop, Inc. Technology & Communications TTV Capital $ 20.0 213 Boost Media, Inc. Marketing Technology Javelin Venture Partners 19.0 Raise Marketplace, Inc. Digital Media/Commerce Bessemer Venture Partners 18.1 211 216 VigLink Digital Advertising Foundry Group 18.0 233 Echo360 Information & Business Services Duchossois Capital Management 18.0 Kensho Technologies, Inc. Technology & Communications General Catalyst Partners LLC 15.0 234 SimilarWeb Marketing Technology Naspers Ltd. 15.0 235 245 FastPay Software Oak HC/FT Partners 15.0 Valence Health Software Heritage Group, LLC 15.0 Accompani, Inc. Marketing Technology Iconiq Capital 15.0 Orange EyeView Digital, Inc. Digital Advertising Marker Financial Advisors LLC 15.0 241 Course Hero, Inc. Software GSV Capital 15.0 184 Forter Software Sequoia Capital 15.0 0 Modernizing Medicine Software Summit Partners LP 15.0

245 Nitro Software, Inc. Technology & Communications Battery Ventures 15.0 232 Shahiya.com Digital Media/Commerce Cookpad 14.0 184 Veradocs Software Battery Ventures 14.0 InsightSquared.com Marketing Technology Two Sigma Ventures 13.5 Grey Everything But the House Digital Advertising Spark Capital 13.0 Pluto TV Digital Advertising U.S. Venture Partners 13.0 138 138 Flywheel Software, Inc. Digital Media/Commerce TCW/Craton 12.0 138 V-Key, Inc. Software Ant Financial 12.0 Vicarious FPC, Inc. Information & Business Services ABB Technology Ventures 12.0 203 Namely, Inc. Marketing Technology Matrix Partners 12.0 203 203 Rover.com Digital Media/Commerce Menlo Ventures 12.0 BEBEO SA Digital Media/Commerce GIMV NV 11.2 221 Redbooth, Inc. Software Avalon Ventures 11.0 221 Menlo Security Software General Catalyst Partners LLC 10.5 221 PocketMath Marketing Technology Rakuten Ventures 10.0 CS Disco, Inc. Software Bessemer Venture Partners 10.0 Compstak, Inc. Digital Media/Commerce Canaan Partners 10.0 Shiftgig, Inc. Digital Media/Commerce Chicago Ventures 10.0 Wildcard Marketing Technology General Catalyst Partners LLC 10.0 Mindjet, LLC Marketing Technology Wellington Financial LP 10.0 Unicommerce eSolutions Pvt. Ltd. Marketing Technology Tiger Global Management, LLC 10.0 PrecisionHawk Software Millenium Technology Value Partners 10.0 FilmTrack, Inc. Marketing Technology Insight Venture Partners 10.0 INRIX, Inc. Information & Business Services Intel Capital 10.0 Evident.io Software Bain Capital Ventures 9.9 Highspot, Inc. Marketing Technology Madrona Venture Group 9.6 Scripted, Inc. Digital Media/Commerce Storm Ventures, LLC 9.0 Accounting SaaS Japan Software Fidelity Growth Partners 8.7 50 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital Values Disclosed 178 186 Showpad Marketing Technology Dawn Capital $ 8.5 213 Glossier Digital Media/Commerce Thrive Capital 8.4 UpLift, Inc Software IDG Ventures 8.2 211 Scaled Inference, Inc. Technology & Communications Khosla Ventures 8.0 216 233 Shippable, Inc. Software Madrona Venture Group 8.0 Chime Digital Media/Commerce Crosslink Capital 8.0 234 MeowChat Digital Media/Commerce (Angel Investors) 8.0 235 Appear Here Limited Digital Media/Commerce Balderton Capital 7.5 245 Finexkap, SAS Information & Business Services Gli Finance 7.5 HealthCare.com, Inc. Digital Media/Commerce Brothers Brook 7.5 Orange Prelert, Inc. Software Intel Capital 7.5

241 FiscalNote, Inc. Marketing Technology AME Cloud Ventures 7.0 184 Arkin Net, Inc Technology & Communications Nexus Venture Partners 7.0 0 Readify Pty Ltd. Agency & Marketing Services Blue Sky Private Equity 7.0 Travador Digital Advertising XAnge Private Equity 7.0 245 232 Confluent, Inc. Technology & Communications Benchmark Capital 6.9 184 CloudLock, Inc. Software Bessemer Venture Partners 6.7 MediaRadar, Inc. Marketing Technology Bain Capital Ventures 6.7 Grey Speakaboos Marketing Technology Advancit Capital 6.5 Creditera, Inc. Software Kleiner Perkins Caufield & Byers 6.5 138 TodayTix LLC Digital Media/Commerce SF Capital, LLC 6.1 138 138 RECSOLU LLC Software First Analysis Corporation 6.0 Bellhops Digital Advertising Queensbridge Venture Partners 6.0 203 RealScout, Inc. Digital Media/Commerce DCM 6.0 203 SimplyTapp, Inc. Marketing Technology Blue Sky Capital 6.0 203 Curiosity.com Marketing Technology Chicago Ventures 6.0 myTomorrows Software Balderton Capital 6.0 221 221 Wanderu, Inc. Digital Media/Commerce Metamorphic Ventures 5.6 221 Memoir Digital Media/Commerce Redpoint Ventures 5.5 Quandl, Inc. Software August Capital Management 5.4 Doctolib Digital Advertising (Angel Investors) 5.3 Execution Labs, Inc. Digital Media/Commerce Corus Entertainment, Inc. 5.3 Roomer Digital Advertising BRM Capital 5.0 Ditto Technologies, Inc. Marketing Technology August Capital Management 5.0 SendHub Marketing Technology Bullpen Capital 5.0 The Marcus Buckingham Company Marketing Technology SurveyMonkey, Inc. 5.0 Seriously Digital Entertainment Ltd. Digital Media/Commerce Upfront Ventures 5.0 Breezeworks, Inc. Digital Media/Commerce Obvious Ventures 5.0 Metal Networks, Inc. Marketing Technology S3 Ventures 5.0 Apio Systems, Inc. Digital Media/Commerce Verizon Ventures 5.0 Gemr Digital Media/Commerce MillWorks Fund 4.9 Incoming Media, Inc. Digital Advertising Intel Capital 4.9

51 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital Values Disclosed 178 186 Thanx, Inc. Agency & Marketing Services Sequoia Capital $ 4.7 213 gr8code llc Information & Business Services OmniElite Financial Group 4.5 Brand a Trend Marketing Technology (Angel Investors) 4.5 211 Mesh Networks Technology & Communications (Angel Investors) 4.3 216 233 Rentlytics, Inc. Marketing Technology Trinity Ventures 4.0 ThreatConnect, Inc. Software Grotech Ventures 4.0 234 MarleySpoon GmbH Digital Media/Commerce Point Nine Capital 4.0 235 LEAGUE, Inc. Digital Media/Commerce OMERS Ventures 4.0 245 DATASHIELD Software Huntington Capital 4.0 Elevate Digital Digital Advertising Advantage Capital Partners 4.0 Orange YourCause LLC Software Vocap Ventures 4.0 241 Full Circle CRM, Inc. Marketing Technology Salesforce.com 3.8 184 ApplePie Capital Digital Media/Commerce Freestyle Capital 3.8 0 AllUnite ApS Marketing Technology Northzone 3.7 Obillex Limited Information & Business Services Dawn Capital 3.7 245 232 RisparmioSuper Digital Advertising Lventure Group 3.5 184 Made Television Ltd. Traditional Media Ariadne Capital Ltd. 3.5 Loverly Digital Advertising Montage Ventures 3.5 Grey Razberi Technologies, Inc. Technology & Communications LiveOak Venture Partners 3.5 Riffsy, Inc. Digital Media/Commerce Redpoint Ventures 3.5 138 138 Abacus Labs, Inc. Software Bessemer Venture Partners 3.5 138 Paracosm Software Atlas Venture 3.3 Kaufmann Mercantile, Inc. Digital Media/Commerce Slow Ventures 3.2 203 ZergNet Marketing Technology Greycroft Partners 3.2 203 Tyba Solutions Ltd. Software Sunstone Capital A/S 3.1 203 Dispatch Information & Business Services Promus Ventures 3.1

221 BoomTown Network Corporation Information & Business Services Freestyle Capital 3.0 221 Qikwell Technologies India Pvt Ltd. Information & Business Services SAIF Partners 3.0 221 Indico Data Solutions Marketing Technology .406 Ventures, LLC 3.0 InList, Inc. Digital Media/Commerce Moneta Group 3.0 StratusLIVE, Inc. Marketing Technology (Angel Investors) 3.0 deltaDNA Marketing Technology Edge Performance VCT 3.0 Assembly Software Union Square Ventures 2.9 Watchup, Inc. Digital Advertising Tribune Media Company 2.8 doForms, Inc. Marketing Technology (Angel Investors) 2.7 Youbetme Digital Media/Commerce Dakota Venture Group 2.7 Agorize Digital Media/Commerce Iris Capital 2.6 Blueshift Labs, Inc. Marketing Technology Nexus Venture Partners 2.6 Agorize SAS Digital Media/Commerce Iris Capital 2.5 SysCloud, Inc. Software Inventus Capital Partners 2.5 BuzzMyVideos Digital Advertising United Ventures 2.5 Gotham Tech Labs, Inc. Marketing Technology (Angel Investors) 2.5 52 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Zen99, Inc. Software Upside Partnership $ 2.5 213 CareCam Health Systems Software (Angel Investors) 2.4 CheckoutSmart Ltd. Digital Media/Commerce (Angel Investors) 2.4 211 216 Fluc Information & Business Services Sherpa Ventures 2.3 233 Mainframe2, Inc. Software Columbus Nova Technology Partners 2.2 Medeo Corporation Information & Business Services QHR Technologies, Inc. 2.2 234 WannaBiz Digital Media/Commerce Firsttime Ventures 2.2 235 245 riskmethods Software Bayern Kapital Risikokapitalbeteiligungs 2.0 bitHound, Inc. Software Difference Capital, Inc. 2.0 Orange Mirador Financial, Inc. Information & Business Services Collaborative Fund 2.0 Flashback Technologies, Inc. Marketing Technology PAC Partners 2.0 241 Sliced Investing Software Khosla Ventures 2.0 184 0 Eventbase Technology, Inc. Digital Media/Commerce SXSW Ventures 2.0 Flipsicle, Inc. Digital Media/Commerce (Angel Investors) 2.0 245 JANDI Software SoftBank Ventures Korea 2.0 232 CashCashPinoy Digital Media/Commerce Hera Capital 2.0 184 Spacehive Limited Digital Media/Commerce Big Society Capital 2.0 Prositions, Inc. Information & Business Services (Angel Investors) 2.0 Grey Contactually, Inc. Marketing Technology Point Nine Capital 2.0 Tempered Networks, Inc. Technology & Communications (Angel Investors) 2.0 138 138 emaze Software (Angel Investors) 2.0 138 HONK Technologies, Inc. Digital Media/Commerce Double M Partners, LP 1.8 Shyftplan Software KIZOO Technology Ventures 1.8 203 Hotelogix Marketing Technology Accel Partners 1.8 203 203 Managed by Q, Inc. Marketing Technology Homebrew LLC 1.7 CareLuLu, Inc. Digital Advertising Khosla Ventures 1.7 221 TheFashion.com Digital Advertising North East Venture Capital 1.7 221 Ocho Digital Media/Commerce (Angel Investors) 1.7 221 VIDA & Co. Digital Media/Commerce Google Ventures 1.6 Fitmo.com B.V. Digital Media/Commerce Sequoia Capital 1.5 Bipsync Limited Information & Business Services Steadfast Venture Capital 1.5 Better Mobile Security, Inc. Software New York Angels, Inc. 1.5 Oppex Ltd. Marketing Technology Alma Media Corporation 1.5 Cortilia Srl Digital Media/Commerce Programma 101 1.5 Apto, Inc. Marketing Technology Mercury Fund 1.4 Zeotap Technology & Communications HitFox Group 1.3 VIDCOIN Digital Advertising Kima Ventures 1.3 parenthoods Digital Media/Commerce Slow Ventures 1.3 Picmonic, Inc. Digital Advertising Canal Partners 1.3 Activejunky.com Digital Media/Commerce (Angel Investors) 1.2 Experiment Engine Marketing Technology Founder Collective 1.0 MagicEvent.com Digital Advertising BPI France SA 1.0 53 | M&A and Investment Summary November 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital

178 Values Disclosed 186 Sharetribe Oy Marketing Technology Lifeline Ventures Oy $ 1.0 213 To-Scale Software LLC Software CincyTech Ventures 1.0 Heirloom Technology, Inc. Digital Media/Commerce Tencent Holdings Ltd. 1.0 211 216 VoxPopClothing.com Digital Media/Commerce Blume Venture Advisors 1.0 233 Rival IQ Corporation Marketing Technology Vulcan Capital 1.0 Pendo, Inc. Marketing Technology Core Capital Partners 1.0 234 235 245 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Orange The Shipyard Agency & Marketing Services Milenthal Ventures $ - 241 Advice Interactive Group Agency & Marketing Services Cypress Growth Capital - 184 Kiip, Inc. Digital Advertising Verizon Ventures - 0 Encoding.com Digital Advertising Harmonic, Inc. -

245 Cbazaar.com, Inc. Digital Media/Commerce Forum Synergies - 232 WeTipp Digital Media/Commerce (Angel Investors) - 184 Blacklane GmbH Digital Media/Commerce Recruit Strategic Partners - Wealth-X Information & Business Services Insight Venture Partners - Grey TEKVOX, Inc. Information & Business Services CVAN - Blowhorn Ltd. Information & Business Services Unitus Seed Fund - 138 138 Data Dimensions Information & Business Services HealthEdge Investment Partners - 138 Pegasus Electronic Distribution Services Information & Business Services H.I.G. Capital LLC - Insurity, Inc. Information & Business Services TA Associates - 203 Uversity, Inc. Marketing Technology Learn Capital Venture Partners - 203 203 H2O.ai Marketing Technology Riverwood Capital, LLC - Express KCS, Inc. Marketing Technology Saturn Parnters - 221 Searchmetrics GmbH Marketing Technology Iris Capital - 221 Blue Triangle Technologies, Inc. Marketing Technology CIT Gap Funds - 221 Screenovate Technologies Ltd. Marketing Technology Intel Capital - Vivify Health Software Heritage Group, LLC - Brilliance Financial Technology Software Edgewater Funds - VendorSafe Technologies LLC Software Providence Equity Partners, Inc. - QualMetrix, Inc. Software (Angel Investors) - SimScale GmbH Software Earlybird Venture Capital GmgH & Co. KG - Zipnosis, Inc. Software Arthur Ventures - Farmers Edge Software KPCB - Cognitive Code, Inc. Software Channel Mark Ventures - 5nine Software, Inc. Technology & Communications Insight Venture Partners - Lockbox GmbH Technology & Communications High-Tech Gründerfonds - Financeit Canada, Inc. Technology & Communications BEST Funds - TriCore Solutions Technology & Communications BV Investment Partners -

54 | M&A and Investment Summary November 2014 Petsky Prunier: Maximizing Shareholder Value

Blue

0 79 Overview 133

122 141 181 . Founded in 1999

178 . Focused on the technology, marketing, media, eCommerce, and healthcare industries 186 213 • More than 40 focused professionals

211 216 . Unique combination of investment banking and consulting expertise 233

234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Sell-side and private placement close rate is unmatched at our level of deal volume

Orange . Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers

241 184 . With strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional 0 services 245 232 184 . International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe

Grey . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

138 138 138

203 203 203

221 221 221 . Sell-Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Marketing . M&A Transaction Due Diligence Support and . Corporate Divestitures . Media Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership

55 | M&A and Investment Summary November 2014 Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid-Market Internet & Advertising Transactions Blue

0 79 133

122 141 Rank Advisor Deal Count 181

178 1 Petsky Prunier LLC 44 186 213 2 Goldman Sachs & Co. 35 211 216 233 3 Jordan Edmiston Group, Inc. 31

234 4 Morgan Stanley 29 235 245 4 Nomura Holdings, Inc. 29 Orange

241 4 GCA Savvian Group Corp. 29 184 0 7 PwC 24

245 232 7 China Renaissance Partners 24 184 9 KPMG Corporate Finance 22 Grey

138 138 10 Sumitomo Mitsui Financial Group, Inc. 20 138

203 Based on number of deals announced in 2011 – 2013 valued at $500 million or less 203 203

221 221 221 More than 70 transactions closed since 2011:

. Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

56 | M&A and Investment Summary November 2014 International Partnership with Altium

Blue

0 79 Description Network 133

122 141 181 . Altium provides M&A and corporate finance advisory

178 services to companies, private equity firms, and 186 213 entrepreneurs New York Palo Alto Madrid Zurich 211 Las Vegas Chicago Manchester Frankfurt 216 233 . European-based, mid-market financial advisory group, Boston Tampa London Milan

234 Paris Munich 235 employee-owned and truly independent 245

Orange . A leading advisor for more than 25 years

241 184 0 . Founded as the corporate finance arm of private equity

245 232 investor Apax Partners 184

Grey . Operates eight international offices in Europe with additional

138 138 partnerships in the U.S. and Asia 138

203 203 . Completed 50+ technology transactions across 12 countries 203 in the past five years 221 221 221 . 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

57 | M&A and Investment Summary November 2014 Representative Recent Transactions

Blue

0 79 133 $280,000,000* $50,000,000

122 a leading supplier of data on healthcare a leading SaaS provider of social intelligence, professionals and administrator of one a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end 141 analytics, insights, and engagement a leading provider of marketing solutions the leading film and television information, of the largest practitioner-level medical digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing 181 has been sold to to destinations, resorts, and other data, and related software company professionals on behalf of leading display, and email insurance industry in multi-channel content marketing solutions claims databases in the U.S. for the life sciences industry travel-related businesses pharmaceutical companies has agreed to be sold to has sold a majority stake to has been sold to has been sold to has been sold to which is being combined with has been recapitalized to support future 178 has been sold to growth with significant debt financing 186 a division of from 213 both portfolio companies of a division of (NYSE: EVDY) (NYSE: RUK) (NYSE: WTM) (NASDAQ: CTSH) 211 216 233 *Approximate Enterprise Value

234 235 245 one of the largest, independent providers a disruptive, rapidly of integrated direct marketing data and a leading targeted direct marketing expanding marketplace for a leading SaaS-based, cross channel information solutions in the U.S. company that connects new movers insurance clicks, calls, and leads a leading global SaaS-based the largest independent eCommerce campaign management platform Orange tag management, data management, retailer of promotional products a consumer enthusiast media one of the largest independent has acquired with local business has sold a majority stake to for B2C marketers has merged with an affiliate of and marketing attribution provider and commerce company in-store media networks in the U.S has been sold to has been sold to has been sold to 241 has been sold to has been sold to 184 a leader in student marketing data from 0 and (NYSE: WTM) 245 232 184

Grey

138 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 138 a technology company delivering highly one of the largest digital agencies a portfolio company of domain recovery solutions solutions and digital marketing services 138 targeted programmatic marketing a leading provider of transaction-based a leading provider of online customer a leading developer of popular for some of the world’s largest brands, solutions using unstructured data media cost databases and software a portfolio company of has been sold to for television, radio, and digital acquisition services to the real-money and social gaming one of just thirteen Facebook Strategic insurance industry has received a $16MM Series B advertising cost analysis Preferred Marketing Developers (sPMD) 203 has been sold to investment led by has been sold to has been sold to 203 has been sold to has been sold to has received a $68MM minority 203 investment from

(AIM: EMIS) (NYSE: RATE) (Euronext Amsterdam: WKL) (Nasdaq:(ENXTPA: RNWK) PUB) (Nasdaq: RNWK) 221 221 221

has sold a leading digital advertising monetization and the largest provider of cloud-based SaaS shopper marketing partner for a leading provider of digital production a leading data management and audience has sold eCommerce retailers a real-time behavioral a dynamic display media and tools for printing signs, labels, and tags, services to brands and agencies optimization platform (DMP) company and publishing digital displays for retailers along with digital subsidiary a portfolio company of advertising company retargeting company has been acquired by has been sold to has been sold to has been sold to has been acquired by a provider of online travel guides for top specializing in retail, digital, shopper has been sold to destinations around the world marketing, and consumer services a unit of to a global digital marketing agency to a unit of with financing from (NYSE: AOL) (NYSE: ACN) (NYSE: LXK) (NYSE: GCI) (JASDAQ: 4755)

58 | M&A and Investment Summary November 2014