Technology, Media & Telecom

TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

HARRIS WILLIAMS & CO. OVERVIEW

CONTENTS HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM . IDM OVERVIEW . WHAT WE’RE READING KEY FACTS . SELECT M&A TRANSACTIONS – 1Q 2016 . IDM M&A ACTIVITY . 25 year history with over 120 closed transactions in the . IDM SECTOR OVERVIEWS last 2 years . IDM PRIVATE PLACEMENTS OVERVIEW . IDM PUBLIC COMPARABLES OVERVIEW . Approximately 250 . TECHNOLOGY IPO OVERVIEW professionals across seven . DEBT MARKET OVERVIEW offices in the U.S. and . APPENDIX: PUBLIC COMPARABLES DETAIL Europe TMT CONTACTS . Strategic relationships in India and China HW&Co. Office UNITED STATES Network Office Jeff Bistrong . 10 industry groups Managing Director [email protected] HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS Sam Hendler Managing Director [email protected] INTERNET & DIGITAL MEDIA SOFTWARE / SAAS Mike Wilkins . AdTech & Marketing . eCommerce . Enterprise Software . IT and Tech-enabled Managing Director [email protected] Solutions . Media, Content & Gaming . Data and Analytics Services EUROPE . Data & Information Services . Infrastructure and . Data Center and Security Software Managed Services Thierry Monjauze Managing Director [email protected] TMT VERTICAL FOCUS AREAS . Education . Fintech . Manufacturing . Public Sector and Non-Profit TO SUBSCRIBE PLEASE EMAIL: *[email protected] . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, Infrastructure and Logistics

SELECT 2016 AND 2015 HW&CO. TMT TRANSACTIONS

Baarsma B2C trades as:

has been has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by recapitalized by

PAGE | 1 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

DEAL SPOTLIGHT – CLEARLINK HW&Co.’s TMT Group advised Pamlico Capital and its portfolio company, Clear Link Holdings, LLC (dba Clearlink), on its sale to Sykes Enterprises, Inc. (NASDAQ: SYKE).

. This transformative acquisition expands Sykes’s service offerings and total addressable market, enabling the Company to capture a greater share of the customer contact management value chain.

. Combining Clearlink’s digital marketing, demand generation, and sales conversion has been acquired by model with Sykes’ post-sales customer care and support capabilities will enable Sykes to provide the market with a unique and differentiated global customer interaction management platform that more effectively engages digital consumers at every touch point in the customer life cycle.

. There is a significant opportunity for the combined companies to generate revenue synergies through cross-selling the full solution suite to existing customers, providing a April 1, 2016 comprehensive outsourced customer management strategy.

ABOUT CLEARLINK

. Clearlink is a leading inbound demand generation and sales conversion platform serving well-known clients across various industries and subsectors, including telecommunications, satellite television, home security, and insurance. . Clearlink leverages proprietary marketing content generation and sales analytics technologies to capture potential customers, who are then directed towards the Company’s sales centers and converted into actual customers for its clients. . Founded in 2003, Clearlink is based in Salt Lake City, Utah and has approximately 1,300 employees across two offices.

PAGE | 2 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

HARRIS WILLIAMS & CO. INTERNET & DIGITAL MEDIA (IDM) OVERVIEW

Primary IDM Contact ABOUT THE SECTOR Mike Wilkins Managing Director Harris Williams & Co.’s Technology, Media & Telecom (“TMT”) Group is dedicated to providing 575 Market Street, 31st Floor superior merger & acquisition and capital markets advisory services to market leading companies. San Francisco, California 94105 We are pleased to issue the 1Q 2016 Internet & Digital Media Sector Update, which provides Office: 415.217.3411 commentary and analysis on the current IDM M&A environment, market landscapes, and key trends. Mobile: 415.722.4550 [email protected]

SECTION CONTENTS

AdTech & Marketing Solutions eCommerce • Advertising Networks & Search Portals • Marketplace • Marketing Technology • Travel • eCommerce Enablement • Flash Sales, Promotional & Coupons • Vertical eCommerce

Data & Information Services Media, Content & Gaming • Proprietary Data Networks • Digital Media • Community Based Information Services • Online Content • Social Media • Gaming

SELECT HW&CO. INTERNET & DIGITAL MEDIA TRANSACTIONS

Leading Baarsma B2C trades as: Leading B2C Provider of Cloud-based Provider of Provider of inbound eCommerce online information data-driven sampling, data demand wine retail community and analytics marketing and collection, and generation platform in management platform for analytics tools has received a data analytic and sales Europe has been acquired by solutions. has been acquired by the aviation has been acquired by to the majority solutions for has been acquired by has been acquired by conversion industry. automotive investment from consumer and platform industry B2B survey research

PAGE | 3 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

WHAT WE’RE READING

SPIKE IN INVESTMENTS IN CLASSIFIED AD APPS COULD MEAN THE DEATH OF CRAIGSLIST (MARCH 24, 2016)

Due to Craigslist’s ongoing dominance in the segment, the classified ads market is not typically considered a fast-growing or attractive area for startup investments. However, a recent wave of large investments in classified ad apps and local marketplace startups means that Craigslist may finally have some competition. With nearly $400 million in investments from backers like Sequoia Capital and former Zappos alums, some of the most promising startups are not coming out of Silicon Valley. TechCrunch

IBM QUIETLY BUILT THE WORLD’S LARGEST DIGITAL AGENCY (MARCH 14, 2016)

Traditionally known as an IT company, IBM started its journey to create a leading digital advertising agency eight years ago along with the dawn of the smartphone era. Just as the smart phone set a new standard for user experience with a piece of hardware, IBM sought to raise the bar for clients’ interactions with an advertising agency, knowing that they would be setting the standard for an evolving market. With this goal in mind, IBM created its Interactive Experience (“iX”) division, which boasts more than 10,000 employees who work on creative, digital, and analytics projects for blue-chip clients. Ad Age has named iX as the world’s largest digital agency network and estimates the division’s revenues at over $1.9 billion. Business Insider

MARKETING TECH’S BUMPY ROAD: CONSOLIDATION, GROWTH AND A NEW FRONTIER (FEBRUARY 28, 2016)

The current marketing technology marketplace consists of many point solutions and is arguably over-funded, but has yet to near the success that companies like Salesforce.com have achieved in the sales automation segment. This dichotomy is largely due to the size of B2B marketing spend, which is dwarfed by B2B sales spend. However, with the advances in big data and cloud systems, B2C marketing is on the verge of a new frontier. Historically, having one system of record that brings together data from multiple different sources was next to impossible. However, with advances in big data and cloud systems, the synchronization of these disparate data sources is finally feasible, and huge volumes of customer data can now effectively be managed via the cloud. The entrepreneur or company who perfects the user experience for marketing data integration will create value on par with what Marc Benioff has achieved for the sales function. TechCrunch

AMAZON WEB SERVICES IS DOING WITH THE CLOUD COMPUTING BUSINESS WHAT ITS PARENT DID WITH BOOKSELLING – SWALLOWING IT (FEBRUARY 26, 2016)

Since 2010, Amazon Web Services (“AWS”) has grown faster than any of its rivals in the cloud computing industry, with revenue soaring from less than $1 billion to $7.8 billion in 2015, and it continues to grow by about 70% a year. Much of that expansion has been fueled by a new wave of tech start-ups that are built from the “cloud-up”, but even massive corporations and security-conscious government agencies have signed up for the service as AWS added more functionality, security, and analytics. AWS brought Amazon’s customer-first, user-experience-focused mentality to the enterprise computing industry, which had been notoriously unresponsive to customer needs, and the company has successfully built a megabrand. Just as Amazon’s online retail and delivery businesses continues to grow by displacing the status quo, AWS is now driving its own growth by creating a new industry standard for cloud computing. The Globe and Mail

OMNI-CHANNEL STRATEGY WEIGHS ON TRADITIONAL RETAILER PROFITABILITY (FEBRUARY 22, 2016)

In order to keep pace with online-only competitors like Amazon, traditional retailers like Nordstrom are emphasizing omni-channel strategies that provide customers with a seamless experience between online and in-store shopping. Seattle-based Nordstrom has gained market share by offering more generous free shipping, in-store pickup for online orders, and other services that exceed the offerings of many of its rivals. While traditional retailers are experts at driving profits from brick-and-mortar stores, adding the online component has proven to be particularly expensive and has cut into profits. Logistics and distribution challenges have resulted in Nordstrom’s inventories growing at a considerably faster rate than its sales. However, omni-channel capabilities are becoming the standard expectation for digitally savvy consumers, so despite the challenges, Nordstrom and other traditional retailers will need to continue refining their online strategies. Wall Street Journal

PAGE | 4 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

SELECT IDM M&A TRANSACTIONS – 1Q 2016

Closed 4/1/16 Telenor’s acquisition of Tapad . Tapad is a New York-based cross-device retargeting startup co-founded by two Norwegians in 2010. . Tapad tracks billions of data points across multiple screens and then packages and sells that information to media buyers, brands, and other advertisers. . With the acquisition of Tapad, Telenor is taking a position within the rapidly growing market for advertising technology and securing important competence within digital marketing and analytics. Ent. Value: $379m EV / Revenue: N/A Revenue: N/A EV / EBITDA: N/A

Announced 3/21/2016 Markit and IHS’s pending merger of equals . Markit and IHS, both data and analytics providers, have agreed to merge to create a data powerhouse to challenge Bloomberg and Thomson Reuters. . The combined entity is valued at approximately $13 billion, and current IHS shareholders will own 57% of the newly formed entity, which will be called IHS Markit. . The new company will be headquartered in the UK, implying that the transaction is a tax inversion deal aimed at reducing the Ent. Value: $10.3b EV / Revenue: 4.6x companies’ combined tax bill, in addition to the $125 million in projected cost synergies. Revenue: $2.2b EV / EBITDA: 17.7x

Closed 3/9/2016 Web.com’s acquisition of Yodle . Yodle is a leading provider of cloud-based local marketing solutions for small businesses. . Serving approximately 58,000 subscribers, Yodle helps customers establish and manage their web presence, build social media campaigns, and enhance marketing through email campaigns, search optimization, targeted offers, and reviews. . The purchase of Yodle will solidify Web.com’s leading position as a provider of digital marketing services and solutions to small and medium businesses. Ent. Value: $342m EV / Revenue: 1.6x Revenue: $214m EV / EBITDA: N/A

Closed 2/1/2016 Hudson’s Bay’s acquisition of Gilt Groupe . Gilt is an online shopping destination, offering its members special access to luxury fashion merchandise and experiences. . With over nine million members and approximately 50% of orders generated on its mobile platform, Gilt has cultivated a largely millennial customer base. . The transaction reflects Hudson’s Bay’s ongoing focus on advancing its omni-channel model, while continuing to grow its off- price business through the integration of Gilt with its own Saks OFF 5TH discount retail offering. Ent. Value: $250m EV / Revenue: 0.4x Revenue: $625m EV / EBITDA: N/A

Closed 1/29/2016 comScore’s acquisition of Rentrak . Rentrak is a provider of worldwide consumer viewership information to the entertainment and marketing industries. . Rentrak’s viewer measurement spans 125,000 screens in 25,000 theaters in 64 countries and over 37 million television screens. . The combination of comScore and Rentrak will enhance measurement solutions for the media and advertising industries, gathering consumer data whenever and wherever content is consumed. Ent. Value: $771m EV / Revenue: 7.1x Revenue: $108m EV / EBITDA: NM

PAGE | 5 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

IDM ACQUISITION ACTIVITY – STRATEGIC ACQUIRERS

MOST ACTIVE STRATEGIC ACQUIRERS OF IDM ASSETS BY VOLUME

(Number of Transactions) . The 10 most active strategic IDM 2016 YTD buyers of the past several years 4 2015 have completed a combined 10 acquisitions in 2016 YTD. 7 2014 . Mirroring broader market trends, 2013 1 several otherwise active acquirers in 4 2012 the sector have not yet completed 17 9 2011 an acquisition in 2016. 9 2 1 2 2 . Google continues to lead the pack 4 with four acquisitions in 2016 YTD, 6 2 7 16 7 4 4 including the purchase of work chat 4 2 1 5 3 3 3 startup Pie, as well as YouTube’s 4 4 4 4 5 3 2 purchase of music-sharing platform 2 6 2 2 4 3 1 4 3 1 1 1 3 BandPage. 2 2 1 2 1 1

GLOBAL STRATEGIC ACQUIRER IDM M&A ACTIVITY BY VOLUME

(Number of Transactions) . Despite the perception of a market- wide slowdown in technology M&A, activity among strategic acquirers of IDM assets remained robust, with 193 transactions registered in 1Q 2016, a 13% increase relative to the prior quarter. A preponderance of small-scale . 228 transactions, which are less 206 215 194 193 affected by factors like financing 180 185 189 167 166 164 availability and strategic stock 148 142 prices, continued to drive M&A volume in the sector.

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16

PAGE | 6 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

IDM ACQUISITION ACTIVITY – PRIVATE EQUITY INVESTORS

MOST ACTIVE PRIVATE EQUITY INVESTORS OF NEW IDM PLATFORMS BY VOLUME

(Number of Transactions) 2016 YTD Vista Equity Partners has been the . 2 2015 most active private equity acquirer 3 2014 of new IDM platforms so far in 2016 4 YTD, with three acquisitions, largely 2 1 2013 6 1 2 focused on the eCommerce 2012 sector. 7 7 5 6 2 2011 7 3 . Collectively, the 10 most active 5 1 private equity acquirers of IDM 1 3 5 3 6 3 assets executed 11 acquisitions in 3 2 2016 YTD. 5 0 3 4 5 3 4 Notable transactions include: Vista 3 1 3 . 8 2 Equity Partners’ investment in Vivid 2 7 4 1 1 5 4 5 2 2 Seats and Insight Venture Partners’ 2 pending acquisition of Diligent 1 1 1 1 Corporation.

GLOBAL NEW PLATFORM PRIVATE EQUITY IDM M&A ACTIVITY BY VOLUME

(Number of Transactions) . Private Equity investment in new IDM platforms returned to recent historical medians in 1Q 2016, registering 19 transactions, a decrease of 20% from 4Q 2015 and an 11% increase from 1Q 2015. . The consistency of private equity IDM platform investments indicates the extent to which private investors 28 29 are often insulated from public 24 21 market fluctuations, allowing them 20 19 19 to take a longer term view, 17 17 17 17 particularly with regard to new 12 11 platforms.

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16

PAGE | 7 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

ADTECH & MARKETING SOLUTIONS – M&A MARKET SUMMARY

ADTECH & MARKETING M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . AdTech & Marketing Solutions M&A deal volume slowed to 3.6x 42 deals in 1Q 2015, with 87 strategic deals declining from 61 to 39 from 4Q 2015 to 1Q 76 76 3.0x

2016. 68 2.8x 2.8x 65 2.5x

. The median revenue multiple 57 58 57 2.3x 2.2x 2.1x declined to 1.6x and reflected 51 48 47 1.9x a higher concentration of 45 42 1.7x transactions with modest 1.6x 1.6x 1.6x growth and services oriented business models.

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16

NOTABLE ADTECH & MARKETING SOLUTIONS M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE

. Transaction activity in the Pending Hunan TV & Broadcast Adwo Inc. Develops and operates a mobile advertising platform. $164 4.8x AdTech & Marketing Solutions Pending Spearhead Integrated Marketing Allyes Information Technology Offers digital marketing and internet advertising services. $74 0.3x sector includes many smaller, Pending Metaps Inc. Nextapps Inc. Develops mobile advertising platform application. $35 5.2x private targets, as the industry Pending Quest Ventures Slyce Inc. Provides imaging technology visual search software to enable eCommerce. $84 NM continues to consolidate Pending Oracle Corporation AddThis Operates a social sharing and analytics platform for sharing online content. $175 NA around sector leaders. Pending Telenor ASA Tapad, INC. Provides marketing technology solutions. $379 NA Pending Mediengruppe RTL Deutschland smartclip Holding AG Develops online video marketing space to deliver multiscreen video advertising formats. $56 NA . Examples of larger 04/01/16 Sykes Enterprises, Incorporated Clear Link Technologies, LLC Provides a hosted marketing and data automation platform. $207 1.7x consolidators include IBM and 03/09/16 Web.com Group, Inc. Yodle, Inc. Provides online marketing services to local business owners. $342 1.6x NeuStar, who have collectively 03/08/16 IBM ecx.io Designs commerce and digital marketing services and platforms. NA NA acquired 21 companies in the 03/02/16 Time Inc. Viant Technology Inc. Provides a platform to plan and measure digital media investments. NA NA last 12 months, and six in the 02/09/16 Endurance International Group Constant Contact, Inc. Provides online marketing tools for small businesses, nonprofits, and associations. $932 2.6x last three months. 01/21/16 Adobe Systems Digital Analytix Business Provides solutions to help discover, analyze and communicate key business insights. $45 NA 01/07/16 Fyber GmbH Heyzap Inc. Operates a local services marketplace and consumer review site. $45 NA 12/31/15 Welocalize, Inc. Adapt Worldwide Provides multilingual digital marketing services. NA NA 12/09/15 NeuStar, Inc. MarketShare Partners LLC Provides marketing analytics solutions. NA NA 12/02/15 American Capital Equity BrandMuscle Inc. Provides web-based local marketing software and services. NA NA 11/30/15 Wingify Software Pvt Ltd Navilytics Develops and installs data analysis tools for Websites and Web application owners. NA NA 11/12/15 Sizmek Inc. PointRoll, Inc. Operates a multi-screen digital advertising technology and services company. NA NA 10/22/15 AOL Inc. Millennial Media Inc. Provides mobile advertising solutions to advertisers and developers. NA NA

MEDIAN $124 2.1x

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DATA & INFORMATION SERVICES – M&A MARKET SUMMARY

DATA & INFO SERVICES M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . Data & Information Services

M&A volume was strong in 1Q 65 2016, approaching recent 64 60 60 59 60 highs with 64 transactions 57 58 5.0x 4.6x closed or announced, despite 52 4.5x only five reported Private 4.4x 4.1x 45 44 Equity acquisitions in the 3.7x 41 3.5x 3.5x quarter. 38 3.1x

. Median revenue multiples for 2.7x data-driven businesses 2.3x remained strong at 4.6x. 2.1x

1.6x

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16

NOTABLE DATA & INFO SERVICES M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE

. A significant number of Pending Genscape, Inc. Locus Energy, LLC Provides monitoring software and data analytics for generation systems. NA NA transactions in the Data & Pending Catena Media plc Right Casino Media Limited Operates an online casino comparison website. $9 NA Information Services sector Pending Zillow Group, Inc. Naked Apartments, Inc. Owns and operates a search portal which lists the apartments for sale. $13 NA involved targets with deep Pending LinkedIn Corporation Connectifier, Inc. Online platform for discovering, qualifying, and connecting with candidates. $100 NA and rich data sets in highly Pending Markit Ltd. IHS Inc. Provides information, insights, and analytics. $10,278 4.6x specific verticals like Real 03/14/16 App Annie Inc. AppScotch, Inc. Develops an application marketing/advertisement platform. NA NA Estate and Energy. 02/25/16 Nasdaq, Inc. Marketwire, L.P. Provides news distribution and reporting, social media monitoring, and analytics solutions. $108 NA 02/16/16 REA Group Limited iProperty Group Limited Develops and operates internet-based real estate property portals. $538 29.1x . The merger of IHS and Markit is 02/10/16 IHS Global Inc. Oil Price Information Service, LLC Operates a database of worldwide petroleum pricing and news information. $650 NA a marquee transaction in 1Q 02/04/16 Vencap Technologies, LLC Allant Group Provides cross channel marketing and advertising services. NA NA 2016, and represents both a 01/29/16 comScore, Inc. Rentrak Corporation Operates as a media measurement and advanced consumer targeting company. $771 7.1x logical business combination 01/08/16 Computer Programs & Systems Healthland, Inc. Provides integrated healthcare information technology solutions healthcare providers. $242 NA 12/28/15 IHS Inc. CARPROOF Corporation Collects, compiles, and provides used vehicle history data and reports. $468 NA and the latest example of a 12/04/15 Audi, AG, BMW, Daimler AG HERE Holding Corporation Provides maps and other location content. $3,124 2.9x tax-inversion deal benefitting 11/23/15 LexisNexis Group Inc. Lex Machina, Inc. Operates online database of intellectual-property. NA NA from moving the combined 11/06/15 IBM Cleversafe, Inc. Offers solutions that enable businesses to store, manage, and access data. NA NA company’s headquarters 11/04/15 CEB Canada Inc. Wanted Technologies Corporation Provides real-time business intelligence for the talent marketplace. $32 4.2x overseas. 10/31/15 The Carlyle Group Novetta Solutions, LLC Provides analytics software and solutions for government and commercial enterprises. NA NA 10/13/15 Simply Measured, Inc. DataRank, Inc. Provides an online dashboard for collecting and analyzing online conversations. NA NA 10/01/15 Autobytel Inc. AutoWeb, Inc. Provides automotive search solutions that connect automotive shoppers and sellers. $28 5.8x

MEDIAN $242 5.2x

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ECOMMERCE– M&A MARKET SUMMARY

ECOMMERCE M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . eCommerce M&A volume remained close to 4Q 2015 levels, 64 8.2x with 37 deals closed in the quarter. 7.8x 7.4x The number of reported platform . 53 54 Private Equity transactions 51 52

increased slightly in 1Q 2016 over 46 5.8x 44 5.7x 42 5.5x the prior quarter, growing from 40 5.0x seven to eight deals. 38 37 35 34 4.2x 4.3x . Two of the higher-profile 3.7x eCommerce transactions of the past quarter, Hudson’s Bay’s 2.4x acquisition of Gilt Group and 1.9x Electra Private Equity’s purchase 1.7x of PhotoBox, contributed to a reduction in the overall median to 1.9x. 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16

NOTABLE ECOMMERCE M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE

. Ebates, a subsidiary of Pending MXC Solutions India Pvt. Ltd. CarWale.com Provides an online platform for car buyers and owners. NA NA Rakuten, acquired Shopular, a Pending 7Commerce GmbH eTRAVELi Holding AB Owns and operates an online travel agency for flights. $267 3.5x highly rated geolocation- 04/05/16 Accor S.A. Onefinestay Provides hospitality services for stays in the finest homes. $168 NA based deal discovery app, 03/24/16 Ebates, Inc. Shopular, Inc. Develops a mobile application for shoppers. NA NA mirroring broader sector 03/23/16 Falcon Investment Advisors Clarus Commerce, LLC Develops and markets subscription Websites to save consumers time and money. NA NA interest in the brick-and-mortar 02/01/16 Hudson's Bay Company Gilt Groupe, Inc. Provides an online shopping destination for luxury goods. $250 0.4x market. 01/28/16 Electra Private Equity PhotoBox Limited Provides online digital photo services. $619 1.9x 01/12/16 Vista Equity Partners Vivid Seats Ltd. Sells sports, concerts, and theater events tickets online. NA NA . Vista completed its sixth 12/31/15 Vista Equity Partners MarketLive, Inc. Provides an eCommerce technology platform and services for online retailers. NA NA acquisition in the last six 12/31/15 Vista Equity Partners Shopatron, Inc. Provides cloud-based eCommerce order management solutions. NA NA months with the purchase of 12/29/15 All Web Leads, Inc. Insurancequotes, Inc. Operate as online marketplace for purchasing insurance products and services. $165 NA VividSeats in January. 12/29/15 Gilde Equity Management Baarsma Wine Group Holding Distributes quality wines online. $65 HW&CO. CONFIDENTIAL0.9x 12/14/15 Expedia Inc. HomeAway, Inc. Operates an online vacation rental property marketplace. $3,348 6.9x . Accor’s acquisition of 10/31/15 Pandora Media, Inc. Ticketfly, Inc. Provides a cloud-based integrated social marketing and ticketing platform. $443 6.7x Onefinestay, a booking 09/30/15 Liberty Interactive zulily, Inc. (nka:zulily, llc) Operates as an online retailer. $2,163 1.7x engine for overnights at luxury 09/25/15 Rentrak Corporation SponsorHub, Inc. Operates an online marketplace for the event sponsorship industry. NA NA 09/03/15 Linx Sistemas E Consultoria Ltda. Chaordic Systems S.A. Develops personalization solutions for e-commerce. $15 NA private properties, exemplifies 09/03/15 The Priceline Group Inc. Analytical Systems Pty Ltd Designs and develops restaurant and functions management solutions. NA NA a response by the traditional hotel establishment to recent MEDIAN $259 1.9x industry disruption.

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MEDIA, CONTENT & GAMING – M&A MARKET SUMMARY

MEDIA, CONTENT & GAMING M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

(Number of Transactions) (Enterprise Value / Revenue) . Of the 84 Media, Content &

Gaming transactions closed in 85 84 1Q 2016, only seven were 80 77 Private Equity platform 6.0x

acquisitions. Comparatively, in 68 67 65 5.1x 62 4.8x 2Q 2015, the recent high 61 4.8x 4.7x 58 water mark, 14 of the 85 56 53 50 transactions had Private Equity 3.8x buyers. 3.7x

2.9x . Median reported revenue 2.7x 2.7x multiples in the quarter 2.6x 2.5x remained near recent highs, in 2.0x excess of 5x.

1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 1Q '16

NOTABLE MEDIA, CONTENT & GAMING M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE

. Transactions for companies Pending ChoiceTrade, Inc. Beta Music Group, Inc. Provides a multi-channel platform for sports, health, fitness, and entertainment enthusiasts. NA NA based in Asia, particularly in Pending Huatai Ruilian; Sequoia Capital Momo Inc. Operates as a mobile-based social networking platform in China. $3,118 47.5x the social and gaming sectors, Pending Jukin Media Inc. People Are Awesome Limited Provides an online platform for uploading and viewing stunt videos. NA NA were notably prominent in 1Q Pending New Sports Group Limited Wuxi Xinyou Network Technology Co. Develops online games in China. $143 NA 2016. Pending Shanghai Hongtou Network Jagex Ltd. Develops and publishes free-to-play online games for players around the world. $300 NA Pending Allwin Telecommunication Co. Shanghai Snowfish Tech Co. Develops wireless and mobile games, and operates mobile gaming platform. $285 7.8x . Activision closed its $4.8 billion Pending ASICS Corp. Fitnesskeeper Inc. Develops an application and operates an online community for personal fitness programs. $85 NA acquisition of King Digital, but Pending Snapchat, Inc. Bitstrips Inc. Develops applications that allow people to create avatars and personalized comics. $100 NA the two other multi-billion- 04/05/16 Alibaba Group Youku Tudou Inc. Operates a platform that enables users to share video content. $4,482 4.8x dollar transactions, both of 03/09/16 Facebook, Inc. Masquerade Technologies, Inc. Provides solutions for videoconferencing, utilizing live video for customer interaction. NA NA which were announced in 02/23/16 Activision Blizzard, Inc. King Digital Entertainment plc Produces and distributes digital games on multiple platforms. $4,759 2.3x prior quarters, are still pending. 02/18/16 Fandango Media, LLC Flixster, Inc. Operates an online platform that enables users to discover, watch, and store movies. NA NA 01/20/16 Spotify USA Inc Soundwave Analytics Limited Provides Soundwave, a music analytics application. NA NA . Among strategic acquirers, 01/08/16 Shenzhen MTC Co., Ltd. Funshion Networks Co., Ltd. Operates a rich media streaming and content delivery internet platform. $242 NA many well-known public 01/01/16 Zynga, Inc. Zindagi Games Inc. Develops games for PlayStation and mobile devices. $75 NA companies continued to build 12/23/15 Pandora Media, Inc. Rdio, Inc. Provides online and offline music services. $75 NA 10/31/15 Axel Springer Business Insider, Inc. Operates a business news website for customers. $390 NA out portfolios in the Media, 10/28/15 Match.com Plentyoffish Media Inc. Operates an online dating site for singles and personals. $575 NA Content & Gaming sector, 10/18/15 Time Inc. HelloGiggles.com, LLC Operates an online community for women. $30 NA such as Facebook, Alibaba, MEDIAN $285 6.3x and Zynga.

PAGE | 11 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

SELECT RECENT IDM PRIVATE PLACEMENTS

TOTAL ROUND DATE COMPANY SECTOR ROUND RAISED INVESTORS (CURRENT ROUND) DESCRIPTION SIZE ($M) ($M) Media, Conv ertible Prov ides a digital music-streaming serv ice that giv es on- 03/30/2016 Content & $1,000 $2,058 TPG Capital; Dragoneer Inv estment Group Debt demand access of songs. Gaming

Kleiner Perkins Caufield & Byers; Sequoia Capital; Wellcome 03/22/2016 eCommerce C $127 $187 Prov ides on-demand restaurant food deliv ery serv ices. Trust, Inv estment Div ision; Khosla Ventures; Y Combinator

Data & Prov ides social media analytics software for businesses 02/29/2016 Information Late Stage $20 $38 Sagev iew Capital LP and organizations globally. Serv ices

Data & Accel Partners; Goldman Sachs Group, Merchant Banking Prov ides technology solutions to collect and process 02/22/2016 Information C $40 $76 Div ision; Sapphire Ventures LLC; Salesforce Ventures web data. Serv ices

Media, RRE Ventures LLC; General Catalyst Partners; Lightspeed Prov ides animated graphics interchange formats (GIFs) 02/16/2016 Content & C $55 $81 Venture Partners; CAA Ventures; Lerer Hippeau Ventures; on the Internet. Gaming Betaworks

Data & Goldman Sachs Group, Merchant Banking Div ision; New 02/09/2016 Information C $42 $60 Prov ides social media management software. Enterprise Associates Serv ices

Battery Ventures; New Enterprise Associates; Lightspeed Prov ides a personalized discov ery platform with 01/29/2016 eCommerce D $56 $97 Venture Partners; Bain Capital Ventures; Salesforce applications for organic search, site search, and Ventures content marketing and merchandising.

AdTech & HarbourVest Partners, LLC; Menlo Ventures; Doll Capital Prov ides digital loyalty programs for consumers and 01/22/2016 Marketing C $50 $105 Management; Lightspeed Venture Partners businesses. Solutions

AdTech & Prov ides deep linking, attribution, and analytics Madrona Venture Group; New Enterprise Associates; The 01/22/2016 Marketing B $35 $53 solutions for mobile application dev elopers and Founders Fund; Cowboy Ventures; Pejman Mar Ventures Solutions marketers to gain and retain users.

Media, Prov ides a mobile transit application for New York City, 01/20/2016 Content & B $40 $50 Benchmark Capital; Index Ventures London, Paris, and Berlin. Gaming

Data & Institutional Venture Partners; Sequoia Capital; e.Ventures; Prov ides analytics and market data intelligence tools 01/14/2016 Information Late Stage $63 $156 Greenspring Associates, Inc.; Greycroft Partners LLC and serv ices. Serv ices

Baillie Gifford & Co.; Khazanah Nasional Berhad; Vitruv ian Operates a trav el search site that offers flight search 01/11/2016 eCommerce Late Stage $186 $196 Partners LLP; YJ Capital Inc.; Artemis Inv estment serv ices. Management LLP Note: Financial information presented above represents reported capital raised only. PAGE | 12 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

PUBLIC IDM VALUATION MULTIPLES BY SECTOR

STOCK PERFORMANCE (1- & 3-YEAR) REVENUE MULTIPLE ANALYSIS 1Q 2016 VS. 1Q 2015

39.3% Bellwethers 1Q 2015 1Q 2016 108.7% 15.3x

( 5.1%) Search Portals 51.0%

( 6.8%) Marketing Tech ( 42.2%)

4.5% 6.2x 6.3x Local Online 6.1x 5.9x 19.2% 5.7x 5.0x 4.5x 4.4x 3.9x (2.4%) 3.2x Data Networks 2.7x 3.0x 37.2% 2.6x 2.1x 2.3x 2.2x 1.9x 2.2x 2.1x 1.9x 1.9x 1.8x 1.6x 1.8x 0.8x (8.9%) Community Info (4.3%) Bellwethers Search Marketing Local Data Community Marketplace Travel Promotional Vertical Digital Media Social Media Gaming Portals Tech Online Networks Info eCommerce ( 10.8%) Marketplace 17.3% EBITDA MULTIPLE ANALYSIS 1Q 2016 VS. 1Q 2015 ( 1.3%) Travel 54.8%

( 43.2%) 1Q 2015 1Q 2016 Promotional ( 33.1%)

( 5.3%) Vertical eCommerce 18.8%

( 13.5%) Digital Media 5.1% 35.2x 35.2x 32.5x 31.4x 27.6x 27.3x 27.1x (19.4%) N/A Social Media ( 34.1%) 22.5x 21.1x 18.9x 18.4x 16.9x 18.9x 17.5x 18.4x 16.0x 17.5x 17.9x 14.3x 13.8x 14.7x 14.3x 13.1x 13.9x 13.0x 34.1% Gaming 84.3%

1-Year Performance 3-Year Performance Bellwethers Search Marketing Local Data Community Marketplace Travel Promotional Vertical Digital Media Social Media Gaming Portals Tech Online Networks Info eCommerce

As of March 31, 2016. PAGE | 13 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

KEY METRICS BY SECTOR – COMPARABLE PUBLIC IDM COMPANIES

COMP SET MEDIANS CORRELATION WITH EV / REVENUE MULTIPLE

EV / LTM REVENUE MULTIPLE NTM REVENUE GROWTH NTM EBITDA GROWTH LTM EBITDA MARGIN NTM REVENUE GROWTH NTM EBITDA GROWTH LTM EBITDA MARGIN

Bellwethers 6.1x 18% 22% 20% 62% 82% 83%

Search Portals 5.7x 17% 21% 28% - 78% -

Travel 4.5x 13% (8%) 11% 86% 15% 6%

Social Media 4.4x 27% 66% 11% 71% 10% 80%

Community Info 3.9x 12% 20% 29% 5% 12% 84%

Marketplace 2.6x 22% 7% 22% 63% - 67%

Local Online 2.3x 24% 18% 12% 91% - 93%

Data Networks 2.2x 11% 16% 16% 27% 38% 10%

Marketing Tech 2.1x 21% (3%) ` 9% 67% - 98%

Gaming 1.9x 5% (14%) 15% 46% 45% 67%

Digital Media 1.8x 9% (11%) 17% 57% - 85%

Vertical eCommerce 1.6x 9% 13% 11% 83% - 89%

Promotional 0.8x (4%) 4% 10% 96% - -

As of March 31, 2016. PAGE | 14 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

SUMMARY OF TECHNOLOGY IPOS

RECENT U.S. IPO ACTIVITY (BY OFFERING SIZE)

$0 - 50M $50 - 100M $100 - 250M $250M + . Not a single technology company went public 1Q 2016, representing the fourth 18 quarter since 1993 where technology IPOs 16 have been absent (e.g., 3Q 2002, 1Q 2003, 15 and 1Q 2009). 13 13 . According to Dealogic, the lack of deals in 12 11 11 those three quarters made sense as they were periods of crisis, when stock markets 9 9 were trading at record lows. However, the 8 7 7 lack of activity in 1Q 2016 does not follow 6 any sort of market correction or bubble 5 bursting. In fact, the broader equity markets

3 are trading just shy of their nominal record highs (not adjusted for inflation).

1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 1Q-16

2012 Total: 37 2013 Total: 48 2014 Total: 47 2015 Total: 31

OFFERING SIZE AT IPO (LTM) MARKET CAP AT IPO (LTM) REVENUE GROWTH (1YR PRIOR TO IPO)

All tech IPOs over the last 12 months All tech IPOs over the last 12 months All tech IPOs over the last 12 months

$0 - 50M $50 - 100M $100 - 250M $250M + $0-50M $50-500M $500M-$1B $1B+ < 25% 25 - 75% > 75%

13% 10% 29% 26% 39% 23% 45% 26%

32% 23% 35%

PAGE | 15 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

KEY PERFORMANCE METRICS FOR RECENT IDM IPOS

500.0% 402.7%

400.0%

300.0% Growth

200.0% 151.0% 66.5% 145.9% 100.6% 130.6% 107.0% 101.7% 68.0% 58.1% 61.1% 53.9% 53.3% 100.0% 49.7% 47.3% 23.5% 17.5% % % Revenue 12.5%

0.0%

(100.0%)

125.0%

98.3% 100.0% 84.9% 74.5% 69.8% 75.0% 66.0% 65.9% 53.0% 49.0% 50.0% 32.0% 33.1% 21.9% 25.0% 16.2% 14.7% 14.7% 17.5% 7.4% 9.9% 1.9% 3.3% 0.0% (1.2%) (1.2%) (3.3%) (7.8%) (25.0%) (23.2%) (29.7%)

Stock Performance (36.3%) (33.8%) (50.0%) (41.6%) (44.7%) (45.6%)

(60.0%) (75.0%) (63.8%)

(84.6%) (100.0%)

(125.0%) Circle Size Denotes Revenue ($)

IPO DATE 11/6/13 1/23/14 3/6/14 3/27/14 4/1/14 7/17/14 7/23/14 9/18/14 10/1/14 10/8/14 12/10/14 3/5/15 3/19/15 4/15/15 5/20/15 7/1/15 11/18/15 11/18/15

OFFER PRICE $26.0 $17.0 $16.0 $14.0 $15.0 $7.0 $11.0 $68.0 $29.0 $25.0 $15.0 $11.5 £2.4 $16.0 $17.0 $26.0 $9.0 $12.0

OFFERING SIZE ($M) $1,820.0 $91.0 $168.0 $100.1 $101.6 $43.8 $91.7 $21,767.2 $319.0 $125.0 $870.0 $74.8 £1,386.5 $266.7 $130.9 $192.5 $243.0 $400.0

OFFER TO CURRENT (36.3%) (63.8%) (33.8%) (60.0%) 21.9% 84.9% 1.9% 16.2% 49.0% 74.5% (44.7%) (84.6%) 66.0% (45.6%) 65.9% (3.3%) 69.8% (7.8%)

As of March 31, 2016. PAGE | 16 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

DEBT MARKET OVERVIEW

MIDDLE MARKET LBO LOAN MULTIPLES MIDDLE MARKET LBO VOLUME BY QUARTER

Defined as Issuers with EBITDA of $50 Million or Less Defined as Issuers with EBITDA of $50 Million or Less . Middle market LBO loan multiples FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA Institutional Pro Rata tightened in 1Q 2016.

. Middle market LBO $2.0B $2.0B 5.6x $1.9B loan volumes 5.3x 5.3x $1.8B increased in 1Q 2016, 4.7x 4.7x 4.8x but remained below 4.5x 4.5x 4.4x $1.6B 4.3x 4.2x 4.3x $1.5B the average levels 4.1x 4.0x 3.8x 3.8x experienced during $1.2B $1.2B the past few years. 3.4x 3.3x $1.0B $0.9B $0.7B $0.6B$0.7B

$0.4B

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q'16 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16

LBO LOAN VOLUME BY INDUSTRY MEDIAN LBO DEBT PERCENTAGES

Percentage of Total Purchase Price . Technology 2015 New-Issue LBO Loan Volume: $5.5 billion companies were the largest recipients of Technology 29.3% 66% LBO loans in 2015. 63% 60% 60% 60% Services & Leasing . Lenders, however, 23.1% 57% 58% continue to demand higher equity Healthcare 13.2% contributions from 55% sponsors as evidenced Manufacturing & 45% 50% by the decline in debt Machinery 7.6% as percentage of total purchase price to a Printing & Publishing 4.8% nine-year low of 45%. Retail 4.7%

Other 17.4%

2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016

PAGE | 17 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

SELECT HW&CO. TMT TRANSACTIONS

has received an has been has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by investment from recapitalized by

APPLICATION ERP / BUSINESS SUPPLY CHAIN DATA INFRASTRUCTURE DIGITAL HEALTHCARE ENERGY HEALTHCARE EDUCATION SOFTWARE MANAGEMENT SOFTWARE ANALYTICS SOFTWARE MEDIA TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY

has received a has received a minority has been acquired by has been acquired by has been acquired by has been acquired by has merged with has been acquired by significant equity has been acquired by has been acquired by equity investment from investment from GFI Energy Group a division of

HEALTHCARE MARKETING REAL ESTATE MARKETING DIGITAL ERP / BUSINESS ERP / BUSINESS HEALTHCARE ENERGY IT TECHNOLOGY TECHNOLOGY SOFTWARE ANALYTICS MEDIA MANAGEMENT MANAGEMENT TECHNOLOGY TECHNOLOGY SERVICES

has received a minority has been has been acquired by has acquired has been acquired by has been acquired by has been acquired by has merged with has been acquired by has been acquired by equity investment from recapitalized by

FINANCIAL HEALTHCARE HEALTHCARE ENERGY INFRASTRUCTURE INFRASTRUCTURE SUPPLY CHAIN HEALTHCARE SUPPLY CHAIN HEALTHCARE TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY SOFTWARE SOFTWARE SOFTWARE TECHNOLOGY SOFTWARE TECHNOLOGY

MANAGED LEGAL HEALTHCARE HEALTHCARE FINANCIAL HEALTHCARE NON-PROFIT NON-PROFIT INFRASTRUCTURE HEALTHCARE SERVICES TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY SOFTWARE SOFTWARE SOFTWARE TECHNOLOGY

has received a has become a wholly- has received a has received a minority has received a has been acquired by has been acquired by has been acquired by majority investment has been acquired by has been acquired by owned subsidiary of majority equity investment from significant investment from investment from from

ECOMMERCE EDUCATION ENERGY HEALTHCARE MARKETING PUBLIC SECTOR HCM ENERGY TECH-ENABLED MARKETING RETAIL TECHNOLOGY TECHNOLOGY TECHNOLOGY ANALYTICS SOFTWARE SOFTWARE TECHNOLOGY SERVICES ANALYTICS

PAGE | 18 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY UNIVERSE

Internet Bellwethers Alphabet Facebook Amazon.com Yahoo!

Adv ertising Networks / Search Portals Alphabet Baidu, Inc. Yahoo! Yahoo! Japan Nav er Yandex N.V. & &

Marketing Technology Adobe Criteo SA HubSpot Marketo The Rubicon Project TubeMogul Bazaarv oice QuinStreet Rocket Fuel Solutions

AdTech Endurance Marketing Marketing Local Online Adv ertising GoDaddy Web.com Wix.com Tucows Marchex International

Proprietary Data Networks Alliance Data comScore Acxiom Neustar YouGov Plc

Community Based Information Serv ices CoStar Group Rightmov e Auto Trader Zillow Group Autohome Moneysupermarket 51job Yelp Bankrate Angie's List Data & Data

Services Community Based Information Serv ices

Information Information DHI Group Monster Worldwide Care.com (cont'd)

Marketplace Amazon.com Alibaba Group JD.com eBay Rakuten QVC Group 58.com Mercadolibre Wayfair LendingClub

Marketplace (cont'd) Shopify Cnov a N.V. Ov erstock.com

Trav el Priceline Ctrip.com Expedia TripAdv isor MakeMyTrip Trav elzoo

Quotient Flash Sales / Promotional / Coupons Groupon RetailMeNot

Technology eCommerce Vertical eCommerce Cimpress GrubHub Stamps.com Shutterfly Shutterstock Etsy 1-800-Flowers.com Chegg PetMed Express Blue Nile

Vertical eCommerce (cont'd) eHealth

Digital Media & Online Content Tencent IAC SINA Corporation WebMD Health Pandora Media Sohu.com XO Group TechTarget Blucora Townsquare

Digital Media & Online Content (cont'd) Ev eryday Health Demand Media

Social Media Facebook LinkedIn Twitter Weibo Match Group Momo Spark

Gaming Take-Two Gaming Activ ision Blizzard Electronic Arts NetEase Nintendo Ubisoft Zynga Gree GameLoft iDreamSky

Interactiv e Media / Content / / Content / Media Gaming (cont'd) Glu Mobile

PAGE | 19 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. LTM EBITDA Earnings

INTERNET BELLWETHERS Internet Alphabet Inc. GOOGL $454,639 $518,91794.1%38.8%90.4%13.6% 15.3%32.6%6.1x5.2x18.6x 31.7x Bellwethers Facebook, Inc. FB 316,575334,69497.0%39.7%346.9%43.8% 42.9%46.0%17.7x12.4x38.4x 90.8x Advertising Amazon.com, Inc. AMZN 277,250279,51185.2%60.3%126.9%20.2% 21.6%7.4%2.6x2.1x35.2x NM Networks / Yahoo! Inc. YHOO 30,29734,85279.7%(16.6%)56.6%7.6% (13.4%)6.7%6.1x8.6x NMNM Search Portals Median $296,912 $307,10289.7%39.3%108.7% 16.9% 18.5%20.0%6.1x6.9x35.2x 61.2x Marketing Technology ADVERTISING NETWORKS / SEARCH PORTALS

Alphabet Inc. GOOGL $454,639 $518,917 94.1% 38.8% 90.4% 13.6% 15.3% 32.6% 6.1x 5.2x 18.6x 31.7x Local Online Advertising Baidu, Inc. BIDU 61,606 66,057 85.2% (9.6%) 119.3% 35.3% 21.0% 23.6% 6.0x 5.0x 25.5x 12.7x Yahoo! Inc. YHOO 30,297 34,852 79.7% (16.6%) 56.6% 7.6% (13.4%) 6.7% 6.1x 8.6x NM NM Proprietary Data Yahoo Japan Corporation TSE:4689 20,240 24,268 83.0% 5.1% (4.0%) 36.6% 52.2% 37.0% 4.0x 2.6x 10.7x 15.6x Networks Nav er Corporation KOSE:A035420 15,233 16,328 92.3% (7.4%) 45.3% 17.9% 17.1% 28.0% 5.4x 4.6x 19.4x 37.0x Yandex N.V. YNDX 4,688 4,895 71.7% (2.9%) (33.0%) 17.8% 16.1% 28.2% 5.3x 4.5x 18.9x 36.4x Community Median $25,269 $29,560 84.1% (5.1%) 51.0% 17.8% 16.6% 28.1% 5.7x 4.8x 18.9x 31.7x Based Info Services

MARKETING TECHNOLOGY Marketplace

Adobe Systems Incorporated ADBE $44,739 $46,920 95.7% 25.0% 116.2% 19.1% 21.5% 27.2% 8.8x 7.7x 32.5x 58.7x Criteo SA CRTO 2,250 2,588 72.3% 3.4% NA 33.9% 36.2% 8.6% 4.3x 3.1x 19.7x 43.5x Travel HubSpot, Inc. HUBS 1,410 1,514 72.6% 10.0% NA 57.0% 37.8% NM 7.8x 5.6x NM NM Marketo, Inc. MKTO 769 869 57.6% (22.5%) NA 40.0% 30.0% NM 3.7x 2.8x NM NM Flash Sales / The Rubicon Project, Inc. RUBI 723 862 95.2% 4.9% NA 98.3% 29.1% 7.7% 2.9x 2.5x 38.0x NM Promotional / TubeMogul, Inc. TUBE 381 460 72.8% (6.8%) NA 58.2% 25.3% NM 2.1x 1.7x NM NM Coupons Bazaarv oice, Inc. BV 204 256 48.0% (45.7%) (56.3%) 6.1% 3.6% NM 1.0x 1.0x NM NM QuinStreet, Inc. QNST 119 155 50.1% (42.5%) (42.2%) 3.0% 9.9% NM 0.4x 0.4x NM NM Vertical eCommerce Rocket Fuel Inc. FUEL 143 137 32.6% (66.6%) NA 13.0% (2.4%) NM 0.3x 0.3x NM NM Median $723 $862 72.3% (6.8%) (42.2%) 33.9% 25.3% 8.6% 2.9x 2.5x 32.5x 51.1x Digital Media & Online Content LOCAL ONLINE ADVERTISING

GoDaddy Inc. GDDY $3,174 $2,195 91.5% 23.6% NA 15.9% 14.3% 8.1% 2.0x 1.7x 24.3x NM Social Media Endurance International Group Holdings, Inc.EIGI 2,521 1,448 40.4% (46.4%) NA 17.7% 59.0% 24.7% 3.4x 2.1x 13.8x NM Web.com Group, Inc. WEB 1,376 972 76.1% 1.8% 19.2% (0.1%) 35.1% 20.4% 2.5x 1.8x 12.4x 10.8x Wix.com Ltd. WIX 695 805 70.8% 6.9% NA 43.5% 34.0% NM 3.4x 2.5x NM NM Gaming Tucows Inc. TCX 239 240 69.7% 18.2% 220.7% 17.1% 14.0% 12.0% 1.4x 1.2x 11.5x 21.1x Marchex, Inc. MCHX 89 198 83.6% 2.1% 6.0% (17.6%) (1.0%) 1.3% 0.6x 0.6x 47.2x 7.4x Median $1,035 $888 73.5% 4.5% 19.2% 16.5% 24.2% 12.0% 2.3x 1.8x 13.8x 10.8x

As of March 31, 2016. PAGE | 20 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

PROPRIETARY DATA NETWORKS Internet Alliance Data Systems Corporation ADS $29,226 $13,049 70.5% (25.3%) 37.2% 21.4% 10.9% 23.4% 8.7x 4.1x 19.4x 21.9x Bellwethers comScore, Inc. SCOR 1,588 1,702 46.2% (41.6%) 82.5% 12.1% 41.5% 10.1% 4.3x 3.0x 42.8x NM Advertising Acxiom Corporation ACXM 1,681 1,666 91.5% 17.3% 6.6% 20.6% (17.8%) 16.2% 1.6x 1.9x 9.9x NM Networks / NeuStar, Inc. NSR 2,329 1,323 75.3% (2.4%) (45.4%) 9.0% 18.1% 38.1% 2.2x 1.9x 5.8x 7.5x Search Portals YouGov plc AIM:YOU 191 206 87.8% 7.7% 81.2% 14.8% 10.7% 9.1% 1.7x 1.5x 18.4x 30.5x Median $1,681 $1,666 75.3% (2.4%) 37.2% 14.8% 10.9% 16.2% 2.2x 1.9x 18.4x 21.9x Marketing Technology

COMMUNITY BASED INFORMATION SERVICES Local Online Advertising CoStar Group Inc. CSGP $6,051 $6,118 84.2% (4.8%) 74.7% 23.6% 17.6% 12.8% 8.5x 7.2x NM NM Rightmov e plc LSE:RMV 5,708 5,726 98.8% 35.0% 123.6% 15.0% 12.0% 71.9% 21.1x 18.8x 29.3x 35.5x Proprietary Data Auto Trader Group plc LSE:AUTO 6,270 5,623 85.7% 46.2% NA 16.1% 9.6% 56.6% 16.6x 14.8x 29.3x 61.5x Networks Zillow Group, Inc. ZG 4,269 4,559 72.0% (21.2%) 44.9% 97.8% 24.2% NM 6.6x 5.3x NM NM Autohome Inc. ATHM 2,534 3,166 49.4% (36.5%) NA 62.4% 84.1% 36.3% 4.7x 2.6x 13.1x 20.8x Community Based Info Moneysupermarket.com Group PLC LSE:MONY 2,484 2,508 83.2% 15.4% 51.7% 13.5% 7.0% 36.5% 6.3x 5.8x 17.1x 26.8x Services 51job Inc. JOBS 1,238 1,829 82.1% (4.8%) 4.6% 12.2% 12.7% 30.3% 3.9x 3.4x 12.9x 19.2x Yelp Inc. YELP 1,141 1,512 37.9% (56.3%) (13.1%) 45.6% 25.7% 0.0% 2.1x 1.7x NM NM Marketplace Bankrate, Inc. RATE 954 893 58.0% (18.6%) (23.0%) 5.8% (1.8%) 29.1% 2.6x 2.6x 8.9x NM Angie's List, Inc. ANGI 476 473 71.8% 42.6% (59.4%) 9.2% 2.1% 6.3% 1.4x 1.4x 22.1x 46.2x DHI Group, Inc. DHX 490 423 77.0% (8.9%) (18.2%) (1.1%) (5.5%) 24.8% 1.9x 2.0x 7.6x NM Travel Monster Worldwide, Inc. MWW 324 293 39.6% (47.8%) (32.6%) (8.1%) (2.7%) 14.1% 0.5x 0.5x 3.5x 4.0x Care.com, Inc. CRCM 138 200 82.1% (14.3%) NA 25.3% 14.6% NM 1.0x 0.9x NM NM Flash Sales / Median $1,238 $1,829 77.0% (8.9%) (4.3%) 15.0% 12.0% 29.1% 3.9x 2.6x 13.1x 26.8x Promotional / Coupons

MARKETPLACE Vertical Amazon.com, Inc. AMZN $277,250 $279,511 85.2% 60.3% 126.9% 20.2% 21.6% 7.4% 2.6x 2.1x 35.2x NM eCommerce Alibaba Group Holding Limited BABA 193,734 198,557 83.1% (4.0%) NA 33.3% 24.2% 34.1% 13.3x 10.3x 39.1x 18.7x JD.com, Inc. JD 34,155 36,331 69.7% (9.3%) NA 57.6% 41.3% NM 1.2x 0.9x NM NM Digital Media & Online Content eBay Inc. EBAY 27,911 27,263 35.8% (58.2%) (57.2%) (2.3%) 1.6% 34.3% 3.2x 3.2x 9.5x 15.8x Rakuten, Inc. TSE:4755 13,755 13,764 45.3% (44.3%) (2.7%) 19.2% 13.4% 22.0% 2.1x 1.8x 9.6x 37.2x QVC Group QVCA 18,722 12,527 79.9% (12.4%) NA (8.6%) 15.4% 19.9% 2.0x 1.8x 10.2x 19.6x Social Media 58.com Inc. WUBA 7,713 7,876 66.5% 8.1% NA 169.8% 76.4% NM 10.8x 6.1x NM NM Mercadolibre, Inc. MELI 5,131 5,204 76.8% (4.9%) 20.4% 17.1% 7.6% 27.4% 7.9x 7.3x 28.7x 49.2x Wayfair Inc. W 3,261 3,647 76.0% 37.8% NA 70.6% 48.9% NM 1.4x 1.0x NM NM Gaming LendingClub Corporation LC 6,683 3,166 41.8% (56.5%) NA 103.6% 71.9% NM 16.0x 9.1x NM NM Shopify Inc. SHOP 2,075 2,266 67.0% NA NA 95.4% 60.1% NM 10.1x 6.3x NM NM Cnov a N.V. CNV 1,042 1,324 43.9% (51.8%) NA (1.5%) (3.5%) NM 0.3x 0.3x NM NM Ov erstock.com Inc. OSTK 207 364 55.5% (40.2%) 17.3% 10.7% NA 0.7% 0.1x NA 18.4x NM Median $7,713 $7,876 67.0% (10.8%) 17.3% 20.2% 21.6% 22.0% 2.6x 2.7x 18.4x 19.6x

As of March 31, 2016. PAGE | 21 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

TRAVEL Internet The Priceline Group Inc. PCLN $67,464 $63,954 87.3% 12.1% 85.3% 9.3% 16.4% 38.0% 7.3x 6.3x 19.2x 25.1x Bellwethers Ctrip.com International Ltd. CTRP 23,432 19,928 77.2% 50.6% 317.7% 48.3% 84.5% 6.5% 14.3x 7.5x NM 51.6x Advertising Expedia Inc. EXPE 18,879 16,236 76.7% 14.5% 78.2% 15.8% 32.6% 11.0% 2.8x 2.1x 25.8x 21.2x Networks / TripAdv isor Inc. TRIP 9,284 9,660 70.7% (19.2%) 28.6% 19.7% 9.1% 18.8% 6.2x 5.7x 33.2x 48.8x Search Portals MakeMyTrip Limited MMYT 679 763 75.2% (18.5%) 31.4% 5.1% 3.3% NM 2.3x 2.2x NM NM Trav elzoo Inc. TZOO 88 118 56.8% (14.8%) (61.8%) (7.5%) (1.9%) 6.8% 0.6x 0.6x 9.1x 10.9x Marketing Technology Median $14,081 $12,948 76.0% (1.3%) 54.8% 12.5% 12.7% 11.0% 4.5x 3.9x 22.5x 25.1x

Local Online FLASH SALES / PROMOTIONAL / COUPONS Advertising Groupon, Inc. GRPN $1,547 $2,342 52.9% (43.2%) (33.1%) 2.5% (3.6%) 2.1% 0.5x 0.5x 23.9x NM Quotient Technology Inc. QUOT 712 872 72.3% (11.7%) NA 7.0% 8.7% NM 3.0x 2.8x NM NM Proprietary Data Networks RetailMeNot, Inc. SALE 203 390 36.9% (54.5%) NA (5.9%) (6.1%) 17.3% 0.8x 0.9x 4.7x 32.9x

Median $712 $872 52.9% (43.2%) (33.1%) 2.5% (3.6%) 9.7% 0.8x 0.9x 14.3x 32.9x Community Based Info Services Vertical eCommerce Cimpress N.V. CMPR $3,530 $2,842 95.9% 4.3% 139.4% 13.9% 13.3% 13.1% 2.2x 2.0x 16.9x 38.8x Marketplace GrubHub Inc. GRUB 1,815 2,125 53.0% (43.6%) NA 42.5% 26.0% 24.7% 5.0x 4.0x 20.3x 55.8x Stamps.com Inc. STMP 1,864 1,776 85.9% 60.2% 326.1% 45.3% 41.5% 30.0% 8.7x 6.2x 29.0x NM Shutterfly, Inc. SFLY 1,687 1,616 94.4% 2.9% 7.1% 15.0% 8.7% 10.8% 1.6x 1.5x 14.7x NM Travel Shutterstock, Inc. SSTK 1,008 1,296 49.4% (46.5%) (14.7%) 29.6% 18.4% 13.0% 2.4x 2.0x 18.2x 66.3x Etsy, Inc. ETSY 701 980 24.3% NA NA 39.8% 24.6% 4.7% 2.6x 2.1x NM NM Flash Sales / Promotional / 1-800-Flowers.com Inc. FLWS 526 510 59.3% (33.0%) 61.5% 13.3% 4.1% 6.8% 0.5x 0.4x 6.6x 14.2x Coupons Chegg, Inc. CHGG 316 401 50.5% (42.6%) NA (1.1%) (20.1%) 0.9% 1.0x 1.3x NM NM PetMed Express, Inc. PETS 298 361 95.6% 10.2% 30.5% 0.5% 0.1% 14.1% 1.3x 1.3x 9.2x 18.0x Vertical Blue Nile Inc. NILE 212 298 65.9% (11.6%) (24.0%) 1.4% (1.0%) 3.6% 0.4x 0.4x 12.3x 28.3x eCommerce eHealth, Inc. EHTH 108 170 55.9% 0.9% (46.9%) 5.5% 4.3% 3.0% 0.6x 0.5x 19.2x NM Median $701 $980 59.3% (5.3%) 18.8% 13.9% 8.7% 10.8% 1.6x 1.5x 16.9x 33.5x Digital Media & Online Content

Social Media

Gaming

As of March 31, 2016. PAGE | 22 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

APPENDIX: INTERNET & DIGITAL MEDIA SECTOR PUBLIC COMPANY METRICS

DIGITAL MEDIA & ONLINE CONTENT Internet Tencent Holdings Limited SEHK:700 $186,752 $188,719 92.6% 7.0% 221.2% 30.3% 31.2% 41.7% 12.3x 9.0x 28.2x 42.5x Bellwethers IAC IAC 4,620 3,911 55.6% (29.9%) 7.2% 3.9% 4.2% 11.9% 1.4x 1.4x 12.0x 32.7x Advertising SINA Corporation SINA 2,056 3,295 77.3% 47.0% (1.7%) 14.6% 6.1% 6.5% 2.3x 2.2x 35.8x NM Networks / WebMD Health Corp. WBMD 2,414 2,252 99.2% 42.4% 157.6% 9.6% 9.5% 23.0% 3.8x 3.5x 16.5x 35.2x Search Portals Pandora Media, Inc. P 1,902 2,038 39.6% (43.9%) (34.5%) 26.4% 21.5% NM 1.6x 1.3x NM NM Sohu.com Inc. SOHU 1,343 1,916 69.0% (7.8%) 3.0% 15.8% (2.9%) 18.6% 0.8x 0.7x 3.7x NM Marketing Technology XO Group Inc. XOXO 316 405 89.6% (9.3%) 60.5% (1.4%) 10.0% 14.2% 2.2x 2.0x 15.7x 74.1x TechTarget, Inc. TTGT 214 239 61.6% (35.5%) 61.7% 5.3% 9.0% 15.7% 1.9x 1.8x 12.2x 33.3x Local Online Blucora, Inc. BCOR 732 213 31.0% (62.9%) (66.7%) 13.5% 3.5% 19.3% 6.2x 1.6x 32.3x NM Advertising Townsquare Media, Inc. TSQ 756 200 78.2% (14.0%) NA 18.0% 20.3% 21.2% 1.7x 1.4x 8.1x 20.4x Ev eryday Health, Inc. EVDY 265 184 39.3% (57.0%) NA 25.9% 10.9% 10.4% 1.1x 1.0x 11.0x NM Proprietary Data Demand Media, Inc. DMD 61 100 72.6% (13.0%) (88.2%) (26.9%) 7.6% NM 0.5x 0.5x NM NM Networks Median $1,050 $1,160 70.8% (13.5%) 5.1% 14.1% 9.3% 17.2% 1.8x 1.5x 13.9x 34.2x Community Based Info Services SOCIAL MEDIA

Facebook, Inc. FB $316,575 $334,694 97.0% 39.7% 346.9% 43.8% 42.9% 46.0% 17.7x 12.4x 38.4x 90.8x Marketplace LinkedIn Corporation LNKD 13,137 15,103 42.9% (54.0%) (34.1%) 34.8% 22.9% 8.3% 4.4x 3.6x NM NM Twitter, Inc. TWTR 9,567 11,459 30.9% (67.2%) NA 58.1% 33.4% NM 4.3x 3.2x NM NM Weibo Corporation WB 3,381 3,709 86.7% 38.3% NA 43.0% 27.2% 12.7% 7.1x 5.6x NM NM Travel Match Group, Inc. MTCH 3,886 2,746 69.2% NA NA 14.9% 20.1% 24.0% 3.8x 3.2x 15.8x 22.8x

Momo Inc. MOMO 1,332 1,801 56.5% 6.1% NA 199.4% 57.3% 9.2% 9.9x 6.3x NM NM Flash Sales / Spark Networks, Inc. LOV 51 57 43.5% (44.9%) (68.2%) (21.9%) (10.6%) 0.4% 1.1x 1.2x NM NM Promotional / Coupons Median $3,886 $3,709 56.5% (19.4%) (34.1%) 43.0% 27.2% 10.9% 4.4x 3.6x 27.1x 56.8x

Vertical eCommerce GAMING

Activ ision Blizzard, Inc. ATVI $27,120 $24,872 84.7% 50.9% 134.3% 5.8% 36.3% 30.4% 5.8x 4.3x 19.1x 27.9x Digital Media & Online Content Electronic Arts Inc. EA 17,559 20,448 85.9% 15.4% 269.0% (4.0%) 4.8% 22.0% 4.1x 3.8x 18.6x 31.4x NetEase, Inc. ntes 15,177 18,769 77.0% 34.1% 160.7% 94.7% 52.3% 32.7% 4.3x 2.9x 13.2x 18.1x Nintendo Co. Ltd. tse:7974 9,061 17,106 61.4% (4.5%) 34.3% 3.3% (7.3%) 8.3% 1.9x 2.0x 22.7x 89.8x Social Media Ubisoft Entertainment SA ENXTPA:UBI 3,646 3,463 96.8% 70.8% 189.9% (0.9%) (5.4%) NM 2.7x 1.6x NM NM Take-Two Interactiv e Software Inc. TTWO 2,472 3,195 99.3% 51.8% 137.1% 36.7% (8.9%) NM 1.8x 1.4x NM NM Zynga, Inc. ZNGA 980 1,968 73.0% (18.3%) (27.8%) 10.8% (2.0%) NM 1.3x 1.3x NM NM Gaming Gree, Inc. TSE:3632 608 1,293 70.2% (20.4%) (53.6%) (25.0%) (22.1%) 24.8% 0.8x 1.0x 3.4x NM GameLoft S.E. ENXTPA:GFT 685 727 98.4% 62.7% 29.9% 12.7% 5.8% 2.9% 2.3x 2.2x NM NM iDreamSky Technology Limited DSKY 534 633 93.6% 99.7% NA 80.4% 72.7% 1.3% 1.9x 1.5x NM 31.2x Glu Mobile, Inc. GLUU 192 373 40.1% (43.8%) 2.9% 12.0% 8.7% 2.5% 0.8x 0.7x 30.8x NM Median $2,472 $3,195 84.7% 34.1% 84.3% 10.8% 4.8% 15.2% 1.9x 1.6x 18.9x 31.2x

As of March 31, 2016. PAGE | 23 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 1Q 2016

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HARRIS WILLIAMS & CO.

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