Marketing, Media, and Technology Industries

1H13

M&A and Investments Review Deal Marketing, Media, and Technology Notes Industries

1H13 Review of M&A and Investment Activity in the Overview 1 Marketing, Media, and Technology Industries: Segment Analysis 1,303 Transactions Totaling a Reported Digital Media/Commerce 5 Digital Advertising 6 $30.4 Billion Marketing Technology 7 Agency & Marketing Services 8 Digital Media/Commerce and Marketing Technology were Traditional Media 9 the Most Active Segments in 1H13 with a Combined Total of 863 Transactions Recent Transactions 10 Traditional Media was the Highest Value Segment with About Petsky Prunier 11 $11.6 Billion in Reported Deal Value

During the first half of 2013, Petsky Prunier tracked 1,303 M&A and investment transactions for a total of $30.4 billion across five broad segments: Digital Media/Commerce, Digital Advertising, Marketing Technology, Agency & Marketing Services, and Traditional Media. Digital Media/Commerce and Marketing Technology were the most active segments with 442 and 421 transactions announced, respectively. Together, there was $16.8 billion in deal value reported in the segments – 55 percent of the total. Traditional Media accounted for the highest reported value, totaling $11.6 billion. Note, three mega transactions announced during the half year were excluded from the analysis to limit comparative distortions: Liberty Global’s $24.3 billion purchase of Virgin Media, the $16.7 billion acquisition by Comcast of its remaining 49 percent stake in NBCUniversal from General Electric, and Vodafone’s $14 billion take-private of Kabel Deutschland. [continued on page 2]

Marketing,MARKETING, Media, and MEDIA, Technology TECHNOLOGY IndustriesAND SERVICE INDUSTRIES! Marketing, Media, and Technology Industries MARKETING, MEDIA, TECHNOLOGY AND SERVICE INDUSTRIES! 1H12Marketing,Marketing, M&A AND Media, Media, INVESTMENT and & Technology Technology Industries Industries ACTIVITY ! M&A2Q12-2Q13 AND INVESTMENT M&A and ACTIVITY:Investment 1Q11 Activity - 2Q12 ! MARKETING,Marketing, MEDIA, Media, TECHNOLOGY and Technology AND SERVICE Industries INDUSTRIES 2Q12–2Q131Q12-1Q13 M&A M&A and($ and in Millions)Billions) InvestmentInvestment! Activity Activity 1H13 M&A and Investment Activity ($ in Billions) 2Q121H13 M&A M&A AND and INVESTMENT Investment Activity ACTIVITY ($ in Billions) ($ in Millions) ($($ in Millions)

26% Traditional Media DOLLAR VALUE $11,621

$52.6

NBC Digital Media/ Universal/ Commerce Comcast $7,964 $34.8 $32.7 Virgin $27.3 Agency & $24.9 Media/ Vodafone/ Liberty Kabel Marketing Services Global Deutschland $486

Digital Advertising $1,487 Marketing DEAL Technology VOLUME 817 758 807 634 669 $8,862

2Q12 3Q12 4Q12 1Q13 2Q13 *Aggregate totals do not include Liberty Global's acquisition of Virgin Media, Comcast's acquisition *Aggregateof its remaining totals do 49 not percent include stake Liberty in NBCUniversal, Global's or acquisition Vodafone's acquisition of Virgin of Media Kabel Deutschlandor Comcast's acquisition of NBCUniversal News Group Securities offered through Petsky Prunier Securities, LLC 1 Deal Notes First Half 2013

M&A Activity

Acquisitions accounted for 46 percent of total transactions and 61 percent Adobe’s $600 million acquisition of NeoLane, which offers solutions of reported value in 1H13. Digital Media/Commerce was the most active that help companies manage their marketing across channels M&A segment with 155 acquisitions announced, of which 36 had an aggregate reported value of $3.7 billion. Thirty percent of activity in There were 124 acquisitions announced in the Traditional Media segment, the segment was in the eCommerce subsegment, with 46 announced of which 30 were worth $7.3 billion in aggregate reported value, excluding acquisitions, of which 11 had reported value totaling $329 million. the three mega deals cited previously. Twenty-six acquisitions were Compared to 2H12, acquisition activity in the Mobile Content/Apps announced in the Broadcast Television and Cable & Satellite Television and Social Media/Apps subsegments increased 44 percent and 22 percent, subsegments, of which 11 were reported at $4.2 billion in aggregate value. respectively, with a combined total of 69 control transactions announced Deals announced in the segment included: worth $2.5 billion in reported value. Notable transactions announced included: Gannett’s $2.1 billion take-private of broadcaster Belo Onex Corporation’s $950 million purchase of Nielsen Holdings’ Yahoo’s $1.1 billion acquisition of Tumblr, which offers a social tradeshow unit, Nielsen Expositions, which produces tradeshows blogging service, along with its acquisitions of UK-based mobile news and conferences in markets including general merchandise, sports, gather and delivery app Summly for $30 million, social bookmarking hospitality, and retail design start-up Snip.it for $10 million, mobile venue-recommendation app Kroenke Sports Enterprises’ $214 million acquisition of Outdoor company Alike, personalized recommendation app company Jybe, Channel Holdings, which offers programming that captures the and mobile app developer GhostBird Software. Yahoo also acquired hunting, fishing, shooting, adventure, and Western lifestyle, at 2.7x mobile gaming companies Loki Studios and GxYz, for a total of eight revenue and 34.4x EBITDA acquisitions announced in the Digital Media/Commerce segment Sinclair Broadcast Group’s $370 million acquisition of 18 television during the first six months of 2013 stations from Barrington Broadcast Group and its $354 million Google’s acquisition of Israel-based Waze, which operates a social traffic acquisition of Fisher Communications, a television and radio and navigation app, reportedly valued at more than $1 billion broadcasting company, at 2.1x revenue and more than 11.3x EBITDA Amazon’s $150 million acquisition of Goodreads, which offers an online book discovery platform to a community of highly-engaged Within the Digital Advertising segment, there were 72 acquisitions readers announced, of which eight were reported at $508 million in aggregate LinkedIn’s $90 million acquisitions of news-reading mobile app Pulse value. Digital Promotion/Coupon was a leading M&A subsegment with and social polling app Maybe 10 deals announced. The Vertical Search and Local Search subsegments together accounted for 26 percent of deals announced during 1H13, with Marketing Technology accounted for one-quarter of M&A activity during 19 acquisitions, compared to 15 in 2H12. Digital Video was the highest 1H13, with 147 transactions announced, of which 30 were reported at reported value subsegment due to Baidu’s $370 million acquisition of $6.7 billion in aggregate value. Analytics/Reporting was the most active PPStream, a China-based online video services provider. Additional Digital subsegment with 21 control deals announced, up from 10 in 2H12, Advertising acquisitions included: followed by Content Management with 16. There were 26 acquisitions announced by cloud-based marketing technology companies, including: JPMorgan Chase’s $35 million acquisition of daily deals start-up Bloomspot, which partners with restaurants, spas, resorts, and other Salesforce.com’s $2.5 billion acquisition of marketing execution businesses to deliver offers to consumers in New York, Chicago, and company ExactTarget, which provides cross-channel, digital marketing other cities SaaS solutions, valuing the company at 7.4x revenue Gilt Group’s divestiture of Jetsetter, which operates a private online SAP’s acquisition of Germany-based Hybris, a vendor of cloud-based, community to help travelers discover and purchase vacations, to multi-channel communication and commerce software solutions, TripAdvisor in a deal reportedly valued at more than $30 million reportedly valued at $1.5 billion

1H13 Most Active Strategic Buyers by Number of Transactions

Number of Buyer Transactions Representative Targets Yahoo 8 Alike, GhostBird Software, GoPollGo, Jybe, Loki Studios, MileWise, Summly, Tumblr Omnicom 5 Brandzeichen, Capstret, Conultech, justONE, Magnon Group TripAdvisor 5 CruiseWise, GateGuru, Jetsetter, Niumba.com, Tiny Post Google 5 Behavio, Channel Intelligence, LawPovot, Wavii, Waze WPP 5 C-Section, Group SJR, john st., Okam, REP/Grey, REP/G2, and Massive Salesforce.com 4 Clipboard, EdgeSpring, EntropySoft, ExactTarget Dentsu 4 Beijing Wonder Advertising, Kinecto, New World Group, Webchutney Studio Amazon.com 4 Astrid, Evi Technologies, Goodreads, IVONA Software IMS Health 4 360 Vantage, Appature, Incential Software, Semantelli

2 Deal Notes First Half 2013

Of the 94 acquisitions announced in the Agency & Marketing Services A total of 274 investments were announced in the Marketing Technology segment, 41 were in the Digital Agency subsegment. Accounting for 42 segment, of which 246 reported $2.1 billion in value. Activity in the percent of aggregate volume and 87 percent of reported value, Digital segment was led by the Analytics & Reporting and Social Technology Agency was by far the most active subsegment during 1H13, followed subsegments, which together accounted for nearly 30 percent of both by the Marketing Consulting and Public Relations subsegments, with investment volume and reported value, during the first half of the year. 10 acquisitions announced each. Recent acquisitions of digitally-focused Of the 79 investments announced in these subsegments, 22 were among agencies included: companies extending the value of traditional analytics by integrating big data analytics solutions. Investments included: Accenture’s $316 million acquisitions of Acquity Group, which provides eCommerce and digital marketing services, at 2.2x revenue Goldman Sachs’ $100 million investment in Applied Predictive and 11.7x EBITDA, and UK‐based Fjordnet, a design consultancy Technologies, a provider of cloud-based big data predictive analytics specializing in digital experiences and services that engage consumers software across platforms, including smart devices, tablets, and PCs A $38 million investment in MarketShare Partners, a cross-media WPP Group’s acquisitions of Turkey-based CS Reklam Hizmetleri analytics provider leveraging big data technology to provide a Sanayi Ve Ticaret (dba C-Section), Canada-based john st., and UK- combination of technology, data, modeling, and business intelligence based Okam solutions, led by FTV Capital The $24 million Index Ventures-led investment in Elasticsearch, a Investment Activity Netherlands-based big data start-up developing real-time search and data analytics solutions

There were 708 investments announced during 1H13, of which 638 were worth $11.8 billion in aggregate reported value. Nearly eighty percent of that activity occurred within the Digital Media/Commerce and Marketing Buyer & Investor Activity Technology segments. eCommerce was the most active subsegment across all segments, with 111 investments, of which 103 were reported at $2.2 Strategic buyers accounted for 93 percent of all control transactions during billion in aggregate value. Social Media/Apps and Mobile Content/Apps the first half of the year. Of the 555 strategic deals announced, 104 were were the second and third-most active subsegments among investors, reported at $15.2 billion in aggregate value. Twenty-seven percent of together accounting for 17 percent of all investments and 14 percent of these transactions were announced within the Digital Media/Commerce aggregate reported value. The largest investments across these subsegments segment, including: in 1H13 included: Jawbone’s $100 million purchase of BodyMedia, a specialty online Alibaba’s $586 million investment in Sina Weibo, a China-based retailer offering wearable body monitoring systems and mobile operator of a micro-blogging platform, at a valuation of $3.3 billion applications to help people monitor their weight A $400 million investment in Beijing Jingdong Century Trading, LinkedIn’s $90 million acquisition of Pulse, a news-reading app the company operating 360buy.com, from a consortium of investors Amazon’s $26 million acquisition of UK-based Evi Technologies, which including Saudi Arabia-based private equity firm Kingdom Holding has developed a mobile natural language search and virtual assistant app Company Pinterest’s $200 million investment led by Valiant Capital Management Buyout firms announced 40 acquisitions in 1H13, of which 11 were at a reported $1.5 billion valuation reported at $3.4 billion in aggregate value. Traditional Media was the most The $170 million investment in sports-apparel retailer Fanatics.com active segment among private equity groups, accounting for 43 percent from a Singapore-based sovereign wealth fund and Alibaba Group, at a and 75 percent of total buyout volume and reported value, respectively. reported valuation of $3.1 billion Compared to 2H12, buyout activity in the Marketing Technology segment

1H13 Most Active Investors by Number of Transactions

Number of Investor Transactions Representative Targets Andreessen Horowitz 13 Caviar, CrowdMed, FiftyThree, Getable, Homejoy, Julep Beauty, Red Hot Labs 500 Startups 11 15Five, BabyList, BarkBox, Bluefields, Logoa, Soldsie, ToutApp, Vayable, YaSabe Atlas Venture 8 clypd, DataXu, Discoverly, DraftKings, Fashion Project, Rocketmiles, SimplyTuition Benchmark Capital 7 Euclid, Optimizely, Rentify, Sailthru, Snapchat, Swifto, Urturn GRP Partners 7 ADLY, ChowNow, DailyLook.com, Epoxy, Food Runner, MyTime, uParts Intel Capital 6 500friends, E la Carte, Expect Labs, iStreamPlanet, Movable, Storenvy Google Ventures 6 FitStar Labs, LendingClub, Moonfrye, N3twork, Rabbit, Weotta Redpoint Ventures 6 Curious.com, Inadco, Infer, PandoDaily, Tastemade, Wochit Battery Ventures 6 FTBpro, Gainsight, GoEuro, Prizeo, Sisense, Sprinklr Index Ventures 6 Business of Fashion, Capitaine Train, Elasticsearch, NumberFour, RAD, Supercell

3 Deal Notes First Half 2013

2Q13 M&A and Investment Summary doubled with eight acquisitions announced, of which three had an In 2Q13, Petsky Prunier tracked 669 M&A and investment transactions, of aggregate reported value of $816 million. Notable buyouts included: which 389 were worth $18.8 billion in aggregate reported value. Compared to 1Q13, reported volume and value increased six percent and 62 percent, The $800 million recapitalization of online survey company respectively. The highest value increases over 1Q13 were reported in Agency SurveyMonkey, reportedly at a valuation of $1.4 billion & Marketing Services (195 percent), Marketing Technology (166 percent), Sterling Partners’ buyout of PlattForm Advertising, a direct response, and Digital Media/Commerce (109 percent). Digital Media/Commerce interactive marketing, and communications services company serving and Marketing Technology were the most active and highest reported value schools, colleges, universities, and the military segments, with a combined total of 465 transactions announced, of which 306 were worth $11.8 billion in value. The organization and manipulation of Venture and growth capital investment value increased 59 percent multichannel consumer data to optimize marketing effectiveness continued from 2H12, while volume was flat. Digital Advertising and Marketing to be a driving force for M&A and investment activity across these segments, Technology were the only segments in which investment volume increased, underscored by Salesforce.com’s acquisitions of ExactTarget for $2.5 million, with 30 and 34 additional deals announced, respectively, compared along with its acquisition of EdgeSpring, SAP’s $1.5 billion acquisition of to 2H12. Andreessen Horowitz, 500 Startups, and Atlas Venture were Hybris, Google’s $1.1 billion acquisition of Waze, and Adobe’s $600 million the most active investors, announcing 13, 11, and eight investments, purchase of Neolane, to name a few. Strategic buyers announced 263 deals respectively, during 1H13. (93 percent of control transactions) during the quarter, while venture and growth capital investors announced 387 deals. Private equity investors IPO Activity announced 19 acquisitions during the quarter, flat from 21 in 1Q13.

Nine companies began trading in the Marketing, Media, and Technology Marketing, Media, and Technology Industries sectors during 1H13. Three of them were in the Digital Media/Commerce 2Q13 M&AMARKETING,Marketing, and MEDIA, Media, InvestmentTECHNOLOGY and Technology AND SERVICE Industries Activity INDUSTRIES segment and based in Asia: China-based Light in the Box, Japan-based 2Q122Q13 M&A M&A AND and INVESTMENT Investment Activity ACTIVITY Oisix, and South Korea-based mobile and online games developer Softmax. ($ in Millions) ($($ in Millions) Each of these companies priced in the middle or high-end of their initial filing ranges and ended 1H13 trading above their first day closing price. 29% Traditional Media $5,701 Marketing Technology companies ChannelAdvisor, Marketo, and Marin Digital Media/ Commerce Software also completed their IPOs. While these companies also priced $5,390 in the middle or high-end of their initial filing ranges, they all ended the period trading below their first-day closing stock prices. Digital Globe

Services, Just Dial, and Tremor Video were the only Digital Advertising Agency & companies to complete their IPOs. Digital Globe Services closed the Marketing Services Digital Advertising $363 period trading up 24 percent to the stock’s first-day closing price, and Just $904

Dial closed down six percent. After its first day of trading, Tremor Video’s Marketing shares closed down 15 percent from its IPO price of $10 per share. Technology $6,442

*Aggregate totals do not include Vodafone's acquisition of Kabel Deutschland

4 Deal Notes First Half 2013 Digital Media/Commerce

M&A and Investment Activity

Digital Media/Commerce remained the most active segment in 2Q13 with 239 M&A and investment transactions announced, of which 161 were reported at $5.4 billion in aggregate value. Continued steady growth in online sales propelled eCommerce as the most active subsegment with 89 deals announced. Of these, 65 were worth $1.7 billion in reported value, including:

Google and Foundation Capital’s $125 million investment in Lending Club, a company operating a lending platform that combines social networking with a fee-based online retail model, at a $125 million valuation The $60 million investment in Eventbrite, a provider of event creation, promotion, and ticket sales services using social commerce to drive revenue growth, by T. Rowe Price and Tiger Global Management at a reported $600 million valuation The Seamless/Grubhub merger, which combined two leading online and mobile food delivery businesses that highlight user reviews as their social feature

Buyers and investors nearly tripled their capital commitment to the Social Media/Apps subsegment, while total reported transaction volume in the subsegment rose 11 percent in 2Q13. Significant Social Media/Apps transactions included:

BlackRock’s $80 million investment in Twitter, at a reported $9 billion valuation, and Twitter’s acquisition of We Are Hunted, a song recommendation app with more than 200 million active users The $60 million Andresseen Horowitz-led investment in Lyft, which provides an online on-demand ride share program, at a valuation of $235 million

Most Active Digital Media/Commerce Subsegments Most Active Digital Media/Commerce Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value Transactions Value ($MM) eCommerce 68 873 89 1,675 11% (65%) 299 9,747 Mobile Content/Apps 44 169 51 1,382 8% 112% 183 2,283 Social Media/Apps 46 666 51 1,990 (6%) 184% 200 3,591 Gaming 19 215 17 94 (47%) (75%) 104 1,551 Niche Content 15 53 17 192 (18%) (74%) 71 1,195 Classifieds/Auctions/P-to-P 9 597 13 57 (41%) 154% 59 911 Virtual Goods 1 0 0 0 0% (100%) 2 5 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285

Most Active Digital Advertising Subsegments Buyers 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported StrategicSubsegment buyers announced 73 transactionsTransactions duringValue the ($MM)quarter, downTransactions from 77 inValue 1Q13, ($MM) while fourTransactions private equityValue buyout ($MM) transactionsTransactions were announced.Value ($MM) ReportedLocal Search value for control transactions 17grew 166 percent,64 while activity23 was flat from101 1Q13. Digital90% Media/Commerce(51%) was also 61the most active505 Vertical Search 8 24 18 157 53% (79%) 43 1,027 segmentDigital Video among investors, with 162 investments12 announced.26 Of these,9 147 had a reported445 $2.7 billion(16%) in value (up101% 73 percent from46 1Q13). 706 Digital Promotion/Coupon 11 151 8 91 111% 24% 28 436 Ad Networks/Exchanges 16 121 6 68 38% 79% 38 294 Mobile Marketing 9 26 5 30 (44%) (57%) 39 187 Online Lead Generation 14 47 5 2 36% (48%) 33 143 DigitalSearch Marketing Media/Commerce Transactions2 0 by Type5 of Buyer/Investor2 (30%) (82%) 17 14 Comparison Shopping 6 Most61 Active Digital 2Media/Commerce6 Subsegments0% (97%) 16 2,012 Email Services 0 1Q13 0 2 2Q13 1 100% 1H13 vs 2H12 (98%) 3 LTM 31 Affiliate/CPA Network 3 64 1 0 0% 316% 8 79 Game Advertising 0 0 1 1 (80%) (% Change) (86%) 6 10 Number of Reported Number of Reported Number of Reported Number of Reported Total 98 583 85 904 18% (62%) 338 5,443 Subsegment Transactions Value ($MM) Transactions Value ($MM) TransactionsNM ValueNM Transactions Value ($MM) Strategic 77 1,005 73 2,655 4% 17% 294 6,787 Private Equity - Buyout 1 Most0 Active Marketing4 Technology22 Subsegments(29%) (100%) 12 4,959 Private Equity - VC/Growth Capital 125 1,569 162 2,714 (12%) 32% 614 7,539 1Q13 2Q13 1H13 vs 2H12 LTM Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM)Most ActiveTransactions Digital AdvertisingValue Subsegments($MM) Transactions Value ($MM) Transactions Value ($MM) Analytics & Reporting 33 253 32 199 55% 163% 107 624 1Q13 2Q13 1H13 vs 2H12 LTM Content Management 21 44 28 144 (38%) (63%) 128 700 Mobile Technology 8 179 28 211 57% (% Change) 154% 59 543 BI Tools Number11 of Reported116 Number20 of Reported243 Number72% of Reported(21%) Number49 of Reported817 SubsegmentSocial Technology Transactions27 Value149 ($MM) Transactions19 Value152 ($MM) Transactions10% Value(28%) ($MM) Transactions88 Value722 ($MM) CRM 12 93 19 414 158% 410% 43 607 Strategic 40 59 29 449 (1%) (81%) 139 3,210 Commerce Management 10 161 9 1,523 (24%) 821% 44 1,866 Private Equity - Buyout 2 0 1 0 (25%) (100%) 7 195 SFA/Lead Management 6 47 9 38 (12%) (91%) 32 1,049 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 MRM/Workflow Management 10 9 8 36 (14%) (44%) 39 125 Total 98 583 85 904 18% (62%) 338 5,443 Online Targeting/Optimization 8 91 8 630 (30%)NM NM258% 39 922 Subtotal 146 1,141 180 3,591 8% 46% 628 7,976 5 Other 49 1,279 46 2,851 14% 509% 178 4,808 Most Active Marketing Technology Subsegments Total 195 2,420 226 6,442 9% 126% 806 12,785 1Q13 2Q13 1H13 vs 2H12 LTM "Other" includes Ad Serving, Content Delivery Network, Creative Production Platform, Email/Messaging Platform, Market Research Software,(% Marketing Change) Asset Management, Media Management System, Product/Price Software, Search & Discovery, Segmentation/DataNumber of Mining,Reported SEM/SEO Tools,Number Teleservices/eServices, of Reported Web to Print, andNumber Website of Creation/HostingReported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 67 702 72 5,201 (1%) 199% 280 7,874 Private Equity - Buyout 5 808 3 8 100% 716% 12 916 Private Equity - VC/Growth Capital 123 910 151 1,233 14% 16% 514 3,994 Total 195 2,420 226 6,442 9% 126% 806 12,785

Most Active Agency & Marketing Services Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 48 75 42 339 (20%) (93%) 203 6,692 Private Equity - Buyout 5 0 2 0 (22%) (100%) 16 588 Private Equity - VC/Growth Capital 4 48 7 25 (48%) (51%) 32 218 Total 57 123 51 363 (24%) (93%) 251 7,497

Most Active Traditional Media Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 60 1,761 47 2,954 (69%) (75%) 448 23,426 Private Equity - Buyout 8 42 9 2,495 (41%) (81%) 46 16,168 Private Equity - VC/Growth Capital 13 4,117 12 252 (26%) 287% 59 5,497 Total 81 5,920 68 5,701 (63%) (65%) 553 45,091 Deal Notes First Half 2013 Digital Advertising

M&A and Investment Activity

There were 85 acquisitions announced in the Digital Advertising segment (30 acquisitions and 55 investments). Reported value in the segment in 2Q13 increased 55 percent quarter-over-quarter, while volume decreased 13 percent. The Vertical Search and Local Search subsegments together accounted for 48 percent of activity in the Digital Advertising segment. Combined, there were 41 transactions announced (13 acquisitions and 28 investments), of which 26 were reported at $259 million in aggregate value. In comparison to 1Q13, activity and value in the Vertical Search subsegment increased by 125 percent and 554 percent, respectively. Travel was the most active search category among the two subsegments, accounting for nearly one-quarter of vertical and local search transactions. Notable deals included:

The $57 million investment in China-based travel search engine Qunar.com, from Baidu, GGV Capital, and Hillhouse Capital Management Yahoo’s acquisition of MileWise, which specializes in helping serious travelers choose the least expensive flights, not just based on price, but also based on frequent flyer mile discounts TripAdvisor’s acquisition of CruiseWise, an online cruise-booking company, and its acquisition of Spain-based Niumba.com, a vacation rental website

Activity among the other Digital Advertising subsegmentsMost Active decreased Digital 40 Media/Commerce percent from the Subsegments previous quarter. Reported value increased substantially in the Digital Video subsegment, where, even excluding1Q13 Baidu’s $370 million 2Q13acquisition of PPStream, reported1H13 vs 2H12 value increased 188 percent.LTM Within the (% Change) Mobile Marketing subsegment, reportedNumber value of increasedReported 15 percentNumber from of 1Q13. NotableReported transactionsNumber included:of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value Transactions Value ($MM) eCommerceSpectrum Equity’s $50 million investment68 in Extreme873 Reach, which89 provides video1,675 advertisement11% serving, distribution,(65%) and management299 solutions9,747 MobileThe Content/Apps$15 million investment in Zoove,44 a provider of169 branded mobile51 phone numbers,1,382 from Rogers8% Venture Partners112% and Panorama183 Capital 2,283 Social Media/Apps 46 666 51 1,990 (6%) 184% 200 3,591 GamingThe $14 million investment in Verve 19 Mobile, which215 operates a mobile17 advertising94 platform for(47%) national and local(75%) media, by Nokia104 Growth 1,551Partners, Niche Content 15 53 17 192 (18%) (74%) 71 1,195 Classifieds/Auctions/P-to-PQualcomm Ventures, and BlueRun Ventures9 597 13 57 (41%) 154% 59 911 Virtual Goods 1 0 0 0 0% (100%) 2 5 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 Most Active Digital Advertising Subsegments Most Active Digital Advertising Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Local Search 17 64 23 101 90% (51%) 61 505 Vertical Search 8 24 18 157 53% (79%) 43 1,027 Digital Video 12 26 9 445 (16%) 101% 46 706 Digital Promotion/Coupon 11 151 8 91 111% 24% 28 436 Ad Networks/Exchanges 16 121 6 68 38% 79% 38 294 Mobile Marketing 9 26 5 30 (44%) (57%) 39 187 Online Lead Generation 14 47 5 2 36% (48%) 33 143 Search Marketing 2 0 5 2 (30%) (82%) 17 14 Comparison Shopping 6 61 2 6 0% (97%) 16 2,012 Email Services 0 0 2 1 100% (98%) 3 31 Affiliate/CPA Network 3 64 1 0 0% 316% 8 79 Game Advertising 0 0 1 1 (80%) (86%) 6 10 Total 98 583 85 904 18% (62%) 338 5,443 NM NM

Most Active Marketing Technology Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM Buyers Most Active Digital Media/Commerce Subsegments (% Change) Number of 1Q13 Reported Number of 2Q13 Reported Number1H13 of vs 2H12Reported Number of LTM Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic buyers accounted for 34 percent of the transactions in the segment, with 29 deals announced (%worth Change) $449 million in aggregate reported value. Analytics & Reporting 33 253 32 199 55% 163% 107 624 Of those, 13 were announced in theNumber Vertical of and LocalReported Search subsegments.Number of VentureReported and growthNumber capital of investorReported activity was flat,Number while of reportedReported value Content Management 21 44 28 144 (38%) (63%) 128 700 Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value Transactions Value ($MM) declinedMobile Technology by 13 percent from the previous8 quarter. Huntsman179 Gay Global28 Capital’s acquisition211 of MyWebGrocer57% was154% the only buyout59 transactions543 StrategicBI Tools 7711 1,005116 7320 2,655243 72%4% (21%)17% 29449 6,787817 announced.PrivateSocial Technology Equity - Buyout 271 1490 194 15222 (29%)10% (100%)(28%) 1288 4,959722 PrivateCRM Equity - VC/Growth Capital 12512 1,56993 16219 2,714414 (12%)158% 410%32% 61443 7,539607 TotalCommerce Management 20310 2,574161 2399 5,3901,523 (24%)(8%) (30%)821% 92044 19,2851,866 SFA/Lead Management 6 47 9 38 (12%) (91%) 32 1,049 MRM/Workflow Management 10 9 8 36 (14%) (44%) 39 125 DigitalOnline Targeting/Optimization Advertising Transactions8 by Type91 of Buyer/Investor8 630 (30%) 258% 39 922 Most Active Digital Advertising Subsegments Subtotal 146 1,141 180 3,591 8% 46% 628 7,976 Other 49 1Q13 1,279 46 2Q13 2,851 14% 1H13 vs 2H12 509% 178 LTM 4,808 (% Change) Total 195 2,420 226 6,442 9% 126% 806 12,785 Number of Reported Number of Reported Number of Reported Number of Reported Subsegment"Other" includes Ad Serving, Content Delivery TransactionsNetwork, Creative ProductionValue ($MM) Platform, Email/MessagingTransactions Platform,Value Market ($MM) ResearchTransactions Software, MarketingValue Asset ($MM) Management,Transactions Media ManagementValue System, ($MM) StrategicProduct/Price Software, Search & Discovery, Segmentation/Data40 Mining, 59SEM/SEO Tools, Teleservices/eServices,29 449 Web to Print, and Website(1%) Creation/Hosting(81%) 139 3,210 Private Equity - Buyout 2 0 1 0 (25%) (100%) 7 195 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 Total 98 583 85 904 18% (62%) 338 5,443 NM NM

Most Active Marketing Technology Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) 6 Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 67 702 72 5,201 (1%) 199% 280 7,874 Private Equity - Buyout 5 808 3 8 100% 716% 12 916 Private Equity - VC/Growth Capital 123 910 151 1,233 14% 16% 514 3,994 Total 195 2,420 226 6,442 9% 126% 806 12,785

M&A and Investment Activity

With 226 deals announced for $6.4 billion, M&A andMost investment Active Digital volume Media/Commerce and reported Subsegments value in the Marketing Technology segment increased 16 percent and 385 percent, respectively, from the1Q13 previous quarter. Cloud-based2Q13 marketing tools were the1H13 main vs 2H12 drivers of M&A and investmentLTM activity (% Change) within the Marketing Technology segmentNumber of during 2Q13.Reported By movingNumber marketing of automationReported andNumber management of solutionsReported to theNumber cloud, of both on-Reported and offlineSubsegment marketers have been better-equippedTransactions to engageValue ($MM) customersTransactions through the Valueuse of ($MM) real-timeTransactions targeting analytics.Value In additionTransactions to the acquisitionsValue ($MM) of eCommerce 68 873 89 1,675 11% (65%) 299 9,747 EdgeSpring,Mobile Content/Apps ExactTarget, Hybris, and SoundBite44 Communications,169 transactions51 involving1,382 cloud-based8% marketing112% solutions included:183 2,283 Social Media/Apps 46 666 51 1,990 (6%) 184% 200 3,591 GamingAnswers.com’s $37 million acquisition19 of WebCollage,215 a cloud-based17 software firm94 enabling manufacturing(47%) companies(75%) to update104 marketing1,551 materials Niche Content 15 53 17 192 (18%) (74%) 71 1,195 Classifieds/Auctions/P-to-Pdirectly from retail shops’ websites 9 597 13 57 (41%) 154% 59 911 VirtualThe Goods$15 million Starvest Partners-led investment1 in RetailNext,0 a provider0 of cloud-based0 applied big0% data analytics(100%) solutions for brick-and-mortar2 retailers5 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285 NetSuite’s acquisition of OrderMotion, which provides cloud-based order management and analytics solutions for eCommerce and direct-to- consumer businesses Most Active Digital Advertising Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM Together, investments in the Analytics & Reporting and Social Technology subsegments accounted for (%nearly Change) one-quarter of investment volume in the segment and 28 percent of accompanyingNumber ofvalue in 2Q13.Reported In additionNumber to ofthe 11 investmentsReported in bigNumber data of analytics Reported providers, ventureNumber and of growthReported capital firmsSubsegment also sought out investments Transactionsin social marketingValue ($MM)technologyTransactions companies, including:Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Local Search 17 64 23 101 90% (51%) 61 505 Vertical Search 8 24 18 157 53% (79%) 43 1,027 DigitalAEA’s Video $68 million investment in Brand12 Networks, a 26leading provider9 of social software445 solutions(16%) and digital marketing101% services for46 some of the706 world’s Digital Promotion/Coupon 11 151 8 91 111% 24% 28 436 Adlargest Networks/Exchanges brands (note, Petsky Prunier advised16 Brand Networks121 on its investment)6 68 38% 79% 38 294 MobileThe Marketing$18 million investment in Skytree,9 a big data analytics26 company5 offering software30 capable(44%) of performing (57%)machine learning39 and other advanced187 Online Lead Generation 14 47 5 2 36% (48%) 33 143 Searchanalytics Marketing methods on massive amounts2 of data, led by0 U.S. Venture Partners5 2 (30%) (82%) 17 14 Comparison Shopping 6 61 2 6 0% (97%) 16 2,012 EmailThe Services $10 million Fairhaven Capital-led0 investment in0 SocialFlow, which2 offers tools1 that allow100% customers to measure(98%) the effectiveness3 of their31 tweets Affiliate/CPA Network 3 64 1 0 0% 316% 8 79 Gameand AdvertisingFacebook posts 0 0 1 1 (80%) (86%) 6 10 Total 98 583 85 904 18% (62%) 338 5,443 NM NM Most Active Marketing Technology Subsegments Most Active Marketing Technology Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Analytics & Reporting 33 253 32 199 55% 163% 107 624 Content Management 21 44 28 144 (38%) (63%) 128 700 Mobile Technology 8 179 28 211 57% 154% 59 543 BI Tools 11 116 20 243 72% (21%) 49 817 Social Technology 27 149 19 152 10% (28%) 88 722 CRM 12 93 19 414 158% 410% 43 607 Commerce Management 10 161 9 1,523 (24%) 821% 44 1,866 SFA/Lead Management 6 47 9 38 (12%) (91%) 32 1,049 MRM/Workflow Management 10 Most9 Active Digital 8Media/Commerce36 Subsegments(14%) (44%) 39 125 Online Targeting/Optimization 8 91 8 630 (30%) 258% 39 922 1Q13 2Q13 1H13 vs 2H12 LTM Subtotal 146 1,141 180 3,591 8% (% Change) 46% 628 7,976 Other 49 1,279 46 2,851 14% 509% 178 4,808 Number of Reported Number of Reported Number of Reported Number of Reported SubsegmentTotal Transactions195 Value2,420 ($MM) Transactions226 Value6,442 ($MM) Transactions9% Value126% Transactions806 Value12,785 ($MM) Strategic 77 1,005 73 2,655 4% 17% 294 6,787 Private"Other" Equityincludes - Buyout Ad Serving, Content Delivery Network,1 Creative Production0 Platform, Email/Messaging4 Platform, Market22 Research Software,(29%) Marketing Asset(100%) Management, Media12 Management System,4,959 PrivateProduct/Price Equity Software,- VC/Growth Search Capital & Discovery, Segmentation/Data125 Mining,1,569 SEM/SEO Tools, Teleservices/eServices,162 2,714 Web to Print, and(12%) Website Creation/Hosting32% 614 7,539 Total 203 2,574 239 5,390 (8%) (30%) 920 19,285

Buyers Most Active Digital Advertising Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM Investors continued to make up the majority of activity in the Marketing Technology segment in 2Q13, accounting(% Change) for 67 percent of deals announced and 19 percent of reported value in the segment.Number of StrategicReported buyers accountedNumber for of 96 percentReported of control activityNumber of with 72 Reportedacquisitions announced,Number of while Reportedprivate Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) equity buyers announced three. The Mobile Technology subsegment accounted for 13 percent of strategic buyer activity and 13 percent of venture/growth Strategic 40 59 29 449 (1%) (81%) 139 3,210 capitalPrivate Equityinvestor - Buyout activity, reflecting buyers’2 interest in mobile0 monetization1 platforms in 0response to (25%)continued mobile(100%) device and mobile7 app penetration.195 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 Total 98 583 85 904 18% (62%) 338 5,443 NM NM Marketing Technology Transactions by Type of Buyer/Investor Most Active Marketing Technology Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 67 702 72 5,201 (1%) 199% 280 7,874 Private Equity - Buyout 5 808 3 8 100% 716% 12 916 Private Equity - VC/Growth Capital 123 910 151 1,233 14% 16% 514 3,994 Total 195 2,420 226 6,442 9% 126% 806 12,785 7 Most Active Agency & Marketing Services Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 48 75 42 339 (20%) (93%) 203 6,692 Private Equity - Buyout 5 0 2 0 (22%) (100%) 16 588 Private Equity - VC/Growth Capital 4 48 7 25 (48%) (51%) 32 218 Total 57 123 51 363 (24%) (93%) 251 7,497

M&A and Investment Activity

Petsky Prunier tracked 51 transactions with five reported at $363 million in aggregate value among agency and marketing services providers in 2Q13. Reported value in the segment increased 195 percent from the previous quarter, while volume fell 11 percent. Twenty-one deals (41 percent of transactions) were announced in the Digital Agency subsegment, including the largest transaction in the segment: Accenture’s $316 million take-private acquisition of Acquity Group. Eight deals supported agency network efforts to expand their international coverage, including:

Dentsu’s acquisitions of Belgium-based New World Group, Romani-based Kinecto, China-based New Work Group and India-based Webchutney Studio Omnicom’s acquisitions of China-based healthcare agency Consultech and New Zealand-based justONE

Most Active Agency & Marketing ServicesMost Active DigitalSubsegments Media/Commerce Subsegments 1Q13 Most Active Agency & Marketing2Q13 Services Subsegments1H13 vs 2H12 LTM 1Q13 2Q13 1H13(% Change) vs 2H12 LTM Number of Reported Number of Reported Number of(% Change)Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value Transactions Value ($MM) Number of Reported Number of Reported Number of Reported Number of Reported StrategicSubsegment Transactions77 Value1,005 ($MM) Transactions73 Value2,655 ($MM) Transactions4% Value17% ($MM) Transactions294 Value6,787 ($MM) Private Equity - Buyout 1 0 4 22 (29%) (100%) 12 4,959 Digital Agency 21 23 21 339 (14%) (94%) 91 6,612 Private Equity - VC/Growth Capital 125 1,569 162 2,714 (12%) 32% 614 7,539 Promotion Agency 0 0 5 0 67% (100%) 8 134 TotalMarketing Consulting 2038 2,57448 2394 5,3900 1,100%(8%) (30%)NM 92013 19,28548 Public Relations 4 0 7 0 (35%) (100%) 28 77 Branded Communications 1 2 2 0 (63%) (86%) 11 17 General Agency 1 0Most Active Digital2 Advertising Subsegments0 (67%) (100%) 12 23 Healthcare Agency 1 0 2 0 (25%) (100%) 7 3 Loyalty/Retention 3 1Q13 3 2 2Q13 25 (38%)1H13 vs 2H12 (40%) 13 LTM 72 Media Planning/Buying 0 0 2 0 0% (% Change) (100%) 4 2 Channel Services Number0 of Reported0 Number1 of Reported0 Number0% of ReportedNM Number2 of Reported0 SubsegmentSubtotal Transactions39 Value 76($MM) Transactions48 Value363 ($MM) Transactions(15%) Value(93%) ($MM) Transactions189 Value6,989 ($MM) StrategicOther 4018 5947 293 4490 (49%)(1%) (81%)(90%) 13962 3,210508 PrivateTotal Equity - Buyout 572 1230 511 3630 (25%)(24%) (100%)(93%) 2517 7,497195 Private Equity - VC/Growth Capital 56 524 55 455 37% (8%) 192 2,039 "Other" includes Database/Analytics, Experiential Marketing, Retail Services, Ad Specialty/Premiums, Design Agency, DM Agency, List Broker/Manager, and Social Agency Total 98 583 85 904 18% (62%) 338 5,443 NM NM

MostMost Active Active Marketing Traditional Technology Media Subsegments Subsegments Buyers 1Q131Q13 2Q132Q13 1H131H13 vs vs 2H12 2H12 LTMLTM (%(% Change) Change) NumberNumber ofof ReportedReported NumberNumber ofof ReportedReported NumberNumber of of ReportedReported NumberNumber of of ReportedReported Dentsu,Subsegment Omnicom, IPG, and WPPTransactionsTransactions had a combinedValueValue total ($MM)($MM) of eightTransactionsTransactions acquisitions announcedValueValue ($MM) ($MM) in 2Q13.TransactionsTransactions Of the sevenValueValue investments ($MM) ($MM) TransactionsTransactions announced inValue Valuethe ($MM) ($MM) segment,StrategicEntertainment two Media were among loyalty/retention6718 companies;702409 Affinity Solutions7216 raised5,201 1,578$21 million led(55%)(1%) by Chestnut Hill199%(71%) Partners, and280110 EveryMove 7,874raised8,775 $4 PrivateBroadcast Equity Television - Buyout 59 1,515808 103 2,8478 100%(71%) 716%(25%) 1285 10,202916 millionPrivateCable & Equity Satellitefrom - VC/Growth BlueCrossTelevision Capital BlueShield Venture1235 Partners,3,694 910Sandbox Industries,1518 and Blue1,233 212Cross and Blue(55%)14% Shield of Nebraska.(57%)16% 51442 13,0203,994 Consumer Magazine Publishing 5 10 8 20 (78%) (98%) 71 1,346 Total 195 2,420 226 6,442 9% 126% 806 12,785 B-to-B Media 6 42 6 950 (25%) 270% 28 1,261 Radio 7 173 6 30 (73%) (72%) 62 932 Digital Place-Based Media 3 12 5 64 (20%) (98%) 18 3,302 AgencyConsumer Book & Publishing Marketing Services10 Transactions62 by Type4 of Buyer/Investor0 (64%) (98%) 53 3,060 Newspaper Publishing 17 Most 2Active Agency &4 Marketing Services0 Subsegments(53%) (95%) 66 40 Traditional Outdoor 0 1Q13 0 1 2Q13 0 (90%)1H13 vs 2H12 (100%) 11 LTM 122 Yellow Pages 1 0 0 0 (83%) (100%) 7 3,032 (% Change) Total Number81 of Reported5,920 Number68 of Reported5,701 Number(63%) of Reported(65%) Number7 of Reported3,032 Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 48 75 42 339 (20%) (93%) 203 6,692 Private Equity - Buyout 5 0 2 0 (22%) (100%) 16 588 Private Equity - VC/Growth Capital 4 48 7 25 (48%) (51%) 32 218 Total 57 123 51 363 (24%) (93%) 251 7,497

8 Deal Notes First Half 2013 Traditional Media

M&A and Investment Activity

Among traditional media companies, Petsky Prunier tracked 68 transactions, of which 26 were worth $5.7 billion in 2Q13. Activity and value fell 16 percent and four percent, respectively, from the previous quarter, largely due to a 76 percent decrease in activity in the Newspaper Publishing subsegment and a 60 percent decrease in the number of deals in Consumer Book Publishing. M&A and investment activity in the Broadcast Television and Cable & Satellite Television subsegments remained strong, with a combined total of 18 transactions announced, of which nine reported $3.1 billion in value. In addition to Vodafone’s $14 billion purchase of Kabel Deutschland and Gannett’s $2.1 billion take-private of Belo, notable television-related transactions announced included: Most Active Digital Media/Commerce Subsegments Scripps Networks Interactive’s acquisition of1Q13 Singapore-based Asian Food 2Q13Channel Network, a food-focused1H13 vs 2H12 pay television network LTM (% Change) Mojo Brands Media’s acquisition ofNumber The of Daily Buzz,Reported a nationally Number syndicated of morningReported news programNumber of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value Transactions Value ($MM) Strategic 77 1,005 73 2,655 4% 17% 294 6,787 ThePrivate largest Equity -investment Buyout during the quarter1 was Goldman0 Sachs’ $110 4million investment22 in India-based(29%) DEB Networks,(100%) a cable television12 distribution4,959 company,Private Equity followed - VC/Growth by Capital a $28 million investment125 in Israel-based1,569 RRsat162 Global Communications2,714 Network,(12%) which provides32% content614 management7,539 and distributionTotal services to television and radio203 broadcasting2,574 industries, from239 Viola Private5,390 Equity and(8%) Vpartners at a (30%)$112 million valuation.920 19,285

Most Active Digital Advertising Subsegments Most Active Traditional Media1Q13 Subsegments 2Q13 1H13 vs 2H12 LTM Most Active Traditional Media Subsegments (% Change) Number of Reported Number of Reported Number of Reported Number of Reported 1Q13 2Q13 1H13 vs 2H12 LTM Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) (% Change) Strategic 40 59 29 449 (1%) (81%) 139 3,210 Private Equity - Buyout Number2 of Reported0 Number1 of Reported0 Number(25%) of Reported(100%) Number7 of Reported195 SubsegmentPrivate Equity - VC/Growth Capital Transactions56 Value524 ($MM) Transactions55 Value455 ($MM) Transactions37% Value(8%) ($MM) Transactions192 Value2,039 ($MM) EntertainmentTotal Media 1898 583409 8516 1,578904 (55%)18% (62%)(71%) 338110 5,4438,775 Broadcast Television 9 1,515 10 2,847 (71%)NM NM(25%) 85 10,202 Cable & Satellite Television 5 3,694 8 212 (55%) (57%) 42 13,020 Consumer Magazine Publishing 5 Most10 Active Marketing8 Technology20 Subsegments(78%) (98%) 71 1,346 B-to-B Media 6 42 6 950 (25%) 270% 28 1,261 Radio 7 1Q13 173 6 2Q13 30 (73%) 1H13 vs 2H12 (72%) 62 LTM 932 Digital Place-Based Media 3 12 5 64 (20%) (% Change) (98%) 18 3,302 Consumer Book Publishing 10 62 4 0 (64%) (98%) 53 3,060 Number of Reported Number of Reported Number of Reported Number of Reported Newspaper Publishing 17 2 4 0 (53%) (95%) 66 40 Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Traditional Outdoor 0 0 1 0 (90%) (100%) 11 122 YellowStrategic Pages 671 7020 720 5,2010 (83%)(1%) (100%)199% 2807 7,8743,032 Private Equity - Buyout 5 808 3 8 100% 716% 12 916 Total 81 5,920 68 5,701 (63%) (65%) 553 45,091 Private Equity - VC/Growth Capital 123 910 151 1,233 14% 16% 514 3,994 Total 195 2,420 226 6,442 9% 126% 806 12,785

Buyers Most Active Agency & Marketing Services Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM Strategic buyers announced 47 transactions during 2Q13, 12 of which were worth $3 billion in aggregate(% Change) reported value. Of these, ten were announced in the Entertainment Media segment.Number Eighteen of percentReported of the totalNumber activity of was announcedReported by ventureNumber of and growthReported capital investors.Number ofThere wereReported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) a combined total of 12 investments announced in the segment worth $252 million in aggregate reported value. Of the nine buyout transactions Strategic 48 75 42 339 (20%) (93%) 203 6,692 announced,Private Equity - fiveBuyout were in the Broadcast Television5 and 0Cable & Satellite2 subsegments.0 (22%) (100%) 16 588 Private Equity - VC/Growth Capital 4 48 7 25 (48%) (51%) 32 218 Total 57 123 51 363 (24%) (93%) 251 7,497 Traditional Media Transactions by Type of Buyer/Investor Most Active Traditional Media Subsegments 1Q13 2Q13 1H13 vs 2H12 LTM (% Change) Number of Reported Number of Reported Number of Reported Number of Reported Subsegment Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Transactions Value ($MM) Strategic 60 1,761 47 2,954 (69%) (75%) 448 23,426 Private Equity - Buyout 8 42 9 2,495 (41%) (81%) 46 16,168 Private Equity - VC/Growth Capital 13 4,117 12 252 (26%) 287% 59 5,497 Total 81 5,920 68 5,701 (63%) (65%) 553 45,091

9 Deal Notes First Half 2013 Recent Transactions

has sold the largest provider of cloud-based SaaS a leading multiplatform travel and a leading provider of social software has sold tools for printing signs, labels, and tags, lifestyle media company solutions and digital marketing services and publishing digital displays for retailers along with digital subsidiary for some of the world’s largest brands, has been sold to one of just 13 Facebook Strategic Preferred has been sold to Marketing Developers (sPMD) a provider of online travel guides for top destinations around the world specializing in retail, digital, shopper has received a $68M minority investment a unit of to marketing, and consumer services from a subsidiary of to

(NYSE: LXK) (NYSE: GCI )

a leading digital advertising monetization and shopper marketing partner for eCommerce retailers a leading provider of digital production a dynamic display media and a leading provider of in-store and a real-time behavioral a portfolio company of services to brands and agencies retargeting company shopper marketing signage to major advertising company North American retailers has been sold to has been sold to has been sold to has been sold to has been sold to

with financing from (NYSE: ACN) (JASDAQ: 4755) (NYSE: AOL)

a leading provider of transportation-based a leading digital direct marketing company a leader in technology and global in-app utilizing a proprietary database to provide advertising for Facebook, Apple (iOS), digital media networks a provider of a cloud-based integration customer acquisition solutions for and Android developers has received a mezzanine debt major brands platform for the digital marketing industry a leader in multichannel retail, eCommerce investment from has received an equity investment from and loyalty marketing services has received a $66M investment from has received $15M financing led by has been sold to

with debt financing from

has sold a leading data management and audience a leader in global healthcare, a leading provider of taxi-based the top independent optimization platform (DMP) company primary market research and influence direct-to-consumer marketer of outdoor media network mapping dental savinggps plans and has been sold to has been sold to has been sold to has been sold to a leading provider of services for domain name registration, acquisition, brokerage, and sales a global digital marketing agency a portfolio company of to a unit of (NYSE: PAY)

has sold has sold a leadi ng ad verti si ng tech nol ogy (TSX: PTO) has acquired company a leading shopper marketing execution company a leading provider of integrated data, has been sold to has been sold to technology, and analytics solutions a premier provider of affinity programs for universities and colleges to a pioneer in measuring the impact of promotion on to physician prescribing behavior (Xetra: DPW.DE)

a rapidly growing provider of online has merged with a portfolio company of one of North America’s largest mobile and offline performance-based marketing and gateway solution providers customer acquisition solutions to a Vestar Capital Partners number of the largest suppliers of home has been sold to the leader in attribution management has sold services in the U.S. and and online advertising analytics has been sold to has received a majority investment from

to a portfolio company of a portfolio company of

Parthenon Capital Partners KRG Capital Partners (Nasdaq: GSIC)

10 Deal Notes First Half 2013

About Petsky Prunier LLC

Petsky Prunier is one of the leading investment banks in the technology, media, marketing, eCommerce, and healthcare industries. Our firm’s mergers and acquisitions and private placements advisory services reflect a unique blend of product specialization and industry expertise. Together with strategic consulting firm Winterberry Group, a Petsky Prunier company, our organization represents one of the largest industry-specific advisors providing strategic and transactional services. In addition, we offer international reach through our partnership with Altium. Established for more than 20 years and privately owned, Altium is an international investment bank operating from nine offices across Europe. Securities transactions are processed through Petsky Prunier Securities LLC.

Expertise. Commitment. Results.

New York Michael Petsky John Prunier Palo Alto Partner Partner Las Vegas 212.842.6001 212.842.6021 Chicago [email protected] [email protected] Tampa Sanjay Chadda Norm Colbert www.petskyprunier.com Partner & Managing Director Partner & Managing Director 212.842.6022 702.990.3280 [email protected] [email protected]

Christopher French Amy LaBan, CFA Managing Director Managing Director 212.842.6033 212.842.7126 [email protected] [email protected]

Jed Laird Seth Rosenfield Managing Director Managing Director 212.842.7120 212.842.6018 [email protected] [email protected]

John Sternfield Scott Wiggins Managing Director Managing Director 650.320.1650 212.842.6028 [email protected] [email protected]

Matthew Kratter Senior Vice President 212.842.6024 [email protected]

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