May 2013 M&A and Investment Summary

Expertise. Commitment. Results. Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 8

3 Additional Monthly M&A and Investment Activity Data 40

4 About Petsky Prunier 55

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

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

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

Transaction Distribution . A total of 364 deals were announced in May 2013, of which 211 reported $20.2 billion in value . Marketing Technology and Digital Media/Commerce were the most active segments with a combined total of 159 transactions announced, of which 98 reported $2.7 billion in value . Software was the highest reported value segment, with 60 transactions announced, of which 38 reported $10.1 billion in value . Strategic buyers announced 162 deals (45 percent of total volume), of which 38 reported $7.1 billion in value . VC/Growth Capital investors announced 188 deals, of which 165 reported $2.8 billion in value . Buyout investors announced 14 deals during the month, of which eight reported $10.2 billion in value

MAY 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Marketing Technology 80 22% 888.5 4% 32 489.5 1 ‐ 47 399.0 Digital Media/Commerce 79 22% 1,774.9 9% 28 1,166.3 2 27.5 49 581.1 Software 60 16% 10,061.9 50% 25 750.2 4 8,618.6 31 693.2 Information & Business Services 40 11% 4,889.1 24% 30 3,887.9 3 607.8 7 393.4 Technology 37 10% 333.8 2% 12 14.0 0 ‐ 25 319.8 Digital Advertising 26 7% 539.5 3% 11 370.0 0 ‐ 15 169.5 Traditional Media 17 5% 1,220.2 6% 11 85.8 2 987.9 4 146.5 Agency & Marketing Services 15 4% 338.9 2% 12 338.9 1 ‐ 2 ‐ Communications 10 3% 130.6 1% 1 ‐ 1 ‐ 8130.6 Total 364 100% 20,177.4 100% 162 7,102.6 14 10,241.8 188 2,833.0

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

Transaction Distribution . With an increase of 169 percent versus April 2013, May was the highest reported value month in more than a year, and the number of deals increased on a month‐over‐month basis for the fifth month in a row . The largest control transactions announced during the month included: • Bain Capital and Golden Gate Capital’s $6.9 billion buyout of BMC Software, which offers a unified business service management platform that simplifies and automates IT processes • Fidelity National Financial’s $3.9 billion acquisition of Lender Processing Services, a provider of integrated technology, data, and services to the mortgage lending industry • Yahoo’s $1.1 billion acquisition of Tumblr, operates an online platform that enables users to post text, photos, quotes, links, music, and videos from their browser, phone, desktop, or email . The largest investment during the month was Thomas H. Lee Partners’ $381 million investment in the combined units of Fidelity National and Lender Processing Services M&A and Investment Volume For All Segments ‐ Last 13 Months ($BN) All transactions; Value based on reported values only $25.0

$20.2 $20.0 $19.1 $15.9 $15.3 $15.0 $12.8 5 3 5 2 3 $9.5 $9.8 $9.9 $10.0 $8.5 $8.7 $7.1 $7.5 2 3 2 1 $6.1* 1 2 $5.0 2 1 377 376 402 401 342 305 390 253 409 298 335 357 361 $- May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 * Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal

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

Selected Transactions With Multiples Information

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

Digital Media/Commerce Bluefly, Inc. eCommerce Clearlake Capital Group $14.6 $89.0 ($17.5) 0.2x NM Mascus International Classifieds/Auctions/P‐to‐PVortex Capital Partners B.V. 14.5 6.5 ‐ 2.2x NA Marketing Technology Market Leader, Inc. CRM Trulia, Inc. 355.0 47.7 (3.9) 7.4x NM SoundBite Communications, Inc. Mobile Technology Genesys SA 84.2 48.2 0.3 1.7x NM Agency & Marketing Services Acquity Group, LLC Digital Agency Accenture plc 316.0 141.0 27.0 2.2x 11.7x Branded3 Search Digital Agency St. Ives, PLC 16.4 6.5 2.7 2.5x 6.1x Traditional Media Nielsen Expositions B‐to‐B Media Onex Corporation 950.0 183.0 97.0 5.2x 9.8x AS Starman Cable & Satellite Television East Capital Explorer AB 50.6 36.9 17.1 1.4x 3.0x High Noon Productions Entertainment Media ITV plc 42.6 0.0 5.7 * NA 7.5x

Software BMC Software Inc. Infrastructure Software Bain Capital and Golden Gate Capital 6,900.0 2,201.4 612.1 3.1x 11.3x Advent Software, Inc. Financial Software TPG Capital 1, 304. 1 364. 4 82. 7 36x3.6x 15. 8x Websense, Inc. Security Software Vista Equity Partners 907.0 359.4 54.4 2.5x 16.7x Ebix, Inc. Credit/Risk Software Goldman Sachs Merchant Banking 811.6 208.1 87.0 3.9x 9.3x Stonesoft Security Software McAfee, Inc. 378.0 53.8 (0.6) 7.0x NM

Information & Business Services Lender Processing Services, Inc. BPO Fidelity National Financial, Inc. 3,887.3 1,983.5 249.6 2.0x 15.6x

IPOs After Final Pricing Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Marketing Technology Tableau Software, Inc. BI Tools IPO $1,760.7 $143.1 $0.0 12.3x NA Marketo, Inc. SFA/Lead Management IPO 551.8 65.9 (35.3) 8.4x NM Communications Cyan, Inc. Networking Equipment IPO 498.5 108.0 (12.9) 4.6x NM Information & Business Services Quintiles Transnational Holdings Inc. BPO IPO 7,044.7 3,692.3 488.8 1.9x 14.4x

* EBITDA represented by EBIT proxy

Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing 5| M&A and Investment Summary May 2013 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA

Ma y‐13 Covisint Corporation Technology $100.0 $75.0 NA

Ma y‐13 Luxoft Holding, Inc. Software 80.0 315.0 52.1

Ma y‐13 Tremor Video, Inc. Digital Advertising 86.3 NA NA

Apr‐13 Light In The Box Ltd. Digital Media/Commerce 86.3 200.0 (3.2)

Apr‐13 Textura Corporation Software 50.0 24.0 (14.2)

Ma r‐13 Blackhawk Network Holdings, Inc. Technology 220.0 959.1 92.3

Oct‐12 Violin Memory, Inc. Technology NA 100.0 NA

Aug‐12 Just Dial Limited Digital Advertising NA 48.8 13.0

Jul‐12 Gigamon LLC Communications 135.0 105.8 8.8

Jun‐12 goldenTech SA Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology Software NA NA NA

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

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

Apr‐12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA

Ma r‐12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0

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

6| M&A and Investment Summary May 2013 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day May 31, 2013 1st Trading Day May‐13 ECOM ChannelAdvisor Corpora ti on Uni ted States $12.00‐$14.00 $14.00 $18.44, up 32% $16.94 (8.1%) May‐13 CYAN Cya n, Inc. United States 10.00‐12.00 11.00 11.14, up 1% 13.15 18.0% May‐13 MKTO Marketo, Inc. United States 11.00‐13.00 13.00 23.10, up 78% 24.70 6.9% May‐13 Q Quintiles Transnational Holdings Inc. United States 36.00‐40.00 40.00 42.11, up 5% 44.33 5.3%

May‐13 DATA Tableau Software, Inc. United States 28.00‐30.00 31.00 50.75, up 64% 51.11 0.7% Apr‐13 RALY Rally Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 21.04 18.1%

Mar‐13 MRIN Marin Software United States 11.00‐13.00 14.00 16.26 , up 16% 12.06 (()25.8%) Mar‐13 MODN Model N, Inc. United States 12.50‐14.50 15.50 18.45, up 19% 19.97 8.2% Mar‐13 3182 Oisix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 55.14 91.9%

Mar‐13 IPDN Professional Diversity Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 4.99 (34.9%) Feb‐13 DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 3.04 17.4%

Feb‐13 3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 43.26 38.8% Feb‐13 XOOM Xoom Corpora ti on Uni ted States 13.00‐15.00 16.00 25.49, up 59% 18.86 (26.0%) Nov‐12 3666 Tecnos Japan Incorporated Japan 16.77‐18.72 18.72 27.66, up 48% 26.13 (5.5%)

Nov‐12 YY YY, Inc. China 10.50‐12.50 10.50 11.31, up 8% 28.40 151.1% Oct‐12 RKUS Ruckus Wireless, Inc. United States 13.00‐15.00 15.00 12.25, down 18% 12.65 3.3%

Oct‐12 FLTX Fleetmatics Group Limited United States 15.00‐17.00 27.00 22.30, up 31% 30.03 34.7% Oct‐12 RLGY Realogy Holdings Corp. Uni ted States 23.00‐27.00 27.00 34.20, up 27% 52.07 52.3% Oct‐12 SSTK Shutterstock, Inc. United States 13.00‐15.00 17.00 21.66, up 27% 46.59 115.1%

Oct‐12 WDAY Workday, Inc. United States 24.00‐26.00 28.00 48.69, 74% 65.21 33.2% Sep‐12 TRLA Trulia, Inc. United States 14.00‐16.00 17.00 24.00, up 41.8% 30.65 27.7%

Aug‐12 PFMT Performant Financial Corpora ti on Uni ted States 12.00‐14.00 9.00 10.60, down 18% 10.97 3.5% Jul‐12 EOPN E2open, Inc. United States 15.00‐17.00 15.00 13.50, down 10% 14.85 10.0%

Jul‐12 PANW Palo Alto Networks United States 38.00‐40.00 42.00 53.13, up 27% 49.45 (6.9%) Jun‐12 DB:VWA Vange Software Group AG Switzerland 33.05‐39.41 33.05 32.69, down 1% 6.85 (79.1%)

7| M&A and Investment Summary May 2013 Digital Media/Commerce

. eCommerce was the most active subsegment with 28 transactions announced, of which 15 reported $397 million in value. The highest value subsegment was Social Media/Apps, with 21 transactions announced, of which 12 reported $1.3 billion in value . SlSelec t acquiiitisitions: • Yahoo’s $1.1 billion acquisition of Tumblr, an online blogging forum • DreamWorks Animations’ $33 million acquisition of AwesomenessTV, which operates a YouTube channel for teens and tweens • The merger of online food‐ordering service providers GrubHub and Seamless . Select investments: • MediaCorp’s $40 million investment in Singapore‐based Reebonz, which operates a designer brand flash‐sales site • The $125 million investment in LendingClub, which operates a peer‐to‐peer lending platform, to Google and Foundation Capital, at a valuation of $1.6 billion

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 28 35% 397.3 22% 9 1.3 1 13.0 18 383.0 Social Media/Apps 22 28% 1,288.5 73% 9 1,145.0 0 ‐ 13 143.5 Mobile Content/Apps 17 22% 38.7 2% 6 ‐ 0 ‐ 11 38.7 Niche Content 5 6% 24.1 1% 2 20.0 0 ‐ 34.1 Gaming 4 5% 11.3 1% 1 ‐ 0 ‐ 3 11.3 Classifieds/Auctions/P‐to‐P 3 4% 15.1 1% 1 ‐ 1 14.5 1 0.6 Total 79 100% 1, 774. 9 100% 28 1, 166. 3 2 27. 5 49 581. 1

8| M&A and Investment Summary May 2013 Digital Media/Commerce Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. United States 6.38 ‐3% 407.3 408.3 17.0 18.0 746.1 44.8 6.0% 3.8% 0.5x 9.1x Amazon.com Inc. United States 267.29 ‐6% 121,681.9 116,826.9 7,895.0 3,040.0 63,978.0 2,710.0 4.2% 24.5% 1.8x 43.1x AOL Inc. United States 35.23 ‐20% 2,728.6 2,376.2 467.8 104.2 2,200.6 482.3 21.9% 0.9% 1.1x 4.9x Baidu, Inc. China 97.28 ‐28% 34,019.8 30,689.4 5,440.7 1,914.2 3,863.1 2,066.3 53.5% 47.1% 7.9x 14.9x Betfair Grou p PLC United Kingdom 12. 72 ‐11% 1, 296. 0 1, 118. 9 189. 9 ‐ 642. 9 102. 7 16. 0% 75%7.5% 171.7x 10. 9x Blue Nile Inc. United States 35.49 ‐18% 439.8 400.0 40.5 0.7 414.0 14.5 3.5% 18.0% 1.0x 27.6x CafePress Inc. United States 6.61 ‐58% 113.2 89.8 26.1 2.7 230.4 10.4 4.5% 25.7% 0.4x 8.6x CyberAgent Inc. Japan 1,960.48 ‐19% 1,221.1 949.3 333.8 0.5 1,647.6 169.2 10.3% 21.0% 0.6x 5.6x Demand Media, Inc. United States 9.07 ‐27% 785.6 676.3 109.4 ‐ 395.0 171.8 43.5% 19.1% 1.7x 3.9x DeNA Co., Ltd. Japan 21.73 ‐36% 2,914.9 2,288.4 714.9 ‐ 2,149.4 879.5 40.9% 38.9% 1.1x 2.6x eBay Inc. United States 55.53 ‐4% 72,066.3 67,180.3 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.6x 15.6x E‐Commerce China Dangdang Inc. * China 6.20 ‐11% 497.1 404.4 141.0 48.3 875.9 (67.1) NM 35.6% 0.5x NM Expedia Inc. United States 58.97 ‐13% 7,969.3 7,595.7 2,089.1 1,249.4 4,226.2 640.8 15.2% 19.5% 1.8x 11.9x Facebook, Inc. United States 24.10 ‐46% 58,271.5 51,060.5 9,472.0 2,261.0 5,489.0 1,310.0 23.9% 35.9% 9.3x 39.0x G5 Entertainment AB (publ) Sweden 7207.20 ‐17% 63. 4 56. 8 686.8 ‐ 14. 0 454.5 32. 4% 67. 3% 414.1x 12. 6x GameLoft SA France 7.06 ‐5% 561.8 490.2 73.4 0.1 274.7 42.8 15.6% 26.7% 1.8x 11.4x Glu Mobile, Inc. * United States 2.65 ‐55% 181.5 160.2 21.2 ‐ 85.1 (8.9) NM 19.3% 1.9x NM Google Inc. United States 881.27 ‐4% 292,375.5 249,653.5 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8x Gree, Inc. Japan 9.68 ‐45% 2,260.9 2,114.2 394.6 234.4 1,648.9 665.8 40.4% 11.5% 1.3x 3.2x Hollywood Media Corp. * United States 1.44 ‐4% 32.6 22.7 9.9 0.1 0.5 (6.1) NM 90.2% 43.6x NM HSN, Inc. United States 57.93 ‐5% 3,092.1 3,191.9 150.9 250.7 3,301.5 286.3 8.7% 6.2% 1.0x 11.1x IAC/InterActiveCorp United States 50.68 ‐9% 4,242.9 4,252.6 679.6 580.0 2,902.6 451.0 15.5% 29.6% 1.5x 9.4x International Game Technology United States 18.81 0% 4,898.1 6,490.9 236.5 1,829.3 2,294.1 840.8 36.7% 13.8% 2.8x 7.7x Jiayuan.com International Ltd. China 5.46 ‐66% 163.9 82.8 81.1 ‐ 65.9 10.5 15.9% 24.0% 1.3x 7.9x Kongzhong Corp. China 6.71 ‐18% 281.5 151.6 139.0 9.1 184.2 30.9 16.8% 15.6% 0.8x 4.9x LinkedIn Corporation * United States 169.17 ‐17% 18,670.3 17,840.0 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 16.1x 119.4x Liquidity Services, Inc. * United States 38.86 ‐41% 1,228.9 1,171.7 57.2 ‐ 496.1 NA NA 25.8% 2.4x NA MeetMe, Inc. * United States 1.66 ‐5% 63.3 63.3 4.3 4.3 44.1 (4.0) NM 133.7% 1.4x NM Mercadolibre, Inc. Argentina 118.35 ‐8% 5,225.5 5,032.0 197.7 0.2 392.6 142.9 36.4% 22.2% 12.8x 35.2x Mixi, Inc. Japan 15.14 ‐35% 234.9 105.8 140.1 ‐ 134.1 33.5 25.0% ‐5.3% 0.8x 3.2x NCsoft Corporation South Korea 149.19 ‐41% 2,965.6 2,460.6 539.6 9.5 716.6 172.7 24.1% 34.1% 3.4x 14.2x Netflix, Inc. * United States 214.19 ‐14% 12,518.5 12,192.6 1,025.9 700.0 3,763.5 129.9 3.5% 12.1% 3.2x 93.8x Nexon Co. Ltd. Japan 10.95 ‐35% 4,781.7 4,226.4 1,173.2 529.5 1,299.8 687.6 52.9% 0.0% 3.3x 6.1x OpenTable, Inc. United States 66.53 ‐8% 1,515.8 1,419.2 96.6 ‐ 167.8 49.0 29.2% 15.6% 8.5x 29.0x Orbitz Worldwide, Inc. United States 8.71 0% 918.5 1,148.7 219.8 450.0 791.9 106.5 13.4% 2.6% 1.5x 10.8x Overstock.com Inc. United States 26.89 ‐2% 635.9 554.1 81.9 ‐ 1,148.9 32.4 2.8% 9.3% 0.5x 17.1x Pacific Online Ltd. China 0.38 ‐18% 408.8 338.3 70.6 ‐ 114.8 49.0 42.7% 11.8% 2.9x 6.9x Pandora Media, Inc. * United States 16.91 ‐13% 2,948.9 2,873.5 75.4 ‐ 471.9 (38.5) NM 55.2% 6.1x NM PC Home Online Inc. Taiwan 4.60 ‐27% 378.2 290.1 101.8 ‐ 507.2 19.5 3.8% 7.9% 0.6x 14.9x Perform Group plc. United Kingdom 8.31 ‐4% 1,984.5 1,946.9 54.6 11.5 246.4 53.6 21.7% 46.9% 7.9x 36.4x Phoenix New Media Limited China 4.80 ‐16% 369.8 177.8 191.9 ‐ 185.6 18.1 9.8% 13.3% 1.0x 9.8x priceline.com Incorporated United States 804.33 ‐5% 41,487.3 37,958.8 5,181.6 1,462.2 5,525.7 1,983.5 35.9% 20.6% 6.9x 19.1x Rakuten, Inc. Japan 11.48 ‐14% 15,093.9 15,301.6 3,284.8 3,445.1 4,861.4 1,133.7 23.3% 16.9% 3.1x 13.5x Rediff.com India Limited * India 2.82 ‐39% 77.8 53.3 ‐ ‐ 15.7 (8.2) NM ‐21.5% 3.4x NM Renren Inc. * China 2.98 ‐40% 1,128.8 274.3 854.7 ‐ 190.6 (80.6) NM 47.2% 1.4x NM Shutterfly, Inc. United States 49.01 ‐1% 1,861.0 1,696.6 164.5 ‐ 666.0 83.3 12.5% 31.3% 2.5x 20.4x Shutterstock, Inc. United States 47.79 ‐9% 1,602.1 1,495.1 107.0 ‐ 183.2 38.5 21.0% 38.4% 8.2x 38.8x Sky‐mobi Limited China 3.20 ‐8% 100.9 3.3 97.9 ‐ 96.7 4.5 4.6% ‐12.3% 0.0x 0.7x Spark Networks, Inc. * United States 8.28 ‐11% 191.6 183.6 8.0 ‐ 64.5 (7.6) NM 23.7% 2.8x NM

9| M&A and Investment Summary May 2013 Digital Media/Commerce Public Company Valuation

Adjusted Weighted Average 4.7x 22.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (52.2x)

10 | M&A and Investment Summary May 2013 Digital Advertising

. Digital Video and Vertical Search were the most active Digital Advertising subsegments, with a combined total of 13 transactions announced, of which eight reported $479 million in value . SlSelec t acquiiitisitions: • Baidu’s $370 million acquisition of online video service provider PPStream, from Ceyuan • Yahoo’s acquisition of MileWise, which offers a travel search platform that enables users to find flights not just based on price, but also with frequent flyer mile discounts . Select investments: • The $50 million investment in Extreme Reach, which provides video advertisement serving, distribution, and management solutions, from Spectrum Equity • The $15 million investment in Zoove, a provider of branded mobile phone numbers, led by Panorama Capital • The $4 million investment in Pixability, an online video marketing company, led by Quad/Graphics

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 7 27% 444. 9 82% 2 370. 0 0 ‐ 5 74. 9 Vertical Search 5 19% 1.0 0% 4 ‐ 0 ‐ 11.0 Local Search 4 15% 11.9 2% 0 ‐ 0 ‐ 411.9 Ad Networks/Exchanges 3 12% 62.0 11% 1 ‐ 0 ‐ 262.0 Email Services 2 8% 0.8 0% 1 ‐ 0 ‐ 10.8 Mobile Marketing 2 8% 15.0 3% 1 ‐ 0 ‐ 115.0 Comparison Shopping 1 4% 404.0 1% 0 ‐ 0 ‐ 1 404.0 Online Lead Generation 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Search Marketing 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 26 100% 539.5 100% 11 370.0 0 0.0 15 169.5

11 | M&A and Investment Summary May 2013 Digital Advertising Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States 23.54 ‐12% 1,367.8 1,319.7 62.9 14.9 176.9 (43.0) NM 70.9% 7.5x NM Autobytel Inc. United States 4.91 ‐3% 43.5 33.8 14.7 5.0 68.4 3.2 4.7% 6.0% 0.5x 10.6x Bankrate, Inc. United States 13.29 ‐36% 1,329.6 1,434.4 89.2 194.0 440.6 105.1 23.8% ‐2.1% 3.3x 13.7x Blinkx plc United States 2.08 ‐3% 752.9 697.5 55.9 ‐ 198.0 28.2 14.2% 73.0% 3.5x 24.8x Blu cora, Inc. United States 18. 33 ‐3% 751. 3 602. 9 401. 7 253. 3 456. 6 81. 5 17. 8% 55. 9% 131.3x 747.4x Constant Contact, Inc. United States 14.97 ‐30% 459.7 362.4 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.4x 19.0x Ctrip.com International Ltd. China 31.65 ‐2% 4,107.2 3,519.3 873.2 252.6 709.3 118.5 16.7% 21.0% 5.0x 29.7x Demand Media, Inc. United States 9.07 ‐27% 785.6 676.3 109.4 ‐ 395.0 70.8 17.9% 19.1% 1.7x 9.6x Dice Holdings, Inc. United States 9.09 ‐13% 544.2 532.6 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.7x Digital Globe ServicesInc. United States 3.01 ‐3% 89.3 91.1 0.9 2.9 22.8 3.6 15.8% 0.0% 4.0x 25.2x eHealth, Inc. United States 24.35 ‐14% 474.0 360.4 113.6 ‐ 161.6 21.2 13.1% 6.9% 2.2x 17.0x ExactTarget, Inc. United States 22.90 ‐8% 1,586.5 1,485.5 101.0 ‐ 317.1 (0.6) NM 39.4% 4.7x NM Google Inc. United States 881.27 ‐4% 292,375.5 249,653.5 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8x Groupon, Inc. United States 7.39 ‐36% 4,888.9 3,720.9 1,165.7 ‐ 2,376.6 142.6 6.0% 26.8% 1.6x 26.1x Hi‐Media SAS.A. France 2302.30 ‐22% 102. 7 129. 0 27. 4 52. 7 256. 8 17. 2 67%6.7% ‐15. 3% 050.5x 757.5x HomeAway, Inc. * United States 29.65 ‐14% 2,518.4 2,204.0 314.4 ‐ 295.8 56.4 19.1% 22.0% 7.5x 39.0x LeGuide.com S.A. France 35.40 ‐3% 124.5 92.4 32.8 ‐ 57.7 15.5 26.8% 53.6% 1.6x 6.0x MakeMyTrip Limited India 12.99 ‐30% 482.7 401.0 83.7 1.3 228.8 (13.6) NM 16.4% 1.8x NM Millennial Media Inc. United States 7.25 ‐57% 576.6 443.1 133.5 ‐ 194.2 (1.7) NM 68.7% 2.3x NM Monster Worldwide, Inc. United States 5.46 ‐40% 636.3 674.5 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.8x 5.0x Move, Inc. United States 11.23 ‐7% 447.8 417.5 30.2 ‐ 205.7 15.3 7.4% 8.1% 2.0x 27.3x Opera Software ASA Norway 7.26 ‐7% 878.6 825.3 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.6x 13.1x OPT, Inc. Japan 8.78 ‐25% 258.5 156.9 130.7 6.5 873.0 26.6 3.0% 26.2% 0.2x 5.9x Pacific Online Ltd. China 0.38 ‐18% 408.8 338.3 70.6 ‐ 114.8 49.0 42.7% 11.8% 2.9x 6.9x QuinStreet, Inc. United States 7.95 ‐22% 340.9 324.5 113.8 97.4 315.1 38.0 12.1% ‐16.8% 1.0x 8.5x ReachLocal, Inc. United States 15.01 ‐14% 426.5 338.3 88.2 ‐ 473.2 9.2 1.9% 19.7% 0.7x 36.8x Responsys, Inc. United States 9.85 ‐22% 486.2 380.9 106.3 0.9 173.3 19.5 11.2% 21.3% 2.2x 19.6x Rightmove plc * United Kingdom 31.61 ‐2% 3,131.6 3,121.0 11.5 ‐ 194.0 136.3 70.3% 23.0% 16.1x 22.9x Rovi Corporation United States 25.14 ‐2% 2,532.4 3,180.7 737.8 1,386.0 633.6 216.3 34.1% ‐9.5% 5.0x 14.7x Septeni Holdings Co., Ltd. Japan 1,489.92 ‐16% 187.8 146.6 61.2 8.8 459.7 18.4 4.0% 15.9% 0.3x 8.0x The Active Network, Inc. United States 6.37 ‐61% 392.9 290.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.7x 26.3x TiVo Inc. United States 13.20 ‐2% 1,670.4 1,272.1 570.9 172.5 318.7 (20.2) NM 22.5% 4.0x NM TradeDoubler AB Sweden 2.60 ‐8% 111.0 88.5 23.0 ‐ 336.2 2.7 0.8% ‐15.6% 0.3x 32.5x Tree.Com, Inc. * United States 19.59 ‐9% 220.4 147.1 73.3 ‐ 92.3 1.8 1.9% 71.1% 1.6x 83.0x TripAdvisor Inc. * United States 64.30 0% 9,218.8 9,203.9 406.1 391.3 809.2 324.4 40.1% 20.5% 11.4x 28.4x Trulia, Inc. * United States 31.34 ‐18% 1,007.9 803.5 214.3 9.9 79.9 (4.2) NM 87.8% 10.1x NM ValueClick, Inc. United States 26.60 ‐18% 2,027.3 1,978.2 129.1 80.0 679.9 211.7 31.1% 21.7% 2.9x 9.3x Velti Plc Ireland 1.87 ‐82% 165.3 196.2 16.3 47.8 259.6 (4.8) NM 22.8% 0.8x NM Vocus Inc. * United States 8.51 ‐59% 179.5 216.9 41.0 0.9 182.2 2.6 1.4% 48.4% 1.2x 84.9x Voltari Corporation United States 4.59 ‐52% 21.4 17.7 54.3 23.0 85.6 15.7 18.3% ‐11.0% 0.2x 1.1x Web.com Group, Inc. United States 21.52 ‐6% 1,025.6 1,711.7 13.6 699.7 431.7 68.5 15.9% 71.8% 4.0x 25.0x Yahoo! Inc. United States 26.07 ‐6% 28,224.3 25,293.1 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 5.2x 19.1x Yelp, Inc. * United States 29.95 ‐9% 1,930.0 1,835.5 94.5 ‐ 156.3 (4.5) NM 66.0% 11.7x NM Youku Tudou Inc. * China 20.75 ‐19% 3,421.2 2,854.2 567.7 0.7 328.4 (1.6) NM 96.3% 8.7x NM Zillow, Inc. * United States 56.44 ‐11% 1,949.0 1,769.9 179.1 ‐ 133.0 8.1 6.1% 71.3% 13.3x 218.0x

Adjusted Weighted Average 4.7x 16.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.3x)

12 | M&A and Investment Summary May 2013 Marketing Technology

. There were 80 deals announced in the Marketing Technology segment, of which 48 reported $889 million in value . Select acquisitions: • Answers’ $37 million acquisition of WebCollage, a cloud‐based software firm enabling manufacturers to update marketing materials directly from the websites of retail shops • IMS Health’s acquisition of Semantelli, a social media analytics company offering cloud‐based tools that automate the collection of healthcare‐specific social media content . Select investments: • The $18 million investment in Skytree, a data analytics solutions company offering software for organizations to perform machine learning and other advanced analytics methods on massive amounts of data, led by U.S. Venture Partners

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER /INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Technology 10 13% 100.8 11% 3 ‐ 1 ‐ 6 100.8 Mobile Technology 9 11% 97.2 11% 4 84.2 0 ‐ 5 13.0 Analytics & Reporting 8 10% 43.5 5% 3 ‐ 0 ‐ 5 43.5 Content Management 8 10% 57.2 6% 4 37.0 0 ‐ 4 20.2 CRM 8 10% 360.5 41% 6 355.0 0 ‐ 25.5 BI Tools 5 6% 74.5 8% 1 ‐ 0 ‐ 4 74.5 SEM/SEO Tools 5 6% 1.5 0% 3 ‐ 0 ‐ 21.5 Other* 27 34% 153.4 17% 8 13.3 0 ‐ 19 140.1 TtlTotal 80 100% 888. 5 100% 32 489. 5 1 000.0 47 399. 0 *Other includes Ad Serving, Commerce Management, Email/Messaging Software, Market Research Software, Media Management System, MRM/Worflow Management, Online Targeting/Optimization, Product/Price Software, Search & Discovery, SFA/Lead Management, and Teleservices/eServices

13 | M&A and Investment Summary May 2013 Marketing Technology Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States 42.91 ‐9% 21,538.1 19,408.8 3,660.7 1,531.4 4,366.3 1,296.0 29.7% 3.1% 4.4x 15.0x Bazaarvoice, Inc. United States 7.22 ‐64% 525.5 420.0 105.5 ‐ 148.4 (27.0) NM 57.9% 2.8x NM Blackbaud Inc. United States 29.83 ‐5% 1,361.6 1,565.2 8.4 212.1 468.3 71.9 15.3% 23.6% 3.3x 21.8x Constant Contact, Inc. United States 14.97 ‐30% 459.7 362.4 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.4x 19.0x Dealertrack Technologies, Inc. United States 31. 38 ‐7% 1, 364. 7 1, 358. 1 170. 9 164. 2 406. 3 55. 9 13. 8% 10. 5% 333.3x 24. 3x Demandware, Inc. United States 31.68 ‐8% 955.6 853.4 107.2 5.0 83.9 (9.0) NM 37.5% 10.2x NM Digital Generation, Inc. United States 7.22 ‐45% 200.5 556.3 47.3 403.1 385.7 100.7 26.1% 9.1% 1.4x 5.5x Digital River Inc. United States 17.43 ‐2% 614.7 277.9 645.4 308.6 397.5 35.8 9.0% ‐1.2% 0.7x 7.8x eBay Inc. United States 55.53 ‐4% 72,066.3 67,180.3 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.6x 15.6x ExactTarget,Inc. United States 22.90 ‐8% 1,586.5 1,485.5 101.0 ‐ 317.1 (0.6) NM 39.4% 4.7x NM Jive Software, Inc. United States 16.48 ‐25% 1,098.2 964.6 143.8 10.2 122.2 (43.3) NM 41.2% 7.9x NM LivePerson Inc. United States 9.44 ‐52% 519.9 425.1 94.8 ‐ 163.1 14.3 8.7% 17.0% 2.6x 29.8x Marin Software Incorporated United States 12.18 ‐39% 396.9 287.4 115.5 6.0 63.7 (25.4) NM 0.0% 4.5x NM Market Leader, Inc. United States 10.74 ‐3% 290.2 268.2 22.0 ‐ 47.7 (3.9) NM 29.1% 5.6x NM Responsys, Inc. United States 9859.85 ‐22% 486. 2 380. 9 106. 3 090.9 173. 3 19. 5 11. 2% 21. 3% 222.2x 19. 6x Oracle Corporation United States 34.53 ‐5% 162,659.0 149,446.0 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 4.0x 8.6x salesforce.com, inc United States 41.80 ‐12% 24,659.3 24,253.8 2,099.8 1,694.4 3,247.4 72.5 2.2% 32.1% 7.5x NM Teradata Corporation United States 54.46 ‐33% 8,898.8 8,316.8 853.0 271.0 2,639.0 615.0 23.3% 6.9% 3.2x 13.5x IBM Corporation United States 6.37 ‐61% 392.9 290.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.7x 26.3x Vocus Inc. * United States 8.51 ‐59% 179.5 216.9 41.0 0.9 182.2 2.6 1.4% 48.4% 1.2x 84.9x Actuate Corporation United States 6.74 ‐6% 319.0 251.6 68.2 0.8 138.9 21.1 15.2% 0.9% 1.8x 12.0x Bitauto Holdings Limited China 10.17 ‐23% 404.1 317.3 86.8 ‐ 179.9 30.5 17.0% 51.5% 1.8x 10.4x Brightcove, Inc. United States 7.60 ‐56% 213.7 186.8 26.9 ‐ 92.8 (9.2) NM 31.7% 2.0x NM E2open, Inc. United States 14.48 ‐34% 368.4 334.3 35.6 1.4 74.9 0.6 0.8% 25.6% 4.5x NM Informatica Corporation United States 34.74 ‐22% 3,754.6 3,163.6 592.9 ‐ 829.9 169.5 20.4% 2.2% 3.8x 18.7x Infosystems S.A. Poland 1.18 ‐32% 4.8 4.5 0.6 0.3 2.1 0.8 38.8% 40.7% 2.2x 5.6x Interactive Intelligence Group Inc. United States 49.40 ‐5% 983.0 914.2 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.5x 61.6x International Business Machines Corporation United States 207.78 ‐4% 230,385.2 251,846.2 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.4x 9.5x Keynote Systems, Inc. United States 12.68 ‐22% 233.9 176.0 57.9 ‐ 123.9 14.7 11.9% 5.2% 1.4x 11.9x Marketo, Inc. * United States 25.68 ‐4% 918.9 886.4 36.2 3.6 65.9 (35.1) NM 0.0% 13.4x NM Mercadolibre, Inc. Argentina 118.35 ‐8% 5,225.5 5,032.0 197.7 0.2 392.6 142.9 36.4% 22.2% 12.8x 35.2x MicroStrategy Inc. United States 92.34 ‐33% 1,043.5 713.3 330.2 ‐ 586.5 40.7 6.9% 1.4% 1.2x 17.5x NetSuite Inc. * United States 89.52 ‐7% 6,605.0 6,428.3 190.7 14.0 331.1 (21.0) NM 31.3% 19.4x NM Nuance Communications, Inc. United States 19.50 ‐25% 6,196.1 7,537.1 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.2x 20.3x Open Text Corporation Canada 68.08 ‐4% 3,990.0 4,116.5 446.9 573.5 1,321.7 390.7 29.6% 11.3% 3.1x 10.5x Opera Software ASA Norway 7.26 ‐7% 878.6 825.3 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.6x 13.1x PTC Inc. United States 25.02 ‐4% 2,989.4 3,056.7 240.8 308.1 1,270.0 239.2 18.8% 1.5% 2.4x 12.8x Qlik Technologies, Inc. * United States 30.88 ‐1% 2,687.2 2,472.5 214.8 0.2 405.9 11.5 2.8% 20.5% 6.1x 214.5x RealNetworks Inc. United States 7.34 ‐21% 260.0 (0.6) 260.6 ‐ 248.7 (19.2) NM ‐21.1% NM 0.0x Sage Group plc United Kingdom 5.53 ‐2% 6,422.1 6,768.3 133.0 483.5 2,088.2 617.6 29.6% 2.9% 3.2x 11.0x SAP AG Germany 76.88 ‐9% 91,683.9 92,256.5 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.4x 12.9x Sky‐mobi Limited China 3.20 ‐8% 100.9 3.3 97.9 ‐ 96.7 4.5 4.6% ‐12.3% 0.0x 0.7x Synchronoss Technologies, Inc. United States 31.38 ‐5% 1,204.3 1,147.0 66.5 9.3 287.4 62.7 21.8% 19.4% 4.0x 18.3x Tableau Software, Inc. * United States 50.67 ‐15% 2,914.3 2,873.8 40.5 ‐ 143.1 0.2 0.1% 0.0% 20.1x NM TIBCO Software Inc. United States 21.69 ‐34% 3,559.2 3,316.9 806.7 563.4 1,036.7 210.1 20.3% 7.9% 3.2x 15.8x Verint Systems Inc. United States 34.04 ‐8% 1,793.5 2,437.0 223.6 576.7 839.5 162.2 19.3% 7.3% 2.9x 15.0x

Adjusted Weighted Average 3.8x 11.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.4x)

14 | M&A and Investment Summary May 2013 Agency & Marketing Services

. There were 15 transactions announced in the Agency and Marketing Services segment. Digital Agency was the most active subsegment with eight acquisitions announced, of which three reported $339 million in value . SlSelec t acquiiitisitions: • Accenture’s $316 million acquisition of Acquity Group, which provides eCommerce and digital marketing services, and its acquisition of U.K.‐based Fjordnet, a design consultancy specializing in digital experiences and services that engage consumers across platforms including smart devices, tablets, and PCs • Adb’dobe’s acquisition of Idddeacodes, a creative consultancy that specializes in the design and user experience of smart application, digital product, and networked communities . Select investments: • Shamrock’s growth equity investment in Giant Creative/Strategy, a healthcare branding and communications agency

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 8 53% 338.9 100% 8 338.9 0 ‐ 0 ‐ Public Relations 2 13% ‐ 0% 1 ‐ 0 ‐ 1 ‐ Branded Communications 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Channel Services 1 7% ‐ 0% 0 ‐ 1 ‐ 0 ‐ General Agency 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Healthcare Agency 1 7% ‐ 0% 0 ‐ 0 ‐ 1 ‐ Promotion Agency 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 15 100% 338.9 100% 12 338.9 1 0.0 2 0.0

15 | M&A and Investment Summary May 2013 Agency Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acquity Group Limited Hong Kong $12.85 ‐1% $302.2 $265.7 $141.0 $27.0 19.1% 32.2% 1.9x 9.8x Cello Group Plc United Kingdom 0.82 ‐8% 67.6 80.8 219.7 12.8 5.8% 5.8% 0.4x 6.3x Charm Communications Inc. China 5.30 ‐34% 212.2 122.5 170.1 (3.8) NM ‐32.4% 0.7x NM Chime Communications plc * United Kingdom 3.87 ‐6% 324.8 320.6 559.5 19.3 3.5% 20.5% 0.6x 16.6x Creston plc United Kingdom 1.38 ‐5% 83.7 86.8 121.9 22.0 18.1% 4.6% 0.7x 3.9x Dentsu Inc. Japan 32.14 ‐17% 8,006.9 8,243.0 20,608.6 817.7 4.0% 2.5% 0.4x 10.1x Enero Group Limited Australia 0.33 ‐51% 28.5 13.1 307.1 3.8 1.2% ‐17.8% 0.0x 3.4x Havas France 6.49 ‐5% 2,523.6 2,874.8 2,344.3 365.2 15.6% 8.1% 1.2x 7.9x Huntsworth plc United Kingdom 0.94 ‐3% 230.1 330.8 281.2 53.4 19.0% ‐1.8% 1.2x 6.2x M&C Saatchi plc United Kingdom 4.06 ‐1% 259.6 236.7 275.5 31.8 11.6% 10.7% 0.9x 7.4x MDC Partners Inc. * United States 17.68 ‐2% 563.2 1,207.9 1,102.6 77.5 7.0% 14.8% 1.1x 15.6x Next Fifteen Communications Group plc United Kingdom 1291.29 ‐26% 77. 3 88. 5 147. 2 17. 3 11. 7% 26%2.6% 06x0.6x 51x5.1x Omnicom Group Inc. United States 63.79 ‐1% 16,495.1 19,539.6 14,311.0 2,097.9 14.7% 2.0% 1.4x 9.3x OPT, Inc. Japan 8.78 ‐25% 258.5 156.9 873.0 26.6 3.0% 26.2% 0.2x 5.9x Publicis Groupe SA France 73.82 ‐1% 15,503.5 15,300.1 8,715.1 1,674.5 19.2% 13.7% 1.8x 9.1x Sapient Corp. United States 12.20 ‐3% 1,703.8 1,484.4 1,153.3 142.6 12.4% 10.9% 1.3x 10.4x The Interpublic Group of Companies, Inc. United States 14.68 ‐2% 6,288.9 7,360.9 6,992.4 826.6 11.8% ‐0.8% 1.1x 8.9x WPP plc United Kingdom 17.91 ‐1% 22,675.2 27,296.8 16,860.0 2,851.2 16.9% 3.5% 1.6x 9.6x

Adjusted Weighted Average 1.4x 9.3x

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

16 | M&A and Investment Summary May 2013 Marketing Services Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $21.79 ‐1% $1,608.7 $1,638.8 $223.0 $253.5 $1,099.4 $220.9 20.1% ‐2.8% 1.5x 7.4x Aimia Inc. Canada 14.88 ‐7% 2,566.2 2,848.3 487.8 780.2 2,252.1 342.6 15.2% 7.2% 1.3x 8.3x Alliance Data Systems Corporation United States 183.03 ‐1% 9,002.5 13,242.3 764.1 5,003.9 3,803.3 1,164.0 30.6% 14.4% 3.5x 11.4x CSG Systems International Inc. United States 21.73 ‐7% 691.5 792.0 172.7 273.1 752.5 139.9 18.6% 2.2% 1.1x 5.7x Data Group Inc Canada 1.96 ‐59% 46.0 141.2 ‐ 97.0 326.9 28.4 8.7% ‐0.6% 0.4x 5.0x DST Systems Inc. United States 69.13 ‐4% 3,035.2 3,619.4 454.2 1,038.4 2,605.8 382.3 14.7% 6.4% 1.4x 9.5x Fair Isaac Corporation United States 49.77 ‐2% 1,785.3 2,158.2 131.2 504.0 715.9 187.8 26.2% 11.7% 3.0x 11.5x Harte‐Hanks Inc. United States 9.12 ‐7% 569.4 615.6 61.0 107.2 760.0 84.6 11.1% ‐4.7% 0.8x 7.3x High Co. SA France 5.93 ‐18% 62.2 26.8 60.2 23.6 174.3 16.6 9.5% ‐3.6% 0.2x 1.6x Insignia Systems Inc. United States 2.05 ‐12% 28.0 8.5 19.5 ‐ 23.6 2.1 8.8% 44.8% 0.4x 4.1x Multiplus SA Brazil 16.65 ‐32% 2,696.0 2,649.8 47.1 ‐ 742.2 121.2 16.3% 11.1% 3.6x 21.9x Points International Ltd. * Canada 16.65 ‐13% 252.6 213.8 39.6 ‐ 148.4 3.5 2.3% 21.1% 1.4x 61.3x Valassis Communications Inc. United States 26.20 ‐16% 1,017.2 1,503.8 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.4x Viad Corp United States 25.66 ‐10% 521.5 437.0 95.7 2.5 1,041.6 71.5 6.9% 13.1% 0.4x 6.1x

Adjusted Weighted Average 2.5x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.9x)

17 | M&A and Investment Summary May 2013 Traditional Media

. There were a total of 17 transactions announced (13 acquisitions and four investments) in the Traditional Media segment in May . Select acquisitions: • Onex Corporation’s $950 million acquisition of Nielsen Holdings’ tradeshow unit, Nielsen Expositions, which produces tradeshows and conferences in markets including general merchandise, sports, hospitality, and retail design • Global Eagle Entertainment’s $24 million acquisition of Post Modern Group, which operates as an HD video production and post production company . Select investments: • The $110 million investment in DEN Networks, an India‐based cable television distribution company, from The Goldman Sachs Group

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 4 24% 59.7 5% 3 49.5 0 ‐ 1 10.3 B‐to‐B Media 3 18% 950.0 78% 2 ‐ 1 950.0 0 ‐ Consumer Magazine Publishing 3 18% 515.1 0% 2 393.9 0 ‐ 1 121.2 Cable & Satellite Television 2 12% 147.9 12% 0 ‐ 1 37.9 1 110.0 Digital Place‐Based Media 2 12% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Broadcast Television 1 6% 32.5 3% 1 32.5 0 ‐ 0 ‐ Newspaper Publishing 1 6% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Radio 1 6% 25.0 2% 0 ‐ 0 ‐ 1 25.0 Total 17 100% 1,220.2 100% 11 85.8 2 987.9 4 146.5

18 | M&A and Investment Summary May 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $51.30 ‐2% $32,595.4 $38,653.4 $409.0 6,467.0 $14,333.0 $3,597.0 25.1% 2.9% 2.7x 10.7x Discovery Communications, Inc. * United States 80.80 ‐1% 28,218.1 32,208.1 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 7.1x 16.4x News Corp. United States 33.24 ‐2% 77,055.0 88,035.0 9,324.0 16,474.0 35,469.0 6,975.0 19.7% 3.4% 2.5x 12.6x Time Warner Inc. United States 60.29 ‐2% 56,200.8 73,149.8 2,493.0 19,441.0 28,689.0 7,427.0 25.9% ‐2.0% 2.5x 9.8x Viacom, Inc. United States 69.36 ‐2% 33,678.3 41,504.3 1,260.0 8,933.0 13,053.0 3,829.0 29.3% ‐13.6% 3.2x 10.8x The Walt Disney Company United States 66.69 ‐2% 120,104.8 135,144.8 3,952.0 16,937.0 43,765.0 11,353.0 25.9% 5.4% 3.1x 11.9x

Adjusted Weighted Average 2.8x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x)

B-to-B Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $14.11 -9% $1,778.2 $1,846.9 $26.9 84.7 $595.3 $178.1 29.9% 1.8% 3.1x 10.4x Global Sourc es Lt d. Hong Kong 6.66 -21% 229.1 143.7 96.4 - 224.1 43.8 19.6% -1.0% 0.6x 3.3x Informa plc Switzerland 7.98 -2% 4,815.6 6,023.2 38.8 1,343.0 2,003.3 599.4 29.9% -3.4% 3.0x 10.0x TechTarget, Inc. United States 4.34 -28% 166.8 134.9 32.0 - 95.8 11.3 11.8% -10.1% 1.4x 12.0x The Dolan Company United States 1.56 -81% 47.3 198.9 2.4 151.4 249.2 27.8 11.2% -2.9% 0.8x 7.2x UBM plc United Kingdom 11.23 -7% 2,740.5 3,658.5 127.6 1,074.8 1,296.7 315.3 24.3% 2.0% 2.8x 11.6x

Adjusted Weighted Average 2.8x 10.4x

*Calc ulation is market c ap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.4x)

Radio Broadcasting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $7.59 ‐7% $173.5 $275.0 $14.2 115.8 $101.8 $29.9 29.4% 3.9% 2.7x 9.2x CC Media Holdings, Inc. United States 5.75 ‐4% 497.6 20,548.6 721.6 20,479.4 6,229.2 1,894.3 30.4% 0.5% 3.3x 10.8x Cumulus Media Inc. United States 3.80 ‐2% 668.7 3,356.7 82.8 2,698.5 1,073.5 344.3 32.1% 52.4% 3.1x 9.7x Dial Global, Inc. * United States 0.40 ‐89% 22.8 311.1 8.4 286.0 239.0 4.7 2.0% 82.0% 1.3x 65.9x Emmis Communications Corp. United States 1.64 ‐36% 67.5 249.5 8.7 143.6 196.1 27.6 14.1% ‐3.0% 1.3x 9.0x Entercom Communications Corp. United States 9.75 ‐3% 362.6 918.0 6.5 561.8 387.3 109.7 28.3% 1.9% 2.4x 8.4x Journal Communications Inc. United States 6.85 ‐4% 348.4 585.6 2.1 239.3 412.5 91.3 22.1% 16.1% 1.4x 6.4x Radio One Inc. United States 2.33 ‐5% 114.4 1,103.9 49.6 817.4 420.7 151.8 36.1% 4.6% 2.6x 7.3x Salem Communications Corp. United States 7.69 ‐24% 189.8 496.3 0.1 306.7 230.5 49.0 21.3% 4.2% 2.2x 10.1x SIRIUS XM Radio Inc. * United States 3.59 ‐1% 22,912.1 25,093.6 206.7 2,388.3 3,494.7 1,186.9 34.0% 12.9% 7.2x 21.1x Spanish Broadcasting System Inc. United States 4.15 ‐16% 30.2 365.2 37.4 280.1 146.5 46.5 31.7% 3.0% 2.5x 7.9x Pandora Media, Inc. United States 16.91 ‐13% 2,948.9 2,873.5 75.4 ‐ 471.9 (38.5) NM 55.2% 6.1x NM

Adjusted Weighted Average 4.5x 20.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.4x)

19 | M&A and Investment Summary May 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Broadcast Television Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Belo Corp. United States $11.61 ‐2% $1,204.8 $1,919.3 $5.1 720.0 $719.2 $259.2 36.0% 9.9% 2.7x 7.4x Entravision Communications Corporation United States 4.78 ‐8% 414.4 723.0 32.3 340.9 225.8 76.9 34.1% 14.7% 3.2x 9.4x Fisher Communications, Inc. * United States 41.22 ‐1% 365.5 346.5 18.9 ‐ 171.1 31.7 18.5% 6.7% 2.0x 10.9x Gray Television Inc. United States 5.78 ‐19% 332.5 1,144.5 21.0 832.9 402.3 170.7 42.4% 26.5% 2.8x 6.7x Journal Communications Inc. United States 6.85 ‐4% 348.4 585.6 2.1 239.3 412.5 91.3 22.1% 16.1% 1.4x 6.4x LIN TV Corp. United States 12.74 ‐5% 689.6 1,621.7 23.5 952.5 591.3 214.1 36.2% 43.0% 2.7x 7.6x Nexstar Broadcasting Group, Inc. * United States 27.82 ‐7% 816.8 1,722.1 22.6 928.0 407.2 151.9 37.3% 27.2% 4.2x 11.3x Sinclair Broadcast Group Inc. * United States 27.39 ‐7% 2,735.1 4,987.6 25.8 2,270.9 1,121.9 438.0 39.0% 39.4% 4.4x 11.4x The E. W. Scripps Company United States 13.64 ‐9% 777.5 750.6 221.2 192.1 895.0 132.5 14.8% 18.5% 0.8x 5.7x

Adjusted Weighted Average 3.2x 7.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.8x)

Cable & Satellite Television Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cablevision Systems Corporation United States $15.50 ‐18% $4,139.8 $13,956.9 $244.1 10,047.9 $6,693.9 $1,781.3 26.6% 1.7% 2.1x 7.8x Charter Communications, Inc. United States 114.10 ‐2% 11,552.7 24,356.7 65.0 12,869.0 7,594.0 2,662.0 35.1% 4.6% 3.2x 9.1x Comcast Corporation United States 41.82 ‐4% 109,160.2 153,021.2 4,680.0 47,226.0 63,002.0 20,323.0 32.3% 7.5% 2.4x 7.5x DIRECTV United States 63.80 ‐3% 35,635.6 52,721.6 1,679.0 18,365.0 30,274.0 7,411.0 24.5% 8.3% 1.7x 7.1x Dish Network Corp. United States 40.14 ‐2% 18,250.3 23,064.9 7,095.1 11,879.6 14,239.8 2,867.0 20.1% ‐1.2% 1.6x 8.0x General Communication Inc. United States 8.96 ‐14% 365.2 1,332.9 30.8 966.4 724.5 224.4 31.0% 5.5% 1.8x 5.9x Liberty Global Inc. * United States 75.59 ‐4% 18,847.8 48,729.4 3,031.5 32,941.9 10,541.5 4,826.3 45.8% 7.7% 4.6x 10.1x Time Warner Cable Inc. United States 96.27 ‐6% 28,011.0 51,549.0 3,290.0 26,824.0 21,727.0 7,626.0 35.1% 8.7% 2.4x 6.8x Virgin Media, Inc. United States 50.38 ‐3% 13,642.8 22,507.3 492.7 9,357.2 6,281.7 2,556.1 40.7% 3.0% 3.6x 8.8x Ziggo N.V. * Netherlands 37.08 ‐1% 7,416.8 11,024.0 79.9 3,671.9 1,970.2 1,138.5 57.8% 2.3% 5.6x 9.7x

Adjusted Weighted Average 2.5x 7.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.4x)

Cable Networks Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $64.08 ‐9% $4,625.9 $6,259.8 $554.9 2,188.9 $1,408.3 $482.3 34.2% 13.5% 4.4x 13.0x British Sky Broadcasting Group plc United Kingdom 11.84 ‐14% 18,681.7 20,853.2 2,122.8 4,297.3 10,772.2 2,400.0 22.3% 3.7% 1.9x 8.7x CBS Corporation United States 49.56 ‐6% 31,489.8 37,547.8 409.0 6,467.0 14,333.0 3,597.0 25.1% 2.9% 2.6x 10.4x Crown Media Holdings Inc. United States 2.05 ‐5% 737.3 1,189.0 18.3 469.9 351.7 265.3 75.4% 5.4% 3.4x 4.5x Discovery Communications, Inc. * United States 78.95 ‐3% 27,635.7 31,625.7 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 6.9x 16.1x Grupo Televisa, S.A.B. Mexico 26.08 ‐11% 14,866.1 18,245.8 1,937.0 4,639.6 5,656.2 2,239.5 39.6% 7.9% 3.2x 8.1x Scripps Networks Interactive, Inc. United States 67.53 ‐5% 9,952.3 11,312.4 421.2 1,384.3 2,366.2 1,049.1 44.3% 11.3% 4.8x 10.8x

Adjusted Weighted Average 4.0x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.9x)

20 | M&A and Investment Summary May 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $21.83 ‐5% $1,824.2 $1,914.2 $76.2 $165.0 $748.4 $104.2 13.9% 2.0% 2.6x 18.4x Eros International Plc United Kingdom 3.51 ‐15% 436.9 620.7 102.1 260.5 200.9 57.8 28.8% 6.5% 3.1x 10.7x Lions Gate Entertainment Corp. * United States 28.95 ‐1% 3,913.6 5,233.4 48.2 1,367.9 2,567.6 198.7 7.7% 94.6% 2.0x 26.3x Live Nation Entertainment, Inc. United States 14.49 ‐1% 2,783.0 3,460.7 1,246.4 1,732.6 5,874.7 417.8 7.1% 8.7% 0.6x 8.3x Village Roadshow Limited Australia 4.82 ‐8% 809.5 1,070.8 174.0 446.3 964.2 170.7 17.7% 2.3% 1.1x 6.3x World Wrestling Entertainment Inc. United States 9.48 0% 709.3 577.1 132.3 ‐ 484.9 59.7 12.3% ‐0.4% 1.2x 9.7x

Adjusted Weighted Average 1.7x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)

Film Exhibition Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Carmike Cinemas Inc. United States $17.87 ‐5% $318.8 $689.1 $63.6 $433.9 $539.5 $90.7 16.8% 5.4% 1.3x 7.6x Cinemark Holdings Inc. United States 30.64 ‐4% 3,532.9 4,749.4 724.3 1,929.5 2,442.5 524.4 21.5% 2.8% 1.9x 9.1x Cineplex Inc. Canada 33.02 ‐2% 2,074.8 2,240.8 14.0 183.4 1,072.6 187.0 17.4% 6.4% 2.1x 12.0x IMAX Corporation * Canada 27.65 ‐5% 1,849.1 1,851.9 15.2 18.0 277.5 75.6 27.2% 14.0% 6.7x 24.5x National CineMedia, Inc. United States 17.26 ‐9% 981.9 1,881.7 98.8 879.0 451.9 217.3 48.1% 1.8% 4.2x 8.7x RealD Inc. United States 15.37 ‐2% 765.8 772.5 27.7 35.0 220.2 43.3 19.7% ‐13.7% 3.5x 17.8x Regal Entertainment Group United States 18.74 ‐1% 2,900.2 4,747.6 395.4 2,244.8 2,782.1 497.6 17.9% ‐0.5% 1.7x 9.5x

Adjusted Weighted Average 2.9x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.0x)

Out‐of‐Home Media Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $1.91 ‐34% $116.0 $0.8 $112.9 $0.0 $284.2 $21.3 7.5% 2.7% 0.0x 0.0x APG|SGA SA Switzerland 240.18 ‐5% 707.2 622.0 94.5 ‐ 349.6 122.0 34.9% 1.9% 1.8x 5.1x Clear Channel Outdoor Holdings Inc. United States 8.59 ‐2% 3,073.6 7,711.2 547.3 4,940.6 2,945.9 696.0 23.6% ‐2.0% 2.6x 11.1x Clear Media Ltd. Hong Kong 0.73 ‐2% 387.0 234.1 166.4 ‐ 196.4 80.2 40.9% 2.4% 1.2x 2.9x JCDecaux SA France 27.09 ‐6% 6,018.9 5,927.5 621.4 583.7 3,458.1 734.0 21.2% 6.5% 1.7x 8.1x Lamar Advertising Co. * United States 49.11 ‐1% 4,645.0 6,724.4 75.5 2,154.9 1,200.1 518.1 43.2% 4.9% 5.6x 13.0x Mood Media Corporation Canada 1.03 ‐66% 177.0 715.5 43.9 591.5 488.8 112.8 23.1% 50.1% 1.5x 6.3x National CineMedia, Inc. United States 17.26 ‐9% 981.9 1,881.7 98.8 879.0 451.9 217.3 48.1% 1.8% 4.2x 8.7x NTN Buzztime Inc. * United States 0.42 ‐5% 30.0 27.8 2.3 0.1 24.1 1.8 7.7% 0.7% 1.2x 15.1x Tom Group Ltd. Hong Kong 0.12 ‐10% 481.0 705.3 102.8 285.9 284.6 1.7 0.6% ‐5.2% 2.5x NM Valassis Communications Inc. United States 26. 20 ‐16% 101721,017.2 1, 503. 8 97. 2 583. 8 212602,126.0 279. 9 13. 2% ‐37%3.7% 07x0.7x 54x5.4x

Adjusted Weighted Average 2.0x 8.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.2x)

21 | M&A and Investment Summary May 2013 Traditional Media Public Company Valuation

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $6.95 ‐1% $153.3 $121.5 $31.9 ‐ $434.5 $27.7 6.4% ‐4.3% 0.3x 4.4x Daily Mail and General Trust plc * United Kingdom 11.57 ‐1% 4,283.6 5,488.0 94.8 1,156.2 2,652.5 500.8 18.9% 7.6% 2.1x 11.0x Emmis Communications Corp. United States 1.64 ‐36% 67.5 249.5 8.7 143.6 196.1 27.6 14.1% ‐3.0% 1.3x 9.0x Gannett Co., Inc. United States 21.56 ‐3% 4,934.8 6,452.3 142.8 1,449.2 5,372.3 1,121.8 20.9% 3.2% 1.2x 5.8x Glacier Media, Inc. Canada 1.52 ‐28% 136.1 296.6 3.8 119.9 330.0 45.9 13.9% 23.8% 0.9x 6.5x John Wiley & Sons Inc. United States 39.50 ‐24% 2,342.5 2,792.8 285.9 736.2 1,769.5 334.3 18.9% ‐0.2% 1.6x 8.4x Journal Communications Inc. United States 6.85 ‐4% 348.4 585.6 2.1 239.3 412.5 91.3 22.1% 16.1% 1.4x 6.4x Martha Stewart Living Omnimedia Inc. United States 2.42 ‐36% 163.0 112.3 50.6 ‐ 185.0 (4.4) NM ‐15.4% 0.6x NM Meredith Corporation United States 41.69 ‐9% 1,853.8 2,184.3 24.5 355.0 1,458.9 258.4 17.7% 7.7% 1.5x 8.5x Reed Elsevier Group * United Kingdom 11.55 ‐5% 24,951.7 30,032.4 2,673.1 2,407.7 9,554.5 2,209.0 2.3% 2.3% 3.1x 13.6x Scholastic Corporation United States 30.21 ‐13% 963.6 979.3 196.7 212.4 1,968.8 174.8 8.9% ‐2.3% 0.5x 5.6x The E. W. Scripps Company United States 13.64 ‐9% 777.5 750.6 221.2 192.1 895.0 132.5 14.8% 18.5% 0.8x 5.7x The McClatchy Company United States 2.64 ‐24% 227.4 2,017.5 17.6 1,807.7 1,219.1 308.0 25.3% ‐4.2% 1.7x 6.6x The New York Times Company United States 10.60 ‐4% 1,569.4 1,595.9 674.8 698.2 1,980.6 283.2 14.3% 2.8% 0.8x 5.6x The Washington Post Company United States 482.45 ‐1% 3,580.5 3,292.3 770.7 458.4 4,021.3 548.9 13.6% ‐0.6% 0.8x 6.0x Valassis Communications Inc. United States 26.20 ‐16% 1,017.2 1,503.8 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.4x

Adjusted Weighted Average 1.3x 6.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (9.8x)

Yellow Pages Stoc k Pr ice Chg % From EitEquity EtEnt. Ch&STCash & ST. TtlTotal LTM LTM Marg in LTM LTM Mu ltip les Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Dex Media, Inc. United States $19.80 -17% $337.5 $2,163.4 $138.7 $1,964.7 $1,243.7 $478.0 38.4% -13.3% 1.7x 4.5x Eniro AB Sweden 2.94 -2% 294.7 688.8 47.2 445.5 601.3 150.4 25.0% -9.0% 1.1x 4.6x Solocal Group SA France 2.32 -39% 642.9 2,753.7 125.3 2,227.2 1,357.5 572.5 42.2% -4.1% 2.0x 4.8x PubliGroupe AG Switzerland 125.74 -22% 283.5 159.5 191.3 45.0 311.4 (22.1) NM -16.9% 0.5x NM Yellow Media Limited Canada 11.57 -4% 323.5 1,021.7 161.9 873.6 1,053.8 486.2 46.1% -15.5% 1.0x 2.1x

Adjusted Weighted Average 1.4x 4.2x

*Cllti*Calculation is mar ktket cap we ihtdighted an d exc ldludes revenue mu ltilltiples thtthat are 20tddditi2.0 standard deviations a bbove ththe mean (25)dEBITDA(2.5x)and EBITDA mu ltilltiples thtthat are 10tddditi1.0 standard deviations a bbove ththe mean (53)(5.3x)

22 | M&A and Investment Summary May 2013 Technology

. Activity in the Technology segment was again led by the Financial subsegment, with 12 deals announced for $67 million in reported value. Data Center was the highest reported value subsegment with four deals announced worth $135 million in reported value . SlSelec t acquiiitisitions: • Twitter’s acquisition of Lucky Sort, a startup behind a visualization and navigation engine called TopicWatch, which helped to discover patterns in live data streams • Dell’s acquisition of Enstratius, a provider of cloud management software, giving the company another way to provide end‐to‐end‐ cldloud solution . Select investments: • The $25 million investment in AirWatch, a developer of enterprise software for managing mobile devices, from Accel Partners • The $20 million investment in PernixData, a maker of a software‐defined storage platform that virtualizes server‐side flash, led by Kleiner Perkins Caufield & Byers

TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 12 32% 67.2 20% 2 6.5 0 ‐ 10 60.7 Cloud Computing 7 19% 63.1 19% 3 7.5 0 ‐ 4 55.6 Mobile Infrastructure 7 19% 55.7 17% 1 ‐ 0 ‐ 6 55.7 Data Center 4 11% 135.0 40% 1 ‐ 0 ‐ 3 135.0 Cloud Storage 3 8% 12.8 4% 1 ‐ 0 ‐ 2 12.8 Virtualiz ation 2 5% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Big Data 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Home Automation 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 37 100% 333.8 100% 12 14.0 0 0.0 25 319.8

23 | M&A and Investment Summary May 2013 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States 110.53 ‐2% 76,287.3 78,293.3 4,376.0 5,936.0 30,052.0 7,806.0 26.0% 0.9% 2.6x 10.0x ACI Worldwide, Inc. United States 46.47 ‐10% 1,851.8 2,409.8 112.5 670.5 691.0 145.8 21.1% 38.7% 3.5x 16.5x ADATA Technology Co., Ltd. Taiwan 2.07 0% 436.3 554.7 78.9 197.9 965.0 44.4 4.6% ‐2.5% 0.6x 12.5x Advanced Micro Devices, Inc. United States 3.99 ‐35% 2,850.8 3,891.8 1,003.0 2,044.0 4,925.0 (170.0) NM ‐24.7% 0.8x NM Akamai Technologies, Inc. United States 46.20 ‐5% 8,209.7 7,696.7 513.0 ‐ 1,422.5 521.0 36.6% 18.3% 5.4x 14.8x AVG Technologies N.V. Netherlands 18.23 ‐4% 985.3 999.6 60.8 75.2 377.7 118.7 31.4% 28.2% 2.6x 8.4x Brightcove, Inc. United States 7.51 ‐56% 211.2 184.3 26.9 ‐ 92.8 (9.2) NM 31.7% 2.0x NM CA Technologies United States 27.36 ‐2% 12,411.9 11,050.9 2,787.0 1,426.0 4,643.0 1,674.0 36.1% ‐3.6% 2.4x 6.6x Carbonite, Inc. United States 10.56 ‐7% 274.2 217.7 56.5 ‐ 90.0 (5.4) NM 35.9% 2.4x NM Check Point Software Technologies Ltd. Israel 50.12 ‐7% 9,844.4 8,459.3 1,385.1 ‐ 1,352.3 762.5 56.4% 5.7% 6.3x 11.1x ChinaCache International Holdings Ltd. China $4.57 ‐22% $107.0 $68.3 $38.7 $0.0 $138.8 $6.1 4.4% 29.3% 0.5x 11.1x Citrix Systems, Inc. United States 64.55 ‐25% 12,077.9 11,420.0 657.9 ‐ 2,669.5 599.6 22.5% 15.8% 4.3x 19.0x CommVault Systems, Inc. * United States 70.10 ‐20% 3,258.3 2,822.4 435.9 ‐ 495.9 85.8 17.3% 21.9% 5.7x 32.9x Cray Inc. United States 18.22 ‐23% 682.5 444.4 238.1 ‐ 388.3 18.7 4.8% 25.9% 1.1x 23.8x Crossroads Systems, Inc. United States 2.13 ‐59% 25.2 25.4 2.5 2.6 15.0 (10.0) NM 7.2% 1.7x NM Datalink Corporation United States 11.40 ‐9% 213.1 215.4 5.7 8.0 505.7 23.8 4.7% 22.3% 0.4x 9.0x Dell Inc. United States 13.35 ‐9% 23,441.2 19,805.2 10,905.0 7,248.0 56,592.0 3,711.0 6.6% ‐7.9% 0.3x 5.3x Dot Hill Systems Corp. United States 1.96 ‐6% 114.6 77.1 40.3 2.8 184.4 (7.1) NM ‐8.4% 0.4x NM Elecom Co., Ltd. Japan 12.87 ‐38% 294.9 216.6 163.4 19.2 665.0 73.5 11.0% 0.2% 0.3x 2.9x EMC Corporation United States 24.80 ‐12% 52,090.3 48,435.8 6,527.8 1,695.0 22,006.9 5,237.3 23.8% 7.4% 2.2x 9.2x ePlus inc. United States 49.72 ‐1% 405.3 479.8 43.4 117.9 965.8 72.7 7.5% 43.5% 0.5x 6.6x Euronet Worldwide Inc. United States 30.60 ‐7% 1,525.3 1,664.0 155.3 291.1 1,305.6 156.0 11.9% 9.1% 1.3x 10.7x F‐Secure Oyj Finland 2.41 ‐6% 374.7 324.3 49.8 ‐ 201.4 43.0 21.3% 4.6% 1.6x 7.5x Fusion‐io, Inc. * United States 14. 48 ‐56% 142331,423.3 1, 068. 6 354. 6 ‐ 432. 9 10. 1 23%2.3% 33. 4% 25x2.5x 106. 2x Gemalto NV Netherlands 81.27 ‐17% 6,800.4 6,364.6 472.8 13.5 2,960.6 420.3 14.2% 11.4% 2.1x 15.1x Google Inc. United States 871.81 ‐5% 289,237.0 246,515.0 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.6x 14.7x GraphOn Corp. United States 0.43 ‐46% 38.0 34.4 3.6 ‐ 6.5 (2.6) NM ‐2.7% 5.3x NM Green Dot Corporation United States 17.96 ‐28% 649.1 231.3 470.9 53.2 565.9 83.1 14.7% 11.9% 0.4x 2.8x Imperva Inc. United States 39.84 ‐2% 976.8 865.7 109.9 ‐ 111.3 (7.9) NM 33.5% 7.8x NM Integrated Electrical Services, Inc. United States 5.50 ‐15% 83.1 76.1 13.5 6.5 488.8 6.0 1.2% 23.9% 0.2x 12.7x Intel Corporation United States 24.33 ‐12% 120,944.4 117,130.4 17,165.0 13,351.0 53,015.0 21,148.0 39.9% ‐1.9% 2.2x 5.5x IBM Corporation United States 208.49 ‐3% 231,172.5 252,633.5 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.4x 9.6x Interxion Holding NV Netherlands 27.44 ‐2% 1,877.2 2,181.5 77.6 381.8 366.1 143.7 39.3% 13.3% 6.0x 15.2x J‐Stream Inc. Japan 575. 25 ‐35% 66. 9 60. 5 868.6 ‐ 54. 3 454.5 83%8.3% ‐33%3.3% 111.1x 13. 5x Keynote Systems, Inc. United States 12.59 ‐23% 232.3 174.4 57.9 ‐ 123.9 14.7 11.9% 5.2% 1.4x 11.8x Limelight Networks, Inc. United States 2.35 ‐26% 225.9 107.4 120.2 1.7 181.7 (3.5) NM 4.3% 0.6x NM LogMeIn, Inc. * United States 25.46 ‐26% 619.0 413.8 205.2 ‐ 143.6 6.1 4.3% 14.8% 2.9x 67.5x LSI Corporation United States 7.43 ‐8% 4,080.5 3,421.9 658.5 ‐ 2,452.3 366.2 14.9% 11.8% 1.4x 9.3x Melbourne IT Ltd. Australia 2.12 ‐10% 174.9 190.5 18.5 35.5 177.1 24.3 13.7% ‐5.1% 1.1x 7.8x Micron Technology Inc. United States 11.70 ‐2% 12,052.2 14,204.2 2,228.0 3,651.0 8,047.0 1,508.0 18.7% ‐4.0% 1.8x 9.4x Microsoft Corporation United States 34.98 ‐1% 292,126.7 233,103.7 73,788.0 14,765.0 76,012.0 30,493.0 40.1% 4.1% 3.1x 7.6x NEC Corporation Japan 2.37 ‐19% 6,148.7 12,591.6 2,356.7 8,489.0 35,776.2 2,656.8 7.4% 1.9% 0.4x 4.7x NetApp, Inc. United States 37.59 ‐4% 13,547.7 8,847.5 6,952.6 2,252.4 6,332.4 954.1 15.1% 1.6% 1.4x 9.3x Oracle Corporation United States 33.86 ‐7% 159,502.9 146,289.9 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 3.9x 8.5x ProAct IT Group AB Sweden 11.15 ‐44% 103.8 131.0 4.6 30.6 361.7 21.4 5.9% ‐4.8% 0.4x 6.1x QUALCOMM Incorporated United States 63.55 ‐7% 109,795.3 96,341.3 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.5x 12.6x Qualys, Inc. * United States 14.07 ‐14% 445.6 354.7 92.6 1.7 95.1 10.6 11.1% 19.3% 3.7x 33.6x Quantum Corporation United States 1.54 ‐30% 371.1 507.1 69.0 205.0 587.6 (5.5) NM ‐9.9% 0.9x NM Rackspace Hosting, Inc. United States 37.58 ‐54% 5,190.3 5,017.5 278.6 105.8 1,370.1 443.3 32.4% 25.0% 3.7x 11.3x

24 | M&A and Investment Summary May 2013 Technology Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Red Hat, Inc. * United States 48.64 ‐19% 9,222.1 8,342.6 879.5 ‐ 1,328.8 270.9 20.4% 17.3% 6.3x 30.8x SanDisk Corp. United States 57.84 ‐4% 14,074.1 12,481.9 3,310.2 1,720.6 5,187.7 1,193.0 23.0% ‐6.9% 2.4x 10.5x SAP AG Germany 76.88 ‐9% 91,683.9 92,256.5 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.4x 12.9x Seagate Technology Public Li mi ted Company Ireland 43.11 ‐1% 15,457.2 16,039.2 1,909.0 2,478.0 15,409.0 3,590.0 23.3% 15.7% 1.0x 4.5x Silicon Graphics International Corp. United States 14.77 ‐8% 499.6 350.2 149.4 ‐ 776.2 (2.6) NM 0.9% 0.5x NM SK Hynix, Inc. South Korea 27.80 ‐2% 19,298.9 23,207.5 1,759.5 5,727.9 9,487.0 3,131.8 33.0% 5.6% 2.4x 7.4x Sony Corporation Japan 20.33 ‐15% 20,550.6 30,732.0 6,670.0 12,554.9 72,199.7 6,025.8 8.3% 5.1% 0.4x 5.1x Splunk, Inc. * United States 45.79 ‐3% 4,716.9 4,410.9 305.9 ‐ 198.9 (17.2) NM 64.5% 22.2x NM Symantec Corporation United States 22.90 ‐9% 15,952.9 14,296.9 4,747.0 3,091.0 6,906.0 1,886.0 27.3% 2.6% 2.1x 7.6x Synchronoss Technologies, Inc. United States 31.38 ‐5% 1,204.3 1,147.0 66.5 9.3 287.4 62.7 21.8% 19.4% 4.0x 18.3x Tableau Software, Inc. * United States 50.67 ‐15% 2,914.3 2,873.8 40.5 ‐ 143.1 0.2 0.1% 0.0% 20.1x NM Teradata Corporation United States 54.46 ‐33% 8,898.8 8,316.8 853.0 271.0 2,639.0 615.0 23.3% 6.9% 3.2x 13.5x Trend Micro Inc. Japan 30.52 ‐11% 4,025.3 2,859.2 1,265.5 ‐ 1,029.7 337.7 32.8% 2.1% 2.8x 8.5x The KEYW Holding Corporation United States 15.14 ‐8% 554.0 647.3 3.1 96.4 265.6 27.6 10.4% 29.8% 2.4x 23.5x Unisys Corporation United States 19.32 ‐22% 852.7 698.3 628.6 210.7 3,587.9 308.6 8.6% ‐7.3% 0.2x 2.3x VeriSign, Inc. United States 47.31 ‐6% 7,131.7 6,275.4 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.9x 11.4x VMware, Inc. United States 73.23 ‐29% 31,355.4 26,868.8 4,936.7 450.0 4,741.3 1,171.4 24.7% 19.2% 5.7x 22.9x Western Digital Corporation United States 62.86 ‐1% 14,859.0 12,812.0 4,060.0 2,013.0 16,377.0 3,836.0 23.4% 61.7% 0.8x 3.3x Xoom Corporation United States 18.58 ‐29% 612.5 501.9 135.6 25.0 87.4 (2.0) NM 0.0% 5.7x NM

Adjusted Weighted Average 3.3x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.7x)

25 | M&A and Investment Summary May 2013 Software

. There were 59 transactions announced in the Software segment. Security was the most active and highest reported value subsegment with 10 deals announced, of which six reported $1.3 billion in value . SlSelec t acquiiitisitions: • The $6.9 billion buyout of enterprise software company BMC Software led by Bain Capital Partners, Golden Gate Private Equity, GIC Special Investments, and Insight Venture Management • Twitter’s acquisition of Ubalo, a developer of scalable computing technology that enables developers to run their code across large computing environments . Select investments: • The $294 million investment in AutoNavi Holdings, a China‐based digital mapping company providing digital map content, and navigation and location‐based solutions, from Alibaba Group, at a valuation of $1.1 billion

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Security 10 17% 1,330.5 42% 7 405.0 1 907.0 2 18.5 Healthcare 7 12% 27.0 1% 3 ‐ 0 ‐ 4 27.0 ERP 6 10% 230.4 7% 2 216.0 1 ‐ 3 14.4 Financial 6 10% 246.7 8% 2 9.2 0 ‐ 4 237.5 Infrastructure 6 10% 134.5 4% 4 120.0 0 ‐ 2 14.5 Software Development Tools 6 10% 4.1 0% 3 ‐ 0 ‐ 34.1 Application Management 3 5% 15.0 0% 0 ‐ 0 ‐ 3 15.0 Engineering 3 5% 9.1 0% 2 ‐ 0 ‐ 1 9.1 Other* 9 15% 867.7 27% 1 0.0 1 811.6 7 56.1 Total 59 100% 3,161.9 100% 25 750.2 3 1,718.6 31 693.2 *Other includes Collaboration,Credit/Risk, Data Management, Geo‐Demo, HR, and Legal

26 | M&A and Investment Summary May 2013 Software Public Company Valuation

($ in Millions, except stock price data)

Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States 32.36 0% 1,663.0 1,570.0 185.5 92.5 364.4 82.7 22.7% 7.9% 4.3x 19.0x Ebix Inc. United States 19.79 ‐21% 735.6 769.3 43.8 77.5 208.1 87.0 41.8% 20.5% 3.7x 8.8x EPIQ Systems, Inc. United States 12.16 ‐16% 440.9 665.5 2.8 227.3 364.8 74.6 20.5% 25.9% 1.8x 8.9x Fidessa group plc United Kingdom 29.08 ‐6% 1,078.7 970.2 117.2 ‐ 452.9 92.2 20.4% 0.1% 2.1x 10.5x Guidewire Software, Inc. United States 40.79 ‐7% 2,302.6 2,148.5 154.1 ‐ 271.3 9.9 3.6% 25.9% 7.9x NM Innovation Group plc United Kingdom 0.41 ‐4% 397.3 361.8 67.9 27.2 301.8 34.3 11.4% 7.5% 1.2x 10.5x Management Consulting Group PLC United Kingdom 0.46 ‐5% 222.5 268.1 24.2 73.4 464.5 43.6 9.4% ‐5.6% 0.6x 6.1x Model N, Inc. * United States 19.87 ‐11% 453.3 348.7 109.1 4.5 92.9 4.3 4.7% 0.0% 3.8x 80.4x NetSuite Inc. * United States 89.52 ‐7% 6,605.0 6,428.3 190.7 14.0 331.1 (21.0) NM 31.3% 19.4x NM Performant Financial Corporation United States 10.90 ‐23% 519.9 625.6 39.3 145.0 213.6 60.8 28.5% 22.9% 2.9x 10.3x RealPage, Inc. United States 19.39 ‐28% 1,485.2 1,462.5 22.8 ‐ 336.7 53.8 16.0% 22.5% 4.3x 27.2x Solera Holdings Inc. United States 55.76 ‐5% 3,841.5 4,637.5 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.6x SS&C Technologies Holdings, Inc. United States 31.97 ‐7% 2,675.1 3,573.7 68.8 967.5 631.4 243.1 38.5% 68.1% 5.7x 14.7x Temenos Group AG Switzerland 22.22 ‐12% 1,535.8 1,650.7 92.8 210.7 453.5 82.7 18.2% ‐3.7% 3.6x 20.0x Tyler Technologies, Inc. United States 68.12 ‐1% 2,146.1 2,141.6 4.5 ‐ 376.4 74.0 19.7% 18.1% 5.7x 28.9x

Adjusted Weighted Average 4.9x 17.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (39.4x)

Healthcare Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States 8.50 ‐15% 474.7 375.7 99.0 ‐ 165.2 10.7 6.5% 10.8% 2.3x 35.0x Allscripts Healthcare Solutions, Inc. United States 13.84 ‐3% 2,443.3 2,918.6 92.2 567.5 1,428.7 105.8 7.4% ‐3.0% 2.0x 27.6x athenahealth, Inc. United States 83.18 ‐17% 3,056.1 3,113.3 47.8 105.0 451.3 43.5 9.6% 28.7% 6.9x 71.6x Cegedim SA France 31.49 ‐12% 439.8 1,066.2 57.3 698.4 1,215.3 201.9 16.6% 1.1% 0.9x 5.3x Cerner Corporation United States 95.45 ‐3% 16,405.9 15,583.1 1,005.2 182.4 2,645.9 745.6 28.2% 14.7% 5.9x 20.9x Computer Programs & Systems Inc. United States 52.06 ‐12% 576.8 559.3 17.5 ‐ 188.4 45.6 24.2% 6.1% 3.0x 12.3x Craneware plc United Kingdom 5.87 ‐20% 158.5 132.0 28.6 ‐ 42.4 12.1 28.4% 5.3% 3.1x 10.9x Greenway Medical Technologies, Inc. * United States 11.83 ‐40% 351.9 338.7 13.2 ‐ 135.7 1.9 1.4% 15.9% 2.5x 178.2x McKesson Corporation United States 116.31 ‐3% 26,357.1 28,774.1 2,456.0 4,873.0 122,455.0 2,903.0 2.4% ‐0.2% 0.2x 9.9x MedAssets, Inc. United States 17.38 ‐13% 1,058.8 1,925.6 8.5 875.3 663.1 210.3 31.7% 11.0% 2.9x 9.2x Medidata Solutions, Inc. United States 68.79 ‐9% 1,829.1 1,708.8 120.4 0.1 231.2 37.0 16.0% 19.2% 7.4x 46.2x Merge Healthcare Incorporated United States 3.16 ‐22% 295.4 500.7 45.3 250.3 251.6 29.0 11.5% 4.5% 2.0x 17.3x Quality Systems Inc. United States 18.15 ‐39% 1,080.7 962.7 118.0 ‐ 460.2 100.9 21.9% 7.1% 2.1x 9.5x Streamline Health Solutions, Inc. United States 6.62 ‐11% 83.7 97.7 7.5 13.7 23.8 1.8 7.5% 38.9% 4.1x 54.8x

Adjusted Weighted Average 2.8x 19.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.8x)

27 | M&A and Investment Summary May 2013 Software Public Company Valuation

($ in Millions, except stock price data)

HR Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China 60.02 ‐3% 1,748.4 1,296.6 451.8 ‐ 233.0 80.4 34.5% 6.7% 5.6x 16.1x Allocate Software plc. United Kingdom 1.05 ‐24% 67.2 64.0 9.8 6.4 58.7 6.9 11.7% 21.3% 1.1x 9.3x Concur Technologies, Inc. * United States 80.84 ‐5% 4,513.4 4,305.2 466.3 258.0 481.2 36.9 7.7% 22.3% 8.9x 116.6x Cornerstone OnDemand, Inc. United States 40.51 ‐3% 2,067.3 1,998.1 76.2 6.9 131.6 (28.3) NM 61.9% 15.2x NM Dice Holdings, Inc. United States 9.04 ‐13% 540.9 529.3 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.7x LinkedIn Corporation * United States 168.34 ‐17% 18,578.7 17,748.4 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 16.0x 118.7x Monster Worldwide, Inc. United States 5.55 ‐39% 646.2 684.4 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.8x 5.0x Saba Software, Inc. United States 8.63 ‐18% 257.1 242.9 15.0 0.9 121.3 (9.8) NM 7.7% 2.0x NM The Ultimate Software Group, Inc. United States 111.67 ‐4% 3,087.3 3,018.8 79.0 10.6 351.9 48.5 13.8% 24.4% 8.6x 62.3x Workday, Inc. * United States 64.38 ‐8% 10,724.7 9,940.2 805.8 21.3 308.5 (98.5) NM 88.3% 32.2x NM

Adjusted Weighted Average 12.9x 37.5x

*ll*Calculation is market cap weighdhted and excldludes revenue mullltiples that are 2.0 standddard deviations above thhe mean ()d(28.8x)and EBITDA mullltiples thhat are 1.0 standddard ddeviations abbove thhe mean ()(99.5x)

Security Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AVG Technologies N.V. Netherlands 18.23 ‐4% 985.3 999.6 60.8 75.2 377.7 118.7 31.4% 28.2% 2.6x 8.4x Checkpoint Systems Inc. United States 13.67 ‐2% 560.8 543.0 131.1 112.8 695.4 48.5 7.0% ‐4.2% 0.8x 11.2x Cisco Systems, Inc. United States 24.16 ‐2% 129,092.4 97,962.4 47,388.0 16,248.0 47,880.0 13,230.0 27.6% 5.1% 2.0x 7.4x Fortinet Inc. United States 19.29 ‐32% 3,128.5 2,668.1 460.4 ‐ 552.2 109.5 19.8% 20.7% 4.8x 24.4x Gemalto NV Netherlands 81. 27 ‐17% 6, 800. 4 6, 364. 6 472. 8 13. 5 296062,960.6 420. 3 14. 2% 11. 4% 21x2.1x 15. 1x Imperva Inc. United States 39.84 ‐2% 976.8 865.7 109.9 ‐ 111.3 (7.9) NM 33.5% 7.8x NM Infoblox Inc. United States 24.34 ‐6% 1,212.3 1,020.6 191.7 ‐ 207.1 (2.2) NM 26.6% 4.9x NM Juniper Networks, Inc. United States 17.77 ‐23% 8,996.1 7,339.0 2,656.8 999.2 4,392.1 659.2 15.0% 0.3% 1.7x 11.1x NQ Mobile Inc. China 8.12 ‐24% 421.1 306.4 121.9 ‐ 109.0 5.9 5.5% 122.4% 2.8x 51.5x Palo Al to Networks, Inc. United States 48.42 ‐33% 3,347.4 2,985.7 337.4 ‐ 359.4 (6.8) NM 63.6% 8.3x NM Proofpoint, Inc. United States 20.20 ‐1% 688.3 601.6 90.2 3.6 112.4 (14.0) NM 28.2% 5.4x NM Qihoo 360 Technology Co. Ltd. * China 43.87 ‐4% 5,386.0 5,085.0 301.1 ‐ 369.6 66.2 17.9% 72.6% 13.8x 76.8x Sourcefire, Inc. * United States 56.02 ‐6% 1,741.4 1,535.5 205.9 ‐ 233.0 17.0 7.3% 28.6% 6.6x 90.5x Symantec Corporation United States 22.42 ‐11% 15,618.6 13,962.6 4,747.0 3,091.0 6,906.0 1,886.0 27.3% 2.6% 2.0x 7.4x Trend Micro Inc. Japan 30. 99 ‐9% 4, 087. 0 2, 906. 8 1, 265. 5 ‐ 102971,029.7 337. 7 32. 8% 21%2.1% 28x2.8x 86x8.6x VeriSign, Inc. United States 47.08 ‐6% 7,097.1 6,240.8 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.9x 11.4x

Adjusted Weighted Average 2.5x 8.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.3x)

28 | M&A and Investment Summary May 2013 Software Public Company Valuation

($ in Millions, except stock price data)

Engineering Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States 74.60 ‐9% 6,953.2 6,328.3 651.5 26.6 810.4 381.8 47.1% 12.8% 7.8x 16.6x Autodesk, Inc. United States 37.77 ‐9% 8,471.6 7,129.5 2,087.9 745.8 2,294.0 469.3 20.5% 0.8% 3.1x 15.2x Aveva Group plc United Kingdom 36.67 ‐1% 2,493.3 2,204.6 289.1 ‐ 334.4 104.7 31.3% 12.4% 6.6x 21.1x Dassault Systemes SA France 125.75 ‐1% 15,624.7 13,747.8 1,956.1 76.9 2,628.3 814.3 31.0% 11.7% 5.2x 16.9x

Adjusted Weighted Average 5.3x 16.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.0x)

Infrastructure Software Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA BMC Software Inc. United States 45.29 ‐6% 6,460.1 6,290.7 1,510.4 1,341.0 2,201.4 612.1 27.8% 1.4% 2.9x 10.3x Oracle Corporation United States 33.86 ‐7% 159,502.9 146,289.9 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 3.9x 8.5x salesforce.com, inc United States 42.35 ‐11% 24,983.7 24,578.3 2,099.8 1,694.4 3,247.4 72.5 2.2% 32.1% 7.6x NM Adobe Systems Inc. United States 43.00 ‐9% 21,583.2 19,454.0 3,660.7 1,531.4 4,366.3 1,296.0 29.7% 3.1% 4.5x 15.0x Oracle Corporation United States 33.86 ‐7% 159,502.9 146,289.9 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 3.9x 8.5x IBM Corporation United States 208.49 ‐3% 231,172.5 252,633.5 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.4x 9.6x NetSuite Inc. * United States 87.65 ‐8% 6,467.0 6,290.3 190.7 14.0 331.1 (21.0) NM 31.3% 19.0x NM Opera Software ASA Norway 7.52 ‐4% 909.9 856.6 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.7x 13.6x CA Technologies United States 27.36 ‐2% 12,411.9 11,050.9 2,787.0 1,426.0 4,643.0 1,674.0 36.1% ‐3.6% 2.4x 6.6x CommVault Systems, Inc. United States 70.10 ‐20% 3,258.3 2,822.4 435.9 ‐ 495.9 85.8 17.3% 21.9% 5.7x 32.9x Daegis Inc. United States 1.15 ‐34% 16.9 30.7 4.4 18.2 40.2 3.3 8.1% ‐11.5% 0.8x 9.4x Guidance Software, Inc. * United States 9.24 ‐29% 260.3 234.7 26.1 0.4 130.4 2.1 1.6% 21.8% 1.8x 109.6x Informatica Corporation United States 36.38 ‐18% 3,931.3 3,340.3 592.9 ‐ 829.9 169.5 20.4% 2.2% 4.0x 19.7x IntraLinks Holdings, Inc. * United States 6.15 ‐11% 337.8 339.1 74.7 76.0 220.9 5.1 2.3% 4.6% 1.5x 66.2x Rally Software Development Corp. United States 21.91 2% 498.3 480.7 17.6 ‐ 56.8 (8.9) NM 37.6% 8.5x NM ServiceNow, Inc. * United States 36.78 ‐16% 4,939.6 4,600.7 338.9 ‐ 282.2 (26.6) NM 87.8% 16.3x NM TIBCO Software Inc. United States 21.34 ‐35% 3,501.7 3,259.4 806.7 563.4 1,036.7 210.1 20.3% 7.9% 3.1x 15.5x

Adjusted Weighted Average 3.5x 9.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.1x)

29 | M&A and Investment Summary May 2013 Communications

. There were 10 deals announced in the Communications segment, of which eight reported $131 million in value. The Enterprise Mobility subsegment was the most active and highest reported value subsegment with four deals announced for $77 million in value . SlSelec t acquiiitisitions: • Myriad Group’s acquisition of RCS products and intellectual property from Metaswitch. RCS Products and Intellectual Property comprises of Internet protocol communications for network operators including instant messaging, live video sharing, and file transfer across any device • Persephone Capital Partners’ acquisition of Glbllobal Relflief Techhlnology, an end‐to‐end fldfield moblbile solutions company hlhelping companies reduce costs, speed of deployment, and minimize risk across their mobile integration efforts . Select investments: • The $50 million investment in Good Technology, a mobile device management solutions company , from Kleiner Perkins Caufield & Byers, Benchmark Advanced Equities, Crosslink Capital, and Broadview Ventures • The $25 million investment in AirWatch, a developer of enterprise software for managing mobile devices, from Accel Partners

COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN TtiTransactions RtdReported VlValue Stra teg ic BtBuyout VtVenture /Gth/Growth CitlCapital # % $MM % # $MM # $MM # $MM Enterprise Mobility 4 40% 76.9 59% 0 ‐ 1 ‐ 3 76.9 Networking Equipment 3 30% 43.0 33% 0 ‐ 0 ‐ 3 43.0 Communications Software 1 10% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Messaging & Mediation Software 1 10% 5.5 4% 0 ‐ 0 ‐ 15.5 Software Defined Networking 1 10% 5.2 4% 0 ‐ 0 ‐ 15.2 Total 10 100% 130.6 100% 1 0.0 1 0.0 8 130.6

30 | M&A and Investment Summary May 2013 Communications Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aastra Technologies Ltd. Canada 19.46 ‐3% 224.8 111.1 115.8 0.2 582.9 32.9 5.6% ‐12.5% 0.2x 3.4x ADTRAN Inc. United States 23.13 ‐25% 1,371.0 1,169.1 247.9 46.0 628.9 59.6 9.5% ‐8.4% 1.9x 19.6x Alcatel‐Lucent, S.A. France 1.72 ‐8% 3,895.6 5,434.4 8,006.9 8,577.1 18,534.2 1,004.5 5.4% ‐2.8% 0.3x 5.4x Allot Communications Ltd. Israel 12.36 ‐57% 402.4 267.6 134.8 ‐ 104.6 7.9 7.5% 23.4% 2.6x 33.9x Ambient Corporation United States 1.71 ‐82% 28.5 17.5 11.0 ‐ 34.5 (8.9) NM ‐45.6% 0.5x NM Anaren, Inc. United States 24.08 ‐3% 318.0 282.0 35.9 ‐ 154.2 26.0 16.9% ‐1.4% 1.8x 10.8x Aruba Networks, Inc. United States 14.95 ‐44% 1,703.5 1,262.6 440.9 ‐ 586.2 35.7 6.1% 19.3% 2.2x 35.3x AudioCodes Ltd. * Israel 4.14 ‐13% 157.4 133.7 44.6 20.8 127.4 1.3 1.0% ‐13.4% 1.0x 102.1x Aviat Networks, Inc. United States 2.67 ‐32% 163.5 80.4 92.9 9.8 478.3 12.3 2.6% 6.5% 0.2x 6.5x Axesstel Inc. United States 1.28 ‐34% 31.3 44.3 2.2 15.1 57.7 4.3 7.5% 7.9% 0.8x 10.2x Blackline GPS Corp. Canada 1.30 ‐11% 22.8 17.3 5.8 0.1 2.6 (3.0) NM 18.1% 6.7x NM Blonder Tongue Laboratories Inc. United States 1.05 ‐38% 6.5 12.6 0.1 6.1 30.9 (0.1) NM 13.5% 0.4x NM BroadSoft, Inc. United States 27.79 ‐35% 778.3 699.5 167.4 88.6 166.1 22.9 13.8% 13.2% 4.2x 30.6x Brocade Communications Systems, Inc. United States 5.44 ‐16% 2,463.5 2,298.4 764.3 599.3 2,261.2 498.5 22.0% 4.8% 1.0x 4.6x CalAmp Corp. United States 13.19 0% 455.2 396.8 63.1 4.7 180.6 18.7 10.4% 30.2% 2.2x 21.2x Calix Inc. * United States 10.49 ‐1% 513.7 465.7 48.1 ‐ 342.2 2.2 0.6% ‐2.7% 1.4x 209.6x Ciena Corporation United States 16.75 ‐9% 1,700.6 2,488.3 637.2 1,425.0 1,870.3 88.9 4.8% 8.4% 1.3x 28.0x Cisco Systems, Inc. United States 24.16 ‐2% 129,092.4 97,962.4 47,388.0 16,248.0 47,880.0 13,230.0 27.6% 5.1% 2.0x 7.4x Clearfield, Inc. United States 8.48 3% 109.2 93.9 15.3 ‐ 42.0 5.4 12.9% 13.1% 2.2x 17.3x ClearOne, Inc. United States 9.46 ‐4% 86.1 43.6 42.6 ‐ 47.6 6.8 14.4% 4.5% 0.9x 6.4x COM DEV International Ltd. Canada 3.53 ‐10% 269.6 270.4 26.4 20.3 213.7 30.9 14.4% 6.3% 1.3x 8.8x Communications Systems Inc. United States 10.10 ‐16% 86.1 66.1 21.5 1.5 107.5 5.7 5.3% ‐21.6% 0.6x 11.6x Corning Inc. United States 15.40 ‐6% 22,709.0 19,912.0 5,775.0 2,932.0 7,906.0 2,466.0 31.2% 0.2% 2.5x 8.1x CTX Virtual Technologies, Inc. United States 1.31 ‐27% 10.4 10.4 0.1 ‐ 40.0 (0.5) NM 16.6% 0.3x NM Cyan, Inc. United States 13.38 ‐11% 595.8 692.5 14.0 12.6 108.0 (12.9) NM 0.0% 6.4x NM DDS Wireless International Inc. Canada 2.22 ‐5% 30.7 21.3 9.6 ‐ 39.8 4.1 10.4% ‐9.6% 0.5x 5.1x Dialogic, Inc. United States 0.73 ‐85% 11.6 83.3 6.5 78.3 160.0 (11.6) NM ‐19.2% 0.5x NM Digi International Inc. United States 9.59 ‐15% 247.9 168.1 79.8 ‐ 190.1 19.1 10.1% ‐5.8% 0.9x 8.8x DragonWave Inc. Canada 2.69 ‐32% 102.3 99.1 23.0 19.7 123.9 (51.3) NM 171.3% 0.8x NM EchoStar Corp. United States 39.74 ‐3% 3,521.3 4,466.0 1,527.0 2,462.7 3,152.4 597.1 18.9% 3.5% 1.4x 7.5x Emulex Corporation United States 6.26 ‐22% 568.8 477.2 91.6 ‐ 487.2 72.5 14.9% ‐1.8% 1.0x 6.6x Ericsson Sweden 11.78 ‐9% 37,881.3 31,574.6 11,040.3 4,398.9 35,047.8 4,103.2 11.7% 1.7% 0.9x 7.7x Extreme Networks Inc. United States 3.59 ‐7% 333.4 213.4 119.9 ‐ 307.5 16.5 5.4% ‐5.3% 0.7x 12.9x F5 Networks, Inc. United States 83.59 ‐25% 6,586.8 6,064.0 522.8 ‐ 1,430.9 463.5 32.4% 12.9% 4.2x 13.1x Finisar Corp. United States 13.13 ‐23% 1,226.7 1,009.5 265.5 40.0 930.8 68.4 7.3% ‐2.0% 1.1x 14.8x Fleetmatics Group PLC Ireland 29.77 ‐4% 1,031.2 953.2 102.0 24.0 138.0 28.1 20.4% 39.6% 6.9x 33.9x Franklin Wireless Corp. United States 1.69 ‐32% 17.5 7.2 10.7 0.1 40.5 2.0 5.0% 196.2% 0.2x 3.5x Harmonic Inc. United States 6.12 ‐4% 693.2 464.9 228.3 ‐ 515.7 30.5 5.9% ‐3.2% 0.9x 15.2x Harris Corporation United States 50.16 ‐4% 5,496.1 6,964.8 459.1 1,925.0 5,188.3 1,050.0 20.2% 0.2% 1.3x 6.6x Infoblox Inc. United States 24.34 ‐6% 1,212.3 1,020.6 191.7 ‐ 207.1 (2.2) NM 26.6% 4.9x NM Interactive Intelligence Group Inc. * United States 50.10 ‐3% 996.9 928.2 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.6x 62.5x JDS Uniphase Corporation United States 13.63 ‐13% 3,224.5 2,810.6 608.1 194.2 1,709.3 165.5 9.7% 0.5% 1.6x 17.0x Juniper Networks, Inc. United States 17.77 ‐23% 8,996.1 7,339.0 2,656.8 999.2 4,392.1 659.2 15.0% 0.3% 1.7x 11.1x KVH Industries Inc. United States 13.12 ‐13% 203.5 174.3 44.8 15.6 150.3 15.3 10.2% 30.9% 1.2x 11.4x Meru Networks, Inc. United States 4.11 ‐41% 90.8 64.2 35.6 8.9 102.8 (16.9) NM 14.6% 0.6x NM Mitel Networks Corporation Canada 3.58 ‐29% 192.1 406.2 100.6 314.7 583.6 81.2 13.9% ‐3.8% 0.7x 5.0x Motorola Solutions, Inc. United States 58.04 ‐10% 15,767.0 14,528.0 3,718.0 2,454.0 8,715.0 1,483.0 17.0% 4.7% 1.7x 9.8x Netgear Inc. United States 33.31 ‐19% 1,283.2 860.8 422.4 ‐ 1,239.7 133.9 10.8% 1.0% 0.7x 6.4x Nokia Corporation Finland 3.43 ‐27% 12,714.9 8,069.8 13,366.6 7,203.5 36,740.3 1,382.5 3.8% ‐19.5% 0.2x 5.8x Nuance Communications, Inc. United States 19.02 ‐27% 6,043.6 7,384.6 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.1x 19.9x

31 | M&A and Investment Summary May 2013 Communications Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Numerex Corp. United States 10.61 ‐23% 206.9 183.8 25.5 2.3 68.9 5.7 8.3% 16.6% 2.7x 32.1x Optical Cable Corp. United States 4.35 ‐16% 27.0 35.8 0.5 9.9 83.5 6.5 7.7% 14.4% 0.4x 5.5x Palo Al to Networks, Inc. * United States 53.78 ‐26% 3,717.9 3,380.5 337.4 ‐ 323.8 (1.4) NM 74.8% 10.4x NM PCTEL, Inc. United States 7.52 ‐3% 134.3 82.3 52.0 0.0 96.8 5.0 5.1% 27.7% 0.9x 16.6x PHAZAR CORP United States 1.23 ‐56% 2.9 2.7 0.7 0.5 5.9 (1.2) NM ‐9.5% 0.5x NM Plantronics, Inc. United States 46.36 ‐2% 1,959.1 1,613.7 345.4 ‐ 762.2 153.7 20.2% 6.8% 2.1x 10.5x Polycom, Inc. United States 10.92 ‐9% 1,883.9 1,201.2 682.8 ‐ 1,385.7 111.0 8.0% ‐2.9% 0.9x 10.8x Procera Networks, Inc. * United States 14.26 ‐45% 289.4 173.2 116.2 ‐ 61.5 1.6 2.6% 23.4% 2.8x 108.4x QUALCOMM Incorporated United States 64.07 ‐6% 110,702.4 97,248.4 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.5x 12.7x Research In Motion Limited Canada 14.36 ‐19% 7,394.5 4,761.3 2,654.0 ‐ 11,073.0 1,238.0 11.2% ‐39.9% 0.4x 3.8x RadiSys Corporation United States 5.08 ‐25% 145.4 146.6 31.7 33.0 278.8 10.5 3.8% ‐16.2% 0.5x 14.0x Radware Ltd. Israel 14.99 ‐25% 672.0 609.2 62.8 ‐ 189.3 38.6 20.4% 9.1% 3.2x 15.8x RELM Wireless Corp. United States 3.04 ‐19% 41.2 36.7 4.5 ‐ 30.3 4.5 14.8% 39.2% 1.2x 8.2x Riverbed Technology, Inc. United States 15.05 ‐38% 2,459.5 2,575.1 406.7 522.2 900.6 137.4 15.3% 20.8% 2.9x 18.7x Sandvine Corporation Canada 2.08 ‐4% 287.8 209.5 83.0 4.0 92.9 7.5 8.0% 1.7% 2.3x 28.1x ShoreTel, Inc. United States 4.29 ‐17% 252.5 235.8 48.4 31.7 306.4 (9.4) NM 36.4% 0.8x NM Sierra Wireless Inc. Canada 11.27 ‐4% 347.3 292.5 55.9 ‐ 406.4 (5.1) NM 44.5% 0.7x NM SolarWinds, Inc. * United States 42.15 ‐31% 3,169.6 2,903.8 265.8 ‐ 282.2 139.1 49.3% 31.2% 10.3x 20.9x Solera Holdings Inc. United States 55.76 ‐5% 3,841.5 4,637.5 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.6x Sonus Networks, Inc. United States 2.57 ‐10% 725.3 502.5 225.2 2.4 253.1 (24.7) NM ‐1.4% 2.0x NM Symmetricom Inc. United States 5.20 ‐27% 211.2 141.5 69.7 ‐ 221.5 12.1 5.5% ‐6.1% 0.6x 11.7x Telcoware Co Ltd South Korea 10.45 ‐3% 73.6 31.1 43.2 ‐ 51.6 6.9 13.4% 0.0% 0.6x 4.5x TeleCommunication Systems Inc. United States 2.34 ‐13% 137.7 238.4 57.5 158.3 482.1 38.0 7.9% 10.8% 0.5x 6.3x Tellabs Inc. United States 2042.04 ‐47% 725. 4 153. 8 781. 2 209. 6 100411,004.1 13. 4 13%1.3% ‐17. 8% 02x0.2x 11. 5x TESSCO Technologies Inc. United States 23.47 ‐10% 189.2 187.4 4.5 2.7 752.6 34.2 4.5% 2.6% 0.2x 5.5x Transmode Holding AB Sweden 12.03 ‐6% 334.3 271.3 64.5 ‐ 155.6 28.1 18.1% 4.6% 1.7x 9.6x Ubiquitous Corporation * Japan 2,144.39 ‐45% 183.1 170.7 13.5 ‐ 9.5 1.0 11.0% ‐2.5% 18.0x 164.1x Vecima Networks Inc. Canada 4.35 ‐25% 97.0 76.6 24.6 3.8 97.2 13.7 14.1% 12.1% 0.8x 5.6x Verint Systems Inc. United States 34.04 ‐8% 1,793.5 2,437.0 223.6 576.7 839.5 162.2 19.3% 7.3% 2.9x 15.0x ViaSat Inc. United States 70.86 ‐2% 3,190.8 3,678.6 105.7 588.7 1,119.7 129.6 11.6% 29.6% 3.3x 28.4x Vonage Holdings Corporation United States 2.71 ‐14% 574.6 547.8 105.9 79.1 842.3 124.5 14.8% ‐2.8% 0.7x 4.4x Westell Technologies, Inc. United States 2.19 ‐9% 129.0 16.4 112.6 ‐ 40.0 (9.4) NM ‐42.5% 0.4x NM ZTE Corp. China 2.01 ‐21% 6,708.7 9,539.6 2,583.6 5,197.5 13,466.3 (152.3) NM ‐6.9% 0.7x NM

Adjusted Weighted Average 2.6x 10.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.9x)

32 | M&A and Investment Summary May 2013 Information & Business Services

. A total of 26 acquisitions and six investments were announced in the Information & Business Services segment, of which nine reported $4.9 billion in value. IT Consulting/Systems Integration was the most active subsegment with 14 deals announced . SlSelec t acquiiitisitions: • Fidelity National Financial’s $3.9 billion acquisition of Lender Processing Services, a provider of integrated technology, data, and services to the mortgage lending industry • Dealogic’s acquisition of JRDS, a provider of U.K.‐listed company data and specialist research services • Market Strategies’ acquisition of Cogent Research, a market research and strategic consulting firm that specializes in the wealth management industry • OnePoll’s acquisition of U.K.‐based Response Fusion, a poll‐led market research company • TNS Group Holdings’ acquisition of China‐based Sinotrust Market Research, which offers consumer, product, and brand research, as well as channel research and customer information analysis

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 14 35% 611.5 13% 10 - 1 607.8 3 3.7 Staffing 6 15% 0.3 0% 6 0.3 0 - 0 - Market Research 4 10% - 0% 4 - 0 - 0 - BPO 3 8% 4,268.3 87% 2 3,887.3 0 - 1 381.0 Financial Information 3 8% 3.9 0% 1 - 1 - 1 3.9 Corporate Training 2 5% - 0% 2 - 0 - 0 - Healthcare Information 2 5% - 0% 2 - 0 - 0 - Credit/Risk Management Information 1 3% - 0% 0 - 0 - 1 - Other* 5 13% 5.1 0% 3 0.3 1 - 1 4.8 Total 40 100% 4,889.1 100% 30 3,887.9 3 607.8 7 393.4 *Other includes Fulfillment, Healthcare Consulting, Legal Consulting, Legal Information, and Marketing Data

33 | M&A and Investment Summary May 2013 Information Services Public Company Valuation

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States 27.18 ‐3% 3,294.9 3,637.2 182.2 524.5 2,366.0 364.9 15.4% 3.8% 1.5x 10.0x Computershare Limited Australia 10.73 ‐1% 5,970.5 7,215.2 446.2 1,781.7 2,016.2 355.4 17.6% 24.6% 3.6x 20.3x CoreLogic, Inc. United States 26.24 ‐11% 2,505.8 3,152.1 147.4 793.8 1,606.7 340.6 21.2% 16.4% 2.0x 9.3x CoStar Group Inc. * United States 112.10 ‐3% 3,199.4 3,198.3 167.4 166.3 385.3 59.7 15.5% 47.8% 8.3x 53.5x DST Systems Inc. United States 68.21 ‐6% 2,994.8 3,579.0 454.2 1,038.4 2,605.8 382.3 14.7% 6.4% 1.4x 9.4x Dun & Bradstreet Corp. United States 98.22 ‐3% 3,923.5 5,057.4 172.8 1,302.8 1,641.2 531.6 32.4% ‐6.6% 3.1x 9.5x Envestnet, Inc. * United States 23.04 4% 745.1 715.1 30.0 ‐ 171.2 15.7 9.1% 35.3% 4.2x 45.6x Equifax Inc. United States 61.04 ‐4% 7,362.0 8,902.7 107.6 1,622.3 2,221.1 679.9 30.6% 11.4% 4.0x 13.1x Experian plc Ireland 18.53 ‐5% 18,301.0 21,341.9 256.0 3,261.0 4,730.0 1,590.0 33.6% 5.4% 4.5x 13.4x FactSet Research Systems Inc. United States 98.04 ‐9% 4,312.0 4,145.9 166.1 ‐ 834.1 317.2 38.0% 8.1% 5.0x 13.1x Fair Isaac Corporation United States 49.19 ‐3% 1,764.5 2,137.4 131.2 504.0 715.9 187.8 26.2% 11.7% 3.0x 11.4x Fidelity National Information Services, Inc. United States 44.96 ‐2% 13,178.3 17,358.3 590.6 4,611.8 5,872.2 1,677.2 28.6% 3.3% 3.0x 10.3x Financial Engines, Inc. * United States 43.16 ‐3% 2,110.8 1,918.3 192.5 ‐ 198.0 36.7 18.5% 29.0% 9.7x 52.3x Lender Processing Services, Inc. United States 33.10 ‐3% 2,821.2 3,808.5 88.4 1,075.7 1,983.5 338.2 17.1% 2.7% 1.9x 11.3x Moody's Corp. United States 66.59 ‐4% 14,842.9 14,798.5 1,769.6 1,642.1 2,815.3 1,199.0 42.6% 19.8% 5.3x 12.3x Morningstar Inc. United States 68.72 ‐3% 3,195.5 2,869.9 326.8 ‐ 666.4 205.1 30.8% 4.1% 4.3x 14.0x MSCI Inc. United States 35.20 ‐5% 4,249.4 4,815.3 263.0 829.0 973.0 437.7 45.0% 7.3% 4.9x 11.0x Reis, Inc. United States 18.35 0% 199.9 193.2 6.7 ‐ 32.2 6.4 19.8% 15.4% 6.0x 30.3x SEI Investments Co. United States 30.68 ‐2% 5,289.4 4,837.3 452.1 ‐ 1,026.5 246.6 24.0% 9.8% 4.7x 19.6x Thomson Reuters Corporation United States 33.50 ‐6% 27,780.8 35,026.6 527.0 7,532.0 13,138.0 3,024.0 23.0% ‐4.7% 2.7x 11.6x Verisk Analytics, Inc. United States 59.00 ‐5% 9,935.3 11,113.3 272.5 1,450.4 1,591.1 707.3 44.5% 16.5% 7.0x 15.7x

Adjusted Weighted Average 4.0x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.0x)

Healthcare Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA National Research Corp. United States 35.02 ‐46% 121.0 124.2 9.2 12.4 88.9 28.3 31.8% 13.4% 1.4x 4.4x The Advisory Board Company United States 52.70 ‐4% 1,850.2 1,775.8 74.4 ‐ 450.8 69.0 15.3% 21.7% 3.9x 25.8x

Adjusted Weighted Average 3.8x 24.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.2x)

34 | M&A and Investment Summary May 2013 Information Services Public Company Valuation

($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxi om Corporation United States 21.66 ‐1% 1,601.0 1,631.1 223.0 253.5 1,099.4 220.9 20.1% ‐2.8% 1.5x 7.4x Alliance Data Systems Corporation United States 181.13 ‐2% 8,909.1 17,278.8 764.1 9,133.9 3,803.3 1,164.0 30.6% 14.4% 4.5x 14.8x Arbi tron Inc. United States 46.97 0% 1,261.4 1,177.6 83.7 ‐ 455.2 126.1 27.7% 6.4% 2.6x 9.3x Brainjuicer Group Plc United Kingdom 3.73 ‐33% 46.9 41.2 6.1 ‐ 33.8 3.2 9.5% 0.5% 1.2x 12.8x Cello Group Plc United Kingdom 0.82 ‐7% 67.9 81.2 6.7 20.9 219.7 12.8 5.8% 5.8% 0.4x 6.3x Cision AB Sweden 6.37 ‐28% 94.5 146.8 9.9 63.1 144.3 20.7 14.4% ‐0.8% 1.0x 7.1x comScore, Inc. * United States 19.85 ‐4% 708.6 653.8 73.7 18.9 261.8 19.2 7.3% 8.3% 2.5x 34.1x Cross Marketing Inc. Japan 11.58 ‐27% 68.6 59.6 10.9 1.2 58.8 9.3 15.7% 0.0% 1.0x 6.4x Ebiquity plc United Kingdom 1.42 ‐6% 79.8 102.8 7.0 30.7 95.7 15.1 15.8% 24.6% 1.1x 6.8x GfK SE Germany 49.23 ‐16% 1,796.9 2,381.2 139.1 659.9 1,944.4 242.6 12.5% 7.7% 1.2x 9.8x Harris Interactive Inc. United States 1.79 ‐4% 103.4 90.9 14.9 2.4 140.2 11.8 8.4% ‐9.7% 0.6x 7.7x Harte‐Hanks Inc. United States 9.08 ‐7% 566.9 613.1 61.0 107.2 760.0 84.6 11.1% ‐4.7% 0.8x 7.2x InnerWorkings Inc. United States 11.16 ‐29% 565.6 625.5 10.6 70.5 813.5 34.0 4.2% 20.1% 0.8x 18.4x INTAGE Inc. Japan 23.27 ‐16% 234.1 210.6 63.5 37.8 423.9 53.5 12.6% 8.9% 0.5x 3.9x Ipsos SA France 35.32 ‐18% 1,600.0 2,422.6 184.9 1,006.9 2,359.4 266.7 11.3% 31.3% 1.0x 9.1x Keynote Systems, Inc. United States 12.72 ‐22% 234.7 176.8 57.9 ‐ 123.9 14.7 11.9% 5.2% 1.4x 12.0x Macromill, Inc. Japan 13.41 ‐24% 374.3 344.0 91.0 55.1 175.5 42.1 24.0% 20.7% 2.0x 8.2x NeuStar, Inc. United States 47.72 ‐2% 3,140.0 3,385.6 378.2 623.8 848.2 377.9 44.6% 25.9% 4.0x 9.0x Nielsen Holdings N.V. Netherlands 33.90 ‐9% 12,676.8 18,830.8 233.0 6,338.0 5,654.0 1,565.0 27.7% 1.6% 3.3x 12.0x Pearson plc United Kingdom 18.52 ‐6% 14,950.9 16,807.2 1,735.9 3,692.8 8,222.7 1,497.0 18.2% 5.0% 2.0x 11.2x Onvia Inc. United States 4.60 ‐2% 33.7 21.3 12.5 0.1 22.0 0.0 0.2% ‐2.5% 1.0x NM YouGov PLC United Kingdom 1.10 ‐11% 105.1 95.5 10.5 0.3 92.5 6.9 7.5% ‐1.1% 1.0x 13.8x

Adjusted Weighted Average 2.3x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.6x)

Other Information Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Corporate Executive Board Co. United States 61.79 ‐2% 2,076.9 2,452.5 142.0 517.6 684.5 154.8 22.6% 37.0% 3.6x 15.8x Forrester Research Inc. United States 35.27 ‐5% 724.0 459.5 264.6 ‐ 294.2 42.8 14.5% 2.1% 1.6x 10.7x Gartner Inc. United States 57.08 ‐3% 5,351.3 5,296.3 269.1 214.1 1,653.4 272.8 16.5% 9.6% 3.2x 19.4x IHS Inc. United States 104.16 ‐12% 6,846.7 7,583.6 318.7 1,055.5 1,569.7 352.4 22.4% 14.1% 4.8x 21.5x Informa plc Switzerland 7.81 ‐4% 4,713.6 5,926.5 38.8 1,343.0 2,003.3 599.4 29.9% ‐3.4% 3.0x 9.9x NIC Inc. United States 16.85 ‐13% 1,092.9 1,029.1 63.7 ‐ 223.6 55.6 24.8% 19.6% 4.6x 18.5x Proofpoint, Inc. United States 20.15 1% 686.6 599.9 90.2 3.6 112.4 (14.0) NM 28.2% 5.3x NM Reed Elsevier plc United Kingdom 11.34 ‐6% 25,249.7 30,330.4 2,673.1 2,407.7 9,635.3 2,209.0 22.9% 2.3% 3.1x 13.7x Solera Holdings Inc. United States 55.32 ‐6% 3,811.2 4,607.2 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.6x 13.5x Wolters Kluwer NV Netherlands 21.72 ‐6% 6,416.0 9,139.0 432.5 3,178.9 4,750.5 1,193.2 25.1% 7.4% 1.9x 7.7x

Adjusted Weighted Average 3.4x 12.6x

*Ca lcu lat i on is market cap weihighte d and excldludes revenue muliltip lles that are 202.0 standddard diideviations above thhe mean (8(8. 00x ))an dd EBITDAEBITDA muliltip lles thhat are 101.0 standddard diideviations abbove thhe mean (28(28. 33x ))

35 | M&A and Investment Summary May 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 17.89 ‐23% 182.0 154.0 30.6 1.7 264.4 24.7 9.3% ‐10.6% 0.6x 6.2x FTI Consulting, Inc. United States 38.13 ‐2% 1,503.8 2,126.1 100.7 723.0 1,588.8 254.3 16.0% ‐0.7% 1.3x 8.4x Information Services Group, Inc. United States 1.97 ‐8% 72.5 114.9 18.2 60.6 197.1 17.6 8.9% 3.7% 0.6x 6.5x Navigant Consulting Inc. United States 13.21 ‐4% 666.3 828.5 2.9 165.1 744.3 113.3 15.2% 4.5% 1.1x 7.3x ICF International Inc. United States 30.15 ‐2% 594.5 676.7 4.5 86.7 943.4 91.0 9.6% 8.0% 0.7x 7.4x Huron Consulting Group Inc. United States 44.96 0% 944.4 1,142.0 5.7 203.3 651.4 129.7 19.9% 7.1% 1.8x 8.8x The Hackett Group, Inc. United States 5.02 ‐15% 158.7 167.9 11.3 20.5 209.1 18.7 8.9% 3.3% 0.8x 9.0x Towers Watson & Co. United States 77.72 ‐2% 5,484.3 5,391.9 499.1 385.0 3,547.6 684.3 19.3% 3.0% 1.5x 7.9x

Adjusted Weighted Average 1.4x 7.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.0x)

HR Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 68.96 ‐4% 33,460.9 31,795.9 1,680.3 15.3 10,731.7 1,966.1 18.3% 7.4% 3.0x 16.2x Barrett Business Services Inc. United States 58.50 ‐7% 412.0 350.5 67.0 5.4 431.8 20.0 4.6% 31.4% 0.8x 17.6x Capita plc United Kingdom 14.59 ‐6% 9,538.6 11,495.5 521.7 2,619.3 5,447.9 884.4 16.2% 14.4% 2.1x 13.0x Dice Holdings, Inc. United States 9.04 ‐13% 540.9 529.3 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.7x Edenred SA France 31.89 ‐9% 7,194.7 7,164.9 1,892.0 1,830.0 1,286.8 408.7 31.8% 3.8% 5.6x 17.5x Insperity, Inc. United States 30.28 ‐11% 773.1 494.3 278.8 ‐ 2,175.5 87.0 4.0% 6.9% 0.2x 5.7x LinkedIn Corporation * United States 168.34 ‐17% 18,578.7 17,748.4 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 16.0x 118.7x Marsh & McLennan Companies, Inc. United States 40.05 ‐4% 22,042.6 23,562.6 1,268.0 2,715.0 11,999.0 2,262.0 18.9% 2.6% 2.0x 10.4x Monster Worldwide, Inc. United States 5.55 ‐39% 646.2 684.4 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.8x 5.0x Paychex, Inc. United States 37.34 ‐3% 13,588.0 13,017.4 570.6 ‐ 2,292.4 987.1 43.1% 4.2% 5.7x 13.2x Professional Diversity Network LLC United States 4.90 ‐40% 31.0 10.2 20.8 ‐ 5.6 1.5 27.8% ‐2.9% 1.8x 6.6x Towers Watson & Co. United States 77.72 ‐2% 5,484.3 5,391.9 499.1 385.0 3,547.6 684.3 19.3% 3.0% 1.5x 7.9x WageWorks, Inc. United States 28.97 ‐10% 966.4 681.6 329.2 44.4 189.1 33.9 17.9% 30.7% 3.6x 20.1x

Adjusted Weighted Average 3.1x 13.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.1x)

36 | M&A and Investment Summary May 2013 Business Services Public Company Valuation

($ in Millions, except stock price data)

Staffing & Recruiting Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adecco S.A. Switzerland 56.06 ‐6% 10,348.9 11,709.3 1,205.7 2,576.7 25,699.3 1,100.6 4.3% ‐2.9% 0.5x 10.6x AMN Healthcare Services Inc. United States 13.42 ‐16% 617.8 775.1 1.9 159.2 979.7 70.9 7.2% 9.1% 0.8x 10.9x Brunel International NV Netherlands 43.96 ‐17% 1,065.7 938.3 130.0 ‐ 1,630.3 98.1 6.0% 26.2% 0.6x 9.6x CDI Corp. United States 13.66 ‐24% 265.2 248.3 18.4 0.6 1,093.8 40.0 3.7% 0.9% 0.2x 6.2x Cross Country Healthcare, Inc. * United States 5.21 ‐16% 161.0 140.6 20.9 0.5 443.2 3.5 0.8% 3.8% 0.3x 40.2x CTPartners Executive Search Inc. United States 4.17 ‐33% 29.3 32.6 6.5 9.9 125.2 3.4 2.7% 1.8% 0.3x 9.6x Groupe CRIT SA France 20.94 ‐7% 232.5 262.8 93.6 106.1 1,964.6 70.6 3.6% ‐ 1.5% 0.1x 3.7x Harvey Nash Group plc United Kingdom 1.09 ‐11% 80.1 73.0 22.7 14.9 942.5 18.7 2.0% 11.6% 0.1x 3.9x Hays plc United Kingdom 1.42 ‐8% 1,979.2 2,199.7 97.2 333.5 5,726.3 222.0 3.9% ‐0.6% 0.4x 9.9x Healthcare Locums Plc * United Kingdom 0.01 ‐82% 9.6 59.1 15.1 66.2 331.6 1.9 0.6% 7.4% 0.2x 31.4x Heidrick & Struggles International Inc. United States 14.45 ‐22% 260.9 215.3 85.7 40.0 440.2 31.5 7.1% ‐15.1% 0.5x 6.8x Hudson Global, Inc United States 2.30 ‐53% 74.1 42.3 32.5 0.7 742.7 3.9 0.5% ‐18.9% 0.1x 10.8x Impellam Group PLC United Kingdom 6.44 ‐11% 282.8 257.4 61.1 33.9 1,955.9 52.3 2.7% 7.0% 0.1x 4.9x Kelly Services, Inc. United States 17.75 ‐7% 659.3 647.4 62.1 50.2 5,410.5 88.8 1.6% ‐2.8% 0.1x 7.3x Kforce Inc. United States 14.93 ‐10% 509.6 549.7 0.9 41.0 1,079.8 60.5 5.6% 4.1% 0.5x 9.1x Korn/Ferry International United States 17.55 ‐9% 854.4 662.8 191.6 ‐ 783.0 80.6 10.3% ‐0.8% 0.8x 8.2x ManpowerGroup Inc. United States 57.32 ‐3% 4,421.1 4,588.8 583.4 751.1 20,350.5 566.2 2.8% ‐7.6% 0.2x 8.1x Michael Page International plc United Kingdom 5.84 ‐17% 1,792.7 1,699.7 115.0 15.3 1,608.9 123.1 7.7% ‐2.9% 1.1x 13.8x On Assignment Inc. United States 26.10 ‐6% 1,390.5 1,762.6 11.8 383.9 1,472.1 147.6 10.0% 135.7% 1.2x 11.9x Proffice AB (Publ) * Sweden 3.72 ‐12% 253.9 277.0 8.1 31.2 725.7 7.8 1.1% ‐2.8% 0.4x 35.5x Randstad Holding NV Netherlands 42.78 ‐5% 7,567.5 8,774.1 190.5 1,382.9 21,483.0 636.8 3.0% 0.5% 0.4x 13.8x Resources Connection Inc. United States 10.98 ‐20% 447.9 329.1 118.9 ‐ 561.7 49.7 8.9% ‐1.8% 0.6x 6.6x Robert Half International Inc. United States 34.85 ‐8% 4,863.1 4,641.0 225.4 3.2 4,119.5 419.7 10.2% 5.3% 1.1x 11.1x Robert Walters plc United Kingdom 3523.52 0% 269. 8 252. 4 42. 3 23. 6 922. 8 18. 7 20%2.0% 75%7.5% 030.3x 13. 5x SThree Plc. United Kingdom 5.35 ‐4% 654.8 611.9 45.3 ‐ 925.6 46.8 5.1% 6.5% 0.7x 13.1x Synergie SA France 11.51 ‐4% 276.0 297.0 46.2 65.8 1,911.7 58.5 3.1% 0.1% 0.2x 5.1x TrueBlue, Inc. United States 23.57 0% 923.1 845.9 110.8 33.7 1,424.8 67.2 4.7% 5.3% 0.6x 12.6x USG People NV Netherlands 7.65 ‐14% 609.8 934.8 45.3 365.8 3,602.7 114.0 3.2% ‐11.3% 0.3x 8.2x

Adjusted Weighted Average 0.4x 10.8x

*Calculation is marketcap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)

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

($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.L.D. Advanced Logistics Developments Ltd. Israel 0.17 ‐27% 4.0 4.5 ‐ ‐ 14.7 (0.8) NM ‐5.1% 0.3x NM Accenture plc Ireland 82.25 ‐2% 53,468.9 48,320.0 5,636.5 0.0 28,268.6 4,327.4 15.3% 3.6% 1.7x 11.2x Amdocs Limited Channel Islands 35.73 ‐3% 5,750.7 4,772.6 978.2 ‐ 3,290.3 612.4 18.6% 1.9% 1.5x 7.8x Bechtle AG Germany 49.40 ‐3% 1,037.4 997.3 127.4 87.8 2,720.5 128.2 4.7% 4.8% 0.4x 7.8x Booz All en Hamilton Holding Corporation United States 17.44 ‐9% 2,424.5 3,789.3 350.4 1,715.2 5,758.1 524.2 9.1% ‐1.7% 0.7x 7.2x Broadridge Financial Solutions, Inc. United States 27.18 ‐3% 3,294.9 3,637.2 182.2 524.5 2,366.0 364.9 15.4% 3.8% 1.5x 10.0x Business & Decision SA France 4.16 ‐34% 32.8 64.8 14.1 47.5 293.2 17.1 5.8% ‐10.9% 0.2x 3.8x Cap Gemini S.A. France 48.97 ‐6% 7,715.5 6,745.8 2,667.3 1,633.6 13,532.9 1,294.7 9.6% 5.9% 0.5x 5.2x CGI Group, Inc. Canada 30.64 ‐4% 9,446.1 12,286.3 164.9 3,052.9 7,603.2 1,012.0 13.3% 87.9% 1.6x 12.1x Cognizant Technology Solutions Corporation United States 64.77 ‐20% 19,535.6 16,791.2 2,744.4 ‐ 7,655.9 1,573.1 20.5% 18.5% 2.2x 10.7x Computer Sciences Corporation United States 44.72 ‐12% 6,718.2 7,415.2 2,060.0 2,732.0 14,993.0 1,999.5 13.3% ‐2.4% 0.5x 3.7x CSG Systems International Inc. United States 21.67 ‐7% 689.6 790.1 172.7 273.1 752.5 139.9 18.6% 2.2% 1.0x 5.6x Dynamics Research Corporation United States 4.97 ‐32% 51.5 148.2 0.0 96.7 304.7 29.3 9.6% ‐10.1% 0.5x 5.1x Information Services Group, Inc. United States 1.97 ‐8% 72.5 114.9 18.2 60.6 197.1 17.6 8.9% 3.7% 0.6x 6.5x Infosys Ltd. India 42.60 ‐20% 24,344.5 20,173.7 4,341.0 ‐ 7,398.0 2,128.0 28.8% 5.8% 2.7x 9.5x iSoftStone Holdings Limited China 4.73 ‐33% 269.8 235.7 99.9 59.0 390.7 42.6 10.9% 24.9% 0.6x 5.5x ITS Group France 5.19 ‐18% 29.9 36.9 12.0 17.9 122.6 10.0 8.1% 2.6% 0.3x 3.7x NCI, Inc. United States 4.60 ‐43% 59.5 84.6 0.9 26.0 360.9 18.0 5.0% ‐28.8% 0.2x 4.7x Osiatis SA France 11.84 ‐6% 181.9 182.6 40.5 40.9 407.8 32.5 8.0% 10.4% 0.4x 5.6x Wipro Ltd. India 5.78 ‐29% 14,157.2 12,407.6 3,018.0 1,175.4 6,867.6 1,439.9 21.0% 0.6% 1.8x 8.6x

Adjusted Weighted Average 1.6x 7.8x

*Calculation is market cap weighted and excludes revenue multiples thatthat are 202.0 standardstandard deviations aboveabove thethe mean (2(2. 5x)and5x)and EBITDAEBITDA multiples thatthat areare 101.0 standardstandard deviationsdeviations aboveabove thethe meanmean (9(9. 7x)7x)

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

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States 7.84 ‐50% 47.0 55.5 18.0 26.4 81.7 2.1 2.5% ‐7.5% 0.7x 26.7x Cenveo Inc. United States 2.20 ‐30% 140.5 1,327.3 10.6 1,197.3 1,774.3 193.1 10.9% ‐6.0% 0.7x 6.9x Communisis plc United Kingdom 0.83 ‐6% 157.7 188.1 35.0 67.6 373.5 31.1 8.3% 10.3% 0.5x 6.0x Consolidated Graphics, Inc. United States 46.64 ‐4% 449.5 561.0 12.2 123.7 1,048.2 114.2 10.9% 0.3% 0.5x 4.9x Contax Participacoes S.A. Brazil 2.12 ‐22% 757.3 1,138.0 136.3 531.6 1,778.6 209.0 11.8% 11.2% 0.6x 5.4x Convergys Corporation United States 18.20 ‐2% 1,912.1 1,369.7 603.0 60.6 2,001.0 234.9 11.7% 1.8% 0.7x 5.8x Elanders AB Sweden 3.12 ‐18% 70.9 183.2 17.0 131.2 299.8 32.3 10.8% 5.5% 0.6x 5.7x Eniro AB Sweden 2.94 ‐2% 294.7 692.0 47.2 445.5 601.3 150.4 25.0% ‐9.0% 1.2x 4.6x Exlservice Holdings, Inc. United States 29.40 ‐11% 959.3 854.7 108.6 4.0 454.3 84.8 18.7% 15.8% 1.9x 10.1x Firstsource Solutions Limited India 0.18 ‐32% 120.1 283.6 16.6 186.6 523.8 51.5 9.8% 26.1% 0.5x 5.5x Genpact Ltd. Bermuda 19.36 ‐2% 4,427.6 4,716.6 492.9 779.9 1,970.3 360.5 18.3% 15.5% 2.4x 13.1x InnerWorkings Inc. United States 10.86 ‐31% 550.4 610.3 10.6 70.5 813.5 34.0 4.2% 20.1% 0.8x 18.0x Innotrac Corp. United States 4.45 0% 58.9 57.2 4.2 2.5 112.8 8.2 7.3% 28.4% 0.5x 7.0x MAXIMUS, Inc. United States 74.74 ‐8% 2,552.6 2,366.8 187.3 1.6 1,179.7 189.7 16.1% 21.4% 2.0x 12.5x Quad/Graphics, Inc. United States 23.30 ‐5% 1,110.5 2,616.4 24.2 1,529.9 4,233.9 552.5 13.0% ‐1.3% 0.6x 4.7x Quintiles Transnational Holdings Inc. United States 44.20 ‐5% 5,698.0 7,665.7 454.3 2,421.6 3,731.7 512.9 13.7% 0.0% 2.1x 14.9x R.R. Donnelley & Sons Company United States 13.27 0% 2,407.1 5,651.3 302.9 3,533.8 10,235.5 1,213.2 11.9% ‐3.0% 0.6x 4.7x Salmat Ltd. Australi a 1.91 ‐28% 302.5 196.8 219.0 104.6 832.3 99.8 12.0% 17.9% 0.2x 2.0x Serco Group plc United Kingdom 9.28 ‐6% 4,537.2 5,421.6 322.8 1,268.6 7,985.4 613.4 7.7% 5.7% 0.7x 8.8x StarTek, Inc. United States 4.84 ‐33% 74.0 66.6 7.3 ‐ 201.0 6.0 3.0% ‐4.6% 0.3x 11.0x Sykes Enterprises, Incorporated United States 15.79 ‐5% 679.5 612.7 177.8 111.0 1,150.8 103.2 9.0% 0.3% 0.5x 5.9x Teleperformance France 47.13 ‐5% 2,609.6 2,508.8 229.6 119.1 3,094.6 379.7 12.3% 10.4% 0.8x 6.6x TeleTech Holdings Inc. United States 22.60 ‐2% 1,179.3 1,140.0 170.6 117.8 1,158.7 147.5 12.7% ‐2.7% 1.0x 7.7x Trans Cosmos, Inc. Japan 14.38 ‐14% 591.5 377.6 361.7 96.0 1,765.9 98.0 5.6% 3.2% 0.2x 3.9x Transcom WorldWide SA Luxembourg 0.11 ‐20% 131.3 206.3 34.4 110.6 805.9 24.9 3.1% 12.9% 0.3x 8.3x Transcontinental Inc. Canada 11.95 ‐6% 934.4 1,350.4 27.6 361.5 2,153.7 362.1 16.8% 9.7% 0.6x 3.7x Vistaprint N.V. Netherlands 46.08 ‐5% 1,504.2 1,691.4 51.3 238.5 1,137.8 108.1 9.5% 16.3% 1.5x 15.6x Xchanging PLC United Kingdom 2.05 ‐10% 493.3 409.1 190.8 64.4 1,086.2 113.9 10.5% 2.6% 0.4x 3.6x

Adjusted Weighted Average 0.9x 8.1x

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

39 | M&A and Investment Summary May 2013 May Summary Trading Information Public Company Valuation

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 3.8x 1.8x 5.0x 4.7x Digital Advertising 3.7x 2.3x 5.0x 4.7x Marketing Technology 45x4.5x 33x3.3x 40x4.0x 38x3.8x Agency 0.9x 1.0x 1.4x 1.4x Marketing Services 1.4x 1.2x 2.5x 2.5x Traditional Media 2.5x 2.4x 3.0x 2.7x Technology 3.1x 2.2x 3.4x 3.3x Software 5.2x 3.8x 4.6x 3.7x Communications 212.1x 111.1x 272.7x 262.6x Information 3.0x 3.0x 3.8x 3.7x Business Services 1.1x 0.6x 2.7x 1.7x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 22. 4x 13. 5x 25. 6x 21. 9x Digital Advertising 26.5x 18.0x 16.7x 16.1x Marketing Technology 24.1x 15.0x 11.5x 11.3x Agency 8.6x 8.9x 9.4x 9.3x Marketing Services 11.9x 7.3x 11.6x 11.0x Traditional Media 9.4x 8.8x 10.5x 9.9x Techlhnology 14.3x 10.1x 10.5x 10.3x Software 28.2x 13.9x 13.5x 10.5x Communications 21.5x 11.5x 10.4x 10.2x Information 14.7x 11.9x 14.2x 13.1x Business Services 11.1x 8.3x 17.3x 11.0x

As of close of business on 05/31/13

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean 40 | M&A and Investment Summary May 2013 PPLLC Indices –LTM as of 5/31/13 Public Company Valuation

Digital Media/Commerce & Traditional Media Marketing Technology

160 Index Performance 140 Index Performance

150 • S&P 500 –  29.4% • S&P 500 –  29.4% 130 140 • • 

Digital Media/ (%) Marketing Technology – 23.5%

(%)  130 Commerce – 32.4% 120

120 • Traditional Media – 51.7% 110 Performance Performance

110 dex dex 100 In 100 In

90 90 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 S&P 500 Digital Media/Commerce Traditional Media S&P 500 Marketing Technology

Digital Advertising Agency & Marketing Services Index Performance Index Performance 160 150

150 • S&P 500 –  29.4% • S&P 500 –  29.4% 140

140 (%)

(%) •  •  Digital Advertising – 48.5% 130 Agency – 40.8%

130 ance mance mm rr •  120 Marketing Services – 32.6%

120 Perfo

Perfor 110 110 Index Index 100 100

90 90 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13

S&P 500 Digital Advertising S&P 500 Agency Marketing Services

41 | M&A and Investment Summary May 2013 PPLLC Indices –LTM as of 5/31/13 Public Company Valuation

Technology Software Index Performance Index Performance 165 150

• S&P 500 –  29.4% 140 • S&P 500 –  29.4% 150 (%)

(%) • Technology –  24.3% 130 • Software –  34.5% 135

120

120 Performance

Performance

110

105 Index dex nn I 100

90 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 90 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 S&P 500 Traditional Media S&P 500 Software

Information & Business Services Communications

150 Index Performance 140 Index Performance

140 • S&P 500 –  29.4 % • S&P 500 –  29.4% 130 (%)

(%) 130 • Information • Communications –  27.4% Services –  37.5% 120 mance rmance 120 • Business 110 Perfo

Perfor

110 Services –  30.4% Index Index 100 100

90 90 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐12 Aug‐12 Oct‐12 Dec‐12 Feb‐13 Apr‐13

S&P 500 Information Business Services S&P 500 Communications

42 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Values Disclosed Lender Processing Services, Inc. Information & Business Services Fidelity National Financial, Inc. $3,887.3 Tumblr, Inc. Digital Media/Commerce Yahoo!, Inc. 1,100.0 Stonesoft Software McAfee, Inc. 378.0 PPStream Digital Advertising Baidu, Inc. 370.0 Market Leader, Inc. Marketing Technology Trulia, Inc. 355.0 Acquity Group, LLC Agency & Marketing Services Accenture plc 316.0 Apriso Corpora ti on Software Dassault Systemes 209. 0 N‐able Technologies Software SolarWinds 120.0 SoundBite Communications, Inc. Marketing Technology Genesys SA 84.2 WebCollage, Inc. Marketing Technology Answers Corporation 37.0 AwesomenessTV Digital Advertising DreamWorks Animation LLC 33.0 KUBE Baytown and KTNC Concord Traditional Media NRJ TV LLC 32.5 High Noon Productions Traditional Media ITV plc 25.6 Post Modern Group Traditional Media Global Eagle Entertainment 23.9 Says.com Digital Media/Commerce Catcha Group Pte Ltd. 20.0 Cronto Limited Software VASCO Data Security International 19.3 Branded3 Search Agency & Marketing Services St. Ives, PLC 16.4 Clipboard, Inc. Digital Media/Commerce Salesforce.com 12.0 Expert Systems Development Svenska Software ReadSoft AB 9.2 Logos Holdings Software Instem 7.7 FuGen Solutions Technology 8K Miles Cl oud Solutions 7.5 Chute Corporation Marketing Technology Foundry Group 7.0 Epic Data Software Sylogist Ltd. 7.0 Kinecto Agency & Marketing Services Aegis Media 656.5 StreamOnce Marketing Technology Jive Software, Inc. 6.3 Hong Kong Business, Asia Ci ty Media Group Traditional Media SCMP Group Limited 3.9 Uncovet, Inc. Digital Media/Commerce Javelin Venture Partners 1.3 Qwik Staffing Solutions, Inc. Information & Business Services Labor SMART, Inc. 0.3 Dawson Marketing Services Limited Information & Business Services SKU Logistics 0.3

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

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed 123Signup Marketing Technology Youbill, Inc. ‐ 360 Vantage Marketing Technology IMS Health, Inc. ‐ Accent on Integration Software Iatric Systems, Inc. ‐ Aklero Risk Analytics Software LoanLogics, Inc. ‐ Alex eSolutions Traditional Media Reed Elsevier Group plc ‐ American HealthTech Software Healthland ‐ AndroidRays Digital Media/Commerce Mimvi, Inc. ‐ Astrid, Inc. Digital Media/Commerce Amazon.com, Inc. ‐ Augmentum Consulting Information & Business Services CTPartners Executive Search ‐ Avail Intelligence Marketing Technology RichRelevance, Inc. ‐ Baseliner Consulting Information & Business Services Plaut IT Australia ‐ Bema Information & Business Services Egnyte, Inc. ‐ Big Sky Analytics Information & Business Services QueBIT ‐ BigCeramicStore. com Digital Media/Commerce Vertana Group LLC ‐ Code Red Technologies Ltd. Software NXP Semiconductors NV ‐ Cogent Research LLC Information & Business Services Market Strategies, Inc. ‐ Concero Partners Information & Business Services Tech Allies Solutions ‐ Crocodoc Software Box, Inc. ‐ CruiseWise Digital Advertising TripAdvisor, Inc. ‐ Doorsteps Digital Advertising Move, Inc. ‐ ElisaDBI Marketing Technology Havas ‐ Engine Ready, Inc. Marketing Technology Best Rank, Inc. ‐ Enstratius Technology Dell, Inc. ‐ Euroling AB Marketing Technology EPiServer AB ‐ FastPencil, Inc. Marketing Technology Courier Corpora ti on ‐ FileBound Marketing Technology Upland Software ‐ FINTEL Marketing Technology C‐leveled ‐ FitPal Digital Media/Commerce Health Reviser ‐ Five33 Agency & Marketing Services Legendary Entertainment ‐ Fjordnet Agency & Marketing Services Accenture plc ‐ FlexPoint Technology Software Haystax Technology, Inc. ‐ Folders Digital Media/Commerce Box, Inc. ‐ Front Door Insights LLC Marketing Technology Mobivity Holdings Corpora ti on ‐ Gallop Solutions, Inc. Information & Business Services Cigniti Technologies Ltd. ‐ 44 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed GemStone/S Software GemTalk Systems ‐ Giftly, Inc. Digital Media/Commerce GiftCards.com, Inc. ‐ Gist, Inc. Digital Media/Commerce TrueFit Solutions, Inc. ‐ GoPollGo Marketing Technology Yahoo!, Inc. ‐ Gov2U Software Marketing Technology Scytl ‐ GreenStack Marketing Technology LearnCentral ‐ Group Commerce, Inc. Marketing Technology NimbleCommerce ‐ GrubHub.com, Inc. (will merge w/Seamless) Digital Media/Commerce Seamless.com (will merge w/Grubhub) ‐ Handmark, Inc. Digital Media/Commerce Sprint Nextel Corp. ‐ Haystak Digital Marketing Digital Advertising VinSolutions ‐ HealthyCircles Software Qualcomm Life, Inc. ‐ IASO Backup Technology Technology GFI Software ‐ Ideacodes Agency & Marketing Services Adobe Systems, Inc. ‐ Indecon Solutions Information & Business Services Fahrenheit IT Staffing and Consulting ‐ Integritas, Inc. Information & Business Services Net Health Systems, Inc. ‐ Intersect, Inc. Agency & Marketing Services Crown Partners LLC ‐ JouleX, Inc. Technology Cisco Systems, Inc. ‐ JRDS Information & Business Services Dealogic (Holdings) plc ‐ Kalvin Consulting Information & Business Services Digital Management, Inc. ‐ KidsCare TV & Women's Healthcare TV Traditional Media Heal th Media Network ‐ Locum Leaders Information & Business Services OGH, LLC ‐ Loki Studios Digital Media/Commerce Yahoo!, Inc. ‐ Lucky Sort Technology Twitter, Inc. ‐ Maybe Digital Media/Commerce LinkedIn Corpora ti on ‐ MD Mindset, LLC Information & Business Services Qpharma, Inc. ‐ MedTel Solutions, LLC Information & Business Services Net Medical Xpress Solutions, Inc. ‐ Metric Science Marketing Technology OnScroll ‐ Miles Technologies Technology Barcoding, Inc. ‐ MileWise Digital Advertising Yahoo!, Inc. ‐ MoGreet, Inc. Digital Advertising payvia, Inc. ‐ Mortgage U, Inc. Information & Business Services Indecomm Global Services ‐ MOVL, LLC Digital Media/Commerce Samsung Electronics ‐ MXSweb Agency & Marketing Services Creatine Ma rketi ng ‐

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

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed MyEnergy Technology Nest Labs, Inc. ‐ National ProSource Information & Business Services Atterro Human Ca pi ta l Group ‐ NComVA Technology Qlik Technologies, Inc. ‐ Netronome Systems, SSL Inspector Appliances Software Blue Coa t Systems, Inc. ‐ NetShelter's Display Advertising Business Digital Advertising Ziff Davis, Inc. ‐ New World Group Agency & Marketing Services Aegis Media ‐ Nine By Blue Marketing Technology Rimm‐Kaufman Group LLC ‐ Niumba.com Digital Advertising TripAdvisor, Inc. ‐ OHKI Digital Media/Commerce AdEffective Ltd. ‐ Oki‐ni Digital Media/Commerce MenInvest ‐ OneOps Technology @Walmart Labs ‐ OrderMotion, Inc. Marketing Technology Netsuite, Inc. ‐ Parenting and Babytalk Ma ga zi nes Tra di ti ona l Media Meredi th Corpora ti on ‐ People Marketing Agency & Marketing Services CMS Sport & Entertainment ‐ Pier Antiques Show & Antiques at the Armory Show Traditional Media George Little Management, LLC ‐ PlayerScale Software Yahoo!, Inc. ‐ Preferred Voice Inc. Traditional Media Al y Energy Services Inc. ‐ PressVote Marketing Technology Scytl ‐ Princeton Economics Group Information & Business Services Compass Lexecon ‐ PrivacyChoice Software AVG Technologies N.V. ‐ Profile Marketing Research Information & Business Services Radius Global Market Research ‐ Promotions.com Agency & Marketing Services ePrize LLC ‐ Prosoft Tecnologia Software Wolters Kluwer, Ltd. ‐ RCS Assets Communications Myriad Group AG ‐ Response Fusion Information & Business Services OnePoll ‐ Semantelli Corpora ti on Ma rketi ng Technology IMS Health, Inc. ‐ Shareifyoulike Digital Advertising Unruly Media Ltd ‐ Shopalize Marketing Technology 24/7 Cus tomer, Inc. ‐ ShopLogic Marketing Technology BloomReach, Inc. ‐ ShopWell Solutions Digital Advertising YottaMark, Inc. ‐ SIMPOE Software Dassault Systemes ‐ Sinotrust Ma rket Research Information & Business Services TNS Group Holdings Ltd. ‐ SkyMall, Inc. Digital Media/Commerce Xhibit Corpora ti on ‐ 46 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Strategic Transactions

Reported Target Target Segment Buyer/Investor Transaction Value Strategic Undisclosed SmartSource Digital Advertising Extraprise Group ‐ SocialBomb, Inc. Marketing Technology Refinery29 ‐ Solera Networks Software Blue Coa t Systems, Inc. ‐ STAR‐APIC Software 1Spatial Holdings ‐ Subscription Bridge Technology Cloud Nation ‐ Surf Investments, Ltd. Information & Business Services E‐Waste Systems, Inc. ‐ Swapit Digital Media/Commerce Box of Awesome Limited ‐ SyncDog, Inc. Software IntegriCell, LLC ‐ Synnefo Virtualization Technology Forsythe Technology, Inc. ‐ Tasty Labs Digital Media/Commerce @Walmart Labs ‐ Tech Hollywood Studios Marketing Technology Bitzio, Inc. ‐ The Coding Center Informa ti on & Business Services HIM Connections, LLC ‐ The Fab Shoes Digital Media/Commerce JustFabulous ‐ The HOTH Marketing Technology Next Net Medi a, LLC ‐ The Roanoke Times Traditional Media BH Medi a Group ‐ Thumb Labs Digital Media/Commerce Adobe Systems, Inc. ‐ TieTry Digital Media/Commerce FreshNeck ‐ Tinkercad Software Autodesk, Inc. ‐ Top Sail Productions, LLC Traditional Media Pri mco Management, Inc. ‐ Trendslide Marketing Technology Dyn, Inc. ‐ Tricore Interactive, Inc. Information & Business Services Dowden Health Media , Inc. ‐ TriTek Solutions, Inc. Information & Business Services Perficient, Inc. ‐ Tunigo Digital Media/Commerce Spotify Ltd. ‐ Tweasy Marketing Technology Swisscom AG ‐ Ubalo Software Twitter, Inc. ‐ Vesseltracker.com Information & Business Services Genscape, Inc. ‐ Vigilant, Inc. Information & Business Services Deloitte Development LLC ‐ Vince and Associates Cl i ni ca l Research Information & Business Services Altasciences Group ‐ Webchutney Studio Agency & Marketing Services Dentsu, Inc. ‐ Wefollow Marketing Technology About.me ‐ WePlay, Inc. Digital Media/Commerce TeamSnap, Inc. ‐ Wheelz, Inc. Digital Media/Commerce RelayRides ‐

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

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed BMC Software, Inc. Software Bain Ca pi ta l and Golden Gate Ca pi ta l $6,900.0 Nielsen Expositions Traditional Media Onex Corporation 950.0 Websense, Inc. Software Vista Equity Partners 907.0 Ebix, Inc. Software Goldman Sachs Merchant Banking 811.6 Ci vi ca Group Ltd. Information & Business Services OMERS Private Equity 607.8 AS Starman Traditional Media Ea s t Ca pi ta l Explorer AB 37.9 Mascus ItInterna tiona l Dig ita l Mdi/CMedia/Commerce VtVortex CitlCapital PtPartners BVB.V. 14. 5 Bluefly, Inc. Digital Media/Commerce Clearlake Ca pi ta l Group 13.0

Reported Target Target Segment Buyer/Investor Transaction Value Buyout Deals Undisclosed ABC Global Services, Inc. Agency & Marketing Services (Private Investors) ‐ Chesapea ke RhResearch RiReview IfInformat ion & BiBusiness SiServices AdAudax PiPrivate EiEquity ‐ Global Relief Technologies, Inc. Communications Persephone Ca pi ta l Partners ‐ PeopleString Corporation Marketing Technology Echelon Growth Partners, LLC ‐ Tick Data, Inc. Information & Business Services Management Buyout ‐ Transplace Software Greenbriar Equity Group LLC ‐

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

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Lender Processing Services, Inc. Information & Business Services Thomas H. Lee Partners $381.0 AutoNavi Holdings Limited Software Alibaba Group 294.0 Advent Software, Inc. Software TPG Capital 190.4 LendingClub Digital Media/Commerce Google, Inc. 125.0 DEN Networks Ltd. Traditional Media The Goldman Sachs Group, Inc. 110.0 Zalora (Thailand) Co., Ltd. Digital Media/Commerce Rocket Internet GmbH 100.0 Pure Storage, Inc. ThTechno logy In‐Q‐TlTel 95. 0 Lyft Digital Media/Commerce Andreessen Horowitz 60.0 Videology, Inc. Digital Advertising Catalyst Investors, LLC 60.0 Extreme Reach, Inc. Digital Advertising Spectrum Equity Investors, LP 50.0 Good Technology, Inc. Communications Kleiner Perkins Ca ufi el d & Byers 50.0 Adaptive Planning Software Bessemer Venture Partners 45.0 Apptio Marketing Technology Janus Ca pi ta l Group 45.0 Interactions, Inc. Marketing Technology SoftBank Capital 40.0 Reebonz Pte Ltd. Digital Media/Commerce MediaCorp Worldwide 40.0 Privalia Venta Directa S.L. Digital Media/Commerce SoFina GmbH 32.3 AirWatch, LLC Communications Accel Partners 25.0 TuneIn Radio Traditional Media Institutional Venture Partners 25.0 HealthTap Digital Media/Commerce Khosla Ventures 24.0 Five9, Inc. Marketing Technology SAP Ventures 22.0 Acacia Communications, Inc. Communications Summit Partners LP 20.0 Atlantis Computing, Inc. Technology Adams Street Partners, LLC 20.0 FoodPanda Digital Media/Commerce Investment AB Kinnevik 20.0 Pelican Imaging Technology Nokia Growth Partners 20. 0 PernixData, Inc. Technology Kleiner Perkins Ca ufi el d & Byers 20.0 Skyhigh Networks, Inc. Technology Sequoia Capital 20.0 LOYAL3 Holdings, Inc. Technology (Unnamed Fund Contibuters) 18.0 Skytree, Inc. Marketing Technology U.S. Venture Partners 18.0 Cl us tri x, Inc. Software ATA Ventures 16.5 AVA.ai LLC Marketing Technology Kennet Partners 16.0 CBF Networks, Inc. Communications Matrix Partners 15.0 Cha nge.org, Inc. Digital Media/Commerce Omidyar Network 15.0 Pebble Technology Charles River Ventures 15.0 Rocket Lawyer Incorporated Digital Media/Commerce (Unnamed Fund Contibuters) 15.0 Visier Corporation Software Summit Partners LP 15.0 WibiData.com Marketing Technology Canaan Partners 15.0 Zoove Corporation Digital Advertising Panorama Ca pi ta l , LLC 15.0

49 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Marqeta, Inc. Technology Greylock Management $14.0 Numecent Holdings Ltd. Technology T‐Venture Holding GmbH 13.6 Urturn Digital Media/Commerce Balderton Capital 13.4 BonitaSoft Software French National Fund for Digital Society 13.0 imo.im Digital Media/Commerce (Private Investors) 13.0 Namshi General Trading LLC Digital Media/Commerce Summit Partners LP 13.0 Alteryx, Inc. MktiMarketing ThTechno logy TbToba CitlCapital 12. 0 Cl ouda nt, Inc. Technology FMR LLC 12.0 PerspecSys Inc. Technology Paladin Capital 12.0 Swipely, Inc. Technology Shasta Ventures 12.0 DocuTAP Software Bessemer Venture Partners 11.9 JOYUS Digital Media/Commerce Interwest Partners 11.5 Poppin, Inc. Digital Media/Commerce Trilogy Growth 11.1 Easy Solutions, Inc. Software Medina Ca pi ta l Partners Inc. 11.0 EdggpeSprin g, Inc. Marketing Technology Kleiner Perkins Ca ufi el d & Byers 11.0 Luvocracy Digital Media/Commerce Kleiner Perkins Ca ufi el d & Byers 11.0 Movable Ink Marketing Technology Intel Capital 11.0 Nettwerk Mus i c Group Traditional Media HBC Investments 10.3 Cl ouds ca l i ng Group Technology Trinity Ventures 10.0 ConsultingMD Software Venrock Associates 10.0 LittleInc Labs, Inc. Digital Media/Commerce (Unnamed Fund Contibuters) 10.0 Polaris Wireless Technology Industry Ventures, LLC 10.0 TubeMogul Digital Advertising SingTel Innov8 10.0 Work Market, Inc. Software SoftBank Ca pi ta l 10. 0 HasOffers Marketing Technology Accel Partners 9.4 Petrotechnics Ltd. Software Business Growth Fund 9.1 FeedHenry Limited Software Intel Ca pi ta l 9.0 LoyalBlocks Marketing Technology General Ca ta l ys t Partners LLC 9.0 Wanderful Medi a Digi ta l Advertising A. H. Belo Corpora ti on 9.0 ProspX, Inc. Marketing Technology (Unnamed Fund Contibuters) 8.3 Brightpearl Marketing Technology Eden Ventures 8.0 Kinetic Social Marketing Technology Blue Chi p Venture Compa ny 8.0 Overture Networks, Inc. Communications (Unnamed Fund Contibuters) 8.0 Numbrs AG Digital Media/Commerce Centralway Holding AG 7.7 AlephCloud Software Handbag, LLC 7.5 VMTurbo, Inc. Software Globespan Ca pi ta l Partners 7.5 Triggit Media Marketing Technology North Atlantic Ca pi ta l Corpora ti on 7.4

50 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Curi ous .com, Inc. Marketing Technology Redpoint Ventures $7.0 DraftKings, Inc. Digital Media/Commerce Atlas Venture 7.0 Merchantry Marketing Technology Kite Ventures 7.0 Moogsoft, Inc. Software Redpoint Ventures 7.0 GraphLabs Software Madrona Venture Group 6.8 PlaceIQ, Inc. Marketing Technology U.S. Venture Partners 6.8 Skywor d, Inc. MktiMarketing ThTechno logy Cox MdiMedia Group, Inc. 676.7 RJMetrics Marketing Technology Trinity Ventures 6.5 Vend Limited Technology Milford Active Growth Fund 6.5 StyleHaul, Inc. Digital Advertising RTL Group 6.0 TransferWise Technology Valar Ventures LP 6.0 FTBpro Digital Media/Commerce Battery Ventures 5.8 JUDICATA Software Khosla Ventures 5.8 CoTap Communications Charles River Ventures 5.5 Cubic Telecom Limited Communications Enterprise Ireland 5.2 Rightware Oy Technology Finnish Industry Investment 5.2 Coi nba s e, Inc. Technology Union Square Ventures 5.0 HipLogiq Marketing Technology Hadron Global Partners, LLC 5.0 LinkSmart, Inc. Marketing Technology Foundry Group 5.0 Zyme Solutions, Inc. Marketing Technology Susquehanna Growth Equity LLC 5.0 Lex Machina, Inc. Information & Business Services Cue Ball Venture Strategies 4.8 NowThisNews, Inc. Digital Media/Commerce Lerer Ventures 4.8 Wochit, Inc. Digital Advertising Redpoint Ventures 4.8 Appurify, Inc. Software Google Ventures 454.5 Conversocial Marketing Technology Octopus Ventures, LLC 4.4 StepLeader Digital Media/Commerce River Ci ti es Ca pi ta l Fund 4.4 StepLeader Digital Media/Commerce River Ci ti es Ca pi ta l Fund 4.4 Happy Cloud, Inc. Digital Media/Commerce Avalon Ventures 4.3 Compa re Metrics Marketing Technology Austin Ventures 4.2 Pixability, Inc. Digital Advertising Quad/Graphics, Inc. 4.1 SimpleTuition, Inc. Digital Advertising Atlas Venture 4.0 Socialmentum, LLC Digital Media/Commerce Nelnet, Inc. 4.0 Ticketea Marketing Technology Seaya Ventures 4.0 Ycharts Information & Business Services Morningstar, Inc. 3.9 Any.DO Digital Media/Commerce Genesis Partners Ltd. 3.5 Qriously, Inc. Marketing Technology Spark Ca pi ta l 3.5 Dekko Technology Bessemer Venture Partners 3.2

51 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed TrialReach, Inc. Software Octopus Ventures, LLC $3.1 OpenGeo Software Vanedge Ca pi ta l 3.0 Orchestrate.io Software True Ventures 3.0 Qwaya Marketing Technology Industrifonden 3.0 Webflakes Digital Media/Commerce Genesis Partners Ltd. 3.0 Yekra Marketing Technology Bray Ca pi ta l 3.0 YEYouEye IfInforma tion & BiBusiness SiServices (Pr iva te It)Investors) 303.0 Beyond Verbal Communications Ltd. Marketing Technology Genesis Angels 2.8 VERSUS IO Marketing Technology Earlybird Venture Ca pi ta l GmgH & Co. KG 2.8 Betapond Marketing Technology NCB Ventures 2.5 Tech Cockta i l , LLC Digital Media/Commerce Downtown Project 2.5 EyeVerify LLC Technology Think Big Partners 2.3 ERPLY Technology Redpoint Ventures 2.2 Ca pLi nked, Inc. Software Conversion Ca pi ta l Partners Ltd. 2.1 ADLY, Inc. Digital Advertising GRP Partners 2.0 BitPay, Inc. Technology The Founders Fund, LLC 2.0 Bloomfire Software Silver Creek Ventures 2.0 Gamgee Software Khosla Ventures 2.0 popexpert, Inc. Digital Media/Commerce Learn Ca pi ta l Venture Partners 2.0 uParts, Inc. Marketing Technology GRP Partners 2.0 Workspot, Inc. Communications Kleiner Perkins Ca ufi el d & Byers 1.9 SOLOMO Technology, Inc. Marketing Technology Wisconsin Investment Partners, LLC 1.7 Newsle, Inc. Digital Media/Commerce Advance Publications, Inc. (Conde Nast) 1.7 Ca rnet de Mode Digital Media/Commerce Elaia Partners 151.5 Clip, Inc. Technology 500 Startups 1.5 Local Market Launch Marketing Technology Rincon Venture Partners 1.5 MadeiraCloud Software Sequoia Ca pi ta l 1.5 Quill Marketing Technology Ariadne Ca pi ta l Ltd. 1.5 Dering Hall, LLC Digital Media/Commerce Lerer Ventures 1.4 Supply Vision, Inc. Software Hyde Park Angels 1.4 Panna Digital Media/Commerce Anthem Venture Partners 1.4 Panna Cooking Digital Media/Commerce Anthem Venture Partners 1.4 LiquidSpace Digital Advertising Steelcase, Inc. 1.3 TrackMaven, Inc. Marketing Technology AOL Ventures 1.3 Mass Appeal Media, Inc. Traditional Media White Owl Ca pi ta l Partners LLC 1.2 Sensopia, Inc. Digital Media/Commerce Partech International 1.2 OwnerListens Marketing Technology Menlo Ventures 1.1

52 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Values Disclosed Runscope, Inc. Software True Ventures $1.1 Skift Inc. Digital Media/Commerce Lerer Ventures 1.1 Social Bicycles, Inc. Digital Advertising New York Angels, Inc. 1.1 Vaunte, Inc. Digital Media/Commerce River Ci ti es Ca pi ta l Fund 1.1 App.io Marketing Technology Quest Venture Partners 1.0 Busbud, Inc. Digital Advertising iNovia Ca pi ta l 1.0 SilWiSocialWire, Inc. MktiMarketing ThTechno logy SftThSoftTech VC, Inc. 101.0 Minbox, Inc. Technology Correlation Ventures 0.8 SimpleRelevance Digital Advertising Hyde Park Angels 0.8 CrowdHa l l , LLC Digital Media/Commerce Las Vegas Venture Fund 0.7 MedTech Solutions, Inc. Marketing Technology Siemer Ventures 0.7 Texchem Malaysia Sdn Berhad Information & Business Services Texchem Resources Bhd 0.7 Etece Digital Media/Commerce Mola Ca pi ta l 0.6 Vimbly Corporation Digital Advertising (Angel Investors) 0.5 Basico.com Digital Media/Commerce Initial Ca pital 0.5 Voylla Retail Pvt. Ltd. Digital Media/Commerce Snow Leopard Technology Ventures 0.5 Zoobean, LLC Digital Media/Commerce Kapor Ca pi ta l 0.5

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Undisclosed 85 Broads Unlimited, LLC Di gital Media/Commerce (Private Investors) ‐ BankLink Limited Software MYOB Finance NZ Limited ‐ Ca vi a r, Inc. Digital Media/Commerce Andreessen Horowitz ‐ Century On Industrial Limited Marketing Technology China 3D Internet Distribution Limited ‐ ContactUs.com Marketing Technology PeopleFund ‐ Cover Technology O'Reilly AlphaTech Ventures, LLC ‐ Daily Grommet Digital Media/Commerce Rakuten, Inc. ‐ Giant Creative/Strategy, LLC Agency & Marketing Services Shamrock Ca pi ta l Advisors, Inc. ‐ Highstreet IT Solutions, LLC Software Transition Ca pi ta l Partners, Ltd. ‐ Jelly Industries Digital Media/Commerce Spark Ca pi ta l ‐ Kamicat GmbH Digital Media/Commerce iVentureCapital GmbH ‐ Marketing Adcovate Marketing Technology Teakwood Ca pi ta l ‐ MetricStream, Inc. Information & Business Services Goldman Sachs Merchant Banking ‐ Netchemia, LLC Software Mainsail Partners ‐ OpenCoin, Inc. Technology Google Ventures ‐ 53 | M&A and Investment Summary May 2013 All Segments ($ in Millions)

Venture/Growth Capital Transactions

Reported Target Target Segment Buyer/Investor Transaction Value VC/Growth Capital Undisclosed OSF Global Services Information & Business Services BDC Venture Ca pi ta l ‐ PandoDaily Digital Media/Commerce Redpoint Ventures ‐ Qualityscores.com Marketing Technology Get Found First, LLC ‐ Reputation Institute, Inc. Agency & Marketing Services Catalyst Investors, LLC ‐ RuffaloCODY Marketing Technology Summit Partners LP ‐ Scarosso GmbH Digital Media/Commerce DN Ca pi ta l ‐ UdUndo Ltd. SftSoftware The CbidCambridge AlAngels ‐ Weotta Digital Media/Commerce Google Ventures ‐

54 | M&A and Investment Summary May 2013 Petsky Prunier: Maximizing Shareholder Value

Overview

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

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

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

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

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

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

56 | M&A and Investment Summary May 2013 International Partnership with Altium

Description Network

. Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs Madrid Zurich . European‐based, mid‐market financial advisory group, employee‐ New York Palo Alto Las Vegas Chicago Manchester Frankfurt owned and truly independent Tampa Leeds Milan London Munich . A leading advisor for more than 25 years Paris Dubai

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

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

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

. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with offices in Bangalore, Mumbai, Delhi India Beijing . Hina Group has provided M&A advisory and corporate finance Shanghai services on 50+ transactions in China

57 | M&A and Investment Summary May 2013 Representative Recent Transactions

has sold a leading digital advertis ing the largest provider of cloud‐based SaaS a leading multiplatf orm travel an d monetization and shopper marketing a leading provider of digital a dynamic display media and has sold partner for e-commerce retailers a leading provider of in-s tore and a real-time behavioral advertising tools for printing signs, labels an d tags, lif estyle media company production services to retargeting company along with digital subsidiary a portfolio company of shopper marketing signage to company an d publishing digital displays for retailers has been sold to brands and agencies major North American retailers has been acquired by has been acquired by has b een sold to has been sold to has been sold to provider of online travel guides for s pec ializ ing in retail, digital, has been sold to top destinations around the world shopper marketing and consumer a unit of a subsidiary of to services to with financing from (NSYE: ACN) (N SYE: AOL ) (JASDAQ:4755 ) (NYSE: LXK ) (NYSE: GCI )

a leading provider of has sold a leading digital direc t marketing a leader in global healthcare transportation-based digital c ompany utiliz ing a proprietary has s old its a leader in technology and global primary market research and the top independent media networks database to provide customer a provider of a cloud-based in-app advertis ing f or Fac ebook, influence network mapping ac quis ition s olutions for major brands integration platform for the digital direct-to-consumer marketer of has received a mezzanine debt Apple (iOS), and Android a leader in multic hannel retail, dental savings plans and Sports Marketing Print marketing indus try has been sold to inves tment from has received an equity investment from developers ec ommerc e and loyalty marketing Division has been sold to services a leading provider of s ervic es f or to has received $15M financing led has received $66M investment by has been sold to domain name registration, from a portfolio company of ac quis ition, brokerage and s ales with debt financing from to

has sold has sold has been sold to has sold (Nasdaq: TREE) a leading provider of taxi-bas ed has sold has sold a leading advertising outdoor media has acquired A leading urban and technology company a global digital marketing agency multic ultural agenc y has been sold to has been sold to a leading provider of integrated to a premier provider a leading market s ervic es a leading online lead a unit of data, technology and analytics of affinity programs for and BPO company generation business solutions universities and colleges to a subdbsidiary o f a pioneer in measuring the to to a leading data management and impact of promotion on to audience optimization platform (NYSE: PAY) phys ic ian pres c ribing behavior (Xetra: DPW.DE) (DMP) company (NasdaqGS: LEDR) (NYSE: IPG)

(TSX: PTO) has merged with a p or t folio comp an y of one of North America’s largest a leading online video a digital communications agency has received a majority has been sold to Vestar Capital Partners mobile marketing and gateway advertis ing network with a proprietary software inves tment from a provider of multic hannel has sold solution providers platform serving has received a growth capital marketing software services and has been sold to biopharmaceutical companies has been sold to investment from has been sold to to has been sold to

a portfolio company of a portfolio company of (Nasdaq:GSIC) Parthenon Capital Partners KRG Capital Partners (Nasdaq: RRD)

New Digital Group

has sold a division of a leading performance-based (NASDAQ: TREE) a global marketing services has acquired certain assets of advertis ing network has sold the company a premier provider of benchmark- assets of has been acqui idred by has been sold to a leading online c ommunity f or a portfolio company of based advisory services to the has been sold to pharmaceutical and biotech automotive enthusiasts indus try and social networking an interactive direct marketing has acquired technology platform c ompany s pec ializ ing in to in a c ombination that c reates lead generation for the for-profit, has been acquired by to has divested one of its the world’s leading loyalty post-secondary education market marketing services divisions management provider

58 | M&A and Investment Summary May 2013