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241241 184184 0 0 August 2015 M&A and Investment Summary 245245 232232 184184

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

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122 141 181

178 186 213 1 About Petsky Prunier 3 211 216 233 2 Overview of Monthly M&A and Investment Activity 6 234 235 245

Orange 3 Monthly M&A and Investment Activity by Industry Segment 12

241 184 0 4 Additional Monthly M&A and Investment Activity Data 42 245 232 184

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

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

2 | M&A and Investment Summary August 2015 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions

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0 79 133 2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor 122 141 Deal Count Deal Count 181 1 Petsky Prunier 21 65 178 186 213 2 Goldman Sachs 17 50 211 216 233 3 Morgan Stanley 15 43

234 235 4 JP Morgan 14 31 245

Orange 5 Nomura Holdings 12 39

241 184 5 Ernst & Young 12 24 0

245 7 China Renaissance Partners 11 36 232 184 7 PwC 11 34 Grey

138 7 Deloitte 11 18 138 138 7 AGC Partners 11 30 203 203 203 11 GCA Savvian 10 41

221 221 221 Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and more than 90 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, ecommerce, and media industries and has significant momentum . 19 transactions completed in 2015 through August and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers

3 | M&A and Investment Summary August 2015

Petsky Prunier: Maximizing Shareholder Value

Blue

0 79 133 . Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

122 141 business services, and healthcare services industries 181 . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume 178 186 213 . Founded in 1999

211 216 . More than 50 focused professionals; growth of 40% since 2011 233

234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Deep relationships across a broad spectrum of strategic buyers, as well as , growth equity, and VC groups and lenders Orange

241 . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services 184 0 . Global reach enhanced through our partnerships with investment bank Altium, which operates from nine offices across Europe, as well 245 232 as Allegro Advisors in three offices in India, and The Mountain Capital Group in China 184 . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity Grey

138 138 138

203 203 203

221 221 . M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and 221 . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership

4 | M&A and Investment Summary August 2015 Representative Recent Transactions

Blue

0 79 133

122 has sold 141 a leading content-driven, strategic the leading eCommerce media network digital agency in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions 181 a leading next-generation digital strategy a fast-growing, direct-to-consumer a leading provider of software-based retailer of envelopes and related products for orphan and rare disease the most innovative digital strategy, has been sold to and management consulting organization wine eCommerce company social media brand advocacy solutions user experience, and software has been sold to pharmaceutical drugs has received a significant development firm 178 has been sold to has been sold to has been sold to investment from has been sold to to Aperion Management 186 a portfolio company of and 213

(NYSE: ACN) (NYSE EVDY) 211 216 233

234 $120,000,000 235 $74,000,000* 245 a leading supplier of data on healthcare a portfolio company of has sold professionals and administrator of one a global leader in quantitative data a leading data-driven patient a leading provider of data-driven, of the largest practitioner-level medical the leader in data-driven Orange a big data marketing analytics and database collection and reporting software systems identification and engagement platform has been sold to advocacy campaigns technology and solutions company full-funnel B2B marketing solutions claims databases in the U.S. that provides its members access to has been sold to to healthcare education, patient savings, has been sold to has been sold to 241 has acquired has been sold to and other valuable programs 184 to a division of has been sold to 0 a portfolio company of (NYSE: OMC) (NASDAQ: EXLS) (NASDAQ: ICLR) (NYSE: RUK) 245 232 184 *Approximate Value

Grey $65,000,000 $280,000,000* $50,000,000 138 a leading SaaS provider of social intelligence, 138 a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading targeted direct marketing analytics, insights, and engagement a leading provider of marketing solutions the leading film and television information, 138 digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing company that connects new movers in multi-channel content marketing solutions has been sold to to destinations, resorts, and other data, and related software company professionals on behalf of leading display, and email insurance industry with local business for the life sciences industry travel-related businesses pharmaceutical companies has sold a majority stake to has been sold to has merged with an affiliate of has been sold to 203 has been sold to which is being combined with has been recapitalized to support future has been sold to growth with significant debt financing 203 from 203 a division of both portfolio companies of and

(NYSE: EVDY) (NYSE: WTM) (NASDAQ: CTSH) 221 221 221 *Approximate Enterprise Value

a disruptive, rapidly expanding marketplace for a leading SaaS-based, cross channel a technology company delivering highly insurance clicks, calls, and leads the largest independent eCommerce a leading global SaaS-based campaign management platform targeted programmatic marketing a leading provider of transaction-based retailer of promotional products for B2C marketers a consumer enthusiast media one of the largest independent media cost databases and software has sold a majority stake to tag management, data management, solutions using unstructured data and marketing attribution provider and commerce company in-store media networks in the U.S for television, radio, and digital has been sold to advertising cost analysis has been sold to has been sold to has received a $16MM Series B has been sold to has been sold to investment led by has been sold to

(NYSE: WTM)

5 | M&A and Investment Summary August 2015 M&A and Investment Summary for All Segments

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122 Transaction Distribution 141 181 . A total of 376 deals were announced in August 2015, of which 243 were worth $23.3 billion in aggregate reported value. 178 186 213 . Software was the most active and highest reported value segment with 102 deals announced — 67 of these transactions reported $11 211 216 billion in value 233

234 . The Digital Media/Commerce segment announced 96 transactions, of which 79 were reported worth $7.7 billion 235 245 . Strategic buyers announced 158 deals (44 reported $11.7 billion of value) Orange

241 . VC/ investors announced 210 transactions (196 reported $7.9 billion of value) 184 0 . Buyout investors announced eight deals during the month (two reported $3.6 billion of value) 245 232 184 August 2015 Grey BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 Software 103 27% $11,146.9 48% 43 $5,362.4 4 $3,500.0 56 $2,284.5 203 203 Digital Media/Commerce 96 26% 7,695.8 33% 20 3,044.8 1 84.8 75 4,566.2 221 Marketing Technology 71 19% 629.1 3% 28 98.8 2 3.8 41 526.4 221 221 Business Services 34 9% 235.6 1% 26 140.0 1 - 7 95.6 Digital Advertising 30 8% 579.6 2% 10 274.3 0 - 20 305.3 Agency & Marketing Services 18 5% 53.0 0% 13 14.0 0 - 5 39.0 Information 14 4% 1,919.2 8% 8 1,805.9 0 - 6 113.3 Traditional Media 10 3% 993.8 4% 10 993.8 0 - 0 - Total 376 100% 23,253.0 100% 158 11,734.0 8 3,588.6 210 7,930.3

*Fidelity National Information Services ‘ $9.1 billion acquisition of Sungard Data Systems, and The Carlyle Group’s $8 billion acquisition of Veritas Systems have been excluded to limit comparative distortions.

6 | M&A and Investment Summary August 2015 M&A and Investment Summary for All Segments

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0 79 133

122 Transaction Distribution 141 181

178 . Aggregate reported transaction value of $23.3 billion in August was flat from July 2015 and down six percent from August 2014 186 213 . Strategic activity accounted for 50 percent of reported deal value during the month and included significant transactions: 211 216 233 • QVC’s $2.2 billion acquisition of flash sales online retailer Zulily from Liberty Media

234 235 245 • The $1 billion acquisition of medical imaging solutions provider Merge Healthcare by IBM

Orange • Infor’s $675 million purchase of GT Nexus, a provider of supply chain management software 241 184 0 • The $575 million acquisition of personal finance apps developer Yodlee by Envestnet

245 232 184 • Advance Publication’s acquisition of data discovery and sharing platform 1010data for $500 million

Grey 138 $120.0 $500.0 138 $108.4 $110.0 138 $100.0 Bright $400.0 203 House/ 203 $90.0 Charter 203 $80.0 $300.0 221 $70.0 221 $60.0 221 Time $50.0 Warner/ $40.4 $200.0 $40.0 $37.5 Charter Sungard $30.0 $24.8 $23.5 $25.9 $23.1 $18.3 Veritas $14.5 $15.0 $18.8 $100.0 $20.0 $14.5 $11.2 $10.0 314 428 491 410 380 385 425 456 492 458 466 448 376 $- $- Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services ‘ $9.1 billion acquisition of Sungard Data Systems, and The Carlyle Group’s $8 billion acquisition of Veritas Systems have been excluded to limit comparative distortions.

7 | M&A and Investment Summary August 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions)

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0 79 133 Selected Transactions With Multiples Information 122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Agency & Marketing Services 178 OtherSide, Inc. Digital Agency NetPlay TV plc $ 5.0 $ 4.0 $ 1.0 1.3x 5.0x 186 213 Business Services Avalere Health LLC Healthcare Consulting Inovalon Holdings, Inc. 140.0 47.1 - 3.0x NA 211 216 Digital Media/Commerce 233 Zulily, Inc. eCommerce QVC Group 2,162.6 1,281.4 28.2 1.7x 76.7x 234 Blyth, Inc. eCommerce The Carlyle Group 84.8 459.3 6.5 0.2x 13.0x 235 InfiApps Limited Social Media/Apps Stride Gaming plc 39.2 13.7 - NA NA 245 Classmates Media Corporation Gaming Intelius Holdings, Inc. 30.0 52.4 - 0.6x NA

Orange Information Merge Healthcare Incorporated Healthcare Information International Business Machines Corp. 975.3 227.6 39.5 4.3x 24.7x 241 184 Learner's Digest International Healthcare Information Wolters Kluwer Health, Inc. 150.0 39.0 - 3.8x NA 0 Medworxx, Inc. Healthcare Information Aptean, Inc. 11.6 5.7 - 2.0x NA

245 Marketing Technology 232 184 Qelp Teleservices/eServices SYKES Enterprises, Inc. 20.7 5.4 - 3.8x NA Software Grey GT Nexus, Inc. ERP Software Infor Global Solutions, Inc. 675.0 133.2 10.0 5.1x 67.5x Yodlee, Inc. Financial Software Envestnet, Inc. 504.2 98.6 - 5.1x NA 138 138 138 Traditional Media North American Midway Entertainment Entertainment Townsquare Media, Inc. 75.5 92.9 11.2 0.8x 6.7x 203 203 203

221 221 221

8 | M&A and Investment Summary August 2015 Securities in Registration ($ in Millions)

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0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Aug-15 Pure Storage, Inc. United States Software 300.0 223.9 NA

178 Jul-15 Univision Communications Inc. United States Traditional Media 100.0 2,915.0 1,197.8 186 213 Jul-15 Apptio, Inc. United States Software NA 100.0 NA

211 Jul-15 SRA Companies United States Business Services 100.0 1,377.2 164.6 216 233 Jun-15 NEP Group, Inc. United States Traditional Media 100.0 39.9 NA

234 Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA 235 245 Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

Orange Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1

241 Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA 184 0 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

245 232 Mar-14 Globoforce Group plc Ireland Software NA NA NA 184

Grey

138 138 138

203 203 203

221 221 221

9 | M&A and Investment Summary August 2015 LTM IPO Performance (1/2)

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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from

122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2015 1st Trading Day 141 181 Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 21.09 (21.2%)

178 Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 25.74 (9.7%) 186 213 Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 $14.10, up 17% 16.01 13.5%

211 Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 6.81 (21.7%) 216 233 Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 34.49 16.2%

234 Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 14.02 21.3% 235 245 Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 23.79 (24.8%) Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 17.00 (9.9%) Orange May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 27.54 (2.7%) 241 184 May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 5.12 (51.0%) 0 May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 32.25 17.3% 245 232 Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 6.52 (38.5%) 184 Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 14.33 (52.2%) Grey Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 7.80 (24.2%) 138 138 Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 25.08 (4.1%) 138 Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 4.66 (56.0%) 203 203 Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 13.48 (42.0%) 203 Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 32.56 4.7% 221 221 Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 9.23 (67.0%) 221 Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 11.66 (31.5%) Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 7.14 (18.9%) Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 23.76 (9.9%) Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 14.33 2.4% Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 12.55 (46.2%) Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 4.48 (37.3%) Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 7.93 (18.7%) Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 47.29 57.1% Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.30 (1.1%) 10 | M&A and Investment Summary August 2015 LTM IPO Performance (2/2)

Blue

0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from

122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2015 1st Trading Day 141 181 Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.30 (1.1%)

178 Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States $11.00-$13.00 $12.00 $13.44, up 12% $16.21 20.6% 186 213 Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 66.12 (29.6%)

211 Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00-23.00 17.00 16.61, down 2% 24.26 46.1% 216 233 Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 51.05 70.6%

234 Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 13.25 (19.2%) 235 245

Orange

241 184 0

245 232 184

Grey

138 138 138

203 203 203

221 221 221

11 | M&A and Investment Summary August 2015 Digital Media/Commerce

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0 79 133

122 . Of the total $7.7 billion in value reported in the Digital Media/Commerce segment, $4.6 billion in Venture/Growth Capital investments 141 181 were announced, while an additional $3 billion of Strategic transactions were made

178 186 213 . eCommerce was the most active subsegment across all segments with 43 transactions announced, of which 37 were reported for $5.7

211 billion. Select investments from the subsegment include: 216 233 • The $1 billion raised by Uber from Times Internet at a reported post-money valuation of $51 billion 234 235 245 • Silver Lake Capital Partners’ $300 million equity investment in sports merchandise eCommerce company Fanatics

Orange

241 . Select Digital Media/Commerce transactions include: 184 0 • Adidas’ $240 million acquisition of fitness data apps developer Runtastic from Axel Springer 245 232 184 • $230 million purchase of home décor trend platform Polyvore by Yahoo

Grey • The $200 million investments in Buzzfeed and Vox Media from NBCUniversal 138 138 138 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 221 221 eCommerce 43 45% $5,709.5 74% 6 $2,162.6 1 84.8 36 $3,462.1 221 Mobile Content/Apps 14 15% 65.3 1% 4 - 0 - 10 65.3 Classifieds/Auctions/P-to-P 11 11% 373.4 5% 0 - 0 - 11 373.4 Social Media/Apps 11 11% 632.1 8% 3 500.0 0 - 8 132.1 Gaming 9 9% 165.2 2% 4 48.2 0 - 5 117.0 Niche Content 7 7% 416.3 5% 2 - 0 - 5 416.3 Web Search/Portals 1 1% 334.0 4% 1 334.0 0 - 0 - Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Total 96 100% 7,695.8 100% 20 3,044.8 1 84.8 75 4,566.2

12 | M&A and Investment Summary August 2015 Digital Media/Commerce Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 1-800-Flowers.com Inc. United States $8.39 -38% $ 547.5 $ 653.7 $ 1,121.5 $ 71.5 6.4% 48.3% 0.6x 9.1x 58.com Inc. * China 45.46 -46% 6,322.3 5,862.9 398.8 (75.0) NM 99.7% 14.7x NM 178 Alibaba Group Holding Limited * China 66.12 -45% 166,121.7 155,811.6 13,011.5 4,259.5 32.7% 40.3% 12.0x 36.6x 186 213 Amazon.com Inc. * United States 512.89 -12% 239,883.8 243,835.8 95,808.0 5,726.0 6.0% 17.2% 2.5x 42.6x Analizy Online S.A. Poland 5.56 -17% 6.7 6.1 1.6 0.4 26.7% 12.3% 3.8x 14.1x 211 Baidu, Inc. China 147.25 -42% 51,693.9 46,000.9 9,171.8 2,767.0 30.2% 42.5% 5.0x 16.6x 216 233 Blucora, Inc. United States 13.96 -19% 571.8 492.0 516.8 77.8 15.0% -20.4% 1.0x 6.3x Blue Nile Inc. United States 34.06 -9% 392.0 352.9 483.4 16.4 3.4% 6.2% 0.7x 21.5x 234 CafePress Inc. * United States 4.25 -21% 72.6 31.1 142.8 (3.5) NM 16.5% 0.2x NM 235 245 Care.com, Inc. * United States 5.94 -37% 190.4 133.9 136.4 (25.5) NM 43.1% 1.0x NM CDW Corporation United States 39.75 -1% 6,741.1 9,948.3 12,385.4 915.5 7.4% 9.3% 0.8x 10.9x Orange Changyou.com Limited China 20.99 -40% 1,091.0 958.8 807.6 221.7 27.5% 9.7% 1.2x 4.3x Chegg, Inc. United States 7.43 -16% 651.3 588.8 317.9 17.4 5.5% 14.5% 1.9x 33.8x 241 Cnova N.V. * Netherlands 4.48 -48% 1,977.0 1,936.2 4,113.3 20.4 0.5% 17.7% 0.5x 94.8x 184 0 Copart, Inc. United States 35.02 -9% 4,430.8 4,417.8 1,151.2 416.2 36.2% 1.0% 3.8x 10.6x CyberAgent Inc. Japan 39.65 -34% 2,485.4 2,315.7 1,986.1 328.9 16.6% 28.0% 1.2x 7.0x 245 Demand Media, Inc. * United States 4.71 -55% 93.9 51.6 147.3 (6.2) NM -22.5% 0.4x NM 232 184 DeNA Co., Ltd. Japan 18.27 -19% 2,648.8 2,120.3 1,180.1 290.7 24.6% -12.5% 1.8x 7.3x eBay Inc. United States 27.11 -59% 33,026.2 30,094.2 18,351.0 5,167.0 28.2% 11.1% 1.6x 5.8x Grey E-Commerce China Dangdang Inc. * China 5.97 -58% 482.5 217.4 1,417.6 (3.5) NM 22.2% 0.2x NM eLong Inc. * China 17.12 -37% 628.9 415.0 157.7 (143.8) NM -10.8% 2.6x NM 138 138 Etsy, Inc. * United States 14.33 -60% 1,603.5 1,324.8 232.5 4.2 1.8% 50.4% 5.7x NM 138 Everyday Health, Inc. United States 9.76 -36% 314.8 381.0 201.4 18.7 9.3% 20.5% 1.9x 20.4x Expedia Inc. United States 114.99 -10% 16,321.0 16,031.9 6,104.5 705.8 11.6% 16.3% 2.6x 22.7x 203 203 , Inc. * United States 89.43 -10% 251,973.1 237,997.1 14,640.0 6,384.0 43.6% 46.2% 16.3x 37.3x 203 Forgame Holdings Limited * China 1.70 -55% 246.1 47.9 99.3 (0.1) NM -35.0% 0.5x NM Fitbit Inc. United States 34.49 -34% 7,135.3 6,674.0 1,260.2 291.7 23.1% 0.0% 5.3x 22.9x 221 G5 Entertainment AB (publ) Sweden 3.16 -28% 27.8 24.2 30.7 1.5 221 4.9% 55.1% 0.8x 16.2x 221 GameLoft SE France 3.90 -38% 327.7 270.4 275.1 13.9 5.1% -2.6% 1.0x 19.4x Glu Mobile, Inc. United States 4.59 -35% 599.7 410.0 263.3 12.5 4.7% 85.3% 1.6x 32.8x Inc. United States 647.82 -9% 433,933.5 374,135.5 69,611.0 22,620.0 32.5% 14.4% 5.4x 16.5x Gree, Inc. Japan 4.72 -37% 1,101.4 457.9 756.0 207.0 27.4% -26.4% 0.6x 2.2x GrubHub Inc. United States 26.45 -45% 2,238.3 1,930.8 311.5 86.7 27.8% 53.3% 6.2x 22.3x Hollywood Media Corp. * United States 0.66 -51% 14.9 (8.0) 0.4 (4.8) NM -31.1% NM 1.7x HSN, Inc. United States 60.81 -24% 3,216.4 3,817.8 3,682.9 332.5 9.0% 6.7% 1.0x 11.5x IAC/InterActiveCorp United States 69.80 -18% 6,191.9 6,410.2 3,156.6 400.1 12.7% 6.0% 2.0x 16.0x iDreamSky Technology Limited China 11.02 -58% 479.1 379.8 223.8 26.8 12.0% 0.0% 1.7x 14.2x International Game Technology PLC United Kingdom 16.98 -20% 3,372.2 11,756.0 3,594.0 1,059.4 29.5% -11.1% 3.3x 11.1x iProperty Group Limited * Malaysia 2.15 -11% 402.8 397.8 20.0 (0.6) NM 15.8% 19.9x NM j2 Global, Inc. United States 69.58 -8% 3,370.3 3,454.9 657.5 268.1 40.8% 20.7% 5.3x 12.9x JD.com, Inc. * China 25.88 -32% 35,803.4 32,178.2 23,595.1 (61.2) NM 63.6% 1.4x NM

13 | M&A and Investment Summary August 2015 Digital Media/Commerce Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Jiayuan.com International Ltd. China 6.05 -36% $ 179.97 $ 101.30 $ 110.27 $ 3.58 3.2% 26.3% 0.9x 28.3x JobStreet Corp. Bhd. Malaysia 0.37 -89% 52.0 26.1 5.3 3.1 58.2% NM 4.9x 8.4x 178 Jumei International Holding Limited China 10.34 -64% 1,501.3 1,060.7 882.4 53.2 6.0% 54.1% 1.2x 20.0x 186 213 King Digital Entertainment plc Ireland 13.33 -26% 4,145.3 3,359.4 2,136.1 733.5 34.3% -11.8% 1.6x 4.6x Kongzhong Corp. China 6.52 -24% 306.8 169.2 219.3 45.3 20.7% 14.3% 0.8x 3.7x 211 LifeLock, Inc. United States 8.45 -56% 805.4 479.4 532.1 36.0 6.8% 26.3% 0.9x 13.3x 216 233 Liberty Interactive Corporation United States 27.04 -14% 12,468.5 17,103.5 10,048.0 1,749.0 17.4% -2.8% 1.7x 9.8x LightInTheBox Holding Co., Ltd. * China 3.03 -65% 145.0 79.2 388.5 (39.1) NM 29.2% 0.2x NM 234 LinkedIn Corporation * United States 180.60 -35% 23,542.9 21,639.3 2,561.1 216.7 8.5% 38.6% 8.4x 99.9x 235 245 Liquidity Services, Inc. United States 7.50 -51% 225.2 129.0 436.3 28.3 6.5% -13.8% 0.3x 4.6x MeetMe, Inc. United States 1.63 -28% 74.1 60.6 47.3 7.5 15.9% 9.4% 1.3x 8.0x Orange Mercadolibre, Inc. Argentina $110.05 -28% 4,859.3 4,809.8 611.7 189.2 30.9% 21.2% 7.9x 25.4x Mixi, Inc. Japan 34.38 -41% 2,897.9 2,539.5 1,228.8 599.8 48.8% 561.2% 2.1x 4.2x 241 NCsoft Corporation South Korea 184.66 -11% 3,685.6 2,943.2 762.2 282.3 37.0% 10.5% 3.9x 10.4x 184 0 Naver Corporation South Korea 418.76 -41% 12,339.5 11,239.3 2,654.3 794.0 29.9% 18.1% 4.2x 14.2x NetEase, Inc. China 111.18 -28% 14,533.5 11,210.1 2,388.2 869.9 36.4% 49.4% 4.7x 12.9x 245 Netflix, Inc. * United States 115.03 -11% 49,003.3 48,606.6 6,112.0 407.2 6.7% 24.9% 8.0x NM 232 184 NEXON Co., Ltd. Japan 13.93 -17% 5,991.0 5,369.1 1,497.8 644.1 43.0% 15.4% 3.6x 8.3x Orbitz Worldwide, Inc. United States 11.47 -3% 1,292.1 1,418.5 933.5 107.7 11.5% 6.5% 1.5x 13.2x Grey Overstock.com Inc. United States 19.65 -28% 478.0 374.0 1,609.7 24.3 1.5% 17.3% 0.2x 15.4x Pacific Online Ltd. China 0.28 -58% 318.5 277.9 173.4 44.3 25.5% 18.1% 1.6x 6.3x 138 138 Pandora Media, Inc. * United States 17.94 -35% 3,808.3 3,435.9 1,023.9 (37.4) NM 28.0% 3.4x NM 138 PChome Online Inc. Taiwan 10.60 -31% 984.0 849.5 698.6 36.4 5.2% 19.7% 1.2x 23.4x PetMed Express, Inc. United States 16.58 -10% 337.1 278.8 228.5 31.3 13.7% -1.4% 1.2x 8.9x 203 Phoenix New Media Limited China 4.79 -54% 343.5 217.2 267.4 30.2 11.3% 7.2% 0.8x 7.2x 203 203 The Priceline Group Inc. United States 1,248.64 -9% 63,308.0 65,519.9 8,797.7 3,266.2 37.1% 16.1% 7.4x 20.1x Rakuten, Inc. Japan 14.30 -29% 20,356.1 20,602.9 5,347.3 1,243.0 23.2% 18.0% 3.9x 16.6x 221 RealNetworks Inc. * United States 4.33 -44% 156.6 45.6 134.2 (64.4) NM -27.9% 0.3x NM 221 221 Rediff.com India Limited * India 1.33 -53% 36.7 28.4 14.5 (8.3) NM -9.6% 2.0x NM Renren Inc. * China 3.17 -29% 1,074.4 830.7 63.5 (86.6) NM -45.0% 13.1x NM Shanda Games Limited China 6.47 -7% 1,749.2 1,714.4 599.4 231.9 38.7% -14.4% 2.9x 7.4x Shutterfly, Inc. United States 38.86 -23% 1,408.4 1,594.5 969.2 89.6 9.2% 16.8% 1.6x 17.8x Shutterstock, Inc. United States 33.51 -60% 1,208.0 941.6 376.8 50.0 13.3% 34.3% 2.5x 18.8x Sky-mobi Limited * China 3.19 -70% 89.6 4.3 141.9 - 0.0% 0.0% 0.0x NM Spark Networks, Inc. United States 3.22 -40% 81.0 66.4 55.0 9.3 16.9% -17.8% 1.2x 7.1x Stamps.com Inc. United States 82.34 -7% 1,357.7 1,275.5 172.1 42.1 24.5% 31.2% 7.4x 30.3x Taomee Holdings Ltd. * China 3.01 -36% 106.3 36.0 37.7 (3.4) NM -23.1% 1.0x NM TheStreet, Inc. * United States 1.75 -30% 61.0 29.7 65.9 0.7 1.1% 14.6% 0.4x 39.6x Tomorrow Focus AG Germany 3.49 -43% 203.8 218.1 187.3 13.8 7.4% 48.5% 1.2x 15.8x

14 | M&A and Investment Summary August 2015 Digital Media/Commerce Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Travelport Worldwide Limited United Kingdom 13.25 -28% $ 1,623.03 $ 3,976.03 $ 2,151.00 $ 350.00 16.3% 1.8% 1.8x 11.4x , Inc. * United States 27.79 -50% 18,794.50 16,830.81 1,778.67 (285.91) NM 82.6% 9.5x NM 178 U.S. Auto Parts Network, Inc. United States 2.15 -36% 73.10 86.65 291.38 3.84 1.3% 9.4% 0.3x 22.6x 186 213 United Online, Inc. United States 10.89 -40% 160.89 85.88 207.25 26.50 12.8% NA 0.4x 3.2x EVINE Live Inc. United States 2.69 -62% 153.7 198.5 677.8 11.9 1.7% 3.2% 0.3x 16.7x 211 Vipshop Holdings Limited China 17.99 -41% 10,432.9 9,898.4 5,085.7 295.2 5.8% 98.2% 1.9x 33.5x 216 233 Wayfair Inc. * United States 37.30 -34% 3,126.09 2,838.09 1,660.93 (124.93) NM 50.1% 1.7x NM WebMD Health Corp. United States 41.13 -17% 1,517.0 1,711.9 597.9 122.2 20.4% 8.4% 2.9x 14.0x 234 Weibo Corporation China 12.13 -53% 2,506.6 2,177.7 393.5 19.3 235 * 4.9% 45.9% 5.5x NM 245 WeMade Entertainment Co., Ltd. * South Korea 43.61 -26% 721.9 706.3 128.7 (15.8) NM -21.8% 5.5x NM JM WOWO * Hong Kong 7.80 -40% 642.6 837.7 32.2 (39.2) NM -2.0% 26.0x NM Orange XO Group Inc. United States 14.65 -21% 384.5 298.9 141.7 18.8 13.2% 3.2% 2.1x 15.9x Yahoo! Inc. * United States 32.24 -39% 30,350.4 6,599.5 4,870.4 541.8 11.1% 5.4% 1.4x 12.2x 241 184 Yandex N.V. Netherlands 12.20 -62% 3,887.5 3,723.9 971.6 316.0 32.5% 19.0% 3.8x 11.8x 0 YY Inc. China 54.62 -43% 2,989.3 2,896.3 754.5 207.1 27.4% 79.5% 3.8x 14.0x zulily, Inc. United States 17.75 -57% 2,199.6 1,886.0 1,281.4 28.2 2.2% 35.4% 1.5x 66.9x 245 232 , Inc. * United States 2.53 -21% 2,338.4 1,279.6 752.4 (52.0) NM 7.5% 1.7x NM 184 Average 3.0x 14.5x

Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (35.6x) 138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value 138 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

203 203 203

221 221 221

15 | M&A and Investment Summary August 2015 Digital Advertising

Blue

0 79 133

122 . There was a total of 31 transactions announced in the Digital Advertising segment, of which 26 reported a total of $710 million in 141 181 reported value

178 186 213 . Digital Video was the most active subsegment announcing nine transactions, seven of which reported $234 million in value

211 216 . Select Transactions: 233

234 235 • Cross MediaWork’s purchase of targeted video advertising technology firm Blackarrow at a reported valuation exceeding $100 245 million Orange

241 • The $85 million acquisition of video syndication platform AllScreen by Zealot Networks 184 0 • The $76 million investment in G5, a provider of digital experience management for the property management sector, from Peak 245 232 184 Equity Partners

Grey

138 DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Digital Video 9 30% $233.5 40% 5 $205.0 0 - 4 $28.5 Local Search 4 13% 122.3 21% 1 28.0 0 - 3 94.3 221 221 221 Ad Networks/Exchanges 4 13% 40.8 7% 1 11.3 0 - 3 29.5 Mobile Marketing 3 10% 56.0 10% 0 - 0 - 3 56.0 Online Lead Generation 3 10% 38.0 7% 2 30.0 0 - 1 8.0 Comparison Shopping 2 7% 5.0 1% 1 - 0 - 1 5.0 Vertical Search 2 7% 5.5 1% 0 - 0 - 2 5.5 Other* 3 10% 78.5 14% 0 - 0 - 3 78.5 Total 30 100% 579.6 100% 10 274.3 0 0.0 20 305.3 *Other includes Digital Promotion/Coupon, Email Services, and Search Marketing

16 | M&A and Investment Summary August 2015 Digital Advertising Public Company Valuation (1/2)

Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adgorithms LTD Israel $1.99 -11% $ 122.7 $ 88.8 $ 25.6 $ 0.0 0.1% 0.0% 3.5x NM Alliance Data Systems Corporation United States $257.19 -18% 15,800.1 29,862.9 5,906.7 1,610.6 27.3% 24.7% 5.1x 18.5x 178 186 Angie's List, Inc. United States $5.29 -41% 309.6 298.8 334.3 15.2 4.6% 17.0% 0.9x 19.6x 213 Autobytel Inc. United States 17.65 -13% 185.3 198.8 110.0 9.2 8.4% 15.6% 1.8x 21.6x Bankrate, Inc. United States 9.86 -30% 994.9 1,154.3 552.7 97.2 17.6% 8.5% 2.1x 11.9x 211 Blinkx plc United States 0.36 -47% 146.9 48.7 215.0 (9.4) NM -13.0% 0.2x NM 216 233 Blucora, Inc. United States 13.96 -19% 571.8 492.0 516.8 77.8 15.0% -20.4% 1.0x 6.3x Constant Contact, Inc. United States 24.76 -43% 796.2 615.5 353.5 43.9 12.4% 15.1% 1.7x 14.0x 234 Coupons.com Incorporated United States 9.34 -53% 777.5 574.9 230.0 (14.9) 235 NM 17.6% 2.5x NM 245 Criteo SA France 39.21 -32% 2,427.6 2,123.6 1,068.9 87.4 8.2% 69.1% 2.0x 24.3x Ctrip.com International Ltd. China 66.45 -24% 9,463.4 10,228.2 1,432.9 (35.8) NM 41.4% 7.1x NM Orange Demand Media, Inc. United States 4.71 -55% 93.9 51.6 147.3 (6.2) NM -22.5% 0.4x NM DHI Group, Inc. United States 7.80 -32% 423.2 494.8 265.0 70.2 26.5% 11.2% 1.9x 7.1x 241 184 Digital Globe Services Inc. United States 0.81 -72% 24.1 24.3 39.6 2.6 6.6% 23.3% 0.6x 9.3x 0 Facebook, Inc. * United States 89.43 -10% 251,973.1 237,997.1 14,640.0 6,384.0 43.6% 46.2% 16.3x 37.3x Google Inc. United States 647.82 -9% 433,933.5 374,135.5 69,611.0 22,620.0 32.5% 14.4% 5.4x 16.5x 245 232 Groupon, Inc. United States 4.50 -47% 2,944.5 1,868.2 3,235.8 96.3 3.0% 15.2% 0.6x 19.4x 184 HomeAway, Inc. * United States 28.69 -21% 2,752.9 2,183.1 471.7 53.1 11.3% 17.8% 4.6x 41.1x IAC/InterActiveCorp United States 69.80 -18% 6,191.9 6,410.2 3,156.6 400.1 12.7% 6.0% 2.0x 16.0x Grey InternetQ PLC United Kingdom 3.93 -31% 156.9 157.6 160.3 15.9 9.9% 26.8% 1.0x 9.9x 138 Just Dial Limited India 12.72 -52% 896.4 773.8 97.9 26.9 27.4% 26.8% 7.9x 28.8x 138 138 LeGuide.com S.A. France 35.26 -2% 127.8 95.1 34.9 (0.5) NM -26.2% 2.7x NM MakeMyTrip Limited India 14.37 -55% 603.4 475.1 298.5 (13.0) NM 9.3% 1.6x NM 203 Marimedia Ltd. Israel 0.93 -66% 61.7 36.9 66.2 7.0 203 10.6% 20.8% 0.6x 5.3x 203 Matomy Media Group Ltd. Israel 1.52 -61% 139.0 153.9 254.9 19.3 7.6% 25.1% 0.6x 8.0x MaxPoint Interactive, Inc. United States 4.66 -59% 120.9 92.9 128.9 (12.8) NM 60.4% 0.7x NM 221 221 Millennial Media Inc. United States 1.34 -41% 189.8 160.2 285.3 (41.3) NM -2.5% 0.6x NM 221 Monster Worldwide, Inc. United States 7.27 -12% 663.1 810.7 741.5 79.7 10.7% -5.9% 1.1x 10.2x Opera Software ASA Norway 6.23 -51% 905.8 923.2 566.2 95.5 16.9% 60.6% 1.6x 9.7x Pacific Online Ltd. China 0.28 -58% 318.5 277.9 173.4 44.3 25.5% 18.1% 1.6x 6.3x QuinStreet, Inc. United States 5.50 -19% 247.5 202.1 282.1 (2.7) NM -0.1% 0.7x NM ReachLocal, Inc. United States 2.45 -53% 71.9 69.2 425.0 (34.2) NM -17.3% 0.2x NM RetailMeNot, Inc. United States 9.00 -58% 482.8 280.4 257.5 55.4 21.5% 4.4% 1.1x 5.1x Rightmove plc * United Kingdom 57.16 -2% 5,463.4 5,445.5 282.6 205.5 72.7% 17.4% 19.3x 26.5x Rocket Fuel Inc. United States 6.13 -71% 261.8 263.8 466.0 (52.7) NM 47.9% 0.6x NM Rovi Corporation United States 11.07 -58% 962.2 1,815.2 524.6 167.0 31.8% -5.5% 3.5x 10.9x Septeni Holdings Co., Ltd. Japan 14.70 -11% 380.9 310.6 491.4 22.3 4.5% 14.8% 0.6x 13.9x The Rubicon Project, Inc. United States 14.40 -30% 631.2 532.0 164.2 (9.9) NM 65.1% 3.2x NM TiVo Inc. United States 9.10 -35% 885.38 553.19 459.15 82.84 18.0% 6.6% 1.2x 6.7x

17 | M&A and Investment Summary August 2015 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 TradeDoubler AB Sweden 0.74 -50% $ 31.23 $ 22.13 $ 207.43 $ (2.48) NM -6.3% 0.1x NM Travelzoo Inc. United States 9.60 -45% 141.4 85.5 135.6 8.7 6.4% -10.7% 0.6x 9.9x 178 186 LendingTree, Inc. * United States 105.95 -24% 1,221.4 1,128.5 191.2 18.0 9.4% 22.6% 5.9x 62.6x 213 Tremor Video, Inc. United States 2.03 -38% 104.7 36.0 167.6 (15.1) NM 11.6% 0.2x NM TripAdvisor Inc. United States 69.90 -30% 10,813.7 10,390.7 1,410.0 356.0 25.2% 31.5% 7.4x 29.2x 211 216 TrueCar, Inc. United States 5.91 -76% 486.8 387.4 236.1 (37.7) NM 37.2% 1.6x NM 233 TubeMogul, Inc. United States 11.06 -54% 383.0 302.4 139.3 (9.0) NM 62.4% 2.2x NM Twitter, Inc. United States 27.79 -50% 18,794.5 16,830.8 1,778.7 (285.9) NM 82.6% 9.5x NM 234 235 Voltari Corporation United States 6.71 -69% 60.8 91.7 10.0 (11.4) NM -2.1% 9.2x NM 245 Web.com Group, Inc. United States 21.53 -17% 1,102.6 1,552.0 540.2 103.5 19.2% 2.3% 2.9x 15.0x XLMedia PLC Channel Islands 0.94 -20% 188.5 145.9 50.7 15.4 30.3% 47.0% 2.9x 9.5x Orange Yahoo! Inc. United States 32.24 -39% 30,350.4 6,599.5 4,870.4 541.8 11.1% 5.4% 1.4x 12.2x 241 Yelp Inc. * United States 24.28 -71% 1,827.1 1,459.0 464.8 28.5 6.1% 56.5% 3.1x 51.2x 184 Yandex N.V. Netherlands 12.20 -62% 3,887.5 3,723.9 971.6 316.0 32.5% 19.0% 3.8x 11.8x 0 Youku Tudou Inc. * China 16.61 -47% 3,242.9 2,345.4 834.5 68.3 8.2% 43.8% 2.8x 34.3x 245 YuMe, Inc. United States 2.73 -57% 92.4 44.9 180.6 (8.5) NM 7.6% 0.2x NM 232 Zhaopin Ltd. China 12.80 -31% 654.8 428.7 205.0 49.7 24.2% 20.2% 2.1x 8.6x 184 Zillow Group, Inc. United States 25.38 -46% 4,404.7 4,009.8 479.5 (9.9) NM 86.9% 8.4x NM

Grey Average 2.6x 16.7x

138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.6x) 138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 203 203 203

221 221 221

18 | M&A and Investment Summary August 2015 Marketing Technology

Blue

0 79 133

122 . The Marketing Technology segment announced 71 transactions, of which 45 reported a total of $629 million in value 141 181 . Analytics & Targeting was the most active subsegment with 13 transactions announced, 11 of which reported $88 million in value 178 186 213 . Mobile Technology was the highest value segment with seven transactions announcing $158 million in value 211 216 233 . Select Transactions:

234 235 245 • The $75 million raised by content delivery network Fastly led by Iconiq Capital with participation from Battery Ventures, IDG Ventures, August Capital, and Amplify Partners Orange

241 184 • Social media management system Spredfast’s acquisition of online social marketing platform Shoutlet 0

245 • Oracle’s purchase of content optimization software developer Maxymiser 232 184

Grey

138 MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Analytics & Targeting 13 18% $88.3 14% 1 - 0 - 12 $88.3

221 Content Management 12 17% 13.6 2% 7 - 1 - 4 13.6 221 221 CRM 7 10% 51.0 8% 3 2.0 1 3.8 3 45.2 Mobile Technology 7 10% 158.2 25% 0 - 0 - 7 158.2 Email/Messaging Software 6 8% 30.8 5% 2 - 0 - 4 30.8 Commerce Management 5 7% 35.0 6% 2 5.0 0 - 3 30.0 SFA/Lead Management 4 6% 4.0 1% 2 - 0 - 2 4.0 Other* 17 24% 248.1 39% 11 91.8 0 - 6 156.3 Total 71 100% 629.1 100% 28 98.8 2 3.8 41 526.4

*Other includes BI Tools, Content Delivery Network, Data Quality, Market Research, Marketing Data, MRM/Workflow Management, SEM/SEO Tools, Social Technology, Teleservices/eServices, and Web to Print

19 | M&A and Investment Summary August 2015 Marketing Technology Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 08/31/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adobe Systems Incorporated * United States 78.57 -10% $ 39,099.97 $ 37,591.10 $ 4,350.08 $ 920.56 21.2% 6.0% 8.6x 40.8x AppFolio, Inc. United States 16.01 -12% 536.7 476.4 60.5 (9.4) NM 0.0% 7.9x NM 178 Baozun Inc. China 5.12 -65% 257.3 113.7 330.5 (6.0) 186 NM 0.0% 0.3x NM 213 Bazaarvoice, Inc. United States 5.19 -45% 418.0 371.8 194.1 (20.4) NM 11.7% 1.9x NM Bitauto Holdings Limited China 26.85 -72% 1,615.6 825.8 530.6 56.2 10.6% 89.3% 1.6x 14.7x 211 Blackbaud Inc. United States 57.14 -11% 2,631.9 2,877.1 600.7 98.2 16.3% 13.4% 4.8x 29.3x 216 233 Brightcove Inc. United States 5.33 -37% 173.7 154.2 128.6 (2.5) NM 6.9% 1.2x NM ChannelAdvisor Corporation United States 11.38 -49% 285.5 228.8 91.6 (23.1) NM 18.6% 2.5x NM 234 ChinaCache International Holdings China 7.13 -55% 184.7 98.2 230.8 13.5 235 5.8% 11.4% 0.4x 7.3x 245 ConstantLtd. Contact, Inc. United States 24.76 -43% 796.2 615.5 353.5 43.9 12.4% 15.1% 1.7x 14.0x Covisint Corporation United States 2.70 -45% 106.0 58.9 85.4 (22.0) NM -9.7% 0.7x NM Orange Cvent, Inc. United States 31.54 -7% 1,312.9 1,149.4 165.1 0.6 0.4% 31.7% 7.0x NM Dealertrack Technologies, Inc. * United States 62.76 -1% 3,473.5 4,258.2 993.1 119.7 12.1% 56.6% 4.3x 35.6x 241 184 Demandware, Inc. United States 55.79 -26% 2,099.4 1,913.3 195.4 (28.7) NM 47.8% 9.8x NM 0 eBay Inc. United States 27.11 -59% 33,026.2 30,094.2 18,351.0 5,167.0 28.2% 11.1% 1.6x 5.8x Endurance International Group United States 15.29 -35% 2,036.2 3,073.5 691.9 183.4 26.5% 22.0% 4.4x 16.8x 245 232 Five9,Holdings, Inc. Inc. United States 3.93 -40% 197.5 179.9 114.7 (25.8) NM 22.4% 1.6x NM 184 GoDaddy Inc. United States 25.08 -24% 1,630.2 2,655.6 1,499.4 88.9 5.9% 19.9% 1.8x 29.9x HubSpot, Inc. United States 47.29 -14% 1,596.3 1,486.8 145.7 (51.7) NM 55.3% 10.2x NM Grey InfraStrata plc * United Kingdom 0.02 -84% 3.2 2.3 0.0 (1.6) NM -68.9% 86.9x NM 138 Infosystems S.A. Poland 0.26 -66% 1.1 1.5 1.9 1.1 57.7% 0.0% 0.8x 1.3x 138 Interactive Intelligence Group Inc. * United States 35.01 -37% 758.5 692.4 367.8 9.3 2.5% 12.1% 1.9x 74.3x 138 IBM Corporation United States 147.89 -24% 144,862.7 174,923.7 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.8x 203 Jive Software, Inc. United States 4.51 -37% 340.7 229.2 190.0 (26.3) NM 18.0% 1.2x NM 203 LivePerson Inc. United States 9.15 -38% 523.0 486.0 230.1 9.3 203 * 4.0% 20.5% 2.1x 52.3x Marin Software Incorporated United States 3.57 -63% 131.8 92.2 105.9 (29.6) NM 19.5% 0.9x NM 221 Marketo, Inc. United States 28.01 -21% 1,196.2 1,092.0 178.3 (55.3) NM 46.2% 6.1x NM 221 221 Mercadolibre, Inc. Argentina 110.05 -28% 4,859.3 4,809.8 611.7 189.2 30.9% 21.2% 7.9x 25.4x MicroStrategy Inc. United States 198.70 -12% 2,258.2 1,830.3 556.9 115.8 20.8% -5.2% 3.3x 15.8x MINDBODY, Inc. United States 14.02 -14% 548.6 457.8 84.8 (25.3) NM 0.0% 5.4x NM NetSuite Inc. United States 88.85 -22% 7,022.8 6,916.2 643.6 (62.6) NM 35.0% 10.7x NM Nuance Communications, Inc. United States 16.47 -13% 5,102.3 6,769.1 1,929.3 237.9 12.3% 1.9% 3.5x 28.5x Open Text Corporation Canada 45.32 -27% 5,544.3 6,421.7 1,851.9 520.7 28.1% 14.0% 3.5x 12.3x Opera Software ASA Norway 6.23 -51% 905.8 923.2 566.2 95.5 16.9% 60.6% 1.6x 9.7x United States 37.09 -21% 160,825.1 148,850.1 38,226.0 16,065.0 42.0% -0.1% 3.9x 9.3x Press Ganey Holdings, Inc. * United States 32.25 -3% 1,696.5 1,870.6 300.2 27.6 9.2% 0.0% 6.2x 67.8x PROS Holdings, Inc. United States 22.12 -28% 655.4 611.7 185.9 (17.8) NM 15.5% 3.3x NM PTC Inc. United States 33.12 -23% 3,781.3 4,130.6 1,309.4 262.0 20.0% -1.9% 3.2x 15.8x

20 | M&A and Investment Summary August 2015 Marketing Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 08/31/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Qlik Technologies, Inc. United States 37.86 -10% $ 3,496.85 $ 3,190.50 $ 580.16 $ 1.18 0.2% 14.1% 5.5x NM Rightside Group, Ltd. United States 7.75 -38% 146.2 124.8 203.2 (4.6) NM 11.5% 0.6x NM 178 186 Rovi Corporation United States 11.07 -58% 962.16 1,815.16 524.64 167.04 31.8% -5.5% 3.5x 10.9x 213 The Rubicon Project, Inc. United States 14.40 -30% 631.2 532.0 164.2 (9.9) NM 65.1% 3.2x NM Sage Group plc United Kingdom 7.92 -11% 8,535.24 9,318.49 2,004.87 568.85 28.4% 1.9% 4.6x 16.4x 211 216 .com, inc. * United States 69.36 -12% 45,469.4 46,320.2 5,974.1 315.8 5.3% 25.3% 7.8x 146.7x 233 SAP SE Germany 67.34 -14% 80,496.4 87,700.0 21,362.3 6,973.0 32.6% 12.8% 4.1x 12.6x Shopify Inc. Canada 27.54 -35% 2,089.0 1,890.2 144.8 (10.5) 234 NM 0.0% 13.1x NM 235 Sizmek Inc. United States 6.57 -23% 194.1 127.2 165.4 13.3 8.1% -1.6% 0.8x 9.5x 245 Sky-mobi Limited China 3.19 -70% 89.6 4.3 141.9 - 0.0% 0.0% 0.0x NM Sungy Mobile Limited China 4.55 -47% 142.3 42.9 59.5 (9.5) NM 12.3% 0.7x NM Orange Synchronoss Technologies, Inc. United States 40.39 -25% 1,771.6 1,773.5 526.1 147.1 28.0% 35.3% 3.4x 12.1x 241 Tableau Software, Inc. United States 94.17 -28% 6,764.5 6,035.0 527.4 (1.3) NM 71.4% 11.4x NM 184 0 Teradata Corporation United States 29.23 -38% 4,139.0 3,818.0 2,633.0 486.0 18.5% -3.9% 1.5x 7.9x Verint Systems Inc. United States 53.33 -20% 3,272.2 3,629.9 1,159.6 161.3 13.9% 14.3% 3.1x 22.5x 245 Weborama France 9.29 -10% 32.0 30.8 32.3 1.6 5.1% -4.8% 1.0x 18.8x 232 184 Wix.com ltd Israel 19.75 -29% 784.0 691.7 172.2 (51.7) NM 57.8% 4.0x NM Xactly Corporation United States 6.81 -33% 188.7 200.2 63.7 (12.5) NM 0.0% 3.1x NM Grey Zendesk, Inc. United States 20.68 -27% 1,819.6 1,533.3 162.9 (65.9) NM 69.1% 9.4x NM

138 Adjusted Weighted Average 4.2x 12.7x 138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (28.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (54.5x) 203 203 203

221 221 221

21 | M&A and Investment Summary August 2015 Agency & Marketing Services

Blue

0 79 133

122 . There were 18 transactions announced in the Agency & Marketing Services segment in August. Digital Agency was the most active 141 181 subsegment with 7 transactions announced

178 186 213 . Select transactions:

211 216 • J. Walter Thompson Company’s acquisition of brand experience agency Webling Interactive 233

234 • SGS International’s acquisition of copywriting and marketing services firm Traffik 235 245 • PureRed’s acquisition of advertising and marketing services firm Ferrara & Company Orange

241 184 • Wunderman’s acquisition of ABS Creative, a provider of digital marketing communication services to the healthcare industry 0

245 232 184 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital

138 # % $MM % # $MM # $MM # $MM 138 138 Digital Agency 7 39% $5.0 9% 6 $5.0 0 - 1 -

203 Healthcare Agency 3 17% 9.0 17% 2 9.0 0 - 1 - 203 203 Public Relations 3 17% 16.0 30% 2 - 0 - 1 16.0

221 Loyalty/Retention 2 11% 23.0 43% 0 - 0 - 2 23.0 221 221 Marketing Consulting 2 11% - 0% 2 - 0 - 0 - DM Agency 1 6% - 0% 1 - 0 - 0 - Ad Specialty/Premiums 0 0% - 0% 0 - 0 - 0 - Branded Communications 0 0% - 0% 0 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 18 100% 53.0 100% 13 14.0 0 0.0 5 39.0

22 | M&A and Investment Summary August 2015 Agency Public Company Valuation Blue

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

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Cello Group Plc United Kingdom $1.44 -11% $ 123.1 $ 134.2 $ 264.7 $ 13.0 4.9% 6.4% 0.5x 10.3x Chime Communications plc * United Kingdom 5.56 0% 554.6 656.1 591.8 33.2 5.6% 5.3% 1.1x 19.8x 178 186 Creston plc United Kingdom 2.27 -5% 131.8 119.2 114.2 17.1 15.0% 2.7% 1.0x 7.0x 213 Dentsu Inc. * Japan 51.28 -15% 14,621.4 15,877.9 2,963.2 1,266.0 42.7% -84.5% 5.4x 12.5x Enero Group Limited Australia 0.52 -38% 44.4 28.1 163.6 7.4 4.5% -0.2% 0.2x 3.8x 211 216 Globant S.A. * Luxembourg 27.20 -22% 925.0 862.2 222.2 27.9 12.6% 24.0% 3.9x 30.9x 233 Havas France 8.43 -10% 3,520.8 3,685.5 2,263.4 366.5 16.2% 13.2% 1.6x 10.1x Huntsworth plc United Kingdom 0.57 -29% 181.1 232.7 260.9 31.4 12.0% -0.4% 0.9x 7.4x 234 235 M&C Saatchi plc United Kingdom 5.08 -16% 365.3 362.8 264.0 23.6 8.9% 4.5% 1.4x 15.4x 245 MDC Partners Inc. United States 19.59 -29% 977.9 1,860.3 1,288.1 151.2 11.7% 18.9% 1.4x 12.3x Next Fifteen Communications Group plc United Kingdom 2.83 -6% 185.9 197.9 158.7 17.9 11.3% 0.0% 1.2x 11.1x Orange Omnicom Group Inc. United States 66.98 -17% 16,272.7 20,059.7 15,219.3 2,236.2 14.7% 2.0% 1.3x 9.0x OPT Holding, Inc. Japan 4.92 -28% 127.2 112.3 530.7 17.9 241 3.4% 1.2% 0.2x 6.3x 184 Porta Communications Plc United Kingdom 0.12 -32% 32.0 43.9 36.3 2.5 6.8% 150.9% 1.2x 17.9x 0 Publicis Groupe SA France 71.15 -19% 15,065.1 18,342.6 9,400.2 1,723.2 18.3% 21.3% 2.0x 10.6x

245 The Interpublic Group of Companies, Inc. United States 18.88 -17% 7,748.4 8,934.9 7,600.3 988.5 13.0% 3.9% 1.2x 9.0x 232 WPP plc United Kingdom 20.75 -16% 26,439.6 32,156.4 18,713.0 3,589.9 19.2% 6.6% 1.7x 9.0x 184 Adjusted Weighted Average 1.6x 10.0x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.3x) 138 138

203 203 203

221 221 221

23 | M&A and Investment Summary August 2015 Marketing Services Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Acxiom Corporation United States $20.96 -2% $ 1,633.6 $ 1,782.6 $ 1,030.3 $ 150.6 14.6% 3.9% 1.7x 11.8x Aimia Inc. Canada 8.64 -36% 1,382.8 1,483.3 2,004.9 161.7 8.1% 6.4% 0.7x 9.2x 178 186 Alliance Data Systems Corporation * United States 257.19 -18% 15,800.1 25,082.6 5,906.7 1,610.6 27.3% 24.7% 4.2x 15.6x 213 CSG Systems International Inc. United States 30.91 -7% 1,010.6 1,101.7 747.0 121.9 16.3% -0.8% 1.5x 9.0x Data Group Ltd. Canada 0.21 -67% 5.0 69.0 246.8 14.5 5.9% -1.0% 0.3x 4.8x 211 216 DST Systems Inc. United States 102.42 -24% 3,671.1 4,066.3 2,782.8 430.3 15.5% 3.7% 1.5x 9.5x 233 Fair Isaac Corporation * United States 85.57 -12% 2,664.5 3,228.1 827.6 184.6 22.3% 9.2% 3.9x 17.5x Harte-Hanks Inc. United States 3.85 -53% 237.5 279.7 524.2 50.7 9.7% -6.4% 0.5x 5.5x 234 235 High Co. SA France 6.75 -6% 70.1 27.3 156.1 12.9 8.3% 5.0% 0.2x 2.1x 245 Insignia Systems Inc. United States 2.65 -40% 32.4 13.9 26.8 1.9 7.3% -0.7% 0.5x 7.1x Multiplus SA Brazil 10.43 -7% 1,692.0 1,352.1 661.2 141.3 21.4% 18.4% 2.0x 9.6x Orange PDI, Inc. United States 2.08 -29% 34.8 47.4 131.8 (14.9) NM 2.0% 0.4x NM 241 Pitney Bowes Inc. United States 19.81 -28% 4,000.0 6,490.7 3,697.1 845.3 22.9% -3.4% 1.8x 7.7x 184 0 Points International Ltd. Canada 9.05 -42% 140.6 102.5 261.2 11.2 4.3% 3.6% 0.4x 9.1x Viad Corp United States 27.34 -7% 549.0 629.5 1,104.4 94.8 8.6% 14.6% 0.6x 6.6x 245 232 Adjusted Weighted Average 1.5x 9.0x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x) Grey

138 138 138

203 203 203

221 221 221

24 | M&A and Investment Summary August 2015 Traditional Media

Blue

0 79 133

122 . There were 10 transactions announced in the Traditional Media segment in August, of which four reported a total of $994 million in 141 181 aggregate reported value; all transaction reported this month were acquisitions.

178 186 213 . Select Transactions:

211 216 • Dalian Wanda Group’s purchase of The IronMan Triathlon Series from Providence Equity Partners for $650 million 233

234 • The $264 million acquisition of local radio and event marketing company Digity by Alpha Media 235 245 • Townsquare Media’s $76 million of travelling amusement parks company North American Midway Entertainment Orange

241 184 0

245 232 TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 184 Transactions Reported Value Strategic Buyout Venture/Growth Capital Grey # % $MM % # $MM # $MM # $MM 138 Entertainment 4 40% $725.5 73% 4 $725.5 0 - 0 - 138 138 Consumer Magazine Publishing 2 20% - 0% 2 - 0 - 0 - 203 B-to-B Media 1 10% - 0% 1 - 0 - 0 - 203 203 Consumer Book Publishing 1 10% - 0% 1 - 0 - 0 -

221 Radio 1 10% 264.0 27% 1 264.0 0 - 0 - 221 221 Traditional Outdoor 1 10% 4.3 0% 1 4.3 0 - 0 - Other* 0 10% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 10 100% 993.8 100% 10 993.8 0 0.0 0 0.0

25 | M&A and Investment Summary August 2015 Traditional Media Public Company Valuation (1/3) Blue

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

Large Cap Diversified Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $45.24 -29% $ 21,816.3 $ 29,596.3 $ 13,767.0 $ 3,069.0 22.3% 1.0% 2.1x 9.6x 178 Discovery Communications, Inc. United States 26.60 -39% 16,954.6 24,530.6 6,435.0 2,505.0 38.9% 8.5% 3.8x 9.8x 186 Time Warner Inc. United States 71.10 -22% 57,987.8 78,659.8 28,243.0 7,865.0 27.8% 3.7% 2.8x 10.0x 213 Twenty-First Century Fox, Inc. United States 27.39 -30% 55,528.6 67,726.6 28,987.0 6,372.0 22.0% -9.0% 2.3x 10.6x Viacom, Inc. United States 40.77 -50% 16,344.5 29,280.5 13,471.0 4,270.0 211 31.7% 0.2% 2.2x 6.9x 216 The Walt Disney Company * United States 101.88 -17% 171,959.0 186,745.0 51,342.0 14,813.0 28.9% 7.0% 3.6x 12.6x 233 Adjusted Weighted Average 3.1x 9.8x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.8x)

B-to-B Media Orange Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 184 Euromoney PLC United Kingdom $15.53 -20% $ 1,963.6 $ 1,989.7 $ 606.8 $ 190.1 31.3% -1.1% 3.3x 10.5x 0 Global Sources Ltd. Bermuda 8.21 -3% 248.2 160.6 189.7 38.9 20.5% 1.9% 0.8x 4.1x Informa plc United Kingdom 8.89 -4% 5,765.1 7,168.8 1,865.4 573.5 30.7% 4.5% 3.8x 12.5x 245 TechTarget, Inc. * United States 9.23 -27% 297.9 276.6 110.5 15.4 13.9% 16.3% 2.5x 18.0x 232 184 UBM plc United Kingdom 7.57 -22% 3,347.4 4,197.6 1,323.0 306.7 23.2% 10.2% 3.2x 13.7x

Adjusted Weighted Average 3.5x 12.3x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.8x) 138 138 Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Beasley Broadcast Group Inc. United States $4.00 -43% $ 93.0 $ 174.6 $ 82.9 $ 15.6 18.8% 48.4% 2.1x 11.2x 203 Cumulus Media Inc. United States 1.43 -68% 334.3 2,788.8 1,213.5 243.6 20.1% 4.8% 2.3x 11.4x Emmis Communications Corp. United States 1.26 -53% 55.9 359.4 236.7 39.5 16.7% 10.4% 1.5x 9.1x 221 221 Entercom Communications Corp. United States 11.02 -17% 419.6 854.5 380.4 91.6 24.1% 1.0% 2.2x 9.3x 221 Pandora Media, Inc. United States 17.94 -35% 3,808.3 3,435.9 1,023.9 (37.4) NM 28.0% 3.4x NM Radio One Inc. United States 3.10 -27% 149.7 1,124.9 447.5 122.1 27.3% -0.4% 2.5x 9.2x Salem Media Group, Inc. United States 6.40 -42% 162.9 441.5 264.7 47.2 17.8% 5.0% 1.7x 9.4x Sirius XM Holdings Inc. * United States 3.82 -6% 20,487.7 25,310.0 4,352.2 1,384.0 31.8% 9.0% 5.8x 18.3x Spanish Broadcasting System Inc. United States 5.49 -25% 39.9 436.8 142.9 39.9 27.9% -6.2% 3.1x 10.9x Townsquare Media, Inc. United States 11.49 -20% 199.6 744.7 387.1 92.5 23.9% 18.0% 1.9x 8.1x

Adjusted Weighted Average 3.0x 9.8x

*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 (13.8x)

26 | M&A and Investment Summary August 2015 Traditional Media Public Company Valuation (2/3) Blue

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

Broadcast, Cable, and Satellite Television 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $72.38 -17% $ 5,237.6 $ 7,985.5 $ 2,398.8 $ 796.2 33.2% 27.8% 3.3x 10.0x 178 Sky plc * United Kingdom 16.02 -9% 27,300.6 35,738.4 15,708.4 2,715.8 17.3% 30.9% 2.3x 13.2x 186 Cablevision Systems Corporation United States 25.17 -13% 6,958.9 15,775.8 6,525.4 1,793.5 27.5% 2.7% 2.4x 8.8x 213 CBS Corporation United States 45.24 -29% 21,816.3 29,596.3 13,767.0 3,069.0 22.3% 1.0% 2.1x 9.6x Charter Communications, Inc. United States 181.61 -9% 20,344.4 34,228.4 9,439.0 3,248.0 211 34.4% 8.2% 3.6x 10.5x 216 Comcast Corporation United States 56.33 -13% 140,733.5 187,063.5 71,119.0 24,157.0 34.0% 5.6% 2.6x 7.7x 233 Crown Media Holdings Inc. United States 5.35 -3% 1,924.3 2,198.0 441.3 339.4 76.9% 12.9% 5.0x 6.5x Discovery Communications, Inc. United States 26.60 -39% 16,954.6 24,530.6 6,435.0 2,505.0 38.9% 8.5% 3.8x 9.8x 234 235 Dish Network Corp. * United States 59.27 -27% 27,451.1 40,377.9 14,917.7 3,013.2 20.2% 4.1% 2.7x 13.4x 245 Entravision Communications Corporation * United States 8.05 -7% 709.1 1,002.0 247.0 71.4 28.9% 6.3% 4.1x 14.0x General Communication Inc. United States 16.85 -12% 659.6 2,081.1 948.1 316.6 33.4% 8.2% 2.2x 6.6x Orange Gray Television, Inc. United States 11.59 -36% 838.5 1,852.3 586.4 237.4 40.5% 53.3% 3.2x 7.8x Grupo Televisa, S.A.B. Mexico 30.56 -24% - - 5,398.5 2,121.6 39.3% 10.7% 241 Liberty Global plc United Kingdom 48.12 -18% 40,105.7 86,621.3 18,195.8 8,173.1 44.9% 1.8% 4.8x 10.6x 184 0 Media General, Inc. United States 11.75 -35% 1,501.2 3,751.6 994.2 295.3 29.7% 115.1% 3.8x 12.7x Nexstar Broadcasting Group, Inc. United States 46.48 -23% 1,506.0 2,985.0 775.3 279.5 36.0% 42.3% 3.9x 10.7x 245 Scripps Networks Interactive, Inc. United States 53.09 -36% 6,823.1 9,481.5 2,703.9 1,234.3 45.6% 3.1% 3.5x 7.7x 232 Sinclair Broadcast Group, Inc. United States 26.78 -17% 2,557.3 6,359.6 2,167.7 740.6 34.2% 32.7% 2.9x 8.6x 184 TEGNA Inc. United States 23.79 -38% 5,387.8 9,902.7 6,138.3 1,504.5 24.5% 11.9% 1.6x 6.6x The E. W. Scripps Company * United States 17.52 -39% 1,476.0 1,781.7 965.2 106.7 11.1% 51.9% 1.8x 16.7x Grey Time Warner Cable Inc. United States 186.02 -4% 52,638.9 75,222.9 23,207.0 7,903.0 34.1% 3.6% 3.2x 9.5x Time Warner Inc. United States 71.10 -22% 57,987.8 78,659.8 28,243.0 7,865.0 27.8% 3.7% 2.8x 10.0x 138 138 Ziggo N.V. Netherlands 43.39 -10% - - 1,589.4 831.9 52.3% -19.0% 138 Adjusted Weighted Average 3.0x 9.0x

203 203 *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 (13.1x) 203 Entertainment Media 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $19.94 -33% $ 1,711.3 $ 2,238.4 $ 752.4 $ 32.0 4.2% 19.7% 3.0x 70.0x Eros International Plc United Kingdom 33.12 -15% 1,842.1 2,084.1 288.9 81.8 28.3% 20.4% 7.2x 25.5x Lions Gate Entertainment Corp. United States 36.69 -7% 5,441.3 6,697.9 2,359.2 245.1 10.4% -6.0% 2.8x 27.3x Live Nation Entertainment, Inc. United States 24.62 -16% 4,982.2 5,925.5 6,960.0 507.4 7.3% 4.4% 0.9x 11.7x SFX Entertainment, Inc. United States 1.02 -85% 99.6 367.8 412.7 (85.3) NM 66.5% 0.9x NM Twenty-First Century Fox, Inc. United States 27.39 -30% 55,528.6 67,726.6 28,987.0 6,372.0 22.0% -9.0% 2.3x 10.6x Liberty Media Corporation United States 37.25 -25% 12,265.9 25,865.9 4,582.0 1,332.0 29.1% 6.4% 5.6x 19.4x Village Roadshow Limited Australia 4.97 -5% 797.0 1,092.9 773.9 119.6 15.5% 5.1% 1.4x 9.1x World Wrestling Entertainment Inc. United States 20.06 -15% 1,522.4 1,435.6 587.1 47.0 8.0% 14.3% 2.4x 30.5x

Adjusted Weighted Average 2.9x 13.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.3x)

27 | M&A and Investment Summary August 2015 Traditional Media Public Company Valuation (3/3) Blue

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

Out-of-Home Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $4.57 -41% $ 274.1 $ 268.8 $ 199.9 $ (35.6) NM -25.9% 1.3x NM 178 APG|SGA SA Switzerland 390.06 -8% 1,168.0 1,076.3 338.5 82.6 24.4% 4.7% 3.2x 13.0x 186 Clear Channel Outdoor Holdings Inc. United States 8.16 -30% 2,924.7 7,908.2 2,882.7 702.2 24.4% -2.1% 2.7x 11.3x 213 Clear Media Ltd. Hong Kong 0.96 -26% 522.1 467.7 231.8 96.1 41.5% 6.4% 2.0x 4.9x JCDecaux SA France 35.88 -21% 7,612.2 7,671.5 2,917.1 570.6 211 19.6% 10.1% 2.6x 13.4x 216 Lamar Advertising Co. United States 53.34 -14% 5,137.8 7,050.8 1,318.4 552.9 41.9% 4.9% 5.3x 12.8x 233 Mood Media Corporation United States 0.32 -50% 58.9 629.8 483.1 85.6 17.7% -3.5% 1.3x 7.4x National CineMedia, Inc. United States 13.15 -22% 808.4 1,915.0 422.3 203.9 48.3% -1.3% 4.5x 9.4x 234 235 NTN Buzztime Inc. United States 0.18 -69% 16.8 17.3 24.7 (5.3) NM -2.8% 0.7x NM 245 Tom Group Ltd. * Hong Kong 0.20 -47% 783.1 1,104.0 184.0 8.9 4.8% -15.1% 6.0x 124.1x

Adjusted Weighted Average 3.6x 12.4x Orange

241 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (64.8x) 184 0 Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 245 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 232 184 A. H. Belo Corporation United States $5.01 -62% $ 108.6 $ 28.0 $ 271.2 $ 2.5 0.9% -1.2% 0.1x 11.2x Daily Mail and General Trust plc United Kingdom 12.61 -16% 4,242.6 5,627.6 2,728.7 434.3 15.9% 7.9% 2.1x 13.0x Emmis Communications Corp. United States 1.26 -53% 55.9 359.4 236.7 39.5 16.7% 10.4% 1.5x 9.1x Grey Gannett Co., Inc. United States 13.11 -13% 1,508.1 1,445.8 3,030.7 420.0 13.9% 0.0% 0.5x 3.4x 138 Glacier Media, Inc. Canada 0.69 -46% 61.2 153.8 190.3 13.9 7.3% -0.3% 0.8x 11.1x 138 John Wiley & Sons Inc. United States 51.56 -21% 3,021.1 3,330.5 1,822.4 337.7 18.5% 2.7% 1.8x 9.9x 138 Martha Stewart Living Omnimedia Inc. * United States 6.05 -15% 347.7 298.5 106.3 7.6 7.1% -30.1% 2.8x 39.5x Meredith Corporation United States 47.22 -17% 2,467.5 3,239.7 1,594.2 314.9 19.8% 8.5% 2.0x 10.3x 203 203 News Corporation United States 13.63 -23% 7,926.8 6,166.8 8,633.0 786.0 9.1% 2.4% 0.7x 7.8x 203 Scholastic Corporation United States 43.21 -7% 1,442.6 942.5 1,635.8 89.3 5.5% 4.8% 0.6x 10.6x The E. W. Scripps Company United States 17.52 -39% 1,476.0 1,781.7 965.2 106.7 11.1% 51.9% 1.8x 16.7x 221 The McClatchy Company United States 1.26 -71% 109.6 1,067.4 1,102.5 170.2 15.4% -7.2% 1.0x 6.3x 221 221 The New York Times Company United States 12.16 -16% 2,010.1 1,786.0 1,576.5 238.7 15.1% -0.5% 1.1x 7.5x Time Inc. United States 20.77 -20% 2,279.3 3,253.3 3,131.0 436.0 13.9% -6.3% 1.0x 7.5x

Adjusted Weighted Average 1.3x 9.5x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.3x)

28 | M&A and Investment Summary August 2015 Software

Blue

0 79 133

122 . Within the Software segment, nearly $5.4 billion in reported value involved strategic buyers, while another $2.3 billion in investments 141 181 were announced

178 186 213 . Security software was the most active subsegment with 16 transactions, with eight accounting for $153 million in value, including:

211 216 • The $100 million raised by internet security company Zscaler at a reported valuation exceeding $1 billion led by TPG Capital with 233 participation from EMC and LightSpeed Venture Partners 234 235 245 . Select Transactions:

Orange

241 • TPG Capital and Leonard Green Partners $3.5 billion acquisition of education software developer Ellucian from Hellman & Friedman 184 0 • BMW Group, Audi, and Daimler’s $3.1 billion joint acquisition of digital mapping software company Here from Nokia 245 232 184 • The $1 billion raised by cloud computing firm Aliyun from Alibaba

Grey

138 SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Security 16 16% $152.7 1% 6 - 2 - 8 $152.7

221 Financial 10 10% 909.4 8% 4 729.2 0 - 6 180.2 221 221 Cloud Computing 9 9% 1,054.7 9% 2 - 0 - 7 1,054.7 ERP 9 9% 4,272.0 38% 4 675.0 1 3,500.0 4 97.0 HR 9 9% 117.2 1% 4 - 0 - 5 117.2 Healthcare 8 8% 446.6 4% 3 290.0 1 - 4 156.6 Other* 42 35% 3,997.3 36% 20 3,668 0 0 22 329.1 Total 103 100% 11,146.9 100% 43 5,362.4 4 3,500.0 56 2,284.5

*Other includes Application Management, Big Data, Collaboration, Credit/Risk, Data Management, Engineering, Enterprise Mobility, Infrastructure, Legal, Software Development Tools, and Virtualization

29 | M&A and Investment Summary August 2015 Software Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Financial & Credit/Risk Management Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 28.39 -25% 978.2 1,101.0 239.9 85.1 35.5% 17.6% 4.6x 12.9x 178 Epiq Systems, Inc. United States 12.72 -36% 475.0 866.7 450.8 61.4 13.6% -2.5% 1.9x 14.1x 186 Fidessa group plc United Kingdom 28.85 -25% 1,097.5 1,002.9 446.2 78.1 213 17.5% 2.5% 2.2x 12.8x Guidewire Software, Inc. * United States 55.91 -8% 3,944.3 3,394.3 380.5 24.0 6.3% 8.6% 8.9x 141.6x

211 Innovation Group plc United Kingdom 0.60 -2% 730.5 652.8 328.1 39.1 11.9% 7.0% 2.0x 16.7x 216 Intuit Inc. United States 85.75 -21% 23,638.6 22,441.6 4,192.0 1,087.0 25.9% -1.2% 5.4x 20.6x 233 Management Consulting Group PLC United Kingdom 0.25 -39% 119.2 183.3 380.5 18.3 4.8% -6.5% 0.5x 10.0x Model N, Inc. United States 10.30 -19% 272.4 178.6 88.7 (17.8) NM -0.6% 2.0x NM 234 235 NetSuite Inc. United States 88.85 -22% 7,022.8 6,916.2 643.6 (62.6) NM 35.0% 10.7x NM 245 Performant Financial Corporation United States 2.60 -73% 128.5 152.5 159.2 9.7 6.1% -37.0% 1.0x 15.7x Q2 Holdings, Inc. United States 26.16 -14% 976.4 858.2 93.6 (14.1) NM 41.8% 9.2x NM Orange RealPage, Inc. United States 18.41 -20% 1,457.8 1,478.5 434.2 32.9 7.6% 11.6% 3.4x 45.0x Solera Holdings Inc. United States 48.17 -22% 3,228.9 5,689.8 1,140.8 413.0 36.2% 15.6% 5.0x 13.8x 241 184 SS&C Technologies Holdings, Inc. United States 67.74 -10% 6,680.6 6,416.4 811.8 309.7 38.2% 10.2% 7.9x 20.7x 0 Tyler Technologies, Inc. United States 138.04 -5% 4,674.6 4,470.5 537.4 121.1 22.5% 18.2% 8.3x 36.9x

245 Adjusted Weighted Average 6.7x 22.2x 232 184 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (66.7x)

Grey Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 138 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 138 Allscripts Healthcare Solutions, Inc. United States 13.77 -11% 2,601.4 3,196.3 1,372.6 80.3 5.8% 0.0% 2.3x 39.8x athenahealth, Inc. * United States 132.97 -13% 5,137.7 5,322.5 834.8 61.6 7.4% 24.2% 6.4x 86.4x 203 Cegedim SA France 43.67 -9% 609.5 1,200.1 538.7 92.1 17.1% 32.8% 2.2x 13.0x 203 203 Cerner Corporation United States 61.76 -18% 21,311.8 21,376.5 3,811.8 1,070.1 28.1% 24.0% 5.6x 20.0x Civitas Solutions, Inc. United States 24.26 -7% 896.9 1,529.8 1,343.1 142.7 10.6% 10.3% 1.1x 10.7x 221 Computer Programs & Systems Inc. United States 46.02 -29% 520.1 483.1 192.9 43.4 22.5% -5.1% 2.5x 11.1x 221 Craneware plc United Kingdom 9.75 -7% 261.7 225.9 43.0 12.7 29.6% 1.3% 5.3x 17.7x 221 HealthEquity, Inc. * United States 29.32 -15% 1,663.1 1,548.2 97.5 25.8 26.4% 44.1% 15.9x 60.1x McKesson Corporation United States 197.58 -19% 45,918.2 51,595.2 183,115.0 4,237.0 2.3% 23.2% 0.3x 12.2x MedAssets, Inc. United States 21.12 -12% 1,267.2 2,097.9 750.0 218.9 29.2% 9.8% 2.8x 9.6x Medidata Solutions, Inc. * United States 48.02 -22% 2,655.3 2,636.1 365.7 37.4 10.2% 19.8% 7.2x 70.5x Merge Healthcare Incorporated United States 7.09 -1% 688.9 938.2 227.6 39.5 17.3% 5.6% 4.1x 23.8x Quality Systems Inc. United States 13.59 -28% 819.7 702.9 494.5 52.0 10.5% 9.2% 1.4x 13.5x Streamline Health Solutions, Inc. United States 2.65 -47% 49.4 62.1 28.2 (7.3) NM 2.8% 2.2x NM USMD Holdings, Inc. United States 7.12 -67% 73.9 102.5 313.4 (2.8) NM 20.7% 0.3x NM USMD Holdings, Inc. United States 7.12 -67% 73.9 102.5 313.4 (2.8) NM 20.7% 0.3x NM Veeva Systems Inc. United States 25.90 -23% 3,412.1 2,974.2 358.9 87.5 24.4% 37.9% 8.3x 34.0x

Adjusted Weighted Average 2.7x 16.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.2x) 30 | M&A and Investment Summary August 2015 Software Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) HR Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $26.81 -30% $ 1,593.8 $ 1,024.7 $ 309.0 $ 94.0 30.4% 11.6% 3.3x 10.9x 178 Benefitfocus, Inc. United States 36.68 -23% 1,053.6 1,005.7 159.8 (50.4) NM 33.6% 6.3x NM 186 213 Castlight Health, Inc. United States 5.29 -65% 498.9 334.5 61.2 (79.4) NM 121.2% 5.5x NM Cornerstone OnDemand, Inc. United States 35.74 -17% 1,937.2 1,940.8 301.2 (52.7) NM 35.7% 6.4x NM 211 DHI Group, Inc. United States 7.80 -32% 423.2 494.8 265.0 70.2 26.5% 11.2% 1.9x 7.1x 216 LinkedIn Corporation * United States 180.60 -35% 23,542.9 21,639.3 2,561.1 216.7 8.5% 38.6% 8.4x 99.9x 233 Monster Worldwide, Inc. United States 7.27 -12% 663.1 810.7 741.5 79.7 10.7% -5.9% 1.1x 10.2x Paycom Software, Inc. United States 38.54 -7% 2,198.7 2,182.4 184.8 38.1 234 20.6% 46.2% 11.8x 57.3x 235 Paylocity Holding Corporation United States 33.02 -14% 1,674.5 1,581.3 152.7 (7.9) NM 40.5% 10.4x NM 245 The Ultimate Software Group, Inc. United States 176.19 -10% 5,036.7 4,934.8 555.0 67.7 12.2% 21.1% 8.9x 72.9x Workday, Inc. United States 70.26 -28% 13,419.7 12,015.5 975.0 (152.2) NM 58.2% 12.3x NM Orange Adjusted Weighted Average 9.2x 52.5x 241 184 0 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (82.4x)

Security Software 245 232 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 184 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.28 -22% $ 281.5 $ 223.3 $ 93.6 $ 17.5 18.7% 2.9% 2.4x 12.8x Grey AVG Technologies N.V. Netherlands 23.13 -21% 1,208.2 1,356.2 403.1 122.0 30.3% 5.1% 3.4x 11.1x Check Point Software Technologies Ltd. United States 78.01 -12% 14,108.5 12,881.4 1,558.9 834.2 53.5% 8.6% 8.3x 15.4x 138 138 , Inc. United States 25.88 -15% 131,622.8 96,560.8 49,161.0 13,537.0 27.5% 4.3% 2.0x 7.1x 138 Cheetah Mobile Inc. * China 17.27 -53% 2,459.1 2,292.7 421.0 39.3 9.3% 126.9% 5.4x 58.4x CyberArk Software, Ltd. Israel 51.05 -33% 1,616.1 1,332.3 133.6 32.0 24.0% 76.5% 10.0x 41.6x 203 FireEye, Inc. United States 37.78 -32% 6,022.8 5,522.1 529.8 (396.5) NM 97.4% 10.4x NM 203 203 Fortinet Inc. * United States 42.14 -16% 7,212.3 6,339.3 870.0 67.5 7.8% 27.0% 7.3x 94.0x Gemalto NV Netherlands 71.91 -24% 6,330.5 6,886.4 3,153.7 514.6 16.3% 18.6% 2.2x 13.4x 221 Imperva Inc. United States 59.58 -19% 1,862.3 1,617.6 192.3 (56.3) NM 30.1% 8.4x NM 221 Imprivata, Inc. United States 20.94 -3% 511.0 457.3 109.9 (12.4) NM 33.7% 4.2x NM 221 Infoblox Inc. United States 19.24 -31% 1,107.5 788.6 306.1 (16.5) NM 22.3% 2.6x NM Juniper Networks, Inc. United States 25.71 -12% 9,883.6 9,984.2 4,517.1 880.7 19.5% -7.0% 2.2x 11.3x Mobileye N.V. * Israel 56.56 -12% 12,319.1 12,121.2 172.7 29.9 17.3% 42.6% 70.2x NM NQ Mobile Inc. China 4.12 -61% 368.3 388.8 362.2 (35.3) NM 27.7% 1.1x NM Palo Alto Networks, Inc. United States 164.22 -18% 13,738.6 13,490.7 822.4 (99.6) NM 54.5% 16.4x NM Proofpoint, Inc. United States 56.34 -23% 2,254.7 2,179.7 227.8 (43.6) NM 38.5% 9.6x NM Qihoo 360 Technology Co. Ltd. China 52.87 -40% 6,817.3 6,934.1 1,630.3 439.4 27.0% 64.2% 4.3x 15.8x Symantec Corporation United States 20.49 -25% 14,018.7 12,223.7 6,272.0 1,809.0 28.8% -6.4% 1.9x 6.8x Trend Micro Inc. Japan 35.57 -12% 4,848.1 3,822.3 985.7 338.4 34.3% 8.8% 3.9x 11.3x VeriSign, Inc. United States 68.94 -4% 7,824.2 7,798.5 1,031.9 638.1 61.8% 4.4% 7.6x 12.2x

Adjusted Weighted Average 4.1x 9.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (49.7x) 31 | M&A and Investment Summary August 2015 Software Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Engineering Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $88.60 -9% $ 7,986.8 $ 7,145.6 $ 941.6 $ 433.4 46.0% 5.1% 7.6x 16.5x 178 , Inc. * United States 46.75 -28% 10,574.8 9,671.1 2,538.6 201.0 7.9% 7.1% 3.8x 48.1x 186 213 AVEVA Group plc United Kingdom 33.26 -7% 2,125.4 1,966.0 310.0 86.2 27.8% -12.1% 6.3x 22.8x Dassault Systemes SA France 69.33 -15% 17,480.6 16,210.8 2,898.9 706.7 24.4% 22.9% 5.6x 22.9x 211 216 Adjusted Weighted Average 5.6x 21.1x 233

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.6x) 234 235 245 Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Orange Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Adobe Systems Incorporated United States $78.57 -10% $ 39,100.0 $ 37,591.1 $ 4,350.1 $ 920.6 21.2% 6.0% 8.6x 40.8x 184 0 CA, Inc. United States 27.29 -18% 12,043.2 10,624.2 4,170.0 1,342.0 32.2% -4.9% 2.5x 7.9x CommVault Systems, Inc. United States 35.84 -36% 1,630.1 1,218.7 594.0 27.9 4.7% -1.7% 2.1x 43.7x 245 Covisint Corporation United States 2.70 -45% 106.0 58.9 85.4 (22.0) NM -9.7% 0.7x NM 232 Daegis Inc. United States 0.37 -63% 6.1 12.5 25.1 2.0 7.9% -18.9% 0.5x 6.3x 184 Endurance International Group Holdings, Inc. United States 15.29 -35% 2,036.2 3,073.5 691.9 183.4 26.5% 22.0% 4.4x 16.8x Guidance Software, Inc. United States 7.10 -31% 215.4 194.5 108.6 (5.5) NM -0.2% 1.8x NM Grey Hortonworks Inc. United States 23.76 -20% 1,046.1 904.2 78.9 (205.8) NM 109.6% 11.5x NM

138 IBM Corporation United States 147.89 -24% 144,862.7 174,923.7 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.8x 138 IntraLinks Holdings, Inc. United States 10.24 -20% 592.8 615.5 268.3 12.2 4.5% 9.7% 2.3x 50.7x 138 NetSuite Inc. United States 88.85 -22% 7,022.8 6,916.2 643.6 (62.6) NM 35.0% 10.7x NM Opera Software ASA Norway 6.23 -51% 905.8 923.2 566.2 95.5 16.9% 60.6% 1.6x 9.7x 203 203 Oracle Corporation United States 37.09 -21% 160,825.1 148,850.1 38,226.0 16,065.0 42.0% -0.1% 3.9x 9.3x 203 salesforce.com, inc. * United States 69.36 -12% 45,469.4 46,320.2 5,974.1 315.8 5.3% 25.3% 7.8x 146.7x Rapid7, Inc. United States 21.09 - 829.7 1,066.5 91.6 (24.2) NM 0.0% 11.6x NM 221 ServiceNow, Inc. United States 70.96 -15% 11,076.9 10,813.3 835.4 (124.4) 221 NM 54.0% 12.9x NM 221 Textura Corporation United States 25.86 -17% 668.7 600.8 74.7 (9.8) NM 44.7% 8.0x NM Varonis Systems, Inc. United States 19.80 -49% 493.4 388.5 111.4 (21.5) NM 29.1% 3.5x NM

Adjusted Weighted Average 4.4x 12.3x

*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 (77.1x)

32 | M&A and Investment Summary August 2015 Information

Blue

0 79 133

122 . The Information segment reported 14 transactions worth $1.9 billion 141 181 . Healthcare Information was the most active subsegment with 11 deals, followed by Financial Information with three transactions 178 186 213 announced, including:

211 216 • Markit’s $200 million acquisition of financial institution index management solutions provider CoreOne Technologies 233

234 . Select Transactions: 235 245 • The $400 million acquisition of healthcare improvement solutions provider CECity by Premier Orange

241 184 • Wolters Kluwer’s $150 million acquisition of Learner’s Digest, a provider clinical scientific information to healthcare professionals 0

245 • The $55 million raised by Grand Rounds, provider of an identification platform for the healthcare industry, from Greylock Partners, 232 184 Venrock, and Harrison Metal

Grey

138 INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital

203 # % $MM % # $MM # $MM # $MM 203 203 Healthcare Information 11 79% $1,702.2 89% 6 $1,605.9 0 - 5 $96.3 Financial Information 3 21% 217.0 11% 2 200.0 0 - 1 17.0 221 221 Credit/Risk Management Information 0 0% - 0% 0 - 0 - 0 - 221 HR Information 0 0% - 0% 0 - 0 - 0 - Legal Information 0 0% - 0% 0 - 0 - 0 - Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - Geo-Demo Information 0 0% - 0% 0 - 0 - 0 - IT Information 0 0% - 0% 0 - 0 - 0 - Total 14 100% 1,919.2 100% 8 1,805.9 0 0.0 6 113.3

33 | M&A and Investment Summary August 2015 Information Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data) Financial & Credit/Risk Management Information 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Broadridge Financial Solutions, Inc. United States $52.79 -11% $ 6,243.6 $ 6,608.8 $ 310.2 $ 629.3 $ 2,694.2 $ 576.9 21.4% 5.3% 2.5x 11.5x Computershare Limited Australia 7.04 -26% 3,912.9 5,045.4 439.8 1,695.3 1,966.2 526.1 26.8% -2.2% 2.6x 9.6x 178 CoreLogic, Inc. United States 37.95 -10% 3,380.7 4,576.6 111.7 1,302.4 1,463.8 338.1 23.1% 6.3% 3.1x 13.5x 186 CoStar Group Inc. United States 177.04 -21% 5,748.6 5,771.8 541.8 380.0 638.8 102.6 213 * 16.1% 29.1% 9.0x 56.2x DST Systems Inc. United States 102.42 -24% 3,671.1 4,066.3 111.7 512.5 2,782.8 430.3 15.5% 3.7% 1.5x 9.5x Dun & Bradstreet Corp. United States 105.97 -23% 3,826.7 5,485.9 355.2 1,703.5 1,685.2 436.1 25.9% 4.3% 3.3x 12.6x 211 Envestnet, Inc. United States 31.23 -46% 1,112.3 1,061.6 209.9 146.4 384.5 45.3 216 11.8% 25.0% 2.8x 23.4x 233 Equifax Inc. United States 97.90 -8% 11,576.1 13,011.8 95.0 1,523.3 2,567.9 893.3 34.8% 9.3% 5.1x 14.6x Experian plc Ireland 17.04 -12% 16,352.1 19,744.5 155.0 3,421.0 4,810.0 1,549.0 32.2% -0.6% 4.1x 12.7x 234 FactSet Research Systems Inc. United States 157.92 -9% 6,540.4 6,392.5 182.9 35.0 983.7 357.1 36.3% 9.2% 6.5x 17.9x 235 Fair Isaac Corporation United States 85.57 -12% 2,664.5 3,228.1 86.8 658.0 827.6 184.6 22.3% 9.2% 3.9x 17.5x 245 Fidelity National Information Services, Inc. United States 69.06 -4% 19,446.1 24,133.8 489.0 5,196.4 6,436.0 1,610.5 25.0% 3.9% 3.7x 15.0x Financial Engines, Inc. United States 32.46 -30% 1,680.2 1,363.1 311.0 - 299.4 61.3 20.5% 13.9% 4.6x 22.2x Orange McGraw Hill Financial, Inc. United States 96.99 -11% 26,429.8 27,065.8 1,176.0 1,164.0 5,168.0 2,102.0 40.7% 6.4% 5.2x 12.9x Moody's Corporation United States 102.31 -10% 20,492.7 21,779.1 1,995.4 3,095.1 3,477.3 1,591.9 45.8% 11.3% 6.3x 13.7x 241 Morningstar Inc. United States 79.78 -8% 3,530.0 3,309.0 241.7 45.0 781.4 245.1 31.4% 7.8% 4.2x 13.5x 184 MSCI Inc. United States 60.52 -12% 6,564.0 6,909.0 537.8 800.0 1,036.1 432.2 41.7% 8.0% 6.7x 16.0x 0 Reis, Inc. United States 24.90 -14% 279.6 252.4 21.4 - 45.7 13.4 29.4% 20.0% 5.5x 18.8x SEI Investments Co. United States 50.58 -9% 8,390.7 7,765.8 643.3 - 1,308.0 393.3 30.1% 8.9% 5.9x 19.7x 245 Thomson Reuters Corporation United States 38.60 -7% 30,171.4 37,756.4 1,032.0 8,712.0 12,400.0 2,677.0 21.6% -2.0% 3.0x 14.1x 232 Verisk Analytics, Inc. United States 73.08 -9% 12,313.0 15,483.5 156.7 1,306.2 1,870.6 872.8 46.7% 12.6% 8.3x 17.7x 184 Workiva Inc. United States 14.33 -13% 582.2 520.0 89.9 24.3 127.2 (37.2) NM 27.8% 4.1x NM

Adjusted Weighted Average 4.7x 14.4x Grey

138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.9x) 138 ($ in Millions, except stock price data) 138 Marketing Information

203 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Acxiom Corporation United States $20.96 -2% $ 1,633.6 $ 1,782.6 $ 123.2 $ 272.2 $ 1,030.3 $ 150.6 14.6% 3.9% 1.7x 11.8x Alliance Data Systems Corporation United States 257.19 -18% 15,800.1 29,862.9 822.3 14,651.5 5,906.7 1,610.6 27.3% 24.7% 5.1x 18.5x 221 Brainjuicer Group Plc United Kingdom 6.24 -7% 79.4 71.2 8.3 - 38.4 6.9 17.9% 0.8% 1.9x 10.4x 221 Cello Group Plc United Kingdom 1.44 -11% 123.1 134.2 8.7 19.9 264.7 13.0 4.9% 6.4% 0.5x 10.3x 221 comScore, Inc. * United States 52.21 -20% 2,044.5 1,887.1 187.9 30.5 351.0 18.7 5.3% 15.1% 5.4x 100.9x Cross Marketing Inc. Japan 3.46 -34% 62.4 76.4 13.1 25.9 80.0 7.3 9.1% 38.1% 1.0x 10.5x Ebiquity plc United Kingdom 2.22 0% 161.4 203.5 14.3 54.9 113.5 17.9 15.7% 7.9% 1.8x 11.4x GfK SE Germany 39.19 -16% 1,430.7 1,918.3 106.3 528.9 1,673.3 230.7 13.8% 2.6% 1.1x 8.3x Harte-Hanks Inc. United States 3.85 -53% 237.5 279.7 31.2 73.5 524.2 50.7 9.7% -6.4% 0.5x 5.5x InnerWorkings Inc. United States 7.26 -23% 390.5 486.9 15.6 111.9 992.6 29.9 3.0% 1.6% 0.5x 16.3x

34 | M&A and Investment Summary August 2015 Information Public Company Valuation (2/2) Blue

0 79 133

122 141 181

178 186 213

211 216 233

234 235 245

Orange

241 184 0

245 232 184

Grey

138 138 138

203 203 203

221 221 221

35 | M&A and Investment Summary August 2015 Business Services

Blue

0 79 133

122 . The Business Services segment reported 34 transactions in August worth $236 million 141 181 . The IT Consulting/Systems Integration subsegment accounted for over a third of the segments total activity with 12 transactions 178 186 213 . Select Transactions: 211 216 233 • Inovalon’s acquisition of pharmaceutical data advisory services provider Avalere Health for $140 million

234 235 245 • IT consulting solutions firm Infogain’s $64 million round of equity funding from ChrysCapital

Orange • Accenture’s acquisition of supply chain consultancy Total Logistics

241 184 0 • H.I.G. Capital’s investments in end-user support services provider Milestone Technologies and network compliance solutions firm

245 HelpSystems 232 184 BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM 138 IT Consulting/Systems Integration 12 35% $63.0 27% 10 - 0 - 2 $63.0 203 Healthcare Consulting 5 15% 146.6 62% 4 140.0 0 - 1 6.6 203 203 Management Consulting 4 12% - 0% 4 - 0 - 0 -

221 BPO 3 9% 16.0 7% 1 - 1 - 1 16.0 221 221 Corporate Training 3 9% - 0% 2 - 0 - 1 - Logistics 3 9% 10.0 4% 2 - 0 - 1 10.0 Printing Services 2 6% - 0% 1 - 0 - 1 - Financial Consulting 1 3% - 0% 1 - 0 - 0 - Other* 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 34 100% 235.6 100% 26 140.0 1 0.0 7 95.6

*Other includes Staffing

36 | M&A and Investment Summary August 2015 Business Services Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Consulting 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 CRA International Inc. United States 22.72 -30% 206.1 190.9 17.2 0.1 306.5 28.6 9.3% 0.7% 0.6x 6.7x FTI Consulting, Inc. United States 39.86 -9% 1,667.8 2,138.8 225.3 711.0 1,757.8 208.1 11.8% 2.8% 1.2x 10.3x 178 Information Services Group, Inc. United States 3.71 -25% 138.4 178.2 17.2 52.5 210.4 18.8 8.9% 1.2% 0.8x 9.5x 186 Navigant Consulting Inc. United States 15.79 -2% 756.2 923.8 2.0 178.7 817.2 125.4 213 15.3% 12.6% 1.1x 7.4x ICF International Inc. United States 34.21 -22% 662.7 1,015.2 7.0 377.3 1,103.7 105.2 9.5% 12.3% 0.9x 9.7x Huron Consulting Group Inc. * United States 72.39 -8% 1,587.2 2,038.6 7.2 499.0 802.7 136.9 17.1% -0.4% 2.5x 14.9x 211 The Hackett Group, Inc. United States 14.09 -7% 419.3 421.4 10.8 18.3 223.4 26.2 216 * 11.7% 9.7% 1.9x 16.1x 233 Towers Watson & Co. United States 118.73 -16% 8,226.3 7,639.5 759.6 206.3 3,645.0 715.0 19.6% 4.7% 2.1x 10.7x

Adjusted Weighted Average 1.9x 10.3x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x)

HR Services Orange Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Automatic Data Processing, Inc. United States 77.32 -14% 36,016.4 34,359.7 1,835.5 9.7 10,938.5 2,281.2 20.9% 7.0% 3.1x 15.1x 184 Barrett Business Services Inc. United States 35.65 -41% 256.8 297.5 36.9 50.8 699.3 (43.3) NM 20.8% 0.4x NM 0 Capita plc United Kingdom 18.99 -7% 12,574.3 15,475.4 738.1 3,292.4 7,227.6 1,069.0 14.8% 10.8% 2.1x 14.5x DHI Group, Inc. United States 7.80 -32% 423.2 494.8 28.0 104.9 265.0 70.2 26.5% 11.2% 1.9x 7.1x 245 Edenred SA France 21.18 -30% 4,887.8 5,894.8 1,370.2 1,705.5 1,126.1 363.1 32.2% 7.8% 5.2x 16.2x 232 184 Insperity, Inc. United States 44.39 -20% 1,099.6 910.2 257.4 - 2,483.5 92.2 3.7% 8.0% 0.4x 9.9x LinkedIn Corporation * United States 180.60 -35% 23,542.9 21,639.3 3,529.9 1,092.7 2,561.1 216.7 8.5% 38.6% 8.4x 99.9x Marsh & McLennan Companies, Inc. United States 53.73 -10% 28,476.5 31,571.5 1,104.0 3,889.0 12,827.0 2,746.0 21.4% 1.7% 2.5x 11.5x Grey Monster Worldwide, Inc. United States 7.27 -12% 663.1 810.7 110.2 210.2 741.5 79.7 10.7% -5.9% 1.1x 10.2x Paychex, Inc. United States 44.66 -14% 16,131.5 15,594.9 536.6 - 2,739.6 1,160.2 42.3% 8.8% 5.7x 13.4x 138 Professional Diversity Network LLC United States 1.08 -81% 15.8 9.9 5.8 1.8 30.5 (6.0) NM 591.4% 0.3x NM 138 138 Towers Watson & Co. United States 118.73 -16% 8,226.3 7,639.5 759.6 206.3 3,645.0 715.0 19.6% 4.7% 2.1x 10.7x TriNet Group, Inc. United States 16.84 -56% 1,188.2 1,569.6 104.4 514.8 2,425.2 148.6 6.1% 23.5% 0.6x 10.6x WageWorks, Inc. United States 44.81 -32% 1,606.6 1,189.3 451.8 79.3 314.5 47.3 203 15.0% 36.8% 3.8x 25.1x 203 Adjusted Weighted Average 3.2x 13.6x 203

*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 (45.8x) 221 221 221

37 | M&A and Investment Summary August 2015 Business Services Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) IT Consulting/Systems Integration 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Accenture plc Ireland 94.27 -11% $ 59,079.1 $ 55,632.8 $ 4,028.6 $ 27.2 $ 30,936.8 $ 4,903.6 15.9% 5.5% 1.8x 11.3x Amdocs Limited Channel Islands 57.21 -7% 8,791.7 7,390.0 1,292.5 - 3,617.0 701.4 19.4% 3.1% 2.0x 10.5x 178 Bechtle AG Germany 86.63 -8% 1,819.3 1,753.2 143.3 60.9 3,005.9 150.5 5.0% 11.0% 0.6x 11.7x 186 Booz Allen Hamilton Holding Corporation United States 26.70 -15% 3,911.0 5,376.3 207.2 1,626.3 5,304.1 507.5 213 9.6% -1.3% 1.0x 10.6x Broadridge Financial Solutions, Inc. United States 52.79 -11% 6,243.6 6,608.8 310.2 629.3 2,694.2 576.9 21.4% 5.3% 2.5x 11.5x Business & Decision SA France 8.84 -1% 69.7 102.3 14.7 49.4 249.1 14.2 5.7% 2.4% 0.4x 7.2x 211 Cap Gemini S.A. France 89.75 -11% 15,465.8 13,942.4 2,591.5 1,229.8 12,338.6 1,344.5 216 10.9% 9.0% 1.1x 10.4x 233 CGI Group, Inc. Canada 36.66 -16% 11,387.9 12,772.9 176.5 1,685.2 8,163.3 1,404.3 17.2% -2.8% 1.6x 9.1x Cognizant Technology Solutions Corporation United States 62.94 -9% 38,363.8 35,859.8 3,349.8 1,075.0 11,319.8 2,254.8 19.9% 17.9% 3.2x 15.9x 234 Computer Sciences Corporation United States 61.99 -15% 8,575.2 9,018.2 2,098.0 2,669.0 11,697.0 1,015.0 8.7% -9.9% 0.8x 8.9x 235 CSG Systems International Inc. United States 30.91 -7% 1,010.6 1,101.7 169.9 285.5 747.0 121.9 16.3% -0.8% 1.5x 9.0x 245 Digi International Inc. * United States 10.24 -5% 255.8 164.6 84.9 - 208.0 9.2 4.4% 8.1% 0.8x 17.9x Globant S.A. * Luxembourg 27.20 -22% 925.0 862.2 69.9 1.1 222.2 27.9 12.6% 24.0% 3.9x 30.9x Orange International Business Machines Corporation United States 147.89 -24% 144,862.7 174,923.7 8,809.0 38,827.0 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.8x Infosys Ltd. India 16.49 -8% - - 4,999.0 - 8,834.0 2,493.0 28.2% 5.3% 241 ITS Group France 7.37 -24% 56.4 62.2 13.1 19.1 225.7 12.2 5.4% 61.9% 0.3x 5.1x 184 NCI, Inc. United States 14.27 -11% 186.1 205.2 0.7 27.0 316.9 25.2 8.0% -2.4% 0.6x 8.1x 0 NTT Data Corporation Japan 48.15 -4% 13,504.7 15,278.9 2,189.0 3,659.7 12,547.0 1,984.7 15.8% 10.8% 1.2x 7.7x Perficient Inc. United States 16.56 -23% 584.4 637.6 6.4 67.5 445.5 55.0 12.4% 13.9% 1.4x 11.6x 245 Tata Consultancy Services Limited India 38.62 -10% - - 3,693.3 62.3 15,430.2 3,978.8 25.8% 14.3% 232 Wipro Ltd. India 8.60 -16% 21,121.6 18,203.8 4,028.0 1,262.3 7,550.6 1,652.3 21.9% 7.2% 2.4x 11.0x 184 Adjusted Weighted Average 2.0x 10.0x

Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.6x) 138 ($ in Millions, except stock price data) 138 138 Outsourced Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/15 52WK High 203 Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 AMREP Corporation United States $4.98 -17% $ 40.1 $ 46.2 $ 12.1 $ 18.1 $ 49.8 $ 0.2 0.5% -19.9% 0.9x 193.2x 203 Cenveo Inc. United States 1.72 -44% 116.7 1,356.8 12.2 1,252.2 1,915.5 143.1 7.5% -0.3% 0.7x 9.5x Communisis plc United Kingdom 0.73 -27% 152.1 204.7 40.8 94.7 547.7 38.1 7.0% 9.4% 0.4x 5.4x 221 Cineplex Inc. Canada 36.10 -7% 2,277.2 2,562.3 19.0 321.9 1,015.1 169.4 16.7% 3.4% 2.5x 15.1x 221 Contax Participacoes S.A. Brazil 0.12 -85% 44.7 314.6 144.2 458.2 1,092.3 80.7 7.4% -4.0% 0.3x 3.9x 221 Convergys Corporation United States 22.60 -15% 2,221.1 2,350.9 208.0 337.8 2,970.6 371.3 12.5% 24.3% 0.8x 6.3x Elanders AB Sweden 5.29 -18% 140.2 244.3 48.8 155.0 486.6 40.3 8.3% 41.7% 0.5x 6.1x Eniro AB Sweden 0.11 -95% 51.3 273.1 9.9 229.9 329.0 47.1 14.3% -18.3% 0.8x 5.8x Exlservice Holdings, Inc. United States 36.18 -8% 1,199.5 1,098.0 172.5 71.0 556.9 71.6 12.9% 14.1% 2.0x 15.3x Firstsource Solutions Limited India 0.42 -37% 283.9 422.6 23.2 167.7 473.1 58.6 12.4% -4.2% 0.9x 7.2x Genpact Limited Bermuda 23.00 -4% 4,956.4 5,333.8 444.0 821.4 2,386.3 388.6 16.3% 9.3% 2.2x 13.7x InnerWorkings Inc. United States 7.26 -23% 390.5 486.9 15.6 111.9 992.6 29.9 3.0% 1.6% 0.5x 16.3x

38 | M&A and Investment Summary August 2015 Business Services Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Outsourced Services (Contd.) 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Luxoft Holding, Inc. * SwitzerlandSwitzerland 61.09 -10% $ 2,009.4 $ 1,950.3 $ 59.9 $ 0.8 $ 556.3 $ 101.8 18.3% 30.3% 3.5x 19.2x MAXIMUS, Inc. United States 60.55 -14% 3,993.4 4,080.7 81.9 166.8 1,956.5 301.0 15.4% 18.6% 2.1x 13.6x 178 Quad/Graphics, Inc. United States 14.44 -40% 716.3 2,190.9 13.6 1,488.2 4,847.6 527.4 10.9% 1.9% 0.5x 4.2x 186 Quintiles Transnational Holdings Inc. United States 74.51 -7% 9,143.0 10,830.7 803.6 2,491.3 4,229.4 750.7 213 17.7% 6.3% 2.6x 14.4x R.R. Donnelley & Sons Company United States 15.70 -22% 3,276.6 6,746.3 295.4 3,746.8 11,521.3 1,071.7 9.3% 5.3% 0.6x 6.3x Salmat Limited Australia 0.45 -62% 71.5 63.8 54.2 36.6 383.4 11.3 3.0% 10.0% 0.2x 5.6x 211 Serco Group plc United Kingdom 1.74 -65% 1,888.3 2,316.0 247.1 682.3 5,846.8 (990.1) 216 NM -11.4% 0.4x NM 233 St Ives plc United Kingdom 2.76 -16% 360.7 426.8 18.1 82.7 507.4 59.0 11.6% 4.5% 0.8x 7.2x StarTek, Inc. United States 3.65 -64% 56.7 88.6 6.4 38.3 252.7 7.7 3.0% 2.6% 0.4x 11.6x 234 Sykes Enterprises, Incorporated United States 25.15 -3% 1,094.6 937.2 222.4 65.0 1,313.7 152.9 11.6% 0.9% 0.7x 6.1x 235 Teleperformance S.A. France 70.30 -11% 4,015.1 4,452.0 342.0 768.6 3,532.2 464.5 13.2% 27.8% 1.3x 9.6x 245 TeleTech Holdings Inc. United States 27.05 -7% 1,306.5 1,339.8 93.8 116.1 1,279.8 164.8 12.9% 5.5% 1.0x 8.1x Trans Cosmos, Inc. Japan 22.93 -20% 943.5 717.4 266.5 2.1 1,668.3 92.4 5.5% 7.5% 0.4x 7.8x Orange Transcontinental Inc. Canada 10.82 -27% 842.7 1,133.0 29.2 347.0 1,726.2 324.7 18.8% 3.9% 0.7x 3.5x Cimpress N.V. Netherlands 69.98 -24% 2,270.8 2,871.3 142.2 501.1 1,494.2 202.6 13.6% 17.6% 1.9x 14.2x 241 West Corporation United States 24.34 -32% 2,016.8 5,315.9 154.0 3,470.8 2,268.5 654.1 28.8% 21.0% 2.3x 8.1x 184 Xchanging plc United Kingdom 1.45 -51% 358.8 433.9 203.7 177.7 836.0 (0.9) NM -14.4% 0.5x NM 0 Adjusted Weighted Average 1.3x 10.5x

245 232 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x) 184

Grey

138 138 138

203 203 203

221 221 221

39 | M&A and Investment Summary August 2015 PPLLC Indices Valuation Summary Blue 0 79 133

122 Current Summary Trading Valuation Information 141 181 Revenue Multiples

178 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 186 Digital Media/Commerce 213 3.3x 1.7x 7.1x 4.4x Digital Advertising 3.0x 1.8x 8.7x 5.2x 211 216 Marketing Technology 5.4x 3.3x 4.2x 4.2x 233 Agency 1.5x 1.2x 2.2x 1.6x 234 Marketing Services 1.3x 0.7x 3.0x 1.5x 235 245 Traditional Media 2.5x 2.3x 3.1x 3.0x Software 5.2x 4.2x 4.6x 4.3x Orange Information 3.6x 3.6x 4.4x 4.1x 241 184 Business Services 1.3x 0.8x 2.5x 2.0x 0

245 EBITDA Multiples 232 184 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 18.4x 14.1x 25.6x 16.0x Grey Digital Advertising 18.0x 13.0x 22.5x 16.6x 138 138 Marketing Technology 25.7x 15.8x 22.5x 12.7x 138 Agency 11.9x 10.3x 10.3x 10.0x 203 Marketing Services 8.9x 9.1x 12.8x 9.0x 203 203 Traditional Media 13.4x 10.2x 11.2x 10.9x

221 Software 30.4x 15.7x 23.6x 13.3x 221 221 Information 22.8x 13.8x 17.4x 16.2x Business Services 11.8x 10.3x 17.5x 12.4x

As of close of business on 08/31/15

*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 August 2015 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133 Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%

122 140% • S&P 500 – 1.6% 141 • S&P 500 – 1.6% 140% 181 130% 125% • Digital Advertising –  2.5% • Digital Media/Commerce –  178 120% 186 0.9% 213 110% 110%

211 • Traditional Media – 4.9% 100%

216 95% Index Performance (%) Performance Index

233 (%) Performance Index 90% 80% 234 80% Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 235 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 245 Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Orange Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 241 150% 184 • S&P 500 – 1.6% 0 • S&P 500 – 1.6% 140% 140% 130% 245 130% • Marketing Technology – 15.0% • Agency –  2.1% 232 120% 184 120% • Marketing Services –  0.0% 110% 110% Grey 100% 100% 138

138 90% (%) Performance Index 90% 138 (%) Performance Index 80% 80% Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 203 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 203 Marketing Technology S&P 500 Index (^SPX) 203 Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services 221 150% LTM Index Performance 150% 221 • S&P 500 – 1.6% 221 140% • S&P 500 – 1.6% 140% 130% • Software – 4.5% 130% • Information –  6.2% 120% 120% 110% • Business Services – 11.2 % 110% 100% 100%

Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 80% Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Software S&P 500 Index (^SPX) Note: LTM as of 8/31/2015 Information Business Services S&P 500 Index (^SPX) 41 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Values Disclosed 186 HERE Maps Software BMW $ 3,100.0 213 Zulily, Inc. Digital Media/Commerce QVC Group 2,162.6 Merge Healthcare Incorporated Information International Business Machines Corporation 975.3 211 216 GT Nexus, Inc. Software Infor Global Solutions, Inc. 675.0 233 IronMan Triathlon Series Traditional Media Dalian Wanda Group Corporation Ltd. 650.0 Yodlee, Inc. Software Envestnet, Inc. 504.2 234 1010data, Inc. Software Advance Publications, Inc. (Conde Nast) 500.0 235 245 CECity, Inc. Information Premier, Inc. 400.0 T-Online International AG and Interactive Media CCSP GmbH Digital Media/Commerce Stroer Media SE 334.0 NaviHealth, Inc. Software Cardinal Health 290.0 Orange Digity Companies LLC Traditional Media Alpha Media 264.0

241 runtastic GmbH Digital Media/Commerce Adidas AG 240.0 184 Polyvore, Inc. Digital Media/Commerce Yahoo!, Inc. 230.0 0 CoreOne Technologies LLC Information Markit Group Limited 200.0 Smart Tuition Software Blackbaud, Inc. 190.0 245 Learner's Digest International Information Wolters Kluwer Health, Inc. 150.0 232 184 Avalere Health LLC Business Services Inovalon Holdings, Inc. 140.0 BlackArrow, Inc. Digital Advertising Cross MediaWorks, Inc. 105.0 AllScreen Digital Advertising Zealot Networks, Inc. 85.0 Grey North American Midway Entertainment Traditional Media Townsquare Media, Inc. 75.5 138 Healthcare Insights LLC Information Premier, Inc. 69.0 138 Inventory+ Marketing Technology DealerSocket, Inc. 55.0 138 Tea Leaves Health Software Everyday Health, Inc. 50.0 InfiApps Limited Digital Media/Commerce Stride Gaming plc 39.2 203 Monexa Solutions, Inc. Software Netsuite, Inc. 35.0 203 203 Classmates Media Corporation Digital Media/Commerce Intelius Holdings, Inc. 30.0 Merchantry Digital Advertising Tradeshift, Inc. 30.0 221 Centrix Solutions, Inc. Software Q2 Holdings, Inc. 29.0 221 Vegas.com LLC Digital Advertising Remark Media, Inc. 28.0 221 Zimbra, Inc. Software Synacor, Inc. 24.3 Qelp Marketing Technology SYKES Enterprises, Inc. 20.7 AutoComment Marketing Technology 58.com 16.1 CineSport LLC Digital Advertising OneUp Sports, LLC 15.0 Medworxx, Inc. Information Aptean, Inc. 11.6 Komli Media Digital Advertising SVG Media 11.3 Liquid Development LLC Digital Media/Commerce Keywords Studios plc 9.0 MediMedia Health Agency & Marketing Services IMS Health, Inc. 9.0 Branchbird LLC Software Edgewater Technology, Inc. 5.2 Paywhere Marketing Technology Philippine Long Distance Telephone Company 5.0 OtherSide, Inc. Agency & Marketing Services NetPlay TV plc 5.0 Halosys Software Sonata Software Limited 5.0 INCITE Keystone Technology Software Aconex Ltd. 4.7 Roadside Attractions Traditional Media APN Outdoor Pty. Limited 4.3 HomeBuy360 Marketing Technology Housing.com 2.0 42 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 ABS Creative Agency & Marketing Services Wunderman $ - 213 Ashe Avenue Agency & Marketing Services AOL, Inc. -

211 Big Drum, Inc. Agency & Marketing Services Nebo Agency LLC - 216 Ferrara & Company Agency & Marketing Services PureRED Integrated Marketing - 233 Fox Communications Agency & Marketing Services W2O Group - KMT Creative Agency & Marketing Services The Brandon Agency - 234 235 Lumia Agency Agency & Marketing Services Digerati Group LLC - 245 Montgomery Communications, Inc. Agency & Marketing Services Steinreich Communications LLC - Traffic Builders, Inc. Agency & Marketing Services GS Marketing - Orange Traffik, Inc. Agency & Marketing Services SGS International, Inc. - Webling Interactive Pty. Ltd. Agency & Marketing Services WPP Group - 241 Agile Resources, Inc. Business Services General Employment Enterprises, Inc. - 184 0 Bearface Instructional Technologies LLC Business Services Perceivant LLC - Care Communications, Inc. Business Services IOD Incorporated - 245 ConeXus World LLC Business Services Creative Realities, Inc. - 232 Credence Corporation Business Services LDiscovery, LLC - 184 CRGT, Inc. Business Services Salient Federal Solutions - DealHub Business Services Markit Group Limited - Grey Ease Entertainment Services Business Services Entertainment Partners - 138 FocusPoint Business Services InfoWorks, Inc. - 138 Fruition Partners Business Services Computer Sciences Corporation - 138 Health Care Management Business Services Medical Advantage Group - Marx & Moschner GmbH Business Services Moss, Inc. - 203 203 Mobilogie, Inc. Business Services Logient, Inc. - 203 Moss Adams LLP Business Services Curtis Consulting Group - PC Assist Corporation Business Services TechnoPro Holdings, Inc. - 221 Primary Support Business Services Axispoint Technology Solutions Group - 221 221 RSA Medical Business Services Xerox Corporation - Schlumberger Business Consulting Business Services Accenture plc - Total Logistics Limited Business Services Accenture plc - TrumpCard, Inc. Business Services Magnate Worldwide LLC - TSG Consulting Pty. Ltd. Business Services The Boston Consulting Group - Veritaaq Business Services Experis Ltd. - Vital Network Services, Inc. Business Services Vology, Inc. - WJ Weiser and Associates Business Services Naylor Association Solutions - Xtraction Solutions Pty. Ltd. Business Services LANDesk Software - iStreamPlanet Co. Digital Advertising Turner Broadcasting Systems, Inc. - Tab a Doctor Digital Advertising Global Health and Travel - Tastebud Technologies, Inc. Digital Advertising Raise Marketplace, Inc. - The Video Network Pty. Limited Digital Advertising Tremor Video, Inc. - 4Care Digital Media/Commerce MyOptique Group Limited - Chronos Mobile Technologies, Inc. Digital Media/Commerce Life360, Inc. - 43 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 ClassOwl, Inc. Digital Media/Commerce Branch Metrics, Inc. $ - Dovetail Insurace Corporation Digital Media/Commerce Marsh LLC -

211 Eyewearbrands Digital Media/Commerce MyOptique Group Limited - 216 GardenWeb Digital Media/Commerce Houzz, Inc. - 233 Going Concern Digital Media/Commerce Accountingfly, Inc. - HealthyOut, Inc. Digital Media/Commerce Rise Labs, Inc. - 234 235 Nio Games Digital Media/Commerce N3TWORK, Inc. - 245 numberFire, Inc. Digital Media/Commerce FanDuel, Inc. - Of a Kind, Inc. Digital Media/Commerce Bed Bath & Beyond, Inc. - Orange StraightCast Media Digital Media/Commerce Fox Sports Digital - Zirtual, Inc. Digital Media/Commerce Startups.co - 241 A2 Access LLC Information Dealogic (Holdings) plc - 184 0 Health Care DataWorks, Inc. Information Health Catalyst, LLC - 365 Fanyi Marketing Technology Alibaba Group Holding Ltd. - 245 AUTODATA Netherlands BV Marketing Technology Solera Holdings, Inc. - 232 184 C21 Data Services Limited Marketing Technology Recall Holdings Limited - CommandIQ, Inc. Marketing Technology Liquid.pch.com - Double Prime, Inc. Marketing Technology Software Paradigms International, Inc. - Grey FantasySalesTeam Marketing Technology Corporation - 138 iProfile LLC Marketing Technology DiscoverOrg, LLC - 138 LinguaSys, Inc. Marketing Technology Aspect Software, Inc. - 138 MagazineCloner Marketing Technology Jellyfish Publishing - Maxymiser Ltd. Marketing Technology Oracle Corporation - 203 203 Modest Marketing Technology PayPal, Inc. - 203 One Call Now Marketing Technology Send Word Now - Pubslush Marketing Technology Colborne Communications - 221 Relevate Marketing Technology DataMentors, Inc. - 221 221 Shoutlet, Inc. Marketing Technology Spredfast, Inc. - SiteCondor Marketing Technology gShiftLabs, Inc. - TechValidate Software, Inc. Marketing Technology SurveyMonkey, Inc. - Telligent, Inc. Marketing Technology Verint Systems, Inc. - This Technology, Inc. Marketing Technology Comcast Corporation - Tinypass, Inc. Marketing Technology Piano Media LLC - Trii.be Marketing Technology Mobikon Technologies Pvt. Ltd. - VidiGo B.V. Marketing Technology ChyronHego Corporation - Yvolver, Inc. Marketing Technology Opera Mediaworks, Inc. - 1Click.io Software Freshdesk, Inc. - Above Security, Inc. Software Hitachi Data Systems Corporation - Appcore, LLC Software International Business Machines Corporation - Assess Systems, Inc. Software Chequed.com, Inc. - AutoTime Software Kronos Incorporated - Boundary, Inc. Software BMC Software, Inc. - 44 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 CloudTalent Software Avanade, Inc. $ - Cybertinel Ltd. Software CyberArk Software, Ltd. -

211 Elysium Digital LLC Software Stroz Friedberg LLC - 216 Folr Pte. Ltd. Software Rhodes Edge, Inc. - 233 FusionX LLC Software Accenture plc - FutureAdvisor Software BlackRock, Inc. - 234 235 Hotel SystemsPro LLC Software Newmarket International, Inc. - 245 Iron Data Solutions, Inc. Software MicroPact, Inc. - iSqFt Software Construction Market Data Group - Orange ITR Mobility LLC Software Zebra Technologies Corporation - Manage Mobility LLC Software Peak-Ryzex, Inc. - 241 Mashery, Inc. Software TIBCO Software, Inc. - 184 0 Medici, Inc. Software Overstock.com, Inc. - Mizcoin Software Aspiring Minds - 245 Onyara, Inc. Software Hortonworks, Inc. - 232 184 RJM Systems, Inc. Software Jenzabar, Inc. - ScaleBase, Inc. Software ScaleArc, Inc. - SearchSoft Solutions, Inc. Software PeopleAdmin, Inc. - Grey Surf Smart Solutions LLC Software Verify Smart Corporation - 138 Syrus Restaurant Information Services Software Vivonet, Inc. - 138 TalentMine Software Talent Plus - 138 Therabill LLC Software WebPT, Inc. - VisiTrend, Inc. Software Bit9, Inc. - 203 203 Xceedium, Inc. Software CA Technologies - 203 Ben Franklin Institute Traditional Media Vendome Group - Bodyshop Magazine Traditional Media Media Matters, Inc. - 221 Brown Bag Films Limited Traditional Media 9 Story Media Group - 221 221 Reed Business Netherlands Traditional Media Springer Media - The Airports Publishing Network Limited Traditional Media Findlay Media Ltd. - Wildside s.r.l. Traditional Media FremantleMedia Enterprises -

45 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Buyout Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Buyout Deals 178 Values Disclosed 186 Ellucian, Inc. Software TPG Capital $ 3,500.0 213 Blyth, Inc. Digital Media/Commerce The Carlyle Group 84.8

211 216 233 Target Target Segment Buyer/Investor Reported TV Buyout Deals 234 235 Undisclosed 245 HelpSystems, LLC Business Services H.I.G. Capital LLC $ - iPipeline, Inc. Marketing Technology Thoma Bravo, Inc. - Orange Recorded Books, LLC Marketing Technology Shamrock Capital Advisors, Inc. - AdvancedMD Software, Inc. Software Marlin Equity Partners - 241 DigiCert, Inc. Software Thoma Bravo, Inc. - 184 0 Novetta Solutions, LLC Software The Carlyle Group -

245 232 184

Grey

138 138 138

203 203 203

221 221 221

46 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Aliyun Computing Co., Ltd. Software Alibaba Group Holding Ltd. $ 1,000.0 Uber, Inc. Digital Media/Commerce Times Internet Ltd. 1,000.0

211 Ele.me Digital Media/Commerce CITIC Capital Partners 630.0 216 Snapdeal.com Digital Media/Commerce Alibaba Group Holding Ltd. 500.0 233 GrabTaxi Pte. Ltd. Digital Media/Commerce Coatue Management 350.0 Fanatics, Inc. Digital Media/Commerce Silver Lake Partners 300.0 234 235 Dianrong.com Digital Media/Commerce Standard Chartered Private Equity 207.0 245 BuzzFeed, Inc. Digital Media/Commerce NBCUniversal News Group 200.0 Vox Media, Inc. Digital Media/Commerce NBCUniversal News Group 200.0 Orange Zocdoc, Inc. Software Baillie Gifford & Company 130.0 Intelex Technologies Inc. Software JMI Equity 122.5 241 Mirantis, Inc. Software Intel Capital 100.0 184 0 OYO Rooms Digital Media/Commerce Sequoia Capital 100.0 Prodigy Finance Ltd. Digital Media/Commerce Balderton Capital 100.0 245 The Honest Company Digital Media/Commerce Glade Brook Capital Partners 100.0 232 184 Tuhu.cn Digital Media/Commerce Legend Capital 100.0 Zscaler, Inc. Software TPG Capital 100.0 Practo Technologies Pvt. Ltd. Digital Advertising Sequoia Capital 90.0 Grey ServiceMax Software Caufield & Byers 82.0 138 G5, Inc. Digital Advertising Peak Equity Partners 76.0 138 Fastly, Inc. Marketing Technology Iconiq Capital 75.0 138 PlanSource Benefits Administration, Inc. Software Great Hill Partners, LLC 70.0 iZettle AB Marketing Technology Intel Capital 67.1 203 203 Infogain Corporation Business Services ChrysCapital 63.0 203 Grand Rounds Information Greylock Partners 55.0 AlienVault, Inc. Software Kleiner Perkins Caufield & Byers 52.0 221 Curse, Inc. Digital Media/Commerce Undisclosed 52.0 221 221 AMCS Group Software Insight Venture Partners 50.0 BigBasket.com Digital Media/Commerce Bessemer Venture Partners 50.0 Enjoy Technology, Inc. Digital Media/Commerce Kleiner Perkins Caufield & Byers 50.0 Kik Interactive, Inc. Digital Media/Commerce Tencent Holdings Ltd. 50.0 Kensho Technologies, Inc. Software Undisclosed 47.3 DoubleDutch Marketing Technology Bessemer Venture Partners 45.0 Kahuna, Inc. Digital Advertising Sequoia Capital 45.0 Scality, Inc. Software Menlo Ventures 45.0 C2FO Software Temasek Holdings (Pte) Limited 40.0 Datameer, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 40.0 IQMS Software Technology Crossover Ventures 40.0 Massdrop, Inc Digital Media/Commerce August Capital Management 40.0 Intercom, Inc. Marketing Technology Bessemer Venture Partners 35.0 Yogiyo - RGP Korea Digital Media/Commerce Delivery Hero Holding GmbH 35.0 PokitDok, Inc. Digital Media/Commerce Lehmi Ventures 34.0 47 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Greenhouse Software, Inc. Software Benchmark Capital $ 33.0 Workfront, Inc. Marketing Technology JMI Equity 33.0

211 MyOptique Group Limited Digital Media/Commerce Index Ventures 31.0 216 Duetto Research Software Accel Partners 30.0 233 Everything But the House Digital Media/Commerce Greenspring Associates 30.0 Spoken Communications Marketing Technology Riverwood Capital, LLC 28.8 234 235 freee Ltd. Software DCM Ventures 28.7 245 RedMart Pte. Ltd. Digital Media/Commerce SoftBank Capital 26.7 Super Evil Megacorp Digital Media/Commerce Index Ventures 26.0 Orange Spoonflower, Inc. Digital Media/Commerce North Bridge Growth Equity 25.0 VATbox Ltd. Software Viola Private Equity 24.0 241 Skyroam Co., Limited Marketing Technology CBC Capital 23.5 184 0 LaunchPoint Corporation Information Carrick Capital Partners, LLC 22.5 BlueData Software, Inc. Software Intel Capital 20.0 245 Flexport, Inc. Marketing Technology Bloomberg Beta 20.0 232 184 SpotHero, Inc. Digital Media/Commerce Insight Venture Partners 20.0 WSO2 Software Toba Capital 20.0 Seriously Digital Entertainment Ltd. Digital Media/Commerce Northzone 18.0 Grey sovrn Holdings, Inc. Digital Advertising Foundry Group 18.0 138 Zephyr Health, Inc. Software Google Ventures 17.5 138 eShares, Inc. Information Spark Capital 17.0 138 Nok Nok Labs, Inc. Software DoCoMo Capital, Inc. 16.3 Aviacode, Inc. Business Services Frontier Capital, LLC 16.0 203 203 Benefitter Insurance Solutions, Inc. Information HealthMarkets Insurance Agency 16.0 203 Four Communications Group plc Agency & Marketing Services Business Growth Fund 16.0 Hao Chushi Digital Media/Commerce Lightspeed Venture Partners 16.0 221 Rift.io Software North Bridge Growth Equity 16.0 221 221 CashStar, Inc. Agency & Marketing Services FTV Capital 15.0 Roposo.com Digital Media/Commerce Tiger Global Management, LLC 15.0 Technical Illusions, Inc. Digital Media/Commerce Playground Capital 15.0 Spotted.de Digital Media/Commerce Media Ventures GmbH 14.5 Velostrata Software Norwest Venture Partners 14.0 Onapsis, Inc. Software .406 Ventures, LLC 13.8 CENX, Inc. Software Mistral Venture Partners 12.5 Unify Square, Inc. Marketing Technology Microsoft Corporation 12.2 MediaPlatform Digital Advertising TVC Capital 12.0 Panorama Education, LLC Marketing Technology Spark Capital 12.0 Talena, Inc. Software Intel Capital 12.0 Leanplum, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 11.6 GOVX.com Digital Media/Commerce Star Avenue Capital, LLC 11.5 ChatID, Inc. Marketing Technology Costanoa 11.2 Soothe LLC Digital Media/Commerce The Riverside Company 10.6 48 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 HomeSuite Company Digital Media/Commerce Foundation Capital $ 10.4 Sonobi, Inc. Marketing Technology Safeguard Scientifics, Inc. 10.4 211 Fluxx Software The Kresge Foundation 10.2 216 Grouplend, Inc. Digital Media/Commerce (Private Investors) 10.2 233 Cargo Chief, Inc. Business Services (Private Investors) 10.0 HelloTech Digital Media/Commerce Madrona Venture Group 10.0 234 235 Iconixx Software Corporation Software Harbert Venture Partners 10.0 245 IndoorAtlas Ltd. Software Baidu, Inc. 10.0 Koding, Inc. Software Khosla Ventures 10.0 Orange Lightricks Ltd. Digital Media/Commerce Carmel Ventures 10.0 MarketInvoice Digital Media/Commerce Northzone 10.0 241 184 Mobcrush, Inc. Digital Advertising Kleiner Perkins Caufield & Byers 10.0 0 Narvar Inc. Marketing Technology Accel Partners 10.0 Platform9 Systems, Inc. Software Menlo Ventures 10.0 245 Riffsy, Inc. Digital Media/Commerce Menlo Ventures 10.0 232 184 Spare5, Inc. Digital Media/Commerce New Enterprise Associates 10.0 Vurb Digital Media/Commerce Tencent Holdings Ltd. 10.0 Amplitude Analytics Marketing Technology Benchmark Capital 9.0 Grey Bastille Networks, Inc. Software Bessemer Venture Partners 9.0 138 InfoBionic, Inc. Software Safeguard Scientifics, Inc. 8.1 138 AirVM Software Rho Canada 8.0 138 Apto, Inc. Marketing Technology Adams Street Partners, LLC 8.0 Livspace Digital Media/Commerce Bessemer Venture Partners 8.0 203 203 Mogl Network Agency & Marketing Services Aequitas Capital Management 8.0 203 Peach Labs, Inc. Digital Media/Commerce Madrona Venture Group 8.0 Thread, Inc. Digital Advertising Balderton Capital 8.0 221 Who What Wear Digital Media/Commerce Amazon.com, Inc. 8.0 221 221 WizRocket Digital Advertising Accel Partners 8.0 OneAssist Consumer Solutions Pvt. Ltd. Software Sequoia Capital 7.7 Mode Analytics, Inc. Marketing Technology Foundation Capital 7.5 Dinner Lab, Inc. Digital Media/Commerce James River Capital 7.0 GuiaBolso Digital Media/Commerce Ribbit Capital 7.0 Pacific AG Software Advantage Capital Partners 7.0 Apiary, Inc. Software Baseline Ventures 6.8 Icebreaker Health, Inc. Business Services Undisclosed 6.6 Tyfone, Inc. Software In-Q-Tel 6.6 Bounce Exchange, Inc. Digital Advertising Contour Venture Partners 6.4 Able Lending LLC Digital Media/Commerce Blumberg Capital 6.0 Resolution Games AB Digital Media/Commerce Google Ventures 6.0 Zest Health, LLC Digital Media/Commerce 7wire Ventures 6.0 Chewse, Inc. Digital Media/Commerce (Private Investors) 5.9 Lemonade Lab, Inc. Digital Media/Commerce FIH Mobile 5.8 49 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 eko Communications, Inc. Marketing Technology Gobi Partners $ 5.7 ZeroStack, Inc. Software Foundation Capital 5.6

211 Dubsmash Digital Media/Commerce Index Ventures 5.5 216 C1X, Inc. Digital Advertising Innovation Ventures, L.P. 5.1 233 Portr Digital Media/Commerce (Private Investors) 5.1 Reelio, Inc. Marketing Technology (Private Investors) 5.1 234 235 Filament.com Software Bullpen Capital 5.0 245 Mobee, Inc. Marketing Technology Flint Capital 5.0 RapidSOS, Inc. Marketing Technology Highland Capital Partners 5.0 Orange TrackIf LLC Digital Advertising Origin Ventures 5.0 Blue Medora Software VMware, Inc. 4.6 241 SelfWealth Ltd. Digital Media/Commerce (Private Investors) 4.3 184 0 Unite Us, Inc. Digital Advertising Omidyar Network 4.3 AgroStar.in Digital Media/Commerce IDG Ventures USA 4.0 245 Causemo, Inc. Digital Media/Commerce Accomplice 4.0 232 184 Improvonia, Inc. Marketing Technology BlueRun Ventures 4.0 IntelligenceNODE Marketing Technology New Enterprise Associates 4.0 Pixlee, Inc. Marketing Technology You & Mr Jones Brandtech Ventures 4.0 Grey Plaid, Inc. Marketing Technology Fidelity Growth Partners 4.0 138 Rebagg Digital Media/Commerce General Catalyst Partners LLC 4.0 138 RevX.io Marketing Technology Norwest Venture Partners 4.0 138 Shots Mobile, Inc. Digital Media/Commerce DCM Ventures 4.0 YourStory Media Private Limited Digital Media/Commerce Kalaari Capital 4.0 203 203 Instabase, Inc. Software New Enterprise Associates 3.8 203 Lugg LLC Digital Media/Commerce A Capital Partners, L.P. 3.8 AdShare.tv Digital Advertising Primo Media 3.5 221 Get Smart Content Marketing Technology Origin Ventures 3.5 221 221 PeopleLinx LLC Marketing Technology Greycroft Partners 3.5 Simility Software Accel Partners 3.5 api.ai Digital Media/Commerce Intel Capital 3.0 Crosswise, Ltd. Marketing Technology Horizons Ventures Ltd. 3.0 DoorMint Digital Media/Commerce Helion Venture Partners 3.0 EazyDiner Private Limited Digital Advertising Saama Capital 3.0 FEM, Inc. Digital Advertising Javelin Venture Partners 3.0 Remerge GmbH Digital Advertising Point Nine Capital 3.0 TrueFacet, Inc. Digital Media/Commerce Freestyle Capital 2.7 daPulse Labs Ltd. Software Genesis Partners Ltd. 2.6 1World Online Marketing Technology Altair Capital 2.5 ConnXus, Inc. Software TechStars, LLC 2.5 Socure, Inc. Software Flint Capital 2.5 StyleLounge.de Digital Advertising TA Ventures 2.5 Pragmatix, Inc. Marketing Technology (Private Investors) 2.4 50 | M&A and Investment Summary August 2015 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 ($ in Millions) Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy

Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5 Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 AppInside, Inc. Software Accomplice $ 2.3 CoScale Software Software (Private Investors) 2.2

211 HotDoc Online Pty Ltd. Marketing Technology AirTree Ventures 2.2 216 MagicCube, Inc. Software Azure Capital Partners 2.2 233 Timesaverz Dotcom Pvt. Ltd. Digital Media/Commerce Unilazer Ventures 2.2 Brosa.com.au Digital Media/Commerce AirTree Ventures 2.0 234 235 LevelEleven Marketing Technology NCT Ventures 2.0 245 MarvelApp Prototyping Ltd. Software Index Ventures 2.0 Patent Navigation, Inc. Software Voyager Capital 2.0 Orange Synap Marketing Technology Baird Capital Partners 2.0 Bright Cellars, Inc. Digital Media/Commerce CSA Partners 1.8 241 BasharSoft Software Piton Capital 1.7 184 0 BlueStrata EHR Information Cultivation Capital 1.7 mPulse Mobile Marketing Technology OCA Ventures 1.7 245 GameOn, Inc. Digital Media/Commerce Quest Venture Partners 1.5 232 184 Klaviyo Inc. Digital Advertising Accomplice 1.5 Zoomi, Inc. Marketing Technology (Private Investors) 1.5 Pana.com Digital Media/Commerce Galvanize Ventures 1.4 Grey Wiselike.com Digital Media/Commerce GGV Capital 1.3 138 Board Vitals, Inc. Information (Private Investors) 1.1 138 Clear Software LLC Software Elevate Ventures 1.0 138 Localize Corporation Marketing Technology TechStars, LLC 1.0 Loyalty Bay Limited Digital Advertising Talis Equity LLC 1.0 203 203 NextHealth Technologies LLC Software Point B Capital 1.0 203 Pronto Technology Limited Digital Media/Commerce Playfair Capital 1.0 Scentbird, Inc. Digital Media/Commerce 500 Startups 1.0 221 SnobSwap, Inc. Digital Media/Commerce NextLevel Management 1.0 221 221 Xooker LLC Marketing Technology (Private Investors) 1.0 Your.MD Limited Information Smedvig Capital Limited 5.0 Pneuron Corporation Software Safeguard Scientifics, Inc. 5.0 AdYapper.com Marketing Technology KGC Capital 4.5 Radiant Entertainment, Inc. Digital Media/Commerce Andreessen Horowitz 4.5 Smart Insight Corporation Software Innovation Network Corp. of Japan 4.1 Expert360, Inc. Digital Media/Commerce Frontier Ventures 4.1 Procurify Software Nexus Venture Partners 4.0 Picwell, Inc. Marketing Technology Mass Mutual Ventures 4.0 BeneStream Information Kapor Capital 4.0 SafeBreach, Inc. Software Sequoia Capital 4.0 Transifex Marketing Technology New Enterprise Associates 4.0 Minute Spoteam Ltd. Digital Advertising (Private Investors) 4.0 Bloom & Wild Ltd. Digital Media/Commerce MMC Ventures, LLC 3.9 HopSkipDrive, Inc. Digital Media/Commerce Upfront Ventures 3.9 51 | M&A and Investment Summary August 2015 All Segments ($ in Millions)

Blue

0 79 133

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

178 Values Disclosed 186 Holimetrix Marketing Technology Iris Capital $ 3.8 213 Terbium Labs Software (Private Investors) 3.7 TradingView, Inc. Information iTech Capital 3.6 211 216 Bright.md Software Oregon Angel Fund 3.5 233 Once Dating AG Digital Media/Commerce Partech Ventures 3.5 Blockspring Software Andreessen Horowitz 3.4 234 KFit Asia Sdn Bhd Digital Media/Commerce Sequoia Capital 3.3 235 245 MyEye Technology Limited Digital Advertising (Private Investors) 3.1 Limelight Health, Inc. Digital Advertising Mass Mutual Ventures 3.0 GlassesGroupGlobal Digital Media/Commerce Caixa Capital 3.0 Orange MakeTime, Inc. Digital Media/Commerce Almaz Capital Partners 2.7 241 Beme, Inc. Digital Media/Commerce Lightspeed Venture Partners 2.6 184 Bizzy Indonesia Digital Media/Commerce Ardent Capital 2.5 0 Talent.io Software Alven Capital Partners 2.2

245 The Medical Memory Information Provenance Ventures 2.1 232 Zimmber.com Digital Media/Commerce IDG Capital Partners 2.0 184 Clover, Inc. Digital Media/Commerce Social Starts, LLC 2.0 invi Labs, Inc. Digital Media/Commerce Streamlined Ventures 2.0 Grey Spoon University Digital Media/Commerce SoftTech VC, Inc. 2.0 Flock IS, Inc. Software (Private Investors) 2.0 138 138 Welkin Health, Inc. Business Services Asset Management Ventures 2.0 138 ReferralMob, Inc. Digital Media/Commerce Stage 1 Ventures, LLC 2.0 Curely LLC Digital Media/Commerce Exponential Partners 2.0 203 Adored, Inc. Digital Advertising Matrix Partners 2.0 203 203 AffinityLive, Inc. Marketing Technology Blackbird Ventures 2.0 ClassWallet.com Software Kaplan Ventures 1.9 221 HeyStaks Technologies Ltd. Marketing Technology Digicel Group Limited 1.7 221 Kuldat, Inc. Marketing Technology United Ventures 1.7 221 PersistIQ, Inc. Marketing Technology Salesforce Ventures 1.7 AdAgility, Inc. Marketing Technology (Private Investors) 1.6 Flipora Digital Media/Commerce Plug & Play Tech Ventures 1.5 Self Lender, Inc. Software Silverton Partners 1.5 Funzing Ltd. Digital Advertising (Private Investors) 1.5 Immuta, Inc. Software Blu Venture Investors, LLC 1.5 Emolument Limited Marketing Technology (Private Investors) 1.4 Splacer Ltd. Digital Media/Commerce Carmel Ventures 1.4 SeeClickFix, LLC Digital Media/Commerce Elm Street Ventures 1.4 Eden Digital Media/Commerce Comcast Ventures 1.3 Berry Kitchen Digital Media/Commerce Sovereign Capital 1.3 Room.me Digital Advertising Axel Springer SE 1.1 Polyverse Security Software Software (Private Investors) 1.0

52 | M&A and Investment Summary August 2015