Marketing, Media, Technology, and Service Industries M&A & December 2011 Investment Summary

Expertise. Commitment. Results. TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 34

M&A & INVESTMENT SUMMARY DECEMBER 2011 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A tot al of 261 deal s worth approxi mat el y $10.7 billion were announced in Decemb er 2011 • Digital Media/Commerce was the most active segment with 78 transactions • Software & Information was the highest value segment worth approximately $6 billion • Strategic buyers announced 142 deals for approximately $10.9 billion (54% of total volume) • VC/ investors announced 107 deals for approximately $1.3 billion • investors announced 12 deals for approximately $807 million

DECEMBER2011 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 78 30% 1,816.0 17% 31 818.1 3 431.4 44 566.5 Marketing Technology 66 25% 1,811.3 17% 34 1,557.3 3 50.0 29 204.0 Software & Information 53 20% 5,944.3 56% 32 5,641.5 2 127.6 19 175.2 Agency/Consulting 37 14% 601.5 6% 30 356.4 2 17.2 5 228.0 Digital Advertising 17 7% 136.9 1% 8 91.1 0 0.0 9 45.8 MktiMarketing Serv ices 7 3% 130. 4 1% 5 80. 4 1 15. 0 1 35. 0 Out-of-Home & Specialty Media 3 1% 216.0 2% 2 50.0 1 166.0 0 0.0 Total 261 100% 10,656.4 100% 142 8,594.8 12 807.2 107 1,254.5 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

24.0 $22. 0 21.0 $18.3 18.0 $10.3 $14.7 HPQ/ AU 15.0 $8.5 $6.0 $13.2 Skype/ $10.7 12.0 $10.7 MSFT $9.6 $8.5 $10.0 $9.4 9.0 $6.0 $9.8 6.0

alue ($ in billions) in ($ alue 303.0 VV 182199 207246 241 254 248 245 263 275 279 497 261 - Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

M&A & INVESTMENT SUMMARY DECEMBER 2011 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions)

Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency/Consulting MSQ Partners Limited General Agency Buyout 17.2 73.0 4.3 0.2x 4.0x Digital Media/Commerce Wiggle Ltd. eCommerce Bridgepoint Capital Limited 282.5 138.2 - 2.0x NM fab.com(1 ) Digital Promotion/Coupon Andreessen Horowitz Fund 200.0 20.0 - 10.0x NM Jacques Vert Plc eCommerce , Inc. 62.7 183.0 9.3 0.3x 6.7x Ash Gaming Gaming Playt ec h 24.1 7.0 4.3 3.4x 5.6x Direc t Enquiries Loc al Searc h MITIE Group PLC 0.5 2.3 - 0.2x NM Marketing Technology DemandTec, Inc. Analytics & Reporting IBM 440.0 88.5 (8.4) 5.0x NM Cotendo, Inc. Content Delivery Network Akamai Technologies, Inc. 268.0 44.7 - 6.0x NM Webs, Inc.(2 ) Content Management VistaPrint USA, Inc. 117.5 9.0 - 13.1x NM Alterian plc CRM SDL plc 107.0 52.0 - 2.1x NM Enswers, Inc. Search & Discovery KT Corporation 39.9 2.7 - 15.0x NM Software & Information SuccessFactors, Inc. HR Software SAP AG 3,400.0 291.8 (27.2) 11.7x NM FTSE International Financial London Stock Exchange Group 1,405.0 40.0 - 35.1x NM Orc Group Financial Software Cidron Intressenter 292.1 141.9 27.4 2.1x 10.7x Curam Software(3 ) ERP Software IBM 150.0 79.8 802.0 1.9x 0.2x Jobs2Web, Inc.(4 ) HR Software SuccessFactors, Inc. 110.0 9.9 - 11.1x NM InfoVista SA Infrastructure Software Thoma Bravo, Inc. 106.4 64.3 57.9 1.7x 1.8x BiBarrie & HibbtHibbert Cdit/RikCredit/Risk SftSoftware Md'Moody's Corpora tion 77.6 22.7 - 343.4x NM Out-of-Home & Specialty Media oOh!media Group Limited Traditional Outdoor Champ 166.0 114.4 21.7 1.5x 7.6x Marketing Services MC2 Ltd. Offline Lead Generation Kenkou Holdings, Inc . 5.4 1.3 - 4.3x NM

IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Nexon Co Gaming IPO $6,666.7 $1,076.6 615.0 6.2x 10.8x Zynga Gaming IPO 6,532.5 1,024.6 198.7 6.4x 32.9x Jive Software Social Technology IPO 579.7 69.4 (34.0) 8.4x NM

(1) fab.com sold a 20 percent stake to Andreessen Horowitz for $40mm (2) Expected 2011 revenue per Forbes (3) 2010 revenue and EBIDTA per Irish Times (4) 2010 revenu per Star Tribune

* IPO multiples based on TTM financials and pro forma balance sheets as of 9/30/11 per Registration Filings

M&A & INVESTMENT SUMMARY DECEMBER 2011 4 IPO PIPELINE ($ in Millions)

Securities in Registration (as of 12/30/2011) Aggregate LTM Date Company Name Segment Offering Value Rev Adj. EBITDA

Dec-11 Cantor Entertainment Technology, Inc. Digital Media/Commerce $100.0 $4.4 NM

Nov-11 ExactTarget, Inc. Marketing Technology 100.0 187.0 NM

Nov-11 Syy,nacor, Inc. Marketingggy Technology 75.0 80.3 4.6

Nov-11 Yelp, Inc. Digital Media/Commerce 100.0 73.7 NM

Oct-11 Lashou Digital Media/Commerce 100.0 7.0 NM

Sep-11 Guidewire Software, Inc. Software & Information 100.0 172.5 19.1

Aug-11 MobiTV, Inc. Marketing Technology 75.0 72.3 NM

Aug-11 Bazaarvoice, Inc. Marketing Technology 86.3 73.6 NM

Aug-11 Brightcove Software & Information 50.0 48.6 NM

Aug-11 Eloqua Corporation Marketing Technology 100.0 59.5 NM

Aug-11 TIM W.E . SGPS Digital Advertising 181.3 246.6 20.2

Jul-11 Loyalty Alliance Enterprise Corp. Marketing Services 75.5 23.9 9.7

Jul-11 Demandware Marketing Technology 100.0 45.9 1.3

Jul-11 Greenway Medical Software & Information 100.0 89.9 4.9

Jun-11 Cafepress Digital Media/Commerce 80.0 160.8 13.5

Apr-11 WageWorks, Inc. Software & Information 52.0 84.6 27.5

Mar-11 Newgistics Marketing Services 86.3 182.8 18.9

Nov-10 Kayak.com Vertical Search 50.0 199.6 38.7

Feb-10 Reply. com Digital Advertising 60.0 38.3 818.1

M&A & INVESTMENT SUMMARY DECEMBER 2011 5 IPO PIPELINE ($ in Millions) IPO Performance (as of 12/30/2011)

Initial Offering Final Price Stock Price at Close Stock Price on Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Dec 30, 2011

Dec-11 JIVE Jive Software United States $8.00-$10.00 $12.00 15.05, up 25% $16.00

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 14.37

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 9.41 Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 16.10

Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 20.63

Aug-11 TUDO Tudou Holdings Limited China 28.00-30.00 29.00 25.56, down 11.9% 10.98

Jul-11 Z Zillow, Inc. United States 12.00-14.00 20.00 35.77, up 79% 22.48 Jun-11 RATE Bankrate, Inc. United States 14.00-16.00 15.00 16.44, up 9.6% 21.50

Jun-11 AWAY HomeAway United States 25.00 - 27.00 27.00 40.21, up 49% 23.25

Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 10.01

Jun-11 TAOM Taomee Holdings Ltd. China 9.00 - 11.00 9.00 8.23, down 8% 4.62 May-11 LNKD LinkedIn Corp. United States 42.00 - 45.00 45.00 94.25, up 109% 63.01

May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 5.63

May-11 RENN RenRen Inc. United States 12.00 - 14.00 25.00 38.84, up 55% 3.55

May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 5.84 May-11 NQ NetQin Mobile India 9.50 - 11.50 11.50 9.32, down 19% 5.27

May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 13.60

May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 19.70

Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 8.89 Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 15.69

Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 15.69

Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 18.24

Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 7.80 Jan-11 VELT Velti Plc China 9.00 - 11.00 12.00 15.58, up 30% 6.80

Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 6.65

Jan-11 NLSN Nielsen Holdings B.V. Netherlands 20.00 - 22.00 23.00 25.00, up 9% 29.69

M&A & INVESTMENT SUMMARY DECEMBER 2011 6 DIGITAL ADVERTISING Transactions by Segment and Buyer Type

• Digital Video and Mobile Marketing were the most active and highest value segments, each with four deals worth approximately $32 million and $31 million, respectively • Select acquisitions › 24/7 Real Media’s acquisition of Panache, a provider of digital video ad fulfillment software and services › Black Castle Development Holdings’ acquisition of mobile marketing company bizM3 › LIN TV’s acquisition of a 50 percent stake in Name Media, which provides online performance ad management technologies • Select investments › The $13 million investment in Martini Media, an online ad network targeting affluent consumers, led by › The $9 million investment in Trada, a provider of crowdsourced online search advertising solutions, from Google Ventures and Foundry Group

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 4 24% 31.5 23% 1 20.0 0 0.0 3 11.5 Mobile Marketing 4 24% 31.2 23% 3 27.0 0 0.0 1 4.2 Search Marketing 3 18% 20.0 15% 1 5.0 0 0.0 2 15.0 Ad Networks/Exchanges 2 12% 28.0 20% 1 15.0 0 0.0 1 13.0 Online Lead Generation 2 12% 10.4 8% 1 919.1 0 000.0 1 131.3 Affiliate/CPA Network 1 6% 0.8 1% 0 0.0 0 0.0 1 0.8 Game Advertising 1 6% 15.0 11% 1 15.0 0 0.0 0 0.0 Total 17 100% 136.9 100% 8 91.1 0 0.0 9 45.8

M&A & INVESTMENT SUMMARY DECEMBER 2011 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $645.90 0% $209,198.9 $173,896.9 $42,561.0 $7,259.0 $35,762.0 $13,446.0 37.6% 29.8% 4.9x 12.9x Microsoft Corporation United States 25.96 -12% 218,380.2 175,538.2 55,939.0 13,097.0 71,120.0 30,146.0 42.4% 8.2% 2.5x 5.8x

Bankrat e, Inc . United States $21.50 -2% $2,149.9 $2,278.9 $64.5 193.5 $387.7 $120.4 31.1% 0.0% 5.9x 18.9x Constant Contact, Inc. * United States 23.21 -36% 690.3 562.6 127.7 - 204.4 18.3 9.0% 25.2% 2.8x 30.7x eHealth, Inc. United States 14.70 -8% 294.6 168.1 126.5 - 159.2 29.7 18.6% 10.5% 1.1x 5.7x Hi- Media S.A. France 2.87 -57% 130.0 159.1 38.7 70.1 335.3 27.7 8.3% 11.7% 0.5x 5.7x IAC/InterActiveCorp. United States 42.60 -3% 3,494.6 2,838.9 865.0 95.8 1,913.9 240.5 12.6% 25.6% 1.5x 11.8x InfoSpace, Inc . United States 10.99 -8% 433.3 154.1 279.3 - 211.9 23.5 11.1% -9.9% 07x0.7x 66x6.6x Motric ity, Inc . * United States 0.90 -96% 41.6 44.4 17.7 20.5 133.2 1.7 1.3% 8.5% 0.3x 25.6x OPT, Inc. Japan 1,135.95 -48% 169.6 15.7 166.5 0.4 787.9 20.8 2.6% 9.8% 0.0x 0.8x Pacific Online Ltd. China 0.48 -21% 515.9 476.5 39.4 - 87.8 40.8 46.5% 26.7% 5.4x 11.7x QuinStreet, Inc. United States 9.36 -62% 445.9 404.4 145.3 103.8 400.6 71.3 17.8% 11.3% 1.0x 5.7x Responsys, Inc. United States 8.89 -51% 421.8 335.0 89.1 2.3 128.4 24.4 19.0% 54.1% 2.6x 13.7x Septeni Holdings Co Ltd Japan 509.49 -55% 64.1 21.2 57.8 9.8 449.2 14.2 3.2% 6.1% 0.0x 1.5x The Active Network, Inc. * United States 13.60 -42% 738.0 602.5 139.0 3.6 323.0 23.7 7.3% 18.6% 1.9x 25.5x TradeDoubler AB Sweden 3.98 -47% 169.7 131.6 38.2 - 431.5 19.8 4.6% 5.7% 0.3x 6.7x Tree.Com, Inc. United States 5.59 -41% 61.7 51.4 10.3 - 182.0 6.8 3.8% 154.1% 0.3x 7.5x Tudou Holdings Limited China 10.98 -61% 311.4 156.1 168.3 13.1 69.5 (48.6) NM 112.1% 2.2x NM ValueClick, Inc. United States 16.29 -17% 1,345.3 1,391.6 98.7 145.0 506.3 143.7 28.4% 22.8% 2.7x 9.7x Velti Plc * Ireland 6.80 -66% 419.4 289.4 140.4 10.3 159.6 10.3 6.4% 28.1% 1.8x 28.2x Yandex N.V. * Netherlands 19.70 -53% 6,363.0 5,930.2 432.8 - 550.1 244.4 44.4% 0.0% 10.8x 24.3x Yahoo! Inc. United States 16.13 -14% 20,006.0 17,975.2 2,114.8 39.0 5,185.2 1,405.6 27.1% -20.6% 3.5x 12.8x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (7.5x) Low 0.0x 0.8x and EBITDA multiples that are 1.0 standard deviations above the mean (22.7x). Mean 2.3x 13.3x Median 1.6x 11.7x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 4.4x 15.1x Adj. W Avg* 3.2x 12.5x High 10.8x 30.7x

M&A & INVESTMENT SUMMARY DECEMBER 2011 8 AGENCY/CONSULTING Transactions by Segment and Buyer Type

• Other Consulting was the most active segment with 10 deals, and Public Relations was the highest value segment worth $127 million • Select acquisitions › Mediacom North’s acquisition of Brilliant Independent Media Specialists, a U.K.-based media communications company › Russell Square Holding’s acquisition of Russia-based Promo Digital, which operates as a digital marketing services agency › Clemenger Group’s acquisition of New Zealand-based creative agency TOUCH/CAST • Select investments › The $108 million investment in Mu Sigma, a decision science and analytic services provider, led by General Atlantic › The $7 million investment in XPI, a provider of disclosure solutions for corporate executives, accounting, legal, and investment professionals, from BEST Funds

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Other Consulting 10 27% 20.0 3% 6 0.0 1 0.0 3 20.0 Digital Agency 7 19% 115.2 19% 7 115.2 0 0.0 0 0.0 Public Relations 4 11% 126.9 21% 3 26.9 0 0.0 1 100.0 Healthcare Agency 3 8% 50.0 8% 3 50.0 0 0.0 0 0.0 Marketing Consulting 3 8% 134.7 22% 2 26.7 0 0.0 1 108.0 Specialty Agency 3 8% 42.0 7% 3 42.0 0 0.0 0 0.0 Total 37 100% 602 100% 30 356 2 17 5 228

*Other includes Design Agency, Social Agency, Experiential Marketing, General Agency and Media Planning/Buying

M&A & INVESTMENT SUMMARY DECEMBER 2011 9 AGENCY/CONSULTING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc * United Kingdom $2.25 1% $2,573.3 $3,108.1 $516.3 $1,148.0 $2,470.2 $282.5 11.4% 33.7% 1.3x 11.0x Cello Group Plc United Kingdom 0.53 -46% 41.4 59.7 8.2 26.3 203.0 12.5 6.1% -2.6% 0.3x 4.8x Cha rm Communic a t ions China 8.68 -32% 339.7 180.9 165.0 - 256.5 47.0 18.3% 0.0% 0.7x 3.8x Chime Communications plc United Kingdom 2.66 -43% 210.2 199.1 14.3 3.0 509.8 46.4 9.1% 6.1% 0.4x 4.3x Dentsu Inc . Japan 30.53 -16% 7,606.7 6,888.1 1,746.7 773.8 23,714.4 810.7 3.4% 3.8% 0.3x 8.5x Havas France 4.13 -26% 1,780.5 1,893.5 1,170.2 1,292.2 2,314.3 367.3 15.9% 8.4% 0.8x 5.2x Huntsworth plc United Kingdom 0.55 -58% 136.9 249.8 9.8 126.3 280.6 47.8 17.0% 4.7% 0.9x 5.2x The Interpublic Group of United States 9.73 -27% 4,487.2 4,927.1 1,798.8 1,724.6 6,971.8 781.4 11.2% 10.6% 0.7x 6.3x M&C Saatchi plc United Kingdom 1.82 -22% 114.5 95.8 28.0 4.4 223.0 25.7 11.5% 24.1% 0.4x 3.7x MDC Partners Inc . * Canada 13.41 -28% 392.3 925.4 7.3 395.0 909.6 76.3 8.4% 43.5% 1.0x 12.1x mkt g, inc . United States 0.60 -52% 5.3 5.6 4.5 2.5 119.9 5.4 4.5% 22.3% 0.0x 1.0x Next Fifteen United Kingdom 1.37 -2% 78.5 86.1 14.0 16.6 141.7 18.0 12.7% 19.0% 0.6x 4.8x Omnicom Group Inc. United States 44.58 -13% 12,298.5 15,247.6 912.0 3,201.6 13,606.4 2,038.6 15.0% 11.3% 1.1x 7.5x Photon Group Limited Australia 0.05 -49% 83.8 186.3 19.9 126.6 577.7 55.0 9.5% -8.4% 0.3x 3.4x Publicis Groupe SA France 46.18 -15% 8,569.1 8,879.6 2,806.5 3,120.1 8,100.2 1,389.5 17.2% 15.0% 1.1x 6.4x Sapient Corp. * United States 12.60 -22% 1,761.4 1,597.7 163.7 - 1,021.7 118.3 11.6% 24.3% 1.6x 13.5x WPP plc Ireland 10.51 -21% 13,250.8 18,066.4 2,840.8 7,464.7 15,423.0 2,301.6 14.9% 8.7% 1.2x 7.8x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.6x) Low 0.0x 1.0x and EBITDA multiples that are 1.0 standard deviations above the mean (9.8x). Mean 0.7x 6.4x Median 0.7x 5.2x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 1.0x 7.7x Adj. W Avg* 1.0x 7.3x High 1.6x 13.5x

M&A & INVESTMENT SUMMARY DECEMBER 2011 10 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type

• eCommerce and Social Media/Apps were the most active segments with 23 transactions. Worth approximately $558 million, eCommerce was the highest value segment • Select acquisitions › Bridgepoint Capital’s $283 million buyout of Wiggle, a U.K.-based online cycling and tri-sports retailer › BioWare’s $35 million acquisition of KlickNation, a developer of free-to-play social role-playing games for social platforms › Time Out Group’s acquisition of Kelkoo Select, a daily deals platform provider • Select investments › The $176 million investment in LivingSocial.com led by JP Morgan, with existing investors Lightspeed Ventures and Amazon also participating › The $40 million investment in fab.com, a design focused flash sales site, led by Andreessen Horowitz › The $32 million investment in Uber, which provides a mobile application for requesting a car service, led by Menlo Ventures

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM#$MM eCommerce 17 22% 558.4 31% 4 35.0 3 431.4 10 92.0 Social Media/Apps 17 22% 112.8 6% 4 23.0 0 0.0 13 89.8 Mobile Content/Apps 12 15% 52.6 3% 5 25.5 0 0.0 7 27.1 Gaming 10 13% 163.7 9% 5 114.1 0 0.0 5 49.6 Digital Promotion/Coupon 5 6% 251.0 14% 3 35.0 0 0.0 2 216.0 Comparison Shopping 4 5% 549.0 30% 4 549.0 0 0.0 0 0.0 Niche Content 4 5% 15.0 1% 3 11.0 0 0.0 1 4.0 Classifieds/Auctions/P-to-P 3 4% 18.8 1% 1 0.0 0 0.0 2 18.8 Local Search 2 3% 10.5 1% 1 0.5 0 0.0 1 10.0 Vertical Search 2 3% 29.0 2% 1 25.0 0 0.0 1 4.0 Web Search/Portals 2 3% 55.2 3% 0 0.0 0 0.0 2 55.2 Total 78 100% 1,816 100% 31 818 3 431 44 567

M&A & INVESTMENT SUMMARY DECEMBER 2011 11 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $173.10 -30% $78,717.9 $72,391.9 $6,326.0 $0.0 $43,593.0 $1,749.0 4.0% 41.6% 1.7x 41.4x eBay Inc. United States 30.33 -14% 39,154.0 37,685.1 4,012.9 2,544.0 10,767.0 3,070.8 28.5% 19.2% 3.5x 12.3x priceline.com Incorporated United States 467.71 -17% 23,284.0 21,531.0 2,404.6 575.0 4,096.2 1,340.1 32.7% 41.5% 5.3x 16.1x

1-800-Flowers.com Inc. United States $2.20 -43% $143.1 $217.3 $5.7 $79.9 $705.2 $34.2 4.8% 6.7% 0.3x 6.4x AirMedia Group Inc. China 3.63 -56% 239.5 121.9 115.5 - 254.3 11.9 4.7% 23.4% 0.5x 10.2x Alibaba.com Limited China 1.03 -55% 5,159.9 3,714.3 1,584.1 128.4 983.8 312.1 31.7% 22.1% 3.8x 11.9x Ancestry.com Inc. United States 22.96 -50% 1,011.8 964.9 46.9 - 378.2 126.8 33.5% 35.9% 2.6x 7.6x Angie's List, Inc. * United States 16.10 -14% 891.3 895.5 10.5 14.8 78.7 (44.5) NM 0.0% 11.4x NM AOL, Inc. United States 15.10 -42% 1,469.9 1,138.6 444.1 112.8 2,221.3 382.8 17.2% -16.4% 0.5x 3.0x Bet fair Group PLC United Kingdom 11.71 -29% 1,189.5 971.3 231.0 - 598.9 89.3 14.9% -3.8% 1.6x 10.9x BIDZ.c om, Inc . United States 0.45 -82% 8.7 7.9 0.8 - 94.2 (5.3) NM -8.7% 0.1x NM Blinkx plc United Kingdom 1.19 -52% 430.1 377.4 52.9 - 83.3 11.2 13.5% 73.8% 4.5x 33.7x Blue Nile Inc . United States 40.88 -37% 554.2 514.8 40.2 0.8 350.5 21.7 6.2% 9.2% 1.5x 23.8x Bluefly Inc . United States 2.16 -38% 60.9 56.8 4.1 - 95.5 (2.1) NM 13.2% 0.6x NM CyberAgent Inc. Japan 3,250.58 -18% 2,120.7 1,900.3 269.2 26.4 1,550.9 220.7 14.2% 23.7% 1.2x 8.6x Demand Media, Inc . United States 6.65 -76% 557.6 478.4 79.2 - 314.0 60.0 19.1% 33.7% 1.5x 8.0x Dena Co. Ltd. Japan 30.01 -47% 4,432.0 3,606.2 862.2 - 1,696.4 848.9 50.0% 59.5% 2.1x 4.2x Dic e Holdings, Inc . United States 8.29 -56% 550.9 492.4 74.5 16.0 169.7 67.5 39.8% 44.0% 2.9x 7.3x E- Comme rc e China China 4.40 -88% 348.8 105.7 243.1 - 485.4 (15.7) NM 53.5% 0.2x NM Ediets.com Inc. United States 0.30 -92% 4.0 3.3 1.7 1.0 24.3 (3.9) NM 19.6% 0.1x NM Expedia Inc. United States 29.02 -8% 4,246.0 4,025.7 2,005.9 1,645.4 3,795.0 895.9 23.6% 17.2% 1.1x 4.5x G5 Entertainment AB Sweden 3.13 -20% 25.1 22.1 3.0 - 5.7 2.3 40.7% 137.1% 3.8x 9.4x GameLoft SA France 6.29 -11% 476.6 442.7 39.7 1.8 237.1 37.9 16.0% 20.9% 1.9x 11.7x Glu Mobile, Inc . United States 3.14 -49% 200.0 163.0 37.1 - 66.6 (7.0) NM -1.6% 2.4x NM Gree, Inc . Japan 34.47 -7% 7,980.7 7,710.1 271.3 - 1,066.1 541.8 50.8% 101.5% 7.2x 14.2x Groupon, Inc . United States 20.63 -34% 13,157.9 12,913.0 243.9 - 1,290.5 (365.6) NM 0.0% 10.0x NM Hollywood Media Corp. United States 1.27 -36% 29.4 23.9 5.5 0.0 4.0 (5.9) NM NA 6.0x NM HomeAway, Inc . United States 23.25 -49% 1,873.5 1,701.5 172.1 - 217.3 36.1 16.6% 0.0% 7.8x 47.2x HSN, Inc . United States 36.26 -6% 2,141.4 2,110.2 340.1 308.9 3,137.4 245.5 7.8% 7.4% 0.7x 8.6x Jiayuan.com International China 5.84 -64% 182.6 89.3 25.4 - 32.5 7.0 21.5% 0.0% 2.7x 12.7x Kongzhongd Corp. China 4.14 -62% 156.4 13.8 143.7 1.2 153.1 28.4 18.5% 7.3% 0.1x 0.5x LeGuide.com S.A. France 19.06 -56% 66.9 29.8 46.4 5.0 41.0 14.5 35.3% 13.0% 0.7x 2.1x LinkedIn Corporation * United States 63.01 -49% 6,147.0 5,759.3 387.7 - 436.1 53.3 12.2% 117.3% 13.2x 108.0x Liquidity Services, Inc. United States 36.90 -7% 1,088.4 959.4 129.0 - 327.4 49.7 15.2% 19.9% 2.9x 19.3x MakeMyTrip Limited * India 24.04 -30% 886.0 820.4 75.4 9.8 163.0 6.7 4.1% 60.6% 5.0x 121.9x Mixi, Inc. Japan 2,989.34 -51% 463.7 342.3 121.1 - 195.2 40.6 20.8% -1.3% 1.8x 8.4x Monster Worldwide, Inc . United States 7.93 -69% 976.1 877.0 321.8 222.8 1,045.2 145.2 13.9% 19.8% 0.8x 6.0x Move, Inc. United States 6.32 -43% 243.9 211.0 81.3 - 193.4 12.2 6.3% -2.5% 1.1x 17.3x Nexon Co. Ltd. Japan 14.39 -16% 6,120.4 6,049.9 407.5 291.0 860.1 - NM 35.3% 7.0x NM NCSoft South Korea 264.93 -21% 5,248.1 4,751.1 512.0 13.8 532.5 150.8 28.3% -8.6% 8.9x 31.5x Netflix, Inc . United States 69.29 -77% 3,836.0 3,704.9 365.8 234.7 2,924.9 433.8 14.8% 45.4% 1.3x 8.5x OpenTable, Inc. United States 39.13 -67% 929.4 849.5 79.9 - 133.1 37.4 28.1% 52.3% 6.4x 22.7x Orbitz Worldwide, Inc. United States 3.76 -42% 390.1 722.3 140.8 473.0 772.0 106.5 13.8% 3.0% 0.9x 6.8x Overstock.com Inc. United States 7.84 -54% 182.5 140.9 79.1 37.5 1,089.1 11.5 1.1% 2.4% 0.1x 12.3x Pacific Online Ltd. China 0.48 -21% 515.9 476.5 39.4 - 87.8 40.8 46.5% 26.7% 5.4x 11.7x Pandora Media, Inc. United States 10.01 -62% 1,615.3 1,524.5 90.8 - 240.7 (0.5) NM 111.2% 6.3x NM PC Connection, Inc. United States 11.09 -5% 293.2 255.6 39.8 2.2 2,105.7 53.8 2.6% 11.9% 0.1x 4.7x PC Home Online Inc. Taiwan 6.16 -22% 425.6 352.8 85.0 3.3 431.3 16.9 3.9% 33.1% 0.8x 20.9x

M&A & INVESTMENT SUMMARY DECEMBER 2011 12 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA PC Mall Inc . United States 6.28 -43% 75.6 145.3 6.2 75.9 1,490.8 24.5 1.6% 16.5% 0.1x 5.9x Phoenix New Media Limited China 5.63 -63% 425.4 239.2 186.2 - 129.8 12.9 9.9% 0.0% 1.8x 18.5x Qihoo 360 Technology Co. * China 15.69 -57% 1,811.8 1,493.8 319.3 - 125.3 7.0 5.6% 161.9% 11.9x 213.9x Quepasa Corp. * United States 3.32 -79% 119.3 111.6 14.4 6.7 7.4 (7.6) NM 63.2% 15.1x NM Rakut en, Inc . Japan 1,076.16 -13% 14,132.4 16,881.1 2,503.6 5,178.4 4,721.7 1,170.5 24.8% 9.1% 3.6x 14.4x ReachLocal, Inc. United States 6.18 -78% 181.6 87.4 94.2 - 356.0 (4.1) NM 31.4% 0.2x NM RealNet works Inc . United States 7.50 -56% 257.5 74.4 183.1 - 353.3 2.2 0.6% -21.4% 0.2x 34.2x Rediff.com India Ltd. India 7.62 -58% 207.3 170.4 - - 22.0 (7.5) NM 10.5% 7.7x NM Renren Inc . China 3.55 -85% 1,391.7 197.0 380.3 - 83.1 11.1 13.4% 0.0% 2.4x 17.7x Scripps Networks United States 42.42 -21% 6,763.7 7,823.1 315.3 984.5 2,208.3 957.1 43.3% 22.2% 3.5x 8.2x Shutterfly, Inc. United States 22.76 -66% 789.1 720.4 68.7 - 375.7 19.2 5.1% 37.8% 1.9x 37.6x Sify Technologies Limited India 4.02 -53% 717.2 755.5 - - 158.0 9.9 6.2% 14.5% 4.8x 76.6x S ky - mo bi Limit e d China 3.05 -87% 98.1 11.0 87.1 - 106.2 6.2 5.9% 5.8% 0.1x 1.8x Spark Networks, Inc. United States 3.80 -4% 78.3 63.6 14.7 - 45.7 2.5 5.6% 9.4% 1.4x 25.0x Stamps.com Inc. United States 26.13 -23% 392.2 352.6 39.6 - 97.0 13.6 14.0% 14.8% 3.6x 26.0x Taomee Holdings Ltd. China 4.62 -74% 169.5 48.6 54.1 - 41.9 22.3 53.2% 0.0% 1.2x 2.2x TechTarget, Inc. United States 5.84 -40% 225.1 178.7 46.4 - 103.5 16.3 15.8% 13.2% 1.7x 10.9x The Active Network, Inc. United States 13.60 -42% 738.0 602.5 139.0 3.6 323.0 23.7 7.3% 18.6% 1.9x 25.5x TheStreet, Inc. United States 1.68 -54% 53.8 (8.4) 62.2 - 58.2 (3.9) NM -1.4% NM 2.1x TripAdvisor LLC United States 25.21 -18% 3,101.2 2,973.2 132.7 4.6 564.1 278.9 49.4% 0.0% 5.3x 10.7x Tudou Holdings Limited China 10.98 -61% 311.4 156.1 168.3 13.1 69.5 (48.6) NM 112.1% 2.2x NM United Online, Inc . United States 5.44 -27% 485.1 633.9 112.8 261.7 912.4 152.4 16.7% -2.7% 0.7x 4.2x ValueVision Media Inc . United States 1.88 -78% 91.3 88.5 27.7 25.0 589.7 6.7 1.1% 9.5% 0.2x 13.2x Vringo, Inc. United States 0.99 -70% 6.2 6.9 1.7 2.4 0.6 (6.6) NM 359.7% 10.8x NM WebMD Health Corp. United States 37.55 -36% 2,115.8 1,812.2 1,103.6 800.0 576.6 148.6 25.8% 14.4% 3.1x 12.2x WebMediaBrands Inc United States 0.48 -76% 19.9 23.9 1.9 5.9 11.7 (2.3) NM 47.5% 2.0x NM Yahoo! Inc. United States 16.13 -14% 20,006.0 17,975.2 2,114.8 39.0 5,185.2 1,405.6 27.1% -20.6% 3.5x 12.8x Yandex N.V. Netherlands 19.70 -53% 6,363.0 5,930.2 432.8 - 550.1 244.4 44.4% 0.0% 10.8x 24.3x Youku Inc. * China 15.67 -78% 1,787.7 1,196.7 594.3 3.3 116.1 4.1 3.5% 156.8% 10.3x 294.5x Zillow, Inc. * United States 22.48 -63% 621.2 525.4 95.8 - 55.7 4.3 7.8% 0.0% 9.4x 121.1x Zynga, Inc. United States 9.41 -18% 6,580.8 5,655.2 925.6 - 1,024.6 190.4 18.6% 0.0% 5.5x 29.7x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (10.9x) Low 0.1x 0.5x and EBITDA multiples that are 1.0 standard deviations above the mean (78.3x). Mean 3.6x 28.2x Median 2.1x 12.0x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 5.4x 23.7x Adj. W Avg* 4.9x 15.5x High 15.1x 294.5x

M&A & INVESTMENT SUMMARY DECEMBER 2011 13 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type

• Social Technology was the most active segments with 18 transactions. The highest value segment was Analytics & Reporting worth approximately $541 million • Select acquisitions › IBM’s $440 million acquisition of DemandTec, which provides software for price and promotion optimization › Akamai Technologies’ $268 million acquisition of Cotendo, a website and mobile acceleration technology vendor › Salesforce.com’s $65 million acquisition of Rypple, a social performance platform provider • Select investments › The $35 million growth capital investment in Outbrain, a content discovery platform provider for publishers and marketers, led by › The $18 million investment in mFoundry, a provider of mobile banking technology, led by MasterCard

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Technology 18 27% 214.4 12% 8 167.0 0 0.0 10 47.4 AltiAnalytics & RtiReporting 9 14% 541.3 30% 5 497.8 1 20.0 3 23.5 Content Management 8 12% 244.7 14% 3 157.5 0 0.0 5 87.2 Commerce Management 6 9% 34.5 2% 3 25.0 0 0.0 3 9.5 CRM 6 9% 283.3 16% 3 272.0 0 0.0 3 11.3 Mobile Technology 5 8% 57.8 3% 2 22.1 1 15.0 2 20.7 MRM/Workflow Management 3 5% 39.0 2% 2 24.0 1 15.0 0 0.0 Search & Discovery 2 3% 44.9 2% 2 44.9 0 0.0 0 0.0 Website Creation/Hosting 2 3% 17.0 1% 2 17.0 0 0.0 0 0.0 BI tools 1 2% 25.0 1% 1 25.0 0 0.0 0 0.0 Content Delivery Network 1 2% 268.0 15% 1 268.0 0 0.0 0 0.0 Data Quality 1 2% 1.5 0% 0 0.0 0 0.0 1 1.5 Other* 46%402%2 370 0 2 3 Total 66 100% 1,811 100% 34 1,557 3 50 29 204

*Other includes Email/Messaging Software, Online Targeting/Optimization, Teleservices/eServices and Web to Print

M&A & INVESTMENT SUMMARY DECEMBER 2011 14 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $28.27 -21% $13,877.6 $12,480.2 $2,719.3 $1,516.4 $4,216.3 $1,459.6 34.6% 11.0% 3.0x 8.6x Salesforce.com United States 101.46 -37% 13,798.6 13,695.4 645.8 542.7 2,091.5 90.9 4.3% 34.6% 6.5x 150.6x

Akamai Technologies, Inc. United States $32.28 -41% $5,792.0 $5,104.5 $687.5 - $1,119.5 $432.2 38.6% 14.6% 4.6x 11.8x Alterian plc United Kingdom 1.71 -48% 105.08 102.97 2.96 0.85 55.99 -5.79 NM -14.5% 1.8x NM Bitauto Holdings Limited China 4.00 -72% 165.0 78.0 87.0 - 76.0 12.5 16.4% 0.0% 1.0x 6.3x Blackbaud Inc. United States 27.70 -9% 1,200.0 1,148.0 52.0 - 363.2 70.5 19.4% 13.8% 3.2x 16.3x ChinaCache International China 4.01 -88% 96.7 32.2 65.4 0.9 89.6 14.1 15.7% 63.1% 0.4x 2.3x Convio, Inc . UUedSaesnited States 11.06 -15% 203.2 153.1 50.1 - 7669.9 6.7 87%8.7% 12.2% 20x2.0x 22.8x DemandTec, Inc.(1) United States 13.17 -6% 444.5 385.0 64.2 - 89.1 (9.0) NM 11.8% 4.3x NM Digital Generation, Inc. United States 11.92 -69% 328.0 1,349.6 72.4 1,094.0 297.3 127.5 42.9% 33.0% 4.5x 10.6x Digit al River Inc . United States 15.02 -62% 560.8 250.3 664.2 353.8 383.8 53.9 14.0% 3.6% 0.7x 4.6x Informatic a Corporation United States 36.93 -41% 3,927.4 3,373.5 553.9 - 754.7 186.4 24.7% 25.2% 4.5x 18.1x InnerWorkings Inc. United States 9.31 -7% 435.2 477.1 11.3 53.2 589.0 25.7 4.4% 28.1% 0.8x 18.6x Interac tive Intelligenc e, United States 22.92 -45% 431.4 362.6 68.8 - 202.5 30.5 15.1% 33.6% 1.8x 11.9x JDA Software Group Inc. United States 32.39 -8% 1,378.2 1,361.6 289.7 273.1 666.3 169.9 25.5% 19.9% 2.0x 8.0x Jive Software, Inc. * United States 16.00 -5% 945.1 905.4 72.6 32.9 69.4 (34.0) NM 0.0% 13.0x NM Keynote Systems Inc. United States 20.54 -21% 355.3 253.9 101.4 - 103.0 22.1 21.5% 29.0% 2.5x 11.5x Merc adolibre, Inc . * Argentina 79.54 -17% 3,511.1 3,388.1 126.7 0.3 274.8 98.4 35.8% 35.1% 12.3x 34.4x NetQin Mobile Inc. China 5.27 -56% 241.5 120.0 121.5 - 34.1 (5.8) NM 0.0% 3.5x NM Open Text Corp. Canada 51.14 -29% 2,959.4 3,184.7 119.3 344.7 1,103.9 304.2 27.6% 20.3% 2.9x 10.5x PROS Holdings, Inc. United States 14.88 -25% 400.8 334.4 66.4 - 90.6 11.8 13.1% 33.7% 3.7x 28.2x Rightnow Technologies * United States 42.73 -1% 1,425.1 1,358.7 241.5 175.0 216.2 23.9 11.0% 23.0% 6.3x 56.9x Rovi Corporat ion United States 24.58 -65% 2,703.7 3,341.7 418.8 1,056.8 691.2 275.0 39.8% 28.4% 4.8x 12.2x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (10.5x) Low 0.4x 2.3x and EBITDA multi pl es that are 1.0 st and ard devi ati ons ab ove the me a n (30.0 x) . Mean 3.8x 16.8x Median 3.2x 11.9x (1) DemandTec is being ac quired by IBM, 12/08/11 Weighted Avg 5.3x 17.3x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Adj. W Avg* 3.9x 13.1x High 13.0x 56.9x

M&A & INVESTMENT SUMMARY DECEMBER 2011 15 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type

• Infrastructure Software was the most active segment within Software & Information with 13 transactions. Worth $3.5 billion, HR Software was the highest value segment • Select acquisitions › SAP’s $3.4 billion acquisition of SuccessFactors, a provider of cloud-based human capital management solutions › The London Stock Exchange Group’s $703 million acquisition of the remaining 50 percent stake in FTSE International, a U.K.-based company engaged in the creation and management of equity, bond and hedge fund indices › IBM’s acquisition of Emptoris, a provider of cloud and on-premise analytics software that brings more intelligence to procurement and supply chain operations • Select investments › The $40 million investment in Cyber-Ark Software, which provides identity management solutions to financial institutions, led by Goldman Sachs and Jerusalem Venture Partners

SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Infrastructure Software 13 25% 147.4 2% 3 0.0 1 71.6 9 75.8 ERP Software 9 17% 677.3 11% 8 666.3 0 0.0 1 11.0 HC-Providers Software 7 13% 73.8 1% 3 5.0 1 56.0 3 12.8 Market Research 6 11% 28.0 0% 4 15.0 0 0.0 2 13.0 Financial Software 5 9% 613.7 10% 3 597.1 0 0.0 2 16.6 HR So ftware 3 6% 3, 510.0 59% 3 351003,510.0 0 000.0 0 000.0 Credit/Risk Software 2 4% 77.6 1% 2 77.6 0 0.0 0 0.0 Healthcare-Payors 2 4% 0.0 0% 2 0.0 0 0.0 0 0.0 Marketing Data 2 4% 40.0 1% 1 0.0 0 0.0 1 40.0 Other* 4 8% 777 13% 3 771 0 0 1 6 Total 53 100% 5,944 100% 32 5,642 2 128 19 175 *Other includes Financial, HC-Bio-Pharma Software, Healthcare-Providers and Legal Software

M&A & INVESTMENT SUMMARY DECEMBER 2011 16 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $6.72 -25% $372.8 $256.3 $116.4 - $141.9 $1.9 1.3% 0.0% 1.8x 136.1x Actuate Corporation United States 5.86 -13% 285.4 222.6 63.5 - 132.0 24.6 18.6% 1.3% 1.7x 9.0x Acxiom Corporation United States 12.21 -35% 955.7 1,156.1 119.2 314.0 1,186.9 241.9 20.4% 4.6% 1.0x 4.8x Adobe Systems Inc. United States 28.27 -21% 13,877.6 12,480.2 2,911.7 1,514.3 4,216.3 1,459.6 34.6% 11.0% 3.0x 8.6x Advent Software, Inc. United States 24.36 -23% 1,237.5 1,180.5 56.9 - 315.5 68.6 21.7% 15.0% 3.7x 17.2x Advisory Board Co. United States 74.21 -2% 1,214.9 1,175.8 39.1 - 327.0 46.2 14.1% 24.8% 3.6x 25.5x Akamai Technologies, Inc. United States 32.28 -41% 5,792.0 5,104.5 687.5 - 1,119.5 432.2 38.6% 14.6% 4.6x 11.8x Allianc e Data Systems Corporation United States 103.84 -3% 5,188.7 11,702.3 239.6 6,753.2 3,081.5 896.2 29.1% 19.4% 3.8x 13.1x Alloc ate Software plc . United Kingdom 1.20 -14% 76.5 63.4 17.1 3.3 49.5 9.2 18.7% 37.1% 1.3x 6.9x Allsc ripts Healthc are Solutions, Inc . United States 18.94 -18% 3,590.5 3,886.1 84.8 380.4 1,366.3 246.5 18.0% 0.0% 2.8x 15.8x Alterian plc United Kingdom 1.71 -48% 105.1 103.0 3.0 0.8 56.0 (5.8) NM -14.5% 1.8x NM Arbitron Inc. United States 34.41 -23% 937.8 921.8 16.0 - 413.8 112.4 27.2% 7.4% 2.2x 8.2x athenahealth, Inc. United States 49.12 -32% 1,735.3 1,616.8 118.5 - 300.9 51.6 17.1% 30.5% 5.4x 31.4x Automatic Data Processing, Inc. United States 54.01 -2% 26,394.6 25,163.1 1,268.0 36.5 10,172.6 2,172.4 21.4% 12.3% 2.5x 11.6x Aveva Group plc United Kingdom 22.26 -20% 1,510.1 1,265.1 246.2 - 282.5 85.4 30.2% 15.1% 4.5x 14.8x Blackbaud Inc. United States 27.70 -9% 1,200.0 1,148.0 52.0 - 363.2 70.5 19.4% 13.8% 3.2x 16.3x Booz Allen Hamilton Inc . United States 17.25 -17% 2,276.3 2,899.9 356.2 979.9 5,758.0 428.6 7.4% 8.2% 0.5x 6.8x Brainjuic er Group Plc United Kingdom 4.61 -3% 57.6 54.4 3.3 - 29.3 4.0 13.7% 28.7% 1.9x 13.5x Broadridge Financ ial Solutions Inc . United States 22.55 -9% 2,798.8 3,158.3 254.8 614.3 2,221.9 367.9 16.6% 1.3% 1.4x 8.6x Cegedim SA France 22.09 -66% 308.4 938.5 106.3 809.8 1,359.6 240.3 17.7% 5.3% 0.7x 3.9x Cello Group Plc United Kingdom 0.53 -46% 41.4 59.7 8.2 26.3 203.0 12.5 6.1% -2.6% 0.3x 4.8x Cerner Corporation United States 61.25 -18% 10,376.1 9,754.9 755.2 133.8 2,087.7 555.8 26.6% 14.9% 4.7x 17.5x Cision AB Sweden 5.39 -37% 80.0 141.1 4.5 65.9 144.1 23.4 16.3% -17.2% 1.0x 6.0x comScore, Inc. * United States 21.20 -32% 700.2 679.9 33.4 13.1 221.0 10.1 4.6% 40.2% 3.1x 67.1x Concur Technologies, Inc. * United States 50.79 -13% 2,747.2 2,432.3 555.5 239.5 349.5 45.9 13.1% 19.3% 7.0x 53.0x Constant Contact, Inc. United States 23.21 -36% 690.3 562.6 127.7 - 204.4 18.3 9.0% 25.2% 2.8x 30.7x Convio, Inc. United States 11.06 -15% 203.2 153.1 50.1 - 76.9 6.7 8.7% 12.2% 2.0x 22.8x CoreLogic , Inc. United States 12.93 -38% 1,377.0 2,117.0 173.6 911.1 1,651.5 233.1 14.1% 36.4% 1.3x 9.1x Cornerstone OnDemand, Inc. * United States 18.24 -22% 884.1 806.2 81.4 3.5 61.8 (19.1) NM 51.9% 13.0x NM Corporate Executive Board Co. United States 38.10 -17% 1,268.5 1,168.3 100.2 - 474.0 95.2 20.1% 10.3% 2.5x 12.3x CoStar Group Inc. United States 66.73 -9% 1,690.7 1,136.4 554.3 - 243.8 41.5 17.0% 9.5% 4.7x 27.4x CRA International Inc . United States 19.84 -33% 210.9 159.6 87.5 - 267.0 - 0.0% 0.0% 0.6x NM Craneware plc United Kingdom 7.70 -20% 207.9 184.5 24.2 - 38.1 9.6 25.2% 34.3% 4.8x 19.2x DemandTec, Inc. United States 13.17 -6% 444.5 385.0 59.5 - 89.1 (9.0) NM 11.8% 4.3x NM Digital Generation, Inc. United States 11.92 -69% 328.0 739.6 72.4 484.0 297.3 127.5 42.9% 33.0% 2.5x 5.8x Digit al River Inc . United States 15.02 -62% 560.8 250.3 664.2 353.8 383.8 53.9 14.0% 3.6% 0.7x 4.6x Dun & BBdttradstreet Corp. UitdUnited SttStates 74.83 -14% 3,637 .4 4,446 .0 93.7 893.2 1,741 .5 512.7 29.4% 5.0% 2.6x 8.7x Ebiquity plc United Kingdom 1.07 -34% 63.2 69.9 5.3 12.5 73.7 8.7 11.8% 108.1% 0.9x 8.1x Ebix Inc. United States 22.10 -27% 817.7 829.3 15.6 27.2 160.0 70.3 43.9% 24.6% 5.2x 11.8x Envestnet, Inc. United States 11.96 -32% 380.3 297.0 83.6 0.2 120.2 18.3 15.2% 30.3% 2.5x 16.3x EPIQ Systems, Inc. United States 12.02 -21% 429.3 610.8 4.7 186.2 277.3 68.2 24.6% 18.6% 2.2x 9.0x Epocrates, Inc. United States 7.80 -74% 188.2 104.0 84.2 - 113.9 6.6 5.8% 12.7% 0.9x 15.6x Equifax Inc. United States 38.74 -3% 4,690.7 5,642.2 102.0 1,035.5 1,932.1 620.9 32.1% 6.6% 2.9x 9.1x Experian plc Ireland 13.63 1% 13,693.9 15,654.0 484.0 2,300.0 4,527.0 1,443.0 31.9% 13.0% 3.5x 10.8x FactSet Research Systems Inc. United States 87.28 -22% 3,942.0 3,734.5 207.5 - 749.7 281.5 37.6% 13.7% 5.0x 13.3x Fair Isaac Corp. United States 35.84 -7% 1,279 .5 1,549 .9 241.6 512.0 619.7 163.9 26.5% 23%2.3% 25x2.5x 95x9.5x Fidelity National Information Servic es, Inc . United States 26.59 -21% 7,962.9 12,645.5 386.8 4,917.5 5,647.6 1,551.2 27.5% 9.5% 2.2x 8.2x Fidessa group plc United Kingdom 23.55 -28% 863.8 779.0 87.5 - 435.1 90.6 20.8% 8.0% 1.8x 8.6x Financ ial Engines, Inc . United States 22.33 -23% 1,016.1 883.7 132.3 - 136.3 22.8 16.7% 30.0% 6.5x 38.7x

M&A & INVESTMENT SUMMARY DECEMBER 2011 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Forrester Research Inc. United States 33.94 -15% 769.5 556.9 212.6 - 276.1 38.4 13.9% 12.6% 2.0x 14.5x FTI Consulting, Inc. United States 42.42 -4% 1,738.0 2,407.3 128.2 797.5 1,532.3 266.2 17.4% 10.4% 1.6x 9.0x Gart ner Inc . United States 34.77 -20% 3,299.5 3,363.5 156.9 220.9 1,423.2 224.2 15.8% 15.2% 2.4x 15.0x GfK SE Germany 39.79 -25% 1,443.4 1,903.5 198.3 622.7 1,829.7 291.3 15.9% 8.3% 1.0x 6.5x GlobeOp Financ ial Servic es S.A United Kingdom 4.44 -36% 468.6 383.5 87.8 - 210.3 56.6 26.9% 26.1% 1.8x 6.8x Green Dot Corporation United States 31.22 -52% 1,317.3 1,137.7 220.5 40.8 459.1 81.4 17.7% 27.0% 2.5x 14.0x Harris Interac tive Inc . United States 0.58 -60% 32.4 30.0 12.4 10.0 166.5 6.3 3.8% 0.0% 0.2x 4.8x Harte- Hanks Inc . United States 9.09 -34% 571.0 684.2 71.8 185.0 862.1 101.0 11.7% 2.4% 0.8x 6.8x IHS Inc. UiUnite d States 86.16 -4% 5,601 .3 6,213 .0 202.9 814.6 1,257 .9 283.8 22.6% 21.6% 4.9x 21.9x Informa plc Switzerland 5.62 -22% 3,380.8 4,747.6 58.9 1,468.6 1,987.2 529.0 26.6% 2.3% 2.4x 9.0x Informatic a Corporation United States 36.93 -41% 3,927.4 3,373.5 553.9 - 754.7 186.4 24.7% 25.2% 4.5x 18.1x Information Servic es Group, Inc . United States 1.03 -58% 37.2 91.2 17.1 71.1 171.4 10.0 5.8% 27.1% 0.5x 9.2x InnerWorkings Inc. United States 9.31 -7% 435.2 477.1 11.3 53.2 589.0 25.7 4.4% 28.1% 0.8x 18.6x Interac tive Intelligenc e, Inc . United States 22.92 -45% 431.4 362.6 68.8 - 202.5 30.5 15.1% 33.6% 1.8x 11.9x International Datac asting Corporation Canada 0.30 -39% 17.8 10.8 7.3 0.1 34.7 1.6 4.7% 16.1% 0.3x 6.6x Ipsos SA France 28.52 -41% 1,289.6 1,547.0 169.4 441.4 1,699.0 214.4 12.6% 14.2% 0.9x 7.2x Isoftstone Holdings Limited China 8.75 -61% 486.1 409.8 77.9 - 259.4 30.1 11.6% 44.4% 1.6x 13.6x JDA Software Group Inc. United States 32.39 -8% 1,378 .2 1,361 .6 289.7 273.1 666.3 169.9 25.5% 19.9% 20x2.0x 80x8.0x Kenexa Corp. United States 26.70 -20% 722.5 680.7 81.2 32.0 265.7 20.7 7.8% 52.4% 2.6x 32.9x Keynote Systems Inc. United States 20.54 -21% 355.3 253.9 101.4 - 103.0 22.1 21.5% 29.0% 2.5x 11.5x LECG Corporation United States 0.01 -100% 0.3 52.4 7.0 33.1 297.0 (7.8) NM 11.3% 0.2x NM Lender Processing Services, Inc. United States 15.07 -57% 1,271.6 2,453.4 84.0 1,265.8 2,263.0 517.9 22.9% -5.6% 1.1x 4.7x Macdonald Dettwiler & Associates Ltd. Canada 46.32 -19% 1,472.7 758.1 802.9 103.6 762.8 154.9 20.3% 237.7% 1.0x 4.9x MedAssets, Inc. United States 9.25 -57% 541.0 1,418.3 43.7 920.9 528.4 141.2 26.7% 39.0% 2.7x 10.0x Mediware Information Systems Inc. United States 12.82 -15% 104.5 69.7 34.8 - 58.4 11.5 19.6% 18.3% 1.2x 6.1x Merge Healthcare Inc orporated United States 4.85 -33% 438.9 645.1 44.0 249.7 214.5 48.8 22.8% 89.1% 3.0x 13.2x Misys plc United Kingdom 3.62 -46% 1,156.3 1,302.9 93.4 248.2 608.2 141.9 23.3% 82%8.2% 21x2.1x 92x9.2x Moody's Corp. United States 33.68 -20% 7,477.0 7,863.3 867.5 1,244.0 2,277.9 988.8 43.4% 16.6% 3.5x 8.0x Morningstar Inc . United States 59.45 -7% 2,973.1 2,542.7 431.4 - 624.0 183.3 29.4% 18.4% 4.1x 13.9x MSCI Inc. * United States 32.93 -19% 3,970.3 4,723.4 300.5 1,264.6 662.9 295.2 44.5% 49.7% 7.1x 16.0x National Research Corp. United States 38.81 -13% 261.0 269.8 6.2 15.1 72.5 21.9 30.2% 18.2% 3.7x 12.3x Navigant Consulting Inc. United States 11.41 -11% 596.6 769.5 1.4 174.4 770.6 97.6 12.7% 10.9% 1.0x 7.9x Nielsen Holdings N.V. Netherlands 29.69 -10% 10,665.4 17,320.4 404.0 7,048.0 5,482.0 1,367.0 24.9% 8.5% 3.2x 12.7x Onvia Inc. United States 2.86 -43% 24.3 13.9 10.4 - 24.1 3.5 14.7% -12.3% 0.6x 3.9x Open Text Corp. Canada 51.14 -29% 2,959.4 3,184.7 119.3 344.7 1,103.9 304.2 27.6% 20.3% 2.9x 10.5x Parametric T ec hnology Corporation United States 18.26 -28% 2,133.6 2,165.7 167.9 200.0 1,166.9 189.5 16.2% 15.5% 1.9x 11.4x Paychex, Inc. United States 30.11 -11% 10,912.5 10,501.4 411.1 - 2,162.8 924.8 42.8% 6.3% 4.9x 11.4x PROS Holdings, Inc . United States 14.88 -25% 400.8 334.4 66.4 - 90.6 11.8 13.1% 33.7% 3.7x 28.2x Qlik Tec hnologies, Inc . * United States 24.20 -32% 2,023.5 1,853.6 170.1 0.2 293.9 13.4 4.6% 42.0% 6.3x 137.9x Quality Systems Inc . United States 36.99 -27% 2,176.9 2,050.0 126.9 - 397.1 123.1 31.0% 24.9% 5.2x 16.6x RealPage, Inc . * United States 25.27 -26% 1,814.8 1,825.3 47.5 57.9 240.9 28.8 12.0% 39.8% 7.6x 63.3x Reed Elsevier NV Netherlands 11.70 -12% 8,609.6 8,620.0 2.9 14.5 - - NM 0.0% NM NM Reis, Inc . United States 9.12 -17% 96.3 81.1 22.3 7.1 29.7 5.3 17.8% 22.9% 2.7x 15.3x Rightnow Technologies Inc. * United States 42.73 -1% 1,425.1 1,358.7 241.5 175.0 216.2 23.9 11.0% 23.0% 6.3x 56.9x S1 Corporation United States 9.57 -9% 528.2 440.1 88.1 0.0 235.2 14.2 6.0% 8.8% 1.9x 31.0x Sage Group plc United Kingdom 4.58 -3% 6,019.4 6,037.0 285.8 303.5 2,086.0 615.3 29.5% 4.4% 2.9x 9.8x Salesforce.com * United States 101.46 -37% 13,798.6 13,695.4 645.8 542.7 2,091.5 90.9 4.3% 34.6% 6.5x 150.6x Solera Holdings Inc . United States 44.54 -29% 3,158.0 3,903.9 378.1 1,022.4 724.5 310.6 42.9% 13.3% 5.4x 12.6x SPS Commerce, Inc. * United States 25.95 -7% 313.3 281.7 31.5 - 54.0 3.6 6.7% 26.7% 5.2x 78.0x

M&A & INVESTMENT SUMMARY DECEMBER 2011 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA SS&C T ec hnologies Holdings, Inc . United States 18.06 -18% 1,397.6 1,494.1 76.2 172.7 361.2 133.0 36.8% 15.1% 4.1x 11.2x Streamline Health Solutions, Inc. United States 1.72 -22% 17.7 19.2 0.3 1.8 17.5 0.9 5.1% -7.7% 1.1x 21.6x Taleo Corp. United States 38.69 -10% 1,605.5 1,494.6 111.0 0.1 297.8 33.6 11.3% 35.0% 5.0x 44.5x Temenos Group AG Switzerland 16.48 -60% 1,137.8 1,341.2 83.7 293.4 496.3 60.7 12.2% 19.1% 2.7x 22.1x The Dolan Company United States 8.52 -43% 257.1 459.2 2.1 190.0 293.9 56.3 19.1% -3.4% 1.6x 8.2x The Hackett Group, Inc. United States 3.74 -29% 151.1 133.1 18.0 - 218.2 18.4 8.4% 16.5% 0.6x 7.2x The Mc Graw-Hill Companies, Inc . United States 44.97 -4% 13,194.2 12,998.3 1,473.8 1,198.0 6,318.1 1,630.4 25.8% 4.6% 2.1x 8.0x Thomson Reuters Corporation United States 26.79 -34% 22,165.9 29,932.9 645.0 7,897.0 13,688.0 3,244.0 23.7% 5.5% 2.2x 9.2x TIBCO Sof tware Inc. UiUnite d States 23.91 -24% 3,854 .8 3,614 .5 308.4 68.1 920.2 197.5 21.5% 22.0% 3.9x 18.3x The Ultimate Software Group, Inc. * United States 65.12 -10% 1,695.0 1,649.0 51.0 5.0 256.9 23.6 9.2% 17.0% 6.4x 69.8x Verint Systems Inc. United States 27.54 -28% 1,070.2 1,846.3 112.4 598.9 757.5 131.8 17.4% 6.3% 2.4x 14.0x Verisk Analytics, Inc. United States 40.13 0% 6,562.9 7,524.4 57.7 1,019.3 1,273.4 550.9 43.3% 14.7% 5.9x 13.7x Vocus Inc. * United States 22.09 -34% 442.0 336.4 106.6 1.1 110.4 1.4 1.3% 18.9% 3.0x 243.3x Wolters Kluwer NV Netherlands 17.35 -25% 5,233.8 8,158.1 438.5 3,680.6 5,183.3 1,183.3 22.8% 7.9% 1.6x 6.9x YouGov PLC United Kingdom 0.73 -29% 70.7 56.2 15.5 - 92.5 8.6 9.3% 26.9% 0.6x 6.5x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (7.0x) Low 0.2x 3.9x and EBITDA multiples that are 1.0 standard deviations above the mean (52.2x). Mean 2.9x 20.7x Median 2.5x 11.8x Note: Revenue and EBITDA multiples for Google and Mic rosoft exc luded from Summary Multiples. Weighted Avg 3.4x 20.6x Adj. W Avg* 3.4x 12.1x High 13.0x 243.3x

M&A & INVESTMENT SUMMARY DECEMBER 2011 19 OOH & SPECIALTY MEDIA Transactions by Segment and Buyer Type

• There were three acquisition in the Out-of-Home & Specialty Media segment • Select acquisitions › Champ Private Equity’s $166 million acquisition of oOh!media Group, which specializes in the management and ownership of outdoor assets, as well as operates in the roadside, retail, mobile, and experiential sectors › Cogeco Cable’ s acquisition of Metromedia CRM Plus, a Canada-based advertising firm operating in the public transit sector

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM TditilTraditional OtdOutdoor 2 67% 216.0 100% 1 50.0 1 166.0 0 000.0 B-to-B Media 1 33% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 3 100% 216 100% 2 50 1 166 0 0

M&A & INVESTMENT SUMMARY DECEMBER 2011 20 OOH & SPECIALTY MEDIA PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $3.63 -56% $239.5 $121.9 $115.5 $0.0 $254.3 $11.9 4.7% 23.4% 0.5x 10.2x Astral Media Inc. Canada 34.91 -17% 1,939.3 2,434.9 23.2 538.4 1,039.1 332.6 32.0% 5.7% 2.3x 7.3x Xinhua Sports & China 0.06 -99% 0.4 96.4 13.3 73.4 99.1 (8.4) NM 50.2% 1.0x NM Clear Channel Outdoor United States 12.55 -19% 4,467.6 6,608.6 632.0 2,548.8 2,980.6 723.4 24.3% 7.7% 2.2x 9.1x Clear Media Ltd. Hong Kong 0.39 -44% 204.3 102.1 110.6 - 175.8 65.6 37.3% 16.3% 0.6x 1.6x Focus Media Holding Ltd. Hong Kong 19.49 -48% 2,604.9 2,016.8 639.9 30.0 695.9 245.6 35.3% 20.9% 2.9x 8.2x JCDecaux SA France 23.12 -29% 5,123.5 5,435.9 406.2 792.9 3,498.2 810.2 23.2% 14.5% 1.6x 6.7x Lamar Advertising Co. * United States 27.50 -34% 2,556.3 4,738.0 41.5 2,223.2 1,120.9 482.4 43.0% 3.9% 4.2x 9.8x National CineMedia, Inc. United States 12.40 -39% 684.2 1,548.8 68.7 852.0 438.9 211.5 48.2% 2.5% 3.5x 7.3x NTN Buzztime Inc . * United States 0.25 -55% 15.2 13.2 2.5 0.5 24.1 0.8 3.4% -5.8% 0.5x 16.1x OOHMedia Group Ltd.(1 ) Australia 0.32 -3% 162.0 185.8 0.8 25.6 122.8 23.4 19.0% 15.1% 1.5x 8.0x Tom Group Ltd. Hong Kong 0.09 -51% 340.6 512.1 136.5 261.4 301.0 (0.4) NM -5.8% 1.7x NM Valassis Communic ations United States 19.23 -46% 860.6 1,380.4 91.0 610.8 2,271.8 284.2 12.5% -1.5% 0.6x 4.9x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (4.2x) Low 0.5x 1.6x and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x). Mean 1.8x 8.1x Median 16x1.6x 80x8.0x (1) OOHMedia Group is being acquired by CHAMP Private Equity, 12/13/11 Weighted Avg 2.3x 7.8x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Adj. W Avg* 2.0x 7.9x High 4.2x 16.1x

M&A & INVESTMENT SUMMARY DECEMBER 2011 21 MARKETING SERVICES Transactions by Segment and Buyer Type

• There were seven transactions worth approximately $130 million in Marketing Services • Select acquisitions › IBS Direct’s acquisition of Mars Graphic Services, a full-service printer with web printing expertise › STW Group’s acquisition of a 70 percent stake in Edge Marketing, a Vietnam-based developer of customer relationship marketing solution › DataSource’s acquisition of Small Business Forms, which handles printing and distribution of marketing materials, business forms, and other printed paper supplies • Select investments › The $35 million investment in eRecyclingCorps, the developer of in-store credit platforms for recycling wireless devices

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $MM%#$MM#$MM# $MM Lettershop 3 43% 45.0 35% 2 30.0 1 15.0 0 0.0 Database/Ana lyt ics 1 14% 2000.0 15% 1 2000.0 0 000.0 0 000.0 Loyalty/Retention 1 14% 35.0 27% 0 0.0 0 0.0 1 35.0 Offline Lead Generation 1 14% 5.4 4% 1 5.4 0 0.0 0 0.0 Printer 1 14% 25.0 19% 1 25.0 0 0.0 0 0.0 Total 7 100% 130.4 100% 5 80.4 1 15.0 1 35.0

M&A & INVESTMENT SUMMARY DECEMBER 2011 22 MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Eqqyuity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/30/11 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $12.21 -35% $955.7 $1,156.1 $119.2 $314.0 $1,186.9 $241.9 20.4% 4.6% 1.0x 4.8x Alliance Data Systems United States 103.84 -3% 5,188.7 11,702.3 239.6 6,753.2 3,081.5 896.2 29.1% 19.4% 3.8x 13.1x AMREP Corp. United States 6.69 -52% 40.1 31.4 31.4 22.7 90.7 8.5 9.4% -14.8% 0.3x 3.7x Cenveo Inc. United States 3.40 -50% 215.1 1,481.2 21.6 1,287.7 1,959.2 212.3 10.8% 8.2% 0.8x 7.0x Consolidated Graphics, United States 48.28 -21% 501.1 689.0 3.7 191.5 1,068.0 131.7 12.3% 5.7% 0.6x 5.2x Convergys Corporation United States 12.77 -15% 1,534.5 1,189.4 472.5 127.4 2,246.3 250.1 11.1% 0.9% 0.5x 4.8x DST Systems Inc . United States 45.52 -23% 2,007.4 2,956.1 344.3 1,274.7 2,346.0 378.9 16.2% 2.0% 1.3x 7.8x Fair Isaac Corp. * United States 35.84 -7% 1,279.5 1,549.9 241.6 512.0 619.7 163.9 26.5% 2.3% 2.5x 9.5x Aimia Inc. Canada 11.75 -15% 2,043.2 2,339.4 285.9 573.9 2,090.3 317.6 15.2% 16.6% 1.1x 7.4x Harte-Hanks Inc . United States 9.09 -34% 571.0 684.2 71.8 185.0 862.1 101.0 11.7% 2.4% 0.8x 6.8x Innotrac Corp. United States 0.97 -50% 12.6 9.7 3.3 0.3 82.3 2.0 2.4% 6.0% 0.1x 4.9x Insignia Systems Inc. United States 2.01 -74% 27.4 (4.5) 31.9 - 20.3 (3.9) NM -35.7% NM 1.2x Points International Ltd. * Canada 7.62 -35% 114.9 80.0 34.1 - 117.0 4.2 3.6% 37.3% 0.7x 19.2x Quad/Graphics, Inc. United States 14.34 -68% 672.0 2,330.9 15.8 1,674.2 4,573.7 654.2 14.3% 87.5% 0.5x 3.6x R.R. Donnelley & Sons United States 14.43 -32% 2,710.0 6,300.7 368.1 3,939.2 10,597.3 1,251.9 11.8% 7.1% 0.6x 5.0x StarTek, Inc. United States 1.92 -68% 29.0 17.5 11.5 - 233.0 (1.1) NM -14.7% 0.1x NM Sykes Enterprises, United States 15.66 -32% 685.8 481.0 204.8 - 1,231.8 145.1 11.8% 18.7% 0.4x 3.3x Teleperformance France 22.31 -40% 1,261 .9 1,298 .3 167.9 198.4 3,103 .1 375.1 12.1% 13.2% 04x0.4x 35x3.5x TeleTech Holdings Inc. United States 16.20 -31% 910.0 883.4 169.8 132.3 1,159.3 152.5 13.2% 5.8% 0.8x 5.8x Transcontinental Inc. Canada 12.40 -27% 1,002.0 1,579.4 75.3 566.7 2,052.0 401.8 19.6% 0.8% 0.8x 3.9x Valassis Communic ations United States 19.23 -46% 860.6 1,380.4 91.0 610.8 2,271.8 284.2 12.5% -1.5% 0.6x 4.9x Viad Corp United States 17.48 -36% 351.8 259.3 104.6 3.6 931.9 51.1 5.5% 12.6% 0.3x 5.1x Vistaprint N.V. Netherlands 30.60 -46% 1,175.4 1,014.3 161.1 - 858.9 135.4 15.8% 23.5% 1.2x 7.5x

Summary Multiples *Calc ulation is market c ap weighted and exc ludes revenue multiples that are 2.0 standard deviations above the mean (1.8x) Low 0.1x 1.2x and EBITDA multipp()les that are 1.0 standard deviations above the mean (9.8x). Mean 0.7x 6.1x Median 0.6x 5.1x Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Weighted Avg 0.9x 6.0x Adj. W Avg* 0.8x 5.9x High 2.5x 19.2x

M&A & INVESTMENT SUMMARY DECEMBER 2011 23 DECEMBER SUMMARY TRADING VALUATION INFORMATION

Current Summary Trading Valuation

Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.3x 1.6x 4.4x 3.2x Agenc y/Consulting 0.7x 0.7x 1.0x 1.0x OOH & Spec ialty Media 1.8x 1.6x 2.3x 2.0x Digital Media/Commerce 3.6x 2.1x 5.4x 4.9x Marketing Tec hnology 3.9x 3.2x 5.3x 3.9x Software & Information 2.9x 2.5x 3.4x 3.4x Marketing Servic es 0.7x 0.6x 0.9x 0.8x

EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 13.3x 11.7x 15.1x 12.5x Agenc y/Consulting 6.4x 5.2x 7.7x 7.3x OOH & Spec ialty Media 8.1x 8.0x 7.8x 7.9x Digital Media/Commerce 28.2x 12.0x 23.7x 15.5x Marketing Tec hnology 16.9x 12.0x 17.4x 13.2x Software & Information 20.7x 11.8x 20.6x 12.1x Marketing Servic es 6.1x 5.1x 6.0x 5.9x

As of close of business on 12/30/11.

*Calc ulation is market c ap weighted and exc ludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.

M&A & INVESTMENT SUMMARY DECEMBER 2011 24 PPLLC INDICES – LTM as of 12/30/11

120 120 140 ) ) ) %% %% %% 110 110 120

100 100

100

90 90

80 80 80 ndex Performance ( ndex Performance ( ndex Performance Performance ( ndex II II II

70 70 60 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

S&P 500 Digital Advertising S&P 500 Agency/Consulting S&P 500 Digital Media/Commerce OOH & Specialty Media

115 120 140 %) (%) 110 (%)

(( 110

120 105 100

100 100

90 95

80 80 90 Index Performance Index Performance Index Performance

85 70 60 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11

S&P 500 Software & Information S&P 500 Marketing Services

S&P 500 Marketing Technology

S&P 500, 0.0% (%)

ee Dig ita l Advert is ing, ‐16.8%

Agency/Consutling, ‐8.4%

Digital Media/Commerce, ‐24.7%

Marketing Technology, ‐10.5%

Software & Information, ‐2.5%

Out‐of‐Home and Specialty Media, ‐23.9%

Marketing Services, ‐13.4% M Index Performanc LT

‐30.0% ‐25.0% ‐20.0% ‐15.0% ‐10.0% ‐5.0% 0.0%

M&A & INVESTMENT SUMMARY DECEMBER 2011 25 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed SuccessFactors, Inc. SAP AG $3,400.0 FTSE International London Stock Exchange Group 702.5 DemandTec, Inc. International Business Machines Corporation 440.0 Chi- X Europe BATS Global Markets, Inc. 305.0 Orc Group Cidron Intressenter 292.1 Cotendo, Inc. Akamai Technologies, Inc. 268.0 Curam Software International Business Machines Corporation 150.0 Merced Systems, Inc. NICE Systems 150.0 Webs, Inc. VistaPrint USA, Inc. 117.5 Jobs2Web, Inc. SuccessFactors, Inc. 110.0 Alterian plc SDL plc 107.0 Barrie & Hibbert Moody's Corporation 77.6 De Novo Legal Epiq Systems, Inc. 68.0 Rypple Salesforce.com 65.0 Enswers, Inc. KT Corporation 39.9 KlickNation BioWare 35.0 Ash Gaming Playtech 24.1 ProfitLine Tangoe, Inc. 14.5 Applied Language Solutions Capita Group plc 11.7 casa.it REA Group Europe 9.1 xAD Emergence Capital Partners 9.0 Paragon Creative Limited Paragon Entertainment Limited 8.9 Sou Yi Lian Mei Network Technology (Beijing) Business Opportunity Online (Hubei) Network Technology 8.2 Beijing Bitcar Interactive Information Technology Bitauto Holdings Limited 7.1 MC2 Ltd. Kenkou Holdings, Inc. 5.4 Interpoint Streamline Health Solutions, Inc. 5.0 ReadWriteWeb SAY Media 5.0 Legiant Asure Software, Inc. 4.0 Off & Away Lockerz, LLC 4.0 MediaWorks Core Media Group 3.9 Gowalla, Inc. Facebook 3.0 VoodooVox Call Genie 2.8 Pointandship Software Kewill 1.8 CFDT Limited Cream Holdings Limited 1.7 Ariose Software MobileWave 0.5 Direct Enquiries MITIE Group PLC 0.5

M&A & INVESTMENT SUMMARY DECEMBER 2011 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed 7gypsies Canvas Corp - Abacus Transcriptions iMedX - Aectra Saudi International Petrochemical Company - Affinity Circles, Inc. Mingle - alphagraph team Electronics for Imaging, Inc. - AngelPoints MicroEdge, Inc. - Anvita Health Humana, Inc. - Ariadne Genomics Elsevier, Inc. - Baseball America GrindMedia - BigChampagne Media Measurement Live Nation Entertainment, Inc. - BiTKOO Quest Software - bizM3 Black Castle Developments Holdings, Inc. - Bluff Head Enterprises USI Services LLC - Brandstack DesignCrowd - Brasil1 Sports & Entertainment IMX - Brilliant Independent Media Specialists Ltd. Mediacom North Ltd. - Bullseye Digital STW Group, Ltd. - Cambar Solutions Robocom Systems International - CfiCampfire LbLabs Groupon, Inc. - Catalunya Carsharing Zipcar, Inc. - Cena Plus Restorando.com - Chatterfly Plum District, Inc. - ChirpUp lonelybrand, LLC - Ciao AG LeGuide.com - Ciszewski Publicis Groupe S.A. - Clever Sense Google, Inc. - CrickZenga Cricket Companion FZ LLC - DGI Services IWCO Direct - Discover Tour Guides Tours4Fun.com - doodledeals.com Plum District, Inc. - Easy To Send Paltalk - Edge Marketing STW Group, Ltd. - EMG Marketing Solutions Hybrid Fuels, Inc. - Emochila Thomson Reuters - Emptoris, Inc. International Business Machines Corporation - Enomaly Virtustream, Inc. -

M&A & INVESTMENT SUMMARY DECEMBER 2011 27 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed FanSnap, Inc. NexTag, Inc. - FNP Interactive Orases, Inc. - Focal Labs RadiumOne, Inc. - Folio Technologies PricewaterhouseCoopers LLP - Haas & Health Partner Public Relations Chandler Chicco Agency - Healthagen Aetna Inc. - Hi5 Networks, Inc. Tagged, Inc. - Hiflex Software Hewlett-Packard Company - Human Resources Solutions International Avatar International, Inc. - Iguana Entertainment Team17 Software Limited - Intelliworks, Inc. Hobsons, Inc. - ISOPUBLIC AG Leger Marketing - JI Companies York Risk Services Group - Kelkoo Select Time Out Group Ltd. - Kellogg Smith Digital Insurance, Inc. - Khush, Inc. Smule - Knowledge Networks GfK Group - LaunchFish Cinsay, Inc. - Leverage SfSoftware, Inc. TlliTelligent Systems, Inc. - Lokaly Network Dealised - MarketTools, Inc. TPG Capital and SurveyMonkey - Markinson Technologies Constellation Software, Inc. - Mars Graphic Services IBS Direct - MediaBanc Media Monitors - Medknow Publications Wolters Kluwer Health, Inc. - Metromedia CMR Plus, Inc. Cogeco Cable, Inc. - MICEX Stock Exchange and RTS Stock Exchange MICEX-RTS - Millennium Communications Group DisplayWorks - Mind Resource Healthcare Consulting Ogilvy Public Relations Worldwide - Nami Media, Inc. LIN TV Corporation - NeoEdge Networks, Inc. Double Fusion, Inc. - Overstat TeaLeaf Technology, Inc. - Panache 24/7 Real Media, Inc. - Powel, Inc. GeoDigital International Corporation - PrayerSpace.com Light Media Holdings, Inc. - Primary Financial Services CBV Collections Services Ltd. -

M&A & INVESTMENT SUMMARY DECEMBER 2011 28 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Promo Digital Russell Square Holding - Qais Consulting Valentine McCormick Ligibel, Inc. - Quorus Amazon.com, Inc. - Rapidata.net NASDAQ - Red Aril, Inc. Hearst Communications, Inc. - Revenue Guru DrivingSales, Inc. - RightsFlow YouTube, Inc. - Roost, Inc. VerticalResponse, Inc. - SalesKing.com DHS Holding, Company - SanCom Creative Communication Solutions Chandler Chicco Agency - Searchandise, Inc. RichRelevance, Inc. - SensorLogic Gemalto NV - SetJam Google, Inc. - Small Business Forms DataSource, Inc. - Smart Device Media, Inc. Crisp Media - SolArc OpenLink Financial, Inc. - Stakkeddesigns Premier Logic - Supermono Studios Red Robot Labs, Inc. - TAP Group Sino Payments, Inc. - Taptopia Wyndham Jade, LLC - The Summit Point Group Newbold Advisors - Topguest, Inc. EzRez Software, Inc. - Topicmarks Tagged, Inc. - TOUCH/CAST Limited Clemenger Group Limite d - Traveldoo Egencia - ViaTrack Systems Quality Systems, Inc. - Vinobest Lot18 Holdings, Inc. - Virtual Active Netpulse Media Network, Inc. - VisualCV.com Talent Technology Corporation - Wind-Up Studios Surge, LLC - Wright Business Solutions Robocom Systems International - XPR Cohn & Wolfe - Ypartnership MMG Worldwide - Zvents StubHub -

M&A & INVESTMENT SUMMARY DECEMBER 2011 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Wiggle Ltd. Bridgepoint Capital Limited $282.5 oOh!media Group Limited Champ Private Equity 166.0 InfoVista SA Thoma Bravo, Inc. 71.6 Jacques Vert Plc Sun Capital Partners, Inc. 62.7 HealthMEDX Spectrum Equity Investors and Trident Capital 56.0 MSQ Partners Limited Management Buyout 17.2 Buyout Deals Undisclosed Alexander Gallo Holdings, LLC Bayside Capital - American Golf Sun Capital Partners, Inc. - Buyers Laboratory LLC SFW Capital Partners - Com-Pak Services, Inc. Riverside Acquisition Group - Stratix Corporation Grey Mountain Partners - Telestream, Inc. Thoma Bravo, Inc. -

Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed LivingSocial.com JP Morgan Chase $176.0 Mu Sigma General Atlantic, LLC 108.0 America Online, Inc. Starboard Value 52.8 Cyber-Ark Software, Ltd. Goldman Sachs & Co. 40.0 fab.com Andreessen Horowitz Fund 40.0 Outbrain, Inc. Index Ventures 35.0 eRecyclingCorps Caufield & Byers 35.0 Actifio, Inc. Andreessen Horowitz Fund 33.5 Uber, Inc. Menlo Ventures 32.0 Gumi, Ltd. DBJ Capital Co., Ltd. 26.0 mFoundry, Inc. MasterCard, Inc. 18.0 TaskRabbit, Inc. Lightspeed Venture Partners 17.8 uTest, Inc. QuestMark Partners 17.0 Bonds.com Group Inc. 16.6 Bill.com, Inc. Financial Partners Fund 15.5 Edmodo, Inc. Greylock Management 15.0 Rumble Entertainment Google Ventures 15.0 Cooking. com BIA Digital Partners LP 13.5 Martini Media Network Granite Ventures, LLC 13.0 CiiNOW, Inc. Foundation Capital 13.0 Sotera Wireless, Inc. EDBI 12.2

M&A & INVESTMENT SUMMARY DECEMBER 2011 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed SOASTA, Inc. The Entrepreneurs' Fund $12.0 Kabbage, Inc. Western Technology Investment 12.0 Houzz, Inc. 11.6 HealthTap Fund 11.5 Framehawk, Inc. Matrix Partners 11.0 WeddingWire, Inc. Catalyst Investors, LLC 11.0 Bluespring Software IDG Capital Partners 10.0 Appconomy, Inc. 10.0 Xeround, Inc. Benchmark Capital 9.0 Trada Google Ventures 9.0 lifeIMAGE (Unnamed Fund Contibuters) 8.8 Mokard (What card) Network CDH Investments 8.0 Appssavvy, Inc. True Ventures 717.1 Apigee Corp (Unnamed Fund Contibuters) 7.0 XPI, Inc. BEST Funds 7.0 Keas, Inc. 6.5 PatientKeeper, Inc. Flybridge Capital Partners 6.0 PowerCloud Systems QUALCOMM Ventures 6.0 CarWoo, Inc. Interwest Partners 6.0 Blip Networks, Inc. , LLC 6.0 Skyy,word, Inc. Cox Media Group, Inc. 6.0 ScaleArc, Inc. Nexus Venture Partners 5.3 Pepperfry.com Norwest Venture Partners 5.0 MarkaVIP Lumia Capital 5.0 PlaceIQ, Inc. Norwest Venture Partners 4.2 Harmony Information Systems, Inc. Wellington Financial LP 4.0 awe.sm Foundry Group 4.0 Party Earth, LLC (Unnamed Fund Contibuters) 4.0 WellnessFX Javelin Venture Partners 4.0 Miso Medi a Khosl a Vent ures 404.0 Life360 Fontinalis Partners, LLC 3.5 Poshmark, Inc. Mayfield Fund 3.5 OrderWithMe.com Infinity Venture Partners 3.0 BestVendor RRE Investors 3.0 Montage Talent, Inc. Baird Venture Partners 3.0 just.me (Unnamed Fund Contibuters) 2.7 GridGain Systems, Inc. RTP Ventures 2.5 Amplifinity Early Stage Partners 2.5 Matchbox, Inc. FLOODGATE Fund LP 2.5 Jun Group Productions LLC Western Technology Investment 2.5 KidZui, Inc. Mission Ventures 2.4

M&A & INVESTMENT SUMMARY DECEMBER 2011 31 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Hoopla Software Safeguard Scientifics, Inc. $2.3 Spreecast, Inc. (Unnamed Fund Contibuters) 2.3 Music Dealers, LLC (Unnamed Fund Contibuters) 2.2 BiddingForGood, Inc. (Unnamed Fund Contibuters) 2.2 Shopmium SAS Accel Partners 2.1 Ifbyphone, Inc. BlueCrest Capital Finance L.P. 2.0 LogoGarden.com, Inc. Clayton Associates 2.0 Pirq, Inc. Rally Capital 2.0 ePub Direct NCB Ventures 1.7 ntro Activation Media Partners AMP LLC 1.7 Novel, Inc. (Unnamed Fund Contibuters) 1.6 InContext Solutions Hyde Park Angels 1.5 Code for America Labs, Inc. Google Ventures 151.5 Ecwid, Inc. Runa Capital 1.5 Mixrank 500 Startups 1.5 Objective Logistics Google Ventures 1.5 Sociocast Network, LLC Detroit Venture Partners, LLC 1.5 Science Exchange 1.5 Iron.io Baseline Ventures 1.4 CrowdCompass, Inc. Oregon Angel Fund 1.3 Power2Switch OCA Ventures 1.3 Cloudability, Inc. Trinity Ventures 1.1 Freshdesk, Inc. Accel Partners 1.0 Tracks Partners LLC 1.0 Tutorspree, Inc. Sequoia Capital 1.0 Mygola 500 Startups 1.0 LawPivot Vaizra Investments 1.0 Unbounce Marketing Solutions, Inc. Real Ventures 0.9 Individual Digital (Unnamed Fund Contibuters) 0.8 DfiDefine My StlStyle, Inc. Cincy Tec h Ven tures 070.7 Promoboxx, Inc. (Private Investors) 0.6 Pluto Games YouWeb 0.5

VC/Growth Capital Undisclosed ConceptOne, LLC Laurel Capital - Pixeon Intel Capital - Trivone Digital Services Pvt. Ltd. Accel Partners - Sightlines Education Growth Partners - Belly -

M&A & INVESTMENT SUMMARY DECEMBER 2011 32 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions)

VC/Growt h Cap ita l Undisclosed Sitecore Technology Crossover Ventures - SteelHouse, Inc. LLC - CicekSepeti Amazon.com, Inc. - WeddingWire, Inc. Southern Capitol Ventures - Kekanto Accel Partners - Nanjing Yindu Advertising Business Ogilvy & Mather Worldwide - Sagence Group, LLC Cross Atlantic Capital Partners - China Clipping Media Monitors Group -

M&A & INVESTMENT SUMMARY DECEMBER 2011 33 Petsky Prunier: Expertise. Commitment. Results.

• Found ed in 1999 • Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting, Marketing Services, and Software & Information • More than 30 focused professionals › Unique combination of and consulting expertise › New York-based with a West Coast office and a Chicago presence • Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and strategic buyers • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC ADVISORY INVESTMENT BANKING Intelligence Consulting

• Sell-Side Representation • Market Research • Opportunity Mapping: Strategic Development •Corporate Divestitures • Competitive Landscape Analysis • Business Process Engineering/ • Capital Raising and Private • Valuation Analysis Placements Enhancement • Publishing & Thought Leadership • M&A Adv isory • M&T Transaction Due Diligence Support • Fairness Opinions • Acquisition Strategy/Target Identification

M&A & INVESTMENT SUMMARY DECEMBER 2011 34 REPRESENTATIVE TRANSACTIONS Selected Transactions in 2010 and 2011

has sold has sold its a leading data management and has sold (Nasdaq: TREE) audience optimization platform a leading provider of taxi-bas ed has sold has sold Niche Market Media (DMP) c ompany outdoor media A leading urban and Buying Business has been sold to multic ultural agenc y a leading provider of media has been sold to a leading provider of integrated to a leading market s ervic es a leading online lead buying, out-of-home and sampling data, technology and analytics and BPO company generation business s ervic es in nic he markets a global digital marketing agency solutions to a s ubs idiary of to to to a unit of (NYSE: PAY) (NasdaqGS: LEDR) (NYSE: IPG) (Nasdaq: PSEC)

has sold has sold (TSX: PTO) a p or t folio com p an y of has acquired a leading advertising (Nasdaq: TREE) has been sold to Vestar Capital Partners technology company has acquired has sold a premier provider has been sold to of affinity programs for univers ities and colleges a pioneer in measuring the an integrated digital and to impact of promotion on to promotional marketing agenc y phys ic ian pres c ribing behavior in a management-led buyout (Xetra: DPW. DE)

has merged with one of North America’s largest a leading online video has received a majority has acquired mobile marketing and gateway advertis ing network s olution providers inves tment f rom a provider of multic hannel has received a growth capital marketing software services and has been sold to has been sold to inves tment from has been sold to

a portfolio c ompany of a portfolio company of a fas t growing c ompiler ((q)Nasdaq:GSIC) Parthenon Capital Partners of consumer marketing data KRG Cap ita l Par tners (Nasdaq: RRD)

one of Europe’s leading online has sold the a division of a leading performance-based advertising networks a digital c ommunic ations agenc y Experiential Marketing Business of advertis ing network has partnered with with a proprietary software a premier provider of benc hmark- platform serving based advisory services to the has been sold to biopharmaceutical companies pharmaceutical and biotech a leading digital c ontent indus try has been sold to has acquired marketing agency to has been acquired by to form a joint venture refinanc ing of debt fac ilities CentrSource Canada

New Digital Group

has sold has sold one of Europe’s largest has sold the assets of independent providers of has s old its fulfillment and a leading marketing database digital direct marketing database management and data analytics solution services for customer divisions to has been sold to provider a leading online c ommunity for a leading national in-store automotive enthusiasts ac quis ition and retention advertising network and shopper has been sold to and social networking marketing company technology platform to has received a majority to investment from to The Dialogue Company a leading fulfillment and direc t marketing organization

M&A & INVESTMENT SUMMARY DECEMBER 2011 35