Weekly Internet / Digital Media / Saas Sector Summary

Weekly Internet / Digital Media / SaaS Sector Summary

Week of February 9th, 2015 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

130 115

21.2% 8.3% 14.4% 7.9% 13.7% 7.2% 6.7% 110 105 8.1% 2.0% 3.3% (0.2%) (5.2%) (6.1%) (3.6%) 90 (6.3%) 95 (6.7%) (8.6%) (9.1%)

70 85 2/10/14 4/3/14 5/25/14 7/16/14 9/6/14 10/28/14 12/19/14 2/9/15 11/10/14 11/23/14 12/6/14 12/19/14 1/1/15 1/14/15 1/27/15 2/9/15

(1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers

(5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS

Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, BABA, CMPR, COUP, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, ZU. 3) Internet Content Composite includes: AOL, CRCM, DHX, DMD, EHTH, IACI, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CRM, CSOD, CTCT, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MRIN, MKTG, MKTO, N, NOW, RNG, RP, ULTI, WDAY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 2/9/15 Low High Value Debt Value LTM CY 15E CY 16E LTM CY 15E CY 16E LTM CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Search / Online Advertising

Google Inc. $529.28 $490.91 $614.44 $360,001 ($52,322) $307,679 4.7x 4.1x 3.5x 14.3x 10.4x 9.0x 26.1x 18.4x 15.9x 16.2% 1.0 15.7% 7.4% Microsoft Corporation 42.36 36.01 50.05 347,512 (60,831) 286,681 3.1 3.0 2.8 8.5 8.6 7.6 17.1 15.9 13.7 8.8% 1.6 7.1% 8.0% Yahoo! Inc. 42.57 32.15 52.62 40,329 (6,682) 33,691 7.3 7.7 7.7 39.9 30.2 28.2 5.7 46.7 45.1 NM NM 0.8% (1.0%) Yandex N.V. 15.87 14.14 41.35 5,052 40 5,092 4.2 4.2 3.5 10.8 10.4 8.7 16.1 16.0 13.4 20.6% 0.7 17.9% 4.7% Criteo SA 38.87 25.16 60.95 2,333 (309) 2,025 2.5 4.5 3.5 33.3 16.4 11.4 97.0 38.5 27.6 59.8% 0.5 26.5% 59.3% Blucora, Inc. 13.95 12.61 25.09 572 (33) 539 0.8 1.1 0.9 5.0 6.9 5.5 19.6 9.8 NA 18.5% NA 15.8% (7.5%) Rocket Fuel Inc. 13.56 12.27 59.62 560 (42) 518 1.5 0.8 0.7 NM 48.5 10.8 NM NM NM 45.0% NM 25.7% 63.5% TubeMogul, Inc. 15.21 8.15 23.83 439 (53) 386 3.9 2.5 1.8 NM NM NM NM NM NM 22.5% NM 35.0% 111.7% The Rubicon Project, Inc. 14.95 8.76 23.20 387 (102) 285 2.6 1.8 1.4 NM 24.5 9.6 NM NM 44.8 51.0% 0.9 24.1% 60.3% QuinStreet, Inc. 6.12 3.78 7.62 272 (46) 226 0.8 0.8 0.7 NM 14.2 8.9 NM NM NM NM NM 5.7% 0.8% Marin Software Incorporated 6.74 6.45 12.65 236 (65) 171 1.7 1.5 1.3 NM NM NM NM NM NM 20.0% NM 17.0% 23.7% Millennial Media Inc. 1.58 1.28 7.75 220 (76) 143 0.5 0.4 0.4 NM NM 21.9 NM NM 79.0 15.0% 5.3 14.0% 24.5% Sizmek Inc. 6.56 4.85 13.25 199 (91) 108 1.8 0.6 NA 6.7 4.2 NA NM NM NA NA NA NA 3.4% Marchex, Inc. 4.50 3.15 12.84 193 (81) 112 0.6 0.8 0.8 11.2 9.9 8.9 NM 36.6 28.1 NA NA 6.0% 21.3% YuMe, Inc. 5.50 4.20 7.95 182 (57) 124 0.7 0.6 0.5 NM 18.7 9.3 NM NM NM NM NM 14.5% 18.9% Blinkx plc 0.43 0.35 1.90 171 (115) 57 0.2 0.2 0.2 4.4 3.3 2.6 NM 65.6 25.4 NM NM 8.4% (5.0%) Tremor Video, Inc. 2.10 2.01 5.20 107 (78) 29 0.2 0.2 0.1 NM NM 14.2 NM NM NM NA NA 21.1% 10.7% ReachLocal, Inc. 3.06 2.90 12.87 89 (52) 37 0.1 0.1 0.1 NM NM NM NM NM NM 67.5% NM 2.9% (11.4%)

Mean 2.1 x 1.9 x 1.8 x 14.9 x 15.9 x 11.2 x 30.3 x 30.9 x 32.6 x 31.4% 1.6 15.2% 21.8% Median 1.6 0.9 0.9 10.8 10.4 9.1 18.4 27.5 27.6 20.6% 0.9 15.7% 9.3%

Internet Content

IAC/InterActiveCorp $59.99 $56.50 $80.64 $5,051 ($71) $5,021 1.6x 1.5x 1.4x 10.1x 9.6x 7.4x 22.1x 20.0x 15.0x 17.7% 0.8 7.8% 14.7% Zillow, Inc. 102.47 77.52 164.90 4,150 (366) 3,784 13.0 8.5 6.6 NM 43.5 27.4 NM NM 66.7 73.2% 0.9 29.2% 66.3% AOL Inc. 44.24 32.31 49.86 3,446 (19) 3,437 1.4 1.3 1.2 7.9 6.4 5.9 36.1 18.2 15.8 13.1% 1.2 7.7% 11.7% Shutterfly, Inc. 45.00 36.30 55.09 1,744 6 1,750 2.1 1.7 1.5 23.8 8.4 7.1 NM 78.0 39.0 28.0% 1.4 13.3% 15.8% comScore, Inc. 43.70 27.20 48.16 1,495 (14) 1,481 4.7 4.0 3.4 54.7 17.1 14.1 NM 25.8 20.8 24.4% 0.9 15.3% 14.7% WebMD Health Corp. 40.56 34.48 53.30 1,466 252 1,719 3.0 2.7 2.5 16.0 9.4 8.2 47.4 25.2 22.4 12.5% 1.8 7.8% 9.6% Bankrate, Inc. 12.81 9.39 21.49 1,338 121 1,459 2.7 2.4 2.1 12.2 9.1 8.2 NM 15.9 13.4 NA NA 11.3% 16.9% Renren Inc. 2.63 2.45 4.79 945 (812) 132 1.5 1.3 1.3 NM NM NM NM NM NM 20.0% NM 0.0% (47.4%) Web.com Group, Inc. 16.01 14.52 37.72 841 505 1,346 2.5 2.4 2.2 12.1 8.3 7.5 NM 6.6 5.9 12.1% 0.5 6.3% 9.8% Dice Holdings, Inc. 8.53 6.60 11.49 453 84 537 2.0 2.0 1.8 7.3 6.5 6.0 16.7 16.1 13.2 12.2% 1.1 7.0% 16.0% Everyday Health, Inc. 14.21 10.86 19.89 438 (44) 394 2.3 1.7 1.5 25.5 8.8 6.8 NM 18.9 12.3 43.3% 0.3 15.9% 20.7% XO Group Inc. 16.28 8.82 18.60 438 (86) 352 2.5 2.5 2.3 24.8 11.6 9.3 NM 37.4 16.8 NA NA 8.4% 5.6% Monster Worldwide, Inc. 4.50 3.41 8.50 399 120 576 0.7 0.7 0.7 7.9 5.4 5.1 NM 14.3 11.2 12.0% 0.9 2.9% (2.8%) TechTarget, Inc. 11.19 6.14 11.84 362 (35) 327 3.3 2.7 2.4 32.0 12.2 NA NM 28.3 NA 33.5% NA 14.9% 19.5% RealNetworks Inc. 7.05 6.00 8.38 254 (162) 92 0.6 0.6 0.5 NM NM NM NM NM NM NA NA 19.6% (29.8%) United Online, Inc. 14.04 9.38 15.88 200 (76) 124 0.5 0.6 NA 12.4 3.5 NA NM 14.8 NA NA NA NA (6.0%) eHealth, Inc. 10.92 8.88 54.91 195 (58) 136 0.7 0.8 0.7 11.3 14.8 7.5 NM 91.8 18.4 15.3% 1.2 9.7% (2.0%) Demand Media, Inc. 4.77 4.05 28.80 88 (39) 48 0.1 0.3 0.3 1.6 2.1 1.6 NM NM NA NA NA 0.3% (18.6%) TheStreet, Inc. (1) 2.15 2.05 3.04 74 1 75 1.3 1.0 NA NM 17.2 NA NM NM NA NA NA NA 7.6%

Mean 2.5 x 2.0 x 1.9 x 17.3 x 11.4 x 8.7 x 30.6 x 29.4 x 20.8 x 24.4% 1.0 10.4% 6.4% Median 2.0 1.7 1.5 12.2 9.1 7.4 29.1 19.4 15.8 17.7% 0.9 8.4% 9.8%

Notes: 2 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Alibaba Group Holding Limited $86.00 $82.81 $120.00 $213,909 ($7,448) $207,201 18.1x 13.3x 10.4x 43.3x 24.6x 19.4x 48.3x 31.9x 25.0x 31.1% 0.8 27.9% 36.3% Amazon.com Inc. 370.56 284.00 383.11 172,082 (2,847) 169,235 1.9 1.6 1.4 38.8 20.2 16.1 NM NM NM 48.8% NM 17.6% 14.6% eBay Inc. 54.33 46.34 59.70 65,742 (2,471) 63,271 3.5 3.3 3.0 12.6 10.6 9.6 NM 17.1 16.0 11.2% 1.4 10.6% 8.6% The Priceline Group Inc. 1,033.15 990.69 1,378.96 54,092 (2,311) 51,780 6.4 5.4 4.6 16.3 13.0 11.2 23.3 17.2 14.9 18.1% 0.8 15.6% 25.0% Netflix, Inc. 443.07 299.50 489.29 26,805 (679) 26,126 4.7 3.9 3.2 57.2 42.9 32.9 NM NM 79.5 39.2% 2.0 21.2% 26.3% Liberty Interactive Corporation 28.22 22.37 30.68 13,432 5,222 18,775 1.6 2.0 2.0 9.2 9.7 9.4 27.7 21.1 18.6 19.5% 1.0 0.9% 4.7% Expedia Inc. 78.20 66.93 92.08 9,910 (12) 10,567 1.8 1.6 1.5 14.4 9.8 8.5 26.2 20.1 16.8 15.5% 1.1 12.2% 17.7% Copart, Inc. 37.68 29.93 37.82 4,760 83 4,843 4.1 3.9 3.8 11.8 11.3 10.7 26.2 20.6 17.8 13.8% 1.3 3.0% 3.8% GrubHub Inc. 39.08 29.86 45.80 3,186 (181) 3,005 11.8 8.6 6.9 44.4 27.9 21.2 NM 65.3 48.3 52.5% 0.9 25.1% 49.5% Cimpress N.V. 81.19 37.05 84.98 2,647 316 2,975 2.1 1.9 1.8 14.6 11.8 10.6 30.4 19.6 17.4 16.4% 1.1 8.6% 18.6% HomeAway, Inc. 26.93 25.13 48.90 2,540 (488) 2,062 4.8 3.9 3.3 31.7 15.4 12.5 NM NM 74.8 23.2% 3.2 18.4% 29.9% zulily, Inc. 18.90 17.81 73.50 2,369 (344) 2,025 1.9 1.2 0.9 75.4 20.1 11.6 NM 47.5 27.0 58.6% 0.5 35.8% 71.5% Shutterstock, Inc. 56.83 54.90 103.01 2,014 (260) 1,753 5.8 4.0 3.2 38.1 19.0 13.2 89.0 42.0 29.8 34.3% 0.9 24.7% 40.6% Coupons.com Incorporated 14.51 11.61 33.00 1,160 (132) 1,027 4.8 3.5 2.7 NM 20.7 12.9 NM 42.3 21.7 20.0% 1.1 27.4% 47.4% Digital River Inc. 25.86 13.61 25.88 824 (251) 574 1.5 1.4 1.3 16.1 10.9 7.9 NM 42.8 32.9 10.0% 3.3 7.5% 1.8% Stamps.com Inc. 47.48 27.18 51.07 755 (32) 724 5.3 4.4 3.9 18.6 14.3 12.1 16.7 17.3 14.8 18.0% 0.8 14.6% 21.1% 1-800-Flowers.com Inc. 9.62 4.85 9.80 617 38 658 0.6 0.5 NA 6.7 7.8 NA 15.0 23.4 NA 18.0% NA NA 100.6% Overstock.com Inc. 22.61 13.82 27.28 543 (182) 362 0.2 0.2 NA 12.2 7.5 NA 62.8 28.3 NA NA NA NA 18.3% Blue Nile Inc. 31.42 23.10 37.50 372 (32) 340 0.7 0.7 0.6 20.6 13.4 10.7 40.0 30.5 24.9 19.6% 1.3 9.4% 6.9% Borderfree, Inc. 5.90 13.29 21.25 188 (117) 71 0.6 0.5 0.4 41.9 14.1 6.5 NM NM 45.4 17.5% 2.6 19.2% 34.8% Travelzoo Inc. 8.70 8.50 24.27 128 (55) 73 0.5 0.6 0.5 4.5 14.8 10.3 7.9 NM 38.8 5.0% 7.8 3.3% (15.9%) CafePress Inc. 2.10 1.95 6.67 36 (11) 26 0.1 0.1 0.1 21.2 4.0 4.0 NM NM NM NA NA 6.0% (3.7%)

Mean 3.8 x 3.0 x 2.8 x 26.2 x 15.6 x 12.6 x 34.5 x 30.4 x 31.4 x 24.5% 1.8 15.5% 25.4% Median 2.0 2.0 2.4 18.6 13.8 10.9 27.0 25.8 25.0 18.8% 1.1 15.1% 19.9%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $101.73 $74.61 $102.99 $172,897 $11,466 $187,991 3.8x 3.5x 3.3x 13.1x 11.7x 10.4x 22.6x 20.3x 18.6x 14.8% 1.3 6.6% 8.8% Comcast Corporation 57.09 47.74 59.30 147,081 43,272 191,766 2.8 2.7 2.5 8.5 7.9 7.4 18.0 17.4 15.1 12.8% 1.2 7.2% 4.0% Twenty-First Century Fox, Inc. 34.05 31.01 39.27 72,395 9,077 82,994 2.5 2.9 2.7 11.9 11.9 10.3 8.1 18.9 15.0 17.5% 0.9 7.0% (1.3%) Time Warner Inc. 80.54 62.44 88.13 67,532 19,347 86,879 2.8 3.0 2.8 10.6 10.9 9.6 16.8 17.4 14.1 16.1% 0.9 6.7% 3.3% Sony Corporation 25.81 13.38 27.54 29,856 4,877 39,808 0.5 0.6 0.6 10.9 7.4 6.1 NM 89.1 15.5 10.0% 1.5 1.7% (4.1%) CBS Corporation 56.76 48.83 68.10 29,417 6,781 36,198 2.4 2.6 2.4 9.8 10.6 9.8 22.0 15.7 13.0 14.8% 0.9 5.5% 2.0% Viacom, Inc. 68.24 63.11 89.76 27,566 12,578 40,376 2.9 2.8 2.7 9.4 9.0 8.7 12.5 11.4 10.2 11.1% 0.9 3.8% 4.6% Discovery Communications, Inc. 30.05 28.72 44.99 20,144 6,630 27,561 4.5 4.1 3.9 11.1 10.5 10.0 17.8 15.2 13.4 17.2% 0.8 5.6% 14.0% Scripps Networks Interactive, Inc. 73.37 70.39 86.48 10,060 1,227 11,681 4.4 4.1 3.9 10.3 9.6 9.0 20.4 16.6 14.8 10.9% 1.4 5.9% 4.5% Tribune Media Company 58.50 53.82 89.99 5,713 2,740 8,453 5.0 4.5 4.0 18.9 14.7 11.9 22.5 53.8 NA NA NA 14.1% 69.2% Lions Gate Entertainment Corp. 29.76 24.54 35.75 4,162 1,384 5,546 2.2 2.1 2.0 20.2 13.6 12.0 20.8 17.7 15.8 18.5% 0.9 7.4% (10.6%)

Mean 3.1 x 3.0 x 2.8 x 12.2 x 10.7 x 9.6 x 18.1 x 26.7 x 14.5 x 14.4% 1.1 6.5% 8.6% Median 2.8 2.9 2.7 10.9 10.6 9.8 19.2 17.4 14.9 14.8% 0.9 6.6% 4.0%

Publishers

Thomson Reuters Corporation $39.82 $29.62 $40.60 $31,694 $7,212 $39,388 3.1x 3.1x 3.0x 14.7x 10.7x 10.1x 81.5x 18.2x 16.2x 14.1% 1.2 3.0% 0.7% Pearson plc 20.80 14.94 21.03 16,868 3,712 20,588 2.4 2.6 2.5 15.7 14.2 13.4 36.3 17.6 16.4 7.2% 2.3 3.1% 5.2% News Corporation 16.72 14.28 18.53 9,710 (1,918) 7,949 0.9 0.9 0.9 12.0 8.4 7.7 36.3 29.4 26.4 10.0% 2.6 1.7% 1.9% Gannett Co., Inc. 33.78 25.53 35.70 7,629 2,738 10,367 1.7 1.6 1.5 7.0 6.6 6.0 7.4 13.5 11.0 5.5% 2.0 4.9% 24.3% Graham Holdings Company 956.15 640.58 977.29 5,540 (199) 5,373 1.5 1.5 NA 8.5 8.6 7.9 10.2 24.8 NA NA NA NA 5.0% UBM plc 8.01 6.73 11.18 3,542 799 4,392 3.4 3.0 3.0 13.4 11.4 11.1 9.1 13.3 12.6 1.8% 7.2 0.9% 3.7% Lagardere SCA 27.03 20.20 35.96 3,471 1,494 5,057 0.5 0.6 0.6 7.8 7.4 7.1 NM 13.2 12.3 10.5% 1.2 1.6% 3.5% Time Inc. 25.00 18.51 25.95 2,726 1,051 3,777 1.1 1.2 1.2 7.4 7.3 6.7 NM 17.6 15.2 9.0% 1.7 (0.9%) 0.4% The New York Times Company 14.01 11.22 17.37 2,106 (117) 1,989 1.3 1.3 1.2 10.9 7.8 7.8 66.7 26.4 25.6 NA NA 0.1% 0.2% The E. W. Scripps Company 20.42 15.22 23.34 1,156 74 1,232 1.5 1.5 1.2 16.4 7.5 3.1 NM 54.5 12.2 NA NA 19.5% 9.5% Tribune Publishing Company 20.21 15.00 25.20 514 288 802 0.5 0.5 0.5 5.3 4.3 4.2 8.7 NA NA NA NA (2.7%) (4.7%)

Mean 1.6 x 1.6 x 1.6 x 10.8 x 8.6 x 7.7 x 32.0 x 22.8 x 16.4 x 8.3% 2.6 3.1% 4.5% Median 1.5 1.5 1.2 10.9 7.8 7.7 23.2 17.9 15.2 9.0% 2.0 1.6% 3.5%

Diversified Marketing

WPP plc $21.91 $16.61 $23.83 $28,197 $5,058 $33,769 1.8x 1.8x 1.7x 10.7x 10.8x 10.2x 17.0x 15.4x 14.0x 8.5% 1.6 6.1% 15.5% Experian plc 18.04 13.86 18.61 17,614 3,816 21,454 4.4 4.3 4.1 12.6 12.4 11.8 21.8 18.5 17.4 7.8% 2.2 4.2% 2.1% Alliance Data Systems Corporation 273.12 230.54 301.18 17,485 13,097 30,818 5.8 4.7 4.2 20.3 15.9 14.0 34.7 18.3 16.0 15.3% 1.0 11.8% 30.2% Nielsen N.V. 43.43 40.56 49.61 16,317 6,258 22,660 3.6 3.5 3.3 15.3 11.6 10.9 43.9 15.6 13.9 14.9% 0.9 4.6% 13.3% Equifax Inc. 85.04 64.75 86.31 10,255 1,438 11,730 4.9 4.5 4.2 13.8 12.8 11.9 30.6 19.9 18.1 10.3% 1.8 6.6% 7.2% The Interpublic Group of Companies, Inc. 20.82 16.14 21.16 8,708 855 9,850 1.3 1.3 1.2 10.9 9.4 8.6 25.0 18.1 15.9 12.7% 1.3 4.4% 8.3% Havas 8.18 6.08 8.30 3,392 445 3,850 1.6 1.7 1.6 10.2 10.3 9.8 18.7 17.3 16.1 11.1% 1.5 3.7% 8.2% Acxiom Corporation 18.50 16.04 39.30 1,430 169 1,599 1.5 1.5 1.5 10.6 7.4 6.5 NM 20.6 15.5 12.5% 1.2 4.3% (6.3%) MDC Partners Inc. 24.40 15.98 25.09 1,212 695 2,204 1.8 1.7 1.5 47.4 10.8 9.5 NM 32.4 24.7 6.0% 4.1 8.3% 13.2% Harte-Hanks Inc. 8.04 5.65 9.07 499 20 519 0.9 0.9 0.9 9.3 7.6 6.7 21.2 16.9 14.6 NM NM 2.4% (3.7%)

Mean 2.8 x 2.6 x 2.4 x 16.1 x 10.9 x 10.0 x 26.6 x 19.3 x 16.6 x 11.0% 1.7 5.6% 8.8% Median 1.8 1.8 1.7 11.7 10.8 10.0 23.4 18.2 15.9 11.1% 1.5 4.5% 8.2% 3 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)

$MM, Except Per Share Data

Tencent Holdings Ltd. $17.10 $11.99 $17.80 $158,625 ($2,664) $156,060 12.8x 10.1x 8.3x 34.3x 22.9x 18.5x 44.9x 31.1x 24.4x 35.0% 0.7 22.3% 27.1% Naver Corporation 620.93 615.45 802.37 18,297 (941) 17,358 6.9 5.7 4.8 21.4 15.7 12.3 57.7 29.3 23.2 47.0% 0.5 17.9% 21.6% Electronic Arts Inc. 54.28 26.45 56.95 16,876 (2,307) 14,569 3.3 3.3 3.1 13.1 11.7 10.6 20.9 21.5 18.8 23.2% 0.8 5.4% 39.4% Activision Blizzard, Inc. 22.04 17.73 24.18 15,847 (534) 15,313 3.5 3.4 3.1 12.0 10.4 8.7 19.5 18.6 15.0 6.2% 2.4 9.9% 3.8% NetEase, Inc. 106.94 62.92 118.47 13,903 (3,154) 10,744 6.2 4.7 4.0 13.9 10.8 9.1 18.4 15.5 13.0 14.2% 0.9 17.1% 31.9% King Digital Entertainment plc 13.54 10.68 23.48 4,355 (516) 3,839 1.7 1.8 1.9 5.0 4.8 4.9 7.2 7.0 7.5 NM NM (5.7%) 12.9% GungHo Online Entertainment, Inc. 3.49 3.27 6.49 4,018 (1,095) 2,942 2.0 2.4 2.7 3.7 4.6 5.2 7.7 10.6 11.0 NM NM (11.9%) (24.5%) NCsoft Corporation 199.23 111.24 209.71 3,976 (777) 3,213 4.2 4.0 3.6 12.0 10.7 9.2 19.6 19.5 16.2 13.4% 1.2 11.4% 26.7% Zynga, Inc. 2.75 2.20 5.89 2,483 (826) 1,657 2.5 2.1 1.8 NM 17.3 15.1 NM 88.7 48.7 11.5% 4.2 16.3% (12.8%) Ubisoft Entertainment SA 19.77 12.02 20.63 2,131 55 2,187 1.4 1.2 1.1 5.2 2.9 2.6 NM 13.9 12.9 14.4% 0.9 8.0% 53.9% DeNA Co., Ltd. 11.84 9.86 19.42 1,534 (415) 1,166 1.0 0.9 1.0 3.5 4.2 4.2 10.2 10.1 11.3 NM NM (5.8%) (27.6%) Shanda Games Limited 5.19 4.91 7.00 1,395 (54) 1,391 2.1 1.7 NA 4.8 4.3 NA 6.5 6.3 NA NA NA NA (13.9%) Gree, Inc. 5.67 5.50 10.46 1,343 (588) 755 0.8 1.0 1.0 2.7 3.4 3.5 48.3 20.4 11.1 NM NM 1.1% (35.1%) Changyou.com Limited 24.16 17.13 32.27 1,277 (42) 1,287 1.7 1.4 1.4 24.3 7.7 6.4 NM 19.4 9.8 18.5% 0.5 2.2% 10.8% Perfect World Co., Ltd. 18.89 14.78 26.25 939 (346) 598 1.0 0.8 0.7 5.4 4.6 3.9 11.5 8.4 7.2 16.9% 0.4 12.7% 18.5% Glu Mobile, Inc. 5.08 3.27 7.60 543 (71) 472 2.1 1.8 1.6 43.6 14.3 10.7 63.5 54.9 31.0 NA NA 11.3% 109.1%

Mean 3.3 x 2.9 x 2.7 x 13.7 x 9.4 x 8.3 x 25.9 x 23.5 x 17.4 x 20.0% 1.3 7.5% 15.1% Median 2.1 1.9 1.9 12.0 9.1 8.7 19.5 19.0 13.0 15.6% 0.9 9.9% 15.7%

Social Media & New Platform

Facebook, Inc. $74.44 $54.66 $82.17 $208,358 ($10,966) $197,392 15.8x 11.6x 8.7x 31.7x 19.0x 14.4x 66.9x 37.9x 28.8x 33.5% 0.9 32.3% 48.9% LinkedIn Corporation 267.43 136.02 272.96 33,209 (2,362) 30,852 13.9 10.4 8.0 NM 37.9 27.0 NM 89.3 63.1 41.8% 1.5 30.4% 43.9% Twitter, Inc. 47.32 39.40 58.98 29,583 (305) 29,278 20.9 12.3 8.1 NM 49.8 27.9 NM NM 60.6 73.4% 0.8 51.0% 97.4% Groupon, Inc. 7.46 5.18 11.21 5,008 (855) 4,153 1.4 1.1 1.0 45.7 12.2 9.9 NM 43.0 32.5 24.7% 1.3 14.4% 27.2% Pandora Media, Inc. 14.82 14.62 40.44 3,084 (355) 2,729 3.0 2.3 1.9 NM 35.5 16.1 NM 72.1 25.9 70.6% 0.4 22.7% 95.6% Yelp, Inc. 42.17 44.86 101.75 3,058 (366) 2,692 7.1 5.0 3.7 94.0 25.7 16.3 87.9 50.7 32.4 44.6% 0.7 34.5% 55.5%

Mean 10.3 x 7.1 x 5.2 x 57.1 x 30.0 x 18.6 x 77.4 x 58.6 x 40.5 x 48.1% 0.9 x 30.9% 61.4% Median 10.5 7.7 5.8 45.7 30.6 16.2 77.4 50.7 32.4 43.2% 0.8 31.3% 52.2%

SaaS salesforce.com, inc. $57.98 $48.18 $67.00 $36,585 $1,425 $38,010 7.5x 5.8x 4.8x NM 32.2x 25.6x NM 83.7x 62.7x 28.1% 2.2 21.3% 28.6% Workday, Inc. 86.09 64.15 116.47 16,099 (1,345) 14,754 21.0 13.0 9.4 NM NM NM NM NM NM 40.0% NM 38.9% 68.2% ServiceNow, Inc. 72.88 44.17 75.27 10,808 (225) 10,583 15.5 10.7 7.9 NM 80.3 53.1 NM NM NM 38.0% NM 35.5% 58.1% NetSuite Inc. 94.71 69.48 120.77 7,268 (185) 7,083 12.7 9.8 7.7 NM NM NM NM NM NM 21.6% NM 28.2% 37.3% The Ultimate Software Group, Inc. 155.87 109.50 171.96 4,422 (108) 4,314 8.5 7.0 5.7 58.6 28.2 22.0 NM 63.1 50.7 27.0% 1.9 21.7% 21.0% Demandware, Inc. 56.18 44.39 82.23 2,040 (259) 1,781 12.5 7.9 5.7 NM NM 62.9 NM NM NM 37.5% NM 37.5% 56.2% Zendesk, Inc. 25.39 11.06 28.20 1,849 (133) 1,717 15.5 9.4 6.9 NM NM NM NM NM NM 35.0% NM 36.0% 106.8% Cornerstone OnDemand, Inc. 34.47 25.99 61.85 1,846 (4) 1,842 7.6 5.4 4.3 NM NM 54.1 NM NM NM 30.7% NM 27.0% 41.5% RealPage, Inc. 19.46 14.87 23.11 1,532 8 1,540 3.9 3.5 3.2 43.7 18.8 16.4 NM 40.4 32.9 20.0% 1.6 8.2% 6.6% Marketo, Inc. 33.47 22.02 45.00 1,379 (113) 1,268 9.3 6.3 4.9 NM NM NM NM NM NM 22.5% NM 29.1% 54.0% Constant Contact, Inc. 40.62 21.08 41.98 1,287 (163) 1,124 3.4 2.9 2.5 25.6 14.9 11.7 92.3 29.7 23.3 22.5% 1.0 16.8% 17.5% HubSpot, Inc. 34.09 25.79 38.60 1,070 6 1,076 10.3 7.4 6.0 NM NM NM NM NM NM 25.0% NM 24.0% 66.1% Cvent, Inc. 25.44 22.13 44.31 1,051 (183) 869 6.5 4.9 4.0 NM 44.8 33.1 NM NM NM 25.0% NM 22.8% 28.3% RingCentral, Inc. 15.03 10.02 23.65 1,024 (80) 944 4.3 3.3 2.7 NM NM 50.3 NM NM NM 21.9% NM 24.4% 36.5% Bazaarvoice, Inc. 8.16 5.85 8.75 637 (54) 583 3.2 2.8 2.4 NM NM 52.3 NM NM NM 15.0% NM 18.5% 15.0% LivePerson Inc. 10.48 8.84 14.70 573 (87) 486 2.4 1.8 1.6 48.0 16.8 14.1 NM 34.2 27.6 20.0% 1.4 14.0% 16.8% Jive Software, Inc. 6.11 5.06 9.79 437 (92) 346 2.0 1.7 1.5 NM NM 37.4 NM NM NM 20.0% NM 15.8% 24.7% Brightcove Inc. 8.13 5.06 11.16 262 (22) 241 1.9 1.8 1.7 NM 45.4 25.5 NM NM NM 15.0% NM 8.7% 5.5% Marin Software Incorporated 6.74 6.45 12.65 236 (65) 171 1.7 1.5 1.3 NM NM NM NM NM NM 20.0% NM 17.0% 23.7% ChannelAdvisor Corporation 8.32 8.32 49.90 197 (64) 133 1.6 1.4 1.2 NM NM NM NM NM NM 22.5% NM 16.4% 16.3%

Mean 7.6 x 5.4 x 4.3 x 44.0 x 35.2 x 35.3 x NM 50.2 x 39.5 x 25.4% 1.6 23.1% 36.4% Median 7.0 5.1 4.1 45.9 30.2 33.1 NM 40.4 32.9 22.5% 1.6 22.2% 28.4%

4 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 2/5/2015 $273 3.8x NM 3.4x NM

2/4/2015 $475 NA NA NA NA

1/28/2015 $130 1.3x NA NA NA

1/23/2015 $280 NA NA NA NA

1/20/2015 $100 NA NA NA NA

(2) 1/12/2015 $75 NA NA 2.7x NA

1/8/2015 $125 NA NA NA NA

12/11/2014 $800 NA NA NA NA

12/5/2014 $75 2.0x NA NA NA

(3) 11/24/2014 $55 1.1x NA NA NA

11/19/2014 $75 NA NA NA NA

(4) 11/17/2014 $114 2.3x NM 1.6x 11.2x

11/13/2014 $100 2.5x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) NTM multiples based on CapitalIQ consensus estimates. (2) Aggregate value includes a $15MM earnout. 5 (3) LTM revenue multiple based on net revenue per Company Press Release. (4) NTM multiples based on CapitalIQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

11/11/2014 $640 NA NA 6.4x NA

11/5/2014 $65 3.6x NA NA NA

11/3/2014 $150 NA NA NA NA

10/31/2014 $82 0.7x NA NA NA

10/23/2014 $840 2.2x 57.3x NA NA

(1) 10/21/2014 $295 2.0x 9.0x NA NA

10/20/2014 NA NA NA NA NA

10/2/2014 $100 50.0x NA NA NA

(2) 9/30/2014 $950 4.0x NA 3.5x 26.8x

9/23/2014 $88 16.2x NA NA NA

9/22/2014 $158 4.1x NA NA NA

9/18/2014 $82 NA NA NA NA

(3) 9/18/2014 $8,300 12.4x NM 10.2x NM

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiples based on implied 22.5% EBITDA margin and GCAS estimate of 15% CY2014 revenue growth rate over CY2013 revenue (per Company Press Release). 6 (2) NTM multiples based on CapitalIQ consensus estimates. (3) NTM multiples based on CapitalIQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

9/17/2014 NA NA NA NA NA

9/9/2014 $1,000 NA NA NA NA

9/2/2014 $160 NA NA NA NA

9/2/2014 $165 3.1x NA 25.7x NA

8/25/2014 $970 NA NA NA NA

(1) 8/19/2014 $160 NA NA NA NA

(2) 8/11/2014 $360 NA NA 5.5x NA

8/5/2014 $117 NA NA NA NA

(3) 8/5/2014 $2,466 5.9x NA 4.6x 15.9x

(4) 8/5/2014 $230 3.2x NA 2.4x NA

(5) 7/31/2014 $222 4.1x NA 2.6x NA

(6) 7/31/2014 $550 12.2x NA NA NA

7/30/2014 $375 NA NA 6.3x NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value includes earnout. (2) Aggregate Value reflects implied Target Aggregate Value based on 98% stake by Telstra. NTM Revenue based on CY2014 estimates. (3) LTM multiples based on CY2013A; NTM multiples based on CY2014E estimates. (4) Aggregate Value based on market closing price on 8/5/2014. LTM and NTM Revenue multiples based of 2013A and 2014 projections, respectively (assuming 35% 2014 / 2013 Y-o-Y growth rate) per RocketFuel Presentation. 7 (5) Aggregate Value reflects implied Target Aggregate Value based on 65% stake by RTL Group. LTM and NTM Revenue multiples based on GCA Savvian estimates. (6) Aggregate Value and LTM Revenue Multiples based on 451 Research. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 7/28/2014 $3,509 20.1x NM 12.9x NM

7/23/2014 $170 NA NA NA NA

7/22/2014 $250 1.8x NA NA NA Junos Pulse (2) 7/22/2014 $175 4.5x NA NA NA

(3) 7/21/2014 $250 NA NA NA NA

7/21/2014 $205 NA NA NA NA

7/15/2014 $155 2.2x NM 1.9x NM

7/14/2014 $72 2.9x NA NA NA

7/10/2014 $350 NA NA NA NA

7/9/2014 $100 20.0x NA NA NA

78/14 $125 6.3x NA NA NA

(4) 7/3/2014 $450 NA NA NA NA

(5) 7/2/2014 $253 0.6x NM 0.6x NM

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) NTM multiples based on CapitalIQ consensus estimates. (2) LTM revenue based on CY2013 estimate. Assumes 2012 revenue of $22MM growing at 75% year-over-year, based on market rumors. (3) Deal terms undisclosed; market rumors Aggregate Value to be between $200MM and $300MM. 8 (4) Deal terms undisclosed; market rumors Aggregate Value to be between $400MM and $500MM. (5) NTM Multiples based on CapitalIQ consensus estimates. Filed IPOs Internet / Digital Media / SaaS: IPOs In Public Registration

For the period 1/1/2010 to 2/9/2015 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

Deutsche Bank, Goldman Sachs, Needham & Trinity Ventures (32.3%); Madrona Venture Funds (23.6%); Advertising 02/03/15 $75 Company, Pacific Crest Securities, William Performance Equity Management (16.3%) Blair

Canaccord Genuity, Credit Suisse, Deutsche Bessemer Venture Partners (29.7%); Draper Fisher Jurvetson Internet Software 07/07/14 75 Bank, Jefferies, Needham & Company, (24.4%); JAFCO Tecnology Partners (8.7%) Oppenheimer, Piper Jaffray

Barclays, Citigroup, Deutsche Bank, J.P. Internet Software 06/09/14 100 Morgan, KKR Capital Markets, Morgan KKR (28.0%); Silver Lake (28.0%); TCV (12.6%) Stanley, RBC, Stifel

BAML, Citigroup, Oppenheimer, RBC Capital Canaan (32.4%); ATA Ventures (17.0%); Bessemer Venture Internet Software 04/16/14 100 Markets, William Blair Partners (16.3%)

9 Notes: Source: Dealogic, CapitalIQ and SEC.gov. Venture Capital Activity TMT: Transactions Since 2001

$12 1,000

$10 800

600

$6 $Bn

400

$4 Number ofInvestments

200 $2

$0 0 Q1 2001 Q2 2002 Q3 2003 Q4 2004 Q1 2006 Q2 2007 (1) Q3 2008 Q4 2009 Q1 2011 Q2 2012 Q3 2013 Q4 2014 Quarter - Year

Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 10 Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007(1)

120 $7,000

(6) 30 1,250$6,000 100

25 (4) (5) (7) $5,000 1,000

20 $4,000 750

60 $MM 15 $3,000

(3) $MM

500 Number ofFinancings 40 10 (1) (2)

Number Number of Financings $2,000

250 20 5

$1,000

May Feb Feb Mar Mar Apr Apr May Feb Mar Apr Mar Apr May Apr May Feb May Feb Mar

Jan Sep Jan Jun Nov Jul Nov Jul Aug Dec Aug Sep Jun Jul Aug Nov Dec Jul Aug Sep Dec Jan Jun Aug Sep Dec Jan Jun Sep Nov Jan Jun Jul

Oct Oct Oct 0 Oct 0

0 $0

Apr-07 Jul-10 Jan-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15

- - - - -

------

- - - 09 10 - 07 08 ------11

------

- 07 08 10 11 - 07 08 - 09 - 09 - 10

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

07 08 09 10 10 11 11 07 07 07 08 08 08 09 09 09 10 10

07 11 08 09 10

Amount Raised ($MM) Number of Financings Notes: Source: DowJones VentureWire. Only financings > $10MM included. (1) Chart excludes Groupon’s $377MM raise on 12/29/10. (2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11. (3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13. (4) Chart excludes Lyft’s $332MM raise on 4/2/14. (5) Chart excludes Good Technology’s $583MM raise on 4/10/2014. (6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014. 11 (7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Accelyst Solutions Tybourne Capital Management, Valiant Capital Partners, ru-Net, Mumbai, India 6-Feb-15 Series C $80 Not disclosed Provider of online prepaid mobile recharge and payment services. $117 Sequoia Capital, Sofina www.freecharge.in

Civitas Learning Rethink Education, Austin Ventures, Emergence Capital Austin, TX 5-Feb-15 Series C $16 Rethink Education Provider of a predictive analytics platform to the higher education market. $29 Partners www.civitaslearning.com

Digital Signal Chantilly, VA 5-Feb-15 Venture Round $11 Not disclosed Not disclosed Developer of three-dimensional (3D) facial recognition systems. $96 www.digitalsignalcorp.com

Hybrid Cluster Los Altos, CA 5-Feb-15 Series A $12 Accel Partners Accel Partners, Canaan Partners Provider of a data platform for containers. $15 www.hybridcluster.com

PicsArt San Francisco, CA 5-Feb-15 Series A $10 Sequoia Capital (Omar Hamoui) Sequoia Capital Provider of a mobile photo editing application. $10 www.picsart.com

Sauce Labs San Francisco, CA 5-Feb-15 Series D $15 Toba Capital (Tyler Jewell) Toba Capital Developer of a cloud based mobile and web testing platform. $36 www.saucelabs.com

Shazam Provider of music, television recognition and discovery software for mobile and London, United Kingdom 5-Feb-15 Series F $50 Individual Investor Individual Investor $170 tablet devices. www.shazam.com

SteelBrick Salesforce Ventures, Shasta Ventures, Emergence Capital Palo Alto, CA 5-Feb-15 Series B $18 Shasta Ventures (Jason Pressman) Provider of easy-to-use applications to sales base customers. $30 Partners, Individual Investor www.steelbrick.com

Qumulo Kleiner Perkins Caufield & Byers Highland Capital Partners, Kleiner Perkins Caufield & Byers, Seattle, WA 4-Feb-15 Series B $40 Provider of enterprise data storage platform. $67 (Wen Hsieh) Madrona Venture Group, Valhalla Partners www.qumulo.com

Skimbit Frog Capital, Silicon Valley Bank, Bertelsmann Digital Media London, United Kingdom 4-Feb-15 Venture Round $16 Frog Capital (Joe Krancki) Provider of an affiliate marketing tool. $25 Investments, Greycroft Partners, Sussex Place Ventures www.skimlinks.com

Taboola Advance Publications, Carlo De Benedetti, Comcast Ventures, New York, NY 4-Feb-15 Venture Round $117 Fidelity Investments Fidelity Investments, Groupe Arnault, Steadfast Capital, Yahoo Provider of a video content recommendation platform. $157 www.taboola.com Japan, Individual Investor, Marker

Zoom Video Communications Emergence Capital Partners Emergence Capital Partners, Jerry Yang, Horizons Ventures, Santa Clara, CA 4-Feb-15 Series C $30 Provider of cloud-based video meeting and conferencing services. $46 (Santiago Subotovsky) Individual Investor, Patrick Soon-Shiong, Qualcomm Ventures www.zoom.us

Beatpacking 3-Feb-15 Series B $11 Not disclosed Altos Ventures, Capstone Partners Provider of a music app. NA

Bottlenose San Francisco, CA 3-Feb-15 Series B $13 Not disclosed Not disclosed Provider of a web based platform for mapping trends in social networks. $20 www.bottlenose.com

Notes: 12 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

FiscalNote Renren, Steve Case, AME Cloud Ventures, Mark Cuban, New Washington, DC 3-Feb-15 Series B $10 Renren (Joseph Chen) Provider of a platform for real-time government analysis. $18 Enterprise Associates, Visionnaire Ventures www.fiscalnote.com

Apttus San Mateo, CA 2-Feb-15 Series B $41 Salesforce.com (John Somorjai) Iconiq Capital, K1 Capital, Salesforce.com Provider of a cloud based software for quote to cash automation. $78 www.apttus.com

Business Insider Axel Springer, Institutional Venture Partners, Jeff Bezos, Marc New York, NY 2-Feb-15 Venture Round $25 Not disclosed Provider of a business and community website. $56 Andreessen, RRE Ventures www.businessinsider.com

Revinate Industry Ventures, Northgate Capital, Tenaya Capital, Provider of a social media based cloud based platform for the hospitality San Francisco, CA 2-Feb-15 Series B $15 Not disclosed $33 Benchmark Capital, Formation 8, Tao Capital Partners industry. www.revinate.com

Tracx Edison Partners, Klingenstein, Fields & Co., Mousse Partners, New York, NY 2-Feb-15 Series C $18 Edison Partners (Ryan Ziegler) Provider of Social Media Management System. $28 Flybridge Capital Partners www.tracx.com

YellowPepper Fondo de Fondos, LIV Capital, Mexico Ventures, Sun Mountain Miami, FL 2-Feb-15 Series C $19 LIV Capital Provider of mobile banking and payment services. $49 Capital, International Finance Corporation www.yellowpepper.com

Zapproved Hillsboro, OR 2-Feb-15 Venture Round $15 K1 Capital K1 Capital Provider of web based tools for managing the approval process in businesses. $20 www.zapproved.com

Datadog Amplify Partners, Index Ventures, OpenView Venture Partners, Provider of a monitoring service used by IT teams and developers who work New York, NY 29-Jan-15 Venture Round $31 Index Ventures (Shardul Shah) $53 RTP Ventures with cloud-based software. www.datadoghq.com

Giphy General Catalyst Partners, Lightspeed Venture Partners, New York, NY 29-Jan-15 Venture Round $17 Lightspeed Venture Partners Betaworks, CAA Ventures, Lerer Hippeau Ventures, RRE Developer of animated GIFs. $21 www.giphy.com Ventures

Mashable Time Warner Investments, Elio Leoni-Sceti, Kass Lazerow, Time Warner Investments (Rachel Provider of an online news site covering digital culture, social media and New York, NY 29-Jan-15 Series E $17 Michael Lazerow, New Markets Venture Partners, Social Starts, $31 Lam) technology. www.mashable.com Updata Partners

MileIQ Trinity Ventures, Charles River Ventures, Individual Investor, San Francisco, CA 29-Jan-15 Series A $11 Trinity Ventures (Karan Mehandru) Provider of mobile application to calculate the cost of transportation. $14 Marc Benioff, SV Angel www.mileiq.com

OUYA Santa Monica, CA 29-Jan-15 Venture Round $10 Alibaba Group Alibaba Group Developer of a gaming platform. $38 www.ouya.tv

TUNE Icon Ventures, Performance Equity Management, Accel Seattle, WA 29-Jan-15 Series B $27 Icon Ventures (Jeb Miller) Developer of software for tracking performance of advertising. $36 Partners tune.com

Whistle Melo7 Tech Partners, Nokia Growth Partners, Qualcomm, Developer of technology that helps pet owners track their pets' day to day San Francisco, CA 29-Jan-15 Series B $15 Nokia Growth Partners (Paul Asel) QueensBridge Venture Partners, Red Swan Ventures, DCM, $25 activities. www.whistle.com Slow Ventures

Notes: 13 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

CarDekho Hillhouse Capital Management (David Hillhouse Capital Management, tybourne capital, Sequoia Jaipur, India 28-Jan-15 Series B $50 Rhee)•tybourne capital (Eashwar Operator of an online automobile portal. $65 Capital cardekho.com Krishnan)

ClickTale Kohlberg Kravis Roberts (Lucian Kohlberg Kravis Roberts, Viola Credit, Amadeus Capital Ramat Gan, Israel 28-Jan-15 Series C $35 Provider of website analysis services. $55 Schönefelder) Partners, Goldrock Capital www.clicktale.com

FFG Finanzcheck Finanzportale Highland Capital Partners Europe Hamburg, Germany 28-Jan-15 Venture Round $12 Highland Capital Partners Europe Operator of an insurance comparison portal. $12 (Fergal Mullen) www.finanzcheck.de

Insite Software Provider of e-commerce services and shipping platform for manufacturers and Minneapolis, MN 28-Jan-15 Series A $17 Volition Capital (Roger Hurwitz) Volition Capital $17 distributors. www.insitesoft.com

UserTesting Mountain View, CA 28-Jan-15 Series C $46 Accel Partners (Kobie Fuller) Accel Partners, OpenView Venture Partners Developer of a user experience testing platform. $54 www.usertesting.com

Beckon San Mateo, CA 27-Jan-15 Venture Round $13 Venrock (Brian Ascher) Venrock, August Capital, Canaan Partners, El Dorado Ventures Provider of a performance management software for marketing. $23 www.beckon.com

CloudBees Lightspeed Venture Partners (John Blue Cloud Ventures, Lightspeed Venture Partners, Matrix Los Altos, CA 27-Jan-15 Venture Round $23 Provider of Java-based platforms in the form of software-as-a-service. $50 Vrionis) Partners, Verizon Communications www.cloudbees.com

Re/code Kleiner Perkins Caufield & Byers Richard Branson, Kleiner Perkins Caufield & Byers, Rincon Operator of an independent technology-related news, reviews, and analysis Santa Monica, CA 27-Jan-15 Venture Round $30 $49 (John Doerr) Venture Partners website. www.tradesy.com

Araxid Prime Bessemer Venture Partners (Kent Provider of a SaaS-based platform for resolving linking and privatizing disparate McLean, VA 26-Jan-15 Series A $13 Bennett)•Columbia Capital (Arun Bessemer Venture Partners, Columbia Capital $13 identities stored in one or more databases. www.araxid.com Gupta)

RedSeal Networks Developer of security assurance software for medium to large sized Sunnyvale, CA 26-Jan-15 Venture Round $14 Not disclosed Not disclosed $69 organizations. www.redseal.co

Saltside Technologies Hillhouse Capital Management (David Brummer and Partners, Hillhouse Capital Management, Gothenburg, Sweden 23-Jan-15 Series C $40 Provider and operator of emerging market websites in underserved markets. $65 Rhee) Investment AB Kinnevik www.saltside.se

Antuit Provider of data engineering and analytical support services to enterprise Singapore, Singapore 22-Jan-15 Venture Round $56 Not disclosed Goldman Sachs, Zodius Capital $59 customers. www.antuit.com

Button Individual Investor, Redpoint Ventures, Atlas Venture, DCM, New York, NY 22-Jan-15 Series A $14 Redpoint Ventures (Chris Moore) Provider of business marketing technology. $17 Greycroft Partners, Slow Ventures, Vayner/RSE www.usebutton.com

CaratLane Trading Private Chennai, India 22-Jan-15 Series D $31 Tiger Global Management Tiger Global Management Provider of an online diamond jewellery portal. $58 www.caratlane.com

Notes: 14 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Fastback Networks Harmony Partners, Foundation Capital, Granite Ventures, San Jose, CA 22-Jan-15 Series C $15 Harmony Partners (Mark Lotke) Developer of technologies for the mobile infrastructure. $41 Juniper Networks, Matrix Partners www.fastbacknetworks.com

Persado American Express, Citi Ventures, StarVest Partners, Bain Provider of an artificial intelligence platform to generate text for emails and web New York, NY 22-Jan-15 Series B $21 StarVest Partners (Laura Sachar) $55 Capital Ventures pages. www.persado.com

Raise Marketplace New Enterprise Associates (Tony New Enterprise Associates, Pritzker Organization, Bessemer Provider of an interactive marketplace for unused daily deals and unspent gift Chicago, IL 22-Jan-15 Series B $56 $81 Florence) Venture Partners, Individual Investor, Listen Venture cards. www.coupontrade.com

BlueVine Greylock Partners (Laurel Correlation Ventures, Individual Investor, Silicon Valley Bank, Provider of online working capital financing to small businesses and Palo Alto, CA 21-Jan-15 Series E $19 Bowden)•Lightspeed Venture $23 Greylock Partners, Lightspeed Venture Partners freelancers. www.bluevine.com Partners

CloudHealth Technologies Boston, MA 21-Jan-15 Series B $12 Scale Venture Partners (Ariel Tseitlin) Scale Venture Partners, .406 Ventures, Sigma Prime Ventures Provider of cloud-management software for businesses. $20 www.cloudhealthtech.com

Interana AME Cloud Ventures, Harris Barton, Index Ventures, Mike Menlo Park, CA 21-Jan-15 Series B $20 Index Ventures (Michelangelo Volpi) Developer of analytical software for mass data interpretation. $28 Olson, Battery Ventures, FUEL Capital, The Data Collective www.interana.com

Maana San Juan Capistrano, CA 21-Jan-15 Venture Round $11 Not disclosed Not disclosed Provider of emergent semantic graph search engine. $14 www.maana.io

Ericsson, Individual Investor, Newtech, Temasek Holdings, AME Pluribus Networks Cloud Ventures, China Broadband Capital Partners, Menlo Palo Alto, CA 21-Jan-15 Series D $50 Temasek Holdings Provider of software networking as an open application platform. $94 Ventures, Mohr Davidow Ventures, New Enterprise Associates, www.pluribusnetworks.com The Data Collective

Shazam Provider of music, television recognition and discovery software for mobile and London, United Kingdom 21-Jan-15 Series F $30 Individual Investor Individual Investor $150 tablet devices. www.shazam.com

Simplilearn Solutions Bengaluru, India 21-Jan-15 Series C $15 Not disclosed Helion Venture Partners, Kalaari Capital Provider of online training and professional-certification courses. $28 www.simplilearn.com

Taulia QuestMark Partners, Duff Ackerman & Goodrich, Lakestar, Provider of cloud-based invoice, payment and discounting management service San Francisco, CA 21-Jan-15 Series D $55 QuestMark Partners (Brian Matthews) $91 Matrix Partners, TELUS Ventures, Trinity Ventures for large buying organizations. www.taulia.com

The Black Tux First Round Capital (Joshua William Morris Endeavor Entertainment, First Round Capital, Santa Monica, CA 21-Jan-15 Venture Round $10 Provider of a platform to rent a tuxedo. $15 Kopelman) Menlo Ventures, The Raine Group www.theblacktux.com

VMTurbo Iconiq Capital, Bain Capital Ventures, Globespan Capital Provider of workload management software to analyze the virtualized data Boston, MA 21-Jan-15 Venture Round $50 Iconiq Capital $78 Partners, Highland Capital Partners center. www.vmturbo.com

Work Market Union Square Ventures (Frederick Industry Ventures, Silicon Valley Bank, SoftBank Capital, Spark Provider of an online tool for businesses to manage professional freelance and Huntington, NY 21-Jan-15 Venture Round $20 $36 Wilson) Capital, Union Square Ventures contract workers. www.workmarket.com

Notes: 15 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Appsflyer Fidelity Growth Partners Europe Fidelity Growth Partners Europe, Magma Venture Partners, Hertzelia, Israel 20-Jan-15 Series B $20 Developer of a mobile application measurement and tracking platform. $28 (Gaurav Tuli) Pitango Venture Capital www.appsflyer.com

Avalara Bainbridge Island, WA 20-Jan-15 Series D1 $42 Technology Crossover Ventures Technology Crossover Ventures, Warburg Pincus Provider of sales tax and compliance automation services in the cloud. $259 www.avalara.com

Coinbase BBVA Ventures, DFJ Growth, Ntt Docomo, The New York San Francisco, CA 20-Jan-15 Series C $75 DFJ Growth Stock Exchange, United Services Automobile Association, Provider of a bitcoin-transaction platform. $107 www.coinbase.com Andreessen Horowitz, Ribbit Capital, Union Square Ventures

Meituan Beijing, China 20-Jan-15 Series D $700 Not disclosed Not disclosed Provider of online shopping and a group buying website. $1,070 www.meituan.com

Motif Investing Rancho Cordova, CA 20-Jan-15 Series E $40 Renren (Joseph Chen) Renren Provider of a investing platform that enables customers to invest in ideas. $126 www.motifinvesting.com

Porch Battery Ventures, Capricorn Investment Group, Founders Fund, Valor Equity Partners (Antonio Seattle, WA 20-Jan-15 Series B $65 Panorama Point Capital, Ty Pennington, Valor Equity Partners, Provider of a marketplace for home design and improvement. $107 Gracias) www.porch.com Lowe's Companies

Ravello Systems Qualcomm Ventures (Mony Qualcomm Ventures, SanDisk Ventures, Vintage Investment Palo Alto, CA 20-Jan-15 Venture Round $28 Hassid)•SanDisk Ventures (Rene Partners, Bessemer Venture Partners, Norwest Venture Provider of a nested virtualization software. $66 www.ravellosystems.com Hartner) Partners, Sequoia Capital

Sparkcentral Provider of business to business application for companies to communicate San Francisco, CA 20-Jan-15 Series B $12 Split Rock Partners (Jim Simons) Split Rock Partners, Sigma West $8 with their customers through social media. www.sparkcentral.com

Stack Exchange Andreessen Horowitz (Christopher Andreessen Horowitz, Bezos Expeditions, Index Ventures, New York, NY 20-Jan-15 Venture Round $40 Owner and operator of a community-driven question and answer site. $70 Dixon) Spark Capital, Union Square Ventures www.stackexchange.com

Taykey Innovation Endeavors, MSR Capital, Marker, Sequoia Capital, New York, NY 20-Jan-15 Series D $15 Not disclosed Provider of a trends-based advertising platform. $32 SoftBank Capital, Tenaya Capital www.taykey.com

Amagi Media Labs Bangalore, India 19-Jan-15 Series C $15 Not disclosed PremjiInvest, Mayfield Fund Provider of cloud-based television broadcasting and advertising. $38 www.amagi.com

APUS Group Chengwei Ventures, Qiming Venture Partners, SIG Ventures, Beijing, China 19-Jan-15 Venture Round $100 Not disclosed Provider of mobile Internet products and user systems. $116 Northern Light Venture Capital, Redpoint Ventures apusapps.com

Clues Network Tiger Global Management, Helion Venture Partners, Nexus Gurgaon, India 19-Jan-15 Series D $100 Tiger Global Management (Lee Fixel) Provider of a platform for online shopping. $135 Venture Partners www.shopclues.com

Urban Brand Deutsche Bank (Francesco Deutsche Bank, Goldman Sachs, 360° Capital Partners, DN Grünwald, Germany 19-Jan-15 Venture Round $56 Rigamonti)•Goldman Sachs (Martin Provider of online shop for baby products. $128 Capital, MCI Management www.windeln.de Hintze)

Notes: 16 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised General Catalyst Partners, Miroma Ventures, Thrive Capital, ClassPass Beehive Holdings, Blake Krikorian, David Tisch, Fritz Lanman, General Catalyst Partners•Thrive Provider of a marketplace and online hub for finding and booking classes and New York, NY 15-Jan-15 Venture Round $40 Gordon Crawford, Hank Vigil, Individual Investor, Kal Vepuri, $54 Capital activities. www.classpass.com Keith Nowak, Owen Van Natta, Romulus Capital, Scott Banister, Shana Fisher, SV Angel, TechStars

Clinipace Worldwide Crestline Investors, Mario Family Partners, Virgo Investment Provider of technology based clinical research services for clinical trials, Morrisville, NC 15-Jan-15 Venture Round $50 Virgo Investment Group Group, Harbert Venture Partners, Hatteras Venture Partners, $42 registries, grants management and investigator initiated studies. www.clinipace.com Morgan Stanley

Neo Technology Creandum (Johan Brenner)•Dawn Creandum, Dawn Capital, Conor Venture Partners, Fidelity San Mateo, CA 15-Jan-15 Series E $20 Developer of open source graph database. $44 Capital (Haakon Overli) Growth Partners Europe, Sunstone Capital www.neotechnology.com

Qyuki Digital Media Mumbai, India 15-Jan-15 Venture Round $10 Not disclosed Not disclosed Provider of digital media services. $15 www.qyuki.com

SafetyPay Provider of internet payment services for the online shoppers, merchants and Miami Beach, FL 15-Jan-15 Venture Round $19 Not disclosed Not disclosed $40 banks. www.safetypay.com

Boxed AME Cloud Ventures, Digital Sky Technologies, Founders Digital Sky Technologies•GGV Edison, NJ 14-Jan-15 Series B $25 Fund, GGV Capital, Vaizra Ventures, First Round Capital, Provider of a shopping platform. $33 Capital (Jeff Richards) www.boxed.com Greycroft Partners, Signia Venture Partners

Insite Software Provider of e-commerce services and shipping platform for manufacturers and Minneapolis, MN 14-Jan-15 Venture Round $15 Volition Capital (Roger Hurwitz) Volition Capital $15 distributors. www.insitesoft.com

Lynda.com TPG Capital, Accel Partners, Meritech Capital Partners, Carpinteria, CA 14-Jan-15 Series B $186 TPG Capital (David Trujillo) Provider of online learning courses. $289 Spectrum Equity Investors www.lynda.com

Rounds Entertainment Samsung Venture Investment, Sequoia Capital, Rhodium, Tim Tel Aviv, Israel 14-Jan-15 Series B $12 Sequoia Capital (Shmil Levy) Provider of a social entertainment platform. $22 Draper, Verizon Investments www.rounds.com

True Fit Jump Capital•Promus Jump Capital, Promus Ventures, Signal Peak Ventures, Provider of a database which helps consumers, brands and retailers to Woburn, MA 14-Jan-15 Venture Round $15 Ventures•Signal Peak Ventures (R. Breakaway Innovation Group, Guggenheim Partners, Novel TMT $22 discover footwear and apparel online stores. www.truefit.com Brandon Tidwell) Ventures

Vidyard Bessemer Venture Partners (Byron Bessemer Venture Partners, Salesforce.com, iNovia Capital, Kitchener, Canada 14-Jan-15 Series B $18 Provider of a video marketing platform. $26 Deeter) OMERS Ventures, SoftTech VC www.vidyard.com

App Annie Institutional Venture Partners (Eric Institutional Venture Partners, Greycroft Partners, IDG Capital Utrecht, Netherlands 13-Jan-15 Venture Round $55 Provider of a market data platform for the mobile-application industry. $94 Liaw) Partners, Sequoia Capital www.appannie.com

Basho Technologies Georgetown Partners (Chester Herndon, VA 13-Jan-15 Series G $25 Georgetown Partners Developer of data store enterprise software. $59 Davenport) www.basho.com

Brian Halligan, Brian Shin, Charles River Ventures, Dharmesh Driftt Shah, Founder Collective, General Catalyst Partners, JD Cambridge, MA 13-Jan-15 Series A $15 Charles River Ventures Provider of a software for consumer services. $15 Sherman, Jeff Seibert, John Kelleher, John Kinzer, Mike Volpe, www.driftt.com NextView Ventures, Phil Harrell, Wayne Chang

Notes: 17 Source: DowJones VentureWire. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Ionic Security Meritech Capital Partners (Mike Meritech Capital Partners, Google Ventures, JAFCO Ventures, Atlanta, GA 13-Jan-15 Series C $40 Provider of data security platform. $78 Gordon) Kleiner Perkins Caufield & Byers, TechOperators www.ionicsecurity.com

Teads London, United Kingdom 13-Jan-15 Venture Round $32 Not disclosed Bpifrance, Elaia Partners, Gimv, Partech Ventures Developer of a video advertising platform. $37 www.teads.tv

Whistle Sports Derek Jeter, Emil Capital, Liberty Global, Peyton Manning, New York, NY 13-Jan-15 Venture Round $28 Emil Capital (Andreas Guldin) Producer and publisher of sports-focused videos. $43 British Sky Broadcasting Group www.whistlesports.com

Clearleap Susquehanna Growth Equity (Scott Mosley Ventures, Susquehanna Growth Equity, Noro-Moseley Duluth, GA 12-Jan-15 Series C $25 Provider of web based content management technology. $46 Feldman) Partners, Trinity Ventures www.clearleap.com

Dato Opus Capital, Vulcan Capital, Madrona Venture Group, New Seattle, WA 8-Jan-15 Venture Round $19 Vulcan Capital (Steve Hall) Provider of a machine-learning analytics engine for graph datasets. $25 Enterprise Associates www.dato.com

Panaya Provider of ERP testing and upgrade automation SaaS (Software as a Service) Saddle Brook, NJ 8-Jan-15 Series E $20 Israel Growth Partners Israel Growth Partners $53 technology. www.panaya.com

Seismic Software Solana Beach, CA 8-Jan-15 Series B $20 JMI Equity (Peter Arrowsmith) JMI Equity, Sigma West Provider of a cloud based enterprise software. $25 www.seismic.com

Westwing Home & Living Kreos Capital, Leverate Media, Investment AB Kinnevik, Rocket Munich, Germany 7-Jan-15 Venture Round $31 Not disclosed Provider of online shopping site. $213 Internet, Summit Partners www.westwing.de

Bazaar Eric Fellner, Floreat Family Office Services, Joe Osnoss, Martin London, United Kingdom 6-Jan-15 Series D $20 Not disclosed Varsavsky, MMC Ventures, Simon Patterson, White Star Operator of film streaming platform. $23 www.mubi.com Capital, Peterson Partners

Blue Box Group Seattle, WA 6-Jan-15 Series B $14 Not disclosed Founder Collective, Voyager Capital Provider of cloud hosting and managed services. $20 www.bluebox.net

Glassdoor Google Capital (Laela Sturdy)•Tiger Google Capital, Battery Ventures, Sutter Hill Ventures, Tiger Provider of an online social networking company focused on employment Mill Valley, CA 6-Jan-15 Series F $70 $162 Global Management (Lee Fixel) Global Management conditions in the workplace. www.glassdoor.com

Hangzhou Kuaidi Technology Hangzhou, China 6-Jan-15 Venture Round $800 Not disclosed Tiger Fund, Alibaba Group Provider of a taxi service platform. $900 www.kuaidadi.com

NetDragon Websoft (Online Education Subsidiary) Guangdong Alpha Animation and Culture, IDG Capital Partners, 6-Jan-15 Venture Round $53 Not disclosed Provider of a mobile online educational platform. $53 Fuzhou, China Vertex Venture Management iSIGHT Partners Bessemer Venture Partners (David Dallas, TX 5-Jan-15 Series C $30 Bessemer Venture Partners Provider of cyber security risk-management services. $49 Cowan) www.isightpartners.com

Notes: 18 Source: DowJones VentureWire. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

Sale of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock

A subsidiary of to

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor December 2014 October 2014 October 2014 September 2014 September 2014 August 2014 August 2014 August 2014 May 2014

Acquired by Acquisition of Acquired by Acquired by Acquired by Sale of Entertainment Acquired by Acquired by Preferred Stock Store Assets to Reality Media Japan Holdings We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor April 2014 April 2014 March 2014 March 2014 November 2013 September 2013 August 2013 August 2013 July 2013

Sale of Acquired by Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock

Fairness Opinion for We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller July 2013 January 2013 September 2012 August 2012 August 2012 August 2012 June 2012 June 2012 May 2012

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 December 2011 November 2011 November 2011

Acquired by Acquired by Preferred Stock Preferred Stock Acquired By Preferred Stock Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor October 2011 October 2011 September 2011 August 2011 August 2011 August 2011 August 2011 August 2011 July 2011

19 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo London

th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. 11-1 Marunouchi 1-chome 48 Dover Street San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 London W1S 4FF United States United States Japan United Kingdom Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +44 (0) 207 038-3200

Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Seihun Kong John Lambros Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Tomohiko Kubota Sachio Kuninori Ashley Ma Saif Malik Clifford Platt Joshua Wepman Vice President Executive Director Vice President Vice President Director Managing Director

Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7076 Phone: +44 (0) 207 038-3216 Phone: (415) 318-3622 Phone: (212) 999-7092 [email protected] [email protected] Mobile: (917) 575-0103 Mobile: +44 (0) 778 606-8553 Mobile: (917) 796-7782 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected]