Weekly Internet / Digital Media / Saas Sector Summary

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Weekly Internet / Digital Media / SaaS Sector Summary

Week of July 14th, 2014 Industry Stock Market Valuation Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

180 120

14.6% 160 11.9% 60.8% 10.4% 10.4% 110 7.9% 140 22.3% 7.7% 21.0% 6.6% 20.4% 5.9% 120 20.0% 5.1% 16.3% 100 13.9% 100 13.0% 10.8%

80 90 7/12/13 9/23/13 12/5/13 2/16/14 4/30/14 7/12/14 4/11/14 5/4/14 5/27/14 6/19/14 7/12/14

(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, CNVR, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, RUBI, TRMR, TWTR, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, COUP, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, VPRT, ZU. 3) Internet Content Composite includes: AOL, CRCM, DHX, DMD, EHTH, IACI, MOVE, 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. 7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 1 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, CVT, DWRE, ECOM, 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 7/14/14 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Search / Online Advertising

Google Inc. $594.26 $418.00 $614.44 $400,825 ($48,880) $351,945 5.6x 5.4x 4.6x 18.9x 13.5x 11.3x 32.9x 22.4x 19.0x 17.2% 1.1 16.3% 19.1% Microsoft Corporation 42.14 30.84 42.45 348,094 (64,192) 283,902 3.4 3.0 2.8 8.8 8.8 8.0 15.8 15.5 14.6 8.4% 1.7 5.2% (0.4%) Yahoo! Inc. 35.70 26.73 41.72 35,943 (1,773) 34,228 7.3 7.6 7.4 38.6 25.1 23.2 29.8 22.2 19.8 10.3% 1.9 3.0% (0.7%) Yandex N.V. 32.49 21.70 45.42 10,442 (141) 10,301 8.5 7.1 5.8 21.9 17.1 13.5 27.3 26.0 20.8 27.7% 0.7 23.6% 20.1% Criteo SA 32.04 25.16 60.95 1,849 (273) 1,577 2.3 1.7 1.3 36.9 24.0 13.1 NM 76.8 36.8 63.8% 0.6 35.5% 72.9% Conversant, Inc. 24.53 18.62 28.79 1,643 (30) 1,613 2.8 2.6 2.4 7.9 7.6 6.8 20.3 14.1 12.6 14.3% 0.9 8.1% 8.5% Rocket Fuel Inc. 25.20 19.31 71.89 886 (189) 697 2.5 1.6 1.1 NM NM 18.7 NM NM 98.0 45.0% 2.2 55.9% 94.7% Blucora, Inc. 17.44 16.65 30.12 717 (77) 640 1.0 1.0 0.9 5.7 5.6 5.1 28.6 8.3 7.3 17.3% 0.4 8.7% 30.8% Marchex, Inc. 12.39 5.43 12.84 524 (39) 486 2.9 2.6 2.4 60.1 33.4 27.2 NM 71.1 55.4 NA NA 9.8% 45.4% Millennial Media Inc. 3.69 2.90 10.48 395 (98) 297 1.1 0.9 0.8 NM NM 13.3 NM NM NM 36.8% NM 16.3% 46.9% Marin Software Incorporated 10.40 8.41 14.37 351 (91) 260 3.1 2.7 2.2 NM NM NM NM NM NM 20.0% NM 19.8% 33.0% Sizmek Inc. 9.77 8.40 13.25 297 (83) 214 1.8 1.2 1.0 6.7 9.1 6.5 NM NM NM NA NA 13.1% NA The Rubicon Project, Inc. 10.97 10.93 23.20 284 (99) 186 2.1 1.6 1.3 NM NM 34.1 NM NM NM 45.0% NM 31.1% 18.4% QuinStreet, Inc. 5.42 5.10 9.71 237 (39) 199 0.7 0.7 0.7 9.4 7.6 6.8 NM NM NM 15.0% NM 3.8% (9.0%) Blinkx plc 0.59 0.46 4.01 234 (127) 107 0.4 0.4 0.4 3.5 NA 3.9 18.4 13.4 9.4 33.6% 0.3 16.1% 17.0% ReachLocal, Inc. 7.13 5.87 14.45 206 (74) 132 0.3 0.3 0.2 28.4 47.4 5.4 NM NM NM 27.5% NM 7.9% 2.6% Tremor Video, Inc. 4.05 3.59 11.09 204 (87) 117 0.8 0.7 0.6 NM NM NM NM NM NM NA NA 24.7% 40.8% YuMe, Inc. 6.15 4.72 12.08 199 (50) 149 0.9 0.8 0.6 56.7 59.7 14.3 NM NM NM NA NA 26.6% 40.1%

Mean 2.6 x 2.3 x 2.0 x 23.3 x 21.6 x 13.2 x 24.7 x 30.0 x 29.4 x 27.3% 1.1 18.1% 28.2% Median 2.2 1.6 1.2 18.9 15.3 12.2 27.3 22.2 19.4 23.8% 0.9 16.2% 20.1%

Internet Content

IAC/InterActiveCorp $66.61 $48.65 $80.64 $5,531 $37 $5,596 1.9x 1.7x 1.6x 10.6x 9.3x 7.7x 21.7x 18.5x 14.8x 10.4% 1.4 9.1% (0.3%) Zillow, Inc. 131.43 63.72 145.49 5,192 (309) 4,882 21.7 15.7 11.6 NM 97.3 55.5 NM NM NM 63.2% NM 35.4% 70.0% AOL Inc. 41.10 32.19 53.28 3,285 24 3,319 1.4 1.3 1.2 7.6 6.6 6.0 44.8 19.3 16.0 14.7% 1.1 7.6% 8.4% WebMD Health Corp. 51.50 28.03 53.30 1,944 174 2,118 3.9 3.7 3.3 24.4 13.6 11.3 NM 40.8 33.1 12.5% 2.6 11.4% 18.7% Bankrate, Inc. 17.75 14.44 23.14 1,859 53 1,912 3.9 3.5 3.1 16.7 12.9 11.1 NM 26.0 21.5 20.7% 1.0 11.6% 25.8% Shutterfly, Inc. 47.48 36.30 59.93 1,829 (91) 1,738 2.2 1.9 1.6 22.1 10.2 8.2 NM NM 67.5 26.3% 2.6 15.5% 17.5% Trulia, Inc. 41.23 26.35 52.71 1,522 9 1,532 8.8 6.1 4.6 NM 73.1 29.8 NM NM NM 26.1% NM 31.5% 127.0% Web.com Group, Inc. 27.09 25.21 37.72 1,398 544 1,942 3.8 3.3 2.9 19.8 11.2 9.9 NM 10.7 9.1 14.7% 0.6 11.1% 15.8% comScore, Inc. 37.15 24.69 38.98 1,295 (29) 1,266 4.3 3.9 3.4 50.1 19.6 15.7 NM 30.1 23.6 25.6% 0.9 15.5% 11.7% Renren Inc. 3.21 2.76 4.79 1,153 (985) 168 1.2 1.7 1.0 NM NM NM NM NM NM 20.0% NM 66.9% (39.9%) eHealth, Inc. 34.67 23.12 63.32 660 (98) 561 3.0 2.7 2.2 NM 32.7 19.5 NM 77.8 42.6 30.3% 1.4 19.6% 17.9% Move, Inc. 14.96 9.47 18.36 592 (32) 560 2.4 2.2 1.9 49.6 18.7 13.8 NM 48.0 28.6 14.0% 2.0 13.6% 7.0% Monster Worldwide, Inc. 6.42 4.03 8.50 584 114 750 0.9 0.9 0.9 7.5 6.3 5.7 NM 16.2 12.9 12.0% 1.1 2.3% (6.5%) Everyday Health, Inc. 17.99 11.84 19.89 541 (12) 530 3.3 2.9 2.6 38.4 15.5 11.8 NM 40.6 22.8 37.1% 0.6 15.3% NA Dice Holdings, Inc. 7.66 6.50 9.86 416 103 519 2.3 2.1 2.0 8.3 6.9 6.5 33.8 23.6 18.4 17.5% 1.1 4.8% 20.3% Demand Media, Inc. 4.42 3.62 7.15 383 (61) 322 0.8 0.9 0.8 10.1 6.7 6.1 NM NM 88.4 NA NA 6.8% (10.8%) XO Group Inc. 11.76 8.82 15.78 317 (75) 241 1.8 1.7 1.6 15.2 13.9 12.9 89.0 98.0 37.9 NA NA 5.1% 7.1% TechTarget, Inc. 8.51 4.31 9.11 278 (29) 250 2.7 2.5 2.1 37.5 15.0 9.7 NM 28.1 17.5 33.5% 0.5 16.7% 17.5% RealNetworks Inc. 7.38 6.83 8.95 265 (210) 55 0.3 0.3 0.3 NM NA NA NM NM NM NA NA 4.5% (19.5%) United Online, Inc. 9.93 9.20 62.30 140 (67) 73 0.3 0.3 0.3 5.0 2.4 2.1 NM 15.2 11.5 NA NA 1.9% (3.1%) TheStreet, Inc. (1) 2.40 1.82 3.04 82 (3) 79 1.4 1.3 1.3 NM 31.9 24.4 NM NM NM NA NA 6.0% 14.4%

Mean 3.4 x 2.9 x 2.4 x 21.5 x 21.3 x 14.1 x 47.3 x 35.2 x 29.1 x 23.7% 1.3 14.9% 14.9% Median 2.3 2.1 1.9 16.7 13.6 11.1 39.3 27.0 22.2 20.3% 1.1 11.4% 13.0%

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

Amazon.com Inc. $355.32 $279.33 $408.06 $163,507 ($5,519) $157,988 2.0x 1.7x 1.4x 41.7x 24.1x 18.0x NM NM NM 50.3% NM 20.2% 22.8% eBay Inc. 51.16 48.06 59.70 64,837 (3,716) 61,121 3.7 3.3 2.9 12.5 10.0 9.0 NM 17.1 15.1 12.6% 1.2 14.1% 13.7% The Priceline Group Inc. 1,228.49 875.19 1,378.96 64,412 (4,855) 59,557 8.3 7.0 5.9 22.2 17.5 14.4 32.8 23.5 19.3 21.8% 0.9 19.8% 26.1% Netflix, Inc. 452.58 239.91 475.87 27,131 (768) 26,363 5.7 4.8 4.0 76.9 43.9 30.0 NM NM 68.2 41.3% 1.7 22.2% 24.0% Liberty Interactive Corporation 28.62 21.95 30.68 13,902 5,425 23,860 2.1 2.2 2.2 11.8 11.9 11.5 28.8 21.7 17.9 22.2% 0.8 1.9% 2.4% Expedia Inc. 80.13 45.69 82.36 10,404 (922) 10,084 2.0 1.8 1.6 15.4 10.1 8.8 34.3 20.9 17.8 16.0% 1.1 13.0% 18.6% zulily, Inc. 37.08 28.75 73.50 4,604 (309) 4,294 5.3 3.6 2.5 NM 82.2 36.8 NM NM 79.5 67.8% 1.2 45.9% 87.3% Copart, Inc. 35.67 30.38 37.54 4,496 188 4,684 4.1 3.9 3.6 12.5 11.5 10.1 27.6 21.0 18.3 13.9% 1.3 7.6% 11.6% HomeAway, Inc. 32.90 27.27 48.90 3,077 (467) 2,619 7.0 5.9 5.0 43.5 21.9 18.3 NM NM NM 22.0% NM 19.9% 33.0% Shutterstock, Inc. 77.34 48.05 103.01 2,722 (213) 2,509 9.8 7.9 6.1 53.5 39.3 27.2 NM 77.6 57.6 34.3% 1.7 28.0% 42.4% GrubHub Inc. 33.53 29.86 40.80 2,642 (181) 2,461 14.5 10.6 8.5 62.9 38.5 29.4 NM NM 75.6 37.5% 2.0 24.7% 169.1% OpenTable, Inc. 102.99 61.50 106.30 2,427 (118) 2,309 11.6 10.2 8.8 38.4 26.8 22.4 NM 54.2 44.6 14.9% 3.0 16.1% 18.2% Coupons.com Incorporated 25.18 15.56 33.00 1,952 (132) 1,820 9.9 8.2 6.2 NM NM 39.5 NM NA 75.2 NA NA 32.3% 43.9% Vistaprint N.V. 38.10 37.43 58.20 1,268 144 1,418 1.2 1.1 1.0 10.6 7.5 7.0 29.1 12.8 11.5 19.3% 0.6 7.8% (0.5%) Stamps.com Inc. 34.40 27.18 49.40 557 (90) 466 3.6 3.4 3.2 12.8 11.2 10.2 13.0 14.8 13.5 18.0% 0.8 7.9% 3.7% Digital River Inc. 14.87 14.28 20.29 486 (257) 229 0.6 0.6 0.6 7.7 5.0 3.9 NM 28.6 17.4 10.0% 1.7 6.2% (11.9%) Borderfree, Inc. 15.27 13.29 21.25 480 (117) 363 3.3 2.6 2.0 NM 51.4 28.3 NM NM 72.7 22.5% 3.2 24.6% 2.9% 1-800-Flowers.com Inc. 5.57 4.53 7.17 357 (1) 359 0.5 0.5 0.4 9.3 7.1 5.9 30.9 20.7 14.5 16.0% 0.9 4.4% (6.3%) Overstock.com Inc. 14.68 13.89 35.60 352 (111) 241 0.2 0.2 0.2 11.7 6.6 5.7 4.2 22.2 16.0 NM NM 3.3% 9.4% Blue Nile Inc. 27.52 26.75 49.14 333 (56) 277 0.6 0.6 0.5 16.9 10.9 9.4 32.1 31.5 25.9 18.3% 1.4 9.5% 6.8% Travelzoo Inc. 19.04 17.03 33.95 281 (61) 219 1.4 1.4 1.3 8.4 8.0 7.0 NM 18.7 16.1 NA NA 6.1% (4.7%) CafePress Inc. 5.30 4.98 7.47 91 (20) 72 0.3 0.3 0.3 14.7 8.1 6.6 NM NM 48.2 NA NA 8.0% (8.2%)

Mean 4.4 x 3.7 x 3.1 x 25.4 x 21.6 x 16.3 x 25.9 x 27.5 x 36.2 x 25.5% 1.5 15.6% 22.9% Median 3.4 3.0 2.3 14.7 11.5 10.8 29.1 21.3 18.8 20.5% 1.3 13.5% 12.6%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $86.76 $60.41 $87.61 $150,255 $11,526 $164,532 3.5x 3.4x 3.1x 12.5x 11.4x 9.8x 22.3x 20.5x 18.3x 14.4% 1.3 7.8% 10.4% Comcast Corporation 55.05 41.06 55.28 143,122 41,957 186,496 2.8 2.7 2.6 8.5 8.2 7.6 20.2 18.9 16.8 13.3% 1.3 4.2% 13.7% Time Warner Inc. 71.68 60.07 73.07 63,229 16,745 79,974 2.6 2.9 2.8 9.9 10.8 10.1 16.3 17.9 15.6 13.2% 1.2 4.0% 8.7% Viacom, Inc. 85.03 71.57 89.27 36,548 10,799 47,554 3.5 3.4 3.2 10.9 10.4 9.6 15.9 14.8 12.5 13.8% 0.9 4.6% 1.2% CBS Corporation 60.68 50.51 68.10 34,664 7,683 42,347 2.8 2.8 2.8 11.3 10.9 10.6 19.9 17.6 15.1 14.9% 1.0 1.0% (4.6%) Discovery Communications, Inc. 78.22 71.56 90.76 26,949 6,023 33,010 5.7 5.1 4.6 13.9 12.5 11.2 26.0 21.3 17.6 17.4% 1.0 10.9% 22.1% Sony Corporation 16.55 14.91 22.87 17,274 4,869 27,282 0.4 0.4 0.4 5.7 5.7 4.3 NM NM 73.1 10.0% 7.3 2.2% (0.2%) Lions Gate Entertainment Corp. 28.73 24.54 37.81 4,061 1,070 5,131 2.0 1.9 1.7 19.3 14.1 10.8 27.6 22.8 17.8 18.5% 1.0 13.5% (8.1%)

Mean 2.9 x 2.8 x 2.6 x 11.5 x 10.5 x 9.3 x 21.2 x 19.1 x 23.3 x 14.4% 1.9 6.0% 5.4% Median 2.8 2.8 2.8 11.1 10.9 10.0 20.2 18.9 17.2 14.1% 1.1 4.4% 5.0%

Publishers

Thomson Reuters Corporation $37.08 $32.12 $39.27 $29,961 $7,344 $37,706 3.0x 3.0x 2.9x 14.6x 11.1x 10.1x 70.4x 19.6x 16.7x 10.4% 1.6 2.1% (1.4%) Pearson plc 18.95 16.76 23.58 15,347 2,549 17,907 2.1 2.1 2.0 13.1 12.2 10.8 31.5 17.0 14.8 6.8% 2.2 3.7% NA News Corporation 18.18 14.39 18.53 10,527 (3,207) 7,454 0.9 0.9 0.9 10.5 8.8 7.9 NM 39.4 30.1 7.0% 4.3 (1.3%) (4.7%) Gannett Co., Inc. 31.60 23.75 32.46 7,167 3,167 10,560 2.0 1.8 1.8 9.9 7.3 7.8 21.5 11.9 12.8 10.0% 1.3 (2.4%) 13.4% Graham Holdings Company 729.98 512.40 745.11 5,406 (835) 4,576 1.3 1.3 1.3 7.2 7.0 7.2 18.0 22.3 21.7 NA NA 0.0% 2.4% Lagardere SCA 32.29 30.54 43.26 4,147 (497) 3,757 0.4 0.4 0.4 5.7 4.7 4.6 2.3 14.5 12.8 10.6% 1.2 (0.4%) 0.4% UBM plc 11.29 10.58 12.97 2,771 756 3,572 2.7 2.8 2.6 11.4 11.2 10.0 18.9 13.9 12.3 6.8% 1.8 5.7% 10.3% The New York Times Company 14.42 10.91 17.37 2,167 (43) 2,128 1.3 1.3 1.3 8.3 8.3 8.1 42.7 35.0 29.5 5.0% 5.9 0.2% 2.6% The E. W. Scripps Company 20.70 13.74 22.59 1,161 12 1,176 1.4 1.3 1.3 16.5 8.4 9.4 NM 22.4 29.6 NA NA 0.4% 2.6%

Mean 1.7 x 1.6 x 1.6 x 10.8 x 8.8 x 8.4 x 29.3 x 21.8 x 20.0 x 8.1% 2.6 0.9% 3.2% Median 1.4 1.3 1.3 10.5 8.4 8.1 21.5 19.6 16.7 7.0% 1.8 0.2% 2.5%

Diversified Marketing

WPP plc $20.90 $19.62 $26.75 $27,045 $3,711 $31,187 1.7x 1.7x 1.6x 10.2x 9.4x 8.8x 18.1x 14.7x 13.2x 8.9% 1.5 6.3% 7.4% Nielsen N.V. 48.67 32.40 49.61 18,469 6,357 24,907 4.2 3.9 3.7 17.9 13.3 12.3 39.7 19.4 17.4 14.2% 1.2 5.2% 12.9% Experian plc 17.70 16.44 21.79 17,549 3,964 21,535 4.4 4.3 4.0 12.8 12.3 11.5 23.6 18.8 17.2 9.7% 1.8 6.9% NA Equifax Inc. 73.61 58.75 73.93 8,983 1,533 10,556 4.5 4.3 4.0 12.9 12.3 11.4 27.4 19.1 17.2 10.5% 1.6 7.7% 3.2% The Interpublic Group of Companies, Inc. 19.41 15.17 19.78 8,223 878 9,384 1.3 1.3 1.2 11.1 9.7 8.7 28.1 19.4 16.1 13.6% 1.2 4.6% 6.1% Havas 8.01 6.81 8.71 3,283 275 3,571 1.5 1.4 1.4 9.7 8.9 8.3 18.2 16.1 14.6 7.5% 1.9 3.9% 1.4% Acxiom Corporation 20.37 20.08 39.30 1,569 (101) 1,468 1.3 1.4 1.4 7.4 6.9 6.5 NM 31.6 27.3 8.9% 3.1 3.7% 0.0% MDC Partners Inc. 22.13 12.90 27.11 1,095 680 2,041 1.7 1.6 1.5 NM 11.1 10.0 NM 54.4 26.4 10.5% 2.5 7.4% 10.1% Harte-Hanks Inc. 6.93 6.62 10.12 435 10 445 0.8 0.8 0.8 7.5 6.5 6.3 21.7 15.2 14.3 NM NM 3.5% 0.3%

Mean 2.4 x 2.3 x 2.2 x 11.2 x 10.0 x 9.3 x 25.3 x 23.2 x 18.2 x 10.5% 1.9 5.4% 5.2% Median 1.7 1.6 1.5 10.6 9.7 8.8 23.6 19.1 17.2 10.1% 1.7 5.2% 4.7%

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. $15.85 $7.99 $16.67 $146,488 ($4,155) $142,412 13.6x 11.1x 9.2x 40.0x 28.1x 22.4x 51.4x 36.7x 29.4x 30.9% 1.0 21.3% 35.8% Naver Corporation 792.76 388.21 863.40 23,621 (627) 22,997 10.5 8.4 7.0 37.0 24.7 18.4 96.4 44.2 31.9 37.4% 0.9 20.5% 28.3% Activision Blizzard, Inc. 22.59 14.89 22.78 16,168 33 16,201 3.7 3.4 3.4 12.6 10.0 9.6 25.7 17.3 15.9 14.3% 1.1 2.4% (16.1%) Electronic Arts Inc. 36.55 20.47 37.26 11,496 (1,785) 9,711 2.7 2.3 2.3 39.3 8.8 9.2 NM 17.3 17.6 17.3% 1.0 0.0% (7.1%) NetEase, Inc. 78.00 60.08 84.35 10,141 (2,902) 7,227 4.8 4.2 3.6 9.8 8.9 7.1 14.2 13.3 11.3 13.6% 0.8 17.3% 9.9% GungHo Online Entertainment, Inc. 6.19 4.87 11.12 7,134 (463) 6,698 3.8 3.5 3.6 6.6 6.1 6.6 12.3 10.5 10.5 NM NM (3.6%) 47.8% King Digital Entertainment plc 20.40 15.26 23.48 6,481 (516) 5,965 2.6 2.4 2.1 7.3 6.2 5.6 10.2 8.5 7.9 12.2% 0.6 14.7% 194.6% NCsoft Corporation 162.38 156.49 248.23 3,241 (651) 2,607 3.7 3.0 2.7 12.0 7.8 6.6 24.0 14.0 11.9 24.2% 0.5 12.5% 0.9% Giant Interactive Group, Inc. 11.90 7.36 11.91 2,865 (764) 2,109 5.6 4.9 4.5 8.5 7.6 7.1 8.6 11.9 11.4 13.1% 0.9 9.1% 0.4% Zynga, Inc. 3.18 2.72 5.89 2,813 (782) 2,030 2.6 2.8 2.2 62.3 20.9 13.0 NM NM 50.8 9.0% 5.6 27.3% (36.3%) Ubisoft Entertainment SA 18.27 10.29 20.90 2,072 20 2,093 1.5 1.0 1.0 4.6 2.9 2.4 NM 23.9 11.7 19.9% 0.6 6.9% (21.4%) Gree, Inc. 8.45 6.66 13.44 1,990 (451) 1,539 1.2 1.3 1.3 3.4 3.8 3.7 14.5 9.5 8.9 NM NM (2.3%) (25.0%) Shanda Games Limited 6.73 3.79 7.00 1,807 (105) 1,754 2.6 2.3 2.1 5.7 5.3 4.9 7.4 7.4 6.9 15.0% 0.5 6.8% (9.6%) DeNA Co., Ltd. 13.27 12.02 24.79 1,719 (519) 1,249 0.7 0.9 0.9 2.1 2.9 3.1 5.6 9.9 8.7 NM NM (8.8%) (30.4%) Changyou.com Limited 26.21 24.80 41.64 1,385 (152) 1,249 1.7 1.6 1.4 5.7 31.2 6.9 8.1 NM 12.1 12.5% 1.0 11.3% 1.8% Perfect World Co., Ltd. 19.47 16.26 26.25 964 (415) 555 1.0 0.9 0.8 5.1 4.8 4.0 12.5 9.6 8.2 13.8% 0.6 14.6% 44.1% Glu Mobile, Inc. 6.38 2.10 6.41 573 (37) 536 4.3 3.4 2.9 NM 87.9 29.6 NM NM NM NA NA 15.6% 81.2%

Mean 3.9 x 3.4 x 3.0 x 16.4 x 15.8 x 9.4 x 22.4 x 16.7 x 15.9 x 17.9% 1.2 9.8% 17.6% Median 2.7 2.8 2.3 7.9 7.8 6.9 12.5 12.6 11.5 14.3% 0.9 11.3% 0.9%

Social Media & New Platform

Facebook, Inc. $67.90 $25.55 $72.59 $174,255 ($12,237) $162,018 18.2x 13.6x 10.4x 34.7x 21.9x 16.6x 88.1x 47.3x 37.0x 34.9% 1.1 31.7% 71.6% Twitter, Inc. 38.31 39.40 74.73 22,583 (1,719) 20,864 26.0 16.4 10.2 NM NM 45.7 NM NM NM NM NM 61.4% 119.1% LinkedIn Corporation 159.70 136.02 257.56 19,445 (2,306) 17,144 10.2 8.1 6.1 NM 32.6 22.3 NM 96.4 63.9 38.9% 1.6 33.2% 45.7% Pandora Media, Inc. 26.91 17.54 40.44 5,529 (341) 5,187 7.1 5.8 4.4 NM 91.7 38.5 NM NM 54.2 83.0% 0.7 30.4% 23.5% Yelp, Inc. 71.11 38.20 101.75 5,096 (399) 4,697 17.8 12.8 9.0 NM 80.4 42.6 NM NM 76.0 55.2% 1.4 43.3% 65.6% Groupon, Inc. 6.46 5.18 12.76 4,407 (1,039) 3,366 1.2 1.1 0.9 28.6 11.3 8.3 NM 61.6 25.3 24.3% 1.0 14.6% 26.0%

Mean 13.4 x 9.6 x 6.8 x 31.7 x 47.6 x 29.0 x NM 68.5 x 51.3 x 47.3% 1.2 x 35.8% 58.6% Median 14.0 10.4 7.5 31.7 32.6 30.4 NM 61.6 54.2 38.9% 1.1 32.4% 55.7%

SaaS

Salesforce.com, Inc $54.73 $41.29 $67.00 $33,604 $1,414 $35,018 7.9x 6.6x 5.3x NM 37.1x 29.2x NM NM 77.5x 28.5% 2.7 23.8% 37.4% Workday, Inc. 81.52 64.15 116.47 15,081 (1,382) 13,699 25.5 18.3 12.6 NM NM NM NM NM NM 43.0% NM 45.7% 74.3% ServiceNow, Inc. 57.55 41.33 71.80 8,291 (234) 8,057 16.9 12.3 8.9 NM NM 78.7 NM NM NM 46.6% NM 38.3% 61.8% NetSuite Inc. 81.35 69.48 120.77 6,166 (198) 5,968 13.4 11.0 8.6 NM NM 90.3 NM NM NM 31.5% NM 27.9% 34.2% Concur Technologies, Inc. 91.42 74.43 130.39 5,200 (133) 5,069 8.1 7.0 5.6 NM 41.5 31.0 NM NM 87.5 20.0% 4.4 24.9% 33.1% The Ultimate Software Group, Inc. 132.36 109.50 171.96 3,752 (91) 3,661 8.4 7.2 5.9 57.8 30.2 23.2 NM 66.1 52.9 27.8% 1.9 22.8% 23.7% Demandware, Inc. 61.36 41.58 82.23 2,202 (254) 1,948 16.9 13.1 9.2 NM NM NM NM NM NM 37.5% NM 41.8% 56.9% Cornerstone OnDemand, Inc. 40.75 32.82 61.85 2,166 (72) 2,094 10.2 7.8 5.7 NM NM 99.8 NM NM NM 39.3% NM 36.4% 52.5% RealPage, Inc. 22.09 15.40 26.34 1,740 (42) 1,698 4.4 3.8 3.3 31.2 16.0 12.9 88.7 32.7 26.9 19.0% 1.4 15.4% 13.0% Zendesk, Inc. 16.48 11.06 18.75 1,157 (112) 1,044 12.5 9.4 6.5 NM NM NM NM NM NM 35.0% NM 44.1% NA Marketo, Inc. 28.08 21.15 45.00 1,137 (112) 1,026 9.5 7.3 5.5 NM NM NM NM NM NM 30.0% NM 31.9% 63.6% Cvent, Inc. 27.28 22.42 46.13 1,123 (202) 922 7.8 6.6 5.2 NM 70.4 46.1 NM NM NM 25.0% NM 26.1% 28.9% RingCentral, Inc. 15.09 11.33 23.65 1,011 (73) 938 5.4 4.5 3.6 NM NM NM NM NM NM 25.0% NM 25.6% 35.9% Constant Contact, Inc. 32.18 16.84 33.54 1,010 (131) 879 3.0 2.7 2.3 28.9 14.5 11.7 NM 31.4 25.2 22.5% 1.1 13.7% 15.6% Bazaarvoice, Inc. 7.74 5.85 11.50 601 (46) 555 3.3 3.1 2.6 NM NM NM NM NM NM 15.0% NM 15.2% NA ChannelAdvisor Corporation 24.23 17.01 49.90 596 (94) 502 6.9 5.8 4.6 NM NM NM NM NM NM 28.0% NM 27.5% 29.6% Jive Software, Inc. 8.19 6.75 18.23 576 (106) 470 3.1 2.7 2.3 NM NM NM NM NM NM 25.0% NM 18.1% 21.2% LivePerson Inc. 9.82 8.84 15.24 532 (79) 453 2.5 2.2 2.0 69.8 21.7 17.2 NM 43.1 34.1 18.8% 1.8 14.0% 12.5% Marin Software Incorporated 10.40 8.41 14.37 351 (91) 260 3.1 2.7 2.2 NM NM NM NM NM NM 20.0% NM 19.8% 33.0% Brightcove, Inc. 9.43 7.78 16.25 303 (20) 283 2.4 2.2 1.9 NM NM 24.2 NM NM NM 15.0% NM 16.4% 25.8%

Mean 8.6 x 6.8 x 5.2 x 46.9 x 33.1 x 42.2 x NM 43.3 x 50.7 x 27.6% 2.2 26.5% 36.3% Median 7.9 6.6 5.3 44.5 30.2 29.2 NM 37.9 43.5 26.4% 1.9 25.2% 33.0%

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

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

(1) 7/3/2014 NA NA NA NA NA

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

(3) 6/30/2014 NA NA NA NA NA

(4) 6/24/2014 $75 1.4x 9.5x NA NA

6/23/2014 $115 NA NA NA NA

6/20/2014 $555 NA NA NA NA

(5) 6/16/2014 $76 NA NA NA NA

(6) 6/10/2014 $235 1.3x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Deal terms undisclosed; market rumors Aggregate Value to be between $400MM and $500MM. (2) NTM Multiples based on CapitalIQ consensus estimates. (3) Deal terms undisclosed; market rumors Aggregate Value to be around $100MM. (4) LTM Revenue and EBITDA Multiples based on CapitalIQ metrics; Aggregate Value excludes $275 potential earnout. 5 (5) Aggregate Value includes $28MM potential earnout. (6) LTM Revenue Multiple 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) 6/10/2014 $150 5.8x NA NA NA

6/3/2014 $1,100 NA NA NA NA

6/2/2014 $752 NA NA NA NA

5/14/2014 $310 NA NA NA NA

5/8/2014 $930 NA NA NA NA

5/7/2014 $54 NA NA NA NA

(2) 5/6/2014 $150 7.5x NA NA NA

(3) 5/6/2014 $101 NA NA NA NA

5/5/2014 $67 2.9x NA NA NA

4/28/2014 $185 6.2x NA NA NA

4/15/2014 $175 4.7x NA NA NA

4/7/2014 $550 NA NA NA NA

4/7/2014 $413 2.2x NM 2.3x 18.3x

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Aggregate Value includes $5.8MM potential earnout; LTM Revenue Multiple based on 451 Research. 6 (2) LTM Revenue Multiple based on 451 Research. (3) Aggregate Value includes $2MM in converted stock and $10MM potential earnout. 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) 3/25/2014 $85 2.4x NA NA NA

(2) 3/24/2014 $500 NA NA NA NA

(3) 3/18/2014 $930 NA NA 3.1x NA

(4) 3/6/2014 $375 16.3x NA 9.4x NA

(5) 3/3/2014 $585 6.8x 20.9x NA NA

3/3/2014 $52 NA NA NA NA

Third Coast Holdings, 2/26/2014 dba $180 3.2x NA NA NA

(6) 2/24/2014 $420 6.7x NA NA NA

2/24/2014 $69 NA NA NA NA

2/19/2014 $19,000 NA NA NA NA

2/14/2014 $900 NA NA NA NA

2/6/2014 $120 NA NA NA NA

1/29/2014 $55 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM Revenue multiples based on 451 Research estimate. (2) Aggregate Value excludes $450MM potential earnout. (3) NTM Revenue multiple based on 2014 sales estimate of $300MM. (4) Aggregate Value includes earnout of up to $15 million; LTM and NTM Revenue based on GCAS internal data. 7 (5) LTM Revenue and EBITDA multiples based on CoStar Group Press Release. (6) Deal value and LTM Revenue multiple based on 451 Research estimates. Filed IPOs Internet / Digital Media / SaaS: IPOs In Public Registration

For the period 1/1/2010 to 07/15/2014 Offering Amounts $10MM or Greater Initial Filing Initial Offering Major Shareholders Issuer Primary Industry Underwriters Date Amount ($MM) (% ownership prior to offering)

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

Warburg Pincus (37.2%); Bank of America (12.7%); BAML, Credit Suisse, Goldman Sachs, Internet Software 06/30/14 75 Institutional Venture Partners (12.6%); S1 Corporation (12.6%); Pacific Crest Securities, UBS Accel Partners (9.3%)

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

Citigroup, Credit Suisse, Deutsche Bank, Internet Retail 05/06/14 1,000 Goldman Sachs, J.P. Morgan, Morgan Softbank (34.4%); Yahoo (22.6%) Stanley

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%)

BAML, BMO Capital Markets, Citigroup, Trinity Ventures (26.5%); Foundation Capital (22.7%); Internet Software 03/26/14 94 Oppenheimer & Company, RBC Capital Northgate Capital (8.0%) Markets

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

10 $19.5Bn 1,600

9 1,400 8

$16.9Bn 1,200 7 (1)

6 1,000

5 $Bn 800 4

3 600 Number ofInvestments

2 400 1

0 200

Q4 '01 Q4 '03 Q2 '04 Q4 '06 Q2 '07 Q4 '09 Q2 '10 Q4 '12 Q2 '13 Q4 Q1 '01 Q1 '01 Q2 '01 Q3 '02 Q1 '02 Q2 '02 Q3 '02 Q4 '03 Q1 '03 Q3 '03 Q4 '04 Q1 '04 Q2 '04 Q3 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '06 Q1 '06 Q3 '06 Q4 '07 Q1 '07 Q2 '07 Q3 '08 Q1 '08 Q2 '08 Q3 '08 Q4 '09 Q1 '09 Q3 '09 Q4 '10 Q1 '10 Q2 '10 Q3 '11 Q1 '11 Q2 '11 Q3 '11 Q4 '12 Q1 '12 Q3 '12 Q4 '13 Q1 '13 Q2 '13 Q3 '14 Q1

Quarter - Year (2) (2) (3) TMT VC-Backed IPO Exit Value TMT VC-Backed M&A Exit Value Number of TMT VC Investments

Notes: (1) Includes Facebook IPO at Exit Value of $16.0Bn. (2) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of: Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware. (3) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, 9 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)

120.0 3500.0

(6) 30 1,250 3000.0 100.0

(4) (5) 25 1,0002500.0

80.0

20 (3) 2000.0 750 60.0

(1) (2) $MM 15

1500.0 $MM

500 Number Number ofFinancings 40.0 10

Number Number of Financings 1000.0

250 20.0

5 500.0

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

0.0 0 Oct 00.0

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

- - - - -

------

- - - 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. 10 (5) Chart excludes Good Technology’s $583MM raise on 4/10/2014. (6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014. 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

Bark & Co BoxGroup, CAA Ventures, Daher Capital, Slow Ventures, Vast New York, NY 11-Jul-14 Series B $15 Resolute.vc (Michael Hirshland) Ventures, Bertelsmann Capital Ventures, Lerer Hippeau Developer of an online subscription platform. $21 www.barkbox.com Ventures, Resolute.vc, RRE Ventures

Vidyo Orr Partners, Four Rivers Group, Juniper Networks, Menlo Hackensack, NJ 11-Jul-14 Series E $20 Not disclosed Ventures, QuestMark Partners, Rho Ventures, Saints Capital, Provider of an Internet-based video conferencing tool. $139 www.vidyo.com Sevin Rosen Funds, Triangle Peak Partners

Altierre D. E. Shaw & Co. (Andre Turenne), ATA Ventures, D. E. Shaw & Co., E. I. du Pont de Nemours, San Jose, CA 10-Jul-14 Later Stage Equity $21 Provider of wireless and digital applications for retail chains. $96 Stratim Capital (Zachary Abrams) Kinetic Ventures, Labrador Ventures, Stratim Capital www.altierre.com

Avere Systems Western Digital, Lightspeed Venture Partners, Menlo Ventures, Pittsburgh, PA 10-Jul-14 Series D $20 Western Digital Developer of demand-driven storage services. $92 Norwest Venture Partners, Tenaya Capital www.averesystems.com

D-Wave Systems Goldman Sachs, Business Development Bank of Canada, Burnaby, Canada 10-Jul-14 Venture Round $28 Not disclosed Developer of processor for quantum annealing algorithms. $110 Draper Fisher Jurvetson, Harris & Harris Group www.dwavesys.com erecruit Holdings North Bridge Venture Partners Boston, MA 10-Jul-14 First Round $25 North Bridge Venture Partners Developer of an enterprise staffing software. $26 (James Moran) www.erecruit.com

Jobandtalent Fundacion Jose Manuel Fundacion Jose Manuel Entrecanales, Qualitas Equity Partners, Madrid, Spain 10-Jul-14 Series A $14 Entrecanales, Kibo Ventures, Provider of social recruitment platform helping people in job search. $19 Individual Investor, Kibo Ventures www.jobandtalent.com Qualitas Equity Partners

Malwarebytes Highland Capital Partners (Corey Developer of software to protect people and businesses from advanced online San Jose, CA 10-Jul-14 Series A $30 Highland Capital Partners $30 Mulloy) threats. www.malwarebytes.org

Mediakraft Networks Iris Capital Management (Erkan Capnamic Ventures, Iris Capital Management, Shortcut München, Germany 10-Jul-14 Series B $22 Provider of an online television channel in central Europe. $22 Kilicaslan) Ventures www.mediakraftnetworks.de

Olacabs Sequoia Capital (Gautam Mago), Sequoia Capital, Steadview Capital Management, Matrix Mumbai, India 10-Jul-14 Series C $42 Provider of online car rental services. $26 Steadview Capital Management Partners, Tiger Global Management www.olacabs.com

PowerReviews Chicago, IL 10-Jul-14 Series B $35 Not disclosed ABS Capital Partners Provider of online ratings and reviews community. $40 www.viewpoints.com

Duetto Research Accel Partners, Altimeter Capital Management, Battery San Francisco, CA 9-Jul-14 Series B $21 Accel Partners (Brian O'Malley) Provider of hotel profit optimization services. $33 Ventures, Individual Investor www.duettoresearch.com

NewVoiceMedia Salesforce.com, Technology Crossover Ventures, Bessemer Basingstoke, United Kingdom 9-Jul-14 Series E $50 Technology Crossover Ventures Venture Partners, Eden Ventures, Highland Capital Partners Provider of cloud-based contact center solutions. $117 www.newvoicemedia.com Europe, Notion Capital

Scytl Secure Electronic Voting Barcelona, Spain 9-Jul-14 Venture Round $20 SAP Ventures SAP Ventures Provider of online voting technology systems. $74 www.scytl.com

Notes: 11 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

Box (BOX) Los Altos, CA 8-Jul-14 Later Stage Equity $150 TPG Growth, Coatue Management TPG Growth, Coatue Management Provider of enterprise content-sharing and management platform. $539 www.box.com

Cloudian Fidelity Growth Partners Asia, Innovation Network Corporation of Foster City, CA 8-Jul-14 Series C $24 Not disclosed Developer of cloud storage software. $42 Japan, Goldman Sachs Capital Partners, Intel Capital www.cloudian.com

Curse Operator of a gaming portal dedicated to massive multiplayer online games Huntsville, AL 8-Jul-14 Series B $16 GGV Capital (Hans Tung) GGV Capital $41 (MMOGs). www.curse.com

RetailNext Activant Capital, American Express Ventures, Qualcomm Nokia Growth Partners (John San Jose, CA 8-Jul-14 Series D $30 Ventures, Tyco Capital, August Capital, Commerce Ventures, Developer of in-store business intelligence services for the retail industry. $59 Gardner) www.retailnext.net Nokia Growth Partners, StarVest Partners

Syapse Safeguard Scientifics (Gary Developer of software applications to accelerate biology-based research and Palo Alto, CA 8-Jul-14 Series B $10 Safeguard Scientifics, Social+Capital Partnership $15 Kurtzman) product development. www.syapse.com

WordStream Provider of a keyword management and pay per click software services for Boston, MA 8-Jul-14 Series C $12 Baird Capital (Benedict Rocchio) Baird Capital, Sigma Partners $29 search engine optimization and marketing efforts. www.wordstream.com

Hungama Digital Media Entertainment Bessemer Venture Partners (Vishal Mumbai, India 4-Jul-14 Venture Round $40 Bessemer Venture Partners, Intel Capital Operator of digital entertainment company. $40 Gupta) www.hungama.org

TeleSign Adams Street Partners, March Capital, Telstra, Summit Marina del Rey, CA 4-Jul-14 Series B $49 Adams Street Partners Provider of phone-based verification and authentication services globally. $78 Partners www.telesign.com

CTERA Networks Bessemer Venture Partners (Adam Bessemer Venture Partners, Benchmark Capital, Cisco Palo Alto, CA 2-Jul-14 Series C $25 Developer of cloud storage services platform. $45 Fisher) Systems, Venrock www.ctera.com

Databricks New Enterprise Associates (Peter Berkeley, CA 2-Jul-14 Series B $33 New Enterprise Associates, Andreessen Horowitz Developer of software for analyzing and extracting value from data. $47 Sonsini) www.databricks.com

Racemi Milestone Venture Partners, Harbert Venture Partners, Paladin Provider of an image-based provisioning software for data center consolidation Atlanta, GA 2-Jul-14 Series C $10 Milestone Venture Partners $25 Capital Group and disaster recovery. www.racemi.com

Keen.io Cloud Power Capital, Sequoia Capital, Amplify Partners, San Francisco, CA 1-Jul-14 Series A $11 Sequoia Capital (Aaref Hilaly) Individual Investor, Pelion Venture Partners, Rincon Venture Provider of an analytics platform for mobile and application developers. $15 www.keen.io Partners

PLUMgrid Longworth Venture Partners, Qualcomm Ventures, Hummer US Venture Partners (Jacques Sunnyvale, CA 1-Jul-14 Series B $16 Winblad Venture Partners, Swisscom Ventures, US Venture Provider of a network infrastructure software vendor. $29 Benkoski) www.plumgrid.com Partners

Simply Hired Provider of a search engine platform for jobs and recruitment advertising Sunnyvale, CA 1-Jul-14 Series E $12 Not disclosed Foundation Capital, IDG Ventures USA $22 network for employers and recruiters. www.simplyhired.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

Streetline Citi Ventures, Fontinalis Partners, Qualcomm Ventures, Foster City, CA 1-Jul-14 Fourth Round $10 Not disclosed Provider of parking management platform. $60 RockPort Capital, Sutter Hill Ventures, True Ventures www.streetline.com

Hansoft Uppsala, Sweden 30-Jun-14 Series A $10 Creandum KB (Johan Brenner) Creandum KB, Hasso Plattner Ventures, Individual Investor Provider of tool for team collaboration and management software. $10 www.hansoft.com

MapR Technologies Google Capital, Qualcomm Ventures, Lightspeed Venture San Jose, CA 30-Jun-14 Fourth Round $80 Google Capital (Gene Frantz) Partners, Mayfield Fund, New Enterprise Associates, Redpoint Provider of enterprise-grade distribution software for apache hadoop. $144 www.mapr.com Ventures

Meitu Xiamen, China 30-Jun-14 Series C $10 Qiming Venture Partners Qiming Venture Partners Developer of a photo editing and sharing application. $10 xiuxiu.meitu.com

Yik Yak Atlanta, GA 30-Jun-14 Series A $12 DCM (David Chao) Individual Investor, Renren, Azure Capital Partners, DCM Provider of a hyper-local social networking application. $13 www.yikyakapp.com

ContextLogic Founders Fund Management, Formation 8 Partners, GGV San Francisco, CA 27-Jun-14 Series C $50 Founders Fund Management Provider of online advertising and product discovery platform. $75 Capital, Individual Investor www.contextlogic.com

Couchbase Accel Partners (Kevin Efrusy), WestSummit Capital Management, Accel Partners, Adams Mountain View, CA 26-Jun-14 Series E $60 WestSummit Capital Management Street Partners, Docomo Capital, Ignition Partners, Mayfield Provider of database technologies. $115 www.couchbase.com (Raymond Yang) Fund, North Bridge Venture Partners

IgnitionOne Savano Capital Partners, SoftBank Capital, ABS Capital Atlanta, GA 26-Jun-14 Series B $20 SoftBank Capital (Matt Krna) Provider of cloud-based digital marketing technology services. $34 Partners www.ignitionone.com

Kamcord DeNA Co., KLab Global, M &Y Growth Partners, SV Angel, San Francisco, CA 26-Jun-14 Series A $10 TransLink Capital TransLink Capital, Individual Investor, Innovation Works, XG Provider of tools for recording and sharing of games. $13 www.kamcord.com Ventures

Sport Ngin Causeway Media Partners (Robert Causeway Media Partners, ICON Venture Partners, Piper Minneapolis, MN 26-Jun-14 Series D $25 Higgins), Piper Jaffray Merchant Developer of website management applications. $35 Jaffray Merchant Banking www.sportngin.com Banking

Tastemade Scripps Networks Interactive (Joseph Scripps Networks Interactive, Starz, Comcast Ventures, Santa Monica, CA 26-Jun-14 Series C $25 Provider of YouTube centric programming network. $40 NeCastro) Redpoint Ventures, The Raine Group www.tastemade.com mCube Keytone Ventures, Korea Investment Partners, MediaTek, SK San Jose, CA 25-Jun-14 Series C $40 Keytone Ventures (Stella Jin) Telecom Ventures, Duff Ackerman & Goodrich, iD Ventures Developer of motion sensors and associated software. $83 mcube-inc.com America, Kleiner Perkins Caufield & Byers

Nutmeg Balderton Capital, Schroders, Armada Investment Group, London, United Kingdom 25-Jun-14 Second Round $32 Not disclosed Operator of an online investment platform. $47 Individual Investor www.nutmeg.com

PLUMgrid Longworth Venture Partners, Qualcomm Ventures, Hummer US Venture Partners (Jacques Sunnyvale, CA 25-Jun-14 Series B $16 Winblad Venture Partners, Swisscom Ventures, US Venture Provider of a network infrastructure software vendor. $29 Benkoski) www.plumgrid.com Partners

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

RedOwl Analytics Attractor Ventures, Individual Investor, In-Q-Tel, Maryland Provider of analytical software to reduce corporate risk and provide Baltimore, MD 25-Jun-14 Series A $11 Not disclosed $11 TEDCO, Oxpoint Holdings, Scout Ventures organization assessment in real time. www.redowlanalytics.com

Wickr CME Group, Riverwood Capital, Wargaming Public Co, Alsop Provider of an application software which allows message senders to send San Francisco, CA 25-Jun-14 Series B $30 Not disclosed Louie Partners, Individual Investor, Juniper Networks, Knight $39 encrypted messages without a trace. www.mywickr.com Foundation

Aerospike New Enterprise Associates (Kittu Columbus Nova Technology Partners, Individual Investor, Alsop Mountain View, CA 24-Jun-14 Series C $20 Provider of a data storage and management system. $30 Kolluri) Louie Partners, New Enterprise Associates www.aerospike.com

CloudPhysics JAFCO Ventures, Kleiner Perkins Caufield & Byers, Mayfield Mountain View, CA 24-Jun-14 Series C $15 JAFCO Ventures (Jeb Miller) Provider of a platform to focus on virtualization and cloud infrastructure. $28 Fund www.cloudphysics.com

Helpshift Intel Capital, Visionnaire Ventures, Nexus Venture Partners, San Francisco, CA 24-Jun-14 Series A $10 Intel Capital Provider of a customer-support service platform for mobile devices. $13 True Ventures www.helpshift.com

Kreditech Holding SSL Hamburg, Germany 24-Jun-14 Series B $40 Varde Partners (Rick Noel) Varde Partners, Blumberg Capital, Point Nine Capital Provider of a big data credit-scoring platform. $64 www.kreditech.com

Central Texas Angel Network, Cisco Systems, Firsthand Phunware Firsthand Technology Value Fund Technology Value Fund, Fraser McCombs Capital, Maxima Austin, TX 24-Jun-14 Series E $31 (Kevin Landis), Samsung Venture Provider of consumer mobile experiences and infrastructure. $60 Ventures, Samsung Venture Investment, Wild Basin www.phunware.com Investment (Michael Pachos) Investments, World Wrestling Entertainment

RelayRides Canaan Partners, August Capital, Google Ventures, Shasta San Francisco, CA 24-Jun-14 Series B $25 Canaan Partners (Deepak Kamra) Provider of neighbor-to-neighbor car sharing service. $55 Ventures www.relayrides.com

Schoology Great Oaks Venture Capital, Great Road Holdings, Intel Capital, New York, NY 24-Jun-14 Series C $15 Intel Capital (John Galvin) Provider of a configurable social network for education. $24 FirstMark Capital, Meakem Becker Venture Capital www.schoology.com

Tasktop Technologies Vancouver, Canada 24-Jun-14 Series A $11 Austin Ventures (John Thornton) Austin Ventures, Yaletown Venture Partners Developer of application lifecycle management integration technologies. $11 www.tasktop.com

Vessel Benchmark Capital (Bill Gurley), Provider of short-form content through a subscription based video play San Francisco, CA 24-Jun-14 Series A $75 Bezos Expeditions (Jeffrey Bezos), Benchmark Capital, Bezos Expeditions, Greylock Partners $75 platform. www.vessel.com Greylock Partners (David Sze)

Fingerprint Digital San Francisco, CA 23-Jun-14 Series B $11 DreamWorks Animation SKG DreamWorks Animation SKG Provider of educational applications for kids. $17 www.fingerprintplay.com

Patreon Index Ventures, Thrive Capital, Atlas Venture, Charles River Palo Alto, CA 23-Jun-14 Series A $15 Index Ventures Provider of crowdsourcing software. $17 Ventures, Freestyle Capital, Individual Investor, SV Angel www.patreon.com

Scivantage Brown Brothers Harriman (Jeffrey Provider of Web-based front- and middle-office technology platform to the Jersey City, NJ 23-Jun-14 Later Stage Equity $20 Meskin), Edison Ventures Brown Brothers Harriman, Edison Ventures $50 financial services industry. www.scivantage.com (Christopher Sugden)

Notes: 14 Source: DowJones VentureWire. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

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

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

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

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

Financial Advisor 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 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 December 2011

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

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

Merger with Acquired By Preferred Stock Acquired By Acquired By Sale of Subscription Acquisition of JV from Sale of Business Unit Acquired by Music Service to Mogae Consultants Six Apart KK to

We Advised the Seller Financial Advisor We Advised lolapps We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller August 2011 July 2011 July 2011 May 2011 April 2011 March 2011 January 2011 January 2011 January 2011

15 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo

th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. 11-1 Marunouchi 1-chome San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 United States United States Japan Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100

Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Seihun Kong Advisory 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 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 Mobile: (415) 823-7300 [email protected] [email protected] [email protected] [email protected] [email protected]

Tomohiko Kubota Sachio Kuninori John Lambros Ashley Ma Clifford Platt Joshua Wepman Vice President Executive Director Managing Director Vice President Director Director

Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7083 Phone: (212) 999-7076 Phone: (415) 318-3622 Phone: (212) 999-7092 [email protected] [email protected] Mobile: (917) 744-9011 Mobile: (917) 575-0103 Mobile: (917) 796-7782 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected]