March 2016 M&A and Investment Summary Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

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

3 Additional Monthly M&A and Investment Activity Data 42

4 About Petsky Prunier 53

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

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

2 | M&A and Investment Summary March 2016 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 433 deals were announced in March 2016, of which 250 were worth $20.6 billion in aggregate reported value . Digital Media/Commerce was the most active segment with 106 deals announced — 72 of these transactions reported $2.4 billion in value . Software was also active with 105 transactions announced, of which 64 were worth a reported $3.6 billion in value . Strategic buyers announced 184 deals (31 reported $12 billion in value) . VC/Growth Capital investors announced 233 transactions (212 reported $6.6 billion in value) . Buyout investors announced 16 deals during the month (seven reported $2.1 billion in value)

March 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 106 24% $2,445.6 12% 34 $487.1 0 - 72 $1,958.5 Software 105 24% 3,563.1 17% 38 1,111.7 7 1,567.2 60 884.2 Marketing Technology 94 22% 588.3 3% 33 29.3 4 - 57 559.0 Agency & Marketing Services 33 8% 910.6 4% 28 265.6 3 390.0 2 255.0 Digital Advertising 32 7% 538.4 3% 12 175.7 0 - 20 362.7 Business Services 31 7% 5,948.7 29% 23 4,201.5 0 - 8 1,747.2 Traditional Media 17 4% 817.3 4% 9 187.7 2 95.6 6 534.0 Information 15 3% 5,803.8 28% 7 5,542.0 0 - 8 261.8 *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Total 433 100% 20,615.8 100% 184 12,000.6 16 2,052.8 233 6,562.5

3 | M&A and Investment Summary March 2016 M&A and Investment Summary for All Segments

Transaction Distribution . Aggregate reported transaction value in March was up 55 percent from February of 2016 and up 13 percent from March 2015 . Strategic activity accounted for 58 percent of reported deal value during the month and included significant transactions: • Business research provider IHS’ pending acquisition of Markit in an all-stock deal valuing the company at approximately $5.5 billion, as part of a consolidated company with a total market value of more than $13 billion • The $540 million purchase of IT application development company Serena Software by Micro Focus International from HGGC • Sykes Enterprises’ acquisition of Clearlink, a provider of marketing and technology-enabled customer acquisition services to the home services and insurance sectors, from Pamlico Capital for $207 million (A Petsky Prunier-led transaction) • IBM’s acquisition of cloud consulting and implementation services company Bluewolf Group from Riordan, Lewis & Haden in a transaction valued at a reported $200 million

$120.0 $500.0 $108.4 $110.0 $100.0 Bright $400.0 $90.0 House/ $80.0 Charter $70.0 $300.0 $60.0 $50.0 Time Warner/ $40.4 $200.0 $40.0 Charter Sungard $30.0 $25.9 $26.7 $27.4 $23.1 Veritas $23.7 $24.9 $20.6 $18.8 $25.9 Solera $100.0 $20.0 Inter. Data $13.7 $14.4 $10.0 425 492 458 466 448 376 403 424 363 407 418 427 433 $- $- Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.

4 | M&A and Investment Summary March 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services BAMKO, Inc. Ad Specialty/Premiums Superior Uniform Group $ 27.0 $ 31.5 $ - 0.9x NA MCD Partners Digital Agency M&C Saatchi plc 19.6 14.9 2.5 1.3x 7.8x

Business Services Dell's Information Technology Division IT Consulting/Systems Integration NTT DATA, Inc. 3,050.0 2,826.0 - 1.1x NA

Digital Advertising InnerActive Ltd. Ad Networks/Exchanges RNTS Media N.V. 72.0 43.2 - 1.7x NA JUICE Mobile Mobile Marketing Yellow Pages Limited 26.2 18.0 - 1.5x NA Information Markit Group Limited Financial Information IHS, Inc. 5,500.0 1,113.4 382.3 4.9x 14.4x

Software Serena Software, Inc. Application Management Software Micro Focus International plc 540.0 176.2 87.0 3.1x 6.2x MedicalDirector Healthcare Software Affinity Equity Partners 117.2 29.3 - 4.0x NA Conject Holding GmbH Collaboration Software Aconex Ltd. 73.6 26.6 - 2.8x NA Adaptive Software LLC Healthcare Software Decision Resources Group 24.5 3.2 - 7.7x NA Evantage Consulting Ltd. Healthcare Software Wilmington plc 8.6 1.7 - 5.1x NA

Traditional Media Renegade83 1 Broadcast Television Entertainment One Ltd. 35.4 35.1 - 1.0x NA

1 65 percent stake acquisition

5 | M&A and Investment Summary March 2016 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Mar-16 SecureWorks Corp. United States Software $ 100.0 $ 339.5 NA Jan-16 Blue Coat Systems, Inc. United States Software 500.0 950.0 NA Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Jul-15 Apptio, Inc. United States Software NA 100.0 NA Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

6 | M&A and Investment Summary March 2016 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2016 1st Trading Day Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia $18.00-$20.00 21.00 $27.78 up 32% 25.15 (9.5%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 11.64 27.9% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 17.94 (0.3%)

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 11.06 (25.0%) Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 9.73 (3.7%) Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 15.28 16.9% Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 13.69 (14.5%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 12.94 (17.8%)

Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 13.07 (51.1%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 9.60 (66.3%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 14.10, up 17% 12.24 (13.2%) Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 6.85 (21.3%) Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 15.15 (49.0%)

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 13.33 15.3% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 23.46 (25.8%) Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 10.56 (44.0%) May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 28.21 (0.4%)

May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 5.84 (44.1%) May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 30.08 9.4% Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 8.31 (21.6%) Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 8.70 (71.0%) Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 4.10 (60.2%)

Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 32.33 23.6%

7 | M&A and Investment Summary March 2016 Digital Media/Commerce

. Of the total $2.4 billion in value reported in the Digital Media/Commerce segment, $2 billion in Venture/Growth Capital investments were announced, while nearly $500 million in Strategic transactions were made . eCommerce was the most active subsegment across all segments with 46 transactions announced, of which 34 were reported for $1.1 billion. Select acquisitions from the subsegment include: • Trainline’s acquisition railway ticketing competitor Captain Train for a reported $189 million . Select Digital Media/Commerce transactions include: • The $175 million Fidelity Investments-led funding of Snapchat at a reported valuation of $16 billion; the same valuation the company received after its $540 million round of funding in May of 2015 • Local business on-demand delivery services provider Doordash’s $127 million round of funding from Sequoia Capital, Kleiner Perkins Caufield & Byers, and Khosla Ventures • The acquisition of Clarus Commerce, a leader in eCommerce and subscription commerce and loyalty marketing solutions, by Trivergance, Falcon Investment Partners, and Landon Capital Partners from Norwest Venture Partners (A Petsky Prunier-led transaction)

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 46 43% $1,147.5 47% 11 $189.0 0 - 35 $958.5 Mobile Content/Apps 21 20% 568.9 23% 6 205.0 0 - 15 363.9 Social Media/Apps 12 11% 77.6 3% 5 - 0 - 7 77.6 Classifieds/Auctions/P-to-P 11 10% 348.0 14% 2 3.5 0 - 9 344.5 Gaming 10 9% 274.6 11% 8 89.6 0 - 2 185.0 Niche Content 6 6% 29.0 1% 2 - 0 - 4 29.0 Total 106 100% 2,445.6 100% 34 487.1 0 0.0 72 1,958.5

8 | M&A and Investment Summary March 2016 Digital Media and Internet Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apple Inc. 108.99 -19% $604,304.1 $628,910.1 $234,988.0 $82,791.0 35.2% 17.6% 2.7x 7.6x Blucora, Inc. 5.16 -69% $212.6 $732.3 $117.7 $22.7 19.3% 13.5% 6.2x 32.3x Demand Media, Inc. 5.00 -27% 99.6 61.1 126.0 (16.8) NM -26.9% 0.5x NM Everyday Health, Inc. 5.60 -61% 184.1 265.0 232.0 24.1 10.4% 25.9% 1.1x 11.0x Facebook, Inc. 114.10 -3% 334,694.2 316,575.2 17,928.0 8,239.0 46.0% 43.8% 17.7x 38.4x Fitbit Inc. 15.15 -71% 3,272.5 2,608.0 1,858.0 356.1 19.2% 149.3% 1.4x 7.3x Glu Mobile, Inc. 2.82 -60% 372.8 192.3 249.9 6.2 2.5% 12.0% 0.8x 30.8x Google Inc. 762.90 -6% 518,916.8 454,638.8 74,989.0 24,423.0 32.6% 13.6% 6.1x 18.6x GoPro, Inc. 11.96 -82% 1,636.9 1,162.9 1,620.0 83.7 5.2% 16.2% 0.7x 13.9x IAC/InterActiveCorp 47.08 -44% 3,910.9 4,620.2 3,230.9 384.3 11.9% 3.9% 1.4x 12.0x LinkedIn Corporation 114.35 -57% 15,102.7 13,136.7 2,990.9 246.8 8.3% 34.8% 4.4x 53.2x MeetMe, Inc. 2.84 -37% 134.8 116.1 56.9 11.1 19.6% 27.0% 2.0x 10.4x Netflix, Inc. 102.23 -23% 43,762.6 43,823.3 6,779.5 368.1 5.4% 23.2% 6.5x NM Pandora Media, Inc. 8.95 -60% 2,037.9 1,901.9 1,164.0 (67.2) NM 26.4% 1.6x NM RealNetworks Inc. 4.06 -43% 149.0 49.8 125.3 (51.0) NM -19.8% 0.4x NM TheStreet, Inc. 1.24 -40% 43.7 15.2 67.7 1.8 2.7% 10.8% 0.2x 8.2x Twitter, Inc. 16.55 -69% 11,459.17 9,566.78 2,218.03 (175.01) NM 58.1% 4.3x NM United Online, Inc. 11.54 -36% 172.44 67.60 151.12 15.26 10.1% NA 0.4x 4.4x WebMD Health Corp. 62.63 -1% 2,252.3 2,413.8 636.4 146.5 23.0% 9.6% 3.8x 16.5x XO Group Inc. 16.05 -10% 404.8 316.3 141.6 20.1 14.2% -1.4% 2.2x 15.7x Yahoo! Inc. 36.81 -20% 34,852.1 4,622.4 4,968.3 330.7 6.7% 7.6% 0.9x 14.0x Zynga, Inc. 2.28 -27% 1,967.5 980.3 764.7 (49.1) NM 10.8% 1.3x NM

Average 2.0x 11.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (31.8x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Google Inc. pricing represents (Nasdaq:GOOGL)

9 | M&A and Investment Summary March 2016 Digital Media and Internet Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 190.88 -15% $66,056.8 $61,605.8 $10,224.4 $2,409.5 23.6% 35.3% 6.0x 25.6x Changyou.com Limited China 18.78 -47% 954.1 768.2 761.6 242.8 31.9% 0.8% 1.0x 3.2x CyberAgent Inc. Japan 46.55 -27% 2,923.8 2,803.5 2,204.3 329.8 15.0% 17.8% 1.3x 8.5x DeNA Co., Ltd. Japan 17.26 -28% 2,502.5 1,894.8 1,205.1 275.4 22.9% -0.8% 1.6x 6.9x Forgame Holdings Limited * China 1.47 -61% 201.9 28.5 78.8 (7.0) NM -20.5% 0.4x NM G5 Entertainment AB (publ) Sweden 4.16 -38% 36.6 32.4 45.5 3.5 7.7% 111.1% 0.7x 9.3x GameLoft SE * France 8.52 -1% 727.2 685.1 278.2 8.1 2.9% 12.7% 2.5x 84.2x Gree, Inc. Japan 5.50 -30% 1,293.2 608.5 668.4 165.7 24.8% -25.0% 0.9x 3.7x iDreamSky Technology Limited * China 13.74 -6% 633.0 533.7 223.8 2.9 1.3% 0.0% 2.4x NM International Game Technology PLC United Kingdom 18.25 -14% 3,624.4 11,331.1 4,689.1 1,458.6 31.1% 40.6% 2.4x 7.8x Kongzhong Corp. China 7.18 -16% 337.8 232.9 179.1 23.1 12.9% -21.3% 1.3x 10.1x Mixi, Inc. Japan 37.20 -37% 3,135.9 2,331.6 1,621.8 768.6 47.4% 163.2% 1.4x 3.0x NCsoft Corporation South Korea 223.01 -7% 4,736.9 3,915.9 712.4 231.5 32.5% -0.1% 5.5x 16.9x Naver Corporation South Korea 560.39 -6% 16,328.2 15,232.9 2,762.8 774.2 28.0% 17.9% 5.5x 19.7x NetEase, Inc. China 143.58 -23% 18,768.9 15,176.7 3,512.2 1,148.2 32.7% 94.7% 4.3x 13.2x NEXON Co., Ltd. Japan 17.08 -7% 7,424.5 4,917.5 1,582.9 626.9 39.6% 10.0% 3.1x 7.8x Pacific Online Ltd. China 0.28 -57% 311.0 244.1 168.9 36.3 21.5% 11.0% 1.4x 6.7x Phoenix New Media Limited China 4.45 -55% 317.4 171.0 247.9 17.8 7.2% -1.8% 0.7x 9.6x Rediff.com India Limited * India 0.79 -64% 21.8 14.9 14.3 (7.2) NM -9.3% 1.0x NM Renren Inc. * China 3.27 -27% 1,108.3 936.0 54.8 (76.1) NM -31.6% 17.1x NM Sky-mobi Limited * China 2.09 -68% 58.6 (32.1) 93.7 (0.9) NM -22.1% NM NM Taomee Holdings Ltd. * China 3.68 -8% 131.3 59.0 35.6 (3.8) NM -21.8% 1.7x NM Tomorrow Focus AG Germany 3.01 -52% 175.5 191.4 113.4 6.5 5.8% -37.2% 1.7x 29.3x Weibo Corporation * China 17.95 -13% 3,709.2 3,380.7 477.9 60.6 12.7% 43.0% 7.1x 55.8x WeMade Entertainment Co., Ltd. * South Korea 27.49 -55% 456.4 435.9 107.6 (1.1) NM -22.2% 4.1x NM Yandex N.V. Netherlands 15.32 -28% 4,895.4 4,687.8 831.5 234.6 28.2% 17.8% 5.6x 20.0x YY Inc. China 61.59 -25% 3,380.6 3,346.9 908.3 194.1 21.4% 60.3% 3.7x 17.2x

Average 2.3x 12.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x)

10 | M&A and Investment Summary March 2016 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 7.88 -41% $509.9 $526.1 $1,165.0 $79.6 6.8% 13.3% 0.5x 6.6x Amazon.com, Inc. 593.64 -15% 279,510.7 277,249.7 107,006.0 7,879.0 7.4% 20.2% 2.6x 35.2x Apple Inc. 108.99 -19% 604,304.1 628,910.1 234,988.0 82,791.0 35.2% 17.6% 2.7x 7.6x Blucora, Inc. 5.16 -69% 212.6 732.3 117.7 22.7 19.3% 13.5% 6.2x 32.3x Blue Nile Inc. 25.71 -34% 298.3 212.3 480.1 17.2 3.6% 1.4% 0.4x 12.3x CafePress Inc. 3.69 -31% 61.9 12.5 104.5 3.9 3.8% -20.9% 0.1x 3.2x CDW Corporation 41.50 -12% 6,886.4 10,551.3 12,988.7 979.6 7.5% 7.6% 0.8x 10.8x Chegg, Inc. 4.46 -50% 401.2 316.4 301.4 2.7 0.9% -1.1% 1.0x NM Copart, Inc. 40.77 -2% 4,566.3 5,083.1 1,168.0 402.3 34.4% 0.4% 4.4x 12.6x eBay Inc. 23.86 -64% 27,263.3 27,911.3 8,592.0 2,946.0 34.3% -2.3% 3.2x 9.5x Etsy, Inc. 8.70 -76% 980.5 700.8 273.5 12.9 4.7% 39.8% 2.6x 54.5x Expedia Inc. 107.82 -23% 16,235.6 18,878.7 6,672.3 731.2 11.0% 15.8% 2.8x 25.8x FTD Companies, Inc. 26.25 -22% 727.5 969.6 1,219.8 104.8 8.6% 90.4% 0.8x 9.3x Alphabet Inc. 762.90 -6% 518,916.8 454,638.8 74,989.0 24,423.0 32.6% 13.6% 6.1x 18.6x GrubHub Inc. 25.13 -47% 2,125.4 1,814.7 361.8 89.3 24.7% 42.5% 5.0x 20.3x HSN, Inc. 52.31 -31% 2,734.6 3,310.9 3,690.6 320.4 8.7% 2.9% 0.9x 10.3x IAC/InterActiveCorp 47.08 -44% 3,910.9 4,620.2 3,230.9 384.3 11.9% 3.9% 1.4x 12.0x Liberty Interactive Corporation $25.25 -20% 12,527.0 18,722.0 9,169.0 1,827.0 19.9% -8.6% 2.0x 10.2x Liberty Ventures 39.12 -14% 5,560.1 4,801.1 820.0 (8.0) NM 74.1% 5.9x NM Liquidity Services, Inc. 5.18 -53% 158.5 73.1 337.9 (0.5) NM -32.3% 0.2x NM Match Group, Inc. 11.06 -31% 2,746.0 3,339.8 1,020.4 245.4 24.0% 14.9% 3.3x 13.6x Overstock.com Inc. 14.38 -45% 363.7 207.5 1,657.8 11.3 0.7% 10.7% 0.1x 18.4x PetMed Express, Inc. 17.91 -4% 360.8 298.1 229.3 32.4 14.1% 0.5% 1.3x 9.2x The Priceline Group Inc. 1,288.96 -13% 63,953.8 67,463.7 9,224.0 3,509.0 38.0% 9.3% 7.3x 19.2x Shutterfly, Inc. 46.37 -6% 1,616.2 1,687.4 1,059.4 114.7 10.8% 15.0% 1.6x 14.7x Shutterstock, Inc. 36.73 -51% 1,296.0 1,007.6 425.1 55.3 13.0% 29.6% 2.4x 18.2x Spark Networks, Inc. 2.22 -56% 57.4 50.8 48.1 0.2 0.4% -21.9% 1.1x NM Stamps.com Inc. 106.28 -14% 1,776.19 1,864.14 213.96 64.20 30.0% 45.3% 8.7x 29.0x U.S. Auto Parts Network, Inc. 2.56 -22% 87.3 105.9 291.1 5.9 2.0% 2.7% 0.4x 17.9x EVINE Live Inc. 1.17 -83% 66.9 127.7 693.3 6.5 0.9% 2.8% 0.2x 19.7x Wayfair Inc. 43.22 -24% 3,646.9 3,260.9 2,249.9 (64.2) NM 70.6% 1.4x NM

Average 1.7x 12.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (28.3x)

11 | M&A and Investment Summary March 2016 eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 55.65 -34% $ 7,876.4 $ 7,712.6 $ 714.9 $ (245.0) NM 169.8% 10.8x NM Alibaba Group Holding Limited * China 79.03 -17% 198,557.1 193,733.9 14,537.4 4,952.9 34.1% 33.3% 13.3x 39.1x Cnova N.V. * Netherlands 3.00 -56% 1,323.9 1,042.3 3,714.8 (79.6) NM -1.5% 0.3x NM E-Commerce China Dangdang Inc. * China 7.13 -38% 577.1 311.7 1,451.6 (5.7) NM 21.4% 0.2x NM eLong Inc. * China 17.53 -36% 661.3 518.4 158.9 (172.8) NM -5.0% 3.3x NM JD.com, Inc. * China 26.50 -30% 36,331.4 34,154.6 27,922.5 (345.8) NM 57.6% 1.2x NM Jiayuan.com International Ltd. China 7.45 -21% 231.9 151.6 110.9 4.9 4.4% 22.7% 1.4x 30.9x Jumei International Holding Limited China 6.51 -77% 945.2 547.9 1,045.6 28.0 2.7% 78.2% 0.5x 19.5x LightInTheBox Holding Co., Ltd. * China 2.40 -63% 113.3 78.7 348.4 (39.7) NM -0.2% 0.2x NM Mercadolibre, Inc. Argentina 117.85 -23% 5,203.9 5,131.2 651.8 178.6 27.4% 17.1% 7.9x 28.7x PChome Online Inc. Taiwan 11.03 -29% 1,101.2 881.6 693.9 35.4 5.1% 15.1% 1.3x 24.9x Rakuten, Inc. Japan 9.66 -55% 13,764.4 15,100.6 5,936.4 1,308.0 22.0% 19.2% 2.5x 11.5x Travelport Worldwide Limited United Kingdom 13.66 -20% 1,690.0 4,030.0 2,221.0 393.0 17.7% 3.4% 1.8x 10.3x Vipshop Holdings Limited China 12.88 -58% 7,404.8 7,265.5 6,192.3 377.2 6.1% 64.1% 1.2x 19.3x

Average 1.6x 16.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (32.9x)

12 | M&A and Investment Summary March 2016 Digital Advertising

. There was a total of 32 transactions announced in the Digital Advertising segment, of which 23 were worth nearly $540 million in reported value . Digital Video was the most valuable subsegment with 10 transactions worth more than $190 million in value . Select Transactions: • The pending purchase of Israel-based mobile ad exchange InnerActive by RNTS Media for $46 million in cash, plus up to $26 million in earn-outs and retention payments • The $26.2 million acquisition of mobile advertising network JUICE Mobile by Yellow Pages • China-based mobile advertising services provider Mobvista’s $25 million acquisition of mobile user acquisition company NativeX • Ebate’s acquisition of mobile product discovery and promotions app developer Shopular • eBay’s acquisition of Cargigi, a provider of online advertising services for car dealerships

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 10 31% $193.4 36% 3 $52.5 0 - 7 $140.9 Vertical Search 7 22% 130.3 24% 2 - 0 - 5 130.3 Comparison Shopping 3 9% 21.3 4% 0 - 0 - 3 21.3 Mobile Marketing 3 9% 80.2 15% 2 26.2 0 - 1 54.0 Online Lead Generation 3 9% 27.0 5% 2 25.0 0 - 1 2.0 Ad Networks/Exchanges 2 6% 73.5 14% 1 72.0 0 - 1 1.5 Local Search 2 6% 12.7 2% 0 - 0 - 2 12.7 Other* 2 6% 0.0 0% 2 - 0 - 0 0.0 Total 32 100% 538.4 100% 12 175.7 0 0.0 20 362.7

13 | M&A and Investment Summary March 2016 Digital Advertising Public Company Valuation (1/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $220.00 -29% $ 13,048.7 $ 29,226.0 $ 6,439.7 $ 1,508.7 23.4% 21.4% 4.5x 19.4x Alphabet Inc. 762.90 -6% 518,916.8 454,638.8 74,989.0 24,423.0 32.6% 13.6% 6.1x 18.6x Angie's List, Inc. $8.07 -28% 473.2 475.7 344.1 21.5 6.3% 9.2% 1.4x 22.1x Autobytel Inc. 17.36 -31% 184.5 187.5 133.2 11.7 8.8% 25.4% 1.4x 16.1x Bankrate, Inc. 9.17 -42% 892.5 953.9 370.5 107.7 29.1% 5.8% 2.6x 8.9x Blinkx plc 0.31 -47% 123.7 52.4 200.4 (8.5) NM -17.1% 0.3x NM Blucora, Inc. * 5.16 -69% 212.6 732.3 117.7 22.7 19.3% 13.5% 6.2x 32.3x Care.com, Inc. 6.15 -18% 199.6 138.3 138.7 (10.1) NM 25.3% 1.0x NM Demand Media, Inc. 5.00 -27% 99.6 61.1 126.0 (16.8) NM -26.9% 0.5x NM DHI Group, Inc. 8.07 -23% 422.9 489.9 259.8 64.4 24.8% -1.1% 1.9x 7.6x Digital Globe Services Inc. 1.09 -1% 32.5 32.0 45.6 4.2 9.3% 15.0% 0.7x 7.6x Facebook, Inc. * 114.10 -3% 334,694.2 316,575.2 17,928.0 8,239.0 46.0% 43.8% 17.7x 38.4x Groupon, Inc. 3.99 -47% 2,341.7 1,547.2 3,119.5 64.8 2.1% 2.5% 0.5x 23.9x IAC/InterActiveCorp 47.08 -44% 3,910.9 4,620.2 3,230.9 384.3 11.9% 3.9% 1.4x 12.0x IDI, Inc. 5.80 -55% 266.8 19.7 14.1 (42.4) NM 331.2% 1.4x NM MaxPoint Interactive, Inc. 1.77 -83% 46.5 19.7 140.1 (16.7) NM 31.6% 0.1x NM Monster Worldwide, Inc. 3.26 -60% 293.1 324.4 666.9 94.0 14.1% -8.1% 0.5x 3.5x QuinStreet, Inc. 3.42 -50% 154.7 119.0 283.6 (4.0) NM 3.0% 0.4x NM Quotient Technology Inc. 10.60 -28% 872.0 712.1 237.3 (22.3) NM 7.0% 3.0x NM ReachLocal, Inc. 1.79 -49% 53.8 65.4 382.6 (17.2) NM -19.4% 0.2x NM RetailMeNot, Inc. 8.01 -63% 390.0 202.8 249.1 43.1 17.3% -5.9% 0.8x 4.7x Rocket Fuel Inc. 3.15 -67% 137.4 142.7 461.6 (33.6) NM 13.0% 0.3x NM Rovi Corporation 20.51 -13% 1,708.4 2,491.5 526.3 167.3 31.8% -3.0% 4.7x 14.9x The Rubicon Project, Inc. * 18.28 -5% 862.4 722.7 248.5 19.0 7.7% 98.3% 2.9x 38.0x TiVo Inc. 9.51 -17% 930.69 603.48 489.61 85.43 17.4% 8.4% 1.2x 7.1x Travelzoo Inc. 8.12 -43% 117.9 87.6 141.7 9.6 6.8% -7.5% 0.6x 9.1x LendingTree, Inc. * 97.78 -30% 1,161.2 954.3 254.2 28.9 11.4% 51.9% 3.8x 33.0x Tremor Video, Inc. 1.76 -46% 92.5 32.6 173.8 (10.9) NM 9.0% 0.2x NM TripAdvisor Inc. * 66.50 -29% 9,660.1 9,284.1 1,492.0 280.0 18.8% 19.7% 6.2x 33.2x TrueCar, Inc. 5.59 -67% 466.9 381.5 259.8 (37.1) NM 25.7% 1.5x NM TubeMogul, Inc. 12.94 -27% 460.1 380.5 180.7 (9.2) NM 58.2% 2.1x NM

14 | M&A and Investment Summary March 2016 Digital Advertising Public Company Valuation (2/3)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. 16.55 -69% $ 11,459.2 $ 9,566.8 $ 2,218.0 $ (175.0) NM 58.1% 4.3x NM Voltari Corporation * 3.94 -82% 35.4 77.0 0.0 (4.7) NM 0.0% 1570.9x NM Web.com Group, Inc. 19.82 -24% 971.6 1,375.5 543.5 110.7 20.4% -0.1% 2.5x 12.4x Yahoo! Inc. 36.81 -20% 34,852.1 4,622.4 4,968.3 330.7 6.7% 7.6% 0.9x 14.0x Yelp Inc. 19.88 -62% 1,512.0 1,141.1 549.7 0.1 0.0% 45.6% 2.1x NM YuMe, Inc. 3.74 -35% 130.1 81.6 173.3 (11.8) NM -2.5% 0.5x NM Zillow Group, Inc. 25.55 -28% 4,559.2 4,269.0 644.7 (4.5) NM 97.8% 6.6x NM

Average 1.8x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (566.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.7x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value.

15 | M&A and Investment Summary March 2016 Digital Advertising Public Company Valuation (3/3)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adgorithms LTD * Israel $0.23 -89% $ 14.2 $ (17.6) $ 25.6 $ 0.0 0.1% 0.0% NM NM Criteo SA France 41.42 -28% 2,587.9 2,249.5 1,323.2 114.1 8.6% 33.9% 1.7x 19.7x Ctrip.com International Ltd. * China 44.26 -23% 19,928.4 23,432.1 1,678.5 109.6 6.5% 48.3% 14.0x 213.7x InternetQ PLC United Kingdom 2.59 -46% 104.0 107.5 154.5 19.0 12.3% 9.1% 0.7x 5.7x Just Dial Limited India 11.56 -45% 815.7 692.8 94.3 26.6 28.2% 27.9% 7.3x 26.0x MakeMyTrip Limited India 18.09 -25% 763.2 678.7 306.7 (32.4) NM 5.1% 2.2x NM Matomy Media Group Ltd. Israel 1.21 -57% 113.2 134.3 271.0 24.7 9.1% 14.1% 0.5x 5.4x Opera Software ASA Norway 7.98 -15% 1,166.6 1,234.9 615.9 99.2 16.1% 28.1% 2.0x 12.4x Pacific Online Ltd. China 0.28 -57% 311.0 244.1 168.9 36.3 21.5% 11.0% 1.4x 6.7x Rightmove plc * United Kingdom 60.65 0% 5,726.3 5,708.4 283.3 203.7 71.9% 15.0% 20.1x 28.0x Septeni Holdings Co., Ltd. Japan 24.68 -4% 640.2 545.1 453.1 30.2 6.7% -2.5% 1.2x 18.0x Taptica International Ltd Israel 1.04 -58% 65.3 47.0 75.8 5.9 7.8% 20.1% 0.6x 7.9x TradeDoubler AB Sweden 0.67 -56% 28.47 16.16 192.41 (4.28) NM -6.3% 0.1x NM XLMedia PLC Channel Islands 1.04 -13% 209.2 169.1 89.2 26.7 30.0% 75.9% 1.9x 6.3x Yandex N.V. Netherlands 15.32 -28% 4,895.4 4,687.8 831.5 234.6 28.2% 17.8% 5.6x 20.0x Youku Tudou Inc. China 27.49 -13% 5,385.4 4,467.7 926.0 70.3 7.6% 51.6% 4.8x 63.5x Zhaopin Ltd. China 15.88 -10% 863.4 591.3 214.6 49.3 23.0% 19.3% 2.8x 12.0x

Average 2.0x 15.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (86.3x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

16 | M&A and Investment Summary March 2016 Marketing Technology

. The Marketing Technology segment announced 94 transactions, of which 53 reported nearly $590 million in value . Analytics & Targeting was the most active subsegment with 24 transactions announced, 16 of which reported more than $135 million in value . Select Transactions: • Business intelligence executive management platform Domo’s $131 million round of funding from BlackRock, Credit Suisse, and Canyon Capital Advisors at a reported valuation of $2 billion • The Insight Venture Partners-led $50 million investment in analytics company Moat • The $30 million raised by live inbound call analytics platform Invoca from Morgan Stanley Alternative Investment Partners, Accel Partners, Upfront Ventures, and Salesforce Ventures • Social data platform Crimson Hexagon’s $20 million round of funding from Sageview Capital

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 23 24% $136.5 23% 6 $17.5 0 - 17 $119.0 BI Tools 10 11% 188.4 32% 0 - 2 - 8 188.4

Commerce Management 9 10% 21.6 4% 4 - 1 - 4 21.6 Content Management 8 9% 15.8 3% 5 - 0 - 3 15.8 CRM 8 9% 37.0 6% 4 - 0 - 4 37.0 MRM/Workflow Management 7 7% 71.2 12% 2 11.8 0 - 5 59.4 Social Technology 7 7% 28.9 5% 3 - 0 - 4 28.9 Other* 22 23% 88.9 15% 9 - 1 - 12 63.8 Total 94 100% 588.3 100% 33 29.3 4 0.0 57 559.0

17 | M&A and Investment Summary March 2016 Marketing Technology Public Company Valuation (1/3)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated * 93.80 -4% $ 46,919.66 $ 44,738.60 $ 5,069.67 $ 1,378.25 27.2% 19.1% 8.8x 32.5x AppFolio, Inc. 12.24 -39% 410.9 388.6 75.0 (12.1) NM 57.3% 5.2x NM Bazaarvoice, Inc. 3.15 -52% 256.2 204.2 197.4 (18.2) NM 6.1% 1.0x NM Blackbaud Inc. 62.89 -8% 2,816.0 3,209.7 637.9 104.6 16.4% 13.0% 5.0x 30.7x Brightcove Inc. * 6.24 -19% 204.4 177.6 134.7 1.5 1.1% 7.8% 1.3x 119.4x ChannelAdvisor Corporation 11.25 -24% 285.8 229.5 100.6 (11.5) NM 18.5% 2.3x NM Covisint Corporation 2.00 -40% 80.9 43.2 79.5 (19.8) NM -11.2% 0.5x NM Cvent, Inc. 21.40 -43% 899.8 754.4 187.7 0.9 0.5% 32.0% 4.0x NM Demandware, Inc. 39.10 -48% 1,474.6 1,278.0 237.3 (34.2) NM 47.8% 5.4x NM eBay Inc. 23.86 -64% 27,263.3 27,911.3 8,592.0 2,946.0 34.3% -2.3% 3.2x 9.5x Endurance International Group 10.53 -55% 1,447.7 2,521.1 741.3 182.8 24.7% 17.7% 3.4x 13.8x Five9,Holdings, Inc. Inc. 8.89 -10% 455.6 443.7 128.9 (13.8) NM 25.0% 3.4x NM GoDaddy Inc. 32.33 -9% 2,195.4 3,173.9 1,607.3 212.8 13.2% 15.9% 2.0x 14.9x HubSpot, Inc. * 43.62 -27% 1,513.9 1,410.2 181.9 (43.7) NM 57.0% 7.8x NM Interactive Intelligence Group Inc. * 36.42 -28% 802.4 761.4 390.9 3.6 0.9% 14.5% 1.9x 210.0x IBM Corporation 151.45 -14% 145,525.4 177,385.4 81,741.0 20,082.0 24.6% -11.9% 2.2x 8.8x Jive Software, Inc. 3.78 -37% 289.3 186.6 195.8 (21.0) NM 9.6% 1.0x NM LivePerson Inc. 5.85 -45% 335.7 286.9 239.0 17.0 7.1% 13.9% 1.2x 16.9x Marin Software Incorporated 3.02 -60% 115.1 80.8 108.5 (21.1) NM 9.2% 0.7x NM Marketo, Inc. 19.57 -42% 868.6 768.7 209.9 (55.7) NM 40.0% 3.7x NM MaxPoint Interactive, Inc. 1.77 -83% 46.5 36.6 140.1 (16.7) NM 31.6% 0.3x NM MicroStrategy Inc. 179.72 -21% 2,049.7 1,564.1 529.9 148.3 28.0% -8.6% 3.0x 10.5x MINDBODY, Inc. 13.33 -28% 528.8 451.3 101.4 (28.7) NM 44.8% 4.5x NM NetSuite Inc. 68.49 -33% 5,478.1 5,397.3 741.1 (61.7) NM 33.2% 7.3x NM Nuance Communications, Inc. 18.69 -14% 5,690.1 7,243.5 1,943.2 296.9 15.3% 0.8% 3.7x 24.4x Oracle Corporation 40.91 -10% 169,770.8 159,575.8 37,159.0 14,908.0 40.1% -4.3% 4.3x 10.7x PayPal Holdings, Inc. 38.60 -9% 47,195.3 43,784.3 9,248.0 1,951.0 21.1% 15.2% 4.7x 22.4x PROS Holdings, Inc. 11.79 -57% 357.5 309.6 168.2 (42.2) NM -9.5% 1.8x NM PTC Inc. 33.16 -22% 3,797.9 4,219.2 1,220.8 236.2 19.3% -10.1% 3.5x 17.9x Qlik Technologies, Inc. 28.92 -33% 2,709.91 2,389.86 612.73 3.66 0.6% 10.0% 3.9x NM Rightside Group, Ltd. 8.05 -21% 154.5 136.2 212.5 (1.7) NM 10.8% 0.6x NM Rovi Corporation 20.51 -13% 1,708.36 2,491.52 526.27 167.33 31.8% -3.0% 4.7x 14.9x The Rubicon Project, Inc. 18.28 -5% 862.4 722.7 248.5 19.0 7.7% 98.3% 2.9x 38.0x

18 | M&A and Investment Summary March 2016 Marketing Technology Public Company Valuation (2/3)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA salesforce.com, inc. * 73.83 -11% $ 49,532.5 $ 50,247.5 $ 6,667.2 $ 465.8 7.0% 24.1% 7.5x 107.9x Sizmek Inc. 2.90 -63% 83.9 41.9 172.7 9.1 5.3% 1.1% 0.2x 4.6x Square, Inc. 15.28 -4% 5,122.8 4,652.1 1,267.1 (95.4) NM 49.0% 3.7x NM Synchronoss Technologies, Inc. 32.34 -38% 1,436.1 1,526.9 578.8 157.4 27.2% 26.6% 2.6x 9.7x Tableau Software, Inc. 45.87 -65% 3,411.3 2,615.4 653.6 (28.4) NM 58.4% 4.0x NM Teradata Corporation 26.24 -43% 3,382.8 3,323.8 2,530.0 377.0 14.9% -7.4% 1.3x 8.8x Verint Systems Inc. 33.38 -50% 2,078.5 2,416.5 1,130.3 139.3 12.3% 0.2% 2.1x 17.3x Xactly Corporation 6.85 -36% 202.4 170.1 76.0 (17.3) NM 24.3% 2.2x NM Zendesk, Inc. * 20.93 -26% 1,894.3 1,648.7 208.8 (68.4) NM 64.3% 7.9x NM

Adjusted Weighted Average 3.9x 13.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (72.9x)

19 | M&A and Investment Summary March 2016 Marketing Technology Public Company Valuation (3/3)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 5.84 -60% $ 294.86 $ 165.91 $ 400.22 $ 3.34 0.8% 64.0% 0.4x 49.6x Bitauto Holdings Limited China 24.79 -63% 1,491.6 1,023.3 617.9 (22.4) NM 63.1% 1.7x NM ChinaCache International Holdings Ltd. China 7.89 -50% 204.4 135.7 208.5 (3.6) NM -2.2% 0.7x NM InfraStrata plc * United Kingdom 0.02 -65% 4.3 4.8 0.6 (0.8) NM 2320.6% 8.2x NM Infosystems S.A. Poland 0.26 -46% 1.0 1.4 2.0 0.9 47.5% 0.0% 0.7x 1.5x Mercadolibre, Inc. * Argentina 117.85 -23% 5,203.9 5,131.2 651.8 178.6 27.4% 17.1% 7.9x 28.7x Open Text Corporation Canada 51.80 -11% 6,274.5 7,116.8 1,830.2 527.5 28.8% -1.5% 3.9x 13.5x Opera Software ASA Norway 7.98 -15% 1,166.6 1,234.9 615.9 99.2 16.1% 28.1% 2.0x 12.4x Sage Group plc United Kingdom 9.06 1% 9,777.99 10,270.00 2,172.20 588.18 27.1% 6.1% 4.7x 17.5x SAP SE Germany 80.84 -6% 96,845.5 103,434.0 22,582.7 6,206.9 27.5% 18.4% 4.6x 16.7x Shopify Inc. * Canada 28.21 -33% 2,266.4 2,074.9 205.2 (12.0) NM 95.4% 10.1x NM Sky-mobi Limited China 2.09 -68% 58.6 (32.1) 93.7 (0.9) NM -22.1% NM NM Weborama France 12.76 -6% 43.9 44.0 30.4 1.1 3.6% 0.9% 1.4x 40.1x Wix.com ltd Israel 20.27 -29% 804.6 694.6 203.5 (43.6) NM 43.5% 3.4x NM

Adjusted Weighted Average 4.6x 17.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.4x)

20 | M&A and Investment Summary March 2016 Agency & Marketing Services

. There were 33 transactions announced in the Agency & Marketing Services segment in March. Digital Agency was the most active subsegment with 10 transactions . Select transactions: • The $250 million raised by WME|IMG at a reported valuation of $5.5 billion from SoftBank in exchange for an eight percent equity stake • Searchlight Capital Partner’s majority acquisition creative services agency 160over90 in a transaction valued at $175 million • The acquisition of customer experience agency MCD Partners by M&C Saatchi in a transaction valued at a reported $19.6 million • The majority interest taken in digital consulting firm Hero Digital by CI Capital Partners (A Petsky Prunier-led transaction) • The New York Times’ acquisition of digital marketing agency HelloSociety from Science Media • The acquisition of healthcare media agency Communications Media by WPP

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 10 30% $266.6 29% 8 $31.6 2 $235.0 0 - Public Relations 4 12% - 0% 4 - 0 - 0 - Ad Specialty/Premiums 2 6% 27.0 3% 2 27.0 0 - 0 - Design Agency 2 6% - 0% 2 - 0 - 0 - DM Agency 2 6% - 0% 2 - 0 - 0 - General Agency 2 6% - 0% 2 - 0 - 0 - Healthcare Agency 2 6% - 0% 2 - 0 - 0 - Other* 9 27% 617 68% 6 207.0 1 155.0 2 255.0 Total 33 100% 910.6 100% 28 265.6 3 390.0 2 255.0

21 | M&A and Investment Summary March 2016 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.31 -13% $ 111.8 $ 117.9 $ 232.0 $ 13.7 5.9% -7.4% 0.5x 8.6x Creston plc United Kingdom 1.53 -34% 88.5 92.2 120.9 17.9 14.8% 4.5% 0.8x 5.1x Dentsu Inc. * Japan 50.28 -23% 14,338.2 15,264.1 (2,566.5) 1,851.4 -72.1% NM NM 8.2x Enero Group Limited Australia 0.87 -5% 74.7 49.9 158.8 9.2 5.8% 6.9% 0.3x 5.4x Globant S.A. * Luxembourg 30.86 -19% 1,055.4 992.7 253.8 30.3 11.9% 27.1% 3.9x 32.8x Havas France 8.03 -14% 3,350.1 3,249.9 2,376.3 358.4 15.1% 17.3% 1.4x 9.1x Huntsworth plc United Kingdom 0.58 -16% 187.1 230.8 248.3 26.1 10.5% 1.6% 0.9x 8.8x M&C Saatchi plc United Kingdom 4.81 -6% 346.4 344.7 263.9 30.3 11.5% 5.6% 1.3x 11.4x MDC Holdings Inc. United States 25.06 -20% 1,228.1 1,935.5 1,909.0 123.3 6.5% 12.7% 1.0x 15.7x Next Fifteen Communications Group plc United Kingdom 3.36 -15% 238.5 250.6 180.3 21.6 12.0% 0.0% 1.4x 11.6x Omnicom Group Inc. United States 83.23 -1% 19,941.1 22,512.7 15,134.4 2,211.2 14.6% -1.2% 1.5x 10.2x OPT Holding, Inc. Japan 5.57 -15% 144.0 129.2 532.9 22.4 4.2% -4.4% 0.2x 5.8x Porta Communications Plc United Kingdom 0.08 -44% 23.2 34.4 48.3 2.1 4.4% 186.2% 0.7x 16.3x Publicis Groupe SA France 70.28 -22% 15,554.8 17,543.3 10,427.4 1,932.1 18.5% 32.3% 1.7x 9.1x The Interpublic Group of Companies, Inc. United States 22.95 -4% 9,228.9 9,769.7 7,613.8 1,028.1 13.5% 1.0% 1.3x 9.5x WPP plc United Kingdom 23.43 1% 29,805.0 34,974.6 18,043.4 3,157.5 17.5% 6.1% 1.9x 11.1x

Adjusted Weighted Average 1.6x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.7x)

22 | M&A and Investment Summary March 2016 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $21.44 -8% $ 1,666.4 $ 1,681.0 $ 1,046.3 $ 169.7 16.2% 20.6% 1.6x 9.9x Aimia Inc. Canada 6.52 -43% 992.0 1,328.2 1,773.4 129.3 7.3% -0.3% 0.7x 10.3x Alliance Data Systems Corporation * United States 220.00 -29% 13,048.7 23,236.2 6,439.7 1,508.7 23.4% 21.4% 3.6x 15.4x CSG Systems International Inc. United States 45.16 -2% 1,460.0 1,503.7 752.5 145.9 19.4% 0.2% 2.0x 10.3x Data Group Ltd. Canada 0.02 -97% 19.3 60.2 219.5 14.9 6.8% -2.7% 0.3x 4.0x DST Systems Inc. United States 112.77 -16% 3,815.0 4,302.6 2,825.1 405.2 14.3% 2.8% 1.5x 10.6x Fair Isaac Corporation * United States 106.09 -3% 3,328.9 3,857.1 849.3 194.9 23.0% 6.9% 4.5x 19.8x Harte-Hanks Inc. United States 2.53 -68% 155.0 214.7 495.3 36.6 7.4% -10.5% 0.4x 5.9x High Co. SA France 10.12 -8% 104.7 58.3 168.0 13.9 8.3% 19.2% 0.3x 4.2x Insignia Systems Inc. United States 2.85 -7% 33.1 15.1 28.2 4.0 14.1% 7.2% 0.5x 3.8x Interpace Diagnostics Group, Inc. United States 0.28 -90% 5.1 5.1 9.4 (23.9) NM 539.9% 0.5x NM Multiplus S.A. Brazil 9.23 -23% 1,495.1 1,074.9 571.0 132.6 23.2% 24.3% 1.9x 8.1x Pitney Bowes Inc. United States 21.54 -10% 4,084.8 6,583.1 3,578.1 817.7 22.9% -6.4% 1.8x 8.1x Points International Ltd. Canada 8.64 -38% 132.1 77.2 296.3 11.0 3.7% 16.2% 0.3x 7.0x Viad Corp United States 29.16 -11% 588.3 673.5 1,089.0 80.8 7.4% 2.3% 0.6x 8.3x

Adjusted Weighted Average 2.5x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x)

23 | M&A and Investment Summary March 2016 Traditional Media

. Of the 17 transactions announced in the Traditional Media segment in March, 10 reported more than $815 million in aggregate reported value . Select Transactions: • The $400 million in funding received by film and production studio Relativity Media from Maple Leaf Capital • Time Internet’s acquisition of US-based cricket broadcaster Willow TV International for a reported $100 million • Digital First Media’s $52 million acquisition of Freedom Communications’ Orange County Register and Riverside Press-Enterprise newspaper properties • The majority acquisition of broadcast network programming provider Renegade 83 by Entertainment One in a transaction valued at a reported $35 million • Vice Media’s acquisition of UK-based film, television, and digital production studio Pulse Films

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 8 47% $528.0 65% 3 - 0 - 5 $528.0 Broadcast Television 3 18% 231.0 28% 2 135.4 1 95.6 0 - B-to-B Media 2 12% 6.0 1% 1 - 0 - 1 6.0 Consumer Book Publishing 2 12% - 0% 1 - 1 - 0 - Newspaper Publishing 1 6% 52.3 6% 1 52.3 0 - 0 - Traditional Outdoor 1 6% - 0% 1 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 17 100% 817.3 100% 9 187.7 2 95.6 6 534.0

24 | M&A and Investment Summary March 2016 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $55.09 -14% $ 25,316.1 $ 33,441.1 $ 13,886.0 $ 3,107.0 22.4% 0.6% 2.4x 10.8x Discovery Communications, Inc. United States 28.63 -18% 15,926.3 23,363.3 6,394.0 2,442.0 38.2% 2.1% 3.7x 9.6x Time Warner Inc. United States 72.55 -21% 57,325.7 78,991.7 28,118.0 7,895.0 28.1% 2.8% 2.8x 10.0x Twenty-First Century Fox, Inc. United States 27.88 -21% 53,728.5 70,780.5 26,497.0 6,145.0 23.2% -18.7% 2.7x 11.5x Viacom, Inc. United States 41.28 -44% 16,541.1 29,070.1 13,078.0 4,022.0 30.8% -6.1% 2.2x 7.2x The Walt Disney Company United States 99.31 -19% 162,031.2 180,885.2 54,318.0 16,439.0 30.3% 8.9% 3.3x 11.0x

Adjusted Weighted Average 3.0x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.5x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $13.57 -25% $ 1,715.3 $ 1,713.7 $ 610.4 $ 252.6 41.4% -0.8% 2.8x 6.8x Global Sources Ltd. Bermuda 8.10 -17% 244.9 171.2 162.1 31.7 19.6% -15.3% 1.1x 5.4x Informa plc United Kingdom 10.00 -2% 6,479.2 7,772.2 1,787.6 550.7 30.8% 6.6% 4.3x 14.1x TechTarget, Inc. United States 7.42 -38% 239.1 213.6 111.8 17.6 15.7% 5.3% 1.9x 12.2x UBM plc * United Kingdom 8.66 0% 3,831.1 4,594.3 1,135.4 292.4 25.8% 39.9% 4.0x 15.7x

Adjusted Weighted Average 3.9x 12.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.4x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $3.51 -32% $ 81.4 $ 155.0 $ 105.9 $ 21.4 20.2% 80.5% 1.5x 7.3x Cumulus Media Inc. United States 0.46 -82% 108.8 2,502.5 1,168.7 234.5 20.1% -7.5% 2.1x 10.7x Emmis Communications Corp. United States 0.58 -70% 26.7 319.0 234.0 37.3 16.0% 1.1% 1.4x 8.5x Entercom Communications Corp. United States 10.58 -21% 422.5 928.0 411.4 97.6 23.7% 8.3% 2.3x 9.5x Pandora Media, Inc. United States 8.95 -60% 2,037.9 1,901.9 1,164.0 (67.2) NM 26.4% 1.6x NM Radio One Inc. United States 1.42 -66% 69.7 1,037.9 450.9 115.4 25.6% 2.1% 2.3x 9.0x Salem Media Group, Inc. United States 5.76 -16% 146.8 424.6 265.8 47.6 17.9% -0.3% 1.6x 8.9x Sirius XM Holdings Inc. * United States 3.95 -6% 20,129.2 25,465.7 4,570.1 1,579.2 34.6% 9.3% 5.6x 16.1x Spanish Broadcasting System Inc. United States 3.35 -54% 24.3 417.0 143.0 41.3 28.9% -3.1% 2.9x 10.1x Townsquare Media, Inc. United States 11.21 -22% 200.2 756.4 441.2 93.7 21.2% 18.0% 1.7x 8.1x

Adjusted Weighted Average 1.8x 9.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.4x)

25 | M&A and Investment Summary March 2016 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $64.94 -26% $ 4,701.3 $ 7,330.5 $ 2,580.9 $ 850.4 32.9% 18.6% 2.8x 8.6x Sky plc United Kingdom 14.75 -12% 25,161.2 34,001.8 16,819.1 2,827.0 16.8% 41.2% 2.0x 12.0x Cablevision Systems Corporation United States 33.00 -1% 9,129.7 17,760.6 6,509.7 1,739.4 26.7% 0.8% 2.7x 10.2x CBS Corporation United States 55.09 -14% 25,316.1 33,441.1 13,886.0 3,107.0 22.4% 0.6% 2.4x 10.8x Charter Communications, Inc. * United States 202.43 -2% 22,760.0 58,488.0 9,754.0 3,400.0 34.9% 7.1% 6.0x 17.2x Comcast Corporation United States 61.08 -6% 149,181.7 202,331.7 74,510.0 24,876.0 33.4% 8.3% 2.7x 8.1x Crown Media Holdings Inc. United States 5.08 -18% 1,827.2 2,106.8 478.7 368.3 76.9% 15.2% 4.4x 5.7x Discovery Communications, Inc. United States 28.63 -18% 15,926.3 23,363.3 6,394.0 2,442.0 38.2% 2.1% 3.7x 9.6x Dish Network Corp. United States 46.26 -39% 21,474.3 33,902.4 15,068.9 2,980.4 19.8% 2.9% 2.2x 11.4x Entravision Communications Corporation United States 7.44 -22% 661.5 936.7 254.1 71.6 28.2% 5.0% 3.7x 13.1x General Communication Inc. United States 18.32 -18% 705.7 2,126.6 978.5 317.8 32.5% 7.5% 2.2x 6.7x Gray Television, Inc. United States 11.72 -35% 848.0 1,986.2 597.4 201.6 33.8% 17.6% 3.3x 9.9x Grupo Televisa, S.A.B. Mexico 5.54 -23% 14,247.4 18,543.8 5,110.8 1,918.7 37.5% 9.9% 3.6x 9.7x Liberty Global plc United Kingdom 38.50 -34% 31,744.6 78,579.7 18,280.0 8,376.5 45.8% 0.2% 4.3x 9.4x Media General, Inc. United States 16.31 -7% 2,103.1 4,336.5 1,304.9 332.2 25.5% 93.3% 3.3x 13.1x Nexstar Broadcasting Group, Inc. United States 44.27 -28% 1,356.9 2,799.9 896.4 301.8 33.7% 42.0% 3.1x 9.3x Scripps Networks Interactive, Inc. United States 65.50 -9% 8,430.5 12,629.6 3,018.2 1,363.1 45.2% 13.2% 4.2x 9.3x Sinclair Broadcast Group, Inc. United States 30.75 -14% 2,912.5 6,590.8 2,219.1 687.9 31.0% 12.3% 3.0x 9.6x TEGNA Inc. United States 23.46 -39% 5,128.8 9,490.5 3,050.9 1,116.5 36.6% 16.2% 3.1x 8.5x The E. W. Scripps Company * United States 15.59 -40% 1,308.0 1,599.1 715.7 32.2 4.5% 43.5% 2.2x 49.7x Time Warner Cable Inc. United States 204.62 -1% 57,962.8 79,385.8 23,697.0 7,777.0 32.8% 3.9% 3.4x 10.2x Time Warner Inc. United States 72.55 -21% 57,325.7 78,991.7 28,118.0 7,895.0 28.1% 2.8% 2.8x 10.0x

Adjusted Weighted Average 3.0x 9.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.7x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $24.95 -16% $ 2,154.7 $ 2,459.2 $ 915.9 $ 112.5 12.3% 33.8% 2.7x 21.9x Eros International Plc United Kingdom 11.51 -70% 640.2 889.4 297.8 56.6 19.0% 15.0% 3.0x 15.7x Lions Gate Entertainment Corp. * United States 21.85 -47% 3,277.3 4,872.6 2,202.3 66.8 3.0% -11.0% 2.2x 72.9x Live Nation Entertainment, Inc. United States 22.31 -25% 4,516.9 5,732.5 7,245.7 543.6 7.5% 5.5% 0.8x 10.5x SFX Entertainment, Inc. United States 0.04 -99% 3.8 301.9 402.4 (86.3) NM 17.4% 0.8x NM Twenty-First Century Fox, Inc. United States 27.88 -21% 53,728.5 70,780.5 26,497.0 6,145.0 23.2% -18.7% 2.7x 11.5x Liberty Media Corporation * United States 38.63 -9% 12,824.5 26,687.5 4,795.0 1,424.0 29.7% 7.8% 5.6x 18.7x Village Roadshow Limited Australia 3.98 -32% 641.3 1,031.1 761.1 114.3 15.0% 10.1% 1.4x 9.0x World Wrestling Entertainment Inc. United States 17.66 -25% 1,341.2 1,260.4 658.8 71.3 10.8% 21.4% 1.9x 17.7x

Adjusted Weighted Average 2.5x 13.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.2x)

26 | M&A and Investment Summary March 2016 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $5.60 -27% $ 357.5 $ 243.9 $ 192.6 $ (44.8) NM -12.2% 1.3x NM APG|SGA SA Switzerland 418.38 -2% 1,252.8 1,107.8 314.8 77.9 24.8% 0.6% 3.5x 14.2x Clear Channel Outdoor Holdings Inc. United States 4.70 -60% 1,690.1 6,624.4 2,806.2 678.9 24.2% -5.2% 2.4x 9.8x Clear Media Ltd. Hong Kong 0.86 -33% 467.9 393.8 236.5 103.2 43.6% 4.1% 1.7x 3.8x JCDecaux SA France 43.81 -6% 9,301.5 9,729.0 3,048.7 578.1 19.0% 13.1% 3.2x 16.8x Lamar Advertising Co. United States 61.50 0% 5,946.8 7,844.0 1,353.4 565.7 41.8% 5.2% 5.8x 13.9x Mood Media Corporation United States 0.05 -92% 9.9 657.1 475.1 81.6 17.2% -3.8% 1.4x 8.1x National CineMedia, Inc. United States 15.21 -9% 949.0 2,075.4 446.5 209.5 46.9% 13.3% 4.6x 9.9x NTN Buzztime Inc. United States 0.15 -75% 13.8 18.2 24.5 (3.7) NM -5.9% 0.7x NM Tom Group Ltd. * Hong Kong 0.25 -35% 962.9 1,284.2 163.5 8.8 5.4% -16.1% 7.9x 145.8x

Adjusted Weighted Average 3.9x 14.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.8x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $4.81 -43% $ 103.8 $ 27.9 $ 272.1 $ (1.8) NM -0.2% 0.1x NM Daily Mail and General Trust plc United Kingdom 10.02 -29% 3,353.3 4,583.1 2,788.4 443.2 15.9% 1.7% 1.6x 10.3x Emmis Communications Corp. United States 0.58 -70% 26.7 319.0 234.0 37.3 16.0% 1.1% 1.4x 8.5x Gannett Co., Inc. United States 15.14 -15% 1,763.6 1,566.9 2,885.0 383.5 13.3% -9.0% 0.5x 4.1x Glacier Media, Inc. Canada 0.54 -51% 48.2 117.7 159.1 10.4 6.5% -11.0% 0.7x 11.3x John Wiley & Sons Inc. United States 48.89 -20% 2,826.7 3,255.7 1,734.4 302.8 17.5% -5.6% 1.9x 10.8x Meredith Corporation United States 47.50 -14% 2,076.4 2,849.6 1,615.2 301.3 18.7% 5.7% 1.8x 9.5x News Corporation United States 12.77 -22% 7,501.2 5,825.2 8,442.0 639.0 7.6% 2.4% 0.7x 9.1x Scholastic Corporation United States 37.37 -19% 1,275.9 941.0 1,646.7 97.6 5.9% 14.6% 0.6x 9.6x The E. W. Scripps Company * United States 15.59 -40% 1,308.0 1,599.1 715.7 32.2 4.5% 43.5% 2.2x 49.7x The McClatchy Company United States 1.05 -46% 82.9 1,011.4 1,056.6 161.1 15.2% -7.8% 1.0x 6.3x The New York Times Company United States 12.46 -14% 1,996.2 1,815.7 1,579.2 242.7 15.4% -0.6% 1.1x 7.5x Time Inc. United States 15.44 -36% 1,618.9 2,200.9 3,107.0 404.0 13.0% -5.3% 0.7x 5.4x

Adjusted Weighted Average 1.2x 8.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.0x)

27 | M&A and Investment Summary March 2016 Software

. Within the Software segment, nearly $900 million in reported value involved Venture/Growth Capital investments, while more than $1.1 billion in Strategic transactions were announced

. Healthcare and HR Software were the most active subsegments with 16 transactions each, accounting for $1.2 billion and nearly $200 million in value, respectively . Select Transactions: • GI Partners’ $950 million acquisition of health and human services software developer Netsmart Technologies from Genstar Capital • The H.I.G. Capital acquisition of personal finance software developer Quicken from Intuit in a transaction valued at a reported $500 million • The $260 million acquisition of internal data center and public cloud computing startup CliQr by Cisco • Nasdaq’s $200 million acquisition of Boardvantage, a provider of technology solutions for boards of directors and leadership communications

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare 16 15% $1,170.6 33% 4 $33.1 3 $1,067.2 9 $70.3 HR 16 15% 192.8 5% 2 - 1 - 13 192.8 Financial 14 13% 545.9 15% 6 5.0 1 500.0 7 40.9 Security 9 9% 65.9 2% 4 - 0 - 5 65.9 Big Data 6 6% 111.4 3% 0 - 0 - 6 111.4 ERP 6 6% 5.0 0% 4 - 0 - 2 5.0 Other* 38 31% 1,353.5 38% 18 1,074 2 0 18 279.9 Total 105 100% 3,563.1 100% 38 1,111.7 7 1,567.2 60 884.2

28 | M&A and Investment Summary March 2016 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 40.79 -2% $ 1,372.4 $ 1,520.8 $ 265.5 $ 97.8 36.8% 23.9% 5.7x 15.5x Epiq Systems, Inc. United States 15.02 -19% 565.8 925.7 505.9 78.4 15.5% 13.9% 1.8x 11.8x First Data Corporation United States 12.94 -28% 11,635.7 33,868.7 7,764.0 2,374.0 30.6% 2.9% 4.4x 14.3x Fidessa group plc United Kingdom 35.17 -2% 1,339.6 1,226.8 435.7 74.1 17.0% 7.4% 2.8x 16.6x Guidewire Software, Inc. * United States 54.48 -16% 3,925.5 3,334.6 395.8 21.5 5.4% 7.1% 8.4x 154.8x Intuit Inc. United States 104.01 -5% 26,712.0 27,623.0 4,467.0 1,302.0 29.1% 6.4% 6.2x 21.2x Management Consulting Group PLC United Kingdom 0.22 -20% 106.5 84.2 204.9 (0.1) NM -42.8% 0.4x NM Model N, Inc. United States 10.77 -15% 291.3 220.9 96.2 (17.8) NM 16.8% 2.3x NM NetSuite Inc. United States 68.49 -33% 5,478.1 5,397.3 741.1 (61.7) NM 33.2% 7.3x NM Performant Financial Corporation United States 1.70 -54% 84.5 107.6 159.4 18.7 11.8% -18.4% 0.7x 5.7x Q2 Holdings, Inc. United States 24.04 -21% 936.6 826.1 108.9 (16.2) NM 37.6% 7.6x NM RealPage, Inc. United States 20.84 -13% 1,640.1 1,649.2 468.5 52.8 11.3% 15.8% 3.5x 31.2x SS&C Technologies Holdings, Inc. United States 63.42 -18% 6,262.7 8,579.9 1,000.3 329.6 32.9% 30.3% 8.6x 26.0x Tyler Technologies, Inc. United States 128.61 -30% 4,654.9 4,674.4 591.0 129.1 21.8% 19.9% 7.9x 36.2x

Adjusted Weighted Average 6.2x 21.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.5x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 13.21 -16% 2,501.2 3,021.1 1,386.4 112.5 8.1% 0.6% 2.2x 26.9x athenahealth, Inc. * United States 138.78 -19% 5,406.5 5,562.7 924.7 60.9 6.6% 22.9% 6.0x 91.4x Cegedim SA France 29.04 -41% 405.4 600.8 462.8 85.3 18.4% -13.6% 1.3x 7.0x Cerner Corporation United States 52.96 -30% 18,007.3 18,099.3 4,352.5 1,206.2 27.7% 31.4% 4.2x 15.0x Civitas Solutions, Inc. United States 17.43 -42% 646.7 1,261.6 1,378.1 130.9 9.5% 7.1% 0.9x 9.6x Computer Programs & Systems Inc. United States 52.12 -12% 699.7 663.9 182.2 33.3 18.3% -11.0% 3.6x 20.0x Craneware plc United Kingdom 10.80 -9% 289.9 246.0 46.4 14.1 30.5% 7.8% 5.3x 17.4x HealthEquity, Inc. * United States 24.67 -31% 1,425.1 1,301.4 126.8 34.7 27.4% 44.3% 10.3x 37.5x McKesson Corporation United States 157.25 -35% 35,945.3 42,719.3 189,131.0 4,294.0 2.3% 10.0% 0.2x 9.9x Medidata Solutions, Inc. * United States 38.71 -37% 2,179.8 2,162.9 392.5 40.1 10.2% 17.1% 5.5x 54.0x Quality Systems Inc. United States 15.24 -15% 927.9 823.1 493.0 57.0 11.6% 3.3% 1.7x 14.4x Streamline Health Solutions, Inc. United States 1.41 -60% 26.5 35.1 28.5 (5.1) NM 3.6% 1.2x NM USMD Holdings, Inc. United States 10.75 -10% 118.4 158.1 320.8 (3.8) NM 15.6% 0.5x NM Veeva Systems Inc. United States 25.04 -15% 3,359.2 3,013.0 409.2 88.6 21.6% 30.6% 7.4x 34.0x

Adjusted Weighted Average 2.3x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (52.3x)

29 | M&A and Investment Summary March 2016 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $31.02 -18% $ 1,828.8 $ 1,238.4 $ 316.6 $ 96.1 30.3% 12.2% 3.9x 12.9x Benefitfocus, Inc. United States 33.35 -30% 974.1 950.6 185.1 (45.2) NM 34.7% 5.1x NM Castlight Health, Inc. United States 3.33 -68% 321.9 201.5 75.3 (78.2) NM 65.1% 2.7x NM Cornerstone OnDemand, Inc. United States 32.77 -19% 1,795.6 1,783.7 339.7 (60.3) NM 28.9% 5.3x NM DHI Group, Inc. United States 8.07 -23% 422.9 489.9 259.8 64.4 24.8% -1.1% 1.9x 7.6x LinkedIn Corporation United States 114.35 -57% 15,102.7 13,136.7 2,990.9 246.8 8.3% 34.8% 4.4x 53.2x Monster Worldwide, Inc. United States 3.26 -60% 293.1 324.4 666.9 94.0 14.1% -8.1% 0.5x 3.5x Paycom Software, Inc. United States 35.60 -23% 2,103.5 2,078.6 224.7 42.1 18.7% 48.8% 9.3x 49.4x Paylocity Holding Corporation United States 32.74 -30% 1,668.3 1,589.3 187.6 (0.4) NM 46.7% 8.5x NM The Ultimate Software Group, Inc. * United States 193.50 -11% 5,581.9 5,470.3 618.1 64.0 10.3% 22.2% 8.9x 85.5x Workday, Inc. United States 76.84 -18% 14,983.8 13,521.8 1,162.3 (181.7) NM 47.5% 11.6x NM

Adjusted Weighted Average 7.7x 47.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (68.0x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $4.84 -41% $ 187.9 $ 153.7 $ 92.5 $ 16.8 18.2% -1.2% 1.7x 9.1x AVG Technologies N.V. Netherlands 20.75 -29% 1,086.0 1,202.5 428.3 124.1 29.0% 14.5% 2.8x 9.7x Check Point Software Technologies Ltd. United States 87.47 -1% 15,819.3 14,535.1 1,629.8 851.9 52.3% 9.0% 8.9x 17.1x Cisco Systems, Inc. United States 28.47 -5% 143,264.5 107,495.5 49,589.0 14,283.0 28.8% 3.1% 2.2x 7.5x Cheetah Mobile Inc. China 16.33 -55% 2,325.2 2,084.7 567.5 51.6 9.1% 108.9% 3.7x 40.4x CyberArk Software, Ltd. Israel 42.63 -44% 1,420.1 1,181.8 160.8 35.1 21.8% 56.1% 7.3x 33.7x FireEye, Inc. United States 17.99 -67% 2,985.4 2,521.8 623.0 (395.7) NM 46.4% 4.0x NM Fortinet Inc. * United States 30.63 -39% 5,256.2 4,364.9 1,009.3 55.8 5.5% 31.0% 4.3x 78.3x Gemalto NV Netherlands 73.99 -24% 6,519.1 6,907.9 3,390.2 504.9 14.9% 26.6% 2.0x 13.7x Imperva Inc. United States 50.50 -35% 1,629.1 1,364.3 234.3 (43.2) NM 42.9% 5.8x NM Imprivata, Inc. United States 12.63 -42% 317.1 266.1 119.1 (17.0) NM 22.8% 2.2x NM Infoblox Inc. United States 17.10 -39% 989.2 662.0 355.1 2.0 0.6% 33.0% 1.9x NM Juniper Networks, Inc. United States 25.51 -21% 9,760.2 9,760.9 4,857.8 1,077.9 22.2% 5.0% 2.0x 9.1x Mimecast Limited United Kingdom 9.73 -12% 526.2 428.6 135.7 13.7 10.1% 0.0% 3.2x 31.3x Mobileye N.V. * Israel 37.29 -42% 8,080.6 7,868.5 240.9 81.1 33.6% 67.7% 32.7x 97.1x NQ Mobile Inc. China 4.58 -30% 434.0 415.5 406.7 (19.7) NM 22.4% 1.0x NM Palo Alto Networks, Inc. United States 163.14 -19% 14,416.8 13,949.7 1,150.0 (121.9) NM 55.6% 12.1x NM Proofpoint, Inc. United States 53.78 -29% 2,213.8 2,153.4 265.4 (55.5) NM 35.7% 8.1x NM Qihoo 360 Technology Co. Ltd. China 75.55 -1% 9,576.8 10,064.4 1,630.3 439.4 27.0% 64.2% 6.2x 22.9x Symantec Corporation United States 18.38 -30% 11,987.8 11,458.8 6,178.0 1,949.0 31.5% 32.0% 1.9x 5.9x Trend Micro Inc. Japan 36.67 -24% 5,005.2 3,708.0 1,034.3 326.4 31.6% 7.9% 3.6x 11.4x VeriSign, Inc. United States 88.54 -6% 9,692.3 9,646.6 1,059.4 667.4 63.0% 4.9% 9.1x 14.5x

Adjusted Weighted Average 3.8x 10.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.8x) 30 | M&A and Investment Summary March 2016 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $89.46 -9% $ 7,865.1 $ 7,080.5 $ 942.8 $ 432.1 45.8% 0.7% 7.5x 16.4x Autodesk, Inc. * United States 58.31 -11% 13,090.2 12,327.0 2,504.1 147.1 5.9% -0.3% 4.9x 83.8x AVEVA Group plc United Kingdom 22.68 -32% 1,449.9 1,297.7 309.8 66.1 21.3% -4.7% 4.2x 19.6x Dassault Systemes SA France 79.41 -9% 20,143.6 18,626.5 3,083.9 840.3 27.2% 23.8% 6.0x 22.2x

Adjusted Weighted Average 5.9x 20.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (67.8x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $93.80 -4% $ 46,919.7 $ 44,738.6 $ 5,069.7 $ 1,378.3 27.2% 19.1% 8.8x 32.5x Atlassian Corporation Plc * Australia 25.15 NM 5,341.7 4,659.7 387.3 15.7 4.1% 0.0% 12.0x NM CA, Inc. United States 30.79 -5% 12,832.1 12,582.1 4,039.0 1,232.0 30.5% -6.6% 3.1x 10.2x CommVault Systems, Inc. * United States 43.17 -10% 1,949.8 1,548.7 586.3 8.4 1.4% -4.5% 2.6x 184.1x Covisint Corporation United States 2.00 -40% 80.9 43.2 79.5 (19.8) NM -11.2% 0.5x NM Endurance International Group Holdings, Inc. United States 10.53 -55% 1,447.7 2,521.1 741.3 182.8 24.7% 17.7% 3.4x 13.8x First Data Corporation United States 12.94 -28% 11,635.7 33,868.7 7,764.0 2,374.0 30.6% 2.9% 4.4x 14.3x Guidance Software, Inc. United States 4.30 -58% 138.3 119.4 107.0 (7.7) NM -1.5% 1.1x NM Hortonworks Inc. United States 11.30 -61% 616.8 522.5 121.9 (174.7) NM 164.8% 4.3x NM IBM Corporation United States 151.45 -14% 145,525.4 177,385.4 81,741.0 20,082.0 24.6% -11.9% 2.2x 8.8x IntraLinks Holdings, Inc. United States 7.88 -38% 456.0 478.5 276.2 8.3 3.0% 7.9% 1.7x 57.4x NetSuite Inc. United States 68.49 -33% 5,478.1 5,397.3 741.1 (61.7) NM 33.2% 7.3x NM Opera Software ASA Norway 7.98 -15% 1,166.6 1,234.9 615.9 99.2 16.1% 28.1% 2.0x 12.4x Oracle Corporation United States 40.91 -10% 169,770.8 159,575.8 37,159.0 14,908.0 40.1% -4.3% 4.3x 10.7x salesforce.com, inc. * United States 73.83 -11% 49,532.5 50,247.5 6,667.2 465.8 7.0% 24.1% 7.5x 107.9x Rapid7, Inc. United States 13.07 - 543.6 457.1 110.5 (39.4) NM 43.8% 4.1x NM ServiceNow, Inc. United States 61.18 -33% 9,836.9 9,510.2 1,005.5 (106.0) NM 47.3% 9.5x NM Textura Corporation United States 18.63 -40% 488.0 409.3 86.7 (7.9) NM 37.7% 4.7x NM Varonis Systems, Inc. United States 18.25 -39% 477.1 370.6 127.2 (17.5) NM 25.5% 2.9x NM

Adjusted Weighted Average 4.5x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (103.2x)

31 | M&A and Investment Summary March 2016 Information

. The Information segment reported 15 transactions worth more than $5.8 billion in value . Healthcare Information was the most active subsegment with four deals, followed by the Credit/Risk Management Information and Financial Information subsegments with three transactions each . Select Transactions: • Employee benefits and information services company Ceridian’s $150 million round of funding from Thomas H. Lee Partners and Fidelity National Financial Ventures Group • Guidewire Software’s $42 million acquisition of EagleEye Analytics, a provider of data for property/casualty insurers • The $33 million raised by AlphaSense, developer of an information search platform for financial professionals, from Tribeca Venture Partners, Triangle Peak Equity, and Quantum Strategic Partners • Human resources information and recruitment startup BizReach’s $32 million round of funding from YJ Capital, Salesforce Ventures, Dentsu Digital, Gree, and Rakuten

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 4 27% $35.0 1% 1 - 0 - 3 $35.0 Credit/Risk Management Information 3 20% 53.0 1% 2 42.0 0 - 1 11.0 Financial Information 3 20% 5,533.0 95% 2 5,500.0 0 - 1 33.0 Legal*Intercontinental Information Exchange’s $7.4 billion acquisition2 of Interactive13% Data has been excluded- to limit comparative0% distortions2 - 0 - 0 - HR Information 2 13% 182.8 3% 0 - 0 - 2 182.8 Geo-Demo Information 1 7% - 0% 0 - 0 - 1 - Other* 0 0% - 0% 0 - 0 - 0 - Total 15 100% 5,803.8 100% 7 5,542.0 0 0.0 8 261.8

32 | M&A and Investment Summary March 2016 Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $59.31 -1% $ 7,048.0 $ 7,497.3 $ 2,797.5 $ 593.7 21.2% 6.7% 2.7x 12.6x Computershare Limited Australia 7.52 -25% 4,122.6 5,594.2 1,943.7 595.7 30.6% -2.6% 2.9x 9.4x CoreLogic, Inc. United States 34.70 -18% 3,064.8 4,311.4 1,528.1 324.0 21.2% 8.8% 2.8x 13.3x CoStar Group Inc. * United States 188.17 -16% 6,118.1 6,051.4 711.8 91.4 12.8% 23.6% 8.5x 66.2x DST Systems Inc. United States 112.77 -16% 3,815.0 4,302.6 2,825.1 405.2 14.3% 2.8% 1.5x 10.6x The Dun & Bradstreet Corporation United States 103.08 -24% 3,733.6 5,203.5 1,637.1 428.1 26.1% 3.3% 3.2x 12.2x Envestnet, Inc. United States 27.20 -52% 1,142.6 1,391.4 420.9 50.6 12.0% 20.7% 3.3x 27.5x Equifax Inc. United States 114.29 -2% 13,567.0 14,708.4 2,663.6 914.6 34.3% 9.3% 5.5x 16.1x Experian plc Ireland 17.93 0% 16,817.0 20,011.4 4,656.0 1,486.0 31.9% -4.8% 4.3x 13.5x FactSet Research Systems Inc. United States 151.53 -15% 6,212.7 6,314.6 1,068.6 377.0 35.3% 11.2% 5.9x 16.7x Fair Isaac Corporation United States 106.09 -3% 3,328.9 3,857.1 849.3 194.9 23.0% 6.9% 4.5x 19.8x Fidelity National Information Services, Inc. United States 63.31 -14% 20,564.4 31,476.7 6,595.2 1,685.2 25.6% 2.8% 4.8x 18.7x Financial Engines, Inc. United States 31.43 -32% 1,936.8 1,591.7 310.7 57.9 18.6% 10.2% 5.1x 27.5x McGraw Hill Financial, Inc. United States 98.98 -8% 26,277.1 29,370.1 5,313.0 2,210.0 41.6% 5.2% 5.5x 13.3x Moody's Corporation United States 96.56 -15% 18,817.6 20,218.4 3,484.5 1,586.9 45.5% 4.5% 5.8x 12.7x Morningstar Inc. United States 88.27 -1% 3,787.8 3,574.5 788.8 255.0 32.3% 3.8% 4.5x 14.0x MSCI Inc. United States 74.08 -1% 7,286.3 8,088.0 1,075.0 481.7 44.8% 7.9% 7.5x 16.8x Reis, Inc. United States 23.55 -13% 266.3 237.7 50.9 15.9 31.3% 23.1% 4.7x 14.9x SEI Investments Co. United States 43.05 -22% 7,045.1 6,365.5 1,334.2 388.5 29.1% 5.4% 4.8x 16.4x Thomson Reuters Corporation United States 40.58 -5% 30,604.2 39,430.0 12,209.0 2,595.0 21.3% -3.2% 3.2x 15.2x Verisk Analytics, Inc. United States 79.92 -3% 13,429.3 16,455.4 2,068.0 944.8 45.7% 18.4% 8.0x 17.4x Workiva Inc. United States 11.65 -38% 476.8 423.6 145.3 (39.3) NM 28.9% 2.9x NM

Adjusted Weighted Average 4.8x 15.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.2x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $21.44 -8% $ 1,666.4 $ 1,681.0 $ 1,046.3 $ 169.7 16.2% 20.6% 1.6x 9.9x Alliance Data Systems Corporation * United States 220.00 -29% 13,048.7 29,226.0 6,439.7 1,508.7 23.4% 21.4% 4.5x 19.4x Brainjuicer Group Plc United Kingdom 4.59 -26% 58.3 49.2 37.1 6.9 18.6% 2.2% 1.3x 7.1x Cello Group Plc United Kingdom 1.31 -13% 111.8 117.9 232.0 13.7 5.9% -7.4% 0.5x 8.6x comScore, Inc. United States 30.04 -54% 1,702.3 1,588.4 368.8 37.1 10.1% 12.1% 4.3x 42.8x Cross Marketing Inc. Japan 3.28 -42% 64.0 69.4 123.6 13.3 10.7% 82.5% 0.6x 5.2x Ebiquity plc * United Kingdom 1.95 -12% 142.4 184.9 95.8 0.7 0.8% 0.0% 1.9x 248.7x GfK SE Germany 37.65 -21% 1,374.4 1,768.2 1,676.3 226.9 13.5% 6.2% 1.1x 7.8x Harte-Hanks Inc. United States 2.53 -68% 155.0 214.7 495.3 36.6 7.4% -10.5% 0.4x 5.9x InnerWorkings Inc. United States 7.95 -9% 422.1 490.6 1,029.4 35.4 3.4% 2.9% 0.5x 13.9x

33 | M&A and Investment Summary March 2016 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 12.86 -36% $ 256.7 $ 216.2 $ 378.9 $ 42.9 11.3% 4.1% 0.6x 5.0x Ipsos SA France 23.38 -24% 1,058.4 1,710.2 1,938.9 216.9 11.2% 6.9% 0.9x 7.9x NeuStar, Inc. United States 24.60 -25% 1,322.7 2,329.0 1,050.0 400.3 38.1% 9.0% 2.2x 5.8x Nielsen Holdings plc United Kingdom 52.66 -2% 19,056.5 26,237.5 6,172.0 1,499.0 24.3% -1.8% 4.3x 17.5x Onvia Inc. United States 3.50 -26% 24.9 18.2 23.6 0.9 4.0% 4.3% 0.8x 19.3x Pearson plc United Kingdom 12.60 -40% 10,227.3 11,333.4 6,589.0 1,036.7 15.7% -1.6% 1.7x 10.9x YouGov plc United Kingdom 1.97 -11% 205.7 191.2 115.4 10.4 9.1% 14.8% 1.7x 18.3x

Adjusted Weighted Average 3.0x 16.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (84.7x)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.76 -39% $ 108.2 $ 135.4 $ 104.0 $ 14.6 14.0% 0.1% 1.3x 9.3x CEB Inc. United States 64.73 -29% 2,113.2 2,561.2 928.4 208.9 22.5% 2.1% 2.8x 12.3x Forrester Research Inc. United States 33.61 -11% 597.7 496.6 313.7 32.3 10.3% 0.5% 1.6x 15.4x Gartner Inc. United States 89.35 -6% 7,357.1 7,814.2 2,163.1 353.1 16.3% 7.0% 3.6x 22.1x IDI, Inc. * United States 5.80 -55% 266.8 304.2 14.1 (42.4) NM 331.2% 21.6x NM IHS Inc. United States 124.16 -8% 8,371.6 11,309.3 2,218.9 581.3 26.2% 7.2% 5.1x 19.5x Informa plc United Kingdom 10.00 -2% 6,479.2 7,772.2 1,787.6 550.7 30.8% 6.6% 4.3x 14.1x National Research Corp. United States 35.00 -8% 447.0 410.7 102.3 30.6 29.9% 3.5% 4.0x 13.4x Markit Ltd. United Kingdom 35.35 0% 6,126.4 6,840.6 1,113.4 393.6 35.4% 4.5% 6.1x 17.4x NIC Inc. United States 18.03 -14% 1,199.3 1,100.9 292.4 74.6 25.5% 7.5% 3.8x 14.8x Premier, Inc. United States 33.36 -16% 1,509.7 1,427.2 1,090.8 355.3 32.6% 16.1% 1.3x 4.0x Press Ganey Holdings, Inc. * United States 30.08 -17% 1,588.3 1,742.4 318.7 28.4 8.9% 13.2% 5.5x 61.4x Proofpoint, Inc. United States 53.78 -29% 2,213.8 2,153.4 265.4 (55.5) NM 35.7% 8.1x NM Reed Elsevier plc(1) United Kingdom 18.64 1% 37,496.9 43,068.9 9,510.4 2,309.6 24.3% 4.5% 4.5x 18.6x Tarsus Group plc Ireland 3.59 0% 365.3 436.1 120.9 43.2 35.8% 61.1% 3.6x 10.1x TechTarget, Inc. United States 7.42 -38% 239.1 213.6 111.8 17.6 15.7% 5.3% 1.9x 12.2x The Advisory Board Company United States 32.25 -47% 1,341.0 1,822.1 768.3 102.7 13.4% 33.9% 2.4x 17.7x UBM plc United Kingdom 8.66 0% 3,831.1 4,594.3 1,135.4 292.4 25.8% 39.9% 4.0x 15.7x Wolters Kluwer N.V. Netherlands 39.95 -2% 11,655.7 13,697.7 4,570.2 1,200.1 26.3% 15.0% 3.0x 11.4x

Adjusted Weighted Average 4.3x 16.9x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.2x)

34 | M&A and Investment Summary March 2016 Business Services

. The Business Services segment reported 31 transactions in March worth $5.9 billion in value . The IT Consulting/Systems Integration and Corporate Training subsegments together accounted for nearly two-thirds of the segments total activity with 13 and six transactions, respectively . Select Transactions: • NTT Data’s acquisition of Dell’s Information Technology Consulting Division for a reported $3.1 billion • The $100 million raised by governance and compliance consulting firm Ankura Consulting Group from Madison Dearborn Partners • IBM’s acquisition of UK-based Optevia, a provider of Microsoft Dynamics CRM implementation for public sector organizations • The acquisition of document management services provider Imagetek Office Systems by Xerox • Publicis.Sapient’s purchase of Salesforce implementation firm Vertiba

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 13 42% $4,201.5 71% 13 $4,201.5 0 - 0 - Corporate Training 6 19% 25.0 0% 4 - 0 - 2 25.0 Logistics 4 13% 1,533.2 26% 1 - 0 - 3 1,533.2 BPO 3 10% 85.0 1% 2 - 0 - 1 85.0 Credit/Risk Consulting 1 3% 100.0 2% 0 - 0 - 1 100.0 Healthcare Consulting 1 3% 4.0 0% 0 - 0 - 1 4.0 HR Consulting 1 3% - 0% 1 - 0 - 0 - Fulfillment 1 3% - 0% 1 - 0 - 0 - Other* 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 31 100% 5,948.7 100% 23 4,201.5 0 0.0 8 1,747.2

35 | M&A and Investment Summary March 2016 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 19.64 -39% $ 175.3 $ 136.6 $ 303.6 $ 23.5 7.7% -0.9% 0.4x 5.8x FTI Consulting, Inc. United States 35.51 -23% 1,436.3 1,781.3 1,779.1 199.9 11.2% 1.3% 1.0x 8.9x Information Services Group, Inc. United States 3.93 -21% 147.0 180.8 209.2 16.8 8.0% -0.2% 0.9x 10.8x Navigant Consulting Inc. United States 15.81 -12% 749.6 914.4 833.8 120.4 14.4% 8.8% 1.1x 7.6x ICF International Inc. United States 34.37 -18% 651.8 955.5 1,132.2 108.6 9.6% 7.8% 0.8x 8.8x Huron Consulting Group Inc. United States 58.19 -26% 1,212.6 1,466.4 699.0 155.6 22.3% 11.4% 2.1x 9.4x The Hackett Group, Inc. * United States 15.12 -24% 456.0 432.5 234.6 27.6 11.8% 9.9% 1.8x 15.6x

Adjusted Weighted Average 1.4x 8.9x

($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 89.71 -1% $ 41,037.9 $ 40,210.9 $ 11,239.9 $ 2,331.6 20.7% 6.1% 3.6x 17.2x Barrett Business Services Inc. United States 28.75 -46% 207.1 220.0 723.6 39.2 5.4% 19.5% 0.3x 5.6x Capita plc United Kingdom 15.01 -21% 9,953.1 12,989.0 7,133.0 1,071.7 15.0% 10.5% 1.8x 12.1x DHI Group, Inc. United States 8.07 -23% 422.9 489.9 259.8 64.4 24.8% -1.1% 1.9x 7.6x Edenred SA France 19.44 -32% 4,435.3 5,179.0 1,086.1 345.4 31.8% 4.4% 4.8x 15.0x Insperity, Inc. United States 51.73 -6% 1,099.7 820.2 2,603.6 92.1 3.5% 10.4% 0.3x 8.9x LinkedIn Corporation * United States 114.35 -57% 15,102.7 13,136.7 2,990.9 246.8 8.3% 34.8% 4.4x 53.2x Marsh & McLennan Companies, Inc. United States 60.79 -1% 31,685.4 34,814.4 12,893.0 2,842.0 22.0% -0.4% 2.7x 12.2x Monster Worldwide, Inc. United States 3.26 -60% 293.1 324.4 666.9 94.0 14.1% -8.1% 0.5x 3.5x Paychex, Inc. United States 54.01 -1% 19,450.1 19,122.9 2,890.2 1,234.5 42.7% 7.6% 6.6x 15.5x Professional Diversity Network, Inc. United States 0.35 -93% 5.1 3.0 38.6 (5.4) NM 231.6% 0.1x NM TriNet Group, Inc. United States 14.35 -62% 1,009.8 1,343.4 2,659.3 125.7 4.7% 21.2% 0.5x 10.7x WageWorks, Inc. United States 50.61 -7% 1,835.5 1,413.6 334.3 64.3 19.2% 24.8% 4.2x 22.0x

Adjusted Weighted Average 3.8x 14.8x

36 | M&A and Investment Summary March 2016 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 115.40 -1% $ 71,985.5 $ 69,538.5 $ 31,617.6 $ 5,282.6 16.7% 2.3% 2.2x 13.2x Amdocs Limited United States 60.42 -2% 9,084.8 7,898.9 3,658.8 693.2 18.9% 1.5% 2.2x 11.4x Bechtle AG Germany 103.39 -2% 2,171.2 2,029.2 3,075.0 162.5 5.3% 9.7% 0.7x 12.5x Booz Allen Hamilton Holding Corporation United States 30.28 -3% 4,505.3 5,932.2 5,324.4 494.7 9.3% -0.1% 1.1x 12.0x Broadridge Financial Solutions, Inc. United States 59.31 -1% 7,048.0 7,497.3 2,797.5 593.7 21.2% 6.7% 2.7x 12.6x Business & Decision SA France 6.59 -27% 52.0 92.4 245.8 13.4 5.5% 11.3% 0.4x 6.9x Cap Gemini S.A. France 94.05 -9% 16,207.5 14,658.6 12,940.5 1,419.5 11.0% 12.7% 1.1x 10.3x CGI Group Inc. Canada 47.86 0% 14,670.6 15,924.1 7,516.9 1,292.0 17.2% 0.3% 2.1x 12.3x Cognizant Technology Solutions Corporation United States 62.70 -10% 38,191.8 34,529.8 12,416.0 2,472.0 19.9% 21.0% 2.8x 14.0x Computer Sciences Corporation United States 34.39 -52% 4,748.1 5,594.1 11,265.0 1,203.0 10.7% 18.1% 0.5x 4.7x CSG Systems International Inc. United States 45.16 -2% 1,460.0 1,503.7 752.5 145.9 19.4% 0.2% 2.0x 10.3x Digi International Inc. United States 9.43 -30% 243.3 141.0 215.9 16.0 7.4% 12.1% 0.7x 8.8x Globant S.A. * Luxembourg 30.86 -19% 1,055.4 992.7 253.8 30.3 11.9% 27.1% 3.9x 32.8x International Business Machines Corporation United States 151.45 -14% 145,525.4 177,385.4 81,741.0 20,082.0 24.6% -11.9% 2.2x 8.8x Infosys Limited India 18.38 -1% 42,017.3 37,498.0 9,214.0 2,558.0 27.8% 6.6% 4.1x 14.7x ITS Group France 6.83 -17% 52.3 60.6 210.9 8.5 4.0% 17.7% 0.3x 7.1x NCI, Inc. United States 14.01 -18% 188.6 198.4 333.1 28.8 8.6% 5.1% 0.6x 6.9x NTT Data Corporation Japan 50.28 -11% 14,104.9 16,250.9 13,228.6 2,107.0 15.9% 8.3% 1.2x 7.7x Perficient Inc. United States 21.72 -1% 781.2 828.3 458.1 55.2 12.1% 4.2% 1.8x 15.0x Tata Consultancy Services Limited * India 38.03 -9% 74,931.3 71,197.4 15,768.3 4,001.3 25.4% 13.5% 4.5x 17.8x Wipro Ltd. India 8.50 -10% 20,875.1 17,758.2 7,513.3 1,624.9 21.6% 7.1% 2.4x 10.9x

Adjusted Weighted Average 2.3x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.7x)

37 | M&A and Investment Summary March 2016 Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $4.40 -18% $ 35.5 $ 38.4 $ 42.9 $ (3.2) NM -7.6% 0.9x NM Cenveo Inc. United States 0.45 -83% 30.7 1,231.5 1,741.8 145.8 8.4% -1.1% 0.7x 8.4x Communisis plc United Kingdom 0.68 -22% 143.1 186.6 522.4 36.7 7.0% 3.3% 0.4x 5.1x Cineplex Inc. * Canada 39.00 -1% 2,471.5 2,715.7 988.1 175.0 17.7% 11.0% 2.7x 15.5x Contax Participações S.A. * Brazil 0.04 -91% 12.7 351.6 810.2 10.4 1.3% -7.0% 0.4x 33.9x Convergys Corporation United States 27.77 0% 2,682.2 2,806.1 2,950.6 381.4 12.9% 3.3% 1.0x 7.4x Elanders AB Sweden 9.72 0% 257.7 347.0 501.8 49.4 9.8% 13.6% 0.7x 7.0x Eniro AB Sweden 0.10 -64% 46.5 256.0 288.8 45.4 15.7% -18.8% 0.9x 5.6x Exlservice Holdings, Inc. * United States 51.80 -2% 1,716.7 1,568.5 628.5 99.1 15.8% 25.9% 2.5x 15.8x Firstsource Solutions Limited India 0.51 -26% 342.4 496.4 465.8 57.9 12.4% 1.0% 1.1x 8.6x Genpact Limited * Bermuda 27.19 -2% 5,724.7 6,073.5 2,461.0 417.0 16.9% 8.0% 2.5x 14.6x InnerWorkings Inc. * United States 7.95 -9% 422.1 490.6 1,029.4 35.4 3.4% 2.9% 0.5x 13.9x Luxoft Holding, Inc. * SwitzerlandSwitzerland 55.03 -32% 1,810.1 1,712.7 618.9 103.7 16.7% 26.4% 2.8x 16.5x MAXIMUS, Inc. * United States 52.64 -25% 3,416.0 3,614.0 2,189.5 291.5 13.3% 24.3% 1.7x 12.4x Quad/Graphics, Inc. United States 12.94 -45% 646.0 1,991.6 4,677.7 468.5 10.0% -3.8% 0.4x 4.3x Quintiles Transnational Holdings Inc. * United States 65.10 -19% 7,779.5 9,504.4 4,326.4 769.9 17.8% 3.9% 2.2x 12.3x R.R. Donnelley & Sons Company United States 16.40 -19% 3,423.8 6,471.0 11,256.8 1,147.9 10.2% -3.0% 0.6x 5.6x Salmat Limited Australia 0.47 -33% 74.9 72.7 350.0 12.5 3.6% 1.4% 0.2x 5.8x Serco Group plc * United Kingdom 1.48 -31% 1,606.3 1,755.5 4,685.1 159.7 3.4% -11.6% 0.4x 11.0x St Ives plc United Kingdom 3.26 -7% 462.1 587.8 503.5 65.9 13.1% 5.2% 1.2x 8.9x StarTek, Inc. * United States 4.20 -51% 65.9 107.2 282.1 4.4 1.6% 12.8% 0.4x 24.2x Sykes Enterprises, Incorporated United States 30.18 -9% 1,281.4 1,116.1 1,286.3 152.2 11.8% -3.1% 0.9x 7.3x Teleperformance SE * France 87.99 -2% 4,930.8 5,352.2 3,690.5 496.0 13.4% 23.2% 1.5x 10.8x TeleTech Holdings Inc. United States 27.76 -10% 1,342.0 1,393.7 1,286.8 164.0 12.7% 3.6% 1.1x 8.5x Trans Cosmos, Inc. Japan 26.02 -15% 1,070.5 915.9 1,813.6 92.7 5.1% 10.3% 0.5x 9.9x Transcontinental Inc. Canada 15.87 -5% 1,231.1 1,502.7 1,428.7 278.1 19.5% 0.7% 1.1x 5.4x Cimpress N.V. * Netherlands 90.69 -4% 2,842.3 3,530.1 1,592.4 209.3 13.1% 13.9% 2.2x 16.9x West Corporation * United States 22.82 -33% 1,904.1 5,121.9 2,280.3 651.8 28.6% 2.8% 2.2x 7.9x Xchanging plc United Kingdom 2.75 0% 682.4 757.3 649.2 89.2 13.7% -23.2% 1.2x 8.5x

Adjusted Weighted Average 1.3x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.3x)

38 | M&A and Investment Summary March 2016 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 3.0x 1.5x 7.0x 2.0x Internationally-based Digital Media and Internet 3.2x 2.0x 5.1x 2.3x US-based eCommerce 2.5x 1.6x 4.0x 1.7x Internationally-based eCommerce 3.3x 1.3x 10.4x 1.6x US-based Digital Advertising 43.8x 1.4x 9.9x 1.8x Internationally-based Digital Advertising 4.2x 2.0x 10.7x 2.0x US-based Marketing Technology 3.4x 3.3x 4.4x 3.9x Internationally-based Marketing Technology 3.5x 3.4x 4.7x 4.6x Agency 1.3x 1.3x 1.4x 1.6x Marketing Services 1.4x 0.7x 2.8x 2.5x Traditional Media 2.5x 2.2x 3.1x 2.9x Software 4.5x 4.0x 4.5x 4.2x Information 3.5x 3.3x 4.5x 4.2x Business Services 1.3x 0.9x 2.6x 2.1x

As of close of business on 03/31/16

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

39 | M&A and Investment Summary March 2016 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 18.4x 13.9x 18.1x 11.6x Internationally-based Digital Media and Internet 17.9x 9.9x 20.3x 12.4x US-based eCommerce 17.4x 14.2x 17.0x 12.9x Internationally-based eCommerce 23.0x 22.2x 30.1x 16.3x US-based Digital Advertising 17.9x 14.9x 25.2x 14.3x Internationally-based Digital Advertising 31.8x 15.2x 114.1x 15.7x US-based Marketing Technology 22.7x 16.9x 22.1x 13.9x Internationally-based Marketing Technology 22.5x 17.1x 16.5x 17.0x Agency 11.2x 9.3x 10.2x 9.9x Marketing Services 9.0x 8.2x 13.0x 9.3x Traditional Media 13.8x 9.7x 11.1x 10.6x Software 36.0x 16.8x 21.3x 14.1x Information 21.2x 14.8x 17.3x 16.3x Business Services 11.1x 10.0x 14.3x 12.8x

As of close of business on 03/31/16

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

40 | M&A and Investment Summary March 2016 PPLLC Indices LTM Share Pricing Trends

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

140% • S&P 500 – (0.3) % 140% • S&P 500 – (0.3) %

130% • Digital Advertising –  30.1 % 125% • Digital Media/Commerce –  16.8 % 120%

110% • Traditional Media – (9.0 %) 110% 100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 – (0.3) % 140% • S&P 500 – (0.3) % 140%

130% 130% • Marketing Technology – (6.2) % • Agency –  1.8 % 120% 120% • Marketing Services – (11.7) % 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 80% Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 – (0.3) % 140% • S&P 500 – (0.3) % 140%

130% • Software – (3.9) % 130% • Information – (1.0) % 120% 120% 110% • Business Services – (5.9) % 110% 100% 100%

Index Performance (%) Performance Index 90% 90%

80% (%) Performance Index Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 80%

Software S&P 500 Index (^SPX) Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Note: LTM as of 3/31/2016 Information Business Services S&P 500 Index (^SPX) 41 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Markit Group Limited Information IHS, Inc. $ 5,500.0 Dell's Information Technology Division Business Services NTT DATA, Inc. 3,050.0 MphasiS Ltd. Business Services The Blackstone Group L.P. 940.0 Serena Software, Inc. Software Micro Focus International plc 540.0 CliQr Tehcnologies, Inc. Software Cisco Systems, Inc. 260.0 Clear Link Technologies LLC Agency & Marketing Services SYKES Enterprises, Inc. 207.0 Boardvantage, Inc. Software NASDAQ 200.0 Bluewolf Group LLC Business Services International Business Machines Corporation 200.0 Captain Train SAS Digital Media/Commerce Trainline.com Limited 189.0 Stupeflix SAS and Vemory, Inc. Digital Media/Commerce GoPro, Inc. 105.0 Bitstrips, Inc. Digital Media/Commerce Snapchat, Inc. 100.0 Willow TV International, Inc. Traditional Media Times Internet Ltd. 100.0 Bigpoint GmbH Digital Media/Commerce Youzu Interactive 89.6 Conject Holding GmbH Software Aconex Ltd. 73.6 InnerActive Ltd. Digital Advertising RNTS Media N.V. 72.0 Smartclip Digital Advertising RTL Group 52.5 Freedom Communications, Inc. Traditional Media Digital First Media, Inc. 52.3 EagleEye Analytics Information Guidewire Software, Inc. 42.0 Renegade83 Traditional Media Entertainment One Ltd. 35.4 BAMKO, Inc. Agency & Marketing Services Superior Uniform Group 27.0 JUICE Mobile Digital Advertising Yellow Pages Limited 26.2 NativeX LLC Digital Advertising Mobvista 25.0 Adaptive Software LLC Software Decision Resources Group 24.5 MCD Partners Agency & Marketing Services M&C Saatchi plc 19.6 Value Edge Research Services Marketing Technology WNS Holdings Ltd. 17.5 ThriveHive Marketing Technology Propel Marketing 11.8 InfoReady Pty. Ltd. Business Services Melbourne IT Ltd. 11.5 Evantage Consulting Ltd. Software Wilmington plc 8.6 EasyPOS Solutions Software Zopper 5.0 We Represent Limited Digital Media/Commerce The Physical Network 3.5

42 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed 1to1 Card Agency & Marketing Services SVM, LP $ - 5eme Gauche Agency & Marketing Services Herezie - Ad Trends Advertising, Inc. Agency & Marketing Services Custom Specialties LLC - Adexpres Group Agency & Marketing Services Dentsu Aegis Network, Inc. - Barnes, Catmur & Friends Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - Comet Global Consulting Agency & Marketing Services Merkle, Inc. - Communications Media, Inc. Agency & Marketing Services WPP Group - Dean Media Group, Inc. Agency & Marketing Services fusion92 - Essential Music & Marketing Agency & Marketing Services Sony Music Entertainment, Inc. - Flock Advertising Mexico, S. de RL de CV General. Agency & Marketing Services Dentsu Aegis Network, Inc. - Grasp Agency & Marketing Services Atom Bank plc - GreatCircle Studios Agency & Marketing Services Panoptic Media Marketing, Inc. - HelloSociety, LLC Agency & Marketing Services The New York Times Company - Hot House Marketing, Inc. Agency & Marketing Services imavex LLC - Kesslers International Ltd. Agency & Marketing Services Endless LLP - Label PR Agency & Marketing Services Attercopia Group - Original Impressions LLC Agency & Marketing Services Postal Center International, Inc. - Pointlogic USA, Inc. Agency & Marketing Services Nielsen Holdings B.V. - Potato Agency & Marketing Services WPP Group - Prime Public Relations Inc. Agency & Marketing Services PMK-BNC - Shelton Interactive LLC Agency & Marketing Services Advantage Media Group, Inc. - Stream:20 Ltd. Agency & Marketing Services CACI International, Inc. - The Troyka Group Agency & Marketing Services Publicis Groupe S.A. - Venus Communications Ltd. Agency & Marketing Services Publicis Groupe S.A. - Viscira, LLC Agency & Marketing Services Sudler & Hennessey - Aurico Reports, Inc. Business Services CareerBuilder, Inc. - Bashton Ltd. Business Services Claranet Group - CN-TEC, Inc. Business Services Sharp Decisions, Inc. - Fetchh Business Services Zoom2U - Gibbon Business Services Degreed, Inc. - Grasp.co.uk Business Services Atom Bank plc - Hallmark Data Systems Business Services Omeda Communications, Inc. - Imagetek Office Systems Business Services Xerox Corporation - JenCal Training Ltd. Business Services GP Strategies Corporation - LoudCloud Systems, Inc. Business Services Barnes & Noble Education, Inc. - Meridian Imaging Solutions, Inc. Business Services Konica Minolta, Inc. - netAura Business Services CenturyLink, Inc. - Optevia Ltd. Business Services International Business Machines Corporation - PRM Cloud Solutions Pty. Ltd. Business Services Persistent Systems Ltd. - ProService Agent Transferowy Business Services Oaktree Capital Management, LLC - Source Support Services, Inc. Business Services Rockland IT Solutions Corporation - StackStorm Business Services Brocade Communications Systems, Inc. - Starter League Business Services FullStack Academy, Inc. - 43 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed Vertiba, Inc. Business Services Publicis.Sapient $ - Base7booking.com Digital Advertising Trivago GmbH - Cargigi Digital Advertising eBay Incorporated - HipCricket, Inc. Digital Advertising Upland Software, Inc. - HomeFinder.com, LLC Digital Advertising Placester, Inc. - Hyper Digital Advertising Mic.com - OneTwoSee Digital Advertising Comcast Business Communications, LLC - Shopular, Inc. Digital Advertising Ebates, Inc. - UpWord Search Marketing LLC Digital Advertising BusinessOnLine - AppMyDay Digital Media/Commerce HoneyBook, Inc. - Big Huge Games, Inc. Digital Media/Commerce NEXON Corporation - Bucket Digital Media/Commerce Galavantier - Delivery.com LLC, Hong Kong Assets Digital Media/Commerce FoodPanda - Drip.com Digital Media/Commerce Kickstarter, Inc. - FridayFlats Digital Media/Commerce Forenom Oy - Gamezebo, Inc. Digital Media/Commerce iWin, Inc. - Guidecentral Digital Media/Commerce wikiHow - H20 Cabs Digital Media/Commerce Commut - Honest Dollar, Inc. Digital Media/Commerce The Goldman Sachs Group, Inc. - Hotel Hotline Digital Media/Commerce HotelPlanner.com - Humin Digital Media/Commerce Tinder, Inc. - InnoGames GmbH Digital Media/Commerce Funatics Software GmbH - InterfaceIT Pty. Ltd. Digital Media/Commerce GeoOp Limited - MarkITx Digital Media/Commerce 6fusion, Inc. - Masquerade Technologies, Inc. Digital Media/Commerce Facebook - Motocuatro.com Digital Media/Commerce Motorsport.com, Inc. - NoiseTrade LLC Digital Media/Commerce PledgeMusic.com Limited - ParcelBright.com Digital Media/Commerce Veeqo Ltd. - Parlio Digital Media/Commerce Quora, Inc. - Radiant Entertainment, Inc. Digital Media/Commerce RiotGames, Inc. - Rivalry Sports Digital Media/Commerce You42 - Ruby Seven Studios, Inc. Digital Media/Commerce Delaware North Companies - Savaree Digital Media/Commerce Careem Networks FZ LLC - SpoonRocket, Inc. Digital Media/Commerce iFood - SportsHub Technologies LLC Digital Media/Commerce CDM Sports - Tapstar Interactive, Inc. Digital Media/Commerce iEntertainment Network, Inc. - The Guildery, Inc. Digital Media/Commerce Minted, LLC - Triggerfox Corporation Digital Media/Commerce Influitive, Inc. - Comparion Medical Analytics, Inc. Information Quantros, Inc. - Conformance Check, Inc. Information Nimonik - Dye & Durham Corporation Information OneMove Technologies, Inc. - EFT.com Information BATS Global Markets, Inc. - Properji.com Information Magicbricks Realty Services Limited - 44 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed Ampifii Marketing Technology Postmedia Network, Inc. $ - AppData LLC Marketing Technology FI Navigator Corporation - AppScotch, Inc. Marketing Technology App Annie Limited - Boulder Logic, LLC Marketing Technology RO Innovation - Cardinal Path Marketing Technology Dentsu Aegis Network, Inc. - Cloud.Market Marketing Technology DigitalTown, Inc. - Contastic, Inc. Marketing Technology SugarCRM, Inc. - DejaSet, Inc. Marketing Technology PledgeMusic.com Limited - ebay Enterprise Marketing Solutions' Studio Division Marketing Technology Industrial Color Brands - Encore Alert Marketing Technology Meltwater.com - Fantain Sports Pvt. Ltd. Marketing Technology BookMyShow - Framed Data, Inc. Marketing Technology Square, Inc. - Frederick Marketing Technology Booker Software, Inc. - Informate Mobile Intelligence Pvt. Ltd. Marketing Technology Nielsen Holdings B.V. - InNetwork, Inc. Marketing Technology gShiftLabs, Inc. - IronArk Software Marketing Technology Influitive, Inc. - LIA App Marketing Technology Showpad, Inc. - Metridoc Marketing Technology Universal Software Solutions, Inc. - Numero Marketing Technology Callcredit Information Group Ltd. - Openwave Messaging, Inc. Marketing Technology Synchronoss Technologies, Inc. - Piqora, Inc. Marketing Technology Olapic, Inc. - Poetica ltd. Marketing Technology Conde Nast - Powa Technologies Ltd. Marketing Technology Greenlight Digital Ltd. - Revee Marketing Technology Outbrain, Inc. - Sales Prodigy Marketing Technology HootSuite Media, Inc. - Scanmar BV Marketing Technology marketingQED - StageBloc, Inc. Marketing Technology Fullscreen, Inc. - Volicon, Inc. Marketing Technology Verizon Digital Media Services, Inc. - Welkio, Inc. Marketing Technology WeWork.com - YouEye, Inc. Marketing Technology UserZoom, Inc. - ZooEffect Marketing Technology Cincopa - Agata Solutions Ltd. Software CyberArk Software, Ltd. - AppSense, Inc. Software LANDesk Software - CimpleBox, Inc. Software NCR Corporation - Claimremedi, Inc. Software eSolutions, Inc. - Commodity Flow Limited Software Platts, Inc. - Conductant Software Docker, Inc. - DocbookMD Software Scrypt, Inc. - EPIC Real Estate Solutions, Inc. Software Mortgage Contracting Services LLC - ExpenseWatch, Inc. Software Nexonia, Inc. - FinAnalytica, Inc. Software BI-SAM Technologies S.A. - Force 3, Inc. Software Siruius Computing Solutions - Forming Technology Software Hexagon AB - 45 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed GGY Software Moody's Corporation $ - HyPer Software Tableau Software, Inc. - INDUS Corporation Software Tetra Tech, Inc. - Iqity Solutions LLC Software Netsuite, Inc. - Keal Technology, Inc. Software Vertafore, Inc. - M2S, Inc. Software Medstreaming - OpenCar, Inc. Software INRIX, Inc. - Orderbot Software, Inc. Software WebLinc LLC - Reputami GmbH Software eKomi The Feedback Company - Risk Factor Software Equiniti Group plc - Safend Ltd. Software SuperCom Ltd. - Sentrix Ltd. Software Trusted Knight Corporation - Stratix Corporation Software Tailwind Capital Group, LLC - Synata, Inc. Software Cisco Systems, Inc. - Terra Technology LLC Software E2open, Inc. - Thoransoft Software eXplorance - Verilume Software Intralinks Holdings - Xendo Software AppDirect, Inc. - Yomp Software Reward Gateway - Astra Pacific Traditional Media AllOver Media, Inc. - Exhibition Management Services Traditional Media dmg events (UK) - Miramax LLC Traditional Media beIN Media Group - Perseus Books Group Traditional Media Hachette Book Group, Inc. - Pulse Films Limited Traditional Media Vice Media - Realise Studiio Traditional Media Finish TV Limited -

46 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed 160over90 Agency & Marketing Services Searchlight Capital $ 175.0 MedicalDirector Software Affinity Equity Partners 117.2 Netsmart Technologies, Inc. Software GI Partners 950.0 Quicken.com Software H.I.G. Capital LLC 500.0 Starman Group Traditional Media Providence Equity Partners, Inc. 95.6

Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Clarus Commerce, LLC Agency & Marketing Services Trivergance, LLC $ - Hero Digital LLC Agency & Marketing Services CI Capital Partners LLC - Guestline Marketing Technology The Riverside Company - Mi9 Retail Marketing Technology Summit Partners LP - Performance Matters LLC Marketing Technology Weld North LLC - WingArc1st, Inc. Marketing Technology The Carlyle Group - ERT Software Genstar Capital, LP - InfoVista SA Software Apax Partners, L.P. - QuickBase Software Welsh, Carson, Anderson & Stowe - Raet B.V. Software HgCapital - Sightline Media Group Traditional Media Regent Equity Partners, LLC -

47 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Cainiao Logistics Business Services Temasek Holdings (Pte) Limited $ 1,500.0 Relativity Media LLC Traditional Media Maple Leaf Films 400.0 Africa Internet Group Digital Media/Commerce Rocket Internet GmbH 330.0 WME l IMG Agency & Marketing Services SoftBank Corporation 250.0 Guazi.com Digital Media/Commerce Undisclosed 204.5 Snapchat, Inc. Digital Media/Commerce FMR LLC 175.0 Garena Interactive Holding Limited Digital Media/Commerce Khazanah Nasional Berhad 170.0 BigBasket.com Digital Media/Commerce Bessemer Venture Partners 150.0 Ceridian Corporation Information Thomas H. Lee Partners 150.0 Domo, Inc. Marketing Technology BlackRock, Inc. 131.0 DoorDash, Inc. Digital Media/Commerce Sequoia Capital 127.0 Ankura Consulting Group LLC Business Services Madison Dearborn Partners, Inc. 100.0 Douyu TV Digital Advertising Tencent Holdings Ltd. 100.0 Betterment LLC Software Bessemer Venture Partners 100.0 QingCloud Software BlueRun Ventures 100.0 Travelzen Limited Digital Advertising Abdor Capital 93.0 Katerra Business Services Undisclosed 85.0 Linmon Pictures Traditional Media Hony Capital 76.0 BYJU Digital Media/Commerce Sequoia Capital 75.0 Mercari Ltd. Digital Media/Commerce Mitsui & Co., Ltd. 75.0 Mesosphere, Inc. Software Andreessen Horowitz 73.5 Pivot3, Inc. Software S3 Ventures 54.6 Blippar Digital Advertising Khazanah Nasional Berhad 54.0 SoYoung Technology (Beijing) Co., Ltd. Digital Media/Commerce Tencent Holdings Ltd. 50.0 Asana Marketing Technology Y Combinator 50.0 Moat, Inc. Marketing Technology Insight Venture Partners 50.0 eGym GmbH Digital Media/Commerce HPE Growth Capital 45.0 iflix Digital Media/Commerce Sky Broadcasting Group plc 45.0 Bromium, Inc. Software Andreessen Horowitz 40.0 Checkr, Inc. Software Accel Partners 40.0 Open Lending LLC, Software Bregal Sagemount 40.0 M-Files Corporation Software Partech Ventures 36.0 Soothe LLC Digital Media/Commerce The Riverside Company 35.0 Wanliyun Medical Information Technology Information Alibaba Group Holding Ltd. 35.0 AlphaSense, Inc. Information Tribeca Venture Partners 33.0 Justworks, Inc. Software Index Ventures 33.0 BizReach Information Salesforce Ventures 32.8 Attivio, Inc. Marketing Technology Oak Investment Partners 31.0 Kunlun Fight Traditional Media IDG Capital Partners 31.0 8Dol Business Services Jiangsu Coastal Capital 30.7 Indochino Apparel, Inc. Digital Media/Commerce Dayang Group 30.0 Invoca, Inc. Marketing Technology Accel Partners 30.0 48 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Couchbase, Inc. Software Accel Partners $ 30.0 Skyport Systems, Inc. Software Intel Capital 30.0 MoMo.vn Digital Media/Commerce The Goldman Sachs Group, Inc. 28.0 Stratoscale Ltd. Software Battery Ventures 27.0 Science Exchange Digital Media/Commerce Index Ventures 25.0 Cyara Software PeakSpan Capital, LLC 25.0 YourMechanic Digital Media/Commerce Andreessen Horowitz 24.0 Home24 GmbH Digital Media/Commerce Rocket Internet GmbH 22.7 Property Partner Digital Media/Commerce Index Ventures 22.4 STAFF FINER AG Digital Advertising Goldman Sachs Private Capital Investing 22.0 Maxwell Health Software Adams Street Partners, LLC 22.0 Pieces Technologies, Inc. Software Jump Capital 21.6 Revature.com Business Services Eden Capital 20.0 ezbuy Digital Media/Commerce CGC Capital 20.0 Crimson Hexagon Marketing Technology Sageview Capital 20.0 BetterWorks, Inc. Software Kleiner Perkins Caufield & Byers 20.0 Cockroach Labs Software Index Ventures 20.0 MarleySpoon GmbH Digital Media/Commerce Kreos Capital 17.0 Hopper, Inc. Digital Advertising Accomplice, LLC 16.0 Convoy.com Digital Media/Commerce Greylock Partners 16.0 HomeUnion, Inc. Digital Media/Commerce NorthGate Capital, LLC 16.0 fuboTV Digital Advertising Sky Broadcasting Group plc 15.0 Mirriad Advertising Ltd. Digital Advertising IP Group Plc 15.0 Friendsurance Digital Media/Commerce Horizons Ventures Ltd. 15.0 Mashable, Inc. Digital Media/Commerce Time Warner, Inc. 15.0 PlayBuzz Ltd. Digital Media/Commerce The Walt Disney Company 15.0 Icertis.com Marketing Technology Greycroft Partners 15.0 Easyhin Software Morningside Ventures 15.0 Usermind Software Andreessen Horowitz 14.5 Handshake Corporation Software Sozo Ventures 14.0 Planday Software Idinvest Partners 14.0 Trustlook, Inc. Software Undisclosed 13.6 Sight Machine, Inc. Marketing Technology Jump Capital 13.5 Frichti Digital Media/Commerce Idinvest Partners 13.4 Signal Digital, Inc. Marketing Technology Undisclosed 13.3 GoCardless Ltd. Software Accel Partners 13.0 Voke VR Traditional Media Intel Capital 12.5 RedBubble Pty. Ltd Digital Media/Commerce Blackbird Ventures 12.0 HG Data, Inc. Marketing Technology Updata Partners 12.0 Oro, Inc Marketing Technology Highland Capital Partners Europe 12.0 Arterys, Inc. Software GE Ventures 12.0 Bustle.com Digital Media/Commerce Time Warner, Inc. 11.5 49 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Catalyst DevWorks Software Salem Partners LLC $ 11.5 Alooma Ltd. Software Lightspeed Venture Partners 11.2 LightSail, Inc. Digital Media/Commerce (Private Investors) 11.0 Kreditech Holding SSL GmbH Information International Finance Corporation 11.0 Avametric, Inc. Marketing Technology Khosla Ventures 10.5 CornerJob Digital Advertising Bonsai Venture Capital, S.A., SCR 10.0 Zeel Networks, Inc. Digital Advertising Emil Capital 10.0 Culture Amp Pty Ltd. Marketing Technology Index Ventures 10.0 Intersec Marketing Technology Cisco Investments 10.0 Striim Marketing Technology Atlantic Bridge 10.0 icebrg.co Software Pelion Venture Partners 10.0 MapD Software Verizon Ventures 10.0 Reddit Enhancement Suite (RES) Software ORIX Venture Finance 10.0 Branch.io Software Andreessen Horowitz 9.2 OneSpace.com Marketing Technology Highland Capital Partners 9.0 CurrencyFair Limited Digital Media/Commerce Octopus Ventures, LLC 8.9 Rocksbox, Inc. Digital Media/Commerce KEC Ventures 8.7 Penrose Studios, Inc. Traditional Media Accelerate Partners, LLC 8.5 Librestream Technologies, Inc. Software BDC Capital 8.3 Influitive, Inc. Marketing Technology Leaders Fund 8.2 Afluenta S.A. Digital Media/Commerce Elevar Equity LLC 8.0 Mapillary AB Digital Media/Commerce Sequoia Capital 8.0 Cloud4Wi, Inc. Marketing Technology Undisclosed 8.0 TransLoc, Inc. Marketing Technology SJF Ventures 8.0 Celigo, Inc. Software TVC Capital 8.0 HighGround, Inc. Software Undisclosed 7.6 WellDoc, Inc. Software Johnson & Johnson Services, Inc. 7.5 Mattermark Marketing Technology Foundry Group 7.3 Peach Company Digital Media/Commerce Accomplice, LLC 7.2 Roofstock, Inc. Digital Media/Commerce Bain Capital Ventures 7.0 Distribution Technology, Ltd. Digital Media/Commerce Northzone Ventures 6.8 6fusion, Inc. Software Grotech Capital Group 6.6 Comparably Marketing Technology Crosslink Capital 6.5 PowerInbox Marketing Technology Battery Ventures 6.5 FloQast, Inc. Software Polaris Partners 6.5 6 River Systems Marketing Technology (Private Investors) 6.0 data Artisans Software Intel Capital 6.0 DICOM Grid, Inc. Software Undisclosed 6.0 NewCo Platform, Inc. Traditional Media True Ventures 6.0 Havenly, Inc. Digital Media/Commerce Binary Capital 5.8 Crowdfox GmbH Digital Media/Commerce (Private Investors) 5.6 TravelerCar Digital Media/Commerce (Private Investors) 5.6 50 | M&A and Investment Summary March 2016 All Segments ($ in Millions)

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed AB Tasty Marketing Technology Omnes Capital $ 5.4 LTG Exam Prep Platform, Inc. Digital Media/Commerce Square Peg Capital 5.3 Migme Digital Media/Commerce Meitu 5.1 Terminus Software, LLC Agency & Marketing Services Edison Partners 5.0 Lesson.ly Business Services OpenView Venture Partners 5.0 ZEFR Digital Advertising U.S. Venture Partners 5.0 Inmoji, Inc. Digital Media/Commerce (Private Investors) 5.0 Kurio Digital Media/Commerce Gunosy, Inc. 5.0 Vivense Home & Living Digital Media/Commerce Earlybird Venture Capital GmgH & Co. KG 5.0 RevUp Software Marketing Technology Greylock Partners 5.0 Appvance, Inc. Software Javelin Venture Partners 5.0 Maintenance Assistant, Inc. Software BuildGroup Management LLC 5.0 Nom Digital Advertising Khosla Ventures 4.7 Roomi, Inc. Digital Media/Commerce (Private Investors) 4.7 DimensionalMechanics Software (Private Investors) 4.7 Forge, Inc. Digital Media/Commerce WME l IMG 4.5 Kkday.com Digital Media/Commerce appWorks Ventures 4.5 Stackla Pty. Ltd. Marketing Technology Bailador 4.4 SpringCM, Inc. Marketing Technology Undisclosed 4.3 Black Swan Marketing Technology Mitsui & Co., Ltd. 4.2 PropelPLM, Inc. Marketing Technology Salesforce Ventures 4.2 Selerity, Inc. Software Citigroup Global Markets, Inc. 4.2 MedECube Healthcare India Pvt. Ltd. Business Services Artiman Management LLC 4.0 Tiqets Digital Media/Commerce Capital Mills 4.0 Shiftboard, Inc. Marketing Technology Voyager Capital 4.0 Wrap Media LLC Marketing Technology Dream Incubator, Inc. 4.0 ChartIQ, Inc. Software ValueStream 4.0 Crate Technology GmbH Software Dawn Capital 4.0 LabConnect LLC Software BroadOak Capital Partners 4.0 OneRent Software Renren, Inc. 4.0 PPM 2000, Inc. Software KlassCapital 4.0 Slice Labs Digital Media/Commerce Horizons Ventures Ltd. 3.9 OfficeLuv, Inc. Digital Media/Commerce Formation 8 3.8 CrowdStreet, Inc. Digital Media/Commerce Rally Ventures 3.5 PlantMiner Pty. Ltd. Digital Media/Commerce Madad Pty. Ltd. 3.5 Nuroa Internet S.L. Digital Advertising The Mitula Group Limited 3.3 63Ideas Infolabs Private Limited Digital Media/Commerce Accel Partners 3.0 MeWe Digital Media/Commerce Undisclosed 3.0 Augment SAS Marketing Technology Salesforce Ventures 3.0 Pathmatics, Inc. Marketing Technology Bertelsmann Digital Media Investments 3.0 Zodiac, Inc. Marketing Technology Metamorphic Ventures 3.0 HealthJoy LLC Software GoHealth, LLC 3.0 51 | M&A and Investment Summary March 2016 All Segments

Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 ($ in Millions) Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Washlava Digital Media/Commerce (Private Investors) $ 2.9 Cab Guru Limited Digital Advertising Undisclosed 2.8 Bijou Commerce Marketing Technology Blenheim Chalcot Management Limited 2.8 ServisHero Digital Advertising Golden Gate Ventures 2.7 Phenom People, Inc. Software Sigma Prime Ventures 2.7 Kaptio Marketing Technology Capital A Partners 2.6 Repro, Inc. Marketing Technology JAFCO Co., Ltd 2.6 Medical Departures, Inc. Digital Advertising Hubert Burda Media 2.5 Mandae Serviços de Consultoria em Logística LTDA Business Services QUALCOMM Ventures 2.5 Atlas Obscura, Inc. Digital Media/Commerce The New York Times Company 2.5 Car Next Door Digital Media/Commerce Caltex Australia Ltd. 2.5 myGubbi.com Digital Media/Commerce (Private Investors) 2.5 ICX Media, Inc. Marketing Technology ABS Capital Partners 2.5 Qless, Inc. Marketing Technology Wellington Financial LP 2.5 Start A Fire Marketing Technology Canaan Partners 2.5 Credly, Inc Software New Markets Venture Partners 2.5 Civalue Marketing Technology Deutsche Telekom AG 2.4 Edj Analytics Marketing Technology Chrysalis Ventures, Inc. 2.4 Apperio Ltd. Software Notion Capital 2.4 Shoppimon Ltd. Marketing Technology AOL, Inc. 2.3 GreatHorn, Inc. Software ff Venture Capital 2.3 iTaxi Digital Media/Commerce Experior Venture Fund 2.1 Trusted Labs, Inc. Digital Media/Commerce Slow Ventures 2.1 Spectral Edge Ltd. Marketing Technology IQ Capital Partners LLP 2.1 Jobbatical.com Digital Advertising Union Square Ventures 2.0 Mariana, Inc. Digital Advertising Blumberg Capital 2.0 Carsome Sdn Bhd Digital Media/Commerce IMG Investment Partners 2.0 Constant Therapy, Inc. Digital Media/Commerce Kapor Capital 2.0 Landit, Inc. Digital Media/Commerce New Enterprise Associates 2.0 Nuren Group Digital Media/Commerce Gobi Partners 2.0 Partender Digital Media/Commerce (Private Investors) 2.0 AreaMetrics Marketing Technology Quest Venture Partners 2.0 Bivarus, Inc. Marketing Technology Hatteras Venture Partners 2.0 Circonus, Inc. Marketing Technology NewSpring Capital 2.0 CrowdRiff Marketing Technology Foundation Capital 2.0 Spotinst Ltd. Software Pico Venture Partners 2.0 Zaloni, Inc. Software Sierra Ventures 2.0 Pyze, Inc. Marketing Technology DoubleRock Venture Capital 1.7 Confide, Inc. Digital Media/Commerce WGI Group 1.6 SourceKnowledge Digital Advertising BDC Capital 1.5 Fixt, Inc. Digital Media/Commerce Highland Capital Partners 1.4 App-CM Digital Advertising (Private Investors) 1.2 52 | M&A and Investment Summary March 2016 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships with investment bank Altium in Europe, as well as The Mountain Capital Group in China, and Allegro Advisors and o3 Capital in India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

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

53 | M&A and Investment Summary March 2016 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2015 2011-2015 (5-Year) Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68 2 PwC 17 3 Jordan Edmiston Group 59 4 Jordan Edmiston Group 15 3 Morgan Stanley 59 4 KPMG Corporate Finance 15 5 PwC 52 4 Morgan Stanley 15 6 China Renaissance Partners 47 7 China Renaissance Partners 11 6 Nomura 47 7 Ernst & Young 11 8 GCA Savvian Group 44 9 Avendus Capital 9 9 KPMG Corporate Finance 43 9 Rothschild 9 10 Ernst & Young 38 11 Citi 8 10 JP Morgan 38 11 Credit Suisse 8 12 Jefferies 37 11 Jefferies 8 13 AGC Partners 35 11 William Blair & Company 8 14 Credit Suisse 34 11 Mooreland Partners 8 15 Daiwa Securities 33

Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

. With 25 total transactions closed in 2015, and more than 100 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries

54 | M&A and Investment Summary March 2016 Representative Recent Transactions*

$207,000,000* $225,000,000* $160,000,000*

a portfolio company of and a portfolio company of a fast-growing, digital consultancy focused a leading provider of cloud-based a leading digital database marketing a portfolio company of on Customer Experience Management hospitality solutions and advertising technology company has received a significant (CXM) and the implementation of key has been sold to growth investment from marketing technology platforms has been sold to has entered into a definitive agreement comprising Media Properties Holdings has been sold to has received a majority investment from to receive a majority investment from has been sold to has been sold to in partnership with

(NASDAQ: SYKE) (NYSE: DLX) & (NYSE: IDI)

*Approximate Value *Approximate Value *Approximate Value

a leading digital provider of subscription- has sold a leading content-driven, strategic based, consumer product images and the leading eCommerce media network digital agency related data to the retail food industry in the U.S. a leading developer of enterprise a fast-growing, direct-to-consumer a leading provider of software-based a leading technology and data-driven a portfolio company of the most innovative digital strategy, has been sold to mobility software has been sold to wine eCommerce company social media brand advocacy solutions digital marketing services and user experience, and software analytics company development firm has been sold to Aperion Management has been sold to has been sold to has been sold to to a portfolio company of has been sold to and

(NYSE: ACN)

$74,000,000* $120,000,000

a leading supplier of data on healthcare a portfolio company of has sold professionals and administrator of one the dominant, pure-play eCommerce the leader in strategic launch solutions a global leader in quantitative data of the largest practitioner-level medical the leader in data-driven retailer of envelopes and related products for orphan and rare disease a big data marketing analytics & database collection and reporting software systems has been sold to claims databases in the U.S. advocacy campaigns pharmaceutical drugs technology and solutions company has received a significant has been sold to to has been sold to has been sold to has been sold to investment from has been sold to to a division of a portfolio company of (NYSE: OMC) (NYSE EVDY) (NASDAQ: EXLS) (NASDAQ: ICLR) (NYSE: RUK)

*Approximate Value

$65,000,000 $280,000,000* $50,000,000

a leading SaaS provider of social intelligence, a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading data-driven patient analytics, insights, and engagement a leading provider of marketing solutions the leading film and television information, digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing identification and engagement platform has been sold to to destinations, resorts, and other data, and related software company professionals on behalf of leading display, and email insurance industry in multi-channel content marketing solutions that provides its members access to for the life sciences industry travel-related businesses pharmaceutical companies has sold a majority stake to has been sold to healthcare education, patient savings, has been sold to has been sold to and other valuable programs which is being combined with has been recapitalized to support future has been sold to growth with significant debt financing has been sold to from both portfolio companies of a division of

(NYSE: EVDY) (NYSE: WTM) (NASDAQ: CTSH)

*Approximate Enterprise Value

*For a more comprehensive list, please click here.

55 | M&A and Investment Summary March 2016