TMT Investment Banking

Mobile Market Update 1H 2014

Co-host Mobile-First Summit New York

Confidential The “Who’s Who” of Mobile: M1 (Mobile-First) Summit On May 20th, co-hosts Headwaters MB and Eniac Ventures welcomed a sold-out crowd of 700+ attendees to the inaugural M1 Summit. Attendees, executives, and investors participated in a mixture of events including:

Private 1:1 meetings with top Diverse keynotes and mobile investors and corporate Fireside chats industry panels development executives

90+ speakers at the forefront of innovation in mobile covering

Mobile Commerce and Payments Mobile Education Co-hosts Nihal Mehta (L, Eniac Ventures) and Gary Moon (R, Headwaters MB) with opening remarks Mobile Marketing and Advertising Wearables Sampling of attendees from: Mobile Enterprise Mobile Health Mobile Consumer Mobile Applications and Discovery

______Photo credits: Cezary Pietrzak; M1 Summit

Confidential 2 Mobile Market Update M&A Activity – M&A activity continued to grow during throughout 2014. Volume increased from 53 transactions in 4Q 2013 to 65 in 1Q 2014 and 69 in 2Q 2014. Notable transactions were led by messaging players including Facebook’s acquisition of WhatsApp ($19B), Rakuten’s acquisition of Viber Media ($900M), and ’s acquisition of Check ($360M).

Investment Activity – Investment deal volume continues reaching new highs throughout 2013 and into 2014. A high of 265 investments occurred in 4Q 2013 (91% increase year- over-year). 2Q 2014 saw a new high in total disclosed funding raised ($2.7B).

Trading Multiples – Diversified Mobile companies commanded the greatest premium at the end of 2Q, trading at a median of 5.6x LTM revenue, while Handsets & Hardware trade at the lowest median multiple of 0.6x LTM revenue.

Capital Markets – Diversified Mobile companies have outperformed the NASDAQ and the S&P 500 while other mobile companies have underperformed on the whole led by Mobile Marketing & Advertising companies.

Confidential 3 Mobile M&A Volume Resurging

Average LTM Revenue Multiple 2011 2012 2013 $ in billions 7.4x 7.5x 4.2x # Deals 30 80 Deal Volume Deal Value ($M) 69 65 70 25 $22.9 60 55 53 20 50 43 44 45 42 40 40 15 31 40 30 30 10 $13.6 $2.2 20 5 $1.8 $2.4 $2.2 $2.6 $1.1 $1.1 10 $0.8 $0.1 $0.5 0 0 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014

Top 3 Acquisitions by Quarter ($M) – Target / Acquirer 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Motorola Mob. Sony Ericsson Amobee / Instagram / Socialcam / Gloops / Epocrates / Waze / 91 Wireless / Supercell / WhatsApp / Motorola / Google Mobile / Sony SingTel Facebook Autodesk NEXON athenahealth Google Baidu Softbank Corp. Facebook (assets) / Zebra ($12,500) ($1,461) ($321) ($1,000) ($60) ($470) ($293) ($966) ($1,850) ($1,530) ($19,000) ($3,450) PopCap / Swype / Clairmail / Hughes Tele. / Pixable / Zenprise / mFoundry / Parse / MoPub / Fiberlink / AirWatch / AutoNavi / EA Nuance Monitise Verizon SingTel Citrix Fidelity Facebook Twitter IBM VMware Alibaba ($750) ($78) ($173) ($612) ($27) ($327) ($120) ($85) ($350) ($300) ($1,540) ($1,580) / SiliconBlue / Worklight / Funzio / / POKELABO / Crashlytics / Meridian / JumpTap / MapMyFitness Viber Media / Check / eBay Lattice IBM GREE GREE Twitter Aruba Net. Millennial / UnderArmour Rakuten Intuit ($240) ($62) ($70) ($210) ($26) ($174) ($38) ($16) ($221) ($150) ($900) ($360) ______Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values Top 3 acquisitions with disclosed transaction values

Confidential 4 Top Acquirers in Mobile Top Acquirers by Volume – Greater than Five Acquisitions, 2011 – Present Buyer # Acquisitions Total Value ($M) Targets AdMovate, Bignoggins Productions, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, IntoNow, Jybe, Loki Studios, Meh Labs 19 31 (Blink), Propeld (Alike), Quik.io, Qwiki, Stamped, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid), Tomfoolery (Anchor), Wander AdMeld, Bitspin, Bump, Clever Sense, eBook, Enterproid (Divide), FlexyCore, Green Throttle Games, Motorola Mobility, Punchd, 18 13,606 PushLife, Quest Visual, Quickoffice, TalkBin, Wavii, Waze, WIMM, Zave Networks

12 20,100 Branch Media, Beluga, Glancee, Instagram, Karma Science, Midnox, Osmeta, Parse, Rel8tion, Snaptu, Spool, WhatsApp

7 8 Bubbli, Endorse, Loom, Orchestra, Readmill, TapEngage, Zulip

6 391 Cabana, Crashlytics, MoPub, Spindle Labs, Vine, Whisper Systems Top Acquirers by Total Transaction Value – $750M or More, 2011 – Present Buyer Total Value ($M) Targets

20,100 Branch Media, Beluga, Glancee, Instagram, Karma Science, Midnox, Osmeta, Parse, Rel8tion, Snaptu, Spool, WhatsApp

AdMeld, Bitspin, Bump, Clever Sense, eBook, Enterproid (Divide), FlexyCore, Green Throttle Games, Motorola Mobility, Punchd, PushLife, Quest Visual, 13,606 Quickoffice, TalkBin, Wavii, Waze, WIMM, Zave Networks

3,450 Motorola Solutions

1,850 91 Wireless Websoft

1,580 AutoNavi Holdings

1,540 Airwatch

1,530 Supercell

1,461 Sony Ericsson Mobile Communications

900 Viber Media

750 Bight Interactive, Firemint, PopCap Games ______Source: 451 Group; includes transactions with disclosed, estimated, undisclosed values

Confidential 5 Mobile M&A Case Study

Transaction Overview: On May 27, 2014 • $360 million acquisition of Check by Intuit • Check had an estimated $15 million LTM revenue at the time of acquisition, putting the LTM revenue multiple at 24.0x • Additionally, Check was expecting $20 million in revenue for 2014, implying a forward multiple of 18.0x • With an estimated 10 million registered users at the time of acquisition, value per registered user was $36 • Check had raised $48 million in funding at the time of acquisition

ACQUIRED Target Description • Provides Android, BlackBerry, Windows Phone and iOS mobile bill payment software for consumers. • The smartphone app enables users to monitor bank accounts and set up automatic payments for utilities, mortgages and other recurring bills.

Transaction Commentary: • According to the acquirer press release, “Through the acquisition, Intuit gains a critical consumer payments capability that will allow the company to streamline interactions between consumer and small business customers, consistent with Intuit’s vision of enabling products to work together as an ecosystem.” • Intuit paid almost two times its last major consumer-focused acquisition, Mint, an online financial planning company

______Source: 451 Group, Acquirer Press Release, PitchBook

Confidential 6 Mobile Investment Volume On the Rise # Investments Investment Volume Investment Value ($M) $ in millions 300 3,000 265 252 255 250 250 $2,683 2,500 $2,224 $2,337 195 200 2,000 178 168 171 $1,558 148 $1,449 150 138 136 139 1,500 $1,080 $978 $944 $955 100 $969 1,000 $689 $644

50 500

0 0 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 Top 3 Investments by Quarter ($M)

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Lookout Mobile Square Veracity Instagram Square Calxeda AirWatch AirWatch Powa Idea Cellular Tango InMobi ($40) ($103) ($80) ($50) ($200) ($55) ($200) ($225) ($76) ($490) ($280) ($300) Wuxi Square Xiaomi Lithium Tango Affirmed Netbiscuits Truphone Snapchat TOA Flipboard Houzz Maimaibao ($31) ($90) ($53) ($42) ($36) ($27) ($120) ($60) ($66) ($101) ($150) ($200) Tower Cloud Tower Cloud PlayPhone Mobilelron JumpTap T.E.P Avalanche Evenbrite The Fancy Telogis Wandoujia Good Tech. ($31) ($49) ($52) ($40) ($28) ($25) ($35) ($60) ($60) ($93) ($120) ($101)

______Source: PitchBook; includes announced transactions with disclosed, estimated, undisclosed transaction values Top 3 investments with disclosed investment values

Confidential 7 Top Investors In Mobile Top Investors by Volume, 2011 – Present

Investor Investments Targets

Airseed, AppStack, Apptimize, Astrid, Bionic Panda Games, Butter Systems, Carnival Labs, Cluster Labs, Concept.io, Confide, Crittercism, DocuSign, Duo Security, Echoecho Media, Enterproid, Firespotter Labs, FitStar Labs, Gyft, Hey, Just.me, Kibits, LittleInc Labs, MediaSpike, 56 Moonfrye, mParticle, Mr. Buzz, N3twork, Naama Networks, Namo Media, Nettle, Nextbit Systems, Openbay, Parse, Pocket Change, Rise Labs, Rumble Entertainment, Scan, Schematic labs, SCVNGR, Secret, Stickery, TweetNGo, UberSense, URX, Vungle, Zencoder

App Annie, Avalanche Technology, Bubble , Bump Technologies, Chukong Technologies, Drawbridge, Druva Software, Girnar Software, Houzz, Inkling, Instacart, Instagram, Just Dial, Kahuna, Kiwi, MeLLmo, MindSnacks, Mintigo, MixPanel, MobileIron, Mobo Tap, Mojave Networks, 50 Moovit, Plain Vanilla Games, RingCentral, Sencha, Shopular, Skyhigh Networks, Skyscanner, Sourcebits, Square, Stoke, Trippy, WhatsApp, WhisperText, Wuxi Maimaibao Information Technology, Zomato

App Annie, Apptimize, Avalanche Technology, Bluebox, Bubble Motion, Bump Technologies, Chukong Technologies, Drawbridge, Druva Software, Girnar Software, Houzz, Inkling, Instacart, Instagram, Just Dial, Kiwi, MeLLmo, MindSnacks, Mintigo, MixPanel, MobileIron, Mobo Tap, Mojave 45 Networks, Moovit, Plain Vanilla Games, RingCentral, Sencha, Skyhigh Networks, Skyscanner, Sourcebits, Square, Stoke, Trippy, UXPin, WhatsApp, WhisperText, Zomato

AgLocal, Bluebox, BlueStack Systems, Boku, Bump Technologies, Capriza, Circle, Clinkle, Cloudtop, Clover Network, CrowdMob, Cyanogen, , Estimote, Everyme, FiftyThree, Firespotter Labs, Getable, Instart Logic, InVisage Technologies, ItsOn, Jumio, LittleInc Labs, Lookout 40 Mobile, Magnet Systems, MediaSpike, MinoMonsters, MobileWorks, Namo Media, Nexmo, Openbay, QuickPay, Reflektion, Speaktoit, TinyCo, Tomfoolery, Upwards Labs Holdings, UXPin, Zencoder

AirWatch, Azumio, BreezyPrint, Clinkle, DocuSign, Dropcam, Flaregames, GetJar, Hailo Network, Hammer & Chisel, Hotel Tonight, Juice Mobile, 39 Lightbox, Lookout Mobile, MobileMotion Technologies, MobileSpaces, MyFitnessPal, MySmartPrice Web Technology, Nextbit Systems, OpenX Technologies, Origami Logic, Phoenix Guild, Pixate, Qriously, Rovio Entertainment, Schematic labs, Sprig, TRUSTe, Vinted

Betable, Edmodo, Everyme, First Opinion, Game Closure, Gigwalk, If You Can, Input Factory, Instagram, Instart Logic, iZettle, Laffster, LittleInc 39 Labs, Lookout Mobile, Marqeta, Mighty Software, Mobilespan, mParticle, Path, Physical Graph, Recurious, Rise Labs, SiTime, Skyhigh Networks, Snappli, Sprig, Sprig, Suddenly Social, Telit Wireless Solutions, ToyTalk, URX, Yub, Zenprise

Apps & Zerts, Cluster Labs, Confide, Cover, DogVacay, EAT Club, Flurry, Hotel Tonight, LittleInc Labs, Mango Health, Mighty Software, Path, 35 Physical Graph, Pocket Change, Relay Network, Remind101, SavingStar, Seesaw Decisions, Simple Finance Technology, Sincerely, Smartling, TaskRabbit, ToyTalk, URX, Voxel

______Source: PitchBook; number of investments may include follow-on investments in same target

Confidential 8 Mobile Investment Case Study

Transaction Overview: On March 20, 2014 • $280 million Series D investment in Tango by Alibaba, AME Cloud Ventures, and other Individual Investors, valuing the company at $1 to $2 billion • Tango has raised nearly $370 million in disclosed funding to date • Other previous investors included Qualcomm Ventures and Draper Fisher Jurvetson

and Individual Investors Target Description • Provider of mobile messaging and gaming services. The company also enables iPhone or Android phone users to make free mobile video calls INVESTED IN over 3G, 4G, or Wi-Fi to family and friends. • Tango has roughly 200 million registered users, and 70 million monthly actives, generally aged 25 to 45.

Transaction Commentary: • The company plans to use the funding in continuing to evolve its platform to provide additional communication features and expand content partnerships • Led by Alibaba, the investment is also expected to spur plans in building a competing mobile gaming network to rival within the $14 billion Chinese gaming market

______Source: PitchBook; TechCrunch

Confidential 9 Mobile Comparable Public Companies

Mobile Software & Solutions Diversified Mobile

LTM Revenue Multiple LTM Revenue Multiple 5.0x 30.0x 29.5x 4.7x 4.5x

25.0x 4.0x 3.8x

3.5x 20.0x 18.2x 3.0x

2.5x 15.0x

2.0x 1.9x

10.0x 1.5x Median: 1.2x 1.2x 1.2x 1.2x Median: 0.8x 5.6x 1.0x 5.6x 5.0x 3.4x 0.5x 3.1x 0.5x

0.0x 0.0x

______Source: Capital IQ as of 6/30/14; companies arranged by descending enterprise value

Confidential 10 Mobile Comparable Public Companies (Cont.)

Handsets & Hardware Wireless & Diversified Infrastructure

LTM Revenue Multiple LTM Revenue Multiple 5.0x 12.0x 11.4x 4.5x 4.5x

10.0x 4.0x

3.5x 8.0x

3.0x

2.5x 6.0x

2.0x 1.9x 4.7x

4.0x 3.4x 3.4x 1.5x

Median: 2.5x 2.1x 1.9x 1.0x 0.8x Median: 2.1x 2.1x 0.6x 0.6x 2.0x 1.5x 0.4x 0.4x 0.5x 0.4x 0.9x 0.8x 0.6x

0.0x 0.0x

______Source: Capital IQ as of 6/30/14; companies arranged by descending enterprise value

Confidential 11 Mobile Comparable Public Companies (Cont.)

Mobile Advertising & Marketing

6.0x 5.4x

5.0x

4.0x

3.0x 2.7x 2.6x Median: 2.3x 2.0x

2.0x 1.5x 1.2x

1.0x

0.0x

______Source: Capital IQ as of 6/30/14; companies arranged by descending enterprise value

Confidential 12 Mobile Capital Markets Performance Since 2011, Diversified Mobile companies (+85.4%) have outperformed the NASDAQ (+56.5%) and the S&P 500 (+46.3%) while Mobile Software & Solutions companies (+38.9%), Handsets & Hardware (+28.6%), Wireless & Diversified Infrastructure (+25.2%), and Mobile Marketing & Advertising (-43.2%) companies have underperformed on the whole

100.0%

Diversified Mobile: +85.4% 80.0%

60.0% NASDAQ: +56.5%

S&P 500: +46.3% 40.0% Mobile Software & Solutions: +38.9% Handsets & Hardware +28.6% 20.0% Wireless & Diversified Infrastructure: +25.2%

0.0%

(20.0%)

(40.0%) Mobile Marketing & Advertising: -23.2%

(60.0%)

(80.0%)

______Source: Capital IQ as of 6/30/14; refer to public comparables for constituents

Confidential 13 Headwaters Is Your Premier Choice

• We are best in class bankers, technologists, and strategists

HAS BEEN ACQUIRED HAS BEEN ACQUIRED • Relevant transaction expertise BY BY . Completed transactions with many strategic acquirers, targets, and investors in Mobile Financial Advisor to Financial Advisor to the Seller • Strong relationships with key, relevant strategic parties the Seller . Sector focus and industry experience means we are in frequent communication with likely interested targets HAS BEEN ACQUIRED HAS BEEN ACQUIRED • Direct market coverage gives us unique insights regarding: BY BY . Acquisition targets ▪ IP / value chain Financial Advisor to Financial Advisor to . Competitive and adjacent market activity ▪ Growth markets the Seller the Seller • Highly customized process to fit specific dynamic context

. One size fits all auction processes not the best in Mobile HAS BEEN ACQUIRED HAS ACQUIRED . We will run a focused, intelligent process with proper target screening tailored to BY specific areas of interest to achieve most ideal valuation for buyer

• We think “outside the box” – complex situations require creative Financial Advisor to Financial Advisor to the Seller the Buyer solutions

THE 11th ANNUAL

2013 FINALIST 2012 WINNER CONSUMER SERVICES 2013 TMT DEAL OF THE INVESTMENT BANK 2012 TMT DEAL OF THE DEAL OF THE YEAR YEAR <$100M OF THE YEAR YEAR <$100M

Confidential 14 Recent Technology, Media & Telecom Deals of the Year

HAS BEEN ACQUIRED HAS BEEN ACQUIRED HAS BEEN ACQUIRED BY BY BY

Financial Advisor to Financial Advisor to Financial Advisor to the Seller the Seller the Seller

THE 12th ANNUAL THE 11th ANNUAL

2013 WINNER 2012 WINNER CONSUMER SERVICES 2013 TMT DEAL OF THE 2012 TMT DEAL OF THE DEAL OF THE YEAR YEAR <$100M YEAR <$100M

Headwaters Technology, Media & Telecom (TMT) team has won the 6th Annual International M&A Advisor Consumer Services Deal of the Year award and back-to-back M&A Advisor TMT <$100M Deal of the Year awards

Confidential 15 Contact

Gary Moon Managing Director Head of Technology, Media & Telecom Investment Banking

Office: (415) 766-3862 Cell: (650) 515-8734 [email protected]

135 Main St 2 Greenwich Office Park 2200 Pennsylvania Ave NW Suite 800 2nd Floor 4th Floor, East Tower , CA 94105 Greenwich, CT 06831 Washington, DC 20037

www.headwatersmb.com

Confidential 16 Appendix 2Q 2014 Mobile Precedent M&A Transactions

Confidential 17 2Q 2014 Precedent M&A Transactions

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Provides mobile advertising campaign creation, management, tracking and purchasing software Perion Network Ltd. [fka 06/30/14 Grow Mobile Inc. 17.0 -- for businesses. IncrediMail]

Provides mobile website creation and optimization SaaS for Web publishers. Software enables 06/27/14 MoFuse small businesses to create and monetize multiple versions of their websites for use by consumers Search Agency, The -- -- utilizing mobile devices. Unwall International PresEn Solutions Provides a mobile application to enable businesses to post, track and hire applicants via a mobile 06/27/14 Holding Group BV [aka -- -- Sdn. iOS and Android application. Also enables consumers to search and apply for jobs. UIHG] Unwall International Provides an app for iOS, Android and Windows that translates foreign text in images, including 06/27/14 Relatable Sdn. Bhd. Holding Group BV [aka -- -- currency, captured by the device camera. UIHG] Provides a mobile application to enable iOS and Android device users to discover, purchase and Ubiquity Inc. [fka Ubiquity 06/26/14 Monkeybars Inc. earn rewards for sharing and video art. Also provides a means for musicians and artists to Broadcasting 2.3 -- distribute content. Corporation] Provides mobile video advertising and application monetization software development kit (SDK) Opera Mediaworks 06/24/14 AdColony to enable video ad placement in mobile applications for app developers, businesses and 75.0 1.4x [Opera Software ASA] marketers.

Provides a mobile messaging application to enable consumers to ask questions of businesses via 06/20/14 TalkTo Path -- -- text message and to view questions and responses from other consumers and businesses.

Provides video streaming-focused advertising and Web analytics SaaS to enable ad insertion 06/19/14 mDialog across Internet-connected devices such as mobile phones, tablets, laptops and smart TVs for the Google Inc. -- -- media programming and distribution industries. Provides a mobile application that enables iOS and Android device users to acquire information 06/18/14 Layar B.V. via image capture on their mobile device and then provide users with additional information from Blippar -- -- the Web. ______Source: 451 Group

Confidential 18 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Provides a location-based mobile shopping application that enables consumers to locate desired @WalmartLabs [Wal- 06/16/14 Stylr -- -- clothing in nearby brick-and-mortar stores. Mart Stores Inc.]

GreenPay LLC [dba Operates as a application for medical and recreational marijuana users and MyECheck Inc. [OTCBB: 06/13/14 0.4 -- MJ-Pay] businesses. MYEC]

Millipede Creative Provides mobile application development and design services, to include mobile games and 06/13/14 DT -- -- Development educational applications development, for businesses in Australia and New Zealand.

Provides mobile payment processing, loyalty and rewards programs, and mobile advertising for 06/12/14 MPayMe Ltd. Powa Technologies Ltd. 75.0 2.5x consumers and businesses globally.

Zoom Interactive Provides mobile advertising and search engine marketing (SEM) SaaS and services, with a focus 06/11/14 Cheetah Mobile, Inc. 24.0 -- Co., Ltd. on Google and Facebook ads, for businesses in China.

Provides mobile file sharing software to enable employees to securely access corporate content 06/10/14 MobileSpan, Inc. Dropbox, Inc. -- -- from their mobile devices.

Provides online and mobile audio streaming advertising network and ad insertion SaaS called 06/09/14 Abacast Inc. WideOrbit, Inc. -- -- Clarity, for broadcasters.

Provides mobile customer engagement and advertising software and services for businesses in 06/06/14 Impact Mobile, Inc. DealNet Capital Corp. 1.4 -- Canada. Also provides related customer automation and analytics.

Provides a social search application to enable Web, iOS and Android device users to receive 06/06/14 recommendations based on location, aggregate personal social network findings and review Apple, Inc. -- -- websites. ______Source: 451 Group

Confidential 19 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Provides in-stream advertising creation SaaS that enables iOS and Android mobile application Twitter Inc. [NASDAQ: 06/04/14 Namo Media -- -- publishers to monetize, create and run native advertising. Also provides related analytics. TWTR]

Provides an online portfolio website for students to document and showcase their , as 06/04/14 Seelio well as an destination for educational institutions to promote their universities and interact with PlattForm -- -- current and potential students via www.seelio.com. Provides a mobile application that enables iOS and Android device users to connect physical toys 06/04/14 Spiral Toys, Inc. with mobile video games. Also provides a cloud-based environment that enables game Rocap Marketing Inc. 3.6 -- developers to offer their games online.

Provides Android and iOS circuit training applications for consumers. Applications have 06/04/14 Sworkit Nexercise, Inc. -- -- body weight resistance workout tutorials and instructional videos.

Provides a mobile directory application to enable both a location-based search for live music 06/04/14 Timbre Inc. Seatwave Ltd. -- -- events and purchase of tickets to attend shows for consumers worldwide.

Provides a mobile basketball, football, golf and fitness training application for consumers. 06/03/14 Driven Apps, Inc. Application provides videos workouts of famous professional athletes and tracks the users STACK Media -- -- progress through set training programs. Also provides fitness and training blog. Provides mobile advertising SaaS for the mall, and real estate sectors. Enables real estate 06/03/14 Simplikate sales and marketing, virtual tours, hotel reservations, travel maps, mobile marketing, pop-up Phunware -- -- advertising, e-commerce payment services and content integration for mobile devices.

Smile Interactive Co 06/03/14 Provides text message delivery software for businesses in the media sector in Thailand. Macromac PLC 3.3 0.8x Ltd

Provides a free mobile application to schedule family-oriented events for consumers. Application 06/02/14 Cozi Inc. provides a mobile calendar, shopping, to-do lists, meal plans, school schedules and other items Time Inc. -- -- that can be shared with members of a user’s household. ______Source: 451 Group

Confidential 20 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Provides SMS gateway SaaS software to enable targeted SMS marketing automation for 06/01/14 Run The Red Ltd Pushpay Ltd -- -- businesses globally.

Provides a mobile application that enables iOS and Android device users to use their devices on Swing by Swing Golf, 05/29/14 golf courses as a GPS-based rangefinder and personal statistics tracker. Also operates an online Back9Network Inc. -- -- Inc. golf blog at golf.swingbyswing.com.

Provides mobile application marketing software for mobile application owners that uses 05/28/14 Capptain Microsoft Corporation -- -- application usage analytics to target push notifications and in-app advertisements.

Provides online marketing content optimization SaaS for Twitter-based marketing campaigns. 05/28/14 Intweetiv Application provides pre-written content and ideas for content to post to Twitter accounts to Post Planner, Inc. -- -- increase business visibility. Provides a secure, containerized mobile enterprise email application for businesses. Software 05/28/14 Nitrodesk, Inc. application enables secure encrypted Microsoft Exchange and Outlook email services on mobile Symantec Corporation -- -- iOS and Android devices, as well as tablets and laptops. Provides a mobile reader application that enables Android device users to shop, purchase and 05/27/14 Aldiko Limited read a wide range of e-books. Also provides publishers and booksellers with a means of Feedbooks SAS -- -- distribution. Also enables consumers to read e-books checked out from libraries. Provides Android, BlackBerry, Windows Phone and iOS mobile bill payment software for Check Inc. [fka 05/27/14 consumers. Software enables users to monitor bank accounts and set up automatic payments for Intuit, Inc. 360.0 24.0x Pageonce, Inc.] utilities, mortgages and other recurring bills. Beijing Emay Provides business-to-mobile messaging, mobile office and marketing software for businesses Shenzhen Infotech 05/23/14 Softcom Technology 48.6 -- globally. Software enables wireless office control of ERP, SCM and CRM functions. Technologies Co., Ltd. Ltd.

05/23/14 Coco Play Ltd Development stage company intending to develop mobile and online games for children. TabTale -- --

______Source: 451 Group

Confidential 21 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Provides both on-premise and SaaS-based BYOD mobile security and device management LANDesk Software 05/21/14 LetMobile software for enterprises. Software secures corporate email, passwords and company data stored 15.0 15.0x [Thoma Bravo LLC] on employees' personal iOS, Android and Windows Mobile smartphones and tablets. Provides a mobile application that enables iOS device users to take photos and convert them into Aria Glassworks, Inc. 05/20/14 3D spherical images, called Bubbles. Also enables the recording of related image sounds and Dropbox, Inc. -- -- [dba Bubbli] sharing via social media. Provides bring-your-own-device (BYOD) Android and iOS mobile device management (MDM) Enterproid, Inc. [dba 05/19/14 software for businesses. Software uses secure containers to store corporate data, with a focus on Google Inc. 130.0 -- Divide] corporate email, and keep it separate from personal data. Provides mobile advertising software and networks for publishers, ad agencies and app 05/19/14 Mocean Mobile developers. Software enables customers to serve targeted advertisements to consumers. Also PubMatic -- -- provides related analytics software. Provides a mobile language translation app called Word Lens for Android, Google Glass and iOS 05/19/14 Quest Visual, Inc. users. Application uses users' smartphone camera to recognize text and then translates the text in Google Inc. -- -- real-time. No Internet connection is needed.

Manufacturers short-range wireless Bluetooth connectivity modules and wireless serial Ethernet 05/19/14 connectBlue AB U-Blox AG 28.2 2.1x port adapters for industrial, vehicle tracking and medical wireless device OEMs.

Provides a private encrypted instant messaging application, Blink, that enables users to set a time Meh Labs, Inc. [dba 05/13/14 limit before messages are permanently deleted. Also developed location-based social networking Yahoo! Inc. -- -- Blink] application, Kismet. Delicious [fka Provides an online social networking-based bookmarking destination to enable users to share 05/08/14 Del.icio.us Inc.] Science Media Inc. -- -- online content at https://delicious.com. [AVOS] Provides mobile social promotional applications for businesses to entice customers to promote 05/08/14 Spendship, LLC the products and services they use by offering rewards for mentioning them on social media sites. Moontoast, Inc. -- -- Applications enable consumer referral marketing for businesses. ______Source: 451 Group

Confidential 22 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Development stage startup, currently developing a mobile application to enable users to locate 05/07/14 Hotelmobi Remark Media Inc 2.5 -- and book hotels.

Provides location-based mobile marketing software and APIs that enable businesses to integrate 05/06/14 Digby location-based mobile marketing into their mobile applications. Software also enables businesses Phunware -- -- to identify specific important locations and areas. Also provides related analytics software.

Provides contextual location-based mobile and display marketing software for businesses. Also 05/06/14 LYFE Mobile, Inc. blinkx plc [AIM: BLNX] -- -- provides related reporting software.

My Mobile Payments Provides India-based consumers with a mobile phone minute recharge and top-up and utility 05/06/14 Ltd. [dba Calpian Inc. -- -- payments application that also provides prepaid debit cards transportation tickets. MoneyOnMobile] Provides an iOS mobile application that enables users to find, book and purchase tickets for 05/06/14 Nixter, Inc. nightlife and entertainment events. Also provides related event management and payment SaaS Skout Inc. -- -- for businesses at www.nightlifegraph.com.

DDS Wireless Provides GPS-based fleet management, vehicle tracking, fuel management, navigation systems 05/02/14 Ghai Investments Ltd. 24.6 0.8x International Inc. for businesses. Also provides mobile payment processing software.

Develops a range of mobile video games for Android and iOS device users globally. Provides Glu Mobile Inc. [fka 05/01/14 PlayFirst, Inc. videogames such as Diner Dash and Cooking Dash for Android, iOS and Kindle devices, as well as 15.3 1.3x Sorrent] online via www.playfirst.com.

Operates mobile advertising networks for businesses in Germany, Austria and Switzerland. Opera Mediaworks 04/30/14 apprupt GmbH -- -- Networks are targeted toward higher-end audiences. [Opera Software ASA]

Provides mobile software development software called a mobile enterprise application platform 04/28/14 metaquark GmbH (MEAP), to enable companies to design and develop, test, distribute and manage cross-platform Software AG -- -- mobile applications through one development interface. ______Source: 451 Group

Confidential 23 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

Provides online display and multimedia banner advertising SaaS for online advertisers. Software 04/24/14 JasperLabs, Inc. enables the deployment and real-time editing of targeted, relative advertising based on the DataXu -- -- consumer's location, user platform and customized search criteria. Provides a mobile iPad point of care patient education application for the healthcare industry. 04/24/14 Liberate Ideas, Inc. Application enables healthcare providers to educate patients on their conditions and treatment NexJ Systems, Inc. 1.0 -- options at the point of care by using this mobile application and through an online service.

ProtoGeo Oy [dba Provides a mobile fitness-monitoring application for iOS and Android devices. Application tracks 04/24/14 Facebook [NASDAQ: FB] -- -- Moves] the users steps and time spent walking, jogging and cycling, as well as calculates calories.

Provides advertising tracking and targeting software both without using cookies and across 04/24/14 Tactads multiple connected devices for digital advertisers. Enables the automatic detection of consumer's MediaMath -- -- device for proper display and presentation of targeted advertising without using tracking cookies. Genius Properties Ltd. Development stage startup that provides a GPS- and social networking-focused mobile 04/24/14 Zippler [fka Synergy Acquisition 0.5 -- applications for marketing purposes for businesses. Corp.] Provides mobile and online asset financing quotation and document management applications 04/22/14 Mobile Productivity for the asset finance industry. Software enables brokers and lenders to provide financing quotes, Sword Group -- -- email deal status and calculate payment options from their mobile device.

Provides photo and video storage and management mobile applications and online software for 04/17/14 Loom, Inc. Dropbox, Inc. -- -- consumers. Software enables access across multiple platforms.

Provides a free, personalized shopping iPad application and email newsletter service for RetailMeNot, Inc. [fka 04/15/14 Pickie consumers. Application enables digital catalog shopping from personalized, curated content WhaleShark Media] -- -- gleaned from mentions and interactions on social networks. [NASDAQ: SALE]

Liquivision Products Manufacturers hand-held mobile diving computers for the scuba and free diving industry. Devices 04/14/14 Huish Outdoors, LLC -- -- Inc. read diving depth, reads air tank capacity and other vitals.

______Source: 451 Group

Confidential 24 2Q 2014 Precedent M&A Transactions (Cont.)

EV ($M) EV / Rev High $1,062.8 24.0x Mean 153.5 8.5x Median 24.6 4.8x Low $0.5 0.8x

Enterprise EV / Date Target Target Description Acquirer(s) Value ($M) Revenue

AutoNavi Holdings Provides digital map data and location-based software for automakers, mobile device Alibaba.com [aka Alibaba 04/11/14 1,062.8 7.5x Limited manufacturers, government agencies and consumers in China. Group]

Provides iOS, Android and BlackBerry mobile applications that enable users to backup, save and Gryphn Corporation [aka 04/09/14 Uppidy, Inc. -- -- search for SMS messages, and to share them via social media. ArmorText]

Provides an Android smartphone application that enables users to prioritize and organize Twitter Inc. [NASDAQ: 04/07/14 Cover -- -- application icons that are displayed on their lockscreen. TWTR]

GENIEgroup [dba Provides banner ad pre-targeting and re-targeting SaaS for online advertisers. Software enables 04/04/14 Ve Interactive Ltd -- -- adGENIE] the placement of relevant, customer analytics-based advertisements on websites.

Office Media Provides a display advertising network featuring Dow Jones-licensed content, as well as concierge Captivate Network Inc. 04/01/14 -- -- Network, Inc. information, for use in building lobbies and elevators in the US. [Gannett]

Provides an iOS application that aggregates Facebook and Spotify data to construct a personalized 04/01/14 Playground.fm Jawbone [aka Aliph, Inc.] -- -- music playlist. Also enables users to share and add effects to music.

______Source: 451 Group

Confidential 25 Appendix 2Q 2014 Mobile Precedent Investments

Confidential 26 2Q 2014 Precedent Investments, $10M+ Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

PE WellAware Developer and provider of machine-to-machine data networks. The company Activant Capital, Individual 06/25/14 Growth/Expan 37.0 -- Holdings offers data delivery and security to businesses with its mobile software. Investor sion

Provider of consumer mobile experiences and infrastructure. The company offers Central Texas Angels, Cisco, FTV 06/24/14 Phunware brandME enterprise branded mobile environments, PRAISE Mobile Technologies, , Fund, FMC, Maxima, Samsung, Series E 30.7 153.5 PocketShare Mobile Analytics and Phlameware Social Chat Wild Basin, WWE

The company allows mobile application developers to build customer service , Nexus Venture 06/24/14 Helpshift platforms into their applications which enables the mobile users to chat and share Partners, True Ventures , Series A 10.0 -- screenshots with customer service representative. Visionnaire Ventures

The company's cloud-based multi-tenant service, enables companies to deploy Skyhigh Greylock Partners, Salesforce.com, 06/23/14 cloud services with appropriate levels of security and governance, while lowering Series C 40.0 -- Networks Sequoia Capital overall risk and cost.

Developer of a discovery-to-purchase platform. The company is the creator of Beacon Securities Limited, 06/23/14 Slyce Slyce, a mobile application that enables users to shop online for products they see Canaccord Financial, Cormark Series B 12.0 -- around them. Securities, Salman Partners

Provider of mobile-advertising software. The company provides a marketing and 06/19/14 InMobi advertising platform that is designed to integrate seamlessly into clients' software -- Later Stage VC 300.0 -- applications.

Provider of an open source platform for infrastructure applications. The company Partners, Foundation Capital, 06/19/14 ForgeRock offers an identity relationship management platform that delivers identity and Series C 30.0 -- Meritech Capital Partners access management for protecting enterprise, cloud, social and mobile systems.

Developer of three dimensional (3D) technology for mobile. The company Flextronics Lab IX, Qualcomm 06/18/14 Mantis Vision develops content creation tools and technologies which allow users to watch three Ventures, Samsung Electronics, Later Stage VC 12.5 -- dimensional (3D) videos on smartphone. Sunny Group

Provider of Web and mobile platform for administration of home-care agencies. Bessemer, Cambia Health, City 06/18/14 ClearCare The company provides a front-end and back-end system for the management of National, Harbor Pacific, Series B 11.0 -- home-care agencies. Qualcomm, Voyager ______Source: PitchBook

Confidential 27 2Q 2014 Precedent Investments, $10M+ (Cont.) Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

Provider of mobile application and vertical market mobile software. The company Delta-v Capital, Georgian Partners, 06/17/14 Kony Solutions provides a platform that helps companies launch commerce-enabled mobile Hamilton Lane, Insight VP, Series E 50.0 -- applications. SoftBank, Telstra

Operator of an enterprise mobile application platform for sales teams. The Bain Capital Ventures, Northgate 06/17/14 Clari company's product helps organize content and extend CRM through machine Series B 20.0 -- Capital, Sequoia Capital learning algorithms and knowledge graphs.

Provider of mobile engagement services. The company allows users around the 06/17/14 Wayin world to connect with each other in real-time, giving them a gaming platform to -- Series C 12.1 -- share instant feedback on items that are most important to them and their friends.

Provider of a mobile application that enables users to order and secure delivery of , Canaan 06/16/14 Instacart groceries. The company's application enables its users to scroll and search grocery Partners, Individual Investor, Series B 44.0 -- items and have them delivered to their door. Khosla Ventures, Sequoia Capital

Pacific Provider of instant voice messaging and documentation applications. The company 06/16/14 -- Later Stage VC 38.9 -- DataVision develops instant voice messaging platforms and wide area dictation applications.

Operator of an Internet finance company. The company operates WeLend.hk, Individual Investor, Sequoia 06/16/14 WeLab Hong Kong’s peer-to-peer lending platform. It provides people with the Series A 14.0 -- Capital, TOM Group opportunity to borrow, invest and connect through a secure platform.

Individual Investor, Kleiner Perkins Provider of technological platform to industries. The company operates in the 06/16/14 Get Victorious Caufield & Byers, Lowercase Seed 13.0 -- online video industry and provides a mobile video platform. Capital

Provider of location-sharing service for global positioning system enabled mobile Ignition Partners, Menlo Ventures, 06/13/14 Glympse phones. The company’s service enables sharing of location by a mobile phone user Naya Ventures, UMC Capital, Series C 12.0 -- for a pre-set period of time. Verizon Investments

Provider of digital intelligence services. The company provides Webtrekk Q3, quick PE 06/12/14 Webtrekk insights, TV Trekk, live analytics, rich media insights, mobile insights, safe tag, plug DPE Deutsche Private Equity Growth/Expan 34.0 -- inns and data protections. sion ______Source: PitchBook

Confidential 28 2Q 2014 Precedent Investments, $10M+ (Cont.) Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

Provider of a mobile saving application. The company provides its users cash 06/10/14 Ibotta Individual Investor Series B 20.0 -- rewards instead of credits or points for engaging with brands.

Developer of online mobile payment platform. The company works as a digital Khosla Ventures, Lightspeed 06/09/14 Affirm Early Stage VC 45.0 -- charge card for merchants. Venture Partners, Nyca Partners

Provider of laundry and dry cleaning services with the help of a mobile application. A Grade Investments, Canaan, 06/09/14 Wash.io The company offers a mobile application that lets its users schedule laundry pickup Individual Investor, Pejman Mar Series A 10.5 -- and delivery from their phones. Ventures, Sherpa Ventures

Developer of a mobile application for women's health. The company provides a Bertelsmann Asia Investments, 06/06/14 Dayima.com platform for users to track and predict their menstrual cycles. The platform also Series C 30.0 -- Ceyuan Ventures, Sequoia Capital provides health and beauty content and tools for interacting with other users.

IDG Capital Partners, Innovation Provider of mobile-to-mobile file sharing application. The company offers tools 06/06/14 DewMobile Works (China), Northern Light Series B 20.0 -- which allow mobile user to transfer large files without internet connection. Venture Capital

Provider of games played on mobile devices and involving the real world. The 06/05/14 Flaregames company's free-to-play games are built for tablets and smartphones, and Accel Partners, T-Venture Holding Series B 12.2 -- developed in-house.

Developer of real-time multi-player social games. The company offers various 06/04/14 Octro online cross-platform games like Teen Patti and Indian Rummy that can be played Sequoia Capital Series A 15.0 -- on different platforms including Apple iOS, , and Windows Phone 8.

Provider of a community and photo database for home design. The company also 06/03/14 Houzz develops mobile and table applications for home decoration, and also sells a -- Series D 150.0 2,300.0 variety of home products.

Provider of messaging, collaboration and mobile media platform for service Movius 06/02/14 providers. The company provides messaging and collaboration apps including voice -- Later Stage VC 12.8 -- Interactive mail, video mail, unified messaging, conferencing and video conferencing. ______Source: PitchBook

Confidential 29 2Q 2014 Precedent Investments, $10M+ (Cont.) Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

Provider of website security, mobile application security and anti-malvertising 05/29/14 RiskIQ Battery Ventures, Summit Partners Series B 25.0 -- services beyond the firewall.

Provider of a market data platform for the mobile-application industry. The Greycroft Partners, IDG Capital 05/28/14 App Annie company functions as an market-data company, tracking app downloads, Series D 17.0 -- Partners, Sequoia Capital revenues, rankings and reviews for its clients.

Provider of self-ticketing and mobile ticketing services. The company offers online PE Growth / 05/28/14 Ticketscript platform that enables event organizers to sell tickets from their Website and Fleming Family & Partners 11.8 -- Expansion Facebook page.

CafeX The company's products and services enables business applications with 05/28/14 Communicatio communications capabilities across mobile and desktop endpoints that helps Individual Investor Angel 10.5 -- ns businesses interact with their customers.

The company helps businesses translate and deploy multilingual websites and Accelerator, Felicis, First Round, 05/22/14 Smartling dynamic web applications, mobile applications and business documents across Harmony, Iconiq, IDG, Individuals, Series D 25.0 250.0 their corporate digital infrastructure. Tenaya, US VP, Venrock

Provider of an e-commerce marketplace. The company provides a platform for BlackRock, Myriad Group, 05/21/14 Snapdeal vendors across the country to connect customers. It also has products from PremjiInvest, Temasek Holdings, Later Stage VC 100.0 1,000.0 national, international and regional brands across multiple categories tybourne capital

Developer of a private, proprietary communication network and a privacy-focused 05/21/14 Silent Circle smartphone. The company has developed Blackphone, a phone specifically Cain Capital, Individual Investor Early Stage VC 30.0 -- designed for their secure network that will protect users' information.

Provider of a mobile seating management service. The company provides an 05/20/14 NoWait application that enables restaurant owners and mangers to get a view of the queue Birchmere Ventures, Drive Capital Series B 10.0 33.2 and optimize turnover.

Operator of an online nonprofits fundraising platform. The company offers Network for Camden Partners, Individual PE Growth / 05/20/14 internet and mobile based technology that allows donors to make donations to 10.0 -- good Investor Expansion various charities and non-profit organizations. ______Source: PitchBook

Confidential 30 2Q 2014 Precedent Investments, $10M+ (Cont.) Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

Provider of a social platform based on anonymous posts. The company is the Lightspeed, Sequoia, Shasta, 05/19/14 WhisperText creator of a mobile application enabling users to post comments and visual Early Stage VC 36.0 200.0 Tencent, Thrive content with the added expressive benefit of anonymity.

Provider of web and mobile marketing services. The company offers a platform for 05/14/14 Prodege brands, advertisers, and marketers to establish relationships with consumers and Technology Crossover Ventures Later Stage VC 61.0 -- also rewards its members with web discovery activities.

Developer of a platform for video news and digital content. The company’s Cedar Fund, Greycroft Partners, 05/12/14 Wochit platform is utilized by web sites, mobile applications, news services, blogs and Early Stage VC 11.2 -- Marker, Redpoint Ventures other publishing entities for revenue opportunities and audience engagement.

Developer of a social payment device. The company provides a small card-reader Creandum KB, Dawn Capital, 05/09/14 iZettle that plugs into smartphones or tablets. It offers services for person-to-person and Greylock, Index, Intel Capital, Series C 55.0 -- business-to-consumer commerce. Northzone, SEB PE, Zouk

Provider of sales tax and compliance automation services in the cloud. The 05/09/14 Avalara company provides service-based platform for tax automation and automation -- Later Stage VC 26.3 -- effort for financial, electronic commerce, POS and mobility applications.

Provider of mobile analytic and measurement applications. The company offers a Acquisition 05/09/14 Zettics monitoring and analytics that enables real-time visibility and analytic across web, -- 10.2 47.8 Financing video and messaging applications.

Developer of an open communications layer for the Internet. The company's AME Cloud Ventures, CrunchFund, 05/07/14 Layer technology is designed to enable messaging, voice and video calling in any mobile Series A 14.5 63.7 FUEL Capital, Homebrew or Web product.

Perfecto Provider of cloud-based testing, automation and monitoring technology for mobile Carmel Venture Partners, FTV 05/06/14 Series D 20.0 -- Mobile applications and websites. Capital, Globespan, Vertex

Provider of tools and services for building end to end mobile platforms with Accenture, Bay Partners, 04/29/14 Apigee applications and data. The company offers a platform for creating, managing and BlackRock, Focus, NVP, Pine River, Series H 60.1 669.5 measuring digital initiatives built on applications. SAP, Third Point, Wellington ______Source: PitchBook

Confidential 31 2Q 2014 Precedent Investments, $10M+ (Cont.) Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

Developer and provider of machine-to-machine data networks. The company WellAware 04/29/14 offers data delivery and security to an entire business with its map-based mobile -- Series B 24.7 104.8 Holdings software.

Developer of a mobile application retargeting platform. The company has created Accel Partners, First Round Capital, 04/28/14 URX Series A 12.0 40.0 a platform which links users to specific in applications using deeplinks. Google Ventures, SV Angel

Canaan Partners, Contour, Provider of cloud-based mobile point-of-sale system. The company provides a 04/24/14 ShopKeep POS Individuals, Thayer Street, Tribeca Series C 25.0 118.5 platform enabling retail merchants to run customer transactions from an iPad. VP, TTV

Provider of online take-out ordering service. The company provides global network 04/23/14 Delivery Hero of online food ordering marketplace where orders and payments can be placed -- Series F 85.0 -- online and restaurants are peer-reviewed.

Provider of internet services for telecommunications operators. The company 04/23/14 O3B Networks -- Series G 50.0 -- develops commercial 3G mobile and fiber-to-the-home (FTTH) network.

Atlanticus Holdings, Brentwood Provider of an integrated platform of cloud-based mobile payment and marketing 04/22/14 Mozido Venture Capital, Individual Later Stage VC 93.5 -- solutions. Investor, TomorrowVentures

Provider of route-planning software that uses real-time traffic information, and a Balderton Capital, Comcast 04/17/14 Citymapper mobile transport app enabling trip-planning on multiple transportation modes, Ventures, Connect Ventures, Series A 10.0 36.3 along with real-time data on weather, alerts and disruptions. Greylock Partners, Index Ventures

Provider of a social advertising and media marketing platform. The company 04/15/14 Kinetic Social provides audience-based digital marketing services, including integrate display and Blue Chip Venture Series B 18.0 -- mobile campaigns with the social graph.

Provider of an online retail marketing platform. The company provides cloud- Four Rivers Group, Mayfield Fund, 04/14/14 AgilOne based, multi-channel marketing analytics of e-mail, Web, mobile and social data to Next World Capital, Sequoia Series C 25.0 115.5 give businesses insight into customer behavior and their marketing strategy. Capital, Tenaya Capital ______Source: PitchBook

Confidential 32 2Q 2014 Precedent Investments, $10M+ (Cont.) Deal Size Company ($M) Val. ($M) High $300.0 $2,300.0 Mean 35.9 354.1 Median 20.0 118.5 Low $10.0 $28.0 Company Deal Size Date Target Target Description Investor(s) Deal Type Valuation ($M) ($M)

Good Provider of mobile messaging services for mobile operators. The company offers a 04/10/14 Technology platform for mobile service providers to deliver push email, calendar, contacts and -- Series C1 100.9 1,178.5 (Visto) various corporate data to a set of devices.

Bessemer Venture Partners, Developer of sonic applications for the iPhone. The company creates a mobile 04/10/14 Smule Granite Ventures, Roth Capital Series E 16.6 183.4 audio platform that enables a new generation of applications for the iPhone. Partners, Shasta

Provider of a mobile and Web-based physician relationship management (PRM) 04/10/14 Quantia Fuse Capital, Safeguard Scientifics Series B 10.0 28.0 platform.

Provider of a software development kit for mobile application development. The Accenture, Interwest Partners, 04/09/14 Crittercism company's platform enables software developers to improve user experience with Series C 30.0 149.2 Scale Venture Partners, VMware real-time diagnostic data, crash reporting and access to metadata.

Provider of social customer software for brands to find online and mobile social Lithium 04/08/14 customers. The company offers comprehensive social monitoring, customer -- Later Stage VC 86.5 -- Technologies experiences and actionable analytics across blogs, forums and social networks.

Provider of cloud platform that allows operators to offer data plans for consumers. Andreessen Horowitz, Tenaya 04/08/14 ItsOn The company offers wireless users real-time visibility and control over their voice, Series C 12.9 -- Capital text and data services.

Developer of low-power system on a chips (SoCs). The company develops mobile Imagination Technologies, 04/07/14 Ineda Systems computing platforms including systems on chips (SOC) integrated circuits and Indusage, Qualcomm, Riverwood, Series B 17.9 56.2 software. Samsung, Walden

______Source: PitchBook

Confidential 33 Appendix Mobile Public Company Comparables

Confidential 34 Mobile Comparable Public Companies Trading Metrics ($ in millions, except per share data) Stock Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA Company Ticker 06/30/14 Low High Cap. Value LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E Mobile Software & Solutions Amdocs Nasdaq:DOX $46.33 $36.39 $48.99 $7,606 $6,497 1.9x 1.8x 1.7x 10.2x 9.0x 8.5x Convergys NYSE:CVG 21.44 17.16 24.43 2,182 2,664 1.2x 0.9x 0.8x 9.8x 7.5x 6.9x Synchronoss Nasdaq:SNCR 34.96 25.28 39.30 1,435 1,385 3.8x 3.2x 2.8x 15.6x 9.6x 8.1x CSG Nasdaq:CSGS 26.11 21.67 32.11 842 921 1.2x 1.2x 1.2x 7.5x 5.9x 5.6x TeleCommunication Systems Nasdaq:TSYS 3.29 2.08 3.47 195 276 0.8x 0.8x 0.7x 12.5x 7.9x 6.1x USA Mobility Nasdaq:USMO 15.40 12.58 19.50 334 241 1.2x 1.2x 1.2x 4.1x NM NM Myriad SWX:MYRN 2.21 1.39 2.99 203 202 4.7x NM NM NM NM NM Acotel BIT:ACO 23.27 22.37 35.59 96 71 0.5x 0.4x 0.4x NM 11.4x 6.5x High 4.7x 3.2x 2.8x 15.6x 11.4x 8.5x Mean 1.9x 1.4x 1.3x 10.0x 8.5x 7.0x Median 1.2x 1.2x 1.2x 10.0x 8.4x 6.7x Low 0.5x 0.4x 0.4x 4.1x 5.9x 5.6x Diversified Mobile Apple Nasdaq:AAPL 92.93 57.32 95.05 562,428 537,995 3.1x 2.9x 2.7x 9.3x 8.7x 8.2x Google Nasdaq:GOOGL 584.67 418.00 614.44 398,072 349,192 5.6x 5.3x 4.6x 18.8x 13.3x 11.1x Microsoft Nasdaq:MSFT 41.70 30.84 42.29 344,598 280,406 3.4x 3.0x 2.7x 8.7x 8.6x 8.1x Facebook Nasdaq:FB 67.29 24.15 72.59 174,098 161,861 18.2x 13.7x 10.4x 34.7x 22.1x 16.8x Twitter NYSE:TWTR 40.97 29.51 74.73 25,575 23,591 29.5x 18.6x 11.5x NM NM NM High 29.5x 18.6x 11.5x 34.7x 22.1x 16.8x Mean 11.9x 8.7x 6.4x 17.9x 13.2x 11.1x Median 5.6x 5.3x 4.6x 14.1x 11.0x 9.7x Low 3.1x 2.9x 2.7x 8.7x 8.6x 8.1x Handsets & Hardware Samsung KOSE:A005930 1,306.72 1,195.03 1,485.63 171,141 130,481 0.6x 0.6x 0.6x 2.6x 2.5x 2.4x Honeywell NYSE:HON 92.95 77.32 96.49 74,008 75,531 1.9x 1.9x 1.8x 11.6x 10.0x 9.2x LG Electronics KOSE:A066570 73.44 58.12 78.58 11,962 19,425 0.4x 0.3x 0.3x 6.5x 5.3x 5.0x Trimble Navigation Nasdaq:TRMB 36.95 24.90 40.17 9,907 10,417 4.5x 4.2x 3.8x 21.7x 20.8x 18.3x BlackBerry TSX:BB 10.26 5.43 11.80 5,327 3,982 0.8x 1.0x 1.0x NM 11.9x 16.8x HTC TSEC:2498 4.62 4.08 7.97 3,803 2,431 0.4x 0.4x 0.3x NM 13.4x 12.2x China Wireless SEHK:2369 0.28 0.15 0.35 1,200 1,068 0.4x 0.2x 0.2x 27.3x 7.5x 6.6x High 4.5x 4.2x 3.8x 27.3x 20.8x 18.3x Mean 1.3x 1.2x 1.1x 13.9x 10.2x 10.1x Median 0.6x 0.6x 0.6x 11.6x 10.0x 9.2x ______Low 0.4x 0.2x 0.2x 2.6x 2.5x 2.4x Source: Capital IQ

Confidential 35 Mobile Comparable Public Companies (Cont.) Trading Metrics ($ in millions, except per share data) Stock Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA Company Ticker 06/30/14 Low High Cap. Value LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E Wireless & Diversified Infrastructure QUALCOMM Nasdaq:QCOM 79.20 59.02 81.66 136,381 119,764 4.7x 4.4x 4.0x 13.9x 11.2x 10.4x Cisco Nasdaq:CSCO 24.85 20.22 26.49 128,086 98,526 2.1x 2.1x 2.0x 7.7x 6.0x 5.8x CCI Corp NYSE:CCI 74.26 66.73 78.00 24,657 36,046 11.4x 10.2x 9.8x 19.8x 17.3x 16.3x Ericsson OM:ERIC B 12.07 11.07 13.59 39,025 30,659 0.9x 0.9x 0.9x 6.4x 7.2x 6.4x Nokia HLSE:NOK1V 7.57 3.95 8.36 28,156 25,352 1.5x 1.5x 1.5x 10.7x 12.0x 10.6x Motorola Solutions NYSE:MSI 66.57 53.62 68.33 17,088 16,443 1.9x 2.0x 2.1x 10.8x 9.5x 9.1x Alcatel-Lucent ENXTPA:ALU 3.57 1.80 4.72 9,868 11,057 0.6x 0.6x 0.6x 10.3x 6.7x 5.2x Juniper Networks NYSE:JNPR 24.54 18.36 28.75 11,686 10,078 2.1x 2.0x 1.9x 12.4x 7.8x 6.7x ZTE Corp SZSE:000063 2.11 1.93 2.94 7,253 9,641 0.8x 0.7x 0.6x 15.4x 9.9x 9.2x Aruba Netorks Nasdaq:ARUN 17.52 15.42 23.58 2,018 1,718 2.5x 2.2x 1.9x NM 10.0x 8.2x Ruckus NYSE:RKUS 11.91 8.65 18.58 1,122 966 3.4x 2.9x 2.4x NM 24.0x 15.5x Aerohive NYSE:HIVE 8.22 8.00 12.23 404 391 3.4x 2.8x 2.2x NM NM NM High 11.4x 10.2x 9.8x 19.8x 24.0x 16.3x Mean 2.9x 2.7x 2.5x 11.9x 11.1x 9.4x Median 2.1x 2.0x 1.9x 10.8x 9.9x 9.1x Low 0.6x 0.6x 0.6x 6.4x 6.0x 5.2x Mobile Marketing and Advertising Opera Software OB:OPERA 13.34 7.22 15.49 1,830 1,747 5.4x 4.2x 3.1x 21.3x 15.7x 11.0x Marchex Nasdaq:MCHX 12.02 5.43 12.84 480 442 2.6x 2.4x 2.2x NM 30.4x 24.7x Millennial Media NYSE:MM 4.99 2.90 10.48 534 436 1.5x 1.3x 1.1x NM NM 17.3x InternetQ AIM:INTQ 4.76 3.68 7.06 185 179 1.2x 0.9x 0.8x 12.4x 5.9x 4.7x 1000mercis ENXTPA:ALMIL 67.15 60.40 70.85 209 151 2.7x 2.5x 2.2x 10.1x 8.8x 7.4x Voltari Nasdaq:VLTC 1.98 1.60 7.22 9 22 2.0x NM NM NM NM NM High 2.7x 2.5x 2.2x 12.4x 30.4x 24.7x Mean 2.0x 1.8x 1.6x 11.2x 15.0x 13.5x Median 2.0x 1.8x 1.6x 11.2x 8.8x 12.4x Low 1.2x 0.9x 0.8x 10.1x 5.9x 4.7x

______Source: Capital IQ

Confidential 36 Mobile Comparable Public Companies (Cont.) Operating Metrics ($ in millions, except per share data) LTM Revenue Growth LTM Revenue EBITDA Company Ticker As Of '13A-'14E '14E-'15E GM LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E Mobile Software & Solutions Amdocs Nasdaq:DOX Mar 2014 7% 4% 35% $3,447 $3,617 $3,750 $634 $725 $763 Convergys NYSE:CVG Mar 2014 43% 9% 35% 2,158 2,921 3,172 273 354 388 Synchronoss Nasdaq:SNCR Mar 2014 22% 17% 58% 369 427 499 89 144 170 CSG Nasdaq:CSGS Mar 2014 2% 4% 48% 755 765 794 122 157 165 TeleCommunication Systems Nasdaq:TSYS Mar 2014 1% 8% 39% 353 365 395 22 35 45 USA Mobility Nasdaq:USMO Mar 2014 (5%) 1% 73% 207 200 202 59 NA NA Myriad SWX:MYRN Dec 2013 NA NA 29% 43 NA NA NM NA NA Acotel BIT:ACO Mar 2014 17% 3% 76% 155 193 199 NM 6 11 Diversified Mobile Apple Nasdaq:AAPL Mar 2014 7% 6% 38% 176,035 185,696 197,491 57,795 61,663 65,309 Google Nasdaq:GOOGL Mar 2014 10% 16% 57% 62,294 65,535 75,755 18,582 26,294 31,414 Microsoft Nasdaq:MSFT Mar 2014 15% 9% 70% 83,347 94,724 103,354 32,127 32,646 34,681 Facebook Nasdaq:FB Mar 2014 50% 31% 80% 8,916 11,841 15,558 4,665 7,327 9,611 Twitter NYSE:TWTR Mar 2014 91% 61% 61% 801 1,271 2,043 NM 206 455 Handsets & Hardware Samsung KOSE:A005930 Mar 2014 2% 4% 40% 216,006 220,665 230,330 49,769 51,590 54,208 Honeywell NYSE:HON Mar 2014 4% 5% 28% 39,406 40,697 42,575 6,537 7,580 8,211 LG Electronics KOSE:A066570 Mar 2014 10% 4% 23% 54,886 60,496 63,203 2,993 3,649 3,921 Trimble Navigation Nasdaq:TRMB Apr 2014 9% 11% 57% 2,337 2,487 2,762 481 501 568 BlackBerry TSX:BB May 2014 (57%) 4% (11%) 4,708 3,845 4,000 NM 336 238 HTC TSEC:2498 Mar 2014 2% 3% 21% 6,365 6,942 7,153 NM 181 200 China Wireless SEHK:2369 Dec 2013 73% 21% 13% 2,531 4,389 5,293 39 143 163

______Source: Capital IQ

Confidential 37 Mobile Comparable Public Companies (Cont.) Operating Metrics ($ in millions, except per share data) LTM Revenue Growth LTM Revenue EBITDA Company Ticker As Of '13A-'14E '14E-'15E GM LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E Wireless & Diversified Infrastructure QUALCOMM Nasdaq:QCOM Mar 2014 8% 9% 59% 25,712 27,460 29,908 8,644 10,659 11,538 Cisco Nasdaq:CSCO Apr 2014 NM 5% 59% 47,202 47,793 49,971 12,871 16,489 16,926 CCI Corp NYSE:CCI Mar 2014 16% 5% 65% 3,158 3,520 3,680 1,820 2,083 2,213 Ericsson OM:ERIC B Mar 2014 (6%) 4% 35% 34,369 33,264 34,677 4,772 4,275 4,825 Nokia HLSE:NOK1V Mar 2014 (5%) 4% 44% 16,856 16,690 17,399 2,370 2,112 2,381 Motorola Solutions NYSE:MSI Mar 2014 (3%) (9%) 49% 8,524 8,414 7,695 1,523 1,739 1,798 Alcatel-Lucent ENXTPA:ALU Mar 2014 (7%) 3% 33% 19,753 18,543 19,156 1,072 1,643 2,107 Juniper Networks NYSE:JNPR Mar 2014 7% 5% 63% 4,780 4,982 5,239 813 1,290 1,509 ZTE Corp SZSE:000063 Mar 2014 13% 14% 29% 12,262 13,991 15,890 627 974 1,043 Aruba Netorks Nasdaq:ARUN Apr 2014 24% 15% 69% 679 788 905 16 173 209 Ruckus NYSE:RKUS Mar 2014 25% 21% 67% 281 329 396 7 40 62 Aerohive NYSE:HIVE Mar 2014 32% 24% 67% 116 141 175 NM NA NA Mobile Marketing and Advertising Opera Software OB:OPERA Mar 2014 38% 36% 44% 325 414 562 82 111 159 Marchex Nasdaq:MCHX Mar 2014 23% 10% 38% 168 187 205 8 15 18 Millennial Media NYSE:MM Mar 2014 28% 17% 40% 282 331 387 NM NA 25 InternetQ AIM:INTQ Dec 2013 35% 20% 53% 144 194 233 14 30 38 1000mercis ENXTPA:ALMIL Dec 2013 10% 12% 29% 55 61 69 15 17 20 Voltari Nasdaq:VLTC Mar 2014 NA NA 4% 11 NA NA NM NA NA

______Source: Capital IQ

Confidential 38 Disclaimer

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