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221221 221221 Expertise. Commitment. Results. 221221 Table of Contents

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178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245

Orange 3 Additional Monthly M&A and Investment Activity Data 42

241 184 0 4 About Petsky Prunier 57 245 232 184

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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 register 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 October 2014 M&A and Investment Summary for All Segments

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0 79 133

122 Transaction Distribution 141 181 . A total of 491 deals were announced in October 2014, of which 299 were worth $14.5 billion in aggregate reported value 178 186 213 . Software was the most active segment with 102 deals announced, of which 59 were reported at $2.3 billion in aggregate value 211 216 233 . Technology & Communications was the highest reported value segment with 64 transactions worth a reported $3.5 billion

234 235 . Strategic buyers announced 197 deals of which 43 were worth $7.4 billion in aggregate value 245

Orange . VC/Growth Capital investors announced 274 deals, of which 253 were reported for $5.7 billion

241 184 . Buyout investors announced 20 deals during the month, of which three were worth $1.4 billion in reported aggregate value 0

245 232 184 October 2014

Grey BUYER/INVESTOR BREAKDOWN

138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM

203 Software 102 21% $2,330.6 16% 43 $829.8 7 $925.6 52 $575.2 203 203 Digital Media/Commerce 97 20% 1,692.7 12% 22 270.4 0 - 75 1,422.3 Marketing Technology 92 19% 924.5 6% 33 52.3 2 300.0 57 572.2 221 221 221 Technology & Communications 64 13% 3,546.6 24% 26 3,000.3 0 - 38 546.3 Information & Business Services 57 12% 2,275.0 16% 30 1,127.2 8 - 19 1,147.8 Digital Advertising 36 7% 1,608.4 11% 11 402.2 1 130.0 24 1,076.2 Agency & Marketing Services 28 6% 438.4 3% 20 331.0 2 - 6 107.4 Traditional Media 15 3% 1,704.5 12% 12 1,422.5 0 - 3 282.0 Total 491 100% 14,520.7 100% 197 7,435.7 20 1,355.6 274 5,729.4

3 | M&A and Investment Summary October 2014 M&A and Investment Summary for All Segments

Blue

0 79 133

122 Transaction Distribution 141 181

178 . Compared to the previous month aggregate reported value in October decreased 61 percent from September 2014 and increased 59 186 213 percent from October 2013

211 216 . Strategic activity accounted for 51 percent of reported deal value during the month and included: 233

234 235 • Danaher’s $2.6 billion purchase of NetScout Systems, a provider of network applications 245

Orange • UBM’s $972 million acquisition of trade show organizer Advanstar, at a valuation of 4.6x revenue

241 184 • The $540 million purchase of Relias Learning, which is a provider of subscription training software for the healthcare sector , by 0 Bertelsmann from Vista Equity Partners 245 232 184 • Investcorp’s $300 million purchase of workforce management and software service provider PRO Unlimited Grey

138 • $190 million dollar purchase of mobile advertising technology provider Fyber by RNTS Media 138 138 $90.0 $500.0 203 $81.5 203 $80.0 203 WhatsApp $400.0 $70.0 /Facebook $65.1 221 221 221 $60.0 $300.0 $50.0 Time AT&T/ $38.7 $40.0 Warner DirecTV $37.5 Cable/Co $32.5 $200.0 $30.0 mcast $22.4 $24.8 $20.0 $18.4 $14.7 $12.4 $14.5 $100.0 $8.4 $11.7 $10.0 309 293 301 384 444 406 427 395 372 441 314 428 491 $- $- Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14

4 | M&A and Investment Summary October 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions)

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0 79 133 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

122 Marketing Technology 141 181 Kulu Valley Content Management Qumu, Inc. $ 15.0 $ 5.6 $ - 2.7x NA

178 Technology & Communications 186 213 Xceed Technologies, Inc. Networking Equipment Anite plc 35.0 11.8 1.6 3.0x 21.9x Traditional Media 211 216 Advanstar Communications B-to-B Media UBM plc 972.0 211.3 - 4.6x NA 233 Sun Media Corporation, English Language Operations Newspaper Publishing Postmedia Network Canada Corporation 316.0 456.6 87.8 0.7x 3.6x 234 235 245

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5 | M&A and Investment Summary October 2014 Securities in Registration ($ in Millions)

Blue Aggregate LTM 0 Date Company Name Country Segment Offering Value Rev EBITDA 79 133 Oct-14 Sidoti & Co. United States Information & Business Services $ 35.0 $ 35.0 NA

122 141 Oct-14 Connecture, Inc. United States Digital Media/Commerce 86.3 NA NA 181 Sep-14 Upland Software, Inc. United States Software 50.0 54.4 2.7 178 186 Aug-14 LendingClub Corporation United States Technology & Communications 500.0 147.7 NA 213 Jun-14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA 211 216 May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA 233 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 234 235 245 Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3

Mar-14 Box, Inc. United States Software 250.0 124.1 (142.5) Orange

241 Mar-14 Globoforce Group plc Ireland Software NA NA NA 184 0 Jun-12 goldenTech SA Switzerland Software 5.2 NA NA

245 Apr-12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) 232 184 Mar-12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1)

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6 | M&A and Investment Summary October 2014 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 Aug 31, 2014 1st Trading Day

Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China $12.00-$14.00 $15.00 $19.05, up 27% $20.59 8.1%

Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 43.22 16.8%

Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up flat 19.38 10.1%

Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 11.35 10.7%

Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 13.89 20.8%

Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 83.85 52.5%

Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.65 (9.8%)

Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.01 (6.3%)

Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 11.59 5.2%

Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 15.37 4.9%

May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 26.37 87.0%

May-14 NasdaqGS:JD JD.com, Inc. China 16.00-18.00 19.00 22.80, up 20% 31.92 40.0%

May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 30.57 19.8%

May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 20.67 98.0%

May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 27.19 102.5% Apr-14 NasdaqGM:FIVN Five9, Inc. United States 9.00-11.00 7.00 8.25, up 18% 5.87 (28.8%)

Apr-14 NYSE:GRUB GrubHub Inc. United States 23.00-25.00 26.00 34.00, up 31% 38.44 13.1%

Apr-14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00-21.00 20.00 23.90, up 20% 27.90 16.7%

Apr-14 NYSE:PAYC Paycom Software, Inc. United States 18.00-20.00 15.00 15.00, flat 17.92 19.5%

Apr-14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States 11.00-13.00 9.50 12.00, up 26% 6.01 (49.9%)

Apr-14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00-17.00 15.00 20.04, up 34% 9.74 (51.4%)

Apr-14 NasdaqGS:WB Weibo Corporation China 17.00-19.00 17.00 20.24, up 19% 19.92 (1.6%)

Mar-14 NYSE:ATEN A10 Networks, Inc. United States 13.00-15.00 15.00 16.21, up 8% 11.66 (28.1%)

Mar-14 NYSE:AMBR Amber Road, Inc. United States 10.50-12.50 13.00 11.50, down 11% 15.00 30.4%

Mar-14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00-11.00 10.00 9.99, down 1% 7.97 (20.2%)

Mar-14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00-16.00 16.00 20.10, up 26% 14.01 (30.3%)

Mar-14 NYSE:CSLT Castlight Health, Inc. United States 13.00-15.00 16.00 38.85, up 143% 11.91 (69.3%)

Mar-14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00-28.00 28.00 29.50, up 5% 34.37 16.5%

Mar-14 NYSE:COUP Coupons.com Incorporated United States 12.00-14.00 16.00 30.00, up 88% 15.28 (49.1%)

Mar-14 NYSE:EVDY Everyday Health, Inc. United States 13.00-15.00 14.00 14.50, flat 14.56 0.4%

LTM IPO Performance (1/2)

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Orange Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 52.01 40.6%

241 Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up 26% 20.40 15.9% 184 0 Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 12.61 23.0%

245 Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 15.54 35.1% 232 184 Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 81.25 47.7%

Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 15.59 (4.1%) Grey Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.54 (4.3%) 138 138 Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 10.06 (8.7%) 138 Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 13.80 (5.8%) 203 203 May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 19.82 40.6% 203 May-14 NasdaqGS:JD JD.com, Inc. China 16.00-18.00 19.00 22.80, up 20% 23.89 4.8% 221 221 May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 26.92 5.5% 221 May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 16.80 60.9%

May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 26.00 93.6%

Apr-14 NasdaqGM:FIVN Five9, Inc. United States 9.00-11.00 7.00 8.25, up 18% 4.40 (46.7%)

Apr-14 NYSE:GRUB GrubHub Inc. United States 23.00-25.00 26.00 34.00, up 31% 36.36 6.9%

Apr-14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00-21.00 20.00 23.90, up 20% 24.25 1.5%

Apr-14 NYSE:PAYC Paycom Software, Inc. United States 18.00-20.00 15.00 15.00, flat 17.75 18.3%

Apr-14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States 11.00-13.00 9.50 12.00, up 26% 6.99 (41.8%)

Apr-14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00-17.00 15.00 20.04, up 34% 11.46 (42.8%)

Apr-14 NasdaqGS:WB Weibo Corporation China 17.00-19.00 17.00 20.24, up 19% 18.51 (8.5%) 7 | M&A and Investment Summary October 2014 LTM IPO Performance (2/2)

Blue

0 79 133 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 Oct 31, 2014 1st Trading Day 122 141 181 Mar-14 NYSE:ATEN A10 Networks, Inc. United States $13.00-$15.00 $15.00 $16.21, up 8% $4.40 (72.9%) Mar-14 NYSE:AMBR Amber Road, Inc. United States 10.50-12.50 13.00 11.50, down 11% 13.35 16.1% 178 186 Mar-14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00-11.00 10.00 9.99, down 1% 5.00 (49.9%) 213 Mar-14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00-16.00 16.00 20.10, up 26% 10.96 (45.5%) 211 216 Mar-14 NYSE:CSLT Castlight Health, Inc. United States 13.00-15.00 16.00 38.85, up 143% 12.51 (67.8%) 233 Mar-14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00-28.00 28.00 29.50, up 5% 30.43 3.2% 234 235 Mar-14 NYSE:COUP Coupons.com Incorporated United States 12.00-14.00 16.00 30.00, up 88% 13.92 (53.6%) 245 Mar-14 NYSE:EVDY Everyday Health, Inc. United States 13.00-15.00 14.00 14.50, flat 13.67 (5.7%) Orange Mar-14 NYSE:KING King Digital Entertainment plc Ireland 21.00-24.00 22.50 19.00, down 15% 11.40 (36.9%) 241 184 Mar-14 NasdaqGS:PCTY Paylocity Holding Corporation United States 14.00-16.00 17.00 28.50, up 68% 24.50 (14.0%) 0 Mar-14 NYSE:QTWO Q2 Holdings, Inc. United States 11.00-13.00 13.00 16.68, up 28% 15.09 (9.5%) 245 232 Mar-14 NYSE:TNET TriNet Group, Inc. United States 15.00-17.00 16.00 19.10, up 19% 29.92 56.6% 184 Mar-14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00-21.00 22.00 44.56, up 103% 19.48 (56.3%)

Grey Jan-14 NYSE:CRCM Care.com, Inc. United States 14.00-16.00 17.00 24.30, up 43% 8.30 (65.8%) 138 Dec-13 NYSE:ATHM Autohome Inc. China 14.00-16.00 17.00 26.95, up 58% 52.89 96.3% 138 138 Dec-13 NYSE:NMBL Nimble Storage, Inc. United States 18.00-20.00 21.00 33.81, up 61% 27.36 (19.1%) 203 Nov-13 NYSE:CUDA Barracuda Networks, Inc. United States 18.00-21.00 18.00 21.55, up 20% 32.15 49.2% 203 203 Nov-13 NYSE:CHGG Chegg, Inc. United States 9.50-11.50 12.50 9.64, down 23% 6.65 (31.0%) 221 Nov-13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00-17.00 10.00 9.55, down 4.5% 12.26 28.4% 221 221 Nov-13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50-11.50 11.22 13.35, up 19% 6.71 (49.7%) Nov-13 NYSE:TWTR Twitter, Inc. United States 23.00-25.00 26.00 44.90, up 73% 41.47 (7.6%) Nov-13 NasdaqGS:WIX Wix.com Ltd. Israel 14.50-16.50 16.50 16.31, down 1% 16.99 4.2%

Nov-13 NasdaqGS:ZU zulily, Inc. United States 18.00-20.00 22.00 37.70, up 71% 36.38 (3.5%)

8 | M&A and Investment Summary October 2014 Digital Media/Commerce

Blue

0 79 133

122 . Of the total $1.7 billion in value reported in the Digital Media/Commerce segment, $270 million in strategic transactions was reported, 141 181 while another $1.4 billion of Venture/Growth Capital investments was made

178 186 213 . Mobile Content/Apps was the most active subsegment across all segments with 38 transactions announced, of which 18 were reported

211 for $872 million 216 233 . Select acquisitions: 234 235 245 • Intertain Group’s $126 million acquisition of online gaming company Vera&John

Orange

241 • Facebook’s $95 million purchase of CinemaWell.com, which provides a social network of cinemas that connects movie authors with 184 0 audiences

245 232 . Select investments: 184

Grey • Tencent’s $350 million investment in China-based mobile shopping marketplace Koudai Gouwu

138 138 138 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 203 # % $MM % # $MM # $MM # $MM Mobile Content/Apps 38 39% $872.0 52% 8 $23.6 0 - 30 $848.4 221 221 eCommerce 21 22% 227.7 13% 5 7.0 0 - 16 220.7 221 Social Media/Apps 19 20% 202.7 12% 5 113.7 0 - 14 89.0 Niche Content 9 9% 90.9 5% 3 - 0 - 6 90.9 Classifieds/Auctions/P-to-P 8 8% 153.3 9% 0 - 0 - 8 153.3 Gaming 2 2% 146.1 9% 1 126.1 0 - 1 20.0 Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Virtual Goods 0 0% - 0% 0 - 0 - 0 - Total 97 100% 1,692.7 100% 22 270.4 0 0.0 75 1,422.3

9 | M&A and Investment Summary October 2014 Digital Media/Commerce Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 1-800-Flowers.com Inc. United States $8.03 -7% $ 513.5 $ 576.2 $ 760.0 $ 44.4 5.8% 2.8% 0.8x 13.0x 58.com Inc. * China 39.57 -33% 3,343.6 2,929.3 199.7 28.9 14.5% 86.7% 14.7x 101.3x 178 Alibaba Group Holding Limited China 98.60 -2% 243,370.0 244,510.0 57,497.0 29,646.0 51.6% 0.0% 4.3x 8.2x 186 213 Amazon.com Inc. United States 305.46 -25% 141,429.8 137,645.8 85,246.0 3,890.0 4.6% 21.5% 1.6x 35.4x AOL Inc. United States 43.53 -18% 3,376.5 3,488.5 2,430.4 441.2 18.2% 9.9% 1.4x 7.9x 211 Baidu, Inc. China 238.77 1% 83,098.0 78,902.8 44,525.0 16,095.9 36.2% 54.8% 1.8x 4.9x 216 Blucora, Inc. United States 16.95 -44% 697.1 666.9 649.2 113.9 17.5% 37.3% 1.0x 5.9x 233 Blue Nile Inc. United States 35.50 -28% 408.8 377.1 462.0 16.5 3.6% 5.0% 0.8x 22.9x 234 CafePress Inc. United States 3.09 -56% 51.6 34.0 240.5 3.7 1.5% 2.0% 0.1x 9.2x 235 Care.com, Inc. * United States 8.30 -72% 271.6 188.5 105.7 (34.8) NM 41.1% 1.8x NM 245 CDW Corporation United States 30.84 -9% 5,186.1 8,396.3 11,335.9 756.4 6.7% 8.8% 0.7x 11.1x Chegg, Inc. United States 6.65 -41% 527.2 468.0 277.6 17.4 6.3% 16.8% 1.7x 26.8x Orange Copart, Inc. United States 33.44 -11% 4,221.5 4,367.5 1,163.5 393.2 33.8% 11.2% 3.8x 11.1x

241 Cupid plc * United Kingdom 0.28 -60% 19.8 8.4 17.3 (4.5) NM -43.6% 0.5x NM 184 CyberAgent Inc. Japan 4,250.00 -23% 265,595.3 251,012.3 189,691.0 23,093.0 12.2% 19.0% 1.3x 10.9x 0 Demand Media, Inc. United States 7.04 -77% 128.1 70.2 372.4 18.1 4.9% -7.6% 0.2x 3.9x DeNA Co., Ltd. Japan 1,416.00 -44% 183,491.0 134,747.0 164,974.0 51,855.0 31.4% -20.3% 0.8x 2.6x 245 232 eBay Inc. United States 52.50 -12% 65,224.3 62,439.3 17,511.0 4,962.0 28.3% 12.9% 3.6x 12.6x 184 E-Commerce China Dangdang Inc. China 13.13 -31% 1,032.1 771.2 7,194.3 39.9 0.6% 25.6% 0.1x 19.3x eLong Inc. * China 19.40 -19% 689.8 398.6 1,096.5 (139.5) NM 27.8% 0.4x NM Grey Everyday Health, Inc. United States 13.67 -31% 413.5 398.4 167.1 14.9 8.9% 0.0% 2.4x 26.8x Expedia Inc. United States 84.97 -5% 10,289.3 10,024.7 5,559.5 862.3 15.5% 21.0% 1.8x 11.6x 138 138 Facebook, Inc. United States 74.99 -8% 205,863.7 191,891.7 11,201.0 6,194.0 55.3% 63.0% 17.1x 31.0x 138 FTD Companies, Inc. United States 35.18 -2% 659.4 815.9 630.7 58.0 9.2% 1.1% 1.3x 14.1x Forgame Holdings Limited China 14.52 -77% 1,844.6 448.3 946.8 179.3 18.9% -5.6% 0.5x 2.5x 203 G5 Entertainment AB (publ) * Sweden 24.60 -45% 216.5 191.3 130.4 (8.7) NM 38.4% 1.5x NM 203 203 GameLoft SE France 4.10 -51% 351.3 294.2 235.2 26.5 11.3% 5.7% 1.3x 11.1x Geeknet, Inc. * United States 9.52 -52% 64.5 19.3 142.8 (1.7) NM 14.1% 0.1x NM 221 Glu Mobile, Inc. * United States 3.87 -49% 347.6 293.3 185.1 0.3 0.2% 90.7% 1.6x NM 221 221 Google Inc. United States 567.87 -8% 382,240.7 330,823.7 67,911.0 19,960.0 29.4% 25.2% 4.9x 16.6x Gree, Inc. Japan 776.00 -43% 183,711.1 129,195.1 125,598.0 42,098.0 33.5% -17.5% 1.0x 3.1x GrubHub Inc. * United States 36.36 -21% 2,868.5 2,590.8 229.6 58.1 25.3% 108.9% 11.3x 44.6x Hollywood Media Corp. * United States 1.11 -42% 25.1 2.2 0.4 (4.8) NM -31.1% 5.2x NM HSN, Inc. United States 66.07 -4% 3,427.8 3,540.0 3,451.4 297.8 8.6% 3.1% 1.0x 11.9x IAC/InterActiveCorp United States 67.69 -16% 5,586.1 5,651.0 3,003.2 496.3 16.5% -2.0% 1.9x 11.4x iDreamSky Technology Limited China 16.31 -37% 677.6 652.2 398.6 83.1 20.8% 0.0% 1.6x 7.9x International Game Technology United States 16.39 -16% 4,053.2 5,805.3 2,154.0 664.5 30.8% -8.0% 2.7x 8.7x iProperty Group Limited * Malaysia 2.42 -40% 439.7 424.7 22.4 0.3 1.4% 43.8% 19.0x NM j2 Global, Inc. United States 54.09 -3% 2,581.9 2,517.9 544.7 226.3 41.5% 21.0% 4.6x 11.1x Jiayuan.com International Ltd. China 5.43 -39% 164.5 75.0 541.4 37.1 6.9% 19.0% 0.1x 2.0x JobStreet Corp. Bhd. * Malaysia 2.61 -12% 1,829.0 1,779.9 7.8 5.3 68.1% NM 228.0x NM Jumei International Holding Limited China 26.92 -32% 3,475.2 2,897.9 572.5 79.1 13.8% 0.0% 5.1x 36.6x King Digital Entertainment plc Ireland 11.40 -51% 3,619.4 2,787.2 2,423.2 878.7 36.3% 213.8% 1.2x 3.2x 10 | M&A and Investment Summary October 2014 Digital Media/Commerce Public Company Valuation (2/3) Blue

11 | M&A and Investment Summary October 2014 Digital Media/Commerce Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Vipshop Holdings Limited * China 229.29 0% $ 12,474.1 $ 11,930.4 $ 2,566.1 $ 105.2 4.1% 129.6% 4.6x 113.4x WebMD Health Corp. United States 42.68 -20% 1,525.8 1,696.7 551.4 99.1 18.0% 12.9% 3.1x 17.1x 178 Weibo Corporation * China 18.51 -29% 3,558.2 3,079.8 269.6 1.0 0.4% 0.0% 11.4x NM 186 213 XO Group Inc. United States 12.73 -19% 342.3 262.9 137.3 14.6 10.6% 4.7% 1.9x 18.0x Yahoo! Inc. * United States 46.05 0% 45,083.0 35,231.2 4,630.9 720.7 15.6% -2.7% 7.6x 48.9x 211 Yandex N.V. Netherlands 28.62 -37% 8,919.2 8,959.1 48,186.0 18,582.0 38.6% 33.0% 0.2x 0.5x 216 233 YY Inc. China 82.86 -14% 4,418.5 4,018.3 2,606.8 830.9 31.9% 113.7% 1.5x 4.8x zulily, Inc. * United States 36.38 -51% 4,428.5 4,117.9 946.6 23.6 2.5% 98.7% 4.4x 174.2x 234 Wayfair Inc. * United States 25.10 -32% 2,019.3 1,902.7 1,106.8 (51.6) NM 0.0% 1.7x NM 235 245 Zynga, Inc. * United States 2.55 -57% 2,150.1 1,422.8 700.2 (17.8) NM -37.6% 2.0x NM

Average 3.3x 14.5x Orange

241 184 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (53.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (52.3x) 0 *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

245 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 232 184

Grey

138 138 138

203 203 203

221 221 221

12 | M&A and Investment Summary October 2014 Digital Advertising

Blue

0 79 133

122 . There were a total of 36 transactions announced in the Digital Advertising segment worth a total of $1.6 billion in aggregate reported 141 181 value

178 186 213 . Select acquisitions:

211 216 • RNTS Media’s $190 million acquisition of Fyber, which provides mobile advertising technology 233

234 • White Mountains Insurance Group’s $280 million majority stake purchase of TRANZACT, a provider of end-to-end online and offline 235 245 customer acquisition solutions (Petsky Prunier-led transaction)

Orange

241 • The Great Hill Partners $130 million majority stake acquisition of Momondo Group, an online travel search company 184 0 . Select Investments: 245 232 184 • Softbank’s $627 million investment in India-based eCommerce marketplace SnapDeal

Grey DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Mobile Marketing 11 31% $295.8 18% 3 $206.6 0 - 8 $89.2 203 Local Search 7 19% 293.2 18% 2 - 0 - 5 293.2 221 221 Digital Promotion/Coupon 4 11% 652.2 41% 1 - 0 - 3 652.2 221 Digital Video 4 11% 3.7 0% 2 - 0 - 2 3.7 Ad Networks/Exchanges 3 8% 22.7 1% 1 17.6 0 - 2 5.1 Online Lead Generation 2 6% 183.0 11% 1 178.0 0 - 1 5.0 Vertical Search 2 6% 26.0 2% 0 - 0 - 2 26.0 Other* 3 8% 131.8 8% 1 - 1 0.0 1 1.8 Total 36 100% 1,608.4 100% 11 402.2 1 130.0 24 1,076.2 *Other includes Comparison Shopping, Game Advertising, and Search Marketing

13 | M&A and Investment Summary October 2014 Digital Advertising Public Company Valuation (1/2)

Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Angie's List, Inc. United States $6.97 -65% $ 388.6 $ 368.9 $ 301.6 $ (14.8) NM 35.2% 1.2x NM AOL Inc. United States 43.53 -18% 3,376.5 3,488.5 2,430.4 441.2 18.2% 9.9% 1.4x 7.9x 178 Autobytel Inc. United States 9.24 -51% 83.4 82.1 95.2 7.2 7.5% 35.2% 0.9x 11.5x 186 213 Bankrate, Inc. United States 10.86 -49% 1,106.0 1,227.0 510.6 118.6 23.2% 20.4% 2.4x 10.3x Blinkx plc United States 0.28 -88% 112.2 36.1 247.2 30.9 12.5% 24.9% 0.1x 1.2x 211 Blucora, Inc. United States 16.95 -44% 697.1 666.9 649.2 113.9 17.5% 37.3% 1.0x 5.9x 216 Conversant, Inc. United States 35.25 0% 2,258.7 2,240.2 593.8 197.7 33.3% 6.0% 3.8x 11.3x 233 Coupons.com Incorporated United States 13.92 -58% 1,026.9 828.4 195.5 (12.9) NM 0.0% 4.2x NM 234 Criteo SA France 30.69 -50% 1,833.0 1,518.7 567.5 42.4 7.5% 60.8% 2.7x 35.8x 235 Ctrip.com International Ltd. China 58.30 -16% 8,157.9 7,869.0 6,285.4 773.0 12.3% 34.3% 1.3x 10.2x 245 Demand Media, Inc. United States 7.04 -77% 128.1 70.2 372.4 18.1 4.9% -7.6% 0.2x 3.9x Dice Holdings, Inc. United States 9.97 6% 501.2 587.3 253.3 71.5 28.2% 21.9% 2.3x 8.2x Orange Digital Globe Services Inc. United States 1.56 -45% 46.7 46.7 38.9 4.0 10.2% 52.5% 1.2x 11.8x 241 eHealth, Inc. United States 24.95 -61% 401.5 343.5 188.9 12.1 6.4% 10.9% 1.8x 28.4x 184 Facebook, Inc. United States 74.99 -8% 205,863.7 191,891.7 11,201.0 6,194.0 0 * 55.3% 63.0% 17.1x 31.0x Google Inc. United States 567.87 -8% 382,240.7 330,823.7 67,911.0 19,960.0 29.4% 25.2% 4.9x 16.6x 245 Groupon, Inc. United States 7.31 -41% 4,016.8 3,161.6 3,034.7 90.9 3.0% 24.2% 1.0x 34.8x 232 Hi-Media S.A. France 2.54 -14% 114.2 41.4 178.1 2.1 1.2% -4.7% 0.2x 19.5x 184 HomeAway, Inc. United States 34.90 -29% 3,200.8 2,725.5 400.4 65.5 16.3% 28.8% 6.8x 41.6x IAC/InterActiveCorp United States 67.69 -16% 5,586.1 5,651.0 3,003.2 496.3 16.5% -2.0% 1.9x 11.4x Grey InternetQ PLC United Kingdom 2.60 -37% 103.5 101.5 127.1 14.3 11.3% 52.1% 0.8x 7.1x 138 Just Dial Limited * India 1,500.15 -21% 105,266.6 99,405.6 5,265.0 1,460.2 27.7% 28.2% 18.9x 68.1x 138 138 LeGuide.com S.A. France 31.01 -22% 112.1 83.1 42.5 3.7 8.8% -11.9% 2.0x 22.3x MakeMyTrip Limited India 30.14 -17% 1,193.2 1,126.8 286.2 (6.8) NM 17.5% 3.9x NM 203 Millennial Media Inc. United States 2.05 -76% 209.8 117.5 292.7 (13.8) NM 38.2% 0.4x NM 203 203 Monster Worldwide, Inc. United States 3.86 -55% 342.9 516.2 788.1 86.2 10.9% -6.6% 0.7x 6.0x Move, Inc. * United States 20.95 -1% 846.6 813.4 234.6 6.9 2.9% 9.7% 3.5x 118.4x 221 Opera Software ASA * Norway 84.40 -11% 11,875.1 11,347.5 415.9 94.3 22.7% 53.3% 27.3x 120.3x 221 221 Pacific Online Ltd. China 4.20 -38% 4,667.7 4,313.9 910.5 339.8 37.3% 20.1% 4.7x 12.7x QuinStreet, Inc. United States 4.05 -56% 195.3 152.5 274.8 2.5 0.9% -9.4% 0.6x 60.3x ReachLocal, Inc. United States 4.53 -68% 129.8 65.2 514.0 (7.5) NM 5.5% 0.1x NM RetailMeNot, Inc. United States 21.06 -57% 1,108.1 930.2 246.7 71.9 29.1% 46.0% 3.8x 12.9x Rightmove plc United Kingdom 21.10 -25% 2,057.5 2,051.4 153.2 112.0 73.1% 19.0% 13.4x 18.3x Rocket Fuel Inc. United States 15.62 -78% 552.9 383.5 315.1 (17.2) NM 97.4% 1.2x NM Rovi Corporation United States 20.88 -18% 1,934.4 2,650.4 555.7 194.8 35.1% 19.8% 4.8x 13.6x The Rubicon Project, Inc. United States 11.46 -51% 407.8 303.8 111.6 (8.9) NM 48.5% 2.7x NM Septeni Holdings Co., Ltd. Japan 1,120.00 -28% 28,405.9 22,749.9 52,332.0 2,512.0 4.8% 17.6% 0.4x 9.1x TiVo Inc. United States 13.05 -9% 1,508.2 898.0 442.5 68.4 15.4% 25.2% 2.0x 13.1x TradeDoubler AB Sweden 7.75 -61% 328.1 192.8 1,839.2 8.8 0.5% -12.9% 0.1x 22.0x Travelzoo Inc. United States 13.09 -51% 192.8 135.6 148.1 21.6 14.6% -6.2% 0.9x 6.3x Tree.Com, Inc. United States 36.99 -1% 414.6 326.9 155.9 12.2 7.8% 38.3% 2.1x 26.8x Tremor Video, Inc. United States 2.35 -78% 111.3 27.6 150.1 (14.2) NM 22.1% 0.2x NM 14 | M&A and Investment Summary October 2014 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 TripAdvisor Inc. United States 88.66 -20% $ 12,659.3 $ 12,374.3 $ 1,071.7 $ 331.8 181 31.0% 24.7% 11.5x 37.3x TrueCar, Inc. United States 16.80 -33% 1,293.3 1,181.5 172.1 (30.2) NM 0.0% 6.9x NM 178 Trulia, Inc. United States $46.65 -31% 1,740.5 1,758.5 235.4 (23.9) NM 105.5% 7.5x NM 186 TubeMogul, Inc. United States 15.54 -10% 462.8 452.2 85.7 (0.7) 213 NM 0.0% 5.3x NM Twitter, Inc. * United States 41.47 -45% 25,158.1 23,036.2 1,166.6 (778.4) NM 118.3% 19.7x NM 211 Velti Plc Ireland 0.02 -89% 1.8 14.2 232.1 (136.5) NM -1.6% 0.1x NM 216 Voltari Corporation United States 1.48 -70% 7.0 25.2 11.7 (16.2) NM 363.1% 2.2x NM 233 Web.com Group, Inc. United States 20.53 -46% 1,077.8 1,590.4 528.3 106.2 20.1% 16.6% 3.0x 15.0x 234 Yahoo! Inc. United States 46.05 -1% 45,083.0 6,509.9 4,630.9 720.7 15.6% -2.7% 1.4x 9.0x 235 Yelp, Inc. United States 60.00 -41% 4,351.1 3,987.0 338.3 14.6 245 * 4.3% 66.2% 11.8x 273.4x Yandex N.V. Netherlands 28.62 -37% 9,110.2 9,150.0 1,120.7 432.2 38.6% 33.0% 8.2x 21.2x Youku Tudou Inc. China 19.60 -48% 4,082.4 2,447.9 559.2 61.7 Orange 11.0% 42.0% 4.4x 39.7x YuMe, Inc. * United States 4.99 -47% 162.9 102.0 167.9 1.3 0.8% 26.8% 0.6x 80.4x 241 Zhaopin Ltd. China 13.80 -18% 689.2 591.3 173.0 40.7 23.5% 22.0% 3.4x 14.5x 184 0 Zillow, Inc. * United States 108.73 -34% 4,355.8 3,997.7 256.6 (5.0) NM 68.6% 15.6x NM

245 Average 3.1x 18.4x 232 184 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.0x) *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 Grey *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 138 138 138

203 203 203

221 221 221

15 | M&A and Investment Summary October 2014 Marketing Technology

Blue

0 79 133

122 . Analytics & Targeting was the most active Marketing Technology subsegment with 21 transactions announced, worth a total of $102 141 181 million in aggregate reported value. MRM/Workflow Management was the highest reported value subsegment with seven deals worth

178 $307 million 186 213

211 . Select acquisitions: 216 233 • Investcorp’s $300 million purchase of PRO Unlimited, a provider of workforce management software and services 234 235 245 . Select investments:

Orange

241 • MasterCard’s $185 million investment in Mozido, a provider of real-time customer analytics 184 0 • Bain Capital’s $55 million investment in Infusionsoft, a provider of email marketing and customer relationship management 245 232 solutions for small businesses 184

Grey MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 Analytics & Targeting 21 23% $101.8 11% 7 - 0 - 14 $101.8 203 203 Commerce Management 10 11% 25.4 3% 4 - 0 - 6 25.4 221 Social Technology 10 11% 48.7 5% 1 - 0 - 9 48.7 221 221 Content Management 9 10% 63.1 7% 3 15.0 0 - 6 48.1 Mobile Technology 9 10% 209.4 23% 4 - 0 - 5 209.4 BI Tools 8 9% 32.2 3% 6 18.3 0 - 2 13.9 MRM/Workflow Management 7 8% 307.3 33% 3 - 2 300.0 2 7.3 Other* 18 20% 136.6 15% 5 19.0 0 - 13 26.8 Total 92 100% 924.5 100% 33 52.3 2 300.0 57 572.2

*Other includes Ad Serving, Content Delivery Network, CRM, Email/Messaging Software, Media Management System, Product/Price Software, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, and Website Creation/Hosting

16 | M&A and Investment Summary October 2014 Marketing Technology Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Actuate Corporation United States 4.29 -47% 198.9 139.9 115.3 2.5 2.2% -16.2% 1.2x 56.1x Adobe Systems Inc. United States 70.12 -6% 34,971.6 32,959.6 4,115.4 720.6 17.5% -1.2% 8.0x 45.7x 178 Bazaarvoice, Inc. United States 7.45 -22% 574.4 508.8 173.8 (30.2) NM 14.7% 2.9x NM 186 213 Bitauto Holdings Limited China 83.72 -15% 3,269.6 3,091.7 1,737.6 409.2 23.5% 43.7% 1.8x 7.6x Blackbaud Inc. United States 44.50 3% 1,901.8 2,019.0 546.5 99.1 18.1% 11.8% 3.7x 20.4x 211 Borderfree, Inc. * United States 10.96 -48% 349.4 228.7 116.6 1.3 1.1% 17.4% 2.0x 182.7x 216 233 Brightcove, Inc. United States 6.41 -60% 173.7 153.3 123.4 (2.0) NM 18.1% 1.2x NM ChannelAdvisor Corporation United States 13.89 -72% 336.1 256.1 77.2 (23.4) NM 28.9% 3.3x NM 234 ChinaCache International Holdings China 10.30 -65% 228.0 137.9 1,284.9 40.6 3.2% 39.3% 0.1x 3.4x 235 Ltd. 245 Constant Contact, Inc. United States 35.36 3% 1,082.1 927.6 318.6 37.0 11.6% 15.1% 2.9x 25.1x Covisint Corporation United States 2.80 -80% 112.2 68.0 91.8 (35.2) NM -6.4% 0.7x NM Orange Cvent, Inc. * United States 25.94 -41% 1,060.0 869.6 125.4 5.8 4.6% 29.6% 6.9x 149.9x Dealertrack Technologies, Inc. United States 47.05 -20% 2,468.8 3,061.6 634.3 76.2 12.0% 46.9% 4.8x 40.2x 241 Demandware, Inc. United States 59.95 -27% 2,058.6 1,802.9 128.3 (17.5) NM 44.5% 14.1x NM 184 0 Digital River Inc. United States 25.57 -1% 815.2 564.5 375.3 36.4 9.7% -2.9% 1.5x 15.5x E2open, Inc. United States 5.84 -80% 167.1 142.8 76.6 (24.8) NM 9.2% 1.9x NM 245 eBay Inc. United States 52.50 -12% 65,224.3 62,439.3 17,511.0 4,962.0 28.3% 12.9% 3.6x 12.6x 232 184 Endurance International Group United States 16.62 -2% 2,120.2 3,203.2 567.1 82.8 14.6% 25.6% 5.6x 38.7x HubSpot,Holdings, Inc. Inc. United States 35.63 2% 1,046.0 1,043.9 93.8 (33.5) NM 0.0% 11.1x NM Grey Five9, Inc. United States 4.40 -53% 207.7 163.5 93.7 (24.8) NM 0.0% 1.7x NM Informatica Corporation United States 35.66 -19% 3,922.7 3,268.0 1,020.2 190.7 18.7% 12.5% 3.2x 17.1x 138 Infosystems S.A. Poland 2.50 -29% 10.3 9.5 8.7 8.1 138 92.9% -0.9% 1.1x 1.2x 138 Interactive Intelligence Group Inc. * United States 48.26 -41% 1,012.2 939.0 328.0 10.7 3.3% 17.4% 2.9x 87.7x IBM Corporation United States 164.40 -17% 162,700.1 198,974.1 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.1x 203 Jive Software, Inc. United States 6.11 -48% 424.2 331.3 161.1 (56.8) NM 23.4% 2.1x NM 203 203 LivePerson Inc. * United States 14.40 -6% 774.4 703.2 191.0 8.2 4.3% 13.8% 3.7x 85.3x Marin Software Incorporated United States 8.95 -29% 297.3 218.0 88.6 (27.0) NM 30.5% 2.5x NM 221 Marketo, Inc. United States 32.27 -28% 1,291.3 1,179.7 135.8 (44.2) 221 NM 60.5% 8.7x NM 221 Mercadolibre, Inc. Argentina 136.15 -1% 5,086.5 4,967.7 529.8 192.5 36.3% 19.9% 9.4x 25.8x MicroStrategy Inc. * United States 160.88 -3% 1,818.1 1,463.5 596.8 22.4 3.8% 5.5% 2.5x 65.2x NetSuite Inc. * United States 108.66 -10% 8,114.9 7,946.4 513.4 (50.4) NM 33.5% 15.5x NM Nuance Communications, Inc. United States 15.43 -21% 4,737.4 6,224.9 1,893.4 172.1 9.1% 2.2% 3.3x 36.2x Open Text Corporation Canada 55.12 -6% 6,726.7 7,540.2 1,754.0 513.9 29.3% 28.8% 4.3x 14.7x Opera Software ASA * Norway 84.40 -11% 11,875.1 11,347.5 415.9 94.3 22.7% 53.3% 27.3x 120.3x Oracle Corporation United States 39.05 -10% 173,042.4 154,573.4 38,499.0 16,826.0 43.7% 3.0% 4.0x 9.2x PROS Holdings, Inc. United States 27.98 -32% 768.9 741.1 161.0 (0.9) NM 22.1% 4.6x NM PTC Inc. United States 38.15 -6% 4,475.3 4,486.2 1,335.1 315.9 23.7% 4.8% 3.4x 14.2x Qlik Technologies, Inc. United States 28.35 -10% 2,478.3 2,236.4 535.8 4.2 0.8% 20.1% 4.2x NM Rovi Corporation United States 20.88 -18% 1,934.4 2,650.4 555.7 194.8 35.1% 19.8% 4.8x 13.6x Sage Group plc United Kingdom 3.78 -14% 3,920.2 4,280.9 1,324.5 390.7 29.5% -3.7% 3.2x 11.0x Salesforce.com, Inc United States 63.99 -4% 38,204.7 39,707.3 4,766.6 3.1 0.1% 37.3% 8.3x NM

17 | M&A and Investment Summary October 2014 Marketing Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 10/31/14 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 SAP SE Germany 54.20 -14% $ 64,742.1 $ 65,777.1 $ 17,209.0 $ 6,038.0 35.1% 2.9% 3.8x 10.9x Sizmek Inc. United States 5.73 -57% 172.1 78.4 168.2 19.5 11.6% 0.0% 0.5x 4.0x 178 186 Sky-mobi Limited China 7.39 -42% 214.4 112.0 530.6 10.5 2.0% -7.4% 0.2x 10.6x 213 Sungy Mobile Limited China 6.71 -80% 248.9 124.6 386.3 77.8 20.1% 54.5% 0.3x 1.6x Synchronoss Technologies, Inc. United States 51.67 -3% 2,215.8 2,151.8 424.3 113.9 26.8% 30.5% 5.1x 18.9x 211 216 Tableau Software, Inc. * United States 82.59 -19% 5,543.4 4,916.1 307.8 15.4 5.0% 87.8% 16.0x NM 233 Teradata Corporation United States 42.32 -15% 6,417.0 5,708.0 2,739.0 635.0 23.2% 3.6% 2.1x 9.0x TIBCO Software Inc. United States 23.37 -6% 3,829.4 3,850.2 1,076.2 167.9 15.6% 2.4% 3.6x 22.9x 234 235 Verint Systems Inc. United States 57.49 1% 3,429.4 3,944.4 1,014.3 146.8 14.5% 18.3% 3.9x 26.9x 245 Weborama France 7.00 -42% 24.5 23.3 27.0 1.8 6.6% -2.3% 0.9x 13.1x Wix.com ltd Israel 16.99 -48% 631.5 534.5 109.1 (43.6) NM 85.3% 4.9x NM Orange Zendesk, Inc. United States 26.00 -7% 1,681.4 1,578.9 111.0 (48.9) NM 0.0% 14.2x NM 241 184 Adjusted Weighted Average 4.0x 13.0x 0

245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (77.6x) 232 184

Grey

138 138 138

203 203 203

221 221 221

18 | M&A and Investment Summary October 2014 Agency & Marketing Services

Blue

0 79 133

122 . There were 28 transactions announced in the Agency & Marketing Services segment in October. Digital Agency was the most active 141 181 subsegment with eight transactions announced

178 186 213 . Select acquisitions:

211 216 • ICF International’s acquisition of digital marketing agency Olson 233

234 • Cognizant’s acquisition of Cadient Group, a healthcare-focused digital agency (Petsky Prunier-led transaction) 235 245 . Select investments: Orange

241 184 • Discovery Capital’s $70 million investment in Cardlytics, a provider of card-linked marketing services 0

245 232 184 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital

138 # % $MM % # $MM # $MM # $MM 138 138 Digital Agency 8 29% $3.5 1% 8 $3.5 0 - 0 -

203 Loyalty/Retention 5 18% 88.4 20% 1 - 0 - 4 88.4 203 203 General Agency 3 11% 295.0 67% 2 295.0 0 - 1 -

221 Healthcare Agency 3 11% 32.5 7% 3 32.5 0 - 0 - 221 221 Branded Communications 2 7% - 0% 1 - 1 - 0 - Social Agency 2 7% - 0% 2 - 0 - 0 - Specialty Agency 2 7% - 0% 1 - 1 - 0 - Database/Analytics 1 4% 19.0 4% 0 - 0 - 1 19.0 Other* 2 7% 0.0 0% 2 0.0 0 0.0 0 0.0 Total 28 100% 438.4 0% 20 331.0 2 0.0 6 107.4 *Other includes Design Agency and Public Relations

19 | M&A and Investment Summary October 2014 Agency Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Cello Group Plc United Kingdom $0.88 -8% $ 74.2 $ 84.5 $ 166.4 $ 11.2 6.7% 15.5% 0.5x 7.6x Chime Communications plc United Kingdom 2.77 -26% 272.9 321.7 357.5 20.8 5.8% 12.8% 0.9x 15.4x 178 186 Creston plc United Kingdom 1.16 0% 68.0 60.7 74.9 11.4 15.3% -0.4% 0.8x 5.3x 213 Dentsu Inc. Japan 4,045.00 -9% 1,166,443.0 1,333,667.0 2,333,386.0 138,335.5 5.9% 16.2% 0.6x 9.6x Enero Group Limited Australia 1.05 -19% 89.9 71.2 213.0 9.5 4.5% -14.1% 0.3x 7.5x 211 216 Globant S.A. * Luxembourg 12.94 -12% 440.2 429.5 179.1 20.5 11.4% 24.7% 2.4x 21.0x 233 Havas France 6.45 -1% 2,661.4 2,996.4 1,795.0 274.8 15.3% -0.7% 1.7x 10.9x Huntsworth plc United Kingdom 0.45 -38% 141.1 176.6 166.6 24.4 14.7% -4.1% 1.1x 7.2x 234 235 M&C Saatchi plc United Kingdom 2.96 -16% 200.2 192.9 164.5 17.4 10.6% 8.4% 1.2x 11.1x 245 MDC Partners Inc. * United States 22.72 -22% 1,115.9 2,224.6 1,244.3 104.6 8.4% 9.8% 1.8x 21.3x Next Fifteen Communications Group plc United Kingdom 1.21 -11% 74.5 77.0 101.5 11.1 10.9% 5.6% 0.8x 7.0x Orange Omnicom Group Inc. United States 71.86 -7% 17,834.2 21,457.7 15,180.8 2,227.2 14.7% 4.9% 1.4x 9.6x OPT, Inc. Japan 745.00 -41% 19,250.8 11,815.8 64,140.0 4,813.0 241 7.5% -19.5% 0.2x 2.5x 184 Porta Communications Plc * United Kingdom 0.08 -56% 17.5 21.7 32.1 0.5 1.6% 111.4% 0.7x 41.1x 0 Publicis Groupe SA France 55.27 -21% 11,953.9 11,979.9 6,960.0 1,315.0 18.9% 1.2% 1.7x 9.1x

245 Sapient Corp. United States 17.32 -4% 2,455.0 2,168.3 1,356.2 174.8 12.9% 14.1% 1.6x 12.4x 232 The Interpublic Group of Companies, Inc. United States 19.39 -6% 8,109.5 9,252.3 7,452.7 901.4 12.1% 5.5% 1.2x 10.3x 184 WPP plc United Kingdom 12.18 -22% 16,028.6 19,286.4 11,161.4 1,841.9 16.5% 4.0% 1.7x 10.5x

Grey Adjusted Weighted Average 0.6x 9.5x

138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.8x) 138

203 203 203

221 221 221

20 | M&A and Investment Summary October 2014 Marketing Services Public Company Valuation Blue

0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Acxiom Corporation United States $18.84 -52% $ 1,453.5 $ 1,371.1 $ 1,082.6 $ 181.3 16.7% -0.2% 1.3x 7.6x Aimia Inc. Canada 16.25 -18% 2,827.9 2,809.3 2,351.6 (106.0) NM 41.4% 1.2x NM 178 186 Alliance Data Systems Corporation * United States 283.35 -6% 15,733.9 22,105.8 4,958.3 1,381.6 27.9% 19.5% 4.5x 16.0x 213 CSG Systems International Inc. United States 26.51 -17% 919.5 990.3 753.3 120.6 16.0% -0.2% 1.3x 8.2x Data Group Ltd. Canada 0.46 -72% 10.7 107.8 311.0 22.7 7.3% -5.1% 0.3x 4.7x 211 216 DST Systems Inc. United States 96.35 -4% 3,728.7 4,253.3 2,710.1 415.1 15.3% 2.3% 1.6x 10.2x 233 Fair Isaac Corporation United States 62.30 -5% 2,002.9 2,439.8 757.7 197.1 26.0% 2.5% 3.2x 12.4x Harte-Hanks Inc. United States 6.51 -28% 406.9 421.8 559.3 57.9 234 10.3% -1.1% 0.8x 7.3x 235 High Co. SA France 4.51 -25% 46.8 18.1 133.4 11.7 8.7% 3.3% 0.1x 1.5x 245 Insignia Systems Inc. United States 3.20 -8% 40.6 21.2 27.2 2.9 10.7% 3.8% 0.8x 7.3x Multiplus SA Brazil 34.75 -6% 5,481.2 4,187.4 1,736.9 329.6 19.0% 9.8% 2.4x 12.7x Orange PDI, Inc. * United States 1.82 -71% 28.0 (10.6) 135.0 (8.3) NM -8.5% NM 1.3x 241 Pitney Bowes Inc. United States 24.74 -13% 5,017.6 7,593.4 3,926.5 832.5 21.2% 2.9% 1.9x 9.1x 184 0 Points International Ltd. * Canada 16.85 -53% 259.5 196.0 252.2 7.2 2.9% 63.8% 0.8x 27.1x Viad Corp United States 25.51 -11% 511.1 493.8 1,063.1 76.2 7.2% 9.6% 0.5x 6.5x 245 232 Adjusted Weighted Average 1.9x 10.4x 184

*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 (15.9x) Grey

138 138 138

203 203 203

221 221 221

21 | M&A and Investment Summary October 2014 Traditional Media

Blue

0 79 133

122 . There were 15 transactions announced in the Traditional Media segment in October worth a total of $1.7 billion in aggregate reported 141 181 value; all but three were strategic acquisitions

178 186 213 . Select acquisitions:

211 216 • UBM PLC’s $972 million purchase of tradeshow organizer Advanstar, from Anchorage Capital Group, Ares Management, and Veronis 233 Suhler Stevenson, at a valuation of 4.6x revenue 234 235 245 • Postmedia Network's acquisition of Sun Media Corporation’s 175 English language newspapers for $316 million, at a valuation of Orange 0.6x revenue and 3.6x EBITDA

241 184 0 . Select investments:

245 232 • Softbank’s $250 million investment in production and financing company Legendary Entertainment 184

Grey TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM 203 203 203 B-to-B Media 6 40% $972.0 57% 6 $972.0 0 - 0 - Broadcast Television 2 13% 68.0 4% 2 68.0 0 - 0 - 221 221 Digital Place-Based Media 2 13% 32.0 2% 0 - 0 - 2 32.0 221 Newspaper Publishing 2 13% 316.0 19% 2 316.0 0 - 0 - Consumer Magazine Publishing 1 7% - 0% 1 - 0 - 0 - Other* 2 13% 316.5 19% 1 66.5 0 - 1 250.0 Total 15 100% 1,704.5 100% 12 1,422.5 0 0.0 3 282.0

*Other includes Entertainment and Radio

22 | M&A and Investment Summary October 2014 Traditional Media Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

Large Cap Diversified Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $54.22 -20% $ 28,566.8 $ 34,825.8 $ 14,910.0 $ 3,706.0 24.9% 5.8% 2.3x 9.4x 178 Discovery Communications, Inc. United States 35.35 -22% 19,824.0 26,984.0 5,933.0 2,432.0 186 41.0% 21.1% 4.5x 11.1x 213 News Corporation United States 15.48 -16% 8,988.2 6,019.2 8,574.0 615.0 7.2% 2.4% 0.7x 9.8x Time Warner Inc. United States 79.47 -10% 67,933.8 86,016.8 30,571.0 8,264.0 27.0% 9.9% 2.8x 10.4x 211 Twenty-First Century Fox, Inc. * United States 34.48 -6% 74,211.5 91,878.5 31,867.0 6,630.0 20.8% 15.1% 2.9x 13.9x 216 233 Viacom, Inc. United States 72.68 -19% 30,765.2 42,207.2 13,444.0 4,356.0 32.4% -0.5% 3.1x 9.7x The Walt Disney Company United States 91.38 0% 156,857.9 171,995.9 47,992.0 13,660.0 28.5% 8.4% 3.6x 12.6x 234 235 Adjusted Weighted Average 3.2x 11.4x 245

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x) Orange B-to-B Media 241 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $10.51 -24% $ 1,346.1 $ 1,382.5 $ 413.2 $ 124.1 30.0% 5.4% 3.3x 11.1x 245 232 Global Sources Ltd. Hong Kong 7.33 -20% 218.6 139.7 197.6 36.5 18.5% -9.6% 0.7x 3.8x 184 Informa plc Switzerland 4.81 -17% 2,901.5 3,698.4 1,138.0 344.4 30.3% 2.3% 3.2x 10.7x TechTarget, Inc. * United States 9.54 -4% 313.3 275.6 95.0 8.7 9.2% 2.6% 2.9x 31.7x Grey UBM plc United Kingdom 5.69 -22% 1,396.8 1,893.5 763.1 191.5 25.1% -0.1% 2.5x 9.9x

138 Adjusted Weighted Average 3.0x 10.4x 138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.1x) 203 203 Radio Broadcasting 203 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 221 221 Beasley Broadcast Group Inc. United States $4.78 -50% $ 110.5 $ 200.6 $ 104.0 $ 27.5 26.5% -1.0% 1.9x 7.3x 221 Cumulus Media Inc. United States 3.86 -53% 895.7 3,448.5 1,158.3 294.0 25.4% 19.0% 3.0x 11.7x Emmis Communications Corp. United States 2.18 -41% 94.1 407.6 221.1 33.2 15.0% 10.7% 1.8x 12.3x Entercom Communications Corp. United States 10.28 -10% 401.6 884.3 376.5 95.5 25.4% -2.0% 2.3x 9.3x Journal Communications Inc. United States 9.81 -14% 496.4 638.7 413.8 88.2 21.3% 1.4% 1.5x 7.2x Pandora Media, Inc. United States 19.28 -52% 3,899.6 3,583.2 870.1 (8.5) NM 0.0% 4.1x NM Radio One Inc. United States 2.49 -57% 118.3 1,095.6 449.5 128.4 28.6% 3.4% 2.4x 8.5x Salem Communications Corp. United States 7.71 -25% 194.7 483.7 252.1 47.3 18.7% 8.2% 1.9x 10.2x Sirius XM Holdings Inc. * United States 3.43 -12% 18,571.2 23,236.7 4,090.2 1,334.4 32.6% 10.8% 5.7x 17.4x Spanish Broadcasting System Inc. United States 4.03 -46% 29.3 415.3 152.3 39.7 26.1% 2.9% 2.7x 10.5x Townsquare Media, Inc. United States 12.61 -1% 215.8 822.2 328.1 77.5 23.6% 0.0% 2.5x 10.6x

Adjusted Weighted Average 3.4x 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 (13.5x) 23 | M&A and Investment Summary October 2014 Traditional Media Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) Broadcast, Cable, and Satellite Television 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $60.65 -23% $ 4,359.6 $ 6,908.4 $ 1,877.2 $ 620.4 33.0% 28.6% 3.7x 11.1x 178 British Sky Broadcasting Group plc United Kingdom 8.86 -7% 15,079.7 16,371.7 7,720.0 1,627.8 21.1% 4.8% 2.1x 10.1x 186 Cablevision Systems Corporation United States 18.62 -9% 5,048.5 14,027.3 6,355.0 1,768.3 27.8% 3.6% 2.2x 7.9x 213 CBS Corporation United States 54.22 -20% 28,566.8 34,825.8 14,910.0 3,706.0 24.9% 5.8% 2.3x 9.4x Charter Communications, Inc. United States 158.39 -5% 16,774.8 34,359.8 8,896.0 3,053.0 34.3% 12.3% 3.9x 11.3x 211 216 Comcast Corporation United States 55.35 -4% 142,510.6 187,195.6 67,969.0 22,691.0 33.4% 6.8% 2.8x 8.2x 233 Crown Media Holdings Inc. United States 3.49 -12% 1,255.3 1,611.0 390.8 296.7 75.9% 10.3% 4.1x 5.4x DIRECTV United States 86.79 -3% 43,588.4 61,673.4 32,438.0 8,021.0 24.7% 5.5% 1.9x 7.7x 234 Discovery Communications, Inc. United States 35.35 -22% 19,824.0 26,984.0 5,933.0 2,432.0 41.0% 21.1% 4.5x 11.1x 235 245 Dish Network Corp. United States 63.65 -6% 28,703.8 33,270.9 14,325.9 2,839.7 19.8% 11.1% 2.3x 11.7x Entravision Communications Corporation United States 5.16 -30% 461.0 785.9 232.4 73.8 31.8% 1.8% 3.4x 10.6x General Communication Inc. United States 11.73 -1% 484.3 1,861.8 876.5 297.8 34.0% 18.8% 2.1x 6.3x Orange Gray Television Inc. * United States 9.24 -39% 538.9 1,681.1 382.4 117.9 30.8% -2.4% 4.4x 14.3x 241 Grupo Televisa, S.A.B. Mexico 36.14 -4% 20,904.1 25,550.4 77,541.2 24,959.4 32.2% 7.5% 0.3x 1.0x 184 Journal Communications Inc. United States 9.81 -14% 496.4 638.7 413.8 88.2 21.3% 1.4% 1.5x 7.2x 0 Liberty Global plc United Kingdom 45.47 -1% 34,832.3 78,567.1 17,880.4 8,026.4 44.9% 68.7% 4.4x 9.8x LIN Media LLC United States 23.93 -18% 1,330.4 2,252.7 702.0 174.9 24.9% 10.6% 3.2x 12.9x 245 232 Media General, Inc. * United States 14.94 -38% 1,326.0 2,159.3 462.1 132.6 28.7% 96.4% 4.7x 16.3x 184 Nexstar Broadcasting Group, Inc. United States 45.12 -20% 1,357.2 2,417.5 544.7 184.5 33.9% 22.5% 4.4x 13.1x Scripps Networks Interactive, Inc. United States 77.24 -11% 10,723.6 12,284.1 2,623.2 1,125.3 42.9% 7.9% 4.7x 10.9x Grey Sinclair Broadcast Group, Inc. United States 29.05 -23% 2,830.8 5,557.7 1,634.1 546.3 33.4% 37.9% 3.4x 10.2x The E. W. Scripps Company * United States 19.20 -15% 1,082.6 1,191.8 826.1 62.7 7.6% -6.8% 1.4x 19.0x 138 Time Warner Cable Inc. United States 147.21 -5% 41,291.6 65,071.6 22,599.0 7,854.0 34.8% 2.6% 2.9x 8.3x 138 Time Warner Inc. United States 79.47 -10% 67,933.8 86,016.8 30,571.0 8,264.0 27.0% 9.9% 2.8x 10.4x 138 Ziggo N.V. * Netherlands 38.99 1% 7,797.0 10,861.2 1,595.9 854.7 53.6% 2.7% 6.8x 12.7x

203 Adjusted Weighted Average 2.8x 9.0x 203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.9x) 221 221 Entertainment Media 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $22.28 -38% $ 1,877.4 $ 2,334.3 $ 654.7 $ (8.6) NM -14.7% 3.6x NM Eros International Plc United Kingdom 18.46 -2% 995.0 1,186.7 239.9 54.7 22.8% 19.4% 4.9x 21.7x Lions Gate Entertainment Corp. United States 33.13 -6% 4,518.5 5,723.2 2,509.9 281.9 11.2% -10.6% 2.3x 20.3x Live Nation Entertainment, Inc. United States 26.00 3% 4,988.4 5,956.2 6,908.2 524.0 7.6% 9.6% 0.9x 11.4x SFX Entertainment Inc. United States 5.14 -58% 466.8 634.0 248.2 (83.3) NM 300.4% 2.6x NM Twenty-First Century Fox, Inc. United States 34.48 -6% 74,211.5 91,878.5 31,867.0 6,630.0 20.8% 15.1% 2.9x 13.9x Liberty Media Corporation * United States 47.02 -10% 16,077.4 30,171.4 4,306.0 1,162.0 27.0% 108.5% 7.0x 26.0x Village Roadshow Limited Australia 7.02 -17% 1,119.8 1,486.5 956.8 162.8 17.0% 3.9% 1.6x 9.1x World Wrestling Entertainment Inc. United States 12.35 -61% 932.1 890.4 520.5 (11.6) NM 3.1% 1.7x NM

Adjusted Weighted Average 2.7x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.6x) 24 | M&A and Investment Summary October 2014 Traditional Media Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Out-of-Home Media 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 AirMedia Group Inc. * China $2.33 -28% $ 137.7 $ 63.9 $ 269.8 $ 0.4 0.2% -4.0% 0.2x 147.4x APG|SGA SA Switzerland 280.00 -8% 825.5 738.8 302.6 70.4 23.3% -5.6% 2.4x 10.5x 178 CBS Outdoor Americas Inc. United States 30.43 -15% 3,658.8 5,033.5 1,304.4 372.4 28.5% 2.0% 3.9x 13.5x 186 Clear Channel Outdoor Holdings Inc. United States 7.26 -32% 2,569.9 7,501.6 2,965.3 709.4 213 23.9% 0.7% 2.5x 10.6x Clear Media Ltd. Hong Kong 7.90 -9% 4,245.4 3,369.4 1,688.9 684.0 40.5% 6.5% 2.0x 4.9x JCDecaux SA France 26.47 -19% 5,925.5 5,999.1 2,719.7 591.3 21.7% 9.2% 2.2x 10.1x 211 Lamar Advertising Co. United States 51.65 -5% 4,921.2 6,814.6 1,256.9 541.0 216 43.0% 3.6% 5.4x 12.6x 233 Mood Media Corporation United States 0.54 -52% 91.7 725.7 500.8 80.3 16.0% -1.3% 1.4x 9.0x National CineMedia, Inc. United States 15.90 -21% 949.2 2,007.0 427.9 201.7 47.1% -7.9% 4.7x 10.0x 234 NTN Buzztime Inc. United States 0.37 -62% 34.2 26.8 25.4 0.1 0.3% 7.5% 1.1x NM 235 Tom Group Ltd. Hong Kong 1.48 -48% 5,757.5 7,922.6 1,679.3 (9.7) NM -18.0% 4.7x NM 245 Adjusted Weighted Average 3.5x 10.3x

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (71.2x)

241 Publishing 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $11.51 -11% $ 250.1 $ 142.0 $ 363.1 $ 25.5 7.0% 11.8% 0.4x 5.6x 245 Daily Mail and General Trust plc United Kingdom 7.91 -26% 2,743.8 3,648.6 1,817.8 321.9 17.7% 4.1% 2.0x 11.3x 232 184 Emmis Communications Corp. United States 2.18 -41% 94.1 407.6 221.1 33.2 15.0% 10.7% 1.8x 12.3x Gannett Co., Inc. United States 31.50 -12% 7,107.9 10,374.2 5,675.2 1,246.8 22.0% 6.8% 1.8x 8.3x Glacier Media, Inc. Canada 1.67 7% 134.7 271.6 288.1 30.4 10.5% -3.9% 0.9x 8.9x Grey John Wiley & Sons Inc. United States 58.39 -6% 3,467.2 4,000.0 1,802.1 329.0 18.3% 2.3% 2.2x 12.2x Journal Communications Inc. United States 9.81 -14% 496.4 638.7 413.8 88.2 21.3% 1.4% 1.5x 7.2x 138 Martha Stewart Living Omnimedia Inc. * United States 4.33 -21% 246.0 193.0 148.1 8.7 5.9% -12.7% 1.3x 22.2x 138 138 Meredith Corporation United States 52.14 -3% 2,299.1 2,990.7 1,483.4 269.2 18.1% 0.7% 2.0x 11.1x Reed Elsevier plc(1) * United Kingdom 10.27 1% 11,588.9 48,367.5 9,944.2 3,154.3 31.7% 0.0% 4.9x 15.3x Scholastic Corporation United States 34.81 -6% 1,139.2 1,322.7 1,829.8 128.6 7.0% 3.1% 0.7x 10.3x 203 203 The E. W. Scripps Company * United States 19.20 -15% 1,082.6 1,191.8 826.1 62.7 7.6% -6.8% 1.4x 19.0x 203 The McClatchy Company United States 3.56 -52% 308.8 1,603.1 1,215.2 242.3 19.9% -3.6% 1.3x 6.6x The New York Times Company United States 12.84 -26% 1,929.9 1,862.1 1,587.7 204.3 12.9% -0.9% 1.2x 9.1x 221 Time Inc. United States 22.59 -13% 2,439.8 3,612.8 3,349.0 527.0 15.7% 0.0% 1.1x 6.9x 221 221 Adjusted Weighted Average 1.7x 11.5x

(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 (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.8x)

Yellow Pages Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Dex Media, Inc. United States $7.79 -43% $ 137.4 $ 2,507.4 $ 1,751.0 $ 566.0 32.3% 43.3% 1.4x 4.4x Eniro AB Sweden 8.10 -88% 811.4 3,352.4 3,304.0 703.0 21.3% -11.3% 1.0x 4.8x Solocal Group SA France 0.49 -77% 567.8 1,660.1 969.3 375.1 38.7% -6.9% 1.7x 4.4x PubliGroupe AG Switzerland 209.50 -7% 464.3 468.1 266.3 (10.2) NM 4.3% 1.8x NM Yellow Media Limited Canada 16.46 -36% 433.4 949.1 919.1 330.4 35.9% -10.6% 1.0x 2.9x

Adjusted Weighted Average 1.3x 4.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (5.0x) 25 | M&A and Investment Summary October 2014 Technology & Communications

Blue

0 79 133

122 . There was 64 transactions with a reported transaction value of $3.5 billion in the Technology & Communications segment, $3 billion of 141 181 which were strategic acquisitions

178 186 213 . Activity in the segment was led by the Financial Technology subsegment with 17 deals announced, of which five were reported for

211 $285 million 216 233 . Select acquisitions: 234 235 245 • Danaher’s $2.6 billion purchase of NetScout Systems, a provider of network applications

Orange

241 • New Call Telecom’s 70 percent stake purchase of Nimbuzz, a provider of messaging solutions, for $175 million 184 0 . Select Investments: 245 232 184 • Greenspring Associates $82 million investment in SolidFire, a developer of storage systems solutions for large-scale cloud

Grey infrastructure

138 138 TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Financial Technology 17 27% $285.3 8% 7 $155.0 0 - 10 $130.3 221 Communications Software 11 17% 2,826.5 80% 4 2,775.0 0 - 7 51.5 221 221 Cloud Computing Technology 10 16% 59.3 2% 5 - 0 - 5 59.3 Big Data Technology 8 13% 64.7 2% 1 - 0 - 7 64.7 Data Center Technology 6 9% 116.0 3% 2 - 0 - 4 116.0 Cloud Storage 4 6% 15.0 0% 3 - 0 - 1 15.0 Enterprise Mobility 3 5% 80.0 2% 2 - 0 - 1 80.0 Software-Defined Networking 2 3% 28.5 1% 0 - 0 - 2 28.5 Other* 3 5% 71.3 2% 2 70.3 0 - 1 1.0 Total 64 100% 3,546.6 100% 26 3,000.3 0 0.0 38 546.3

*Other includes Mobile Infrastructure, Networking Equipment, and VoIP Equipment & Software

26 | M&A and Investment Summary October 2014 Technology Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $153.77 1% $ 98,538.7 $ 103,186.7 $ 31,671.0 $ 8,483.0 26.8% 3.2% 3.3x 12.2x 178 ACI Worldwide, Inc. United States 19.24 -12% 2,190.3 3,076.6 1,009.1 221.8 22.0% 25.2% 3.0x 13.9x 186 ADATA Technology Co., Ltd. * Taiwan 54.70 -37% 12,573.5 15,933.6 31,554.7 540.3 1.7% 1.5% 0.5x 29.5x 213 Advanced Micro Devices, Inc. United States 2.80 -42% 2,171.0 3,441.0 5,856.0 458.0 7.8% 20.4% 0.6x 7.5x

211 Akamai Technologies, Inc. United States 60.30 -7% 10,743.2 10,632.4 1,863.6 657.0 35.3% 22.6% 5.7x 16.2x 216 Arista Networks, Inc. * United States 81.25 -14% 4,758.8 4,404.7 471.5 102.1 21.6% 0.0% 9.3x 43.2x 233 AVG Technologies N.V. Netherlands 17.92 -16% 919.4 874.3 383.6 129.0 33.6% -3.0% 2.3x 6.8x 234 Brightcove, Inc. United States 6.41 -60% 173.7 153.3 123.4 (2.0) NM 18.1% 1.2x NM 235 CA Technologies, Inc. United States 29.06 -20% 12,737.7 11,444.7 4,463.0 1,397.0 31.3% -1.1% 2.6x 8.2x 245 Carbonite, Inc. United States 10.94 -21% 279.8 208.4 119.5 8.9 7.5% 17.1% 1.7x 23.3x CDW Corporation United States 30.84 -9% 5,186.1 8,396.3 11,335.9 756.4 6.7% 8.8% 0.7x 11.1x Orange Check Point Software Technologies Ltd. Israel 74.25 0% 14,166.2 12,926.3 1,462.3 796.8 54.5% 6.3% 8.8x 16.2x 241 ChinaCache International Holdings Ltd. China 10.30 -65% 228.0 137.9 1,284.9 40.6 3.2% 39.3% 0.1x 3.4x 184 Citrix Systems, Inc. United States 64.23 -12% 10,563.9 11,101.8 3,093.8 669.3 21.6% 8.3% 3.6x 16.6x 0 CommVault Systems, Inc. United States 44.34 -44% 1,972.4 1,557.9 613.9 88.4 14.4% 13.1% 2.5x 17.6x

245 Cray Inc. United States 34.66 -18% 1,338.1 1,213.5 607.0 49.4 8.1% 49.1% 2.0x 24.5x 232 Crossroads Systems, Inc. United States 2.77 -25% 42.8 41.7 12.1 (5.3) NM -10.9% 3.5x NM 184 Datalink Corporation United States 12.65 -20% 288.2 226.2 617.2 27.7 4.5% 8.6% 0.4x 8.2x Dot Hill Systems Corp. United States 3.95 -35% 234.0 191.8 207.8 6.7 3.2% 10.9% 0.9x 28.4x Grey Elecom Co., Ltd. Japan 2,387.00 -13% 52,769.7 39,084.7 71,909.0 8,655.0 12.0% 15.4% 0.5x 4.5x 138 EMC Corporation United States 28.73 -5% 58,465.6 57,434.6 24,073.0 5,535.0 23.0% 6.7% 2.4x 10.4x 138 ePlus inc. United States 61.07 -1% 458.1 554.0 1,070.5 77.4 7.2% 7.3% 0.5x 7.2x 138 Euronet Worldwide Inc. United States 53.67 -2% 2,823.0 2,752.4 1,577.6 209.6 13.3% 13.6% 1.7x 13.1x F-Secure Oyj Finland 1.95 -33% 303.8 252.1 155.6 29.4 203 18.9% 0.2% 1.6x 8.6x 203 Gemalto NV Netherlands 61.01 -33% 5,276.5 4,918.6 2,387.6 356.8 14.9% 1.2% 2.1x 13.8x 203 Google Inc. United States 567.87 -8% 382,240.7 330,823.7 67,911.0 19,960.0 29.4% 25.2% 4.9x 16.6x Green Dot Corporation United States 23.90 -11% 1,029.2 261.3 602.4 80.9 13.4% 4.6% 0.4x 3.2x 221 221 Imperva Inc. United States 40.97 -39% 860.6 759.4 155.4 (52.3) NM 22.5% 4.9x NM 221 Integrated Electrical Services, Inc. United States 7.93 -6% 172.8 161.6 500.3 9.0 1.8% 1.2% 0.3x 18.0x Intel Corporation United States 34.01 -4% 164,438.4 162,003.4 54,983.0 23,128.0 42.1% 5.0% 2.9x 7.0x IBM Corporation United States 164.40 -17% 162,700.1 198,974.1 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.1x Interxion Holding NV Netherlands 27.34 -8% 1,886.6 2,405.3 320.5 131.8 41.1% 8.9% 7.5x 18.3x J-Stream Inc. Japan 412.00 -44% 4,792.9 2,932.9 4,633.0 521.3 11.3% -5.3% 0.6x 5.6x Limelight Networks, Inc. United States 2.44 -25% 236.2 129.2 167.4 (9.4) NM -7.0% 0.8x NM LogMeIn, Inc. * United States 48.05 -5% 1,129.4 933.1 207.2 19.5 9.4% 31.1% 4.5x 47.8x Melbourne IT Ltd. Australia 1.40 -30% 129.7 120.4 111.7 9.5 8.5% 8.2% 1.1x 12.7x Micron Technology, Inc. United States 33.09 -5% 35,520.6 38,438.6 16,358.0 5,626.0 34.4% 80.3% 2.3x 6.8x Microsoft Corporation United States 46.95 -1% 387,001.9 322,378.9 91,505.0 33,261.0 36.3% 13.9% 3.5x 9.7x MobileIron, Inc. United States 10.06 -22% 751.9 604.4 122.7 (52.7) NM 0.0% 4.9x NM Montage Technology Group Limited * China 22.10 -17% 623.3 500.0 141.5 - 0.0% 57.8% 3.5x NA NEC Corporation Japan 386.00 -5% 1,002,912.1 1,392,365.1 3,001,669.0 188,055.0 6.3% -2.6% 0.5x 7.4x

27 | M&A and Investment Summary October 2014 Technology Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data)

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA NetApp, Inc. United States $42.80 -7% $ 13,443.9 $ 9,373.8 $ 6,298.1 $ 1,031.4 16.4% -1.7% 1.5x 9.1x 178 Oracle Corporation United States 39.05 -10% 173,042.4 154,573.4 38,499.0 16,826.0 43.7% 3.0% 4.0x 9.2x 186 ProAct IT Group AB Sweden 80.75 -18% 751.8 866.7 2,356.7 153.5 6.5% 3.4% 0.4x 5.6x 213 Qualys, Inc. * United States 32.08 5% 1,008.7 899.7 119.4 14.1 11.8% 20.4% 7.5x 63.6x 211 Quantum Corporation United States 1.28 -10% 324.9 423.6 537.1 15.0 2.8% -7.2% 0.8x 28.3x 216 Rackspace Hosting, Inc. United States 38.36 -26% 5,373.1 5,110.8 1,658.9 424.1 25.6% 16.3% 3.1x 12.1x 233 Red Hat, Inc. * United States 58.92 -6% 11,066.5 10,263.4 1,666.6 314.7 18.9% 16.6% 6.2x 32.6x

234 SanDisk Corp. United States 94.14 -13% 21,108.9 20,855.6 6,620.3 2,314.9 35.0% 10.6% 3.2x 9.0x 235 SAP SE Germany 54.20 -14% 64,742.1 65,777.1 17,209.0 6,038.0 35.1% 2.9% 3.8x 10.9x 245 Seagate Technology Public Limited Company Ireland 62.83 -1% 19,669.1 21,277.1 14,020.0 2,663.0 19.0% -0.6% 1.5x 8.0x Silicon Graphics International Corp. United States 8.68 -40% 298.1 208.6 494.1 (38.1) NM -31.5% 0.4x NM Orange Sony Corporation Japan 2,072.00 -5% 2,380,011.0 2,431,884.0 7,981,579.0 402,785.0 5.0% 11.9% 0.3x 6.0x 241 Splunk, Inc. * United States 66.08 -38% 7,878.5 7,040.9 366.0 (149.3) NM 51.6% 19.2x NM 184 Symantec Corporation United States 24.82 -2% 17,133.5 15,179.5 6,702.0 1,941.0 0 29.0% -3.5% 2.3x 7.8x Synchronoss Technologies, Inc. United States 51.67 -3% 2,215.8 2,151.8 424.3 113.9 26.8% 30.5% 5.1x 18.9x 245 Tableau Software, Inc. * United States 82.59 -19% 5,543.4 4,916.1 307.8 15.4 5.0% 87.8% 16.0x NM 232 Teradata Corporation United States 42.32 -15% 6,417.0 5,708.0 2,739.0 635.0 184 23.2% 3.6% 2.1x 9.0x Trend Micro Inc. Japan 3,675.00 -12% 492,680.0 377,884.0 110,824.0 38,883.0 35.1% 9.8% 3.4x 9.7x The KEYW Holding Corporation United States 10.15 -56% 375.3 451.2 285.8 13.1 Grey * 4.6% -6.0% 1.6x 34.4x VeriSign, Inc. United States 59.76 -5% 7,236.3 7,138.7 999.8 615.5 61.6% 5.3% 7.1x 11.6x 138 Violin Memory, Inc. United States 4.84 -26% 430.8 362.7 93.1 (120.8) 138 NM -1.8% 3.9x NM 138 VMware, Inc. United States 83.57 -26% 36,070.4 30,482.4 5,816.0 1,466.0 25.2% 15.9% 5.2x 20.8x Western Digital Corporation United States 98.37 -5% 22,980.1 20,005.1 15,269.0 3,020.0 19.8% 1.0% 1.3x 6.6x 203 Xoom Corporation United States 15.10 -52% 565.9 406.8 147.3 7.8 203 * 5.3% 31.2% 2.8x 52.2x 203 Adjusted Weighted Average 1.6x 8.2x

221 221 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.5x) 221

28 | M&A and Investment Summary October 2014 Communications Public Company Valuation (1/2) Blue

0 79 ($ in Millions, except stock price data) 133 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 A10 Networks, Inc. United States $4.40 -73% $ 252.4 $ 145.3 $ 176.5 $ (13.2) NM 31.8% 0.8x NM 181 Aerohive Networks, Inc. United States $5.00 -59% 226.3 142.1 125.1 (26.2) NM 38.4% 1.1x NM ADTRAN Inc. United States 21.21 -24% 1,160.3 1,076.3 645.1 68.6 10.6% 3.6% 1.7x 15.7x 178 186 Alcatel-Lucent France 2.45 -29% 6,902.1 7,872.1 13,761.0 854.0 6.2% -3.5% 0.6x 9.2x 213 Allot Communications Ltd. Israel 11.42 -37% 374.7 251.1 107.7 3.7 3.4% 8.3% 2.3x 68.1x Aruba Networks, Inc. United States 21.58 -10% 2,297.1 2,012.1 728.9 31.8 4.4% 21.5% 2.8x 63.3x 211 AudioCodes Ltd. Israel 4.80 -47% 205.4 191.6 148.7 6.2 4.2% 11.2% 1.3x 30.9x 216 233 Aviat Networks, Inc. United States 1.76 -37% 110.6 67.8 346.5 (31.6) NM -26.5% 0.2x NM Axesstel Inc. United States 0.05 -75% 1.2 10.0 27.4 (6.1) NM -54.9% 0.4x NM 234 BlackBerry Limited Canada 11.84 -5% 6,156.9 4,860.5 4,051.0 (1,175.0) NM -59.7% 1.2x NM 235 Barracuda Networks, Inc. United States 32.15 -28% 1,566.8 1,415.0 254.6 8.1 245 3.2% 16.8% 5.6x 175.6x Blonder Tongue Laboratories Inc. United States 1.05 -44% 6.5 12.3 28.4 (1.0) NM -5.9% 0.4x NM BroadSoft, Inc. * United States 22.90 -32% 627.5 565.0 191.3 1.0 0.5% 12.8% 3.0x 570.1x Orange Brocade Communications Systems, Inc. United States 10.73 -2% 4,635.4 4,083.2 2,205.7 578.3 26.2% -1.6% 1.9x 7.1x 241 CalAmp Corp. United States 19.28 -45% 685.5 649.8 241.5 28.8 11.9% 17.7% 2.7x 22.6x 184 Calix Inc. United States 10.81 -3% 550.1 462.3 383.6 2.2 0.6% 0.9% 1.2x 214.0x 0 Ciena Corporation United States 16.76 -38% 1,786.0 2,597.1 2,280.7 164.0 7.2% 16.1% 1.1x 15.8x Cisco Systems, Inc. United States 24.47 -6% 125,289.4 94,134.4 47,142.0 12,642.0 245 26.8% -3.0% 2.0x 7.4x 232 Clearfield, Inc. United States 14.68 -45% 194.9 169.7 62.8 11.3 18.0% 40.4% 2.7x 15.1x 184 ClearOne, Inc. United States 9.78 -32% 89.6 74.9 56.8 9.2 16.1% 17.3% 1.3x 8.2x COM DEV International Ltd. Canada 3.70 -15% 283.7 272.6 210.7 36.7 17.4% -3.5% 1.3x 7.4x Grey CommScope Holding Company, Inc. United States 21.54 -23% 4,352.7 6,582.7 3,848.3 889.2 23.1% 10.5% 1.7x 7.4x Communications Systems Inc. United States 11.83 -15% 102.3 82.3 130.3 9.9 7.6% 14.5% 0.6x 8.3x 138 138 Corning Inc. United States 20.43 -9% 26,188.2 26,156.2 9,267.0 2,880.0 31.1% 15.7% 2.8x 9.1x 138 CTX Virtual Technologies, Inc. United States 1.44 -33% 11.6 11.7 119.2 16.9 14.2% 198.1% 0.1x 0.7x Cyan, Inc. United States 3.15 -41% 145.3 110.7 102.0 (51.0) NM -12.5% 1.1x NM 203 Digi International Inc. United States 8.28 -35% 205.7 125.4 192.7 7.4 3.8% -1.4% 0.7x 17.1x 203 203 DragonWave Inc. Canada 1.20 -56% 92.6 78.0 106.7 (29.9) NM -8.6% 0.7x NM EchoStar Corp. United States 46.73 -13% 4,255.0 5,051.9 3,362.8 754.0 22.4% 5.9% 1.5x 6.7x 221 Emulex Corporation United States 5.66 -30% 401.7 375.4 436.3 30.4 7.0% -8.0% 0.9x 12.3x 221 Ericsson Sweden 87.00 -8% 280,444.5 238,070.5 227,029.0 31,027.0 13.7% -0.1% 1.0x 7.7x 221 Extreme Networks Inc. United States 3.59 -56% 350.2 366.5 579.9 0.8 0.1% 93.9% 0.6x 443.1x F5 Networks, Inc. United States 122.98 -4% 9,025.5 8,380.1 1,732.0 539.7 31.2% 16.9% 4.8x 15.5x Finisar Corp. United States 16.72 -42% 1,664.6 1,421.7 1,218.4 168.3 13.8% 24.3% 1.2x 8.4x Fleetmatics Group PLC Ireland 37.14 -17% 1,344.2 1,207.0 217.7 51.5 23.7% 33.5% 5.5x 23.4x Franklin Wireless Corp. United States 1.60 -24% 15.8 8.0 31.0 (1.4) NM -5.5% 0.3x NM Gigamon Inc. United States 14.94 -59% 454.3 320.2 149.0 (16.9) NM 15.4% 2.1x NM Gogo Inc. United States 16.61 -54% 1,423.8 1,472.2 373.2 13.0 3.5% 37.4% 3.9x 113.1x Harmonic Inc. United States 6.67 -14% 589.7 492.5 445.9 23.8 5.3% -3.0% 1.1x 20.7x Harris Corporation United States 69.60 -12% 7,279.6 8,459.8 4,975.5 1,072.1 21.5% -1.3% 1.7x 7.9x Infoblox Inc. United States 16.14 -65% 864.8 594.9 250.3 (14.2) NM 11.2% 2.4x NM Interactive Intelligence Group Inc. United States 48.26 -41% 1,012.2 939.0 328.0 10.7 3.3% 17.4% 2.9x 87.7x JDS Uniphase Corporation United States $13.46 -11% 3,096.19 2,789.89 1,747.80 158.4 9.1% 3.7% 1.6x 17.6x Juniper Networks, Inc. United States 21.07 -27% 9,506.53 8,940.03 4,799.10 848.9 17.7% 5.8% 1.9x 10.5x KVH Industries Inc. United States 12.92 -10% 205.47 189.20 157.07 7.0 4.4% -2.7% 1.2x 27.2x

29 | M&A and Investment Summary October 2014 Communications Public Company Valuation (2/2) Blue

178 Mitel Networks Corporation Canada 9.34 -22% 922.2 1,130.0 776.5 87.5 11.3% 0.0% 1.5x 12.9x 186 Motorola Solutions, Inc. United States 64.50 -6% 16,181.7 15,785.7 8,425.0 1,455.0 17.3% 12.5% 1.9x 10.8x 213 Netgear Inc. United States 34.04 -6% 1,204.4 961.8 1,397.0 139.6 10.0% 5.6% 0.7x 6.9x Nokia Corporation Finland 6.66 -5% 24,486.9 19,522.9 12,407.0 2,055.0 16.6% 396.9% 1.6x 9.5x 211 216 Nuance Communications, Inc. United States 15.43 -21% 4,737.4 6,224.9 1,893.4 172.1 9.1% 2.2% 3.3x 36.2x 233 Numerex Corp. United States 13.04 -18% 247.1 256.2 87.5 6.1 7.0% 27.4% 2.9x 41.8x Optical Cable Corp. United States 4.61 -7% 31.7 41.1 77.0 2.0 2.5% -1.5% 0.5x 21.0x 234 Palo Alto Networks, Inc. United States 105.70 -3% 8,355.4 8,049.7 598.2 (44.7) NM 51.0% 13.5x NM 235 245 PCTEL, Inc. United States 7.70 -24% 142.1 83.2 103.7 7.4 7.1% -0.4% 0.8x 11.3x Plantronics, Inc. United States 51.87 1% 2,226.6 1,868.1 854.3 157.3 18.4% 7.0% 2.2x 11.9x Orange Polycom, Inc. United States 13.08 -7% 1,785.2 1,471.6 1,344.2 154.2 11.5% -2.1% 1.1x 9.5x Procera Networks, Inc. United States 7.49 -52% 149.2 42.0 77.8 (11.5) NM 20.4% 0.5x NM 241 RadiSys Corporation United States 2.50 -46% 90.6 84.0 198.0 (23.0) NM -25.7% 0.4x NM 184 0 Radware Ltd. Israel 18.99 -2% 855.1 717.4 213.9 31.7 14.8% 12.7% 3.4x 22.6x RELM Wireless Corp. United States 5.55 -6% 75.8 66.6 30.6 2.8 9.3% 12.9% 2.2x 23.5x 245 RingCentral, Inc. United States 13.14 -44% 832.8 711.9 203.3 (36.4) NM 37.1% 3.5x NM 232 Riverbed Technology, Inc. United States 18.99 -17% 3,049.0 3,165.0 1,089.1 183.7 16.9% 9.4% 2.9x 17.2x 184 Sandvine Corporation Canada 2.80 -31% 422.8 259.3 120.0 34.1 28.4% 16.2% 2.2x 7.6x ShoreTel, Inc. United States 8.09 -18% 505.4 442.7 345.9 19.8 5.7% 7.2% 1.3x 22.3x Grey Sierra Wireless Inc. Canada 30.84 -8% 971.9 792.3 487.0 13.0 2.7% 15.8% 1.6x 61.1x SolarWinds, Inc. United States 47.55 -3% 3,599.2 3,389.6 407.4 137.6 138 33.8% 30.6% 8.3x 24.6x 138 Solera Holdings Inc. United States 51.95 -27% 3,588.9 5,010.8 987.3 377.0 38.2% 17.8% 5.1x 13.3x 138 Sonus Networks, Inc. United States 3.47 -18% 857.5 749.4 295.7 2.3 0.8% 7.2% 2.5x 331.7x Telcoware Co., Ltd. * South Korea 13,450.00 -22% 72,450.2 20,364.3 51.6 6.9 13.4% 0.0% 394.7x 2951.3x 203 TeleCommunication Systems Inc. United States 2.88 -20% 171.5 250.8 345.3 26.2 203 7.6% -17.1% 0.7x 9.6x 203 TESSCO Technologies Inc. United States 31.75 -24% 264.5 264.2 570.9 27.6 4.8% -12.6% 0.5x 9.6x Transmode AB (publ) Sweden 55.00 -52% 1,524.0 1,249.3 897.6 79.4 8.8% -15.1% 1.4x 15.7x 221 Ubiquitous Corporation Japan 1,265.00 -43% 11,085.2 10,172.2 787.0 (253.3) NM -8.2% 12.9x NM 221 Vecima Networks Inc. Canada 8.46 -6% 187.6 142.6 90.7 18.6 221 20.5% -0.6% 1.6x 7.7x Verint Systems Inc. United States 57.49 1% 3,429.4 3,944.4 1,014.3 146.8 14.5% 18.3% 3.9x 26.9x ViaSat Inc. United States 62.64 -16% 2,926.1 3,664.4 1,349.8 180.6 13.4% 12.6% 2.7x 20.3x Vonage Holdings Corporation United States 3.48 -30% 727.5 773.7 854.8 70.6 8.3% 2.4% 0.9x 11.0x Westell Technologies, Inc. United States 1.34 -73% 80.6 32.3 101.1 (0.7) NM 40.5% 0.3x NM ZTE Corp. China 15.20 -11% 51,971.6 63,382.5 79,476.9 4,079.9 5.1% 2.0% 0.8x 15.5x

Adjusted Weighted Average 1.9x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (95.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (476.5x)

30 | M&A and Investment Summary October 2014 Software

Blue

0 79 133

122 . Within the Software segment, a total of $830 million in reported value was in transactions involving strategic buyers, while another 141 181 $572 million in investments was announced

178 186 213 . Security was the most active subsegment with 19 transactions announced worth $511 million, followed by Healthcare with 15

211 transactions worth a total of $79 million 216 233 . Select acquisitions: 234 235 245 • Apax Partners’ $926 million purchase of Exact Holdings, a provider of industry specific software for small businesses

Orange

241 • Progress Software’s $263 million acquisition of Telerik, which provides a mobile application development platform 184 0 • BAE Systems’ acquisition of Silversky, a provider of security software and managed solutions, for $232 million 245 232 184

Grey SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Security 19 19% $511.1 22% 11 $464.0 1 - 7 $47.1 203 Healthcare 15 15% 79.1 3% 6 22.0 2 - 7 57.1 221 221 ERP 14 14% 1,001.2 43% 5 19.9 2 925.6 7 55.7 221 HR 13 13% 110.7 5% 4 43.0 1 - 8 67.7 Infrastructure 9 9% 59.5 3% 5 15.5 1 - 3 44.0 Financial 8 8% 45.0 2% 2 - 0 - 6 45.0 Other* 24 24% 524.0 22% 10 265.4 0 - 14 258.6 Total 102 100% 2,330.6 100% 43 829.8 7 925.6 52 575.2 *Other includes Application Management, Collaboration, Credit/Risk, Data Management, Legal, and Software Development Tools

31 | M&A and Investment Summary October 2014 Software Public Company Valuation (1/3) Blue

0 79 ($ in Millions, except stock price data) 133 Financial & Credit/Risk Management Software

122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Advent Software, Inc. United States $34.56 -4% $ 1,781.8 $ 2,000.2 $ 393.7 $ 99.8 25.3% 4.3% 5.1x 20.0x Ebix Inc. United States 14.75 -18% 565.4 567.7 204.0 78.5 38.5% -3.5% 2.8x 7.2x 178 186 Epiq Systems, Inc. United States 16.04 -20% 584.0 855.5 456.6 57.6 12.6% 12.5% 1.9x 14.9x 213 Fidessa group plc United Kingdom 23.41 -14% 888.4 830.6 276.8 51.9 18.8% 0.1% 3.0x 16.0x Guidewire Software, Inc. * United States 49.94 -14% 3,465.6 3,021.2 350.2 23.8 6.8% 16.5% 8.6x 127.1x 211 Innovation Group plc United Kingdom 0.27 -27% 325.9 268.5 206.3 21.5 10.4% 3.8% 1.3x 12.5x 216 233 Management Consulting Group PLC United Kingdom 0.18 -41% 84.9 132.9 258.9 20.8 8.0% -1.3% 0.5x 6.4x Model N, Inc. United States 9.75 -25% 242.1 138.9 89.2 (10.3) NM -8.3% 1.6x NM 234 NetSuite Inc. * United States 108.66 -10% 8,114.9 7,946.4 513.4 (50.4) NM 33.5% 15.5x NM 235 245 Performant Financial Corporation United States 8.63 -25% 420.5 455.8 252.8 79.2 31.3% 10.9% 1.8x 5.8x Q2 Holdings, Inc. United States 15.09 -13% 497.8 405.8 66.0 (16.4) NM 0.0% 6.2x NM Orange RealPage, Inc. United States 19.87 -24% 1,433.7 1,419.5 389.1 42.0 10.8% 10.4% 3.6x 33.8x Solera Holdings Inc. United States 51.95 -27% 3,588.9 5,010.8 987.3 377.0 38.2% 17.8% 5.1x 13.3x 241 SS&C Technologies Holdings, Inc. United States 48.32 0% 3,890.4 4,416.9 749.7 293.4 184 39.1% 6.8% 5.9x 15.1x 0 Tyler Technologies, Inc. United States 111.92 1% 3,697.2 3,539.7 476.4 102.4 21.5% 18.7% 7.4x 34.6x Yodlee, Inc. * United States 13.83 -23% 410.4 415.9 79.4 5.5 7.0% 0.0% 5.2x 75.2x 245 232 Adjusted Weighted Average 5.7x 20.4x 184

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.9x) Grey Healthcare Software 138 138 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. * United States 13.72 -30% 2,471.8 2,991.6 1,372.7 29.4 2.1% -2.2% 2.2x 101.6x 203 athenahealth, Inc. * United States 122.50 -41% 4,584.2 4,691.8 711.0 59.4 8.3% 31.7% 6.6x 79.0x 203 203 Cegedim SA France 25.61 -12% 357.8 827.1 895.3 118.0 13.2% -0.9% 0.9x 7.0x Cerner Corporation United States 63.34 0% 21,628.8 20,443.9 3,181.1 841.5 26.5% 15.2% 6.4x 24.3x 221 Civitas Solutions, Inc. United States 16.18 -6% 586.0 1,350.2 1,244.0 131.1 10.5% 0.0% 1.1x 10.3x 221 Computer Programs & Systems Inc. United States 62.98 -12% 705.9 677.3 209.7 59.9 28.5% 6.2% 3.2x 11.3x 221 Craneware plc United Kingdom 4.98 -22% 133.5 114.4 42.6 12.2 28.6% 2.7% 2.7x 9.4x HealthEquity, Inc. * United States 20.40 -11% 1,107.1 1,137.1 73.5 20.5 27.8% 0.0% 15.5x 55.6x McKesson Corporation United States 203.41 -1% 47,167.1 55,530.1 161,201.0 3,557.0 2.2% 27.1% 0.3x 15.6x MedAssets, Inc. United States 21.66 -18% 1,314.9 2,209.7 692.5 207.4 29.9% 2.8% 3.2x 10.7x Medidata Solutions, Inc. * United States 45.11 -34% 2,313.6 2,293.5 320.4 25.2 7.9% 22.8% 7.2x 90.9x Merge Healthcare Incorporated United States 2.75 -3% 251.4 445.7 212.3 38.2 18.0% -12.5% 2.1x 11.7x Quality Systems Inc. United States 15.11 -37% 910.7 787.1 462.5 41.5 9.0% 3.6% 1.7x 19.0x Streamline Health Solutions, Inc. United States 3.91 -54% 70.8 81.6 27.4 (9.4) NM -3.8% 3.0x NM USMD Holdings, Inc. United States 8.00 -71% 81.2 107.3 259.7 2.9 1.1% 31.1% 0.4x 37.5x Veeva Systems Inc. United States 29.78 -33% 3,738.0 3,387.8 260.2 53.0 20.4% 54.9% 13.0x 64.0x

Adjusted Weighted Average 3.1x 20.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.5x) 32 | M&A and Investment Summary October 2014 Software Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data) HR Software 122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $30.70 -29% $ 1,823.0 $ 1,321.7 $ 1,716.5 $ 525.9 30.6% 15.1% 0.8x 2.5x 178 Allocate Software plc. United Kingdom 1.58 0% 106.5 92.8 40.0 6.3 15.9% 8.1% 2.3x 14.6x 186 Benefitfocus, Inc. United States 27.71 -64% 659.4 626.1 119.6 (36.8) NM 31.1% 5.2x NM 213 Castlight Health, Inc. * United States 12.51 -70% 1,165.8 983.6 36.3 (85.2) NM 295.4% 27.1x NM

211 Concur Technologies, Inc. United States 128.32 -2% 7,323.7 7,181.8 667.9 22.2 3.3% 31.8% 10.8x NM 216 Cornerstone OnDemand, Inc. United States 36.27 -41% 1,878.7 1,859.7 222.0 (36.8) NM 48.8% 8.4x NM 233 Dice Holdings, Inc. United States 9.97 6% 501.2 587.3 253.3 71.5 28.2% 21.9% 2.3x 8.2x LinkedIn Corporation * United States 228.96 -4% 25,195.5 22,937.0 2,022.6 226.4 11.2% 46.0% 11.3x 101.3x 234 235 Monster Worldwide, Inc. United States 3.86 -55% 342.9 516.2 788.1 86.2 10.9% -6.6% 0.7x 6.0x 245 The Ultimate Software Group, Inc. United States 150.51 -12% 4,253.6 4,152.7 482.4 69.1 14.3% 23.5% 8.6x 60.1x Workday, Inc. * United States 95.48 -18% 17,205.0 15,867.7 616.3 (155.2) NM 74.4% 25.7x NM Orange Adjusted Weighted Average 9.9x 40.6x 241 184 0 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (25.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (74.3x)

Security Software 245 232 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 184 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $7.09 -8% $ 313.3 $ 250.9 $ 91.0 $ 16.1 17.7% 9.4% 2.8x 15.6x Grey AVG Technologies N.V. Netherlands 17.92 -16% 919.4 874.3 383.6 129.0 33.6% -3.0% 2.3x 6.8x Check Point Software Technologies Ltd. Israel 74.25 0% 14,166.2 12,926.3 1,462.3 796.8 54.5% 6.3% 8.8x 16.2x 138 138 Cisco Systems, Inc. United States 24.47 -6% 125,289.4 94,134.4 47,142.0 12,642.0 26.8% -3.0% 2.0x 7.4x 138 Cheetah Mobile Inc. China 19.82 -36% 2,576.4 2,266.5 1,150.7 124.7 10.8% 0.0% 2.0x 18.2x Cyber-Ark Software Ltd. * Israel 35.28 -5% 1,026.7 951.2 75.7 9.6 12.6% 0.0% 12.6x 99.4x 203 FireEye, Inc. United States 33.99 -65% 5,008.8 4,544.3 268.4 (277.9) NM 132.9% 16.9x NM 203 203 Fortinet Inc. United States 26.05 -3% 4,215.5 3,554.9 723.7 83.5 11.5% 22.9% 4.9x 42.6x Gemalto NV Netherlands 61.01 -33% 5,276.5 4,918.6 2,387.6 356.8 14.9% 1.2% 2.1x 13.8x 221 Imperva Inc. United States 40.97 -39% 860.6 759.4 155.4 (52.3) NM 22.5% 4.9x NM 221 Imprivata, Inc. United States 15.59 -8% 326.4 242.1 82.2 (12.9) NM 0.0% 2.9x NM 221 Infoblox Inc. United States 16.14 -65% 864.8 594.9 250.3 (14.2) NM 11.2% 2.4x NM Juniper Networks, Inc. United States 21.07 -27% 9,506.5 8,940.0 4,799.1 848.9 17.7% 5.8% 1.9x 10.5x Mobileye N.V. * Israel 52.01 -14% 10,806.1 10,657.2 121.2 5.0 4.1% 0.0% 88.0x NM NQ Mobile Inc. China 7.31 -67% 670.1 566.0 196.7 1.5 0.7% 114.3% 2.9x NM Palo Alto Networks, Inc. United States 105.70 -3% 8,355.4 8,049.7 598.2 (44.7) NM 51.0% 13.5x NM Proofpoint, Inc. United States 44.04 -4% 1,620.8 1,548.5 180.3 (28.3) NM 43.3% 8.6x NM Qihoo 360 Technology Co. Ltd. China 72.98 -41% 8,734.3 8,615.6 992.6 263.9 26.6% 121.3% 8.7x 32.6x Symantec Corporation United States 24.82 -2% 17,133.5 15,179.5 6,702.0 1,941.0 29.0% -3.5% 2.3x 7.8x Trend Micro Inc. Japan 3,675.00 -12% 492,680.0 377,884.0 110,824.0 38,883.0 35.1% 9.8% 3.4x 9.7x VeriSign, Inc. United States 59.76 -5% 7,236.3 7,138.7 999.8 615.5 61.6% 5.3% 7.1x 11.6x

Adjusted Weighted Average 3.6x 10.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (46.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.8x) 33 | M&A and Investment Summary October 2014 Software Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data) Engineering Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $78.56 -12% $ 7,228.8 $ 6,445.2 $ 896.3 $ 416.7 46.5% 8.0% 7.2x 15.5x 178 Autodesk, Inc. * United States 57.54 -2% 13,075.2 11,915.6 2,371.4 362.8 15.3% 3.7% 5.0x 32.8x 186 213 Aveva Group plc United Kingdom 15.36 -42% 980.8 863.3 237.3 71.7 30.2% 7.8% 3.6x 12.0x Dassault Systemes SA France 50.57 -4% 12,743.1 11,969.6 2,186.5 636.2 29.1% 5.9% 5.5x 18.8x 211 216 Adjusted Weighted Average 5.6x 17.3x 233

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.9x) 234 235 245 Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Orange Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $70.12 -6% $ 34,971.6 $ 32,959.6 $ 4,115.4 $ 720.6 17.5% -1.2% 8.0x 45.7x 241 CA Technologies, Inc. United States 29.06 -20% 12,737.7 11,444.7 4,463.0 1,397.0 31.3% -1.1% 2.6x 8.2x 184 0 CommVault Systems, Inc. United States 44.34 -44% 1,972.4 1,557.9 613.9 88.4 14.4% 13.1% 2.5x 17.6x Covisint Corporation United States 2.80 -80% 112.2 68.0 91.8 (35.2) NM -6.4% 0.7x NM 245 Daegis Inc. United States 0.64 -55% 10.5 18.1 29.7 3.9 13.0% -23.0% 0.6x 4.7x 232 Endurance International Group Holdings, Inc. United States 16.62 -2% 2,120.2 3,203.2 567.1 82.8 14.6% 25.6% 5.6x 38.7x 184 Guidance Software, Inc. United States 6.73 -42% 194.2 175.6 108.8 (10.0) NM -14.1% 1.6x NM IBM Corporation United States 164.40 -17% 162,700.1 198,974.1 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.1x Grey Informatica Corporation United States 35.66 -19% 3,922.7 3,268.0 1,020.2 190.7 18.7% 12.5% 3.2x 17.1x 138 IntraLinks Holdings, Inc. United States 8.64 -31% 470.8 494.4 244.5 8.7 3.6% 8.7% 2.0x 56.6x 138 NetSuite Inc. United States 108.66 -10% 8,114.9 7,946.4 513.4 (50.4) NM 33.5% 15.5x NM 138 Opera Software ASA * Norway 84.40 -11% 11,875.1 11,347.5 415.9 94.3 22.7% 53.3% 27.3x 120.3x Oracle Corporation United States 39.05 -10% 173,042.4 154,573.4 38,499.0 16,826.0 203 43.7% 3.0% 4.0x 9.2x 203 Rally Software Development Corp. United States 10.22 -62% 258.6 181.6 79.4 (24.9) NM 20.2% 2.3x NM 203 Salesforce.com, Inc United States 63.99 -4% 38,204.7 39,707.3 4,766.6 3.1 0.1% 37.3% 8.3x NM ServiceNow, Inc. United States 67.93 -5% 9,677.4 9,467.7 609.8 (98.1) NM 62.8% 15.5x NM 221 221 Textura Corporation United States 26.64 -36% 643.0 576.1 58.9 (13.5) NM 0.0% 9.8x NM 221 TIBCO Software Inc. United States 23.37 -6% 3,829.4 3,850.2 1,076.2 167.9 15.6% 2.4% 3.6x 22.9x Varonis Systems, Inc. United States 19.48 -66% 467.6 347.4 86.3 (12.1) NM 38.0% 4.0x NM

Adjusted Weighted Average 4.4x 12.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (65.7x)

34 | M&A and Investment Summary October 2014 Information & Business Services

Blue

0 79 133

122 . IT Consulting/System Integration was the most active subsegment with 18 transactions announced worth $196 million, followed by 141 181 Marketing Data with six transactions worth a total of $420 million

178 186 213 . Select acquisitions:

211 216 • Cision’s acquisition of Gorkana, a provider of media monitoring solutions 233

234 • Rentrak’s $98 million purchase of the television measurement business of WPP’s Kantar Media 235 245 • The $540 million purchase of Relias Learning, which is a provider of subscription training software for the healthcare sector, by Orange

241 Bertelsmann from Vista Equity Partners 184 0 245 232 INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 184 Transactions Reported Value Strategic Buyout Venture/Growth Capital

Grey # % $MM % # $MM # $MM # $MM

138 IT Consulting/Systems Integration 18 32% $195.9 9% 9 $18.5 0 - 9 $177.4 138 138 Marketing Data 6 11% 420.1 18% 5 418.0 0 - 1 2.1

203 Staffing 5 9% - 0% 2 - 3 - 0 - 203 203 Corporate Training 4 7% 16.5 1% 2 9.7 0 - 2 6.8 Financial Information 3 5% 31.5 1% 1 21.0 0 - 2 10.5 221 221 221 Healthcare Information 3 5% - 0% 1 - 2 - 0 - Market Research 3 5% 638.0 28% 3 638.0 0 - 0 - Data Processing/Enhancement 2 4% 3.0 0% 1 - 0 - 1 3.0 Other* 13 23% 970.0 43% 6 22.0 3 - 4 948.0 Total 57 100% 2,275.0 100% 30 1,127.2 8 0.0 19 1,147.8

*Other includes Financial Consulting, Fulfillment, Geo-Demo Information, HR Consulting, Legal Consulting, Logistics, Management Consulting, Printing Services, and Product/Price Information

35 | M&A and Investment Summary October 2014 Information Services Public Company Valuation (1/2) Blue

0 79 133 ($ in Millions, except stock price data)

Financial & Credit/Risk Management Information 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $43.93 0% $ 5,227.9 $ 5,404.3 $ 2,558.0 $ 521.3 20.4% 5.2% 2.1x 10.4x 178 Computershare Limited Australia 12.27 -7% 6,824.6 8,104.2 2,011.4 490.3 24.4% -0.2% 4.0x 16.5x 186 213 CoreLogic, Inc. United States 31.37 -13% 2,775.7 4,049.0 1,314.3 258.6 19.7% 13.9% 3.1x 15.7x CoStar Group Inc. * United States 161.09 -26% 5,211.1 5,114.9 535.5 150.9 28.2% 25.9% 9.6x 33.9x 211 DST Systems Inc. United States 96.35 -4% 3,728.7 4,253.3 2,710.1 415.1 15.3% 2.3% 1.6x 10.2x 216 Dun & Bradstreet Corp. United States 122.81 -1% 4,466.6 5,755.5 1,668.7 473.5 233 28.4% 1.7% 3.4x 12.2x Envestnet, Inc. * United States 44.42 -12% 1,482.0 1,418.1 307.6 32.6 10.6% 66.4% 4.6x 43.5x 234 Equifax Inc. United States 75.74 -5% 9,133.2 10,608.6 2,390.3 848.2 35.5% 5.8% 4.4x 12.5x 235 Experian plc Ireland 9.39 -26% 9,291.4 11,682.8 4,840.0 1,677.0 34.6% 2.3% 2.4x 7.0x 245 FactSet Research Systems Inc. United States 131.44 1% 5,487.2 5,350.8 920.3 336.7 36.6% 7.3% 5.8x 15.9x Fair Isaac Corporation United States 62.30 -5% 2,002.9 2,439.8 757.7 197.1 26.0% 2.5% 3.2x 12.4x Orange Fidelity National Information Services, Inc. United States 58.39 -1% 16,380.2 20,878.5 6,305.3 1,655.7 26.3% 5.2% 3.3x 12.6x 241 Financial Engines, Inc. * United States 39.87 -44% 2,048.9 1,767.7 263.0 59.2 22.5% 24.4% 6.7x 29.9x 184 McGraw Hill Financial, Inc. United States 90.48 1% 24,565.3 24,305.3 5,140.0 1,858.0 36.1% 8.9% 4.7x 13.1x 0 Moody's Corporation United States 99.23 1% 20,699.4 21,497.5 3,236.0 1,508.1 46.6% 9.8% 6.6x 14.3x Morningstar Inc. United States 68.25 -21% 3,016.9 2,819.1 744.2 222.1 245 29.8% 8.1% 3.8x 12.7x 232 MSCI Inc. United States 46.66 -10% 5,224.0 5,338.6 1,104.7 439.8 39.8% 15.9% 4.8x 12.1x 184 Reis, Inc. United States 23.40 -19% 258.1 241.8 39.8 10.2 25.5% 16.8% 6.1x 23.8x SEI Investments Co. United States 38.66 1% 6,465.3 5,887.4 1,242.3 353.0 28.4% 14.1% 4.7x 16.7x Grey Thomson Reuters Corporation United States 41.93 -1% 33,645.1 42,110.1 12,674.0 2,573.0 20.3% -0.9% 3.3x 16.4x Verisk Analytics, Inc. United States 62.35 -9% 10,202.0 11,042.4 1,698.6 766.9 45.1% 15.7% 6.5x 14.4x 138 138 138 Adjusted Weighted Average 4.3x 13.8x

203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.8x) 203 203 ($ in Millions, except stock price data)

Marketing Information 221 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $18.84 -52% $ 1,453.5 $ 1,371.1 $ 1,082.6 $ 181.3 16.7% -0.2% 1.3x 7.6x Alliance Data Systems Corporation United States 283.35 -6% 15,733.9 26,553.2 4,958.3 1,381.6 27.9% 19.5% 5.4x 19.2x Brainjuicer Group Plc United Kingdom 3.76 -31% 47.5 45.0 24.9 4.0 16.1% 17.4% 1.8x 11.2x Cello Group Plc United Kingdom 0.88 -8% 74.2 84.5 166.4 11.2 6.7% 15.5% 0.5x 7.6x comScore, Inc. * United States 42.14 0% 1,427.9 1,413.9 315.5 27.1 8.6% 13.2% 4.5x 52.2x Cross Marketing Inc. Japan 494.00 -33% 8,907.4 8,800.4 7,510.0 802.0 10.7% 31.9% 1.2x 11.0x Ebiquity plc United Kingdom 1.12 -17% 80.0 103.7 68.5 12.1 17.7% 6.9% 1.5x 8.6x GfK SE Germany 32.90 -28% 1,201.0 1,642.4 1,464.2 219.6 15.0% -3.9% 1.1x 7.5x Harte-Hanks Inc. United States 6.51 -28% 406.9 421.8 559.3 57.9 10.3% -1.1% 0.8x 7.3x InnerWorkings Inc. United States 9.08 -7% 466.6 532.3 977.3 20.6 2.1% 19.9% 0.5x 25.8x

36 | M&A and Investment Summary October 2014 Information Services Public Company Valuation (2/2) Blue

0 79 133 ($ in Millions, except stock price data)

Marketing Information (Contd.) 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 1,388.00 -9% $ 27,923.8 $ 20,171.8 $ 42,961.0 $ 5,176.3 12.0% 6.6% 0.5x 3.9x 178 Ipsos SA France 20.70 -40% 936.8 1,496.1 1,664.6 195.0 11.7% -5.2% 0.9x 7.7x 186 213 NeuStar, Inc. United States 26.41 -47% 1,433.7 1,983.6 948.9 343.6 36.2% 8.0% 2.1x 5.8x Nielsen N.V. Netherlands 42.49 -14% 15,776.5 22,119.5 6,266.0 1,479.0 23.6% 13.2% 3.5x 15.0x 211 Onvia Inc. * United States 4.21 -24% 31.1 23.6 22.2 0.2 0.8% 1.3% 1.1x 130.0x 216 Pearson plc United Kingdom 11.70 -15% 9,483.5 11,658.5 4,926.0 769.0 15.6% -1.6% 2.4x 15.2x 233 Rentrak Corporation * United States 76.87 -6% 949.6 930.4 81.3 (5.9) NM 60.9% 11.4x NM

234 YouGov PLC United Kingdom 1.19 -8% 116.6 109.3 67.4 5.5 8.2% 7.7% 1.6x 19.7x 235 245 Adjusted Weighted Average 2.3x 11.2x

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.2x)

241 Other Information 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

245 Centaur Media plc United Kingdom $0.58 -25% $ 82.2 $ 92.2 $ 73.6 $ 8.5 11.5% 2.2% 1.3x 10.8x 232 Corporate Executive Board Co. United States 73.70 -9% 2,486.1 2,907.2 892.3 187.5 21.0% 12.9% 3.3x 15.5x 184 Forrester Research Inc. United States 40.28 -3% 734.9 601.2 308.9 29.7 9.6% 4.6% 1.9x 20.3x Gartner Inc. United States 80.71 1% 7,175.1 7,237.1 1,897.9 326.4 17.2% 11.5% 3.8x 22.2x Grey IHS Inc. United States 131.03 -9% 8,897.9 10,547.9 2,208.2 491.4 22.3% 30.3% 4.8x 21.5x Informa plc Switzerland 4.81 -17% 2,901.5 3,698.4 1,138.0 344.4 30.3% 2.3% 3.2x 10.7x 138 138 National Research Corp. United States 32.72 -27% 444.5 422.8 95.4 30.5 32.0% 5.2% 4.4x 13.9x 138 Markit Ltd. United Kingdom 25.54 -7% 4,416.3 4,901.8 1,006.2 387.4 38.5% 9.5% 4.9x 12.7x NIC Inc. United States 18.43 -27% 1,202.8 1,107.1 258.7 68.0 26.3% 9.3% 4.3x 16.3x 203 203 Premier, Inc. United States 33.38 -14% 1,070.9 812.3 910.5 343.9 37.8% 4.7% 0.9x 2.4x 203 Proofpoint, Inc. * United States 44.04 -4% 1,620.8 1,548.5 180.3 (28.3) NM 43.3% 8.6x NM Reed Elsevier plc(1) United Kingdom 10.27 1% 24,384.2 31,323.6 9,944.2 3,154.3 31.7% 6.6% 3.1x 9.9x 221 Solera Holdings Inc. United States 51.95 -27% 3,588.9 5,010.8 987.3 377.0 38.2% 17.8% 5.1x 13.3x 221 221 Tarsus Group plc Ireland 2.04 -20% 203.5 243.7 73.0 24.9 34.2% 25.0% 3.3x 9.8x TechTarget, Inc. * United States 9.54 -4% 313.3 275.6 95.0 8.7 9.2% 2.6% 2.9x 31.7x The Advisory Board Company * United States 53.67 -23% 1,948.0 1,911.6 539.2 61.9 11.5% 14.7% 3.5x 30.9x UBM plc United Kingdom 5.69 -22% 1,396.8 1,893.5 763.1 191.5 25.1% -0.1% 2.5x 9.9x Wolters Kluwer NV Netherlands 21.29 -5% 6,308.2 8,549.2 3,539.0 873.0 24.7% -1.8% 2.4x 9.8x

Adjusted Weighted Average 3.6x 13.6x

(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 (7.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.1x)

37 | M&A and Investment Summary October 2014 Business Services Public Company Valuation (1/3) Blue

0 79 133 ($ in Millions, except stock price data)

Consulting 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 30.00 -2% 285.7 242.7 303.6 29.7 9.8% 12.3% 0.8x 8.2x 178 FTI Consulting, Inc. United States 40.38 -14% 1,656.5 2,188.8 1,747.1 217.1 12.4% 6.8% 1.3x 10.1x 186 213 Information Services Group, Inc. United States 4.23 -26% 161.8 200.6 207.9 19.3 9.3% 2.9% 1.0x 10.4x Navigant Consulting Inc. United States 15.39 -22% 746.3 900.1 744.9 116.7 15.7% -0.1% 1.2x 7.7x 211 ICF International Inc. United States 36.34 -18% 700.7 825.5 982.7 87.6 8.9% 4.0% 0.8x 9.4x 216 Huron Consulting Group Inc. United States 69.61 -4% 1,521.1 1,657.0 829.5 164.6 19.8% 20.2% 2.0x 10.1x 233 The Hackett Group, Inc. * United States 7.01 -2% 210.1 229.0 203.6 17.7 8.7% 1.6% 1.1x 13.0x

234 Towers Watson & Co. United States 110.29 -16% 7,744.0 7,132.4 3,481.9 627.3 18.0% 1.4% 2.0x 11.4x 235 245 Adjusted Weighted Average 1.8x 10.7x

Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.0x)

241 HR Services 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

245 Automatic Data Processing, Inc. United States 81.78 -3% 39,422.6 38,891.0 12,418.3 2,612.9 21.0% 7.9% 3.1x 14.9x 232 Barrett Business Services Inc. United States 23.51 -77% 168.8 87.1 605.7 (49.8) NM 20.7% 0.1x NM 184 Capita plc United Kingdom 10.97 -12% 7,227.8 9,055.5 4,148.4 567.4 13.7% 16.4% 2.2x 16.0x Dice Holdings, Inc. United States 9.97 6% 501.2 587.3 253.3 71.5 28.2% 21.9% 2.3x 8.2x Grey Edenred SA France 22.10 -18% 4,996.9 5,714.9 938.0 293.0 31.2% -3.6% 6.1x 19.5x Insperity, Inc. United States 31.56 -14% 804.4 592.1 2,298.6 67.4 2.9% 4.3% 0.3x 8.8x 138 138 LinkedIn Corporation * United States 228.96 -4% 25,195.5 22,937.0 2,022.6 226.4 11.2% 46.0% 11.3x 101.3x 138 Marsh & McLennan Companies, Inc. United States 54.37 1% 29,468.5 30,838.5 12,820.0 2,628.0 20.5% 5.5% 2.4x 11.7x Monster Worldwide, Inc. United States 3.86 -55% 342.9 516.2 788.1 86.2 10.9% -6.6% 0.7x 6.0x 203 203 Paychex, Inc. United States 46.94 1% 17,031.1 16,471.8 2,572.6 1,102.2 42.8% 9.0% 6.4x 14.9x 203 Professional Diversity Network LLC United States 4.60 -20% 56.8 39.3 4.4 (2.7) NM -12.2% 8.9x NM Towers Watson & Co. United States 110.29 -16% 7,744.0 7,132.4 3,481.9 627.3 18.0% 1.4% 2.0x 11.4x 221 TriNet Group, Inc. United States 29.92 0% 2,020.2 2,495.7 1,963.7 158.8 8.1% 0.0% 1.3x 15.7x 221 221 WageWorks, Inc. United States 57.01 -17% 1,956.3 1,614.9 230.0 42.6 18.5% 15.1% 7.0x 37.9x

Adjusted Weighted Average 3.4x 14.4x

*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 (48.4x)

38 | M&A and Investment Summary October 2014 Business Services Public Company Valuation (2/3) Blue

0 79 133 ($ in Millions, except stock price data)

IT Consulting/Systems Integration 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 81.12 -6% $ 50,903.2 $ 46,559.4 $ 30,002.4 $ 4,684.6 15.6% 5.0% 1.6x 9.9x 178 Amdocs Limited Channel Islands 47.54 -3% 7,537.3 6,362.7 3,508.6 642.7 18.3% 5.6% 1.8x 9.9x 186 213 Bechtle AG Germany 62.08 -7% 1,303.7 1,283.3 2,431.4 125.9 5.2% 13.3% 0.5x 10.2x Booz Allen Hamilton Holding Corporation United States 26.35 0% 3,864.5 5,268.2 5,300.1 515.2 9.7% -7.7% 1.0x 10.2x 211 Broadridge Financial Solutions, Inc. United States 43.93 0% 5,227.9 5,404.3 2,558.0 521.3 20.4% 5.2% 2.1x 10.4x 216 Business & Decision SA France 4.79 -14% 37.8 67.4 198.2 10.1 5.1% -5.0% 0.3x 6.7x 233 Cap Gemini S.A. France 52.46 -11% 8,300.0 8,197.0 10,163.0 993.0 9.8% 0.2% 0.8x 8.3x

234 CGI Group, Inc. Canada 38.69 -7% 12,026.3 14,455.3 10,474.2 1,633.0 15.6% 13.4% 1.4x 8.9x 235 Cognizant Technology Solutions Corporation United States 48.85 -10% 29,697.1 25,567.9 9,600.7 2,021.1 21.1% 19.7% 2.7x 12.7x 245 Computer Sciences Corporation United States 60.40 -8% 8,761.9 9,228.9 12,981.0 1,959.0 15.1% -6.1% 0.7x 4.7x CSG Systems International Inc. United States 26.51 -17% 919.5 990.3 753.3 120.6 16.0% -0.2% 1.3x 8.2x Orange Digi International Inc. * United States 8.28 -35% 205.7 125.4 192.7 7.4 3.8% -1.4% 0.7x 17.1x Globant S.A. Luxembourg 12.94 -12% 440.2 429.5 179.1 20.5 241 * 11.4% 24.7% 2.4x 21.0x 184 International Business Machines Corporation United States 164.40 -17% 162,700.1 198,974.1 97,449.0 24,588.0 25.2% -2.8% 2.0x 8.1x 0 Infosys Ltd. * India 4,051.45 0% 2,315,008.9 1,991,095.8 8,526.0 2,438.0 28.6% 7.8% 233.5x NM ITS Group France 7.54 -15% 57.3 67.3 161.1 9.7 6.0% 78.7% 0.4x 6.9x 245 232 NCI, Inc. United States 10.20 -22% 129.6 109.9 322.5 19.8 6.1% -5.7% 0.3x 5.5x 184 NTT Data Corporation Japan 4,265.00 -3% 1,196,332.5 1,404,449.5 1,385,519.0 200,467.8 14.5% 6.4% 1.0x 7.0x Perficient Inc. United States 16.58 -31% 570.8 635.1 391.0 52.3 13.4% 16.8% 1.6x 12.1x Grey Tata Consultancy Services Limited * India 2,604.55 -8% 5,101,605.0 4,989,021.6 887,725.6 264,965.8 29.8% 24.2% 5.6x 18.8x Wipro Ltd. India 563.45 -9% 1,381,252.2 1,239,010.2 457,390.0 104,635.0 22.9% 15.8% 2.7x 11.8x 138 138 Adjusted Weighted Average 4.3x 9.5x 138

203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (113.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x) 203 ($ in Millions, except stock price data) 203 Outsourced Services 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States $3.87 -53% $ 31.2 $ 43.4 $ 84.8 $ 2.4 2.9% 1.0% 0.5x 17.9x Cenveo Inc. United States 2.28 -42% 156.3 1,406.7 1,922.2 151.2 7.9% 13.1% 0.7x 9.3x Communisis plc United Kingdom 0.55 -27% 109.4 145.6 318.3 22.0 6.9% 33.5% 0.5x 6.6x Cineplex Inc. * Canada 42.46 -5% 2,633.0 3,004.8 1,225.1 195.6 16.0% 8.5% 2.5x 15.4x Contax Participacoes S.A. Brazil 1.96 -50% 916.6 1,723.4 3,538.8 440.7 12.5% -2.2% 0.5x 3.9x Convergys Corporation United States 20.17 -17% 2,039.3 2,268.5 2,390.4 289.7 12.1% 18.7% 0.9x 7.8x Elanders AB Sweden 32.90 -34% 872.4 1,888.1 3,229.2 260.9 8.1% 59.4% 0.6x 7.2x Eniro AB Sweden 8.10 -88% 811.4 3,352.4 3,304.0 703.0 21.3% -11.3% 1.0x 4.8x Exlservice Holdings, Inc. United States 27.99 -10% 917.1 750.9 488.1 76.1 15.6% 3.4% 1.5x 9.9x Firstsource Solutions Limited India 38.95 -12% 25,853.4 36,221.1 31,443.8 3,708.4 11.8% 10.1% 1.2x 9.8x Genpact Limited Bermuda 17.55 -14% 3,749.0 4,207.6 2,183.1 380.6 17.4% 7.1% 1.9x 11.1x InnerWorkings Inc. * United States 9.08 -7% 466.6 532.3 977.3 20.6 2.1% 19.9% 0.5x 25.8x

39 | M&A and Investment Summary October 2014 Business Services Public Company Valuation (3/3) Blue

0 79 133 ($ in Millions, except stock price data)

122 Outsourced Services (Contd.) 141 181 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 178 Luxoft Holding, Inc. * SwitzerlandSwitzerland 39.99 -8% $ 1,262.1 $ 1,235.9 $ 426.9 $ 77.3 18.1% 30.4% 2.9x 16.0x 186 MAXIMUS, Inc. United States 48.46 -4% 3,246.5 3,064.9 1,649.8 268.5 16.3% 32.2% 1.9x 11.4x 213 Quad/Graphics, Inc. United States 22.05 -40% 1,054.5 2,629.1 4,757.4 564.7 11.9% 7.9% 0.6x 4.7x Quintiles Transnational Holdings Inc. United States 58.54 -1% 7,195.1 8,593.4 4,136.9 657.2 15.9% 10.3% 2.1x 13.1x 211 216 R.R. Donnelley & Sons Company United States 17.45 -18% 3,486.5 7,053.3 10,946.5 1,141.7 10.4% 6.5% 0.6x 6.2x 233 Salmat Limited Australia 1.37 -40% 218.1 176.6 452.8 16.3 3.6% -3.2% 0.4x 10.8x Serco Group plc United Kingdom 2.98 -47% 1,599.8 2,186.0 4,192.5 180.2 4.3% -1.8% 0.5x 12.1x 234 St Ives plc United Kingdom 1.93 -14% 240.8 283.5 330.7 48.5 14.7% 2.5% 0.9x 5.8x 235 245 StarTek, Inc. United States 7.52 -4% 115.7 110.6 246.3 9.3 3.8% 16.1% 0.4x 12.0x Sykes Enterprises, Incorporated United States 21.54 -8% 943.2 817.7 1,302.4 125.4 9.6% 9.4% 0.6x 6.5x Orange Teleperformance S.A. France 50.26 -6% 2,871.7 2,797.2 2,481.8 302.0 12.2% 2.7% 1.1x 9.3x TeleTech Holdings Inc. United States 25.81 -14% 1,269.5 1,285.1 1,212.8 157.5 13.0% 4.6% 1.1x 8.2x 241 Trans Cosmos, Inc. Japan 2,061.00 -13% 84,790.6 57,250.6 189,716.0 10,926.3 5.8% 11.6% 0.3x 5.2x 184 0 Transcom WorldWide SA * Sweden 1.10 -28% 1,326.2 1,675.9 618.3 25.9 4.2% -5.7% 2.7x 64.6x Transcontinental Inc. Canada 15.39 -10% 1,198.7 1,749.2 2,073.5 386.7 18.6% -2.2% 0.8x 4.5x 245 Vistaprint N.V. Netherlands 66.86 2% 2,085.3 2,508.5 1,329.1 182.7 13.7% 11.6% 1.9x 13.7x 232 West Corporation United States 32.00 1% 2,611.8 6,162.4 2,720.2 681.5 25.1% 1.9% 2.3x 9.0x 184 Xchanging PLC United Kingdom 1.90 -1% 463.7 370.3 620.7 60.1 9.7% -10.4% 0.6x 6.2x

Grey Adjusted Weighted Average 2.0x 6.2x

138 138 *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 (20.0x) 138

203 203 203

221 221 221

40 | M&A and Investment Summary October 2014 PPLLC Indices Valuation Summary Blue 0 79 133 Current Summary Trading Valuation Information 122 141 181 Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 178 Digital Media/Commerce 5.7x 1.7x 4.6x 4.6x 186 213 Digital Advertising 4.1x 2.0x 9.8x 4.4x

211 Marketing Technology 4.8x 3.4x 4.7x 4.0x 216 233 Agency 1.1x 1.1x 0.6x 0.6x Marketing Services 1.5x 1.2x 2.9x 1.9x 234 235 Traditional Media 2.6x 2.3x 3.1x 3.0x 245 Technology 3.2x 2.3x 1.7x 1.6x

Orange Communications 7.1x 1.6x 41.1x 1.9x Software 5.8x 3.6x 4.7x 4.2x 241 184 Information 3.6x 3.3x 3.7x 3.6x 0 Business Services 4.4x 0.9x 131.6x 2.6x 245 232 184 EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Grey Digital Media/Commerce 22.7x 11.8x 17.3x 12.3x 138 138 Digital Advertising 29.7x 13.0x 27.4x 26.0x 138 Marketing Technology 35.0x 17.1x 14.3x 13.0x 203 Agency 12.2x 10.0x 9.6x 9.5x 203 203 Marketing Services 9.4x 7.9x 12.0x 10.4x Traditional Media 12.6x 10.3x 10.5x 10.7x 221 221 Technology 15.8x 11.1x 8.3x 8.2x 221 Communications 94.2x 15.6x 304.7x 11.5x Software 28.2x 15.6x 14.5x 11.8x Information 18.4x 13.9x 13.9x 13.7x Business Services 12.8x 10.2x 5.6x 11.4x

As of close of business on 10/31/14

*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

41 | M&A and Investment Summary October 2014 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133

122 141 Digital Media/Commerce and Traditional Media Digital Advertising 170 181 LTM Index Performance 170 LTM Index Performance

178 155 155 186 • S&P 500 –  14.6% • S&P 500 –  14.6 % 213 140 140

211 • Digital Media/Commerce –  14.1% • Digital Advertising –  9.7% 125 125 216 233 110 • Traditional Media –  9.9% 110 234

Index Performance (%) Performance Index 95 235 (%) Performance Index 95 245 80 80 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Orange Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14

S&P 500 Digital Media/Commerce Traditional Media 241 S&P 500 Digital Advertising 184 0

245 232 184

Grey Marketing Technology Agency & Marketing Services 138 130 138 LTM Index Performance 155 LTM Index Performance 138 120 • S&P 500 –  14.6 % 140 • S&P 500 –  14.6% 203 203 110 203 • Marketing Technology –  3.3% 125 • Agency – (3.9)%

221 100 110 221 • Marketing Services –  7.4% 221

90 95

Index Performance (%) Performance Index Index Performance (%) Performance Index

80 80 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14

S&P 500 Marketing Technology S&P 500 Agency Marketing Services

Note: LTM as of 10/31/14 42 | M&A and Investment Summary October 2014 PPLLC Indices LTM Share Pricing Trends Blue

0 79 133

122 141 Technology Communications 130 140 181 LTM Index Performance LTM Index Performance 130 178 120 186 • S&P 500 –  14.6% • S&P 500 –  14.6% 213 120 110 211 • Technology –  15.9% 110 • Communications –  8.5% 216 233 100 100

234 (%) Performance Index 90 90

235 (%) Performance Index 245 80 80 Orange Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 S&P 500 Communications

S&P 500 Technology 241 184 0

245 232 184

Grey Software Information & Business Services 138 130 150 138 LTM Index Performance LTM Index Performance 138 140 120 • S&P 500 –  14.6 % • S&P 500 –  14.6% 203 203 130 203 110 • Software –  7.0% • Information –  6.2% 120 221 100 221 110 • Business Services –  2.8% 221 90

Index Performance (%) Performance Index 100 Index Performance (%) Performance Index 80 90 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14

S&P 500 Software S&P 500 Information Business Services

Note: LTM as of 10/31/14 43 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV 178 Strategic 186 Values Disclosed 213 NetScout Systems, Inc. Technology & Communications Danaher Communications $ 2,600.0 Advanstar Communications Traditional Media UBM plc 972.0 211 216 Relias Learning Information & Business Services Bertelsmann SE & Co. KGaA 540.0 233 Gorkana Group Information & Business Services Cision, Inc. 320.0 Sun Media Corporation, English Language Operations Traditional Media Postmedia Network Canada Corporation 316.0 234 Olson Agency & Marketing Services ICF International, Inc. 295.0 235 245 Telerik AD Software Progress Software Corporation 263.0 SilverSky, Inc. Software BAE Systems plc 232.0 Orange Fyber GmbH Digital Advertising RNTS Media N.V. 190.0 TRANZACT Digital Advertising White Mountains Insurance Group, Ltd. 178.0 241 Nimbuzz B.V. Technology & Communications New Call Telecom Ltd. 175.0 184 0 Philadelphia Financial Group Technology & Communications The Blackstone Group 155.0 Vera&John Digital Media/Commerce Intertain Group Limited 126.1 245 Rentrak Corporation Information & Business Services WPP Group 98.0 232 CinemaWell.com Digital Media/Commerce Facebook 95.0 184 Nexstar Broadcasting Group, Inc. Traditional Media KASW-TV 68.0 Three Eagles Communications, Inc. Traditional Media Digity Companies LLC 66.5 Grey Evolv, Inc. Software Cornerstone OnDemand, Inc. 43.0 Dialogic, Inc. Technology & Communications Novacap TMT 35.3 138 138 Xceed Technologies, Inc. Technology & Communications Anite plc 35.0 138 Cadient Group Agency & Marketing Services Cognizant Technology Solutions Corporation 32.5 ShipWorks Information & Business Services Stamps.com, Inc. 22.0 203 ALPHAEON Corporation Software TouchMD 22.0 203 203 Management Diagnostics Information & Business Services TheStreet, Inc. 21.0 HWW Marketing Technology Gracenote, Inc. 19.0 221 Stitcher, Inc. Digital Media/Commerce Deezer.com 18.7 221 Club Apps Digital Media/Commerce Netpulse, Inc. 18.6 221 BEAR Data Solutions, Inc. Information & Business Services Datalink Corporation 18.5 AspiviaUnison Marketing Technology Adapt IT Group 18.3 MobFox Mobile Advertising GmbH Digital Advertising Matomy Media Group 17.6 TextLocal Digital Advertising IMImobile Limited 16.6 Proximity Communications Limited Software Maintel Holdings Plc 15.5 Kulu Valley Marketing Technology Qumu, Inc. 15.0 Leadtec Software SPS Commerce, Inc. 14.9 P.S. XO Digital Media/Commerce Seedling 7.0 ISV Software Ltd. Information & Business Services Dillistone Group plc 5.7 Pounce.mobi Digital Media/Commerce Slyce 5.0 Exostar, Inc. Software Merck Global Health Innovation LLC 5.0 Dynamic Learning Services Pty Ltd. Information & Business Services iCollege Ltd. 4.0 Drivetrain Agency LLC Agency & Marketing Services Business Instincts Group 3.5 Wercker Software Notion Capital 2.4 44 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 Strategic

178 Undisclosed 186 Vigliano Associates Agency & Marketing Services Y Entertainment $ - 213 Foundry 9 LLC Agency & Marketing Services LiquidHub, Inc. - SJX Partners Agency & Marketing Services Chime Communications, PLC - 211 216 Commonground/MGS Agency & Marketing Services Commonground/MGS - 233 3 l Share Agency & Marketing Services Publicis Groupe S.A. - Hot Studio, Inc. Agency & Marketing Services Facebook - 234 Baked & Branded Agency & Marketing Services StringCan Interactive LLC - 235 245 Industrial Quality Management Agency & Marketing Services Relevention Marketing, Inc. - Johnson King Ltd. Agency & Marketing Services Ruder Finn Group - Binger Catalog Marketing Agency & Marketing Services CohereOne - Orange BrandsRock Agency & Marketing Services Publicis Groupe S.A. - 241 Socialarc Agency & Marketing Services SparkPR - 184 Studio One Networks Agency & Marketing Services The CHR Group - 0 Cadient Group Agency & Marketing Services Cognizant Technology Solutions Corporation -

245 Element Marketing Group Inc. Agency & Marketing Services Ogilvy CommonHealth Worldwide - 232 Adaptive Path Agency & Marketing Services Capital One Services, Inc. - 184 Fontis International Agency & Marketing Services Iron Mountain Incorporated - OpenTv Digital Advertising Imagine Communications, Inc. - Grey Cityvox Digital Advertising Yelp!, Inc. - Perkla Digital Advertising ID.me, Inc. - 138 138 DramaFever Corporation Digital Advertising SoftBank Capital - 138 moboqo GmbH Digital Advertising AppLovin Corporation - BuzzTarget Digital Advertising RealNex - 203 Snap Revenue, Inc. Digital Advertising Enstallr Digital - 203 203 NetSila SAL Digital Media/Commerce Cookpad - wipolo Digital Media/Commerce Accor - 221 Swimsuits For All, Inc. Digital Media/Commerce OSP Group Inc. - 221 Rooftop Media, Inc. Digital Media/Commerce Audible, Inc. - 221 Tagroom Pty Ltd. Digital Media/Commerce Moko Social Media - Restaurant-Kritik Digital Media/Commerce Yelp!, Inc. - Distinction Digital Media/Commerce Skyscanner Limited - Gaiam, Inc. Digital Media/Commerce Yoga Studio - lovebyte Digital Media/Commerce Migme - Subdelivery Digital Media/Commerce Delivery Hero - Salonmeister GmbH Digital Media/Commerce Wahanda - Xyo Digital Media/Commerce Mandalay Digital Group, Inc. - Rumgr Digital Media/Commerce eBay Enterprise, Inc. - AfterEllen.com Digital Media/Commerce Evolve Media, LLC - PhoneDog Media Digital Media/Commerce BIZX LLC - MessageMe Digital Media/Commerce Yahoo!, Inc. - BlueWare, Inc. Information & Business Services Vistex, Inc. - Marketelligent Information & Business Services Brillio - 45 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Ceiba Solutions, Inc. Information & Business Services PerkinElmer, Inc. $ - 213 Careitec A/S Information & Business Services Systems Maintenance Services, Inc. - Workhorse Software Information & Business Services SQAD LLC - 211 216 Ultima IT Information & Business Services Pegasystems, Inc. - 233 RightSignature LLC Information & Business Services Citrix Systems, Inc. - Falcon Discovery Information & Business Services DTI - 234 235 Civolution Information & Business Services Kantar Media - 245 Neumann Leadership Holding GmbH Information & Business Services CTPartners Executive Search - eTera Consulting LLC Information & Business Services Discovery Services LLC - Orange Neovia Logistics Services, LLC Information & Business Services Rhone Capital - Clay Tablet Technologies, Inc. Information & Business Services Lionbridge Technologies, Inc. - 241 TCP Information & Business Services UST Global - 184 0 Van Tuyl Group Information & Business Services Berkshire Hathaway, Inc. - Subscription Site Insider Information & Business Services Authority Media Network LLC - 245 Mammoth Media Information & Business Services Circle Graphics LLC - 232 Subscription Site Insider Information & Business Services Authority Media Network LLC - 184 Mammoth Media Information & Business Services Circle Graphics LLC - BravePoint Information & Business Services Progress Software - Grey Stone Apple Solutions Information & Business Services Hitachi Consulting Corporation -

138 Urban Planet Marketing Technology Sibling Group - 138 Nomi Marketing Technology Brickstream Corporation - 138 OpenRest Marketing Technology Wix.com, Inc. - Leap Ahead Solutions Marketing Technology TradeStone Software, Inc. - 203 203 RUN Marketing Technology Publicis Groupe S.A. - 203 Marketing Advocate, LLC Marketing Technology Zift Solutions, Inc. - POSIOS Marketing Technology LightSpeed - 221 Sakonent Marketing Technology Tectonic - 221 221 Lashou Group Marketing Technology Sanpower Group Co., Ltd. - Videoplaza Ltd. Marketing Technology Ooyala, Inc. - Moreover Technologies, Inc. Marketing Technology LexisNexis Group - LicenseStream, Inc. Marketing Technology Wright's Media - Carson Analytics Marketing Technology BioPharm Communications, LLC - Mobile Knowledge Systems, Inc. Marketing Technology Creative Mobile Technologies, LLC - Anametrix, Inc. Marketing Technology Ensighten - Clear Measures, Inc. Marketing Technology Data Intensity LLC - Mobile Knowledge Systems, Inc. Marketing Technology Creative Mobile Technologies, LLC - CQuotient, Inc. Marketing Technology Demandware, Inc. - iModules Software, Inc. Marketing Technology Leeds Equity Partners - Bi-Metrix, Inc. Marketing Technology Centage Corporation - Consilience Software, Inc. Marketing Technology Xerox Corporation - Netwerven B.V. Marketing Technology USG People N.V. - 2Go Media Marketing Technology Affinity Solutions, Inc. - 46 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 Strategic

178 Undisclosed 186 Gyes Marketing Technology MI9 Business Intelligence Systems, Inc. $ - 213 Radius, Inc. Marketing Technology Luxoft Holding, Inc. - Baarzo, Inc. Marketing Technology Google, Inc. - 211 216 DataPad, Inc. Marketing Technology Cloudera, Inc. - 233 TCS Technologies Marketing Technology ARI Network Services, Inc. - Struq Marketing Technology Quantcast Corporation - 234 CouBox Mobile Software Platform Marketing Technology Mobile Lads Corporation - 235 245 Animana Software IDEXX Laboratories - Metalogix International GmbH Software Permira Funds - myAgri Software Vistex, Inc. - Orange Systems Made Simple Software Lockheed Martin Corporation - 241 Databanker Software Didean Systems - 184 Epidemico Software Booz Allen Hamilton, Inc. - 0 Spanning Cloud Apps, Inc. Software EMC Corporation -

245 Torando Labs Software BuzzFeed, Inc. - 232 iViZ Security, Inc Software Cigital, Inc. - 184 Ideation, Inc. Software MWW Group - Lewtan Technologies, Inc. Software Moody's Corporation - Grey Xand Corporation Software TierPoint LLC - Crypteia Networks Software PCCW Global - 138 138 Strategic Document Solutions, Inc. Software D4, LLC - 138 AnubisNetworks Software BitSight Technologies - QuantiSense, Inc. Software Epicor Software Corporation - 203 Firebase Software Google, Inc. - 203 203 SlideGo Software bigtincan - New Ducks Software New Relic, Inc. - 221 Labelsoft Clinical IT BV Software CompuGroup Medical AG - 221 Mojave Networks, Inc. Software Sophos Ltd. - 221 Koality Software Docker, Inc. - SmartUse Software Newforma, Inc. - TeleWeb Software Datacenter Luxembourg S.A. - ClinIntel Software Parexel International Corporation - Qubera Solutions Certain Assets Software KPMG LLP - MDIntellesys Software NexTech Systems, Inc. - SumTotal Systems, Inc. Software Skillsoft Limited - PES Payroll Software Talent Partners, Inc. - MobileSpaces Software Pulse Secure, LLC - PES Payroll Software Talent Partners, Inc. - Qubera Solutions Certain Assets Software KPMG Corporate Finance LLC - MobileSpaces Software Pulse Secure, LLC - Excel Micro, Inc. Software j2 Global Communications, Inc. - mopay, Inc. Technology & Communications BOKU, Inc. - 47 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Net Trans Services AS Technology & Communications Onyx Payments $ - Worldwide Payment Systems S.A. Technology & Communications Onyx Payments - 211 eSignSystems Technology & Communications DocMagic - 216 Meetyl Technology & Communications Glass Lewis & Co., LLC - 233 Profit Software Ltd. Technology & Communications Via Venture Partners - Armor5, Inc. Technology & Communications digital guardian - 234 235 Naurtech Technology & Communications LANDesk Software - 245 Constituent Technology & Communications VMware, Inc. - Documotive Technology & Communications Castleton Technologies - Orange Carcode Technology & Communications Edmunds.com, Inc. - Saya Technology & Communications Kirusa, Inc. - 241 184 Maginatics, Inc. Technology & Communications EMC Corporation - 0 SteelStore Technology & Communications NetApp - MedXT Technology & Communications Box, Inc. - 245 VCE Company LLC Technology & Communications EMC Corporation - 232 184 Macheen, Inc. Technology & Communications Good Technology, Inc. - Cloudscaling Group Technology & Communications EMC Corporation - Approxy, Inc. Technology & Communications Numecent - Grey Another9 Technology & Communications Cohere Communications, LLC - 138 LightSide Labs, LLC Technology & Communications iParadigms, LLC - 138 Sun-Times Media Group, Inc. Traditional Media Tribune Publishing Company - 138 Money20/20 Traditional Media i2i Events Group - Casa Latina Home Expos Traditional Media Marketplace Events - 203 203 RTM Productions, Inc. Traditional Media Raycom Media, Inc. - 203 Revo Media Partners Limited Traditional Media PennWell Corporation - onPeak Traditional Media Global Experience Specialists, Inc. - 221 Travel Planners Traditional Media Global Experience Specialists, Inc. - 221 221 CURE Media Group Traditional Media Michael J. Hennessy & Associates, Inc. -

48 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Buyout Transactions 141 181 Target Target Segment Buyer/Investor Reported TV 178 Buyout Deals 186 Values Disclosed 213 Exact Holding N.V. Software Apax Partners, L.P. $ 925.6 PRO Unlimited Marketing Technology Investcorp Technology Partners 300.0 211 216 Momondo Group Limited Digital Advertising Great Hill Partners, LLC 130.0 233

234 Target Target Segment Buyer/Investor Reported TV 235 245 Buyout Deals Undisclosed Orange Creative Artists Agency Agency & Marketing Services TPG Capital $ - Spectrio Agency & Marketing Services The Riverside Company - 241 HealthPort Information & Business Services New Mountain Capital, LLC - 184 0 Access Information Management Information & Business Services Berkshire Partners, LLC - NAVEX Global Information & Business Services Vista Equity Partners - 245 Vaco, LLC Information & Business Services Quad-C Management, Inc. - 232 Veterinary Specialists of North America Information & Business Services Quad-C Management, Inc. - 184 Medical Logistic Solutions, Inc. Information & Business Services Quad-C Management, Inc. - Vendavo, Inc. Information & Business Services Francisco Partners - Grey Van Tuyl Group Information & Business Services Berkshire Partners, LLC - iSqFt Marketing Technology Genstar Capital, LP - 138 138 WISeKey Software Gamero Group Aquistion Company - 138 myNexus Software MTS Health Investors - Ingenious Med Software North Bridge Growth Equity - 203 NetPlus Software StoneCalibre, LLC - 203 203 Accela, Inc. Software Bregal Sagemount - KPA, LLC Software CIVC Partners - 221 221 221

49 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital Values Disclosed 178 186 213 Digital River, Inc. Information & Business Services Siris Capital Group $ 840.0 Snapdeal.com Digital Advertising SoftBank Corporation 627.0 211 Koudai Gouwu Digital Media/Commerce Tencent Holdings Ltd. 350.0 216 233 Legendary Entertainment Traditional Media SoftBank Corporation 250.0 Olacabs Digital Media/Commerce SoftBank Corporation 210.0 234 Mozido, Inc. Marketing Technology MasterCard, Inc. 185.0 235 Houzz, Inc. Digital Advertising New Enterprise Associates 165.0 245 Slack Software Google Ventures 120.0 PT Tokopedia Digital Media/Commerce SoftBank Internet and Media, Inc. 100.0 Orange Mirantis, Inc. Information & Business Services Insight Venture Partners 100.0

241 GuaHao.com Digital Advertising Tencent Holdings Ltd., Investment Arm 100.0 184 Bracket Computing, Inc. Software Andreessen Horowitz 85.0 0 SolidFire, Inc. Technology & Communications Greenspring Associates 82.0 Good Technology, Inc. Technology & Communications (Private Investors) 80.0 245 232 Cardlytics, Inc. Agency & Marketing Services Discovery Capital Management Corporation 70.0 184 GrabTaxi Holdings Pte Ltd. Digital Media/Commerce Vertex Venture Holdings Ltd 65.0 Wealthfront, Inc. Technology & Communications Spark Capital 64.0 Grey Truecaller Digital Media/Commerce Kleiner Perkins Caufield & Byers 60.0 Beepi Digital Media/Commerce Foundation Capital 60.0 138 Arago AG Information & Business Services Kohlberg Kravis Roberts & Company L.P. 55.0 138 138 Infusionsoft Marketing Technology Bain Capital Ventures 55.0 Personal Capital Corporation Information & Business Services Corsair Capital, LLC 50.0 203 Reddit.com Digital Media/Commerce (Angel Investors) 50.0 203 VivaReal, Inc. Digital Media/Commerce Spark Capital 42.0 203 Minted, LLC Digital Media/Commerce Northwest Venture Partners 38.0 MediGain, Inc. Information & Business Services Prudential Capital Group 38.0 221 221 Telcare, Inc. Marketing Technology QUALCOMM Ventures 32.5 221 Cartrade.com Digital Media/Commerce Warburg Pincus LLC 30.2 Lomark Digital Advertising Kleiner Perkins Caufield & Byers 30.0 Enjoy Technology, Inc. Digital Media/Commerce Oak Investment Partners 30.0 Phreesia Traditional Media LLR Partners, Inc. 30.0 MedAvail Technologies, Inc. Software Pura Vida Investments 30.0 Peel Digital Media/Commerce Alibaba Group Holding Ltd. 30.0 Benu Networks, Inc. Technology & Communications Spark Capital 27.7 Capriza Digital Advertising Andreessen Horowitz 27.0 Snowflake Computing, Inc. Technology & Communications Sutter Hill Ventures 26.0 Wahanda Digital Advertising RGIP Fund 26.0 WellTok, Inc. Digital Media/Commerce Bessemer Venture Partners 25.0 Gainsight Marketing Technology Bessemer Venture Partners 25.0 Jobvite, Inc. Software Catalyst Investors, LLC 25.0 Ranovus Technology & Communications Azure Capital Partners 24.0 Digital Reasoning Systems, Inc. Technology & Communications Credit Suisse NEXT Investors 24.0 50 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital Values Disclosed 178 186 213 ScoreBig, Inc. Digital Advertising Hearst Ventures $ 24.0 iMATCHATIVE, Inc. Technology & Communications Wells Fargo 20.0 211 Blink Digital Media/Commerce Tencent Holdings Ltd. 20.0 216 233 Playstudios, Inc. Digital Media/Commerce Jafco Ventures 20.0 SnapLogic, Inc. Marketing Technology Ignition Partners LLC 20.0 234 Ozy Media, Inc. Digital Media/Commerce Axel Springer AG 20.0 235 Alteryx, Inc. Information & Business Services Insight Venture Partners 20.0 245 AdNear Pte. Ltd. Agency & Marketing Services Sequoia Capital 19.0 Strava, Inc. Digital Media/Commerce Sequoia Capital 18.5 Orange thisMoment, Inc. Marketing Technology Trident Capital 17.6 Zoomdata, Inc. Software Accel Partners 17.0 241 184 Glow, Inc. Digital Media/Commerce Andreessen Horowitz 17.0 0 SwiftStack, Inc. Technology & Communications OpenView Venture Partners 16.0 moka5, Inc. Technology & Communications Khosla Ventures 16.0 245 Quantopian, Inc. Technology & Communications Bessemer Venture Partners 15.0 232 184 Reduxio Technology & Communications Seagate Technologies, Inc. 15.0 Joynet Technology & Communications EPIC Ventures 15.0 Grey Loggly, Inc. Software Harmony Partners 15.0 Segment, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 15.0 138 Appboy, Inc. Software Icon Venture Partners 15.0 138 138 Zafin Software Kayne Partners 15.0 Orchard Platform Advisors, LLC Technology & Communications Spark Capital 14.7 203 Bitnet Technologies Marketing Technology Highland Capital Partners 14.5 203 LiquidSpace Digital Advertising Roth Capital Partners, LLC 14.0 203 Moogsoft, Inc. Software Cisco Systems, Inc. 14.0 Acumatica Software Runa Capital 13.3 221 221 Technisys Software Intel Capital 13.0 221 TicToc Planet, Inc. Digital Media/Commerce JJR Capital 12.8 Pica8, Inc. Technology & Communications VantagePoint Capital Partners 12.5 CreditSuppliers LLC Software G8 Capital 12.5 Urban Airship, Inc. Marketing Technology True Ventures 12.1 Recurly, Inc. Software Devonshire Investors 12.0 Metail Limited Marketing Technology TAL Apparel 12.0 VoloMetrix, Inc. Marketing Technology Split Rock Partners, LLC 12.0 Comply365 Solutions Software Drive Capital, LLC. 12.0 Scribble Technologies, Inc. Marketing Technology WIN (Waterloo Innovation Network) 12.0 Krimmeni Technologies, Inc. Software Third Point Ventures 11.7 MOGL Loyalty Services, Inc. Agency & Marketing Services Avalon Ventures 11.0 Spikes Security Software Javelin Venture Partners 11.0 Zignal Labs, Inc. Marketing Technology Figtree Partners 10.7 orderbird AG Technology & Communications Concardis 10.0 Blue Box Group Technology & Communications (Angel Investors) 10.0 51 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Ayibang Digital Media/Commerce Vertex Venture Capital $ 10.0 213 Fiksu, Inc. Digital Advertising Silicon Valley Bank 10.0 2nd Watch, Inc. Technology & Communications Top Tier Capital Partners 10.0 211 216 YieldMo, Inc. Digital Advertising Time Warner Investments 10.0 233 Risk I/O, Inc. Software Costanoa Venture Capital 10.0 Beyond the Rack Limited Digital Media/Commerce Silicon Valley Bank 10.0 234 Lever, Inc. Software Matrix Partners 10.0 235 245 Eversight, Inc. Marketing Technology Emergence Capital Partners 9.7 Curbside Hospitality, Inc. Digital Media/Commerce Index Ventures 9.5 Orange iCapital Network Information & Business Services Eaton Partners 9.3 Segmint, Inc. Software (Unnamed Fund Contibuters) 9.0 241 Brainly Digital Media/Commerce Point Nine Capital 9.0 184 0 Checkr, Inc. Software Accel Partners 9.0 Cohealo Marketing Technology Romulus Capital 9.0 245 APSU TWP Limited Information & Business Services Business Growth Fund 8.9 232 PillPack, Inc. Software Atlas Venture 8.8 184 Fjord Technologies S.A.S. Marketing Technology Hi Inov-Dentressangle Initiatives 8.3 Opera Solutions, LLC Technology & Communications Wipro Technologies 8.2 Grey MOVE Guides Limited Digital Advertising Norton Capital 8.2 Bitstrips, Inc. Digital Media/Commerce Horizon Ventures 8.0 138 138 Cazena Technology & Communications Andreessen Horowitz 8.0 138 Navera, Inc. Software Emergence Capital Partners 8.0 CABIFY Digital Media/Commerce Seaya Ventures 8.0 203 Viewics, Inc. Marketing Technology Canvas Venture Fund 8.0 203 203 EverTrue, Inc. Digital Media/Commerce Bain Capital, LLC 8.0 MyHealthDIRECT Software Chrysalis Ventures, Inc. 8.0 221 Opal Labs, Inc. Marketing Technology Madrona Venture Group 8.0 221 Flocasts, Inc. Digital Media/Commerce Causeway Media Partners 8.0 221 Freightos Software OurCrowd 7.6 WeSwap.com Limited Digital Media/Commerce IW Capital 7.5 Sapience Analytics, Inc. Marketing Technology Orios Venture Partners 7.3 Visible Technologies Marketing Technology General Catalyst Partners LLC 7.0 Kids Sports Entertainment, Inc. Digital Media/Commerce BSkyB 7.0 BigPanda Information & Business Services Sequoia Capital 7.0 D3 Banking Software Route 66 Ventures 7.0 TaskEasy, Inc. Digital Media/Commerce Access Venture Partners 7.0 Lytics, Inc. Marketing Technology Comcast Ventures 7.0 GLAMSQUAD, Inc. Digital Media/Commerce SoftBank Corporation 7.0 Waterline Data Science, Inc. Technology & Communications Menlo Ventures 7.0 Ticketbis, SL Digital Media/Commerce Active Venture Partners 6.6 Netuitive, Inc. Information & Business Services MK Capital Management LLC 6.5 Avaamo, Inc. Technology & Communications Streamlined Ventures 6.3 52 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 Maplin Electronics Ltd. Digital Media/Commerce Rutland Partners LLP $ 6.3 213 Product Hunt Digital Media/Commerce Andreessen Horowitz 6.2 HangIt, LLC Digital Advertising Vesta Labs 6.2 211 216 StackIQ, Inc. Software Grayhawk Capital 6.0 233 Nara Logics, Inc. Digital Advertising .406 Ventures, LLC 6.0 C-B4 Marketing Technology Sequoia Capital 6.0 234 Justworks, Inc. Software Index Ventures 6.0 235 245 LeadGenius Marketing Technology Sierra Ventures 6.0 Shufti Software Nissay Capital 5.8 Orange BloomNation, LLC Digital Media/Commerce Andreessen Horowitz 5.6 LUXE Digital Media/Commerce Google Ventures 5.5 241 Spring.me Digital Media/Commerce Right Click Capital 5.5 184 0 Ello Digital Media/Commerce (Private Investors) 5.5 Hmicro, Inc. Technology & Communications Reddy Capital 5.5 245 Idibon Marketing Technology Altpoing Ventures 5.5 232 NetGuardians SA Software Polytech Ventures 5.2 184 BizEquity Technology & Communications Frost Brooks 5.1 Inventorum GmbH Marketing Technology Vogel Ventures 5.1 Grey Vida Health Software Aspect Partners 5.0 Wysada.com Digital Media/Commerce Babida Impact Fund 5.0 138 138 ExecOnline Information & Business Services Osage Venture Partners 5.0 138 Azuqua, Inc. Technology & Communications Ignition Venture Partners 5.0 Tongal, Inc. Digital Advertising Insight Venture Partners 5.0 203 Stellar Loyalty, Inc. Agency & Marketing Services InterWest Partners 5.0 203 203 Argyle Data, Inc. Marketing Technology (Private Investors) 4.5 Lantern Digital Media/Commerce Softech VC 4.4 221 Print Syndicate Digital Media/Commerce Lightbank 4.3 221 adsquare GmbH Marketing Technology Target Partners 4.3 221 CareSync Software CDH Investments 4.3 Jongla Ltd. Technology & Communications (Angel Investors) 4.3 enosiX, Inc. Software Allos Ventures, LLC 4.3 Fountain.com Digital Media/Commerce First Round Capital 4.0 EatStreet, Inc. Digital Media/Commerce 4490 Ventures 4.0 Insightpool Marketing Technology TDF Ventures 4.0 Blendle B.V. Digital Media/Commerce Axel Springer AG 3.8 PakWheels.com Digital Media/Commerce Frontier Ventures 3.5 Abacus Labs, Inc. Software Queensbridge Venture Partners 3.5 RhodeCode, Inc. Software DFJ 3.5 Fortress Risk Management Software Black Dragon Capital 3.5 CrowdCare Corporation Digital Media/Commerce Extreme Venture Partners 3.5 PrivateGriffe S.p.a. Digital Media/Commerce Ad4Ventures 3.5 NuCurrent, Inc. Technology & Communications Hyde Park Angels 3.5 53 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital

178 Values Disclosed 186 Geofeedia Inc. Marketing Technology Hyde Park Venture Partners $ 3.5 213 Zenedge LLC Software (Angel Investors) 3.5 UniPlaces Limited Digital Media/Commerce Octopus Ventures, LLC 3.5 211 216 User Replay Marketing Technology Episode 1 Ventures 3.3 233 KweekWeek Digital Media/Commerce (Private Investors) 3.3 KILTR Technology & Communications (Angel Investors) 3.2 234 ZenMate GmbH Software Holtzbrinck Digital GmbH 3.2 235 245 TheGrid Marketing Technology (Angel Investors) 3.1 Crowdfunder.com Digital Media/Commerce Bridge 37 Ventures 3.1 Startup Compass, Inc. Marketing Technology New Enterprise Associates 3.0 Orange youAPPi Digital Advertising Glilot Capital Partners 3.0 241 Xplenty Ltd. Information & Business Services Magma Venture Partners 3.0 184 Wit.ai, Inc. Marketing Technology Andreessen Horowitz 3.0 0 MileIQ Digital Media/Commerce Charles River Ventures 3.0

245 CloudFactory Limited Software (Angel Investors) 3.0 232 Speakr, Inc. Digital Media/Commerce Toba Capital 2.9 184 Doctor at Work Digital Media/Commerce Guard Capital 2.8 Shuddle, Inc. Digital Media/Commerce Accel Partners 2.6 Grey Boostable, Inc. Digital Advertising SV Angel, LLC 2.6 Socure, Inc. Software ff Venture Capital 2.5 138 138 Limeade, Inc. Software Oak HC/FT Partners 2.5 138 STAQ, Inc. Digital Advertising Genacast Ventures, LLC 2.5 BrightFunnel, Inc. Marketing Technology Resolute.vc 2.5 203 Jukely, Inc. Marketing Technology Northzone Ventures 2.4 203 203 Perkville, Inc. Agency & Marketing Services Moneta Ventures 2.4 Wercker Software Notion Capital 2.4 221 Weaved Technology & Communications Core Venture Capital 2.3 221 Shareaholic, Inc. Marketing Technology Kepha Partners 2.3 221 Eve Software Andreessen Horowitz 2.3 Cratejoy Marketing Technology Charles River Ventures 2.2 15Five, Inc. Marketing Technology Point Nine Capital 2.2 MoviePass, Inc. Digital Media/Commerce Structure Capital 2.2 peerby.com Digital Media/Commerce XAnge Private Equity 2.1 nousDECOR, Inc. Digital Media/Commerce (Private Investors) 2.1 HomeZada, Inc. Information & Business Services Moneta Ventures 2.1 HouseLens Digital Advertising (Angel Investors) 2.0 Stackla Pty. Ltd. Marketing Technology Rampersand 2.0 Fleksy, Inc. Digital Media/Commerce Highland Capital Partners 2.0 Jostle Corporation Software (Angel Investors) 2.0 Vestorly, Inc. Marketing Technology AlphaPrimer Ventures 2.0 KartRocket Marketing Technology Nirvana Venture Advisors 2.0 CinePapaya Digital Media/Commerce Movile 2.0 54 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 VC/Growth Capital Values Disclosed 178 186 AirMedia, Inc. Traditional Media Otter Media $ 2.0 213 Wilshire Axon Sports, Inc. Digital Advertising Mosaik Partners 2.0 Indicative, Inc. Marketing Technology Acadian Woods Partners 2.0 211 Drop Digital Media/Commerce Frontline Ventures 2.0 216 233 Curioos Digital Media/Commerce (Angel Investors) 1.9 Footmarks, Inc. Marketing Technology (Private Investors) 1.9 234 Photofy Marketing Technology Capitol Broadcasting Company, Inc. 1.8 235 245 Amethon Solutions (Asia Pacific) Pty., Ltd. Marketing Technology Invigor Group Limited 1.8 charlie Digital Media/Commerce Lightbank 1.8 Mailcloud Limited Software Bessemer Venture Partners 1.8 Orange Fresvii, Inc. Digital Advertising Nissay Capital 1.8 241 MindTickle, Inc. Information & Business Services Accel Partners 1.8 184 Totspot Digital Media/Commerce GGV Capital 1.8 0 Wouzee Digital Advertising Unidad Editorial 1.7 Canvera Digital Technologies Pvt. Ltd. Marketing Technology Info Edge (India) Limited 1.6 245 232 DisplayNote Technologies Limited Software Kernel Capital 1.6 184 Valooto Ltd. Marketing Technology Jerusalem Venture Partners Media Labs 1.5 Estify, Inc. Technology & Communications Romulus Capital 1.5 Grey map-D Technology & Communications Google Ventures 1.5 Voxa Marketing Technology Ethos Capital Partners 1.5 138 138 mParticle, Inc. Marketing Technology Bowery Capital 1.5 138 Vive Digital Media/Commerce (Angel Investors) 1.5 Viyet, Inc. Digital Media/Commerce F Cubed 1.5 203 Talentoday, Inc. Software (Angel Investors) 1.4 203 203 VideoSelfie Digital Media/Commerce East Ventures 1.2 Eagle Alpha Ltd. Information & Business Services (Angel Investors) 1.2 221 Beautified, Inc. Digital Advertising New Enterprise Associates 1.2 221 Urgent.ly, Inc. Digital Media/Commerce Select Venture Partners 1.2 221 Papelook, Inc. Digital Media/Commerce Jafco Ventures 1.1 Clarify, Inc. Marketing Technology Projector Ventures 1.0 Bright.md Software Seven Peaks 1.0 Oneflare Pty Ltd. Digital Media/Commerce (Angel Investors) 1.0 Capshare LLC Software Tim Draper Associates 1.0 Instabridge AB Technology & Communications European VC Creandum 1.0 Inbox App, Inc. Technology & Communications (Angel Investors) 1.0 MedAware Technology & Communications OurCrowd 1.0 Loopd, Inc. Marketing Technology (Angel Investors) 1.0 Spring Moves Digital Media/Commerce (Angel Investors) 1.0 StackEngine Software Silverton Partners 1.0 Remerge GmbH Digital Advertising Point Nine Capital 1.0

55 | M&A and Investment Summary October 2014 All Segments ($ in Millions)

Blue

0 79 133

122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Undisclosed 186 Pronto General Agency, Ltd. Agency & Marketing Services Palladium Equity Partners, LLC $ - 213 10 Minutes With Limited Digital Advertising (Private Investors) -

211 DianRong Financial Services Co., Ltd. Digital Media/Commerce Sun Hung Kai & Co. - 216 Daily Dealy.ca Digital Media/Commerce (Unnamed Fund Contibuters) - 233 ELEQT Ltd. Digital Media/Commerce Efactor Group Corporation - WeatherSphere Digital Media/Commerce E.W. Scripps - 234 235 C2Rewards Digital Media/Commerce Wind Creek Hospitality - 245 Cunesoft GmbH Information & Business Services High-Tech Gründerfonds - Jeitosa Group International Information & Business Services Mercer LLC - Orange Civic Health Information & Business Services Zeigler Link Age - DCI Design Communications LLC Information & Business Services Light Beam Capital - 241 Serraview Marketing Technology Tamarisc - 184 0 Topics Marketing Technology Six Apart Ltd. - PlayMaker CRM, Inc. Marketing Technology Mainsail Partners - 245 Boostability, Inc. Marketing Technology H.I.G. Growth Partners, LLC - 232 Simplestream Ltd. Marketing Technology Beringea LLC - 184 Fadel Partners, Inc. Marketing Technology Middle East Venture Partners - TrepScore, Inc. Software Bullet Time Ventures - Grey H3 Financial Services, Inc. Software Connexus Equity Management -

138 MD On-Line Software ABILITY Network, Inc. - 138 Seedrs Technology & Communications Junction Investments - 138 Estify, Inc. Technology & Communications Romulus Capital - iSentium, LLC Technology & Communications (Angel Investors) - 203 203 GreenQloud Technology & Communications Keel Investments - 203

221 221 221

56 | M&A and Investment Summary October 2014 Petsky Prunier: Maximizing Shareholder Value

Blue

0 79 Overview 133

122 141 181 . Founded in 1999

178 . Focused on the technology, marketing, media, eCommerce, and healthcare industries 186 213 • More than 35 focused professionals

211 216 . Unique combination of investment banking and consulting expertise 233

234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Sell-side and private placement close rate is unmatched at our level of deal volume

Orange . Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers

241 184 . With strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional 0 services 245 232 184 . International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe

Grey . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

138 138 138

203 203 203

221 221 221 . Sell-Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Marketing . M&A Transaction Due Diligence Support and . Corporate Divestitures . Media Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership

57 | M&A and Investment Summary October 2014 Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid-Market Internet & Advertising Transactions Blue

0 79 133

122 141 Rank Advisor Deal Count 181

178 1 Petsky Prunier LLC 44 186 213 2 Goldman Sachs & Co. 35 211 216 233 3 Jordan Edmiston Group, Inc. 31

234 4 Morgan Stanley 29 235 245 4 Nomura Holdings, Inc. 29 Orange

241 4 GCA Savvian Group Corp. 29 184 0 7 PwC 24

245 232 7 China Renaissance Partners 24 184 9 KPMG Corporate Finance 22 Grey

138 138 10 Sumitomo Mitsui Financial Group, Inc. 20 138

203 Based on number of deals announced in 2011 – 2013 valued at $500 million or less 203 203

221 221 221 More than 60 transactions closed since 2011:

. Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

58 | M&A and Investment Summary October 2014 International Partnership with Altium

Blue

0 79 Description Network 133

122 141 181 . Altium provides M&A and corporate finance advisory

178 services to companies, private equity firms, and 186 213 entrepreneurs New York Palo Alto Madrid Zurich 211 Las Vegas Chicago Manchester Frankfurt 216 233 . European-based, mid-market financial advisory group, Boston Tampa London Milan

234 Paris Munich 235 employee-owned and truly independent 245

Orange . A leading advisor for more than 25 years

241 184 0 . Founded as the corporate finance arm of private equity

245 232 investor Apax Partners 184

Grey . Operates eight international offices in Europe with additional

138 138 partnerships in the U.S. and Asia 138

203 203 . Completed 50+ technology transactions across 12 countries 203 in the past five years 221 221 221 . Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with India Beijing Shanghai offices in Bangalore, Mumbai, Delhi

. Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

59 | M&A and Investment Summary October 2014 Representative Recent Transactions

Blue

0 79 133 $280,000,000* $50,000,000

122 one of the largest, independent providers a leading SaaS provider of social intelligence, 141 a provider of outsourced digital campaign a leading provider of end-to-end of integrated direct marketing data and analytics, insights, and engagement a leading provider of marketing solutions the leading film and television information, a digital independent digital and management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing information solutions in the U.S. 181 has been sold to to destinations, resorts, and other data, and related software company experience design agency display, and email insurance industry in multi-channel content marketing solutions has acquired for the life sciences industry travel-related businesses has sold a majority stake to has been sold to has acquired has been sold to has been sold to which is being combined with has been recapitalized to support future 178 growth with significant debt financing a leader in student marketing data 186 from from 213 both portfolio companies of a division of a social media marketing company (NYSE: WTM) (NASDAQ: CTSH) 211 216 233 *Approximate Enterprise Value

234 235 245 one of the largest, independent providers a disruptive, rapidly expanding marketplace for a portfolio company of a leading targeted direct marketing of integrated direct marketing data and a leading SaaS-based, cross channel insurance clicks, calls, and leads the largest independent eCommerce company that connects new movers information solutions in the U.S. a leading global SaaS-based campaign management platform retailer of promotional products a consumer enthusiast media Orange with local business has acquired tag management, data management, for B2C marketers has sold a majority stake to and commerce company has merged with an affiliate of and marketing attribution provider has sold has been sold to has been sold to has been sold to 241 has been sold to 184 Sample Management Business 0 to and a leading compiler of new mover and related data (NYSE: WTM) 245 232 184

Grey

138 a leading UK-based supplier of a premier global provider of SaaS-based healthcare software and IT services online brand protection and 138 a Berlin-based worldwide travel solution a technology company delivering highly a leading provider of transaction-based a portfolio company of domain recovery solutions 138 provider for premium transportation targeted programmatic marketing a leading provider of data-driven media cost databases and software a leading provider of online customer one of the largest independent solutions using unstructured data enrollment marketing solutions to a portfolio company of for television, radio, and digital acquisition services to the in-store media networks in the U.S has received a double-digit million Euro higher education institutions advertising cost analysis insurance industry 203 investment led by has received a $16MM Series B has been sold to investment led by has been sold to has acquired select assets of has been sold to 203 has been sold to has been sold to 203

(AIM: EMIS) (NYSE: RATE) (Euronext Amsterdam: WKL) 221 221 221

has sold a leading digital advertising monetization and the largest provider of cloud-based SaaS shopper marketing partner for a leading provider of social software has sold eCommerce retailers a real-time behavioral one of the largest digital agencies tools for printing signs, labels, and tags, solutions and digital marketing services and publishing digital displays for retailers along with digital subsidiary a portfolio company of advertising company a leading developer of popular for some of the world’s largest brands, has been sold to has been acquired by real-money and social gaming one of just thirteen Facebook Strategic has been sold to Preferred Marketing Developers (sPMD) a provider of online travel guides for top has been sold to specializing in retail, digital, shopper has been sold to has received a $68MM minority destinations around the world a unit of marketing, and consumer services investment from to to with financing from (NYSE: AOL) (Nasdaq:(ENXTPA: RNWK) PUB) (Nasdaq: RNWK) (NYSE: LXK) (NYSE: GCI)

60 | M&A and Investment Summary October 2014