Weekly Internet / Digital Media / SaaS Sector Summary Week of February 2nd, 2015 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 115 150 10.3% 9.4% 130 29.8% 105 4.9% 17.0% 12.9% 0.8% 110 8.3% (1.1%) 7.0% (2.1%) 0.5% 0.1% (4.1%) 95 (5.9%) (6.4%) (7.2%) 90 (9.3%) 70 85 2/3/14 3/27/14 5/18/14 7/9/14 8/30/14 10/21/14 12/12/14 2/2/15 11/3/14 11/16/14 11/29/14 12/12/14 12/25/14 1/7/15 1/20/15 2/2/15 (1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers (5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, BABA, CMPR, COUP, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, ZU. 3) Internet Content Composite includes: AOL, CRCM, DHX, DMD, EHTH, IACI, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CRM, CSOD, CTCT, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MRIN, MKTG, MKTO, N, NOW, RNG, RP, ULTI, WDAY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics $MM, Except Per Share Data Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 2/2/15 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Search / Online Advertising Google Inc. $532.20 $490.91 $614.44 $361,026 ($52,322) $308,704 4.7x 4.7x 4.1x 14.4x 11.8x 10.5x 26.3x 20.6x 18.5x 16.0% 1.2 13.9% 7.4% Microsoft Corporation 41.28 35.69 50.05 338,652 (60,831) 277,821 3.0 3.0 2.9 8.3 8.6 NA 16.6 15.8 15.4 9.1% 1.7 2.0% 8.0% Yahoo! Inc. 44.69 32.15 52.62 42,332 (6,682) 35,694 7.7 8.1 8.2 42.3 27.0 32.0 6.0 28.0 49.0 NM NM (0.8%) (1.0%) Yandex N.V. 14.91 14.14 41.35 4,746 40 4,786 3.9 4.9 3.8 10.2 11.4 9.2 15.1 17.4 14.6 20.9% 0.7 29.4% 4.7% Criteo SA 38.88 25.16 60.95 2,334 (309) 2,025 2.5 5.6 4.5 33.3 23.5 16.5 97.0 51.1 37.3 62.8% 0.6 25.0% 59.3% Blucora, Inc. 13.60 12.61 25.94 558 (33) 525 0.8 0.9 1.0 4.9 5.3 6.7 19.2 7.2 9.5 18.5% 0.5 (12.2%) (7.5%) Rocket Fuel Inc. 12.67 12.47 60.15 523 (42) 481 1.4 1.2 0.8 NM NM 45.0 NM NM NM 45.0% NM 52.1% 63.5% TubeMogul, Inc. 14.94 8.15 23.83 431 (53) 378 3.8 3.4 2.4 NM NM NM NM NM NM 22.5% NM 40.8% 111.7% The Rubicon Project, Inc. 14.27 8.76 23.20 370 (102) 267 2.4 2.2 1.7 NM 26.3 23.0 NM NM NM 51.0% NM 28.9% 60.3% Marin Software Incorporated 6.86 6.45 12.65 240 (72) 168 1.8 1.7 1.4 NM NM NM NM NM NM 20.0% NM 19.1% 27.7% QuinStreet, Inc. 5.27 3.78 8.35 234 (43) 191 0.7 0.7 0.7 75.6 15.1 10.1 NM NM NM NA NA 4.7% (10.1%) Millennial Media Inc. 1.36 1.28 8.07 189 (76) 113 0.4 0.4 0.3 NM NM NM NM NM NM 15.0% NM 16.0% 24.5% Sizmek Inc. 6.13 4.85 13.25 186 (91) 95 1.8 0.6 0.5 6.7 4.2 3.7 NM NM NM NA NA 5.1% 3.4% YuMe, Inc. 5.49 4.20 7.95 181 (57) 124 0.7 0.7 0.6 NM 93.3 18.7 NM NM NM NM NM 16.5% 18.9% Marchex, Inc. 4.01 3.15 12.84 172 (81) 91 0.5 0.5 0.7 9.1 5.5 7.3 NM 28.5 28.7 NM NM (23.8%) 21.3% Blinkx plc 0.42 0.35 2.14 169 (115) 54 0.2 0.2 0.2 4.3 NA 3.2 NM 28.6 64.7 NM NM 1.1% (5.0%) Tremor Video, Inc. 2.08 2.01 5.20 106 (78) 28 0.2 0.2 0.1 NM NM NM NM NM NM NA NA 20.8% 10.7% ReachLocal, Inc. 3.01 2.90 13.20 88 (52) 36 0.1 0.1 0.1 NM NM NM NM NM NM 67.5% NM (3.9%) (11.4%) Mean 2.0 x 2.2 x 1.9 x 20.9 x 21.1 x 15.5 x 30.0 x 24.6 x 29.7 x 31.7% 0.9 13.0% 21.5% Median 1.6 1.0 0.9 9.6 11.8 10.3 17.9 24.3 23.6 20.9% 0.7 15.0% 9.3% Internet Content IAC/InterActiveCorp $62.60 $56.50 $80.64 $5,246 $29 $5,311 1.8x 1.7x 1.6x 11.3x 10.0x 9.0x 22.3x 24.8x 18.1x 13.0% 1.4 6.9% 3.4% Zillow, Inc. 95.43 76.15 164.90 3,865 (366) 3,499 12.0 10.8 7.9 NM 69.1 40.2 NM NM NM 73.2% NM 37.4% 66.3% AOL Inc. 43.79 32.31 51.35 3,411 (19) 3,402 1.4 1.3 1.2 7.8 6.8 6.3 35.7 21.1 18.0 13.1% 1.4 7.5% 11.7% Shutterfly, Inc. 44.57 36.30 55.09 1,727 6 1,733 2.0 1.9 1.7 23.6 10.3 8.3 NM NM 77.2 28.0% 2.8 14.8% 15.8% comScore, Inc. 41.85 25.98 48.16 1,431 (14) 1,417 4.5 4.4 3.8 52.3 19.4 16.4 NM 28.8 24.7 24.4% 1.0 15.6% 14.7% WebMD Health Corp. 39.46 34.48 53.30 1,427 252 1,679 3.0 2.9 2.6 15.6 10.7 9.2 46.1 32.3 24.5 12.5% 2.0 9.7% 9.6% Bankrate, Inc. 12.77 9.39 21.49 1,334 121 1,455 2.7 2.7 2.4 12.2 10.6 9.1 NM 19.1 16.0 NA NA 11.6% 16.9% Renren Inc. 2.53 2.45 4.79 909 (812) 96 1.1 1.1 0.9 NM NM NM NM 46.6 NM 20.0% NM 13.1% (47.4%) Web.com Group, Inc. 15.57 14.52 37.72 818 505 1,323 2.4 2.3 2.3 11.9 8.1 8.1 NM 6.5 6.4 12.1% 0.5 0.8% 9.8% XO Group Inc. 16.98 8.82 18.60 456 (86) 371 2.7 2.6 2.6 26.2 17.8 12.3 NM 80.9 39.0 NA NA 0.1% 5.6% Dice Holdings, Inc. 8.23 6.50 11.49 437 84 521 2.0 2.0 1.9 7.0 6.1 6.3 16.1 15.9 15.5 12.2% 1.3 3.5% 16.0% Everyday Health, Inc. 13.95 10.86 19.89 430 (44) 386 2.2 2.1 1.7 25.0 11.6 8.6 NM 29.6 18.5 43.3% 0.4 23.6% 20.7% Monster Worldwide, Inc. 4.23 3.41 8.50 375 120 552 0.7 0.7 0.7 7.5 5.6 5.2 NM 15.5 13.5 12.0% 1.1 0.8% (2.8%) TechTarget, Inc. 11.02 6.14 11.53 356 (35) 322 3.2 3.1 2.7 31.5 16.6 12.0 NM 42.1 27.8 33.5% 0.8 15.5% 19.5% RealNetworks Inc. 7.10 6.00 8.38 256 (178) 78 0.5 0.5 0.5 NM NM NM NM NM NM NA NA 6.9% (30.2%) United Online, Inc.