Weekly Internet / Digital Media / SaaS Sector Summary Week of February 18th, 2013 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 160 130 150 22% 125 46% 22% 21% 140 120 18% 34% 17% 130 27% 16% 24% 115 16% 23% 120 13% 10% 110 10% 9% 110 8% 105 100 1% 100 90 80 95 02/15/12 05/16/12 08/16/12 11/15/12 02/15/13 11/15/12 12/07/12 12/31/12 01/23/13 02/15/13 (1) (2) (3) (4) NASDAQ Search / Online Advertising Internet Commerce Internet Content Publishers (5) (6) (7) (8) Diversified Marketing Media Conglomerates Gaming SaaS Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, DGIT, GOOG, MCHX, MM, MSFT, QNST, RLOC, VCLK, VELT, YHOO, YNDX. 2) Internet Commerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, STMP, TZOO, VPRT. 3) Internet Content Composite includes: AOL, DHX, DMD, EHTH, IACI, MOVE, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, OMC, PUB-FR, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 035420-KR, 036570-KR, 2432-JP, 3632-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, DWRE, ET, JIVE, LPSN, MKTG, N, NOW, RP, ULTI, WDAY. 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 2/15/13 Low High Value Debt Value LTM CY 12E CY 13E LTM CY 12E CY 13E LTM CY 12E CY 13E Growth PEG 13E/12E Y/Y MRQ Search / Online Advertising Google Inc. $792.89 $556.52 $793.26 $261,387 ($40,878) $220,509 4.4x 4.2x 3.6x 13.5x 11.8x 10.0x 24.5x 19.9x 17.5x 15.7% 1.1 16.6% 36.2% Microsoft Corporation 28.01 26.26 32.95 234,619 (53,880) 180,739 2.5 2.5 2.1 6.3 6.1 5.2 15.4 10.7 9.1 9.5% 1.0 16.6% 2.7% Yahoo! Inc. 21.02 14.35 21.43 24,854 (4,059) 20,795 4.2 4.7 4.5 14.3 12.5 12.5 6.4 19.0 18.6 12.3% 1.5 3.1% 1.6% Yandex N.V. 25.59 16.60 42.01 8,375 (382) 7,993 9.5 8.5 6.5 21.5 18.9 14.2 35.0 30.6 23.2 34.2% 0.7 31.9% 45.5% ValueClick, Inc. 26.96 13.80 27.17 2,028 6 2,034 3.1 3.1 2.7 10.1 9.5 8.1 22.1 16.5 14.6 15.1% 1.0 13.8% 9.3% Millennial Media Inc. 14.20 9.00 27.90 1,112 (122) 990 6.4 5.4 3.4 NM NM 56.1 NM NM 96.8 NM NM 58.4% 88.0% Blucora, Inc. 16.56 10.73 18.63 676 (88) 588 1.4 1.5 1.2 8.1 7.1 5.6 30.7 10.0 7.2 17.5% 0.4 18.0% 46.3% Blinkx plc 1.33 0.51 1.44 483 (42) 442 2.9 2.7 2.3 26.8 26.8 17.5 NM 39.3 26.7 NA NA 19.9% 83.9% ReachLocal, Inc. 12.42 6.25 14.29 354 (95) 259 0.6 0.6 0.5 15.9 11.1 8.5 NM NM NM 18.0% NM 17.7% 20.5% QuinStreet, Inc. 6.39 5.41 11.90 273 (8) 265 0.8 0.8 0.9 6.2 4.5 5.4 NM 86.0 NM 15.0% NM (7.1%) (20.7%) Velti Plc 4.02 3.07 14.65 261 (14) 247 1.0 0.9 0.7 8.2 3.5 3.4 NM 7.5 8.9 28.7% 0.3 21.2% 63.4% Digital Generation, Inc. 8.98 7.51 13.20 248 386 635 1.6 1.6 1.6 5.7 5.0 4.7 NM NM 15.9 16.3% 1.0 3.3% 10.9% Marchex, Inc. 3.82 2.99 5.18 142 (36) 106 0.7 0.8 0.7 26.8 5.9 5.4 NM NM NM 26.1% NM 7.0% (12.6%) Mean 3.0 x 2.9 x 2.4 x 13.6 x 10.2 x 12.0 x 22.3 x 26.6 x 23.8 x 18.9% 0.9 17.0% 28.9% Median 2.5 2.5 2.1 11.8 8.3 8.1 23.3 19.0 16.7 16.3% 1.0 16.6% 20.5% Internet Content IAC/InterActiveCorp $41.70 $38.20 $55.57 $3,515 ($175) $3,341 1.2x 1.2x 1.0x 8.1x 7.0x 5.4x 23.0x 14.7x 11.4x 20.7% 0.5 16.2% 28.2% AOL Inc. 39.52 16.80 43.93 3,027 (361) 2,667 1.2 1.2 1.2 6.3 6.4 6.3 3.5 18.0 20.2 7.5% 2.7 4.2% 3.9% Shutterfly, Inc. 41.95 23.52 42.67 1,524 (245) 1,279 2.0 2.1 1.7 15.5 12.6 9.2 68.8 32.0 24.9 17.8% 1.4 24.3% 33.4% Zillow, Inc. 44.93 23.00 47.85 1,502 (194) 1,308 11.2 11.5 7.7 NM 62.6 41.3 NM NM NM 31.3% NM 48.3% 72.6% Renren Inc. 3.23 3.00 7.87 1,215 (892) 323 2.0 1.9 1.3 NM NM NM NM NM NM NM NM 43.3% 47.2% Bankrate, Inc. 10.30 9.90 25.95 1,030 110 1,141 2.5 2.4 2.5 10.1 8.7 10.2 35.5 17.2 20.9 22.5% 0.9 (3.3%) (18.0%) Trulia, Inc. 35.35 14.69 38.22 966 (90) 876 12.9 13.2 8.7 NM NM 80.5 NM NM NM 20.0% NM 51.9% 75.1% WebMD Health Corp. 17.39 13.13 27.84 852 (169) 683 1.4 1.5 1.6 17.2 10.6 11.6 NM NM NM 16.3% NM (9.4%) (13.0%) Web.com Group, Inc. 17.69 12.22 19.72 834 678 1,511 3.7 3.1 2.9 26.6 10.4 9.8 NM 11.2 8.9 14.0% 0.6 7.1% 51.4% Demand Media, Inc. 7.91 6.20 12.50 674 (113) 561 1.6 1.5 1.3 8.6 5.5 4.7 NM 20.9 16.9 22.4% 0.8 14.1% 20.5% Monster Worldwide, Inc. 5.32 5.01 10.40 591 16 607 0.7 0.7 0.7 4.3 3.9 3.7 10.4 17.4 14.5 13.0% 1.1 (7.4%) (10.3%) comScore, Inc. 16.25 11.30 23.93 579 (47) 532 2.1 2.1 1.9 28.0 12.2 10.7 NM NM NM 34.9% NM 11.0% 9.2% United Online, Inc. 6.34 3.63 6.69 577 136 713 0.8 0.8 0.8 5.9 5.3 5.4 15.6 9.6 10.2 NA NA (0.1%) (2.7%) Dice Holdings, Inc. 9.77 6.95 10.99 572 4 576 2.9 3.0 2.7 8.1 7.5 7.2 16.6 16.5 15.3 16.1% 0.9 11.9% 11.4% eHealth, Inc. 19.71 14.34 28.17 399 (141) 258 1.7 1.6 1.5 12.5 10.5 8.7 58.0 30.8 31.8 16.7% 1.9 9.4% 5.1% Move, Inc. 9.85 6.92 10.06 387 (27) 360 1.8 1.8 1.6 21.7 13.7 10.7 82.1 26.4 20.1 27.0% 0.7 13.2% 11.6% RealNetworks Inc. 7.83 6.75 10.72 276 (271) (1) 5 0.0 NA NA NM NA NA 6.1 NA NA NA NA NA (16.1%) XO Group Inc. 9.40 7.22 10.04 243 (73) 171 1.3 1.3 1.2 9.3 6.7 5.8 29.7 28.1 22.7 NA NA 6.9% 2.2% TechTarget, Inc. 4.71 3.99 7.66 186 (57) 129 1.3 1.3 1.3 8.7 6.7 9.9 47.1 19.9 67.3 NA NA 1.0% (12.4%) TheStreet, Inc. (1) 1.80 1.20 2.30 59 18 77 1.5 NA NA NM NA NA NM NA NA NA NA NA (19.1%) Mean 2.7 x 2.9 x 2.3 x 12.7 x 11.9 x 14.2 x 33.0 x 20.2 x 21.9 x 20.0% 1.2 13.5% 14.0% Median 1.6 1.7 1.6 9.3 8.1 9.2 26.4 18.0 20.1 18.9% 0.9 10.2% 7.1% Internet Commerce Amazon.com Inc.