Weekly Internet / Digital Media / SaaS Sector Summary Week of October 28th, 2013 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 170 130 58% 55% 160 53% 125 46% 22% 150 43% 21% 120 43% 13% 43% 140 11% 40% 115 9% 32% 130 8% 8% 110 7% 120 7% 105 110 100 100 95 90 80 90 10/25/12 01/24/13 04/25/13 07/25/13 10/25/13 07/25/13 08/16/13 09/09/13 10/02/13 10/25/13 (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, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, TRMR, VCLK, VELT, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, 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, 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, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, CVT, DWRE, ECOM, JIVE, LPSN, MRIN, MKTG, MKTO, N, NOW, RNG, 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 10/25/13 Low High Value Debt Value LTM CY 13E CY 14E LTM CY 13E CY 14E LTM CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Search / Online Advertising Google Inc. $1,015.20 $636.00 $1,040.57 $339,236 ($44,280) $294,956 5.1x 5.0x 4.3x 16.5x 13.7x 11.4x 29.2x 22.9x 19.5x 16.7% 1.2 17.4% 5.6% Microsoft Corporation 35.73 26.26 36.43 298,273 (64,158) 234,115 2.9 2.8 2.7 7.5 7.4 7.3 13.4 13.2 12.7 7.9% 1.6 5.7% 15.7% Yahoo! Inc. 32.25 16.52 35.06 32,905 (1,709) 31,248 6.6 7.0 6.9 26.3 20.7 19.8 27.8 21.9 19.3 14.3% 1.3 2.8% (5.2%) Yandex N.V. 38.19 16.60 42.01 12,444 (368) 12,076 10.8 9.8 7.7 25.1 21.9 17.2 32.4 32.3 26.4 33.3% 0.8 27.2% 35.4% Rocket Fuel Inc. 61.72 50.90 68.56 2,006 (103) 1,902 11.9 8.5 4.7 NM NM NM NM NM NM NM NM 81.5% 136.7% ValueClick, Inc. 19.52 16.36 32.25 1,450 (25) 1,426 2.1 2.0 1.9 6.5 5.9 5.4 16.2 11.9 10.2 15.1% 0.7 8.1% 3.7% Blucora, Inc. 24.50 14.05 25.19 1,008 (172) 837 1.8 1.7 1.5 9.8 8.7 7.7 31.1 13.2 11.7 17.3% 0.7 15.4% 16.2% Blinkx plc 2.39 0.81 2.63 881 (56) 825 4.2 3.8 3.1 30.8 24.0 17.3 50.8 35.7 27.1 33.6% 0.8 19.6% 66.1% Millennial Media Inc. 6.95 5.87 16.86 566 (123) 444 2.1 1.7 1.1 NM 37.3 10.5 NM NM 23.5 NA NA 52.6% 44.7% Tremor Video, Inc. 10.35 6.25 11.09 513 (96) 417 3.4 3.1 2.4 NM NM 79.6 NM NM NM 28.0% NM 29.7% 40.7% QuinStreet, Inc. 9.46 5.41 9.71 409 (35) 374 1.2 1.2 1.2 11.1 8.6 8.3 NM NM NM 15.0% NM 3.4% (11.7%) Marin Software Incorporated 12.52 8.75 19.95 407 (115) 292 4.3 3.8 3.1 NM NM NM NM NM NM 25.0% NM 22.5% 40.4% ReachLocal, Inc. 12.84 9.99 17.39 360 (82) 278 0.6 0.5 0.5 29.9 9.2 7.0 NM NM 56.8 27.5% 2.1 15.1% 13.2% Marchex, Inc. 8.36 3.47 8.76 298 (19) 279 1.9 1.9 1.8 91.9 22.0 17.1 NM 53.4 43.2 47.0% 0.9 8.8% 14.7% YuMe, Inc. 8.98 7.80 12.08 287 (23) 264 2.0 1.7 1.3 33.5 62.3 24.9 73.0 NM 56.5 NA NA 31.2% 36.2% Velti Plc 0.27 0.22 7.55 24 29 37 0.2 0.2 0.2 NM NM 40.6 NM NM NM 20.0% NM 0.4% (46.8%) Mean 3.8 x 3.4 x 2.8 x 26.3 x 20.1 x 19.6 x 34.2 x 25.6 x 27.9 x 23.1% 1.1 21.3% 25.4% Median 2.5 2.4 2.1 25.1 17.2 14.2 30.2 22.4 23.5 20.0% 0.9 16.4% 16.0% Internet Content IAC/InterActiveCorp $56.29 $38.20 $57.00 $4,671 ($107) $4,680 1.5x 1.5x 1.3x 9.8x 7.5x 6.2x 25.1x 14.5x 12.2x 20.2% 0.6 12.5% 17.5% Zillow, Inc. 79.86 23.00 103.00 2,999 (170) 2,829 18.6 14.8 10.5 NM NM 57.6 NM NM NM 43.0% NM 41.1% 69.0% AOL Inc. 36.67 29.16 43.93 2,821 (378) 2,454 1.1 1.1 1.0 5.0 5.3 4.9 28.7 18.0 15.8 17.4% 0.9 7.7% 1.9% Bankrate, Inc. 21.87 9.90 23.14 2,216 82 2,299 5.4 5.0 4.4 24.8 19.2 15.7 NM 41.9 30.3 21.3% 1.4 13.9% (13.6%) Shutterfly, Inc. 54.03 25.18 59.93 2,039 (128) 1,911 2.7 2.4 2.1 23.0 12.8 10.6 NM 39.4 33.6 29.8% 1.1 17.1% 34.8% WebMD Health Corp. 35.49 13.13 36.22 1,760 (226) 1,533 3.1 3.0 2.8 32.5 13.6 11.1 NM 38.5 25.9 9.5% 2.7 8.4% 11.2% Trulia, Inc. 43.86 14.69 52.71 1,661 (207) 1,454 15.7 10.8 6.5 NM 93.4 32.6 NM NM 54.9 20.0% 2.7 64.7% 76.6% Renren Inc. 3.71 2.52 4.63 1,405 (836) 569 2.9 2.9 2.3 NM NM NM NM NM NM NM NM 25.4% 10.7% Web.com Group, Inc. 29.44 13.25 33.70 1,403 652 2,055 4.5 3.9 3.5 25.3 13.3 11.9 NM 14.2 11.9 14.0% 0.9 9.9% 21.7% comScore, Inc. 27.97 12.26 29.86 997 (66) 932 3.4 3.3 2.9 42.9 16.6 13.5 NM 26.3 21.6 26.2% 0.8 12.6% 16.0% eHealth, Inc. 44.14 14.85 42.78 813 (98) 715 4.2 4.1 3.5 38.4 28.5 19.5 NM 68.7 43.1 16.7% 2.6 17.0% 11.8% United Online, Inc. 8.44 4.98 8.90 781 111 892 1.0 1.0 1.0 9.8 7.3 7.4 NM 15.2 13.8 NA NA 0.3% (4.4%) Move, Inc. 17.17 6.92 18.36 692 (32) 660 3.1 2.9 2.6 44.3 23.4 17.2 NM 41.5 28.5 22.5% 1.3 12.8% 16.6% Dice Holdings, Inc. 8.73 7.89 10.43 515 (15) 501 2.5 2.4 2.3 7.5 6.8 6.1 15.2 16.3 14.5 11.1% 1.3 6.0% 7.3% Monster Worldwide, Inc. 4.24 4.02 6.89 479 59 539 0.6 0.7 0.7 4.0 3.6 3.5 9.2 12.8 11.6 9.0% 1.3 (0.7%) (10.9%) Demand Media, Inc. 4.96 4.80 9.88 433 (50) 383 1.0 1.0 0.9 5.3 4.1 3.9 46.6 16.9 15.7 15.0% 1.0 8.4% 8.6% XO Group Inc. 13.87 7.22 14.31 342 (83) 259 2.0 1.9 1.8 11.4 9.3 8.5 31.4 33.4 31.5 NA NA 6.4% 4.4% RealNetworks Inc.