Weekly Internet / Digital Media / SaaS Sector Summary Week of January 13th, 2014 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 200 135 180 78.8% 28.5% 125 54.5% 160 16.5% 48.4% 13.9% 48.0% 115 10.6% 42.3% 10.1% 140 40.5% 9.5% 34.7% 105 8.7% 33.6% 7.8% 120 7.7% 25.2% 95 100 80 85 1/11/13 3/4/13 4/25/13 6/16/13 8/7/13 9/28/13 11/19/13 1/10/14 10/11/13 10/24/13 11/6/13 11/19/13 12/2/13 12/15/13 12/28/13 1/10/14 (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, TRMR, TWTR, 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: 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 Notes: 2 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.) $MM, Except Per Share Data Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/13/14 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 Media Conglomerates / Selected Entertainment Comcast Corporation $52.16 $37.81 $53.72 $136,421 $40,790 $178,480 2.8x 2.8x 2.6x 8.5x 8.4x 7.9x 21.7x 20.9x 18.1x 14.6% 1.2 6.4% (2.4%) The Walt Disney Company 73.27 50.18 76.84 128,756 10,631 142,108 3.2 3.1 2.9 12.1 11.1 10.5 21.7 21.0 18.0 12.5% 1.4 5.9% 7.3% Time Warner Inc. 65.47 48.84 70.77 59,232 17,596 76,829 2.6 2.6 2.5 9.7 10.2 9.6 16.5 17.5 15.4 12.6% 1.2 3.7% 0.2% Viacom, Inc. 84.42 56.74 87.84 37,650 9,393 47,240 3.4 3.4 3.3 11.3 10.9 10.2 17.4 17.0 14.8 13.2% 1.1 5.0% 8.6% CBS Corporation 60.94 37.63 64.06 36,569 6,080 42,649 2.8 2.8 2.7 11.6 11.3 10.5 21.3 20.2 17.5 14.9% 1.2 2.1% 11.3% Discovery Communications, Inc. 81.44 66.41 90.76 28,712 5,947 34,696 6.7 6.3 5.6 15.9 14.3 12.6 29.5 26.5 20.8 18.1% 1.1 11.5% 27.8% Sony Corporation 17.35 9.37 23.36 17,998 (843) 22,309 0.3 0.3 0.3 7.1 4.5 4.0 27.2 19.8 29.0 17.0% 1.7 7.4% (12.2%) Lions Gate Entertainment Corp. 29.48 17.69 37.81 4,066 1,192 5,258 2.0 2.0 1.9 21.3 14.7 12.3 20.1 17.5 18.1 20.0% 0.9 2.9% (29.5%) Mean 3.0 x 2.9 x 2.7 x 12.2 x 10.7 x 9.7 x 21.9 x 20.1 x 19.0 x 15.4% 1.2 5.6% 1.4% Median 2.8 2.8 2.7 11.5 11.0 10.4 21.5 20.0 18.1 14.8% 1.2 5.4% 3.7% Publishers Thomson Reuters Corporation $37.44 $26.76 $37.84 $30,796 $6,359 $37,519 2.9x 3.0x 2.9x 13.0x 11.3x 10.4x 34.1x 20.6x 18.3x 7.0% 2.6 1.9% (3.0%) Pearson plc 21.60 17.86 22.61 17,461 3,207 20,697 2.6 2.2 2.3 15.5 13.2 12.0 43.3 17.2 15.4 6.6% 2.3 (5.7%) 1.5% News Corporation 17.15 14.39 18.17 9,927 (2,688) 7,357 0.8 0.8 0.9 11.9 7.3 9.6 15.9 4.4 47.9 7.0% 6.9 (3.0%) (2.9%) Gannett Co., Inc. 28.84 18.38 30.43 6,572 1,169 7,985 1.5 1.5 1.3 7.5 7.5 5.8 16.9 14.1 10.4 5.0% 2.1 14.6% (4.3%) Graham Holdings Company 646.79 372.37 686.50 4,776 (486) 4,296 1.1 1.3 1.3 7.5 7.2 7.3 83.7 25.1 21.8 NA NA 0.3% 2.8% Lagardere SCA 36.94 26.01 40.71 4,744 1,170 6,014 0.6 0.6 0.6 9.4 7.9 7.4 2.4 16.4 15.3 9.8% 1.6 0.8% 2.6% UBM plc 11.60 10.14 13.03 2,817 715 3,583 3.0 2.7 2.8 12.9 10.8 11.1 19.3 13.2 13.8 9.4% 1.5 (3.0%) (4.6%) The New York Times Company 14.78 8.07 16.14 2,213 (90) 2,127 1.1 1.3 1.3 7.2 9.0 9.0 17.5 45.4 38.1 NA NA (1.5%) 1.8% The E. W. Scripps Company 19.24 8.29 22.00 1,071 (18) 1,056 1.2 1.3 1.2 10.9 17.8 7.1 61.9 NM 18.9 NA NA 12.9% (13.7%) Mean 1.6 x 1.6 x 1.6 x 10.6 x 10.2 x 8.9 x 32.8 x 19.5 x 22.2 x 7.5% 2.8 1.9% (2.2%) Median 1.2 1.3 1.3 10.9 9.0 9.0 19.3 16.8 18.3 7.0% 2.2 0.3% (2.9%) Diversified Marketing WPP plc $22.27 $15.26 $22.79 $30,005 $4,130 $34,540 2.1x 1.9x 1.8x 12.4x 11.1x 10.4x 23.4x 16.4x 15.2x 10.4% 1.5 3.8% 3.8% Experian plc 18.53 16.78 21.14 18,544 3,286 21,858 4.6 4.5 4.2 13.4 13.1 12.2 28.4 20.9 19.0 11.4% 1.7 7.1% 2.4% Nielsen Holdings N.V. 43.68 30.96 46.20 16,497 6,158 22,701 4.0 4.0 3.6 14.1 14.1 12.2 42.9 21.7 17.5 14.4% 1.2 10.6% 2.7% Equifax Inc. 67.45 52.79 69.64 8,208 1,312 9,539 4.1 4.1 3.9 12.8 11.8 11.2 27.1 18.7 17.3 12.1% 1.4 5.9% 10.0% The Interpublic Group of Companies, Inc. 17.41 11.54 17.81 7,247 665 8,172 1.2 1.1 1.1 9.7 9.2 8.2 19.8 21.4 16.7 14.5% 1.2 4.4% 1.8% Havas 7.87 5.98 8.63 3,176 602 3,784 1.6 1.5 1.5 10.1 9.6 9.1 17.3 15.7 14.4 7.8% 1.8 2.1% 3.5% Acxiom Corporation 35.49 16.43 38.71 2,666 28 2,693 2.5 2.5 2.5 14.2 13.2 11.8 53.0 47.3 42.0 12.1% 3.5 (0.2%) (0.4%) Valassis Communications Inc. 34.10 23.69 34.95 1,301 461 1,763 0.9 0.9 0.9 6.8 6.8 6.3 12.3 12.1 10.3 22.5% 0.5 2.2% (6.6%) MDC Partners Inc. 25.22 7.23 26.41 1,190 488 1,859 1.6 1.6 1.5 25.4 11.6 10.4 NM NM 43.2 6.0% 7.2 7.4% 8.7% Harte-Hanks Inc. 7.23 6.23 10.12 452 24 477 0.6 0.8 0.9 6.0 6.9 6.3 NM 14.8 13.9 NM NM (10.3%) (4.3%) Mean 2.3 x 2.3 x 2.2 x 12.5 x 10.7 x 9.8 x 28.0 x 21.0 x 20.9 x 12.4% 2.2 3.3% 2.2% Median 1.9 1.7 1.7 12.6 11.4 10.4 25.2 18.7 17.0 12.1% 1.5 4.1% 2.5% 3 Notes: Source: Capital IQ and Wall Street Estimates.