Weekly Internet / Digital Media / SaaS Sector Summary Week of June 6th, 2016 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 135% 125% 30.0% 22.1% 125% 24.4% 120% 20.4% 115% 115% 15.5% 11.6% 9.7% 11.2% 105% 110% 10.2% 1.3% (1.1%) 6.9% 5.5% 95% (3.5%) 105% 3.2% 85% 100% (17.3%) 75% 95% (6.8%) (34.0%) 65% 90% 55% 85% 6/8/2015 7/30/2015 9/20/2015 11/11/2015 1/2/2016 2/23/2016 4/15/2016 6/6/2016 3/7/2016 3/20/2016 4/2/2016 4/15/2016 4/28/2016 5/11/2016 5/24/2016 6/6/2016 (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, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG. (4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB. (5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB. (6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B. 2 (7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, ECOM, HUBS, JIVE, LPSN, MB, MRIN, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Industry Stock Market Valuation Internet / Digital Media / SaaS: Financial Metrics EV / 2016E Revenue EV / 2016E EBITDA 50.0x 5.0x 4.5x 4.3x 41.9x 40.0x 4.0x 3.1x 3.0x 30.0x 3.0x 2.7x 2.6x 2.6x 2.0x 18.2x 17.8x 2.0x 20.0x 16.1x 1.5x 12.8x 11.4x 11.0x 10.5x 1.0x 10.0x 7.9x 0.0x 0.0x Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG. (4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB. (5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB. (6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B. 3 (7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, ECOM, HUBS, JIVE, LPSN, MB, MRIN, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d) $MM, Except Per Share Data Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/6/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ Search / Online Advertising Alphabet Inc. $730.06 $538.85 $810.35 $501,230 ($66,071) $435,159 5.6x 5.0x 4.4x 17.1x 12.4x 10.7x 29.7x 21.8x 18.5x 16.6% 1.1 14.1% 17.4% Microsoft Corporation 52.13 39.72 56.85 409,766 (58,571) 351,195 4.0 3.8 3.6 12.0 10.3 9.5 40.2 19.5 17.2 10.8% 1.6 4.5% (5.5%) Yahoo! Inc. 37.07 26.15 42.89 35,214 (4,727) 30,523 6.3 8.7 8.6 NM 40.3 35.7 NM 73.8 63.7 1.5% 42.3 1.3% (11.3%) Yandex N.V. 21.46 9.94 21.83 6,968 (555) 6,413 6.6 5.8 4.9 22.4 16.7 12.4 52.7 32.4 25.6 21.9% 1.2 16.7% 33.5% Criteo SA (1) 45.20 24.23 57.30 2,850 (377) 2,480 5.3 3.5 2.8 19.2 12.2 9.1 46.6 26.0 19.6 26.4% 0.7 25.0% 36.4% The Rubicon Project, Inc. (1) 14.72 11.72 20.37 713 (158) 555 2.0 1.9 1.6 19.6 8.6 6.3 89.1 16.4 14.2 20.2% 0.7 21.1% 86.2% TubeMogul, Inc. (1) 12.77 9.11 17.77 457 (74) 382 2.0 1.7 1.4 NM 52.5 20.3 NM NM 37.1 NM NM 20.5% 38.8% Blucora, Inc. 8.92 4.69 16.66 369 429 813 4.0 1.8 1.6 22.9 8.7 7.6 NM 8.8 6.6 18.5% 0.4 6.9% 104.5% QuinStreet, Inc. 3.68 2.65 6.82 167 (40) 127 0.4 0.4 0.4 NM 12.7 5.7 NM NM NM 37.5% NM 7.8% 7.8% Marchex, Inc. 3.45 3.08 5.19 149 (107) 42 0.3 0.3 0.3 NM 29.4 6.2 NM NM NM 15.0% NM 4.5% 0.2% YuMe, Inc. 3.81 2.35 5.76 132 (62) 70 0.4 0.4 0.4 NM 7.7 6.7 NM NM NM NA NA 6.2% (2.3%) Blinkx plc 0.30 0.21 0.48 120 (47) 73 0.4 0.3 0.3 NM 15.9 7.5 NM 7.5 16.6 NM NM 2.1% (30.9%) Rocket Fuel Inc. 2.38 2.30 9.05 104 13 117 0.3 0.3 0.2 NM 10.9 9.9 NM NM NM 3.3% NM 3.1% 0.4% Tremor Video, Inc. 1.84 1.29 3.28 97 (56) 41 0.2 0.2 0.2 NM 15.8 3.2 NM NM NM NA NA 20.5% (9.2%) Marin Software Incorporated 2.50 1.88 7.62 95 (34) 61 0.6 0.6 0.6 NM 41.6 12.1 NM NM NM NA NA 1.3% 2.9% Sizmek Inc. 2.55 2.28 7.91 74 (40) 34 0.2 0.2 0.2 6.7 2.1 1.6 NM NM 42.5 NA NA 7.8% 10.2% MaxPoint Interactive, Inc. 10.64 4.64 40.56 70 (8) 62 0.4 0.7 0.6 NM NM NM NM NM NM 20.0% NM 6.0% 2.6% ReachLocal, Inc. 1.82 0.55 3.35 55 18 72 0.2 0.2 0.2 NM 4.5 3.1 NM NM NM NA NA 5.2% (20.9%) Mean 2.2x 2.0x 1.8x 17.1x 17.8x 9.9x 51.7x 25.8x 26.2x 17.4% 6.8 9.7% 14.5% Median 0.5 0.6 0.6 19.2 12.4 7.6 46.6 20.6 19.0 18.5% 1.1 6.5% 2.7% Internet Content Zillow Group, Inc. $30.78 $16.46 $35.47 $5,500 ($284) $5,216 7.4x 6.3x 5.2x NM 43.0x 25.1x NM NM 63.6x 42.3% 1.5 21.3% 46.1% TEGNA Inc. 22.84 21.11 38.48 4,970 4,118 9,388 3.0 2.7 2.7 8.3 7.4 8.0 13.6 10.0 11.8 6.0% 2.0 1.2% 6.9% IAC/InterActiveCorp 55.24 38.82 84.66 4,375 293 4,758 1.5 1.5 1.4 12.4 8.9 7.2 48.8 17.4 12.9 14.3% 0.9 6.7% 6.0% GoDaddy Inc. 32.98 21.04 35.35 2,679 603 3,519 2.1 1.9 1.7 22.8 8.6 7.2 NM 20.6 16.3 23.0% 0.7 13.2% 15.3% WebMD Health Corp. 64.15 37.57 67.55 2,373 98 2,471 3.8 3.5 3.2 16.1 10.8 9.5 40.9 34.2 29.4 12.5% 2.4 9.5% 10.6% comScore, Inc. 33.37 26.21 65.00 1,891 (114) 1,777 4.8 3.4 2.9 47.8 14.3 10.9 NM 21.3 16.2 25.8% 0.6 19.1% 8.4% Shutterfly, Inc. 48.90 35.22 49.16 1,685 210 1,895 1.8 1.6 1.5 15.7 8.8 7.7 NM 74.9 51.2 20.0% 2.6 8.8% 13.6% Web.com Group, Inc.