March 2014 M&A and Investment Summary Expertise. Commitment. Results. Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 9 3 Additional Monthly M&A and Investment Activity Data 41 4 About Petsky Prunier 54 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. 2| M&A and Investment Summary March 2014 M&A and Investment Summary for All Segments Transaction Distribution . A total of 406 deals were announced in March 2014, of which 234 were worth $38.7 billion in aggregate reported value . Digital Media/Commerce was the most active segment with 99 deals announced, respectively . Traditional Media was the highest reported value segment with 14 deals announced, of which eight were reported at $13.2 billion in aggregate value . Strategic buyers announced 191 deals (47 percent of total volume), of which 41 were worth $25 billion in aggregate value . VC/Growth Capital investors announced 201 deals, of which 186 were reported for $4.5 billion . Buyout investors announced 14 deals during the month, of which seven were reported at $9.2 billion in aggregate value March 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 99 24% $4,999.6 13% 33 $2,102.7 1 $1,023.0 65 $1,874.0 Marketing Technology 88 22% 1,419.2 4% 35 219.0 2 ‐ 51 1,200.3 Software 63 16% 4,193.8 11% 30 720.1 5 3,217.3 28 256.4 Technology & Communications 49 12% 6,775.6 18% 22 6,000.6 1 ‐ 26 775.0 Information & Business Services 35 9% 2,610.0 7% 19 60.4 4 2,430.0 12 119.6 Agency & Marketing Services 31 8% 702.6 2% 26 678.3 0 ‐ 5 24.3 Digital Advertising 27 7% 4,726.6 12% 13 1,961.3 1 2,500.0 13 265.3 Traditional Media 14 3% 13,247.4 34% 13 13,247.4 0 ‐ 1 ‐ Total 406 100% 38,674.7 100% 191 24,989.6 14 9,170.3 201 4,514.9 3| M&A and Investment Summary March 2014 M&A and Investment Summary for All Segments Transaction Distribution . Compared to the previous month aggregate reported value in March decreased 53 percent from February 2014, and increased 18 percent in deal volume from March 2013 . Strategic activity accounted for 47 percent of reported deal value during the month, and included: • Vodafone’s $10 billion acquisition of Spain‐based television cable company Ono, at a valuation of 3.1x revenue, and 9.0x EBITDA • Yahoo Japan’s $3.2 billion purchase of Japan‐based mobile Internet services provider eAccess , at a valuation of 1.4x revenue • Media General’s $1.6 billion acquisition of local television station operator LIN Media, at a valuation of 2.5x revenue, and 9.5x EBITDA • Berkshire Hathaway’s $1.1 billion purchase of television station WPLG from Graham Holdings Company $90.0 $500.0 $81.5 $80.0 $70.0 WhatsApp $400.0 /Facebook $60.0 $300.0 $50.0 Time $40.0 $38.0 Warner $38.7 Cable/Co $200.0 mcast $30.0 (1) Omnicom/ $20.2 $21.6 Publicis $20.0 $18.0 $18.4 $11.7 $14.7 $100.0 $10.0 $8.7 $7.5 $7.7 $8.4 336 359 364 392 369 384 375 309 293 301 384 444 406 $‐ $- Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14 (1) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary March 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Schawk, Inc. Digital Agency Matthews International Corporation$ 591.5 $ 442.6 $ 53.3 1.3x 11.1x Realise Holdings Ltd. Digital Agency St. Ives, PLC 66.8 4.5 ‐ 14.8x NA Digital Advertising Catalina Marketing Corporation Shopper/Trader/Coupons Berkshire Partners, LLC 2,500.0 460.0 209.0 5.4x 12.0x Digital Media/Commerce JD.com eCommerce Tencent Holdings Ltd. 1,431.3 10,069.0 (69.7) 0.1x NM Information & Business Services Health Care Compliance Strategies, Inc. Corporate Training HealthStream, Inc. 16.0 6.7 ‐ 2.4x NA TravelClick, Inc. Product/Price Information Thoma Bravo, Inc. 930.0 290.0 65.0 3.2x 14.3x Marketing Technology Pebble Beach Systems Ltd. Content Management Vislink plc 24.6 8.6 2.0 2.9x 12.4x KnowledgePath Solutions Commerce Management Digital Management, Inc. 22.0 15.0 ‐ 1.5x NA Software Serena Software, Inc. Infrastructure Software HGGC, LLC 453.3 183.0 71.0 2.5x 6.4x Technology & Communications eAccess Internet Service Providers Yahoo Japan 3,200.0 2,343.1 ‐ 1.4x NA HiFX Financial Technology Euronet Worldwide, Inc. 241.2 65.2 18.1 3.7x 13.3x VaultLogix LLC Cloud Storage Intercloud Systems, Inc. 44.0 12.0 4.5 3.7x 9.8x Traditional Media Ono, S.A. Cable & Satellite Television Vodafone Group plc 14,839.9 2,274.5 931.1 6.5x 15.9x Catalina Marketing Corporation Shopper/Trader/Coupons Berkshire Partners, LLC 2,500.0 460.0 209.0 5.4x 12.0x LIN Media LLC Broadcast Television Media General, Inc. 1,600.0 652.4 168.1 2.5x 9.5x LiveTV Entertainment Media Thales Group 400.0 148.1 ‐ 2.7x NA Quercus Publishing plc Consumer Book Publishing Hodder & Stoughton Ltd. 20.4 21.4 1.6 1.0x 12.8x 5| M&A and Investment Summary March 2014 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Mar‐14 Arista Networks United States Technology & Communications$ 200.0 $ 361.2 $ 71.9 Mar‐14 Box, Inc. United States Software 250.0 124.1 (124.5) Mar‐14 Five9, Inc. United States Marketing Technology 70.0 84.1 (23.4) Mar‐14 Globoforce Group plc Ireland Software NA NA NA Mar‐14 Paycom Software, Inc. United States Software 132.9 107.6 14.2 Mar‐14 Sportsman's Warehouse Holdings, Inc. United States Digital Media/Commerce 201.3 643.2 74.2 Mar‐14 The Rubicon Project, Inc. United States Marketing Technology 101.6 83.8 (1.9) Mar‐14 TubeMogul Inc. United States Digital Advertising 75.0 57.2 (5.9) Mar‐14 Weibo Corporation China Digital Media/Commerce 500.0 188.3 (37.6) Feb‐14 Grub Hub, Inc. United States Digital Media/Commerce 192.6 137.1 29.9 Jan‐14 JD.com China Digital Media/Commerce 1,500.0 NA NA Dec‐13 IMS Health United States Software 100.0 NA NA Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digital Media/Commerce NA NA NA Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA Apr‐12 Shenzhen Tinno Mobile Technology Corp. China Technology & Communications 451.0 NA NA Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) Note: Grub Hub, Five9, and The Rubicon Project began trading in April 6| M&A and Investment Summary March 2014 LTM IPO Performance LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2014 1st Trading Day Mar‐14 NYSE:ATEN A10 Networks, Inc. United States $13.00‐$15.00 $15.00 $16.21, up 8% $15.04 (7.2%) Mar‐14 NYSE:AMBR Amber Road, Inc. United States 10.50‐12.50 13.00 11.50, down 11% 15.40 33.9% Mar‐14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00‐11.00 10.00 9.99, down 1% 10.55 5.6% Mar‐14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00‐16.00 16.00 20.10, up 26% 18.64 (7.3%) Mar‐14 NYSE:CSLT Castlight Health, Inc. United States 13.00‐15.00 16.00 38.85, up 143% 21.22 (45.4%) Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00‐28.00 28.00 29.50, up 5% 29.25 (0.8%) Mar‐14 NYSE:COUP Coupons.com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 24.65 (17.8%) Mar‐14 NYSE:EVDY Everyday Health, Inc. United States 13.00‐15.00 14.00 14.50, flat 13.99 (3.5%) Mar‐14 NYSE:KING King Digital Entertainment plc United States 21.00‐24.00 22.50 19.00, down 15% 18.19 0.6% Mar‐14 NasdaqGS:PCTY Paylocity Holding Corpora ti on Uni ted States 14.00‐16.00 17.00 28.50, up 68% 24.05 (15.6%) Mar‐14 NYSE:QTWO Q2 Holdings, Inc.