April 2013 M&A and Investment Summary Expertise. Commitment. Results. M&A & INVESTMENT SUMMARY APRIL 2013 1 TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 8 Additional Monthly M&A and Investment Activity Data 42 About Petsky Prunier 56 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. M&A & INVESTMENT SUMMARY APRIL 2013 2 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • A to ta l of 359 deal s were announced in April 2013, of which 211 reported $7.5 billion in value • Digital Media/Commerce was the most active segment with 76 transactions, of which 57 reported $1.2 billion in value • Information & Business Services was the highest reported value segment, with 40 transactions announced, of which 15 reported $2.7 billion in value • Strategic buyers announced 151 deals (42 percent of total volume), of which 27 reported $3 billion in value • VC/Growth Capital investors announced 199 deals, of which 179 reported $2.7 billion in value • Buyout investors announced nine deals during the month, of which five reported $1.8 billion in value APRIL 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 76 21% 1,205.1 16% 21 144.2 0 - 55 1,060.9 Maaetgecoogyrketing Technology 68 19% 339.9 5% 18 31.4 0 - 50 308.5 Software 54 15% 939.4 13% 29 306.7 1 - 24 632.8 Information & Business Services 40 11% 2,748.0 37% 25 1,133.1 5 1,484.7 10 130.2 Technology 37 10% 445.8 6% 12 239.1 0 - 25 206.7 Digital Advertising 30 8% 467.1 6% 9 248.7 0 - 21 218.4 Traditional Media 28 8% 486.7 6% 21 398.1 2 46.7 5 42.0 Agency 11 3% - - 10 - 0 - 1 - Communications 11 3% 866.5 0% 4 510.0 1 253.0 6 103.5 Marketing Services 4 1% 4.5 0% 2 - 0 - 2 4.5 Total 359 100% 7,503.0 88% 151 3,011.2 9 1,784.4 199 2,707.4 M&A & INVESTMENT SUMMARY APRIL 2013 3 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • On a month-over-month basi s, aggregate deal volume across all segments increased seven percent • The largest control transactions announced during the month included: › Thomas H. Lee Partners’ $1.1 billion buyout of CompuCom Systems, a provider of IT consulting and outsourcing solutions that include unified communications and collaboration, network infrastructure and security, virtualization and cloud, storage management and data protection, and IT procurement services › Roper Industries’ $1.1 billion acquisition of Managed Health Care Associates, a provider of services and solutions to support the needs of alternate site healthcare providers • The largest investment during the month was Alibaba’s $586 million investment in China-based micro-blogging platform Sina Weibo, at a valuation of $3.3 billion. Additional large investments included: › Intel Capital’ s $180 million investment in Mashery, a cloud-based manager of Application Programming Interfaces, which enable developers to work with different cloud services and software M&A and Investment Volume For All Segments - Last 13 Months ($BN) All transactions; Value based on reported values only $25.0 $19.1 $20.0 $15.3 $15.9 $15.0 $12.8 $11.7 5 5 $9.5 $9.8 $9.9 2 3 $8.5 $8.7 $10.0 3 $7.1 $7.5 $6.1 * 2 3 2 1 1 2 $5.0 2 1 381 377 376 402 401 342 305 298 335 357 $- 390253 409 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Deals valued over $1BN * Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal M&A & INVESTMENT SUMMARY APRIL 2013 4 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Advertising Jetsetter Vertical Search TripAdvisor, Inc. $50.0 $70.0 - 0.7x NM Traditional Media Fisher Communications, Inc. Broadcast Television Sinclair Broadcast Group, Inc. 353.9 168.2 31.2 2.1x 11.3x RRsat Global Communications Network Ltd.(1 ) Cable & Satellite Television Viola Private Equity 112.6 113.4 18.5 1.0x 6.1x The Garden Productions Entertainment Media ITV plc 27.5 0.0 3.8 NA 7.2x Future PLC, Classic Rock and Metal Hammer Consumer Magazine Publishing TeamRock Ltd. 15.4 13.9 - 1.1x NM Technology Revera Data Center Technology Telecom New Zealand Ltd. 82.7 41.8 10.9 2.0x 7.6x Communications Telular Corporation Networking Equipment Avista Capital Partners 253.0 90.9 19.0 2.8x 13.3x Software Ingenuity Systems, Inc. Healthcare Software QIAGEN N.V. 105.0 20.0 - 5.3x NM Arkoon Network Sec urity Security Software Cassidian CyberSec urity 19.9 14.7 2.0 1.4x 9.9x Information & Business Services Alti IT Consulting/Systems Integration Tata Consultancy Services 97.5 166.1 - 0.6x NM IPOs After Final Pricing Target SbSubsegment B/IBuyer/Investor Ent. VlValue Rev EBITDA EV/REV EV/EBITDA Software Rally Software Development Corporation Software Development Tools IPO $297.3 $56.8 ($8.9) 5.2x NM (1) RRsat Global Communications Network sold a 20 percent stake to Viola Private Equity and Vpartners for $27.8 million Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing M&A & INVESTMENT SUMMARY APRIL 2013 5 SECURITIES IN REGISTRATION ($ in Millions) Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA Apr-13 ChannelAdvisor Corporation Marketing Technology $86.3 $50.4 ($0.8) Apr-13 Cyan, Inc. Communications 96.0 95.9 (9.4) Apr-13 Light In The Box Ltd. Digital Media/Commerce 86.3 200.0 (3.2) Apr-13 Marketo, Inc. Marketing Technology 75.0 58.4 (33.0) Apr-13 Tableau Software, Inc. Software 450.0 127.7 8.4 Apr-13 Textura Corporation Software 50.0 24.0 (14.2) Mar-13 Blackhawk Network Holdings, Inc. Technology 220.0 959.1 92.3 Feb-13 Oisix Co., Ltd Digital Media/Commerce 9.0 NA NA Feb- 13 Quintiles Transnational Holdings Inc. Information & Business Services 789.5 369233,692.3 486.2 Feb-13 Softmax Co., Ltd Software 7.0 NA NA Jan-13 Channel Nine Entertainment Limited Traditional Media 2.2 NA NA Oct-12 Violin Memory, Inc. Technology NA 100.0 NA Aug-12 Just Dial Limited Digital Advertising NA 48.8 13.0 Jun-12 goldenTech SA Software 5.2 NA NA Jun-12 Shanghai Amarsoft Information Technology Software NA NA NA Apr-12 BlackStratus, Inc. Softw are 20.0 9.2 (0.6) Apr-12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA Apr-12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA Mar-12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0 Mar-12 Reval Holdings, Inc. Software 75.0 47.0 (12.1) M&A & INVESTMENT SUMMARY APRIL 2013 6 LTM IPO PERFORMANCE IitilInitial OffOffiering Fina l Pr ice Stoc k Pr ice at Close Stoc k Pr ice on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2013 1st Trading Day Apr-13 RALY Rally Software Development Corp. United States $11.00-$13.00 $14.00 17.81, up 27% $18.13 1.8% Mar-13 MRIN Marin Software United States 11.00-13.00 14.00 16.26, up 16% 14.70 (9.6%) Mar-13 MODN Model N, Inc. United States 12.50-14.50 15.50 18.45, up 19% 19.78 7.2% Mar-13 IPDN Professional Diversity Network LLC United States 10.00-12.00 8.00 7.67, down 4% 4.50 (41.3%) Feb-13 DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 2.64 1.8% Feb-13 XOOM Xoom Corporation United States 13.00-15.00 16.00 25.49, up 59% 18.46 (27.6%) Nov-12 3666 Tecnos Japan Incorporated Japan 16.77-18.72 18.72 27.66, up 48% 31.49 13.8% Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 17.44 54.2% Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 19.30 57.6% Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 23.47 5.2% Oct-12 RLGY Realogy Holdings Corp.