Weekly Internet / Digital Media / SaaS Sector Summary Week of April 4th, 2016 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 135% 110% 7.0% 29.9% 6.4% 105% 125% 4.1% 1.8% 1.0% 100% (0.2%) 115% (2.9%) 12.7% 95% 8.3% (6.5%) 7.9% 105% 90% (10.4%) (0.5%) (1.4%) 85% 95% (6.7%) (12.7%) 80% 85% (18.8%) 75% 75% 70% 65% 65% 4/6/2015 5/28/2015 7/19/2015 9/9/2015 10/31/2015 12/22/2015 2/12/2016 4/4/2016 1/4/2016 1/17/2016 1/30/2016 2/12/2016 2/25/2016 3/9/2016 3/22/2016 4/4/2016 (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-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, 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. 2 (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: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, 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 45.0x 5.0x 40.4x 3.9x 4.0x 3.8x 3.0x 30.0x 2.7x 3.0x 2.6x 2.6x 2.0x 2.0x 17.2x 17.1x 2.0x 15.5x 1.4x 15.0x 10.6x 10.6x 9.9x 9.6x 7.4x 1.0x 0.0x 0.0x Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, 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. 3 (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: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, 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 Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 4/4/16 Low High Value Debt Value LTM CY 15E CY 16E LTM CY 15E CY 16E LTM CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Search / Online Advertising Alphabet Inc. $765.12 $529.00 $810.35 $526,647 ($64,278) $462,369 6.2x 6.2x 5.3x 18.9x 15.6x 13.1x 32.4x 26.5x 22.1x 16.5% 1.3 16.8% NA Microsoft Corporation 55.43 39.72 56.85 438,413 (57,446) 380,967 4.3 4.2 4.1 12.5 11.3 11.1 39.2 21.2 19.6 9.3% 2.1 2.7% (10.1%) Yahoo! Inc. 37.02 26.15 46.17 35,051 (4,591) 30,496 6.1 7.5 8.6 92.2 33.0 40.4 63.8 63.1 70.0 1.8% 38.3 (12.4%) 1.6% Yandex N.V. 15.06 9.94 21.36 4,812 (208) 4,605 5.5 5.7 4.5 19.6 16.0 13.1 36.2 29.0 25.1 20.4% 1.2 24.9% 5.3% Criteo SA (1) 41.44 24.23 57.30 2,589 (343) 2,251 5.1 4.4 3.1 19.7 16.9 11.0 45.5 38.7 23.8 24.9% 1.0 38.9% 14.1% The Rubicon Project, Inc. (1) 18.69 11.72 19.21 882 (140) 742 3.0 3.3 2.5 39.0 17.1 12.7 NM 28.1 25.3 25.2% 1.0 31.9% 124.7% TubeMogul, Inc. (1) 12.99 9.11 17.77 462 (80) 382 2.1 2.2 1.7 NM NM 66.1 NM NM NM NM NM 29.7% 62.0% Blucora, Inc. 4.98 4.69 16.66 205 505 725 6.2 1.6 1.6 31.9 10.7 8.1 12.5 4.2 5.0 18.5% 0.3 (3.0%) NA Marchex, Inc. 4.35 3.08 5.32 193 (109) 84 0.6 0.6 0.6 44.8 5.5 19.9 87.0 22.0 NM 15.0% NM (3.8%) 11.8% QuinStreet, Inc. 3.32 2.65 6.82 150 (36) 114 0.4 0.4 0.3 NM 12.4 6.9 NM NM NM NA NA 14.1% (2.6%) Rocket Fuel Inc. 3.11 2.61 9.66 136 5 141 0.3 0.3 0.3 NM NM 22.5 NM NM NM NA NA (1.3%) (10.1%) YuMe, Inc. 3.62 2.35 5.76 126 (48) 77 0.4 0.5 0.4 NM NM 15.3 NM NM NM NA NA 3.2% (5.7%) Blinkx plc 0.30 0.21 0.58 123 (75) 48 0.2 0.2 0.2 NM NM 10.4 NM NA NA NM NA 6.9% (13.8%) Marin Software Incorporated 3.11 2.61 7.62 119 (34) 84 0.8 0.8 0.8 NM NM 19.3 NM NM NM NA NA 4.1% 7.5% Tremor Video, Inc. 1.79 1.29 3.28 94 (60) 34 0.2 0.2 0.2 NM NM 14.5 NM NM NM NA NA (6.0%) (9.5%) Sizmek Inc. 2.77 2.68 7.91 80 (42) 38 0.2 0.2 0.2 6.7 3.3 2.4 NM NA NM NA NA 11.7% 13.4% ReachLocal, Inc. 1.80 0.55 3.50 54 12 66 0.2 0.2 0.2 NM NM 4.2 NM NM NM NA NA (17.8%) (18.4%) MaxPoint Interactive, Inc. 1.81 1.16 10.14 48 (10) 38 0.3 0.4 0.4 NM NM NM NM NM NM 20.0% NM 11.6% 6.2% Mean 2.3x 2.2x 2.0x 31.7x 14.2x 17.1x 45.2x 29.1x 27.3x 16.9% 6.5 8.4% 11.0% Median 0.7 0.7 0.7 19.7 14.0 13.1 39.2 27.3 23.8 18.5% 1.2 5.5% 3.5% Internet Content TEGNA Inc. $22.38 $21.11 $38.48 $4,893 $4,072 $9,254 3.0x 2.9x 2.7x 8.3x 8.6x 7.0x 14.3x 15.0x 9.7x 6.0% 1.6 8.4% (1.1%) Zillow Group, Inc. 23.78 16.46 35.47 4,243 (290) 3,953 6.1 6.1 4.9 NM 42.2 33.8 NM NM NM 49.8% NM 24.4% 83.4% IAC/InterActiveCorp 46.20 38.82 84.66 3,838 268 4,547 1.4 1.4 1.4 11.8 9.4 8.2 34.7 14.3 14.5 14.7% 1.0 3.6% 2.2% WebMD Health Corp. 62.19 37.57 63.14 2,236 162 2,398 3.8 3.8 3.4 16.4 12.5 10.7 41.9 42.4 34.5 12.5% 2.8 9.9% NA GoDaddy Inc. 32.46 21.04 35.35 2,204 723 3,183 2.0 2.0 1.7 15.0 9.5 7.8 NM 25.6 20.6 22.0% 0.9 14.5% 14.4% comScore, Inc. 30.07 26.21 65.00 1,704 (114) 1,590 4.3 4.3 3.0 42.8 17.0 12.7 NM 17.1 19.3 23.5% 0.8 41.0% 8.4% Shutterfly, Inc. 45.84 35.22 49.10 1,598 71 1,669 1.6 1.6 1.4 14.5 8.6 7.8 NM NM 60.3 20.0% 3.0 9.1% 13.4% Renren Inc. 3.20 2.58 4.45 1,085 (172) 912 16.6 12.9 6.3 NM NM NM NM NM NM 20.0% NM 107.0% (36.4%) Web.com Group, Inc.