December 2013 - Petsky Prunier

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December 2013

Expertise. Commitment. Results.

M&A and Investment Summary

Table of Contents

1

Overview of Monthly M&A and Investment Activity

3

2

Monthly M&A and Investment Activity by Industry Segment

10

3

Additional Monthly M&A and Investment Activity Data

40

4

About Petsky Prunier

53

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 December 2013

M&A and Investment Summary for All Segments

Transaction Distribution

 A total of 301 deals were announced in December 2013, of which 205 reported transaction values, totaling $14.7 billion   Digital Media/Commerce and Marketing Technology were the most active segments with 66 and 62 deals announced, respectively  Traditional Media was the highest reported value segment with 11 deals announced, of which six were reported at $2.6 billion in  aggregate value

 Strategic buyers announced 112 deals (37 percent of total volume), of which 39 were worth $11.4 billion in aggregate value  VC/Growth Capital investors announced 177 deals, of which 164 were reported for $2.3 billion  Buyout investors announced 12 deals during the month, of which two were reported at $1.1 billion in aggregate value December 2013 BUYER/INVESTOR BREAKDOWN Transactions #

Reported Value

%

$MM

Strategic %

#

Buyout $MM

Venture/Growth Capital

#

$MM

#

$MM

Digital Media/Commerce

66

22%

$1,896.7

13%

11

$265.0

2

$625.7

53

Marketing Technology

62

21%

2,535.5

17%

19

2,127.7

3

‐   

40

407.8

Software

54

18%

1,044.8

7%

22

796.0

2

‐   

30

248.8

Technology & Communications

36

12%

2,177.8

15%

15

1,965.1

1

‐   

20

212.7

Information & Business Services

31

10%

748.5

5%

17

135.0

4

501.0

10

112.5

Digital Advertising

28

9%

1,387.3

9%

10

1,168.0

0

‐   

18

219.3

Agency & Marketing Services

13

4%

2,365.6

16%

8

2,313.6

0

‐   

5

52.0

Traditional Media

11

4%

2,588.2

18%

10

2,588.2

0

‐   

1

‐   

301

100%

14,744.4

100%

112

11,358.6

12

1,126.7

177

2,259.1

Total

3 | M&A and Investment Summary December 2013

$1,006.0

M&A and Investment Summary for All Segments

Transaction Distribution

 Compared to the previous month aggregate reported value in December increased 26 percent  Strategic activity accounted for 76 percent of reported deal value during the month, and included: • Harland Clarke’s pending $1.8 billion acquisition of marketing services company Valassis Communications, at a reported valuation of  more than $1.8 billion

• NCR’s $1.7 billion purchase of financial management solutions company Digital Insight 

 $40.0

$500.0

$38.0 

$450.0

 $35.0  $30.0

$400.0

Omnicom/ Publicis

 $25.0

$350.0 $300.0

(2)

$20.2 

 $20.0

$21.6 

$250.0

$18.0  $14.7 

 $15.0  $10.0

$9.9 

$11.7  $7.2 

$6.1 

(1)

$8.7 

$7.5 

$150.0

$8.4 

$7.7 

$100.0

 $5.0  $‐

(1) (2)

$50.0

253

409

298

335

357

361

384

363

384

373

307

288

296

Dec‐12

Jan‐13

Feb‐13

Mar‐13

Apr‐13

May‐13

Jun‐13

Jul‐13

Aug‐13

Sep‐13

Oct‐13

Nov‐13

Dec‐13

Aggregate totals for February 2013 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 Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland

4 | M&A and Investment Summary December 2013

$200.0

$-

Selected Transactions with Valuation Information Disclosed ($ in Millions)

Target

Subsegment

Buyer/Investor

Ent. Value

Rev

EBITDA

EV/REV

EV/EBITDA

Agency & Marketing Services IMG Worldwide, Inc.

Specialty Agency

William Morris Endeavor Entertainment

$          2,300.00

$          1,600.00

$             176.90

1.4x

13.0x

Financial Information

BC Partners Limited

                  625.7

                162.50

                      ‐

3.9x

NA 

Email/Messaging Software

Oracle Corporation

               1,500.0

                  194.3

                    96.0

7.7x

15.6x

ERP Software

Amadeus IT Holding

                  500.0

                  110.0

                         ‐

4.5x

NA 

Financial Technology

NCR Corporation

               1,650.0

                  330.0

                         ‐

5.0x

NA 

Shopper/Trader/Coupons

Harland Clarke Corp.

               1,800.0

               2,047.2

                  206.9

0.9x

8.7x

Information & Business Services  Mergermarket, LLC Marketing Technology Responsys, Inc. Software Newmarket International, Inc. Technology & Communications Digital Insight Corporation Traditional Media Valassis Communications, Inc.

5 | M&A and Investment Summary December 2013

Selected IPOs with Valuation Information Disclosed ($ in Millions)

Target

Subsegment

Buyer/Investor

Ent. Value

Rev

EBITDA

EV/REV

EV/EBITDA

Digital Media/Commerce Autohome Inc. 

eCommerce

IPO

$                  61.4

$                171.9

$                  84.1

0.4x

0.7x

Data Storage Technology

IPO

               1,538.1

                  104.2

                   (36.9)

14.8x

NM 

Technology & Communications Nimble Storage

Note: IPO multiples based final share price and TTM financials and pro forma balance sheets per latest Registration Filing

6 | M&A and Investment Summary December 2013

Securities in Registration ($ in Millions)

LTM

Aggregate  Date

Company Name

Country

Segment

Offering Value

Rev

EBITDA

Dec‐13

Ca re.com

United Sta tes

Digita l  Media /Commerce

NA 

74.9

(19.4)

Dec‐13

IMS Hea lth

United Sta tes

Informa ti on & Bus ines s  Servi ces

NA 

NA 

NA 

Oct‐13

Freela ncer.com

Aus tra l i a

Digita l  Media /Commerce

14.2

NA 

NA 

Oct‐13

Va roni s  Sys tems , Inc.

United Sta tes

Softwa re

100.0

NA 

NA 

Sep‐13

58.com

Chi na

Digita l  Media /Commerce

150.0

NA 

NA 

Sep‐13

Mida s pl a yer.com Ltd. (Ki ng.com)

United Ki ngdom

Digita l  Media /Commerce

NA 

NA 

NA 

Sep‐13

Quna r.com

Chi na

Digita l  Media /Commerce

125.0

NA 

NA 

Sep‐13

SunEdis on Semi conductor, Inc.

United Sta tes

Technol ogy & Communica tions

250.0

NA 

NA 

Jun‐12

gol denTech SA

Switzerl a nd

Softwa re

5.2

NA 

NA 

Jun‐12

Sha ngha i  Ama rs oft Informa ti on Technol ogy

Chi na

Softwa re

NA 

NA 

NA 

Apr‐12

Bla ckStra tus , Inc. 

United Sta tes

Softwa re

9.2

(0.6)

Apr‐12

NSFOCUS Informa ti on Technology Co., Ltd.

Chi na

Technol ogy & Communica tions

Apr‐12

Shenzhen Tinno Mobil e Technol ogy Corp.

Chi na

Technol ogy & Communica tions

Ma r‐12

Reva l Hol dings , Inc.

United Sta tes

Softwa re

7 | M&A and Investment Summary December 2013

20.0

NA 

NA 

451.0

NA 

NA 

NA 

75.0

47.0

(12.1)

LTM IPO Performance

Date

Initial Offering

Final Price 

Stock Price at Close

Stock Price on

% Change from 

Country

Price Range

Per Share

on 1st Trading Day

Dec 31, 2013

1st Trading Day

Autohome Inc.

China

$14.00‐$16.00

$17.00

$26.95, up 58%

$28.00

3.9%

Nimble Stora ge, Inc. 

Uni ted Sta tes

18.00‐20.00

21.00

33.81, up 61%

35.50

5.0%

Ticker

Company Name

Dec‐13

NYSE:ATHM

Dec‐13

NYSE:NMBL

Nov‐13

NYSE:CUDA

Ba rrracuda  Networks , Inc.

Uni ted Sta tes

18.00‐21.00

18.00

21.55, up 20%

39.68

84.1%

Nov‐13

NYSE:CHGG

Chegg, Inc.

Uni ted Sta tes

9.50‐11.50

12.50

9.64, down 23% 

8.51

(11.7%)

15.00‐17.00

10.00

9.55, down 4.5%

11.16

16.9%

9.50‐11.50

11.22

13.35, up 19%

20.53

83.0%

Nov‐13

NYSE:MVNR

Ma veni r Sys tems , Inc.

Uni ted Sta tes

Nov‐13

Na s daqGM:GOMO

Sungy Mobi le Li mited

China

Nov‐13

NYSE:TWTR

Twi tter

Uni ted Sta tes

23.00‐25.00

26.00

44.90, up 73%

63.65

144.8%

Nov‐13

Na s daqGM:WIX

Wix.com Ltd.

Uni ted Sta tes

14.50‐16.50

16.50

16.31, down 1%

26.85

62.7%

Nov‐13

Na s daqGS:ZU

zul i ly, Inc.

Uni ted Sta tes

18.00‐20.00

22.00

37.70, up 71% 

41.43

9.9%

Oct‐13

Na s daqGS:COMM

CommScope Holdi ng Compa ny Inc.

Uni ted Sta tes

18.00‐21.00

15.00

4.99, fl a t 

18.93

26.3%

Oct‐13

Na s daqGS:CRTO

Cri teo SA

France

27.00‐29.00

31.00

35.39, up 15%

34.20

(3.4%)

Oct‐13

Na s daqGS:EIGI

Endura nce Interna tional  Group Hol di ngs , Inc.

China

14.00‐16.00

12.00

13.95, up 16%

14.18

1.6%

Oct‐13

SEHK:484

Forgame Holdi ngs

China

Oct‐13

Na s daqGS:SFXE

SFX Entertai nment Inc.

Uni ted Sta tes

Oct‐13

NYSE:VEEV

Veeva Sys tems  Inc.

Sep‐13

Na s daqGM:BNFT

Benefitfocus , Inc.

5.60‐7.09

6.58

8.70, up 32%

6.96

(19.9%)

11.00‐13.00

13.00

11.89, down 9%

12.00

0.9%

Uni ted Sta tes

12.00‐14.00

20.00

37.16, up 86%

32.10

(13.6%)

Uni ted Sta tes

21.50‐24.50

26.50

53.55, up 102%

57.74

7.8%

Sep‐13

Na s daqGS:COVS

Covi s i nt Corpora tion

Uni ted Sta tes

9.00‐11.00

10.00

12.31, up 23%

12.55

1.9%

Sep‐13

Na s daqGS:FEYE

Fi reEye, Inc.

Uni ted Sta tes

12.00‐14.00

20.00

39.40, up 97%

43.61

10.7%

Sep‐13

Na s daqGS:MONT

Monta ge Technol ogy Group Li mited

China

12.00‐14.00

10.00

12.80, up 28%

16.31

27.4%

Sep‐13

Na s daqGS:PINC

Premi er, Inc.

Uni ted Sta tes

23.00‐26.00

27.00

30.65, up 14%

36.76

19.9%

Sep‐13

Na s daqGS:FUEL

Rocket Fuel, Inc.

Uni ted Sta tes

27.00‐29.00

29.00

55.42, up 91%

61.49

11.0%

Sep‐13

NYSE:VMEM

Vi ol i n Memory, Inc.

Uni ted Sta tes

8.00‐10.00

9.00

7.20, down 20%

3.96

(45.0%)

Aug‐13

NYSE:CVT

Cvent, Inc.

Uni ted Sta tes

17.00‐19.00

21.00

32.92, up 57%

36.39

10.5%

Aug‐13

NYSE:YUME

YuMe, Inc.

Uni ted Sta tes

12.00‐14.00

9.00

9.00, fl a t

7.45

(17.2%)

Jul ‐13

Na s daqGS:SALE

Reta i lMeNot, Inc.

Uni ted Sta tes

20.00‐22.00

21.00

27.70, up 32%

28.79

3.9%

Jun‐13

NYSE:GIMO

Giga mon LLC

Uni ted Sta tes

18.00‐20.00

19.00

28.47, up 50%

28.08

(1.4%)

Jun‐13

Na s daqGS:GOGO

Gogo Inc.

Uni ted Sta tes

15.00‐17.00

17.00

16.00, down 6%

24.82

55.2%

Jun‐13

NSEI:JUSTDIAL

Jus t Dia l  Li mi ted

Indi a

8.39‐9.69

9.46

10.77, up 14%

23.32

116.5%

8 | M&A and Investment Summary December 2013

LTM IPO Performance

Date

Ticker

Company Name

Country

Jun‐13

NYSE:LITB

Light in the Box 

China

Initial Offering

Final Price 

Stock Price at Close

Stock Price on

% Change from 

Price Range

Per Share

on 1st Trading Day

Dec 31, 2013

1st Trading Day

11.61, up 22%

$8.09

(30.3%)

8.50‐10.50

$9.50

Jun‐13

NYSE:LXFT

Luxoft Holdi ng, Inc.

Swi tzerl and

16.00‐18.00

17.00

20.71, up 22%

37.98

86.4%

Jun‐13

NYSE:TXTR

Textura  Corpora tion

Uni ted Sta tes

13.00‐15.00

15.00

20.35, up 36%

29.94

47.1%

Jun‐13

NYSE:TRMR

Tremor Vi deo, Inc.

Uni ted Sta tes

11.00‐13.00

10.00

8.50, down 15%

5.80

(31.8%)

May‐13

NYSE:ECOM

Cha nnelAdvi s or Corpora tion

Uni ted Sta tes

12.00‐14.00

14.00

18.44, up 32%

41.71

126.2%

May‐13

NYSE:CYNI

Cyan, Inc.

Uni ted Sta tes

10.00‐12.00

11.00

11.14, up 1%

5.29

(52.5%)

May‐13

Na s daqGS:MKTO

Ma rketo, Inc.

Uni ted Sta tes

11.00‐13.00

13.00

23.10, up 78%

37.07

60.5%

May‐13

Q

Qui nti l es  Tra ns na ti ona l  Holdi ngs  Inc.

Uni ted Sta tes

36.00‐40.00

40.00

42.11, up 5%

46.34

10.0%

May‐13

NYSE:DATA

Ta blea u Softwa re, Inc.

Uni ted Sta tes

28.00‐30.00

31.00

50.75, up 64%

68.93

35.8%

Apr‐13

NYSE:RALY

Ra ll y Softwa re Devel opment Corp.

Uni ted Sta tes

11.00‐13.00

14.00

17.81, up 27%

19.45

9.2%

Mar‐13

NYSE:MRIN

Ma ri n Software

Uni ted Sta tes

11.00‐13.00

14.00

16.26, up 16%

10.24

(37.0%)

Mar‐13

NYSE:MODN

Model  N, Inc.

Uni ted Sta tes

12.50‐14.50

15.50

18.45, up 19%

11.79

(36.1%)

Mar‐13

TSE:3182

Ois i x Inc.

Japa n

10.42‐12.51

12.51

28.73, up 30%

41.84

45.6%

Mar‐13

Na s daqCM:IPDN

Profes s i ona l Divers i ty Network LLC

Uni ted Sta tes

10.00‐12.00

8.00

7.67, down 4%

4.61

(39.9%)

Feb‐13

AIM:DGS

Digi tal  Gl obe Services , Ltd.

Uni ted Sta tes

No Range

2.47

2.59, up 5%

4.02

55.1%

Feb‐13

TSE:3671

Softma x Co., Ltd

Japa n

11.44‐13.52

13.52

31.16, up 30%

28.53

(8.4%)

Feb‐13

XOOM

Xoom Corporati on

Uni ted Sta tes

13.00‐15.00

16.00

25.49, up 59%

27.37

7.4%

9 | M&A and Investment Summary December 2013

Digital Media/Commerce

 Of the total $1.3 billion in value reported in the Digital Media/Commerce segment, $1 billion in venture/growth investments were  reported, while another $265 million of strategic and buyout transactions were made

 eCommerce and Mobile Content/Apps were the most active subsegment across all segments, with 18 and 17 transactions announced,  respectively, worth a combined total of $402 million

 Niche Content was the highest reported value subsegment with nine transactions announced of which seven were worth $740 million   Select acquisitions: • HomeAway’s $198 million acquisition of Australia‐based Stayz Group, an online vacation rental marketplace • E.W. Scripps’ $35 million purchase of multisource video news services Newsy  Select investments: • The $300 million investment co‐led by Summit Partners and TA Associates in Answers Corporation, a community‐generated Q&A  search engine DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value

%

$MM

Strategic %

#

Buyout $MM

#

Venture/Growth Capital #

$MM

Mobile Content/Apps

18

28%

119.3

9%

4

‐   

0

$MM ‐   

14

$282.5

eCommerce

17

26%

282.5

15%

1

‐   

1

‐   

15

159.5

Social Media/Apps

10

15%

159.5

8%

1

‐   

0

‐   

9

119.3

Niche Content

8

12%

114.4

39%

4

67.0

0

‐   

4

90.8

Gaming

8

12%

90.8

5%

0

‐   

0

‐   

8

3.5

Classifieds/Auctions/P‐to‐P

2

3%

201.5

11%

1

198.0

0

‐   

1

47.4

Other*

2

3%

303.0

24%

0

0.0

0

0.0

2

3.0

65

100%

1,271.0

100%

11

265.0

1

0.0

53

1,006.0

Total

*Other includes Domain Portfolio/Marketplace, Virtual Goods, and Web Search/Portals

10 | M&A and Investment Summary December 2013

Digital Media/Commerce Public Company Valuation ($ in Millions, except stock price data) Company Name 1‐800‐Flowers.com Inc. Amazon.com Inc. AOL Inc. Autohome Inc. Baidu, Inc. Betfair Group PLC Blue Nile Inc. CafePress Inc. CDW Corporation Copart, Inc. Cupid plc CyberAgent Inc. Demand Media, Inc. DeNA Co., Ltd. eBay Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               403.4 

Revenue  $            739.0 

EBITDA  $                       43.9 

  United States * United States

$5.22

‐27%

Value  $               336.0 

396.44

‐2%

          181,464.1 

          176,818.1 

         70,133.0 

  United States China

44.40

‐5%

               3,415.7 

               3,353.6 

33.24

               3,455.7 

               3,384.5 

  China   United Kingdom   United States   United States   United States

‐12%

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

5.9%

4.1%

0.5x

9.2x

                     3,173.0 

4.5%

22.5%

2.5x

55.7x

            2,240.4 

                        416.5 

18.6%

3.3%

               171.9 

                      84.1 

48.9%

60.2%

1.5x

8.1x

19.7x

40.3x

175.28

‐3%

             61,337.5 

             57,384.5 

            4,697.8 

                     2,111.9 

45.0%

40.7%

12.2x

27.2x

17.74

‐3%

               1,813.3 

               1,531.9 

               601.1 

                        128.3 

21.3%

‐5.9%

2.5x

11.9x

46.03

‐6%

                  589.4 

                  542.1 

               440.2 

                          15.3 

3.5%

17.0%

1.2x

35.5x

6.15

‐18%

                  105.6 

                     86.9 

               242.6 

                             7.1 

2.9%

21.3%

0.4x

12.2x

23.37

‐5%

               4,018.6 

               7,303.7 

         10,656.3 

                        699.5 

6.6%

6.5%

0.7x

10.4x

  United States   United Kingdom

36.31

‐5%

               4,558.9 

               4,842.2 

            1,087.4 

                        329.7 

30.3%

16.0%

4.5x

14.7x

1.01

‐69%

                     72.2 

                     51.7 

               129.1 

                          20.7 

16.0%

109.5%

0.4x

2.5x

  Japan   United States

40.95

‐9%

               2,550.8 

               2,271.6 

            1,655.9 

                        152.5 

9.2%

15.2%

1.4x

14.9x

5.69

‐42%

                  510.8 

                  454.3 

               401.1 

                        171.8 

42.8%

10.8%

1.1x

2.6x

  Japan   United States

21.16

‐36%

               2,740.5 

               2,267.9 

            2,082.8 

                        788.2 

37.8%

17.3%

1.1x

2.9x

53.26

‐8%

             68,950.3 

             63,210.3 

         15,510.0 

                     4,600.0 

29.7%

15.2%

4.1x

13.7x

E‐Commerce China Dangdang Inc.

* China

9.42

‐23%

                  757.7 

                  523.6 

               974.9 

                         (49.0)

NM

24.1%

0.5x

NM  

eLong Inc.

* China   United States

20.53

‐14%

                  709.5 

                  413.1 

               156.4 

                         (17.8)

NM

38.0%

2.6x

NM  

69.20

‐1%

               9,020.4 

               8,924.8 

            4,594.1 

                        640.1 

13.9%

19.6%

1.9x

  United States   China

54.56

‐7%

          138,586.4 

          129,833.4 

            6,871.0 

                     3,264.0 

47.5%

48.2%

18.9x

39.8x

6.80

‐29%

                  856.7 

                  923.7 

               163.3 

                          51.7 

31.6%

0.0%

5.7x

17.9x

Expedia Inc. Facebook, Inc. Forgame Holdings Limited G5 Entertainment AB (publ) GameLoft SA Geeknet, Inc. Glu Mobile, Inc. Google Inc.

  Sweden   France   United States * United States   United States

13.9x

5.14

‐42%

                     45.2 

                     40.0 

                 14.3 

                             4.3 

29.7%

21.6%

2.8x

9.4x

10.70

‐7%

                  880.7 

                  798.2 

               289.2 

                          43.9 

15.2%

21.8%

2.8x

18.2x

18.45

‐8%

                  122.5 

                     81.8 

               130.3 

                             2.7 

2.0%

21.3%

0.6x

30.7x

3.90

‐6%

                  304.0 

                  276.4 

                 97.1 

                         (16.8)

NM

‐7.4%

2.8x

1,105.00

‐1%

          369,166.6 

          321,567.6 

         57,386.0 

                  17,599.0 

30.7%

23.8%

5.6x

18.3x 4.0x

NM  

Gree, Inc.

  Japan

9.94

‐30%

               2,306.5 

               2,029.7 

            1,524.8 

                        511.2 

33.5%

‐9.7%

1.3x

Hollywood Media Corp.

* United States   United States

1.38

‐29%

                     31.2 

                       6.4 

                    0.5 

                           (5.9)

NM

‐22.1%

12.6x

62.05

‐5%

               3,281.3 

               3,416.8 

            3,367.0 

                        305.1 

9.1%

5.0%

1.0x

11.2x

HSN, Inc. IAC/InterActiveCorp

68.42

‐3%

               5,699.0 

               5,596.7 

            3,063.8 

                        538.6 

17.6%

16.4%

1.8x

10.4x

17.48

‐18%

               4,350.8 

               5,801.6 

            2,341.6 

                        805.6 

34.4%

8.9%

2.5x

7.2x

1.74

‐6%

                  315.9 

                  308.0 

                 14.3 

                           (4.9)

NM

9.0%

21.6x

NM  

  China   Malaysia

5.99

‐37%

                  179.8 

                     90.5 

                 76.8 

                          10.6 

13.8%

20.9%

1.2x

8.5x

0.71

‐9%

                  450.0 

                  414.9 

                 53.0 

                          23.9 

45.2%

9.0%

7.8x

17.3x

  China * United States

7.73

‐48%

                  324.3 

                  166.6 

               171.9 

                          24.0 

14.0%

‐3.2%

1.0x

6.9x

15.91

‐11%

               1,439.0 

               1,247.1 

               346.2 

                          18.4 

5.3%

38.2%

3.6x

67.8x

Liberty Interactive Corporation

  United States

29.12

‐2%

             14,802.2 

             24,809.2 

         10,990.0 

                     2,036.0 

18.5%

10.4%

2.3x

12.2x

LightInTheBox Holding Co., Ltd.

* China * United States

8.15

‐65%

                  399.0 

                  297.1 

               278.4 

                             4.2 

1.5%

65.4%

1.1x

70.8x 133.9x

International Game Technology iProperty Group Limited Jiayuan.com International Ltd. JobStreet Corp. Bhd. Kongzhong Corp. LifeLock, Inc.

LinkedIn Corporation

  United States   United States * Malaysia

NM  

207.42

‐19%

             24,766.9 

             22,494.7 

            1,384.9 

                        168.0 

12.1%

65.6%

16.2x

* United States * United States

22.28

‐50%

                  715.7 

                  620.6 

               505.9 

 NA  

NA 

6.4%

1.2x

NA 

3.10

‐43%

                     18.7 

                     25.6 

                 12.8 

                           (1.9)

NM

‐8.8%

2.0x

NM  

Meetic S.A.

  France

25.52

‐1%

                  598.8 

                  575.3 

               223.9 

                          47.1 

21.1%

2.5%

2.6x

MeetMe, Inc.

* United States

1.81

‐52%

                     69.6 

                     68.4 

                 39.0 

                           (4.4)

NM

‐4.9%

1.8x

Liquidity Services, Inc. Mediabistro Inc.

11 | M&A and Investment Summary December 2013

12.2x NM  

Digital Media/Commerce Public Company Valuation ($ in Millions, except stock price data) Company Name Mixi, Inc. NCsoft Corporation Netflix, Inc. Nexon Co. Ltd. OpenTable, Inc. Orbitz Worldwide, Inc. Overstock.com Inc. Pacific Online Ltd. Pandora Media, Inc. PC Home Online Inc. Perform Group plc. PetMed Express, Inc. Phoenix New Media Limited priceline.com Incorporated Rakuten, Inc. Rediff.com India Limited Renren Inc. Shutterfly, Inc. Shutterstock, Inc. Sky‐mobi Limited SNAP Interactive, Inc. Spark Networks, Inc. Stamps.com Inc. Taomee Holdings Ltd. TheStreet, Inc. Twitter, Inc. U.S. Auto Parts Network, Inc. United Online, Inc. ValueVision Media Inc. Vipshop Holdings Limited Vitacost.com, Inc. WebMD Health Corp. XO Group Inc. Yahoo! Inc. Yandex N.V.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $         1,025.41 

Revenue  $            99.81 

EBITDA  $                     10.68 

73.66

‐15%

Value  $         1,142.56 

224.50

‐6%

               4,477.4 

               3,906.7 

               771.7 

* United States   Japan

363.10

‐7%

             21,516.5 

             20,881.5 

9.30

‐29%

               4,085.3 

  United States   United States

79.19

‐9%

               1,842.8 

7.15

‐46%

                  773.7 

  United States   China

28.62

‐20%

                  680.4 

0.47

‐7%

                  517.4 

                  472.7 

* United States   Taiwan

27.59

‐14%

               5,359.5 

               4,911.7 

7.77

‐6%

                  639.2 

                  543.0 

* Japan   South Korea

  United Kingdom   United States   China   United States   Japan * India * China   United States

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA 96.0x

10.7%

‐30.4%

10.3x

                        247.0 

32.0%

36.3%

5.1x

15.8x

            4,144.6 

                        213.2 

5.1%

17.1%

5.0x

97.9x

               3,596.2 

            1,547.0 

                        766.5 

49.5%

52.3%

2.3x

4.7x

               1,740.1 

               180.7 

                          56.6 

31.3%

16.0%

9.6x

30.8x

               1,061.0 

               839.3 

                        118.2 

14.1%

9.5%

1.3x

9.0x

                  595.5 

            1,248.7 

                          29.5 

2.4%

16.6%

0.5x

20.2x

               123.5 

                          50.5 

40.9%

12.1%

3.8x

9.4x

               588.3 

                         (42.0)

NM

53.5%

8.3x

               535.8 

                          24.1 

4.5%

8.6%

1.0x

22.5x 18.7x

NM  

3.62

‐64%

                  950.3 

                  992.1 

               268.5 

                          53.1 

19.8%

40.8%

3.7x

16.35

‐8%

                  314.7 

                  263.3 

               235.4 

                          29.5 

12.5%

0.8%

1.1x

8.9x

10.20

‐24%

                  785.7 

                  580.9 

               216.7 

                          36.5 

16.9%

21.8%

2.7x

15.9x

1,132.68

‐6%

             58,251.5 

             53,973.9 

            6,442.8 

                     2,412.7 

37.4%

27.3%

8.4x

22.4x

14.96

‐4%

             19,706.4 

             19,619.3 

            5,131.7 

                     1,211.2 

23.6%

20.2%

3.8x

16.2x

2.51

‐34%

                     69.3 

                     49.2 

                 16.2 

                           (6.8)

NM

‐4.4%

3.0x

3.19

‐31%

               1,208.4 

                  299.9 

               192.6 

                      (104.3)

NM

20.3%

1.6x

49.03

‐18%

               1,864.9 

               1,772.0 

               724.6 

                          79.4 

11.0%

31.1%

2.4x

22.3x

NM   NM  

* United States   China

84.60

‐1%

               2,961.3 

               2,765.8 

               216.6 

                          44.7 

20.6%

39.6%

12.8x

61.8x

4.05

‐31%

                  127.6 

                     29.5 

                 89.8 

                             7.7 

8.5%

‐14.0%

0.3x

3.8x

* United States * United States

0.45

‐65%

                     17.5 

                     16.0 

                 13.6 

                           (4.4)

NM

‐34.7%

1.2x

NM  

6.45

‐30%

                  154.8 

                  137.6 

                 68.5 

                           (9.1)

NM

17.4%

2.0x

  United States   China

41.77

‐15%

                  672.5 

                  599.0 

               125.5 

                          34.3 

27.3%

11.3%

4.8x

17.5x

6.34

‐9%

                  233.2 

                  117.1 

                 44.9 

                             5.0 

11.0%

8.7%

2.6x

23.6x

* United States * United States

2.25

‐12%

                     76.4 

                     27.2 

                 53.5 

                           (1.9)

NM

4.5%

0.5x

69.00

‐8%

             37,584.1 

             37,450.4 

               534.5 

                         (56.9)

NM

0.0%

70.1x

2.41

‐24%

                     80.2 

                     97.2 

               257.9 

                             1.7 

0.7%

‐19.0%

0.4x

13.40

‐78%

                  177.9 

                  297.1 

               862.8 

                          87.8 

10.2%

‐0.8%

0.3x

3.4x

6.80

‐4%

                  338.5 

                  347.6 

               624.7 

                          14.1 

2.3%

12.2%

0.6x

24.7x

85.10

‐7%

               4,736.4 

               4,254.7 

            1,345.3 

                          36.6 

2.7%

170.3%

3.2x

116.3x

5.78

‐39%

                  194.5 

                  175.2 

               370.5 

                           (6.7)

NM

18.3%

0.5x

39.48

‐3%

               1,774.4 

               1,698.3 

               501.8 

                          61.4 

12.2%

2.9%

3.4x

* United States   United States   United States * China * United States   United States   United States   United States   Netherlands

NM  

NM   NM   56.4x

NM   27.7x

14.97

‐5%

                  370.3 

                  284.1 

               133.4 

                          24.0 

18.0%

4.3%

2.1x

11.8x

40.12

‐2%

             40,699.4 

             38,967.3 

            4,760.4 

                     1,186.8 

24.9%

‐4.1%

8.2x

32.8x 28.3x

42.90

‐2%

             13,979.1 

             13,610.7 

            1,118.8 

                        481.3 

43.0%

37.3%

12.2x

58.02

‐1%

               3,203.0 

               2,898.3 

               241.4 

                          59.3 

24.5%

121.9%

12.0x

48.9x

zulily, Inc.

  China United States

38.65

‐14%

               4,717.8 

               4,597.2 

               567.2 

                         7.6 

5.2x

30.0x

Zynga, Inc.

  United States

3.97

‐13%

               3,237.7 

               2,139.5 

            1,008.1 

                        143.0 

2.1x

15.0x

YY Inc.

1.3% 14.2%

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (22.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (53.6x) 

12 | M&A and Investment Summary December 2013

0.0% ‐21.3%

7.4x

22.8x

Digital Advertising

 There were a total of 28 transactions announced (10 acquisitions and 18 investments) in the Digital Advertising segment, worth a total  of $1.4 billion in aggregate reported value

 Select acquisitions: • Dealertrack Technologies’ $1 billion acquisition of Dealer.com, which offers a suite of Web‐based marketing solutions • Blinkx’ $65 million acquisition of mobile video ad platform Rhythm NewMedia, at a reported valuation of 2.6x revenue 

Select investments:

• Ctrip’s purchase of a 20 percent stake of a China‐based provider of an online car rental services for consumer and corporate clients,  eHI Autoservices for $100 million

• Telstra Ventures’ $43 million investment in Ooyala, a provider of video streaming, analytics, and monetization solutions • Vulcan Capital’s $30 million investment in TrueCar, a publisher of real‐time new and used vehicle transaction data  DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value

%

$MM

Strategic %

#

Buyout $MM

#

$MM

0

‐   

5

$81.5

65.0

0

‐   

2

13.5

‐   

0

‐   

3

51.5

1

‐   

0

‐   

2

13.5

Digital Video

8

29%

$81.5

6%

3

‐   

Mobile Marketing

4

14%

78.5

6%

2

Vertical Search

4

14%

51.5

4%

1

Ad Networks/Exchanges

3

11%

13.5

1%

#

Venture/Growth Capital $MM

Comparison Shopping

3

11%

108.0

8%

1

100.0

0

‐   

2

8.0

Local Search

3

11%

41.3

3%

0

‐   

0

‐   

3

41.3

Affiliate/CPA Network

1

4%

3.0

0%

1

3.0

0

‐   

0

‐   

Online Lead Generation

1

4%

10.0

1%

0

‐   

0

‐   

1

10.0

Search Marketing

1

4%

1,000.0

72%

1

1,000.0

0

‐   

0

‐   

28

100%

1,387.3

100%

10

18

219.3

Total

13 | M&A and Investment Summary December 2013

1,168.0

0

0.0

Digital Advertising Public Company Valuation ($ in Millions, except stock price  Company Name Angie's List, Inc. Autobytel Inc. Bankrate, Inc. Blinkx plc Blucora, Inc. Constant Contact, Inc. Ctrip.com International Ltd. Demand Media, Inc. Dice Holdings, Inc. Digital Globe Services Inc. eHealth, Inc. Google Inc. Groupon, Inc. Hi‐Media S.A. HomeAway, Inc. IAC/InterActiveCorp InternetQ PLC LeGuide.com S.A. MakeMyTrip Limited Millennial Media Inc. Monster Worldwide, Inc. Move, Inc. Opera Software ASA OPT, Inc. Pacific Online Ltd. QuinStreet, Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               715.9 

Revenue  $            223.1 

EBITDA  $                     (29.0)

  United States   United States

$13.07

‐54%

Value  $               763.6 

14.49

‐9%

                  129.1 

                  121.0 

                 74.6 

  United States   United States

17.33

‐25%

               1,758.5 

               1,864.0 

3.48

‐10%

               1,387.9 

               1,317.5 

  United States   United States

28.50

‐5%

               1,174.1 

30.24

‐4%

  China   United States   United States

45.53 5.69 7.34

  United States   United States

3.94

  United States   United States

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

NM

62.7%

3.2x

                             4.1 

5.4%

12.8%

1.6x

29.8x

NM 

               428.4 

                          93.5 

21.8%

‐10.3%

4.4x

19.9x

               227.5 

                          31.8 

14.0%

49.9%

5.8x

41.4x

               1,171.5 

               504.1 

                          90.1 

17.9%

34.0%

2.3x

13.0x

                  927.2 

                  820.0 

               276.8 

                          23.4 

8.5%

13.7%

3.0x

35.0x

‐25%

               5,908.4 

               5,231.8 

               824.6 

                        143.5 

17.4%

26.7%

6.3x

36.5x

‐42%

                  510.8 

                  454.3 

               401.1 

                          63.2 

15.8%

10.8%

1.1x

7.2x

‐30%

                  413.5 

                  428.8 

               207.8 

                          64.8 

31.2%

9.4%

2.1x

6.6x

‐15%

                  117.6 

                  113.3 

                 25.5 

                             3.4 

13.4%

27.8%

4.4x

33.0x 43.4x

48.61

‐1%

                  905.2 

                  807.4 

               170.3 

                          18.6 

10.9%

11.1%

4.7x

1,105.00

‐1%

          369,166.6 

          321,567.6 

         57,386.0 

                  17,599.0 

30.7%

23.8%

5.6x

18.3x

12.08

‐5%

               8,070.9 

               6,929.0 

            2,443.5 

                        125.3 

5.1%

11.7%

2.8x

55.3x

2.68

‐12%

                  119.8 

                  138.1 

               243.1 

                          15.0 

6.2%

‐12.3%

0.6x

9.2x

40.45

‐3%

               3,693.0 

               3,349.3 

               327.8 

                          59.2 

18.0%

22.6%

10.2x

56.6x

68.42

‐3%

               5,699.0 

               5,596.7 

            3,063.8 

                        538.6 

17.6%

16.4%

1.8x

10.4x

4.93

‐18%

                  191.5 

                  184.4 

               108.7 

                          10.8 

9.9%

36.9%

1.7x

17.1x 9.7x

  France   United States   United States   United Kingdom   France   India   United States   United States   United States   Norway   Japan   China   United States

46.59

‐2%

                  166.2 

                  130.8 

                 62.6 

                          13.5 

21.6%

41.3%

2.1x

20.39

‐4%

                  766.7 

                  704.6 

               243.6 

                         (22.1)

NM

15.7%

2.9x

7.50

‐49%

                  796.6 

                  675.4 

               220.5 

                           (1.9)

NM

42.9%

3.1x

7.02

‐4%

                  736.2 

                  838.2 

               820.1 

                        126.0 

15.4%

‐10.0%

1.0x

6.7x

15.75

‐14%

                  615.1 

                  583.1 

               223.3 

                          15.3 

6.8%

15.2%

2.6x

38.2x

13.72

‐1%

               1,815.3 

               1,746.7 

               271.3 

                          75.6 

27.9%

36.5%

6.4x

23.1x

9.56

‐23%

                  281.7 

                  184.1 

               764.7 

                          27.1 

3.5%

‐0.1%

0.2x

6.8x

0.47

‐7%

                  517.4 

                  472.7 

               123.5 

                          50.5 

40.9%

12.1%

3.8x

9.4x

8.83

‐9%

                  383.2 

                  346.2 

               303.4 

                          31.0 

10.2%

‐12.8%

1.1x

11.2x

NM  NM 

ReachLocal, Inc.

  United States

12.80

‐26%

                  355.6 

                  270.1 

               502.3 

                             9.6 

1.9%

15.5%

0.5x

28.1x

Responsys, Inc.

* United States   United States

27.60

‐1%

               1,430.8 

               1,323.5 

               194.3 

                          13.3 

6.9%

25.1%

6.8x

99.2x

28.80

‐27%

               1,513.7 

               1,420.3 

               182.1 

                          62.9 

34.5%

0.0%

7.8x

22.6x

* United Kingdom   United States

45.20

‐1%

               4,393.7 

               4,383.1 

               195.5 

                        136.3 

69.7%

19.2%

22.4x

32.1x

20.27

‐24%

               2,041.8 

               2,741.2 

               605.6 

                        192.9 

31.9%

‐7.6%

4.5x

14.2x

  Japan   United States   Sweden

12.47

‐3%

                  314.5 

                  266.0 

               468.6 

                          19.3 

4.1%

11.2%

0.6x

13.8x

13.30

‐7%

               1,621.8 

                  766.4 

               388.8 

                          25.9 

6.7%

38.1%

2.0x

29.6x

2.88

‐21%

                  122.1 

                     93.5 

               321.4 

                             9.7 

3.0%

‐15.4%

0.3x

9.6x

  United States   United States

21.34

‐37%

                  327.8 

                  249.4 

               157.8 

                          27.0 

17.1%

5.7%

1.6x

9.2x

32.74

‐2%

                  364.7 

                  277.0 

               126.8 

                             6.7 

5.3%

97.6%

2.2x

41.1x

RetailMeNot, Inc. Rightmove plc Rovi Corporation Septeni Holdings Co., Ltd. TiVo Inc. TradeDoubler AB Travelzoo Inc. Tree.Com, Inc. Tremor Video, Inc. TripAdvisor Inc.

  United States   United States

14 | M&A and Investment Summary December 2013

5.49

‐50%

                  272.6 

                  176.4 

               128.0 

                           (2.5)

NM

0.0%

1.4x

80.92

‐11%

             11,495.7 

             11,439.5 

               901.4 

                        326.8 

36.3%

23.2%

12.7x

NM  35.0x

Digital Advertising Public Company Valuation ($ in Millions, except stock price  Company Name Trulia, Inc. ValueClick, Inc.

Headquarters

Stock Price 01/05/14

  United States   United States

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            1,258.4 

Revenue  $            114.6 

EBITDA  $                        (3.0)

$34.69

‐34%

Value  $            1,293.8 

22.82

‐29%

               1,523.4 

               1,663.9 

               684.3 

                        224.1 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

NM

93.3%

11.0x

32.7%

24.7%

2.4x

EV/EBITDA NM  7.4x

Velti Plc

  Ireland

0.06

‐99%

                       5.4 

                     17.8 

               232.1 

                      (136.5)

NM

‐1.6%

0.1x

Vocus Inc.

* United States   United States

11.35

‐37%

                  239.9 

                  282.8 

               186.6 

                             1.1 

0.6%

21.0%

1.5x

3.50

‐53%

                     16.3 

                     14.5 

                 88.8 

                          20.1 

22.6%

156.4%

0.2x

0.7x

  United States   United States

31.35

‐7%

               1,494.0 

               2,077.2 

               472.6 

                          91.0 

19.2%

27.8%

4.4x

22.8x 32.8x

Voltari Corporation Web.com Group, Inc. Yahoo! Inc.

NM  248.3x

40.12

‐2%

             40,699.4 

             38,967.3 

            4,760.4 

                     1,186.8 

24.9%

‐4.1%

8.2x

* United States   Netherlands

67.66

‐10%

               4,703.1 

               4,601.9 

               203.5 

                           (0.7)

NM

67.7%

22.6x

42.90

‐2%

             13,979.1 

             13,610.7 

            1,118.8 

                        481.3 

43.0%

37.3%

12.2x

28.3x

* China   United States

31.50

‐2%

               5,263.9 

               4,740.7 

               451.4 

                          24.7 

5.5%

88.1%

10.5x

192.2x

YuMe, Inc.

7.43

‐38%

                  237.2 

                  174.3 

               142.6 

                             7.1 

5.0%

0.0%

1.2x

24.5x

Zillow, Inc.

* United States

81.88

‐21%

               3,188.9 

               2,823.8 

               173.5 

                           (9.5)

NM

69.5%

16.3x

Yelp, Inc. Yandex N.V. Youku Tudou Inc.

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (80.3x) 

15 | M&A and Investment Summary December 2013

6.1x

NM 

NM  21.5x

Marketing Technology

 Analytics & Reporting was the most active Marketing Technology subsegment with 13 transactions announced, worth $475 million in  aggregate reported, while Email/Messaging Software was the highest reported value subsegment due to Oracle’s $1.5 billion purchase  of Responsys.

 Select acquisitions: • Apple’s $200 million acquisition of Topsy Labs, a social media analytics firm that tracks trending topics social media networks  • Tribune Company’s $170 million purchase of Gracenote, a company that maintains an Internet‐accessible  database  

Select investments:

• Atomico’s $54 million invesment in Knewton, a learning platform that customizes educational content MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Transactions # Analytics & Reporting BI Tools

BUYER/INVESTOR BREAKDOWN

Reported Value

%

Strategic

Buyout

Venture/Growth Capital

$MM

%

#

$MM

#

#

$MM

13

21%

$474.8

19%

6

$413.5

0

$MM ‐   

7

$61.3

7

11%

119.5

5%

0

‐   

1

‐   

6

119.5

Content Management

7

11%

72.9

3%

2

12.7

1

‐   

4

60.2

Mobile Technology

7

11%

51.5

2%

1

‐   

0

‐   

6

51.5

Online Targeting/Optimization

6

10%

78.1

3%

2

20.0

0

‐   

4

58.1

CRM

5

8%

26.7

1%

2

11.5

0

‐   

3

15.2

Social Technology

5

8%

25.3

1%

0

‐   

0

‐   

5

25.3

Commerce Management

3

5%

11.0

0%

0

‐   

1

‐   

2

11.0

Other* Total

9

15%

1,675.7

66%

6

1,670.0

0

62

100%

2,535.5

100%

19

2,127.7

3

*Other includes Content Delivery Network, Email/Messaging Software, Media Management System, Search & Discovery, and Teleservices/eServices

16 | M&A and Investment Summary December 2013

‐    0.0

3

5.7

40

407.8

Marketing Technology Public Company Valuation ($ in Millions, except stock price data) Company Name Accelrys Inc. Actuate Corporation Adobe Systems Inc. Bazaarvoice, Inc. Bitauto Holdings Limited Blackbaud Inc. Brightcove, Inc. ChannelAdvisor Corporation ChinaCache International Holdings  Constant Contact, Inc. Covisint Corporation Criteo SA Cvent, Inc. Dealertrack Technologies, Inc. Demandware, Inc. Digital Generation, Inc. Digital River Inc. E2open, Inc. eBay Inc. Endurance International Group  Informatica Corporation Infosystems S.A. Interactive Intelligence Group Inc. IBM Corporation Jive Software, Inc. LivePerson Inc. Marin Software Incorporated Marketo, Inc. Mercadolibre, Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               429.8 

Revenue  $            166.2 

EBITDA  $               11.0 

  United States   United States

$9.58

‐4%

Value  $               533.3 

7.69

‐7%

                  366.3 

                  295.3 

               137.7 

  United States   United States   China

59.16

‐3%

             29,573.3 

             27,913.5 

7.85

‐32%

                  595.4 

                  520.6 

30.68

‐12%

               1,273.1 

               1,169.2 

  United States   United States   United States

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

6.6%

5.2%

2.6x

38.9x

                  16.1 

11.7%

‐0.6%

2.1x

18.3x

            4,055.2 

                769.1 

19.0%

‐7.9%

6.9x

36.3x

               176.1 

                 (35.2)

NM

32.1%

3.0x

               214.1 

                  41.8 

19.5%

41.0%

5.5x

28.0x 19.6x

NM 

37.88

‐10%

               1,683.7 

               1,841.2 

               489.0 

                  93.8 

19.2%

15.8%

3.8x

14.57

‐10%

                  419.2 

                  385.1 

               104.5 

                   (5.8)

NM

27.2%

3.7x

NM 

41.00

‐7%

                  929.6 

                  852.2 

                 63.5 

                   (5.2)

NM

26.0%

13.4x

NM 

  China   United States   United States

10.99

0%

                  257.2 

                  213.6 

               161.5 

                     0.1 

0.1%

28.7%

1.3x

30.24

‐4%

                  927.2 

                  820.0 

               276.8 

                  23.4 

8.5%

13.7%

3.0x

12.63

‐15%

                  471.9 

                  470.8 

                 98.1 

                 (19.0)

NM

20.6%

4.8x

  France * United States

32.42

‐28%

               1,792.8 

               1,755.6 

               534.1 

                  18.5 

3.5%

0.0%

3.3x

95.0x

NM  35.0x NM 

37.54

‐19%

               1,509.4 

               1,351.6 

               104.0 

                     5.8 

5.6%

0.0%

13.0x

234.0x

  United States * United States

49.25

‐2%

               2,161.9 

               2,165.6 

               457.2 

                  62.9 

13.8%

20.8%

4.7x

34.4x

64.40

‐1%

               2,228.4 

               2,118.2 

                 94.5 

                 (15.0)

NM

31.7%

22.4x

  United States   United States

13.07

‐7%

                  365.8 

                  691.9 

               382.0 

                104.6 

27.4%

‐2.4%

1.8x

6.6x

18.51

‐9%

                  618.8 

                  342.6 

               402.3 

                  22.5 

5.6%

4.7%

0.9x

15.2x

  United States   United States

24.16

‐8%

                  640.4 

                  627.8 

                 70.2 

                 (12.3)

NM

0.0%

8.9x

53.26

‐8%

             68,950.3 

             63,210.3 

         15,510.0 

             4,600.0 

29.7%

15.2%

4.1x

13.7x

  United States   United States

13.95

‐6%

               1,771.2 

               2,936.6 

               500.9 

                  78.4 

15.7%

0.0%

5.9x

37.4x

40.82

‐3%

               4,429.5 

               3,808.9 

               906.9 

                169.4 

18.7%

12.8%

4.2x

22.5x

  Poland   United States

0.85

‐46%

                       3.5 

                       3.1 

                    2.8 

                     1.3 

46.4%

32.5%

1.1x

2.4x

66.64

‐7%

               1,347.8 

               1,264.3 

               298.0 

                  23.7 

8.0%

32.7%

4.2x

53.2x

  United States   United States

186.64

‐14%

          202,663.8 

          228,701.8 

       101,356.0 

          25,939.0 

25.6%

‐3.2%

2.3x

8.8x

11.12

‐40%

                  769.9 

                  662.9 

               139.0 

                 (54.1)

NM

34.1%

4.8x

  United States   United States

14.64

‐4%

                  792.5 

                  715.1 

               173.4 

                     9.4 

5.4%

14.5%

4.1x

* United States   Argentina

NM 

NM 

NM  76.5x

10.35

‐48%

                  337.7 

                  233.1 

                 72.5 

                 (28.4)

NM

34.5%

3.2x

41.22

‐1%

               1,590.0 

               1,456.9 

                 84.6 

                 (36.2)

NM

0.0%

17.2x

103.93

‐29%

               4,588.8 

               4,392.3 

               441.7 

                151.7 

34.3%

24.0%

9.9x

29.0x 30.5x

NM  NM 

MicroStrategy Inc.

  United States

123.26

‐5%

               1,393.0 

               1,049.0 

               594.9 

                  34.4 

5.8%

4.4%

1.8x

NetSuite Inc.

* United States   United States

101.45

‐11%

               7,576.7 

               7,373.1 

               384.5 

                 (31.3)

NM

33.5%

19.2x

15.34

‐38%

               4,861.7 

               6,369.0 

            1,855.3 

                239.7 

12.9%

12.3%

3.4x

26.6x

  Canada   Norway   United States

92.71

‐1%

               5,478.1 

               5,545.0 

            1,361.6 

                415.1 

30.5%

9.3%

4.1x

13.4x

13.72

‐1%

               1,815.3 

               1,746.7 

               271.3 

                  75.6 

27.9%

36.5%

6.4x

23.1x

37.62

‐2%

          169,192.5 

          156,862.5 

         37,552.0 

          16,289.0 

43.4%

0.9%

4.2x

9.6x

  United States   United States

23.85

‐1%

               4,817.5 

               7,985.0 

            4,842.7 

                933.0 

19.3%

18.6%

1.6x

8.6x

40.00

‐2%

               1,125.0 

               1,034.2 

               138.7 

                     9.2 

6.7%

24.6%

7.5x

112.1x 15.5x

Nuance Communications, Inc. Open Text Corporation Opera Software ASA Oracle Corporation Pitney Bowes Inc. PROS Holdings, Inc. PTC Inc.

NM 

  United States   United States

34.76

‐2%

               4,117.0 

               4,133.2 

            1,293.5 

                266.0 

20.6%

3.0%

3.2x

Qlik Technologies, Inc.

25.60

‐32%

               2,272.1 

               2,036.9 

               446.1 

                     4.3 

1.0%

24.2%

4.6x

NM 

RealNetworks Inc.

  United States

7.54

‐16%

                  269.4 

                     51.0 

               222.9 

                 (20.7)

NM

‐18.0%

0.2x

NM 

17 | M&A and Investment Summary December 2013

Marketing Technology Public Company Valuation ($ in Millions, except stock price data) Company Name

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            1,323.5 

Revenue  $            194.3 

EBITDA  $               13.3 

$27.60

‐1%

Value  $            1,430.8 

59.36

‐13%

               1,948.3 

               1,849.8 

               195.1 

  United States   United Kingdom

20.27

‐24%

               2,041.8 

               2,741.2 

               605.6 

6.58

‐2%

               7,220.3 

               7,811.3 

  United States   Germany

55.12

‐6%

             33,237.4 

             34,991.6 

84.23

‐5%

          100,532.1 

          103,318.1 

  China   China

4.05

‐31%

                  127.6 

21.32

‐9%

                  689.8 

Synchronoss Technologies, Inc.

  United States

30.18

‐23%

Tableau Software, Inc.

* United States   United States

68.61

‐12%

45.36

‐35%

Responsys, Inc. Rocket Fuel Inc. Rovi Corporation Sage Group plc Salesforce.com, Inc SAP AG Sky‐mobi Limited Sungy Mobile Limited

Teradata Corporation TIBCO Software Inc. Verint Systems Inc. Vocus Inc. Weborama Wix.com ltd

  United States   United States

  United States   United States * United States   France   Israel

LTM Margin

LTM

EBITDA

Rev Growth

EV/EBITDA 99.2x

6.9%

25.1%

6.8x

                 (15.1)

NM

0.0%

9.5x

                192.9 

31.9%

‐7.6%

4.5x

14.2x

            2,228.0 

                646.5 

29.0%

2.7%

3.5x

12.1x

            3,760.4 

                 (19.4)

NM

32.1%

9.3x

         22,646.0 

             7,921.8 

35.0%

6.6%

4.6x

                     29.5 

                 89.8 

                     7.7 

8.5%

‐14.0%

0.3x

3.8x

                  670.7 

                 47.5 

                  14.1 

29.8%

0.0%

14.1x

47.5x

               1,181.8 

               1,146.1 

               325.0 

                  65.6 

20.2%

23.7%

3.5x

17.5x

               4,058.5 

               3,832.1 

               192.8 

                   (2.1)

NM

0.0%

19.9x

               7,411.8 

               6,804.8 

            2,663.0 

                594.0 

22.3%

2.5%

2.6x

11.5x 18.6x

NM 

NM  13.0x

NM 

23.26

‐14%

               3,816.8 

               3,610.9 

            1,070.0 

                193.7 

18.1%

4.4%

3.4x

42.41

‐2%

               2,267.0 

               2,543.2 

               880.5 

                177.0 

20.1%

7.0%

2.9x

14.4x

11.35

‐37%

                  239.9 

                  282.8 

               186.6 

                     1.1 

0.6%

21.0%

1.5x

248.3x

12.92

‐43%

                     45.0 

                     41.7 

                 35.9 

                     3.7 

10.3%

3.8%

1.2x

11.2x

25.03

‐13%

                  916.1 

                  908.5 

                 68.8 

                 (19.6)

NM

0.0%

13.2x

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (94.7x) 

18 | M&A and Investment Summary December 2013

LTM Multiples  EV/Rev

4.1x

NM  12.7x

Agency & Marketing Services

 There were 13 transactions announced in the Agency & Marketing Services segment In December. Digital Agency and Social Agency were the most active subsegments each with four transactions announced

 Select acquisitions: • Silver Lake Partners’ and talent agency William Morris Endeavor Entertainment’s $2.3 billion  purchase of global sports, fashion, and  media business IMG Worldwide, reportedly valued at 13.0x EBITDA

• LX Ventures’ $10 million acquisition of Canada‐based company Strutta Media, a provider of a social media platform that enables  brands to create and manage online campaigns

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT

Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value

%

$MM

Strategic %

#

Buyout $MM

#

Venture/Growth Capital $MM

#

$MM

Digital Agency

4

31%

$12.0

1%

2

‐   

0

‐   

2

$12.0

Social Agency

4

31%

9.6

0%

2

9.6

0

‐   

2

‐   

Design Agency

1

8%

0.0

0%

1

‐   

0

‐   

0

‐   

DM Agency

1

8%

4.0

0%

1

4.0

0

‐   

0

‐   

Healthcare Agency

1

8%

‐   

0%

1

‐   

0

‐   

0

‐   

Media Planning/Buying

1

8%

40.0

2%

0

‐   

0

‐   

1

40.0

‐   

0

‐   

5

52.0

Specialty Agency Total

1

8%

2,300.0

97%

1

2,300.0

0

13

100%

2,365.6

0%

8

2,313.6

0

19 | M&A and Investment Summary December 2013

0.0

Agency Public Company Valuation ($ in Millions, except stock price data) Stock Price 01/05/14

Equity

Ent.

‐3%

Value  $               100.8 

Value  $               119.5 

Revenue  $            219.0 

EBITDA  $               12.6 

4.30

‐27%

                  172.1 

                     92.2 

               168.8 

5.68

‐1%

                  550.4 

                  577.5 

               481.5 

Company Name

Headquarters

Cello Group Plc

  United Kingdom   China

$1.22 

* United Kingdom   United Kingdom

Charm Communications Inc. Chime Communications plc Creston plc Dentsu Inc. Enero Group Limited Havas Huntsworth plc M&C Saatchi plc MDC Partners Inc. Next Fifteen Communications Group plc Omnicom Group Inc. OPT, Inc. Porta Communications Plc Publicis Groupe SA Sapient Corp.

  Japan   Australia

Chg % From 52WK High

LTM

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA 9.5x

5.8%

11.9%

0.5x

                   (2.5)

NM

‐15.1%

0.5x

                  14.1 

2.9%

‐0.7%

1.2x

NM  41.0x

1.55

‐14%

                     92.3 

                     89.5 

               119.3 

                  17.9 

15.0%

‐2.5%

0.8x

5.0x

41.14

‐2%

             11,864.2 

             13,764.1 

         21,426.1 

                943.5 

4.4%

7.8%

0.6x

14.6x

0.58

‐17%

                     50.0 

                     35.3 

               227.1 

                     0.3 

0.1%

‐26.0%

0.2x

  France   United Kingdom

8.21

‐5%

               3,311.0 

               3,947.9 

            2,321.7 

                376.1 

16.2%

4.5%

1.7x

10.5x

1.11

‐4%

                  349.7 

                  463.1 

               264.0 

                  46.0 

17.4%

‐1.5%

1.8x

10.1x

  United Kingdom   United States

5.40

‐6%

                  368.7 

                  340.2 

               264.1 

                  30.6 

11.6%

5.9%

1.3x

11.1x

25.65

‐4%

               1,211.1 

               1,858.7 

            1,141.3 

                108.4 

9.5%

11.2%

1.6x

17.1x

1.42

‐25%

                     85.2 

                     91.8 

               145.9 

                  14.5 

9.9%

4.9%

0.6x

6.3x

73.78

‐1%

             18,988.1 

             22,170.1 

         14,471.0 

             2,135.3 

14.8%

2.4%

1.5x

10.4x 6.8x

  United Kingdom   United States   Japan   United Kingdom   France

NM 

9.56

‐23%

                  281.7 

                  184.1 

               764.7 

                  27.1 

3.5%

‐0.1%

0.2x

0.22

‐20%

                     34.9 

                     41.0 

                 23.1 

                   (2.8)

NM

531.3%

1.8x

90.64

‐2%

             19,327.3 

             20,266.4 

            8,939.9 

             1,732.2 

19.4%

10.9%

2.3x

11.7x

NM 

  United States   United States

17.16

‐4%

               2,405.7 

               2,126.5 

            1,223.9 

                158.1 

12.9%

12.3%

1.7x

13.4x

The Interpublic Group of Companies, Inc.

17.62

‐1%

               7,334.2 

               8,481.2 

            7,062.9 

                840.6 

11.9%

1.4%

1.2x

10.1x

WPP plc

  United Kingdom

22.70

‐1%

             30,583.2 

             35,483.2 

         16,305.5 

             2,780.6 

17.1%

4.4%

2.2x

12.8x

1.7x

12.0x

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.1x) 

20 | M&A and Investment Summary December 2013

Marketing Services Public Company Valuation ($ in Millions, except stock price data) Company Name Acxiom Corporation Aimia Inc. Alliance Data Systems Corporation CSG Systems International Inc. Data Group Ltd. DST Systems Inc. Fair Isaac Corporation

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent. Value  $            2,750.2 

Revenue  $        1,092.7 

LTM EBITDA  $             190.3 

  United States   Canada

$36.25

‐6%

Value  $            2,723.0 

18.21

‐1%

               3,148.8 

               3,347.2 

            1,617.6 

* United States   United States

263.70

‐1%

             12,845.6 

             16,907.3 

29.18

‐2%

                  926.6 

  Canada   United States

0.51

‐79%

                     11.9 

90.18

‐2%

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA 14.5x

17.4%

‐2.2%

2.5x

              (383.3)

NM

‐21.9%

2.1x

            4,149.8 

             1,243.8 

30.0%

18.0%

4.1x

13.6x

               1,000.5 

               750.9 

                124.7 

16.6%

0.6%

1.3x

8.0x

                  107.5 

               312.7 

                  25.6 

8.2%

‐5.2%

0.3x

4.2x

               3,802.9 

               4,256.0 

            2,649.9 

                409.5 

15.5%

4.3%

1.6x

10.4x 12.7x

NM 

  United States   United States

61.59

‐3%

               2,129.0 

               2,515.8 

               743.4 

                198.3 

26.7%

9.9%

3.4x

7.85

‐22%

                  491.0 

                  515.3 

               751.9 

                  79.9 

10.6%

23.5%

0.7x

6.4x

  France   United States

6.45

‐16%

                     67.0 

                     28.7 

               173.4 

                  14.5 

8.4%

‐0.7%

0.2x

2.0x

2.78

‐8%

                     35.4 

                     14.7 

                 26.2 

                     3.0 

11.5%

37.5%

0.6x

4.9x

  Brazil   United States

12.26

‐40%

               1,986.1 

               1,577.1 

               752.4 

                124.4 

16.5%

16.0%

2.1x

12.7x

5.83

‐28%

                     88.4 

                     37.3 

               150.1 

                     1.5 

1.0%

15.8%

0.2x

24.8x

25.56

‐5%

                  392.0 

                  342.7 

               174.0 

                     3.3 

1.9%

32.2%

2.0x

103.0x

Valassis Communications Inc.

* Canada   United States

34.13

‐2%

               1,302.5 

               1,763.9 

            2,047.2 

                257.7 

12.6%

‐6.0%

0.9x

6.8x

Viad Corp

  United States

27.42

‐5%

                  557.4 

                  448.4 

               973.5 

                  56.7 

5.8%

‐4.6%

0.5x

7.9x

2.0x

12.3x

Harte‐Hanks Inc. High Co. SA Insignia Systems Inc. Multiplus SA PDI, Inc. Points International Ltd.

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (42.1x) 

21 | M&A and Investment Summary December 2013

Traditional Media

 There were 11 transactions announced in the Traditional Media segment in December, ten of which were strategic acquisitions  Select acquisitions: • Harland Clarke’s pending $1.8 billion acquisition of marketing services company Valassis Communications, at a reported valuation of  more than $1.8 billion or 0.9x revenue 

• Meredith Corporation’s $408 million purchase of three television stations from Gannett • Onex Partners‐backed Emerald Expositions’ pending $335 million purchase of tradeshow company George Little Management from  Providence Equity Partners, at a valuation of 4.2x revenue and 11.2x EBITDA

• Nexstar Broadcasting group and Mission Broadcasting’s $37.5 million acquisiton of six television stations from Gray Television Group  and Excalibur Broadcasting

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT

Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value

%

Strategic

Buyout

$MM

%

#

$MM

#

Venture/Growth Capital $MM

#

$MM

Broadcast Television

4

36%

$453.2

18%

4

$453.2

0

‐   

0

‐   

B‐to‐B Media

2

18%

335.0

13%

2

335.0

0

‐   

0

‐   

Radio

2

18%

‐   

0%

2

‐   

0

‐   

0

‐   

Digital Place‐Based Media

1

9%

‐   

0%

0

‐   

0

‐   

1

‐   

Entertainment Media

1

9%

‐   

0%

1

‐   

0

‐   

0

‐   

Shopper/Trader/Coupons

1

9%

1,800.0

70%

1

1,800.0

0

‐   

0

‐   

11

100%

2,588.2

0%

10

2,588.2

0

0.0

1

0.0

Total

22 | M&A and Investment Summary December 2013

Traditional Media  Public Company Valuation ($ in Millions, except stock price data) Large Cap Diversified Media Company Name CBS Corporation Discovery Communications, Inc. News Corporation Time Warner Inc. Twenty‐First Century Fox, Inc. Viacom, Inc. The Walt Disney Company

Headquarters   United States * United States   United States   United States * United States   United States   United States

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $         43,967.7 

Revenue  $      15,071.0 

EBITDA  $             3,675.0 

             36,674.7 

            5,198.0 

                 2,184.0 

$63.14

‐1%

Value  $         37,887.7 

88.58

‐2%

             30,690.7 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples 

24.4%

11.1%

2.9x

12.0x

42.0%

18.3%

7.1x

16.8x

EV/EBITDA

17.82

‐2%

             10,315.1 

               7,765.1 

            8,830.0 

                    618.0 

7.0%

2.4%

0.9x

12.6x

68.67

‐3%

             62,127.3 

             79,724.3 

         29,394.0 

                 7,927.0 

27.0%

2.2%

2.7x

10.1x

35.20

‐2%

             79,888.4 

             94,351.4 

         28,733.0 

                 6,169.0 

21.5%

24.4%

3.3x

15.3x

86.60

‐1%

             38,647.0 

             48,237.0 

         13,794.0 

                 4,179.0 

30.3%

‐0.7%

3.5x

11.5x

76.11

‐1%

          133,746.6 

          147,098.6 

         45,041.0 

              11,742.0 

26.1%

6.5%

3.3x

12.5x

Adjusted Weighted Average

3.4x

11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.3x)  B‐to‐B Media Company Name Euromoney Institutional Investor PLC Global Sources Ltd. Informa plc TechTarget, Inc. The Dolan Company UBM plc

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            2,795.3 

Revenue  $            655.2 

EBITDA  $                 199.4 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples  EV/EBITDA

30.4%

2.7%

4.3x

14.0x

$21.88

‐4%

Value  $            2,765.5 

8.16

‐4%

                  280.7 

                  146.8 

               198.1 

                      42.0 

21.2%

‐14.6%

0.7x

3.5x

  Switzerland * United States

9.21

‐3%

               5,564.4 

               7,080.9 

            1,879.5 

                    568.9 

30.3%

2.8%

3.8x

12.4x

6.92

‐3%

                  219.5 

                  177.4 

                 90.1 

                         6.0 

6.6%

‐13.0%

2.0x

29.8x

  United States   United Kingdom

0.55

‐87%

                     16.8 

                  142.2 

               255.4 

                      33.2 

13.0%

38.9%

0.6x

4.3x

10.90

‐17%

               2,645.7 

               3,474.0 

            1,203.3 

                    278.6 

23.2%

12.2%

2.9x

12.5x

  United Kingdom   Hong Kong

Adjusted Weighted Average

3.6x

12.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.2x)  Radio Broadcasting Company Name

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               304.8 

Revenue  $            105.1 

EBITDA  $                   29.9 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples 

28.4%

7.2%

2.9x

10.2x

29.2%

0.7%

3.3x

11.3x 12.1x

  United States   United States

$9.02

‐10%

Value  $               207.0 

7.20

0%

                  631.0 

             20,598.1 

            6,245.0 

                 1,820.6 

  United States   United States

7.98

‐2%

               1,637.4 

               4,264.8 

            1,087.8 

                    352.9 

32.4%

1.3%

3.9x

2.97

‐18%

                  124.1 

                  303.2 

               199.7 

                      35.1 

17.6%

6.3%

1.5x

8.6x

  United States   United States

10.93

‐1%

                  408.8 

                  927.9 

               380.1 

                    102.0 

26.8%

‐0.5%

2.4x

9.1x

9.22

‐6%

                  469.9 

                  689.2 

               418.1 

                      87.1 

20.8%

12.8%

1.6x

7.9x

  United States   United States

5.10

‐5%

                  241.9 

               1,227.4 

               443.0 

                    161.9 

36.5%

6.4%

2.8x

7.6x

9.05

‐11%

                  225.5 

                  518.0 

               234.8 

                      49.8 

21.2%

4.0%

2.2x

10.4x

3.57

‐15%

             21,903.8 

             24,894.5 

            3,691.4 

                 1,272.1 

34.5%

12.1%

6.7x

19.6x

Spanish Broadcasting System Inc.

* United States   United States

3.65

‐27%

                     26.5 

                  362.9 

               153.2 

                      47.3 

30.9%

8.8%

2.4x

7.7x

Pandora Media, Inc.

* United States

27.59

‐14%

               5,359.5 

               4,911.7 

               588.3 

                     (42.0)

NM

53.5%

8.3x

Beasley Broadcast Group Inc. CC Media Holdings, Inc. Cumulus Media Inc. Emmis Communications Corp. Entercom Communications Corp. Journal Communications Inc. Radio One Inc. Salem Communications Corp. Sirius XM Holdings Inc.

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x) 

23 | M&A and Investment Summary December 2013

6.2x

EV/EBITDA

NM  10.6x

Traditional Media  Public Company Valuation Broadcast, Cable, and Satellite Television Company Name AMC Networks Inc. British Sky Broadcasting Group plc Cablevision Systems Corporation CBS Corporation Charter Communications, Inc. Comcast Corporation Crown Media Holdings Inc. DIRECTV Discovery Communications, Inc. Dish Network Corp. Entravision Communications Corporation General Communication Inc. Gray Television Inc. Grupo Televisa, S.A.B. Journal Communications Inc. Liberty Global plc LIN Media LLC Nexstar Broadcasting Group, Inc. Scripps Networks Interactive, Inc. Sinclair Broadcast Group Inc. The E. W. Scripps Company Time Warner Cable Inc. Ziggo N.V.

Headquarters   United States   United Kingdom   United States   United States

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            6,496.9 

Revenue  $        1,523.3 

EBITDA  $                 520.3 

LTM Margin

LTM

LTM Multiples 

EBITDA

Rev Growth

EV/Rev

EV/EBITDA

34.2%

15.0%

4.3x

12.5x

$66.71

‐9%

Value  $            4,821.9 

13.76

‐12%

             21,462.3 

             23,942.4 

         11,921.0 

                 2,473.9 

20.8%

7.5%

2.0x

9.7x

17.20

‐15%

               4,602.8 

             13,686.7 

            6,737.6 

                 1,707.7 

25.3%

6.8%

2.0x

8.0x

63.14

‐1%

             37,887.7 

             43,967.7 

         15,071.0 

                 3,675.0 

24.4%

11.1%

2.9x

12.0x

  United States   United States

133.37

‐7%

             13,888.2 

             28,180.2 

            7,920.0 

                 2,742.0 

34.6%

6.7%

3.6x

10.3x

51.07

‐2%

          132,677.1 

          174,736.1 

         63,668.0 

              21,066.0 

33.1%

3.2%

2.7x

8.3x

  United States   United States

3.51

‐3%

               1,262.5 

               1,675.7 

               361.7 

                    270.3 

74.7%

4.2%

4.6x

6.2x

69.04

0%

             36,276.5 

             54,293.5 

         31,214.0 

                 7,731.0 

24.8%

7.1%

1.7x

7.0x

88.58

‐2%

             30,690.7 

             36,674.7 

            5,198.0 

                 2,184.0 

42.0%

18.3%

7.1x

16.8x

57.80

‐1%

             26,475.0 

             30,308.9 

         14,352.4 

                 2,858.3 

19.9%

0.3%

2.1x

10.6x 11.8x

* United States   United States   United States   United States   United States

6.43

‐12%

                  566.2 

                  887.7 

               227.6 

                      75.5 

33.2%

8.6%

3.9x

11.44

0%

                  461.4 

               1,800.0 

               780.0 

                    245.2 

31.4%

12.2%

2.3x

7.3x

14.58

‐4%

                  841.5 

               1,631.3 

               377.3 

                    143.4 

38.0%

4.0%

4.3x

11.4x

  Mexico   United States

29.89

‐4%

             17,147.9 

             21,412.6 

            5,484.1 

                 2,181.4 

39.8%

6.4%

3.9x

9.8x

9.22

‐6%

                  469.9 

                  689.2 

               418.1 

                      87.1 

20.8%

12.8%

1.6x

7.9x

* United Kingdom   United States

88.60

‐1%

             34,202.4 

             77,919.6 

         13,031.0 

                 5,733.4 

44.0%

30.5%

6.0x

13.6x

28.15

‐4%

               1,544.9 

               2,473.0 

               664.6 

                    205.7 

30.9%

41.8%

3.7x

12.0x

* United States   United States

54.21

‐4%

               1,648.3 

               2,635.2 

               480.4 

                    168.4 

35.1%

37.8%

5.5x

15.6x

84.98

‐2%

             12,413.4 

             13,673.5 

            2,481.1 

                 1,095.1 

44.1%

10.0%

5.5x

12.5x

  United States   United States

36.74

‐1%

               3,680.8 

               5,934.5 

            1,264.9 

                    466.8 

36.9%

33.9%

4.7x

12.7x

21.07

‐4%

               1,173.4 

               1,157.7 

               855.8 

                      96.8 

11.3%

1.7%

1.4x

12.0x

  United States   Netherlands

133.40

‐5%

             37,604.1 

             61,526.1 

         22,028.0 

                 7,721.0 

35.1%

5.4%

2.8x

8.0x

44.37

‐4%

               8,873.7 

             12,990.7 

            2,103.5 

                 1,145.4 

54.5%

1.5%

6.2x

11.3x

Adjusted Weighted Average

3.2x

9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.5x)  Entertainment Media Company Name DreamWorks Animation SKG Inc. Eros International Plc Lions Gate Entertainment Corp. Live Nation Entertainment, Inc. SFX Entertainment Inc. Twenty‐First Century Fox, Inc. Village Roadshow Limited World Wrestling Entertainment Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            3,093.4 

Revenue  $            767.3 

EBITDA  $                 112.4 

LTM Margin

LTM

LTM Multiples 

EBITDA

Rev Growth

EV/Rev

EV/EBITDA

14.6%

9.0%

4.0x

27.5x

$35.19

‐2%

Value  $            2,948.7 

11.04

‐3%

                  536.5 

                  743.9 

               208.4 

                      52.7 

25.3%

1.0%

3.6x

14.1x

  United States   United States

30.99

‐18%

               4,274.1 

               5,466.1 

            2,597.8 

                    246.4 

9.5%

21.0%

2.1x

22.2x

20.34

0%

               4,008.6 

               4,740.0 

            6,302.7 

                    457.1 

7.3%

13.2%

0.8x

10.4x

* United States   United States

10.97

‐18%

                  957.1 

               1,035.6 

               100.8 

                     (60.5)

NM

0.0%

10.3x

35.20

‐2%

             79,888.4 

             94,351.4 

         28,733.0 

                 6,169.0 

21.5%

24.4%

3.3x

* United States   United Kingdom

  Australia   United States

6.72

‐7%

               1,072.5 

               1,330.9 

               835.7 

                    148.7 

17.8%

0.1%

1.6x

9.0x

15.90

‐6%

               1,194.1 

               1,108.7 

               504.7 

                      56.6 

11.2%

4.7%

2.2x

19.6x

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.5x) 

24 | M&A and Investment Summary December 2013

NM  15.3x

3.1x

15.4x

Traditional Media  Public Company Valuation ($ in Millions, except stock price data) Out‐of‐Home Media Company Name

Headquarters

AirMedia Group Inc. APG|SGA SA Clear Channel Outdoor Holdings Inc.

  China   Switzerland

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $                 24.0 

Revenue  $            277.7 

EBITDA  $                   13.6 

$2.13

‐33%

Value  $               127.5 

274.20

‐2%

                  807.3 

                  748.0 

               339.4 

                    141.2 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples 

4.9%

‐3.9%

0.1x

1.8x

41.6%

‐1.2%

2.2x

5.3x 11.8x

EV/EBITDA

  United States   Hong Kong

10.35

‐3%

               3,697.7 

               8,425.6 

            2,943.3 

                    715.8 

24.3%

‐0.6%

2.9x

0.90

‐7%

                  484.2 

                  307.7 

               204.4 

                      82.9 

40.6%

5.0%

1.5x

3.7x

  France   United States

40.62

‐2%

               9,025.1 

               9,101.7 

            3,439.8 

                    721.4 

21.0%

4.5%

2.6x

12.6x

51.63

‐1%

               4,886.2 

               6,846.4 

            1,236.9 

                    531.1 

42.9%

6.1%

5.5x

12.9x

0.76

‐61%

                  130.9 

                  677.6 

               513.0 

                      94.5 

18.4%

28.4%

1.3x

7.2x

19.64

‐3%

               1,184.2 

               2,101.2 

               456.0 

                    218.6 

47.9%

1.9%

4.6x

9.6x

0.68

‐31%

                     53.3 

                     51.2 

                 23.1 

                         1.9 

8.3%

‐4.7%

2.2x

26.6x

Tom Group Ltd.

* United States   Hong Kong

0.15

‐32%

                  591.9 

                  825.6 

               263.9 

                       (1.6)

NM

‐12.4%

3.1x

Valassis Communications Inc.

  United States

34.13

‐2%

               1,302.5 

               1,763.9 

            2,047.2 

                    257.7 

12.6%

‐6.0%

0.9x

Clear Media Ltd. JCDecaux SA Lamar Advertising Co. Mood Media Corporation National CineMedia, Inc. NTN Buzztime Inc.

  Canada   United States

Adjusted Weighted Average

NM  6.8x

3.3x

11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.8x)  Publishing Company Name

Headquarters

A. H. Belo Corporation Daily Mail and General Trust plc Emmis Communications Corp. Gannett Co., Inc. Glacier Media, Inc. John Wiley & Sons Inc. Journal Communications Inc. Martha Stewart Living Omnimedia Inc. Meredith Corporation (1)

  United States * United Kingdom   United States   United States   Canada

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               108.3 

Revenue  $            432.9 

EBITDA  $                   28.0 

               6,808.1 

            2,837.5 

$7.53

‐12%

Value  $               164.7 

16.00

‐1%

               5,655.1 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples 

6.5%

8.2%

0.3x

3.9x

                    580.4 

20.5%

0.3%

2.4x

11.7x

EV/EBITDA

2.97

‐18%

                  124.1 

                  303.2 

               199.7 

                      35.1 

17.6%

6.3%

1.5x

8.6x

29.59

‐1%

               6,743.4 

               8,155.6 

            5,311.6 

                 1,061.1 

20.0%

1.7%

1.5x

7.7x

1.34

‐35%

                  119.3 

                  269.2 

               320.4 

                      42.4 

13.2%

12.5%

0.8x

6.3x

* United States   United States

53.56

‐5%

               3,156.2 

               3,655.5 

            1,778.5 

                    324.9 

18.3%

1.7%

2.1x

11.3x

9.22

‐6%

                  469.9 

                  689.2 

               418.1 

                      87.1 

20.8%

12.8%

1.6x

7.9x

  United States   United States

4.46

‐5%

                  252.1 

                  216.4 

               169.6 

                       (1.0)

NM

‐16.4%

1.3x

51.73

‐4%

               2,281.5 

               2,635.1 

            1,473.6 

                    263.2 

17.9%

5.0%

1.8x

10.0x 12.4x

NM 

Reed Elsevier plc Scholastic Corporation

* United Kingdom   United States

14.77

‐1%

             17,042.7 

             38,962.8 

            9,944.2 

                 3,154.3 

31.7%

0.0%

3.9x

32.89

‐4%

               1,048.9 

               1,120.1 

            1,785.0 

                    166.3 

9.3%

‐12.7%

0.6x

6.7x

The E. W. Scripps Company

* United States   United States

21.07

‐4%

               1,173.4 

               1,157.7 

               855.8 

                      96.8 

11.3%

1.7%

1.4x

12.0x

4.14

‐2%

                  357.4 

               1,873.5 

            1,274.0 

                    288.7 

22.7%

‐6.8%

1.5x

6.5x

  United States   United States

15.60

‐3%

               2,336.3 

               2,249.5 

            1,996.2 

                    297.2 

14.9%

19.2%

1.1x

7.6x

34.13

‐2%

               1,302.5 

               1,763.9 

            2,047.2 

                    257.7 

12.6%

‐6.0%

0.9x

6.8x

The McClatchy Company The New York Times Company Valassis Communications Inc. Adjusted Weighted Average

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.1x) 

25 | M&A and Investment Summary December 2013

1.7x

7.8x

Technology & Communications

 Of the $2.2 billion in reported transaction value in the Technology & Communications segment, $1.7 billion was from NCR’s purchase  of an online banking solutions company Digital Insight

 Activity  in the segment was led by the Financial Technology subsegment with 14 deals announced, of which 12 were reported at $1.8  billion

 Select acquisitions: • Ixia’s $190 million acquisition of Net Optics, a provider of application and network visibility solutions • Juniper Networks’ $60 million purchase of WANDL, a provider of software solutions for network planning, management, design, and  optimization

• LifeLock’s $50 million purchase of digital wallet technology Lemon, which offers mobile money management applications • On Track Innovations’ $23 million acquisition of Israel‐based SmartID, a provider of online payment solutions TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT

Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value $MM

Buyout

Venture/Growth Capital

%

#

$MM

#

#

$MM

14

39%

$1,780.0

82%

6

$1,715.1

0

‐   

8

$64.9

Communications Software

8

22%

277.0

13%

5

250.0

1

‐   

2

27.0

Cloud Computing Technology

5

14%

30.9

1%

1

‐   

0

‐   

4

30.9

Financial Technology

%

Strategic

$MM

Cloud Storage

2

6%

29.5

1%

0

‐   

0

‐   

2

29.5

Networking Equipment

2

6%

12.4

1%

1

‐   

0

‐   

1

12.4

Communications Equipment

1

3%

8.0

0%

0

‐   

0

‐   

1

8.0

Data Center Technology

1

3%

‐   

0%

1

‐   

0

‐   

0

‐   

Other*

3

8%

40.0

2%

1

‐   

0

‐   

2

40.0

36

100%

2,177.8

100%

15

1,965.1

1

20

212.7

Total

*Other includes Enterprise Mobility, Software‐Defined Networking, Web Conferencing Software

26 | M&A and Investment Summary December 2013

0.0

Technology Public Company Valuation ($ in Millions, except stock price data)

Company Name 3M Company ACI Worldwide, Inc. ADATA Technology Co., Ltd. Advanced Micro Devices, Inc. Akamai Technologies, Inc. AVG Technologies N.V. Brightcove, Inc. CA Technologies Carbonite, Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $         95,024.8 

Revenue  $      30,689.0 

EBITDA  $             7,876.0 

  United States   United States

$138.45

‐1%

Value  $         92,102.8 

64.34

‐2%

               2,480.1 

               3,077.9 

               805.9 

  Taiwan   United States

2.51

‐19%

                  572.8 

                  721.2 

4.00

‐14%

               2,894.7 

  United States   Netherlands

46.45

‐13%

               8,313.5 

  United States   United States

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

25.7%

3.7%

3.1x

12.1x

                        196.0 

24.3%

39.5%

3.8x

15.7x

            1,090.7 

                          90.1 

8.3%

9.3%

0.7x

8.0x

               4,083.7 

            4,865.0 

                         (90.0)

NM

‐18.3%

0.8x

               7,747.2 

            1,519.8 

                        556.6 

36.6%

15.2%

5.1x

13.9x 6.9x

16.95

‐36%

                  922.8 

                  907.0 

               400.4 

                        132.0 

33.0%

19.5%

2.3x

14.57

‐10%

                  419.2 

                  385.1 

               104.5 

                           (5.8)

NM

27.2%

3.7x

33.11

‐2%

             14,941.7 

             14,035.7 

            4,614.0 

                     1,593.0 

34.5%

‐2.8%

3.0x

NM 

NM  8.8x

12.60

‐24%

                  333.2 

                  270.9 

               102.1 

                           (0.3)

NM

31.4%

2.7x

23.37

‐5%

               4,018.6 

               7,303.7 

         10,656.3 

                        699.5 

6.6%

6.5%

0.7x

10.4x

Check Point Software Technologies Ltd.

  United States   United States   Israel

64.29

‐1%

             12,628.9 

             11,368.4 

            1,375.6 

                        771.9 

56.1%

3.4%

8.3x

14.7x

ChinaCache International Holdings Ltd.

  China

10.99

0%

                  257.2 

                  213.6 

               161.5 

                             0.1 

0.1%

28.7%

1.3x

Citrix Systems, Inc.

  United States   United States

62.48

‐19%

             11,646.1 

             10,951.4 

            2,856.0 

                        625.7 

21.9%

15.8%

3.8x

17.5x

74.67

‐17%

               3,530.5 

               3,045.4 

               542.7 

                          95.5 

17.6%

21.4%

5.6x

31.9x

  United States   United States

27.86

‐3%

               1,064.8 

                  927.4 

               407.2 

                         (10.3)

NM

25.8%

2.3x

NM 

2.23

‐16%

                     26.6 

                     33.8 

                 12.6 

                         (11.9)

NM

‐9.8%

2.7x

NM 

Datalink Corporation

  United States

10.98

‐25%

                  248.9 

                  190.8 

               568.6 

                          23.8 

4.2%

24.0%

0.3x

8.0x

Dot Hill Systems Corp.

* United States   Japan

3.27

‐4%

                  192.9 

                  152.6 

               191.8 

                             2.7 

1.4%

‐2.9%

0.8x

56.1x

12.55

‐20%

                  276.5 

                  162.3 

               636.8 

                          77.4 

12.2%

‐2.1%

0.3x

2.1x

25.07

‐8%

             51,590.2 

             49,581.2 

         22,569.9 

                     5,376.4 

23.8%

6.2%

2.2x

9.2x

56.50

‐16%

                  461.7 

                  531.9 

            1,008.8 

                          74.3 

7.4%

6.4%

0.5x

7.2x

CDW Corporation

CommVault Systems, Inc. Cray Inc. Crossroads Systems, Inc.

Elecom Co., Ltd. EMC Corporation ePlus inc. Euronet Worldwide Inc. F‐Secure Oyj Fusion‐io, Inc. Gemalto NV Google Inc. Green Dot Corporation Imperva Inc. Integrated Electrical Services, Inc. Intel Corporation IBM Corporation Interxion Holding NV J‐Stream Inc. Limelight Networks, Inc. LogMeIn, Inc. LSI Corporation Melbourne IT Ltd. Micron Technology Inc. Microsoft Corporation Montage Technology Group Limited NEC Corporation

  United States   United States

NM 

NM 

  United States   Finland   United States

47.96

‐4%

               2,410.9 

               2,419.6 

            1,389.0 

                        174.7 

12.6%

12.4%

1.7x

13.8x

2.65

‐9%

                  412.4 

                  358.8 

               210.2 

                          43.9 

20.9%

‐1.1%

1.7x

8.2x

9.40

‐58%

                  991.5 

                  766.3 

               400.6 

                         (46.0)

NM

‐0.6%

1.9x

  Netherlands   United States

110.50

‐9%

               9,516.0 

               9,146.4 

            3,066.7 

                        486.3 

15.9%

11.9%

3.0x

18.8x

  United States   United States   United States   United States

NM 

1,105.00

‐1%

          369,166.6 

          321,567.6 

         57,386.0 

                  17,599.0 

30.7%

23.8%

5.6x

18.3x

24.89

‐6%

                  929.8 

                  514.8 

               576.0 

                          80.1 

13.9%

6.8%

0.9x

6.4x

49.69

‐6%

               1,240.4 

               1,131.7 

               126.8 

                         (13.8)

NM

32.5%

8.9x

5.90

‐9%

                  105.3 

                     98.3 

               494.6 

                             6.3 

1.3%

8.4%

0.2x

15.6x 6.1x

NM 

25.78

‐1%

          128,152.4 

          122,636.4 

         52,351.0 

                  20,102.0 

38.4%

‐2.6%

2.3x

  United States   Netherlands

186.64

‐14%

          202,663.8 

          228,701.8 

       101,356.0 

                  25,939.0 

25.6%

‐3.2%

2.3x

8.8x

24.05

‐14%

               1,654.9 

               2,034.6 

               408.5 

                        165.5 

40.5%

12.4%

5.0x

12.3x

  Japan   United States

4.86

‐44%

                     56.5 

                     43.2 

                 47.6 

                             3.4 

7.2%

‐12.6%

0.9x

12.6x

1.99

‐22%

                  193.6 

                     82.3 

               177.7 

                           (9.7)

NM

‐1.1%

0.5x

* United States   United States

32.71

‐5%

                  792.3 

                  592.9 

               158.1 

                             5.3 

3.3%

17.8%

3.8x

112.7x

11.03

0%

               6,059.4 

               5,394.7 

            2,365.3 

                        331.1 

14.0%

‐2.6%

2.3x

16.3x

1.68

‐24%

                  139.6 

                     54.1 

               151.3 

                          20.6 

13.6%

11.2%

0.4x

2.6x

20.97

‐11%

             22,174.7 

             25,974.7 

            9,073.0 

                     2,163.0 

23.8%

10.2%

2.9x

12.0x

  Australia   United States   United States   China   Japan

27 | M&A and Investment Summary December 2013

NM 

36.91

‐5%

          308,123.5 

          244,714.5 

         80,370.0 

                  31,367.0 

39.0%

11.1%

3.0x

7.8x

17.42

‐12%

                  461.2 

                  468.0 

                 99.2 

                          24.6 

24.8%

0.0%

4.7x

19.0x

2.27

‐20%

               5,891.2 

             11,730.5 

         30,642.0 

                     1,691.8 

5.5%

‐1.1%

0.4x

6.9x

Technology Public Company Valuation ($ in Millions, except stock price data)

Company Name NetApp, Inc. Nimble Storage, Inc. Oracle Corporation ProAct IT Group AB Qualys, Inc. Quantum Corporation Rackspace Hosting, Inc. Red Hat, Inc. SanDisk Corp. SAP AG Seagate Technology Public Limited Company Silicon Graphics International Corp. SK Hynix, Inc. Sony Corporation Splunk, Inc. Symantec Corporation Synchronoss Technologies, Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            9,467.5 

Revenue  $        6,412.7 

EBITDA  $                     937.9 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

EV/EBITDA

14.6%

2.5%

1.5x

10.1x

0.0%

28.6x

$40.33

‐10%

Value  $         13,745.2 

$42.96

‐10%

               3,019.2 

               2,984.5 

               104.2 

                         (37.0)

NM

  United States   Sweden

37.62

‐2%

          169,192.5 

          156,862.5 

         37,552.0 

                  16,289.0 

43.4%

12.50

‐25%

                  116.4 

                  145.2 

               354.9 

                          21.0 

* United States   United States

24.75

‐1%

                  798.2 

                  698.4 

               103.6 

                          12.7 

1.27

‐27%

                  315.1 

                  446.3 

               578.8 

                          18.1 

  United States   United States

37.55

‐54%

               5,250.0 

               5,052.6 

            1,479.6 

                        413.4 

55.78

‐5%

             10,570.3 

               9,603.7 

            1,482.1 

                        302.7 

  United States   Germany

68.86

‐3%

             15,554.9 

             14,326.1 

            5,983.6 

84.23

‐5%

          100,532.1 

          103,318.1 

         22,646.0 

  Ireland   United States   South Korea

56.82

‐1%

             18,531.4 

             18,902.4 

13.69

‐35%

                  469.0 

                  308.9 

34.39

‐3%

             24,420.3 

             26,493.3 

  Japan * United States

17.47

‐24%

             18,126.2 

             22,173.5 

70.98

‐5%

               7,614.0 

               7,262.1 

               267.9 

  United States   United States

23.11

‐15%

             16,085.3 

             14,347.3 

            6,885.0 

  United States * United States

LTM Multiples 

NM 

0.9%

4.2x

9.6x

5.9%

‐5.8%

0.4x

6.9x

12.3%

18.5%

6.7x

55.0x

3.1%

‐6.9%

0.8x

24.7x

27.9%

19.4%

3.4x

12.2x

20.4%

16.0%

6.5x

31.7x

                     1,929.3 

32.2%

17.6%

2.4x

7.4x

                     7,921.8 

35.0%

6.6%

4.6x

13.0x

         14,108.0 

                     2,839.0 

20.1%

‐11.0%

1.3x

6.7x

               721.9 

                             9.5 

1.3%

‐5.9%

0.4x

32.5x

         12,566.9 

                     5,360.8 

42.7%

35.2%

2.1x

4.9x

         72,772.6 

                     3,162.9 

4.3%

9.5%

0.3x

7.0x

                         (43.7)

NM

51.4%

27.1x

                     1,903.0 

27.6%

1.8%

2.1x

7.5x 17.5x

NM 

30.18

‐23%

               1,181.8 

               1,146.1 

               325.0 

                          65.6 

20.2%

23.7%

3.5x

* United States   United States

68.61

‐12%

               4,058.5 

               3,832.1 

               192.8 

                           (2.1)

NM

0.0%

19.9x

45.36

‐35%

               7,411.8 

               6,804.8 

            2,663.0 

                        594.0 

22.3%

2.5%

2.6x

  Japan   United States   United States

35.21

‐12%

               4,727.4 

               3,526.2 

            1,061.8 

                        358.0 

33.7%

11.3%

3.3x

9.9x

14.96

‐9%

                  550.0 

                  628.1 

               304.1 

                          23.9 

7.9%

38.7%

2.1x

26.3x

32.98

‐5%

               1,448.2 

               1,373.4 

            3,439.9 

                        226.2 

6.6%

‐7.3%

0.4x

6.1x

  United States   United States

59.84

‐1%

               8,201.2 

               7,758.1 

               949.7 

                        594.0 

62.5%

12.1%

8.2x

13.1x

3.77

‐53%

                  310.9 

                  176.7 

               102.5 

                      (115.6)

NM

40.8%

1.7x

89.42

‐10%

             38,483.3 

             33,096.3 

            5,017.0 

                     1,323.0 

26.4%

14.7%

6.6x

Western Digital Corporation

  United States   United States

83.28

‐2%

             19,698.1 

             17,227.1 

         15,120.0 

                     3,202.0 

21.2%

9.4%

1.1x

5.4x

Xoom Corporation

* United States

27.03

‐26%

               1,009.8 

                  808.6 

               112.2 

                             8.7 

7.7%

52.9%

7.2x

93.0x

3.7x

11.7x

Tableau Software, Inc. Teradata Corporation Trend Micro Inc. The KEYW Holding Corporation Unisys Corporation VeriSign, Inc. Violin Memory, Inc. VMware, Inc.

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.4x) 

28 | M&A and Investment Summary December 2013

NM  11.5x

NM  25.0x

Communications Public Company Valuation ($ in Millions, except stock price data) Company Name Aastra Technologies Ltd. ADTRAN Inc. Alcatel Lucent Société Anonyme Allot Communications Ltd. Ambient Corporation Anaren, Inc. Aruba Networks, Inc. AudioCodes Ltd. Aviat Networks, Inc. Axesstel Inc. BlackBerry Limited Barracuda Networks, Inc. Blonder Tongue Laboratories Inc. BroadSoft, Inc. Brocade Communications Systems, Inc. CalAmp Corp. Calix Inc. Ciena Corporation Cisco Systems, Inc. Clearfield, Inc. ClearOne, Inc. COM DEV International Ltd. CommScope Holding Company Inc. Communications Systems Inc. Corning Inc. CTX Virtual Technologies, Inc. Cyan, Inc. DDS Wireless International Inc. Digi International Inc. DragonWave Inc. EchoStar Corp. Emulex Corporation Ericsson Extreme Networks Inc. F5 Networks, Inc.

Headquarters   Canada   United States   France   Israel   United States

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               389.2 

Revenue  $            582.4 

EBITDA  $                       43.8 

               622.4 

$39.81

‐5%

Value  $               470.2 

26.51

‐5%

               1,529.3 

               1,384.9 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

7.5%

‐5.1%

0.7x

8.9x

                          55.4 

8.9%

‐5.1%

2.2x

25.0x 9.7x

4.52

‐3%

             12,373.2 

             14,662.5 

         19,759.1 

                     1,506.4 

7.6%

0.7%

0.7x

15.15

‐5%

                  493.4 

                  378.3 

                 95.6 

                           (3.9)

NM

‐4.8%

4.0x

2.41

‐42%

                     40.3 

                     35.7 

                 20.0 

                         (12.9)

NM

‐60.4%

1.8x

  United States   United States

27.94

‐1%

                  352.9 

                  301.9 

               157.9 

                          27.6 

17.5%

6.9%

1.9x

17.73

‐34%

               1,934.5 

               1,609.5 

               616.5 

                          18.5 

3.0%

13.8%

2.6x

87.0x

  Israel   United States

7.64

‐1%

                  291.5 

                  257.1 

               133.8 

                             5.5 

4.1%

1.4%

1.9x

46.9x

2.31

‐41%

                  144.1 

                     70.8 

               449.7 

                             1.1 

0.2%

0.5%

0.2x

64.4x

0.12

‐93%

                       3.1 

                     11.8 

                 27.4 

                           (6.1)

NM

‐54.9%

0.4x

7.62

‐56%

               7,955.4 

               5,893.4 

            8,514.0 

                   (2,037.0)

NM

‐32.3%

0.7x

* United States   United States

37.85

‐8%

               1,893.2 

               1,865.2 

               218.0 

                             2.4 

1.1%

0.0%

8.6x

0.99

‐41%

                       6.2 

                     11.5 

                 28.4 

                           (1.1)

NM

‐3.3%

0.4x

  United States   United States

26.50

‐33%

                  748.4 

                  680.9 

               172.3 

                             7.4 

4.3%

8.0%

4.0x

8.86

‐2%

               3,933.5 

               3,545.7 

            2,222.9 

                        518.1 

23.3%

‐0.7%

1.6x

6.8x

  United States   United States

27.56

‐7%

                  951.1 

                  922.4 

               224.4 

                          24.0 

10.7%

32.2%

4.1x

38.4x

9.58

‐31%

                  476.9 

                  397.7 

               380.0 

                          11.8 

3.1%

15.0%

1.0x

33.7x

  United States   United States

23.46

‐16%

               2,433.0 

               3,173.5 

            2,082.5 

                        132.4 

6.4%

13.6%

1.5x

24.0x

21.98

‐17%

          117,518.7 

             85,555.7 

         48,816.0 

                  14,058.0 

28.8%

4.6%

1.8x

6.1x

  United States   United States

19.33

‐8%

                  250.8 

                  235.0 

                 53.4 

                             7.9 

14.8%

42.4%

4.4x

29.7x

9.18

‐6%

                     82.5 

                     62.3 

                 48.4 

                             7.7 

15.9%

6.7%

1.3x

8.1x

  Canada   United States

3.51

‐15%

                  268.6 

                  264.4 

               212.1 

                          33.7 

15.9%

8.3%

1.2x

7.8x

19.19

‐1%

               3,563.7 

               6,266.4 

            3,481.8 

                        654.1 

18.8%

0.0%

1.8x

9.6x

10.78

‐13%

                     92.2 

                     77.2 

               129.8 

                             9.4 

7.3%

25.0%

0.6x

8.2x

17.89

‐1%

             25,890.4 

             23,354.4 

            8,009.0 

                     2,601.0 

32.5%

3.3%

2.9x

9.0x

1.48

‐41%

                     11.8 

                     11.9 

               119.2 

                          16.9 

14.2%

198.1%

0.1x

0.7x

5.29

‐65%

                  245.6 

                  173.6 

               125.5 

                         (26.0)

NM

58.4%

1.4x

1.73

‐26%

                     23.6 

                     14.5 

                 36.5 

                             2.3 

6.3%

‐9.0%

0.4x

6.2x 12.9x

  United States   Canada

  United States   United States   United States   United States   Canada   United States

NM  10.9x

NM  NM  769.5x NM  92.6x

NM 

12.30

‐2%

                  317.8 

                  229.5 

               195.4 

                          17.8 

9.1%

2.5%

1.2x

1.53

‐56%

                     81.1 

                     89.5 

               116.7 

                         (43.8)

NM

49.4%

0.8x

49.98

‐3%

               4,517.6 

               5,249.8 

            3,260.6 

                        636.5 

19.5%

2.9%

1.6x

8.2x

7.35

‐18%

                  592.7 

                  487.8 

               474.1 

                          48.5 

10.2%

‐5.7%

1.0x

10.1x

11.86

‐15%

             38,126.6 

             32,986.3 

         35,381.9 

                     4,218.3 

11.9%

1.2%

0.9x

7.8x

‐3%

                  664.1 

                  464.7 

               299.1 

                          16.4 

5.5%

‐6.5%

1.6x

28.3x

  Canada   United States   United States   Sweden

7.03

  United States   United States

NM 

NM 

88.03

‐18%

               6,831.9 

               6,289.8 

            1,481.3 

                        467.7 

31.6%

7.6%

4.2x

13.4x

23.72

‐11%

               2,280.2 

               2,014.1 

            1,038.6 

                        130.8 

12.6%

11.0%

1.9x

15.4x

43.23

‐17%

               1,593.3 

               1,476.8 

               163.1 

                          43.3 

26.6%

38.8%

9.1x

34.1x

1.55

‐24%

                     16.1 

                       5.9 

                 21.0 

                           (1.5)

NM

‐38.7%

0.3x

29.99

‐28%

                  932.3 

                  826.9 

               129.1 

                         (25.4)

NM

49.9%

6.4x

  United States   United States

23.91

‐33%

               2,010.8 

               1,973.9 

               299.1 

                          11.6 

3.9%

38.2%

6.6x

170.9x

7.38

‐11%

                  744.0 

                  574.7 

               513.3 

                          31.4 

6.1%

2.1%

1.1x

18.3x

69.30

‐2%

               7,406.4 

               8,739.6 

            5,042.1 

                     1,095.3 

21.7%

‐6.2%

1.7x

8.0x

Infoblox Inc.

  United States * United States

34.19

‐30%

               1,811.1 

               1,581.9 

               239.1 

                             4.4 

1.8%

33.3%

6.6x

361.0x

Interactive Intelligence Group Inc.

  United States

66.64

‐7%

               1,347.8 

               1,264.3 

               298.0 

                          23.7 

8.0%

32.7%

4.2x

53.2x

Finisar Corp. Fleetmatics Group PLC Franklin Wireless Corp. Gigamon Inc. Gogo Inc. Harmonic Inc. Harris Corporation

  United States * Ireland   United States   United States

29 | M&A and Investment Summary December 2013

NM  NM 

Communications Public Company Valuation JDS Uniphase Corporation Juniper Networks, Inc. KVH Industries Inc. Mavenir Systems, Inc. Meru Networks, Inc. Mitel Networks Corporation Motorola Solutions, Inc. Netgear Inc. Nokia Corporation Nuance Communications, Inc. Numerex Corp. Optical Cable Corp. Palo Alto Networks, Inc. PCTEL, Inc. Plantronics, Inc. Polycom, Inc. Procera Networks, Inc. QUALCOMM Incorporated RadiSys Corporation Radware Ltd. RELM Wireless Corp. RingCentral, Inc. Riverbed Technology, Inc.

  United States   United States

13.03

‐22%

 $            3,033.4 

 $            2,528.8 

 $        1,685.0 

                        146.3 

8.7%

1.0%

1.5x

17.3x

22.77

‐1%

          11,498.94 

             9,653.04 

         4,536.30 

                        736.5 

16.2%

4.4%

2.1x

13.1x

  United States   United States

13.11

‐13%

                  204.7 

                  184.9 

               162.9 

                          16.8 

10.3%

25.8%

1.1x

11.0x

10.92

‐9%

                  254.2 

                  384.0 

                 90.9 

                           (6.6)

NM

12.0%

4.2x

4.49

‐35%

                  101.7 

                     74.4 

               103.8 

                         (11.4)

NM

12.1%

0.7x

9.46

‐8%

                  510.3 

                  728.7 

               579.4 

                          88.5 

15.3%

‐2.1%

1.3x

8.2x

  United States   Canada

NM  NM 

  United States   United States

66.20

‐2%

             17,126.8 

             16,727.8 

            8,633.0 

                     1,519.0 

17.6%

0.9%

1.9x

11.0x

32.52

‐21%

               1,260.5 

                  959.1 

            1,323.4 

                        135.9 

10.3%

4.2%

0.7x

7.1x

  Finland   United States

8.04

‐2%

             29,861.1 

             26,427.3 

         34,174.7 

                     3,857.3 

11.3%

‐21.4%

0.8x

6.9x

15.34

‐38%

               4,861.7 

               6,369.0 

            1,855.3 

                        239.7 

12.9%

12.3%

3.4x

26.6x

  United States   United States

12.95

‐7%

                  240.9 

                  216.9 

                 75.2 

                             4.1 

5.5%

20.5%

2.9x

52.9x

3.73

‐24%

                     24.5 

                     33.3 

                 75.3 

                             2.8 

3.7%

‐9.9%

0.4x

11.8x

* United States   United States

57.44

‐8%

               4,163.9 

               3,727.2 

               438.4 

                           (6.6)

NM

54.4%

8.5x

9.32

‐8%

                  167.3 

                  112.3 

               104.1 

                             4.1 

4.0%

25.4%

1.1x

  United States   United States   United States

NM   27.2x

45.66

‐8%

               1,929.5 

               1,570.4 

               798.4 

                        155.9 

19.5%

10.7%

2.0x

10.1x

11.56

‐3%

               1,970.1 

               1,346.0 

            1,373.5 

                        109.7 

8.0%

‐3.7%

1.0x

12.3x

14.92

‐19%

                  303.6 

                  194.7 

                 69.9 

                         (10.1)

NM

19.1%

2.8x

  United States   United States

72.89

‐2%

          123,143.0 

          108,193.0 

         24,866.0 

                     8,578.0 

34.5%

30.0%

4.4x

12.6x

2.32

‐55%

                     67.5 

                     68.9 

               257.0 

                             2.7 

1.0%

‐13.3%

0.3x

25.7x

  Israel   United States

17.66

‐9%

                  791.5 

                  700.6 

               189.8 

                          30.6 

16.1%

2.9%

3.7x

22.9x

3.42

‐16%

                     46.4 

                     38.8 

                 26.6 

                             2.2 

8.3%

‐3.3%

1.5x

17.6x

  United States   United States

17.98

‐9%

               1,119.0 

               1,131.6 

               148.3 

                         (27.5)

NM

0.0%

7.6x

17.92

‐15%

               2,901.6 

               2,991.0 

               995.2 

                        129.3 

13.0%

24.0%

3.0x

NM 

NM  23.1x

Sandvine Corporation

  Canada

2.66

‐8%

                  370.4 

                  283.7 

               103.2 

                          20.2 

19.5%

26.8%

2.7x

14.1x

ShoreTel, Inc.

* United States   Canada

9.34

‐2%

                  563.8 

                  527.4 

               322.8 

                             0.7 

0.2%

20.6%

1.6x

800.2x

Sierra Wireless Inc. SolarWinds, Inc. Solera Holdings Inc. Sonus Networks, Inc. Telcoware Co., Ltd. TeleCommunication Systems Inc. TESSCO Technologies Inc. Transmode AB (publ)

* United States   United States   United States   South Korea   United States   United States   Sweden

24.96

‐6%

                  767.7 

                  585.2 

               432.7 

                           (4.1)

NM

127.6%

1.4x

38.11

‐38%

               2,864.0 

               2,657.9 

               311.8 

                        148.9 

47.8%

24.2%

8.5x

17.8x

70.34

‐1%

               4,843.6 

               5,580.9 

               860.4 

                        341.8 

39.7%

9.3%

6.5x

16.3x

3.04

‐20%

                  831.4 

                  633.2 

               275.7 

                           (8.8)

NM

8.9%

2.3x

10.89

‐15%

                     58.7 

                     10.7 

                 51.6 

                             6.9 

13.4%

1.3%

0.2x

2.37

‐26%

                  139.1 

                  230.7 

               416.3 

                          32.8 

7.9%

‐12.6%

0.6x

7.0x

39.91

‐5%

                  328.5 

                  327.8 

               653.5 

                          31.7 

4.9%

‐19.4%

0.5x

10.3x 14.1x

NM 

NM  1.5x

17.34

‐7%

                  481.6 

                  422.2 

               164.5 

                          29.9 

18.2%

5.1%

2.6x

* Japan   Canada

19.35

‐49%

                  168.2 

                  156.8 

                    9.4 

                           (0.1)

NM

2.8%

16.6x

4.86

‐26%

                  108.4 

                     77.4 

                 86.4 

                          13.9 

16.1%

‐11.5%

0.9x

5.6x

  United States   United States

42.41

‐2%

               2,267.0 

               2,543.2 

               880.5 

                        177.0 

20.1%

7.0%

2.9x

14.4x

61.19

‐17%

               2,789.3 

               3,349.7 

            1,270.1 

                        159.2 

12.5%

30.9%

2.6x

21.0x

3.29

‐16%

                  704.7 

                  671.2 

               831.6 

                          90.4 

10.9%

‐2.3%

0.8x

7.4x

Westell Technologies, Inc.

  United States   United States

3.85

‐21%

                  227.7 

                  146.6 

                 73.2 

                           (1.0)

NM

62.6%

2.0x

ZTE Corp.

  China

2.32

‐23%

               7,818.2 

             11,399.3 

         12,766.0 

                        478.5 

3.7%

‐12.3%

0.9x

23.8x

2.5x

11.8x

Ubiquitous Corporation Vecima Networks Inc. Verint Systems Inc. ViaSat Inc. Vonage Holdings Corporation

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (190.0x) 

30 | M&A and Investment Summary December 2013

NM 

NM 

Software

 Within the Software segment, a total of $796 million in strategic and private equity exits were reported, while another $249 million in  investments were announced

 ERP Software was the most active and highest value subsegment with 11 transactions announced worth $650 million, followed by  Security Software with nine transactions worth $76 million

 Select acquisitions: • Amadeus IT Holding’s $500 million purchase of Newmarket, a provider of enterprise resource planning solutions • PTC’s $130 million acquisition of ThingWorx, a developer of software to link smart devices to the Internet  Select investments: • Index Ventures’ $32.7 million investment in MetaPack, a UK‐based provider of delivery management software solutions for retailers SOFTWARE TRANSACTIONS BY SEGMENT

Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value

Buyout

Venture/Growth Capital

$MM

%

#

$MM

#

#

$MM

11

20%

$650.4

62%

7

$611.9

1

‐   

3

$38.5

Security

9

17%

76.0

7%

4

‐   

0

‐   

5

76.0

Application Management

5

9%

7.0

1%

2

‐   

0

‐   

3

7.0

Healthcare

5

9%

26.6

3%

0

‐   

0

‐   

5

26.6

Infrastructure

5

9%

44.9

4%

1

‐   

0

‐   

4

44.9

1

ERP

Financial

%

Strategic

$MM

4

7%

3.1

0%

‐   

1

‐   

2

3.1

Other*

15

28%

236.8

23%

7

184.1

0

‐   

8

52.7

Total

54

100%

1,044.8

100%

22

796.0

2

0.0

30

248.8

*Other includes Collaboration, Credit/Risk, Data Management, Engineering, Geo‐Demo, HR, and Software Development Tools

31 | M&A and Investment Summary December 2013

Software Public Company Valuation ($ in Millions, except stock price data) Financial & Credit/Risk Management Software Company Name Advent Software, Inc. Ebix Inc. Epiq Systems, Inc. Fidessa group plc

Headquarters   United States   United States   United States   United Kingdom

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

Cash & ST.

Total

LTM

Value  $            2,070.3 

Investments  $                  41.4 

Debt  $               350.0 

Revenue  $            377.4 

EBITDA  $                       76.1 

$34.52

‐5%

Value  $            1,761.7 

14.37

‐32%

                  550.9 

                  572.5 

                     37.7 

                     59.3 

               207.9 

15.75

‐6%

                  547.5 

                  822.0 

                     37.5 

                   312.0 

               405.9 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA 27.2x

20.2%

6.9%

5.5x

                          83.9 

40.3%

9.8%

2.8x

6.8x

                          72.6 

17.9%

24.9%

2.0x

11.3x 16.0x

37.55

‐5%

               1,413.4 

               1,330.8 

                     76.4 

                           ‐  

               420.5 

                          83.1 

19.8%

‐2.1%

3.2x

  United States   United Kingdom

48.49

‐6%

               3,247.8 

               2,719.1 

                   528.7 

                           ‐  

               303.9 

                             3.7 

1.2%

25.1%

8.9x

0.58

‐2%

                  575.5 

                  537.0 

                     82.0 

                     37.8 

               331.0 

                          41.8 

12.6%

5.5%

1.6x

0.42

‐20%

                  209.2 

                  294.0 

                     16.6 

                     95.1 

               398.7 

                          33.9 

8.5%

‐10.7%

0.7x

8.7x

Model N, Inc.

  United Kingdom * United States

11.60

‐53%

                  275.3 

                  172.3 

                   103.4 

                       0.3 

               101.9 

                             4.0 

3.9%

20.9%

1.7x

43.6x

NetSuite Inc.

* United States

101.45

‐11%

               7,576.7 

               7,373.1 

                   467.1 

                   263.6 

               384.5 

                         (31.3)

NM

33.5%

19.2x

Performant Financial Corporation

  United States   United States

10.95

‐22%

                  527.3 

                  593.8 

                     69.6 

                   136.0 

               251.3 

                          81.4 

32.4%

27.7%

2.4x

22.47

‐15%

               1,744.9 

               1,700.9 

                     44.0 

                           ‐  

               367.2 

                          56.9 

Guidewire Software, Inc. Innovation Group plc Management Consulting Group PLC

RealPage, Inc. Solera Holdings Inc. SS&C Technologies Holdings, Inc. Tyler Technologies, Inc.

  United States   United States * United States

15.5%

NM  12.8x

NM  7.3x

19.4%

4.6x

29.9x

70.34

‐1%

               4,843.6 

               5,580.9 

               1,069.2 

               1,708.2 

               860.4 

                        341.8 

39.7%

9.3%

6.5x

16.3x

45.09

0%

               3,707.7 

               4,462.3 

                     81.6 

                   836.2 

               701.9 

                        277.0 

39.5%

47.5%

6.4x

16.1x

102.29

‐3%

               3,298.3 

               3,246.2 

                     52.1 

                           ‐  

               401.3 

                          76.1 

19.0%

14.6%

8.1x

42.7x

Adjusted Weighted Average

6.1x

17.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.9x)  Healthcare Software Company Name Accelrys Inc. Allscripts Healthcare Solutions, Inc. athenahealth, Inc. Cegedim SA Cerner Corporation Computer Programs & Systems Inc. Craneware plc McKesson Corporation MedAssets, Inc. Medidata Solutions, Inc. Merge Healthcare Incorporated

Headquarters   United States * United States

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

Cash & ST.

Total

LTM

$9.58

‐4%

Value  $               533.3 

Value  $               429.8 

Investments  $               103.4 

Debt  $                       ‐  

Revenue  $            166.2 

EBITDA  $                       11.0 

15.34

‐7%

               2,708.1 

               3,192.2 

                     60.8 

                   544.8 

            1,373.0 

                          28.5 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

6.6%

5.2%

2.6x

38.9x

2.1%

‐7.4%

2.3x

111.9x 107.0x

* United States   France

133.02

‐8%

               4,946.9 

               5,127.5 

                     62.3 

                   242.9 

               539.7 

                          47.9 

8.9%

35.4%

9.5x

31.47

‐16%

                  438.5 

               1,154.0 

                     82.6 

                   793.6 

            1,226.1 

                        164.6 

13.4%

‐0.8%

0.9x

7.0x

  United States   United States

54.70

‐8%

             18,776.5 

             18,037.6 

                   921.8 

                   182.9 

            2,760.6 

                        811.7 

29.4%

9.6%

6.5x

22.2x

61.30

‐2%

                           ‐  

               197.5 

  United Kingdom   United States   United States   United States

                  670.4 

                     13.6 

                          50.0 

25.3%

11.2%

3.4x

13.4x

8.83

‐2%

                  238.4 

                  205.7 

                     30.3 

                           ‐  

                 41.5 

                          11.6 

27.9%

0.9%

5.0x

17.8x

160.71

‐4%

             36,916.9 

                  684.0 

             38,830.9 

               2,960.0 

               4,874.0 

       127,163.0 

                     3,216.0 

0.3x

12.1x

19.98

‐25%

               1,236.1 

               2,038.6 

                           ‐  

                   802.5 

               673.7 

                        207.6 

30.8%

6.4%

3.0x

9.8x

60.64

‐5%

               3,245.1 

               3,113.6 

                   358.6 

                   227.1 

               260.9 

                          42.5 

16.3%

26.1%

11.9x

73.3x

2.5%

3.4%

  United States   United States

2.58

‐45%

                  242.7 

                  469.6 

                     19.5 

                   245.9 

               242.7 

                          16.4 

6.7%

‐2.3%

1.9x

28.7x

20.90

‐13%

               1,256.6 

               1,172.3 

                     84.3 

                           ‐  

               446.4 

                          89.0 

19.9%

‐2.1%

2.6x

13.2x

  United States   United States

6.83

‐20%

                  118.8 

                  134.9 

                       4.3 

                     12.8 

                 28.7 

                             0.6 

2.1%

33.3%

4.7x

USMD Holdings, Inc.

20.20

‐54%

                  204.1 

                  242.5 

                     12.1 

                     47.0 

               232.0 

                          13.0 

5.6%

291.4%

1.0x

18.6x

Veeva Systems Inc.

* United States

35.17

‐28%

               4,382.4 

               4,109.0 

                   273.4 

                           ‐  

               187.1 

                          38.4 

20.5%

0.0%

22.0x

106.9x

Quality Systems Inc. Streamline Health Solutions, Inc.

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.5x) 

32 | M&A and Investment Summary December 2013

3.3x

NM 

18.5x

Software Public Company Valuation ($ in Millions, except stock price data) HR Software Company Name 51job Inc. Allocate Software plc.

Headquarters   China   United Kingdom

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

Cash & ST.

Total

LTM

Value  $            1,823.1 

Investments  $               495.8 

Debt  $                       ‐  

Revenue  $            251.0 

EBITDA  $                       82.4 

                     19.9 

                       6.1 

                 56.0 

                             5.6 

$78.60

‐2%

Value  $            2,318.9 

1.61

‐16%

                  107.7 

                     92.7 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

8.3%

7.3x

22.1x

9.9%

1.0%

1.7x

16.7x

Benefitfocus, Inc.

  United States

56.66

‐6%

               1,386.1 

               1,309.0 

                     84.7 

                       7.5 

                 96.7 

                         (18.3)

NM

0.0%

13.5x

Concur Technologies, Inc.

* United States   United States

101.48

‐11%

               5,688.3 

               5,503.0 

                   832.8 

                   647.2 

               545.8 

                          48.0 

8.8%

24.1%

10.1x

               166.7 

Cornerstone OnDemand, Inc. Dice Holdings, Inc. LinkedIn Corporation Monster Worldwide, Inc. Saba Software, Inc. The Ultimate Software Group, Inc. Workday, Inc.

  United States * United States   United States   United States   United States * United States

               2,805.0 

EV/EBITDA

32.8%

NM  114.5x

53.91

‐3%

               2,792.1 

                   231.7 

                   218.8 

                         (28.8)

NM

60.5%

16.7x

7.34

‐30%

                  413.5 

                  428.8 

                     44.7 

                     60.0 

               207.8 

                          64.8 

31.2%

9.4%

2.1x

6.6x

207.42

‐19%

             24,766.9 

             22,494.7 

               2,272.3 

                           ‐  

            1,384.9 

                        168.0 

12.1%

65.6%

16.2x

133.9x

7.02

‐4%

                  736.2 

                  838.2 

                     86.9 

                   189.0 

               820.1 

                        126.0 

15.4%

‐10.0%

1.0x

6.7x

12.44

0%

                  370.5 

                  356.4 

                     15.0 

                       0.9 

               121.3 

                           (9.8)

NM

7.7%

2.9x

151.88

‐7%

               4,241.6 

               4,140.3 

                   109.7 

                       8.4 

               390.7 

                          56.5 

14.5%

24.9%

10.6x

82.47

‐2%

             14,415.8 

             13,611.7 

               1,282.7 

                   478.7 

               408.6 

                      (106.2)

NM

73.6%

33.3x

Adjusted Weighted Average

NM 

NM  73.3x NM 

13.8x

47.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (107.1x)  Security Software Company Name Absolute Software Corporation AVG Technologies N.V. Check Point Software Technologies Ltd. Cisco Systems, Inc. FireEye, Inc. Fortinet Inc. Gemalto NV Imperva Inc. Infoblox Inc. Juniper Networks, Inc. NQ Mobile Inc. Palo Alto Networks, Inc. Proofpoint, Inc. Qihoo 360 Technology Co. Ltd. Symantec Corporation

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

Cash & ST.

Total

LTM

Value  $               229.3 

Investments  $                  49.5 

Debt  $                       ‐  

Revenue  $              85.1 

EBITDA  $                       17.3 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples 

  Canada   Netherlands

$6.46

‐15%

Value  $               277.2 

16.95

‐36%

                  922.8 

                  907.0 

                     54.9 

                     39.2 

               400.4 

  Israel   United States

64.29

‐1%

             12,628.9 

             11,368.4 

               1,260.4 

                           ‐  

            1,375.6 

21.98

‐17%

          117,518.7 

             85,555.7 

             48,201.0 

             16,226.0 

         48,816.0 

                  14,058.0 

4.6%

1.8x

* United States   United States

57.02

0%

               6,889.3 

               6,581.6 

                   327.7 

                     20.0 

               136.0 

                      (107.7)

NM

0.0%

48.4x

19.27

‐24%

               3,149.9 

               2,636.9 

                   513.0 

                           ‐  

               589.1 

                          96.5 

16.4%

17.0%

4.5x

27.3x

  Netherlands   United States

110.50

‐9%

               9,516.0 

               9,146.4 

                   372.5 

                     11.8 

            3,066.7 

                        486.3 

15.9%

11.9%

3.0x

18.8x

49.69

‐6%

               1,240.4 

               1,131.7 

                   106.8 

                           ‐  

               126.8 

                         (13.8)

NM

32.5%

8.9x

NM 

  United States   United States

34.19

‐30%

               1,811.1 

               1,581.9 

                   229.1 

                           ‐  

               239.1 

                             4.4 

1.8%

33.3%

6.6x

NM 

22.77

‐1%

             11,498.9 

               9,653.0 

               2,845.2 

                   999.3 

            4,536.3 

                        736.5 

16.2%

4.4%

2.1x

13.1x

* China   United States

15.95

‐38%

                  851.1 

                  701.7 

                   149.5 

                           ‐  

               158.9 

                             4.8 

3.0%

113.0%

4.4x

147.6x

                           ‐  

  United States   China

57.44

EV/Rev

EV/EBITDA 13.2x

20.3%

11.8%

2.7x

                        132.0 

33.0%

19.5%

2.3x

6.9x

                        771.9 

56.1%

3.4%

8.3x

14.7x

28.8%

6.1x NM 

‐8%

               4,163.9 

               3,727.2 

                   436.7 

               438.4 

                           (6.6)

NM

54.4%

8.5x

34.18

‐2%

               1,227.3 

               1,158.5 

                     71.6 

                       2.8 

               125.7 

                         (16.2)

NM

25.3%

9.2x

79.78

‐18%

               9,794.7 

               9,402.6 

               1,004.4 

                   600.0 

               552.4 

                        145.9 

26.4%

91.5%

17.0x

64.4x

               2,094.0 

            6,885.0 

                     1,903.0 

27.6%

1.8%

2.1x

7.5x

NM  NM 

23.11

‐15%

             16,085.3 

             14,347.3 

               3,832.0 

Trend Micro Inc.

  United States   Japan

35.21

‐12%

               4,727.4 

               3,526.2 

               1,279.6 

                           ‐  

            1,061.8 

                        358.0 

33.7%

11.3%

3.3x

9.9x

VeriSign, Inc.

  United States

59.84

‐1%

               8,201.2 

               7,758.1 

               1,806.8 

               1,363.8 

               949.7 

                        594.0 

62.5%

12.1%

8.2x

13.1x

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (30.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.3x) 

33 | M&A and Investment Summary December 2013

3.6x

11.5x

Software Public Company Valuation ($ in Millions, except stock price data) Engineering Software Company Name Ansys, Inc. Autodesk, Inc. Aveva Group plc Dassault Systemes SA

Headquarters   United States * United States   United Kingdom   France

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

Cash & ST.

Total

LTM

Value  $            7,223.9 

Investments  $               707.8 

Debt  $                       ‐  

Revenue  $            846.0 

EBITDA  $                     393.9 

               9,717.5 

               2,060.5 

                   746.2 

            2,294.2 

$85.60

‐5%

Value  $            7,931.7 

48.90

‐3%

             11,031.8 

35.31

‐19%

               2,252.6 

               2,095.2 

                   155.1 

                           ‐  

122.83

‐12%

             15,271.0 

             13,351.0 

               2,459.2 

                   533.7 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

46.6%

9.1%

8.5x

18.3x

                        461.8 

20.1%

‐0.2%

4.2x

21.0x

               374.2 

                        110.1 

29.4%

10.9%

5.6x

19.0x

            2,793.9 

                        862.2 

30.9%

4.4%

4.8x

15.5x

Adjusted Weighted Average

5.5x

16.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.8x)  Infrastructure Software Company Name Adobe Systems Inc. CA Technologies CommVault Systems, Inc. Covisint Corporation Daegis Inc. Endurance International Group Holdings, Inc. Guidance Software, Inc. IBM Corporation

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

Cash & ST.

Total

LTM

‐3%

Value  $         29,573.3 

Value  $         27,913.5 

Investments  $            3,173.8 

Debt  $            1,514.0 

Revenue  $        4,055.2 

EBITDA  $                     769.1 

* United States   United States

$59.16 33.11

‐2%

             14,941.7 

             14,035.7 

               2,811.0 

               1,905.0 

            4,614.0 

  United States   United States

74.67

‐17%

               3,530.5 

               3,045.4 

                   485.1 

                           ‐  

               542.7 

12.63

‐15%

                  471.9 

                  470.8 

                       1.1 

                           ‐  

1.22

‐26%

                     20.0 

                     31.6 

                       4.0 

13.95

‐6%

               1,771.2 

               2,936.6 

10.19

‐22%

                  293.6 

                  277.0 

186.64

‐14%

          202,663.8 

  United States * United States   United States   United States

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA 36.3x

19.0%

‐7.9%

6.9x

                     1,593.0 

34.5%

‐2.8%

3.0x

8.8x

                          95.5 

17.6%

21.4%

5.6x

31.9x

                 98.1 

                         (19.0)

NM

20.6%

4.8x

                     15.7 

                 35.9 

                             4.3 

12.0%

‐12.1%

0.9x

7.4x

                     33.4 

               1,198.8 

               500.9 

                          78.4 

15.7%

0.0%

5.9x

37.4x

                     16.8 

                       0.2 

               118.8 

                           (9.3)

NM

‐3.5%

2.3x

          228,701.8 

             10,273.0 

             36,180.0 

       101,356.0 

                  25,939.0 

25.6%

‐3.2%

2.3x

8.8x 22.5x

NM 

NM 

  United States   United States * United States

40.82

‐3%

               4,429.5 

               3,808.9 

                   620.6 

                           ‐  

               906.9 

                        169.4 

18.7%

12.8%

4.2x

12.00

‐4%

                  664.3 

                  660.4 

                     79.4 

                     75.5 

               229.2 

                           (0.2)

NM

8.0%

2.9x

101.45

‐11%

               7,576.7 

               7,373.1 

                   467.1 

                   263.6 

               384.5 

                         (31.3)

NM

33.5%

19.2x

  Norway   United States

13.72

‐1%

               1,815.3 

               1,746.7 

                     70.1 

                           ‐  

               271.3 

                          75.6 

27.9%

36.5%

6.4x

23.1x

37.62

‐2%

          169,192.5 

          156,862.5 

             36,999.0 

             24,166.0 

         37,552.0 

                  16,289.0 

43.4%

0.9%

4.2x

9.6x

  United States   United States

19.48

‐41%

                  475.6 

                  380.7 

                     94.8 

                           ‐  

                 70.2 

                         (14.7)

NM

33.5%

5.4x

NM 

55.12

‐6%

             33,237.4 

             34,991.6 

                   703.5 

               2,457.8 

            3,760.4 

                         (19.4)

NM

32.1%

9.3x

NM 

55.18

‐6%

               7,655.5 

               7,435.4 

                   220.1 

                           ‐  

               374.6 

                         (35.7)

NM

80.3%

19.8x

NM 

Textura Corporation

* United States   United States

30.98

‐34%

                  763.0 

                  647.5 

                   127.7 

                     11.8 

                 35.5 

                         (30.6)

NM

63.9%

18.2x

TIBCO Software Inc.

  United States

23.26

‐14%

               3,816.8 

               3,610.9 

                   746.0 

                   540.0 

            1,070.0 

                        193.7 

18.1%

4.4%

3.4x

Informatica Corporation IntraLinks Holdings, Inc. NetSuite Inc. Opera Software ASA Oracle Corporation Rally Software Development Corp. Salesforce.com, Inc ServiceNow, Inc.

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.2x) 

34 | M&A and Investment Summary December 2013

3.9x

NM  NM 

NM  18.6x 9.7x

Information & Business Services

 Strategic and private equity buyer transactions accounted for 85 percent of reported value during the month  IT Consulting/Systems Integrations was the most active subsegment with 7 transactions announced  Select acquisitions: • BC Partners’ $626 million purchase of UK‐based provider of financial news and business intelligence, Mergermarket • Bain Capital’s $501 million purchase of Macromill, a Japan‐based Internet research services provider 

Select investments:

• The $42 million investment in UK‐based DataSift, a social‐data‐aggregation platform led by U.S. Scale Partners INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT Transactions #

BUYER/INVESTOR BREAKDOWN

Reported Value $MM

%

#

Buyout $MM

#

Venture/Growth Capital #

$MM

IT Consulting/Systems Integration

7

23%

$12.0

1%

4

‐   

0

‐   

3

$12.0

Market Research

4

13%

506.0

37%

2

‐   

1

501.0

1

5.0

BPO

3

10%

‐   

0%

1

‐   

1

‐   

1

‐   

HR Information

3

10%

2.5

0%

2

‐   

0

‐   

1

2.5

Credit/Risk Management Information

2

6%

95.0

7%

1

‐   

0

‐   

1

10.0

Financial Information

%

Strategic

$MM

3

10%

665.7

48%

0

‐   

2

625.7

1

40.0

Other*

10

32%

93.0

7%

7

135.0

1

‐   

2

43.0

Total

32

100%

1,374.2

100%

17

135.0

5

10

112.5

*Other includes Contact Center, Data Processing/Enhancement, Healthcare Information, Legal Information, Management Consulting, Marketing Data, and Staffing

35 | M&A and Investment Summary December 2013

1,126.7

Information Services Public Company Valuation ($ in Millions, except stock price data) Financial & Credit/Risk Management Information Company Name Broadridge Financial Solutions, Inc. Computershare Limited CoreLogic, Inc. CoStar Group Inc. DST Systems Inc. Dun & Bradstreet Corp. Envestnet, Inc. Equifax Inc. Experian plc FactSet Research Systems Inc. Fair Isaac Corporation Fidelity National Information Services, Inc. Financial Engines, Inc. McGraw Hill Financial, Inc. Moody's Corporation Morningstar Inc. MSCI Inc. Reis, Inc. SEI Investments Co. Thomson Reuters Corporation The Nasdaq OMX Group, Inc. Verisk Analytics, Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            5,047.4 

Revenue  $        2,480.2 

EBITDA  $                     492.8 

  United States   Australia

$39.49

‐2%

Value  $            4,706.5 

10.14

‐2%

               5,642.7 

               6,882.4 

            2,015.7 

  United States * United States

35.15

‐3%

               3,294.3 

               3,941.7 

            1,640.1 

184.08

‐2%

               5,293.4 

               5,228.0 

90.18

‐2%

               3,802.9 

               4,256.0 

121.95

‐2%

               4,653.6 

               5,900.5 

40.36

‐2%

               1,364.2 

               1,327.5 

68.90

‐1%

               8,384.1 

  United States   United States * United States   United States   Ireland   United States

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA 10.2x

19.9%

6.8%

2.0x

                        379.4 

18.8%

11.8%

3.4x

18.1x

                        370.4 

22.6%

9.1%

2.4x

10.6x

               425.4 

                          83.0 

19.5%

34.6%

12.3x

63.0x

            2,649.9 

                        409.5 

15.5%

4.3%

1.6x

10.4x

            1,641.6 

                        462.0 

28.1%

‐3.4%

3.6x

12.8x

               212.5 

                          24.5 

11.5%

48.2%

6.2x

54.2x

               9,715.8 

            2,346.7 

                        743.5 

31.7%

14.5%

4.1x

13.1x

18.20

‐14%

             18,208.3 

             21,570.2 

            4,784.0 

                     1,635.0 

34.2%

3.5%

4.5x

13.2x

108.47

‐9%

               4,664.2 

               4,476.4 

               870.0 

                        327.0 

37.6%

6.0%

5.1x

13.7x

  United States   United States

61.59

‐3%

               2,129.0 

               2,515.8 

               743.4 

                        198.3 

26.7%

9.9%

3.4x

12.7x

53.15

‐1%

             15,473.7 

             19,644.4 

            5,992.3 

                     1,529.1 

25.5%

3.9%

3.3x

12.8x

* United States   United States

68.41

‐4%

               3,448.5 

               3,216.5 

               225.1 

                          46.1 

20.5%

28.4%

14.3x

69.8x 12.0x

77.54

‐2%

             20,997.8 

             21,067.8 

            4,851.0 

                     1,749.0 

36.1%

97.8%

4.3x

  United States   United States

77.83

‐2%

             16,741.2 

             16,887.0 

            2,947.5 

                     1,297.2 

44.0%

15.9%

5.7x

13.0x

78.39

‐9%

               3,602.3 

               3,262.0 

               688.4 

                        213.4 

31.0%

6.5%

4.7x

15.3x

  United States   United States

43.17

‐5%

               5,111.5 

               5,635.2 

            1,015.1 

                        455.6 

44.9%

9.2%

5.6x

12.4x

18.88

‐4%

                  205.9 

                  195.7 

                 34.1 

                             7.0 

20.6%

15.1%

5.7x

27.9x

  United States   United States

34.64

‐1%

               5,909.9 

               5,382.6 

            1,088.7 

                        259.2 

23.8%

13.8%

4.9x

20.8x

37.67

‐2%

             30,903.0 

             37,414.2 

         12,934.0 

                     2,877.0 

22.2%

‐3.1%

2.9x

13.0x

  United States   United States

39.78

‐2%

               6,666.2 

               8,997.2 

            3,116.0 

                        899.0 

28.9%

‐2.6%

2.9x

10.0x

65.13

‐6%

             10,956.9 

             12,082.9 

            1,679.0 

                        748.4 

44.6%

14.2%

7.2x

16.1x

Adjusted Weighted Average

4.1x

13.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.3x)  ($ in Millions, except stock price data) Marketing Information Company Name Acxiom Corporation Alliance Data Systems Corporation Brainjuicer Group Plc Cello Group Plc Cision AB comScore, Inc. Cross Marketing Inc. Ebiquity plc GfK SE Harris Interactive Inc.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $            2,750.2 

Revenue  $        1,092.7 

EBITDA  $                     190.3 

$36.25

‐6%

Value  $            2,723.0 

263.70

‐1%

             12,845.6 

             21,037.3 

            4,149.8 

  United Kingdom   United Kingdom

5.45

‐4%

                     68.5 

                     59.5 

1.22

‐3%

                  100.8 

  Sweden * United States

5.37

‐41%

28.58

  United States * United States

  Japan   United Kingdom   Germany

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

17.4%

‐2.2%

2.5x

14.5x

                     1,243.8 

30.0%

18.0%

5.1x

16.9x

                 32.2 

                             3.9 

12.1%

‐3.6%

1.8x

15.2x

                  119.5 

               219.0 

                          12.6 

5.8%

11.9%

0.5x

9.5x

                     79.7 

                  120.2 

               135.8 

                         (32.0)

NM

‐8.9%

0.9x

‐4%

               1,020.0 

                  959.0 

               278.7 

                          23.7 

8.5%

11.7%

3.4x

40.5x 6.0x

NM 

9.82

‐36%

                     58.2 

                     53.6 

                 59.0 

                             8.9 

15.1%

9.8%

0.9x

1.98

‐4%

                  137.9 

                  164.5 

                 99.7 

                          17.6 

17.7%

21.0%

1.7x

9.3x

56.83

‐9%

               2,074.5 

               2,657.7 

            2,040.8 

                        262.2 

12.8%

2.4%

1.3x

10.1x 8.5x

  United States   United States

1.99

‐9%

                  116.0 

                  100.1 

               139.7 

                          11.8 

8.4%

‐2.1%

0.7x

Harte‐Hanks Inc.

7.85

‐22%

                  491.0 

                  515.3 

               751.9 

                          79.9 

10.6%

23.5%

0.7x

6.4x

InnerWorkings Inc.

  United States

7.91

‐50%

                  405.5 

                  477.8 

               855.8 

                          22.9 

2.7%

11.9%

0.6x

20.8x

36 | M&A and Investment Summary December 2013

Information Services  Public Company Valuation ($ in Millions, except stock price data) Marketing Information (Contd.) Company Name

Headquarters

Intage Holdings Inc. Ipsos SA Macromill, Inc.

  Japan   France

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value                   238.3 

Revenue                410.5 

EBITDA                           49.2 

               2,877.4 

            2,283.2 

12.49

‐6%

Value                   251.3 

44.01

‐3%

               1,993.9 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

12.0%

5.4%

0.6x

4.8x

                        261.2 

11.4%

7.0%

1.3x

11.0x 9.4x

  Japan   United States   Netherlands

7.48

‐12%

                  472.6 

                  415.7 

               177.7 

                          44.2 

24.8%

16.2%

2.3x

49.25

‐14%

               3,084.0 

               3,350.3 

               878.6 

                        369.0 

42.0%

11.0%

3.8x

9.1x

45.35

‐2%

             17,128.0 

             23,332.0 

            5,716.0 

                     1,607.0 

28.1%

6.6%

4.1x

14.5x

4.83

‐13%

                     35.4 

                     27.7 

                 21.9 

                           (1.3)

NM

‐0.3%

1.3x

21.65

‐4%

             17,501.4 

             20,998.2 

            7,842.5 

                     1,337.5 

17.1%

13.6%

2.7x

15.7x

Rentrak Corporation

  United States   United Kingdom * United States

37.12

‐9%

                  444.5 

                  422.0 

               111.8 

                          15.9 

14.3%

20.8%

3.8x

26.5x

YouGov PLC

  United Kingdom

1.48

‐8%

                  144.4 

                  133.5 

                 95.0 

                             6.8 

7.2%

7.6%

1.4x

19.6x

NeuStar, Inc. Nielsen Holdings N.V. Onvia Inc. Pearson plc

Adjusted Weighted Average

NM 

3.1x

14.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.6x)  Other Information Company Name

Headquarters

Centaur Media plc Corporate Executive Board Co. Forrester Research Inc. Gartner Inc. IHS Inc. Informa plc National Research Corp. NIC Inc. Premier, Inc. Proofpoint, Inc. (1)

Reed Elsevier plc Solera Holdings Inc.

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $               169.9 

Revenue  $            109.4 

EBITDA  $                       14.6 

               3,043.5 

               790.3 

                        175.6 

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples 

  United Kingdom   United States

$0.98

‐4%

Value  $               138.0 

77.44

‐1%

               2,602.8 

  United States   United States

37.91

‐8%

                  748.8 

                  591.2 

               295.2 

                          38.8 

13.1%

0.9%

2.0x

15.2x

69.74

‐2%

               6,428.5 

               6,266.2 

            1,738.3 

                        293.4 

16.9%

10.8%

3.6x

21.4x

* United States   Switzerland

116.56

‐4%

               7,831.4 

               9,870.2 

            1,695.3 

                        367.0 

21.6%

14.1%

5.8x

26.9x

9.21

‐3%

               5,564.4 

               7,080.9 

            1,879.5 

                        568.9 

30.3%

2.8%

3.8x

12.4x

  United States   United States   United States * United States   United Kingdom

EV/Rev

EV/EBITDA

13.3%

9.8%

1.6x

11.6x

22.2%

40.9%

3.9x

17.3x

34.69

‐25%

                  497.4 

                  489.6 

                 91.7 

                          28.4 

31.0%

9.7%

5.3x

17.2x

23.50

‐10%

               1,527.3 

               1,436.4 

               245.7 

                          59.5 

24.2%

23.5%

5.8x

24.2x 3.5x

36.55

‐5%

               1,183.3 

               1,147.7 

               806.3 

                        328.9 

40.8%

0.0%

1.4x

34.18

‐2%

               1,227.3 

               1,158.5 

               125.7 

                         (16.2)

NM

25.3%

9.2x

14.77

‐1%

             32,023.3 

             38,962.8 

            9,944.2 

                     3,154.3 

31.7%

6.6%

3.9x

NM  12.4x

  United States   Ireland * United States

70.34

‐1%

               4,843.6 

               5,580.9 

               860.4 

                        341.8 

39.7%

9.3%

6.5x

16.3x

3.88

‐7%

                  373.6 

                  428.3 

                 88.8 

                          26.9 

30.3%

‐5.2%

4.8x

15.9x

6.92

‐3%

                  219.5 

                  177.4 

                 90.1 

                             6.0 

6.6%

‐13.0%

2.0x

29.8x

61.69

‐13%

               2,223.5 

               2,145.6 

               487.5 

                          62.7 

12.9%

17.8%

4.4x

34.2x

UBM plc

* United States   United Kingdom

10.90

‐17%

               2,645.7 

               3,474.0 

            1,203.3 

                        278.6 

23.2%

12.2%

2.9x

12.5x

Wolters Kluwer NV

  Netherlands

28.13

‐2%

               8,313.8 

             11,416.9 

            4,692.9 

                     1,176.5 

25.1%

4.0%

2.4x

Tarsus Group plc TechTarget, Inc. The Advisory Board Company

Adjusted Weighted Average (1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.5x) 

37 | M&A and Investment Summary December 2013

4.0x

9.7x 13.6x

Business Services  Public Company Valuation ($ in Millions, except stock price data) Consulting Company Name CRA International Inc. FTI Consulting, Inc. Information Services Group, Inc. Navigant Consulting Inc. ICF International Inc. Huron Consulting Group Inc. The Hackett Group, Inc. Towers Watson & Co.

Headquarters

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value                   188.8 

Revenue                270.3 

EBITDA                       25.9 

               2,148.8 

            1,635.8 

                    265.8 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples 

9.6%

‐2.7%

0.7x

7.3x

16.2%

4.3%

1.3x

8.1x 10.2x

  United States   United States

20.15

‐13%

Value                   204.8 

40.05

‐14%

               1,579.7 

  United States   United States

4.04

‐13%

                  149.8 

                  185.5 

               207.1 

                      18.2 

8.8%

10.2%

0.9x

18.75

‐5%

                  927.6 

               1,034.5 

               767.2 

                    129.3 

16.9%

9.0%

1.3x

8.0x

34.89

‐4%

                  694.0 

                  752.1 

               951.5 

                      88.2 

9.3%

3.5%

0.8x

8.5x

61.20

‐6%

               1,285.5 

               1,430.6 

               689.9 

                    132.4 

19.2%

13.4%

2.1x

10.8x

6.20

‐17%

                  190.3 

                  190.4 

               212.1 

                      19.8 

9.3%

6.2%

0.9x

9.6x

127.48

‐1%

               9,043.0 

               8,909.8 

            3,613.5 

                    656.4 

18.2%

6.3%

2.5x

13.6x

  United States   United States   United States * United States

Adjusted Weighted Average

EV/EBITDA

2.1x

9.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.9x)  HR Services Company Name Automatic Data Processing, Inc. Barrett Business Services Inc. Capita plc Dice Holdings, Inc. Edenred SA Insperity, Inc. LinkedIn Corporation Marsh & McLennan Companies, Inc. Monster Worldwide, Inc. Paychex, Inc. Professional Diversity Network LLC Towers Watson & Co. WageWorks, Inc.

Headquarters   United States   United States

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value              40,110.2 

Revenue          11,512.2 

EBITDA                  2,411.7 

80.73

‐4%

Value              38,865.4 

93.82

‐4%

                  672.2 

                  635.5 

               502.0 

                      28.0 

LTM Margin

LTM

EBITDA

Rev Growth

EV/Rev

LTM Multiples 

20.9%

7.2%

3.5x

16.6x

5.6%

34.3%

1.3x

22.7x 16.3x

EV/EBITDA

  United Kingdom   United States

17.06

‐2%

             11,202.3 

             13,769.6 

            5,415.8 

                    843.8 

15.6%

13.6%

2.5x

7.34

‐30%

                  413.5 

                  428.8 

               207.8 

                      64.8 

31.2%

9.4%

2.1x

6.6x

  France   United States

33.05

‐10%

               7,466.4 

               8,225.8 

            1,292.2 

                    410.8 

31.8%

4.9%

6.4x

20.0x

36.09

‐9%

                  922.8 

                  713.6 

            2,231.4 

                      87.2 

3.9%

5.2%

0.3x

8.2x

* United States   United States

207.42

‐19%

             24,766.9 

             22,494.7 

            1,384.9 

                    168.0 

12.1%

65.6%

16.2x

133.9x

47.85

‐1%

             26,258.9 

             27,365.9 

         12,148.0 

                 2,355.0 

19.4%

2.7%

2.3x

11.6x

  United States   United States

7.02

‐4%

                  736.2 

                  838.2 

               820.1 

                    126.0 

15.4%

‐10.0%

1.0x

6.7x

45.22

‐2%

             16,469.7 

             16,006.3 

            2,397.0 

                 1,040.8 

43.4%

5.7%

6.7x

15.4x

  United States   United States   United States

4.72

‐42%

                     29.8 

                     10.0 

                    4.3 

                       (0.7)

NM

‐30.1%

2.3x

127.48

‐1%

               9,043.0 

               8,909.8 

            3,613.5 

                    656.4 

18.2%

6.3%

2.5x

13.6x

60.18

‐4%

               2,081.9 

               1,802.2 

               210.9 

                      45.2 

21.4%

28.1%

8.5x

39.9x

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.1x) 

38 | M&A and Investment Summary December 2013

3.7x

NM 

15.5x

Business Services  Public Company Valuation Outsourced Services  Company Name AMREP Corporation Cenveo Inc. Communisis plc Consolidated Graphics, Inc. Contax Participacoes S.A. Convergys Corporation Elanders AB Eniro AB Exlservice Holdings, Inc. Firstsource Solutions Limited Genpact Ltd. InnerWorkings Inc. Innotrac Corp. Luxoft Holding, Inc. MAXIMUS, Inc. Quad/Graphics, Inc. Quintiles Transnational Holdings Inc. R.R. Donnelley & Sons Company Salmat Ltd. Serco Group plc St Ives plc StarTek, Inc. Sykes Enterprises, Incorporated Teleperformance TeleTech Holdings Inc. Trans Cosmos, Inc.

Headquarters * United States   United States

Stock Price 01/05/14

Chg % From 52WK High

Equity

Ent.

LTM

Value  $                 51.5 

Revenue  $              85.3 

EBITDA  $                         0.2 

$7.42

‐48%

Value  $                 53.4 

3.39

‐5%

                  224.3 

               1,403.8 

            1,764.9 

0.98

‐14%

                  189.4 

                  210.6 

66.70

‐3%

                  646.2 

1.51

‐38%

21.02

LTM Margin

LTM

EBITDA

Rev Growth

LTM Multiples  EV/Rev

EV/EBITDA

0.2%

4.9%

0.6x

254.9x

                        169.3 

9.6%

‐1.2%

0.8x

8.3x

               362.4 

                          30.7 

8.5%

6.9%

0.6x

6.9x

                  727.7 

            1,039.1 

                        117.5 

11.3%

0.3%

0.7x

6.2x

                  621.2 

                  955.6 

            1,628.3 

                        171.3 

10.5%

4.3%

0.6x

5.6x

‐2%

               2,138.0 

               1,546.7 

            2,027.6 

                        229.8 

11.3%

1.5%

0.8x

6.7x

3.88

‐6%

                     88.2 

                  214.7 

               315.4 

                          33.9 

10.8%

4.7%

0.7x

6.3x

7.53

‐2%

                  754.8 

               1,164.4 

               580.2 

                        144.6 

24.9%

‐9.1%

2.0x

8.1x

  United States   India   Bermuda

26.91

‐18%

                  886.3 

                  750.4 

               472.0 

                          86.2 

18.3%

10.3%

1.6x

8.7x

0.36

‐5%

                  236.5 

                  381.3 

               468.3 

                          52.9 

11.3%

11.9%

0.8x

7.2x

17.92

‐16%

               4,124.9 

               4,291.0 

            2,081.2 

                        385.0 

18.5%

13.3%

2.1x

11.1x

* United States   United States

7.91

‐50%

                  405.5 

                  477.8 

               855.8 

                          22.9 

2.7%

11.9%

0.6x

20.8x

  United Kingdom   United States   Brazil   United States   Sweden   Sweden

8.18

‐5%

                  108.3 

                  106.7 

               123.2 

                             8.9 

7.3%

25.2%

0.9x

11.9x

* British Virgin Islands   United States

37.79

‐4%

               1,237.9 

               1,231.1 

               350.9 

                          63.8 

18.2%

0.0%

3.5x

19.3x

42.55

‐16%

               2,916.3 

               2,792.2 

            1,331.3 

                        219.4 

16.5%

26.8%

2.1x

12.7x

  United States   United States

26.14

‐29%

               1,255.7 

               2,791.0 

            4,576.8 

                        551.5 

12.0%

9.5%

0.6x

5.1x

46.29

‐3%

               5,968.1 

               7,431.7 

            3,750.2 

                        524.1 

14.0%

0.0%

2.0x

14.2x

  United States   Australia

19.76

‐5%

               3,591.4 

               6,662.1 

         10,384.6 

                     1,125.9 

10.8%

1.0%

0.6x

5.9x

1.91

‐23%

                  302.7 

                  222.7 

               428.0 

                          35.0 

8.2%

‐7.9%

0.5x

6.4x

8.27

‐27%

               4,041.9 

               5,285.4 

            7,783.0 

                        598.2 

7.7%

18.9%

0.7x

8.8x

2.85

‐10%

                  341.8 

                  366.0 

               493.8 

                          50.7 

10.3%

‐2.1%

0.7x

7.2x

  United Kingdom   United Kingdom   United States   United States   France   United States

6.62

‐9%

                  101.2 

                     95.2 

               223.0 

                             9.0 

4.0%

14.9%

0.4x

10.5x

21.34

‐8%

                  913.0 

                  821.3 

            1,232.4 

                        110.3 

8.9%

12.1%

0.7x

7.4x

61.25

0%

               3,432.1 

               3,338.9 

            3,140.5 

                        395.4 

12.6%

10.2%

1.1x

8.4x

23.89

‐12%

               1,204.6 

               1,188.9 

            1,170.3 

                        145.7 

12.5%

0.2%

1.0x

8.2x

  Japan   Luxembourg

19.26

0%

                  792.3 

                  587.7 

            1,786.3 

                        110.2 

6.2%

7.7%

0.3x

5.3x

0.19

‐7%

                  235.0 

                  301.4 

               887.7 

                          28.4 

3.2%

12.0%

0.3x

10.6x

Transcontinental Inc.

  Canada

13.51

‐17%

               1,052.4 

               1,442.2 

            2,022.9 

                        359.5 

17.8%

‐0.1%

0.7x

4.0x

Vistaprint N.V.

54.97

‐6%

               1,818.2 

               2,023.5 

            1,191.2 

                        115.2 

9.7%

12.4%

1.7x

17.6x

West Corporation

* Netherlands   United States

25.65

‐23%

               2,144.7 

               5,483.2 

            2,678.5 

                        661.8 

24.7%

3.7%

2.0x

8.3x

Xchanging PLC

  United Kingdom

2.63

‐3%

                  635.5 

                  529.9 

            1,053.1 

                        112.9 

10.7%

6.3%

0.5x

4.7x

Transcom WorldWide SA

Adjusted Weighted Average *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.5x) 

39 | M&A and Investment Summary December 2013

1.7x

4.7x

PPLLC Indices  Valuation Summary Public Company Index Digital Media/Commerce

MEAN 5.0x

Revenue Multiples MEDIAN W. AVG 2.5x 9.4x

ADJ. W. AVG* 7.4x

Digital Advertising Marketing Technology Agency

4.8x 5.8x 1.2x

2.9x 4.1x 1.2x

6.5x 4.4x 1.7x

6.1x 4.1x 1.7x

Marketing Services Traditional Media Technology

1.5x 2.9x

1.3x 2.4x

2.9x 3.4x

2.0x 3.1x

3.8x 2.5x 7.0x

2.3x 1.7x 4.7x

3.8x 2.7x 5.7x

3.7x 2.5x 4.9x

3.8x 1.5x

3.6x 0.8x

4.4x 3.2x

4.1x 2.1x

EBITDA Multiples MEDIAN W. AVG 17.3x 31.4x 23.0x 23.1x

ADJ. W. AVG* 22.8x 21.5x

Communications Software Information Business Services

Public Company Index Digital Media/Commerce Digital Advertising

MEAN 26.4x 34.0x

Marketing Technology Agency Marketing Services

39.9x 12.7x 16.6x

19.1x 10.5x 9.2x

12.8x 12.2x 12.2x

12.7x 12.0x 12.3x

Traditional Media Technology Communications

10.8x 17.4x 50.2x

10.3x 12.0x 13.8x

11.4x 11.6x 16.6x

11.0x 11.7x 11.8x

Software Information Business Services

30.8x 18.0x 13.4x

17.8x 13.4x 10.2x

17.1x 16.2x 20.5x

12.5x 14.2x 12.8x

As of close of business on 01/05/14 *Calculation is market cap weighted and excludes revenue multiples that are 3 standard  deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean 40 | M&A and Investment Summary December 2013

PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media

 155  140

Digital Advertising LTM Index Performance

 170

LTM Index Performance

• S&P 500 –  31.1%

 155

• S&P 500 –  31.1%

 125

• Digital Media/              Commerce –  64.6%

 110

• Traditional Media –  50.2%

Index Performance (%)

Index Performance (%)

 170

 95  80 Dec‐12

Feb‐13 S&P 500

Apr‐13

Jun‐13

Aug‐13

Digital Media/Commerce

Oct‐13

 140

• Digital Advertising –  69.6%  125  110  95  80 Dec‐12

Dec‐13

Feb‐13

Marketing Technology

Aug‐13

Oct‐13

Dec‐13

Digital Advertising

Agency & Marketing Services LTM Index Performance

 120

• S&P 500 –  31.1%

 110

• Marketing Technology –  12.8%

LTM Index Performance  155

 100  90

Feb‐13

Apr‐13 S&P 500

Jun‐13

Aug‐13

Oct‐13

Dec‐13

Index Performance (%)

Index Performance (%)

Jun‐13

S&P 500

Traditional Media

 130

 80 Dec‐12

Apr‐13

• S&P 500 –  31.1%

 140

• Agency –  61.1%

 125

• Marketing Services –  47.4%

 110  95  80 Dec‐12

Feb‐13

Apr‐13

Jun‐13

Aug‐13

Oct‐13

Marketing Technology

S&P 500

Note: LTM as of  12/31/13 41 | M&A and Investment Summary December 2013

Agency

Marketing Services

Dec‐13

PPLLC Indices LTM Share Pricing Trends

Technology

Communications

• S&P 500 –  31.1%

 120

• Technology –  31.9%

 110  100  90  80 Dec‐12

 140

LTM Index Performance

Feb‐13

Apr‐13 S&P 500

Jun‐13

Aug‐13

Index Performance (%)

Index Performance (%)

 130

• Communications –  28.0%

 110  100  90

Feb‐13

Apr‐13

Jun‐13

S&P 500

Technology

Software

Aug‐13

Oct‐13

Communications

Information & Business Services

 130

LTM Index Performance

 140

LTM Index Performance

 120

• S&P 500 –  31.1%

 130

• S&P 500 –  31.1%

 110

• Software –  23.1%

 120

• Information –  43.3%

 110

• Business Services –  42.3%

 100  90  80 Dec‐12

Feb‐13

Apr‐13 S&P 500

Jun‐13

Aug‐13 Software

Note: LTM as of  12/31/13 42 | M&A and Investment Summary December 2013

Oct‐13

Index Performance (%)

Index Performance (%)

• S&P 500 –  31.1%

 120

 80 Dec‐12

Oct‐13

LTM Index Performance

 130

 100  90 Dec‐12

Feb‐13 S&P 500

Apr‐13

Jun‐13

Information

Aug‐13

Oct‐13

Business Services

All Segments ($ in Millions)

Strategic Transactions Target

Target Segment

Buyer/Investor

Reported TV 

Strategic Values Disclosed IMG Worl dwi de, Inc. Va l a s s i s  Communica tions , Inc. Di gi ta l  Ins i ght Corpora tion Res pons ys , Inc. Dea l er.com, Inc. Newma rket Interna ti ona l , Inc. KTVK‐TV, KASW‐TV, KMOV‐TV GLM Shows ForeSee Res ul ts , Inc. Tops y La bs , Inc. The Sta yz Group Net Optics , Inc. Gra cenote, Inc. Thi ngWorx eHi AutoServi ces Ha rt Sys tems , Inc. Amba  Inves tment Servi ces  Li mi ted Rhythm NewMedia , Inc. WANDL, Inc. QUMAS, Li mi ted Docs toc, Inc. Lemon, Inc. Nexs ta r Broa dca s ti ng Group, Inc. News y.com, Inc. PW Litera ture Storyful Sma rtID Ins i ghtera Compuda ta  AG Si gna lDema nd, Inc. Si ri us wa re, Inc. Cl icka bi l i ty, Inc. QuickCue, LLC Strutta  Medi a , Inc. KEVN‐TV Geopl a n Interworks  K.K. Bul l s Eye Ma rketi ng Sys tems , LLC Quick Think Medi a  Ltd.

43 | M&A and Investment Summary December 2013

Agency & Ma rketi ng Servi ces Tra di tiona l  Media Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Adverti s i ng Softwa re Tra di tiona l  Media Tra di tiona l  Media Ma rketing Technol ogy Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Ma rketing Technol ogy Softwa re Di gi ta l  Adverti s i ng Softwa re Informa ti on & Bus i nes s  Services Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Softwa re Informa ti on & Bus i nes s  Services Technol ogy & Communi ca ti ons Tra di tiona l  Media Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Ma rketing Technol ogy Softwa re Ma rketing Technol ogy Technol ogy & Communi ca ti ons Ma rketing Technol ogy Ma rketing Technol ogy Agency & Ma rketi ng Servi ces Tra di tiona l  Media Softwa re Agency & Ma rketi ng Servi ces Di gi ta l  Adverti s i ng

Wi ll i a m Morri s  Endea vor Enterta inment, LLC Ha rl a nd Cl a rke Corp. NCR Corpora tion Ora cl e Corpora ti on Dea l ertra ck Technol ogi es , Inc. Ama deus  IT Hol di ng Meredith Corpora ti on Emera l d Expos i ti ons , Inc. Ans wers  Corpora ti on Appl e Inc. HomeAwa y.com, Inc. Ixi a Tribune Compa ny PTC Ctri p.com Interna ti ona l  Ltd Zebra  Technol ogi es  Corpora ti on Moody's  Corpora ti on bl i nkx, Inc. Juni per Networks , Inc. Accel rys  Softwa re, Inc. Intui t, Inc. LifeLock, Inc. Gra y Televi s i on Group, Inc. The E.W. Scri pps  Compa ny Ba i du, Inc. News  Corpora ti on, Inc. SuperCom Ma rketo, Inc. The Des ca rtes  Sys tems  Group, Inc. PROS Holdi ngs a cces s o Techol ogy Group, pl c Upla nd Softwa re OpenTa bl e.com, Inc. LX Ventures , Inc. Gra y Televi s i on Group, Inc. Ubis ens e Group pl c BOC Pa rtners , Inc. Ga ming Rea l ms  PLC

$              2,300.0                1,800.0                1,650.0                1,500.0                1,000.0                   500.0                   408.0                   335.0                   200.0                   200.0                   198.0                   190.0                   170.0                   130.0                   100.0                     94.0                     85.0                     65.0                     60.0                     50.0                     50.0                     42.6                     37.5                     35.0                     32.0                     25.0                     22.5                     20.0                     17.9                     13.5                     12.9                     12.7                     11.5                       9.6                       7.7                       4.1                       4.0                       3.0

All Segments ($ in Millions)

Strategic Transactions Target

Target Segment

Buyer/Investor

Reported TV 

Strategic Undisclosed 20:20 Mobi l e Group Li mited AppHero, Inc. Apptera , Inc. As pera , Inc. Boomera ng C3 Cons ul ting Ca rrot Crea ti ve Cl a ri ti cs Cl oudmeter, Inc. Col l a boRATE, Inc. Competence Ca l l  Center AG Crys ta l  Sema nti cs  Ltd. CyberCoders , Inc. Di s tri buti on Service Technol ogi es , Inc. Docview, Deep Ri ver eBuddy EdgeCa s t Networks , Inc. EM Softwa re & Sys tems  – S.A. (Pty) Ltd Enca ptis  Bus i nes s  Sol uti ons Entota  Li mi ted Entrus t, Inc. eRei ns ure.com, Inc. eSoft, Inc. Evenly Fa nSna p, Inc. Fi s hEye Ana l yti cs Fra nkel  Group As s oci a tes  LLC Ful l Quota GoPa go, Inc. GoPa go, Inc. Hea l th Guru Medi a , Inc. Homeca re Homeba s e, LLC HRN Servi ces , Inc. HYTEC Gera teba u GmbH Idea ca Knowl edge Servi ces  Li mi ted Ima gi ne Communi ca ti ons , Inc. Ins i eme Networks , Inc. Ji l i on SA KDAY 93.5 FM Ki mmich Softwa re Sys tems , Inc.

44 | M&A and Investment Summary December 2013

Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Di gi ta l  Medi a /Commerce Informa ti on & Bus i nes s  Services Agency & Ma rketi ng Servi ces Ma rketing Technol ogy Technol ogy & Communi ca ti ons Softwa re Ma rketing Technol ogy Di gi ta l  Adverti s i ng Informa ti on & Bus i nes s  Services Softwa re Informa ti on & Bus i nes s  Services Technol ogy & Communi ca ti ons Ma rketing Technol ogy Softwa re Softwa re Informa ti on & Bus i nes s  Services Softwa re Softwa re Softwa re Technol ogy & Communi ca ti ons Di gi ta l  Adverti s i ng Informa ti on & Bus i nes s  Services Informa ti on & Bus i nes s  Services Agency & Ma rketi ng Servi ces Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Softwa re Informa ti on & Bus i nes s  Services Technol ogy & Communi ca ti ons Informa ti on & Bus i nes s  Services Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Di gi ta l  Adverti s i ng Tra di tiona l  Media Informa ti on & Bus i nes s  Services

Bri ghts ta r Corpora ti on Fus e Powered, Inc. Sol eo Communica tions , Inc. Interna ti ona l  Bus ines s  Ma chi nes  Corpora ti on Groupon, Inc. Trimbl e Na viga tion Li mited Vi ce Media Sys tems  i n Moti on, Inc. Spl unk, Inc. Hi reVue, Inc. Si lverfl eet Ca pi ta l 24/7 Media On As s i gnment, Inc. Sol era  Hol di ngs , Inc. Appris s  Inc. Booki ng.com B.V. Veri zon Di gi ta l  Medi a  Servi ces , Inc. Al ta i r Engi neering, Inc. Vi s i on33, Inc. Ba ckOffi ce As s ocia tes , LLC Da ta ca rd Group AmWINS Group, Inc. Unta ngl e, Inc. Squa re, Inc. Sea tGeek Ka nta r Medi a Huron Cons ul ti ng Group, Inc. Squa re 2 Ma rketi ng Ama zon.com, Inc. Doubl eBea m, Inc. Ki ta ra Medi a , Inc. Hea rs t Communica tions , Inc. Accounta bl e Hea l thca re Hol di ngs  Corpora ti on KEYMILE GmbH Hi ta chi, Ltd. Ha rri s  Broa dca s t Communi ca ti ons Ci s co Sys tems , Inc. Da il yMoti on Meruelo Medi a Vi s troni x, Inc.

                        ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐

All Segments ($ in Millions)

Strategic Transactions Target

Target Segment

Buyer/Investor

Reported TV 

Strategic Undisclosed KLMK Group KXLJ, KTNL, KUBD Link Ana lyti cs  LLC Littl e Eye Softwa re La bs  Ptv Ltd. Loa nSi fter, Inc. Luci erna , Inc. Ma trix Sol uti ons Mus i quePl us , Mus i Ma x Nea rbuy Sys tems NetTemps .com Norma n Sha rk PHD Vi rtua l  Technol ogi es , Inc. Prol exi c Technol ogi es Ptch Pul s ePoi nt Group, LLC Quik.i o Ra pLea f Rea dySta tus Sha ‐Sha  Enterta inment SportStrea m Sta ckMob, Inc. Sta rs hi p Enterta i nment Corpora ti on Synergi ze TourSphere Upturn Sol uti ons , Inc. Veri l ogue, LLC Vora n Tecnol ogi a We Are Soci a l Ltd. Wel l nes s FX WetPa i nt, Inc. Whi ta ker Medi ca l , LLC Yowza !! Zoomedi a , Inc.

45 | M&A and Investment Summary December 2013

Informa ti on & Bus i nes s  Services Tra di tiona l  Media Ma rketing Technol ogy Softwa re Softwa re Softwa re Ma rketing Technol ogy Tra di tiona l  Media Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Softwa re Technol ogy & Communi ca ti ons Softwa re Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Ma rketing Technol ogy Ma rketing Technol ogy Technol ogy & Communi ca ti ons Di gi ta l  Adverti s i ng Di gi ta l  Medi a /Commerce Softwa re Tra di tiona l  Media Agency & Ma rketi ng Servi ces Informa ti on & Bus i nes s  Services Softwa re Informa ti on & Bus i nes s  Services Softwa re Agency & Ma rketi ng Servi ces Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce Agency & Ma rketi ng Servi ces

CBRE Group Dena l i  Medi a  Hol di ngs KPMG LLP Fa cebook Opti ma l Bl ue LLC Sma rtBea r Softwa re Fa ctSet Res ea rch Sys tems , Inc. V Medi a  Group Reta il MeNot, Inc. Jobs InLogi s ti cs .com Bl ue Coa t Sys tems , Inc. Unitrends , Inc. Aka ma i  Technol ogi es , Inc. Ya hoo!, Inc. Ol s on Ya hoo!, Inc. TowerDa ta , Inc. Dyn, Inc. Tel l y, Inc. Fa cebook Pa yPa l , Inc. LOEN Enterta i nment, Inc. Publi ci s  Groupe S.A. OnCel l Dema ti c GmbH Publi ci s  Hea l thca re Communi ca ti ons  Group Genes ys  Tel ecommuni ca ti ons  La bora tories , Inc. Bl ueFocus  Communica tion Group Co., Ltd. Hea l th El ements , LLC Vi ggl e, Inc. On As s i gnment, Inc. Spi ndl e, Inc. Ha rri s  D. McKinney, Inc.

                         ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐                          ‐

All Segments ($ in Millions)

Buyout Transactions Target

Target Segment

Buyer/Investor

Reported TV 

Buyout Deals Values Disclosed Mergerma rket, LLC Ma cromi l l, Inc.

Di gi ta l  Medi a /Commerce Informa ti on & Bus i nes s  Services

BC Pa rtners  Li mi ted Ba i n Ca pi ta l , LLC

$                 625.7                   501.0

Criti ca l  Pa th, Inc. Vera ma rk Technol ogi es , Pi nna cl e, Movero Zywa ve, Inc. Unigues t, Inc. Newgis ti cs , Inc. Moni tr Certa ra , L.P ACA Compl i a nce Group Na ylor, LLC Encore Ti ckets  Ltd.

Technol ogy & Communi ca ti ons Softwa re Softwa re Ma rketing Technol ogy Ma rketing Technol ogy Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Informa ti on & Bus i nes s  Services Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce

Ma rl in Equi ty Pa rtners Cl ea rl a ke Ca pi ta l  Group Aurora  Ca pi ta l  Group Atl a nti c Street Ca pi ta l  Ma na gement, LLC Littl eJohn & Co. LLC Spectra l Ca pi ta l  Corpora onSpectra l Ca pi ta l  Corp Ars ena l  Ca pita l  Pa rtners , Inc. New Mounta i n Ca pi ta l , LLC RLJ Equi ty Pa rtners ECI Pa rtners

                        ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐

Buyout Deals Undisclosed

46 | M&A and Investment Summary December 2013

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target

Target Segment

Buyer/Investor

Reported TV 

VC/Growth Capital Values Disclosed Ans wers  Corpora ti on Box, Inc. Shopi fy Wa rby Pa rker Pa l a nti r Technol ogies Knewton, Inc. Sna pcha t, Inc. Fl ipboa rd, Inc. Gl a s s door.com, Inc. Ooya l a , Inc. Da ta Si ft Ta l end Rea l  Ma tters  Corpora ti on Vi a medi a , Inc. Homejoy, Inc. FourSqua re La bs , Inc. Meta Pa ck Li mi ted Chef JAMF Softwa re, LLC Al i enVa ul t, Inc. TrueCa r, Inc. Egnyte, Inc. Moovi t Coi nba s e, Inc. Si mul medi a , Inc. Dea l erRa ter.com, LLC Crowdti lt, Inc. Cya nogenMod LLC Moda  Opera ndi, Inc. Pl a i n Va ni ll a  Corpora ti on WyzAnt, Inc. Obs erveIT, Inc. Sa i l thru, Inc. TubeMogul Gumi Co., Ltd. Ra i s e Ma rketpl a ce, Inc. Si mpl i.fi  Hol di ngs  Inc. Invi ncea , Inc. Pra cti ce Fus i on Trini ty Pha rma Sol uti ons

47 | M&A and Investment Summary December 2013

Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Informa ti on & Bus i nes s  Services Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Agency & Ma rketi ng Servi ces Di gi ta l  Adverti s i ng Di gi ta l  Medi a /Commerce Softwa re Softwa re Technol ogy & Communi ca ti ons Softwa re Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Adverti s i ng Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Softwa re Softwa re Ma rketing Technol ogy

Summi t Pa rtners  LP Mits ui  & Compa ny, Ltd. OMERS Ventures Ti ger Gl oba l  Ma na gement, LLC (Pri va te Inves tors ) Atomi co Inves tments (Pri va te Inves tors ) Ri zvi  Tra vers e Ma na gement LLC Ti ger Gl oba l  Ma na gement, LLC Tel s tra  Ventures Upfront Ventures Iri s  Ca pi ta l (Pri va te Inves tors ) U.S. Ba ncorp Googl e Ventures DFJ Growth Fund Index Ventures Sca l e Venture Pa rtners Summi t Pa rtners  LP Intel  Ca pi ta l Vul ca n Ca pita l Sea ga te Technologi es , Inc. Sequoi a  Ca pi ta l Andrees s en Horowi tz Va l i a nt Ca pi ta l  Ma na gement, L.P. Grea t Hi ll  Pa rtners , LLC Andrees s en Horowi tz Andrees s en Horowi tz New Enterpri s e As s oci a tes Sequoi a  Ca pi ta l Accel  Pa rtners Ba i n Ca pi ta l  Ventures Sca l e Venture Pa rtners Trini ty Ventures DBJ Ca pi ta l  Co., Ltd. (Pri va te Inves tors ) Fronti er Ca pi ta l, LLC Grotech Ventures QUALCOMM Ventures Hea l th Enterpri s e Pa rtners

$                 300.0                   100.0                   100.0                     60.0                     58.0                     51.0                     50.0                     50.0                     50.0                     43.0                     42.0                     40.0                     40.0                     40.0                     38.0                     35.0                     32.7                     32.0                     30.0                     30.0                     30.0                     29.5                     28.0                     25.0                     25.0                     25.0                     23.0                     23.0                     22.0                     22.0                     21.5                     20.0                     20.0                     20.0                     19.0                     18.1                     16.1                     16.0                     15.0                     15.0

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target

Target Segment

Buyer/Investor

Reported TV 

VC/Growth Capital Values Disclosed Yoka .com Jus tFa b Gi rna r Softwa re Pvt. Ltd. Cl ea rDATA Networks , Inc. Bl a ckl a ne GmbH Proxa ma  Ltd. Pl umbee Ltd. Gl ue Networks , Inc. Infini o Sys tems , Inc. Trifa cta , Inc. Intercloud Sys tems , Inc. Intercloud Sys tems , Inc. InVi s i on App, Inc. Pa eDa e Yodo1, Ltd. Sha rea bl e Ink Corpora ti on CrowdWorks , Inc. Vha l l Nors e Corpora tion Hea l thLoop, Inc. Sojern, Inc. Bl uenos e Ana lyti cs , Inc. Ti cketl a nd Sna ps heet, Inc. Ga ming For Good Ma gzter, Inc. Brea dtri p 591 Weddi ng Network FILIP Technol ogi es , Inc. Zi mperi um Ltd. RethinkDB UIEvoluti on, Inc. Deli very Cl ub Tel l y, Inc. iROKO Pa rtners Excha nge La b, Inc. Yi el dMo, Inc. netpri ce.com, Limi ted Life360 Sens i oLa bs

48 | M&A and Investment Summary December 2013

Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Softwa re Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Technol ogy & Communi ca ti ons Softwa re Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Softwa re Softwa re Technol ogy & Communi ca ti ons Softwa re Softwa re Ma rketing Technol ogy Ma rketing Technol ogy Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Softwa re Softwa re Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Di gi ta l  Adverti s i ng Di gi ta l  Adverti s i ng Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Softwa re

Ba i du, Inc. Shi ni ng Ca pi ta l  Ma na gement Sequoi a  Ca pi ta l Merck Gl oba l  Hea l th Innova ti on LLC Da iml er (Pri va te Inves tors ) Endemol  Group BV (Pri va te Inves tors ) Bes s emer Venture Pa rtners Accel  Pa rtners (Pri va te Inves tors ) (Pri va te Inves tors ) Fi rs tMa rk Ca pi ta l Si li con Va l l ey Ba nk GGV Ca pi ta l Lehmi  Ventures CyberAgent, Inc. Legend Ca pi ta l Oa k Inves tment Pa rtners Ca nva s  Venture Fund Tria ngl e Pea k Pa rtners , LP The Soci a l +Ca pi ta l  Pa rtners hi p i Tech Ca pi ta l (Pri va te Inves tors ) (Pri va te Inves tors ) Si nga pore Pres s  Hol dings  Ltd. Chi na  Broa dba nd Ca pi ta l Govtor Ca pi ta l Hori zons  Ventures  Ltd. Si erra  Ventures Hi ghla nd Ca pi ta l  Pa rtners Intel  Ca pi ta l Addventure Venture Ca pita l  Fund Lumi a  Ca pi ta l Ti ger Gl oba l  Ma na gement, LLC Bus ines s  Growth Fund Googl e Ventures Di gi ta l  Ga ra ge, Inc. Duchos s oi s  Indus tri es , Inc. CM‐CIC Ca pi ta l  Prive SA

                    15.0                     15.0                     15.0                     14.0                     14.0                     13.0                     13.0                     12.4                     12.0                     12.0                     12.0                     11.6                     11.6                     11.6                     11.0                     10.7                     10.7                     10.0                     10.0                     10.0                     10.0                     10.0                     10.0                     10.0                     10.0                     10.0                     10.0                     10.0                       8.0                       8.0                       8.0                       8.0                       8.0                       8.0                       8.0                       8.0                       8.0                       7.7                       7.0                       7.0

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target

Target Segment

Buyer/Investor

Reported TV 

VC/Growth Capital Values Disclosed Fres hdes k, Inc. wywy GmbH Vi ew The Spa ce, Inc. Pa yoff.com Sna gFi lms , Inc. Da il yFea ts , Inc. Ca tchpoi nt Sys tems , Inc. OrderWithMe.com Pa s s port Pa rki ng, LLC Pa l mer Ha rgrea ves Shi ft La bs , Inc. Roots tock Softwa re QuickPa y Corpora tion MomentFeed, Inc. Grokker, Inc. Scrol l Motion, Inc. Ozy Medi a , Inc. La goa Ki doZen, Inc. Extol e, Inc. PureCa rs .com Retrofi t, Inc. DogSpot.de nWa y Tra vel .ru Neverwa re, Inc. Rev Worl dwi de, Inc. Pi xa l a te, Inc. Ta ki pi Peopl e Pa ttern Corpora ti on TRUFA GmbH i .Gr. El epha nti Wedo Shoppi ng Li mi ted The One Pl a ce Ca pi ta l  Limi ted iMedX Loop Commerce, Inc. Tripl eLi ft, Inc. Ta xi bea t Ltd. Sta rMa ker Intera cti ve Ca ra mbol a  Media Meta i l  Li mi ted Pl a ynery, Inc.

49 | M&A and Investment Summary December 2013

Ma rketing Technol ogy Ma rketing Technol ogy Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Softwa re Softwa re Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Agency & Ma rketi ng Servi ces Agency & Ma rketi ng Servi ces Softwa re Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Di gi ta l  Adverti s i ng Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Technol ogy & Communi ca ti ons Softwa re Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Softwa re Technol ogy & Communi ca ti ons Ma rketing Technol ogy Softwa re Ma rketing Technol ogy Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Softwa re Softwa re Ma rketing Technol ogy Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Ma rketing Technol ogy Di gi ta l  Medi a /Commerce

Ti ger Gl oba l  Ma na gement, LLC Ci pi o Pa rtners  GmbH Trini ty Ventures (Pri va te Inves tors ) (Pri va te Inves tors ) Va zi ra  Inves tments Ba ttery Ventures Vega s TechFund Grotech Ventures BGF DN Ca pi ta l (Pri va te Inves tors ) Fonti na l i s  Pa rtners , LLC Si gni a  Pa rtners , Inc. Khos l a  Ventures (Pri va te Inves tors ) (Pri va te Inves tors ) Atl a s  Venture Thi rd Poi nt Ventures Norwes t Venture Pa rtners Gemini  Inves tors Dra per Fi s her Jurvets on (Pri va te Inves tors ) Tra ns li nk Ca pi ta l VEB Innova ti ons (Pri va te Inves tors ) (Pri va te Inves tors ) Ja vel i n Venture Pa rtners Menl o Ventures Mohr, Da vi dow Ventures Accel  Pa rtners LMJ Hol di ngs MMC Ventures , LLC Ca l cul us  Ca pi ta l (Pri va te Inves tors ) Pa yPa l , Inc. (Pri va te Inves tors ) Hummingbi rd Ventures QUALCOMM Ventures Pi ta ngo Venture Ca pi ta l New Worl d Ventures , LLC JAFCO Inves tment (As i a  Pa cifi c) Ltd.

                      7.0                       7.0                       7.0                       7.0                       6.5                       6.0                       6.0                       6.0                       6.0                       6.0                       6.0                       5.8                       5.5                       5.5                       5.5                       5.4                       5.4                       5.3                       5.0                       5.0                       5.0                       5.0                       5.0                       5.0                       5.0                       4.9                       4.8                       4.6                       4.5                       4.5                       4.5                       4.5                       4.5                       4.4                       4.0                       4.0                       4.0                       4.0                       4.0                       4.0                       3.9                       3.8

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target

Target Segment

Buyer/Investor

Reported TV 

VC/Growth Capital Values Disclosed GrouPa y Zwipe AS Shop Hers , Inc. Audi oEye, Inc. Da ta Hero, Inc. Retty, Inc. Ros s l yn Ana lyti cs  Ltd. Da ti ca l , Inc Freenom SARL The Zebra , Inc. Sounda y S.r.L. Pymetrics , Inc. Wyms ee, Inc. GymPa ct, Inc. Qa zzow, Inc. Hi ghtower, Inc. Fl int Mobi le, Inc. Shi ppa bl e, Inc. Anturi s Sketchfa b, SAS Brea ker, Inc. Onde Fi ca r Gous to Fol l oze Fi gure 1, Inc. Veri vo Softwa re MOVE Gui des  Limi ted Pra i rie Cl oudwa re, Inc. Jus tGo eGifter Pi ngTune Res ol uti onTube Codefied Inc. ByUs , Inc. Quovo, Inc. Ha tchbuck StreetHub Ltd. The Ora nge Chef Compa ny Ti dema rk, Inc. Ma na lto Pty Ltd 6th Street, Inc. Zerve, Inc.

50 | M&A and Investment Summary December 2013

Technol ogy & Communi ca ti ons Technol ogy & Communi ca ti ons Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Softwa re Softwa re Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Di gi ta l  Medi a /Commerce Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Ma rketing Technol ogy Technol ogy & Communi ca ti ons Softwa re Softwa re Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Softwa re Softwa re Ma rketing Technol ogy Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Technol ogy & Communi ca ti ons Ma rketing Technol ogy Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Ma rketing Technol ogy Ma rketing Technol ogy Ma rketing Technol ogy Informa ti on & Bus i nes s  Services

(Pri va te Inves tors ) (Pri va te Inves tors ) FLOODGATE Fund LP (Pri va te Inves tors ) Foundry Group Mizuho Ca pi ta l  Pa rtners  Compa ny, Ltd (Pri va te Inves tors ) Mercury Fund Ki ma Ventures FLOODGATE Fund LP Princi pi a  Sgr Khos l a  Ventures CommonAngel s Khos l a  Ventures WRF Ca pi ta l Bes s emer Venture Pa rtners Veri zon Ventures Di vergent Ventures , LLC Runa  Ca pi ta l Ba l derton Ca pi ta l Si emer Ventures (Pri va te Inves tors ) MMC Ventures , LLC (Pri va te Inves tors ) Rho Ca na da (Pri va te Inves tors ) Noti on Ca pita l Treetop Ventures , Inc. Ros emont Group Ca pi ta l  Pa rtner (Pri va te Inves tors ) (Pri va te Inves tors ) Ma drona  Venture Group e.Ventures (Pri va te Inves tors ) Long Li ght Ca pi ta l Cul ti va ti on Ca pi ta l Index Ventures Googl e Ventures (Pri va te Inves tors ) Ra ven Ca pi ta l (Pri va te Inves tors ) (Pri va te Inves tors )

                      3.5                       3.5                       3.5                       3.3                       3.2                       3.2                       3.1                       3.0                       3.0                       3.0                       2.6                       2.5                       2.5                       2.5                       2.4                       2.1                       2.0                       2.0                       2.0                       2.0                       2.0                       2.0                       2.0                       1.9                       1.9                       1.8                       1.8                       1.7                       1.7                       1.7                       1.6                       1.5                       1.5                       1.5                       1.4                       1.2                       1.2                       1.2                       1.0                       1.0                       1.0                       1.0

All Segments ($ in Millions)

Venture/Growth Capital Transactions Target

Target Segment

Buyer/Investor

Reported TV 

VC/Growth Capital Undisclosed Sta rmount Inc. Di vvy Cloud Corpora ti on Pl a nvi ew, Inc. Moca na  Corpora ti on Ra nca rd Sol uti ons  Ltd. Apex Informa tion Technol ogi es Ea s ynet NSS La bs , Inc. Bi ts tri ps , Inc. Power Suppl y Col l ective, Inc. Abroa d101 7Summi ts , LLC Voca ni c Pte. Ltd.

51 | M&A and Investment Summary December 2013

Tra di tiona l  Media Technol ogy & Communi ca ti ons Softwa re Softwa re Ma rketing Technol ogy Informa ti on & Bus i nes s  Services Informa ti on & Bus i nes s  Services Informa ti on & Bus i nes s  Services Di gi ta l  Medi a /Commerce Di gi ta l  Medi a /Commerce Di gi ta l  Adverti s i ng Agency & Ma rketi ng Servi ces Agency & Ma rketi ng Servi ces

Ka yne Pa rtners CIT Ga p Funds Ins i ght Venture Pa rtners Sha s ta  Ventures Penins ul a  Ca pi ta l  Pa rtners  L.L.C. Wes tView Ca pi ta l  Pa rtners MDNX Group LiveOa k Equity Pa rtners Hori zons  Ventures  Ltd. CIT Ga p Funds Ledra  Ca pi ta l  LLC Sveri ca Interna ti ona l GroupM

                        ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐                         ‐

Petsky Prunier: Maximizing Shareholder Value Overview

 Founded in 1999  Focused on the technology, marketing, media, eCommerce, and healthcare industries • More than 35 focused professionals  Unique combination of investment banking and consulting expertise  New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa  Sell‐side and private placement close rate is unmatched at our level of deal volume  Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers  With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional   

services International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

    

Sell‐Side Representation Capital Raising and Private Placements Corporate Divestitures M&A Advisory Fairness Opinions

52 | M&A and Investment Summary December 2013

    

Technology Media Marketing eCommerce Healthcare

 Strategic Development and Competitive Analysis  M&A Transaction Due Diligence Support and   

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2013 for  Mid‐Market Internet & Advertising Transactions Rank 1 2 3 4 4 4 7 7 9 10

Advisor Petsky Prunier LLC Goldman Sachs & Co. Jordan Edmiston Group, Inc. Morgan Stanley Nomura Holdings, Inc. GCA Savvian Group Corp. PwC China Renaissance Partners KPMG Corporate Finance Sumitomo Mitsui Financial  Group, Inc.

Deal Count 44 35 31 29 29 29 24 24 22 20

Based on number of deals announced in 2011‐2013 valued at $500 million or less

50 transactions closed since 2011:

 Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth  

equity and late stage venture capital financings Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media,  technology and software, information services, and healthcare

53 | M&A and Investment Summary December 2013

International Partnership with Altium Description

Network

 Altium provides M&A and corporate finance advisory  services to companies, private equity firms, and  entrepreneurs

 European‐based, mid‐market financial advisory group,  employee‐owned and truly independent

New York Las Vegas Boston

Palo Alto Chicago Tampa

Madrid  Manchester London Paris

Zurich  Frankfurt Milan Munich

 A leading advisor for more than 25 years  Founded as the corporate finance arm of private equity  investor Apax Partners

 Operates eight international offices in Europe with additional  partnerships in the U.S. and Asia

 Completed 50+ technology transactions across 12 countries  in the past five years

 Allegro Advisors is a leading provider of investment banking  services to corporations and public institutions in India with  offices in Bangalore, Mumbai, Delhi

 Hina Group has provided M&A advisory and corporate  finance services on 50+ transactions in China 

54 | M&A and Investment Summary December 2013

India

Beijing Shanghai

Representative Recent Transactions

a Berlin‐based worldwide travel solution  provider for premium transportation one of the largest independent in‐store media companies in the U.S.

has received a double‐digit million Euro  investment led by

has been sold to

a technology company delivering highly  targeted programmatic marketing  solutions using unstructured data has received a $16MM Series B  investment led by

a leading UK‐based supplier of  healthcare software and IT services a leading provider of transaction‐based  media cost databases and software  for television, radio, and digital  advertising cost analysis

a leading provider of online customer  acquisition services to the  insurance industry

has been sold to

has been sold to

a leading provider of data‐driven  enrollment marketing solutions to  higher education institutions

a portfolio company of

has acquired select assets of

has been sold to

(AIM: EMIS)

(NYSE: RATE)

has sold one of the largest digital agencies has been sold to

a leading developer of popular  real‐money and social gaming has been sold to

(Nasdaq: RNWK) (ENXTPA: PUB)

a leading provider of in‐store and shopper  marketing signage to major  North American retailers

a leading provider of social software  solutions and digital marketing services  for some of the world’s largest brands,  one of just thirteen Facebook Strategic  Preferred Marketing Developers (sPMD) has received a $68MM minority  investment from

(Nasdaq: RNWK)

a real‐time behavioral  advertising company has been acquired by

the largest provider of cloud‐based SaaS  tools for printing signs, labels and tags,  and publishing digital displays for retailers

a leading multiplatform travel and  lifestyle media company

has been sold to

along with digital subsidiary

has been sold to

(Euronext Amsterdam: WKL)

a leading digital advertising monetization and  shopper marketing partner for e‐commerce  retailers a portfolio company of

has been sold to

has been sold to

a unit of

a subsidiary of

provider of online travel guides for top  destinations around the world to

specializing in retail, digital, shopper  marketing and consumer services 

has been sold to

to

with financing from

a leader in technology and global in‐app  advertising for Facebook,  Apple (iOS), and Android developers

a provider of a cloud‐based integration  platform for the digital marketing industry

has received $66M investment from

has received $15MM financing  led by

(NYSE: GCI )

(NYSE: LXK )

a leading provider of digital production  services to brands and agencies

has sold

a premier global provider of SaaS‐based  online brand protection and  domain recovery solutions a portfolio company of

a dynamic display media and retargeting company

a leading provider of transportation‐based  digital media networks

has been acquired by

has received a mezzanine debt  investment from

a leading digital direct marketing company  utilizing a proprietary database to provide  customer acquisition solutions for major brands

has received an equity investment from

has been sold to

with debt financing from (NYSE: AOL)

(NYSE: ACN)

(JASDAQ:4755)

has sold

a leader in multichannel retail,  ecommerce and loyalty marketing  services has been sold to 

a leader in global healthcare primary  market research and influence  network mapping  has been sold to

the top independent direct‐to‐consumer marketer of dental savings plans has been sold to

a portfolio company of

and

has sold  a leading provider of taxi‐based  outdoor media has been sold to

leading provider of services for domain  name registration, acquisition, brokerage  and sales to

a portfolio company of 

Vestar Capital Partners  has sold

a leading provider of integrated data,  technology and analytics solutions to

(NYSE: PAY)

55 | M&A and Investment Summary December 2013

has acquired

a pioneer in measuring the  impact of promotion on  physician prescribing behavior

to