APRIL 2013 MA and Investment Summary v2petskyprunier.com/_petskyprunier.com/dynamic/user...Feb-13...

April 2013 M&A and Investment Summary

Expertise Commitment Results

1M&A & INVESTMENT SUMMARY APRIL 2013

Expertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 8

Additional Monthly M&A and Investment Activity Data 42

About Petsky Prunier 56

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U S SEC and a member of FINRA Petsky Prunier is not affiliated with Altium Capital Ltd but has partnered with Altium to


register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS

A t t l f 359 d l d i A il 2013 f hi h 211 t d $7 5 billi i l

Transaction Distribution• A total of 359 deals were announced in April 2013, of which 211 reported $7.5 billion in value

• Digital Media/Commerce was the most active segment with 76 transactions, of which 57 reported $1.2 billion in value

• Information & Business Services was the highest reported value segment, with 40 transactions announced, of which 15 reported $2.7 billion in value

• Strategic buyers announced 151 deals (42 percent of total volume), of which 27 reported $3 billion in value

• VC/Growth Capital investors announced 199 deals, of which 179 reported $2.7 billion in value

• Buyout investors announced nine deals during the month, of which five reported $1.8 billion in value

# % $MM % # $MM # $MM # $MM

Digital Media/Commerce 76 21% 1,205.1 16% 21 144.2 0 - 55 1,060.9

Marketing Technology 68 19% 339.9 5% 18 31.4 0 - 50 308.5

APRIL 2013

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

a et g ec o ogy 68 9% 339 9 5% 8 3 0 50 308 5

Software 54 15% 939.4 13% 29 306.7 1 - 24 632.8

Information & Business Services 40 11% 2,748.0 37% 25 1,133.1 5 1,484.7 10 130.2

Technology 37 10% 445.8 6% 12 239.1 0 - 25 206.7

Digital Advertising 30 8% 467.1 6% 9 248.7 0 - 21 218.4

Traditional Media 28 8% 486.7 6% 21 398.1 2 46.7 5 42.0

Agency 11 3% - - 10 - 0 - 1 - Agency 11 3% 10 0 1

Communications 11 3% 866.5 0% 4 510.0 1 253.0 6 103.5

Marketing Services 4 1% 4.5 0% 2 - 0 - 2 4.5

Total 359 100% 7,503.0 88% 151 3,011.2 9 1,784.4 199 2,707.4


M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTSTransaction Distribution

O th th b i t d l l ll t i d t• On a month-over-month basis, aggregate deal volume across all segments increased seven percent

• The largest control transactions announced during the month included:

› Thomas H. Lee Partners’ $1.1 billion buyout of CompuCom Systems, a provider of IT consulting and outsourcing solutions that include unified communications and collaboration, network infrastructure and security, virtualization and cloud, storage management and data protection, and IT procurement services

› Roper Industries’ $1.1 billion acquisition of Managed Health Care Associates, a provider of services and solutions to support the needs of alternate site healthcare providers

• The largest investment during the month was Alibaba’s $586 million investment in China-based micro-blogging platform Sina Weibo, at a valuation of $3.3 billion. Additional large investments included:

› Intel Capital’s $180 million investment in Mashery a cloud based manager of Application Programming

$25 0

M&A and Investment Volume For All Segments - Last 13 Months ($BN)All transactions; Value based on reported values only

› Intel Capital s $180 million investment in Mashery, a cloud-based manager of Application Programming Interfaces, which enable developers to work with different cloud services and software

32 3

55

$11.7

$15.3 $12.8

$19.1

$15.9

$7.1 $9.5 $9.8 $9.9

$8.5 $

$8.7 $7.5 $10.0

$15.0

$20.0

$25.0

*2

2 3 2 11

1 2

$7.1 $6.1 $

$-

$5.0

Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13

298376 402 401377381 335 357342 305 390 409253

Deals valued over $1BN

*


Deals valued over $1BN

* Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Digital AdvertisingJetsetter Vertical Search TripAdvisor, Inc. $50.0 $70.0 - 0.7x NM

Traditional Media

Fisher Communications, Inc. Broadcast Television Sinclair Broadcast Group, Inc. 353.9 168.2 31.2 2.1x 11.3x(1)

Selected Transactions With Multiples Information

RRsat Global Communications Network Ltd.(1) Cable & Satellite Television Viola Private Equity 112.6 113.4 18.5 1.0x 6.1x

The Garden Productions Entertainment Media ITV plc 27.5 0.0 3.8 NA 7.2x

Future PLC, Classic Rock and Metal Hammer Consumer Magazine Publishing TeamRock Ltd. 15.4 13.9 - 1.1x NM

TechnologyRevera Data Center Technology Telecom New Zealand Ltd. 82.7 41.8 10.9 2.0x 7.6x

Communications

Telular Corporation Networking Equipment Avista Capital Partners 253.0 90.9 19.0 2.8x 13.3x

Software

Ingenuity Systems, Inc. Healthcare Software QIAGEN N.V. 105.0 20.0 - 5.3x NM

Arkoon Network Security Security Software Cassidian CyberSecurity 19.9 14.7 2.0 1.4x 9.9x

Information & Business Services

Alti IT Consulting/Systems Integration Tata Consultancy Services 97.5 166.1 - 0.6x NM

T S b B /I E V l R EBITDA EV/REV EV/EBITDAIPOs After Final Pricing

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

SoftwareRally Software Development Corporation Software Development Tools IPO $297.3 $56.8 ($8.9) 5.2x NM

(1) RRsat Global Communications Network sold a 20 percent stake to Viola Private Equity and Vpartners for $27.8 million

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


SECURITIES IN REGISTRATION ($ in Millions)

Aggregate LTMDate Company Name Segment Offering Value Rev EBITDA

Apr-13 ChannelAdvisor Corporation Marketing Technology $86.3 $50.4 ($0.8)

Apr-13 Cyan, Inc. Communications 96.0 95.9 (9.4)

Apr-13 Light In The Box Ltd. Digital Media/Commerce 86.3 200.0 (3.2)

Apr-13 Marketo, Inc. Marketing Technology 75.0 58.4 (33.0)

Apr-13 Tableau Software, Inc. Software 450.0 127.7 8.4

Apr-13 Textura Corporation Software 50.0 24.0 (14.2)

Mar-13 Blackhawk Network Holdings, Inc. Technology 220.0 959.1 92.3

Feb-13 Oisix Co., Ltd Digital Media/Commerce 9.0 NA NA

Feb 13 Quintiles Transnational Holdings Inc Information & Business Services 789 5 3 692 3 486 2Feb-13 Quintiles Transnational Holdings Inc. Information & Business Services 789.5 3,692.3 486.2

Feb-13 Softmax Co., Ltd Software 7.0 NA NA

Jan-13 Channel Nine Entertainment Limited Traditional Media 2.2 NA NA

Oct-12 Violin Memory, Inc. Technology NA 100.0 NA

Aug-12 Just Dial Limited Digital Advertising NA 48.8 13.0

Jun-12 goldenTech SA Software 5.2 NA NA

Jun-12 Shanghai Amarsoft Information Technology Software NA NA NA

Apr-12 BlackStratus, Inc. Software 20.0 9.2 (0.6)

Apr-12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA

Apr-12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0

Mar-12 Reval Holdings, Inc. Software 75.0 47.0 (12.1)


LTM IPO PERFORMANCE

I iti l Off i Fi l P i St k P i t Cl St k P i % Ch f Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2013 1st Trading Day

Apr-13 RALY Rally Software Development Corp. United States $11.00-$13.00 $14.00 17.81, up 27% $18.13 1.8%

Mar-13 MRIN Marin Software United States 11.00-13.00 14.00 16.26, up 16% 14.70 (9.6%)

Mar-13 MODN Model N, Inc. United States 12.50-14.50 15.50 18.45, up 19% 19.78 7.2%

Mar-13 IPDN Professional Diversity Network LLC United States 10.00-12.00 8.00 7.67, down 4% 4.50 (41.3%)

Feb-13 DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 2.64 1.8%

Feb-13 XOOM Xoom Corporation United States 13.00-15.00 16.00 25.49, up 59% 18.46 (27.6%)

Nov-12 3666 Tecnos Japan Incorporated Japan 16.77-18.72 18.72 27.66, up 48% 31.49 13.8%

Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 17.44 54.2%

Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 19.30 57.6%

Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 23.47 5.2%

Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 48.00 40.4%

Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 41.70 92.5%

Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, 74% 62.65 28.0%

Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24.00, up 41.8% 29.06 21.1%

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 9.73 (8.2%)

Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 14.21 5.3%Jul 12 EOPN E2open, Inc. United States 15.00 17.00 15.00 13.50, down 10% 14.21 5.3%

Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 39.82 20.0%

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 54.10 1.8%

Jun-12 DB:VWA Vange Software Group AG Switzerland 33.05-39.41 33.05 32.69, down 1% 8.63 (73.6%)

May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 14.79 (22.6%)

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 27.77 (27.4%)

M 12 WAGE W W k I U it d St t 10 00 12 00 9 00 12 60 40% 25 61 103 3%May-12 WAGE WageWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 25.61 103.3%


DIGITAL MEDIA/COMMERCETransactions by Subsegment and Buyer Type

• eCommerce was the most active and highest reported value subsegment with 26 transactions announced, of which 21 announced $366 million in value

• Select acquisitions› Amazon’s $26 million acquisition of U.K.-based Evi Technologies, which has developed a mobile natural

language search and virtual assistant app› Twitter’s acquisition of We Are Hunted, a song recommendation and music streaming application with more

than 200 million active users• Select investments

› The $83 million investment in Acumen Brands, which operates more than 20 online stores to sell medical uniforms and other specialized goods, from General Atlantic and another undisclosed investor

› Alibaba’s $586 million investment in Sina Weibo, a China-based operator of a micro-blogging platform, at a valuation of $3.3 billion

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

# % $MM % # $MM # $MM # $MM

eCommerce 26 34% 366.1 30% 6 100.0 0 - 20 266.1

Mobile Content/Apps 16 21% 99.1 8% 5 28.6 0 - 11 70.5

Social Media/Apps 15 20% 633.3 53% 4 - 0 - 11 633.3

Gaming 7 9% 56.1 5% 2 15.6 0 - 5 40.5

Classifieds/Auctions/P-to-P 6 8% 35.5 3% 2 - 0 - 4 35.5

Niche Content 6 8% 15.0 1% 2 - 0 - 4 15.0

Total 76 100% 1,205.1 100% 21 144.2 0 0.0 55 1,060.9


DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAOL Inc. United States 38.64 -12% 2,983.5 2,635.9 466.6 105.9 2,191.7 471.5 21.5% -0.5% 1.2x 5.6xBaidu, Inc. China 85.85 -36% 30,022.6 26,692.2 5,211.5 1,915.7 3,863.1 2,066.3 53.5% 47.1% 6.9x 12.9xGoogle Inc. United States 824.57 -2% 273,564.3 230,842.3 48,088.0 7,210.0 53,499.0 16,813.0 31.4% 33.8% 4.3x 13.7xYahoo! Inc. United States 24.73 -3% 27,235.0 24,389.4 3,013.2 121.5 4,905.7 1,327.1 27.1% -1.7% 5.0x 18.4xYandex N.V. Netherlands 25.74 -39% 8,458.5 8,110.1 397.2 - 995.0 435.4 43.8% 40.3% 8.2x 18.6x

Adjusted Weighted Average 4.7x 14.1x

Web Search/Portals

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.2x)

eCommerceStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1-800-Flowers.com Inc. United States 5.93 -4% 383.9 384.9 27.0 21.8 746.1 44.8 6.0% 1.2% 0.5x 8.6xAmazon.com Inc. United States 253.81 -11% 115,545.2 110,690.2 11,448.0 4,385.0 63,978.0 2,710.0 4.2% 24.5% 1.7x 40.8xBlue Nile Inc. United States 32.63 -25% 407.0 320.6 87.0 0.7 414.0 14.5 3.5% 18.0% 0.8x 22.2xBluefly Inc. United States 0.54 -70% 15.4 22.1 1.3 7.9 93.4 (21.5) NM -2.9% 0.2x NM y ( )CafePress Inc. United States 5.77 -69% 98.8 61.9 40.6 3.7 217.8 13.4 6.2% 24.1% 0.3x 4.6xeBay Inc. United States 52.39 -10% 67,991.2 63,105.2 9,408.0 4,519.0 14,543.0 4,310.0 29.6% 17.4% 4.3x 14.6xE-Commerce China Dangdang Inc. China 3.84 -53% 316.0 263.8 148.4 96.3 833.2 (71.9) NM 43.5% 0.3x NM Expedia Inc. United States 55.84 -18% 7,546.3 7,172.7 1,938.1 1,249.3 4,226.2 638.8 15.1% 19.5% 1.7x 11.2xHollywood Media Corp. * United States 1.38 -8% 31.3 19.9 11.4 0.0 0.6 (5.6) NM -42.3% 32.3x NM HSN, Inc. United States 52.58 -14% 2,849.6 2,878.4 222.1 250.8 3,301.5 286.3 8.7% 2.7% 0.9x 10.1xJiayuan.com International Ltd. China 5.01 -69% 150.4 69.3 81.1 - 65.9 10.5 15.9% 24.0% 1.1x 6.6xLiquidity Services, Inc. United States 32.90 -51% 1,038.1 992.2 45.9 - 496.1 95.6 19.3% 25.8% 2.0x 10.4xMercadolibre, Inc. Argentina 100.59 0% 4,441.4 4,250.3 195.2 0.1 373.6 138.6 37.1% 25.0% 11.4x 30.7xNetflix, Inc. * United States 216.07 -4% 12,628.4 12,302.5 748.1 431.8 3,763.5 129.9 3.5% 12.1% 3.3x 94.7xOpenTable, Inc. United States 55.39 -15% 1,266.8 1,163.3 103.5 - 167.8 47.8 28.5% 15.6% 6.9x 24.3xOrbitz Worldwide, Inc. United States 5.98 -19% 630.1 940.2 130.3 440.3 778.8 106.0 13.6% 1.6% 1.2x 8.9xOverstock.com Inc. United States 20.80 -12% 491.9 410.0 93.5 - 1,148.9 32.4 2.8% 9.3% 0.4x 12.7xPC Home Online Inc. Taiwan 4.51 -29% 369.0 279.3 104.5 - 514.6 19.2 3.7% 9.5% 0.5x 14.5xpriceline.com Incorporated United States 695.99 -8% 34,841.3 31,275.3 5,183.2 1,457.0 5,261.0 1,914.9 36.4% 20.8% 5.9x 16.3xRakuten, Inc. Japan 10.66 -4% 14,016.1 11,840.4 6,060.5 3,538.2 5,127.2 1,172.0 22.9% 16.7% 2.3x 10.1xShutterfly, Inc. United States 44.53 -9% 1,617.8 1,372.7 245.1 - 666.0 83.3 12.5% 31.3% 2.1x 16.5xShutterstock, Inc. United States 41.70 -11% 1,397.9 1,301.8 102.1 6.0 169.6 32.1 18.9% 41.0% 7.7x 40.6xStamps.com Inc. United States 33.84 -2% 517.7 460.5 35.9 - 119.5 29.3 24.5% 11.6% 3.9x 15.7xValueVision Media Inc. * United States 4.30 -4% 211.3 222.8 26.5 38.0 586.8 1.2 0.2% 5.1% 0.4x 180.0xVi h H ldi Li it d Chi 30 79 9% 1 698 1 1 488 3 210 6 0 8 692 1 (7 4)Vipshop Holdings Limited China 30.79 -9% 1,698.1 1,488.3 210.6 0.8 692.1 (7.4) NM 204.7% 2.2x NM




DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATIONLifestyle and Entertainment

Stock Price Chg % From Equity Ent Cash & ST Total LTM LTM Margin LTM LTM Multiples Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABetfair Group PLC United Kingdom 13.46 0% 1,362.8 1,179.7 189.9 - 642.9 102.7 16.0% 7.5% 1.8x 11.5xCyberAgent Inc. Japan 1,956.00 -21% 1,218.3 890.7 934.6 1.8 1,647.6 169.4 10.3% 0.0% 0.5x 5.3xDemand Media, Inc. United States 8.66 -31% 746.0 644.5 102.9 1.5 380.6 68.6 18.0% 17.1% 1.7x 9.4xDeNA Co., Ltd. Japan 28.50 -18% 3,824.0 3,357.8 573.3 - 2,225.0 959.5 43.1% 42.1% 1.5x 3.5xFacebook, Inc. * United States 27.77 -38% 67,084.3 59,814.3 9,626.0 2,356.0 5,489.0 1,310.0 23.9% 35.9% 10.9x 45.7xG5 Entertainment AB (publ) Sweden 7.75 -13% 68.2 66.1 2.1 - 12.4 5.5 44.4% 73.6% 5.3x 12.0xGameLoft SA France 6.72 -11% 534.1 460.8 55.8 0.5 274.7 43.3 15.8% 20.9% 1.7x 10.6xGlu Mobile, Inc. United States 3.08 -48% 210.9 188.6 22.3 - 85.1 (8.8) NM 19.3% 2.2x NM Gree, Inc. Japan 12.81 -28% 2,990.4 2,802.3 496.4 282.5 1,891.6 891.4 47.1% 49.5% 1.5x 3.1xGree, Inc. Japan 12.81 28% 2,990.4 2,802.3 496.4 282.5 1,891.6 891.4 47.1% 49.5% 1.5x 3.1xIAC/InterActiveCorp United States 47.07 -15% 3,939.8 3,949.4 770.6 595.8 2,902.6 449.5 15.5% 29.6% 1.4x 8.8xInternational Game Technology United States 16.95 -3% 4,481.6 6,074.4 200.7 1,775.5 2,294.1 840.8 36.7% 13.8% 2.6x 7.2xKongzhong Corp. China 6.00 -27% 251.7 113.6 138.2 - 180.6 30.9 17.1% 15.6% 0.6x 3.7xLinkedIn Corporation * United States 192.09 -5% 21,197.0 20,447.4 749.5 - 1,108.6 149.5 13.5% 79.8% 18.4x 136.8xMeetMe, Inc. United States 1.93 -56% 73.6 80.3 5.0 11.7 46.7 (0.9) NM 335.8% 1.7x NM Mixi, Inc. Japan 16.94 -29% 262.8 134.0 145.2 - 158.7 48.9 30.8% -1.7% 0.8x 2.7xNCsoft Corporation South Korea 150.84 -42% 2,998.1 2,517.5 527.5 11.4 708.5 177.4 25.0% 23.8% 3.6x 14.2xNexon Co. Ltd. Japan 12.12 -29% 5,287.9 4,553.5 1,476.5 607.3 1,253.8 703.6 56.1% 23.8% 3.6x 6.5xPacific Online Ltd. China 0.40 -12% 433.4 362.9 70.6 - 114.8 49.0 42.7% 11.8% 3.2x 7.4xPandora Media, Inc. United States 13.93 -46% 2,429.3 2,340.3 89.0 - 427.1 (30.8) NM 55.7% 5.5x NM Perform Group plc. United Kingdom 8.06 -4% 1,925.5 1,886.5 54.6 11.5 246.4 53.6 21.7% 46.9% 7.7x 35.2xPhoenix New Media Limited China 3.65 -41% 281.2 96.5 184.7 - 178.2 17.0 9.5% 16.9% 0.5x 5.7xRediff.com India Limited India 2.75 -54% 75.9 51.3 - - 16.1 (7.6) NM -23.0% 3.2x NM Renren Inc. China 2.80 -59% 1,060.6 156.4 905.5 - 176.1 (75.6) NM 49.3% 0.9x NM Sky-mobi Limited * China 1.73 -49% 54.5 (42.1) 97.0 - 99.3 1.5 1.5% -9.5% NM NM Spark Networks, Inc. United States 6.82 -18% 143.4 135.5 10.5 - 64.5 (7.6) NM 23.7% 2.1x NM Taomee Holdings Ltd. China 4.62 -17% 169.2 50.7 118.6 - 40.2 5.0 12.5% -11.4% 1.3x 10.1xThe Active Network, Inc. United States 5.03 -69% 306.6 253.3 58.5 5.2 430.5 12.5 2.9% 19.9% 0.6x 20.2xTheStreet, Inc. United States 1.86 -5% 61.9 20.0 41.9 - 50.7 (2.3) NM -12.2% 0.4x NM United Online, Inc. United States 6.80 0% 626.0 737.8 136.4 244.0 876.0 93.9 10.7% -2.5% 0.8x 7.9xWebMD Health Corp. United States 24.15 -3% 1,183.7 991.8 991.8 800.0 469.9 23.2 4.9% -15.9% 2.1x 42.7xWebMediaBrands Inc United States 1.73 -74% 10.4 15.9 2.2 7.6 12.8 (2.1) NM -7.7% 1.2x NM YY Inc. China 17.44 -17% 948.1 723.1 225.0 - 131.6 21.7 16.5% 156.5% 5.5x 33.3xZynga, Inc. United States 3.19 -64% 2,532.0 1,363.3 1,284.8 100.0 1,223.9 140.3 11.5% 0.5% 1.1x 9.7x




Transactions by Subsegment and Buyer TypeDIGITAL ADVERTISING

• Local Search and Vertical Search were the most active Digital Advertising subsegments, with a combined total of 18 transactions announced, of which 14 reported $423 million in value

• Select acquisitions› Amazon’s $150 million acquisition of Goodreads, which offers an online social reading service› TripAdvisor’s acquisition of Jetsetter which operates a private online community to help travelers discover and › TripAdvisor s acquisition of Jetsetter, which operates a private online community to help travelers discover and

purchase vacations, from Gilt Group, in a deal reportedly valued at more than $30 million› NCrowd’s acquisition of daily deals platforms Tippr.com and Groupalicious.com, bringing its active US

subscriber base to over 3.2 million› USA TODAY Travel Media Group’s acquisition of Tripology, a company offering an interactive travel referral

service focused on connecting travelers with experienced travel specialists• Select investments

› The $60 million investment in Eventbrite, a provider of event creation, promotion, and ticket sales service, from T. Rowe Price Group and Tiger Global Management, valuing the company at more than $600 million

› The $57 million investment in Qunar.com, a travel search engine operator, led by Baidu

# % $MM % # $MM # $MM # $MM

Local Search 9 30% 108.9 23% 2 - 0 - 7 108.9

Vertical Search 9 30% 314.4 67% 4 248.7 0 - 5 65.7

Digital Promotion/Coupon 4 13% 20 1 4% 1 - 0 - 3 20 1

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Digital Promotion/Coupon 4 13% 20.1 4% 1 0 3 20.1

Mobile Marketing 2 7% 15.3 3% 0 - 0 - 2 15.3

Online Lead Generation 2 7% 1.0 0% 1 - 0 - 1 1.0

Ad Networks/Exchanges 1 3% 5.9 1% 0 - 0 - 1 5.9

Comparison Shopping 1 3% 1.6 0% 0 - 0 - 1 1.6

Digital Video 1 3% - 0% 0 - 0 - 1 -

Search Marketing 1 3% 0% 1 0 0


Search Marketing 1 3% - 0% 1 - 0 - 0 -

Total 30 100% 467.1 100% 9 248.7 0 0.0 21 218.4

DIGITAL ADVERTISING PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABlinkx plc United States 1.45 -3% 527.3 487.1 41.6 - 151.8 16.5 10.9% 82.2% 3.2x 29.5xBlucora, Inc. United States 14.77 -21% 605.6 517.6 162.3 74.3 456.6 87.2 19.1% 55.9% 1.1x 5.9xConstant Contact, Inc. United States 14.61 -38% 448.5 351.2 93.5 - 260.4 18.2 7.0% 16.1% 1.3x 19.3xDemand Media, Inc. United States 8.66 -31% 746.0 644.5 102.9 1.5 380.6 68.6 18.0% 17.1% 1.7x 9.4xDigital Globe Services Inc. United States 2.64 -8% 78.2 80.1 0.9 2.9 22.8 3.6 15.8% 0.0% 3.5x 22.2xExactTarget, Inc. United States 19.58 -25% 1,344.6 1,236.4 109.4 1.2 292.3 4.1 1.4% 40.9% 4.2x NM Google Inc. United States 824.57 -2% 273,564.3 230,842.3 48,088.0 7,210.0 53,499.0 16,813.0 31.4% 33.8% 4.3x 13.7xHi M di S A F 2 33 22% 103 3 138 5 19 1 52 7 256 8 17 2 6 7% 15 3% 0 5 8 0

Channel Networks & Platforms

Hi-Media S.A. France 2.33 -22% 103.3 138.5 19.1 52.7 256.8 17.2 6.7% -15.3% 0.5x 8.0xMillennial Media Inc. United States 6.93 -64% 549.3 411.9 137.4 - 177.7 (1.8) NM 71.4% 2.3x NM Voltari Corporation United States 5.95 -38% 27.8 25.3 51.5 22.5 90.0 13.7 15.2% -7.9% 0.3x 1.8xOpera Software ASA Norway 6.79 -14% 822.2 767.0 57.2 - 216.0 60.0 27.8% 35.2% 3.6x 12.8xOPT, Inc. Japan 11.48 -3% 337.9 231.5 171.1 9.9 873.0 26.6 3.0% 26.2% 0.3x 8.7xPacific Online Ltd. China 0.40 -12% 433.4 362.9 70.6 - 114.8 49.0 42.7% 11.8% 3.2x 7.4xReachLocal, Inc. * United States 16.67 -3% 471.2 375.7 95.5 - 455.4 7.6 1.7% 21.3% 0.8x 49.4xResponsys, Inc. United States 7.77 -40% 381.7 276.2 106.7 1.1 162.8 19.3 11.8% 20.7% 1.7x 14.3xRovi Corporation United States 23.39 -14% 2,356.1 2,976.8 863.3 1,484.0 633.6 215.6 34.0% -11.1% 4.7x 13.8xSepteni Holdings Co., Ltd. Japan 1,416.48 -12% 178.5 146.0 55.7 10.8 459.7 18.5 4.0% 15.9% 0.3x 7.9xThe Active Network Inc United States 5 03 -69% 306 6 253 3 58 5 5 2 430 5 12 5 2 9% 19 9% 0 6x 20 2xThe Active Network, Inc. United States 5.03 69% 306.6 253.3 58.5 5.2 430.5 12.5 2.9% 19.9% 0.6x 20.2xTiVo Inc. United States 11.72 -13% 1,477.0 1,022.3 627.2 172.5 303.9 (31.4) NM 27.6% 3.4x NM TradeDoubler AB Sweden 2.25 -29% 96.0 70.7 25.3 - 354.4 2.5 0.7% -11.7% 0.2x 28.3xValueClick, Inc. United States 30.86 -2% 2,347.8 2,353.7 136.6 142.5 660.9 200.5 30.3% 25.0% 3.6x 11.7xVelti Plc Ireland 2.00 -83% 132.2 124.0 36.6 28.2 270.3 8.7 3.2% 42.9% 0.5x 14.2xVocus Inc. * United States 8.41 -59% 177.5 214.9 32.8 1.6 182.2 4.0 2.2% 48.4% 1.2x 53.1xWeb.com Group, Inc. United States 17.40 -12% 829.2 1,506.9 15.2 692.8 431.7 69.4 16.1% 71.8% 3.5x 21.7xYahoo! Inc. United States 24.73 -3% 27,235.0 24,389.4 3,013.2 121.5 4,905.7 1,327.1 27.1% -1.7% 5.0x 18.4xYouku Tudou Inc. * China 20.26 -21% 3,316.1 2,711.2 604.2 1.2 288.1 5.5 1.9% 100.0% 9.4x NM




DIGITAL ADVERTISING PUBLIC COMPANY VALUATION($ in millions, except stock price data)

preCommerceStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States 24.24 -9% 1,408.4 1,360.4 53.1 14.9 176.9 (43.0) NM 70.9% 7.7x NM Autobytel Inc. United States 4.39 -6% 38.9 28.6 15.3 5.0 68.4 3.2 4.7% 6.0% 0.4x 8.9xBankrate, Inc. United States 13.48 -35% 1,348.6 1,453.4 83.6 193.9 440.6 103.8 23.6% -2.1% 3.3x 14.0xCtrip.com International Ltd. China 21.98 -12% 2,852.3 2,345.4 774.9 252.7 667.2 120.5 18.1% 18.9% 3.5x 19.5xDice Holdings, Inc. United States 8.44 -21% 505.3 493.7 42.2 46.0 199.7 69.1 34.6% 7.8% 2.5x 7.1xeHealth, Inc. United States 20.94 -26% 407.5 293.9 140.8 - 161.6 21.2 13.1% 6.9% 1.8x 13.9xGroupon, Inc. United States 6.10 -59% 4,033.5 2,823.4 1,209.3 1.1 2,334.5 152.0 6.5% 45.0% 1.2x 18.6xH A I U it d St t 30 55 11% 2 594 8 2 280 4 269 8 295 8 56 4 19 1% 22 0% 7 7 40 5HomeAway, Inc. United States 30.55 -11% 2,594.8 2,280.4 269.8 - 295.8 56.4 19.1% 22.0% 7.7x 40.5xKayak Software Corporation United States 39.82 -7% 1,551.9 1,362.1 189.8 - 292.7 51.4 17.6% 30.4% 4.7x 26.5xLeGuide.com S.A. France 35.90 -3% 126.2 93.4 32.8 - 57.7 15.5 26.8% 53.6% 1.6x 6.0xMakeMyTrip Limited India 12.84 -36% 477.1 404.2 74.4 0.8 220.6 (6.5) NM 21.9% 1.8x NM Monster Worldwide, Inc. United States 4.38 -55% 486.7 502.8 148.2 164.2 868.6 135.5 15.6% -15.2% 0.6x 3.7xMove, Inc. United States 11.41 -6% 454.9 427.7 27.1 - 205.7 15.3 7.4% 8.1% 2.1x 28.0xQuinStreet, Inc. United States 6.54 -36% 279.9 263.5 107.8 99.7 315.1 38.0 12.1% -16.8% 0.8x 6.9xRightmove plc * United Kingdom 29.89 -1% 2,969.2 2,958.2 11.5 - 194.0 136.3 70.3% 23.0% 15.2x 21.7xTree.Com, Inc. United States 20.47 -1% 238.6 158.4 80.2 - 77.4 (4.6) NM 41.8% 2.0x NM TripAdvisor Inc. United States 52.58 -4% 7,514.0 7,439.7 486.5 412.1 763.0 309.6 40.6% 19.8% 9.8x 24.0xTrulia Inc United States 29 06 -24% 933 1 728 7 100 0 10 0 79 9 (4 3) NM 87 8% 9 1x NM Trulia, Inc. United States 29.06 -24% 933.1 728.7 100.0 10.0 79.9 (4.3) NM 87.8% 9.1x NM Yelp, Inc. United States 26.03 -20% 1,674.0 1,578.9 95.1 - 137.6 (11.4) NM 65.2% 11.5x NM Zillow, Inc. * United States 58.83 -7% 2,028.3 1,834.2 194.1 - 116.9 12.4 10.6% 76.9% 15.7x 148.3x




MARKETING TECHNOLOGYTransactions by Subsegment and Buyer Type

• There were 68 deals announced in the Marketing Technology segment, flat from the previous month. Of those, 43 reported $340 million in value

• Select acquisitions› Paypal’s acquisition of Iron Pearl, a startup focused on tools for customer acquisition and engagement that are

based on social and cultural factors that drive the viral spread of products, in addition to data analysis and di ti d lipredictive modeling

› Google’s $30 million acquisition of Wavii, a developer of natural language processing tools, along with its acquisition of Behavio, which has developed a mobile framework that gathers data about people and their location by way of their mobile phone

• Select investments› The $28 million investment in Optimizely, a startup that helps companies A/B test different versions of their

websites, from Bain Capital Centures, Batter Ventures, InterWest Partners, and Google Ventures

# % $MM % # $MM # $MM # $MM

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Analytics & Reporting 14 21% 125.0 37% 3 - 0 - 11 125.0

Mobile Technology 11 16% 13.8 4% 5 - 0 - 6 13.8

Content Management 7 10% 26.1 8% 1 - 0 - 6 26.1

CRM 6 9% 30.5 9% 1 - 0 - 5 30.5

BI Tools 5 7% 12.8 4% 2 - 0 - 3 12.8

Social Technology 4 6% 14.8 4% 1 - 0 - 3 14.8gy

Email/Messaging Software 3 4% 26.9 8% 0 - 0 - 3 26.9

SFA/Lead Management 3 4% 4.5 1% 0 - 0 - 3 4.5

Website Creation/Hosting 3 4% 6.0 2% 1 - 0 - 2 6.0

MRM/Workflow Management 2 3% 27.5 8% 1 - 0 - 1 27.5

Other* 8 12% 22.0 6% 2 1.4 0 - 6 20.6

Total 68 100% 339 9 100% 18 31 4 0 0 0 50 308 5


Total 68 100% 339.9 100% 18 31.4 0 0.0 50 308.5*Other includes Ad Serving, Commerce Management, Creative Production Platform, Market Research Software, Media Management System, Product/Price Software, Search & Discovery, and Web to Print

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States 45.08 -2% 22,627.3 20,498.0 3,660.7 1,531.4 4,366.3 1,296.0 29.7% 3.1% 4.7x 15.8xBazaarvoice, Inc. United States 7.25 -64% 527.7 422.2 105.5 - 148.4 (27.0) NM 57.9% 2.8x NM Blackbaud Inc. United States 29.31 -5% 1,302.7 1,506.0 13.5 216.8 468.3 73.0 15.6% 23.6% 3.2x 20.6xConstant Contact, Inc. United States 14.61 -38% 448.5 351.2 93.5 - 260.4 18.2 7.0% 16.1% 1.3x 19.3xDealertrack Technologies, Inc. United States 27.85 -17% 1,199.1 1,183.7 177.8 162.5 388.9 53.5 13.8% 10.1% 3.0x 22.1xDemandware, Inc. * United States 27.30 -20% 821.9 720.1 107.1 5.4 79.5 (3.8) NM 40.5% 9.1x NM Digital Generation, Inc. United States 6.70 -49% 185.4 554.5 84.8 453.9 386.6 100.6 26.0% 19.2% 1.4x 5.5xDi it l Ri I U it d St t 14 48 19% 511 3 115 6 705 6 309 9 397 5 31 3 7 9% 1 2% 0 3 3 7

Marketing Applications

Digital River Inc. United States 14.48 -19% 511.3 115.6 705.6 309.9 397.5 31.3 7.9% -1.2% 0.3x 3.7xeBay Inc. United States 52.39 -10% 67,991.2 63,105.2 9,408.0 4,519.0 14,543.0 4,310.0 29.6% 17.4% 4.3x 14.6xExactTarget, Inc. United States 19.58 -25% 1,344.6 1,236.4 109.4 1.2 292.3 4.1 1.4% 40.9% 4.2x NM Jive Software, Inc. United States 13.59 -42% 909.4 775.8 145.4 10.8 122.2 (43.4) NM 41.2% 6.3x NM LivePerson Inc. United States 12.82 -35% 706.1 602.7 103.3 - 157.4 19.0 12.1% 18.3% 3.8x 31.8xMarin Software Incorporated United States 14.70 -26% 454.4 433.7 31.5 10.8 59.6 (22.6) NM 64.9% 7.3x NM Market Leader, Inc. United States 10.02 -1% 270.5 248.3 22.2 - 45.0 (3.7) NM 32.2% 5.5x NM Responsys, Inc. United States 7.77 -40% 381.7 276.2 106.7 1.1 162.8 19.3 11.8% 20.7% 1.7x 14.3xOracle Corporation United States 32.78 -10% 154,415.4 141,202.4 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 3.8x 8.2xsalesforce.com, inc * United States 41.11 -13% 24,222.5 24,002.8 867.6 647.9 3,050.2 84.0 2.8% 34.6% 7.9x 285.8xTeradata Corporation United States 51 07 -37% 8 429 6 7 974 6 729 0 274 0 2 639 0 615 0 23 3% 6 9% 3 0x 13 0xTeradata Corporation United States 51.07 37% 8,429.6 7,974.6 729.0 274.0 2,639.0 615.0 23.3% 6.9% 3.0x 13.0xThe Active Network, Inc. United States 5.03 -69% 306.6 253.3 58.5 5.2 430.5 12.5 2.9% 19.9% 0.6x 20.2xVocus Inc. United States 8.41 -59% 177.5 214.9 32.8 1.6 182.2 4.0 2.2% 48.4% 1.2x 53.1x




MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAActuate Corporation United States 6.14 -15% 293.1 225.8 66.5 0.8 138.9 20.7 14.9% 0.9% 1.6x 10.9xBitauto Holdings Limited China 11.37 -2% 451.8 352.8 96.3 - 169.6 29.7 17.5% 57.8% 2.1x 11.9xBrightcove, Inc. United States 6.02 -71% 169.1 142.2 30.0 - 92.8 (9.2) NM 31.7% 1.5x NM E2open, Inc. * United States 14.21 -35% 356.2 322.0 33.5 1.1 74.9 1.6 2.1% 25.6% 4.3x 200.3xInformatica Corporation United States 32.93 -31% 3,556.7 2,965.7 535.6 - 829.9 169.5 20.4% 2.2% 3.6x 17.5xInfosystems S.A. Poland 1.19 -34% 4.9 4.5 0.6 0.3 2.1 0.8 38.8% 40.7% 2.2x 5.7xInteractive Intelligence Group Inc. United States 41.43 -11% 823.9 755.0 68.9 - 237.4 11.1 4.7% 13.3% 3.2x 68.1xIBM C ti U it d St t 202 54 6% 224 575 1 246 102 1 11 176 0 33 269 0 103 242 0 26 612 0 25 8% 3 5% 2 4 9 2

Marketing-related Infrastructure

IBM Corporation United States 202.54 -6% 224,575.1 246,102.1 11,176.0 33,269.0 103,242.0 26,612.0 25.8% -3.5% 2.4x 9.2xKeynote Systems, Inc. United States 11.21 -31% 204.8 146.9 51.2 - 123.9 15.4 12.4% 5.2% 1.2x 9.5xMercadolibre, Inc. Argentina 100.59 0% 4,441.4 4,250.3 195.2 0.1 373.6 138.6 37.1% 25.0% 11.4x 30.7xMicroStrategy Inc. United States 90.19 -42% 1,019.2 689.0 224.4 2.1 586.5 40.1 6.8% 0.2% 1.2x 17.2xNetSuite Inc. * United States 87.96 -1% 6,443.3 6,252.7 185.9 3.0 331.1 (21.0) NM 31.3% 18.9x NM Nuance Communications, Inc. United States 19.04 -26% 6,021.9 7,358.2 961.1 2,335.0 1,813.8 371.8 20.5% 25.4% 4.1x 19.8xOpenText Corporation Canada 65.39 -2% 3,832.3 3,958.9 367.3 581.4 1,321.7 390.7 29.6% 11.3% 3.0x 10.1xOpera Software ASA Norway 6.79 -14% 822.2 767.0 57.2 - 216.0 60.0 27.8% 35.2% 3.6x 12.8xPTC Inc. United States 24.01 -8% 2,868.7 2,936.1 248.4 368.1 1,270.0 239.2 18.8% 1.5% 2.3x 12.3xQlik Technologies, Inc. * United States 26.01 -8% 2,260.8 2,046.1 195.8 - 405.9 11.5 2.8% 20.5% 5.0x 177.5xRealNetworks Inc United States 7 70 -17% 272 2 0 8 271 4 - 248 7 (19 2) NM -21 1% 0 0x NM RealNetworks Inc. United States 7.70 17% 272.2 0.8 271.4 248.7 (19.2) NM 21.1% 0.0x NM Sage Group plc United Kingdom 5.25 -5% 6,115.4 6,341.9 99.3 337.3 2,160.7 639.4 29.6% 0.5% 2.9x 9.9xSAP AG Germany 79.54 -7% 94,853.8 95,439.9 3,285.6 6,559.4 21,108.3 7,142.0 33.8% 13.2% 4.5x 13.4xSky-mobi Limited * China 1.73 -49% 54.5 (42.1) 97.0 - 99.3 1.5 1.5% -9.5% NM NM Synchronoss Technologies, Inc. United States 28.34 -11% 1,071.5 1,024.8 56.2 9.5 287.4 62.7 21.8% 19.4% 3.6x 16.3xTIBCO Software Inc. United States 19.41 -41% 3,185.0 2,942.7 806.7 563.4 1,036.7 210.1 20.3% 7.9% 2.8x 14.0xVerint Systems Inc. United States 33.04 -11% 1,733.7 2,377.2 223.6 576.7 839.5 162.2 19.3% 7.3% 2.8x 14.7x




AGENCYTransactions by Subsegment and Buyer Type

• There were 11 transactions announced in the Agency segment, five of which were in the Digital Agency subsegment• Select acquisitions

› Aegis Media’s acquisition of Beijing Wonder Advertising, a China-based digital media planning and buying agency

› LIN TV’s purchase of a majority stake in Dedicated Media a multi-channel ad buying firm that offers media › LIN TV s purchase of a majority stake in Dedicated Media, a multi channel ad buying firm that offers media buying, search, and affiliate marketing services

› Omnicom’s acquisition of China-based Consultech, a China-based healthcare market consulting and marketing communications company

AGENCY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

# % $MM % # $MM # $MM # $MM

Digital Agency 5 45% - 0% 5 - 0 - 0 -

Media Planning/Buying 2 18% - 0% 2 - 0 - 0 -

Experiential Marketing 1 9% - 0% 0 - 0 - 1 -

General Agency 1 9% - 0% 1 - 0 - 0 -

/


General Agency 1 9% 0% 1 0 0

Healthcare Agency 1 9% - 0% 1 - 0 - 0 -

Promotion Agency 1 9% - 0% 1 - 0 - 0 -

Total 11 100% 0.0 0% 10 0.0 0 0.0 1 0.0


AGENCY PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $6.50 -41% $152.9 $116.4 $141.0 $27.0 19.1% 32.2% 0.8x 4.3xCello Group Plc United Kingdom 0.75 -10% 61.8 75.5 219.7 12.8 5.8% 5.8% 0.3x 5.9xCharm Communications Inc. China 4.49 -55% 179.7 72.8 165.5 (1.8) NM -40.9% 0.4x NM Chime Communications plc * United Kingdom 3.99 -6% 334.8 330.4 559.5 19.3 3.5% 20.5% 0.6x 17.1xCreston plc United Kingdom 1.34 -11% 80.9 84.1 121.9 22.0 18.1% 4.6% 0.7x 3.8xDentsu Inc. Japan 34.72 -1% 8,650.5 8,586.2 22,520.5 774.4 3.4% 5.7% 0.4x 11.1xEnero Group Limited Australia 0.37 -61% 31.9 15.4 307.1 3.8 1.2% -17.8% 0.1x 4.1xp 1.2% 17.8% 0.1x 4.1xHavas France 6.11 -11% 2,335.1 2,688.1 2,344.3 344.1 14.7% 8.1% 1.1x 7.8xHuntsworth plc United Kingdom 0.93 -6% 229.3 333.5 281.2 46.8 16.6% -1.8% 1.2x 7.1xM&C Saatchi plc United Kingdom 3.89 -5% 246.5 222.9 275.5 31.7 11.5% 10.7% 0.8x 7.0xMDC Partners Inc. * United States 17.17 -2% 546.8 1,211.0 1,102.6 78.7 7.1% 14.4% 1.1x 15.4xNext Fifteen Communications Group plc United Kingdom 1.51 -16% 90.2 101.7 147.2 17.3 11.7% 2.6% 0.7x 5.9xOmnicom Group Inc. United States 59.77 -2% 15,455.6 18,500.1 14,311.0 2,097.9 14.7% 2.0% 1.3x 8.8xOPT, Inc. Japan 11.48 -3% 337.9 231.5 873.0 26.6 3.0% 26.2% 0.3x 8.7xPublicis Groupe SA France 69.56 -6% 14,608.5 14,400.4 8,715.1 1,656.0 19.0% 13.7% 1.7x 8.7xSapient Corp United States 11 67 7% 1 626 8 1 386 5 1 121 0 140 1 12 5% 9 8% 1 2 9 9Sapient Corp. United States 11.67 -7% 1,626.8 1,386.5 1,121.0 140.1 12.5% 9.8% 1.2x 9.9xThe Interpublic Group of Companies, Inc. United States 13.84 -4% 5,929.0 7,001.0 6,992.4 826.6 11.8% -0.8% 1.0x 8.5xWPP plc Ireland 16.56 -3% 20,950.5 25,728.8 16,860.0 2,851.2 16.9% 3.5% 1.5x 9.0x

1.3x 9.1x


Adjusted Weighted Average


MARKETING SERVICESTransactions by Subsegment and Buyer Type

• There were four transactions announced in the Marketing Services segment across the Database/Analytics, Fulfillment, Logistics, and Loyalty/Retention subsegments

• Select acquisitions› McCann Worldgroup India’s acquisition of End To End Marketing Solutions, an India-based database

marketing services firm whose services span direct marketing, targeted and niche marketing, lead ti il k ti t l k ti d d ti t d h l k tigeneration, email marketing, telemarketing, demand generation events, and channel marketing

› J. Knipper and Company’s acquisition of inVentiv Health’s MySTRO Sample Management and Fulfillment business, including regulatory compliance, sample accountability, and fulfillment services

• Select investments› The $4 million investment in Everymove, a provider of health rewards programs, from BlueCross BlueShield

Venture Partners, Sandbox Industries, and Blue Cross and Blue Shield of Nebraska

# % $MM % # $MM # $MM # $MM

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Database/Analytics 1 25% - 0% 1 - 0 - 0 -

Fulfillment 1 25% - 0% 1 - 0 - 0 -

Logistics 1 25% 1.0 22% 0 - 0 - 1 1.0

Loyalty/Retention 1 25% 3.5 78% 0 - 0 - 1 3.5

Total 4 100% 4.5 100% 2 0.0 0 0.0 2 4.5


MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $19.89 -3% $1,468.4 $1,543.5 $186.2 $261.6 $1,109.5 $223.4 20.1% -1.9% 1.4x 6.9xAimia Inc. Canada 15.79 -4% 2,722.5 3,130.1 543.3 795.7 2,256.3 349.2 15.5% 6.3% 1.4x 9.0xAlliance Data Systems Corporation * United States 171.77 -1% 8,815.9 13,015.3 893.4 5,092.7 3,803.2 1,164.0 30.6% 14.4% 3.4x 11.2xAMREP Corporation United States 9.00 -43% 54.0 62.4 18.0 26.4 81.7 2.1 2.5% -7.5% 0.8x 30.0xCenveo Inc. United States 2.04 -35% 130.3 1,305.8 8.1 1,183.6 1,797.6 202.7 11.3% -5.8% 0.7x 6.4xConsolidated Graphics, Inc. United States 35.67 -14% 343.1 486.8 8.5 152.2 1,047.8 103.5 9.9% -0.5% 0.5x 4.7xConvergys Corporation United States 17.02 -3% 1,788.2 1,245.8 638.5 60.6 2,001.0 234.9 11.7% -12.8% 0.6x 5.3xCSG Systems International Inc. United States 21.61 -7% 733.9 833.4 169.3 275.8 752.5 140.0 18.6% 2.2% 1.1x 6.0xData Group Inc Canada 2.01 -62% 47.1 147.6 - 101.4 337.4 29.4 8.7% 1.3% 0.4x 5.0xDST Systems Inc. United States 69.15 -3% 3,049.5 3,576.2 487.2 1,013.9 2,605.8 377.0 14.5% 6.4% 1.4x 9.5xElanders AB Sweden 3.22 -17% 73.2 177.4 25.8 129.6 295.5 31.5 10.6% 4.6% 0.6x 5.6xFair Isaac Corporation * United States 46.58 -3% 1,670.9 2,043.8 90.8 504.0 715.9 187.8 26.2% 11.7% 2.9x 10.9xHarte-Hanks Inc. United States 7.93 -19% 501.5 562.1 49.6 110.3 760.0 84.5 11.1% -10.1% 0.7x 6.7xHigh Co. SA France 6.39 -13% 66.9 30.8 60.2 23.6 174.3 16.6 9.5% -3.6% 0.2x 1.8xInnerWorkings Inc. United States 10.07 -36% 510.0 557.8 17.2 65.0 797.7 37.4 4.7% 25.9% 0.7x 14.9xInnotrac Corp. United States 3.99 -1% 52.1 50.7 4.0 2.6 107.7 7.5 6.9% 27.2% 0.5x 6.8xInsignia Systems Inc. United States 2.01 -13% 27.5 7.2 20.3 - 23.6 2.2 9.3% 44.8% 0.3x 3.3xMultiplus SA * Brazil 16.38 -35% 2,653.3 2,134.4 507.7 - 720.5 118.1 16.4% 18.4% 3.0x 18.1xp , ,Points International Ltd. * Canada 17.38 -3% 263.6 218.9 45.1 - 148.4 3.5 2.4% 21.1% 1.5x 62.7xQuad/Graphics, Inc. United States 20.90 -15% 994.7 2,352.6 16.9 1,374.5 4,094.0 563.4 13.8% -5.3% 0.6x 4.2xR.R. Donnelley & Sons Company United States 12.31 -7% 2,233.0 5,477.2 430.7 3,438.6 10,235.5 1,213.2 11.9% -3.0% 0.5x 4.5xSoundBite Communications, Inc. * United States 3.07 -3% 50.6 35.6 15.0 - 48.1 0.4 0.9% 15.4% 0.7x 81.7xStarTek, Inc. United States 6.93 -4% 105.9 96.8 9.2 0.0 198.1 6.3 3.2% -9.8% 0.5x 15.3xSykes Enterprises, Incorporated United States 15.39 -7% 662.6 568.9 187.3 93.6 1,127.7 107.0 9.5% -3.6% 0.5x 5.3xTeleperformance France 44.01 -1% 2,437.2 2,334.8 229.6 119.1 3,094.6 379.7 12.3% 10.4% 0.8x 6.1xTeleTech Holdings Inc. United States 21.29 -2% 1,111.3 1,071.9 164.5 111.0 1,158.7 147.4 12.7% -2.7% 0.9x 7.3xTranscontinental Inc. Canada 12.88 -1% 1,001.6 1,428.8 27.6 361.5 2,153.7 362.1 16.8% 9.7% 0.7x 3.9xValassis Communications Inc United States 25 63 -18% 1 003 7 1 490 3 94 7 587 6 2 126 0 281 1 13 2% 3 7% 0 7x 5 3xValassis Communications Inc. United States 25.63 -18% 1,003.7 1,490.3 94.7 587.6 2,126.0 281.1 13.2% -3.7% 0.7x 5.3xViad Corp United States 26.05 -9% 529.5 426.6 114.2 2.2 1,041.6 72.2 6.9% 13.1% 0.4x 5.9xVistaprint N.V. Netherlands 40.80 -6% 1,331.9 1,519.1 64.7 230.5 1,137.8 108.1 9.5% 16.3% 1.3x 14.0x

0.9x 9.2xAdjusted Weighted Average



TRADITIONAL MEDIATransactions by Subsegment and Buyer Type

• With 28 transactions announced, month-over-month activity in the Traditional Media segment increased 56 percent in April. Entertainment Media and Broadcast Television were the most active subsegments with 11 transactions total, of which five reported $439 million in value

• Select acquisitions› Sinclair Broadcast Group’s $354 million acquisition of Fisher Communications, a television and radio

broadcasting company › Alloy Digital’s acquisition of Digital Broadcasting Group, a content production and distribution company

driving viewership and tune-in of original video programming and client-created TV spots across multiple digital points

• Select investments› The $28 million investment in RRsat Global Communications Network, which provides content management

and distribution services to television and radio broadcasters, from Viola Private Equity and Vpartners› The $4 million investment in Songza, which offers a free streaming music service that has expert-made

playlists and runs on the Web and various touch screen platforms, from unnamed investors

# % $MM % # $MM # $MM # $MM

Entertainment Media 6 21% 37.9 8% 3 27.5 0 - 3 10.4

Broadcast Television 5 18% 400.6 82% 4 353.9 1 46.7 0 -

Consumer Magazine Publishing 4 14% 15 4 3% 4 15 4 0 0

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Consumer Magazine Publishing 4 14% 15.4 3% 4 15.4 0 - 0 -

Cable & Satellite Television 3 11% 27.8 6% 1 - 1 - 1 27.8

Newspaper Publishing 3 11% - 0% 3 - 0 - 0 -

Radio 3 11% 5.1 1% 2 1.3 0 - 1 3.8

Consumer Book Publishing 2 7% - 0% 2 - 0 - 0 -

Digital Place-Based Media 1 4% - 0% 1 - 0 - 0 -

d l O d % 0% 0 0


Traditional Outdoor 1 4% - 0% 1 - 0 - 0 -

Total 28 100% 486.7 100% 21 398.1 2 46.7 5 42.0

TRADITIONAL MEDIA PUBLIC COMPANY VALUATIONS


Large Cap Diversified MediaStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $45.78 -5% $29,088.1 $34,302.1 $708.0 5,922.0 $14,333.0 $3,608.0 25.2% -2.2% 2.4x 9.5xDiscovery Communications, Inc. * United States 78.82 -3% 28,095.6 32,043.6 1,297.0 5,243.0 4,487.0 1,997.0 44.5% 7.7% 7.1x 16.0xNews Corp. United States 30.97 -4% 72,002.3 82,155.3 7,806.0 16,457.0 34,333.0 6,862.0 20.0% 0.5% 2.4x 12.0xTime Warner Inc. United States 59.78 -2% 55,844.4 72,875.4 2,841.0 19,871.0 28,689.0 7,425.0 25.9% -2.0% 2.5x 9.8xViacom, Inc. United States 63.99 -7% 31,710.6 39,594.6 671.0 8,389.0 13,053.0 3,826.0 29.3% -13.6% 3.0x 10.3xThe Walt Disney Company United States 62.84 -2% 113,453.6 130,057.6 3,207.0 17,457.0 42,840.0 10,900.0 25.4% 4.6% 3.0x 11.9x



Radio BroadcastingStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $6.53 -5% $149.2 $254.3 $11.7 116.8 $101.8 $29.9 29.4% 3.9% 2.5x 8.5xCC Media Holdings, Inc. United States 2.85 -54% 244.4 20,137.1 1,235.3 20,824.0 6,229.2 1,912.1 30.7% 0.5% 3.2x 10.5xCumulus Media Inc. United States 3.19 -8% 560.6 3,245.4 88.1 2,701.1 1,076.6 354.1 32.9% 107.0% 3.0x 9.2xDial Global, Inc. * United States 0.42 -89% 24.0 312.3 8.4 286.0 239.0 4.7 2.0% 82.0% 1.3x 66.1xEmmis Communications Corp. United States 1.53 -40% 60.3 257.7 11.2 160.6 227.6 34.3 15.1% 0.2% 1.1x 7.5xEntercom Communications Corp. United States 7.91 -6% 292.3 865.9 8.9 582.6 388.9 109.1 28.1% 1.6% 2.2x 7.9xJournal Communications Inc. United States 6.81 -3% 344.8 588.6 2.4 246.2 412.5 90.9 22.0% 16.1% 1.4x 6.5xRadio One Inc. United States 1.53 -21% 75.4 1,058.8 58.9 818.7 424.6 148.9 35.1% 16.6% 2.5x 7.1xSalem Communications Corp. United States 9.18 -9% 226.5 495.1 0.4 269.0 229.2 50.0 21.8% 5.0% 2.2x 9.9xSIRIUS XM Radio Inc. * United States 3.25 -4% 20,742.1 22,923.7 520.9 2,435.2 3,494.7 1,186.9 34.0% 12.9% 6.6x 19.3xSpanish Broadcasting System Inc. United States 3.01 -60% 21.9 367.5 26.7 279.9 139.5 43.1 30.9% -1.0% 2.6x 8.5xPandora Media, Inc. United States 13.93 -46% 2,429.3 2,340.3 89.0 - 427.1 (30.8) NM 55.7% 5.5x NM



B-to-B MediaStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $15.25 -3% $1,921.5 $1,980.7 $21.8 72.6 $635.5 $186.4 29.3% 8.5% 3.1x 10.6xGlobal Sources Ltd. Bermuda 6.82 -20% 232.4 127.5 116.3 - 231.7 45.7 19.7% 3.0% 0.5x 2.8xInforma plc Switzerland 7.44 -11% 4,486.2 5,734.8 38.8 1,343.0 2,003.3 599.4 29.9% -3.4% 2.9x 9.6xp , , , ,TechTarget, Inc. United States 4.44 -39% 171.1 116.1 55.0 - 100.0 14.7 14.7% -5.2% 1.2x 7.9xThe Dolan Company United States 1.73 -79% 52.5 215.4 3.5 166.0 249.2 27.8 11.2% -11.2% 0.9x 7.8xUBM plc * Ireland 11.39 -8% 2,778.3 3,727.5 127.6 1,074.8 1,296.7 315.3 24.3% 2.0% 2.9x 11.8x






PublishingStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $5.80 -5% $127.9 $96.1 $34.1 - $434.5 $28.3 6.5% -4.3% 0.2x 3.4xDaily Mail and General Trust plc * United Kingdom 10.71 -6% 3,987.3 5,105.4 168.8 1,173.7 2,816.3 513.3 18.2% -0.1% 1.8x 9.9xEmmis Communications Corp. United States 1.53 -40% 60.3 257.7 11.2 160.6 227.6 34.3 15.1% 0.2% 1.1x 7.5xGannett Co., Inc. United States 20.16 -9% 4,626.2 6,083.2 175.0 1,432.1 5,372.3 1,111.3 20.7% 3.2% 1.1x 5.5xGlacier Media, Inc. Canada 1.64 -27% 146.5 320.2 5.2 132.3 331.1 48.2 14.5% 23.4% 1.0x 6.6xJohn Wiley & Sons Inc. United States 38.17 -27% 2,255.9 2,706.3 285.9 736.2 1,769.5 334.3 18.9% -0.2% 1.5x 8.1xJournal Communications Inc. United States 6.81 -3% 344.8 588.6 2.4 246.2 412.5 90.9 22.0% 16.1% 1.4x 6.5xMartha Stewart Living Omnimedia Inc United States 2 47 35% 166 3 115 7 49 1 185 0 (4 4) NM 15 4% 0 6x NM Martha Stewart Living Omnimedia Inc. United States 2.47 -35% 166.3 115.7 49.1 - 185.0 (4.4) NM -15.4% 0.6x NM Meredith Corporation United States 38.82 -16% 1,715.9 2,046.4 24.7 365.0 1,458.9 258.4 17.7% 7.7% 1.4x 7.9xReed Elsevier Group * United Kingdom 11.70 -6% 24,751.6 29,832.3 2,673.1 2,407.7 9,554.5 2,209.0 2.3% 2.3% 3.1x 13.5xScholastic Corporation United States 27.45 -21% 875.5 891.2 196.7 212.4 1,968.8 174.8 8.9% -2.3% 0.5x 5.1xThe E. W. Scripps Company United States 13.89 -1% 794.6 750.3 242.6 196.1 903.5 138.9 15.4% 24.0% 0.8x 5.4xThe McClatchy Company United States 2.31 -33% 200.0 2,036.6 113.1 1,949.7 1,219.2 310.2 25.4% -2.8% 1.7x 6.6xThe McGraw-Hill Companies, Inc. * United States 54.11 -8% 14,831.6 14,587.6 761.0 1,256.0 4,596.0 1,618.0 35.2% 23.3% 3.2x 9.0xThe New York Times Company United States 8.86 -20% 1,310.9 1,056.0 955.3 697.1 1,980.6 276.7 14.0% -14.7% 0.5x 3.8xThe Washington Post Company United States 443.34 -3% 3,291.2 3,083.0 931.4 699.2 4,021.3 551.4 13.7% -3.0% 0.8x 5.6xValassis Communications Inc. United States 25.63 -18% 1,003.7 1,490.3 94.7 587.6 2,126.0 281.1 13.2% -3.7% 0.7x 5.3x

1 2 7 4Adjusted Weighted Average 1.2x 7.4xAdjusted Weighted Average


Entertainment MediaStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. United States $19.28 -16% $1,620.3 $1,710.2 $59.2 $165.0 $748.4 $101.7 13.6% 2.0% 2.3x 16.8xEros International Plc United Kingdom 3.73 -23% 464.3 654.4 102.1 260.5 200.9 57.8 28.8% 6.5% 3.3x 11.3xLions Gate Entertainment Corp. * United States 24.81 -5% 3,354.0 4,673.7 48.2 1,367.9 2,567.6 198.7 7.7% 94.6% 1.8x 23.5xLive Nation Entertainment, Inc. United States 12.63 -3% 2,375.0 3,309.2 1,001.1 1,740.0 5,819.0 410.8 7.1% 8.1% 0.6x 8.1xVillage Roadshow Limited Australia 5.39 -4% 905.7 1,186.9 174.0 446.3 964.2 170.7 17.7% 2.3% 1.2x 7.0xWorld Wrestling Entertainment Inc. United States 9.18 -1% 686.2 533.9 152.4 - 484.9 55.8 11.5% -0.4% 1.1x 9.6x



Film ExhibitionStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACarmike Cinemas Inc. United States $17.56 -7% $313.3 $679.5 $68.5 $434.7 $539.3 $97.9 18.1% 12.9% 1.3x 6.9xCinemark Holdings Inc. United States 30.89 -3% 3,550.8 4,747.4 742.7 1,928.4 2,473.5 546.6 22.1% 8.5% 1.9x 8.7xCineplex Inc. Canada 34.00 -1% 2,136.5 2,259.4 47.9 172.2 1,095.4 200.5 18.3% 9.4% 2.1x 11.3xIMAX Corporation * Canada 25.53 -9% 1,707.3 1,710.1 21.3 11.0 277.5 75.6 27.2% 14.0% 6.2x 22.6xNational CineMedia, Inc. United States 16.24 -4% 924.6 1,779.7 106.6 879.0 451.9 217.0 48.0% 1.8% 3.9x 8.2xRealD Inc. United States 14.97 -3% 745.9 752.5 27.7 35.0 220.2 43.3 19.7% -13.7% 3.4x 17.4xRegal Entertainment Group United States 17.94 -4% 2,789.7 4,683.9 109.5 2,005.5 2,782.1 496.2 17.8% -0.5% 1.7x 9.4x






Out-of-Home MediaStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. * China $1.65 -43% $100.2 ($20.5) $118.3 $0.0 $286.7 $21.4 7.5% 6.0% NM NM APG|SGA SA Switzerland 250.62 -1% 737.9 648.7 94.5 - 349.6 122.0 34.9% 1.9% 1.9x 5.3xClear Channel Outdoor Holdings Inc. United States 7.23 -8% 2,583.1 7,203.7 572.1 4,944.8 2,945.9 711.9 24.2% -2.0% 2.4x 10.1xClear Media Ltd. Hong Kong 0.72 -4% 381.7 228.8 166.4 - 196.4 80.2 40.9% 2.4% 1.2x 2.9xFocus Media Holding Ltd. Hong Kong 27.27 0% 3,602.1 3,010.9 789.3 200.0 927.5 354.4 38.2% 17.9% 3.2x 8.5xJCDecaux SA France 27.48 -6% 6,105.8 6,012.3 621.4 583.7 3,458.1 734.0 21.2% 6.5% 1.7x 8.2xLamar Advertising Co. * United States 46.82 -4% 4,409.0 6,510.9 58.9 2,160.9 1,182.9 517.7 43.8% 4.4% 5.5x 12.6xMood Media Corporation Canada 0.92 -77% 158.5 696.4 46.4 588.3 443.8 110.4 24.9% 61.5% 1.6x 6.3xNational CineMedia, Inc. United States 16.24 -4% 924.6 1,779.7 106.6 879.0 451.9 217.0 48.0% 1.8% 3.9x 8.2xNTN Buzztime Inc. * United States 0.36 -10% 25.8 23.2 2.7 0.2 24.1 1.2 4.9% 0.8% 1.0x 19.8xTom Group Ltd. Hong Kong 0.11 -19% 436.1 660.4 102.8 285.9 284.6 1.7 0.6% -5.2% 2.3x NM Valassis Communications Inc. United States 25.63 -18% 1,003.7 1,490.3 94.7 587.6 2,126.0 281.1 13.2% -3.7% 0.7x 5.3x

2.3x 9.1x



Cable & Satellite TelevisionStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACablevision Systems Corporation United States $14.86 -21% $3,970.9 $14,641.2 $364.5 11,021.6 $6,705.5 $1,913.5 28.5% 0.1% 2.2x 7.7xCharter Communications, Inc. United States 100.74 -6% 10,192.8 23,060.8 7.0 12,875.0 7,504.0 2,644.0 35.2% 4.2% 3.1x 8.7xComcast Corporation United States 41.30 -3% 107,628.6 153,109.6 12,415.0 40,458.0 63,002.0 20,323.0 32.3% 7.5% 2.4x 7.5xDIRECTV United States 56.56 -2% 32,292.4 48,318.4 1,902.0 17,528.0 29,740.0 7,226.0 24.3% 9.2% 1.6x 6.7xDish Network Corp. United States 39.19 -4% 17,765.0 22,450.1 7,237.8 11,888.1 14,266.5 2,961.3 20.8% 1.6% 1.6x 7.6xGeneral Communication Inc. United States 9.71 -7% 398.5 1,363.9 24.5 957.7 724.5 223.0 30.8% 5.5% 1.9x 6.1x, 30 8% 5 5% 9 6Liberty Global Inc. * United States 72.37 -5% 18,097.6 45,966.5 2,230.2 30,224.0 10,310.8 4,757.2 46.1% 8.4% 4.5x 9.7xTime Warner Cable Inc. United States 93.89 -8% 27,318.5 50,856.5 3,470.0 26,990.0 21,727.0 7,626.0 35.1% 8.7% 2.3x 6.7xVirgin Media, Inc. United States 48.78 -3% 13,195.0 22,068.4 345.2 9,815.7 6,281.7 2,544.2 40.5% 3.0% 3.5x 8.7xZiggo N.V. * Netherlands 35.84 -5% 7,167.9 10,859.7 121.9 3,964.7 1,970.2 1,138.5 57.8% 2.3% 5.5x 9.5x



C bl kCable NetworksStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $63.01 -5% $4,548.9 $6,129.1 $611.0 2,191.1 $1,352.6 $458.2 33.9% 13.9% 4.5x 13.4xBritish Sky Broadcasting Group plc United Kingdom 13.13 -7% 20,952.7 23,180.9 2,272.2 4,599.8 11,312.5 2,576.2 22.8% 2.7% 2.0x 9.0xCBS Corporation United States 45.78 -5% 29,088.1 34,302.1 708.0 5,922.0 14,333.0 3,608.0 25.2% -2.2% 2.4x 9.5xCrown Media Holdings Inc. United States 2.05 -5% 737.3 1,192.4 43.7 498.8 351.7 264.4 75.2% 5.4% 3.4x 4.5xDiscovery Communications, Inc. * United States 78.82 -3% 28,095.6 32,043.6 1,297.0 5,243.0 4,487.0 1,997.0 44.5% 7.7% 7.1x 16.0xGrupo Televisa, S.A.B. Mexico 25.32 -13% 14,432.9 17,812.5 1,878.1 4,492.1 5,656.2 2,239.5 39.6% 7.9% 3.1x 8.0xOutdoor Channel Holdings, Inc. * United States 8.75 -8% 221.0 163.0 58.0 - 77.3 9.1 11.8% 7.6% 2.1x 17.9xScripps Networks Interactive Inc United States 66 58 -6% 9 812 3 11 202 6 437 5 1 384 2 2 366 2 1 049 1 44 3% 11 3% 4 7x 10 7x


Scripps Networks Interactive, Inc. United States 66.58 6% 9,812.3 11,202.6 437.5 1,384.2 2,366.2 1,049.1 44.3% 11.3% 4.7x 10.7x





Broadcast TelevisionStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABelo Corp. United States $10.72 -3% $1,112.4 $1,826.9 $9.4 733.0 $719.2 $259.2 36.0% 9.9% 2.5x 7.0xEntravision Communications Corporation United States 3.86 -6% 334.5 639.2 36.1 340.8 225.8 76.9 34.1% 14.7% 2.8x 8.3xFisher Communications, Inc. * United States 41.42 0% 366.2 345.9 20.4 0.2 171.1 31.7 18.5% 6.7% 2.0x 10.9xGray Television Inc. United States 6.35 -6% 365.3 1,187.1 11.1 832.9 402.3 170.7 42.4% 26.5% 3.0x 7.0xJournal Communications Inc. United States 6.81 -3% 344.8 588.6 2.4 246.2 412.5 90.9 22.0% 16.1% 1.4x 6.5xLIN TV Corp. United States 12.31 -8% 666.3 1,513.5 46.3 890.2 553.5 210.7 38.1% 38.4% 2.7x 7.2xNexstar Broadcasting Group, Inc. * United States 24.35 -11% 723.8 1,512.4 69.0 857.6 378.6 146.9 38.8% 23.5% 4.0x 10.3xSinclair Broadcast Group Inc * United States 26 80 6% 2 189 6 4 434 6 22 9 2 273 4 1 121 9 438 2 39 1% 39 1% 4 0x 10 1xSinclair Broadcast Group Inc. * United States 26.80 -6% 2,189.6 4,434.6 22.9 2,273.4 1,121.9 438.2 39.1% 39.1% 4.0x 10.1xThe E. W. Scripps Company United States 13.89 -1% 794.6 750.3 242.6 196.1 903.5 138.9 15.4% 24.0% 0.8x 5.4x



Yellow PagesStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADex Media Inc. United States $0.00 -100% $0.0 $0.0 $221.4 $4,588.6 $1,401.2 $750.6 53.6% -13.0%Eniro AB Sweden 2.40 -4% 240.9 647.4 47.2 445.5 601.3 150.4 25.0% -9.0% 1.1x 4.3xPagesJaunes Groupe France 2.11 -45% 585.0 2,753.5 117.5 2,227.3 1,357.4 572.6 42.2% -4.1% 2.0x 4.8xPubliGroupe AG Switzerland 145.21 -13% 327.4 197.5 191.3 45.0 311.4 (22.1) NM -16.9% 0.6x NM Yellow Media Limited Canada 8.60 -18% 240.4 1,016.9 107.2 891.4 1,111.3 525.3 47.3% -16.6% 0.9x 1.9x




TECHNOLOGYTransactions by Subsegment and Buyer Type

• Activity in the Technology segment was again led by the Financial subsegment, with 13 deals announced for $60 million in reported value. Data Center was the highest reported value subsegment with six deals announced worth $231 million in reported value

• Select acquisitions› Fusion-io’s $119 million acquisition of NexGen Storage, a developer of data storage systems that leverage

fl h f f t fflash memory for faster performance› 3CX’ acquisition of LazyDroid, which offers a remote desktop application for Android which makes it easier

for users to access their files, documents, photos, camera, and more• Select investments

› The $37 million investment in MuleSoft, a company offering an integration platform for connecting SaaS and enterprise applications in the cloud and on-premise, led by New Enterprise Associates

› The $25 million investment in MarkLogic, which sells databases that were built to handle unstructured data, such as text, photos, or other data that doesn't fit into the row-and-column structure of traditional databases, led by existing investors Sequoia Capital and Tenaya Capital

TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

# % $MM % # $MM # $MM # $MM

Financial 13 35% 59.9 13% 3 3.4 0 - 10 56.5

Big Data 6 16% 59.7 13% 1 - 0 - 5 59.7

Data Center 6 16% 230.7 52% 3 201.7 0 - 3 29.0

Infrastructure 3 8% 64 3 14% 1 34 0 0 - 2 30 3


Infrastructure 3 8% 64.3 14% 1 34.0 0 - 2 30.3

Cloud Computing 2 5% 7.7 2% 0 - 0 - 2 7.7

Cloud Storage 2 5% - 0% 2 - 0 - 0 -

Mobile Infrastructure 2 5% - 0% 2 - 0 - 0 -

Enabling 1 3% 2.4 1% 0 - 0 - 1 2.4

Home Automation 1 3% 3.8 1% 0 - 0 - 1 3.8

l


Virtualization 1 3% 17.3 4% 0 - 0 - 1 17.3

Total 37 100% 445.8 100% 12 239.1 0 0.0 25 206.7

TECHNOLOGY PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $104.71 -4% $72,270.3 $73,830.3 $4,531.0 $6,072.0 $30,052.0 $7,806.0 26.0% 0.9% 2.5x 9.5xACI Worldwide, Inc. United States 47.01 -9% 1,872.8 2,182.9 76.3 386.5 691.0 158.7 23.0% 38.7% 3.2x 13.8xADATA Technology Co., Ltd. Taiwan 1.97 -2% 416.2 505.6 81.8 172.8 971.0 26.8 2.8% -6.8% 0.5x 18.9xAdvanced Micro Devices, Inc. United States 2.82 -62% 2,014.0 3,055.0 1,002.0 2,042.0 4,925.0 (170.0) NM -24.7% 0.6x NM Akamai Technologies, Inc. United States 43.91 -1% 7,816.0 7,302.8 437.3 - 1,422.5 527.7 37.1% 18.3% 5.1x 13.8xAVG Technologies N.V. Netherlands 16.32 -10% 882.0 896.4 51.9 97.2 377.7 118.7 31.4% 28.2% 2.4x 7.6xBrightcove, Inc. United States 6.02 -71% 169.1 142.2 30.0 - 92.8 (9.2) NM 31.7% 1.5x NM CA Technologies United States 26.97 -2% 12,296.3 11,177.3 2,560.0 1,441.0 4,680.0 1,690.0 36.1% -1.6% 2.4x 6.6xCarbonite, Inc. United States 10.64 -6% 276.3 221.0 55.3 - 90.0 (5.4) NM 35.9% 2.5x NM Check Point Software Technologies Ltd. Israel 46.62 -18% 9,278.7 7,893.7 1,503.3 - 1,352.3 762.5 56.4% 5.7% 5.8x 10.4xChinaCache International Holdings Ltd. China $3.82 -35% $89.4 $38.5 $50.9 $0.0 $130.5 $8.3 6.4% 31.6% 0.3x 4.6xCitrix Systems, Inc. United States 62.16 -27% 11,599.4 10,941.5 928.6 - 2,669.5 605.8 22.7% 15.8% 4.1x 18.1xCommVault Systems, Inc. * United States 73.54 -15% 3,394.5 2,997.2 397.2 - 471.6 77.6 16.5% 23.4% 6.4x 38.6xCray Inc. * United States 21.16 -10% 787.8 549.8 305.6 - 388.3 17.4 4.5% 25.9% 1.4x 31.7xCrossroads Systems, Inc. United States 2.36 -62% 27.9 28.1 2.5 2.6 15.0 (10.0) NM 7.2% 1.9x NM Datalink Corporation United States 11.19 -11% 209.2 211.5 10.3 6.0 505.7 23.8 4.7% 22.3% 0.4x 8.9xDell Inc. United States 13.40 -17% 23,432.7 19,761.7 12,777.0 9,085.0 56,940.0 4,223.0 7.4% -8.3% 0.3x 4.7xDot Hill Systems Corp. United States 1.51 -15% 88.5 51.0 40.3 2.8 194.5 (6.3) NM -0.7% 0.3x NM Elecom Co., Ltd. Japan 13.33 -37% 293.7 215.8 115.5 27.3 738.4 82.2 11.1% 5.6% 0.3x 2.6xEMC Corporation United States 22.43 -20% 47,121.8 43,467.3 6,167.1 1,710.1 22,006.9 5,237.3 23.8% 7.4% 2.0x 8.3xePlus inc. United States 45.48 -8% 370.7 445.3 43.4 117.9 965.8 72.7 7.5% 43.5% 0.5x 6.1xEuronet Worldwide Inc. United States 30.53 -1% 1,519.3 1,655.1 191.2 301.2 1,305.6 154.5 11.8% 9.1% 1.3x 10.7xF-Secure Oyj Finland 2.11 -12% 327.4 276.2 43.9 - 201.4 43.0 21.3% 4.6% 1.4x 6.4xFusion-io, Inc. United States 18.78 -42% 1,814.0 1,459.4 368.5 - 432.9 3.2 0.7% 33.4% 3.4x NM Gemalto NV Netherlands 81.70 -18% 6,869.9 6,425.1 472.8 13.5 2,960.6 420.3 14.2% 11.4% 2.2x 15.3xGoogle Inc. United States 824.57 -2% 273,564.3 230,842.3 48,088.0 7,210.0 53,499.0 16,813.0 31.4% 33.8% 4.3x 13.7xGraphOn Corp. United States 0.52 -35% 45.5 41.6 4.0 - 6.5 (3.2) NM -0.7% 6.4x NM Green Dot Corporation United States 15.71 -39% 566.7 149.0 408.8 50.7 565.9 82.1 14.5% 11.6% 0.3x 1.8xImperva Inc. United States 38.98 -2% 955.7 852.3 102.3 - 111.3 (7.9) NM 33.5% 7.7x NM Integrated Electrical Services, Inc. United States 5.83 -10% 88.1 79.7 20.9 12.5 474.4 5.0 1.1% 17.0% 0.2x 15.9xIntel Corporation United States 23.95 -16% 119,055.5 115,241.5 17,073.0 13,231.0 53,015.0 21,148.0 39.9% -1.9% 2.2x 5.4xIBM Corporation United States 202.54 -6% 224,575.1 246,102.1 11,176.0 33,269.0 103,242.0 26,612.0 25.8% -3.5% 2.4x 9.2xInterxion Holding NV Netherlands 25.03 -6% 1,706.4 1,995.8 90.6 379.9 365.4 142.5 39.0% 13.4% 5.5x 14.0xJ-Stream Inc. Japan 771.32 -6% 89.7 83.1 16.0 - 54.3 4.5 8.3% -3.3% 1.5x 18.5xKeynote Systems, Inc. United States 11.21 -31% 204.8 146.9 51.2 - 123.9 15.4 12.4% 5.2% 1.2x 9.5xLimelight Networks, Inc. United States 1.93 -39% 185.5 59.7 128.0 2.1 180.2 (5.0) NM 5.2% 0.3x NM LogMeIn, Inc. * United States 22.58 -34% 549.0 343.7 212.1 - 143.6 6.1 4.3% 14.8% 2.4x 56.1xLSI Corporation United States 6.54 -19% 3,596.6 2,938.1 676.0 - 2,452.3 347.5 14.2% 11.8% 1.2x 8.5xMelbourne IT Ltd. Australia 2.26 -11% 186.4 203.3 18.5 35.5 177.1 24.3 13.7% -5.1% 1.1x 8.4xMicron Technology Inc. United States 9.42 -8% 9,703.6 11,855.6 2,228.0 3,651.0 8,047.0 1,508.0 18.7% -4.0% 1.5x 7.9xMicrosoft Corporation United States 33.10 0% 276,421.6 217,398.6 68,098.0 14,218.0 76,012.0 30,493.0 40.1% 4.1% 2.9x 7.1xNEC Corporation Japan 2.60 -13% 6,742.9 13,417.4 2,356.7 8,489.0 35,776.2 2,656.8 7.4% 1.9% 0.4x 5.1xNetApp, Inc. United States 34.89 -10% 12,574.6 8,088.3 6,723.9 2,237.6 6,318.4 857.5 13.6% 6.0% 1.3x 9.4xOracle Corporation United States 32.78 -10% 154,415.4 141,202.4 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 3.8x 8.2xProAct IT Group AB Sweden 11.72 -43% 109.1 123.8 15.8 28.9 373.7 22.2 5.9% 9.0% 0.3x 5.6xQUALCOMM Incorporated United States 61.60 -10% 106,434.6 92,980.6 13,275.0 31.0 21,639.0 7,630.0 35.3% 24.6% 4.3x 12.2xQualys, Inc. * United States 11.00 -33% 348.3 231.9 118.4 2.0 91.4 10.3 11.3% 20.0% 2.5x 22.4xQuantum Corporation United States 1.43 -38% 344.6 498.2 51.3 205.0 607.9 0.1 0.0% -7.5% 0.8x NM


Rackspace Hosting, Inc. United States 48.20 -41% 6,651.9 6,485.2 292.1 125.4 1,309.2 422.6 32.3% 27.7% 5.0x 15.3xRed Hat, Inc. * United States 47.93 -21% 9,087.5 8,208.0 879.5 - 1,328.8 270.9 20.4% 17.3% 6.2x 30.3xSanDisk Corp. United States 52.44 -11% 12,760.2 11,168.0 2,875.5 1,696.6 5,187.7 1,188.0 22.9% -6.9% 2.2x 9.4xSAP AG Germany 79.54 -7% 94,853.8 95,439.9 3,285.6 6,559.4 21,108.3 7,142.0 33.8% 13.2% 4.5x 13.4xSeagate Technology Public Limited Company Ireland 36.70 -8% 13,170.2 14,130.2 1,872.0 2,818.0 15,409.0 3,593.0 23.3% 15.7% 0.9x 3.9x

TECHNOLOGY PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASilicon Graphics International Corp. United States 13.00 -19% 423.5 274.1 124.1 - 776.2 (2.5) NM 0.9% 0.4x NM SK Hynix, Inc. South Korea 27.17 0% 18,860.2 23,134.3 1,677.9 6,085.1 9,554.8 2,798.3 29.3% -2.2% 2.4x 8.3xSony Corporation Japan 16.54 -6% 16,725.1 21,884.1 15,680.4 16,036.6 76,815.4 3,393.8 4.4% 2.6% 0.3x 6.4xSplunk, Inc. * United States 40.80 -4% 4,202.8 3,896.9 305.9 - 198.9 (17.2) NM 64.5% 19.6x NM Symantec Corporation United States 24.30 -2% 16,747.3 15,571.3 4,252.0 3,076.0 6,839.0 1,839.0 26.9% 1.7% 2.3x 8.5xSynchronoss Technologies, Inc. United States 28.34 -11% 1,071.5 1,024.8 56.2 9.5 287.4 62.7 21.8% 19.4% 3.6x 16.3xTeradata Corporation United States 51.07 -37% 8,429.6 7,974.6 729.0 274.0 2,639.0 615.0 23.3% 6.9% 3.0x 13.0xTrend Micro Inc. Japan 28.00 -4% 3,692.8 2,473.9 1,374.0 - 1,084.9 345.7 31.9% -2.6% 2.3x 7.2xThe KEYW Holding Corporation United States 13.59 -17% 497.3 590.6 5.6 89.7 265.6 27.6 10.4% 29.8% 2.2x 21.4xUnisys Corporation United States 19.13 -23% 844.0 426.1 655.6 210.3 3,587.9 308.6 8.6% -7.3% 0.1x 1.4xVeriSign, Inc. United States 46.07 -8% 6,944.8 6,088.5 1,556.4 697.6 904.3 548.6 60.7% 13.6% 6.7x 11.1xVMware, Inc. United States 70.50 -37% 30,198.8 25,712.2 4,630.8 450.0 4,741.3 1,172.7 24.7% 19.2% 5.4x 21.9xWestern Digital Corporation United States 55.28 -5% 13,304.0 11,257.0 3,816.0 2,128.0 16,377.0 3,745.0 22.9% 61.7% 0.7x 3.0xXoom Corporation United States 18.46 -29% 608.5 497.9 70.2 40.0 87.4 (1.9) NM 0.0% 5.7x NM

3.2x 9.8x




SOFTWARETransactions by Subsegment and Buyer Type

• There were 54 transactions announced in the Software segment. Software Development Tools was the most active and highest reported value subsegment with 11 deals announced, of which five reported $280 million in value

• Select acquisitions› Goldman Sachs Group’s $786 million acquisition of Ebix, which provides data exchange software and

eCommerce solutions to the insurance industry› Intel’s $180 million acquisition of Mashery, a cloud-based manager of Application Programming Interfaces

that enable developers to work with different cloud services and software solutions› Facebook’s $85 million acquisition of Parse, which offers a series of back-end tools for mobile developers

• Select investments› The $150 million Oak Investment Partners led investment in Precision for Medecine a provider of services › The $150 million Oak Investment Partners-led investment in Precision for Medecine, a provider of services

and infrastructure to support life science companies that focus on precision medicine› The $105 million investment in Pivotal One, the spin-out from EMC and VMware that has developed an

Enterprise Platform-as-a-Service enabling the rapid creation of consumer-grade applications, from General Electric, at a valuation of $1.1 billion

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

# % $MM % # $MM # $MM # $MM

Software Development Tools 11 20% 279.7 30% 6 85.0 0 - 5 194.7

Application Management 6 11% 157.4 17% 1 - 0 - 5 157.4

Healthcare 5 9% 265.0 28% 1 105.0 0 - 4 160.0

I f t t 5 9% 22 5 2% 3 0 2 22 5

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Infrastructure 5 9% 22.5 2% 3 - 0 - 2 22.5

Credit/Risk 4 7% 0.0 0% 4 - 0 - 0 -

Engineering 4 7% 25.0 3% 3 - 0 - 1 25.0

Financial 4 7% 38.4 4% 2 - 0 - 2 38.4

Security 4 7% 41.1 4% 2 16.7 0 - 2 24.4

Other* 8 15% 109.7 12% 5 100.0 1 - 2 9.7


Total 54 100% 939.4 100% 29 306.7 1 0.0 24 632.8

*Other includes Collaboration, Data Management, ERP, Geo-Demo, HR, and Legal

SOFTWARE PUBLIC COMPANY VALUATIONS


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States 29.04 -3% 1,470.0 1,377.7 184.7 92.5 364.4 82.7 22.7% 7.9% 3.8x 16.7xEbix Inc. United States 18.61 -25% 691.3 735.6 37.4 81.7 199.4 84.5 42.4% 18.0% 3.7x 8.7xEPIQ Systems, Inc. United States 13.97 -3% 501.8 726.4 2.8 233.0 379.9 74.6 19.6% 28.5% 1.9x 9.7xFidessa group plc United Kingdom 27.93 -10% 1,035.8 923.6 117.2 - 452.9 92.2 20.4% 0.1% 2.0x 10.0xGuidewire Software, Inc. * United States 40.08 -3% 2,262.5 2,096.7 165.8 - 260.1 18.7 7.2% 28.2% 8.1x 112.0xInnovation Group plc United Kingdom 0.40 -3% 394.0 357.1 72.0 30.0 312.3 30.6 9.8% 10.2% 1.1x 11.7xManagement Consulting Group PLC United Kingdom 0.50 -13% 240.2 287.4 24.2 73.4 464.5 43.6 9.4% -5.6% 0.6x 6.6xM d l N I U it d St t 19 78 11% 424 0 416 6 12 7 5 3 88 5 1 5 1 7% 0 0% 4 7 NM

Financial & Credit/Risk Management Software

Model N, Inc. United States 19.78 -11% 424.0 416.6 12.7 5.3 88.5 1.5 1.7% 0.0% 4.7x NM NetSuite Inc. * United States 87.96 -1% 6,443.3 6,252.7 190.7 - 331.1 (21.0) NM 31.3% 18.9x NM Performant Financial Corporation United States 9.73 -31% 454.6 564.5 37.8 147.8 210.1 65.1 31.0% 28.9% 2.7x 8.7xRealPage, Inc. United States 20.40 -24% 1,590.3 1,566.5 22.8 - 336.7 51.6 15.3% 22.5% 4.7x 30.4xSolera Holdings Inc. United States 57.58 -2% 3,966.5 4,769.2 448.2 1,152.6 801.3 338.8 42.3% 6.6% 6.0x 14.1xSS&C Technologies Holdings, Inc. United States 30.69 -8% 2,484.4 3,410.3 68.8 967.5 631.4 243.1 38.5% 68.1% 5.4x 14.0xTemenos Group AG Switzerland 23.66 -3% 1,635.4 1,755.9 92.8 210.7 453.5 82.7 18.2% -3.7% 3.9x 21.2xTyler Technologies, Inc. United States 63.24 -1% 1,992.3 1,987.8 4.5 - 376.4 74.0 19.7% 18.1% 5.3x 26.9x



Healthcare SoftwareStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States 9.85 -1% 550.2 419.9 130.3 - 165.2 10.5 6.4% 10.8% 2.5x 39.9xAllscripts Healthcare Solutions, Inc. United States 13.84 -3% 2,443.3 2,783.6 104.0 444.3 1,446.3 124.3 8.6% 0.2% 1.9x 22.4xAthenahealth, Inc. * United States 96.26 -4% 3,534.4 3,341.3 47.8 105.0 451.3 37.9 8.4% 28.7% 7.4x 88.3xCegedim SA France 28.74 -20% 401.4 1,042.4 57.3 698.4 1,215.3 201.9 16.6% 1.1% 0.9x 5.2xCerner Corporation United States 96.77 -1% 16,632.7 15,810.0 1,005.2 182.4 2,645.9 745.6 28.2% 14.7% 6.0x 21.2xComputer Programs & Systems Inc. United States 52.46 -11% 581.3 563.8 17.5 - 188.4 45.5 24.2% 6.1% 3.0x 12.4xCraneware plc United Kingdom 6.57 -13% 177.6 150.2 28.6 - 42.4 12.1 28.4% 5.3% 3.5x 12.5xGreenway Medical Technologies, Inc. United States 13.47 -31% 399.0 371.7 27.4 - 134.7 7.9 5.9% 27.4% 2.8x 46.9xMcKesson Corporation United States 105.82 -5% 24,644.3 26,397.3 2,726.0 4,479.0 123,534.0 2,846.0 2.3% 3.0% 0.2x 9.3xMedAssets, Inc. United States 18.73 -6% 1,140.8 2,021.3 8.5 875.3 663.1 209.4 31.6% 11.0% 3.0x 9.7xMedidata Solutions, Inc. United States 66.36 -3% 1,763.2 1,642.9 120.4 0.1 231.2 37.0 16.0% 19.2% 7.1x 44.4xMerge Healthcare Incorporated United States 3.12 -23% 291.6 498.5 44.5 250.2 251.6 31.5 12.5% 4.5% 2.0x 15.8xQuality Systems Inc. United States 17.87 -54% 1,063.9 957.2 106.7 - 457.9 108.0 23.6% 9.6% 2.1x 8.9xStreamline Health Solutions, Inc. * United States 6.26 -16% 79.1 93.1 7.5 13.7 23.8 1.8 7.5% 38.9% 3.9x 52.3x






HR SoftwareStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China 57.60 -7% 1,677.9 1,271.8 406.1 - 232.2 82.5 35.6% 11.4% 5.5x 15.4xAllocate Software plc. United Kingdom 1.04 -26% 66.9 63.6 9.8 6.4 58.7 6.9 11.7% 21.3% 1.1x 9.3xConcur Technologies, Inc. * United States 73.11 -9% 4,066.1 3,836.5 466.3 258.0 481.2 37.8 7.9% 22.3% 8.0x 101.5xCornerstone OnDemand, Inc. United States 36.28 -2% 1,844.3 1,773.5 76.2 6.9 131.6 (28.3) NM 61.9% 13.5x NM Dice Holdings, Inc. United States 8.44 -21% 505.3 493.7 45.6 34.0 199.7 69.1 34.6% 7.8% 2.5x 7.1xLinkedIn Corporation * United States 192.09 -5% 21,197.0 20,447.4 830.3 - 1,108.6 149.5 13.5% 79.8% 18.4x 136.8xMonster Worldwide, Inc. United States 4.38 -55% 486.7 502.8 130.9 169.1 868.6 135.5 15.6% -15.2% 0.6x 3.7xS b S ft I U it d St t 9 10 13% 271 1 256 9 15 0 0 9 121 3 (9 8) NM 7 7% 2 1 NM Saba Software, Inc. United States 9.10 -13% 271.1 256.9 15.0 0.9 121.3 (9.8) NM 7.7% 2.1x NM The Ultimate Software Group, Inc. United States 96.59 -15% 2,659.1 2,590.7 79.0 10.6 351.9 48.4 13.8% 24.4% 7.4x 53.5xWorkday, Inc. * United States 62.65 -4% 10,436.5 9,671.1 790.3 25.0 273.7 (88.8) NM 103.6% 35.3x NM



Security SoftwareStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAVG Technologies N.V. Netherlands 16.32 -10% 882.0 896.4 60.8 75.2 377.7 118.7 31.4% 28.2% 2.4x 7.6xCheckpoint Systems Inc. United States 11.57 -17% 474.6 469.8 118.8 113.3 690.8 38.5 5.6% -9.6% 0.7x 12.2xCisco Systems, Inc. United States 20.92 -5% 111,544.9 81,469.9 46,376.0 16,291.0 47,252.0 13,356.0 28.3% 5.4% 1.7x 6.1xFortinet Inc. United States 17.96 -36% 2,912.9 2,452.6 460.4 - 552.2 109.1 19.8% 20.7% 4.4x 22.5xInfoblox Inc. United States 22.11 -8% 1,080.5 900.7 179.8 - 192.4 (3.4) NM 26.7% 4.7x NM Symantec Corporation United States 24.30 -2% 16,747.3 15,571.3 4,252.0 3,076.0 6,839.0 1,839.0 26.9% 1.7% 2.3x 8.5xWebsense, Inc. United States 17.84 -10% 649.1 633.4 83.7 68.0 359.4 54.4 15.1% -1.5% 1.8x 11.6xGemalto NV Netherlands 81.70 -18% 6,869.9 6,425.1 472.8 13.5 2,960.6 420.3 14.2% 11.4% 2.2x 15.3xImperva Inc United States 38 98 -2% 955 7 852 3 109 9 - 111 3 (7 9) NM 33 5% 7 7x NM Imperva Inc. United States 38.98 -2% 955.7 852.3 109.9 - 111.3 (7.9) NM 33.5% 7.7x NM Juniper Networks, Inc. United States 16.55 -28% 8,455.7 6,798.1 2,656.8 999.2 4,392.1 658.5 15.0% 0.3% 1.5x 10.3xNQ Mobile Inc. * China 8.63 -30% 442.7 320.1 127.9 - 91.8 3.9 4.2% 125.6% 3.5x 82.1xPalo Alto Networks, Inc. United States 54.10 -25% 3,740.0 3,402.6 337.4 - 323.8 (1.4) NM 74.8% 10.5x NM Proofpoint, Inc. United States 18.32 -4% 623.8 537.2 90.2 3.6 112.4 (14.0) NM 28.2% 4.8x NM Qihoo 360 Technology Co. Ltd. * China 34.30 -2% 4,211.1 3,830.4 380.8 - 329.0 66.7 20.3% 96.0% 11.6x 57.5xSourcefire, Inc. * United States 47.76 -20% 1,448.5 1,323.7 124.8 - 233.0 17.0 7.3% 28.6% 5.7x 78.1xTrend Micro Inc. Japan 28.00 -4% 3,692.8 2,473.9 1,374.0 - 1,084.9 345.7 31.9% -2.6% 2.3x 7.2xVeriSign, Inc. United States 46.07 -8% 6,944.8 6,088.5 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.7x 11.1x






Engineering SoftwareStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States 80.86 -1% 7,516.3 6,992.3 651.5 26.6 810.4 382.1 47.1% 12.8% 8.6x 18.3xAutodesk, Inc. United States 39.38 -5% 8,833.8 7,625.1 1,954.3 745.6 2,312.2 477.6 20.7% 4.4% 3.3x 16.0xAveva Group plc United Kingdom 34.54 -5% 2,348.5 2,089.6 268.3 - 335.9 99.7 29.7% 15.3% 6.2x 21.0xDassault Systemes SA France 121.95 0% 15,290.8 13,384.3 1,956.1 76.9 2,628.3 814.3 31.0% 11.7% 5.1x 16.4x


*Calculation is market cap weighted and excludes revenue multiples that are 2 0 standard deviations above the mean (10 3x)and EBITDA multiples that are 1 0 standard deviations above the mean (20 2x)

Infrastructure SoftwareStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABMC Software Inc. United States 45.48 -5% 6,498.6 6,660.1 1,181.5 1,343.0 2,197.5 608.2 27.7% 1.3% 3.0x 11.0xCA Technologies United States 26.97 -2% 12,296.3 11,177.3 2,560.0 1,441.0 4,680.0 1,690.0 36.1% -1.6% 2.4x 6.6xCommVault Systems, Inc. United States 73.54 -15% 3,394.5 2,997.2 397.2 - 471.6 77.6 16.5% 23.4% 6.4x 38.6xDaegis Inc. United States 1.14 -34% 16.8 30.6 4.4 18.2 40.2 3.3 8.1% -11.5% 0.8x 9.4xGuidance Software, Inc. * United States 10.52 -20% 296.3 264.3 26.1 0.4 130.4 4.1 3.2% 21.8% 2.0x 63.8x

Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.2x)

Guidance Software, Inc. United States 10.52 20% 296.3 264.3 26.1 0.4 130.4 4.1 3.2% 21.8% 2.0x 63.8xInformatica Corporation United States 32.93 -31% 3,556.7 2,965.7 592.9 - 829.9 169.5 20.4% 2.2% 3.6x 17.5xIntraLinks Holdings, Inc. United States 5.72 -17% 313.8 314.7 75.3 76.3 216.7 6.8 3.2% 1.8% 1.5x 46.1xRally Software Development Corp. United States 18.13 -2% 412.3 394.7 17.6 - 56.8 (8.9) NM 37.6% 6.9x NM ServiceNow, Inc. * United States 40.96 -7% 5,451.6 5,112.7 338.9 - 282.2 (26.6) NM 67.0% 18.1x NM TIBCO Software Inc. United States 19.41 -41% 3,185.0 2,942.7 806.7 563.4 1,036.7 210.1 20.3% 7.9% 2.8x 14.0x




COMMUNICATIONSTransactions by Subsegment and Buyer Type

• There were 11 transactions in the Communications segment in April, of which nine reported $867 million in value• Select acquisitions

› Cisco’s $310 million acquisition of UK-based Ubiquisys, a mobile communications company that designs and develops small-cell communications devices for mobile operators and consumer

› Ericsson’s $200 million purchase of Microsoft’s Mediaroom IPTV business which makes software used by › Ericsson s $200 million purchase of Microsoft s Mediaroom IPTV business, which makes software used by phone companies to deliver television over the Internet

› ViaSat’s acquisition of LonoCloud, a provider of cloud networking software runs as an overlay to enterprise network environments, enabling low-cost, distributed computing across multiple servers in the cloud

• Select investments› The $15 million investment in Kaazing a provider of live Web and mobile communication solutions and the › The $15 million investment in Kaazing, a provider of live Web and mobile communication solutions and the

developer of HTML5 WebSocket, from New Enterprise Associates and Columbus Nova Technology Partners

# % $MM % # $MM # $MM # $MM

COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


# % $MM % # $MM # $MM # $MM

Communications Software 3 27% 224.2 26% 1 200.0 0 - 2 24.2

Enterprise Mobility 2 18% 53.0 6% 0 - 0 - 2 53.0

Networking Equipment 2 18% 253.0 29% 1 - 1 253.0 0 -

Software Defined Networking 2 18% 9.2 1% 1 - 0 - 1 9.2

Telephone Equipment 1 9% 310.0 36% 1 310.0 0 - 0 -

Web Conferencing Software 1 9% 17.1 2% 0 - 0 - 1 17.1g

Total 11 100% 866.5 100% 4 510.0 1 253.0 6 103.5


COMMUNICATIONS PUBLIC COMPANY VALUATION

($ in millions, except stock

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAastra Technologies Ltd. Canada $18.77 -9% $216.8 $100.0 $115.8 0.2 $582.9 $32.9 5.6% -12.5% 0.2x 3.0xADTRAN Inc. United States 21.00 -32% 1,287.7 1,085.8 247.9 46.0 628.9 61.2 9.7% -8.4% 1.7x 17.7xAdvanced Media, Inc. * Japan 1,353.92 -20% 206.6 184.7 24.7 - 15.4 (2.0) NM -10.0% 12.0x NM Alcatel-Lucent, S.A. France 1.37 -27% 3,113.7 3,939.4 6,498.8 6,343.2 19,046.7 982.3 5.2% -5.7% 0.2x 4.0xAllot Communications Ltd. Israel 11.32 -61% 368.7 225.7 142.9 - 104.8 12.9 12.3% 34.7% 2.2x 17.5xAmbient Corporation United States 1.99 -80% 33.2 19.8 13.3 - 42.8 (5.1) NM -31.1% 0.5x NM Anaren, Inc. United States 23.41 -2% 309.2 273.3 35.9 - 154.2 26.0 16.9% -1.4% 1.8x 10.5xAruba Networks, Inc. United States 22.49 -16% 2,562.6 2,160.3 402.3 - 571.0 40.6 7.1% 22.8% 3.8x 53.2x, , ,AudioCodes Ltd. * Israel 3.94 -17% 149.9 126.1 44.6 20.8 127.4 1.3 1.0% -13.4% 1.0x 96.3xAviat Networks, Inc. United States 3.20 -18% 196.0 112.0 92.9 9.8 478.3 12.3 2.6% 6.5% 0.2x 9.1xAxesstel Inc. United States 1.23 -37% 29.7 38.2 1.9 10.4 59.7 4.9 8.2% 10.2% 0.6x 7.8xBlackline GPS Corp. Canada 1.44 -3% 25.3 19.6 5.8 0.1 2.6 (3.0) NM 18.1% 7.6x NM Blonder Tongue Laboratories United States 0.96 -43% 6.0 12.2 0.5 6.7 30.6 (1.1) NM 14.9% 0.4x NM BroadSoft, Inc. United States 25.56 -42% 715.8 639.6 163.6 87.4 164.8 31.0 18.8% 19.4% 3.9x 20.6xBrocade Communications United States 5.82 -10% 2,623.1 2,839.1 683.6 899.6 2,265.9 493.0 21.8% 4.8% 1.3x 5.8xCalAmp Corp. United States 11.13 -5% 314.4 256.0 63.1 4.7 180.6 18.7 10.4% 30.2% 1.4x 13.7xCalix Inc. * United States 8.53 -10% 417.3 369.2 48.1 - 342.2 2.2 0.6% -2.7% 1.1x 166.2xC C d S 96 9% 8 8 2 306 6 63 2 2 0 8 0 3 88 9Ciena Corporation United States 14.96 -19% 1,518.8 2,306.6 637.2 1,425.0 1,870.3 88.9 4.8% 8.4% 1.2x 25.9xCisco Systems, Inc. United States 20.92 -5% 111,544.9 81,469.9 46,376.0 16,291.0 47,252.0 13,356.0 28.3% 5.4% 1.7x 6.1xClearfield, Inc. United States 7.03 -5% 90.2 75.0 15.3 - 42.0 5.4 12.9% 13.1% 1.8x 13.8xClearOne, Inc. United States 9.31 -2% 84.9 29.4 42.6 - 47.6 7.0 14.7% 4.5% 0.6x 4.2xCOM DEV International Ltd. Canada 3.64 -9% 278.4 279.2 26.4 20.3 213.7 30.9 14.4% 6.3% 1.3x 9.0xCommunications Systems Inc. United States 9.82 -26% 83.7 54.7 30.6 1.6 104.2 5.5 5.3% -27.5% 0.5x 9.9xCorning Inc. United States 14.50 0% 21,388.8 18,591.8 5,775.0 2,932.0 7,906.0 2,466.0 31.2% 0.2% 2.4x 7.5xCTX Virtual Technologies, Inc. United States 1.70 -5% 13.6 13.5 0.1 - 40.0 (0.5) NM 16.6% 0.3x NM DDS Wireless International Inc. Canada 2.21 -7% 30.6 23.4 7.2 - 40.8 3.9 9.5% -11.0% 0.6x 6.1xDialogic, Inc. United States 0.78 -85% 12.4 84.1 6.5 78.3 160.0 (11.6) NM -19.2% 0.5x NM Digi International Inc. United States 9.12 -19% 238.5 158.8 79.8 - 190.1 17.3 9.1% -5.8% 0.8x 9.2xDragonWave Inc. Canada 1.97 -51% 74.8 57.7 36.4 19.1 104.7 (47.8) NM 102.9% 0.6x NM EchoStar Corp. United States 39.27 -2% 3,467.4 4,417.7 1,547.6 2,488.5 3,121.7 590.0 18.9% 13.0% 1.4x 7.5xEmulex Corporation United States 6.00 -29% 543.6 332.4 91.6 - 487.2 67.1 13.8% -1.8% 0.7x 5.0xEricsson Sweden 12.47 -6% 40,092.8 33,639.9 11,040.3 4,398.9 35,047.8 4,103.2 11.7% 1.7% 1.0x 8.2xExtreme Networks Inc. United States 3.33 -15% 312.1 192.2 119.9 - 307.5 16.4 5.3% -5.3% 0.6x 11.7xF5 Networks, Inc. United States 76.43 -44% 5,990.6 5,467.7 522.8 - 1,430.9 462.8 32.3% 12.9% 3.8x 11.8xFinisar Corp. United States 12.84 -25% 1,199.7 982.4 265.5 40.0 930.8 68.4 7.3% -2.0% 1.1x 14.4xFleetmatics Group PLC Ireland 23.47 -14% 812.9 737.2 100.1 24.4 127.5 23.7 18.6% 38.1% 5.8x 31.1xFranklin Wireless Corp. United States 1.60 -35% 16.6 5.3 11.9 0.1 36.6 1.0 2.7% 78.6% 0.1x 5.3xp 2.7% 78.6% 0.1x 5.3xHarmonic Inc. United States 5.68 -6% 646.2 418.0 228.3 - 515.7 30.5 5.9% -5.2% 0.8x 13.7xHarris Corporation United States 46.20 -12% 5,213.7 6,679.7 459.0 1,925.0 5,188.3 1,049.6 20.2% -1.8% 1.3x 6.4xInfoblox Inc. United States 22.11 -8% 1,080.5 900.7 179.8 - 192.4 (3.4) NM 26.7% 4.7x NM Interactive Intelligence Group * United States 41.43 -11% 823.9 755.0 68.9 - 237.4 11.1 4.7% 13.3% 3.2x 68.1xJDS Uniphase Corporation United States 13.50 -14% 3,193.1 2,724.4 608.1 159.6 1,709.3 148.2 8.7% 0.2% 1.6x 18.4xJuniper Networks, Inc. United States 16.55 -28% 8,455.7 6,798.1 2,656.8 999.2 4,392.1 658.5 15.0% 0.3% 1.5x 10.3xKVH Industries Inc. United States 13.21 -12% 204.7 177.5 44.8 15.1 150.3 15.2 10.1% 30.9% 1.2x 11.7xMeru Networks, Inc. United States 5.65 -19% 124.7 98.0 35.6 8.9 102.8 (16.0) NM 14.6% 1.0x NM Mitel Networks Corporation Canada 3.50 -30% 187.9 402.0 100.6 314.7 583.6 81.2 13.9% -3.8% 0.7x 5.0x


Motorola Solutions, Inc. United States 57.20 -12% 15,538.8 14,299.8 3,718.0 2,454.0 8,715.0 1,483.0 17.0% 4.7% 1.6x 9.6xNetgear Inc. United States 29.79 -27% 1,146.9 724.4 422.4 - 1,239.7 133.1 10.7% 1.0% 0.6x 5.4xNokia Corporation Finland 3.35 -30% 12,436.7 7,718.2 13,366.6 7,203.5 36,740.3 1,382.5 3.8% -19.5% 0.2x 5.6xNuance Communications, Inc. United States 19.04 -26% 6,021.9 7,358.2 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.1x 19.8xNumerex Corp. United States 10.32 -26% 188.9 192.2 4.9 8.3 66.7 5.7 8.5% 14.4% 2.9x 33.8x

COMMUNICATIONS PUBLIC COMPANY VALUATION

($ in millions, except stock

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAOptical Cable Corp. United States 4.18 -19% 26.0 34.8 0.5 9.9 83.5 6.5 7.7% 14.4% 0.4x 5.4xPalo Alto Networks, Inc. * United States 54.10 -25% 3,740.0 3,402.6 337.4 - 323.8 (1.4) NM 74.8% 10.5x NM PCTEL, Inc. United States 6.67 -14% 117.2 66.1 51.2 0.0 88.8 4.7 5.3% 15.6% 0.7x 14.0xPHAZAR CORP United States 1.17 -59% 2.7 2.5 0.7 0.5 5.9 (1.2) NM -9.5% 0.4x NM Plantronics, Inc. United States 43.82 -5% 1,866.7 1,557.8 328.9 20.0 735.6 147.6 20.1% 3.8% 2.1x 10.6xPolycom, Inc. United States 10.50 -18% 1,811.5 1,128.7 682.8 - 1,385.7 110.2 8.0% -8.9% 0.8x 10.2xProcera Networks, Inc. * United States 11.09 -57% 215.6 83.9 116.2 - 61.5 0.3 0.4% 23.4% 1.4x 306.9xQUALCOMM Incorporated United States 61.60 -10% 106,434.6 92,980.6 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.3x 12.2xQ p , , , , , 35.3% 24.6% 4.3x 12.2xResearch In Motion Limited Canada 16.38 -11% 8,436.8 5,723.8 2,654.0 - 11,073.0 1,238.0 11.2% -39.9% 0.5x 4.6xRadiSys Corporation United States 4.96 -27% 141.9 143.2 31.7 33.0 278.8 10.4 3.7% -16.2% 0.5x 13.8xRadware Ltd. Israel 14.99 -27% 672.0 609.2 62.8 - 189.3 38.6 20.4% 9.1% 3.2x 15.8xRELM Wireless Corp. United States 2.38 -5% 32.2 25.7 6.6 0.0 27.6 3.3 12.0% 14.4% 0.9x 7.7xRiverbed Technology, Inc. United States 14.85 -39% 2,421.2 2,536.8 406.7 522.2 900.6 137.4 15.3% 20.8% 2.8x 18.5xSandvine Corporation Canada 2.04 -9% 281.6 201.0 83.0 4.0 92.9 7.5 8.0% 1.7% 2.2x 26.9xShoreTel, Inc. United States 3.61 -30% 212.0 193.6 48.4 30.0 306.4 (9.0) NM 36.4% 0.6x NM Sierra Wireless Inc. Canada 11.06 -9% 340.7 278.4 55.9 - 406.4 12.8 3.2% -30.4% 0.7x 21.7xSolarWinds, Inc. * United States 50.85 -17% 3,819.4 3,553.6 265.8 - 282.2 139.1 49.3% 31.2% 12.6x 25.6xSolera Holdings Inc. United States 57.58 -2% 3,966.5 4,769.2 448.2 1,152.6 801.3 338.8 42.3% 6.6% 6.0x 14.1xSonus Networks, Inc. United States 2.10 -26% 600.0 377.2 225.2 2.4 253.1 (24.1) NM -1.4% 1.5x NM Symmetricom Inc. United States 5.20 -27% 209.7 140.0 69.7 - 221.5 12.2 5.5% -6.1% 0.6x 11.5xTelcoware Co Ltd South Korea 8.61 -17% 60.7 14.9 46.9 - 51.6 6.9 13.4% 13.5% 0.3x 2.2xTeleCommunication Systems United States 1.93 -29% 116.6 232.7 57.5 158.3 482.1 38.0 7.9% 10.8% 0.5x 6.1xTellabs Inc. United States 2.07 -47% 739.9 168.3 781.2 209.6 1,004.1 13.4 1.3% -17.8% 0.2x 12.6xTESSCO Technologies Inc. United States 20.44 -21% 164.8 164.9 2.6 2.8 788.9 33.5 4.2% 17.9% 0.2x 4.9xTransmode Holding AB Sweden 12.06 -10% 335.2 270.3 64.5 - 155.6 28.1 18.1% 4.6% 1.7x 9.6xUbiquitous Corporation * Japan 1,983.69 -23% 169.4 156.5 14.5 - 10.4 1.2 11.7% -11.6% 15.0x 128.0xVecima Networks Inc Canada 4 42 26% 98 6 61 5 41 5 4 0 103 4 12 2 11 8% 29 8% 0 6 5 0Vecima Networks Inc. Canada 4.42 -26% 98.6 61.5 41.5 4.0 103.4 12.2 11.8% 29.8% 0.6x 5.0xVerint Systems Inc. United States 33.04 -11% 1,733.7 2,377.2 223.6 576.7 839.5 162.2 19.3% 7.3% 2.8x 14.7xViaSat Inc. United States 48.47 -5% 2,176.5 2,654.7 112.7 586.4 1,051.6 126.3 12.0% 25.3% 2.5x 21.0xVonage Holdings Corporation United States 3.05 -3% 647.9 608.9 105.9 79.1 842.3 124.8 14.8% -2.8% 0.7x 4.9xWestell Technologies, Inc. United States 1.96 -19% 115.5 0.4 115.0 - 40.7 (8.2) NM -57.9% 0.0x NM ZTE Corp. China 1.84 -35% 6,222.4 9,032.4 2,583.6 5,196.5 13,466.3 (152.3) NM -6.9% 0.7x NM

2.4x 9.8x




INFORMATION & BUSINESS SERVICESTransactions by Subsegment and Buyer Type

• A total of 30 acquisitions and 10 investments were announced in the Information & Business Services segment. Of these, 15 reported $2.7 billion in value

• Select acquisitions› Roper Industries’ $1 billion acquisition of Managed Health Care Associates, a provider of services and

solutions to support the needs of alternate site healthcare providers, from Diamond Castle Holdings› Frazier Healthcare Ventures’ $308 million buyout of AndersonBrecon (fka Anderson Packaging), which

provides pharmaceutical commercial packaging solutions and clinical trials services for pharmaceutical and biotech companies, from pharmaceutical services company AmerisourceBergen

• Select investments› Deerfield Management’s $35 million investment in WorldOne, a provider of healthcare data collection and

research services› The $30 million investment in Credit Karma, a company that helps consumers track their credit scores, co-led

by Ribbit Capital and Susquehanna Growth Equity

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

# % $MM % # $MM # $MM # $MM

IT Consulting/Systems Integration 10 25% 1,217.5 44% 8 97.5 1 1,100.0 1 20.0

BPO 8 20% 1,455.3 53% 4 1,035.6 3 384.7 1 35.0

Market Research 6 15% - 0% 4 - 1 - 1 -

Credit/Risk Management Information 3 8% 38.5 1% 0 - 0 - 3 38.5

Marketing Data 3 8% 31 2 1% 0 0 3 31 2


Marketing Data 3 8% 31.2 1% 0 - 0 - 3 31.2

Financial Information 2 5% - 0% 2 - 0 - 0 -

Other* 8 20% 5.5 0% 7 - 0 - 1 5.5

Total 40 100% 2,748.0 100% 25 1,133.1 5 1,484.7 10 130.2

*Other includes Contact Center, Corporate Training, Engineering/Scientific/Tech Information, Financial Consulting, HR Information, and Management Consulting


INFORMATION PUBLIC COMPANY VALUATIONS


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States 25.18 -2% 3,068.3 3,333.6 259.1 524.4 2,336.3 351.9 15.1% 3.4% 1.4x 9.5xComputershare Limited Australia 10.29 -9% 5,725.5 7,070.6 446.2 1,781.7 2,016.2 355.4 17.6% 24.6% 3.5x 19.9xCoreLogic, Inc. United States 27.28 -8% 2,605.1 3,251.4 147.4 793.8 1,606.7 340.6 21.2% 16.4% 2.0x 9.5xCoStar Group Inc. * United States 108.41 -4% 3,094.1 3,093.0 167.4 166.3 385.3 59.7 15.5% 47.8% 8.0x 51.8xDST Systems Inc. United States 69.15 -3% 3,049.5 3,576.2 487.2 1,013.9 2,605.8 377.0 14.5% 6.4% 1.4x 9.5xDun & Bradstreet Corp. United States 88.45 -4% 3,553.4 4,698.3 149.1 1,290.9 1,641.2 532.9 32.5% -6.6% 2.9x 8.8xEnvestnet, Inc. * United States 18.22 -6% 589.2 559.2 30.0 - 157.3 15.3 9.7% 27.7% 3.6x 36.7xEquifax Inc United States 61 20 3% 7 381 3 8 922 0 107 6 1 622 3 2 221 1 679 9 30 6% 11 4% 4 0x 13 1x

Financial & Credit/Risk Management Information

Equifax Inc. United States 61.20 -3% 7,381.3 8,922.0 107.6 1,622.3 2,221.1 679.9 30.6% 11.4% 4.0x 13.1xExperian plc Ireland 17.61 -5% 17,387.7 19,561.2 627.0 2,740.0 4,621.0 1,533.0 33.2% 14.4% 4.2x 12.8xFactSet Research Systems Inc. United States 94.07 -14% 4,137.4 3,971.2 166.1 - 834.1 317.2 38.0% 8.1% 4.8x 12.5xFair Isaac Corporation United States 46.58 -3% 1,670.9 2,043.8 131.2 504.0 715.9 187.8 26.2% 11.7% 2.9x 10.9xFidelity National Information Services, Inc. United States 42.05 -2% 12,301.5 16,472.7 590.6 4,611.8 5,872.2 1,677.2 28.6% 3.3% 2.8x 9.8xFinancial Engines, Inc. * United States 36.37 -1% 1,748.2 1,567.3 181.2 0.2 185.8 32.5 17.5% 29.0% 8.4x 48.2xLender Processing Services, Inc. United States 27.74 -10% 2,356.1 3,343.4 88.4 1,075.7 1,983.5 338.2 17.1% 2.7% 1.7x 9.9xMoody's Corp. United States 60.85 -3% 13,553.3 13,534.9 1,769.6 1,642.1 2,815.3 1,199.0 42.6% 19.8% 4.8x 11.3xMorningstar Inc. United States 66.01 -7% 3,067.5 2,739.2 326.8 - 666.4 205.1 30.8% 4.1% 4.1x 13.4xMSCI Inc. United States 34.10 -8% 4,114.3 4,714.8 254.2 854.7 973.0 438.0 45.0% 7.3% 4.8x 10.8xReis, Inc. United States 16.03 -4% 174.6 169.6 6.7 - 32.2 6.5 20.2% 15.4% 5.3x 26.1xReis, Inc. United States 16.03 4% 174.6 169.6 6.7 32.2 6.5 20.2% 15.4% 5.3x 26.1xSEI Investments Co. United States 28.66 -2% 4,941.1 4,489.0 452.1 - 1,026.5 246.6 24.0% 9.8% 4.4x 18.2xMcGraw Hill Financial, Inc. United States 54.11 -8% 14,831.6 14,587.6 1,905.0 799.0 4,596.0 1,618.0 35.2% 23.3% 3.2x 9.0xThomson Reuters Corporation United States 33.51 -2% 27,777.5 35,196.4 527.0 7,510.0 13,138.0 2,952.0 22.5% -4.7% 2.7x 11.9xVerisk Analytics, Inc. United States 61.29 -2% 10,320.9 11,498.9 272.5 1,450.4 1,591.1 707.3 44.5% 16.5% 7.2x 16.3x


Healthcare Information


Healthcare InformationStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANational Research Corp. United States 59.95 -4% 414.3 418.8 8.3 12.8 86.4 27.4 31.7% 14.1% 4.8x 15.3xThe Advisory Board Company United States 49.15 -11% 1,725.6 1,627.1 98.5 - 431.6 65.8 15.2% 26.8% 3.8x 24.7x




INFORMATION PUBLIC COMPANY VALUATIONS


Marketing InformationStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States 19.89 -3% 1,468.4 1,543.5 186.2 261.6 1,109.5 223.4 20.1% -1.9% 1.4x 6.9xAlliance Data Systems Corporation United States 171.77 -2% 8,815.9 17,183.5 764.1 9,131.7 3,803.2 1,164.0 30.6% 14.4% 4.5x 14.8xArbitron Inc. United States 46.69 -1% 1,251.5 1,185.1 66.5 - 449.9 124.8 27.7% 6.5% 2.6x 9.5xBrainjuicer Group Plc United Kingdom 3.91 -32% 49.1 43.2 6.1 - 33.8 3.2 9.5% 0.5% 1.3x 13.4xCello Group Plc United Kingdom 0.75 -10% 61.8 75.5 6.7 20.9 219.7 12.8 5.8% 5.8% 0.3x 5.9xCision AB Sweden 7.01 -23% 104.1 157.6 9.9 63.1 144.3 20.7 14.4% -0.8% 1.1x 7.6xcomScore, Inc. * United States 16.17 -18% 577.2 530.0 73.7 18.9 261.8 18.9 7.2% 8.3% 2.0x 28.0xCross Marketing Inc Japan 12 75 21% 75 5 67 2 11 1 1 5 63 0 8 7 13 8% 23 1% 1 1x 7 7xCross Marketing Inc. Japan 12.75 -21% 75.5 67.2 11.1 1.5 63.0 8.7 13.8% 23.1% 1.1x 7.7xEbiquity plc United Kingdom 1.47 -6% 82.6 106.3 7.0 30.7 95.7 15.1 15.8% 24.6% 1.1x 7.0xGfK SE Germany 57.06 -3% 2,083.0 2,654.6 97.8 613.2 1,997.1 261.4 13.1% 10.2% 1.3x 10.2xHarris Interactive Inc. United States 1.65 -6% 95.3 87.9 14.9 2.4 140.2 12.2 8.7% -9.7% 0.6x 7.2xHarte-Hanks Inc. United States 7.93 -19% 501.5 562.1 49.6 110.3 760.0 84.5 11.1% -10.1% 0.7x 6.7xInnerWorkings Inc. United States 10.07 -36% 510.0 557.8 17.2 65.0 797.7 37.4 4.7% 25.9% 0.7x 14.9xINTAGE Inc. Japan 26.75 -1% 269.0 261.5 59.9 50.3 449.5 56.6 12.6% 6.1% 0.6x 4.6xIpsos SA France 33.52 -24% 1,518.1 2,354.4 184.9 1,006.9 2,359.4 266.7 11.3% 31.3% 1.0x 8.8xKeynote Systems, Inc. United States 11.21 -31% 204.8 146.9 57.9 - 123.9 15.4 12.4% 5.2% 1.2x 9.5xMacromill, Inc. Japan 14.30 -4% 398.6 364.1 103.2 60.6 182.5 45.2 24.8% 24.0% 2.0x 8.0xNeuStar, Inc. United States 43.87 -7% 2,888.2 3,131.6 378.2 623.8 848.2 377.9 44.6% 25.9% 3.7x 8.3x, , ,Nielsen Holdings N.V. Netherlands 34.62 -6% 12,945.7 19,099.7 233.0 6,338.0 5,654.0 1,565.0 27.7% 1.6% 3.4x 12.2xPearson plc United Kingdom 18.22 -10% 14,711.7 16,622.5 1,735.9 3,692.8 8,222.7 1,497.0 18.2% 5.0% 2.0x 11.1xOnvia Inc. * United States 4.64 -1% 39.7 27.5 12.5 - 22.0 0.6 2.8% -2.5% 1.3x 45.2xYouGov PLC United Kingdom 1.12 -12% 106.7 96.8 10.5 0.3 92.5 6.9 7.5% -1.1% 1.0x 14.0x


Other Information


Other InformationStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACorporate Executive Board Co. United States 56.36 -6% 1,891.8 2,359.9 142.0 517.6 684.5 154.8 22.6% 37.0% 3.4x 15.2xForrester Research Inc. United States 35.85 -3% 801.5 567.8 233.7 - 294.2 42.7 14.5% 2.1% 1.9x 13.3xGartner Inc. United States 57.85 -1% 5,401.2 5,316.4 269.1 214.1 1,653.4 272.8 16.5% 9.6% 3.2x 19.5xIHS Inc. United States 97.43 -18% 6,404.4 7,141.2 318.7 1,055.5 1,569.7 352.4 22.4% 14.1% 4.5x 20.3xInforma plc Switzerland 7.44 -11% 4,486.2 5,734.8 38.8 1,343.0 2,003.3 599.4 29.9% -3.4% 2.9x 9.6xNIC Inc. United States 16.84 -13% 1,104.5 1,042.2 62.4 - 211.1 49.6 23.5% 16.7% 4.9x 21.0xProofpoint, Inc. United States 18.32 -4% 623.8 537.2 90.2 3.6 112.4 (14.0) NM 28.2% 4.8x NM Reed Elsevier plc United Kingdom 11.70 -6% 25,434.9 30,515.6 2,673.1 2,407.7 9,635.3 2,209.0 22.9% 2.3% 3.2x 13.8xSolera Holdings Inc. United States 57.58 -2% 3,966.5 4,769.2 448.2 1,152.6 801.3 338.8 42.3% 6.6% 6.0x 14.1xSPS Commerce, Inc. * United States 47.13 -3% 698.1 625.6 72.6 - 84.3 7.5 8.9% 36.3% 7.4x 83.7xWolters Kluwer NV Netherlands 22.12 -6% 6,534.1 9,302.3 432.5 3,178.9 4,750.5 1,193.2 25.1% 7.4% 2.0x 7.8x




BUSINESS SERVICESPUBLIC COMPANY VALUATIONS


ConsultingStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACRA International Inc. United States 18.44 -20% 187.7 157.1 55.5 1.7 264.4 24.3 9.2% -10.6% 0.6x 6.5xFTI Consulting, Inc. United States 33.12 -13% 1,306.4 1,872.6 156.8 723.0 1,576.9 248.7 15.8% 0.6% 1.2x 7.5xInformation Services Group, Inc. United States 1.98 -3% 72.4 112.0 23.5 63.1 192.7 15.4 8.0% 4.5% 0.6x 7.3xNavigant Consulting Inc. United States 12.33 -9% 621.9 784.1 1.1 134.7 744.3 113.3 15.2% 4.5% 1.1x 6.9xICF International Inc. United States 27.11 -3% 534.6 624.8 14.7 105.0 943.4 91.0 9.6% 8.0% 0.7x 6.9xHuron Consulting Group Inc. United States 41.78 -4% 877.6 1,075.2 25.2 193.4 651.4 129.7 19.9% 7.1% 1.7x 8.3xThe Hackett Group, Inc. United States 4.88 -18% 155.1 163.2 16.9 25.0 209.3 19.2 9.2% 4.4% 0.8x 8.5xTowers Watson & Co United States 72 92 1% 5 399 0 5 491 3 455 7 525 0 3 508 2 663 1 18 9% 3 0% 1 6x 8 3xTowers Watson & Co. United States 72.92 -1% 5,399.0 5,491.3 455.7 525.0 3,508.2 663.1 18.9% 3.0% 1.6x 8.3x


HR ServicesStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 67.34 -1% 32,661.0 31,268.9 1,421.4 29.3 10,679.1 1,907.8 17.9% 6.8% 2.9x 16.4xB tt B i S i I U it d St t 52 94 11% 372 8 311 2 62 5 10 5 431 8 19 9 6% 3 % 0


Barrett Business Services Inc. United States 52.94 -11% 372.8 311.2 62.5 10.5 431.8 19.9 4.6% 31.4% 0.7x 15.7xCapita PLC United Kingdom 14.04 -2% 9,214.8 11,222.9 533.0 2,700.0 5,447.9 884.4 16.2% 14.4% 2.1x 12.7xDice Holdings, Inc. United States 8.44 -21% 505.3 493.7 42.2 46.0 199.7 69.1 34.6% 7.8% 2.5x 7.1xEdenred SA France 33.29 -6% 7,511.9 7,481.7 1,892.0 1,830.0 1,286.8 408.7 31.8% 3.8% 5.8x 18.3xInsperity, Inc. United States 27.63 -19% 705.6 426.8 281.4 - 2,175.5 87.0 4.0% 6.9% 0.2x 4.9xLinkedIn Corporation * United States 192.09 -5% 21,197.0 20,447.4 749.5 - 1,108.6 149.5 13.5% 79.8% 18.4x 136.8xMarsh & McLennan Companies, Inc. United States 38.01 -2% 20,922.5 21,597.5 2,307.0 2,918.0 11,999.0 2,262.3 18.9% 2.6% 1.8x 9.5xMonster Worldwide, Inc. United States 4.38 -55% 486.7 502.8 148.2 164.2 868.6 135.5 15.6% -15.2% 0.6x 3.7xPaychex, Inc. United States 36.41 -1% 13,249.5 12,678.9 570.6 - 2,294.2 988.9 43.1% 5.8% 5.5x 12.8xProfessional Diversity Network LLC United States 4.50 -45% 28.4 28.8 1.1 1.5 6.2 2.5 41.3% 10.5% 4.7x 11.3xTowers Watson & Co. United States 72.92 -1% 5,399.0 5,491.3 455.7 525.0 3,508.2 663.1 18 9% 3 0% 1 6x 8 3xTowers Watson & Co. United States 72.92 1% 5,399.0 5,491.3 455.7 525.0 3,508.2 663.1 18.9% 3.0% 1.6x 8.3xWageWorks, Inc. United States 25.61 -5% 821.3 560.7 305.1 44.4 177.3 28.7 16.2% 30.7% 3.2x 19.5x




BUSINESS SERVICES PUBLIC COMPANY VALUATIONS


Staffing & Recruiting ServicesStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdecco S.A. Switzerland 53.49 -12% 10,100.9 11,366.9 1,456.9 2,738.5 27,076.3 1,207.7 4.5% 0.0% 0.4x 9.4xAMN Healthcare Services Inc. United States 13.73 -14% 629.5 782.7 1.9 159.2 979.7 70.9 7.2% 9.1% 0.8x 11.0xBrunel International NV Netherlands 42.36 -21% 1,023.7 894.2 130.0 - 1,622.5 96.5 5.9% 25.6% 0.6x 9.3xCDI Corp. United States 15.67 -14% 304.2 263.8 18.4 0.6 1,093.8 40.0 3.7% 0.9% 0.2x 6.6xCross Country Healthcare, Inc. * United States 5.00 -20% 157.6 181.0 10.5 33.9 442.6 3.2 0.7% 0.7% 0.4x 57.2xCTPartners Executive Search Inc. United States 3.25 -48% 22.8 13.5 15.9 6.7 128.4 3.9 3.1% 6.0% 0.1x 3.5xGroupe CRIT SA France 19.71 -14% 218.9 261.6 - - 1,964.7 63.8 3.2% -1.5% 0.1x 4.1xHarvey Nash Group plc United Kingdom 1 18 7% 86 5 79 2 22 7 14 9 942 5 18 7 2 0% 11 6% 0 1x 4 2xHarvey Nash Group plc United Kingdom 1.18 -7% 86.5 79.2 22.7 14.9 942.5 18.7 2.0% 11.6% 0.1x 4.2xHays plc United Kingdom 1.45 -9% 2,020.2 2,246.4 97.2 333.5 5,726.3 222.0 3.9% -0.6% 0.4x 10.1xHealthcare Locums Plc * United Kingdom 0.01 -82% 10.0 60.8 15.1 66.2 331.6 1.9 0.6% 7.4% 0.2x 32.3xHeidrick & Struggles International Inc. United States 13.22 -29% 238.7 121.1 117.6 - 443.8 33.0 7.4% -15.9% 0.3x 3.7xHudson Global, Inc United States 3.30 -33% 105.6 67.2 38.7 0.3 777.6 7.6 1.0% -16.7% 0.1x 8.9xImpellam Group PLC United Kingdom 6.07 -18% 269.2 243.1 61.1 33.9 1,955.9 37.8 1.9% 7.0% 0.1x 6.4xKelly Services, Inc. United States 17.02 -10% 647.1 634.9 76.3 64.1 5,450.5 96.8 1.8% -1.8% 0.1x 6.6xKforce Inc. United States 15.12 -9% 520.0 540.8 1.4 22.1 1,079.8 60.5 5.6% -5.5% 0.5x 8.9xKorn/Ferry International United States 16.55 -15% 805.7 614.1 191.6 - 783.0 80.6 10.3% -0.8% 0.8x 7.6xManpowerGroup Inc. United States 53.16 -8% 4,086.0 4,253.7 583.4 751.1 20,350.5 531.5 2.6% -7.6% 0.2x 8.0xMichael Page International plc United Kingdom 5.80 -20% 1,781.3 1,685.8 115.0 15.3 1,608.9 123.1 7.7% -2.9% 1.0x 13.7xg p gOn Assignment Inc. United States 24.27 -7% 1,291.7 1,667.0 8.2 383.6 1,472.1 146.6 10.0% 131.9% 1.1x 11.4xProffice AB (Publ) Sweden 3.42 -21% 233.5 259.7 14.4 40.2 748.9 12.6 1.7% 2.2% 0.3x 20.6xRandstad Holding NV Netherlands 41.63 -7% 7,376.3 8,602.0 190.5 1,382.9 21,483.0 636.8 3.0% 0.5% 0.4x 13.5xResources Connection Inc. United States 11.36 -17% 463.4 344.6 118.9 - 561.7 49.7 8.9% -1.8% 0.6x 6.9xRobert Half International Inc. United States 32.82 -13% 4,579.3 4,293.3 287.6 1.5 4,119.5 419.7 10.2% 5.3% 1.0x 10.2xRobert Walters plc United Kingdom 3.59 -5% 254.5 236.7 42.3 23.6 922.8 18.7 2.0% 7.5% 0.3x 12.7xSThree Plc. United Kingdom 5.22 -9% 624.3 580.3 45.3 - 925.6 46.8 5.1% 6.5% 0.6x 12.4xSynergie SA France 11.14 -8% 267.0 305.3 - - 1,910.2 56.0 2.9% 0.1% 0.2x 5.5xTrueBlue, Inc. United States 20.72 -3% 811.5 734.3 110.8 33.7 1,424.8 67.2 4.7% 5.3% 0.5x 10.9xUSG People NV Netherlands 7.82 -16% 623.3 953.4 45.3 365.8 3,602.7 114.0 3.2% -11.3% 0.3x 8.4x




BUSINESS SERVICES PUBLIC COMPANY VALUATIONSIT Consulting/Systems Integration

Stock Price Chg % From Equity Ent Cash & ST Total LTM LTM Margin LTM LTM Multiples Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA.L.D. Advanced Logistics Developments Ltd. Israel 0.18 -32% 4.1 4.6 - - 14.7 (0.8) NM -5.1% 0.3x NM Accenture plc Ireland 81.44 -1% 52,942.4 47,793.4 5,636.5 0.0 28,268.6 4,327.4 15.3% 3.6% 1.7x 11.0xAmdocs Limited Channel Islands 35.70 -3% 5,775.4 4,797.2 961.3 - 3,290.3 612.4 18.6% 1.9% 1.5x 7.8xBechtle AG Germany 44.25 -14% 929.2 875.1 151.4 97.2 2,764.6 134.6 4.9% 5.1% 0.3x 6.5xBooz Allen Hamilton Holding Corporation United States 15.19 -21% 2,101.3 3,510.1 317.6 1,726.4 5,753.4 524.0 9.1% -1.0% 0.6x 6.7xBroadridge Financial Solutions, Inc. United States 25.18 -2% 3,068.3 3,333.6 259.1 524.4 2,336.3 351.9 15.1% 3.4% 1.4x 9.5xBusiness & Decision SA France 4.02 -37% 31.7 71.6 7.3 44.9 304.0 16.5 5.4% -2.0% 0.2x 4.3xCap Gemini S.A. France 45.99 -10% 7,267.3 6,282.2 2,667.3 1,633.6 13,532.9 1,294.7 9.6% 5.9% 0.5x 4.9xCGI Group, Inc. Canada 31.67 -1% 9,755.6 12,672.4 162.1 3,151.5 7,603.2 1,012.0 13.3% 87.9% 1.7x 12.5xp, , , , , ,Cognizant Technology Solutions Corporation United States 64.80 -20% 19,601.1 16,737.4 2,863.8 - 7,346.5 1,518.1 20.7% 20.0% 2.3x 11.0xComputer Sciences Corporation United States 46.85 -7% 7,190.7 7,636.7 2,203.0 2,629.0 15,784.0 1,830.0 11.6% 0.3% 0.5x 4.2xCSG Systems International Inc. United States 21.61 -7% 733.9 833.4 169.3 275.8 752.5 140.0 18.6% 2.2% 1.1x 6.0xDynamics Research Corporation United States 5.84 -20% 60.4 149.6 0.0 89.1 304.7 29.5 9.7% -10.1% 0.5x 5.1xInformation Services Group, Inc. United States 1.98 -3% 72.4 112.0 23.5 63.1 192.7 15.4 8.0% 4.5% 0.6x 7.3xInfosys Ltd. India 41.56 -26% 23,745.0 19,361.6 4,341.0 - 7,398.0 2,128.0 28.8% 5.8% 2.6x 9.1xiSoftStone Holdings Limited China 4.33 -48% 246.5 186.8 116.6 54.0 381.1 42.1 11.0% 34.5% 0.5x 4.4xITS Group France 5.27 -18% 30.6 46.0 - - 122.6 9.2 7.5% 2.6% 0.4x 5.0xNCI, Inc. United States 4.22 -47% 54.6 71.3 0.8 17.5 360.9 18.0 5.0% -28.8% 0.2x 4.0xOsiatis SA France 11.67 -8% 178.5 183.5 36.2 40.7 366.1 31.0 8.5% 10.8% 0.5x 5.9xWipro Ltd. India 6.47 -25% 15,840.0 14,001.2 3,036.2 1,148.7 6,867.6 1,439.9 21.0% 0.6% 2.0x 9.7x


Business Process OutsourcingStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 04/30/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACommunisis plc United Kingdom 0.84 -6% 160.3 191.6 35.0 67.6 373.5 31.1 8.3% 10.3% 0.5x 6.2x


Contax Participacoes S.A. Brazil 2.64 -8% 901.4 1,279.7 173.4 538.7 1,766.7 203.7 11.5% 22.4% 0.7x 6.3xEniro AB Sweden 2.40 -4% 240.9 647.4 30.4 455.5 601.3 150.4 25.0% -9.0% 1.1x 4.3xExlservice Holdings, Inc. United States 32.62 -1% 1,066.4 961.6 109.2 4.4 454.3 84.8 18.7% 15.8% 2.1x 11.3xFirstsource Solutions Limited India 0.20 -30% 130.3 150.1 141.2 160.4 502.3 47.2 9.4% 27.1% 0.3x 3.2xGenpact Ltd. Bermuda 18.60 -5% 4,226.4 4,495.2 480.2 745.7 1,970.3 350.7 17.8% 15.5% 2.3x 12.8xMAXIMUS, Inc. United States 79.69 -2% 2,716.3 2,550.8 167.1 1.7 1,096.8 163.2 14.9% 14.8% 2.3x 15.6xSalmat Ltd. Australia 2.10 -27% 332.7 218.4 219.0 104.6 832.3 99.8 12.0% 17.9% 0.3x 2.2xSerco Group plc United Kingdom 9.62 -5% 4,706.6 5,614.1 322.8 1,268.6 7,985.4 613.4 7.7% 5.7% 0.7x 9.2xTrans Cosmos, Inc. Japan 13.95 -4% 573.9 352.3 361.3 134.0 1,765.9 98.0 5.6% 3.2% 0.2x 3.6xTranscom WorldWide SA Luxembourg 0.12 -18% 135.3 212.0 56.2 106.5 805.9 24.9 3.1% 12.9% 0.3x 8.5xX h i PLC U i d Ki d 2 09 11% 501 1 414 7 190 8 64 4 1 086 2 113 9 Xchanging PLC United Kingdom 2.09 -11% 501.1 414.7 190.8 64.4 1,086.2 113.9 10.5% 2.6% 0.4x 3.6x




APRIL SUMMARY TRADING VALUATION INFORMATION

Revenue MultiplesSegment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 3.4x 1.7x 5.0x 4.6xDigital Advertising 3.6x 2.4x 4.7x 4.5xMarketing Technology 3.7x 3.0x 3.8x 3.6xAgency/Consulting 0.8x 0.8x 1.3x 1.3xMarketing Services 1 0x 0 7x 1 8x 0 9x

Revenue Multiples

Marketing Services 1.0x 0.7x 1.8x 0.9xTraditional Media 2.4x 2.3x 2.9x 2.6xTechnology 2.7x 2.2x 3.2x 3.2xSoftware 5.0x 3.6x 7.9x 4.2xCommunications 2.0x 1.1x 2.6x 2.4xInformation 3.1x 2.9x 3.7x 2.3xB i S iBusiness Services 1.1x 0.6x 3.0x 1.9x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 22.1x 11.5x 26.0x 21.5xDigital Advertising 21.1x 14.2x 15.1x 14.8xM k i T h l

EBITDA Multiples

Marketing Technology 35.6x 14.7x 21.8x 11.1xAgency/Consulting 8.4x 8.5x 9.1x 9.1xMarketing Services 12.6x 6.5x 9.7x 9.2xTraditional Media 9.0x 8.5x 10.1x 9.6xTechnology 12.3x 9.4x 10.0x 9.8xSoftware 27.4x 15.4x 32.5x 15.5xCommunications 22.8x 11.0x 10.0x 9.8xInformation 16.0x 12.1x 13.7x 13.8xBusiness Services 11.0x 8.1x 19.3x 10.7x

As of close of business on 04/30/13


deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean*Calculation is market cap weighted and excludes revenue multiples that are 3 standard

PPLLC INDICES – LTM as of 4/30/13Index Performance

• S&P 500 – 13.6%

Index Performance

• S&P 500 – 13.6 %

Digital Media/Commerce Agency130120

S&P 500 13.6%

• Digital Media/ Commerce – 11.2%

S&P 500 13.6 %

• Agency/Consulting – 19.4%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%)

90

100

110

Ind

ex P

erfo

rman

ce (

%)

Index Performance

• S&P 500 – 13.6 %

Index Performance

• S&P 500 – 13.6 %

Digital Advertising Marketing Services130

%)

80

May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13

S&P 500 Agency

80


S&P 500 Digital Media/Commerce

120

%)

• Digital Advertising – 29.1% • Marketing Services – 18.2%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%

90

100

110

Ind

ex P

erfo

rman

ce (

%

Index Performance

• S&P 500 – 13.6 %

Index Performance

• S&P 500 – 13.6 %

Marketing Technology Traditional Media

80


S&P 500 Digital Advertising

130

145

e (%

)

120

%)

80


S&P 500 Marketing Services

• Marketing Technology – 5.6%

• Traditional Media – 35.4%

70

85

100

115

M 12 J l 12 S 12 N 12 J 13 M 13

Ind

ex P

erfo

rman

ce

90

100

110

Ind

ex P

erfo

rman

ce (

%



S&P 500 Traditional Media

80


S&P 500 Marketing Technology

PPLLC INDICES – LTM as of 4/30/13Index Performance

• S&P 500 – 13.6 %

Index Performance

• S&P 500 – 13.6 %

Software Communications130 120

S&P 500 13.6 %

• Software – 18.3%

S&P 500 13.6 %

• Communications – 0.2%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%)

70

80

90

100

110

Ind

ex P

erfo

rman

ce (

%)

Index Performance

• S&P 500 – 13.6 %Index Performance

S&P 500 13 6 %

TechnologyInformation & Business Services

80


S&P 500 Software

120

%)

60


S&P 500 Communications

120

• Technology – 4.1%• S&P 500 – 13.6 %

• Information – 19.3%

• Business Services – 12.8%

80

90

100

110

Ind

ex P

erfo

rman

ce (

%

90

100

110

Ind

ex P

erfo

rman

ce (

%)

70


S&P 500 Technology

80


S&P 500 Information Business Services


ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

Managed Health Care Associates, Inc. Roper Industries, Inc. $1,000.0Fisher Communications, Inc. Sinclair Broadcast Group, Inc. 353.9Ubiquisys Ltd. Cisco Systems, Inc. 310.0Mediaroom IPTV Ericsson 200.0G d d I A I 150 0Goodreads, Inc. Amazon.com, Inc. 150.0NexGen Storage Fusion-io, Inc. 119.0Ingenuity Systems, Inc. QIAGEN N.V. 105.0Mendeley Ltd. Elsevier, Inc. 100.0BodyMedia Jawbone 100.0Alti Tata Consultancy Services 97.5Parse Facebook 85.0Revera Telecom New Zealand Ltd. 82.7SGCM Pte Ltd Singapore Press Holdings Ltd 48 7SGCM Pte. Ltd. Singapore Press Holdings Ltd. 48.7Pharmexx GmbH Ashfield In2Focus Limited 35.6TPACK Altera European Trading Company 34.0Wavii, Inc. Google, Inc. 30.0The Garden Productions ITV plc 27.5Evi Technologies Ltd. Amazon.com, Inc. 26.0Arkoon Network Security Cassidian CyberSecurity 16.7Future PLC, Classic Rock and Metal Hammer TeamRock Ltd. 15.4F1Soft International Pvt. and F1Soft International Pte. First Global Data Corporation 3.4Elasitas Technologies Limited (Unnamed) 2.6Fairmont Broadcasting, WTCS-AM/WRLF-FM and WMMN-AM/WZST-FM Spectrum Radio Group, LLC 1.3Software Imaging Technology Hancom, Inc. 0.9QS Quarterhouse Software PNI Digital Media Inc. 0.5

StrategicUndisclosed

Asheridge Communications Teleste Corporation - g pAsian Food Channel Network Scripps Networks Interactive, Inc. - Attitude Digital Digitale.XY2 - Aupeo Panasonic Automotive Systems Company - Backup-Connect International j2 Global Communications, Inc. - BayGroup International Corporate Visions, Inc. - BDFM Publishers Times Media Group Limited - Behavio Google, Inc. - Beijing Wonder Advertising Aegis Media -


j g g gBidSpotter.co.uk ATG Media Ltd. - BillMonk BillPin - Blimling and Associates Dairy.com -


Reported


Value StrategicUndisclosed

Blue Bison Software Consulting Ignition Technology Group - Blue Dog Solutions eWinery Solutions - BrandWorks One Advertising - Cadee Software KloudNation - Cadee Software KloudNation - ChangeTrack Research Accenture plc - Clearwater Gazette Tampa Tribune, Inc. - CM3 Fino Consulting LLC - Consultech Omnicom Group, Inc. - Data Control Group Qualfon Corporation - Datacom Contact Center Operations Convergys Corporation - Decisioning Solutions Experian plc - Dedicated Media LIN TV Corporation - dFlow BigHand Ltd. - Digi TV Plus Oy DNA Ltd. - Digital Broadcasting Group Alloy Digital - Digital Sandbox Haystax Technology, Inc. - Double Effect B.V. Synechron, Inc. - Down East Books Rowman & Littlefield Publishing Group - EcoMom com etailz Inc EcoMom.com etailz, Inc. - EnCompass Technologies EKA Software Solutions Pvt. Ltd. - End To End Marketing Solutions McCann Worldgroup India - Evolutionary Engineering ANSYS, Inc. - Eziworks Pty Ltd. Solera Holdings, Inc. - Facilita Software Development TestPlant Ltd. - FanTD MGT Sports - FE-DESIGN Group and Archividéo Dassault Systemes - p yFekete Associates IHS, Inc. - Fibers.com BlueCotton, Inc. - Fitiquette Myntra.com - FleetJobs.com JobsInLogistics.com - Gidsy GmbH GetYourGuide, Inc. - Global Safety Surveillance Telerx Marketing - Gruner & Jahr Poland Burda Media Polska Sp zoo - Hitit C t S i CRM & L lt S l ti A d IT G SA


Hitit Computer Services CRM & Loyalty Solutions Amadeus IT Group SA - Huckstep & Associates Net@Work, Inc. - imedo GmbH Santo Holding (Deutschland) GmbH -


Reported



Incentivibe Rebellion Media Group Corp. - I-NEW Unified Mobile Solutions Novomatic AG - Infoglide Software Corporation FICO - Innovative Automation Inc SI Systems Inc - Innovative Automation, Inc. SI Systems, Inc. - Instapaper, LLC Betaworks - Integrity Internet Consulting C1 Partners - Internet Retail HP TRONIC Zlín, spol. Ltd - inVentiv Health MySTRO Sample Management & Fulfillment J. Knipper & Company - iOnRoad Harman International Industries, Inc. - Iron Pearl PayPal, Inc. - Jetsetter TripAdvisor, Inc. - John Wiley & Sons, General Interest Publishing Program Turner Publishing Company - justONE Ltd. BBDO Worldwide, Inc. - Key2 Consulting Workforce Management Analytics Practice Workforce Insight, Inc. - Layer 7 Technologies CA Technologies - LazyDroid 3CX, Inc. - LonoCloud ViaSat, Inc. - Lucid Appeal OneUp Games, LLC - Mahan Advertising Powers Agency Inc Mahan Advertising Powers Agency, Inc. - Matter Medium - MergerID and PE-Nexus Intralinks Holdings - Mia Mandalay Digital Group, Inc. - Mobio Technologies, Inc. LX Ventures, Inc. - Monty Program Ab SkySQL Corporation Ab - MyPublisher, Inc. Shutterfly, Inc. - Neev Information Technologies Publicis Groupe S.A. - g pNew Madrid Technologies, Inc. YellowDog Production, LLC - Nolio, Inc. CA Technologies - Oil and Gas Job Search.com Limited CareerBuilder, Inc. - OKIRON Design Pacific Software Publishing, Inc. - Onscope, Trademark Business Thomson CompuMark - Osmeta Facebook - Outdoor First Out Of Home America Inc. - P A l I A ti C ti


ParAccel, Inc. Actian Corporation - ProgrammableWeb MuleSoft, Inc. - Protect Product Family LANDesk Software -


Reported



reuseit.com Plow & Hearth, Inc. - RSA Security's Knowledge Based Authentication LexisNexis Risk Solutions - RunMyProcess Fujitsu Limited - Sedna Informatik Bechtle AG - Sedna Informatik Bechtle AG - Semantelli Corporation IMS Health, Inc. - SEMphonic, Inc. Ernst & Young LLP - SetLogik ReachForce, Inc. - ShowCase Help/Systems, Inc. - Silect Software BridgeWays, Inc. - SocialWeekend Labs Adknowledge, Inc. - Spaceport.io Facebook - Spectrum Health Network Health Media Network - Sports Net Northwest The Seattle Mariners - Stick Figure Productions Ora.TV - Taylor Woodings FTI Consulting, Inc. - Telegraph Publishing Company The Ogden Newspapers, Inc. - The Daily Buzz Mojo Brands Media, LLC - The DealFlow Report TheStreet.com - The Place Media Global Vision Holdings The Place Media Global Vision Holdings - The Sewing Studio F+W Media, Inc. - ThinkBinder Echo360 - Time Out Chicago Partners Time Out Group Ltd. - Tippr.com and Groupalicious.com nCrowd, Inc. - TMR Market Research Group 1-800 WE ANSWER - Tomnod DigitalGlobe, Inc. - Transcend United Technologies, LLC AGC Networks, Inc. - g , ,Tricycle, Inc. Jeffrey Scott Agency, Inc. - Tripology, Inc. USA Today Travel Media Group - United Computer Sales and Service All Covered, Inc. - UrbanCode, Inc. International Business Machines Corporation - VGFiv Goozex, Inc. - Viecore Federal Systems Division EOIR Technologies - VirtualSharp Software PHD Virtual Technologies, Inc. - W2BI Ad t t C ti


W2BI Advantest Corporation - We Are Hunted Twitter, Inc. - WealthCare Marketplace Alegeus Technologies, LLC -


Reported



Webdetails Pentaho Corporation - Werkspot.nl HomeAdvisor, Inc. - Xpenser Coupa Software, Inc. - ZEN Entertainment NYX Gaming Group - ZEN Entertainment NYX Gaming Group Zimpel Media-Daten News Aktuell GmbH -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

CompuCom Systems, Inc. Thomas H. Lee Partners $1,100.0AndersonBrecon Corporation Frazier Healthcare Ventures 308.0 Telular Corporation Avista Capital Partners 253.0 Ipes Limited Silverfleet Capital 76.7 Next Media Broadcasting, TV Broadcasting (Private Investors) 46.7

Buyout DealsUndisclosed

CCBR-SYNARC Water Street Healthcare Partners - INEA S.A. Warburg Pincus LLC - Ipsos, Motion Picture Group (Private Investors) - TerraSim, Inc. The Riverside Company -

VC/Growth CapitalValues DisclosedValues Disclosed

Sina Weibo Alibaba.com $586.0Mashery, Inc. Intel Corporation 180.0 Precision for Medicine, Inc. Oak Investment Partners 150.0 Pivotal One General Electric Company 105.0 Acumen Brands, Inc General Atlantic, LLC 83.0 EventBrite T. Rowe Price Associates 60.0 Qunar.com Information Technology Co. Ltd. Baidu, Inc. 57.0 Moonbasa GSR Ventures 55.0 SnapDeal.com eBay Incorporated 50.0 Good Technology, Inc. Kleiner Perkins Caufield & Byers 50.0 FourSquare Silver Lake Partners 41.0 MarketShare Partners LLC FTV Capital 38.0 MuleSoft, Inc. New Enterprise Associates 37.0 Clean Power Finance, Inc. Kleiner Perkins Caufield & Byers 37.0 WorldOne Research Ltd. Deerfield Management Company, L.P. 35.0 GCT Semiconductor, Inc. AnaPass Inc. 30.3 Credit Karma Inc Susquehanna Growth Equity LLC 30 0 Credit Karma, Inc. Susquehanna Growth Equity LLC 30.0 Optimizely Benchmark Capital 28.0 RRsat Global Communications Network Ltd. Viola Private Equity 27.8 Booker Software, Inc. Bain Capital, LLC 27.5 MarkLogic Corporation Sequoia Capital 25.0 Silverpop Systems, Inc. Escalate Capital Partners 25.0 Belmont Technology New Enterprise Associates 25.0 DataLogix, Inc. Institutional Venture Partners 25.0 Kingsoft Corporation Limited Tencent Holdings Ltd. 24.6


Auctionata Earlybird Venture Capital GmgH & Co. KG 20.2 Mobly Cisneros Group of Companies 20.0 Attune, Inc. MAS Holdings 20.0 Kik Interactive Foundation Capital 19.5


Reported



Value VC/Growth CapitalValues Disclosed

Netronome Systems, Inc. Sourcefire, Inc. $19.0WellTok, Inc. Emergence Capital Partners 18.7 Midokura Co., Ltd. Innovation Network Corp. of Japan 17.3 Vidyo Triangle Peak Partners, LP 17.1 ClickTale, Ltd. Amadeus Capital Partners Limited 17.0 Instart Logic, Inc. Andreessen Horowitz 17.0 Dwolla Corporation Andreessen Horowitz 16.5 Tealium Tenaya Capital 15.6 theScore, Inc. Relay Ventures 15.6 The Football App Earlybird Venture Capital GmgH & Co. KG 15.3 RetailNext, Inc. StarVest Partners 15.0 Kaazing Corporation New Enterprise Associates 15.0 ForgeRock Foundation Capital 15 0 ForgeRock Foundation Capital 15.0 Treato Ltd. OrbiMed Advisors LLC 14.5 The RealReal.com Interwest Partners 14.0 Zerto RTP Ventures 13.0 Crowdtilt Andreessen Horowitz 12.0 Duda Mobile, Inc. Pitango Venture Capital 10.3 Nettwerk Music Group HBC Investments 10.3 Infer, Inc. Redpoint Ventures 10.0 Leading Smart Holdings WPP Group 10.0 SiSense, Ltd. Battery Ventures 10.0 Deep Information Sciences (Angel Investors) 10.0 zozi Forerunner Ventures 10.0 Collective Bias Updata Partners 10.0 SocialFlow Fairhaven Capital 10.0 Ionic Security, Inc. Kleiner Perkins Caufield & Byers 9.4 NextUC ConnectSolutions LLC 9.2 NetSocket, Inc. ConnectSolutions LLC 9.2 Gainsight Battery Ventures 9 0 Gainsight Battery Ventures 9.0 Guavus, Inc. The Goldman Sachs Group, Inc. 9.0 Reduxio Carmel Ventures 9.0 SavingStar DCM 9.0 OneHealth Solutions, Inc. Lemhi Ventures, Inc. 9.0 RelayFoods.com (Unnamed Fund Contibuters) 8.3 SignalFuse, Inc. Andreessen Horowitz 8.0 M-Files, Inc. DFJ Esprit 7.7 Direct2Mum Ltd. One Degree Capital Corp. 7.7


Gizmox Ltd. Atlas Venture 7.5 Wandera Bessemer Venture Partners 7.0 GreenBytes, Inc. Generation Investment Management LLP 7.0 ATG Media Ltd. Mobeus Equity Partners LLP 6.8


Reported




Jusp S.p.A. Vertis SGR SpA $6.0Sport Ngin El Dorado Ventures 6.0 Upstart Network, Inc. Collaborative Fund 5.9 Nanigans, Inc. Avalon Ventures 5.9 BEBB India Private Limited Accel Partners 5.8 ParElastic Corporation General Catalyst Partners LLC 5.7 Flexiant Limited (Angel Investors) 5.7 Simple.TV New World Ventures, LLC 5.7 FlightCar, Inc. General Catalyst Partners LLC 5.5 Assured Labor, Inc. Capital Índigo S.A.P.I. de C.V 5.5 Abiquo Oxford Capital Partners Limited 5.0 Zyme Solutions, Inc. Susquehanna Growth Equity LLC 5.0 ProcessUnity Inc Rose Park Advisors LLC 5 0 ProcessUnity, Inc. Rose Park Advisors, LLC 5.0 BarkBox, Inc. 500 Startups 5.0 EAT Club, Inc. First Round Capital 5.0 Yodo1, Ltd. SingTel Innov8 5.0 Asthmapolis The Social+Capital Partnership 5.0 Duedil Ltd. Notion Capital 5.0 LSN Mobile Technologies Equity Partners Fund SPC 5.0 Business Insider (Private Investors) 5.0 eTechAces Marketing and Consulting Pvt. Ltd. Info Edge (India) Limited 5.0 Well.ca, Inc. iNovia Capital 4.9 PrePlay, Inc. Trilogy Equity Partners, LLC 4.7 BA Insight Milestone Venture Partners 4.5 Panviva Pty. Ltd. SBI Ven Capital 4.2 3Scale Networks, S.L. Costanoa Venture Capital 4.2 Tango Card, Inc. Allegro Ventures 4.1 Verivo Software Ascent Venture Partners 4.0 Songza.com (Unnamed Fund Contibuters) 3.8 Playdek Inc QUALCOMM Ventures 3 8 Playdek, Inc. QUALCOMM Ventures 3.8 Zonoff, Inc. Valhalla Partners, L.P. 3.8 Kreditech SSL Holding GmbH (Private Investors) 3.5 Bypass Mobile, LLC eBay Incorporated 3.5 Nexgate Sierra Ventures 3.5 Kitchensurfing, Inc. Union Square Ventures 3.5 EveryMove, Inc. BlueCross BlueShield Venture Partners 3.5 VoloMetrix, Inc. Shasta Ventures 3.3 GoCardless Ltd. Accel Partners 3.3


GoCardless Ltd. Accel Partners 3.3 Science Exchange O'Reilly AlphaTech Ventures, LLC 3.0 appsFreedom Grayhawk Venture Partners 3.0 Adapx, Inc. OVP Venture Partners 3.0


Reported




WhisperText, LLC Lightspeed Venture Partners $3.0Bitbar CREATHOR VENTURE Management GmbH 3.0 Wemo Media, Inc. Spiegel Capital Management 2.5 DailyLook.com GRP Partners 2.5 Swifto, Inc. Benchmark Capital 2.5 Moonfrye, Inc. Google Ventures 2.5 Screach (Unnamed Fund Contibuters) 2.5 Placester, Inc. Romulus Capital 2.5 Bitium, Inc. Resolute.vc 2.4 High Fidelity, Inc. (Unnamed Fund Contibuters) 2.4 Plain Vanilla Corporation Greycroft LLC 2.4 Apps Foundry Pte Ltd. Kompas Gramedia 2.4 Dynamic Yield Bessemer Venture Partners 2 0 Dynamic Yield Bessemer Venture Partners 2.0 CloudCheckr, Inc. Garrison Investment Group, L.P. 2.0 Chirpify, Inc. Voyager Capital 2.0 Proximal Data Divergent Ventures, LLC 2.0 Luxola Pte. Ltd. GREE Ventures, Inc. 2.0 Zooz XSeed Capital 2.0 Fusebill OMERS Ventures 2.0 Balanced Andreessen Horowitz 2.0 MokiMobility EPIC Ventures 2.0 Showpad Hummingbird Ventures 2.0 Swipp, Inc. (Unnamed Fund Contibuters) 2.0 Food52, Inc. Bertelsmann Digital Media Investments 2.0 Rocketmiles, Inc. Atlas Venture 2.0 Fashion Project, Inc. Atlas Venture 1.8 Babyshop.com Verdane Capital 1.8 Xeneta AS Creandum 1.6 Lagoa 500 Startups 1.6 Leap2 LLC Dundee Venture Capital 1 6 Leap2, LLC Dundee Venture Capital 1.6 Mallzee.com (Unnamed Fund Contibuters) 1.6 Bluetrain Mobile Polaris Partners 1.5 Recurious Greylock Management 1.5 Idibon Khosla Ventures 1.4 PICT Forerunner Ventures 1.4 BodeTree Greenline Ventures LLC 1.4 DineInFresh, Inc. ff Venture Capital 1.3 Grand St. First Round Capital 1.3


ElectNext, Inc. Brooklyn Bridge Ventures 1.3 Converse Communications Lough Shore Investments 1.2 MBA & Company MMC Ventures, LLC 1.2 Compstak, Inc. Canaan Partners 1.2


Reported




StoryToys Limited Enterprise Ireland $1.2Bownty SEED Capital 1.1 CrowdMed Andreessen Horowitz 1.1 20Jeans.com Baroda Ventures 1.0 Chewse, Inc. 500 Startups 1.0 BuyReply, Inc. Valar Ventures LP 1.0 Deliv General Catalyst Partners LLC 1.0 DailyWorth.com, Inc. DFJ Gotham Ventures 1.0 MaxTradeIn.com, LLC (Unnamed Fund Contibuters) 1.0 PoachIt, LLC (Angel Investors) 1.0 ToutApp, Inc. 500 Startups 0.9 Seelio, Inc. First Step Fund 0.9 Bespoke Post Warby Parker 0 9 Bespoke Post Warby Parker 0.9 OnePageCRM (Unnamed Fund Contibuters) 0.8 The Hunt (Private Investors) 0.7 Futura Acorp S.L. SODENA 0.7 Walk.By, Inc. Lightbank 0.7 Larky, Inc. North Coast Technology Investors, LP 0.7 SoSocio Brooklyn Ventures 0.6 LevelEleven Detroit Venture Partners, LLC 0.5 Compact Disc India Ltd. Parisocpe Financial Advisors Pvt. Ltd. 0.1

VC/Growth CapitalUndisclosed

Apigee Corporation In-Q-Tel - BookShout! Ambassador Enterprises, LLC - Close.io SV Angel, LLC - Donuts, Inc. Generation Partners - Expect Labs, Inc. Intel Capital - Field Agent, LLC Five Elms Capital - Kease Audrey Capital - Kease Audrey Capital - Marketplace Events Stephens Capital Partners - MobiTV, Inc. (Unnamed Fund Contibuters) - Molinare TV & Film Ltd. Saphir Capital Partners SA - Mytonomy, Inc. NewSchools Venture Fund - Nativo, Inc. Greycroft LLC - NaviHealth, Inc. BlueCross BlueShield Venture Partners - NeonLabs, Inc. Mohr, Davidow Ventures - Optimal Blue Serent Capital, L.P. -


PubCoder H-FARM - Qubole, Inc. Charles River Ventures - Redlen Technologies In-Q-Tel - Simpleview Inc. Ridgemont Equity Partners -


Reported



Value VC/Growth CapitalUndisclosed

Skimlinks Ltd. Greycroft LLC - SRCH2, Inc. Horizen Ventures - Vayable, Inc. 500 Startups - ViroCyt, LLC High Country Venture, LLC -


Petsky Prunier: Maximizing Shareholder Value• Founded in 1999

• Focused on the technology, marketing, media, eCommerce, and healthcare industries

• Over 35 focused professionals

› Unique combination of investment banking and consulting expertise

• New York, Palo Alto, Las Vegas, Chicago, 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

• Together with strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional services

STRATEGIC CONSULTINGINVESTMENT BANKING

p g g

• International reach through our partnership with Altium. Founded more than 20 years ago and privately owned, Altium operates from ten offices across Europe

• Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC CONSULTINGINVESTMENT BANKING

• Sell-Side Representation• Capital Raising and Private

Placements• Corporate Divestitures

• Strategic Development and Competitive Analysis

• M&A Transaction Due Diligence Support and Valuation Analysis

• Technology• Media• Marketing

CCorporate Divestitures• M&A Advisory• Fairness Opinions

• Acquisition Strategy/Target Identification• Publishing and Thought Leadership

• eCommerce• Healthcare


Petsky Prunier was Ranked #1 by Bloomberg in 2011-2012 for Mid-Market Internet & Advertising Transactions*

Rank Advisor Deal Count

1 Petsky Prunier LLC 30

2 Nomura Holdings Inc 24

3 GCA Savvian Group Corp 23

4 Goldman Sachs & Co 20

5 Morgan Stanley 19

6 Jordan Edmiston Group 186 Jordan Edmiston Group 18

7 Jefferies Group Inc. 16

8 China Renaissance Partners 15

8 Sumitomo Mitsui Financial 15

10 JP M 1410 JP Morgan 14

10 RBC Capital Markets 14

* Based on number of deals announced in 2011-2012 valued at $500 million or less

More than 50 transactions closed since 2010:

• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings

A b d i f i d i i l di di i l d i i d k i C d di i l


• Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

International Partnership with Altium

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

About Altium International Network

private equity firms, and entrepreneurs

• European-based, mid-market financial advisory group, employee-owned and truly independent

New York Palo AltoLas Vegas Chicago

Tampa

• A leading adviser for more than 25 years and from start as the corporate finance arm of private equity investor Apax Partners, has developed into a group that

t t i t ti l ffi operates across ten international offices with cooperation partners in USA and China

• In the last five years, has completed +50 technology transactions in 12 different countries

Madrid

Zurich

Paris

DubaiMunichMilan

Manchester LondonLeeds

Frankfurt


REPRESENTATIVE RECENT TRANSACTIONS

d i di l di d has sold a leading digital advertising

has been acquired by

a dynamic display media and retargeting company

(JASDAQ:4755)

has been sold to

a leading provider of digital production services to brands and agencies

(NSYE: ACN)


a real-time behavioral advertising company

(NSYE: AOL)

has been sold to

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

has sold

provider of online travel guides for top destinations around the world

to

(NYSE: GCI )

specializing in retail, digital, shopper marketing and consumer

services to

along with digital subsidiary

has been sold to

monetization and shopper marketing partner for e-commerce retailers

with financing from

a portfolio company ofhas been sold to

a leading multiplatform travel and lifestyle media company

a subsidiary of

has been sold to

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

and publishing digital displays for retailers

a unit of

(NYSE: LXK )

has been sold to

the top independentdirect-to-consumer marketer of

dental savings plans

has sold

and

a leading provider of services for domain name registration,

acquisition, brokerage and salesto

a leading digital direct marketing company utilizing a proprietary database to provide customer

acquisition solutions for major brandshas received an equity investment from

with debt financing from

a leader in technology and global in-app advertising for Facebook,

Apple (iOS), and Android developers

has received $66M investmentfrom

has been sold to

a leader in global healthcare primary market research and influence network mapping

a portfolio company of

a provider of a cloud-based integration platform for the digital

marketing industry

has received $15M financing led by

a leader in multichannel retail, ecommerce and loyalty marketing

serviceshas been sold to

has sold its

Sports Marketing Print Division

to

has received a mezzanine debt investment from

a leading provider of transportation-based digital

media networks

has sold

a premier provider of affinity programs for universities and colleges

to

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold

to

a leading provider of integrated data, technology and analytics

solutions

has been sold to

a global digital marketing agency

a unit of

a leading data management and audience optimization platform

(DMP) company

has been sold to

(TSX: PTO)

to


Vestar Capital Partners has sold

and


has merged with

has been sold to


one of North America’s largest mobile marketing and gateway

solution providers

has been sold to

(Nasdaq:GSIC)

has received a majority investment from

a leading online video advertising network

has received a growth capital investment from

a provider of multichannel marketing software services

has been sold to

( d )

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to

Parthenon Capital Partners KRG Capital Partners (Nasdaq:GSIC) (Nasdaq: RRD)

has acquired

a division of

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has sold the assets of

a global marketing services company


(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

l d i f h f fi

a portfolio company ofhas been sold to

a leading performance-basedadvertising network

has been sold to


has been acquired by toto in a combination that creates

the world’s leading loyaltymanagement provider

lead generation for the for-profit,post-secondary education market has divested one of its

marketing services divisions

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