BVP Public SaaS Comps Updated

BVP Cloud Index

$170

Index Value % Change As Of

8/21/15 Last Week Last WeekBVP Cloud Index 2,375 2,540 2,382 1,820 2,592 1,000 (6.5%) (0.3%) 30.5% (8.4%) 137.5% Nasdaq 4,706 5,048 4,727 4,072 4,308 2,653 (6.8%) (0.4%) 15.6% 9.2% 77.4% S&P 500 1,971 2,092 2,058 1,878 1,859 1,258 (5.8%) (4.2%) 4.9% 6.0% 56.7% Dow Jones 16,460 17,477 17,833 16,583 16,322 11,578 (5.8%) (7.7%) (0.7%) 0.8% 42.2%

BVP Cloud Market Cap ($ in bn)

Since Jan 2015

Since Bottom (5/9/14)

Since Peak (2/28/14)

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www.bvp.com/cloud www.bvp.com/cloud/comps

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BVP Cloud Computing Index42 Publicly Traded Cloud CompaniesIndexed as of Jan. 2011 | @ 8/21/15

BVP Cloud Index Nasdaq Index S&P Index Dow Jones

http://www.bvp.com/cloud

http://www.bvp.com/cloud/comps

BVP Cloud Comp Sheets

Today - Top 10 Public Cloud Companies($ in mm)Count Company MarketCap1 Salesforce $47,869 2 LinkedIn $24,916 3 Workday $15,454 4 ServiceNow $12,495 5 NetSuite $7,761 6 The Ultimate Software Group $5,485 7 Athenahealth $5,436 8 Veeva $3,716 9 Dealertrack Technologies $3,711 10 Medidata Solutions $2,849 11 Proofpoint $2,732 12 Demandware $2,306 13 Shopify $2,181 14 Cornerstone OnDemand $2,123 15 Zendesk $2,050 16 Fleetmatics Group $1,892 17 LogMeIn $1,788 18 Box $1,743 19 New Relic $1,723 20 RealPage $1,548 21 2U $1,541 22 Cvent $1,531 23 RingCentral $1,507 24 Marketo $1,379 25 HubSpot $1,306 26 Xero $1,216 27 SPS Commerce $1,188 28 Qualys $1,165 29 Benefitfocus $1,132 30 Wix $1,091


DateMultiples Operating Metrics

EV/Revenue P/FCF EV/EBITDA Revenue% Revenue Growth % Margin %Company Price MarketCap EV 2014 2015 2014 2014 2014 14-'15 Gross S&M R&D Retention

2U $33.35 $1,541 $1,453 13.3x 10.0x NM NM $110 32% 73% 81% 15% 144% Athenahealth $128.30 $5,436 $5,621 7.5x 6.1x NM 39.0x $747 23% 62% 25% 8% NABazaarvoice $5.04 $413 $363 2.0x 1.8x NM NM $186 9% 67% 47% 22% 90% Benefitfocus $35.32 $1,132 $1,084 8.0x 6.2x NM NM $136 28% 42% 35% 18% 95% Box $13.25 $1,743 $1,461 6.9x 5.2x NA NA $212 34% NA NA NA 136% BroadSoft $30.65 $969 $919 4.3x 3.5x 23.7x 19.8x $214 23% 81% 115% 22% NACastlight Health $5.53 $547 $383 8.6x 5.0x NM NM $44 72% (33%) 0% 234% 109% Constant Contact $23.69 $803 $622 1.9x 1.6x 26.6x 13.3x $331 17% 72% 41% 15% 80% Cornerstone OnDemand $35.28 $2,123 $2,126 8.1x 6.3x NM NM $261 30% 73% 62% 13% 93% Cvent $31.54 $1,531 $1,368 9.6x 7.7x NA NA $142 26% 74% 43% 9% 97% Dealertrack Technologies $62.80 $3,711 $4,496 5.3x 4.1x NM 19.4x $846 29% 46% 35% 14% 85% Demandware $54.81 $2,306 $2,120 13.7x 9.1x NM NM $155 51% 74% 40% 18% 97% Fleetmatics Group $45.08 $1,892 $1,737 7.5x 6.0x NM 26.7x $232 25% 75% 32% 6% NAHubSpot $43.00 $1,306 $1,196 10.6x 7.4x NA NA $113 42% NA NA NA 83% IntraLinks $9.74 $657 $679 2.7x 2.5x 31.6x 19.4x $255 6% 76% 62% 10% 85% Jive Software $4.11 $328 $217 1.2x 1.1x NM NM $178 11% 67% 53% 34% 95% LifeLock $7.73 $813 $487 1.0x 0.8x 9.7x 14.5x $475 23% 73% 44% 11% 83% LinkedIn $173.10 $24,916 $23,012 10.5x 7.7x NM 43.4x $2,191 36% 87% 33% 26% NALivePerson $8.63 $547 $510 2.4x 1.9x 36.7x 25.7x $209 27% 77% 32% 19% 81% LogMeIn $61.81 $1,788 $1,552 7.0x 5.9x 28.7x 36.9x $221 19% 90% 50% 19% 80% Marin Software $3.48 $130 $90 0.9x 0.8x NM NM $98 17% 61% 55% 24% 81% Marketo $28.10 $1,379 $1,274 8.6x 6.2x NM NM $149 38% 61% 65% 32% 81% Medidata Solutions $49.50 $2,849 $2,829 8.4x 7.1x NM 38.0x $337 19% 75% 22% 19% 87% Mindbody $13.39 $539 $449 NA 4.8x NM NA - NA NA NA 12% 87% MobileIron $3.94 $304 $196 1.6x 1.2x NM NM $125 36% 84% 166% 58% NANew Relic $32.92 $1,723 $1,528 NA NA NA NA - NA NA NA NA NANetSuite $89.35 $7,761 $7,654 13.8x 10.6x NM NM $554 30% 71% 50% 17% 93% Proofpoint $55.50 $2,732 $2,657 13.8x 10.7x NM NM $192 30% 72% 52% 23% 85% Qualys $28.28 $1,165 $1,007 7.6x 6.0x 54.5x 41.7x $133 27% 77% 41% 22% NARealPage $18.73 $1,548 $1,569 3.9x 3.4x 51.2x 23.0x $405 13% 66% 24% 15% NARingCentral $18.33 $1,507 $1,395 6.4x 4.9x NM NM $218 30% 62% NA NA 89% Salesforce $66.54 $47,869 $48,719 9.1x 7.5x 58.5x 53.7x $5,369 21% 79% 53% 14% 85% ServiceNow $69.95 $12,495 $12,232 18.0x 12.4x NM NM $678 46% 66% 40% 16% 97% Shopify $26.91 $2,181 $1,982 18.9x NA NM NM $105 NA NA NA NA 101% SPS Commerce $66.96 $1,188 $1,067 8.4x 6.8x NM 68.5x $127 23% 70% NA NA NATextura $25.99 $742 $674 10.8x 7.5x NM NM $63 44% 0% NA NA NAThe Ultimate Software Group $174.78 $5,485 $5,383 10.6x 8.7x NM 45.3x $506 22% 60% 22% 18% 96% Veeva $23.44 $3,716 $3,288 10.6x 8.3x 61.8x 42.6x $312 27% 62% NA NA 187% Wix $21.27 $1,091 $999 7.1x 4.9x NM NM $140 45% 81% NA NA NAWorkday $69.89 $15,454 $14,031 17.9x 12.3x NM NM $784 46% 63% 45% 38% 99% Xero $8.97 $1,216 $1,042 11.9x 7.1x NM NM $88 66% NA NA NA NAZendesk $20.01 $2,050 $1,763 14.1x 9.3x NM NM $125 51% NA NA NA 123%

Median $1,531 $1,395 8.1x 6.1x 34.2x 36.9x $212 28% 72% 44% 18% 90% Mean $4,087 $3,938 8.2x 5.9x 38.3x 33.6x $452 30% 65% 49% 26% 97% Low $130 $90 0.9x 0.8x 9.7x 13.3x $44 6% (33%) 0% 6% 80% High $47,869 $48,719 18.9x 12.4x 61.8x 68.5x $5,369 72% 90% 166% 234% 187%

Note: All metrics are calendarized. Multiples >75x are considered not meaningful "NM".





Date 8/21/2015AnnualSales

Company Ticker Founded CY2000 CY2001 CY2002 CY2003 CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 CY2013 CY2014 CY20152U TWOU 2008 - - - - - - - - - - - $30 $56 $83 $110 $145 Athenahealth ATHN 1997 - - - - $39 $54 $76 $98 $136 $189 $246 $324 $422 $592 $747 $920 Bazaarvoice BV 2005 - - - - - - - - - - - $94 $148 $180 $186 $203 Benefitfocus BNFT 2000 - - - - - - - - - - $67 $69 $82 $105 $136 $174 Box BOX 2005 - - - - - - - - - - - $41 $59 $124 $212 $283 BroadSoft BSFT 1998 - - - - - - - $62 $62 $69 $96 $138 $165 $177 $214 $263 Castlight Health CSLT 2008 - - - - - - - - - - - $2 $4 $13 $44 $76 Constant Contact CTCT 1995 - - - - $8 $15 $28 $50 $87 $129 $174 $214 $252 $285 $331 $388 Cornerstone OnDemand CSOD 1999 - - - - - - - $11 $20 $29 $44 $73 $118 $186 $261 $338 Cvent CVT 1999 - - - - - - - - - - - $61 $83 $111 $142 $178 Dealertrack Technologies TRAK 2001 - - $12 $39 $70 $120 $173 $234 $243 $226 $244 $353 $389 $479 $846 $1,091 Demandware DWRE 2004 - - - - - - - - $7 $21 $37 $57 $83 $101 $155 $234 Fleetmatics Group FLTX 2004 - - - - - - - - - - $65 $92 $127 $176 $232 $289 HubSpot HUBS 2005 - - - - - - - - - - - $29 $52 $71 $113 $161 IntraLinks IL 1996 - - $20 $25 $37 - - $123 $143 $141 $184 $213 $217 $229 $255 $270 Jive Software JIVE 2001 - - - - - - - - $17 $30 $46 $77 $114 $146 $178 $197 LifeLock LOCK 2005 - - - - - - - - - $131 $162 $194 $276 $368 $475 $584 LinkedIn LNKD 2002 - - - - - - - $32 $79 $120 $243 $522 $972 $1,517 $2,191 $2,979 LivePerson LPSN 1995 $6 $8 $8 $12 $17 $22 $34 $52 $75 $87 $110 $133 $157 $178 $209 $266 LogMeIn LOGM 2003 - - - - $3 $4 $11 $27 $52 $74 $101 $119 $139 $165 $221 $262 Marin Software MRIN 2006 - - - - - - - - - $8 $19 $36 $60 $77 $98 $115 Marketo MKTO 2006 - - - - - - - - - - $14 $32 $58 $94 $149 $206 Medidata Solutions MDSO 1999 - - - - - $20 $36 $63 $106 $140 $166 $184 $218 $276 $337 $401 Mindbody MB 2001 - - - - - - - - - - - - $32 - - $93 MobileIron MOBL 2007 - - - - - - - - - - - $14 $41 $106 $125 $170 New Relic NEWR 2007 - - - - - - - - - - - - - - -NetSuite N 1998 - - - - $18 $36 $67 $109 $152 $167 $193 $236 $309 $411 $554 $722 Proofpoint PFPT 2002 - - - - - - - - $38 $49 $65 $82 $106 $133 $192 $249 Qualys QLYS 1999 - - - - - - - - - $57 $65 $76 $91 $108 $133 $168 RealPage RP 1995 - - - - - - - $84 $113 $141 $188 $258 $322 $387 $405 $456 RingCentral RNG 1999 - - - - - - - - - - $50 $79 $115 $158 $218 $283 Salesforce CRM 1999 $5 $22 $51 $96 $176 $310 $497 $749 $1,077 $1,306 $1,657 $2,267 $3,050 $4,053 $5,369 $6,513 ServiceNow NOW 2004 - - - - - - - - - - - $128 $244 $420 $678 $990 Shopify SHOP 2004 - - - - - - - - - - - - $24 $50 $105 -SPS Commerce SPSC 1987 - - - - - - $20 $25 $31 $38 $45 $58 $77 $104 $127 $157 Textura TXTR 2004 - - - - - - - - - - - - $27 - $63 $90 The Ultimate Software Group ULTI 1990 $62 $59 $55 $60 $72 $89 $115 $151 $178 $196 $228 $269 $332 $409 $506 $617 Veeva VEEV 2007 - - - - - - - - - - $29 $61 $130 $205 $312 $395 Wix WIX 2006 - - - - - - - - - - $10 $25 $44 $79 $140 $203 Workday WDAY 2005 - - - - - - - - - $25 $68 $134 $274 $463 $784 $1,143 Xero XRO 2006 - - - - - - - - $1 $2 $6 $13 $28 $51 $88 $146 Zendesk ZEN 2007 - - - - - - - - - - - - $38 $72 $125 $189




Date

Company2UAthenahealthBazaarvoiceBenefitfocusBoxBroadSoftCastlight HealthConstant ContactCornerstone OnDemandCventDealertrack TechnologiesDemandwareFleetmatics GroupHubSpotIntraLinks Jive SoftwareLifeLockLinkedInLivePersonLogMeInMarin SoftwareMarketoMedidata SolutionsMindbodyMobileIronNew RelicNetSuiteProofpointQualysRealPageRingCentralSalesforceServiceNowShopifySPS CommerceTexturaThe Ultimate Software GroupVeevaWixWorkdayXeroZendesk



AnnualGross Margin % Sales & Marketing R&D EBITDA CFFO CapEx FCF

CY2012 CY2013 CY2014 CY2011 CY2012 CY2011 CY2012 CY2012 CY2013 CY2014 CY2012 CY2013 CY2014 CY2012 CY2013 CY2014 CY2012 CY2013 CY201473% 73% 75% $32 $45 $5 $8 NA NA ($16) NA NA ($22) NA NA ($3) NA NA ($25)60% 62% 62% $79 $104 $23 $34 $89 $110 $139 $65 $99 $134 ($28) ($43) ($84) $37 $56 $50 65% 67.0% NA $46 $70 $17 $32 ($16) ($16) ($17) ($7) ($38) ($16) ($10) ($12) ($12) ($17) ($50) ($27)47% 42% 36% $23 $28 $9 $15 $0 ($21) ($49) $0 ($2) ($16) $0 ($8) ($11) $0 ($11) ($28)76% $23 $29 80% 81% 77% $155 $190 $28 $36 $47 $44 $49 $29 $34 $51 ($3) ($5) ($11) $26 $29 $41

(105%) (33%) 37% $0 $0 $10 $10 $0 $0 ($77) $0 $0 ($54) $0 $0 ($2) $0 $0 ($56)71% 72% 73% $89 $105 $29 $39 $37 $46 $60 $41 $45 $58 ($20) ($20) ($28) $21 $24 $30 71% 73% 73% $45 $74 $10 $15 ($10) $1 $1 $7 $16 $28 ($1) ($9) ($16) $6 $7 $12 75% 74% 72% $29 $36 $4 $8 $0 $13 $17 $0 $24 $31 $0 ($5) ($29) $0 $18 $2 55% 46% 50% $128 $137 $13 $54 $98 $117 $191 $73 $78 $44 ($14) ($19) ($36) $59 $59 $8 71% 74% 76% $20 $33 $11 $15 ($1) ($2) $10 $3 $7 $5 ($4) ($5) ($10) ($1) $2 ($5)72% 75% 75% $26 $41 $6 $7 $32 $55 $71 $5 $53 $64 ($20) ($34) ($41) ($15) $19 $22 67% 0% 68% $0 $0 $8 $11 $0 $0 ($26) $0 $0 ($14) $0 $0 ($8) $0 $0 ($22)71% 76% 76% $89 $135 $19 $21 $35 $37 $34 $29 $38 $30 ($7) ($7) ($9) $22 $31 $21 61% 67% 67% $45 $60 $28 $39 ($20) ($21) ($6) $4 ($6) ($7) ($12) ($12) ($12) ($8) ($18) ($19)71% 73% 75% $91 $123 $18 $30 $30 $43 $56 $43 $68 $98 ($4) ($7) ($14) $38 $61 $84 87% 87% 88% $165 $325 $132 $257 $204 $373 $574 $226 $449 $608 ($134) ($256) ($410) $92 $193 $198 77% 77% 77% $39 $50 $20 $30 $29 $20 $21 $26 $17 $26 ($11) ($11) ($11) $15 $6 $15 90% 90% 89% $57 $70 $21 $26 $32 $32 $48 $33 $29 $70 ($6) ($11) ($8) $27 $18 $62 58% 61% 67% $20 $33 $7 $14 NA ($26) ($19) NA ($23) ($21) NA ($5) ($4) NA ($28) ($25)58% 61% 69% $23 $38 $11 $19 NA ($31) ($25) NA ($18) ($12) NA ($10) ($10) NA ($28) ($22)71% 75% 75% $36 $48 $30 $42 $46 $67 $75 $30 $57 $70 ($7) ($23) ($17) $23 $34 $54 58% 0% 0% $0 $0 $0 $4 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 71% 84% 82% $46 $68 $8 $24 NA NA ($50) NA NA ($38) NA NA ($3) NA NA ($42)

69% 71% 72% $120 $154 $44 $53 $34 $46 $49 $54 $60 $72 ($11) ($16) ($22) $43 $43 $50 69% 72% 70% $42 $55 $20 $25 ($5) ($6) $1 $6 $11 $17 ($7) ($7) ($16) ($0) $4 $1 80% 77% 78% $32 $38 $20 $20 $13 $18 $28 $21 $26 $36 ($11) ($13) ($15) $10 $13 $21 60% 66% 63% $62 $77 $43 $48 $73 $91 $67 $62 $78 $67 ($24) ($31) ($37) $38 $47 $30 61% 62% 65% $35 $55 $12 $24 $0 ($23) ($20) $0 ($27) ($12) $0 ($12) ($19) $0 ($39) ($30)78% 79% 79% $1,187 $1,614 $295 $429 $518 $567 $891 $708 $847 $1,116 ($176) ($299) ($298) $532 $548 $818 57% 66% 68% $50 $97 $11 $39 $2 $27 $43 $48 $69 $133 ($43) ($54) ($63) $5 $14 $70 80% 71% 70% 69% $0 $0 $6 $8 $9 $13 $17 $10 $17 $19 ($4) ($6) ($6) $6 $11 $13 75% 0% 82% $0 $0 $0 $12 $0 $0 ($6) $0 $0 $3 $0 $0 ($7) $0 $0 ($5)57% 60% 62% $63 $73 $51 $61 $63 $90 $121 $45 $72 $90 ($17) ($26) ($39) $28 $46 $51 56% 62% 64% $0 $0 $8 $15 $0 $46 $87 $0 $35 $89 $0 ($2) ($29) $0 $33 $60 79% 81% 82% $57 $98 $15 $17 $0 ($17) ($21) $0 ($1) ($2) $0 ($3) ($6) $0 ($4) ($9)57% 63% 68% $70 $123 $62 $103 ($89) ($63) $6 ($20) $18 $117 ($19) ($74) ($100) ($39) ($55) $17 34% 0% 0% $70 $123 $0 $5 ($9) ($21) ($33) $0 $0 ($32) ($9) ($20) ($23) ($9) ($20) ($55)65% 65% 66% $70 $123 $0 $15 $0 $0 ($23) $0 $0 ($0) $0 $0 ($28) $0 $0 ($28)



Date




% GrowthSales (% YoY Growth)

CY2000 CY2001 CY2002 CY2003 CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 CY2013 CY2014- - - - - - - - - - - 88% 49% 32% - - - - 38% 42% 29% 40% 38% 30% 32% 30% 40% 26% - - - - - - - - - - - 58% 21% 3% - - - - - - - - - - 2% 19% 28% 29% - - - - - - - - - - - 45% 111% 71% - - - - - - - 0% 11% 39% 44% 19% 7% 21% - - - - - - - - - - - 122% 212% 241% - - - - 82% 88% 83% 73% 48% 35% 23% 18% 13% 16% - - - - - - - 79% 49% 49% 67% 61% 57% 41% - - - - - - - - - - - 37% 33% 28% - - 230% 81% 72% 44% 35% 4% (7%) 8% 45% 10% 23% 77% - - - - - - - - 186% 71% 54% 47% 22% 53% - - - - - - - - - - 43% 38% 38% 31% - - - - - - - - - - - 81% 37% 60% - - 30% 46% - - - 17% (2%) 31% 15% 2% 5% 12% - - - - - - - - 77% 54% 67% 47% 28% 22% - - - - - - - - - 24% 20% 43% 33% 29% - - - - - - - 142% 52% 102% 115% 86% 56% 44%

24% 5% 46% 45% 28% 50% 56% 43% 17% 26% 21% 18% 13% 18% - - - - 37% 221% 139% 92% 44% 36% 18% 16% 19% 34% - - - - - - - - - 152% 90% 65% 29% 28% - - - - - - - - - - 131% 80% 61% 57% - - - - - 83% 74% 68% 33% 19% 11% 18% 27% 22% - - - - - - - - - - - - - -- - - - - - - - - - - 195% 158% 19% - - - - - - - - - - - - - -- - - - 106% 85% 62% 40% 9% 16% 22% 31% 33% 35% - - - - - - - - 27% 34% 26% 30% 25% 45% - - - - - - - - - 14% 16% 20% 18% 23% - - - - - - - 35% 25% 34% 37% 25% 20% 5% - - - - - - - - - - 57% 45% 38% 38%

312% 128% 88% 84% 76% 60% 51% 44% 21% 27% 37% 35% 33% 32% - - - - - - - - - - - 90% 72% 61%

- - - - - - 27% 22% 23% 18% 30% 33% 35% 22% - - - - - - - - - - - - - -

(4%) (7%) 10% 19% 23% 30% 32% 18% 10% 16% 18% 23% 23% 24% - - - - - - - - - - 110% 111% 58% 52% - - - - - - - - - - 150% 78% 81% 77% - - - - - - - - - 170% 98% 104% 69% 69% - - - - - - - - 256% 197% 119% 118% 83% 72% - - - - - - - - - - - - 88% 74%



Date




% Margin% Gross Margin Sales & Marketing R&D EBITDA % Margin FCF % Margin

CY2012 CY2013 CY2014 CY2011 CY2012 CY2011 CY2012 CY2012 CY2013 CY2014 CY2012 CY2013 CY201473% 73% 75% 108% 81% 17% 15% - - (14%) - - (23%)60% 62% 62% 24% 25% 7% 8% 21% 19% 19% 9% 9% 7% 65% 67% NA 49% 47% 18% 22% (11%) (9%) (9%) (12%) (28%) (15%)47% 42% 36% 33% 35% 13% 18% 0% (20%) (36%) 0% (10%) (20%)76% 0% 0% 0% 0% 57% 49% 0% 0% 0% 0% 0% 0% 80% 81% 77% 112% 115% 20% 22% 28% 25% 23% 15% 17% 19%

(105%) (33%) 37% 0% 0% 542% 234% 0% 0% (174%) 0% 0% (127%)71% 72% 73% 41% 41% 14% 15% 15% 16% 18% 8% 9% 9% 71% 73% 73% 61% 62% 14% 13% (8%) 1% 0% 5% 4% 5% 75% 74% 72% 48% 43% 7% 9% 0% 12% 12% 0% 17% 1% 55% 46% 50% 36% 35% 4% 14% 25% 24% 23% 15% 12% 1% 71% 74% 76% 35% 40% 20% 18% (1%) (2%) 6% (1%) 2% (3%)72% 75% 75% 28% 32% 7% 6% 25% 31% 31% (12%) 11% 10% 67% 0% 68% 0% 0% 28% 21% 0% 0% (23%) 0% 0% (19%)71% 76% 76% 42% 62% 9% 10% 16% 16% 13% 10% 13% 8% 61% 67% 67% 58% 53% 37% 34% (18%) (15%) (3%) (7%) (12%) (10%)71% 73% 75% 47% 44% 9% 11% 11% 12% 12% 14% 17% 18% 87% 87% 88% 32% 33% 25% 26% 21% 25% 26% 9% 13% 9% 77% 77% 77% 29% 32% 15% 19% 18% 11% 10% 9% 3% 7% 90% 90% 89% 48% 50% 17% 19% 23% 19% 22% 20% 11% 28% 58% 61% 67% 56% 55% 20% 24% - (34%) (20%) - (37%) (26%)58% 61% 69% 71% 65% 33% 32% - (33%) (17%) - (30%) (15%)71% 75% 75% 20% 22% 16% 19% 21% 24% 22% 11% 12% 16% 58% 0% 0% #VALUE! 0% #VALUE! 12% 0% - - 0% - -71% 84% 82% 332% 166% 58% 58% - - (40%) - - (33%)

0% 0% 0% #VALUE! #VALUE! #VALUE! #VALUE! - - - - - -69% 71% 72% 51% 50% 18% 17% 11% 11% 9% 14% 11% 9% 69% 72% 70% 51% 52% 24% 23% (4%) (5%) 0% (0%) 3% 0% 80% 77% 78% 41% 41% 26% 22% 14% 17% 21% 11% 12% 16% 60% 66% 63% 24% 24% 17% 15% 23% 24% 17% 12% 12% 7% 61% 62% 65% 44% 48% 15% 21% 0% (15%) (9%) 0% (24%) (14%)78% 79% 79% 52% 53% 13% 14% 17% 14% 17% 17% 14% 15% 57% 66% 68% 39% 40% 9% 16% 1% 6% 6% 2% 3% 10%

71% 70% 69% 0% 0% 10% 11% 11% 13% 14% 8% 11% 10% 75% 0% 82% #VALUE! 0% #VALUE! 44% 0% - (10%) 0% - (8%)57% 60% 62% 23% 22% 19% 18% 19% 22% 24% 8% 11% 10% 56% 62% 64% 0% 0% 13% 11% 0% 22% 28% 0% 16% 19% 79% 81% 82% 230% 224% 60% 38% 0% (22%) (15%) 0% (5%) (6%)57% 63% 68% 52% 45% 46% 38% (32%) (14%) 1% (14%) (12%) 2% 34% 0% 0% 549% 442% 0% 17% (31%) (41%) (38%) (33%) (40%) (62%)65% 65% 66% #VALUE! 323% #VALUE! 39% 0% 0% (18%) 0% 0% (22%)




Date 8/21/2015

Market Cap Weighted Index

IndexWeighted Data Since 1/1/2011 Since 2/28/2014

Nasdaq S&P Dow Jones Nasdaq Index S&P Index Dow Jones Nasdaq Index S&P Index Dow Jones1/1/2011 1,000 $2,653 $1,258 $11,578 100% 100% 100% 100% 19 $40.3 1/8/2011 1,050 $2,703 $1,272 $11,675 105% 102% 101% 101% 19 $42.4

1/15/2011 1,087 $2,755 $1,293 $11,787 109% 104% 103% 102% 19 $43.9 1/22/2011 999 $2,690 $1,283 $11,872 100% 101% 102% 103% 19 $40.3 1/29/2011 1,000 $2,687 $1,276 $11,824 100% 101% 101% 102% 19 $40.3

2/5/2011 1,057 $2,769 $1,311 $12,092 106% 104% 104% 104% 19 $42.6 2/12/2011 1,099 $2,809 $1,329 $12,273 110% 106% 106% 106% 19 $44.4 2/19/2011 1,119 $2,834 $1,343 $12,391 112% 107% 107% 107% 19 $45.1 2/26/2011 1,084 $2,781 $1,320 $12,130 108% 105% 105% 105% 19 $43.7

3/5/2011 1,066 $2,785 $1,321 $12,170 107% 105% 105% 105% 19 $43.0 3/12/2011 1,057 $2,716 $1,304 $12,044 106% 102% 104% 104% 19 $42.6 3/19/2011 1,019 $2,644 $1,279 $11,859 102% 100% 102% 102% 20 $42.0 3/26/2011 1,091 $2,743 $1,314 $12,221 109% 103% 104% 106% 20 $45.0

4/2/2011 1,135 $2,790 $1,332 $12,377 114% 105% 106% 107% 20 $46.8 4/9/2011 1,121 $2,780 $1,328 $12,380 112% 105% 106% 107% 20 $46.2

4/16/2011 1,121 $2,765 $1,320 $12,342 112% 104% 105% 107% 20 $46.2 4/23/2011 1,158 $2,820 $1,337 $12,506 116% 106% 106% 108% 21 $48.4 4/30/2011 1,165 $2,874 $1,364 $12,811 116% 108% 108% 111% 21 $48.7

5/7/2011 1,112 $2,828 $1,340 $12,639 111% 107% 107% 109% 21 $46.5 5/14/2011 1,114 $2,828 $1,338 $12,596 111% 107% 106% 109% 21 $46.6 5/21/2011 1,153 $2,803 $1,333 $12,512 115% 106% 106% 108% 22 $57.6 5/28/2011 1,159 $2,797 $1,331 $12,442 116% 105% 106% 107% 22 $57.9

6/4/2011 1,099 $2,733 $1,300 $12,151 110% 103% 103% 105% 22 $54.9 6/11/2011 1,050 $2,644 $1,271 $11,952 105% 100% 101% 103% 22 $52.5 6/18/2011 1,025 $2,616 $1,272 $12,004 103% 99% 101% 104% 22 $51.3 6/25/2011 1,064 $2,653 $1,268 $11,935 106% 100% 101% 103% 22 $53.2

7/2/2011 1,155 $2,816 $1,340 $12,583 115% 106% 107% 109% 22 $57.7 7/9/2011 1,206 $2,860 $1,344 $12,657 121% 108% 107% 109% 22 $60.3

7/16/2011 1,193 $2,790 $1,316 $12,480 119% 105% 105% 108% 22 $59.7 7/23/2011 1,170 $2,859 $1,345 $12,681 117% 108% 107% 110% 22 $58.5 7/30/2011 1,127 $2,756 $1,292 $12,143 113% 104% 103% 105% 22 $56.3

8/6/2011 1,021 $2,532 $1,199 $11,445 102% 95% 95% 99% 22 $51.0 8/13/2011 1,024 $2,508 $1,179 $11,269 102% 95% 94% 97% 22 $51.2 8/20/2011 874 $2,342 $1,124 $10,818 87% 88% 89% 93% 22 $43.7 8/27/2011 913 $2,480 $1,177 $11,285 91% 93% 94% 97% 22 $45.6

9/3/2011 943 $2,480 $1,174 $11,240 94% 93% 93% 97% 22 $47.1 9/10/2011 947 $2,468 $1,154 $10,992 95% 93% 92% 95% 22 $47.4 9/17/2011 1,042 $2,622 $1,216 $11,509 104% 99% 97% 99% 22 $52.1 9/24/2011 933 $2,483 $1,136 $10,771 93% 94% 90% 93% 22 $46.6 10/1/2011 912 $2,415 $1,131 $10,913 91% 91% 90% 94% 22 $45.6 10/8/2011 940 $2,479 $1,155 $11,103 94% 93% 92% 96% 22 $47.0

10/15/2011 1,053 $2,668 $1,225 $11,644 105% 101% 97% 101% 22 $52.7 10/22/2011 1,031 $2,637 $1,238 $11,809 103% 99% 98% 102% 22 $51.6 10/29/2011 1,115 $2,737 $1,285 $12,231 111% 103% 102% 106% 22 $55.7

11/5/2011 1,075 $2,686 $1,253 $11,983 108% 101% 100% 104% 22 $53.8 11/12/2011 1,068 $2,679 $1,264 $12,154 107% 101% 100% 105% 22 $53.4 11/19/2011 988 $2,573 $1,216 $11,796 99% 97% 97% 102% 22 $49.4 11/26/2011 905 $2,442 $1,159 $11,232 91% 92% 92% 97% 22 $45.3

12/3/2011 1,013 $2,627 $1,244 $12,019 101% 99% 99% 104% 22 $50.6 12/10/2011 1,107 $2,647 $1,255 $12,184 111% 100% 100% 105% 22 $55.3 12/17/2011 1,011 $2,555 $1,220 $11,866 101% 96% 97% 102% 23 $51.5 12/24/2011 974 $2,619 $1,265 $12,294 97% 99% 101% 106% 23 $49.6 12/31/2011 973 $2,605 $1,258 $12,218 97% 98% 100% 106% 23 $49.6

1/7/2012 964 $2,674 $1,278 $12,360 96% 101% 102% 107% 23 $49.1 1/14/2012 991 $2,711 $1,289 $12,422 99% 102% 103% 107% 23 $50.5 1/21/2012 1,049 $2,787 $1,315 $12,720 105% 105% 105% 110% 23 $53.5 1/28/2012 1,062 $2,817 $1,316 $12,660 106% 106% 105% 109% 23 $54.1

2/4/2012 1,125 $2,906 $1,345 $12,862 113% 110% 107% 111% 23 $57.3 2/11/2012 1,151 $2,904 $1,343 $12,801 115% 109% 107% 111% 23 $58.7 2/18/2012 1,167 $2,952 $1,361 $12,950 117% 111% 108% 112% 23 $59.5 2/25/2012 1,223 $2,964 $1,366 $12,983 122% 112% 109% 112% 23 $59.7

3/3/2012 1,231 $2,976 $1,370 $12,978 123% 112% 109% 112% 23 $60.1 3/10/2012 1,268 $2,988 $1,371 $12,922 127% 113% 109% 112% 23 $61.9 3/17/2012 1,286 $3,055 $1,404 $13,233 129% 115% 112% 114% 24 $63.7 3/24/2012 1,312 $3,068 $1,397 $13,081 131% 116% 111% 113% 25 $66.7 3/31/2012 1,327 $3,092 $1,408 $13,212 133% 117% 112% 114% 25 $67.4

4/7/2012 1,317 $3,081 $1,398 $13,060 132% 116% 111% 113% 25 $66.9 4/14/2012 1,337 $3,011 $1,370 $12,850 134% 114% 109% 111% 24 $65.9 4/21/2012 1,334 $3,000 $1,379 $13,029 133% 113% 110% 113% 25 $66.3 4/28/2012 1,354 $3,069 $1,403 $13,228 135% 116% 112% 114% 25 $67.3

5/5/2012 1,351 $2,956 $1,369 $13,038 135% 111% 109% 113% 25 $67.2 5/12/2012 1,276 $2,934 $1,353 $12,821 128% 111% 108% 111% 25 $63.4 5/19/2012 1,250 $2,779 $1,295 $12,369 125% 105% 103% 107% 25 $62.1 5/26/2012 1,289 $2,838 $1,318 $12,455 129% 107% 105% 108% 25 $64.1

6/2/2012 1,201 $2,747 $1,278 $12,119 120% 104% 102% 105% 25 $59.7 6/9/2012 1,260 $2,858 $1,326 $12,554 126% 108% 105% 108% 25 $62.6

6/16/2012 1,298 $2,873 $1,343 $12,767 130% 108% 107% 110% 25 $64.5 6/23/2012 1,318 $2,892 $1,335 $12,641 132% 109% 106% 109% 25 $65.5 6/30/2012 1,339 $2,935 $1,362 $12,880 134% 111% 108% 111% 26 $70.0

7/7/2012 1,335 $2,937 $1,355 $12,772 134% 111% 108% 110% 26 $69.8 7/14/2012 1,292 $2,908 $1,357 $12,777 129% 110% 108% 110% 26 $67.5 7/21/2012 1,318 $2,925 $1,363 $12,823 132% 110% 108% 111% 26 $68.8 7/28/2012 1,319 $2,958 $1,386 $13,076 132% 112% 110% 113% 27 $69.2

8/4/2012 1,320 $2,968 $1,391 $13,096 132% 112% 111% 113% 28 $69.8 8/11/2012 1,387 $3,021 $1,406 $13,208 139% 114% 112% 114% 28 $73.3 8/18/2012 1,395 $3,077 $1,418 $13,275 140% 116% 113% 115% 28 $73.8 8/25/2012 1,395 $3,070 $1,411 $13,158 139% 116% 112% 114% 28 $73.7

9/1/2012 1,414 $3,067 $1,407 $13,091 141% 116% 112% 113% 28 $74.7 9/8/2012 1,483 $3,136 $1,438 $13,307 148% 118% 114% 115% 28 $78.4

9/15/2012 1,547 $3,184 $1,466 $13,593 155% 120% 117% 117% 28 $81.8 9/22/2012 1,534 $3,180 $1,460 $13,579 153% 120% 116% 117% 28 $81.1 9/29/2012 1,448 $3,116 $1,441 $13,437 145% 117% 115% 116% 29 $81.1 10/6/2012 1,356 $3,136 $1,461 $13,610 136% 118% 116% 118% 29 $76.8

10/13/2012 1,311 $3,044 $1,429 $13,329 131% 115% 114% 115% 29 $74.2 10/20/2012 1,269 $3,006 $1,433 $13,344 127% 113% 114% 115% 30 $82.0 10/27/2012 1,239 $2,988 $1,412 $13,107 124% 113% 112% 113% 30 $80.0

11/3/2012 1,237 $2,982 $1,414 $13,093 124% 112% 112% 113% 30 $79.9 11/10/2012 1,168 $2,905 $1,380 $12,815 117% 109% 110% 111% 31 $76.2 11/17/2012 1,188 $2,853 $1,360 $12,588 119% 108% 108% 109% 31 $77.5 11/24/2012 1,252 $2,967 $1,409 $13,010 125% 112% 112% 112% 31 $81.6

12/1/2012 1,270 $3,010 $1,416 $13,026 127% 113% 113% 113% 31 $82.8 12/8/2012 1,257 $2,978 $1,418 $13,155 126% 112% 113% 114% 30 $80.7

12/15/2012 1,297 $2,971 $1,414 $13,135 130% 112% 112% 113% 30 $83.3 12/22/2012 1,353 $3,021 $1,430 $13,191 135% 114% 114% 114% 30 $86.9 12/29/2012 1,315 $2,960 $1,402 $12,938 132% 112% 112% 112% 30 $84.5

BVP Cloud Index

BVP Cloud Index

BVP Cloud Index

Company Count

Total Market Cap ($ in bn)

1/5/2013 1,348 $3,102 $1,466 $13,435 135% 117% 117% 116% 30 $86.5 1/12/2013 1,377 $3,126 $1,472 $13,488 138% 118% 117% 117% 30 $88.4 1/19/2013 1,368 $3,135 $1,486 $13,650 137% 118% 118% 118% 30 $87.9 1/26/2013 1,416 $3,150 $1,503 $13,896 142% 119% 120% 120% 30 $91.0

2/2/2013 1,415 $3,179 $1,513 $14,010 142% 120% 120% 121% 30 $90.9 2/9/2013 1,445 $3,194 $1,518 $13,993 144% 120% 121% 121% 30 $92.8

2/16/2013 1,489 $3,192 $1,520 $13,982 149% 120% 121% 121% 29 $94.8 2/23/2013 1,493 $3,162 $1,516 $14,001 149% 119% 121% 121% 29 $95.0

3/2/2013 1,551 $3,170 $1,518 $14,090 155% 119% 121% 122% 29 $98.7 3/9/2013 1,615 $3,244 $1,551 $14,397 162% 122% 123% 124% 29 $102.8

3/16/2013 1,600 $3,249 $1,561 $14,514 160% 122% 124% 125% 29 $101.8 3/23/2013 1,596 $3,245 $1,557 $14,512 160% 122% 124% 125% 30 $102.1 3/30/2013 1,598 $3,268 $1,569 $14,579 160% 123% 125% 126% 30 $102.2

4/6/2013 1,524 $3,204 $1,553 $14,565 152% 121% 124% 126% 30 $97.5 4/13/2013 1,571 $3,295 $1,589 $14,865 157% 124% 126% 128% 31 $100.9 4/20/2013 1,523 $3,206 $1,555 $14,548 152% 121% 124% 126% 31 $97.8 4/27/2013 1,594 $3,279 $1,582 $14,713 159% 124% 126% 127% 31 $102.4

5/4/2013 1,628 $3,379 $1,614 $14,974 163% 127% 128% 129% 31 $104.6 5/11/2013 1,655 $3,437 $1,634 $15,118 166% 130% 130% 131% 31 $106.3 5/18/2013 1,722 $3,499 $1,667 $15,354 172% 132% 133% 133% 32 $111.5 5/25/2013 1,650 $3,459 $1,650 $15,303 165% 130% 131% 132% 32 $106.9

6/1/2013 1,624 $3,456 $1,631 $15,116 162% 130% 130% 131% 32 $105.2 6/8/2013 1,639 $3,469 $1,643 $15,248 164% 131% 131% 132% 33 $106.6

6/15/2013 1,619 $3,424 $1,627 $15,070 162% 129% 129% 130% 33 $105.3 6/22/2013 1,635 $3,357 $1,592 $14,799 163% 127% 127% 128% 33 $106.3 6/29/2013 1,677 $3,403 $1,606 $14,910 168% 128% 128% 129% 33 $109.0

7/6/2013 1,742 $3,479 $1,632 $15,136 174% 131% 130% 131% 33 $113.2 7/13/2013 1,831 $3,600 $1,680 $15,464 183% 136% 134% 134% 33 $119.1 7/20/2013 1,825 $3,588 $1,692 $15,544 183% 135% 135% 134% 32 $116.3

x 7/27/2013 1,875 $3,613 $1,692 $15,559 188% 136% 135% 134% 32 $119.5 8/3/2013 2,008 $3,690 $1,710 $15,658 201% 139% 136% 135% 32 $128.0

8/10/2013 2,006 $3,660 $1,691 $15,426 201% 138% 134% 133% 33 $129.3 8/17/2013 1,963 $3,603 $1,656 $15,081 196% 136% 132% 130% 33 $126.5 8/24/2013 2,011 $3,658 $1,664 $15,011 201% 138% 132% 130% 33 $129.6 8/31/2013 2,062 $3,590 $1,633 $14,810 206% 135% 130% 128% 33 $132.9

9/7/2013 2,135 $3,660 $1,655 $14,923 214% 138% 132% 129% 33 $137.6 9/14/2013 2,178 $3,722 $1,688 $15,376 218% 140% 134% 133% 33 $140.4 9/21/2013 2,237 $3,775 $1,710 $15,451 224% 142% 136% 133% 34 $145.5 9/28/2013 2,229 $3,782 $1,692 $15,258 223% 143% 135% 132% 35 $145.8 10/5/2013 2,232 $3,808 $1,691 $15,073 223% 144% 134% 130% 35 $146.0

10/12/2013 2,154 $3,792 $1,703 $15,237 215% 143% 135% 132% 35 $140.9 10/19/2013 2,290 $3,914 $1,745 $15,400 229% 148% 139% 133% 36 $156.1 10/26/2013 2,284 $3,943 $1,760 $15,570 228% 149% 140% 134% 36 $155.7

11/2/2013 2,183 $3,922 $1,762 $15,616 218% 148% 140% 135% 36 $148.9 11/9/2013 2,196 $3,919 $1,771 $15,762 220% 148% 141% 136% 37 $150.6

11/16/2013 2,275 $3,986 $1,798 $15,962 227% 150% 143% 138% 37 $155.9 11/23/2013 2,205 $3,992 $1,805 $16,065 221% 150% 144% 139% 37 $151.2 11/30/2013 2,228 $4,060 $1,806 $16,086 223% 153% 144% 139% 37 $152.7

12/7/2013 2,256 $4,063 $1,805 $16,020 226% 153% 144% 138% 37 $154.6 12/14/2013 2,200 $4,001 $1,775 $15,755 220% 151% 141% 136% 37 $150.8 12/21/2013 2,266 $4,105 $1,818 $16,221 227% 155% 145% 140% 37 $155.3 12/28/2013 2,272 $4,157 $1,841 $16,478 227% 157% 146% 142% 37 $155.8

1/3/2014 2,277 $4,132 $1,831 $16,470 228% 156% 146% 142% 37 $156.1 1/10/2014 2,369 $4,175 $1,842 $16,437 237% 157% 146% 142% 37 $162.4 1/17/2014 2,452 $4,198 $1,839 $16,459 245% 158% 146% 142% 37 $168.1 1/24/2014 2,404 $4,128 $1,790 $15,879 240% 156% 142% 137% 37 $164.8 1/31/2014 2,449 $4,104 $1,783 $15,699 245% 155% 142% 136% 37 $167.9

2/7/2014 2,458 $4,126 $1,797 $15,794 246% 156% 143% 136% 37 $168.5 2/14/2014 2,493 $4,244 $1,839 $16,154 249% 160% 146% 140% 36 $169.5 2/21/2014 2,559 $4,263 $1,836 $16,103 256% 161% 146% 139% 36 $174.0 2/28/2014 2,592 $4,308 $1,859 $16,322 259% 162% 148% 141% 100% 100% 100% 100% 36 $176.2

3/7/2014 2,563 $4,336 $1,878 $16,453 256% 163% 149% 142% 99% 101% 101% 101% 36 $174.2 3/14/2014 2,461 $4,245 $1,841 $16,066 246% 160% 146% 139% 95% 99% 99% 98% 37 $170.7 3/21/2014 2,398 $4,277 $1,867 $16,303 240% 161% 148% 141% 93% 99% 100% 100% 37 $166.4 3/28/2014 2,241 $4,156 $1,858 $16,323 224% 157% 148% 141% 86% 96% 100% 100% 38 $156.2

4/4/2014 2,084 $4,128 $1,865 $16,413 208% 156% 148% 142% 80% 96% 100% 101% 38 $145.2 4/11/2014 1,979 $4,000 $1,816 $16,027 198% 151% 144% 138% 76% 93% 98% 98% 38 $137.9 4/18/2014 2,089 $4,096 $1,865 $16,409 209% 154% 148% 142% 81% 95% 100% 101% 38 $145.6 4/25/2014 1,905 $4,076 $1,863 $16,361 191% 154% 148% 141% 74% 95% 100% 100% 38 $132.7

5/2/2014 1,942 $4,124 $1,881 $16,513 194% 155% 150% 143% 75% 96% 101% 101% 38 $135.3 5/9/2014 1,820 $4,072 $1,878 $16,583 182% 153% 149% 143% 70% 95% 101% 102% 38 $126.8

5/16/2014 1,866 $4,091 $1,878 $16,491 187% 154% 149% 142% 72% 95% 101% 101% 39 $131.3 5/23/2014 1,980 $4,186 $1,901 $16,606 198% 158% 151% 143% 76% 97% 102% 102% 39 $139.3 5/30/2014 1,977 $4,243 $1,924 $16,717 198% 160% 153% 144% 76% 98% 103% 102% 39 $139.1

6/6/2014 1,983 $4,321 $1,949 $16,924 198% 163% 155% 146% 77% 100% 105% 104% 39 $139.5 6/13/2014 2,068 $4,311 $1,936 $16,776 207% 162% 154% 145% 80% 100% 104% 103% 40 $146.4 6/20/2014 2,136 $4,368 $1,963 $16,947 214% 165% 156% 146% 82% 101% 106% 104% 40 $151.2 6/27/2014 2,161 $4,486 $1,985 $17,068 216% 169% 158% 147% 83% 104% 107% 105% 40 $153.0

7/3/2014 2,200 $4,415 $1,968 $16,944 220% 166% 156% 146% 85% 102% 106% 104% 40 $155.7 7/11/2014 2,029 $4,432 $1,978 $17,100 203% 167% 157% 148% 78% 103% 106% 105% 40 $143.6 7/18/2014 2,005 $4,450 $1,978 $16,961 201% 168% 157% 146% 77% 103% 106% 104% 40 $141.9 7/25/2014 2,078 $4,353 $1,925 $16,493 208% 164% 153% 142% 80% 101% 104% 101% 40 $147.1

8/1/2014 2,091 $4,371 $1,932 $16,554 209% 165% 154% 143% 81% 101% 104% 101% 40 $148.0 8/8/2014 2,129 $4,465 $1,955 $16,663 213% 168% 155% 144% 82% 104% 105% 102% 40 $150.7

8/15/2014 2,171 $4,539 $1,988 $17,001 217% 171% 158% 147% 84% 105% 107% 104% 40 $153.7 8/22/2014 2,272 $4,580 $2,003 $17,098 227% 173% 159% 148% 88% 106% 108% 105% 40 $160.8 8/29/2014 2,313 $4,583 $2,008 $17,137 231% 173% 160% 148% 89% 106% 108% 105% 40 $163.7

9/5/2014 2,332 $4,568 $1,986 $16,988 233% 172% 158% 147% 90% 106% 107% 104% 40 $165.0 9/12/2014 2,327 $4,580 $2,010 $17,280 233% 173% 160% 149% 90% 106% 108% 106% 40 $164.7 9/19/2014 2,281 $4,512 $1,983 $17,113 228% 170% 158% 148% 88% 105% 107% 105% 40 $161.4 9/26/2014 2,217 $4,476 $1,968 $17,010 222% 169% 156% 147% 86% 104% 106% 104% 40 $156.9 10/3/2014 2,260 $4,476 $1,968 $17,010 226% 169% 156% 147% 87% 104% 106% 104% 40 $159.9

10/10/2014 2,095 $4,276 $1,906 $16,544 209% 161% 152% 143% 81% 99% 103% 101% 41 $149.1 10/17/2014 2,153 $4,258 $1,887 $16,380 215% 161% 150% 141% 83% 99% 101% 100% 41 $153.3 10/24/2014 2,262 $4,484 $1,965 $16,805 226% 169% 156% 145% 87% 104% 106% 103% 41 $161.1 10/31/2014 2,442 $4,631 $2,018 $17,391 244% 175% 160% 150% 94% 107% 109% 107% 41 $173.8

11/7/2014 2,424 $4,633 $2,032 $17,574 242% 175% 162% 152% 94% 108% 109% 108% 41 $172.6 11/14/2014 2,461 $4,689 $2,040 $17,635 246% 177% 162% 152% 95% 109% 110% 108% 41 $175.2 11/21/2014 2,329 $4,713 $2,064 $17,810 233% 178% 164% 154% 90% 109% 111% 109% 41 $165.8 11/28/2014 2,365 $4,792 $2,068 $17,828 236% 181% 164% 154% 91% 111% 111% 109% 41 $168.4

12/5/2014 2,338 $4,781 $2,075 $17,959 234% 180% 165% 155% 90% 111% 112% 110% 41 $166.5 12/12/2014 2,280 $4,654 $2,002 $17,281 228% 175% 159% 149% 88% 108% 108% 106% 41 $156.9 12/19/2014 2,426 $4,765 $2,071 $17,805 243% 180% 165% 154% 94% 111% 111% 109% 41 $167.0 12/26/2014 2,459 $4,807 $2,089 $18,054 246% 181% 166% 156% 95% 112% 112% 111% 41 $169.3

1/2/2015 2,382 $4,727 $2,058 $17,833 238% 178% 164% 154% 92% 110% 111% 109% 41 $164.0 1/9/2015 2,360 $4,704 $2,045 $17,737 236% 177% 163% 153% 91% 109% 110% 109% 41 $162.4

1/16/2015 2,271 $4,634 $2,019 $17,512 227% 175% 161% 151% 88% 108% 109% 107% 41 $156.3 1/23/2015 2,385 $4,758 $2,052 $17,673 238% 179% 163% 153% 92% 110% 110% 108% 42 $167.2 1/30/2015 2,301 $4,635 $1,995 $17,165 230% 175% 159% 148% 89% 108% 107% 105% 42 $161.4

2/7/2015 2,462 $4,744 $2,055 $17,824 246% 179% 163% 154% 95% 110% 111% 109% 42 $172.6 2/14/2015 2,554 $4,894 $2,097 $18,019 255% 184% 167% 156% 99% 114% 113% 110% 42 $179.1 2/21/2015 2,578 $4,956 $2,110 $18,140 258% 187% 168% 157% 99% 115% 113% 111% 42 $180.8 2/27/2015 2,601 $4,956 $2,110 $18,140 260% 187% 168% 157% 100% 115% 113% 111% 42 $182.4

3/6/2015 2,504 $4,927 $2,071 $17,857 250% 186% 165% 154% 97% 114% 111% 109% 42 $175.6 3/13/2015 2,503 $4,872 $2,053 $17,749 250% 184% 163% 153% 97% 113% 110% 109% 42 $175.5 3/20/2015 2,586 $5,026 $2,108 $18,128 259% 189% 168% 157% 100% 117% 113% 111% 42 $181.3 3/27/2015 2,543 $4,891 $2,061 $17,713 254% 184% 164% 153% 98% 114% 111% 109% 42 $178.3

4/3/2015 2,514 $4,887 $2,067 $17,763 251% 184% 164% 153% 97% 113% 111% 109% 41 $176.1 4/10/2015 2,612 $4,996 $2,102 $18,058 261% 188% 167% 156% 101% 116% 113% 111% 41 $182.9 4/17/2015 2,533 $4,932 $2,081 $17,826 253% 186% 165% 154% 98% 114% 112% 109% 41 $177.4 4/24/2015 2,619 $5,092 $2,118 $18,080 262% 192% 168% 156% 101% 118% 114% 111% 41 $183.4

5/1/2015 2,544 $5,005 $2,108 $18,024 254% 189% 168% 156% 98% 116% 113% 110% 41 $178.2 5/8/2015 2,530 $5,004 $2,116 $18,191 253% 189% 168% 157% 98% 116% 114% 111% 41 $177.2

5/15/2015 2,533 $5,048 $2,123 $18,273 253% 190% 169% 158% 98% 117% 114% 112% 41 $177.4 5/22/2015 2,595 $5,089 $2,126 $18,232 260% 192% 169% 157% 100% 118% 114% 112% 42 $184.0 5/29/2015 2,484 $5,070 $2,107 $18,011 248% 191% 168% 156% 96% 118% 113% 110% 42 $178.6

6/5/2015 2,545 $5,068 $2,093 $17,849 254% 191% 166% 154% 98% 118% 113% 109% 42 $183.0 6/12/2015 2,543 $5,051 $2,094 $17,899 254% 190% 167% 155% 98% 117% 113% 110% 42 $182.9 6/19/2015 2,637 $5,117 $2,110 $18,016 264% 193% 168% 156% 102% 119% 113% 110% 43 $190.1 6/26/2015 2,585 $5,081 $2,101 $17,947 259% 192% 167% 155% 100% 118% 113% 110% 43 $186.4

7/3/2015 2,509 $5,009 $2,077 $17,730 251% 189% 165% 153% 97% 116% 112% 109% 43 $180.9 7/10/2015 2,528 $4,998 $2,077 $17,760 253% 188% 165% 153% 98% 116% 112% 109% 42 $181.8 7/17/2015 2,619 $5,210 $2,127 $18,086 262% 196% 169% 156% 101% 121% 114% 111% 42 $188.3 7/24/2015 2,621 $5,089 $2,080 $17,569 262% 192% 165% 152% 101% 118% 112% 108% 42 $188.4 7/31/2015 2,588 $5,128 $2,104 $17,690 259% 193% 167% 153% 100% 119% 113% 108% 42 $186.1

8/7/2015 2,510 $5,044 $2,078 $17,373 251% 190% 165% 150% 97% 117% 112% 106% 42 $180.5 8/14/2015 2,540 $5,048 $2,092 $17,477 254% 190% 166% 151% 98% 117% 112% 107% 42 $182.7 8/21/2015 2,375 $4,706 $1,971 $16,460 237% 177% 157% 142% 92% 109% 106% 101% 42 $170.7

BVP Cloud Summary

~$80bn Public Cloud Market Value Created 27 Cloud IPOs

$13bn+ Public Cloud M&A Only 2% Cloud Penetration in IT($ in m)

Date Target Acquirer Deal SizeMar-14 $0.4

Dec-13 $1.5

Jul-13 $2.5

Dec-12 $1.0

Aug-12 $1.3

May-12 $4.3

Feb-12 $1.8

Total $12.8 Source: Gartner, July 2013

www.bvp.com/cloud Note: Estimates per 2013. Cloud includes SaaS, PaaS and IaaS. Overall IT includes worldwide spend in Data Center Systems, Enterprise Software and IT Services.

www.bvp.com/cloud/comps

1/1/2011 3/27/2015$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

$40.3

$178.3

Cloud Overall IT$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$30

$1,370

Total Spend in IT ($ in bn)



BVP Public SaaS Comps Updated

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