IAB CFO Council Meeting - Petsky...

IAB CFO Council Meeting December 2013 M&A and Investment Summary

gMarch 31, 2014

Rank 2000 Company HeadquartersTotal Media rev. 2000* % chg

Newspaper rev. 2000

Magazine rev. 2000

TV & radio rev. 2000

Cable rev. 2000

Other media rev.

2000

100 Leading Media Companies

1 AOL Time Warner

New York 24,949 17.1 ‐ 4,393 453 12,395 7,708

2 Viacom New York 15,724 8.4 ‐ 24 9,920 4,294 1,486

3 AT&T Broadband (AT&T

Denver 10,935 11.8 ‐ ‐ ‐ 10,306 629

Corp.)4 Walt Disney Co.

New York/Burbank, Cal i f.

10,189 22 ‐ 206 6,160 3,455 368

5 NBC TV (General Electric Co )

Fa irfield, Conn.

6,795 17.4 ‐ ‐ 6,175 620 ‐

Electric Co.)

6 Gannett Co. Arl ington, Va. 6,760 4.6 5,971 ‐ 789 ‐ ‐

7 Cox Enterprises

Atlanta 5,928 14.2 1,450 ‐ 904 3,573 ‐

8 News Corp. Sydney 5,840 3 1 232 4 3 643 1 357 6048 News Corp. Sydney 5,840 3.1 232 4 3,643 1,357 604

9 Tribune Co. Chicago 5,324 4.5 4,163 ‐ 1,113 ‐ 48

10 Clear Channel Communications

San Antonio, Texas

5,170 13.1 ‐ ‐ 3,441 ‐ 1,729

11 DirecTV El Se ndo 4 694 37 9 4 69411 DirecTV (General Motors Corp.)

El Segundo, Cal i f.

4,694 37.9 ‐ ‐ ‐ ‐ 4,694

12 Advance Publications

Newark, N.J. 4,542 7.4 2,753 1,789 ‐ ‐ ‐

13 Comcast Corp.

Newark, N.J. 4,336 8.9 ‐ ‐ ‐ 4,336 ‐

14 Hearst Corp.

New York 4,113 10 1,447 1,909 758 ‐ ‐

15 New York Times Co.

New York 3,388 8.2 3,160 ‐ 160 ‐ 67

Point #1: Just because they may stillPoint #1: Just because they may still be big, Companies in retreat do not

make for good acquirers.

Point #2: Owning the contentPoint #2: Owning the content provides no sustained or systemic advantage in ensuring or benefiting

from the manner in which it isfrom the manner in which it is distributed or consumed. It is f hoftentimes just the opposite.

Point #3: The inherent advantagesPoint #3: The inherent advantages and persistent limitations of certain

business models

“Getting out of the outdoor business is part of a broader CBS push to reduce its reliance on advertising, a volatile business that can be affected by global macroeconomic developments. "We were tired of there being a problem in Greece and it would affect our stock price," said CBS Chief Executive Leslie Moonves in an interview. The portion of CBS's revenue coming from advertising will fall to between 52% and 54% after the divestiture from 58% at the end of 2013.” – WSJ, March 28, 2014

Y ear Ende d De cem ber 31, Pe rce ntage of R evenue s by Type 2013 2012 2011

Adver tising 58% 60% 61%Conte nt lic ensing a nd distribution 26 24 24 Aff iliate a nd subscription f ee s 14 14 13Other 2 2 2

Tot al 100% 100% 100%Tot al 100% 100% 100%

Point #4: Revenue Size and Growth ‐ The Valuation Imperative

25.0 Forward Valuation by Expected Growth

Twitter

20.0

Yelp Demandware

Tableau Software

15.0

ue M

ultip

le

Marketo

Sh k

Facebook

LinkedIn10.0

Forw

ard EV

/ Reven

Netflix

Pandora Media

Zulily

Salesforce.com

Shutterstock

Trulia

HomeAwayBaidu

Rocket Fuel

Google

OpenTable

eBay

5.0

Amazon

Tremor Video

Sinclair Broadcast Group

Groupon

CriteoRakuten

AOL

IBM

0.0‐40.0% ‐20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Forward Revenue Growth Rate

Point #5: Sometimes it is not aboutPoint #5: Sometimes it is not about what you know. It is about who

you know.

Strategic Buyer Propensity to Acquire Above 4x RevenuePost Recession Deals – June 2009 to Date

WPP

20

25>

IBM

Oracle15

20

GoogleeBay

ExperianDentsuAdobe

Facebook*Salesforce com

AppleMicrosoftRealPage

BloombergDigital Generation

10

Salesforce.com

Amazon.com

PearsonYahoo

Playtech

Cisco SAP

AOLHP

Thomson Reuters

IntuitTime Warner

Rakuten

g

Dealertrack TechnologiesTrulia

Verisk Analytics

HearstIHS

SOFTBANKOpera SoftwareConversant

InformaticaNeustarTeradata

Walt DisneyVisa

5

Thomson Reuters Visa

00.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

Index to Media 100, 2012 editionAd Age's 32nd annual U.S. media company rankingPublished on October 01, 2012100 LEADING MEDIA COMPANIES

100 Leading Media Companies is Ad Age 's annual ranking of the nation's largest media companies based on net U.S. media revenue.

Ad Age on Oct. 1, 2012, published the 32nd annual 100 Leading Media Companies (Media 100) report online and in print.

This online version includes Media Family Trees a database showing extensive and exclusiveThis online version includes Media Family Trees, a database showing extensive and exclusive content—company profiles, holdings, executives and net U.S. media revenue in 2011 by sector.

The database and expanded Media 100 online report are part of premium content available to d b b l d / b b lAd Age DataCenter subscribers. Please visit AdAge.com/subscribe or email

[email protected] for subscription information.

This was Ad Age's final Media 100 report. Ad Age no longer produces the Media 100 report, g p g g p p ,though Ad Age publishes data on media companies in such reports as the 100 Leading National Advertisers.

IAB CFO Council Meeting December 2013 M&A and Investment Summary

gMarch 31, 2014

Data Pack

Company2000 Rank

Media Revenue

2003 Enterprise Value

2011 Rank

Media Revenue

LTM EV

Comcast Corporation (NasdaqGS:CMCS.A) 13 4,336 94,159 1 44,481 175,212 DIRECTV (NasdaqGS:DTV) 11 4,694 ‐ 2 22,310 56,904 The Walt Disney Company (NYSE:DIS) 4 10,189 59,308 3 21,546 154,263 Time Warner Inc. (NYSE:TWX) 1 24,949 102,593 4 19,894 77,736 Time Warner Cable (NYSE:TWC) ‐ ‐ 5 18,104 63,003 News Corporation (NasdaqGS:NWSA) 8 5,840 ‐ 6 17,314 7,330 Dish Network Corp. (NasdaqGS:DISH) 20 2,455 16,362 7 12,976 32,156 Cox Enterprises, Inc. 7 5,928 ‐ 8 11,992 ‐Google Inc. (NasdaqGS:GOOG) ‐ ‐ 9 11,961 343,205 CBS Corporation (NYSE:CBS) ‐ ‐ 10 11,389 44,855 AT&T (NYSE:T) 3 10,935 26,729 11 10,700 251,791 Viacom, Inc. (NasdaqGS:VIAB) 2 15,724 ‐ 12 10,538 48,809 Verizon Communications ‐ ‐ 13 7,800 291,514 Advance Publications, Inc. 12 4,542 ‐ 14 7,443 ‐(NasdaqGS:CHTR) 16 3,299 ‐ 15 6,346 27,662 (NYSE:CVC) 18 2,813 16,724 16 5,378 13,612 Gannett Co., Inc. (NYSE:GCI) 6 6,760 28,015 17 4,672 9,817 Clear Channel Communications, Inc. 10 5,170 ‐ 18 4,228 ‐Sony Corporation (TSE:6758) ‐ ‐ 19 4,025 29,755 The Hearst Corporation 14 4,113 ‐ 20 3,910 ‐YP Holdings LLC ‐ ‐ 21 3,293 ‐Tribune Company (OTCPK:TRBA.A) 9 5,324 ‐ 22 3,111 7,646 Yahoo! Inc. (NasdaqGS:YHOO) 39 852 28,635 23 2,955 35,749 A&E Television Networks, LLC 41 770 ‐ 24 2,893 ‐Sirius XM Holdings Inc. (NasdaqGS:SIRI) ‐ ‐ 25 2,669 24,438 (NasdaqGS:DISC.A) 31 1,019 ‐ 26 2,619 34,615 Activision Blizzard, Inc. (NasdaqGS:ATVI) ‐ ‐ 27 2,405 15,210 Univision Communications Inc. 36 864 12,934 28 2,274 ‐Facebook, Inc. (NasdaqGS:FB) ‐ ‐ 29 2,067 161,696 (NYSE:SNI) ‐ ‐ 30 2,045 12,670 Valassis Communications 37 863 ‐ 31 2,042 1,759 Electronic Arts Inc. (Nasdaq:EA) ‐ ‐ 32 1,991 7,483 The New York Times Company (NYSE:NYT) 15 3,388 7,751 33 1,818 2,322 Microsoft Corp. ‐ ‐ 34 1,737 275,471 Graham Holdings Company) 22 2,058 7,508 35 1,727 4,548 AOL Inc. (NYSE:AOL) ‐ ‐ 36 1,699 3,380 Lions Gate Entertainment Corp. (NYSE:LGF) ‐ ‐ 37 1,694 5,592 SuperMedia Inc. ‐ ‐ 38 1,642 ‐(NasdaqGS:LMCA) ‐ ‐ 39 1,615 29,728 IAC/InterActiveCorp (NasdaqGS:IACI) ‐ ‐ 40 1,538 6,180 Dex Media, Inc. (NasdaqGS:DXM) ‐ ‐ 41 1,481 2,669 Ohio Cable System ‐ ‐ 42 1,477 ‐Mediacom Communications Corporation 76 348 3,973 43 1,417 ‐Hibu Plc ‐ ‐ 44 1,332 3,389 The McClatchy Company (NYSE:MNI) 29 1,129 3,413 45 1,270 1,971

Cumulus Media (NasdaqGS:CMLS) ‐ ‐ 46 1,142 3,957 Lamar Media Corp 45 711 47 1,136 ‐Meredith Corporation (NYSE:MDP) 35 941 2,745 48 1,094 2,331 AMC Networks Inc. (NasdaqGS:AMCX) ‐ ‐ 49 1,082 7,041 MediaNews Group, Inc. 34 990 ‐ 50 1,053 ‐(NasdaqGS:SBGI) 53 625 2,728 51 919 5,367 Wideopenwest Networks, LLC ‐ ‐ 52 910 ‐Major League Baseball Enterprises, Inc. ‐ ‐ 53 863 ‐The E. W. Scripps Company (NYSE:SSP) 24 1,612 8,005 54 823 944 Landmark Enterprises, Inc. 43 754 ‐ 55 795 ‐Lee Enterprises, Incorporated (NYSE:LEE) 72 366 2,155 56 756 1,078 Ubisoft Entertainment SA (ENXTPA:UBI) ‐ ‐ 57 737 2,089 Zynga, Inc. (NasdaqGS:ZNGA) ‐ ‐ 58 734 3,662 National Football League, Inc. ‐ ‐ 59 656 ‐Belo Corp. 26 1,536 4,538 60 650 ‐International Data Group, Inc. 27 1,312 ‐ 61 648 ‐Wenner Media LLC 71 371 ‐ 62 626 ‐(Nasadaq:MSG) ‐ ‐ 63 614 4,315 Raycom Media, Inc. 78 331 ‐ 64 597 ‐Monster Worldwide, Inc. (NYSE:MWW) ‐ ‐ 65 595 858 eBay Inc. (NasdaqGS:EBAY) ‐ ‐ 66 570 67,109 The Reader's Digest Association, Inc. 47 699 2,310 67 540 ‐GateHouse Media ‐ ‐ 68 526 ‐THQ Inc. ‐ ‐ 69 516 85 Catalina Marketing Corporation Inc. ‐ ‐ 70 508 ‐Weather Channel Cos. ‐ ‐ 71 504 ‐Local Media TV Holdings, LLC ‐ ‐ 72 501 ‐Berkshire Hathaway Inc. (NYSE:BRK.A) ‐ ‐ 73 487 328,829 RCN Corporation 98 231 ‐ 74 476 ‐LLC ‐ ‐ 75 474 ‐Reed Elsevier plc (LSE:REL) 32 1,004 6,184 76 472 10,446 A. H. Belo Corporation (NYSE:AHC) ‐ ‐ 77 462 191 (NasdaqGS:TTWO) ‐ ‐ 78 449 1,584 Berry Companies, Inc. ‐ ‐ 79 429 ‐Block Communications, Inc. ‐ ‐ 80 424 ‐National CineMedia, Inc. (NasdaqGS:NCMI) ‐ ‐ 81 421 1,899 Hulu, LLC ‐ ‐ 82 420 ‐Community Newspaper Holdings, Inc. 61 470 ‐ 83 418 ‐Bankrate, Inc. (NYSE:RATE) ‐ ‐ 84 416 1,807 LIN Media LLC (NYSE:LIN) ‐ ‐ 85 400 2,124 Radio One Inc. (NasdaqCM:ROIA.K) 91 257 2,410 86 400 1,220 LodgeNet Interactive Corporation ‐ ‐ 87 395 ‐Classified Ventures, LLC ‐ ‐ 88 384 ‐(NYSE:ETM) 75 352 2,783 89 383 885 American Media, Inc. 69 398 ‐ 90 382 ‐Halifax Media Group, LLC ‐ ‐ 91 91 380 CW Network ‐ ‐ 92 374 2,669

Media General, Inc. (NYSE:MEG) 38 853 ‐ 93 369 2,429 UBM plc (LSE:UBM) ‐ ‐ 94 366 3,534 Rodale Press Distribution Center 85 285 ‐ 95 361 ‐Journal Communications Inc. (NYSE:JRN) 59 483 1,119 96 357 658 LinkedIn Corporation (NYSE:LNKD) ‐ ‐ 97 354 21,455 (NasdaqGS:DWA) ‐ ‐ 98 349 2,521 TripAdvisor Inc. (NasdaqGS:TRIP) ‐ ‐ 99 348 14,529 Wehco Media, Inc. ‐ ‐ 100 340 ‐NBC TV Network and Media Works 5 6,795 ‐ ‐ ‐Knight‐Ridder, Inc. 17 3,212 7,462 ‐ ‐Adelphia Communications Corp. 19 2,557 15,921 ‐ ‐Dow Jones & Company, Inc. 21 2,203 4,236 ‐ ‐Bloomberg 23 1,753 ‐ ‐ ‐Primedia (Pty) Limited 25 1,575 136 ‐ ‐USA Network Inc 28 1,165 ‐ ‐ ‐Advo 30 1,129 ‐ ‐McGraw‐Hill Cos. 33 990 ‐ ‐ ‐United Business Media Group Ltd 40 775 ‐ ‐ ‐Freedom Communications, Inc. 42 767 ‐ ‐ ‐Gemstar‐TV Guide Interactive, LLC 44 739 ‐ ‐ ‐Fox Family Worldwide 46 700 ‐ ‐ ‐Zuckerman Media Properties 48 666 ‐ ‐Lifetime Television Network 49 661 ‐ ‐ ‐Westwood One 50 645 ‐ ‐Hachette Filipacchi Media U.S., Inc. 51 636 ‐ ‐ ‐Gruner + Jahr AG & Co KG 52 629 ‐ ‐ ‐Morris Communications, Inc. 54 601 ‐ ‐ ‐Copley Newspapers 55 565 ‐ ‐(NasdaqGS:EMMS) 56 541 2,632 ‐ ‐Forbes, Inc. 57 500 ‐ ‐ ‐VNU 58 496 ‐ ‐Insight Communications Company, Inc. 60 476 3,543 ‐ ‐Assets 62 447 ‐ ‐ ‐Hollinger International Publishing, Inc. 63 438 ‐ ‐ ‐Ziff Davis Media Inc. 64 430 ‐ ‐ ‐CNET Networks 65 428 ‐ ‐ ‐Seattle Times 66 426 ‐ ‐ ‐Pulitzer Inc. 67 415 1,258 ‐ ‐Blade Communications 68 411 ‐ ‐Journal Register Company, Inc. 70 383 1,270 ‐ ‐Emap USA, Inc. 73 358 ‐ ‐ ‐Citadel Communications Corp. 74 357 ‐ ‐ ‐Donrey Media Group 77 340 ‐ ‐ ‐Terra Lycos 79 321 ‐ ‐ ‐Susquehanna Media Corp. 80 321 ‐ ‐ ‐Dispatch Printing Co. 81 319 ‐ ‐ ‐Crain Communications, Inc. 82 309 ‐ ‐ ‐

LIN Television Corporation 83 300 ‐ ‐ ‐Harte‐Hanks 84 299 ‐ ‐ ‐Comedy Central 86 282 ‐ ‐ ‐National Geographic Society 87 274 ‐ ‐ ‐Times Publishing 88 272 ‐ ‐Paxson Communications 89 272 ‐ ‐ ‐Prodigy Communications Corp. 90 263 ‐ ‐ ‐Macromedia 92 248 ‐ ‐ ‐Church of Jesus Christ of Latter‐day Saints 93 247 ‐ ‐ ‐E! Networks 94 240 ‐ ‐ ‐Hispanic Broadcasting Corp. 95 238 ‐ ‐ ‐Telemundo Holdings, Inc. 96 236 ‐ ‐ ‐Penton Media, Inc. 97 236 ‐ ‐ ‐Ackerley Group 99 225 ‐ ‐ ‐MSNBC Cable L.L.C. 100 220 ‐ ‐ ‐

($ in Millions, except stock price data)

Financial & Credit/Risk Management

Equity Ent. LTM LTM Margin LTM Multiples 2014 2014E Multiples Company Name Headquarters Value Value Revenue EBITDA EBITDA EV/Rev EV/EBITDA Rev Growth EV/Rev EV/EBITDAC St G I * U it d St t $ 5 364 5 $ 5 261 7 $ 440 9 $ 94 0 21 3% 11 9 56 0 12 6% 10 6 32 7CoStar Group Inc. * United States $ 5,364.5 $ 5,261.7 $ 440.9 $ 94.0 21.3% 11.9x 56.0x 12.6% 10.6x 32.7xFinancial Engines, Inc. * United States 2,535.9 2,290.1 239.0 48.9 20.5% 9.6x 46.8x 20.7% 7.9x 23.5xVerisk Analytics, Inc. United States 9,988.4 11,094.6 1,595.7 736.0 46.1% 7.0x 15.1x 10.7% 6.3x 13.6xMoody's Corporation United States 16,599.0 16,685.4 2,972.5 1,339.6 45.1% 5.6x 12.5x 8.4% 5.2x 11.2xMSCI Inc. United States 4,913.2 5,362.6 1,035.7 452.0 43.6% 5.2x 11.9x 2.1% 5.1x 12.1xReis, Inc. United States 197.8 187.3 34.7 7.5 21.7% 5.4x 24.9x 13.3% 4.8x 14.4xFactSet Research Systems Inc. United States 4,502.0 4,399.1 883.9 345.5 39.1% 5.0x 12.7x 6.8% 4.7x 12.6xMorningstar Inc. United States 3,449.6 3,153.5 698.3 224.3 32.1% 4.5x 14.1x 8.8% 4.2x 12.4xExperian plc Ireland 18,056.0 21,461.0 4,784.0 1,635.0 34.2% 4.5x 13.1x 3.5% 4.1x 12.0xSEI Investments Co. United States 5,703.3 5,125.0 1,126.1 271.1 24.1% 4.6x 18.9x 11.7% 4.1x 10.9xMcGraw Hill Financial, Inc. United States 20,526.2 20,618.2 4,875.0 1,749.0 35.9% 4.2x 11.8x 6.0% 4.0x 10.7xEquifax Inc. United States 8,322.0 9,568.4 2,303.9 810.8 35.2% 4.2x 11.8x 6.3% 3.9x 11.2xEnvestnet, Inc. * United States 1,339.0 1,289.0 242.5 23.6 9.7% 5.3x 54.5x 37.7% 3.9x 24.1xThe Nasdaq OMX Group, Inc. United States 6,248.9 8,435.9 3,211.0 928.0 28.9% 2.6x 9.1x 17.1% 3.8x 8.4xq p, , , ,Computershare Limited Australia 6,221.5 7,321.8 2,012.1 454.9 22.6% 3.6x 16.1x ‐0.9% 3.6x 12.8xFidelity National Information Services, Inc. United States 15,373.5 19,453.3 6,070.7 1,569.7 25.9% 3.2x 12.4x 5.2% 3.0x 10.1xDun & Bradstreet Corp. United States 3,736.1 5,022.4 1,655.2 508.3 30.7% 3.0x 9.9x 1.6% 3.0x 9.5xFair Isaac Corporation United States 1,896.1 2,278.2 737.8 191.1 25.9% 3.1x 11.9x 2.7% 2.9x 10.9xThomson Reuters Corporation United States 27,707.8 34,561.9 12,702.0 2,680.0 21.1% 2.7x 12.9x 0.5% 2.7x 10.1xCoreLogic, Inc. United States 2,706.2 3,403.4 1,330.6 269.8 20.3% 2.6x 12.6x 3.1% 2.5x 8.8x

Adjusted Weighted Average 4.1x 12.9x 3.5x 10.9x


Marketing Information

Equity Ent. LTM LTM Margin LTM Multiples 2014 2014E Multiples Company Name Headquarters Value Value Revenue EBITDA EBITDA EV/Rev EV/EBITDA Rev Growth EV/Rev EV/EBITDAR t k C ti * U it d St t $ 718 4 $ 692 5 $ 118 4 $ 14 5 12 2% 5 8 47 8 22 6% 5 1 40 5Rentrak Corporation * United States $ 718.4 $ 692.5 $ 118.4 $ 14.5 12.2% 5.8x 47.8x 22.6% 5.1x 40.5xAlliance Data Systems Corporation * United States 14,581.6 23,820.4 4,319.1 1,281.1 29.7% 5.5x 18.6x 20.1% 4.6x 15.1xNielsen Holdings N.V. Netherlands 16,768.6 22,932.6 5,703.0 1,349.0 23.7% 4.0x 17.0x 11.5% 3.6x 12.3xcomScore, Inc. * United States 1,139.4 1,095.3 286.9 26.3 9.2% 3.8x 41.7x 12.9% 3.4x 17.1xNeuStar, Inc. United States 2,033.3 2,430.6 902.0 359.8 39.9% 2.7x 6.8x 6.1% 2.5x 5.3xAcxiom Corporation United States 2,543.4 2,485.9 1,097.5 182.0 16.6% 2.3x 13.7x ‐0.1% 2.3x 11.2xBrainjuicer Group Plc United Kingdom 104.2 93.9 40.7 6.1 15.1% 2.3x 15.3x 10.4% 2.1x 12.9xMacromill, Inc. Japan 460.7 410.5 175.1 44.7 25.5% 2.3x 9.2x 0.0% 2.1x 10.3xIpsos SA France 1,827.0 2,597.6 2,354.6 280.5 11.9% 1.1x 9.3x 0.8% 1.1x 8.8xGfK SE Germany 1,988.2 2,561.6 2,055.4 311.4 15.2% 1.2x 8.2x 2.6% 1.2x 7.8xCision AB Sweden 128.4 164.9 127.0 13.7 10.8% 1.3x 12.0x ‐1.5% 1.3x 8.7xYouGov PLC United Kingdom 180.3 169.3 108.3 8.7 8.0% 1.6x 19.4x 9.2% 1.4x 12.5xEbiquity plc United Kingdom 154.2 189.6 110.2 20.1 18.2% 1.7x 9.5x 6.3% 1.6x 8.1x



Other Information

Equity Ent. LTM LTM Margin LTM Multiples 2014 2014E Multiples Company Name Headquarters Value Value Revenue EBITDA EBITDA EV/Rev EV/EBITDA Rev Growth EV/Rev EV/EBITDAProofpoint Inc * United States $ 1 316 0 $ 1 219 5 $ 137 9 $ (16 9) NM 8 8x NM 27 3% 6 9x NMProofpoint, Inc. * United States $ 1,316.0 $ 1,219.5 $ 137.9 $ (16.9) NM 8.8x NM 27.3% 6.9x NM Solera Holdings Inc. United States 4,314.3 5,712.8 890.1 347.7 39.1% 6.4x 16.4x 17.4% 5.4x 12.9xNational Research Corp. United States 490.6 479.0 92.6 28.5 30.8% 5.2x 16.8x 10.9% 4.7x 14.6xIHS Inc. United States 8,148.0 9,973.0 1,982.6 422.5 21.3% 5.0x 23.6x 21.0% 4.5x 14.3xNIC Inc. United States 1,237.2 1,162.9 249.3 64.3 25.8% 4.7x 18.1x 8.0% 4.3x 15.8xTarsus Group plc Ireland 337.6 393.1 126.2 41.5 32.9% 3.1x 9.5x ‐25.8% 4.2x 13.4x

Reed Elsevier plc(1) United Kingdom 32,513.7 39,453.1 9,944.2 3,154.3 31.7% 4.0x 12.5x ‐2.1% 4.0x 11.8xh d i d i dThe Advisory Board Company * United States 2,279.5 2,225.6 502.3 60.7 12.1% 4.4x 36.6x 15.3% 3.9x 21.4xInforma plc Switzerland 5,128.3 6,431.2 1,883.7 612.2 32.5% 3.4x 10.5x 1.4% 3.4x 10.5xCorporate Executive Board Co. United States 2,446.8 2,843.1 820.1 177.5 21.6% 3.5x 16.0x 10.2% 3.1x 12.6xGartner Inc. United States 6,167.4 5,954.9 1,784.2 302.1 16.9% 3.3x 19.7x 9.2% 3.1x 15.5xUBM plc United Kingdom 2,743.9 3,547.7 1,320.6 315.1 23.9% 2.7x 11.3x ‐7.0% 2.8x 11.4xWolters Kluwer NV Netherlands 8,298.4 11,036.1 4,902.0 1,225.2 25.0% 2.3x 9.0x 0.4% 2.2x 9.0xTechTarget, Inc. * United States 229.7 199.9 88.5 3.8 4.3% 2.3x 53.0x 10.2% 2.0x 16.2xForrester Research Inc. United States 690.0 534.9 297.7 35.2 11.8% 1.8x 15.2x 3.8% 1.7x 16.0xCentaur Media plc United Kingdom 159.2 203.9 123.6 16.5 13.3% 1.6x 12.4x 3.2% 1.6x 8.5x


($ in millions, except stock price data)

Equity Ent. LTM LTM Margin LTM Multiples 2014E 2014E Multiples Company Name Value Value Revenue EBITDA EBITDA EV/Rev EV/EBITDA Rev Growth EV/Rev EV/EBITDASplunk, Inc. 8,054.5$ 7,157.1$ 302.6$ (68.8)$ NM 23.7x NM 33.9% 17.7x NM Tableau Software Inc 4 859 5 4 606 9 232 4 10 5 4 5% 19 8x NM 40 5% 14 1x NMTableau Software, Inc. 4,859.5 4,606.9 232.4 10.5 4.5% 19.8x NM 40.5% 14.1x NM Demandware, Inc. 2,203.9 1,928.6 103.7 (16.2) NM 18.6x NM 39.1% 13.4x NM NetSuite Inc. 6,983.7 6,798.1 414.5 (37.0) NM 16.4x NM 30.2% 12.6x NM Cvent, Inc. 1,493.6 1,335.8 111.1 2.1 1.9% 12.0x NM 24.9% 9.6x NM ChannelAdvisor Corporation 904.2 802.7 68.0 (10.7) NM 11.8x NM 25.4% 9.4x NM Marketo, Inc. 1,309.4 1,188.6 95.9 (40.7) NM 12.4x NM 40.2% 8.8x NM Salesforce.com, Inc 34,013.1 35,682.9 4,071.0 (60.6) NM 8.8x NM 29.9% 6.7x 42.7xLogMeIn, Inc. 1,045.3 855.8 166.3 14.5 8.7% 5.1x 59.1x 22.6% 4.2x 19.8xDealertrack Technologies, Inc. 2,605.6 2,642.9 481.5 57.9 12.0% 5.5x 45.7x 67.7% 3.3x 14.4xLivePerson Inc. 642.4 550.5 177.8 6.3 3.5% 3.1x 88.0x 13.5% 2.7x 25.4xJive Software, Inc. 551.6 451.8 145.8 (60.8) NM 3.1x NM 18.4% 2.6x NM Bazaarvoice, Inc. 540.8 483.9 181.4 (30.6) NM 2.7x NM 14.5% 2.5x NM


Company

Rev Growth

EV/RevCompany

Rev Growth

EV/Rev

Twitter, Inc. 86.5% 20.3 Twitter, Inc. 86.5% 20.3Rocket Fuel Inc. 80.0% 3.6 iProperty Group Limited 70.4% 18.5Trulia, Inc. 72.0% 4.9 Rightmove plc 15.7% 15.9iProperty Group Limited 70.4% 18.5 Yelp, Inc. 54.1% 14.5Dealertrack Technologies, Inc. 67.7% 3.3 Demandware, Inc. 39.1% 14.0zulily, Inc. 64.8% 5.0 Tableau Software, Inc. 40.5% 13.7YY Inc. 62.4% 7.4 NetSuite Inc. 30.2% 12.858.com Inc. 62.4% 11.8 Facebook, Inc. 44.2% 12.7Wix.com ltd 60.4% 5.1 58.com Inc. 62.4% 11.8Aimia Inc. 54.4% 1.4 TripAdvisor Inc. 25.9% 10.7Yelp, Inc. 54.1% 14.5 Zillow, Inc. 48.6% 10.5Digital Globe Services Inc. 53.1% 2.3 LinkedIn Corporation 38.4% 9.7SFX Entertainment Inc. 50.4% 1.4 Cvent, Inc. 24.9% 9.6Sinclair Broadcast Group Inc. 50.1% 2.6 ChannelAdvisor Corporation 25.4% 9.4Sungy Mobile Limited 49.3% 6.9 Marketo, Inc. 40.2% 9.0Zillow, Inc. 48.6% 10.5 MakeMyTrip Limited 15.4% 8.0Glu Mobile, Inc. 48.2% 2.3 JobStreet Corp. Bhd. 9.8% 7.9Baidu, Inc. 46.2% 6.5 Mercadolibre, Inc. 6.9% 7.9Facebook, Inc. 44.2% 12.7 Shutterstock, Inc. 31.6% 7.8Criteo SA 41.6% 2.3 OpenTable, Inc. 18.6% 7.5Tableau Software, Inc. 40.5% 13.7 Yahoo! Inc. 2.3% 7.4Marketo, Inc. 40.2% 9.0 YY Inc. 62.4% 7.4Demandware, Inc. 39.1% 14.0 Adobe Systems Inc. 2.0% 7.4LinkedIn Corporation 38.4% 9.7 E2open, Inc. ‐1.8% 7.4Youku Tudou Inc. 37.9% 5.8 HomeAway, Inc. 25.1% 7.3InternetQ PLC 37.5% 1.2 Sungy Mobile Limited 49.3% 6.9Points International Ltd. 37.1% 1.2 Salesforce.com, Inc 29.9% 6.8Autobytel Inc. 37.1% 0.9 priceline.com Incorporated 24.9% 6.7Gray Television Inc. 36.8% 2.9 Baidu, Inc. 46.2% 6.5AMC Networks Inc. 36.4% 3.1 RetailMeNot, Inc. 28.9% 6.2Nexstar Broadcasting Group, Inc. 35.9% 3.1 Pandora Media, Inc. 35.1% 6.2Pandora Media, Inc. 35.1% 6.2 Yandex N.V. 31.6% 6.0Care.com, Inc. 34.8% 5.5 Ziggo N.V. 3.7% 5.8Opera Software ASA 33.8% 3.9 Youku Tudou Inc. 37.9% 5.8Angie's List, Inc. 32.2% 2.1 Care.com, Inc. 34.8% 5.5Shutterstock, Inc. 31.6% 7.8 Sirius XM Holdings Inc. 9.1% 5.4Yandex N.V. 31.6% 6.0 Rovi Corporation ‐1.0% 5.3PROS Holdings, Inc. 31.4% 4.4 Lamar Advertising Co. 3.8% 5.3Chime Communications plc 31.0% 1.7 Discovery Communications, Inc. 16.6% 5.3NetSuite Inc. 30.2% 12.8 Wix.com ltd 60.4% 5.1Salesforce.com, Inc 29.9% 6.8 zulily, Inc. 64.8% 5.0Ctrip.com International Ltd. 29.5% 4.7 Trulia, Inc. 72.0% 4.9ChinaCache International Holdings Ltd. 29.1% 1.8 Google Inc. 14.2% 4.7RetailMeNot, Inc. 28.9% 6.2 Ctrip.com International Ltd. 29.5% 4.7G5 Entertainment AB (publ) 28.9% 1.6 PROS Holdings, Inc. 31.4% 4.4YuMe, Inc. 28.4% 1.0 Scripps Networks Interactive, Inc. 7.8% 4.4E‐Commerce China Dangdang Inc. 28.2% 0.7 National CineMedia, Inc. ‐5.7% 4.3Bitauto Holdings Limited 28.0% 4.0 Endurance International Group 21.6% 4.2Liberty Global plc 27.8% 4.1 Oracle Corporation 3.2% 4.1NCsoft Corporation 26.3% 4.0 Liberty Global plc 27.8% 4.1TripAdvisor Inc. 25.9% 10.7 Reed Elsevier plc ‐2.1% 4.0eLong Inc. 25.5% 1.2 SAP AG 5.1% 4.0ChannelAdvisor Corporation 25.4% 9.4 Bitauto Holdings Limited 28.0% 4.0LifeLock, Inc. 25.4% 3.1 NCsoft Corporation 26.3% 4.0HomeAway, Inc. 25.1% 7.3 Netflix, Inc. 22.6% 3.9priceline.com Incorporated 24.9% 6.7 Cupid plc 11.7% 3.9Cvent, Inc. 24.9% 9.6 Opera Software ASA 33.8% 3.9Blinkx plc 24.5% 2.2 j2 Global, Inc. 12.8% 3.9Forgame Holdings Limited 24.0% 2.0 eHealth, Inc. 17.7% 3.9Groupon, Inc. 23.9% 1.3 Qlik Technologies, Inc. 17.0% 3.8Marin Software Incorporated 23.8% 2.4 Interactive Intelligence Group Inc. 0.0% 3.8Cumulus Media Inc. 23.8% 3.1 Web.com Group, Inc. 10.3% 3.8Phoenix New Media Limited 23.6% 1.8 Alliance Data Systems Corporation 20.1% 3.8LIN Media LLC 23.3% 3.0 Euromoney Institutional Investor PLC 3.7% 3.7TiVo Inc. 22.8% 2.0 Rocket Fuel Inc. 80.0% 3.6Blucora, Inc. 22.7% 1.1 Sage Group plc ‐0.8% 3.6Netflix, Inc. 22.6% 3.9 eBay Inc. 13.7% 3.6Endurance International Group 21.6% 4.2 Grupo Televisa, S.A.B. 8.0% 3.5Millennial Media Inc. 20.8% 1.5 Stamps.com Inc. 5.8% 3.5Amazon.com Inc. 20.7% 1.7 Zynga, Inc. ‐7.4% 3.5Tremor Video, Inc. 20.6% 0.7 World Wrestling Entertainment Inc. 12.8% 3.4Alliance Data Systems Corporation 20.1% 3.8 Bankrate, Inc. 16.1% 3.4TheStreet, Inc. 20.1% 1.9 Informa plc 1.4% 3.4Charm Communications Inc. 19.3% 0.4 Viacom, Inc. 1.5% 3.3Synchronoss Technologies, Inc. 19.1% 3.1 Nuance Communications, Inc. 4.8% 3.3Dentsu Inc. 19.0% 0.5 Dealertrack Technologies, Inc. 67.7% 3.3Perform Group plc. 18.6% 2.4 Accelrys Inc. 15.3% 3.2OpenTable, Inc. 18.6% 7.5 CC Media Holdings, Inc. 2.2% 3.2Open Text Corporation 18.6% 3.1 Eros International Plc 9.3% 3.2Jive Software, Inc. 18.4% 2.6 Informatica Corporation 11.7% 3.2eHealth, Inc. 17.7% 3.9 Conversant, Inc. 7.6% 3.2Jiayuan.com International Ltd. 17.4% 1.0 AMC Networks Inc. 36.4% 3.1Expedia Inc. 17.2% 1.7 Cumulus Media Inc. 23.8% 3.1Qlik Technologies, Inc. 17.0% 3.8 The Walt Disney Company 6.7% 3.1Geeknet, Inc. 17.0% 0.3 LifeLock, Inc. 25.4% 3.1Brightcove, Inc. 16.9% 2.2 Synchronoss Technologies, Inc. 19.1% 3.1

LightInTheBox Holding Co., Ltd. 16.7% 0.6 PTC Inc. 3.6% 3.1Discovery Communications, Inc. 16.6% 5.3 Nexstar Broadcasting Group, Inc. 35.9% 3.1Dice Holdings, Inc. 16.3% 1.9 Open Text Corporation 18.6% 3.1Shutterfly, Inc. 16.3% 1.5 Charter Communications, Inc. 9.9% 3.0Bankrate, Inc. 16.1% 3.4 WebMD Health Corp. 11.1% 3.0Rightmove plc 15.7% 15.9 DreamWorks Animation SKG Inc. 14.3% 3.0Gannett Co., Inc. 15.5% 1.6 LIN Media LLC 23.3% 3.0Septeni Holdings Co., Ltd. 15.5% 0.5 Rakuten, Inc. 12.9% 3.0MakeMyTrip Limited 15.4% 8.0 Fair Isaac Corporation 2.7% 2.9CyberAgent Inc. 15.4% 1.1 Gray Television Inc. 36.8% 2.9Accelrys Inc. 15.3% 3.2 UBM plc ‐7.0% 2.8MeetMe, Inc. 15.3% 2.6 Blackbaud Inc. 9.6% 2.8Sizmek Inc. 14.5% 1.6 LivePerson Inc. 13.5% 2.8Bazaarvoice, Inc. 14.5% 2.5 CBS Corporation 1.8% 2.7DreamWorks Animation SKG Inc. 14.3% 3.0 Clear Channel Outdoor Holdings Inc. 1.4% 2.7Google Inc. 14.2% 4.7 Twenty‐First Century Fox, Inc. 12.1% 2.7DST Systems Inc. 14.2% 1.9 TIBCO Software Inc. 7.9% 2.6GameLoft SA 13.8% 2.1 Sinclair Broadcast Group Inc. 50.1% 2.6eBay Inc. 13.7% 3.6 Jive Software, Inc. 18.4% 2.6LivePerson Inc. 13.5% 2.8 Time Warner Inc. ‐3.7% 2.6Constant Contact, Inc. 13.3% 2.0 Verint Systems Inc. 6.8% 2.6Tree.Com, Inc. 13.2% 1.6 MeetMe, Inc. 15.3% 2.6ReachLocal, Inc. 12.9% 0.3 Teradata Corporation 5.1% 2.5Rakuten, Inc. 12.9% 3.0 Bazaarvoice, Inc. 14.5% 2.5The E. W. Scripps Company 12.8% 1.0 APG|SGA SA ‐1.7% 2.5World Wrestling Entertainment Inc. 12.8% 3.4 Mixi, Inc. ‐7.4% 2.5j2 Global, Inc. 12.8% 3.9 Comcast Corporation 6.5% 2.5Move, Inc. 12.5% 1.7 Marin Software Incorporated 23.8% 2.4Vitacost.com, Inc. 12.5% 0.5 JCDecaux SA 5.6% 2.4General Communication Inc. 12.3% 2.0 Perform Group plc. 18.6% 2.4Twenty‐First Century Fox, Inc. 12.1% 2.7 International Game Technology ‐8.2% 2.3Informatica Corporation 11.7% 3.2 Glu Mobile, Inc. 48.2% 2.3Cupid plc 11.7% 3.9 Criteo SA 41.6% 2.3Blue Nile Inc. 11.5% 0.6 IBM Corporation ‐0.4% 2.3Pacific Online Ltd. 11.1% 0.2 Digital Globe Services Inc. 53.1% 2.3WebMD Health Corp. 11.1% 3.0 Entercom Communications Corp. 2.5% 2.3Multiplus SA 10.5% 1.6 Acxiom Corporation ‐0.1% 2.3Web.com Group, Inc. 10.3% 3.8 Liberty Interactive Corporation 4.6% 2.2TechTarget, Inc. 10.2% 2.0 Blinkx plc 24.5% 2.2Sapient Corp. 10.2% 1.4 Solocal Group SA ‐4.7% 2.2Charter Communications, Inc. 9.9% 3.0 Dish Network Corp. 5.5% 2.2JobStreet Corp. Bhd. 9.8% 7.9 Brightcove, Inc. 16.9% 2.2Blackbaud Inc. 9.6% 2.8 Covisint Corporation 0.0% 2.1Eros International Plc 9.3% 3.2 Cablevision Systems Corporation 1.9% 2.1Sirius XM Holdings Inc. 9.1% 5.4 GameLoft SA 13.8% 2.1MDC Partners Inc. 8.6% 1.5 Angie's List, Inc. 32.2% 2.1Weborama 8.0% 1.3 British Sky Broadcasting Group plc 5.8% 2.0Grupo Televisa, S.A.B. 8.0% 3.5 John Wiley & Sons Inc. 0.7% 2.0TIBCO Software Inc. 7.9% 2.6 Daily Mail and General Trust plc 7.8% 2.0AOL Inc. 7.8% 1.3 TechTarget, Inc. 10.2% 2.0Scripps Networks Interactive, Inc. 7.8% 4.4 General Communication Inc. 12.3% 2.0Daily Mail and General Trust plc 7.8% 2.0 Renren Inc. ‐18.4% 2.0Conversant, Inc. 7.6% 3.2 Pitney Bowes Inc. 0.8% 2.0MicroStrategy Inc. 7.5% 1.5 Constant Contact, Inc. 13.3% 2.0ValueVision Media Inc. 7.2% 0.4 Forgame Holdings Limited 24.0% 2.0NEXON Co., Ltd. 7.1% 1.6 TiVo Inc. 22.8% 2.0IAC/InterActiveCorp 7.1% 1.9 DST Systems Inc. 14.2% 1.9Mercadolibre, Inc. 6.9% 7.9 Dice Holdings, Inc. 16.3% 1.9Journal Communications Inc. 6.9% 1.5 TheStreet, Inc. 20.1% 1.9Verint Systems Inc. 6.8% 2.6 IAC/InterActiveCorp 7.1% 1.9The Walt Disney Company 6.7% 3.1 Phoenix New Media Limited 23.6% 1.8Comcast Corporation 6.5% 2.5 ChinaCache International Holdings Ltd. 29.1% 1.8CDW Corporation 5.9% 0.7 Hollywood Media Corp. ‐11.5% 1.8Village Roadshow Limited 5.8% 1.5 Publicis Groupe SA 5.3% 1.8Stamps.com Inc. 5.8% 3.5 Vocus Inc. ‐2.2% 1.8British Sky Broadcasting Group plc 5.8% 2.0 Expedia Inc. 17.2% 1.7JCDecaux SA 5.6% 2.4 WPP plc 1.0% 1.7Dish Network Corp. 5.5% 2.2 Chime Communications plc 31.0% 1.7Next Fifteen Communications Group plc 5.4% 0.6 DIRECTV 5.1% 1.7Publicis Groupe SA 5.3% 1.8 The McClatchy Company 0.0% 1.7SAP AG 5.1% 4.0 Amazon.com Inc. 20.7% 1.7Teradata Corporation 5.1% 2.5 Move, Inc. 12.5% 1.7DIRECTV 5.1% 1.7 NEXON Co., Ltd. 7.1% 1.6XO Group Inc. 4.9% 1.3 G5 Entertainment AB (publ) 28.9% 1.6Nuance Communications, Inc. 4.8% 3.3 Travelzoo Inc. 3.1% 1.6Liberty Interactive Corporation 4.6% 2.2 Gannett Co., Inc. 15.5% 1.61‐800‐Flowers.com Inc. 4.5% 0.4 Actuate Corporation ‐8.8% 1.6Insignia Systems Inc. 4.3% 0.7 Lions Gate Entertainment Corp. 2.3% 1.6Live Nation Entertainment, Inc. 4.2% 0.7 Sizmek Inc. 14.5% 1.6HSN, Inc. 4.2% 0.9 Multiplus SA 10.5% 1.6PetMed Express, Inc. 4.1% 0.9 Spark Networks, Inc. ‐3.6% 1.6Orbitz Worldwide, Inc. 4.0% 1.3 Tree.Com, Inc. 13.2% 1.6Omnicom Group Inc. 3.9% 1.4 Huntsworth plc 1.3% 1.5The Interpublic Group of Companies, Inc. 3.9% 1.0 Meredith Corporation 0.4% 1.5Lamar Advertising Co. 3.8% 5.3 Journal Communications Inc. 6.9% 1.5Euromoney Institutional Investor PLC 3.7% 3.7 MicroStrategy Inc. 7.5% 1.5Ziggo N.V. 3.7% 5.8 MDC Partners Inc. 8.6% 1.5PTC Inc. 3.6% 3.1 Shutterfly, Inc. 16.3% 1.5Viad Corp 3.4% 0.5 Millennial Media Inc. 20.8% 1.5

Oracle Corporation 3.2% 4.1 Village Roadshow Limited 5.8% 1.5Travelzoo Inc. 3.1% 1.6 Havas 3.0% 1.5Havas 3.0% 1.5 The New York Times Company 1.3% 1.5AirMedia Group Inc. 2.9% 0.2 SFX Entertainment Inc. 50.4% 1.4Fair Isaac Corporation 2.7% 2.9 Sapient Corp. 10.2% 1.4Entercom Communications Corp. 2.5% 2.3 Yellow Media Limited ‐11.2% 1.4Hi‐Media S.A. 2.4% 0.5 Sky‐mobi Limited ‐20.7% 1.4Lions Gate Entertainment Corp. 2.3% 1.6 Aimia Inc. 54.4% 1.4Yahoo! Inc. 2.3% 7.4 Mediabistro Inc. 1.2% 1.4CC Media Holdings, Inc. 2.2% 3.2 Omnicom Group Inc. 3.9% 1.4Adobe Systems Inc. 2.0% 7.4 Mood Media Corporation ‐1.7% 1.4Cablevision Systems Corporation 1.9% 2.1 AOL Inc. 7.8% 1.3CSG Systems International Inc. 1.8% 1.2 Orbitz Worldwide, Inc. 4.0% 1.3CBS Corporation 1.8% 2.7 Groupon, Inc. 23.9% 1.3Viacom, Inc. 1.5% 3.3 Martha Stewart Living Omnimedia Inc. ‐2.3% 1.3Clear Channel Outdoor Holdings Inc. 1.4% 2.7 XO Group Inc. 4.9% 1.3Informa plc 1.4% 3.4 Weborama 8.0% 1.3CafePress Inc. 1.3% 0.3 Kongzhong Corp. 0.0% 1.2Huntsworth plc 1.3% 1.5 Kongzhong Corp. 0.0% 1.2The New York Times Company 1.3% 1.5 CSG Systems International Inc. 1.8% 1.2Mediabistro Inc. 1.2% 1.4 Points International Ltd. 37.1% 1.2WPP plc 1.0% 1.7 InternetQ PLC 37.5% 1.2Pitney Bowes Inc. 0.8% 2.0 eLong Inc. 25.5% 1.2John Wiley & Sons Inc. 0.7% 2.0 DeNA Co., Ltd. ‐8.8% 1.1High Co. SA 0.7% 0.4 CyberAgent Inc. 15.4% 1.1Meredith Corporation 0.4% 1.5 Blucora, Inc. 22.7% 1.1Covisint Corporation 0.0% 2.1 Jiayuan.com International Ltd. 17.4% 1.0Interactive Intelligence Group Inc. 0.0% 3.8 The E. W. Scripps Company 12.8% 1.0Enero Group Limited 0.0% 0.5 The Interpublic Group of Companies, Inc. 3.9% 1.0Kongzhong Corp. 0.0% 1.2 Monster Worldwide, Inc. ‐0.9% 1.0The McClatchy Company 0.0% 1.7 YuMe, Inc. 28.4% 1.0Kongzhong Corp. 0.0% 1.2 Harte‐Hanks Inc. ‐0.4% 0.9PC Home Online Inc. 0.0% 0.8 Autobytel Inc. 37.1% 0.9Acxiom Corporation ‐0.1% 2.3 PetMed Express, Inc. 4.1% 0.9U.S. Auto Parts Network, Inc. ‐0.2% 0.4 HSN, Inc. 4.2% 0.9Global Sources Ltd. ‐0.2% 0.8 Demand Media, Inc. ‐3.2% 0.9Scholastic Corporation ‐0.3% 0.6 M&C Saatchi plc ‐4.1% 0.9Harte‐Hanks Inc. ‐0.4% 0.9 PC Home Online Inc. 0.0% 0.8IBM Corporation ‐0.4% 2.3 PubliGroupe AG ‐3.4% 0.8Creston plc ‐0.7% 0.8 Glacier Media, Inc. ‐1.4% 0.8Sage Group plc ‐0.8% 3.6 News Corporation ‐3.7% 0.8Monster Worldwide, Inc. ‐0.9% 1.0 QuinStreet, Inc. ‐6.3% 0.8Rovi Corporation ‐1.0% 5.3 Global Sources Ltd. ‐0.2% 0.8PDI, Inc. ‐1.4% 0.1 Creston plc ‐0.7% 0.8Glacier Media, Inc. ‐1.4% 0.8 Live Nation Entertainment, Inc. 4.2% 0.7Mood Media Corporation ‐1.7% 1.4 Digital River Inc. ‐4.0% 0.7APG|SGA SA ‐1.7% 2.5 Insignia Systems Inc. 4.3% 0.7E2open, Inc. ‐1.8% 7.4 Cello Group Plc ‐29.4% 0.7Reed Elsevier plc ‐2.1% 4.0 CDW Corporation 5.9% 0.7Vocus Inc. ‐2.2% 1.8 Tremor Video, Inc. 20.6% 0.7Martha Stewart Living Omnimedia Inc. ‐2.3% 1.3 E‐Commerce China Dangdang Inc. 28.2% 0.7Demand Media, Inc. ‐3.2% 0.9 Next Fifteen Communications Group plc 5.4% 0.6PubliGroupe AG ‐3.4% 0.8 LightInTheBox Holding Co., Ltd. 16.7% 0.6Spark Networks, Inc. ‐3.6% 1.6 Blue Nile Inc. 11.5% 0.6Time Warner Inc. ‐3.7% 2.6 Scholastic Corporation ‐0.3% 0.6News Corporation ‐3.7% 0.8 Hi‐Media S.A. 2.4% 0.5Digital River Inc. ‐4.0% 0.7 A. H. Belo Corporation ‐7.2% 0.5M&C Saatchi plc ‐4.1% 0.9 Vitacost.com, Inc. 12.5% 0.5United Online, Inc. ‐4.3% 0.4 Septeni Holdings Co., Ltd. 15.5% 0.5Solocal Group SA ‐4.7% 2.2 Dentsu Inc. 19.0% 0.5National CineMedia, Inc. ‐5.7% 4.3 Enero Group Limited 0.0% 0.5TradeDoubler AB ‐5.9% 0.2 Viad Corp 3.4% 0.5QuinStreet, Inc. ‐6.3% 0.8 1‐800‐Flowers.com Inc. 4.5% 0.4Rediff.com India Limited ‐6.4% 0.2 U.S. Auto Parts Network, Inc. ‐0.2% 0.4UBM plc ‐7.0% 2.8 High Co. SA 0.7% 0.4A. H. Belo Corporation ‐7.2% 0.5 United Online, Inc. ‐4.3% 0.4Mixi, Inc. ‐7.4% 2.5 Charm Communications Inc. 19.3% 0.4Zynga, Inc. ‐7.4% 3.5 ValueVision Media Inc. 7.2% 0.4International Game Technology ‐8.2% 2.3 ReachLocal, Inc. 12.9% 0.3Actuate Corporation ‐8.8% 1.6 CafePress Inc. 1.3% 0.3DeNA Co., Ltd. ‐8.8% 1.1 Geeknet, Inc. 17.0% 0.3Yellow Media Limited ‐11.2% 1.4 TradeDoubler AB ‐5.9% 0.2Hollywood Media Corp. ‐11.5% 1.8 Rediff.com India Limited ‐6.4% 0.2Renren Inc. ‐18.4% 2.0 AirMedia Group Inc. 2.9% 0.2Sky‐mobi Limited ‐20.7% 1.4 Pacific Online Ltd. 11.1% 0.2Cello Group Plc ‐29.4% 0.7 PDI, Inc. ‐1.4% 0.1

IAB CFO Council Meeting - Petsky...

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