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June 2012 Marketing, Media, Technology, and Service Industries M&A & Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 24

About Petsky Prunier 33

2M&A & INVESTMENT SUMMARY JUNE 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 241 d l th i t l $10 1 billi d i J 2012

Transaction Distribution• A total of 241 deals worth approximately $10.1 billion were announced in June 2012

• Digital Media/Commerce was the most active and highest value segment with 93 transactions worth approximately $3.3 billion

• Strategic buyers announced 82 deals for approximately $5.9 billion (34% of total volume)

• VC/Growth Capital investors announced 151 deals for approximately $2 2 billion• VC/Growth Capital investors announced 151 deals for approximately $2.2 billion

• Buyout investors announced eight deals for approximately $1.9 billion

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

JUNE 2012

BUYER/INVESTOR BREAKDOWN

Transactions Est. Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 93 39% 3,312.3 33% 28 2,015.5 1 135.0 64 1,161.8

Marketing Technology 48 20% 2,752.8 27% 19 2,361.0 0 0.0 29 391.8

Software & Information 39 16% 1,886.6 19% 3 53.4 4 1,445.0 32 388.2

Agency/Consulting 26 11% 962.4 10% 22 939.8 0 0.0 4 22.6

Digital Advertising 22 9% 345.6 3% 4 102.7 0 0.0 18 242.9

Marketing Services 8 3% 580 9 6% 2 270 0 2 278 0 4 32 9

$27.1 27 0 30.0

Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

Marketing Services 8 3% 580.9 6% 2 270.0 2 278.0 4 32.9

Out-of-Home & Specialty Media 5 2% 230.9 2% 4 155.4 1 75.5 0 0.0

Total 241 100% 10,071.5 100% 82 5,897.8 8 1,933.5 151 2,240.2

$7.4

$19.5 $10.1

$14.6

$23.3

$11.0 $11.2 $8.8 $10.4 $10.8

$4.5

$11.5

6.0 9.0

12.0 15.0 18.0 21.0 24.0 27.0

Valu

e ($

in b

illio

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$10.3 HPQ/ AU


-3.0 6.0

Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

241294 259 243284275259 266 226 261 247222 280

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Agency/ConsultingAKQA, Inc. Digital Agency WPP Group $550.0 $230.0 $42.6 2.4x 12.9x

Digital Media/CommerceMoneySavingExpert.com Comparison Shopping Moneysupermarket.com Ltd 133.7 25.4 20.4 5.3x 6.6x

Marketing Technology

Selected Transactions With Multiples Information

Buddy Media, Inc. Social Technology Salesforce.com 689.0 100.0 - 6.9x NA

Software & InformationFNIS, Healthcare Benefits Solutions Business HC-Providers Software Lightyear Capital LLC 335.0 120.0 - 2.8x NACoalition Development Financial Software CRISIL Limited 44.5 12.5 - 3.6x NA

Out-of-Home & Specialty MediaAvusa Entertainment Media Mvelaphanda Group Ltd. 96.2 694.3 54.9 0.1x 1.8xEastern Holdings B-to-B Media MTB Holdings 36.7 24.0 - 1.5x NAE-consultancy.com B-to-B Media Centaur Media plc 18.7 10.4 1.7 1.8x 11.0x

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

Software & InformationServiceNow, Inc. Infrastructure Software IPO $1,847.2 $169.0 ($12.0) 10.9x NM

IPOs After Final Pricing*


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

SECURITIES IN REGISTRATION ($ in Millions)

Securities in Registration (as of 6/29/2012)

Aggregate Date Company Name Segment Offering Value Rev Adj. EBITDA

Apr-12 BlackStratus Software & Information $20.0 $9.2 NM

Apr-12 Palo Alto Networks, Inc. Software & Information 175.00 185.20 4.70

LTM

g ( / / )

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.00

Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM

Mar-12 Reval Holdings Software & Information 75.00 45.00 NM

Mar-12 Eloqua Corporation Marketing Technology 100.0 71.3 NM

F b 12 AdChi Di it l Ad ti i 100 00 50 00 NMFeb-12 AdChina Digital Advertising 100.00 50.00 NM

Feb-12 E2open Software & Information 86.30 60.80 6.00


LTM IPO PERFORMANCE ($ in Millions)

LTM IPO Performance (as of 6/29/2012)

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 Jun 29, 2012 1st Trading Day

Jun-12 NOW ServiceNow, Inc. United States $15.00-$17.00 $18.00 $26.60, up 48% 26.60 NA

May-12 FB Facebook, Inc. United States 36.00-38.00 38.00 38.23, flat 31.10 -18.7%

May-12 WAGE WageWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 15.06 19.5%

Apr-12 AQ Acquity Group United States 6.00-8.00 6.00 5.77, down 4% 9.85 70.7%

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 16.95 20.2%

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 22.93 7.7%

Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 28.10 -20.8%

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.28 -61.7%

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 23.69 -2.6%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 21.86 -12.9%

Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 13.19 -47.2%

Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 6.10 10.9%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.79 19.6%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 22.73 -7.5%

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 13.01 -0.6%

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 18.20 10.2%

Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 15.31 1.1%

Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 15.71 6.6%

Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 20.99 39.5%

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 19.39 19.0%

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 5.44 -42.7%

Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 15.84 -2.6%

Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 10.63 -59.3%

Jul-11 Z Zillow, Inc. United States 12.00-14.00 20.00 35.77, up 79% 38.63 8.0%


Transactions by Segment and Buyer TypeDIGITAL ADVERTISING

• Ad Networks/Exchanges and Mobile Marketing were the most active segments, each with six announced transactions. Ad Networks/Exchanges was the highest value segment worth approximately $168 million

• Select acquisitions› Valassis Communications’ $50 million acquisition of Brand.net, which operates an online display, video and

mobile advertising platform› Deluxe’s $28 million acquisition of OrangeSoda, a marketing services company specializing in search, mobile

and social media campaign strategies for small businesses• Select investments

› The $50 million investment in GoHealth.com, which operates an online portal that allows consumers to comparison shop for health coverage

› The $39 million investment in Komli Media, an India-based digital media ad network› The 27 million investment in Yext, a company that helps local businesses synchronize their listings across 50

different sites, led by Marker

BUYER/INVESTOR BREAKDOWNDIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

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

Ad Networks/Exchanges 6 27% 168.3 49% 1 50.0 0 0.0 5 118.3

Digital Video 6 27% 37.0 11% 2 25.0 0 0.0 4 12.0

Mobile Marketing 6 27% 25.7 7% 0 0.0 0 0.0 6 25.7

Search Marketing 3 14% 64.7 19% 1 27.7 0 0.0 2 37.0


g

Affiliate/CPA Network 1 5% 50.0 14% 0 0.0 0 0.0 1 50.0Total 22 100% 345.6 100% 4 102.7 0 0.0 18 242.9


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

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

($ in millions, except stock price data)

g q y g pCompany Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $581.53 -13% $189,593.4 $149,684.4 $47,616.0 $7,707.0 $39,975.0 $14,796.0 37.0% 28.5% 3.7x 10.1xMicrosoft Corporation United States 30.70 -7% 257,906.6 212,902.6 58,348.0 13,148.0 73,031.0 30,704.0 42.0% 6.4% 2.9x 6.9x

Bankrate, Inc. United States $20.08 -23% $2,007.7 $2,136.8 $64.5 193.7 $450.1 $134.2 29.8% 57.8% 4.7x 15.9xBlucora, Inc. United States 12.77 -9% 511.2 465.5 129.9 84.2 292.9 48.5 16.6% 43.4% 1.6x 9.6xConstant Contact, Inc. United States 18.75 -42% 541.4 398.4 143.0 - 224.3 24.4 10.9% 21.4% 1.8x 16.3xeHealth, Inc. United States 15.75 -12% 308.5 192.3 116.2 - 151.2 17.5 11.6% -6.7% 1.3x 11.0xHi-Media S.A. France 2.47 -55% 112.0 151.3 23.3 62.1 298.7 26.2 8.8% 3.6% 0.5x 5.8xIAC/InterActiveCorp United States 45 72 -13% 3 735 6 3 164 1 775 6 95 8 2 239 8 314 1 14 0% 30 3% 1 4x 10 1xIAC/InterActiveCorp United States 45.72 13% 3,735.6 3,164.1 775.6 95.8 2,239.8 314.1 14.0% 30.3% 1.4x 10.1xMillennial Media Inc. * United States 12.41 -56% 944.2 1,013.1 9.1 - 115.1 (2.7) NM 0.0% 8.8x NMMotricity, Inc. United States 0.64 -93% 29.5 40.1 10.4 21.0 120.1 (10.8) NM -6.6% 0.3x NMOPT, Inc. Japan 1,094.66 -27% 161.1 1.4 173.8 8.9 790.9 19.5 2.5% 10.2% 0.0x 0.1xPacific Online Ltd. China 0.37 -39% 398.3 329.7 68.6 - 101.5 46.1 45.4% 25.9% 3.2x 7.2xQuinStreet, Inc. United States 9.09 -34% 401.5 394.3 115.4 108.2 378.9 64.4 17.0% -4.7% 1.0x 6.1xResponsys, Inc. United States 12.18 -33% 585.8 490.0 97.5 1.8 142.9 23.7 16.6% 36.3% 3.4x 20.7xSepteni Holdings Co Ltd Japan 707.42 -31% 89.0 47.4 62.5 13.5 453.3 17.6 3.9% 9.2% 0.1x 2.7xThe Active Network, Inc. * United States 15.93 -32% 931.9 850.3 95.0 13.4 359.1 10.1 2.8% 24.2% 2.4x 84.3xTradeDoubler AB Sweden 2.54 -58% 108.6 70.0 40.5 - 392.2 17.6 4.5% 7.4% 0.2x 4.0xTree.Com, Inc. United States 9.72 -1% 109.7 50.7 59.0 - 53.9 (16.7) NM -1.7% 0.9x NMTudou Holdings Limited * China 37.04 -17% 1,068.9 971.8 110.4 13.2 91.0 (49.9) NM 70.6% 10.7x NMValueClick, Inc. United States 16.46 -25% 1,327.4 1,324.7 107.7 105.0 596.5 169.5 28.4% 32.1% 2.2x 7.8xVelti Plc Ireland 7.04 -65% 441.8 410.6 41.0 9.6 211.4 22.9 10.8% 63.2% 1.9x 17.9xYandex N.V. Netherlands 18.81 -55% 6,123.5 5,774.3 349.3 - 748.7 322.4 43.1% 56.8% 7.7x 17.9xYahoo! Inc. United States 15.65 -7% 19,136.8 17,008.4 2,209.9 40.0 4,991.1 1,319.2 26.4% -16.0% 3.4x 12.9x

Low 0.0x 0.1x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x)

d EBITDA l i l h 1 0 d d d i i b h (33 6 ) Mean 2.7x 14.7x

Median 1.8x 10.1x

Weighted Avg 4.1x 14.3x

Adj. W Avg* 3.8x 13.3xHigh 10.7x 84.3x

and EBITDA multiples that are 1.0 standard deviations above the mean (33.6x).

Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples.


AGENCY/CONSULTINGTransactions by Segment and Buyer Type

• Digital Agency was the most active and highest value segment with nine deals announced worth approximately $672 million

• Select acquisitions› WPP’s $550 million acquisition of AKQA, one of the largest independent digital agencies› McCann Health’s $55 million acquisition of Double Helix Development a healthcare consultancy providing › McCann Health s $55 million acquisition of Double Helix Development, a healthcare consultancy providing

strategic market research, market access, pricing and reimbursement and health economics and outcomes research

› Project Worldwide’s $10 million acquisition of Affinitive, which provides word of mouth and social media marketing services

› Mudd Group’s acquisition of TargetClick Marketing Solutions, a Web design and development, strategic online and social media marketing agency

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

Digital Agency 9 35% 672.0 70% 8 662.0 0 0.0 1 10.0



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

Digital Agency 9 35% 672.0 70% 8 662.0 0 0.0 1 10.0

Design Agency 3 12% 45.0 5% 2 35.0 0 0.0 1 10.0

General Agency 3 12% 45.6 5% 2 45.0 0 0.0 1 0.6

Healthcare Agency 2 8% 27.6 3% 2 27.6 0 0.0 0 0.0

Other Consulting 2 8% 99.6 10% 2 99.6 0 0.0 0 0.0

Promotion Agency 2 8% 40.0 4% 2 40.0 0 0.0 0 0.0

Public Relations 2 8% 10 6 1% 2 10 6 0 0 0 0 0 0Public Relations 2 8% 10.6 1% 2 10.6 0 0.0 0 0.0

Social Agency 2 8% 12.0 1% 1 10.0 0 0.0 1 2.0

Experiential Marketing 1 4% 10.0 1% 1 10.0 0 0.0 0 0.0

Total 26 100% 962 100% 22 940 0 0 4 23


AGENCY/CONSULTINGPUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/29/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAegis Group plc United Kingdom $2.52 -15% $2,892.3 $3,071.6 $1,766.7 $320.3 18.1% 20.6% 1.7x 9.6xAcquity Group Limited Hong Kong 8.30 -2% 195.2 189.1 119.4 24.4 20.4% 0.0% 1.6x 7.7xCello Group Plc United Kingdom 0.53 -27% 43.2 56.1 207.9 13.4 6.4% 6.9% 0.3x 4.2xCharm Communications Inc. China 7.69 -39% 299.4 174.4 251.4 41.4 16.5% 18.2% 0.7x 4.2xChime Communications plc United Kingdom 2.33 -48% 186.5 182.8 507.3 46.7 9.2% 8.7% 0.4x 3.9xDentsu Inc. Japan 28.12 -17% 7,005.1 4,535.3 22,971.2 833.3 3.6% 3.3% 0.2x 5.4xHavas France 4.96 -11% 2,148.3 2,199.1 2,137.1 322.4 15.1% 5.6% 1.0x 6.8xH t th l U it d Ki d 0 62 47% 153 3 263 7 274 4 40 2 Huntsworth plc United Kingdom 0.62 -47% 153.3 263.7 274.4 40.2 14.7% 1.5% 1.0x 6.6xThe Interpublic Group of Companies, Inc. United States 10.69 -17% 4,736.2 5,252.5 7,046.6 847.3 12.0% 6.0% 0.7x 6.2xM&C Saatchi plc United Kingdom 2.13 -13% 134.9 116.1 238.4 27.3 11.5% 22.4% 0.5x 4.2xMDC Partners Inc. * Canada 9.81 -47% 303.7 809.1 964.2 38.8 4.0% 25.5% 0.8x 20.8xNext Fifteen Communications Group plc United Kingdom 1.40 -7% 80.7 93.2 142.8 18.2 12.7% 14.7% 0.7x 5.1xOmnicom Group Inc. United States 48.51 -7% 13,225.0 15,610.9 14,028.5 2,097.5 15.0% 9.8% 1.1x 7.4xPhoton Group Limited Australia 0.04 -44% 57.0 28.5 512.3 34.8 6.8% -0.2% 0.1x 0.8xPublicis Groupe SA France 46.70 -13% 8,068.7 8,264.6 7,555.7 1,343.3 17.8% 7.3% 1.1x 6.2xSapient Corp. United States 10.97 -32% 1,547.9 1,344.7 1,040.1 130.3 12.5% 18.0% 1.3x 10.3xWPP plc Ireland 12.19 -10% 15,348.5 19,534.2 15,599.3 2,432.4 15.6% 7.4% 1.3x 8.0x

Low 0.1x 0.8x

Mean 0.8x 6.9x

Median 0.8x 6.2x


Adj. W Avg* 1.0x 7.2x



High 1.7x 20.8x


DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• eCommerce was the most active and highest value segment with 32 transactions worth approximately $1.8 billion• Select acquisitions

› Wellpoint’s $900 million acquisition of 1-800 Contacts, one of the largest direct marketers of contact lenses› News Corp.’s $450 million acquisition of ESPN STAR Sports, which offers sports news and videos online› Warburg Pincus’ $135 million acquisition of GlobalSpec, a specialized vertical search, product information and

digital media company serving the engineering and manufacturing markets• Select investments

› The $322 million investment in Netshoes, a Brazil-base online retailer of sports shoes, jerseys, and accessories, from Temasek Holdings

› The $150 million investment in Kynetic, which operates a number of Internet businesses including Fanatics, an online retailer of licensed sports merchandise, from Andreessen Horowitz and Insight Venture Partners

› The $36 million investment in Moda Operandi, an online luxury fashion retail that enables customers to buy designer fashions immediately following their runway show, led by RRE Ventures

BUYER/INVESTOR BREAKDOWNDIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

eCommerce 32 34% 1,799.3 54% 9 992.3 0 0.0 23 807.0

Social Media/Apps 21 23% 127.2 4% 3 31.8 0 0.0 18 95.4

Gaming 9 10% 103.5 3% 4 65.0 0 0.0 5 38.5

Mobile Content/Apps 8 9% 57.9 2% 3 24.2 0 0.0 5 33.7


Niche Content 7 8% 501.7 15% 4 474.5 0 0.0 3 27.2

Classifieds/Auctions/P-to-P 5 5% 17.6 1% 0 0.0 0 0.0 5 17.6

Digital Promotion/Coupon 3 3% 284.0 9% 3 284.0 0 0.0 0 0.0

Vertical Search 3 3% 178.5 5% 0 0.0 1 135.0 2 43.5

Comparison Shopping 2 2% 143.7 4% 2 143.7 0 0.0 0 0.0

Local Search 2 2% 97.0 3% 0 0.0 0 0.0 2 97.0


Web Search/Portals 1 1% 2.0 0% 0 0.0 0 0.0 1 2.0

Total 93 100% 3,312 100% 28 2,016 1 135 64 1,162

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $228.35 -7% $102,877.6 $97,162.6 $5,715.0 $0.0 $51,405.0 $1,815.0 3.5% 39.2% 1.9x 53.5xeBay Inc. United States 42.01 -4% 54,244.5 50,458.5 5,871.0 2,085.0 12,382.7 3,489.0 28.2% 30.3% 4.1x 14.5xFacebook, Inc. United States 31.10 -31% 66,483.8 63,279.8 3,910.0 706.0 4,038.0 2,131.0 52.8% 0.0% 15.7x 29.7xpriceline.com Incorporated United States 664.52 -14% 33,088.4 31,094.6 3,618.7 1,441.6 4,583.5 1,546.6 33.7% 38.5% 6.8x 20.1x

1-800-Flowers.com Inc. United States $3.49 -4% $226.1 $234.3 $24.9 $33.1 $737.0 $37.4 5.1% 12.5% 0.3x 6.3xAirMedia Group Inc. China 2.38 -41% 149.0 28.7 117.9 - 276.9 10.0 3.6% 14.1% 0.1x 2.9xAncestry.com Inc. United States 27.53 -39% 1,173.2 1,125.2 48.0 - 417.2 139.7 33.5% 27.4% 2.7x 8.1xAngie's List, Inc. United States 15.84 -20% 914.9 845.2 84.6 14.8 103.5 (46.6) NM 64.5% 8.2x NMAOL Inc. United States 28.08 -1% 2,636.5 2,396.2 361.9 107.9 2,180.1 353.2 16.2% -5.4% 1.1x 6.8xBetfair Group PLC United Kingdom 11.73 -17% 1,165.9 953.5 219.8 - 632.5 132.3 20.9% -0.9% 1.5x 7.2xBIDZ.com, Inc. United States 0.76 -27% 13.8 12.3 1.6 - 79.6 (6.6) NM -21.6% 0.2x NMBlinkx plc United Kingdom 0.64 -75% 231.2 193.5 38.4 - 114.4 12.8 11.2% 73.1% 1.7x 15.2xBlue Nile Inc. United States 29.71 -41% 410.8 350.3 61.2 0.7 350.9 15.2 4.3% 3.5% 1.0x 23.0xBluefly Inc. United States 1.25 -58% 35.7 33.2 2.5 - 98.9 (16.5) NM 9.8% 0.3x NMCyberAgent Inc. Japan 2,543.48 -34% 1,646.2 799.4 869.2 16.6 1,556.1 252.4 16.2% 16.1% 0.5x 3.2xDemand Media, Inc. United States 11.20 -19% 871.7 776.1 95.6 - 331.6 57.4 17.3% 18.9% 2.3x 13.5xDena Co. Ltd. Japan 26.11 -52% 3,735.2 3,061.3 699.0 - 1,768.3 837.3 47.4% 29.3% 1.7x 3.7xDice Holdings, Inc. United States 9.39 -37% 604.3 549.6 68.7 14.0 185.2 74.8 40.4% 30.2% 3.0x 7.3xg , 40.4% 30.2% 3.0x 7.3xE-Commerce China Dangdang Inc. China 6.66 -55% 532.2 311.1 221.1 - 637.2 (57.8) NM 59.3% 0.5x NMEdiets.com Inc. United States 0.32 -83% 4.6 5.3 0.3 1.0 22.3 (4.9) NM -11.9% 0.2x NMExpedia Inc. United States 48.07 -27% 6,109.0 5,467.3 1,997.7 1,249.3 3,537.7 669.0 18.9% 16.2% 1.5x 8.2xG5 Entertainment AB (publ) Sweden 5.92 -16% 47.3 44.6 2.8 - 8.1 3.1 38.2% 88.0% 5.5x 14.4xGameLoft SA France 6.21 -9% 482.4 435.6 49.4 1.4 223.9 33.2 14.8% 14.1% 1.9x 13.1xGlu Mobile, Inc. United States 5.55 -9% 358.0 329.0 28.9 - 71.3 (14.5) NM 12.3% 4.6x NMGree, Inc. Japan 19.78 -44% 4,608.3 3,963.3 626.9 - 1,689.6 895.6 53.0% 157.7% 2.3x 4.4xGroupon, Inc. United States 10.63 -66% 6,864.8 5,708.0 1,161.0 - 1,874.2 (45.0) NM 232.2% 3.0x NMHollywood Media Corp. United States 1.23 -29% 28.5 25.2 3.4 0.0 3.5 (4.8) NM NA 7.2x NMHomeAway, Inc. United States 21.74 -52% 1,787.0 1,564.4 222.7 - 242.4 43.8 18.1% 31.9% 6.5x 35.7xHSN, Inc. United States 40.35 -3% 2,325.5 2,255.4 309.2 239.2 3,213.9 266.5 8.3% 6.3% 0.7x 8.5xInternational Game Technology United States 15.75 -18% 4,649.4 6,034.7 271.1 1,656.4 2,015.6 739.6 36.7% 7.4% 3.0x 8.2xJiayuan.com International Ltd. China 4.80 -70% 152.0 56.7 95.2 - 55.6 6.1 11.0% 64.4% 1.0x 9.3xKongzhong Corp. China 8.04 -1% 344.4 166.2 178.2 - 159.4 21.7 13.6% 9.3% 1.0x 7.7xLeGuide.com S.A. France 35.38 0% 124.1 88.0 46.4 5.0 41.0 14.5 35.2% 13.0% 2.1x 6.1xLinkedIn Corporation * United States 106.27 -12% 10,977.8 10,357.0 620.8 - 616.7 79.6 12.9% 111.0% 16.8x 130.1xLiquidity Services, Inc. United States 51.18 -23% 1,597.3 1,533.5 104.8 41.0 394.3 75.6 19.2% 32.8% 3.9x 20.3xMakeMyTrip Limited * India 16.43 -52% 610.5 523.4 87.5 0.3 196.6 6.3 3.2% 57.6% 2.7x 83.3xMixi Inc Japan 1 716 50 65% 266 2 135 8 126 5 161 8 40 7 25 1% 21 0% 0 8 3 3Mixi, Inc. Japan 1,716.50 -65% 266.2 135.8 126.5 - 161.8 40.7 25.1% -21.0% 0.8x 3.3xMove, Inc. United States 9.09 -11% 356.9 314.6 91.4 - 190.4 15.9 8.4% -3.8% 1.7x 19.8xNexon Co. Ltd. Japan 19.39 -4% 8,399.4 6,840.6 1,722.0 280.3 1,138.7 621.6 NM 25.6% 6.0x NMNetflix, Inc. United States 68.49 -78% 3,802.0 3,397.5 804.5 400.0 3,355.8 326.1 9.7% 40.6% 1.0x 10.4xOpenTable, Inc. United States 45.01 -50% 1,015.8 958.1 57.7 - 145.2 43.3 29.8% 30.3% 6.6x 22.1xOrbitz Worldwide, Inc. United States 3.65 -19% 380.0 632.8 187.7 440.5 771.7 113.7 14.7% 2.2% 0.8x 5.6xOverstock.com Inc. * United States 6.91 -57% 161.8 106.8 72.1 17.0 1,051.2 1.4 0.1% -3.7% 0.1x 75.7xPacific Online Ltd. China 0.35 -42% 383.1 314.4 68.6 - 101.5 46.1 45.4% 25.9% 3.1x 6.8xPandora Media, Inc. United States 10.87 -58% 1,808.5 1,727.9 80.6 - 304.1 (20.8) NM 81.9% 5.7x NMPerform Group plc. * United Kingdom 6.27 -4% 1,498.8 1,400.3 118.1 20.2 160.6 26.5 16.5% 53.0% 8.7x 52.9x


p p g , , 16.5% 53.0% 8.7x 52.9xPC Connection, Inc. United States 10.62 -18% 280.4 232.4 49.8 1.7 2,140.1 57.0 2.7% 5.5% 0.1x 4.1xPC Home Online Inc. Taiwan 5.63 -30% 389.7 305.0 101.8 3.4 477.0 18.4 3.9% 20.7% 0.6x 16.6xPC Mall Inc. United States 5.41 -35% 65.1 139.1 8.6 82.7 1,461.6 18.3 1.2% 3.3% 0.1x 7.6xPhoenix New Media Limited China 4.78 -56% 372.5 183.9 188.6 - 161.5 23.9 14.8% 68.7% 1.1x 7.7x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAQihoo 360 Technology Co. Ltd China 17.29 -34% 2,063.6 1,701.8 363.5 - 214.2 58.5 27.3% 202.1% 7.9x 29.1xRakuten, Inc. Japan 10.31 -13% 13,545.9 12,449.6 4,845.5 3,749.3 4,752.9 1,063.4 22.4% 10.7% 2.6x 11.7xReachLocal, Inc. * United States 11.00 -49% 313.4 222.6 90.8 - 395.2 4.4 1.1% 26.6% 0.6x 50.3xRealNetworks Inc. United States 8.64 -41% 300.3 133.3 167.0 - 315.3 (28.4) NM -12.5% 0.4x NMRediff.com India Ltd. India 4.07 -72% 110.7 73.8 - - 19.9 (7.0) NM -8.5% 3.7x NMRenren Inc. China 4.51 -62% 1,775.8 725.2 1,050.7 - 129.5 (34.5) NM 55.9% 5.6x NMScripps Networks Interactive, Inc. United States 56.86 -2% 8,640.5 9,791.0 645.5 1,384.0 2,126.6 995.8 46.8% 10.1% 4.6x 9.8xShutterfly, Inc. United States 30.69 -52% 1,097.6 953.6 143.9 - 507.3 44.8 8.8% 58.9% 1.9x 21.3xSif T h l i Li i d I di 2 41 63% 203 9 227 7 152 1 10 2 Sify Technologies Limited India 2.41 -63% 203.9 227.7 - - 152.1 10.2 6.7% 12.4% 1.5x 22.3xSky-mobi Limited China 2.28 -81% 74.5 (17.9) 92.5 - 108.8 7.1 6.6% 1.5% NM NMSpark Networks, Inc. United States 5.16 -11% 106.3 93.8 12.5 - 52.1 (0.9) NM 26.2% 1.8x NMStamps.com Inc. United States 24.67 -27% 406.1 357.0 49.1 - 107.1 20.0 18.7% 22.5% 3.3x 17.8xTaomee Holdings Ltd. China 4.33 -76% 157.7 36.6 121.1 - 43.4 11.6 26.8% 3.7% 0.8x 3.1xTechTarget, Inc. United States 5.04 -36% 198.3 145.2 53.1 - 106.6 18.4 17.3% 10.5% 1.4x 7.9xThe Active Network, Inc. * United States 15.39 -35% 900.3 818.7 95.0 13.4 359.1 10.1 2.8% 24.2% 2.3x 81.1xTheStreet, Inc. United States 1.50 -51% 49.1 13.9 35.2 - 56.5 (3.7) NM -2.3% 0.2x NMTripAdvisor Inc. United States 44.69 -3% 5,997.6 6,203.6 208.6 414.6 671.6 301.1 44.8% 29.1% 9.2x 20.6xUnited Online Inc United States 4 22 -35% 382 3 505 2 137 7 260 6 898 5 142 3 15 8% -1 3% 0 6x 3 5xUnited Online, Inc. United States 4.22 35% 382.3 505.2 137.7 260.6 898.5 142.3 15.8% -1.3% 0.6x 3.5xValueVision Media Inc. United States 2.08 -76% 101.5 97.0 42.5 38.0 551.4 (8.4) NM -5.1% 0.2x NMVringo, Inc. * United States 3.86 -29% 55.0 51.4 3.6 - 0.7 (7.3) NM 106.4% 75.9x NMWebMD Health Corp. United States 20.51 -58% 1,145.4 803.3 1,142.1 800.0 534.1 96.4 18.0% -4.3% 1.5x 8.3xWebMediaBrands Inc United States 0.63 -55% 26.3 30.7 3.3 7.6 13.9 (1.6) NM 48.7% 2.2x NMYahoo! Inc. United States 15.83 -6% 19,356.9 17,228.5 2,209.9 40.0 4,991.1 1,319.2 26.4% -16.0% 3.5x 13.1xYandex N.V. Netherlands 19.05 -55% 6,201.7 5,852.4 349.3 - 748.7 322.4 43.1% 56.8% 7.8x 18.2xYelp, Inc. United States 22.73 -29% 1,389.7 1,259.0 130.7 - 94.2 (13.5) NM 0.0% 13.4x NMYouku Inc. China 21.68 -47% 2,488.9 1,915.6 575.7 2.4 165.0 (1.7) NM 122.9% 11.6x NMZillow, Inc. * United States 38.63 -36% 1,113.4 1,030.3 83.1 - 77.6 9.2 11.8% 113.3% 13.3x 112.1xZynga, Inc. United States 5.44 -66% 4,007.4 2,944.6 1,062.7 - 1,218.2 (422.6) NM 64.7% 2.4x NM

Low 0.1x 2.9x

Mean 4.2x 21.3x

Median 1.9x 10.1x





Note: Revenue and EBITDA multiples for Amazon.com, eBay, Facebook and priceline.com excluded from Summary Multiples.


MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• Content Management was the most active segments with 15 transactions. The highest value segment was Social Technology worth approximately $2 billion

• Select acquisitions› Microsoft’s $1.2 billion acquisition of Yammer, an enterprise social network offering employee collaboration

solutions› Salesforce.com’s $690 million acquisition of Buddy Media, a social media marketing platform provider› Facebook’s $100 million acquisition of Face.com, which offers a public application programming interface that

aides in tagging users via facial recognition• Select investments

› The $100 million investment in Donuts an Internet domain management company aiming to expand the Web › The $100 million investment in Donuts, an Internet domain management company aiming to expand the Web domain names beyond .net, .org, and .com, led by Austin Ventures

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

Content Management 15 31% 284 6 10% 8 232 0 0 0 0 7 52 6



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Content Management 15 31% 284.6 10% 8 232.0 0 0.0 7 52.6

Social Technology 11 23% 2,002.8 73% 3 1,909.0 0 0.0 8 93.8

Analytics & Reporting 4 8% 17.1 1% 0 0.0 0 0.0 4 17.1

Mobile Technology 4 8% 55.7 2% 1 7.0 0 0.0 3 48.7

Ad Serving 2 4% 95.0 3% 1 50.0 0 0.0 1 45.0

BI tools 2 4% 30.0 1% 2 30.0 0 0.0 0 0.0

Commerce Management 2 4% 13 8 1% 1 8 0 0 0 0 1 5 8Commerce Management 2 4% 13.8 1% 1 8.0 0 0.0 1 5.8

Email/Messaging Software 2 4% 104.0 4% 1 100.0 0 0.0 1 4.0

SFA/Lead Management 2 4% 4.8 0% 0 0.0 0 0.0 2 4.8

Online Targeting/Optimization 1 2% 10.0 0% 1 10.0 0 0.0 0 0.0

Search & Discovery 1 2% 20.0 1% 0 0.0 0 0.0 1 20.0

SEM/SEO tools 1 2% 15.0 1% 1 15.0 0 0.0 0 0.0


Website Creation/Hosting 1 2% 100.0 4% 0 0.0 0 0.0 1 100.0

Total 48 100% 2,753 100% 19 2,361 0 0 29 392

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $31.32 -10% $15,538.7 $14,284.8 $2,998.1 $1,510.1 $4,335.0 $1,492.5 34.4% 7.1% 3.3x 9.6xsalesforce.com, inc United States 135.56 -18% 18,707.3 18,547.0 710.4 550.1 2,457.6 105.9 4.3% 37.7% 7.5x 175.1x

Akamai Technologies, Inc. United States $29.07 -26% $5,208.9 $4,804.5 $404.5 - $1,202.0 $503.6 41.9% 13.5% 4.0x 9.5xBazaarvoice, Inc. United States 16.21 -23% 921.6 796.4 125.2 - 106.1 (20.6) NM 64.6% 7.5x NMBitauto Holdings Limited China 3.99 -51% 164.3 76.8 87.5 - 117.2 16.0 13.7% 48.3% 0.7x 4.8xBlackbaud Inc. United States 25.35 -25% 1,111.8 1,065.9 46.0 - 378.9 68.3 18.0% 12.5% 2.8x 15.6xBrightcove, Inc. United States 14.02 -45% 382.6 323.1 60.6 - 70.4 (12.6) NM 51.0% 4.6x NMChinaCache International China 5.28 -51% 121.1 62.0 59.7 0.6 105.8 13.7 13.0% 50.4% 0.6x 4.5xC aCac e e a o a C a 5 8 5 % 6 0 59 0 6 05 8 3 13.0% 50.4% 0.6x 4.5xDemandware, Inc. * United States 28.76 -10% 835.8 731.3 109.3 4.7 61.0 1.4 2.3% 48.7% 12.0x 529.1xDigital Generation, Inc. United States 11.91 -64% 328.4 1,335.5 59.9 1,067.0 353.6 119.3 33.7% 40.0% 3.8x 11.2xDigital River Inc. United States 15.24 -55% 562.5 215.3 701.0 353.8 402.4 57.7 14.3% 10.9% 0.5x 3.7xInformatica Corporation United States 42.90 -31% 4,644.1 4,078.1 566.0 - 811.8 183.0 22.5% 18.9% 5.0x 22.3xInnerWorkings Inc. United States 11.77 -4% 573.8 628.7 16.6 71.4 677.2 30.6 4.5% 31.5% 0.9x 20.5xInteractive Intelligence United States 26.69 -35% 512.3 447.6 64.7 - 214.6 25.1 11.7% 19.9% 2.1x 17.8xJDA Software Group Inc. United States 28.49 -18% 1,212.3 1,200.0 285.5 273.2 671.8 164.6 24.5% 8.8% 1.8x 7.3xJive Software, Inc. United States 16.44 -42% 1,015.7 862.3 165.9 12.4 86.5 (38.7) NM 64.2% 10.0x NMKeynote Systems Inc. United States 14.20 -45% 248.5 204.9 43.6 - 117.8 21.8 18.5% 32.7% 1.7x 9.4xLivePerson Inc. United States 17.88 -4% 983.9 876.0 107.9 - 139.5 26.8 19.2% 21.3% 6.3x 32.7xMercadolibre, Inc. Argentina 71.90 -31% 3,174.2 3,019.8 158.6 0.2 321.2 113.1 35.2% 38.3% 9.4x 26.7xNQ Mobile Inc. China 7.42 -42% 326.0 195.5 131.0 - 49.0 6.0 12.2% 114.3% 4.0x 32.6xOpen Text Corp. Canada 47.50 -34% 2,762.0 2,857.5 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.4x 8.8xPROS Holdings, Inc. United States 14.96 -28% 409.0 338.1 70.9 - 102.3 11.2 10.9% 36.1% 3.3x 30.2xRovi Corporation United States 23.35 -61% 2,505.0 3,072.8 906.8 1,474.6 713.1 237.0 33.2% 26.2% 4.3x 13.0xSplunk, Inc. * United States 29.77 -21% 2,754.6 2,488.5 266.1 - 137.5 (10.1) NM 0.0% 18.1x NMWeborama France 27.06 -13% 92.4 87.7 11.5 6.6 31.5 5.7 18.2% 46.5% 2.8x 15.3x

Summary MultiplesLow 0.5x 3.7x

Mean 4.7x 42.9x

Median 3.8x 15.3x



Note: Revenue and EBITDA multiples forAdobe Systems and Salesforce.com excluded from Summary Multiples.




SOFTWARE & INFORMATIONTransactions by Segment and Buyer Type

• Infrastructure Software was the most active segment within Software & Information with 14 transactions, while the highest value segment was Engineering Software worth approximately $1 billion

• Select acquisitions› Apax Partners and JMI Equity’s $1 billion acquisition of Paradigm, a software company focused on the oil and

natural gas industry› Lightyear Capital’s $335 million acquisition of Fidelity National Information Services’ Healthcare Benefits

Solutions Business, which offers services that include benefits administration, account processing and payment fulfillment to healthcare providers

› Vista Equity Partner’s $100 million acquisition of Bullhorn, which offers Web-based software for emerging, medium and large sized staffing and recruiting firms

• Select investments› The $47 million investment in SmartDrive Systems, which provides risk management systems and services

that are designed to reduce costs associated with vehicle collisions, workers' compensation, and personal injury, from Oak Investment Partners, New Enterprise Associates and Stanford University

BUYER/INVESTOR BREAKDOWNSOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

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

Infrastructure Software 14 36% 140.5 7% 0 0.0 0 0.0 14 140.5

Healthcare Software 10 26% 432.5 23% 0 0.0 2 345.0 8 87.5

Credit/Risk Software 3 8% 60.4 3% 1 1.4 0 0.0 2 59.0



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

ERP Software 3 8% 25.5 1% 1 7.5 0 0.0 2 18.0

Financial Software 3 8% 101.5 5% 1 44.5 0 0.0 2 57.0

HR Software 2 5% 106.0 6% 0 0.0 1 100.0 1 6.0

Marketing Data 2 5% 14.0 1% 0 0.0 0 0.0 2 14.0

Engineering Software 1 3% 1,000.0 53% 0 0.0 1 1,000.0 0 0.0

Healthcare Information 1 3% 6.3 0% 0 0.0 0 0.0 1 6.3


Total 39 100% 1,887 100% 3 53 4 1,445 32 388

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION



Company Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $8.09 -4% $449.1 $303.7 $145.4 - $149.2 $15.7 10.5% 29.9% 2.0x 19.4xActuate Corporation United States 6.93 -5% 341.5 273.9 67.7 - 137.7 30.9 22.5% 2.4% 2.0x 8.8xAcxiom Corporation United States 15.11 0% 1,140.5 1,190.2 229.6 279.3 1,130.6 235.5 20.8% 1.5% 1.1x 5.1xAdobe Systems Inc. United States 32.37 -7% 15,918.4 14,430.3 2,998.1 1,510.1 4,335.0 1,492.5 34.4% 7.1% 3.3x 9.7xAdvent Software, Inc. United States 27.11 -8% 1,373.4 1,280.0 142.2 48.8 337.8 65.4 19.4% 15.6% 3.8x 19.6xAdvisory Board Co. United States 49.59 -3% 1,701.4 1,635.9 65.5 - 370.3 58.3 15.8% 30.7% 4.4x 28.0xAkamai Technologies, Inc. United States 31.75 -19% 5,689.2 5,284.7 404.5 - 1,202.0 503.6 41.9% 13.5% 4.4x 10.5xAlliance Data Systems Corporation United States 135.00 0% 6,797.9 13,056.3 399.0 6,657.5 3,324.4 980.2 29.5% 15.9% 3.9x 13.3xAllocate Software plc. United Kingdom 1.16 -14% 73.8 73.8 6.3 6.3 47.6 5.0 10.6% 4.7% 1.6x 14.7xp g 10.6% 4.7% 1.6x 14.7xAllscripts Healthcare Solutions, Inc. United States 10.93 -50% 2,086.0 2,256.0 175.7 345.7 1,473.5 246.7 16.7% 37.1% 1.5x 9.1xArbitron Inc. United States 35.00 -22% 925.9 889.7 36.2 - 427.8 118.3 27.7% 6.9% 2.1x 7.5xathenahealth, Inc. * United States 79.17 -9% 2,837.8 2,721.8 116.0 - 350.7 52.8 15.1% 34.4% 7.8x 51.5xAutomatic Data Processing, Inc. United States 55.66 -3% 27,222.5 25,546.7 1,693.1 17.3 10,535.7 2,354.1 22.3% 10.2% 2.4x 10.9xAveva Group plc United Kingdom 25.57 -9% 1,735.9 1,455.2 286.2 - 313.3 95.3 30.4% 12.6% 4.6x 15.3xAVG Technologies N.V. Netherlands 13.01 -16% 707.5 802.5 107.5 202.5 294.6 83.7 28.4% 0.0% 2.7x 9.6xBlackbaud Inc. United States 25.67 -25% 1,125.9 1,079.9 46.0 - 378.9 68.3 18.0% 12.5% 2.8x 15.8xBooz Allen Hamilton Holding Corporation United States 15.28 -24% 2,024.6 2,505.6 484.4 965.4 5,859.2 478.3 8.2% 4.8% 0.4x 5.2xBrainjuicer Group Plc United Kingdom 4.94 -1% 61.9 56.1 5.7 - 32.2 4.6 14.2% 26.6% 1.7x 12.2xBroadridge Financial Solutions Inc. United States 21.27 -15% 2,656.5 3,002.0 218.8 564.3 2,279.3 394.4 17.3% 6.4% 1.3x 7.6xCegedim SA France 29.92 -40% 417.6 1,004.5 95.0 695.8 1,184.1 195.8 16.5% -1.6% 0.8x 5.1xCello Group Plc United Kingdom 0.53 -29% 43.1 56.2 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.2xCerner Corporation United States 82.66 -6% 14,090.0 13,348.9 893.8 152.6 2,306.8 629.3 27.3% 23.5% 5.8x 21.2xCision AB Sweden 6.80 -25% 100.9 156.4 9.9 67.8 145.7 24.7 17.0% -9.4% 1.1x 6.3xcomScore, Inc. United States 16.46 -42% 579.9 549.8 42.4 12.3 241.7 14.8 6.1% 26.0% 2.3x 37.2xConcur Technologies, Inc. * United States 68.10 -2% 3,729.8 3,499.9 476.3 245.4 393.4 53.4 13.6% 24.0% 8.9x 65.6xConstant Contact, Inc. United States 17.86 -44% 515.7 372.7 143.0 - 224.3 24.4 10.9% 21.4% 1.7x 15.3xCoreLogic, Inc. United States 18.31 -2% 1,926.8 2,508.4 277.3 856.7 1,380.4 206.1 14.9% 15.2% 1.8x 12.2xCornerstone OnDemand, Inc. * United States 23.81 0% 1,185.1 1,102.5 87.2 4.6 81.3 (20.7) NM 63.2% 13.6x NMCorporate Executive Board Co. United States 40.88 -11% 1,369.9 1,157.4 212.4 - 499.5 121.2 24.3% 12.0% 2.3x 9.5xCoStar Group Inc. United States 81.20 -2% 2,095.4 1,544.1 551.4 - 260.7 52.5 20.1% 13.0% 5.9x 29.4xCRA International Inc. United States 14.69 -51% 152.5 104.5 51.1 2.3 295.8 31.3 10.6% 0.0% 0.4x NMCraneware plc United Kingdom 4.47 -54% 120.7 96.9 23.6 - 40.3 9.6 23.8% 27.2% 2.4x 10.1xDigital Generation, Inc. United States 12.37 -63% 341.1 738.2 59.9 457.0 353.6 119.3 33.7% 40.0% 2.1x 6.2xDigital River Inc. United States 16.62 -51% 613.4 266.2 701.0 353.8 402.4 57.7 14.3% 10.9% 0.7x 4.6xDun & Bradstreet Corp. United States 71.17 -18% 3,406.5 4,135.6 117.7 842.8 1,757.7 520.0 29.6% 4.4% 2.4x 8.0xEbiquity plc United Kingdom 1.38 -6% 75.2 90.1 4.5 19.4 76.9 10.6 13.7% 46.8% 1.2x 8.5xEbi I U it d St t 19 95 26% 727 6 740 0 37 9 50 3 172 7 75 3 Ebix Inc. United States 19.95 -26% 727.6 740.0 37.9 50.3 172.7 75.3 43.6% 22.8% 4.3x 9.8xEnvestnet, Inc. United States 12.00 -20% 386.7 316.2 70.6 0.2 126.6 17.3 13.7% 19.8% 2.5x 18.3xEPIQ Systems, Inc. United States 12.25 -18% 441.4 694.8 6.7 260.1 289.9 68.9 23.8% 30.2% 2.4x 10.1xEpocrates, Inc. United States 8.02 -60% 197.6 115.9 81.6 - 111.7 2.6 2.4% 2.6% 1.0x 44.0xEquifax Inc. United States 46.60 -3% 5,609.9 6,481.6 132.7 982.3 2,009.9 654.4 32.6% 6.4% 3.2x 9.9xExperian plc Ireland 14.12 -10% 13,969.2 16,019.2 261.0 2,192.0 4,487.0 1,500.0 33.4% 5.9% 3.6x 10.7xFactSet Research Systems Inc. United States 92.94 -15% 4,174.6 3,932.5 242.1 - 790.1 295.3 37.4% 12.4% 5.0x 13.3xFair Isaac Corp. United States 42.28 -6% 1,449.5 1,770.4 191.1 512.0 640.8 190.3 29.7% 3.5% 2.8x 9.3xFidelity National Information Services, Inc. United States 34.08 0% 10,046.9 14,567.8 481.7 4,850.5 5,809.2 1,679.7 28.9% 7.2% 2.5x 8.7xFidessa group plc United Kingdom 24 31 -27% 894 3 783 1 110 3 - 433 1 87 9 20 3% 6 1% 1 8x 8 9x


Fidessa group plc United Kingdom 24.31 -27% 894.3 783.1 110.3 - 433.1 87.9 20.3% 6.1% 1.8x 8.9xFinancial Engines, Inc. United States 21.45 -18% 986.8 840.6 146.2 - 153.5 27.2 17.7% 28.2% 5.5x 30.9xForrester Research Inc. United States 33.86 -15% 765.6 522.3 243.3 - 288.1 48.7 16.9% 12.0% 1.8x 10.7xFTI Consulting, Inc. United States 28.75 -36% 1,156.4 1,772.0 182.4 798.0 1,600.2 259.7 16.2% 13.2% 1.1x 6.8x




Company Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAFX Alliance Inc United States 15.71 -16% 444.8 388.8 56.0 - 120.9 46.3 38.3% 19.0% 3.2x 8.4xGartner Inc. United States 43.05 -4% 4,015.7 4,126.9 139.0 250.1 1,508.2 243.9 16.2% 14.1% 2.7x 16.9xGfK SE Germany 49.57 -4% 1,809.3 2,366.6 104.0 637.6 1,878.1 279.0 14.9% 6.4% 1.3x 8.5xGlobeOp Financial Services S.A United Kingdom 7.53 -4% 810.9 703.2 106.9 - 221.3 61.9 28.0% 16.9% 3.2x 11.4xGreen Dot Corporation United States 22.12 -40% 787.2 642.8 187.4 42.9 507.1 97.6 19.3% 24.4% 1.3x 6.6xHarris Interactive Inc. United States 1.13 -16% 64.7 58.9 13.2 7.4 159.8 7.7 4.8% -0.2% 0.4x 7.6xHarte-Hanks Inc. United States 9.14 -11% 575.8 663.3 30.4 117.9 845.6 94.1 11.1% -1.7% 0.8x 7.0xIHS Inc. United States 107.73 0% 7,087.0 7,666.2 268.2 847.5 1,439.3 294.3 20.5% 23.2% 5.3x 26.0xI f bl I U i d S 22 93 2% 1 048 0 890 6 157 4 163 6 1 8 Infoblox Inc. * United States 22.93 -2% 1,048.0 890.6 157.4 - 163.6 1.8 1.1% 0.0% 5.4x 492.0xInforma plc Switzerland 5.96 -16% 3,583.8 4,818.9 38.9 1,267.2 1,985.1 555.5 28.0% 4.0% 2.4x 8.7xInformatica Corporation United States 42.36 -32% 4,585.7 4,019.7 566.0 - 811.8 183.0 22.5% 18.9% 5.0x 22.0xInformation Services Group, Inc. United States 1.28 -29% 46.3 97.6 17.0 68.3 184.4 12.1 6.6% 37.9% 0.5x 8.1xInnerWorkings Inc. United States 13.53 -1% 659.6 714.5 16.6 71.4 677.2 30.6 4.5% 31.5% 1.1x 23.3xInteractive Intelligence Group Inc. United States 28.21 -31% 541.4 476.7 64.7 - 214.6 25.1 11.7% 19.9% 2.2x 19.0xInternational Datacasting Corporation Canada 0.22 -51% 13.0 6.1 7.2 0.0 31.1 (1.2) NM -17.9% 0.2x NMIpsos SA France 29.42 -32% 1,332.4 2,091.0 217.0 978.3 1,770.6 237.5 13.4% 19.5% 1.2x 8.8xIsoftstone Holdings Limited China 5.70 -64% 317.9 263.2 71.9 15.1 312.8 34.4 11.0% 45.8% 0.8x 7.6xJDA Software Group Inc United States 29 69 15% 1 263 3 1 251 0 285 5 273 2 671 8 164 6 24 5% 8 8% 1 9x 7 6xJDA Software Group Inc. United States 29.69 -15% 1,263.3 1,251.0 285.5 273.2 671.8 164.6 24.5% 8.8% 1.9x 7.6xKenexa Corp. United States 29.03 -14% 793.5 744.4 83.0 29.0 300.8 25.6 8.5% 38.8% 2.5x 29.1xKeynote Systems Inc. United States 14.85 -43% 259.9 216.2 43.6 - 117.8 21.8 18.5% 32.7% 1.8x 9.9xLender Processing Services, Inc. United States 25.28 -7% 2,136.5 3,170.2 103.7 1,137.4 2,059.0 369.5 17.9% -11.6% 1.5x 8.6xMacdonald Dettwiler & Associates Ltd. Canada 57.29 0% 1,823.6 1,666.2 264.7 103.8 728.1 193.0 26.5% -2.1% 2.3x 8.6xMedAssets, Inc. United States 13.45 -8% 784.4 1,756.5 1.5 973.5 597.6 182.0 30.5% 39.5% 2.9x 9.7xMediware Information Systems Inc. United States 14.60 -6% 120.1 82.7 37.4 - 63.9 12.5 19.5% 21.0% 1.3x 6.6xMerge Healthcare Incorporated United States 2.86 -60% 263.8 475.0 39.2 249.9 240.7 53.9 22.4% 39.1% 2.0x 8.8xMisys plc United Kingdom 0.00 -100% - - 98.0 332.5 638.6 125.8 19.7% 17.9%Moody's Corp. United States 36.55 -15% 8,212.8 8,699.5 828.0 1,236.8 2,350.4 1,000.3 42 6% 10 2% 3 7x 8 7xMoody s Corp. United States 36.55 15% 8,212.8 8,699.5 828.0 1,236.8 2,350.4 1,000.3 42.6% 10.2% 3.7x 8.7xMorningstar Inc. United States 57.84 -10% 2,859.3 2,417.2 443.6 - 640.4 179.9 28.1% 10.6% 3.8x 13.4xMSCI Inc. United States 34.02 -13% 4,135.0 4,751.6 460.2 1,076.8 906.7 410.5 45.3% 0.0% 5.2x 11.6xNational Research Corp. United States 52.35 -1% 355.0 361.2 7.9 14.0 78.4 24.2 30.9% 19.1% 4.6x 14.9xNavigant Consulting Inc. United States 12.64 -14% 655.3 842.6 0.1 187.4 712.5 105.3 14.8% 15.0% 1.2x 8.0xNielsen Holdings N.V. Netherlands 26.22 -18% 9,447.4 16,042.4 295.0 6,882.0 5,570.0 1,361.0 24.4% 6.5% 2.9x 11.8xOnvia Inc. United States 3.97 -10% 33.8 21.9 12.0 0.2 22.5 1.3 5.9% -13.9% 1.0x 16.6xOpen Text Corp. Canada 49.90 -31% 2,912.0 3,007.4 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.5x 9.3xParametric Technology Corporation United States 20.96 -28% 2,502.7 2,438.6 224.1 160.0 1,250.6 214.8 17.2% 19.5% 1.9x 11.4xPaychex, Inc. United States 31.41 -4% 11,389.3 11,073.0 316.3 - 2,229.8 951.7 42.7% 7.0% 5.0x 11.6xProofpoint, Inc. United States 16.95 -5% 526.3 628.0 13.2 5.0 87.7 (11.0) NM 0.0% 7.2x NMPROS Holdings, Inc. United States 16.82 -19% 459.8 388.9 70.9 - 102.3 11.2 10.9% 36.1% 3.8x 34.8xQlik Technologies, Inc. United States 22.12 -38% 1,888.1 1,682.5 205.7 0.1 336.8 20.7 6.1% 37.0% 5.0x 81.3xQuality Systems Inc. United States 27.51 -46% 1,632.5 1,493.1 139.4 - 429.8 125.9 29.3% 21.6% 3.5x 11.9xRealPage, Inc. United States 23.16 -20% 1,700.6 1,696.1 49.6 45.0 274.8 33.7 12.2% 34.4% 6.2x 50.4xReed Elsevier NV Netherlands 11.42 -8% 8,406.2 8,412.6 3.9 10.4 - - NM 0.0% NM NMReis, Inc. United States 9.61 -12% 102.6 85.1 21.3 3.8 27.9 5.2 18.7% 12.3% 3.1x 16.3xSage Group plc United Kingdom 4.35 -12% 5,484.6 5,293.1 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.5x 8.5xsalesforce.com, inc * United States 138.26 -16% 19,079.9 18,919.6 710.4 550.1 2,457.6 105.9 4.3% 37.7% 7.7x 178.7x


Solera Holdings Inc. United States 41.79 -33% 2,903.8 3,625.1 372.8 995.4 773.9 331.1 42.8% 17.7% 4.7x 10.9xServiceNow, Inc. * United States 26.60 NA 1,924.8 1,829.3 95.5 - 169.0 (12.0) NM 0.0% 10.8x NMSPS Commerce, Inc. United States 30.38 0% 370.8 337.7 33.1 - 61.9 4.4 7.1% 31.6% 5.5x 76.8x




Company Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASS&C Technologies Holdings, Inc. United States 25.00 -1% 1,950.0 1,993.0 41.9 85.0 375.5 138.7 36.9% 10.5% 5.3x 14.4xStreamline Health Solutions, Inc. United States 3.70 -3% 38.6 42.6 3.1 7.1 18.4 2.1 11.5% 1.2% 2.3x 20.1xTemenos Group AG Switzerland 16.51 -42% 1,137.4 1,266.5 68.1 203.6 470.7 30.2 6.4% 3.0% 2.7x 41.9xThe Dolan Company United States 6.73 -38% 203.1 386.3 1.5 171.1 280.5 47.2 16.8% -7.0% 1.4x 8.2xThe Hackett Group, Inc. United States 5.57 -15% 169.0 196.2 12.8 40.0 205.1 20.3 9.9% 10.2% 1.0x 9.6xThe McGraw-Hill Companies, Inc. United States 45.00 -10% 12,586.5 12,932.5 932.0 1,198.0 6,316.0 1,707.0 27.0% 2.8% 2.0x 7.6xThomson Reuters Corporation United States 28.40 -20% 23,477.6 30,663.9 531.0 7,527.0 13,831.0 3,332.0 24.1% 4.3% 2.2x 9.2xTIBCO Software Inc. United States 29.92 -14% 4,872.3 4,778.9 647.3 553.9 991.5 225.4 22.7% 19.8% 4.8x 21.2xTh Ul i S f G I U i d S 88 93 3% 2 368 1 2 308 0 65 4 5 3 283 0 27 9 The Ultimate Software Group, Inc. * United States 88.93 -3% 2,368.1 2,308.0 65.4 5.3 283.0 27.9 9.9% 19.6% 8.2x 82.7xVerint Systems Inc. United States 29.51 -22% 1,155.1 1,851.0 189.8 595.6 803.0 132.7 16.5% 9.9% 2.3x 14.0xVerisk Analytics, Inc. United States 49.26 -1% 8,180.4 9,290.3 119.9 1,229.8 1,365.5 600.0 43.9% 16.2% 6.8x 15.5xVocus Inc. * United States 18.60 -45% 438.6 492.1 25.8 1.8 122.7 1.3 1.1% 21.0% 4.0x 375.4xWageWorks, Inc. United States 15.06 -2% 387.6 234.2 197.9 44.5 144.6 20.0 13.9% 19.9% 1.6x 11.7xWolters Kluwer NV Netherlands 15.88 -20% 4,714.3 7,541.2 383.2 3,253.0 4,357.3 1,083.5 24.9% 1.4% 1.7x 7.0xYouGov PLC United Kingdom 1.03 -15% 99.8 83.8 16.3 - 93.0 8.1 8.7% 18.2% 0.9x 10.4x

LowSummary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)

Mean 3.1x 25.8x

Median 2.4x 10.7x





OOH & SPECIALTY MEDIATransactions by Segment and Buyer Type

• There were five acquisitions in the Out-of-Home & Specialty Media segment for a combined total of approximately $231 million

• Select acquisitions› MTB Holdings’ $42 million acquisition of Singapore-based Eastern Holdings, which publisher trade and

consumer journals, periodicals, and magazines and organizes marketing events› Fairway Media Group’s acquisition of Olympus Media, a $30 million outdoor advertising company› Informa’s acquisition of Keynote World Media, a UK-based business media company that also organizes

events, conferences, and exhibitions for informing businesses

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

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

B-to-B Media 3 60% 80.4 35% 3 80.4 0 0.0 0 0.0

Entertainment Media 1 20% 75.5 33% 0 0.0 1 75.5 0 0.0

Traditional Outdoor 1 20% 75.0 32% 1 75.0 0 0.0 0 0.0

Total 5 100% 231 100% 4 155 1 76 0 0


Total 5 100% 231 100% 4 155 1 76 0 0


OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION



Company Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.29 -43% $143.4 $23.1 $117.9 $0.0 $276.9 $10.0 3.6% 14.1% 0.1x 2.3xXinhua Sports & Entertainment Limited China 0.07 -70% 0.5 96.4 13.3 73.4 99.1 (8.4) NM 50.2% 1.0x NMClear Channel Outdoor Holdings Inc. * United States 6.29 -58% 2,245.1 6,684.9 534.8 4,745.1 3,004.9 726.4 24.2% 5.8% 2.2x 9.2xClear Media Ltd. Hong Kong 0.51 -19% 270.5 155.2 125.3 - 191.3 73.0 38.2% 17.8% 0.8x 2.1xFocus Media Holding Ltd. Hong Kong 21.86 -37% 2,826.3 2,452.5 590.7 197.6 845.6 317.3 37.5% 49.4% 2.9x 7.7xJCDecaux SA France 21.33 -27% 4,734.0 4,894.2 393.5 592.9 3,199.7 726.5 22.7% 4.8% 1.5x 6.7xLamar Advertising Co. United States 24.59 -28% 2,292.9 4,444.6 35.9 2,187.6 1,144.5 498.1 43.5% 3.7% 3.9x 8.9xNational CineMedia, Inc. United States 13.69 -23% 767.6 1,663.2 82.7 889.0 443.7 214.8 48.4% 7.3% 3.7x 7.7xNTN Buzztime Inc. United States 0.18 -66% 12.4 9.6 3.1 0.4 23.9 (0.9) NM -4.4% 0.4x NMNTN Buzztime Inc. United States 0.18 66% 12.4 9.6 3.1 0.4 23.9 (0.9) NM 4.4% 0.4x NMTom Group Ltd. Hong Kong 0.08 -32% 310.6 503.8 123.8 274.5 299.5 (3.1) NM -5.6% 1.7x NMValassis Communications Inc. United States 20.11 -37% 859.9 1,356.8 107.2 604.1 2,207.6 282.9 12.8% -5.3% 0.6x 4.8x

Low 0.1x 2.1x

Mean 1.7x 6.2x

Median 1.5x 7.2x


Adj. W Avg* 2.3x 7.2x



High 3.9x 9.2x


MARKETING SERVICESTransactions by Segment and Buyer Type

• There were four acquisitions and four investments for a combined total of approximately $581 million in the Marketing Services segment

• Select acquisitions› TorQuest Partners’ $103 million acquisition of Array Marketing Group, which provides retail merchandising,

point-of-purchase displays, open service systems and retail fixture services› Acosta Sales & Marketing’s acquisition of Mosaic Sales Solutions, a sales and merchandising, experiential

marketing and interactive firm• Select investments

› The $12 million investment in Cartera Commerce, a provider of card-linked marketing solutions that increase revenue and customer loyalty for merchants, banks and issuers, led by Comvest Group

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

Retail Services 3 38% 354.2 61% 1 250.0 1 103.0 1 1.2

Data Processing/Enhancement 1 13% 5.0 1% 0 0.0 0 0.0 1 5.0



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Logistics 1 13% 175.0 30% 0 0.0 1 175.0 0 0.0

Loyalty/Retention 2 25% 26.7 5% 0 0.0 0 0.0 2 26.7

Printer 1 13% 20.0 3% 1 20.0 0 0.0 0 0.0

Total 8 100% 580.9 100% 2 270.0 2 278.0 4 32.9


MARKETING SERVICES PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 06/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $13.89 -7% $1,066.8 $1,116.6 $229.6 $279.3 $1,130.6 $235.5 20.8% 1.5% 1.0x 4.7xAimia Inc. Canada 12.87 -4% 2,215.8 2,534.4 232.6 573.2 2,141.8 279.6 13.1% 2.1% 1.2x 9.1xAlliance Data Systems * United States 126.96 -3% 6,393.1 12,651.5 399.0 6,657.5 3,324.4 980.2 29.5% 15.9% 3.8x 12.9xAMREP Corp. United States 6.80 -30% 40.8 35.8 26.9 22.0 88.3 6.5 7.4% -12.9% 0.4x 5.5xCenveo Inc. United States 2.04 -69% 129.4 1,361.9 9.3 1,241.8 1,887.8 207.0 11.0% 9.0% 0.7x 6.6xConsolidated Graphics, United States 29.55 -49% 302.6 460.3 6.1 163.7 1,045.2 103.1 9.9% -0.8% 0.4x 4.5xConvergys Corporation United States 14.07 -1% 1,641.6 1,332.4 431.0 121.8 2,294.7 265.5 11.6% 8.1% 0.6x 5.0xData Group Inc Canada 4.73 -22% 111.2 209.3 0.2 101.1 335.1 29.3 8.8% 1.0% 0.6x 7.1xDST Systems Inc. United States 51.52 -13% 2,261.7 3,260.4 361.6 1,360.3 2,450.2 367.9 15.0% 4.1% 1.3x 8.9xElanders AB Sweden 3.07 -26% 59.9 151.1 13.2 112.8 279.8 29.6 10.6% 6.1% 0.5x 5.1xFair Isaac Corp. * United States 40.21 -11% 1,378.6 1,699.5 191.1 512.0 640.8 190.3 29.7% 3.5% 2.7x 8.9xHarte-Hanks Inc. United States 8.46 -17% 533.0 620.5 30.4 117.9 845.6 94.1 11.1% -1.7% 0.7x 6.6xInnotrac Corp. United States 1.36 -20% 17.7 17.4 1.1 0.8 87.9 3.0 3.4% 8.2% 0.2x 5.8xInsignia Systems Inc. United States 1.94 -58% 26.4 6.1 20.3 - 16.3 (7.4) NM -44.0% 0.4x NMPoints International Ltd. * Canada 11.16 -10% 168.7 132.2 37.6 - 122.5 4.6 3.7% 21.7% 1.1x 29.0xQuad/Graphics, Inc. United States 12.46 -70% 587.7 1,973.6 27.1 1,412.2 4,291.8 604.6 14.1% 12.8% 0.5x 3.3xR.R. Donnelley & Sons United States 10.58 -50% 1,907.2 5,266.9 415.0 3,755.3 10,552.4 1,281.0 12.1% 3.6% 0.5x 4.1xStarTek Inc United States 3 14 -33% 47 6 37 1 10 5 - 210 8 (5 7) NM 18 1% 0 2x NMStarTek, Inc. United States 3.14 -33% 47.6 37.1 10.5 - 210.8 (5.7) NM -18.1% 0.2x NMSykes Enterprises,

d United States 15.24 -33% 669.6 473.6 196.0 - 1,147.9 119.6 10.4% -0.6% 0.4x 4.0x

Teleperformance France 24.01 -16% 1,329.9 1,300.2 211.6 174.8 2,762.4 339.9 12.3% 3.3% 0.5x 3.8xTeleTech Holdings Inc. United States 14.70 -34% 815.3 742.9 172.8 87.5 1,191.1 140.8 11.8% 7.9% 0.6x 5.3xTranscontinental Inc. Canada 9.40 -41% 762.8 1,218.4 22.4 541.5 2,078.3 388.7 18.7% 0.2% 0.6x 3.1xValassis Communications United States 20.11 -37% 859.9 1,356.8 107.2 604.1 2,207.6 282.9 12.8% -5.3% 0.6x 4.8xViad Corp United States 17.64 -25% 357.3 296.7 71.6 2.9 921.0 34.6 3.8% 1.2% 0.3x 8.6xVistaprint N.V. Netherlands 35.40 -29% 1,309.6 1,384.0 52.1 126.5 978.6 116.7 11.9% 26.7% 1.4x 11.9x

Summary MultiplesLow 0.2x 3.1x

Mean 0.7x 7.2x

Median 0.6x 5.3x



*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.8x)



JUNE SUMMARY TRADING VALUATION INFORMATION

Revenue MultiplesSegment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 2.7x 1.8x 4.1x 3.8xAgency/Consulting 0.8x 0.8x 1.0x 1.0xOOH & Specialty Media 1.7x 1.5x 2.3x 2.3xDigital Media/Commerce 4 2 1 9 5 0 5 0

p

Digital Media/Commerce 4.2x 1.9x 5.0x 5.0xMarketing Technology 4.7x 3.8x 6.1x 4.9xSoftware & Information 3.1x 2.4x 3.7x 3.4xMarketing Services 0.7x 0.6x 0.9x 0.8x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 14.7x 10.1x 14.3x 13.3xAgency/Consulting 6.9x 6.2x 7.3x 7.2xOOH & Specialty Media 6 2x 7 2x 7 3x 7 2x

EBITDA Multiples

OOH & Specialty Media 6.2x 7.2x 7.3x 7.2xDigital Media/Commerce 21.3x 10.1x 20.7x 12.3xMarketing Technology 42.9x 15.3x 27.6x 16.4xSoftware & Information 25.8x 10.7x 25.6x 14.7xMarketing Services 7.2x 5.3x 6.5x 6.3x

deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.

As of close of business on 06/29/12.

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard


p

PPLLC INDICES – LTM as of 6/29/12110

(%)

110

120

%)

70

80

90

100

nd

ex P

erfo

rman

ce (

70

80

90

100

110

nd

ex P

erfo

rman

ce (

60

Jul-11 Sep-11 Nov-11 Jan-12 Mar-12

I

S&P 500 Digital Advertising

60


I

S&P 500 Agency/Consulting

130

(%)

140

(%)

70

90

110

Ind

ex P

erfo

rman

ce (

80

100

120

Ind

ex P

erfo

rman

ce (

105

110

e (%

)

50


S&P 500 Digital Media/Commerce OOH & Specialty Media

60


I

S&P 500 Marketing Technology

100

110

e (%

)

80

85

90

95

100

Ind

ex P

erfo

rman

ce

70

80

90

Ind

ex P

erfo

rman

ce


75


S&P 500 Software & Information

60


S&P 500 Marketing Services

ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

Yammer, Inc. Microsoft Corporation $1,200.01-800 Contacts, Inc. WellPoint, Inc. 900.0Buddy Media, Inc. Salesforce.com 689.0AKQA, Inc. WPP Group 550.0P f d Sk ill 174 0Paysafecard.com Skrill 174.0MoneySavingExpert.com Moneysupermarket.com Ltd 133.7Savings.com, Inc. Cox Target Media, Inc. 100.0Face.com Facebook 100.0Meebo.com, Inc. Google, Inc. 100.0SinglePlatform Constant Contact, Inc. 65.0Double Helix Development McCann Health 54.6Brand.net, Inc. Valassis Communications, Inc. 50.0Clickable Inc Syncapse Corporation 50 0Clickable, Inc. Syncapse Corporation 50.0Coalition Development CRISIL Limited 44.5Eastern Holdings MTB Holdings 36.7brandsExclusive APN News & Media Ltd. 36.3OrangeSoda, Inc. Deluxe Corporation 27.7E-consultancy.com Centaur Media plc 18.7WE7 Tesco PLC 16.8Stone Crossing Solutions Level7 12.0CrowdCompass Inc Cvent 10 0CrowdCompass, Inc. Cvent 10.0Finesco Apricus Biosciences, Inc. 7.6DynaSys QAD, Inc. 7.5Seed Labs LLC Cvent 4.2ESI Integrity Spectra Systems Corporation 1.4Flag Communications Computershare, Inc. 0.6

Reported


Value StrategicUndisclosed

Abovenet International iSoftStone Information Technology (Group) Co., Ltd. - Adaptive Consultancy Ve Interactive Ltd. - Affinitive Project: Worldwide - aNobii J Sainsbury plc


aNobii J. Sainsbury plc - APEX Sports Software Hudl - BBR Group Publicis Groupe S.A. -


Reported



Beefy Media Flashman Studios, LLC - BounceFire BizziBiz International - Ceros Crowd Fusion, Inc. - Clevver Media Alloy Digital Clevver Media Alloy Digital - Collective Intellect, Inc. Oracle Corporation - Collider Media, Inc. Videology Productions - Compu-Quote Applied Systems, Inc. - Coupobox DealCollector - Delta Solutions and Technologies CACI International, Inc. - Enso Communications MWW Group - ESPN STAR Sports News Corporation, Inc. - p p ,Expressor Software Corporation QlikTech, Inc. - Hungama Digital Services Private Limited JWT - inBlue NEXON - Istropolitana Ogilvy & Mather - Kazaam Interactive inVentiv Health, Inc. - Keynote World Media Informa PLC - La Societe Elbee Groupe Adeo S.A. - L k M di M C W ldG Lakestar Media McCann WorldGroup - Llustre Design fab.com - MarketNet Bridgeline Digital, Inc. - Metacafe, Inc. The Collective - Mosaic Sales Solutions Holding Company Acosta Sales & Marketing, Inc. - Motheral Printing Ovation Graphics, LLC - Olympus Media Group Fairway Media Group LLC - OSL Marketing Group Match Marketing Group - OSL Marketing Group Match Marketing Group P4MV Lyquix - Pattern Tap ZURB, Inc. - Playroom nice Entertainment Group - Pod1 Group Ltd. Group FMG Ltd. - Quickish USA TODAY SPORTS Media Group, LLC - Quickoffice, Inc. Google, Inc. - RadiantGrid Technologies Wohler Technologies, Inc. -


REB Marketing The Image Group - Ryzing LLC RockYou - schoolFeed United Online, Inc. -


Reported



Seamless Receipts Sailthru, Inc. - Silverhooks.com TrendNation, LLC. - TargetClick Marketing Solutions Mudd Group, Inc. - The Embassy Interactive Roadhouse Interactive Ltd The Embassy Interactive Roadhouse Interactive Ltd. - The Great American Hanger Company International Innovations, Inc. - Top Local Search Rio SEO - u-Furnish.com Clicker, Inc. - Vendari Clash Media Advertising Ltd. - Video Time Machine Shout! Factory - Vin65 WineDirect - Wuaki.tv Rakuten, Inc. - ,www.PSYCHICFRIEND.COM Psychic Friends Network, Inc. - XLR8R Buzz Media, Inc. - Zawya Thomson Reuters -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

Paradigm Ltd. Apax Partners, Inc. $1,000.0FNIS, Healthcare Benefits Solutions Business Lightyear Capital LLC 335.0GlobalSpec, Inc. IHS, Inc. 135.0Array Marketing Group TorQuest Partners 103.0Avusa Mvelaphanda Group Ltd. 75.5

Buyout DealsUndisclosed

Answers On Demand Primus Capital Funds - Archway Marketing Services Investcorp Technology Partners - Bullhorn, Inc. Vista Equity Partners -

VC/Growth CapitalValues Disclosed

Netshoes Temasek Holdings (Pte) Limited $321.9Kynetic Andreessen Horowitz Fund 150.0Donuts, Inc. Austin Ventures 100.0Justdial Sequoia Capital 57.0Rocket Fuel Northgate Capital 50.0Westwing Home and Living Summit Partners LP 50.0GoHealth.com Norwest Equity Partners 50.0Avalara Battery Ventures 49.0S tD i S t I O k I t t P t 47 0SmartDrive Systems, Inc. Oak Investment Partners 47.0PubMatic August Capital Management 45.0ddmap.com F&H Fund Management 40.0Komli Media Norwest Venture Partners 39.0KupiVip.ru Intel Capital 38.0Moda Operandi RRE Investors 36.0Ooyala, Inc. Telstra Applications and Ventures Group 35.0Practice Fusion Artis Ventures 34.0iZettle AB Northzone 31.6iZettle AB Northzone 31.6Valence Health North Bridge Growth Equity 30.0ideeli, Inc. Credit Suisse Financial Sponsors Group 30.0iGlue, Inc. Growth Capital Partners, L.P. 28.5Yext, Inc. Marker LLC 27.0Kaminario, Inc. Sequoia Capital 25.0Delphix Corp. Jafco America Ventures, Inc. 25.0Blue Jeans Network New Enterprise Associates 25.0Pearl.com LLC Glynn Capital Management 25.0


Gemvara, Inc. Norwest Venture Partners 25.0Visible Technologies In-Q-Tel 24.0Hotel Tonight, Inc. U.S. Venture Partners 23.0


Reported



Value VC/Growth CapitalValues Disclosed

thisMoment, Inc. Trident Capital $22.0Identified, Inc. Vantage Partners 21.0Get Taxi, Inc. Access Industries 20.0Quixey, Inc. Atlantic Bridge 20.0yd.yourdelivery GmbH Macquarie Capital Group 18.7Wattpad, Inc. Khosla Ventures 17.3CloudOn, Inc. Foundation Capital 16.0BuildDirect.com Technologies, Inc. OMERS Ventures 15.5Gigya, Inc. Adobe Systems, Inc. 15.3Panzura Matrix Partners 15.0Shoutlet, Inc. FTV Capital 15.0Hipmunk, Inc. Institutional Venture Partners 15.0Affinity Solutions Chestnut Hill Ventures 14 5Affinity Solutions Chestnut Hill Ventures 14.5Awarepoint Corporation Heritage Group, LLC 14.0Alert Logic, Inc. Industry Ventures, LLC 12.2Cartera Commerce, Inc. ComVest Group 12.2DataGravity Charles River Ventures 12.0Credit Sesame, Inc. Menlo Ventures 12.0Clarizen, Inc. Vintage Capital Partners 12.0Onefinestay Canaan Partners 12.0Dropcam, Inc. Accel Partners 12.0p ,SCVNGR Transmedia Capital LLC 12.0Visual IQ, Inc. Volition Capital LLC 12.0GraphEffect Rincon Venture Partners 12.0CloudCar, Inc. (Unnamed Fund Contibuters) 11.5NaturalMotion Ltd. Benchmark Capital 11.0NaturalMotion Ltd. Benchmark Capital 11.0Magnetic Edison Ventures 10.0Nexage, Inc. SingTel Innov8 10.0U ifi d M di Ad P bli ti I (C d N t) 10 0Unified Media Advance Publications, Inc. (Conde Nast) 10.0Skillpages ACT Venture Capital Limited 9.5MapMyFitness, Inc. Austin Ventures 9.0Embotics Corporation VentureLink LP 8.2Chill.com Kleiner Perkins Caufield & Byers 8.0Lemon, Inc. Maveron, LLC 8.0Cabulous RockPort Capital Partners 8.0Loosecubes New Enterprise Associates 7.8Xceedium, Inc. ArrowPath Venture Partners 7.5


Xceedium, Inc. ArrowPath Venture Partners 7.5Bitcasa, Inc. Pelion Venture Partners 7.0NetProspex, Inc. Edison Ventures 7.0Threadflip, Inc. Shasta Ventures 6.5


Reported




PatientKeeper, Inc. Flybridge Capital Partners $6.3Aviary Spark Capital 6.0Bright (Private Investors) 6.0Love It Juvo Capital, LLC 6.0Cloud Cruiser, Inc. Onset Ventures 6.0innRoad, Inc. Blue Heron Capital, LLC 5.8Kiosked, Ltd. (Private Investors) 5.8AtHoc, Inc. Intel Capital 5.4Mobile Posse, Inc. Harbert Venture Partners 5.0Beintoo srl Innogest SGR 5.0Heavy Bits, Inc. Atlas Venture 5.0Popdust, Inc. New Enterprise Associates 4.5ividence Omnes Capital 4 0ividence Omnes Capital 4.0Yesware, Inc. Google Ventures 4.0Vets First Choice Polaris Venture Partners 4.0ESO Solutions, Inc. Austin Ventures 4.0Gradient X, Inc. Baroda Ventures 3.8Swipp, Inc. Old Willow Partners, LLC 3.5SportStream Vulcan Capital 3.5Burst (Angel Investors) 3.5doo.net Target Partners 3.2gSoundrop Northzone 3.0Shoes of Prey Pty Ltd. CrunchFund 3.0Hoopla Software Safeguard Scientifics, Inc. 2.8ThisLife LLC Madrona Venture Group 2.8Bubble Gum Interactive Pty Ltd. Starfish Ventures 2.5Pathbrite, Inc. Rethink Autism 2.5Adore Me Ventech Capital 2.5CMP.LY Innovation Ventures, L.P. 2.4F t Li it d C b id C it l G 2 3Featurespace Limited Cambridge Capital Group 2.3Wibbitz Horizon Ventures 2.3PrivateCore, Inc. (Unnamed Fund Contibuters) 2.3SocialToaster Blu Venture Investors 2.0Todacell, Ltd. AfterDox 2.0Crushpath LLC Charles River Ventures 2.0TravelRent.com Frontier Ventures 2.0Cut2it (Unnamed Fund Contibuters) 2.0Wanelo.com First Round Capital 2.0


Wanelo.com First Round Capital 2.0Yodo1 Chang You Fund 2.0Tango Card, Inc. Innovation Endeavors LLC 1.8Eventup Lightbank 1.8


Reported




Smarterer Google Ventures $1.8Mancx & More AB ALMI Inveset 1.7CareInSync Corporation HealthTech Capital 1.6ShopSocially TIE Angels 1.6SimpleReach High Peaks Venture Partners 1.6VolunteerSpot ff Venture Capital 1.5DramaFever Corporation Bertelsmann Digital Media Investments 1.5SumAll Battery Ventures 1.5Craftsvilla Lightspeed Venture Partners 1.5MakieLab Sunstone Capital A/S 1.4Context Relevant Madrona Venture Group 1.3Zao.com Orens Capital 1.3VHX Corporation Lerer Ventures 1 3VHX Corporation Lerer Ventures 1.3Switchcam 500 Startups 1.2Cloze, Inc. Kepha Partners 1.2Roqbot, Inc. Google Ventures 1.2UberSense, Inc. (Unnamed Fund Contibuters) 1.1Unikey Technologies, Inc. (Private Investors) 1.1Directr NextView Ventures 1.1Mom Trusted Blumberg Capital 1.0Zola Books (Private Investors) 1.0( )Aglocal Andreessen Horowitz Fund 1.0Bloglovin Betaworks 1.0SnipSnap App LLC MentorTech Ventures 0.9Checkthis Corporation Betaworks 0.9Rewind Me, Inc. First Round Capital 0.8Ringadoc (Private Investors) 0.8The Garden Marketing Limited Communisis plc 0.6Aidin General Catalyst Partners LLC 0.6Bl kB R l t 0 5BlockBeacon Resolute.vc 0.5

VC/Growth CapitalUndisclosed

B2B-Center Insight Venture Partners - DogVacay Andreessen Horowitz Fund - Fisoc, Inc. Greycroft LLC - Flores Online 1-800-Flowers.com, Inc. - Infogix, Inc. H.I.G. Capital LLC - Kiip, Inc. (Unnamed Fund Contibuters) -


Kiip, Inc. (Unnamed Fund Contibuters) Mile High Organics 500 Startups - Readmill Wellington Partners - Zoom Advertising Publicis Groupe S.A. -

F d d i 1999

Petsky Prunier: Maximizing Shareholder Value

• Founded in 1999

• Focused solely on the internet, marketing, media, technology, healthcare and services industries

• Over 35 focused professionals

› Unique combination of investment banking and consulting expertise

• New York-based with West Coast office and Chicago presence

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

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

STRATEGIC CONSULTINGINVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation• Capital Raising and Private

Placements• Corporate Divestitures

INVESTMENT BANKING

• Strategic Development and Competitive Analysis

• M&A Transaction Due Diligence Support and Valuation AnalysisA i iti St t /T t Id tifi ti

• Marketing• Media• Healthcare• Services

• M&A Advisory• Fairness Opinions• Internet

• Acquisition Strategy/Target Identification• Publishing and Thought Leadership

Services• Software• Technology


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

Rank Adviser Deal Count1 Petsky Prunier 192 GCA Savvian Group Corp 143 Nomura Holdings Inc 134 Goldman Sachs & Co 124 China Renaissance Partners 126 Jordan Edmiston Group 106 Sumitomo Mitsui Financial Group Inc 108 Deutsche Bank AG 98 Morgan Stanley 98 KPMG Corp Finance 98 KPMG Corp Finance 911 Bank of America Merrill Lynch 811 Credit Suisse 813 JP Morgan 713 RBC Capital Markets 713 Jefferies Group Inc 716 Barclays Capital 516 Evercore Partners Inc 516 Daiwa Securities Group Inc 516 Lazard Ltd 516 Rothschild 5

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

More than 40 transactions closed in the last two years:

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

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


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

REPRESENTATIVE RECENT TRANSACTIONS

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

acquisition solutions for major brands

has 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

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

has been sold to

a global digital marketing agency

a leading data management and audience optimization platform

(DMP) company

a unit of

has sold

and

leading provider of services for domain name registration,

acquisition, brokerage and salesto

has been sold to

the top independentdirect-to-consumer marketer of

dental savings planshas 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 a growth equity investment led by

a leader in multichannel retail, ecommerce and loyalty marketing

serviceshas been sold to

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has sold its

a leading provider of media buying, out-of-home and sampling

services in niche markets

to

Niche Market Media Buying Business

(Nasdaq: PSEC)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

a premier provider of affinity programs for universities and colleges

to

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

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has been sold to

(TSX: PTO)

to


Vestar Capital Partners has sold

and


Parthenon Capital Partners

has merged with

has been sold to


KRG Capital Partners

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

(Nasdaq: RRD)

one of Europe’s leading online advertising networks

has partnered with

to form a joint venture

CentrSource Canada

has sold theExperiential Marketing Business of

to

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of

has been acquired by

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

has sold the assets of

to

a global marketing services company

has been acquired by

in a combination that createsthe world’s leading loyalty

management provider

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has been sold toa leading national in-store

advertising network and shoppermarketing company

has sold

to

a leading performance-basedadvertising network

has been sold to

has sold

a movie review and consumer entertainment site to

has sold

MIVA Media

a leading pay-per-click contextual online advertising

network

to

(NASDAQ: TREE)

has acquired certain assets of

an online directory service providing trusted lead

generation and marketing services for home

improvement professionals across the country

a leading direct response television media company

has received a majorinvestment from


has divested one of itsmarketing services divisions

(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

lead generation for the for-profit,post-secondary education market

one of the largest and fast growing providers of

out-of-home integrated mediaand marketing programs

reachingconsumers in specialty venues

has been sold to

a provider of accredited continuing education programs

for cliniciansan operating company of

has acquired certain assets of

formerly known as MyGreek.coma fast growing online advertising

network serving the middle market

has been sold to


Bridge Investments LLC


Bridge Investments LLC

june 2012 marketing, media, technology, and service industries …petskyprunier.com ›...

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