february 2013 ma and investment summary - ppllc...

February 2013 M&A and Investment Summary

Expertise Commitment Results

1M&A & INVESTMENT SUMMARY FEBRUARY 2013

Expertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 9

Additional Monthly M&A and Investment Activity Data 42

About Petsky Prunier 54

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

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


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

M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS

A t t l f 298 d l d i F b 2013 f hi h 179 t d $6 billi i l

Transaction Distribution• A total of 298 deals were announced in February 2013, of which 179 reported $6 billion in value

• Digital Media/Commerce was the most active segment with 64 transactions, of which 47 reported $914 million in value

• Communications was the highest reported-value segment with 17 transactions, of which 13 announced $1.9 billion in value

• Strategic buyers announced 135 deals (45 percent of total volume), of which 31 reported $3.2 billion in value

• VC/Growth Capital investors announced 156 deals, of which 148 reported $2.2 billion in value

• Buyout investors announced seven deals, of which two reported $571 million in value

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

Digital Media/Commerce 64 21% 913.7 15% 21 91.0 0 - 43 822.7

Marketing Technology 57 19% 764.7 13% 21 517.0 1 - 35 247.7

FEBRUARY 2013

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

Software 52 17% 473.2 8% 22 146.8 2 - 28 326.4

Technology 27 9% 428.8 7% 10 110.2 0 - 17 318.7

Digital Advertising 26 9% 249.4 4% 11 13.7 0 - 15 235.7

Information & Business Services 26 9% 834.9 14% 15 220.3 2 570.5 9 44.1

Communications 17 6% 1,903.1 32% 8 1,667.7 0 - 9 235.4

Traditional Media 16 5% 387.7 6% 15 387.7 1 - 0 -

Agency 10 3% - 0% 9 - 1 - 0 -

Marketing Services 3 1% 40.8 1% 3 40.8 0 - 0 -

Total 298 100% 5,996.3 100% 135 3,195.1 7 570.5 156 2,230.7


M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTSTransaction Distribution

Th l t t l t ti O l ’ $2 billi i iti f A P k t hi h id t k l ti • The largest control transaction was Oracle’s $2 billion acquisition of Acme Packet, which provides network solutions that enable the delivery of various communications services. The next-largest acquisitions included:

› CVC Capital’s $320 million buyout of Spi Global, a Philippines and U.S.-based company offering voice and non-voice business process outsourcing and customer relationship management services

› Electra Partners’ $251 million acquisition of Ireland-based UBM’s Data Services Business, which provides data and information products that professionals use to support their decision-making and day-to-day marketing and analytics activities

• Kingdom Holding’s $400 million investment in Beijing Jingdong Century Trading, which operates eCommerce site 360buy.com, was the largest investment during the month. Additional sizable investments included:

› The $200 million Valiant Capital Management-led investment in Pinterest, the social scrapbooking site, at a

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

p g p g$1.5 billion valuation

$9.6

$22.4

$11.7

$15.3 $12.8

$19.1

$15.9

$9.5 $9.8 $9.9 $8 5

7

2 35

5

15.0

20.0

25.0

$9.6$6.0* $7.1

$ 5 $ $8.5

2

3 3

22 3 2 1

1

-

5.0

10.0

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

253381 377 376377332 409 297402 401 342 390305


Deals valued over $1BN

* Excludes Liberty Global’s $23.3 billion acquisition of Virgin Media and Comcast’s $19.7 billion acquisition of NBCUniversal News Group

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED

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

Digital AdvertisingLivingSocial(1) Digital Promotion/Coupon (Unnamed Fund Contibuters) $1,466.7 $536.0 - 2.7x NM

Marketing Technology

Angel.com Incorporated Teleservices/eServices Genesys International 110.0 85.0 - 1.3x NM

Selected Transactions With Multiples Information

Skyfire Labs, Inc. Mobile Technology Opera Software ASA 50.0 4.1 - 12.2x NM

Metaresolver Media Management System Millennial Media, Inc. 20.0 10.0 - 2.0x NM

I-Design CRM Cardtronics, Inc. 12.0 5.0 0.4 2.4x 13.5x

Technology

Mu Sigma(2) Big Data MasterCard, Inc. 1,000.0 100.0 - 10.0x NM Online Resources Corporation Financial ACI Worldwide, Inc. 110.2 161.7 28.5 0.7x 5.7x

CommunicationsCommunications

Acme Packet, Inc VoIP Equipment & Software Oracle Corporation 1,645.6 274.4 8.6 6.0x 32.0x

Gilat Satellite Networks(3) Satellite & Microwave Equipment Roumell Asset Management, LLC 227.7 345.0 30.0 0.7x 11.5x

AWIND VoIP Equipment & Software Barco NV 7.1 7.9 - 0.9x NM

Software

FFastFill IT Consulting/Systems Integration ION Trading 150.1 33.8 4.9 4.4x 6.9x

CapitalStream Financial Linedata Services S.A. 45.0 30.0 - 1.5x NM p

Information & Business Services

SPi Global BPO CVC Capital Partners Ltd. 320.0 230.0 45.0 1.4x 5.1x

UBM, Data Services business Marketing Data Electra Partners LLP 250.5 291.4 44.5 0.9x 6.5x

Northgate Managed Services Managed Services Capita Group plc 100.8 229.9 16.2 (4) 0.4x 14.2x

Target Subsegment Buyer/Investor Ent Value Rev EBITDA EV/REV EV/EBITDAIPOs After Final Pricing*

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

Digital AdvertisingDigital Globe Services, Ltd. Online Lead Generation IPO $75.7 $20.0 3.0 3.8x 25.2x

TechnologyXoom Corporation Financial IPO 470.0 80.0 (2.8) 5.9x NM

* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing(1) LivingSocial sold an eight percent stake to unnamed investors for $110 million(2) Mu Sigma sold a five percent stake to a group of investors led by MasterCard for $45 million


(2) Mu Sigma sold a five percent stake to a group of investors led by MasterCard, for $45 million(3) Gilat Satellite Networks sold a five percent stake to Roumell Asset Management for $12 million(4) Northgate Managed Services EBITDA is represented by an EBIT proxy

SECURITIES IN REGISTRATION ($ in Millions)

Aggregate D t C N S t Off i V l R EBITDA

LTMDate Company Name Segment Offering Value Rev EBITDA

Feb-13 Marin Software Incorporated Marketing Technology $75.0 $53.9 ($20.0)

Feb-13 Model N Inc. Software 75.0 88.5 (3.3)

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

Feb-13 Quintiles Transnational Holdings Inc Information & Business Services 600 0 3 692 3 486 2Feb-13 Quintiles Transnational Holdings Inc. Information & Business Services 600.0 3,692.3 486.2

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

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

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

Jun-12 goldenTech SA Software 5.2 NA NA

Jun-12 Shanghai Amarsoft Information Technology Co. Ltd Software NA NA NA

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

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

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

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

Mar-12 Professional Diversity Network LLC Digital Media/Commerce 17.5 5.7 2.9

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


LTM IPO PERFORMANCEInitial 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 Feb 28, 2013 1st Trading Day

F b 13 AIM DGS Di it l Gl b S i Ltd U it d St t N R $2 47 2 59 5% $2 51 (3 1%)Feb-13 AIM:DGS Digital Globe Services, Ltd. United States No Range $2.47 2.59, up 5% $2.51 (3.1%)

Feb-13 XOOM Xoom Corporation United States 13.00-15.00 16.00 25.49, up 59% 21.26 (16.6%)

Nov-12 3666 Tecnos Japan Incorporated Japan 16.77-18.72 18.72 27.66, up 48% 35.29 27.6%

Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 18.38 62.5%

Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 21.36 74.4%

Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 23.75 6.5%

Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 44.85 31.1%

Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 32.60 50.5%

Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, 74% 55.29 12.9%

Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24.00, up 41.8% 23.84 (0.7%)

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 13.25 25.0%

Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 19.76 46.4%

Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 39.87 20.2%

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 61.13 15.1%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 32.47 31.1%

Jun-12 DB:VWA Vange Software Group AG Switzerland 33.05-39.41 33.05 32.69, down 1% 12.47 (61.9%)

May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 13.64 (28.6%)

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 27.25 (28.7%)

May-12 WAGE WageWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 23.61 87.4%

Apr-12 A149940 Modacom Co., Ltd. South Korea 6.24-7.58 6.24 6.76, up 8% 6.87 1.7%

Apr-12 300353 Kyland Technology Co., Ltd. China No Range 3.29 3.49, up 6% 4.75 36.1%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 5.94 2.9%

Apr-12 GWAY Greenway Medical Technologies United States 11.00-13.00 10.00 13.29, up 33% 15.85 19.3%

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 21.09 (1.0%)

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.98 (0.9%)

Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 36.13 1.8%

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 6.40 (66.4%)

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 26.45 8.7%

Mar-12 ENVI Envivio, Inc. United States 10.00-12.00 9.00 8.49, down 5.7% 1.70 (80.0%)

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 22.30 (11.2%)


g p ( )

Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 9.37 (62.5%)

Mar-12 SYNC Synacor, Inc. United States 5.00-6.00 5.00 5.14, up 3% 3.29 (36.0%)

LTM IPO PERFORMANCEInitial 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 Feb 28, 2013 1st Trading Day

M 12 VIPS VIP h Chi 8 50 10 50 6 50 5 50 d 15% 25 88 370 5%Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 25.88 370.5%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.37 17.7%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 22.19 (9.7%)

Mar-12 A153460 Nable Communications, Inc. South Korea 6.54-7.85 7.85 7.66, down 2% 14.67 91.6%


DIGITAL MEDIA/COMMERCETransactions by Subsegment and Buyer Type

• eCommerce was the most active and highest reported-value subsegment with 23 transactions announced, of which 19 announced $560 million in value

• Select acquisitions› Twitter’s $100 million acquisition of Bluefin Labs, a social TV analytics company providing solutions to brand

advertisers, advertising agencies, and TV networks› SFX Entertainment’s $50 million acquisition of Beatport, which offers a DJ and electronic music download

store and community› JD Sports Fashion’s acquisition of UK-based Cloggs, an online retailer of branded footwear

• Select investments› The $25 million investment in Russia based mobile gaming network Game Insight from Russia based › The $25 million investment in Russia-based mobile gaming network Game Insight, from Russia-based

venture investment company IMI.VC , at a valuation of approximately $550 million› The $22 million investment in Nextdoor, which operates a website where users can create private social

networks with others who live in their local neighborhoods, led by Greylock Partners, at a $200 million valuations

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

eCommerce 23 36% 559.4 61% 7 76.0 0 - 16 483.4

Mobile Content/Apps 15 23% 69.5 8% 5 15.0 0 - 10 54.5

Social Media/Apps 15 23% 275.0 30% 5 - 0 - 10 275.0

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

Social Media/Apps 15 23% 275.0 30% 5 0 10 275.0

Gaming 5 8% 6.0 1% 2 - 0 - 3 6.0

Niche Content 4 6% 2.7 0% 2 - 0 - 2 2.7

Classifieds/Auctions/P-to-P 1 2% 1.1 0% 0 - 0 - 1 1.1

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

Total 64 98% 913.7 100% 21 91.0 0 0.0 43 822.7


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

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAOL Inc. United States 36.90 -16% 2,826.5 2,478.9 466.6 105.9 2,191.7 426.0 19.4% -0.5% 1.1x 5.8xBaidu, Inc. China 90.76 -41% 31,734.9 28,625.2 5,211.5 1,915.7 3,578.5 1,992.0 55.7% 53.8% 8.0x 14.4xGoogle Inc. United States 801.20 -1% 264,126.2 223,248.2 48,088.0 7,210.0 50,175.0 16,278.0 32.4% 32.4% 4.4x 13.7xYahoo! Inc. United States 21.31 -1% 25,197.2 21,183.2 4,184.0 124.6 4,986.6 1,457.1 29.2% 0.0% 4.2x 14.5xYandex N.V. * Netherlands 23.19 -45% 7,600.8 7,203.6 397.2 - 941.9 406.2 43.1% 43.6% 7.6x 17.7x

Adjusted Weighted Average 4.8x 13.8x

Web Search/Portals

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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1-800-Flowers.com Inc. United States 4.30 -2% 278.4 273.2 27.0 21.8 733.1 40.8 5.6% 5.0% 0.4x 6.7xAmazon.com Inc. * United States 264.27 -7% 120,124.2 113,061.2 11,448.0 4,385.0 61,093.0 2,508.0 4.1% 27.1% 1.9x 45.1xBlue Nile Inc. United States 33.93 -22% 422.9 336.6 87.0 0.7 400.0 13.7 3.4% 14.9% 0.8x 24.6xBluefly Inc. United States 0.79 -58% 22.6 23.5 1.3 2.3 97.6 (23.2) NM 2.2% 0.2x NM

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.7x)

CafePress Inc. United States 6.95 -69% 118.9 82.0 40.6 3.7 217.8 13.4 6.2% 24.1% 0.4x 6.1xeBay Inc. United States 54.71 -4% 70,932.2 66,043.2 9,408.0 4,519.0 14,072.0 4,119.0 29.3% 20.8% 4.7x 16.0xE-Commerce China Dangdang Inc. China 3.86 -66% 309.4 113.8 227.5 31.8 765.1 (72.9) NM 55.3% 0.1x NM Ediets.com Inc. United States 0.55 -14% 7.9 9.5 0.2 1.9 21.4 (4.1) NM -8.4% 0.4x NM Expedia Inc. United States 63.90 -6% 8,651.3 8,071.6 1,938.1 1,249.3 4,030.3 642.7 15.9% 16.9% 2.0x 12.6xHollywood Media Corp. United States 1.32 -12% 30.6 24.7 6.0 0.0 3.4 (4.4) NM 80.9% 7.3x NM HSN, Inc. United States 53.50 -12% 2,946.9 2,975.6 222.1 250.8 3,266.7 284.0 8.7% 6.4% 0.9x 10.5xJiayuan.com International Ltd. China 5.71 -65% 180.8 99.6 81.1 - 65.9 9.9 15.0% 24.0% 1.5x 10.1xLiquidity Services, Inc. United States 34.05 -49% 1,074.4 1,028.5 45.9 - 491.5 97.7 19.9% 37.3% 2.1x 10.5xMercadolibre, Inc. * Argentina 85.61 -17% 3,779.8 3,588.7 195.2 0.1 373.6 138.6 37.1% 25.0% 9.6x 25.9xN tfli I * U it d St t 188 08 5% 10 531 3 10 215 0 748 1 431 8 3 609 3 95 5 2 6% 2 6% 2 8 0 0Netflix, Inc. * United States 188.08 -5% 10,531.3 10,215.0 748.1 431.8 3,609.3 95.5 2.6% 12.6% 2.8x 107.0xOpenTable, Inc. United States 55.60 -5% 1,276.4 1,172.8 103.5 - 161.6 49.4 30.6% 15.9% 7.3x 23.7xOrbitz Worldwide, Inc. United States 4.26 -10% 447.5 757.3 130.3 440.0 778.8 111.0 14.3% 1.6% 1.0x 6.8xOverstock.com Inc. United States 11.62 -34% 274.8 181.2 93.5 - 1,099.3 28.2 2.6% 4.3% 0.2x 6.4xPC Home Online Inc. Taiwan 4.99 -22% 407.9 326.5 95.1 - 503.4 18.0 3.6% 12.3% 0.6x 18.1xpriceline.com Incorporated United States 689.11 -11% 34,366.8 30,800.9 5,183.2 1,457.0 5,261.0 1,894.9 36.0% 20.8% 5.9x 16.3xRakuten, Inc. Japan 8.67 -11% 11,401.2 7,046.0 8,258.8 3,538.2 5,127.2 1,172.0 22.9% 16.7% 1.4x 6.0xShutterfly, Inc. United States 43.28 -2% 1,572.4 1,327.3 245.1 - 640.6 82.5 12.9% 35.4% 2.1x 16.1xShutterstock, Inc. United States 32.60 -9% 1,092.5 996.4 102.1 6.0 169.6 24.4 14.4% 41.0% 5.9x 40.9xStamps.com Inc. United States 24.39 -25% 380.6 334.0 46.6 - 115.7 26.1 22.5% 13.9% 2.9x 12.8xValueVision Media Inc United States 2 62 -17% 128 6 136 1 30 5 38 0 556 9 (6 1) NM 5 6% 0 2x NM ValueVision Media Inc. United States 2.62 -17% 128.6 136.1 30.5 38.0 556.9 (6.1) NM -5.6% 0.2x NM Vipshop Holdings Limited China 25.88 -9% 1,310.6 1,100.8 210.6 0.8 692.1 (7.4) NM 204.7% 1.6x NM




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

Lifestyle and EntertainmentStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABetfair Group PLC United Kingdom 10.57 -22% 1,065.0 886.5 189.9 - 642.9 102.7 16.0% 7.5% 1.4x 8.6xCyberAgent Inc. Japan 1,869.76 -32% 1,211.0 366.8 934.6 1.8 1,731.8 210.0 12.1% 21.8% 0.2x 1.7xDemand Media, Inc. United States 8.10 -35% 697.7 594.8 102.9 - 380.6 69.0 18.1% 17.1% 1.6x 8.6xDeNA Co., Ltd. Japan 28.15 -23% 3,776.4 3,284.3 573.3 - 2,225.0 959.5 43.1% 42.1% 1.5x 3.4xFacebook, Inc. * United States 27.25 -39% 64,913.2 57,643.2 9,626.0 2,356.0 5,089.0 1,187.0 23.3% 37.1% 11.3x 48.6xG5 Entertainment AB (publ) Sweden 8.03 -4% 70.7 67.7 2.9 - 11.5 4.2 36.7% 92.4% 5.9x 16.0xGameLoft SA France 6.74 -10% 535.9 478.7 55.8 0.5 241.8 29.4 12.2% 21.1% 2.0x 16.3xGlu Mobile, Inc. United States 2.26 -62% 149.0 126.7 22.3 - 87.5 (8.6) NM 32.2% 1.4x NM Gree, Inc. Japan 12.21 -55% 2,850.2 2,651.7 496.4 282.5 1,891.6 891.4 47.1% 49.5% 1.4x 3.0xIAC/InterActiveCorp United States 40.75 -27% 3,435.2 3,370.5 770.6 595.8 2,800.9 411.8 14.7% 36.0% 1.2x 8.2xInternational Game Technology United States 15.94 -8% 4,214.5 5,789.3 247.1 2,236.9 2,235.5 818.3 36.6% 14.6% 2.6x 7.1xKongzhong Corp. China 6.17 -25% 264.3 126.1 138.2 - 180.6 30.8 17.0% 15.6% 0.7x 4.1xLinkedIn Corporation * United States 168.18 -2% 18,340.6 17,591.1 749.5 - 972.3 125.5 12.9% 86.2% 18.1x 140.2xMeetMe, Inc. United States 2.57 -46% 95.1 101.4 5.5 11.8 42.1 (4.0) NM 533.4% 2.4x NM Mixi, Inc. Japan 1,821.04 -29% 282.5 146.5 145.2 - 158.7 48.9 30.8% -1.7% 0.9x 3.0xNCsoft Corporation South Korea 131.55 -56% 2,613.4 2,126.9 527.5 11.4 708.5 165.3 23.3% 23.8% 3.0x 12.9xNexon Co. Ltd. Japan 9.11 -50% 3,965.7 3,190.4 1,476.5 607.3 1,253.8 698.9 55.7% 23.8% 2.5x 4.6xP ifi O li Ltd Chi 0 44 14% 475 6 437 3 38 3 106 5 46 7 43 9% 19 3% 4 1 9 4Pacific Online Ltd. China 0.44 -14% 475.6 437.3 38.3 - 106.5 46.7 43.9% 19.3% 4.1x 9.4xPandora Media, Inc. United States 12.20 -53% 2,074.9 1,994.4 80.5 - 383.4 (24.7) NM 59.3% 5.2x NM Perform Group plc. United Kingdom 6.30 -7% 1,505.8 1,471.5 54.1 15.3 196.8 35.4 18.0% 53.4% 7.5x 41.6xPhoenix New Media Limited China 3.81 -51% 296.9 119.2 177.7 - 173.2 17.1 9.9% 31.5% 0.7x 7.0xRediff.com India Limited India 2.70 -63% 74.5 49.9 - - 16.1 (7.6) NM -23.0% 3.1x NM Renren Inc. China 2.96 -62% 1,113.7 221.3 892.5 - 160.1 (70.4) NM 50.9% 1.4x NM Sky-mobi Limited * China 2.28 -47% 73.6 (23.1) 97.0 - 99.3 1.5 1.5% -9.5% NM NM Spark Networks, Inc. United States 7.22 -13% 150.0 139.0 11.0 - 58.3 (4.4) NM 27.5% 2.4x NM Taomee Holdings Ltd. China 4.05 -36% 148.8 29.6 119.3 - 41.3 5.1 12.4% -11.1% 0.7x 5.8xThe Active Network, Inc. * United States 4.69 -74% 285.9 232.6 58.5 5.2 418.9 4.3 1.0% 24.2% 0.6x 54.2xTheStreet Inc United States 1 85 -20% 61 6 19 6 41 9 - 50 7 (1 2) NM -12 2% 0 4x NM TheStreet, Inc. United States 1.85 20% 61.6 19.6 41.9 50.7 (1.2) NM -12.2% 0.4x NM United Online, Inc. United States 5.90 -12% 537.4 645.0 136.4 244.0 870.9 115.6 13.3% -3.0% 0.7x 5.6xWebMD Health Corp. United States 22.10 -15% 1,083.4 891.6 991.8 800.0 469.9 28.2 6.0% -15.9% 1.9x 31.6xWebMediaBrands Inc United States 1.75 -82% 10.5 16.0 2.2 7.6 14.0 (1.7) NM 12.3% 1.1x NM YY Inc. * China 18.38 -7% 977.7 854.1 123.6 - 105.9 14.0 13.3% 0.0% 8.1x 60.8xZynga, Inc. United States 3.38 -77% 2,655.0 1,470.2 1,284.8 100.0 1,281.3 57.0 4.5% 12.4% 1.1x 25.8x




Transactions by Subsegment and Buyer TypeDIGITAL ADVERTISING

• The were 26 transactions announced in the Digital Advertising segment, of which 15 reported $250 million in value• Select acquisitions

› Alphabird’s acquisition of Australia-based digital marketer Volt Media, which operates a video network for in-stream advertising

› Tatango’s acquisition of Broadtexter which offers a text messaging marketing platform› Tatango s acquisition of Broadtexter, which offers a text messaging marketing platform• Select investments

› The $53 million investment in Consumer United, an online consumer services organization using group buying power to negotiate better deals on services such as auto insurance, home insurance, home security, and utilities, from Spark Capital and Thayer Street Partners

› The $14 million investment in Verve Mobile a mobile advertising platform for national and local media from › The $14 million investment in Verve Mobile, a mobile advertising platform for national and local media, from Nokia Growth Partners, Qualcomm Ventures, and return backer BlueRun Ventures

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Local Search 6 23% 33.1 13% 2 - 0 - 4 33.1

Ad Networks/Exchanges 4 15% 16.0 6% 2 8.2 0 - 2 7.8

Digital Video 3 12% 2.3 1% 2 - 0 - 1 2.3

Mobile Marketing 3 12% 19.5 8% 2 5.5 0 - 1 14.0

Online Lead Generation 3 12% 4.5 2% 2 - 0 - 1 4.5

Comparison Shopping 2 8% 11.5 5% 0 - 0 - 2 11.5

Vertical Search 2 8% - 0% 1 - 0 - 1 -

Affiliate/CPA Network 1 4% 52.5 21% 0 - 0 - 1 52.5

Digital Promotion/Coupon 1 4% 110.0 44% 0 - 0 - 1 110.0

Search Marketing 1 4% - 0% 0 - 0 - 1 -

Total 26 100% 249.4 100% 11 13.7 0 0.0 15 235.7


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

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABlinkx plc * United States 1.39 -3% 502.8 463.6 41.6 - 151.8 16.5 10.9% 82.2% 3.1x 28.1xBlucora, Inc. United States 15.50 -17% 632.9 544.5 162.3 73.9 406.9 72.4 17.8% 77.8% 1.3x 7.5xConstant Contact, Inc. United States 14.13 -54% 431.6 338.1 93.5 - 252.2 23.2 9.2% 17.6% 1.3x 14.6xDemand Media, Inc. United States 8.10 -35% 697.7 594.8 102.9 - 380.6 69.0 18.1% 17.1% 1.6x 8.6xDigital Globe Services, LLC * United States 2.51 0% 74.5 76.3 0.9 2.9 22.8 3.6 15.8% 0.0% 3.3x 21.1xExactTarget, Inc. United States 22.30 -25% 1,531.4 1,423.2 109.4 1.2 292.3 4.1 1.4% 40.9% 4.9x NM Google Inc. United States 801.20 -1% 264,126.2 223,248.2 48,088.0 7,210.0 50,175.0 16,278.0 32.4% 32.4% 4.4x 13.7xHi M di S A F 2 53 46% 112 0 134 5 30 5 51 3 270 3 23 2 8 6% 7 7% 0 5 5 8

Channel Networks & Platforms

Hi-Media S.A. France 2.53 -46% 112.0 134.5 30.5 51.3 270.3 23.2 8.6% -7.7% 0.5x 5.8xMillennial Media Inc. United States 9.37 -66% 742.7 605.3 137.4 - 177.7 (1.8) NM 71.4% 3.4x NM Motricity, Inc. United States 0.40 -72% 18.5 21.4 19.0 22.0 90.9 7.2 7.9% 3.7% 0.2x 3.0xOpera Software ASA Norway 6.29 -21% 750.4 694.7 57.2 - 216.0 60.0 27.8% 34.0% 3.2x 11.6xOPT, Inc. Japan 10.32 -2% 303.7 163.0 171.1 6.0 912.3 26.6 2.9% 26.7% 0.2x 6.1xPacific Online Ltd. China 0.44 -14% 475.6 437.3 38.3 - 106.5 46.7 43.9% 19.3% 4.1x 9.4xReachLocal, Inc. United States 12.53 -12% 357.4 261.9 95.5 - 455.4 16.3 3.6% 21.3% 0.6x 16.1xResponsys, Inc. United States 8.07 -38% 393.7 288.2 106.7 1.1 162.8 19.9 12.2% 20.7% 1.8x 14.5xRovi Corporation United States 17.80 -50% 1,793.0 2,413.7 863.3 1,484.0 650.6 235.8 36.2% -4.5% 3.7x 10.2xSepteni Holdings Co., Ltd. Japan 1,109.73 0% 139.7 105.4 55.7 10.8 491.8 20.3 4.1% 19.8% 0.2x 5.2xThe Active Network Inc United States 4 69 -74% 285 9 232 6 58 5 5 2 418 9 21 7 5 2% 24 2% 0 6x 10 7xThe Active Network, Inc. United States 4.69 74% 285.9 232.6 58.5 5.2 418.9 21.7 5.2% 24.2% 0.6x 10.7xTiVo Inc. United States 12.38 -8% 1,555.2 1,100.5 627.2 172.5 303.9 (69.4) NM 27.6% 3.6x NM TradeDoubler AB * Sweden 2.56 -53% 109.3 83.8 25.3 - 354.4 3.1 0.9% -11.7% 0.2x 26.8xValueClick, Inc. United States 26.67 -3% 2,019.5 2,025.4 136.6 142.5 660.9 202.3 30.6% 18.0% 3.1x 10.0xVelti Plc Ireland 3.68 -75% 239.2 225.2 29.5 15.5 260.0 30.3 11.6% 62.9% 0.9x 7.4xVocus Inc. United States 14.04 -32% 290.7 337.0 32.8 1.6 170.8 (6.1) NM 48.7% 2.0x NM Web.com Group, Inc. * United States 17.08 -13% 805.0 1,482.6 15.2 692.8 407.6 56.9 13.9% 104.6% 3.6x 26.1xYahoo! Inc. United States 21.31 -4% 25,197.2 21,183.2 4,184.0 124.6 4,986.6 1,457.1 29.2% 0.0% 4.2x 14.5xYouku Tudou Inc. * China 20.39 -38% 3,334.2 2,739.8 599.3 4.9 233.7 3.5 1.5% 98.3% 11.7x NM




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

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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States 17.06 -14% 986.3 948.1 53.1 14.9 155.8 (48.3) NM 73.0% 6.1x NM Autobytel Inc. United States 4.56 -11% 40.4 30.1 15.3 5.0 66.8 3.5 5.2% 4.7% 0.5x 8.6xBankrate, Inc. United States 11.25 -56% 1,125.5 1,235.9 83.6 193.9 457.2 112.4 24.6% 7.8% 2.7x 11.0xCtrip.com International Ltd. China 19.29 -31% 2,678.0 2,171.0 774.9 252.7 667.2 119.0 17.8% 18.9% 3.3x 18.2xDice Holdings, Inc. United States 9.64 -12% 564.8 568.6 42.2 46.0 195.4 71.3 36.5% 9.1% 2.9x 8.0xeHealth, Inc. United States 15.53 -45% 314.5 173.7 140.8 - 155.5 20.6 13.3% 2.5% 1.1x 8.4xGroupon, Inc. United States 4.53 -76% 2,982.8 1,771.6 1,209.3 - 2,334.5 155.4 6.7% 45.0% 0.8x 11.4xH A I U it d St t 29 50 3% 2 468 2 2 198 4 269 8 280 4 53 3 19 0% 21 8% 7 8 41 3HomeAway, Inc. United States 29.50 -3% 2,468.2 2,198.4 269.8 - 280.4 53.3 19.0% 21.8% 7.8x 41.3xKayak Software Corporation United States 39.87 -3% 1,537.4 1,359.6 178.4 - 282.8 54.0 19.1% 32.8% 4.8x 25.2xLeGuide.com S.A. France 35.00 -4% 123.1 97.3 27.5 2.5 44.0 10.7 24.3% 23.0% 2.2x 9.1xMakeMyTrip Limited India 13.49 -44% 501.3 428.4 74.4 0.8 220.6 (6.5) NM 21.9% 1.9x NM Monster Worldwide, Inc. United States 5.12 -51% 569.0 585.0 148.2 164.2 890.4 142.5 16.0% -10.4% 0.7x 4.1xMove, Inc. United States 9.76 -4% 386.5 359.4 27.1 - 199.2 16.2 8.1% 3.9% 1.8x 22.2xQuinStreet, Inc. United States 5.73 -52% 245.2 237.1 107.8 99.7 329.1 42.7 13.0% -16.4% 0.7x 5.6xRightmove plc * United Kingdom 26.14 -2% 2,580.8 2,558.6 23.0 - 169.3 115.3 68.1% 20.9% 15.1x 22.2xTree.Com, Inc. United States 17.43 -6% 198.1 108.3 89.8 - 64.2 (9.5) NM 14.9% 1.7x NM TripAdvisor Inc. United States 45.54 -8% 6,507.4 6,433.0 486.5 412.1 763.0 309.6 40.6% 19.8% 8.4x 20.8xTrulia Inc United States 23 84 -38% 651 8 561 8 100 0 10 0 68 1 (5 9) NM 76 8% 8 3x NM Trulia, Inc. United States 23.84 -38% 651.8 561.8 100.0 10.0 68.1 (5.9) NM 76.8% 8.3x NM Yelp, Inc. United States 22.19 -31% 1,413.8 1,318.7 95.1 - 137.6 (10.3) NM 65.2% 9.6x NM Zillow, Inc. * United States 42.96 -10% 1,458.1 1,264.0 194.1 - 116.9 12.4 10.6% 76.9% 10.8x 102.2x




MARKETING TECHNOLOGYTransactions by Subsegment and Buyer Type

• Analytics/Reporting was the most active and highest reported-value subsegment with 12 transactions announced, of which 11 reported $164 million in value

• Select acquisitions› Google’s $125 million acquisition of Channel Intelligence, a provider of on-demand data solutions that help

online consumers find and buy products on retailer sites, manufacturer sites, or destination shopping sites› Genesys International’s $110 million acquisition of Angel.com, a provider of cloud-based customer experience

management applications› Facebook’s $100 million acquisition of Atlas Advertiser Suite, an online advertising campaign management and

measurement tool for marketers and agencies, from Microsoft• Select investments

› The $27 million investment in DataXu, an ad technology company offering a real-time decision-support system that matches advertisers, publishers, and Web users, led by Thomvest Ventures

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

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


$ $ $ $

Analytics & Reporting 12 21% 164.3 21% 2 100.0 0 - 10 64.3

Content Management 9 16% 8.4 1% 4 - 0 - 5 8.4

MRM/Workflow Management 6 11% 102.3 13% 3 100.0 1 - 2 2.3

Social Technology 6 11% 62.3 8% 1 - 0 - 5 62.3

Commerce Management 4 7% 129.4 17% 1 125.0 0 - 3 4.4

CRM 3 5% 15 0 2% 2 12 0 0 - 1 3 0CRM 3 5% 15.0 2% 2 12.0 0 1 3.0

Online Targeting/Optimization 3 5% 46.0 6% 0 - 0 - 3 46.0

Teleservices/eServices 3 5% 110.0 14% 2 110.0 0 - 1 -

BI Tools 2 4% - 0% 2 - 0 - 0 -

Media Management System 2 4% 20.0 3% 2 20.0 0 - 0 -

Mobile Technology 2 4% 75.0 10% 1 50.0 0 - 1 25.0

Other* 5 9% 32 0 4% 1 0 4 32 0


Other* 5 9% 32.0 4% 1 - 0 - 4 32.0

Total 57 100% 764.7 100% 21 517.0 1 0.0 35 247.7

*Other includes Ad Serving, Product/Price Software, Search & Discovery, SFA/Lead Management, Web to Print

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

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States 39.31 -2% 19,607.5 17,577.3 3,538.4 1,508.2 4,403.7 1,477.0 33.5% 4.4% 4.0x 11.9xBazaarvoice, Inc. United States 7.00 -67% 500.2 394.7 105.5 - 148.4 (35.9) NM 57.9% 2.7x NM Blackbaud Inc. United States 27.80 -18% 1,255.9 1,457.9 13.5 215.5 447.4 52.1 11.6% 20.6% 3.3x 28.0xConstant Contact, Inc. United States 14.13 -54% 431.6 338.1 93.5 - 252.2 23.2 9.2% 17.6% 1.3x 14.6xDealertrack Technologies, Inc. United States 29.49 -12% 1,269.7 1,254.3 177.8 162.5 388.9 53.5 13.8% 10.1% 3.2x 23.4xDemandware, Inc. United States 26.45 -23% 786.0 684.3 107.1 5.4 79.5 (3.7) NM 40.5% 8.6x NM Digital Generation, Inc. United States 7.75 -41% 214.4 583.5 84.8 453.9 386.6 108.2 28.0% 19.2% 1.5x 5.4xDi it l Ri I U it d St t 14 25 25% 503 7 108 0 705 6 309 9 386 2 37 5 9 7% 3 0% 0 3 2 9

Marketing Applications

Digital River Inc. United States 14.25 -25% 503.7 108.0 705.6 309.9 386.2 37.5 9.7% -3.0% 0.3x 2.9xeBay Inc. United States 54.71 -4% 70,932.2 66,043.2 9,408.0 4,519.0 14,072.0 4,119.0 29.3% 20.8% 4.7x 16.0xExactTarget, Inc. United States 22.30 -25% 1,531.4 1,423.2 109.4 1.2 292.3 4.1 1.4% 40.9% 4.9x NM Jive Software, Inc. United States 16.61 -41% 1,093.0 958.4 145.4 10.8 113.7 (36.6) NM 47.1% 8.4x NM LivePerson Inc. United States 14.47 -26% 808.4 705.1 103.3 - 157.4 17.6 11.2% 18.3% 4.5x 40.0xMarket Leader, Inc. United States 7.44 -13% 198.2 176.0 22.2 - 45.0 (1.5) NM 32.2% 3.9x NM Responsys, Inc. United States 8.07 -38% 393.7 288.2 106.7 1.1 162.8 19.9 12.2% 20.7% 1.8x 14.5xsalesforce.com, inc * United States 169.22 -8% 24,781.8 24,562.1 867.6 647.9 3,050.2 106.1 3.5% 34.6% 8.1x 231.5xTeradata Corporation United States 58.06 -28% 9,626.3 9,171.3 729.0 274.0 2,665.0 736.0 27.6% 12.8% 3.4x 12.5xThe Active Network, Inc. United States 4.69 -74% 285.9 232.6 58.5 5.2 418.9 21.7 5.2% 24.2% 0.6x 10.7xVocus Inc United States 14 04 -32% 290 7 337 0 32 8 1 6 170 8 (6 1) NM 48 7% 2 0x NM Vocus Inc. United States 14.04 32% 290.7 337.0 32.8 1.6 170.8 (6.1) NM 48.7% 2.0x NM




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

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAActuate Corporation United States 6.00 -18% 293.8 228.2 66.5 0.8 138.8 23.5 17.0% 2.9% 1.6x 9.7xBitauto Holdings Limited China 8.55 -16% 352.1 271.6 80.5 - 147.9 20.2 13.6% 54.7% 1.8x 13.5xBrightcove, Inc. United States 6.30 -75% 175.3 147.1 30.0 - 88.0 (8.9) NM 38.4% 1.7x NM E2open, Inc. * United States 19.76 -4% 495.3 462.9 33.5 1.1 74.4 4.4 5.9% 22.2% 6.2x 105.3xInformatica Corporation United States 35.01 -36% 3,775.5 3,242.3 535.6 - 811.6 180.3 22.2% 3.5% 4.0x 18.0xInfosystems S.A. Poland 1.27 -28% 5.2 4.9 0.6 0.3 2.1 0.8 38.8% 40.7% 2.4x 6.1xInteractive Intelligence Group Inc. * United States 41.61 -2% 804.3 735.4 68.9 - 237.4 10.8 4.6% 13.3% 3.1x 67.9xI t ti l B i M hi C ti U it d St t 200 83 5% 223 827 0 246 044 0 11 176 0 33 269 0 104 507 0 26 858 0 25 7% 2 3% 2 4 9 2

Marketing-related Infrastructure

International Business Machines Corporation United States 200.83 -5% 223,827.0 246,044.0 11,176.0 33,269.0 104,507.0 26,858.0 25.7% -2.3% 2.4x 9.2xKeynote Systems, Inc. United States 15.28 -25% 279.2 227.9 51.2 - 125.2 16.4 13.1% 12.5% 1.8x 13.9xMercadolibre, Inc. Argentina 85.61 -17% 3,779.8 3,588.7 195.2 0.1 373.6 138.6 37.1% 25.0% 9.6x 25.9xMicroStrategy Inc. United States 101.88 -36% 1,150.0 925.6 224.4 - 594.6 49.9 8.4% 5.8% 1.6x 18.6xNetSuite Inc. * United States 69.79 -8% 5,112.3 4,926.5 185.9 - 308.8 (16.7) NM 30.7% 16.0x NM Nuance Communications, Inc. United States 18.41 -32% 5,821.0 7,199.6 961.1 2,335.0 1,753.1 379.4 21.6% 27.4% 4.1x 19.0xOpenText Corporation Canada 54.96 -12% 3,219.1 3,433.2 367.3 581.4 1,276.3 372.0 29.1% 10.2% 2.7x 9.2xOpera Software ASA Norway 6.29 -21% 750.4 694.7 57.2 - 216.0 60.0 27.8% 34.0% 3.2x 11.6xOracle Corporation United States 34.24 -6% 162,102.3 148,591.3 33,695.0 19,757.0 37,230.0 17,300.0 46.5% 1.4% 4.0x 8.6xPTC Inc. United States 23.14 -20% 2,764.8 2,884.5 248.4 368.1 1,257.2 225.0 17.9% 3.2% 2.3x 12.8xQlik Technologies Inc * United States 26 00 -23% 2 246 5 2 050 7 195 8 - 388 5 19 9 5 1% 21 2% 5 3x 103 1xQlik Technologies, Inc. United States 26.00 23% 2,246.5 2,050.7 195.8 388.5 19.9 5.1% 21.2% 5.3x 103.1xRealNetworks Inc. * United States 7.27 -32% 256.2 (15.2) 271.4 - 258.8 (25.3) NM -22.9% NM 0.6xSage Group plc United Kingdom 5.16 -1% 6,133.0 6,353.8 99.3 337.3 2,160.7 639.4 29.6% 0.5% 2.9x 9.9xSAP AG Germany 78.59 -3% 93,718.3 97,154.3 3,466.3 6,918.1 21,388.4 6,506.7 30.4% 14.0% 4.5x 14.9xSky-mobi Limited * China 2.28 -47% 73.6 (23.1) 97.0 - 99.3 1.5 1.5% -9.5% NM NM Synchronoss Technologies, Inc. United States 30.17 -12% 1,140.7 1,094.0 56.2 9.5 273.7 60.6 22.2% 19.5% 4.0x 18.0xTIBCO Software Inc. United States 21.45 -38% 3,444.2 3,243.8 761.7 560.2 1,024.6 214.3 20.9% 11.3% 3.2x 15.1xVerint Systems Inc. United States 34.17 -3% 2,343.2 3,035.9 192.0 592.6 822.6 147.1 17.9% 8.6% 3.7x 20.6x




AGENCYTransactions by Subsegment and Buyer Type

• There were 10 transactions announced in the Agency segment in February, of which three were announced in the Digital Agency subsegment

• Select acquisitions› Weber Shandwick Worldwide’s acquisition of India-based public relations agency Corporate Voice / Weber

Shandwick, and SocialLink, a digital and social media communications agency. Weber Shandwick Worldwide is b idi f I t bli G f C ia subsidiary of Interpublic Group of Companies

› Post+Beam’s acquisition of Kip Solutions, a social media, cause marketing company that helps social impact companies disseminate their message using social media and the Web

AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Digital Agency 3 30% - 0% 3 - 0 - 0 -

Experiential Marketing 2 20% - 0% 1 - 1 - 0 -

Public Relations 2 20% - 0% 2 - 0 - 0 -

Social Agency 2 20% - 0% 2 - 0 - 0 -

Design Agenc 1 10% 0% 1 0 0


Design Agency 1 10% - 0% 1 - 0 - 0 -

Total 10 100% 0.0 0% 9 0.0 1 0.0 0 0.0


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

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $5.94 -46% $139.7 $109.0 $137.9 $27.2 19.7% 0.0% 0.8x 4.0xAegis Group plc * United Kingdom 3.62 1% 4,160.5 4,634.3 1,902.1 330.8 17.4% 18.9% 2.4x 14.0xCello Group Plc United Kingdom 0.65 -8% 53.5 74.3 212.2 12.5 5.9% 8.1% 0.4x 6.0xCharm Communications Inc. China 4.84 -58% 188.5 79.3 198.7 17.7 8.9% -22.5% 0.4x 4.5xChime Communications plc United Kingdom 3.71 -1% 298.2 266.8 563.5 42.7 7.6% 20.4% 0.5x 6.3xCreston plc United Kingdom 1.35 -7% 81.6 84.7 121.9 22.0 18.1% 4.6% 0.7x 3.8xDentsu Inc. Japan 31.22 -2% 7,779.5 7,711.6 22,520.5 845.3 3.8% 5.7% 0.3x 9.1x p , , , 3.8% 5.7% 0.3x 9.1xEnero Group Limited Australia 0.40 -58% 34.2 17.8 307.1 3.8 1.2% -17.8% 0.1x 4.7xHavas France 6.31 -3% 2,411.1 3,054.9 2,166.4 333.8 15.4% 7.2% 1.4x 9.2xHuntsworth plc United Kingdom 0.74 -12% 185.9 291.6 276.6 44.4 16.1% 1.0% 1.1x 6.6xM&C Saatchi plc United Kingdom 3.32 -5% 210.6 193.0 257.3 29.5 11.5% 18.2% 0.7x 6.5xMDC Partners Inc. * Canada 13.76 0% 428.6 959.1 1,070.7 60.7 5.7% 13.5% 0.9x 15.8xNext Fifteen Communications Group plc United Kingdom 1.56 -5% 93.3 100.5 143.6 17.9 12.5% 6.4% 0.7x 5.6xOmnicom Group Inc. United States 57.53 -1% 15,038.7 17,489.0 14,219.4 2,086.9 14.7% 2.5% 1.2x 8.4xOPT, Inc. Japan 10.32 -2% 303.7 163.0 912.3 26.6 2.9% 26.7% 0.2x 6.1xPublicis Groupe SA France 66 23 -1% 13 909 9 13 699 2 8 715 1 1 677 1 19 2% 13 7% 1 6x 8 2xPublicis Groupe SA France 66.23 -1% 13,909.9 13,699.2 8,715.1 1,677.1 19.2% 13.7% 1.6x 8.2xSapient Corp. United States 11.22 -12% 1,549.6 1,309.1 1,121.0 143.4 12.8% 9.8% 1.2x 9.1xThe Interpublic Group of Companies, Inc. United States 12.78 -1% 5,289.8 5,633.2 6,956.2 826.0 11.9% -0.8% 0.8x 6.8xWPP plc Ireland 15.99 -1% 20,229.4 24,928.0 16,860.0 2,661.8 15.8% 3.5% 1.5x 9.4x

1.2x 8.6x


Adjusted Weighted Average


MARKETING SERVICESTransactions by Subsegment and Buyer Type

• There were three transaction in the Marketing Services segment in February among the Database/Analytics, List Broker/Manager, and Printing Services subsegments

• Select acquisitions› Stream Global Service’s $41 million acquisition of UK-based LBM Holdings, a provider of complete customer

lifecycle solutions via its data, customer intelligence, multichannel contact, technology, and digital service› Take 5 Solutions’ acquisition of Specialists Marketing Services, a direct marketing company offering list

management and brokerage, insert media advertising, direct data, and targeted and email marketing

MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Database/Analytics 1 33% 40.8 100% 1 40.8 0 - 0 -

List Broker/Manager 1 33% - 0% 1 - 0 - 0 -

Printing Services 1 33% - 0% 1 - 0 - 0 -

Total 3 100% 40.8 100% 3 40.8 0 0.0 0 0.0


MARKETING SERVICES PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $18.20 -4% $1,343.7 $1,418.8 $186.2 $261.6 $1,109.5 $223.4 20.1% -1.9% 1.3x 6.3xAimia Inc. Canada 15.32 -5% 2,639.6 2,875.7 542.2 795.7 2,256.3 382.4 16.9% 6.3% 1.3x 7.5xAlliance Data Systems Corporation * United States 158.69 -1% 7,914.5 12,721.3 893.4 5,700.2 3,641.4 1,141.2 31.3% 14.8% 3.5x 11.1xAMREP Corporation United States 8.69 -45% 52.1 62.8 15.1 25.7 81.4 1.6 2.0% -10.3% 0.8x 39.0xCenveo Inc. United States 2.10 -60% 133.9 1,309.4 8.1 1,183.6 1,797.6 201.2 11.2% -5.8% 0.7x 6.5xConsolidated Graphics, Inc. United States 38.60 -21% 371.3 515.0 8.5 152.2 1,047.8 103.5 9.9% -0.5% 0.5x 5.0xConvergys Corporation United States 16.59 -5% 1,762.8 1,184.9 638.5 60.6 2,005.0 227.5 11.3% 3.7% 0.6x 5.2xCSG Systems International Inc. United States 19.41 -17% 615.2 720.6 169.3 274.7 756.9 162.8 21.5% 3.0% 1.0x 4.4xData Group Inc Canada 1.69 -70% 39.7 139.0 - 103.5 344.4 28.0 8.1% 3.7% 0.4x 5.0xDST Systems Inc. United States 67.92 -2% 3,002.1 3,672.5 431.1 1,101.5 2,576.6 399.1 15.5% 7.9% 1.4x 9.2xElanders AB Sweden 3.37 -14% 76.5 183.4 25.8 131.5 295.5 32.2 10.9% 4.6% 0.6x 5.7xFair Isaac Corporation * United States 44.34 -7% 1,573.8 1,987.0 90.8 504.0 696.1 191.7 27.5% 9.8% 2.9x 10.4xHarte-Hanks Inc. United States 7.27 -26% 456.4 533.9 35.8 113.3 767.7 88.9 11.6% -9.8% 0.7x 6.0xHigh Co. SA France 6.28 -25% 65.6 34.9 49.5 19.4 170.2 15.3 9.0% -3.2% 0.2x 2.3xInnerWorkings Inc. United States 14.77 -3% 737.6 785.4 17.2 65.0 797.7 41.8 5.2% 25.9% 1.0x 18.8xInnotrac Corp. United States 3.08 -14% 40.5 41.7 1.7 2.8 98.4 6.1 6.2% 19.5% 0.4x 6.8xInsignia Systems Inc. United States 2.03 -13% 27.6 7.8 19.8 - 20.2 (1.2) NM 17.1% 0.4x NM Multiplus SA * Brazil 18.66 -27% 3,022.6 2,430.2 575.8 - 710.5 118.4 16.7% 36.9% 3.4x 20.5xp , ,Points International Ltd. Canada 12.64 -3% 191.7 159.0 34.1 - 131.6 5.1 3.9% 12.5% 1.2x 31.2xQuad/Graphics, Inc. United States 21.75 -3% 1,026.9 2,357.1 18.6 1,348.2 4,179.1 578.2 13.8% -4.3% 0.6x 4.1xR.R. Donnelley & Sons Company United States 10.44 -24% 1,882.8 4,906.6 430.7 3,438.6 10,221.9 1,230.3 12.0% -3.7% 0.5x 4.0xStarTek, Inc. United States 5.02 -7% 76.1 66.9 9.2 - 198.1 6.3 3.2% -9.8% 0.3x 10.6xSykes Enterprises, Incorporated United States 14.86 -10% 639.8 452.5 187.3 - 1,127.7 98.2 8.7% -3.6% 0.4x 4.6xTeleperformance France 41.26 0% 2,285.6 2,072.2 241.3 18.3 3,107.8 388.0 12.5% 10.9% 0.7x 5.3xTeleTech Holdings Inc. United States 18.76 -2% 982.4 939.9 164.5 108.0 1,163.0 145.5 12.5% -1.4% 0.8x 6.5xTranscontinental Inc. Canada 12.19 -6% 954.1 1,507.4 16.8 487.3 2,110.7 360.2 17.1% 6.2% 0.7x 4.2xValassis Communications Inc. United States 27.49 -12% 1,078.2 1,571.1 94.7 587.6 2,162.1 278.2 12.9% -3.3% 0.7x 5.6xViad Corp United States 27 46 -4% 556 3 443 3 124 2 2 3 1 025 2 63 9 6 2% 8 8% 0 4x 6 9xViad Corp United States 27.46 -4% 556.3 443.3 124.2 2.3 1,025.2 63.9 6.2% 8.8% 0.4x 6.9xSoundBite Communications, Inc. * United States 2.95 -6% 48.7 33.7 15.0 - 48.1 0.3 0.6% 15.4% 0.7x 120.6xCSG Systems International Inc. United States 19.41 -17% 615.2 720.6 169.3 274.7 756.9 162.8 21.5% 3.0% 1.0x 4.4xVistaprint N.V. Netherlands 35.00 -19% 1,174.1 1,339.9 64.7 230.5 1,107.8 106.1 9.6% 19.8% 1.2x 12.6x

0.9x 9.3xAdjusted Weighted Average



TRADITIONAL MEDIATransactions by Subsegment and Buyer Type

• There were 16 transactions announced in the Tradition Media segment, worth $388 million in reported value• Select acquisitions

› Regal Entertainment Group’s $238 million acquisition of Hollywood America Cinemas, a motion picture exhibitor and theater operator

› Sinclair Broadcasting Group’s $95 million acquisition of various TV stations in four separate markets as part › Sinclair Broadcasting Group s $95 million acquisition of various TV stations in four separate markets as part of its broadcast portfolio realignment, from Cox Media Group

› I-5 Publishing’s $10 million acquisition of the books, magazines, and websites of special interest publisher BowTie

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

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

B-to-B Media 4 25% - 0% 4 - 0 - 0 -

Broadcast Television 3 19% 94.7 24% 3 94.7 0 - 0 -

Entertainment Media 3 19% 283.0 73% 3 283.0 0 - 0 -

Consumer Book Publishing 2 13% - 0% 1 - 1 - 0 -


Newspaper Publishing 2 13% - 0% 2 - 0 - 0 -

Consumer Magazine Publishing 1 6% 10.0 3% 1 10.0 0 - 0 -

Radio 1 6% - 0% 1 - 0 - 0 -

Total 16 100% 387.7 100% 15 387.7 1 0.0 0 0.0


TRADITIONAL MEDIA PUBLIC COMPANY VALUATIONS


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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $43.39 -5% $27,569.5 $32,783.5 $708.0 5,922.0 $14,089.0 $3,488.0 24.8% 3.3% 2.3x 9.4xDiscovery Communications, Inc. * United States 73.34 0% 25,959.4 29,907.4 1,297.0 5,243.0 4,487.0 1,997.0 44.5% 7.7% 6.7x 15.0xNews Corp. United States 28.81 -2% 67,279.9 77,432.9 7,806.0 16,457.0 34,333.0 6,862.0 20.0% 0.5% 2.3x 11.3xTime Warner Inc. United States 53.17 -1% 49,702.8 66,733.8 2,841.0 19,871.0 28,729.0 7,280.0 25.3% -0.8% 2.3x 9.2xViacom, Inc. United States 58.50 -4% 29,084.3 36,968.3 671.0 8,389.0 13,249.0 3,913.0 29.5% -11.9% 2.8x 9.4xThe Walt Disney Company United States 54.59 -2% 98,558.8 115,162.8 3,207.0 17,457.0 42,840.0 10,900.0 25.4% 4.6% 2.7x 10.6x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $5.22 -15% $119.1 $224.1 $11.7 116.8 $100.2 $29.6 29.5% 2.6% 2.2x 7.6xCC Media Holdings, Inc. United States 2.65 -59% 227.0 20,119.8 1,235.3 20,824.0 6,246.9 1,905.2 30.5% 1.4% 3.2x 10.6xCumulus Media Inc. United States 3.27 -13% 570.3 3,286.1 47.0 2,692.0 1,103.2 411.7 37.3% 257.6% 3.0x 8.0xDial Global, Inc. * United States 0.30 -92% 17.1 293.5 16.3 282.2 246.1 18.3 7.4% 165.6% 1.2x 16.0xEmmis Communications Corp. United States 1.61 -37% 63.5 260.8 11.2 160.6 227.6 34.3 15.1% 0.2% 1.1x 7.6xEntercom Communications Corp. United States 7.51 -11% 276.0 868.9 6.6 599.5 388.9 109.9 28.3% 1.6% 2.2x 7.9xJournal Communications Inc. United States 5.47 -6% 276.5 329.7 2.6 54.6 370.6 72.4 19.5% 1.4% 0.9x 4.6xRadio One Inc. United States 1.44 -17% 72.1 1,072.6 48.8 819.3 424.6 120.6 28.4% 16.4% 2.5x 8.9xSalem Communications Corp. United States 6.28 -10% 153.3 401.8 0.4 248.9 229.2 51.8 22.6% 5.0% 1.8x 7.8xSIRIUS XM Radio Inc. * United States 3.11 -4% 20,398.4 22,312.7 520.9 2,435.2 3,402.0 1,138.3 33.5% 12.9% 6.6x 19.6xSpanish Broadcasting System Inc. United States 2.55 -66% 18.5 360.3 30.3 279.7 140.8 41.3 29.4% 2.2% 2.6x 8.7xPandora Media, Inc. United States 12.20 -53% 2,074.9 1,994.4 80.5 - 383.4 (24.7) NM 59.3% 5.2x NM



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $13.97 -3% $1,740.8 $1,798.6 $21.8 72.6 $635.5 $186.4 29.3% 8.5% 2.8x 9.6xGlobal Sources Ltd. Bermuda 7.75 -9% 263.4 165.3 110.8 - 238.8 44.5 18.7% 11.6% 0.7x 3.7xInforma plc Switzerland 7.61 0% 4,573.5 5,790.9 38.8 1,343.0 2,003.3 581.4 29.0% -3.4% 2.9x 10.0xTechTarget, Inc. United States 4.86 -37% 191.9 134.6 57.3 - 100.0 14.9 14.9% -5.2% 1.3x 9.0xThe Dolan Company United States 2 91 70% 88 3 263 4 15 6 192 0 275 8 42 5 15 4% 0 9% 1 0x 6 2xThe Dolan Company United States 2.91 -70% 88.3 263.4 15.6 192.0 275.8 42.5 15.4% 0.9% 1.0x 6.2xUBM plc Ireland 11.74 -2% 2,865.5 3,724.3 169.9 1,011.8 1,579.5 353.1 22.4% 8.4% 2.4x 10.5x






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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $5.03 -9% $110.6 $76.5 $34.1 - $440.0 $33.0 7.5% -4.6% 0.2x 2.3xDaily Mail and General Trust plc * United Kingdom 10.77 0% 4,019.6 5,109.8 168.8 1,173.7 2,816.3 513.3 18.2% -0.1% 1.8x 10.0xEmmis Communications Corp. United States 1.61 -37% 63.5 260.8 11.2 160.6 227.6 34.3 15.1% 0.2% 1.1x 7.6xGannett Co., Inc. United States 20.07 -3% 4,608.6 6,240.1 237.4 1,634.8 5,353.2 1,152.8 21.5% 2.2% 1.2x 5.4xGlacier Media, Inc. Canada 1.82 -24% 162.6 336.1 6.8 139.8 323.9 49.0 15.1% 23.9% 1.0x 6.9xJohn Wiley & Sons Inc. United States 36.58 -30% 2,214.5 2,825.8 92.6 703.8 1,748.2 324.5 18.6% -1.2% 1.6x 8.7xJournal Communications Inc. United States 5.47 -6% 276.5 329.7 2.6 54.6 370.6 72.4 19.5% 1.4% 0.9x 4.6xMartha Stewart Living Omnimedia Inc United States 2 57 42% 172 4 123 3 49 1 197 6 (3 3) NM 10 8% 0 6x NM Martha Stewart Living Omnimedia Inc. United States 2.57 -42% 172.4 123.3 49.1 - 197.6 (3.3) NM -10.8% 0.6x NM Meredith Corporation United States 42.02 -9% 1,809.9 2,150.1 24.7 365.0 1,434.8 264.3 18.4% 6.4% 1.5x 8.1xReed Elsevier Group * United Kingdom 10.76 -1% 23,017.1 28,097.8 2,673.1 2,407.7 9,554.5 2,209.0 2.3% 2.3% 2.9x 12.7xScholastic Corporation United States 30.10 -25% 963.1 917.0 257.3 211.2 2,055.3 196.1 9.5% 6.3% 0.4x 4.7xThe E. W. Scripps Company United States 10.81 -8% 594.1 547.5 242.6 196.1 903.5 138.9 15.4% 24.0% 0.6x 3.9xThe McClatchy Company United States 2.60 -25% 223.3 1,959.2 15.7 1,751.6 1,230.7 310.0 25.2% -3.1% 1.6x 6.3xThe McGraw-Hill Companies, Inc. * United States 46.55 -21% 13,071.2 14,376.2 761.0 1,256.0 4,450.0 1,578.0 35.5% -28.8% 3.2x 9.1xThe New York Times Company United States 9.67 -13% 1,428.0 1,593.9 614.1 776.9 1,990.1 267.5 13.4% -14.3% 0.8x 6.0xThe Washington Post Company United States 398.54 -6% 2,960.2 2,705.7 729.9 457.7 4,017.7 528.0 13.1% -4.7% 0.7x 5.1xValassis Communications Inc. United States 27.49 -12% 1,078.2 1,571.1 94.7 587.6 2,162.1 278.2 12.9% -3.3% 0.7x 5.6x

1 2 7 4Adjusted Weighted Average

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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. United States $16.60 -28% $1,408.7 $1,515.1 $59.2 $165.0 $749.8 ($58.6) NM 6.2% 2.0x NM Eros International Plc United Kingdom 3.83 -18% 476.2 661.6 102.1 260.5 200.9 57.8 28.8% 6.5% 3.3x 11.4xLions Gate Entertainment Corp. * United States 20.97 -1% 2,834.9 4,154.6 48.2 1,367.9 2,567.6 198.7 7 7% 94 6% 1 6x 20 9x



Lions Gate Entertainment Corp. United States 20.97 1% 2,834.9 4,154.6 48.2 1,367.9 2,567.6 198.7 7.7% 94.6% 1.6x 20.9xLive Nation Entertainment, Inc. United States 10.59 -2% 2,021.1 2,955.3 1,001.1 1,740.0 5,819.0 410.8 7.1% 8.1% 0.5x 7.2xVillage Roadshow Limited Australia 4.55 -5% 751.8 1,029.4 174.0 446.3 964.2 170.7 17.7% 2.3% 1.1x 6.0xWorld Wrestling Entertainment Inc. United States 8.33 -11% 622.7 470.4 152.3 - 484.0 63.2 13.1% 0.0% 1.0x 7.4x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACarmike Cinemas Inc. United States $15.66 -9% $278.5 $521.5 $82.0 $325.0 $516.2 $86.1 16.7% 8.5% 1.0x 6.1xCinemark Holdings Inc. United States 27.80 -6% 3,193.9 4,381.9 540.8 1,717.0 2,473.5 545.6 22.1% 8.5% 1.8x 8.0xCineplex Inc. Canada 33.09 0% 2,077.7 2,198.1 47.9 172.2 1,095.4 200.5 18.3% 9.4% 2.0x 11.0xIMAX Corporation * Canada 25.70 -4% 1,711.4 1,701.1 21.3 11.0 283.6 90.4 31.9% 21.9% 6.0x 18.8xNational CineMedia, Inc. United States 15.25 -10% 882.7 1,737.8 106.6 879.0 448.8 212.2 47.3% 3.1% 3.9x 8.2xRealD Inc. United States 11.64 -25% 580.0 586.6 27.7 35.0 220.2 43.3 19.7% -13.7% 2.7x 13.5xRegal Entertainment Group United States 15.67 -4% 2,417.5 4,311.7 109.5 2,005.5 2,824.2 533.5 18.9% 5.3% 1.5x 8.1x






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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.12 -40% $132.8 $15.2 $116.1 $0.0 $289.1 $23.2 8.0% 13.7% 0.1x 0.7xAPG|SGA SA Switzerland 229.85 1% 675.2 620.6 56.5 0.0 343.1 73.0 21.3% 5.7% 1.8x 8.5xClear Channel Outdoor Holdings Inc. United States 7.60 -49% 2,715.3 7,335.9 572.1 4,944.8 2,946.9 697.0 23.7% -1.9% 2.5x 10.5xClear Media Ltd. Hong Kong 0.74 -1% 392.2 239.2 166.4 - 196.4 80.2 40.9% 2.4% 1.2x 3.0xFocus Media Holding Ltd. Hong Kong 25.22 -16% 3,331.7 2,837.7 703.0 200.0 938.4 359.6 38.3% 34.9% 3.0x 7.9xJCDecaux SA France 27.22 -11% 6,045.6 6,159.7 398.6 555.0 3,211.3 715.1 22.3% 5.1% 1.9x 8.6xLamar Advertising Co. * United States 46.24 -2% 4,330.8 6,368.0 38.4 2,075.6 1,182.9 513.7 43.4% 4.4% 5.4x 12.4xMood Media Corporation Canada 1.80 -58% 308.8 761.3 11.4 480.7 455.2 117.6 25.8% 88.5% 1.7x 6.5xNational CineMedia, Inc. United States 15.25 -10% 882.7 1,737.8 106.6 879.0 448.8 212.2 47.3% 3.1% 3.9x 8.2xNTN Buzztime Inc. * United States 0.23 -19% 16.1 13.9 2.4 0.2 24.2 0.1 0.2% 0.5% 0.6x 239.3xTom Group Ltd. Hong Kong 0.11 -18% 441.5 662.1 110.1 285.8 301.4 1.2 0.4% -0.2% 2.2x NM Valassis Communications Inc. United States 27.49 -12% 1,078.2 1,571.1 94.7 587.6 2,162.1 278.2 12.9% -3.3% 0.7x 5.6x

2.2x 9.2x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACablevision Systems Corporation United States $13.99 -26% $3,681.6 $14,584.8 $438.7 11,326.6 $6,705.5 $6,607.1 98.5% 0.1% 2.2x 2.2xCharter Communications, Inc. United States 86.39 -3% 8,740.8 21,608.8 7.0 12,875.0 7,504.0 2,644.0 35.2% 4.2% 2.9x 8.2xComcast Corporation United States 39.79 -5% 104,243.4 149,724.4 12,415.0 40,458.0 62,570.0 19,977.0 31.9% 12.0% 2.4x 7.5xDIRECTV United States 48.17 -13% 27,607.1 43,633.1 1,902.0 17,528.0 29,740.0 7,226.0 24.3% 9.2% 1.5x 6.0xDish Network Corp. United States 34.80 -9% 15,762.9 20,448.0 7,237.8 11,888.1 14,266.5 2,935.3 20.6% 1.6% 1.4x 7.0xGeneral Communication Inc. United States 8.45 -22% 353.8 1,290.7 27.6 948.7 695.3 216.2 31.1% 2.9% 1.9x 6.0xLiberty Global Inc * United States 68 89 -2% 17 159 5 45 028 4 2 230 2 30 224 0 10 310 8 4 757 2 46 1% 8 4% 4 4x 9 5xLiberty Global Inc. * United States 68.89 2% 17,159.5 45,028.4 2,230.2 30,224.0 10,310.8 4,757.2 46.1% 8.4% 4.4x 9.5xTime Warner Cable Inc. United States 86.39 -15% 25,529.4 49,053.4 3,470.0 26,990.0 21,386.0 7,587.0 35.5% 8.7% 2.3x 6.5xVirgin Media, Inc. United States 46.40 0% 12,497.4 21,967.9 345.2 9,815.7 6,664.8 2,687.5 40.3% 2.7% 3.3x 8.2xZiggo N.V. * Netherlands 33.89 -6% 6,777.9 10,591.6 121.9 3,964.7 2,026.3 1,071.1 52.9% 4.0% 5.2x 9.9x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $57.40 -6% $4,155.7 $6,072.6 $313.3 2,230.1 $1,352.6 $452.8 33.5% 13.9% 4.5x 13.4xBritish Sky Broadcasting Group plc United Kingdom 12.90 0% 20,661.6 22,834.1 2,272.2 4,599.8 11,312.5 2,576.2 22.8% 2.7% 2.0x 8.9xCBS Corporation United States 43.39 -5% 27,569.5 32,783.5 708.0 5,922.0 14,089.0 3,488.0 24.8% 3.3% 2.3x 9.4xCrown Media Holdings Inc. United States 1.92 -9% 690.6 1,145.6 43.7 498.8 349.9 261.3 74.7% 8.2% 3.3x 4.4xDiscovery Communications, Inc. * United States 73.34 0% 25,959.4 29,907.4 1,297.0 5,243.0 4,487.0 1,997.0 44.5% 7.7% 6.7x 15.0xGrupo Televisa, S.A.B. Mexico 26.83 -8% 15,313.5 18,508.2 1,878.1 4,465.0 5,337.6 2,031.5 38.1% 10.7% 3.5x 9.1xScripps Networks Interactive, Inc. United States 63.05 -5% 9,387.4 10,777.7 437.5 1,384.2 2,307.2 1,040.9 45.1% 11.3% 4.7x 10.4x






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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABelo Corp. United States $8.64 -5% $880.7 $1,604.2 $9.4 733.0 $714.7 $259.0 36.2% 9.9% 2.2x 6.2xEntravision Communications Corporation United States 2.00 -10% 171.9 487.0 45.2 360.3 223.3 75.9 34.0% 14.8% 2.2x 6.4xFisher Communications, Inc. * United States 36.77 -3% 326.4 306.0 20.4 - 168.2 29.6 17.6% 2.6% 1.8x 10.3xGray Television Inc. United States 4.17 -16% 238.6 1,035.7 45.7 820.6 404.8 176.6 43.6% 31.8% 2.6x 5.9xJournal Communications Inc. United States 5.47 -6% 276.5 329.7 2.6 54.6 370.6 72.4 19.5% 1.4% 0.9x 4.6xLIN TV Corp. United States 11.37 -15% 640.1 1,487.3 46.3 890.2 553.5 233.7 42.2% 38.4% 2.7x 6.4xNexstar Broadcasting Group, Inc. United States 14.86 -3% 437.1 1,040.1 12.2 615.2 348.7 128.8 36.9% 9.9% 3.0x 8.1xSinclair Broadcast Group Inc United States 14 08 9% 1 143 3 3 393 8 22 9 2 273 4 1 061 7 414 5 39 0% 38 7% 3 2x 8 2xSinclair Broadcast Group Inc. United States 14.08 -9% 1,143.3 3,393.8 22.9 2,273.4 1,061.7 414.5 39.0% 38.7% 3.2x 8.2xThe E. W. Scripps Company United States 10.81 -8% 594.1 547.5 242.6 196.1 903.5 138.9 15.4% 24.0% 0.6x 3.9x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADex One Corporation United States $1 78 -18% $91 3 $2 001 7 $95 6 $2 005 9 $1 350 7 $538 6 39 9% -9 1% 1 5x 3 7xDex One Corporation United States $1.78 18% $91.3 $2,001.7 $95.6 $2,005.9 $1,350.7 $538.6 39.9% -9.1% 1.5x 3.7xEniro AB Sweden 2.00 -24% 200.6 630.1 30.4 455.5 614.2 149.9 24.4% -7.5% 1.0x 4.2xPagesJaunes Groupe France 2.68 -29% 744.8 2,993.9 155.0 2,421.3 1,405.8 593.0 42.2% -3.2% 2.1x 5.0xSuperMedia Inc. United States 4.00 -12% 62.7 1,443.7 94.0 1,475.0 1,426.0 564.0 39.6% -15.3% 1.0x 2.6xPubliGroupe AG * Switzerland 158.48 -4% 373.9 323.5 114.2 52.8 1,375.2 25.3 1.8% 42.7% 0.2x 12.8xYellow Media Limited Canada 7.73 -20% 216.1 976.7 107.2 891.4 1,111.3 525.3 47.3% -16.6% 0.9x 1.9x




TECHNOLOGYTransactions by Subsegment and Buyer Type

• Big Data and Cloud Computing were the most active subsegments in Technology, each announcing five transactions for an aggregate $64 million in reported value

• Select acquisitions› Rackspace US’ acquisition of ObjectRocket, which has developed a MongoDB database-as-a-service that was

created to address a deficiency in database cloud infrastructures› Salesforce.com’s acquisition of Japan-based Pasona Tquila, a company that develops cloud computing

systems for businesses and offers system supports service• Select investments

› The $45 million investment in Mu Sigma, a provider of big data analytics and decision-support solutions, from from MasterCard and a group of global financial investors, including Fidelity Investment

› The $26 million investment in Ravello Systems, which operates a testing platform for the public cloud, led by Sequoia Capital

› The $24 million investment in Elasticsearch, which provides open source big data search and analytics software that is designed for both structured and unstructured data across distributed machines, led by Index Ventures

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

Big Data 5 19% 30.4 8% 0 - 0 - 5 30.4

Cloud Computing 5 19% 34.0 9% 3 - 0 - 2 34.0

TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Enabling 4 15% 13.4 3% 1 - 0 - 3 13.4

Financial 4 15% 134.5 35% 1 110.2 0 - 3 24.3

Mobile Infrastructure 4 15% 120.0 31% 2 - 0 - 2 120.0

Data Center 2 8% 51.6 13% 1 - 0 - 1 51.6

Cloud Storage 1 4% - 0% 1 - 0 - 0 -

Virtualization 1 4% - 0% 1 - 0 - 0 -


Home Automation 0 0% - 0% 0 - 0 - 0 -

Total 26 100% 383.8 100% 10 110.2 0 0.0 16 273.7

TECHNOLOGY PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $104.00 -1% $71,759.0 $73,765.0 $4,531.0 $6,072.0 $29,904.0 $7,771.0 26.0% 1.0% 2.5x 9.5xGoogle Inc. United States 801.20 -1% 264,126.2 223,248.2 48,088.0 7,210.0 50,175.0 16,278.0 32.4% 32.4% 4.4x 13.7xIntel Corporation United States 20.88 -29% 103,272.5 98,645.5 18,195.0 13,568.0 53,341.0 22,160.0 41.5% -1.2% 1.8x 4.5xInternational Business Machines Corporation United States 200.83 -5% 223,827.0 246,044.0 11,176.0 33,269.0 104,507.0 26,858.0 25.7% -2.3% 2.4x 9.2xMicrosoft Corporation United States 27.80 -16% 232,859.6 178,979.6 68,098.0 14,218.0 72,930.0 28,867.0 39.6% 1.2% 2.5x 6.2xOracle Corporation United States 34.24 -6% 162,102.3 148,591.3 33,695.0 19,757.0 37,230.0 17,300.0 46.5% 1.4% 4.0x 8.6xQUALCOMM Incorporated United States 65.64 -5% 112,778.1 99,554.1 13,275.0 31.0 20,458.0 7,226.0 35.3% 25.6% 4.9x 13.8xACI Worldwide, Inc. United States 45.81 -6% 1,804.2 2,102.1 76.3 374.3 666.6 154.9 23.2% 43.3% 3.2x 13.6xADATA Technology Co., Ltd. Taiwan 1.26 -9% 265.7 380.1 76.6 192.2 1,006.0 30.3 3.0% -3.5% 0.4x 12.5xAdvanced Micro Devices, Inc. United States 2.49 -70% 1,778.1 2,818.1 1,002.0 2,042.0 5,422.0 9.0 0.2% -17.4% 0.5x NM Akamai Technologies, Inc. United States 36.96 -13% 6,559.2 6,121.6 437.6 - 1,373.9 511.4 37.2% 18.6% 4.5x 12.0xAVG Technologies N.V. Netherlands 15.70 -4% 848.0 893.4 51.9 97.2 356.0 99.3 27.9% 30.7% 2.5x 9.0xBrightcove, Inc. United States 6.30 -75% 175.3 147.1 30.0 - 88.0 (8.9) NM 38.4% 1.7x NM CA Technologies United States 24.51 -12% 11,174.7 10,055.7 2,560.0 1,441.0 4,680.0 1,690.0 36.1% -1.6% 2.1x 6.0xCarbonite, Inc. United States 9.82 -16% 251.9 196.6 55.3 - 84.0 (5.2) NM 38.9% 2.3x NM Check Point Software Technologies Ltd. Israel 52.51 -19% 10,754.0 9,250.7 1,503.3 - 1,342.7 761.4 56.7% 7.7% 6.9x 12.1xChinaCache International Holdings Ltd. China $3.54 -54% $81.2 $37.6 $43.6 $0.0 $122.2 $14.2 11.6% 38.6% 0.3x 2.6xCitrix Systems, Inc. United States 70.90 -19% 13,216.0 12,287.4 928.6 - 2,586.1 609.8 23.6% 17.2% 4.8x 20.2xCommVault Systems, Inc. * United States 73.95 -7% 3,413.4 3,016.1 397.2 - 471.6 77.6 16.5% 23.4% 6.4x 38.9xCray Inc. United States 19.35 -3% 716.8 411.1 305.6 - 421.1 37.1 8.8% 78.4% 1.0x 11.1xCrossroads Systems, Inc. United States 1.58 -75% 18.7 16.1 6.9 4.3 14.0 (9.6) NM -6.6% 1.2x NM Datalink Corporation United States 10.38 -6% 194.4 190.1 10.3 6.0 491.2 23.9 4.9% 29.3% 0.4x 8.0xDell Inc. United States 13.95 -20% 24,253.5 20,582.5 12,777.0 9,085.0 56,940.0 4,223.0 7.4% -8.3% 0.4x 4.9xDot Hill Systems Corp. United States 1.30 -21% 75.9 37.1 40.5 1.8 199.2 (12.5) NM -7.0% 0.2x NM Elecom Co., Ltd. Japan 15.58 -36% 313.6 231.3 115.5 27.3 738.4 81.9 11.1% 5.6% 0.3x 2.8xEMC Corporation United States 23.01 -23% 48,422.9 45,132.6 6,167.1 1,710.1 21,713.9 5,180.4 23.9% 8.5% 2.1x 8.7xePlus inc. United States 45.96 -7% 374.6 449.2 43.4 117.9 965.8 72.7 7.5% 43.5% 0.5x 6.2xEuronet Worldwide Inc. United States 24.14 -4% 1,197.5 1,311.7 191.2 301.2 1,267.6 150.9 11.9% 9.2% 1.0x 8.7xF-Secure Oyj Finland 2.17 -19% 337.5 293.9 43.9 - 207.3 31.1 15.0% 7.7% 1.4x 9.4xFusion-io, Inc. * United States 16.88 -50% 1,630.5 1,262.0 368.5 - 439.5 24.0 5.5% 47.8% 2.9x 52.6xGemalto NV Netherlands 91.25 -7% 7,639.6 7,258.4 395.3 20.6 2,671.5 375.0 14.0% 4.4% 2.7x 19.4xGraphOn Corp. United States 0.40 -5% 34.6 29.7 4.9 - 6.7 (3.4) NM 1.9% 4.4x NM Green Dot Corporation United States 14.02 -57% 504.6 146.5 408.8 50.7 554.5 90.3 16.3% 14.4% 0.3x 1.6xImperva Inc. United States 36.50 -14% 877.7 774.2 102.3 - 104.2 (5.3) NM 33.1% 7.4x NM Integrated Electrical Services, Inc. United States 5.80 -9% 87.5 79.1 20.9 12.5 474.4 5.0 1.1% 17.0% 0.2x 15.7xInterxion Holding NV Netherlands 24.73 -1% 1,686.0 1,975.3 90.6 379.9 365.4 143.9 39.4% 13.4% 5.4x 13.7xJ-Stream Inc. Japan 492.61 -16% 57.3 44.1 16.0 - 61.7 5.0 8.2% 2.4% 0.7x 8.7xKeynote Systems, Inc. United States 15.28 -25% 279.2 227.9 51.2 - 125.2 16.4 13.1% 12.5% 1.8x 13.9xLimelight Networks, Inc. United States 2.12 -45% 207.8 82.0 128.0 2.1 180.2 (4.7) NM 5.2% 0.5x NM LogMeIn, Inc. United States 17.86 -53% 443.2 231.1 212.1 - 138.8 13.7 9.9% 16.2% 1.7x 16.9xLSI Corporation United States 6.96 -24% 3,826.2 3,150.2 676.0 - 2,506.1 366.6 14.6% 22.6% 1.3x 8.6xMelbourne IT Ltd. Australia 1.94 -5% 159.9 181.5 17.0 38.6 186.3 27.2 14.6% 1.5% 1.0x 6.7xMicron Technology Inc. United States 8.38 -7% 8,557.4 10,438.4 2,271.0 3,435.0 7,978.0 1,393.0 17.5% -7.5% 1.3x 7.5xNEC Corporation Japan 2.48 -17% 6,442.2 13,487.4 2,356.7 8,489.0 35,776.2 2,656.8 7.4% 1.9% 0.4x 5.1xNetApp, Inc. United States 33.84 -28% 12,196.2 7,709.9 6,723.9 2,237.6 6,318.4 857.4 13.6% 6.0% 1.2x 9.0xProAct IT Group AB Sweden 15.36 -36% 143.0 157.9 15.8 28.9 373.7 22.2 5.9% 9.0% 0.4x 7.1xQualys, Inc. * United States 11.86 -28% 372.5 256.1 118.4 2.0 91.4 10.3 11.3% 20.0% 2.8x 24.8xQuantum Corporation United States 1.26 -54% 303.6 457.3 51.3 205.0 607.9 0.1 0.0% -7.5% 0.8x NM


Rackspace Hosting, Inc. United States 55.86 -31% 7,649.9 7,483.2 292.1 125.4 1,309.2 422.6 32.3% 27.7% 5.7x 17.7xRed Hat, Inc. * United States 50.81 -19% 9,816.2 8,929.8 886.3 - 1,277.9 263.8 20.6% 18.2% 7.0x 33.8xSanDisk Corp. United States 50.41 -4% 12,191.5 11,008.3 2,875.5 1,696.6 5,052.5 1,108.3 21.9% -10.8% 2.2x 9.9xSAP AG Germany 78.59 -3% 93,718.3 97,154.3 3,466.3 6,918.1 21,388.4 6,506.7 30.4% 14.0% 4.5x 14.9x

TECHNOLOGY PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASeagate Technology Public Limited Company Ireland 32.16 -15% 11,541.0 12,501.0 1,872.0 2,818.0 16,332.0 4,342.0 26.6% 41.3% 0.8x 2.9xSilicon Graphics International Corp. United States 15.05 -6% 490.3 366.1 124.1 - 743.0 (6.3) NM 4.2% 0.5x NM SK Hynix, Inc. South Korea 24.38 -14% 16,922.2 21,233.6 1,677.9 6,085.1 9,554.8 2,798.3 29.3% -2.2% 2.2x 7.6xSony Corporation Japan 14.49 -26% 14,644.2 20,089.8 15,680.4 16,036.6 76,815.4 3,393.8 4.4% 2.6% 0.3x 5.9xSplunk, Inc. * United States 36.13 -9% 3,563.0 3,257.0 305.9 - 198.9 (17.4) NM 64.5% 16.4x NM Symantec Corporation United States 23.44 -1% 16,154.6 14,978.6 4,252.0 3,076.0 6,839.0 1,839.0 26.9% 1.7% 2.2x 8.1xSynchronoss Technologies, Inc. United States 30.17 -12% 1,140.7 1,094.0 56.2 9.5 273.7 60.6 22.2% 19.5% 4.0x 18.0xTeradata Corporation United States 58.06 -28% 9,626.3 9,171.3 729.0 274.0 2,665.0 662.0 24.8% 12.8% 3.4x 13.9xTrend Micro Inc. Japan 28.37 -7% 3,731.8 2,445.2 1,374.0 - 1,084.9 345.7 31.9% -2.6% 2.3x 7.1xUnisys Corporation United States 22.98 -7% 1,010.7 826.6 655.6 210.3 3,706.4 373.9 10.1% -3.8% 0.2x 2.2xVeriSign, Inc. United States 45.81 -9% 7,026.9 6,168.1 1,556.4 697.6 873.6 511.4 58.5% 13.2% 7.1x 12.1xVMware, Inc. * United States 71.83 -40% 30,768.2 26,587.3 4,630.8 450.0 4,605.0 1,160.0 25.2% 22.2% 5.8x 22.9xWestern Digital Corporation United States 47.16 -5% 11,349.8 9,661.8 3,816.0 2,128.0 15,648.0 3,792.0 24.2% 67.5% 0.6x 2.5xXoom Corporation United States 21.26 -11% 676.9 646.7 70.2 40.0 80.0 (2.8) NM 60.0% 8.1x NM

3.3x 9.8x




SOFTWARETransactions by Subsegment and Buyer Type

• Healthcare and Security Software were the most active subsegments with 10 transactions announced each, while Financial Software was the highest reported-value subsegment, with four transactions worth $147 million

• Select acquisitions› Swiftpage’s $101 million acquisition of Sage Software’s non-CRM assets, which include its accounting and

business management software for start-up, small, midsized, and larger businesses› Linedata’s $45 million acquisition of CapitalStream, a developer of financial front office automation solutions› SAP’s acquisition of SmartOps, which provides enterprise-class supply chain optimization software solutions

• Select investments› The $80 million investment in New Relic, which provides application management solutions, led by Insight

Venture Partners at a valuation of approximately $750 millionVenture Partners, at a valuation of approximately $750 million› The $31 million investment in WhiteHat Security, a provider of software that conducts continuous

vulnerability assessment and management services, led by JMI Equity

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Healthcare 10 19% 11.7 2% 7 0.6 1 - 2 11.1

Security 10 19% 112.7 24% 0 - 0 - 10 112.7

Application Management 7 13% 123.0 26% 0 - 0 - 7 123.0

HR 4 8% 11.0 2% 1 - 1 - 2 11.0

Collaboration 4 8% 2.5 1% 3 - 0 - 1 2.5

Financial 4 8% 147.2 31% 2 146.2 0 - 2 1.0

ERP 3 6% 36.0 8% 2 - 0 - 1 36.0

Engineering 3 6% 0.0 0% 3 - 0 - 0 -

Software Development Tools 3 6% 1.5 0% 2 - 0 - 1 1.5

Other* 4 8% 27.6 6% 2 0.0 0 - 2 27.6

Total 52 100% 473.2 100% 22 146.8 2 0.0 28 326.4


*Other includes Data Management, Infrustructure, Legal

SOFTWARE PUBLIC COMPANY VALUATIONS


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States 26.20 -7% 1,322.9 1,248.5 169.4 95.0 358.8 78.7 21.9% 10.0% 3.5x 15.9xEbix Inc. United States 16.03 -36% 610.2 662.8 31.0 83.6 189.4 78.0 41.2% 18.4% 3.5x 8.5xEPIQ Systems, Inc. United States 12.44 -10% 446.6 676.3 3.3 233.0 325.1 75.2 23.1% 28.5% 2.1x 9.0xFidessa group plc United Kingdom 28.46 -5% 1,052.0 942.6 117.2 - 452.9 92.2 20.4% 0.1% 2.1x 10.2xGuidewire Software, Inc. * United States 36.55 -5% 2,025.1 1,859.2 165.8 - 260.1 18.7 7.2% 28.2% 7.1x 99.3xInnovation Group plc United Kingdom 0.38 -1% 369.4 333.4 72.0 30.0 312.3 35.9 11.5% 10.2% 1.1x 9.3xManagement Consulting Group PLC United Kingdom 0.42 -30% 206.8 260.9 19.4 75.4 460.8 40.1 8.7% -0.3% 0.6x 6.5xP f t Fi i l C ti U it d St t 13 25 3% 601 4 719 8 32 2 150 5 196 7 65 2 33 1% 0 0% 3 11 0

Financial & Credit/Risk Management Software

Performant Financial Corporation United States 13.25 -3% 601.4 719.8 32.2 150.5 196.7 65.2 33.1% 0.0% 3.7x 11.0xRealPage, Inc. United States 21.66 -20% 1,640.8 1,617.0 33.8 10.0 322.2 53.7 16.7% 24.9% 5.0x 30.1xSolera Holdings Inc. United States 56.30 -1% 3,878.4 4,681.0 448.2 1,152.6 801.3 338.8 42.3% 6.6% 5.8x 13.8xSS&C Technologies Holdings, Inc. United States 25.31 -6% 1,995.8 2,921.8 86.2 1,012.1 551.8 213.3 38.7% 48.8% 5.3x 13.7xTemenos Group AG Switzerland 22.77 -3% 1,569.7 1,747.5 72.6 248.9 443.0 47.0 10.6% -10.7% 3.9x 37.2xTyler Technologies, Inc. United States 56.40 -2% 1,772.3 1,783.9 6.4 18.0 363.3 69.3 19.1% 17.4% 4.9x 25.7x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States 9.46 -5% 526.3 410.7 115.6 - 162.5 10.9 6.7% 12.6% 2.5x 37.7xAllscripts Healthcare Solutions, Inc. United States 12.71 -35% 2,179.3 2,517.3 104.0 442.0 1,446.3 174.6 12.1% 0.2% 1.7x 14.4xAthenahealth, Inc. * United States 93.79 -4% 3,407.6 3,214.5 193.1 - 422.3 51.1 12.1% 30.3% 7.6x 63.0xCegedim SA France 27.90 -27% 389.7 1,018.7 72.7 681.5 1,151.6 181.8 15.8% -5.3% 0.9x 5.6xCerner Corporation United States 87.46 -2% 15,061.3 14,220.7 1,036.8 196.1 2,610.1 712.5 27.3% 20.9% 5.4x 20.0xComputer Programs & Systems Inc. United States 52.14 -17% 577.6 558.0 19.6 - 183.3 44.4 24.2% 5.7% 3.0x 12.6xCraneware plc United Kingdom 6.30 -14% 170.0 143.3 28.6 - 42.4 12.1 28.4% 5.3% 3.4x 11.9xEpocrates, Inc. United States 11.75 -2% 293.2 214.1 79.1 - 110.1 (2.5) NM -3.4% 1.9x NM Greenway Medical Technologies, Inc. * United States 15.85 -19% 469.6 442.2 27.4 - 134.7 7.9 5.9% 27.4% 3.3x 55.8xMcKesson Corporation United States 106.13 -1% 24,716.5 26,469.5 2,726.0 4,479.0 123,534.0 2,846.0 2.3% 3.0% 0.2x 9.3xMedAssets, Inc. United States 18.47 -8% 1,098.2 1,978.8 13.7 894.3 640.1 196.8 30.7% 10.7% 3.1x 10.1xMerge Healthcare Incorporated United States 2.45 -64% 228.1 443.6 35.1 250.0 248.9 31.1 12.5% 7.1% 1.8x 14.2xQuality Systems Inc. United States 18.52 -59% 1,102.6 995.9 106.7 - 457.9 108.0 23.6% 9.6% 2.2x 9.2xStreamline Health Solutions, Inc. United States 5.57 -16% 70.4 80.7 10.5 17.9 21.5 2.7 12.6% 23.0% 3.7x 29.7x






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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China 55.51 -13% 1,603.9 1,197.8 406.1 - 232.2 82.4 35.5% 11.4% 5.2x 14.5xAllocate Software plc. United Kingdom 1.15 -16% 73.6 70.4 9.8 6.4 58.7 6.9 11.7% 21.3% 1.2x 10.3xConcur Technologies, Inc. United States 70.26 -8% 3,907.6 3,678.0 484.6 254.8 462.2 44.8 9.7% 25.1% 8.0x 82.0xCornerstone OnDemand, Inc. United States 33.86 -1% 1,709.3 1,638.5 76.4 5.6 117.9 (24.7) NM 61.5% 13.9x NM Dice Holdings, Inc. United States 9.64 -12% 564.8 568.6 42.2 46.0 195.4 71.3 36.5% 9.1% 2.9x 8.0xLinkedIn Corporation * United States 168.18 -2% 18,340.6 17,591.1 749.5 - 972.3 125.5 12.9% 86.2% 18.1x 140.2xMonster Worldwide, Inc. United States 5.12 -51% 569.0 585.0 148.2 164.2 890.4 142.5 16.0% -10.4% 0.7x 4.1xS b S ft I U it d St t 8 74 33% 260 3 246 2 15 0 0 9 121 3 (9 8) NM 7 7% 2 0 NM Saba Software, Inc. United States 8.74 -33% 260.3 246.2 15.0 0.9 121.3 (9.8) NM 7.7% 2.0x NM The Ultimate Software Group, Inc. United States 98.27 -8% 2,682.9 2,625.2 68.0 10.3 332.3 42.7 12.9% 23.4% 7.9x 61.4xWorkday, Inc. * United States 55.29 -5% 9,178.1 8,407.8 797.4 27.0 235.3 (84.0) NM 0.0% 35.7x NM


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


Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAVG Technologies N.V. Netherlands 15.70 -4% 848.0 893.4 51.9 97.2 356.0 99.3 27.9% 30.7% 2.5x 9.0xCheckpoint Systems Inc. United States 11.86 -6% 481.5 522.9 75.1 115.7 800.5 47.1 5.9% -4.3% 0.7x 11.1xCisco Systems, Inc. United States 20.86 -4% 111,198.3 81,123.3 46,376.0 16,291.0 47,252.0 13,356.0 28.3% 5.4% 1.7x 6.1xFortinet Inc. * United States 24.18 -16% 3,906.9 3,493.2 413.7 - 533.6 112.0 21.0% 23.1% 6.5x 31.2xInfoblox Inc. United States 21.09 -13% 1,021.9 842.0 179.8 - 192.4 (3.4) NM 26.7% 4.4x NM Symantec Corporation United States 23.44 -1% 16,154.6 14,978.6 4,252.0 3,076.0 6,839.0 1,839.0 26.9% 1.7% 2.2x 8.1xWebsense, Inc. United States 14.99 -32% 548.0 553.3 64.6 69.9 361.5 61.9 17.1% -0.7% 1.5x 8.9xGemalto NV Netherlands 91.25 -7% 7,639.6 7,258.4 395.3 20.6 2,671.5 375.0 14.0% 4.4% 2.7x 19.4xImperva Inc. United States 36.50 -14% 877.7 774.2 102.3 - 104.2 (5.3) NM 33.1% 7.4x NM J i N t k I U it d St t 20 68 10% 10 535 0 8 685 4 2 849 3 999 2 4 365 4 543 9 2 % 9% 2 0 6 0Juniper Networks, Inc. United States 20.68 -10% 10,535.0 8,685.4 2,849.3 999.2 4,365.4 543.9 12.5% -1.9% 2.0x 16.0xNQ Mobile Inc. * China 6.92 -46% 304.1 183.6 126.2 0.7 74.6 4.4 5.9% 118.6% 2.5x 41.7xPalo Alto Networks, Inc. * United States 61.13 -16% 4,184.3 3,862.8 321.6 - 284.0 0.9 0.3% 86.7% 13.6x NM Proofpoint, Inc. United States 13.98 -21% 462.0 379.2 86.8 4.0 106.3 (12.0) NM 29.9% 3.6x NM Qihoo 360 Technology Co. Ltd * China 30.77 -10% 3,672.5 3,325.9 348.2 - 288.4 62.6 21.7% 130.1% 11.5x 53.2xSourcefire, Inc. * United States 53.63 -10% 1,613.7 1,517.5 96.2 - 223.1 14.6 6.5% 34.7% 6.8x 104.3xTrend Micro Inc. Japan 28.37 -7% 3,731.8 2,445.2 1,374.0 - 1,084.9 345.7 31.9% -2.6% 2.3x 7.1xVeriSign, Inc. United States 45.81 -9% 7,026.9 6,168.1 1,556.4 697.6 873.6 511.4 58.5% 13.2% 7.1x 12.1x






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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States 75.80 -2% 7,021.9 6,497.9 577.2 53.1 798.0 379.1 47.5% 15.4% 8.1x 17.1xAutodesk, Inc. United States 36.72 -14% 8,251.0 7,042.3 1,954.3 745.6 2,312.2 477.6 20.7% 4.4% 3.0x 14.7xAveva Group plc United Kingdom 34.98 0% 2,378.4 2,126.0 268.3 - 335.9 99.7 29.7% 15.3% 6.3x 21.3x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABMC Software Inc. United States 40.11 -12% 5,731.3 5,892.8 1,181.5 1,343.0 2,197.5 608.2 27.7% 1.3% 2.7x 9.7xCA Technologies United States 24.51 -12% 11,174.7 10,055.7 2,560.0 1,441.0 4,680.0 1,690.0 36.1% -1.6% 2.1x 6.0xCommVault Systems, Inc. * United States 73.95 -7% 3,413.4 3,016.1 397.2 - 471.6 77.6 16.5% 23.4% 6.4x 38.9xDaegis Inc. United States 1.35 -28% 19.9 34.4 4.0 18.6 40.9 3.0 7.4% -12.7% 0.8x 11.4xGuidance Software, Inc. * United States 9.81 -33% 251.1 219.1 32.6 0.6 129.5 7.1 5.5% 23.8% 1.7x 31.0xInformatica Corporation United States 35.01 -36% 3,775.5 3,242.3 535.6 - 811.6 180.3 22 2% 3 5% 4 0x 18 0xInformatica Corporation United States 35.01 36% 3,775.5 3,242.3 535.6 811.6 180.3 22.2% 3.5% 4.0x 18.0xIntraLinks Holdings, Inc. United States 5.88 -15% 320.2 320.1 75.3 75.2 216.7 30.8 14.2% 1.8% 1.5x 10.4xPervasive Software Inc. United States 9.15 -1% 154.7 109.1 45.7 - 50.7 4.6 9.0% 2.8% 2.1x 23.8xServiceNow, Inc. * United States 32.47 -22% 4,059.5 3,744.8 314.7 - 243.7 (24.1) NM 66.1% 15.4x NM TIBCO Software Inc. United States 21.45 -38% 3,444.2 3,243.8 761.7 560.2 1,024.6 214.3 20.9% 11.3% 3.2x 15.1x




COMMUNICATIONSTransactions by Subsegment and Buyer Type

• There were 17 transactions in the Communications segment in February. Enterprise Mobility was the most active subsegment, announcing six transactions worth $204 million in reported value

• Select acquisitions› Oracle’s $2 billion acquisition of session delivery network solutions provider Acme Packet, at an enterprise

value of $1.6 billion› Juniper Networks’ $10 million acquisition of Webscreen Systems, which offers solutions that monitor and filter

Web traffic at the network perimeter as well as protects the network from a range of packet flood situations• Select investments

› The $200 million investment in AirWatch, a nine-year-old company that specializes in helping large companies manage and secure the mobile devices their employees use, led by Insight Venture Partners

› The $10 million investment in Xirrus, a maker of high-performance Wi-Fi networking hardware, from existing investors August Capital, Canaan Partners, InterWest Partners, QuestMark Partners, and U.S. Venture Partners

COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Enterprise Mobility 6 35% 204.0 11% 1 - 0 - 5 204.0

Networking Equipment 4 24% 15.1 1% 3 5.0 0 - 1 10.1

Communications Software 3 18% 16.5 1% 2 10.0 0 - 1 6.5

VoIP Equipment & Software 2 12% 1,652.7 87% 2 1,652.7 0 - 0 -

Messaging & Mediation Software 1 6% 3.0 0% 0 - 0 - 1 3.0

Satellite & Microwave Equipment 1 6% 11.8 1% 0 - 0 - 1 11.8

Total 17 100% 1,903.1 100% 8 1,667.7 0 0.0 9 235.4


COMMUNICATIONS PUBLIC COMPANY VALUATION

($ in millions, except stock

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM MCompany Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/RevAastra Technologies Ltd. Canada $19.16 -10% $220.9 $116.6 $107.7 0.2 $608.6 $38.3 6.3% -12.5% 0.2xAcme Packet, Inc. * United States 29.19 -3% 1,968.8 1,610.5 358.2 - 274.4 8.6 3.1% -10.7% 5.9xADTRAN Inc. United States 22.35 -32% 1,387.2 1,204.3 228.9 46.0 620.6 70.2 11.3% -13.5% 1.9xAdvanced Media, Inc. Japan 584.64 -23% 89.2 66.0 24.7 - 15.4 (2.0) NM -10.0% 4.3xAlcatel-Lucent, S.A. France 1.40 -43% 3,175.9 3,996.3 6,498.8 6,343.2 19,046.7 544.5 2.9% -5.7% 0.2xAllot Communications Ltd. Israel 13.73 -53% 434.6 291.6 143.1 - 104.8 14.3 13.7% 34.7% 2.8xAmbient Corporation United States 2.70 -72% 45.0 29.7 15.3 - 50.6 (3.0) NM -5.9% 0.6xAnaren, Inc. United States 19.35 -7% 255.6 228.5 35.1 8.0 150.0 23.9 16.0% -9.5% 1.5xAruba Networks, Inc. * United States 24.92 -7% 2,802.8 2,400.5 402.3 - 571.0 40.6 7.1% 22.8% 4.2xAudioCodes Ltd. Israel 4.09 -14% 155.1 144.8 33.5 23.3 127.5 (0.9) NM -18.2% 1.1xAviat Networks, Inc. United States 3.56 -9% 218.1 134.1 94.8 10.8 471.6 13.2 2.8% 4.2% 0.3xAxesstel Inc. United States 1.49 -24% 36.0 44.5 1.9 10.4 59.7 4.9 8.2% 10.2% 0.7xBlackline GPS Corp. * Canada 1.46 -3% 25.6 19.4 6.5 0.1 2.6 (3.0) NM 37.1% 7.4xBlonder Tongue Laboratories United States 1.27 -25% 7.9 15.7 0.2 8.0 29.4 (0.4) NM 6.0% 0.5xBroadSoft, Inc. United States 21.00 -54% 587.6 511.4 163.6 87.4 164.8 31.0 18.8% 19.4% 3.1xBrocade Communications United States 5.61 -13% 2,528.4 2,744.5 683.6 899.6 2,265.9 493.1 21.8% 4.8% 1.2xCalAmp Corp. United States 10.95 -5% 311.7 303.5 13.6 5.3 169.8 16.7 9.8% 30.6% 1.8xCalix Inc. United States 8.57 -13% 419.2 372.2 47.0 - 330.2 (1.3) NM -4.2% 1.1xCiena Corporation United States 15.24 -17% 1,547.1 2,296.6 692.5 1,442.0 1,833.9 61.6 3.4% 5.3% 1.3xCisco Systems, Inc. United States 20.86 -4% 111,198.3 81,123.3 46,376.0 16,291.0 47,252.0 13,356.0 28.3% 5.4% 1.7xClearfield, Inc. United States 5.53 -5% 71.0 54.8 16.1 - 38.6 4.6 11.9% 3.9% 1.4xClearOne, Inc. United States 6.57 -7% 60.4 4.9 55.5 - 46.4 5.6 12.0% 0.8% 0.1xCOM DEV International Ltd. Canada 3.52 -5% 268.6 270.4 25.8 20.3 208.4 29.8 14.3% 2.2% 1.3xCommunications Systems Inc. United States 10.71 -26% 90.8 63.1 29.3 1.7 103.8 5.0 4.8% -30.1% 0.6xCorning Inc. United States 12.61 -14% 18,567.0 15,969.0 6,144.0 3,499.0 8,012.0 2,487.0 31.0% 1.5% 2.0xCTX Virtual Technologies, Inc. United States 1.61 -15% 12.8 12.8 0.1 - 40.0 (0.5) NM 16.6% 0.3xDDS Wireless International Inc. Canada 1.75 -16% 24.2 17.9 6.6 - 41.8 3.5 8.3% -11.5% 0.4xDialogic, Inc. United States 2.09 -74% 33.2 105.4 2.7 74.9 172.1 (9.3) NM -15.5% 0.6xDigi International Inc. United States 9.86 -14% 257.9 156.4 101.5 - 190.9 20.5 10.7% -5.7% 0.8xDragonWave Inc. Canada 2.43 -44% 92.5 75.8 36.4 19.1 104.7 (47.8) NM 102.9% 0.7xEchoStar Corp. United States 37.84 -5% 3,322.3 4,272.6 1,547.6 2,488.5 3,121.7 590.0 18.9% 13.0% 1.4xEmulex Corporation United States 6.45 -40% 584.4 373.2 211.2 - 496.1 82.7 16.7% 2.8% 0.8xEricsson Sweden 12.18 -2% 39,123.2 31,915.7 11,780.8 4,402.7 34,982.1 4,039.3 11.5% 0.4% 0.9xExtreme Networks Inc. United States 3.51 -21% 328.5 203.6 125.0 - 312.7 17.8 5.7% -4.4% 0.7xF5 N t k I U it d St t 94 43 32% 7 421 3 6 903 6 517 7 1 420 3 474 8 33 4% 17 8% 4 9F5 Networks, Inc. United States 94.43 -32% 7,421.3 6,903.6 517.7 - 1,420.3 474.8 33.4% 17.8% 4.9xFinisar Corp. United States 14.65 -29% 1,360.3 1,146.3 262.4 40.0 935.4 73.8 7.9% -3.5% 1.2xFleetmatics Group Limited Ireland 23.75 -13% 821.4 745.4 100.1 24.1 127.5 24.9 19.6% 38.1% 5.8xFranklin Wireless Corp. United States 1.46 -41% 15.1 3.8 11.9 0.1 36.6 1.0 2.7% 78.6% 0.1xHarmonic Inc. United States 5.69 -5% 658.8 457.6 201.2 - 530.5 35.1 6.6% -3.4% 0.9xHarris Corporation United States 48.07 -8% 5,424.7 7,029.7 328.2 1,929.9 5,353.4 1,120.6 20.9% 2.5% 1.3xHuawei Technology Co., Ltd. China 1.56 -29% 219.4 141.2 78.4 - 72.0 8.9 12.3% -6.7% 2.0xInfoblox Inc. United States 21.09 -13% 1,021.9 842.0 179.8 - 192.4 (3.4) NM 26.7% 4.4xInteractive Intelligence Group * United States 41.61 -2% 804.3 735.4 68.9 - 237.4 10.8 4.6% 13.3% 3.1x


JDS Uniphase Corporation United States 14.16 -9% 3,328.9 2,860.2 709.3 240.6 1,707.3 170.2 10.0% -2.5% 1.7xJuniper Networks, Inc. United States 20.68 -10% 10,535.0 8,685.4 2,849.3 999.2 4,365.4 543.9 12.5% -1.9% 2.0xKVH Industries Inc. United States 13.32 -11% 198.0 170.3 38.3 10.6 137.1 11.1 8.1% 21.8% 1.2xMeru Networks, Inc. United States 4.47 -11% 95.9 82.8 22.9 9.7 97.5 (24.5) NM 7.8% 0.8x

COMMUNICATIONS PUBLIC COMPANY VALUATION

($ in millions, except stock

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMitel Networks Corporation Canada 3.78 -26% 202.9 417.0 100.6 314.7 583.6 81.6 14.0% -3.8% 0.7x 5.1xNetgear Inc. United States 34.05 -17% 1,308.9 932.0 376.9 - 1,271.9 143.9 11.3% 7.7% 0.7x 6.5xNuance Communications, Inc. United States 18.41 -33% 5,821.0 7,199.6 961.1 2,335.0 1,753.1 379.4 21.6% 27.4% 4.1x 19.0xNumerex Corp. United States 12.29 -11% 220.3 218.3 6.8 4.8 63.7 5.1 8.0% 9.6% 3.4x 42.9xOptical Cable Corp. United States 4.04 -22% 25.4 33.3 0.6 9.1 83.5 6.6 7.9% 13.9% 0.4x 5.0xPalo Alto Networks, Inc. * United States 61.13 -16% 4,184.3 3,862.8 321.6 - 284.0 0.9 0.3% 86.7% 13.6x NM PCTEL, Inc. United States 6.92 -11% 121.6 73.8 47.8 0.0 83.0 4.9 5.9% 10.1% 0.9x 15.2xPHAZAR CORP United States 1.40 -51% 3.3 2.6 0.6 - 5.8 (1.5) NM -20.3% 0.5x NM PHAZAR CORP United States 1.40 51% 3.3 2.6 0.6 5.8 (1.5) NM 20.3% 0.5x NM Plantronics, Inc. United States 40.36 -5% 1,719.3 1,410.4 328.9 20.0 735.6 147.6 20.1% 3.8% 1.9x 9.6xPolycom, Inc. United States 9.12 -56% 1,614.3 940.1 674.3 - 1,392.6 124.4 8.9% -0.7% 0.7x 7.6xProcera Networks, Inc. United States 11.70 -55% 226.6 94.9 131.7 - 59.6 6.1 10.2% 34.3% 1.6x 15.6xRadiSys Corporation United States 4.19 -47% 118.8 121.8 31.8 34.9 296.3 10.7 3.6% -6.9% 0.4x 11.4xRadware Ltd. Israel 36.40 -11% 808.4 720.2 88.2 - 189.2 41.2 21.8% 13.3% 3.8x 17.5xRELM Wireless Corp. United States 2.17 -6% 29.4 23.2 6.2 0.0 27.6 3.0 10.9% 16.1% 0.8x 7.7xRiverbed Technology, Inc. United States 15.28 -48% 2,495.4 2,616.4 451.1 572.1 836.9 134.5 16.1% 15.2% 3.1x 19.5xSandvine Corporation Canada 1.83 -14% 253.3 191.6 70.0 6.2 87.9 (0.6) NM -2.7% 2.2x NM ShoreTel, Inc. United States 4.06 -30% 238.5 208.4 52.1 22.0 284.4 (12.4) NM 29.3% 0.7x NM Sierra Wireless Inc Canada 11 28 4% 345 1 287 4 59 5 397 3 11 0 2 8% 31 3% 0 7x 26 2xSierra Wireless Inc. Canada 11.28 -4% 345.1 287.4 59.5 - 397.3 11.0 2.8% -31.3% 0.7x 26.2xSolarWinds, Inc. * United States 56.46 -7% 4,232.6 4,003.7 229.0 - 269.0 132.5 49.2% 35.6% 14.9x 30.2xSolera Holdings Inc. United States 56.30 -1% 3,878.4 4,681.0 448.2 1,152.6 801.3 338.8 42.3% 6.6% 5.8x 13.8xSonus Networks, Inc. United States 2.45 -18% 687.8 441.1 249.9 3.1 254.1 (19.7) NM -2.1% 1.7x NM Sycamore Networks Inc. United States 2.29 -88% 66.1 (79.4) 145.5 - 54.0 (13.5) NM 3.1% NM 5.9xSymmetricom Inc. United States 4.94 -30% 199.2 128.5 70.8 - 228.6 13.4 5.9% 0.9% 0.6x 9.6xTelcoware Co Ltd South Korea 9.10 -13% 64.1 11.5 - - 51.6 6.9 13.4% 0.0% 0.2x 1.7xTeleCommunication Systems United States 2.31 -20% 133.9 250.0 51.5 167.6 487.4 38.6 7.9% 14.6% 0.5x 6.5xTellabs Inc. United States 2.03 -50% 723.1 118.7 799.5 195.1 1,052.6 12.3 1.2% -18.1% 0.1x 9.6xTESSCO Technologies Inc. United States 22.77 -14% 183.5 183.7 2.6 2.8 788.9 33.5 4.2% 17.9% 0.2x 5.5xg 4.2% 17.9% 0.2x 5.5xTransmode Holding AB Sweden 12.69 -6% 352.6 294.1 57.9 - 155.3 30.7 19.7% 10.3% 1.9x 9.6xUbiquitous Corporation * Japan 920.26 -9% 78.4 64.8 14.5 - 10.4 1.2 11.7% -11.6% 6.2x 53.0xVecima Networks Inc. Canada 5.30 -1% 118.3 81.9 41.5 4.0 103.4 12.2 11.8% 29.8% 0.8x 6.7xVerint Systems Inc. United States 34.17 -3% 2,343.2 3,035.9 192.0 592.6 822.6 147.1 17.9% 8.6% 3.7x 20.6xViaSat Inc. United States 46.96 -8% 2,092.0 2,570.2 112.7 586.4 1,051.6 126.3 12.0% 25.3% 2.4x 20.4xVonage Holdings Corporation United States 2.64 -7% 565.2 526.2 97.1 58.1 849.1 123.2 14.5% -2.4% 0.6x 4.3xWestell Technologies, Inc. United States 1.82 -27% 107.2 (7.8) 115.0 - 40.7 (8.2) NM -57.9% NM 1.0xZTE Corp. * China 1.57 -46% 5,484.3 8,999.6 2,413.8 5,634.8 14,179.0 119.0 0.8% 9.1% 0.6x 75.6x

2 6x 14 9xAdjusted Weighted Average 2.6x 14.9x


djus ed e g ed e age


INFORMATION & BUSINESS SERVICESTransactions by Subsegment and Buyer Type

• IT Consulting/Systems Integration was the most active subsegment in the Information and Business Services segment, with 11 deals announced for $136 million in reported value

• Select acquisitions› CVC Capital Partners’ $320 million acquisition of Philippines and U.S.-based SPi Global, a company offering

voice and non-voice business process outsourcing, and customer relationship management services› TrueBlue’s $48 million acquisition of MDT Personnel, a temporary staffing firm with 105 branches and 15 on-

site locations across 25 states› Soangroup.com’s $30 million acquisition of Monster Worldwide’s ChinaHR.com, which operates a jobs listing

website• Select investments

› The $103 million investment in Lynda.com, which offers online computer skills training for consumers, businesses, and schools, from Accel Partners, Spectrum Equity, and Meritech Capital Partners

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

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

IT Consulting/Systems Integration 11 42% 136.4 16% 7 119.8 0 - 4 16.6

Staffing 3 12% 48.0 6% 3 48.0 0 - 0 -

HR Information 3 12% 39.0 5% 1 30.0 0 - 2 9.0

Corporate Training 2 8% 3.5 0% 1 - 0 - 1 3.5

Contact Center 1 4% - 0% 1 - 0 - 0 -

Healthcare Consulting 1 4% - 0% 0 - 0 - 1 -

Management Consulting 1 4% - 0% 1 - 0 - 0 -

BPO 1 4% 320.0 38% 0 - 1 320.0 0 -

Marketing Data 1 4% 250.5 30% 0 - 1 250.5 0 -

Financial Information 1 4% 22.5 3% 1 22.5 0 - 0 -

Market Research 1 4% 15.0 2% 0 - 0 - 1 15.0

Total 26 100% 834.9 100% 15 220.3 2 570.5 9 44.1


INFORMATION PUBLIC COMPANY VALUATIONS


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States 22.95 -7% 2,796.6 3,061.9 259.1 524.4 2,336.3 351.9 15.1% 3.4% 1.3x 8.7xComputershare Limited Australia 10.42 -2% 5,790.7 7,119.1 446.2 1,781.7 2,016.2 355.4 17.6% 24.6% 3.5x 20.0xCoreLogic, Inc. United States 25.91 -12% 2,535.4 3,165.0 171.0 798.9 1,567.6 325.3 20.7% 17.1% 2.0x 9.7xCoStar Group Inc. * United States 100.74 -1% 2,846.9 2,861.5 156.1 170.6 349.9 56.8 16.2% 39.0% 8.2x 50.3xDST Systems Inc. United States 67.92 -2% 3,002.1 3,672.5 431.1 1,101.5 2,576.6 399.1 15.5% 7.9% 1.4x 9.2xDun & Bradstreet Corp. United States 80.60 -7% 3,294.4 4,185.4 137.0 1,024.1 1,663.0 541.4 32.6% -5.4% 2.5x 7.7xEnvestnet, Inc. * United States 15.34 0% 496.1 466.1 30.0 - 157.3 15.3 9.7% 27.7% 3.0x 30.6xEquifax Inc United States 55 12 8% 6 639 3 8 249 2 146 8 1 730 7 2 160 5 652 4 30 2% 10 2% 3 8x 12 6x

Financial & Credit/Risk Management Information

Equifax Inc. United States 55.12 -8% 6,639.3 8,249.2 146.8 1,730.7 2,160.5 652.4 30.2% 10.2% 3.8x 12.6xExperian plc Ireland 16.60 -1% 16,391.5 18,510.6 627.0 2,740.0 4,621.0 1,533.0 33.2% 14.4% 4.0x 12.1xFactSet Research Systems Inc. United States 97.29 -11% 4,299.1 4,073.9 225.2 - 820.4 311.6 38.0% 9.4% 5.0x 13.1xFair Isaac Corporation United States 44.34 -7% 1,573.8 1,987.0 90.8 504.0 696.1 191.7 27.5% 9.8% 2.9x 10.4xFidelity National Information Services, Inc. United States 37.65 -1% 11,087.5 15,108.1 517.6 4,385.5 5,807.6 1,736.7 29.9% 1.1% 2.6x 8.7xFinancial Engines, Inc. * United States 32.68 -7% 1,570.9 1,389.6 181.2 - 185.8 32.5 17.5% 29.0% 7.5x 42.7xLender Processing Services, Inc. United States 24.56 -20% 2,085.5 2,924.5 236.2 1,075.3 1,997.7 330.9 16.6% 0.7% 1.5x 8.8xMoody's Corp. United States 48.06 -14% 10,704.6 10,686.2 1,773.3 1,671.2 2,730.3 1,183.1 43.3% 19.7% 3.9x 9.0xMorningstar Inc. United States 68.58 -3% 3,189.0 2,867.6 321.4 - 658.3 193.8 29.4% 4.3% 4.4x 14.8xMSCI Inc. United States 33.13 -13% 4,045.0 4,476.2 434.3 865.5 950.1 434.6 45.7% 5.5% 4.7x 10.3xReis, Inc. United States 15.25 -8% 163.2 148.3 15.0 - 29.6 5.8 19.4% 12.4% 5.0x 25.8xReis, Inc. United States 15.25 8% 163.2 148.3 15.0 29.6 5.8 19.4% 12.4% 5.0x 25.8xSEI Investments Co. United States 28.27 -1% 4,880.6 4,447.5 452.2 - 992.5 234.8 23.7% 6.8% 4.5x 18.9xThe Dolan Company United States 2.91 -70% 88.3 263.4 15.6 192.0 275.8 42.5 15.4% 0.9% 1.0x 6.2xThe McGraw-Hill Companies, Inc. United States 46.55 -21% 13,071.2 14,376.2 761.0 1,256.0 4,450.0 1,578.0 35.5% -28.8% 3.2x 9.1xThomson Reuters Corporation United States 30.64 0% 25,350.0 31,406.2 1,373.0 7,268.0 13,278.0 2,816.0 21.2% -3.8% 2.4x 11.2xVerisk Analytics, Inc. United States 58.47 -3% 9,831.2 11,198.0 94.7 1,461.4 1,534.3 695.8 45.3% 15.2% 7.3x 16.1x



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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANational Research Corp. United States 56.88 -8% 391.1 395.2 8.3 12.4 86.4 27.5 31.9% 14.1% 4.6x 14.4xThe Advisory Board Company United States 50.81 -8% 1,783.9 1,685.3 98.5 - 431.6 65.8 15.2% 26.8% 3.9x 25.6x




INFORMATION PUBLIC COMPANY VALUATIONS


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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States 18.20 -4% 1,343.7 1,418.8 186.2 261.6 1,109.5 223.4 20.1% -1.9% 1.3x 6.3xAlliance Data Systems Corporation United States 158.69 -1% 7,914.5 16,235.3 893.4 9,214.2 3,641.4 1,141.2 31.3% 14.8% 4.5x 14.2xArbitron Inc. United States 46.84 -1% 1,250.1 1,183.6 66.5 - 449.9 124.8 27.7% 6.5% 2.6x 9.5xBrainjuicer Group Plc United Kingdom 3.47 -37% 43.6 40.0 3.8 - 34.5 4.8 14.0% 20.6% 1.2x 8.3xCello Group Plc United Kingdom 0.65 -8% 53.5 74.3 1.9 23.4 212.2 12.5 5.9% 8.1% 0.4x 6.0xCision AB Sweden 9.16 -4% 135.9 190.3 8.6 62.4 151.4 29.3 19.4% 1.7% 1.3x 6.5xcomScore, Inc. * United States 15.94 -33% 569.5 522.2 61.8 14.5 255.2 19.0 7.4% 9.8% 2.0x 27.5xCross Marketing Inc Japan 12 32 20% 73 0 64 2 11 1 1 5 63 0 8 6 13 6% 23 1% 1 0x 7 5xCross Marketing Inc. Japan 12.32 -20% 73.0 64.2 11.1 1.5 63.0 8.6 13.6% 23.1% 1.0x 7.5xEbiquity plc United Kingdom 1.45 -4% 81.0 104.1 7.0 30.7 95.7 15.1 15.8% 24.6% 1.1x 6.9xGfK SE Germany 55.94 -4% 2,041.9 2,628.4 87.9 608.6 1,890.7 253.5 13.4% 8.2% 1.4x 10.4xHarris Interactive Inc. United States 1.65 -4% 95.3 87.9 11.1 3.7 140.7 11.0 7.8% -11.0% 0.6x 8.0xHarte-Hanks Inc. United States 7.27 -26% 456.4 533.9 35.8 113.3 767.7 88.9 11.6% -9.8% 0.7x 6.0xInnerWorkings Inc. United States 14.77 -3% 737.6 785.4 17.2 65.0 797.7 41.8 5.2% 25.9% 1.0x 18.8xINTAGE Inc. Japan 24.98 -12% 251.2 243.2 59.9 50.3 449.5 56.6 12.6% 6.1% 0.5x 4.3xIpsos SA France 39.30 -9% 1,780.5 2,621.9 174.4 1,006.9 2,359.4 267.1 11.3% 31.3% 1.1x 9.8xKeynote Systems, Inc. United States 15.28 -25% 279.2 227.9 51.2 - 125.2 16.4 13.1% 12.5% 1.8x 13.9xMacromill, Inc. Japan 10.99 -10% 306.2 269.8 103.2 60.6 182.5 45.2 24.8% 24.0% 1.5x 6.0xNeuStar, Inc. United States 43.85 -7% 2,906.9 3,150.3 343.9 587.3 831.4 369.2 44.4% 34.0% 3.8x 8.5x, , ,Nielsen Holdings N.V. Netherlands 33.69 -1% 12,576.3 18,942.3 288.0 6,606.0 5,612.0 1,556.0 27.7% 1.4% 3.4x 12.2xOnvia Inc. United States 3.73 -12% 31.8 19.5 12.3 - 22.0 2.8 12.6% -5.2% 0.9x 7.1xSolera Holdings Inc. * United States 56.30 -1% 3,878.4 4,681.0 448.2 1,152.6 801.3 338.8 42.3% 6.6% 5.8x 13.8xYouGov PLC United Kingdom 1.12 -9% 106.9 96.2 11.7 0.5 91.2 7.9 8.6% 3.6% 1.1x 12.2x


Other Information


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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACorporate Executive Board Co. United States 54.14 -2% 1,817.0 2,285.1 72.7 540.8 622.7 147.1 23.6% 28.5% 3.7x 15.5xForrester Research Inc. United States 27.46 -24% 612.2 383.6 228.7 - 292.9 43.1 14.7% 3.3% 1.3x 8.9xGartner Inc. United States 49.76 -7% 4,645.9 4,561.1 299.9 215.0 1,615.8 270.5 16.7% 10.0% 2.8x 16.9xIHS Inc. United States 106.25 -11% 6,987.3 7,706.9 345.0 1,064.6 1,529.9 346.5 22.6% 15.4% 5.0x 22.2xInforma plc Switzerland 7.61 0% 4,573.5 5,790.9 38.8 1,343.0 2,003.3 581.4 29.0% -3.4% 2.9x 10.0xNIC Inc. United States 17.72 -2% 1,146.9 1,084.6 62.4 - 211.1 49.7 23.5% 16.7% 5.1x 21.8xProofpoint, Inc. United States 13.98 -21% 462.0 379.2 86.8 4.0 106.3 (12.0) NM 29.9% 3.6x NM Reed Elsevier plc United Kingdom 10.76 -1% 23,672.5 28,753.2 2,673.1 2,407.7 9,635.3 2,209.0 22.9% 2.3% 3.0x 13.0xSPS Commerce, Inc. * United States 37.39 -10% 553.9 487.8 66.1 - 77.1 6.5 8.4% 33.0% 6.3x 75.2xWolters Kluwer NV Netherlands 19.97 -3% 5,896.3 8,646.7 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 2.0x 7.9x




BUSINESS SERVICESPUBLIC COMPANY VALUATIONS


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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 61.36 -1% 29,760.6 28,368.5 1,421.4 29.3 10,507.0 1,908.2 18.2% 10.1% 2.7x 14.9xBarrett Business Services Inc. United States 43.68 -6% 306.3 253.8 62.5 10.0 402.7 20.7 5.1% 27.9% 0.6x 12.3xCapita PLC United Kingdom 12.49 -4% 8,143.3 10,166.1 533.0 2,700.0 5,447.9 827.5 15.2% 14.4% 1.9x 12.3xDice Holdings, Inc. United States 9.64 -12% 564.8 568.6 42.2 46.0 195.4 71.3 36.5% 9.1% 2.9x 8.0xEdenred SA France 34.67 0% 7,824.0 7,754.6 1,931.6 1,830.0 1,286.8 408.7 31.8% 3.8% 6.0x 19.0xInsperity, Inc. United States 28.35 -17% 728.0 446.6 281.4 - 2,158.8 87.1 4.0% 9.2% 0.2x 5.1xLinkedIn Corporation * United States 168.18 -2% 18,340.6 17,591.1 749.5 - 972.3 125.5 12.9% 86.2% 18.1x 140.2xMarsh & McLennan Companies Inc United States 37 14 0% 20 366 6 20 983 6 2 301 0 2 918 0 11 924 0 2 167 7 18 2% 3 5% 1 8x 9 7xMarsh & McLennan Companies, Inc. United States 37.14 0% 20,366.6 20,983.6 2,301.0 2,918.0 11,924.0 2,167.7 18.2% 3.5% 1.8x 9.7xMonster Worldwide, Inc. United States 5.12 -51% 569.0 585.0 148.2 164.2 890.4 142.5 16.0% -10.4% 0.7x 4.1xPaychex, Inc. United States 33.11 -5% 12,040.8 11,739.6 301.2 - 2,268.6 972.1 42.9% 4.9% 5.2x 12.1xTowers Watson & Co. United States 66.57 -2% 4,928.8 5,021.2 455.7 525.0 3,508.2 663.1 18.9% 3.0% 1.4x 7.6xWageWorks, Inc. United States 23.61 -5% 759.7 499.0 305.1 44.4 177.3 40.0 22.5% 30.7% 2.8x 12.5x


St ffi & R iti S i


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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdecco S.A. Switzerland 57.27 -1% 10,815.3 12,245.1 1,166.1 2,580.1 26,588.3 1,153.3 4.3% 1.8% 0.5x 10.6xAMN Healthcare Services Inc. United States 14.10 -2% 645.6 798.8 5.7 158.9 954.0 67.5 7.1% 7.5% 0.8x 11.8xBrunel International NV Netherlands 50.07 -6% 1,210.0 1,123.9 83.7 - 1,431.2 99.6 7.0% 35.9% 0.8x 11.3xCDI Corp. United States 16.46 -12% 318.3 307.1 - - 1,105.0 42.4 3.8% 4.3% 0.3x 7.2xCross Country Healthcare, Inc. United States 5.69 -5% 175.8 202.8 7.5 34.5 506.8 10.3 2.0% 2.8% 0.4x 19.7xCTPartners Executive Search Inc. United States 3.95 -44% 27.6 18.3 14.9 5.6 125.3 (2.3) NM 3.1% 0.1x NM Groupe CRIT SA France 20.15 -13% 223.8 266.2 95.8 120.3 1,938.3 67.6 3.5% 7.3% 0.1x 3.9xHarvey Nash Group plc United Kingdom 1.06 -4% 77.9 99.5 15.4 37.5 897.1 18.6 2 1% 19 9% 0 1x 5 4xHarvey Nash Group plc United Kingdom 1.06 4% 77.9 99.5 15.4 37.5 897.1 18.6 2.1% 19.9% 0.1x 5.4xHays plc United Kingdom 1.49 0% 2,082.9 2,303.5 97.2 333.5 5,726.3 222.8 3.9% -0.6% 0.4x 10.3xHealthcare Locums Plc * United Kingdom 0.01 -88% 6.2 55.7 15.1 66.2 331.6 1.9 0.6% 7.4% 0.2x 29.6xHeidrick & Struggles International Inc. United States 13.60 -39% 244.4 126.8 117.6 - 443.8 31.3 7.0% -15.9% 0.3x 4.1xHudson Global, Inc United States 3.68 -38% 117.7 79.0 38.7 - 777.6 7.5 1.0% -16.7% 0.1x 10.5xImpellam Group PLC United Kingdom 6.05 -1% 268.2 242.7 61.1 33.9 1,955.9 32.0 1.6% 7.0% 0.1x 7.6xKelly Services, Inc. United States 17.66 -2% 651.5 639.3 76.3 64.1 5,450.5 96.8 1.8% -1.8% 0.1x 6.6xKforce Inc. United States 14.54 -12% 501.8 522.6 1.4 22.1 1,082.5 25.6 2.4% 7.7% 0.5x 20.4xKorn/Ferry International United States 18.51 -4% 899.6 676.4 223.2 - 767.0 84.8 11.1% -2.9% 0.9x 8.0xManpowerGroup Inc. United States 54.60 -4% 4,196.7 4,318.7 648.1 770.1 20,678.0 571.0 2.8% -6.0% 0.2x 7.6xMichael Page International plc United Kingdom 6.51 -14% 1,982.3 1,933.1 90.1 39.3 1,599.3 137.3 8.6% 8.4% 1.2x 14.1xOn Assignment Inc. United States 21.86 -13% 1,148.1 1,573.8 13.9 439.6 1,239.7 107.4 8.7% 107.6% 1.3x 14.7xProffice AB (Publ) Sweden 3.80 -11% 259.5 285.8 14.4 40.2 748.9 13.2 1.8% 2.2% 0.4x 21.6xRandstad Holding NV Netherlands 42.61 -1% 7,332.1 8,763.4 255.0 1,697.1 22,528.6 677.4 3.0% 5.3% 0.4x 12.9xResources Connection Inc. United States 12.21 -16% 500.7 386.7 113.9 - 566.9 50.9 9.0% 0.1% 0.7x 7.6xRobert Half International Inc. United States 35.55 -4% 4,961.0 4,674.9 287.6 1.5 4,111.2 410.8 10.0% 8.8% 1.1x 11.4xRobert Walters plc United Kingdom 3.22 -19% 247.1 229.7 42.3 23.6 922.8 20.0 2.2% 7.5% 0.2x 11.5xSThree Plc. United Kingdom 5.39 0% 644.7 601.7 45.3 - 925.6 51.2 5.5% 6.5% 0.7x 11.8xSynergie SA France 11.46 -6% 274.7 312.7 29.7 64.9 1,858.8 60.7 3.3% 6.8% 0.2x 5.2xTrueBlue, Inc. United States 19.39 -2% 752.0 622.6 129.5 0.1 1,389.5 71.9 5.2% 5.6% 0.4x 8.7xUSG People NV Netherlands 8.05 -29% 641.5 1,008.6 52.4 412.1 3,810.2 148.8 3.9% -9.7% 0.3x 6.8x




BUSINESS SERVICES PUBLIC COMPANY VALUATIONS


IT Consulting/Systems IntegrationStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA.L.D. Advanced Logistics Developments Ltd. * Israel 0.21 -17% 4.8 5.2 - - 14.3 0.1 0.9% -5.2% 0.4x 40.7xAccenture plc Ireland 74.36 -2% 47,912.7 42,718.8 5,681.2 0.0 28,007.8 4,266.1 15.2% 5.5% 1.5x 10.0xAmdocs Limited Channel Islands 36.47 -1% 5,900.0 4,938.6 961.3 - 3,266.3 604.4 18.5% 1.8% 1.5x 8.2xBechtle AG Germany 48.98 0% 1,028.5 1,041.6 69.2 82.0 2,657.1 125.5 4.7% 4.7% 0.4x 8.3xBooz Allen Hamilton Holding Corporation United States 12.80 -33% 1,770.7 3,179.5 317.6 1,726.4 5,753.4 524.0 9.1% -1.0% 0.6x 6.1xBroadridge Financial Solutions, Inc. United States 22.95 -7% 2,796.6 3,061.9 259.1 524.4 2,336.3 351.9 15.1% 3.4% 1.3x 8.7xBusiness & Decision SA France 4.29 -46% 33.8 73.5 7.3 44.9 304.0 16.5 5.4% -2.0% 0.2x 4.5xCap Gemini S A France 49 32 1% 7 483 4 7 589 4 1 660 6 1 713 9 12 787 0 1 158 6 9 1% 9 1% 0 6x 6 6xCap Gemini S.A. France 49.32 -1% 7,483.4 7,589.4 1,660.6 1,713.9 12,787.0 1,158.6 9.1% 9.1% 0.6x 6.6xCGI Group, Inc. Canada 26.50 -4% 8,136.2 11,033.8 162.1 3,151.5 6,293.7 878.0 14.0% 50.7% 1.8x 12.6xCognizant Technology Solutions Corporation United States 76.77 -3% 23,167.8 20,304.0 2,863.8 - 7,346.5 1,518.1 20.7% 20.0% 2.8x 13.4xComputer Sciences Corporation United States 48.03 -3% 7,371.8 7,817.8 2,203.0 2,629.0 15,784.0 1,830.0 11.6% 0.3% 0.5x 4.3xCSG Systems International Inc. United States 19.41 -17% 615.2 720.6 169.3 274.7 756.9 162.8 21.5% 3.0% 1.0x 4.4xDynamics Research Corporation United States 5.91 -41% 61.1 157.7 0.0 89.1 317.0 29.0 9.2% -1.7% 0.5x 5.4xInformation Services Group, Inc. United States 1.34 -10% 48.5 98.3 15.0 64.8 187.8 18.5 9.9% 9.6% 0.5x 5.3xInfosys Ltd. India 53.44 -1% 30,537.9 26,421.3 4,079.0 - 7,231.0 2,183.0 30.2% 5.9% 3.7x 12.1xiSoftStone Holdings Limited China 4.99 -52% 278.3 245.9 72.5 38.0 362.8 37.6 10.4% 39.9% 0.7x 6.5xITS Group France 5.74 -26% 33.3 48.7 5.8 19.5 119.0 10.4 8.8% 6.1% 0.4x 4.7xNCI, Inc. United States 5.03 -37% 65.5 82.3 0.8 17.5 368.4 17.6 4.8% -34.0% 0.2x 4.7x,Osiatis SA France 8.33 -3% 127.5 132.5 36.2 40.7 366.1 31.0 8.5% 10.8% 0.4x 4.3xWipro Ltd. India 7.66 -7% 18,750.9 16,867.5 3,036.2 1,148.7 7,608.2 1,484.2 19.5% 17.5% 2.2x 11.4x


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

Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA


Company Name Headquarters 02/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACommunisis plc United Kingdom 0.76 -5% 106.3 148.1 15.8 59.0 349.8 28.3 8.1% 15.7% 0.4x 5.2xContax Participacoes S.A. Brazil 13.17 -9% 850.9 1,231.0 186.5 544.8 1,709.7 199.9 11.7% 22.2% 0.7x 6.2xEniro AB Sweden 2.00 -24% 200.6 630.1 30.4 455.5 614.2 149.9 24.4% -7.5% 1.0x 4.2xExlservice Holdings, Inc. United States 30.27 -6% 973.1 852.6 109.2 4.4 442.9 82.2 18.6% 22.9% 1.9x 10.4xFirstsource Solutions Limited India 0.19 -31% 124.6 144.2 141.2 160.4 502.3 47.2 9.4% 27.1% 0.3x 3.1xGenpact Ltd. Bermuda 17.61 -10% 3,970.7 4,242.2 477.5 745.7 1,902.0 343.7 18.1% 18.8% 2.2x 12.3xMAXIMUS, Inc. United States 72.78 -3% 2,480.8 2,315.3 167.1 1.7 1,096.8 163.2 14.9% 14.8% 2.1x 14.2xSalmat Ltd. Australia 2.70 -5% 427.2 678.5 38.3 289.5 843.3 102.8 12.2% -4.6% 0.8x 6.6xSerco Group plc United Kingdom 8.66 -5% 4,243.6 5,217.1 343.2 1,349.7 7,438.3 574.7 7.7% 7.0% 0.7x 9.1xTrans Cosmos, Inc. Japan 13.61 -1% 559.9 383.1 361.3 134.0 1,915.6 99.1 5.2% 5.1% 0.2x 3.9xTranscom WorldWide SA Luxembourg 0.13 -2% 159.4 210.2 56.2 106.5 798.4 20.3 2.5% 9.3% 0.3x 10.3xXchanging PLC United Kingdom 2.16 -2% 519.5 436.8 189.2 64.4 1,086.2 120.6 11.1% 2.6% 0.4x 3.6x




FEBRUARY SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W AVG ADJ W AVG*Revenue Multiples

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 2.8x 1.6x 4.4x 4.0xDigital Advertising 3.5x 2.8x 4.6x 4.4xMarketing Technology 3.9x 3.2x 3.8x 3.7xAgency/Consulting 0.9x 0.8x 1.3x 1.2xMarketing Services 1.0x 0.7x 1.8x 0.9xTraditional Media 2.2x 2.2x 2.8x 2.4xTechnology 2.6x 1.7x 3.0x 2.8xSoftware 5.0x 3.5x 7.4x 4.5xCommunications 2.1x 1.2x 3.7x 2.6xInformation 3.0x 2.8x 3.5x 2.2xBusiness Services 1 2x 0 6x 2 9x 2 0x1.2x 0.6x 2.9x 2.0x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 18.3x 10.6x 24.6x 14.0xDigital Advertising 16.4x 11.2x 14.1x 14.0xMarketing Technology

EBITDA Multiples

Marketing Technology 27.7x 14.6x 19.9x 11.4xAgency/Consulting 7.6x 6.6x 8.9x 8.6xMarketing Services 13.0x 6.4x 9.4x 9.3xTraditional Media 11.2x 8.0x 9.6x 9.6xTechnology 12.2x 9.0x 11.2x 10.2xSoftware 27.5x 14.3x 31.0x 14.6xCommunications 18.6x 11.4x 23.6x 14.9xInformation 14.7x 10.4x 13.3x 13.3xBusiness Services 11.2x 8.1x 18.6x 11.0x

As of close of business on 02/28/13


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

PPLLC INDICES – LTM as of 2/28/13Index Performance

• S&P 500 – 10.2%

Index Performance

• S&P 500 – 10.2 %

Digital Media/Commerce Agency130120

S&P 500 10.2%

• Digital Media/ Commerce – 8.7%

S&P 500 10.2 %

• Agency/Consulting – 15.2%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%)

90

100

110

Ind

ex P

erfo

rman

ce (

%)

Index Performance

• S&P 500 – 10.2 %

Index Performance

• S&P 500 – 10.2 %

Digital Advertising Marketing Services130

%)

80

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

S&P 500 Agency

80


S&P 500 Digital Media/Commerce

130

%)

• Digital Advertising – 18.9% • Marketing Services – 16.8%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%

Index Performance

• S&P 500 – 10.2 %

Index Performance

• S&P 500 – 10.2 %

Marketing Technology Traditional Media

80


S&P 500 Digital Advertising

130

140

%)

110

120

%)

80


S&P 500 Marketing Services

• Marketing Technology – 0.8%

• OOH & Specialty Media – 27.5%

80

90

100

110

120In

dex

Per

form

ance

(%

80

90

100

110

Ind

ex P

erfo

rman

ce (

%


80


S&P 500 Traditional Media

70


S&P 500 Marketing Technology

PPLLC INDICES – LTM as of 2/28/13Index Performance

• S&P 500 – 10.2 %

Index Performance

• S&P 500 – 10.2 %

Software Communications130 130

S&P 500 10.2 %

• Software – 13.5%

S&P 500 10.2 %

• Communications – 0.5%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%)

80

90

100

110

120

Ind

ex P

erfo

rman

ce (

%)

Index Performance

• S&P 500 – 10.2 %Index Performance

S&P 500 10 2 %

TechnologyInformation & Business Services

80


S&P 500 Software

130

%)

70


S&P 500 Communications

130

• Technology – 0.2%• S&P 500 – 10.2 %

• Information – 15.3%

• Business Services – 11.4%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%

90

100

110

120

Ind

ex P

erfo

rman

ce (

%)

80


S&P 500 Technology

80


S&P 500 Information Business Services


ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value StrategicValues Disclosed

Acme Packet, Inc Oracle Corporation $1,645.6Hollywood America Cinemas Regal Entertainment Group 283.0Channel Intelligence, Inc. Google, Inc. 125.0FFastFill ION Trading 112 4FFastFill ION Trading 112.4Online Resources Corporation ACI Worldwide, Inc. 110.2Angel.com Incorporated Genesys International 110.0Sage Software, non-CRM assets Swiftpage 101.2Northgate Managed Services Capita Group plc 100.8Atlas Advertiser Suite Facebook 100.0Bluefin Labs, Inc. Twitter, Inc. 100.0Cox Media Group, Southern Connecticut Radio Stations Sinclair Broadcast Group, Inc. 94.7Beatport SFX Entertainement, Inc. 50.0Skyfire Labs, Inc. Opera Software ASA 50.0MDT Personnel True Blue, Inc. 48.0CapitalStream Linedata Services S.A. 45.0LBM Holdings Ltd. Stream Global Services, Inc. 40.8ChinaHR.com Saongroup.com 30.0Investor Economics Asset International, Inc. 22.5Metaresolver Millennial Media, Inc. 20.0Windeln.de DN Capital 19.6M dot Go Daddy Software Inc 15 0M.dot Go Daddy Software, Inc. 15.0I-Design Cardtronics, Inc. 12.0Webscreen Systems Juniper Networks, Inc. 10.0BowTie I-5 Publishing 10.0Exait Atea Holding AB 7.4AWIND Barco NV 7.1CrowdSavings.com Half Off Depot, Inc. 6.4Mnet Mobile IPG Mediabrands Australia 5.5Altior, Inc. Exar Corporation 5.0, pClariDIS iMedicor 0.6

StrategicUndisclosed

100plus Practice Fusion - 360Fresh Advisory Board Company - 4Projects Viewpoint Construction Software, Inc. - ACS Systech Integrators Valores Corporativos Softtek S.A. de C.V. - Agile Poet Snakehead Software LLC


Agile Poet Snakehead Software, LLC - Airtasker Pty. Ltd. TaskBox - Alike Yahoo!, Inc. -


Reported



Value StrategicUndisclosed

All the Sales Jack Media - Allpoint Systems Autodesk, Inc. - ANTs Data Server ANTs Software, Inc. - AnyDoc Software Hyland Software - appMobi, HTML5 Development Tools Division Intel Corporation - AVIDWireless Numerex Corp. - Broadtexter Tatango, Inc. - CareClarity, Inc. Cymetrix Corporation - Cezanne Software Lefebvre Software SA - Cloggs Limited JD Sports Fashion Plc. - Conversion Hub Marketing sgCarMart com Conversion Hub Marketing sgCarMart.com - Corporate Voice / Weber Shandwick Weber Shandwick Worldwide - Cox Media Group, Southern Connecticut Radio Stations Connoisseur Media, LLC - DailyLit Plympton - Dailymotion Orange SA - Debtdomain Ipreo LLC - Diagonal Consulting G3 Global - Digitas Inc. LBi International - gDocVelocity Capsilon Corporation - eBook Architects Firebrand Technologies - eBUS Media Network IMD Plc - Echograph Vimeo, LLC - Engagio Influitive, Inc. - EntropySoft Salesforce.com - EPM Communications Business Valuation Resources, LLC - Fi i l S i St d d fi360 I Financial Service Standards fi360, Inc. - First to File, Inc. CPA Global Limited - Flowdock Rally Software Development Corporation - gdgt AOL, Inc. - GoMiso Dijit Media, Inc. - Hewlett-Packard, webOS Software LG Electronics, Inc. - Heyride, Inc. SideCar Technologies, Inc. - HomeGain.com, Inc. Reply!, Inc. -


HomeGain.com, Inc. Reply!, Inc. IGN Entertainment, Inc. Ziff Davis, Inc. - InCompass Solutions The Jockey Club - Inkfruit Robemall Apparels Pvt. Limited -


Reported




IoGo_net Agilisys Limited - JAWOOD Business Process Solutions Genpact Limited - Jigsee Vuclip - KadmusArts Festival Transaction Services, Inc. - Kip Solutions Post+Beam - KSEE24 Nexstar Broadcasting, Inc. - KSNB-TV Gray Television, Inc. - Label World WS Packaging Group, Inc. - LineRate Systems F5 Networks, Inc. - lonelybrand, LLC HY Connect Inc. - MashLogic Groupon Inc MashLogic Groupon, Inc. - MD Practice Software TELUS Health Solutions - Mind Technologies, Inc. VOIS, Inc. - MontaVista Software, Automotive Business Unit Mentor Graphics Corporation - Natural History New Zealand Fox Television Studios, Inc. - NetConstruct Ingenuity Digital Holdings - ObjectRocket Rackspace US - Opstera Software Avanade, Inc. - p ,Oracle Enterprise Resource Planning KPMG LLP - Oregon Health Network OCHIN, Inc. - Parlophone Label Group Warner Music Group - Partners for Medical Education WCG Company - Pasona Tquila Salesforce.com - Perioperative Nurses Alliant Staffing - PlanSwift Textura Corporation - P i N t k A Ri ht t Ltd Preview Networks Aps Rightster Ltd. - ProTec Games SHFL entertainment - Romanes Media Group Goldman Sachs Group and TPG Capital - Samplrs.com Fancy.com - Sazneo Limited Access UK Limited - Sepiida Delphic Digital, LLC - ShowUhow Sellpoint, Inc. - Silverpoint finalsite -


Silverpoint finalsite SmartOps SAP AG - SNRLabs Seven Networks, Inc. - SocialLink Weber Shandwick Worldwide -


Reported




Software Generation SWK Technologies, Inc. - SolStonePlus Red Stack Technology - SpeakerText, Inc. Sprout Technology International - Specialist Media Show The Software & Information Industry Association - Specialists Marketing Services, Inc. Take 5 Solutions LLC - SportsGrid.com RotoExperts LLC - Star Analytics, Inc. International Business Machines Corporation - Strangeloop Networks Radware Ltd. - Stratix Corp., Field Service Mobile Software ServicePower - Swaylo PeopleBrowsr - TaskBox Airtasker Pty Ltd TaskBox Airtasker Pty. Ltd. - Taste Festivals IMG Arts and Entertainment - Tech:Touchstone The 451 Group - Thames & Kosmos Kosmos International GmbH - The Panther Group Parseq plc - The Tulsa World BH Media Group - Theory M INVISION, Inc. - Travora Media, Inc. Advantage Networks - , gTunedIn Media Axel Springer AG - Vietnam Online Network CareerBuilder, Inc. - Virsto Software VMware, Inc. - Visere & Massive Health Jawbone - Visiograph-Geomap Mensch und Maschine Software SE - Volt Media AlphaBird, Inc. - VOS Media Telegraph Media Group - V A l ti A l I Vue Analytics Anaplan, Inc. - Workshop Holding ManpowerGroup - Z57 Constellation HomeBuilder Systems -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)



Value Buyout DealsValues Disclosed

SPi Global CVC Capital Partners Ltd. $320.0UBM, Data Services business Electra Partners LLP 250.5

Buyout DealsUndisclosedUndisclosed

eCompliance Management Solutions, Inc. High Park Capital Partners - Information Distribution & Marketing, Inc. Volaris Group, Inc. - Performance Assessment Network Spire Capital Partners, L.P. - TBA Global, LLC Management Buyout - West Academic Publishing Eureka Growth Capital -

VC/Growth CapitalValues Disclosed

Beijing Jingdong Century Trading Co., Ltd. Kingdom Holding Company $400.0j g g g y g , g g p y $AirWatch, LLC Insight Venture Partners 200.0Pinterest Valiant Capital Management, L.P. 200.0LivingSocial (Hungry Machine, Inc.) (Unnamed Fund Contibuters) 110.0Mobilitie, LLC Shamrock Capital Advisors, Inc. 100.0New Relic, Inc. Insight Venture Partners 80.0Consumer United Spark Capital 52.5Skyera, Inc. Dell Corporate Ventures 51.6Mu Sigma MasterCard, Inc. 45.0eBaoTech Corporation FTV Capital 36 0eBaoTech Corporation FTV Capital 36.0WhiteHat Security JMI Equity Fund 31.0Hailo Union Square Ventures 30.6DataXu, Inc. Atlas Venture 27.0Linio Summit Partners LP 26.5Ravello Systems, Inc. Sequoia Capital 26.0Game Insight, LLC IMI.VC 25.0Urban Airship, Inc. August Capital Management 25.0Nexenta Systems, Inc. The Four Rivers Group 24.0y , pElasticsearch Index Ventures 24.0Nextdoor.com, Inc. Greylock Management 21.6Adara Media, Inc. QuestMark Partners 20.0InVisage Technologies, Inc. GGV Capital 20.0Sailthru, Inc. Benchmark Capital 19.0Spredfast OpenView Venture Partners 18.0Click Security, Inc. Lightspeed Venture Partners 17.7Euclid, Inc. Benchmark Capital 17.3Cylance Inc Fairhaven Capital 15 0


Cylance, Inc. Fairhaven Capital 15.0Nok Nok Labs, Inc. Onset Ventures 15.0RightScale, Inc. (Unnamed Fund Contibuters) 15.0STELLAService, Inc. Norwest Venture Partners 15.0




Value VC/Growth CapitalValues Disclosed

Livefyre, Inc. U.S. Venture Partners $15.0Sprinklr Battery Ventures 15.0Taboola Ltd. Pitango Venture Capital 15.0Drawbridge Inc The Jockey Club 14 0Drawbridge, Inc. The Jockey Club 14.0Scodix Ltd. Lightspeed Venture Partners 14.0Verve Mobile, Inc. Nokia Growth Partners 14.0Snapchat, Inc. Benchmark Capital 13.5Persado, Inc. Bain Capital, LLC 13.0RepairPal, Inc. Cars.com 13.0Gilat Satellite Networks Roumell Asset Management, LLC 11.8Julep Beauty, Inc. Andreessen Horowitz 10.3Xirrus, Inc. August Capital Management 10.1, g p gZomato Media Info Edge (India) Limited 10.1BTI Systems, Inc. Bain Capital, LLC 10.0Infinio Systems, Inc. Highland Capital Partners 10.0Fortumo Ltd. Intel Capital 10.0Jibe, Inc. Longworth Venture Partners 10.0WSO2 Toba Capital 10.0Valyoo Technologies Private Limited IDG Ventures India 10.0Wanelo.com (Unnamed Fund Contibuters) 10.0Codenvy Inc Toba Capital 9 0Codenvy, Inc. Toba Capital 9.0Artspace Marketplace, Inc. Canaan Partners 8.5Stormpath, Inc. New Enterprise Associates 8.2Gild Baseline Ventures 8.0Piston Cloud Computing, Inc. Cisco Systems, Inc. 8.0Legen3D Northwater Capital Management Inc. 8.0U-Bank Runa Capital 8.0Health Catalyst, LLC Kaiser Permanente Ventures 8.0Illumio Juniper Networks, Inc. 8.0p ,Illumio Andreessen Horowitz 8.0SocialFlow (Unnamed Fund Contibuters) 7.8A Place for Rover Foundry Group 7.0Skyhigh Networks, Inc. Greylock Management 6.8Virool, Inc. Thomvest 6.6Big Switch Networks Intel Capital 6.5Parkmobile USA, Inc. Fontinalis Partners, LLC 6.3About.me True Ventures 5.7Simulmedia Inc Time Warner Investments 5 0


Simulmedia, Inc. Time Warner Investments 5.0Storenvy, LLC Intel Capital 5.0Stitch Fix Baseline Ventures 4.8CoverHound, Inc. RRE Investors 4.5





Jethrodata, Inc. Pitango Venture Capital $4.5Mobilewalla Madrona Venture Group 4.0StyleSeat, Inc. (Private Investors) 4.0Smart Eye AB Fouriertransform 3 9Smart Eye AB Fouriertransform 3.9Coalfire Systems, Inc. Baird Capital 3.6Bislr, Inc. Southern Cross Venture Partners 3.5Mindflash Technologies Investment Group of Santa Barbara 3.5Rabbit, Inc. Google Ventures 3.3Club W, Inc. Crosscut Ventures 3.1My Meds & Me Albion Ventures LLP 3.1EatStreet Cornerstone Opportunity Partners 3.0Nexmo, Inc. Intel Capital 3.0, pAnunta Tech Infrastructure Services Limited Bessemer Venture Partners 3.0Think Big Analytics, Inc. (Private Investors) 3.0Method CRM KlassCapital 3.0MyTime GRP Partners 3.0Nomi Group, Inc. First Round Capital 3.0Upstream Commerce Ltd. Bright Capital Digital 3.0TeamSnap, Inc. Torstar Corporation 2.8iFood Movile 2.6Game Analytics Ap Sunstone Capital A/S 2 5Game Analytics Ap Sunstone Capital A/S 2.5Luluvise, Inc. (Angel Investors) 2.5Batterii CincyTech Ventures 2.5EvntLive, Inc. (Private Investors) 2.3Smarkets Limited T-Venture Holding GmbH 2.3GxYz Yahoo Japan 2.2Business of Fashion Index Ventures 2.1Medikly, Inc. Easton Capital Partners, L.P. 2.1AlchemyAPI, Inc. Access Venture Partners 2.0y ,Ellie Blumberg Capital 2.0Armor5, Inc. Trinity Ventures 2.0Rivet & Sway Mousse Partners 2.0Inverted Edge Singapore National Research Foundation 1.6Ribbon Draper Fisher Jurvetson 1.6Blab, Inc. (Private Investors) 1.5DropShip.com Kickstart Seed Fund 1.5Insurance Zebra, Inc. Silverton Partners 1.5Vestec Inc MModal IP LLC 1 5


Vestec, Inc. MModal IP LLC 1.5CircleCI, Inc. Baseline Ventures 1.5Red Hot Labs Andreessen Horowitz 1.5Rock City Apps, LLC Detroit Venture Partners, LLC 1.5





payasUgym Supremum Capital Partners $1.4Getonic Ltd. thetime 1.3TinderBox, LLC The Founders Club 1.3LocalResponse Inc Cava Capital 1 2LocalResponse, Inc. Cava Capital 1.2PhishLabs (Private Investors) 1.2Polar Mobile AME Cloud Ventures 1.2GlobeIn World, Inc. (Private Investors) 1.1Graduway BTG Pactual Participations 1.1KnexxLocal, Inc. Imperial Capital Group Ltd. 1.1Enigma Technologies, Inc. TriplePoint Capital 1.1Twyxt (Unnamed Fund Contibuters) 1.1Allocadia Software, Inc. iNovia Capital 1.0, pBluefields 500 Startups 1.0Guide Sapient Corporation 1.0Gruzobzor Runa Capital 1.0GroupTalent Version One Ventures 1.0PayrollHero.com 500 Startups 1.0Tuition.io, Inc. Mohr, Davidow Ventures 1.0Leanplum, Inc. Kima Ventures 0.8DUPLAYS (Unnamed Fund Contibuters) 0.8vidIQ Inc i/o Ventures 0 8vidIQ, Inc. i/o Ventures 0.8BrightBytes, Inc. Learn Capital Venture Partners 0.8Bombfell, Inc. Great Oaks Venture Capital 0.7Endemic Mobile, Inc. Valar Ventures LP 0.7Shopspot SingTel Innov8 0.6e27 Pte. Ltd. B Dash Ventures Inc. 0.6Blottr Digital Limited Kima Ventures 0.6Hits Consulting Group iMedicor 0.6SnapTee Limited (Private Investors) 0.6p ( )Synapsify, Inc. ICG Ventures Ltd. 0.6Sift Sand Hill Angels, Inc. 0.5Box Ventures Vandaele Capital 0.5GeoOp Limited Cloud Rainmakers 0.5Jobber Version One Ventures 0.5OpenBook Accelerate Partners, LLC 0.0The Knowland Group, Inc. Serent Capital, L.P. 0.0

VC/Growth Capital


VC/Growth CapitalUndisclosed

Batanga Network Ideiasnet - Cloudant, Inc. Samsung Ventures -




Value VC/Growth CapitalUndisclosed

crealytics GmbH BayBG - Hstreaming LLC Atlas Venture - Imagitek Ltd. Teakwood Capital, L.P. - Morta Security Andreessen Horowitz Morta Security Andreessen Horowitz - Softonic International S.L. Partners Group (USA) Inc. - The Chartis Group Riordan, Lewis & Haden -


Petsky Prunier: Maximizing Shareholder Value• Founded in 1999

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

• Over 35 focused professionals

› Unique combination of investment banking and consulting expertise

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

• Sell-side and private placement close rate is unmatched at our level of deal volume

• Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers

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

STRATEGIC CONSULTINGINVESTMENT BANKING

p g g

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

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

STRATEGIC CONSULTINGINVESTMENT BANKING

• Sell-Side Representation• Capital Raising and Private

Placements• Corporate Divestitures

• Strategic Development and Competitive Analysis

• M&A Transaction Due Diligence Support and Valuation Analysis

• Technology• Media• Marketing

CCorporate Divestitures• M&A Advisory• Fairness Opinions

• Acquisition Strategy/Target Identification• Publishing and Thought Leadership

• eCommerce• Healthcare


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

Rank Advisor Deal Count

1 Petsky Prunier LLC 30

2 Nomura Holdings Inc 24

3 GCA Savvian Group Corp 23

4 Goldman Sachs & Co 20

5 Morgan Stanley 19

6 Jordan Edmiston Group 186 Jordan Edmiston Group 18

7 Jefferies Group Inc. 16

8 China Renaissance Partners 15

8 Sumitomo Mitsui Financial 15

10 JP M 1410 JP Morgan 14

10 RBC Capital Markets 14

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

More than 50 transactions closed since 2010:

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

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


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

International Partnership with Altium

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

About Altium International Network

private equity firms, and entrepreneurs

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

New York Palo AltoLas Vegas Chicago

Tampa

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

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

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

Madrid

Zurich

Paris

DubaiMunichMilan

Manchester LondonLeeds

Frankfurt


REPRESENTATIVE RECENT TRANSACTIONS

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

has received a mezzanine debt investment from

a leading provider of transportation-based digital

media networkshas been acquired by

a dynamic display media and retargeting company

(JASDAQ:4755)

has been sold to

a leading provider of digital production services to brands and agencies

(NSYE: ACN)

has been acquired by

a real-time behavioral advertising company

(NSYE: AOL)

has been sold to

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

has sold

provider of online travel guides for top destinations around the world

to

(NYSE: GCI )

specializing in retail, digital, shopper marketing and consumer

services to

along with digital subsidiary

has been sold to

monetization and shopper marketing partner for e-commerce retailers

with financing from

a portfolio company ofhas been sold to

a leading multiplatform travel and lifestyle media company

a subsidiary of

has been sold to

the top independentdirect-to-consumer marketer of

dental savings plans

has sold

and

a leading provider of services for domain name registration,

acquisition, brokerage and salesto

has been sold to

a global digital marketing agency

a unit of

a leading data management and audience optimization platform

(DMP) company

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

acquisition solutions for major brandshas received an equity investment from

with debt financing from

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

Apple (iOS), and Android developers

has received $66M investmentfrom

has been sold to

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

a portfolio company of

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

marketing industry

has received $15M financing led by

a leader in multichannel retail, ecommerce and loyalty marketing

serviceshas been sold to

has sold its

Sports Marketing Print Division

to

has sold

a premier provider of affinity programs for universities and colleges

to

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has been sold to

(TSX: PTO)a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold

to

a leading provider of integrated data, technology and analytics

solutions

to


Vestar Capital Partners has sold

and


has merged with

has been sold to


one of North America’s largest mobile marketing and gateway

solution providers

has been sold to

(Nasdaq:GSIC)

has received a majority investment from

a leading online video advertising network

has received a growth capital investment from

a provider of multichannel marketing software services

has been sold to

( d )

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of

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

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has sold the assets of

a global marketing services company

has been acquired by

(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

l d i f h f fi


a leading direct response television media company

has received a majorinvestment from

has been sold to

a leading performance-basedadvertising network

has been sold to


has been acquired by toto in a combination that creates

the world’s leading loyaltymanagement provider

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

marketing services divisions

february 2013 ma and investment summary - ppllc...

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