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May 2013 M&A and Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 82

Additional Monthly M&A and Investment Activity Data 403 Additional Monthly M&A and Investment Activity Data 403

About Petsky Prunier 554

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 d b f k ff l d h l l d b h d h l d l

2 | M&A and Investment Summary May 2013

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

Transaction Distribution

A total of 364 deals were announced in May 2013, of which 211 reported $20.2 billion in value

Marketing Technology and Digital Media/Commerce were the most active segments with a combined total of 159 transactions announced, of which 98 reported $2.7 billion in value

Software was the highest reported value segment, with 60 transactions announced, of which 38 reported $10.1 billion in value

Strategic buyers announced 162 deals (45 percent of total volume) of which 38 reported $7 1 billion in valueStrategic buyers announced 162 deals (45 percent of total volume), of which 38 reported $7.1 billion in value

VC/Growth Capital investors announced 188 deals, of which 165 reported $2.8 billion in value

Buyout investors announced 14 deals during the month, of which eight reported $10.2 billion in value

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

Marketing Technology 80 22% 888.5 4% 32 489.5 1 ‐ 47 399.0

Digital Media/Commerce 79 22% 1,774.9 9% 28 1,166.3 2 27.5 49 581.1

MAY 2013

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

Software 60 16% 10,061.9 50% 25 750.2 4 8,618.6 31 693.2

Information & Business Services 40 11% 4,889.1 24% 30 3,887.9 3 607.8 7 393.4

Technology 37 10% 333.8 2% 12 14.0 0 ‐ 25 319.8

Digital Advertising 26 7% 539.5 3% 11 370.0 0 ‐ 15 169.5

Traditional Media 17 5% 1,220.2 6% 11 85.8 2 987.9 4 146.5

Agency & Marketing Services 15 4% 338.9 2% 12 338.9 1 ‐ 2 ‐


Communications 10 3% 130.6 1% 1 ‐ 1 ‐ 8 130.6

Total 364 100% 20,177.4 100% 162 7,102.6 14 10,241.8 188 2,833.0

M&A and Investment Summary for All Segments

Transaction Distribution

With an increase of 169 percent versus April 2013, May was the highest reported value month in more than a year, and the number of deals increased on a month‐over‐month basis for the fifth month in a row

The largest control transactions announced during the month included:

• Bain Capital and Golden Gate Capital’s $6.9 billion buyout of BMC Software, which offers a unified business service management platform that simplifies and automates IT processes

• Fidelity National Financial’s $3.9 billion acquisition of Lender Processing Services, a provider of integrated technology, data, and services to the mortgage lending industry

• Yahoo’s $1.1 billion acquisition of Tumblr, operates an online platform that enables users to post text, photos, quotes, links, music, and videos from their browser, phone, desktop, or email

$25.0

The largest investment during the month was Thomas H. Lee Partners’ $381 million investment in the combined units of FidelityNational and Lender Processing Services

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

2 35

5

22 3 2 1

11 2

3$15.3

$12.8

$19.1 $15.9

$7.1 $9.5 $9.8 $9.9

$8.5 $6.1

$8.7 $7.5

$20.2

$5.0

$10.0

$15.0

$20.0

*


377 376 402 401 342 305 390 253 409 298 335 357 361 $-

$5.0

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13* Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal

Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Digital Media/Commerce

Bluefly, Inc. eCommerce Clearlake Capital Group $14.6 $89.0 ($17.5) 0.2x NM

Selected Transactions With Multiples Information

Mascus International Classifieds/Auctions/P‐to‐P Vortex Capital Partners B.V. 14.5 6.5 ‐ 2.2x NA

Marketing Technology

Market Leader, Inc. CRM Trulia, Inc. 355.0 47.7 (3.9) 7.4x NM

SoundBite Communications, Inc. Mobile Technology Genesys SA 84.2 48.2 0.3 1.7x NM

Agency & Marketing Services

Acquity Group, LLC Digital Agency Accenture plc 316.0 141.0 27.0 2.2x 11.7x

Branded3 Search Digital Agency St. Ives, PLC 16.4 6.5 2.7 2.5x 6.1x

Traditional Media

Nielsen Expositions B‐to‐B Media Onex Corporation 950.0 183.0 97.0 5.2x 9.8x

AS Starman Cable & Satellite Television East Capital Explorer AB 50.6 36.9 17.1 1.4x 3.0x

High Noon Productions Entertainment Media ITV plc 42.6 0.0 5.7 * NA 7.5x

Software

BMC Software Inc. Infrastructure Software Bain Capital and Golden Gate Capital 6,900.0 2,201.4 612.1 3.1x 11.3x

Advent Software Inc Financial Software TPG Capital 1 304 1 364 4 82 7 3 6x 15 8xAdvent Software, Inc. Financial Software TPG Capital 1,304.1 364.4 82.7 3.6x 15.8x

Websense, Inc. Security Software Vista Equity Partners 907.0 359.4 54.4 2.5x 16.7x

Ebix, Inc. Credit/Risk Software Goldman Sachs Merchant Banking 811.6 208.1 87.0 3.9x 9.3x

Stonesoft Security Software McAfee, Inc. 378.0 53.8 (0.6) 7.0x NM

Information & Business Services

Lender Processing Services, Inc. BPO Fidelity National Financial, Inc. 3,887.3 1,983.5 249.6 2.0x 15.6x

IPOs After Final PricingTarget Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA


Tableau Software, Inc. BI Tools IPO $1,760.7 $143.1 $0.0 12.3x NA

Marketo, Inc. SFA/Lead Management IPO 551.8 65.9 (35.3) 8.4x NM

Communications

Cyan, Inc. Networking Equipment IPO 498.5 108.0 (12.9) 4.6x NM

f

IPOs After Final Pricing


Information & Business Services

Quinti les Transnational Holdings Inc. BPO IPO 7,044.7 3,692.3 488.8 1.9x 14.4x

* EBITDA represented by EBIT proxy

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

Securities in Registration($ in Millions)

Aggregate Date Company Name Segment Offering Value Rev EBITDA

May‐13 Covis int Corporation Technology $100.0 $75.0 NA

LTM

May‐13 Luxoft Holding, Inc. Software 80.0 315.0 52.1

May‐13 Tremor Video, Inc. Digi ta l Adverti s ing 86.3 NA NA

Apr‐13 Light In The Box Ltd. Digi ta l Media/Commerce 86.3 200.0 (3.2)

Apr‐13 Textura Corporation Software 50.0 24.0 (14.2)

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

Oct‐12 Viol in Memory, Inc. Technology NA 100.0 NA

Aug‐12 Just Dial Limited Digita l Adverti s ing NA 48.8 13.0

Jul ‐12 Gigamon LLC Communications 135.0 105.8 8.8

Jun‐12 goldenTech SA Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology Software NA NA NA

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

Apr‐12 NSFOCUS Information Technology Co Ltd Communications NA NA NAApr 12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobi le Technology Corp. Communications 451.0 NA NA

Mar‐12 Exponentia l Interactive, Inc. Digi ta l Adverti s ing 75.0 169.1 22.0

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


LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day May 31, 2013 1st Trading Day

May‐13 ECOM ChannelAdvisor Corporation United States $12.00‐$14.00 $14.00 $18.44, up 32% $16.94 (8.1%)

May‐13 CYAN Cyan, Inc. Uni ted States 10.00‐12.00 11.00 11.14, up 1% 13.15 18.0%May 13 CYAN Cyan, Inc. Uni ted States 10.00 12.00 11.00 11.14, up 1% 13.15 18.0%

May‐13 MKTO Marketo, Inc. Uni ted States 11.00‐13.00 13.00 23.10, up 78% 24.70 6.9%

May‐13 Q Quinti les Transnational Holdings Inc. Uni ted States 36.00‐40.00 40.00 42.11, up 5% 44.33 5.3%

May‐13 DATA Tableau Software, Inc. Uni ted States 28.00‐30.00 31.00 50.75, up 64% 51.11 0.7%

Apr‐13 RALY Ral ly Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 21.04 18.1%

Mar‐13 MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 12.06 (25.8%), p ( )

Mar‐13 MODN Model N, Inc. Uni ted States 12.50‐14.50 15.50 18.45, up 19% 19.97 8.2%

Mar‐13 3182 Ois ix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 55.14 91.9%

Mar‐13 IPDN Profess ional Divers i ty Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 4.99 (34.9%)

Feb‐13 DGS Digi ta l Globe Services , Ltd. Uni ted States No Range 2.47 2.59, up 5% 3.04 17.4%

Feb‐13 3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 43.26 38.8%

Feb‐13 XOOM Xoom Corporation United States 13.00‐15.00 16.00 25.49, up 59% 18.86 (26.0%)

Nov‐12 3666 Tecnos Japan Incorporated Japan 16.77‐18.72 18.72 27.66, up 48% 26.13 (5.5%)

Nov‐12 YY YY, Inc. China 10.50‐12.50 10.50 11.31, up 8% 28.40 151.1%

Oct‐12 RKUS Ruckus Wireless , Inc. United States 13.00‐15.00 15.00 12.25, down 18% 12.65 3.3%

Oct‐12 FLTX Fleetmatics Group Limited United States 15.00‐17.00 27.00 22.30, up 31% 30.03 34.7%

Oct‐12 RLGY Rea logy Holdings Corp. Uni ted States 23.00‐27.00 27.00 34.20, up 27% 52.07 52.3%

Oct‐12 SSTK Shutters tock, Inc. Uni ted States 13.00‐15.00 17.00 21.66, up 27% 46.59 115.1%

Oct‐12 WDAY Workday, Inc. Uni ted States 24.00‐26.00 28.00 48.69, 74% 65.21 33.2%

Sep‐12 TRLA Trul ia , Inc. Uni ted States 14.00‐16.00 17.00 24.00, up 41.8% 30.65 27.7%

Aug‐12 PFMT Performant Financia l Corporation United States 12.00‐14.00 9.00 10.60, down 18% 10.97 3.5%


Jul ‐12 EOPN E2open, Inc. Uni ted States 15.00‐17.00 15.00 13.50, down 10% 14.85 10.0%

Jul ‐12 PANW Palo Alto Networks Uni ted States 38.00‐40.00 42.00 53.13, up 27% 49.45 (6.9%)

Jun‐12 DB:VWA Vange Software Group AG Switzerland 33.05‐39.41 33.05 32.69, down 1% 6.85 (79.1%)

Digital Media/Commerce

eCommerce was the most active subsegment with 28 transactions announced, of which 15 reported $397 million in value. The highestvalue subsegment was Social Media/Apps, with 21 transactions announced, of which 12 reported $1.3 billion in value

S l t i iti Select acquisitions:

• Yahoo’s $1.1 billion acquisition of Tumblr, an online blogging forum• DreamWorks Animations’ $33 million acquisition of AwesomenessTV, which operates a YouTube channel for teens and tweens• The merger of online food‐ordering service providers GrubHub and SeamlessThe merger of online food ordering service providers GrubHub and Seamless

Select investments:

• MediaCorp’s $40 million investment in Singapore‐based Reebonz, which operates a designer brand flash‐sales site• The $125 million investment in LendingClub, which operates a peer‐to‐peer lending platform, to Google and Foundation Capital, at a

valuation of $1.6 billion

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

eCommerce 28 35% 397.3 22% 9 1.3 1 13.0 18 383.0

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

Social Media/Apps 22 28% 1,288.5 73% 9 1,145.0 0 ‐ 13 143.5

Mobile Content/Apps 17 22% 38.7 2% 6 ‐ 0 ‐ 11 38.7

Niche Content 5 6% 24.1 1% 2 20.0 0 ‐ 3 4.1

Gaming 4 5% 11.3 1% 1 ‐ 0 ‐ 3 11.3

Classifieds/Auctions/P‐to‐P 3 4% 15.1 1% 1 ‐ 1 14.5 1 0.6

Total 79 100% 1 774 9 100% 28 1 166 3 2 27 5 49 581 1


Total 79 100% 1,774.9 100% 28 1,166.3 2 27.5 49 581.1

Digital Media/CommercePublic 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 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. United States 6.38 ‐3% 407.3 408.3 17.0 18.0 746.1 44.8 6.0% 3.8% 0.5x 9.1xAmazon.com Inc. United States 267.29 ‐6% 121,681.9 116,826.9 7,895.0 3,040.0 63,978.0 2,710.0 4.2% 24.5% 1.8x 43.1xAOL Inc. United States 35.23 ‐20% 2,728.6 2,376.2 467.8 104.2 2,200.6 482.3 21.9% 0.9% 1.1x 4.9xBaidu, Inc. China 97.28 ‐28% 34,019.8 30,689.4 5,440.7 1,914.2 3,863.1 2,066.3 53.5% 47.1% 7.9x 14.9xBetfair Gro p PLC United Kingdom 12 72 11% 1 296 0 1 118 9 189 9 642 9 102 7 16 0% 7 5% 1 7 10 9Betfair Group PLC United Kingdom 12.72 ‐11% 1,296.0 1,118.9 189.9 ‐ 642.9 102.7 16.0% 7.5% 1.7x 10.9xBlue Nile Inc. United States 35.49 ‐18% 439.8 400.0 40.5 0.7 414.0 14.5 3.5% 18.0% 1.0x 27.6xCafePress Inc. United States 6.61 ‐58% 113.2 89.8 26.1 2.7 230.4 10.4 4.5% 25.7% 0.4x 8.6xCyberAgent Inc. Japan 1,960.48 ‐19% 1,221.1 949.3 333.8 0.5 1,647.6 169.2 10.3% 21.0% 0.6x 5.6xDemand Media, Inc. United States 9.07 ‐27% 785.6 676.3 109.4 ‐ 395.0 171.8 43.5% 19.1% 1.7x 3.9xDeNA Co., Ltd. Japan 21.73 ‐36% 2,914.9 2,288.4 714.9 ‐ 2,149.4 879.5 40.9% 38.9% 1.1x 2.6xeBay Inc. United States 55.53 ‐4% 72,066.3 67,180.3 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.6x 15.6xE‐Commerce China Dangdang Inc. * China 6.20 ‐11% 497.1 404.4 141.0 48.3 875.9 (67.1) NM 35.6% 0.5x NM Expedia Inc. United States 58.97 ‐13% 7,969.3 7,595.7 2,089.1 1,249.4 4,226.2 640.8 15.2% 19.5% 1.8x 11.9xFacebook, Inc. United States 24.10 ‐46% 58,271.5 51,060.5 9,472.0 2,261.0 5,489.0 1,310.0 23.9% 35.9% 9.3x 39.0xG5 Entertainment AB (publ) Sweden 7 20 17% 63 4 56 8 6 8 14 0 4 5 32 4% 67 3% 4 1 12 6G5 Entertainment AB (publ) Sweden 7.20 ‐17% 63.4 56.8 6.8 ‐ 14.0 4.5 32.4% 67.3% 4.1x 12.6xGameLoft SA France 7.06 ‐5% 561.8 490.2 73.4 0.1 274.7 42.8 15.6% 26.7% 1.8x 11.4xGlu Mobile, Inc. * United States 2.65 ‐55% 181.5 160.2 21.2 ‐ 85.1 (8.9) NM 19.3% 1.9x NM Google Inc. United States 881.27 ‐4% 292,375.5 249,653.5 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8xGree, Inc. Japan 9.68 ‐45% 2,260.9 2,114.2 394.6 234.4 1,648.9 665.8 40.4% 11.5% 1.3x 3.2xHollywood Media Corp. * United States 1.44 ‐4% 32.6 22.7 9.9 0.1 0.5 (6.1) NM 90.2% 43.6x NM HSN, Inc. United States 57.93 ‐5% 3,092.1 3,191.9 150.9 250.7 3,301.5 286.3 8.7% 6.2% 1.0x 11.1xIAC/InterActiveCorp United States 50.68 ‐9% 4,242.9 4,252.6 679.6 580.0 2,902.6 451.0 15.5% 29.6% 1.5x 9.4xInternational Game Technology United States 18.81 0% 4,898.1 6,490.9 236.5 1,829.3 2,294.1 840.8 36.7% 13.8% 2.8x 7.7xJiayuan.com International Ltd. China 5.46 ‐66% 163.9 82.8 81.1 ‐ 65.9 10.5 15.9% 24.0% 1.3x 7.9xKongzhong Corp. China 6.71 ‐18% 281.5 151.6 139.0 9.1 184.2 30.9 16.8% 15.6% 0.8x 4.9xLinkedIn Corporation * United States 169.17 ‐17% 18,670.3 17,840.0 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 16.1x 119.4xLiquidity Services, Inc. * United States 38.86 ‐41% 1,228.9 1,171.7 57.2 ‐ 496.1 NA NA 25.8% 2.4x NA MeetMe, Inc. * United States 1.66 ‐5% 63.3 63.3 4.3 4.3 44.1 (4.0) NM 133.7% 1.4x NM Mercadolibre, Inc. Argentina 118.35 ‐8% 5,225.5 5,032.0 197.7 0.2 392.6 142.9 36.4% 22.2% 12.8x 35.2xMixi, Inc. Japan 15.14 ‐35% 234.9 105.8 140.1 ‐ 134.1 33.5 25.0% ‐5.3% 0.8x 3.2xNCsoft Corporation South Korea 149.19 ‐41% 2,965.6 2,460.6 539.6 9.5 716.6 172.7 24.1% 34.1% 3.4x 14.2xNetfl ix, Inc. * United States 214.19 ‐14% 12,518.5 12,192.6 1,025.9 700.0 3,763.5 129.9 3.5% 12.1% 3.2x 93.8xNexon Co. Ltd. Japan 10.95 ‐35% 4,781.7 4,226.4 1,173.2 529.5 1,299.8 687.6 52.9% 0.0% 3.3x 6.1xOpenTable, Inc. United States 66.53 ‐8% 1,515.8 1,419.2 96.6 ‐ 167.8 49.0 29.2% 15.6% 8.5x 29.0xOrbitz Worldwide, Inc. United States 8.71 0% 918.5 1,148.7 219.8 450.0 791.9 106.5 13.4% 2.6% 1.5x 10.8xOverstock.com Inc. United States 26.89 ‐2% 635.9 554.1 81.9 ‐ 1,148.9 32.4 2.8% 9.3% 0.5x 17.1xPacific Online Ltd. China 0.38 ‐18% 408.8 338.3 70.6 ‐ 114.8 49.0 42.7% 11.8% 2.9x 6.9xPandora Media, Inc. * United States 16.91 ‐13% 2,948.9 2,873.5 75.4 ‐ 471.9 (38.5) NM 55.2% 6.1x NM PC Home Online Inc. Taiwan 4.60 ‐27% 378.2 290.1 101.8 ‐ 507.2 19.5 3.8% 7.9% 0.6x 14.9xPerform Group plc. United Kingdom 8.31 ‐4% 1,984.5 1,946.9 54.6 11.5 246.4 53.6 21.7% 46.9% 7.9x 36.4xPhoenix New Media Limited China 4.80 ‐16% 369.8 177.8 191.9 ‐ 185.6 18.1 9.8% 13.3% 1.0x 9.8xpriceline.com Incorporated United States 804.33 ‐5% 41,487.3 37,958.8 5,181.6 1,462.2 5,525.7 1,983.5 35.9% 20.6% 6.9x 19.1xRakuten, Inc. Japan 11.48 ‐14% 15,093.9 15,301.6 3,284.8 3,445.1 4,861.4 1,133.7 23.3% 16.9% 3.1x 13.5xRediff.com India Limited * India 2.82 ‐39% 77.8 53.3 ‐ ‐ 15.7 (8.2) NM ‐21.5% 3.4x NM


Renren Inc. * China 2.98 ‐40% 1,128.8 274.3 854.7 ‐ 190.6 (80.6) NM 47.2% 1.4x NM Shutterfly, Inc. United States 49.01 ‐1% 1,861.0 1,696.6 164.5 ‐ 666.0 83.3 12.5% 31.3% 2.5x 20.4xShutterstock, Inc. United States 47.79 ‐9% 1,602.1 1,495.1 107.0 ‐ 183.2 38.5 21.0% 38.4% 8.2x 38.8xSky‐mobi Limited China 3.20 ‐8% 100.9 3.3 97.9 ‐ 96.7 4.5 4.6% ‐12.3% 0.0x 0.7xSpark Networks, Inc. * United States 8.28 ‐11% 191.6 183.6 8.0 ‐ 64.5 (7.6) NM 23.7% 2.8x NM

Digital Media/CommercePublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAStamps.com Inc. United States 36.62 ‐5% 565.7 518.5 47.3 ‐ 119.5 29.5 24.7% 11.6% 4.3x 17.6xTaomee Holdings Ltd. China 3.86 ‐27% 141.1 25.1 116.1 ‐ 39.4 4.3 10.9% ‐9.3% 0.6x 5.8xThe Active Network, Inc. United States 6.37 ‐61% 392.9 290.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.7x 26.3xTheStreet, Inc. * United States 1.95 ‐3% 66.1 19.2 46.9 ‐ 50.5 (1.3) NM ‐10.6% 0.4x NM United Online Inc United States 6 58 3% 608 7 720 5 132 3 244 1 876 0 93 9 10 7% 2 5% 0 8 7 7United Online, Inc. United States 6.58 ‐3% 608.7 720.5 132.3 244.1 876.0 93.9 10.7% ‐2.5% 0.8x 7.7xValueVision Media Inc. United States 4.74 ‐5% 234.0 238.3 33.7 38.0 601.6 8.2 1.4% 9.1% 0.4x 29.0xVipshop Holdings Limited * China 29.53 ‐23% 1,631.7 1,259.0 372.7 ‐ 901.5 7.5 0.8% 201.0% 1.4x 167.2xWebMD Health Corp. United States 29.39 ‐4% 1,442.9 1,243.6 999.2 800.0 475.7 40.2 8.5% ‐10.9% 2.6x 30.9xWebMediaBrands Inc * United States 1.33 ‐75% 8.0 14.0 1.6 7.6 12.8 (2.1) NM ‐7.7% 1.1x NM Yahoo! Inc. United States 26.07 ‐6% 28,224.3 25,293.1 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 5.2x 19.1xYandex N.V. Netherlands 26.90 ‐36% 8,849.6 8,501.2 348.4 ‐ 995.0 435.4 43.8% 40.3% 8.5x 19.5xYY Inc. China 26.25 ‐13% 1,427.0 1,184.8 242.2 ‐ 160.6 32.2 20.0% 151.5% 7.4x 36.8xZynga, Inc. United States 3.40 ‐47% 2,699.2 1,530.5 1,268.7 100.0 1,223.9 143.7 11.7% 0.5% 1.3x 10.6x

Adjusted Weighted Average 4.7x 22.0xj g g

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (52.2x)


Digital Advertising

Digital Video and Vertical Search were the most active Digital Advertising subsegments, with a combined total of 13 transactionsannounced, of which eight reported $479 million in value


• Baidu’s $370 million acquisition of online video service provider PPStream, from Ceyuan• Yahoo’s acquisition of MileWise, which offers a travel search platform that enables users to find flights not just based on price, but

also with frequent flyer mile discounts

Select investments:

• The $50 million investment in Extreme Reach, which provides video advertisement serving, distribution, and management solutions,from Spectrum Equity

• The $15 million investment in Zoove a provider of branded mobile phone numbers led by Panorama CapitalThe $15 million investment in Zoove, a provider of branded mobile phone numbers, led by Panorama Capital• The $4 million investment in Pixability, an online video marketing company, led by Quad/Graphics

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

Digital Video 7 27% 444 9 82% 2 370 0 0 5 74 9

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Digital Video 7 27% 444.9 82% 2 370.0 0 ‐ 5 74.9

Vertical Search 5 19% 1.0 0% 4 ‐ 0 ‐ 1 1.0

Local Search 4 15% 11.9 2% 0 ‐ 0 ‐ 4 11.9

Ad Networks/Exchanges 3 12% 62.0 11% 1 ‐ 0 ‐ 2 62.0

Email Services 2 8% 0.8 0% 1 ‐ 0 ‐ 1 0.8

Mobile Marketing 2 8% 15.0 3% 1 ‐ 0 ‐ 1 15.0

Comparison Shopping 1 4% 4 0 1% 0 0 1 4 0


Comparison Shopping 1 4% 4.0 1% 0 ‐ 0 ‐ 1 4.0

Online Lead Generation 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Search Marketing 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Total 26 100% 539.5 100% 11 370.0 0 0.0 15 169.5

Digital AdvertisingPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States 23.54 ‐12% 1,367.8 1,319.7 62.9 14.9 176.9 (43.0) NM 70.9% 7.5x NM Autobytel Inc. United States 4.91 ‐3% 43.5 33.8 14.7 5.0 68.4 3.2 4.7% 6.0% 0.5x 10.6xBankrate, Inc. United States 13.29 ‐36% 1,329.6 1,434.4 89.2 194.0 440.6 105.1 23.8% ‐2.1% 3.3x 13.7xBlinkx plc United States 2.08 ‐3% 752.9 697.5 55.9 ‐ 198.0 28.2 14.2% 73.0% 3.5x 24.8xBl cora Inc United States 18 33 3% 751 3 602 9 401 7 253 3 456 6 81 5 17 8% 55 9% 1 3 7 4Blucora, Inc. United States 18.33 ‐3% 751.3 602.9 401.7 253.3 456.6 81.5 17.8% 55.9% 1.3x 7.4xConstant Contact, Inc. United States 14.97 ‐30% 459.7 362.4 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.4x 19.0xCtrip.com International Ltd. China 31.65 ‐2% 4,107.2 3,519.3 873.2 252.6 709.3 118.5 16.7% 21.0% 5.0x 29.7xDemand Media, Inc. United States 9.07 ‐27% 785.6 676.3 109.4 ‐ 395.0 70.8 17.9% 19.1% 1.7x 9.6xDice Holdings, Inc. United States 9.09 ‐13% 544.2 532.6 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.7xDigital Globe Services Inc. United States 3.01 ‐3% 89.3 91.1 0.9 2.9 22.8 3.6 15.8% 0.0% 4.0x 25.2xeHealth, Inc. United States 24.35 ‐14% 474.0 360.4 113.6 ‐ 161.6 21.2 13.1% 6.9% 2.2x 17.0xExactTarget, Inc. United States 22.90 ‐8% 1,586.5 1,485.5 101.0 ‐ 317.1 (0.6) NM 39.4% 4.7x NM Google Inc. United States 881.27 ‐4% 292,375.5 249,653.5 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8xGroupon, Inc. United States 7.39 ‐36% 4,888.9 3,720.9 1,165.7 ‐ 2,376.6 142.6 6.0% 26.8% 1.6x 26.1xHi Media S A France 2 30 22% 102 7 129 0 27 4 52 7 256 8 17 2 6 7% 15 3% 0 5 7 5Hi‐Media S.A. France 2.30 ‐22% 102.7 129.0 27.4 52.7 256.8 17.2 6.7% ‐15.3% 0.5x 7.5xHomeAway, Inc. * United States 29.65 ‐14% 2,518.4 2,204.0 314.4 ‐ 295.8 56.4 19.1% 22.0% 7.5x 39.0xLeGuide.com S.A. France 35.40 ‐3% 124.5 92.4 32.8 ‐ 57.7 15.5 26.8% 53.6% 1.6x 6.0xMakeMyTrip Limited India 12.99 ‐30% 482.7 401.0 83.7 1.3 228.8 (13.6) NM 16.4% 1.8x NM Millennial Media Inc. United States 7.25 ‐57% 576.6 443.1 133.5 ‐ 194.2 (1.7) NM 68.7% 2.3x NM Monster Worldwide, Inc. United States 5.46 ‐40% 636.3 674.5 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.8x 5.0xMove, Inc. United States 11.23 ‐7% 447.8 417.5 30.2 ‐ 205.7 15.3 7.4% 8.1% 2.0x 27.3xOpera Software ASA Norway 7.26 ‐7% 878.6 825.3 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.6x 13.1xOPT, Inc. Japan 8.78 ‐25% 258.5 156.9 130.7 6.5 873.0 26.6 3.0% 26.2% 0.2x 5.9xPacific Online Ltd. China 0.38 ‐18% 408.8 338.3 70.6 ‐ 114.8 49.0 42.7% 11.8% 2.9x 6.9xQuinStreet, Inc. United States 7.95 ‐22% 340.9 324.5 113.8 97.4 315.1 38.0 12.1% ‐16.8% 1.0x 8.5xReachLocal, Inc. United States 15.01 ‐14% 426.5 338.3 88.2 ‐ 473.2 9.2 1.9% 19.7% 0.7x 36.8xResponsys, Inc. United States 9.85 ‐22% 486.2 380.9 106.3 0.9 173.3 19.5 11.2% 21.3% 2.2x 19.6xRightmove plc * United Kingdom 31.61 ‐2% 3,131.6 3,121.0 11.5 ‐ 194.0 136.3 70.3% 23.0% 16.1x 22.9xRovi Corporation United States 25.14 ‐2% 2,532.4 3,180.7 737.8 1,386.0 633.6 216.3 34.1% ‐9.5% 5.0x 14.7xSepteni Holdings Co., Ltd. Japan 1,489.92 ‐16% 187.8 146.6 61.2 8.8 459.7 18.4 4.0% 15.9% 0.3x 8.0xThe Active Network, Inc. United States 6.37 ‐61% 392.9 290.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.7x 26.3xTiVo Inc. United States 13.20 ‐2% 1,670.4 1,272.1 570.9 172.5 318.7 (20.2) NM 22.5% 4.0x NM TradeDoubler AB Sweden 2.60 ‐8% 111.0 88.5 23.0 ‐ 336.2 2.7 0.8% ‐15.6% 0.3x 32.5xTree.Com, Inc. * United States 19.59 ‐9% 220.4 147.1 73.3 ‐ 92.3 1.8 1.9% 71.1% 1.6x 83.0xTripAdvisor Inc. * United States 64.30 0% 9,218.8 9,203.9 406.1 391.3 809.2 324.4 40.1% 20.5% 11.4x 28.4xTrulia, Inc. * United States 31.34 ‐18% 1,007.9 803.5 214.3 9.9 79.9 (4.2) NM 87.8% 10.1x NM ValueClick, Inc. United States 26.60 ‐18% 2,027.3 1,978.2 129.1 80.0 679.9 211.7 31.1% 21.7% 2.9x 9.3xVelti Plc Ireland 1.87 ‐82% 165.3 196.2 16.3 47.8 259.6 (4.8) NM 22.8% 0.8x NM Vocus Inc. * United States 8.51 ‐59% 179.5 216.9 41.0 0.9 182.2 2.6 1.4% 48.4% 1.2x 84.9xVoltari Corporation United States 4.59 ‐52% 21.4 17.7 54.3 23.0 85.6 15.7 18.3% ‐11.0% 0.2x 1.1xWeb.com Group, Inc. United States 21.52 ‐6% 1,025.6 1,711.7 13.6 699.7 431.7 68.5 15.9% 71.8% 4.0x 25.0xYahoo! Inc. United States 26.07 ‐6% 28,224.3 25,293.1 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 5.2x 19.1xYelp, Inc. * United States 29.95 ‐9% 1,930.0 1,835.5 94.5 ‐ 156.3 (4.5) NM 66.0% 11.7x NM Youku Tudou Inc. * China 20.75 ‐19% 3,421.2 2,854.2 567.7 0.7 328.4 (1.6) NM 96.3% 8.7x NM


Zil low, Inc. * United States 56.44 ‐11% 1,949.0 1,769.9 179.1 ‐ 133.0 8.1 6.1% 71.3% 13.3x 218.0x

Adjusted Weighted Average 4.7x 16.1x



There were 80 deals announced in the Marketing Technology segment, of which 48 reported $889 million in value

Select acquisitions:

• Answers’ $37 million acquisition of WebCollage, a cloud‐based software firm enabling manufacturers to update marketing materials directly from the websites of retail shops

• IMS Health’s acquisition of Semantelli, a social media analytics company offering cloud‐based tools that automate the collection of healthcare‐specific social media content

Select investments:

• The $18 million investment in Skytree, a data analytics solutions company offering software for organizations to perform machine learning and other advanced analytics methods on massive amounts of data, led by U.S. Venture Partners

/

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

Social Technology 10 13% 100.8 11% 3 ‐ 1 ‐ 6 100.8

Mobile Technology 9 11% 97.2 11% 4 84.2 0 ‐ 5 13.0

Analytics & Reporting 8 10% 43.5 5% 3 ‐ 0 ‐ 5 43.5

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Content Management 8 10% 57.2 6% 4 37.0 0 ‐ 4 20.2

CRM 8 10% 360.5 41% 6 355.0 0 ‐ 2 5.5

BI Tools 5 6% 74.5 8% 1 ‐ 0 ‐ 4 74.5

SEM/SEO Tools 5 6% 1.5 0% 3 ‐ 0 ‐ 2 1.5

Other* 27 34% 153.4 17% 8 13.3 0 ‐ 19 140.1

T t l 80 100% 888 5 100% 32 489 5 1 0 0 47 399 0


Total 80 100% 888.5 100% 32 489.5 1 0.0 47 399.0

*Other includes Ad Serving, Commerce Management, Email/Messaging Software, Market Research Software, Media Management System, MRM/Worflow Management, Online Targeting/Optimization, Product/Price Software, Search & Discovery, SFA/Lead Management, and Teleservices/eServices

Marketing TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States 42.91 ‐9% 21,538.1 19,408.8 3,660.7 1,531.4 4,366.3 1,296.0 29.7% 3.1% 4.4x 15.0xBazaarvoice, Inc. United States 7.22 ‐64% 525.5 420.0 105.5 ‐ 148.4 (27.0) NM 57.9% 2.8x NM Blackbaud Inc. United States 29.83 ‐5% 1,361.6 1,565.2 8.4 212.1 468.3 71.9 15.3% 23.6% 3.3x 21.8xConstant Contact, Inc. United States 14.97 ‐30% 459.7 362.4 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.4x 19.0xDealertrack Technologies Inc United States 31 38 7% 1 364 7 1 358 1 170 9 164 2 406 3 55 9 13 8% 10 5% 3 3 24 3Dealertrack Technologies, Inc. United States 31.38 ‐7% 1,364.7 1,358.1 170.9 164.2 406.3 55.9 13.8% 10.5% 3.3x 24.3xDemandware, Inc. United States 31.68 ‐8% 955.6 853.4 107.2 5.0 83.9 (9.0) NM 37.5% 10.2x NM Digital Generation, Inc. United States 7.22 ‐45% 200.5 556.3 47.3 403.1 385.7 100.7 26.1% 9.1% 1.4x 5.5xDigital River Inc. United States 17.43 ‐2% 614.7 277.9 645.4 308.6 397.5 35.8 9.0% ‐1.2% 0.7x 7.8xeBay Inc. United States 55.53 ‐4% 72,066.3 67,180.3 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.6x 15.6xExactTarget, Inc. United States 22.90 ‐8% 1,586.5 1,485.5 101.0 ‐ 317.1 (0.6) NM 39.4% 4.7x NM Jive Software, Inc. United States 16.48 ‐25% 1,098.2 964.6 143.8 10.2 122.2 (43.3) NM 41.2% 7.9x NM LivePerson Inc. United States 9.44 ‐52% 519.9 425.1 94.8 ‐ 163.1 14.3 8.7% 17.0% 2.6x 29.8xMarin Software Incorporated United States 12.18 ‐39% 396.9 287.4 115.5 6.0 63.7 (25.4) NM 0.0% 4.5x NM Market Leader, Inc. United States 10.74 ‐3% 290.2 268.2 22.0 ‐ 47.7 (3.9) NM 29.1% 5.6x NM Responsys Inc United States 9 85 22% 486 2 380 9 106 3 0 9 173 3 19 5 11 2% 21 3% 2 2 19 6Responsys, Inc. United States 9.85 ‐22% 486.2 380.9 106.3 0.9 173.3 19.5 11.2% 21.3% 2.2x 19.6xOracle Corporation United States 34.53 ‐5% 162,659.0 149,446.0 33,407.0 19,752.0 37,149.0 17,286.0 46.5% 0.5% 4.0x 8.6xsalesforce.com, inc United States 41.80 ‐12% 24,659.3 24,253.8 2,099.8 1,694.4 3,247.4 72.5 2.2% 32.1% 7.5x NM Teradata Corporation United States 54.46 ‐33% 8,898.8 8,316.8 853.0 271.0 2,639.0 615.0 23.3% 6.9% 3.2x 13.5xIBM Corporation United States 6.37 ‐61% 392.9 290.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.7x 26.3xVocus Inc. * United States 8.51 ‐59% 179.5 216.9 41.0 0.9 182.2 2.6 1.4% 48.4% 1.2x 84.9xActuate Corporation United States 6.74 ‐6% 319.0 251.6 68.2 0.8 138.9 21.1 15.2% 0.9% 1.8x 12.0xBitauto Holdings Limited China 10.17 ‐23% 404.1 317.3 86.8 ‐ 179.9 30.5 17.0% 51.5% 1.8x 10.4xBrightcove, Inc. United States 7.60 ‐56% 213.7 186.8 26.9 ‐ 92.8 (9.2) NM 31.7% 2.0x NM E2open, Inc. United States 14.48 ‐34% 368.4 334.3 35.6 1.4 74.9 0.6 0.8% 25.6% 4.5x NM Informatica Corporation United States 34.74 ‐22% 3,754.6 3,163.6 592.9 ‐ 829.9 169.5 20.4% 2.2% 3.8x 18.7xInfosystems S.A. Poland 1.18 ‐32% 4.8 4.5 0.6 0.3 2.1 0.8 38.8% 40.7% 2.2x 5.6xInteractive Intelligence Group Inc. United States 49.40 ‐5% 983.0 914.2 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.5x 61.6xInternational Business Machines Corporation United States 207.78 ‐4% 230,385.2 251,846.2 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.4x 9.5xKeynote Systems, Inc. United States 12.68 ‐22% 233.9 176.0 57.9 ‐ 123.9 14.7 11.9% 5.2% 1.4x 11.9xMarketo, Inc. * United States 25.68 ‐4% 918.9 886.4 36.2 3.6 65.9 (35.1) NM 0.0% 13.4x NM Mercadolibre, Inc. Argentina 118.35 ‐8% 5,225.5 5,032.0 197.7 0.2 392.6 142.9 36.4% 22.2% 12.8x 35.2xMicroStrategy Inc. United States 92.34 ‐33% 1,043.5 713.3 330.2 ‐ 586.5 40.7 6.9% 1.4% 1.2x 17.5xNetSuite Inc. * United States 89.52 ‐7% 6,605.0 6,428.3 190.7 14.0 331.1 (21.0) NM 31.3% 19.4x NM Nuance Communications, Inc. United States 19.50 ‐25% 6,196.1 7,537.1 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.2x 20.3xOpen Text Corporation Canada 68.08 ‐4% 3,990.0 4,116.5 446.9 573.5 1,321.7 390.7 29.6% 11.3% 3.1x 10.5xOpera Software ASA Norway 7.26 ‐7% 878.6 825.3 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.6x 13.1xPTC Inc. United States 25.02 ‐4% 2,989.4 3,056.7 240.8 308.1 1,270.0 239.2 18.8% 1.5% 2.4x 12.8xQlik Technologies, Inc. * United States 30.88 ‐1% 2,687.2 2,472.5 214.8 0.2 405.9 11.5 2.8% 20.5% 6.1x 214.5xRealNetworks Inc. United States 7.34 ‐21% 260.0 (0.6) 260.6 ‐ 248.7 (19.2) NM ‐21.1% NM 0.0xSage Group plc United Kingdom 5.53 ‐2% 6,422.1 6,768.3 133.0 483.5 2,088.2 617.6 29.6% 2.9% 3.2x 11.0xSAP AG Germany 76.88 ‐9% 91,683.9 92,256.5 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.4x 12.9xSky‐mobi Limited China 3.20 ‐8% 100.9 3.3 97.9 ‐ 96.7 4.5 4.6% ‐12.3% 0.0x 0.7xSynchronoss Technologies, Inc. United States 31.38 ‐5% 1,204.3 1,147.0 66.5 9.3 287.4 62.7 21.8% 19.4% 4.0x 18.3xTableau Software, Inc. * United States 50.67 ‐15% 2,914.3 2,873.8 40.5 ‐ 143.1 0.2 0.1% 0.0% 20.1x NM


TIBCO Software Inc. United States 21.69 ‐34% 3,559.2 3,316.9 806.7 563.4 1,036.7 210.1 20.3% 7.9% 3.2x 15.8xVerint Systems Inc. United States 34.04 ‐8% 1,793.5 2,437.0 223.6 576.7 839.5 162.2 19.3% 7.3% 2.9x 15.0x

Adjusted Weighted Average 3.8x 11.3x


Agency & Marketing Services

There were 15 transactions announced in the Agency and Marketing Services segment. Digital Agency was the most active subsegmentwith eight acquisitions announced, of which three reported $339 million in value


• Accenture’s $316 million acquisition of Acquity Group, which provides eCommerce and digital marketing services, and its acquisition of U.K.‐based Fjordnet, a design consultancy specializing in digital experiences and services that engage consumers across platforms including smart devices, tablets, and PCs

d b ’ f d d l h l h d d f l• Adobe’s acquisition of Ideacodes, a creative consultancy that specializes in the design and user experience of smart application, digital product, and networked communities

Select investments:

• Shamrock’s growth equity investment in Giant Creative/Strategy, a healthcare branding and communications agency

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

Digital Agency 8 53% 338.9 100% 8 338.9 0 ‐ 0 ‐

Public Relations 2 13% ‐ 0% 1 ‐ 0 ‐ 1 ‐

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Public Relations 2 13% 0% 1 0 1

Branded Communications 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Channel Services 1 7% ‐ 0% 0 ‐ 1 ‐ 0 ‐

General Agency 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Healthcare Agency 1 7% ‐ 0% 0 ‐ 0 ‐ 1 ‐

Promotion Agency 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐


Total 15 100% 338.9 100% 12 338.9 1 0.0 2 0.0

AgencyPublic Company Valuation

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $12.85 ‐1% $302.2 $265.7 $141.0 $27.0 19.1% 32.2% 1.9x 9.8xCello Group Plc United Kingdom 0.82 ‐8% 67.6 80.8 219.7 12.8 5.8% 5.8% 0.4x 6.3xCharm Communications Inc. China 5.30 ‐34% 212.2 122.5 170.1 (3.8) NM ‐32.4% 0.7x NM


Chime Communications plc * United Kingdom 3.87 ‐6% 324.8 320.6 559.5 19.3 3.5% 20.5% 0.6x 16.6xCreston plc United Kingdom 1.38 ‐5% 83.7 86.8 121.9 22.0 18.1% 4.6% 0.7x 3.9xDentsu Inc. Japan 32.14 ‐17% 8,006.9 8,243.0 20,608.6 817.7 4.0% 2.5% 0.4x 10.1xEnero Group Limited Australia 0.33 ‐51% 28.5 13.1 307.1 3.8 1.2% ‐17.8% 0.0x 3.4xHavas France 6.49 ‐5% 2,523.6 2,874.8 2,344.3 365.2 15.6% 8.1% 1.2x 7.9xHuntsworth plc United Kingdom 0.94 ‐3% 230.1 330.8 281.2 53.4 19.0% ‐1.8% 1.2x 6.2xM&C Saatchi plc United Kingdom 4.06 ‐1% 259.6 236.7 275.5 31.8 11.6% 10.7% 0.9x 7.4xMDC Partners Inc. * United States 17.68 ‐2% 563.2 1,207.9 1,102.6 77.5 7.0% 14.8% 1.1x 15.6xNext Fifteen Communications Group plc United Kingdom 1 29 ‐26% 77 3 88 5 147 2 17 3 11 7% 2 6% 0 6x 5 1xNext Fifteen Communications Group plc United Kingdom 1.29 26% 77.3 88.5 147.2 17.3 11.7% 2.6% 0.6x 5.1xOmnicom Group Inc. United States 63.79 ‐1% 16,495.1 19,539.6 14,311.0 2,097.9 14.7% 2.0% 1.4x 9.3xOPT, Inc. Japan 8.78 ‐25% 258.5 156.9 873.0 26.6 3.0% 26.2% 0.2x 5.9xPublicis Groupe SA France 73.82 ‐1% 15,503.5 15,300.1 8,715.1 1,674.5 19.2% 13.7% 1.8x 9.1xSapient Corp. United States 12.20 ‐3% 1,703.8 1,484.4 1,153.3 142.6 12.4% 10.9% 1.3x 10.4xThe Interpublic Group of Companies, Inc. United States 14.68 ‐2% 6,288.9 7,360.9 6,992.4 826.6 11.8% ‐0.8% 1.1x 8.9xWPP plc United Kingdom 17.91 ‐1% 22,675.2 27,296.8 16,860.0 2,851.2 16.9% 3.5% 1.6x 9.6x

1.4x 9.3xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $21.79 ‐1% $1,608.7 $1,638.8 $223.0 $253.5 $1,099.4 $220.9 20.1% ‐2.8% 1.5x 7.4xAimia Inc. Canada 14.88 ‐7% 2,566.2 2,848.3 487.8 780.2 2,252.1 342.6 15.2% 7.2% 1.3x 8.3xAll iance Data Systems Corporation United States 183.03 ‐1% 9,002.5 13,242.3 764.1 5,003.9 3,803.3 1,164.0 30.6% 14.4% 3.5x 11.4xCSG Systems International Inc. United States 21.73 ‐7% 691.5 792.0 172.7 273.1 752.5 139.9 18.6% 2.2% 1.1x 5.7x


Data Group Inc Canada 1.96 ‐59% 46.0 141.2 ‐ 97.0 326.9 28.4 8.7% ‐0.6% 0.4x 5.0xDST Systems Inc. United States 69.13 ‐4% 3,035.2 3,619.4 454.2 1,038.4 2,605.8 382.3 14.7% 6.4% 1.4x 9.5xFair Isaac Corporation United States 49.77 ‐2% 1,785.3 2,158.2 131.2 504.0 715.9 187.8 26.2% 11.7% 3.0x 11.5xHarte‐Hanks Inc. United States 9.12 ‐7% 569.4 615.6 61.0 107.2 760.0 84.6 11.1% ‐4.7% 0.8x 7.3xHigh Co. SA France 5.93 ‐18% 62.2 26.8 60.2 23.6 174.3 16.6 9.5% ‐3.6% 0.2x 1.6xInsignia Systems Inc. United States 2.05 ‐12% 28.0 8.5 19.5 ‐ 23.6 2.1 8.8% 44.8% 0.4x 4.1xMultiplus SA Brazil 16.65 ‐32% 2,696.0 2,649.8 47.1 ‐ 742.2 121.2 16.3% 11.1% 3.6x 21.9xPoints International Ltd. * Canada 16.65 ‐13% 252.6 213.8 39.6 ‐ 148.4 3.5 2.3% 21.1% 1.4x 61.3xValassis Communications Inc. United States 26.20 ‐16% 1,017.2 1,503.8 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.4xViad Corp United States 25.66 ‐10% 521.5 437.0 95.7 2.5 1,041.6 71.5 6.9% 13.1% 0.4x 6.1x




Traditional Media

There were a total of 17 transactions announced (13 acquisitions and four investments) in the Traditional Media segment in May

Select acquisitions:

• Onex Corporation’s $950 million acquisition of Nielsen Holdings’ tradeshow unit, Nielsen Expositions, which produces tradeshows and conferences in markets including general merchandise, sports, hospitality, and retail design

• Global Eagle Entertainment’s $24 million acquisition of Post Modern Group, which operates as an HD video production and post production company

Select investments:

• The $110 million investment in DEN Networks, an India‐based cable television distribution company, from The Goldman Sachs Group

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

Entertainment Media 4 24% 59.7 5% 3 49.5 0 ‐ 1 10.3

B‐to‐B Media 3 18% 950.0 78% 2 ‐ 1 950.0 0 ‐

Consumer Magazine Publishing 3 18% 5 1 0% 2 3 9 0 ‐ 1 1 2

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Consumer Magazine Publishing 3 18% 5.1 0% 2 3.9 0 1 1.2

Cable & Satellite Television 2 12% 147.9 12% 0 ‐ 1 37.9 1 110.0

Digital Place‐Based Media 2 12% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Broadcast Television 1 6% 32.5 3% 1 32.5 0 ‐ 0 ‐

Newspaper Publishing 1 6% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Radio 1 6% 25.0 2% 0 ‐ 0 ‐ 1 25.0


Total 17 100% 1,220.2 100% 11 85.8 2 987.9 4 146.5

Traditional Media Public Company Valuation

Large Cap Diversified Media

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 05/31/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $51.30 ‐2% $32,595.4 $38,653.4 $409.0 6,467.0 $14,333.0 $3,597.0 25.1% 2.9% 2.7x 10.7xDiscovery Communications, Inc. * United States 80.80 ‐1% 28,218.1 32,208.1 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 7.1x 16.4xNews Corp. United States 33.24 ‐2% 77,055.0 88,035.0 9,324.0 16,474.0 35,469.0 6,975.0 19.7% 3.4% 2.5x 12.6x


Time Warner Inc. United States 60.29 ‐2% 56,200.8 73,149.8 2,493.0 19,441.0 28,689.0 7,427.0 25.9% ‐2.0% 2.5x 9.8xViacom, Inc. United States 69.36 ‐2% 33,678.3 41,504.3 1,260.0 8,933.0 13,053.0 3,829.0 29.3% ‐13.6% 3.2x 10.8xThe Walt Disney Company United States 66.69 ‐2% 120,104.8 135,144.8 3,952.0 16,937.0 43,765.0 11,353.0 25.9% 5.4% 3.1x 11.9x



B-to-B MediaStock 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 05/31/13 52WK High Value Value Investme

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