february 2012 marketing, media, technology, and service...

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

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 24

About Petsky Prunier 33

2M&A & INVESTMENT SUMMARY FEBRUARY 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 224 d l th i t l $11 5 billi d i F b 2012

Transaction Distribution• A total of 224 deals worth approximately $11.5 billion were announced in February 2012

• Digital Media/Commerce was the most active segment with 83 transactions

• Software & Information was the highest value segment worth approximately $7.5 billion

• Strategic buyers announced 99 deals for approximately $6.5 billion (44% of total volume)

• VC/Growth Capital investors announced 116 deals for approximately $1.3 billion

• Buyout investors announced nine deals for approximately $3.7 billionFEBRUARY 2012

BUYER/INVESTOR BREAKDOWN

Transactions Est. Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 83 37% 1,657.9 14% 33 1,083.2 1 10.0 49 564.6

Marketing Technology 45 20% 855.4 7% 18 564.9 2 40.0 25 250.5

Software & Information 44 20% 7,461.4 65% 11 3,967.3 2 3,103.1 31 391.0

Agency/Consulting 26 12% 905.1 8% 21 558.8 3 315.4 2 31.0

Digital Advertising 18 8% 205.2 2% 9 114.8 0 0.0 9 90.4

$22.8 24 0

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

Marketing Services 7 3% 205.0 2% 7 205.0 0 0.0 0 0.0

Out-of-Home & Specialty Media 1 0% 203.2 2% 0 0.0 1 203.2 0 0.0

Total 224 100% 11,493.1 100% 99 6,494.0 9 3,671.7 116 1,327.4

$6.1

$10.8

$14.9

$11.5

$19.5

$13.2

$7.2

$

$6.5

$11.1 $9.9 $10.7

$3.5 6.0 9.0

12.0 15.0 18.0 21.0 24.0

lue

($ in

bil

lio

ns)

$8.5 Skype/ MSFT

$10.3 HPQ/ AU


$

-3.0

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

Val

292 251 230281267257 262 224218 274 192248252

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Agency/ConsultingParabis Group Other Consulting Duke Street 276.8 253.1 - 1.1x NARoundarch, Inc. Digital Agency Aegis Group plc 125.0 68.0 - 1.8x NABrand Addition and Kreyer Promotion Service(1) Branded Communications H.I.G. Capital LLC 35.6 65.0 - 0.5x NA

Di it l M di /C

Selected Transactions With Multiples Information

Digital Media/CommerceBol.com b.v. eCommerce Ahold U.S.A., Inc. 469.4 461.2 - 1.0x NANtreev Soft Gaming NCSoft Corporation 126.2 47.1 - 2.7x NALetsBuy.com eCommerce Flipkart Online Services Private Limited 25.0 3.3 - 7.7x NA

Marketing TechnologyiContact Corporation Email/Messaging Software Vocus, Inc. 169.0 48.0 - 3.5x NA

Software & InformationTransUnion LLC Credit/Risk Management Advent International Corporation 3 000 0 10 200 0 341 3 0 3x 8 8 TransUnion, LLC Credit/Risk Management Advent International Corporation 3,000.0 10,200.0 341.3 0.3x 8.8 Taleo Corporation HR Software Oracle Corporation 1,900.0 315.4 25.0 6.0x 76.0 Temenos Group AG Financial Misys plc 1,500.0 496.3 60.7 3.0x 24.7 China TransInfo Technology Corporation Geo-Demo Software Management Buyout 142.8 157.6 24.2 0.9x 5.9 Incite Marketing Planning Market Research St. Ives, PLC 18.1 13.2 2.8 1.4x 6.6

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

Marketing TechnologyBazaarVoice, Inc. Social Technology IPO 669.8 94.0 (19.0) 7.1x NMBrightcove, Inc. Content Management IPO 279.8 63.0 (17.6) 4.4x NM

Software & InformationAVG Technologies N.V. Infrastructure Software IPO 1,022.4 225.5 86.8 4.5x 11.8xFX Alliance Inc. Financial Software IPO 418.5 114.2 44.2 3.7x 9.5x


(1) Brand Addition and Kreyer Promotion Service revenue per ASIcentral.com

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

($ in Millions)IPO PIPELINE

Aggregate LTM

Securities in Registration (as of 2/29/2012)

Aggregate Date Company Name Segment Offering Value Rev Adj. EBITDA

Feb-12 AdChina Digital Advertising $100.0 $50.0 NM

Feb-12 E2open Software & Information 86.30 60.80 6.00

Feb-12 Facebook Digital Media/Commerce 5 000 00 3 700 00 1 976 00

LTM

Feb 12 Facebook Digital Media/Commerce 5,000.00 3,700.00 1,976.00

Feb-12 Vipshop Digital Media/Commerce 125.00 227.00 NM

Jan-12 Millennial Media, Inc. Digital Advertising 75.00 87.87 NM

Jan-12 Splunk, Inc. Software & Information 125.0 100.5 NM

Dec-11 Cantor Entertainment Technology, Inc. Digital Media/Commerce 100.00 4.40 NMDec 11 Cantor Entertainment Technology, Inc. Digital Media/Commerce 100.00 4.40 NM

Nov-11 ExactTarget, Inc. Marketing Technology 100.0 187.0 NM

Nov-11 Synacor, Inc. Marketing Technology 37.5 80.3 4.6

Nov-11 Yelp, Inc. Digital Media/Commerce 93.0 73.7 NM

Oct-11 Lashou Digital Media/Commerce 100.0 7.0 NMg /

Sep-11 Guidewire Software, Inc. Software & Information 100.0 172.5 19.1

Aug-11 MobiTV, Inc. Marketing Technology 75.0 72.3 NM

Aug-11 Eloqua Corporation Marketing Technology 100.0 59.5 NM

Aug-11 TIM W.E. SGPS Digital Advertising 181.3 246.6 20.2g g g

Jul-11 Loyalty Alliance Enterprise Corp. Marketing Services 75.5 23.9 9.7

Jul-11 Demandware Marketing Technology 100.0 45.9 1.3

Jul-11 Greenway Medical Software & Information 100.0 89.9 4.9

Jun-11 Cafepress Digital Media/Commerce 80.0 160.8 13.5


Apr-11 WageWorks, Inc. Software & Information 52.0 84.6 27.5

($ in Millions)IPO PIPELINE

Initial Offering Final Price Stock Price at Close Stock Price on

IPO Performance (as of 2/29/2012)

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Feb 29, 2012

Feb-12 AVG AVG Technologies Netherlands $16.00-$18.00 $16.00 13.09, down 16% $13.15

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 16.60

Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 14.90

Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 13.53

Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 21.81

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 14.50

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 13.17

Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 16.00

Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 19.72

A g 11 TUDO T do Holdings Limited China 28 00 30 00 29 00 25 56 do n 11 9% 16 01Aug-11 TUDO Tudou Holdings Limited China 28.00-30.00 29.00 25.56, down 11.9% 16.01

Jul-11 Z Zillow, Inc. United States 12.00-14.00 20.00 35.77, up 79% 31.92

Jun-11 RATE Bankrate, Inc. United States 14.00-16.00 15.00 16.44, up 9.6% 23.84

Jun-11 AWAY HomeAway United States 25.00 - 27.00 27.00 40.21, up 49% 26.48

Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 13.06

Jun-11 TAOM Taomee Holdings Ltd China 9 00 - 11 00 9 00 8 23 down 8% 5 89Jun 11 TAOM Taomee Holdings Ltd. China 9.00 11.00 9.00 8.23, down 8% 5.89

May-11 LNKD LinkedIn Corp. United States 42.00 - 45.00 45.00 94.25, up 109% 86.87

May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 7.30

May-11 RENN RenRen Inc. United States 12.00 - 14.00 25.00 38.84, up 55% 5.45

May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 6.95

May-11 NQ NetQin Mobile India 9.50 - 11.50 11.50 9.32, down 19% 7.34y Q Q ,

May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 16.00

May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 21.30

Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 12.07

Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 21.14

Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 16.80


Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 20.74

Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 9.30

Transactions by Segment and Buyer TypeDIGITAL ADVERTISING

• Ad Networks/Exchanges was the most active and highest value segment with five deals worth approximately $57 million

• Select acquisitions› Opera Software’s acquisition of mobile ad network operators Mobile Theory and 4th Screen Advertising, for

$18 million and $8 million, respectively› Komli Media’s acquisition of Admax Network, a Singapore-based online ad network operator› Warrior Girl’s acquisition of ChooseCreditCards.com, a credit card comparison Website

• Select investments› The $20 million investment in Resonate Networks, a provider of advertising targeting technology, led by

Revolution GrowthRevolution Growth› The $15 million investment in Conviva, a digital video streaming solutions provider, led by GGV Capital› The $12 million investment in Blip Networks, a digital video network operator, from Bain Capital Ventures and

Canaan Partners

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

Ad Networks/Exchanges 5 28% 57.3 28% 3 36.0 0 0.0 2 21.3

Digital Video 4 22% 44.2 22% 0 0.0 0 0.0 4 44.2

Online Lead Generation 4 22% 29 9 15% 2 25 0 0 0 0 2 4 9



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

Online Lead Generation 4 22% 29.9 15% 2 25.0 0 0.0 2 4.9

Mobile Marketing 2 11% 23.8 12% 2 23.8 0 0.0 0 0.0

Search Marketing 1 6% 15.0 7% 1 15.0 0 0.0 0 0.0

Affiliate/CPA Network 1 6% 20.0 10% 0 0.0 0 0.0 1 20.0

Game Advertising 1 6% 15.0 7% 1 15.0 0 0.0 0 0.0Total 18 100% 205.2 100% 9 114.8 0 0.0 9 90.4


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

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

($ in millions, except stock price data)

g q y g pCompany Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $577.69 -14% $187,828.0 $149,413.0 $43,326.0 $6,211.0 $37,905.0 $14,093.0 37.2% 29.3% 3.9x 10.6xMicrosoft Corporation United States 29.61 -1% 248,450.7 210,562.7 50,691.0 12,803.0 72,052.0 29,992.0 41.6% 8.0% 2.9x 7.0x

Bankrate, Inc. United States $23.77 -2% $2,376.8 $2,505.9 $56.2 193.6 $424.2 $129.8 30.6% 92.3% 5.9x 19.3xConstant Contact, Inc. United States 24.76 -32% 736.4 608.7 140.1 - 214.4 24.4 11.4% 23.1% 2.8x 24.9xeHealth, Inc. United States 15.91 -1% 318.9 192.4 123.6 - 151.6 17.6 11.6% -5.5% 1.3x 10.9xHi-Media S.A. France 2.93 -57% 132.8 162.2 38.7 70.1 335.3 27.7 8.3% 11.7% 0.5x 5.9xIAC/InterActiveCorp. United States 43.13 -2% 3,538.1 2,882.4 869.8 95.8 2,059.4 276.5 13.4% 25.8% 1.4x 10.4xInfoSpace Inc United States 12 22 -2% 481 8 202 6 293 6 - 228 8 28 9 12 6% 6 8% 0 9x 7 0xInfoSpace, Inc. United States 12.22 2% 481.8 202.6 293.6 228.8 28.9 12.6% 6.8% 0.9x 7.0xMotricity, Inc. United States 0.79 -97% 36.5 39.3 17.7 20.5 133.2 1.7 1.3% 8.5% 0.3x 22.7xOPT, Inc. Japan 1,043.19 -53% 155.8 0.8 159.3 0.4 809.2 21.3 2.6% 7.1% 0.0x 0.0xPacific Online Ltd. China 0.51 -15% 556.3 516.8 39.4 - 87.8 40.8 46.5% 26.7% 5.9x 12.7xQuinStreet, Inc. United States 9.78 -61% 465.9 424.4 144.5 114.1 393.6 70.1 17.8% 3.4% 1.1x 6.1xResponsys, Inc. United States 11.73 -36% 556.5 469.7 94.8 2.0 134.9 21.6 16.0% 43.4% 3.5x 21.7xSepteni Holdings Co Ltd Japan 564.14 -50% 71.0 27.7 59.2 15.0 461.5 15.9 3.5% 6.0% 0.1x 1.7xThe Active Network, Inc. * United States 14.58 -38% 822.9 687.5 108.7 10.0 337.4 17.6 5.2% 20.7% 2.0x 39.1xTradeDoubler AB Sweden 4.64 -39% 197.9 159.3 42.4 - 380.6 21.0 5.5% -8.0% 0.4x 7.6xTree.Com, Inc. United States 5.64 -40% 62.3 52.0 45.5 - 54.6 (19.1) NM -70.7% 1.0x NMTudou Holdings Limited China 13.69 -51% 388.2 232.9 138.3 13.2 81.2 (55.1) NM 78.9% 2.9x NMValueClick, Inc. United States 17.63 -11% 1,456.0 1,502.3 116.7 167.5 560.2 156.8 28.0% 30.0% 2.7x 9.6xVelti Plc * Ireland 8.90 -56% 548.9 418.9 140.4 10.3 159.6 10.3 6.4% 28.1% 2.6x 40.8xYandex N.V. * Netherlands 20.24 -52% 6,537.4 6,104.6 358.0 - 624.1 277.5 44.5% 60.3% 9.8x 22.0xYahoo! Inc. United States 15.55 -17% 19,286.6 17,416.4 2,055.6 134.9 4,984.2 1,473.0 29.6% -21.2% 3.5x 11.8x

Low 0.0x 0.0x

Mean 2.4x 15.2x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)

and EBITDA multiples that are 1.0 standard deviations above the mean (26.8x).

Median 1.7x 11.4x

Weighted Avg 4.3x 14.8x

Adj. W Avg* 3.2x 14.1xHigh 9.8x 40.8x

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


AGENCY/CONSULTINGTransactions by Segment and Buyer Type

• Digital Agency was the most active segment with 8 deals announced, while Other Consulting* was the highest value segment worth approximately $371 million

• Select acquisitions› Aegis Group’s $125 million acquisition of Roundarch, a digital agency that designs and develops Websites, Web

and mobile applications, social media applications, and digital marketing campaigns› ICON’s $50 million acquisition of PriceSpective, an analytics and consulting company specializing in pricing and

reimbursement strategies for pharmaceutical, biotechnology and medical device companies› H.I.G. Capital’s $36 million acquisition of promotional products suppliers Brand Addition and Kreyer Promotion

Service, from 4imprint Group› Nutraceutical Research Innovations’ acquisition of Omni Point, an online marketing services provider that

offers website maintenance, graphic design, direct response campaigns, and lead generation and tracking

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



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

Digital Agency 8 31% 222.0 25% 7 198.0 0 0.0 1 24.0

Other Consulting 5 19% 370.5 41% 4 93.8 1 276.8 0 0.0

General Agency 4 15% 44.0 5% 3 37.0 0 0.0 1 7.0

Public Relations 3 12% 185.0 20% 3 185.0 0 0.0 0 0.0

Branded Communications 1 4% 35.6 4% 0 0.0 1 35.6 0 0.0

Promotion Agency 1 4% 10 0 1% 1 10 0 0 0 0 0 0 0Promotion Agency 1 4% 10.0 1% 1 10.0 0 0.0 0 0.0

Healthcare Agency 1 4% 15.0 2% 1 15.0 0 0.0 0 0.0

Design Agency 1 4% 10.0 1% 1 10.0 0 0.0 0 0.0

Social Agency 1 4% 10.0 1% 1 10.0 0 0.0 0 0.0

DR Media Buying 1 4% 3.0 0% 0 0.0 1 3.0 0 0.0

Total 26 100% 905 100% 21 559 3 315 2 31


* Other Consulting includes Legal Consulting, Financial Consulting and Management Consulting

AGENCY/CONSULTINGPUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAegis Group plc * United Kingdom $2.47 -5% $2,820.7 $3,359.3 $516.3 $1,148.0 $2,470.2 $282.5 11.4% 33.7% 1.4x 11.9xCello Group Plc United Kingdom 0.57 -43% 44.3 62.7 8.2 26.3 203.0 12.5 6.1% -2.6% 0.3x 5.0xCharm Communications China 8.66 -32% 339.0 180.2 165.0 - 256.5 47.0 18.3% 0.0% 0.7x 3.8xChime Communications plc United Kingdom 3.43 -28% 271.2 260.1 14.3 3.1 509.8 46.4 9.1% 6.1% 0.5x 5.6xDentsu Inc. Japan 32.58 -11% 8,117.1 7,393.4 1,491.0 768.8 23,942.6 797.8 3.3% 1.6% 0.3x 9.3xHavas France 4.60 -18% 1,981.1 2,095.1 1,170.2 1,292.2 2,314.3 367.3 15.9% 8.4% 0.9x 5.7xHuntsworth plc United Kingdom 0.64 -50% 157.7 271.5 9.8 126.3 280.6 47.8 17.0% 4.7% 1.0x 5.7xThe Interpublic Group of United States 10.45 -22% 4,819.3 5,259.2 2,315.6 1,769.2 7,014.6 843.2 12.0% 7.8% 0.7x 6.2xM&C Saatchi plc United Kingdom 2.01 -16% 126.6 107.7 28.0 4.4 223.0 25.7 11.5% 24.1% 0.5x 4.2xMDC Partners Inc. * Canada 13.22 -30% 387.2 926.4 8.1 385.2 943.3 49.3 5.2% 35.2% 1.0x 18.8xmktg, inc. United States 0.66 -47% 5.4 5.7 6.2 - 124.4 5.6 4.5% 17.7% 0.0x 1.0xNext Fifteen United Kingdom 1.46 -4% 83.7 91.4 14.0 16.6 141.7 18.0 12.7% 19.0% 0.6x 5.1xOmnicom Group Inc. United States 46.26 -10% 12,761.9 15,711.0 1,805.0 3,193.1 13,872.5 2,184.3 15.7% 10.6% 1.1x 7.2xPhoton Group Limited Australia 0.05 -52% 83.1 188.8 32.4 1.6 512.3 34.8 6.8% -0.2% 0.4x 5.4xPublicis Groupe SA France 49.66 -9% 9,215.9 9,529.0 2,824.3 2,985.4 7,555.7 1,343.3 17.8% 7.3% 1.3x 7.1xSapient Corp. * United States 12.84 -21% 1,794.9 1,631.2 220.2 - 1,062.2 138.7 13.1% 23.0% 1.5x 11.8xWPP plc Ireland 11.56 -15% 14,569.8 19,420.2 3,739.3 7,575.8 15,599.3 2,432.4 15.6% 7.4% 1.2x 8.0x

Low 0.0x 1.0x

Mean 0.8x 7.2x

Median 0.7x 5.7x






DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• Mobile Content/Apps was the most active segment with 20 transactions, while eCommerce was the highest value segment worth approximately $796 million

• Select acquisitions› Ahold U.S.A.’s $469 million acquisition of Bol.com, a Netherlands-based an online retailer for books and

entertainment products› Apple’s $50 million acquisition of Chomp, which operates a Website that promotes and reviews iPhone and

iPad application› Amazon.com’s acquisition of TeachStreet, an online hub for pairing students with tutors and teacher

• Select investments› The $85 million investment in Yammer which provides social networks to enterprises led by Draper Fisher › The $85 million investment in Yammer, which provides social networks to enterprises, led by Draper Fisher

Jurvetson› The $70 million investment in Airbnb, which provides an online marketplace that allows users to rent out their

extra residential space to travelers, from Axel Springer

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

Mobile Content/Apps 20 24% 151.5 9% 6 90.0 0 0.0 14 61.5

eCommerce 19 23% 796.3 48% 7 574.4 1 10.0 11 211.9



DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

Social Media/Apps 17 20% 199.5 12% 4 50.0 0 0.0 13 149.5

Gaming 9 11% 198.3 12% 4 161.3 0 0.0 5 37.0

Niche Content 6 7% 60.5 4% 5 56.5 0 0.0 1 4.0

Classifieds/Auctions/P-to-P 3 4% 88.7 5% 0 0.0 0 0.0 3 88.7

Digital Promotion/Coupon 3 4% 36.0 2% 2 31.0 0 0.0 1 5.0

Vertical Search 3 4% 80.0 5% 3 80.0 0 0.0 0 0.0


Local Search 1 1% 25.0 2% 1 25.0 0 0.0 0 0.0

Total 83 100% 1,658 100% 33 1,083 1 10 49 565

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $179.69 -27% $81,771.2 $74,005.2 $9,576.0 $1,810.0 $48,077.0 $1,709.0 3.6% 40.6% 1.5x 43.3xeBay Inc. United States 35.74 -3% 45,994.3 42,154.6 5,929.4 2,089.6 11,651.7 3,313.0 28.4% 27.3% 3.6x 12.7xpriceline.com Incorporated United States 627.02 -2% 31,225.0 29,269.4 2,657.7 575.0 4,355.6 1,452.7 33.4% 41.2% 6.7x 20.1x

1-800-Flowers.com Inc. United States $2.73 -29% $177.6 $184.9 $30.1 $37.4 $716.2 $34.2 4.8% 9.9% 0.3x 5.4xAirMedia Group Inc. China 2.98 -64% 196.6 79.0 115.5 - 254.3 11.9 4.7% 23.4% 0.3x 6.6xAlibaba.com Limited China 1.70 -14% 8,507.2 6,877.0 1,848.3 204.1 1,017.9 325.7 32.0% 15.5% 6.8x 21.1xAncestry.com Inc. United States 22.78 -50% 976.4 937.4 49.0 10.0 399.7 134.8 33.7% 32.8% 2.3x 7.0xAngie's List, Inc. United States 16.00 -15% 785.7 711.9 88.6 14.8 90.0 (42.6) NM 52.5% 7.9x NMAngie s List, Inc. United States 16.00 15% 785.7 711.9 88.6 14.8 90.0 (42.6) NM 52.5% 7.9x NMAOL, Inc. United States 17.96 -31% 1,702.2 1,405.5 407.5 110.8 2,202.1 354.7 16.1% -8.9% 0.6x 4.0xBetfair Group PLC United Kingdom 13.79 -19% 1,387.3 1,163.9 231.0 - 598.9 89.3 14.9% -3.8% 1.9x 13.0xBIDZ.com, Inc. United States 0.59 -77% 11.3 10.5 0.8 - 94.2 (5.3) NM -8.7% 0.1x NMBlinkx plc United Kingdom 1.27 -51% 457.8 403.9 52.9 - 83.3 11.2 13.5% 73.8% 4.8x 36.0xBlue Nile Inc. United States 35.65 -45% 495.2 406.5 89.4 0.7 348.0 18.4 5.3% 4.5% 1.2x 22.1xBluefly Inc. United States 1.86 -47% 52.7 48.6 4.1 - 95.5 (2.1) NM 13.2% 0.5x NMCyberAgent Inc. Japan 2,875.83 -4% 1,876.5 1,673.3 259.7 22.0 1,598.1 240.8 15.1% 18.2% 1.0x 6.9xDemand Media, Inc. United States 6.86 -75% 548.8 462.8 86.0 - 324.9 59.0 18.2% 28.4% 1.4x 7.8xDena Co. Ltd. Japan 32.63 -4% 4,791.8 4,213.6 650.6 - 1,760.4 845.7 48.0% 35.7% 2.4x 5.0xDice Holdings, Inc. United States 8.88 -53% 579.2 534.0 60.2 15.0 179.1 72.9 40.7% 38.9% 3.0x 7.3xE-Commerce China China 6.69 -82% 531.2 334.2 220.8 23.8 574.1 (41.9) NM 58.6% 0.6x NMEdiets.com Inc. United States 0.52 -87% 6.9 6.2 1.7 1.0 24.3 (3.9) NM 19.6% 0.3x NMExpedia Inc. United States 34.05 -48% 4,550.7 4,567.3 1,338.0 1,249.3 3,449.0 582.4 16.9% 13.7% 1.3x 7.8xG5 Entertainment AB Sweden 6.29 -15% 50.3 47.3 3.0 - 5.7 2.3 40.7% 137.1% 8.2x 20.2xGameLoft SA France 6.54 -9% 496.0 461.1 39.7 1.8 237.1 37.9 16.0% 20.9% 1.9x 12.2xGlu Mobile, Inc. United States 3.78 -38% 240.8 208.6 32.2 - 66.2 (12.1) NM 2.9% 3.2x NMGree, Inc. Japan 31.36 -1% 7,282.1 6,893.3 411.2 - 1,422.2 754.0 53.0% 133.2% 4.8x 9.1xGroupon, Inc. United States 19.72 -37% 12,574.3 11,453.6 1,122.9 - 1,624.7 (177.6) NM 419.2% 7.0x NMHollywood Media Corp. United States 1.11 -44% 25.7 20.2 5.5 0.0 4.0 (5.9) NM NA 5.1x NMHomeAway, Inc. United States 26.48 -42% 2,133.8 1,949.9 184.0 - 230.2 43.0 18.7% 37.1% 8.5x 45.3xHSN, Inc. United States 37.16 -4% 2,151.1 2,008.4 381.8 239.1 3,177.2 258.4 8.1% 6.0% 0.6x 7.8xJiayuan.com International China 6.95 -57% 217.3 124.0 25.4 - 32.5 7.0 21.5% 0.0% 3.8x 17.7xKongzhong Corp. China 5.21 -52% 196.8 43.5 154.6 1.3 156.2 20.8 13.3% 6.7% 0.3x 2.1xLeGuide.com S.A. France 21.93 -49% 76.9 38.9 46.4 5.0 41.0 14.5 35.2% 13.0% 0.9x 2.7xLinkedIn Corporation * United States 86.87 -29% 8,474.7 7,897.2 577.5 - 522.2 59.8 11.5% 114.8% 15.1x 132.0xLiquidity Services, Inc. United States 43.25 -3% 1,325.5 1,297.2 68.8 40.5 358.0 60.1 16.8% 26.4% 3.6x 21.6xMakeMyTrip Limited * India 23.01 -33% 848.0 773.7 74.6 0.3 181.0 6.8 3.7% 58.1% 4.3x 114.1xMixi, Inc. Japan 3,010.30 -41% 466.9 347.2 126.2 - 181.4 34.6 19.1% -14.8% 1.9x 10.0xMonster Worldwide, Inc. United States 6.94 -65% 854.3 792.8 250.3 188.8 1,040.1 138.9 13.4% 13.8% 0.8x 5.7xMove, Inc. United States 8.76 -14% 345.5 306.5 87.6 - 191.7 15.1 7.9% -2.9% 1.6x 20.2xNexon Co. Ltd. Japan 14.50 -5% 6,209.0 4,883.1 1,722.0 280.3 1,138.7 638.7 NM 25.6% 4.3x NMNCSoft South Korea 247.83 -28% 4,912.1 4,396.0 512.0 13.8 532.5 150.8 28.3% -8.6% 8.3x 29.2xNetflix, Inc. United States 110.73 -64% 6,136.5 5,772.8 797.8 434.1 3,204.6 428.8 13.4% 48.2% 1.8x 13.5xOpenTable, Inc. United States 48.50 -59% 1,093.7 1,043.8 49.9 - 139.5 42.1 30.2% 40.9% 7.5x 24.8xOrbitz Worldwide, Inc. United States 3.59 -31% 372.7 704.9 140.8 473.0 772.0 106.5 13.8% 3.0% 0.9x 6.6xOverstock.com Inc. United States 6.36 -63% 148.1 106.4 79.1 37.5 1,089.1 11.5 1.1% 2.4% 0.1x 9.3x


Pacific Online Ltd. China 0.50 -2% 543.9 504.4 39.4 - 87.8 40.8 46.5% 26.7% 5.7x 12.4xPandora Media, Inc. United States 13.06 -50% 2,107.5 2,016.7 90.8 - 240.7 (0.5) NM 111.2% 8.4x NMPerform Group plc. United Kingdom 4.23 -9% 951.0 852.9 118.1 19.7 160.6 13.0 8.1% 53.0% 5.3x 65.6xPC Connection, Inc. United States 8.94 -31% 236.4 239.0 4.6 7.2 2,103.3 53.6 2.5% 6.5% 0.1x 4.5x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAPC Home Online Inc. Taiwan 5.69 -30% 393.1 318.7 85.0 3.3 431.3 16.9 3.9% 33.1% 0.7x 18.9xPC Mall Inc. United States 6.26 -43% 75.4 145.0 6.2 75.9 1,490.8 24.5 1.6% 16.5% 0.1x 5.9xPhoenix New Media Limited China 7.25 -52% 547.8 361.6 186.2 - 129.8 12.9 9.9% 0.0% 2.8x 28.0xQihoo 360 Technology Co. China 18.10 -50% 2,090.1 1,772.1 344.0 - 167.9 22.4 13.3% 191.1% 10.6x 79.2xQuepasa Corp. * United States 4.30 -72% 154.6 146.8 14.4 6.7 7.4 (7.6) NM 63.2% 19.8x NMRakuten, Inc. Japan 1,008.19 -19% 13,242.1 16,014.8 9,141.9 4,507.7 4,937.6 1,249.3 25.3% 9.8% 3.2x 12.8xReachLocal, Inc. United States 7.88 -72% 231.6 137.4 85.2 - 375.2 9.9 2.6% 28.6% 0.4x 13.9xRealNetworks Inc. United States 10.21 -41% 350.5 167.4 185.1 - 335.7 (12.1) NM -16.4% 0.5x NMRediff.com India Ltd. India 7.60 -58% 206.6 169.7 - - 20.9 (7.8) NM -0.8% 8.1x NMRenren Inc. China 5.55 -77% 2,175.7 981.1 380.3 - 83.1 11.1 13.4% 0.0% 11.8x 88.2xScripps Networks United States 43.36 -19% 6,913.6 7,973.0 760.1 1,383.9 2,072.0 977.3 47.2% 0.2% 3.8x 8.2xShutterfly, Inc. United States 23.73 -64% 822.7 754.0 179.9 - 473.3 46.7 9.9% 53.8% 1.6x 16.2xSify Technologies Limited India 4.56 -47% 385.8 424.1 - - 136.1 11.9 8.7% -10.2% 3.1x 35.7xSky-mobi Limited China 3.72 -84% 119.7 32.6 88.2 - 108.5 9.0 8.3% 6.1% 0.3x 3.6xSpark Networks, Inc. United States 3.65 -8% 75.2 60.5 14.7 - 45.7 2.5 5.6% 9.4% 1.3x 23.8xStamps.com Inc. United States 31.01 -8% 465.4 425.8 69.4 - 101.6 18.1 17.8% 18.8% 4.2x 23.5xTaomee Holdings Ltd. China 5.90 -67% 216.5 95.6 54.1 - 41.9 22.3 53.2% 0.0% 2.3x 4.3xTechTarget, Inc. United States 6.95 -29% 267.9 221.5 46.4 - 105.5 17.4 16.5% 11.0% 2.1x 12.7xThe Active Network, Inc. United States 14.88 -37% 839.9 704.4 108.7 10.0 337.4 17.6 5.2% 20.7% 2.1x 40.0xTheStreet, Inc. United States 1.91 -48% 61.1 (1.1) 62.2 - 58.2 (3.9) NM -1.4% NM 0.3xTripAdvisor LLC United States 32.91 -6% 4,048.4 3,920.4 183.5 426.7 637.1 305.6 48.0% 31.5% 6.2x 12.8xTudou Holdings Limited China 13.99 -50% 396.7 241.5 138.3 13.2 81.2 (55.1) NM 78.9% 3.0x NMUnited Online, Inc. United States 5.68 -24% 506.5 655.3 136.1 261.1 897.7 157.3 17.5% -2.5% 0.7x 4.2xValueVision Media Inc. United States 1.58 -82% 76.7 74.0 27.7 25.0 589.7 6.7 1.1% 9.5% 0.1x 11.0xVringo, Inc. * United States 1.40 -58% 13.9 14.7 1.7 2.4 0.6 (6.6) NM 359.7% 23.0x NMWebMD Health Corp. United States 28.04 -52% 1,580.0 1,276.3 1,121.2 800.0 558.8 141.5 25.3% 4.5% 2.3x 9.0xWebMediaBrands Inc United States 0.80 -59% 33.5 37.5 3.4 7.6 12.4 (2.3) NM 38.3% 3.0x NMYahoo! Inc. United States 15.47 -18% 19,187.4 17,317.2 2,055.6 134.9 4,984.2 1,473.0 29.6% -21.2% 3.5x 11.8xYandex N.V. Netherlands 20.34 -52% 6,569.8 6,137.0 358.0 - 624.1 277.5 44.5% 60.3% 9.8x 22.1xYouku.com Inc * China 21.39 -69% 2,440.3 1,849.3 594.3 3.3 116.1 4.1 3.5% 156.8% 15.9x 455.0xZillow, Inc. * United States 29.50 -51% 815.3 719.4 76.9 - 66.1 6.0 9.0% 116.8% 10.9x 120.5x

Low 0.1x 0.3x

Mean 4.1x 30.0x



Median 2.4x 12.8x



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


MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• Social Technology was the most active segments with seven transactions. The highest value segment was Content Management worth approximately $321 million

• Select acquisitions› Vocus’ $169 million acquisition of iContact, an email and social marketing software provider› iEnergizer’s $150 million acquisition of Aptara a provider of outsourced content production digital publishing › iEnergizer s $150 million acquisition of Aptara, a provider of outsourced content production, digital publishing,

eBook publishing, editorial services, eLearning and technology services, and legal content solutions• Select investments

› The $30 million investment in Marin Software, which offers an integrated platform for advertisers to manage search, display, and social marketing ad campaigns, led by Singapore-based Temasek Holdings

› The $20 million investment in Domo Technologies a SaaS business intelligence startup from Institutional › The $20 million investment in Domo Technologies, a SaaS business intelligence startup , from Institutional Venture Partners

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

Social Technology 7 16% 101.0 12% 4 55.0 1 25.0 2 21.0



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Ad Serving 6 13% 93.0 11% 2 35.0 0 0.0 4 58.0

Content Management 5 11% 179.4 21% 2 165.1 0 0.0 3 14.3

Mobile Technology 5 11% 35.4 4% 0 0.0 0 0.0 5 35.4

Analytics & Reporting 3 7% 32.3 4% 2 30.8 0 0.0 1 1.5

Online Targeting/Optimization 3 7% 34.2 4% 1 10.0 0 0.0 2 24.2

BI tools 2 4% 35.2 4% 0 0.0 0 0.0 2 35.2

Commerce Management 2 4% 25.0 3% 2 25.0 0 0.0 0 0.0

Content Delivery Network 2 4% 25.6 3% 0 0.0 0 0.0 2 25.6

CRM 2 4% 31.5 4% 1 20.0 0 0.0 1 11.5

Media Management System 2 4% 8.8 1% 0 0.0 0 0.0 2 8.8

SFA/Lead Management 2 4% 35.0 4% 1 20.0 0 0.0 1 15.0

Other* 4 9% 219 26% 3 204 1 15 0 0


Total 45 100% 855 100% 18 565 2 40 25 251

*Other includes Email/Messaging Software, MRM/Workflow Management, SEM/SEO tools and Website Creation/Hosting

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 03/04/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $32.89 -9% $16,241.2 $14,843.8 $2,911.7 $1,514.3 $4,216.3 $1,467.8 34.8% 11.0% 3.5x 10.1xSalesforce.com United States 143.16 -11% 19,469.8 19,236.7 777.9 544.8 2,266.5 122.2 5.4% 36.8% 8.5x 157.4x

Akamai Technologies, Inc. United States $36.00 -16% $6,400.8 $5,551.6 $849.2 - $1,158.5 $495.3 42.8% 13.2% 4.8x 11.2xBazaarvoice, Inc. United States 16.60 -5% 331.3 342.7 12.3 - 94.0 (19.2) NM 0.0% 3.6x NMBitauto Holdings Limited China 4.90 -61% 202.1 115.1 95.4 - 106.3 12.9 12.1% 46.2% 1.1x 8.9xBlackbaud Inc. United States 31.55 -5% 1,366.8 1,314.3 52.5 - 370.9 71.5 19.3% 13.6% 3.5x 18.4xBrightcove, Inc. United States 14.90 -16% 393.0 383.9 17.2 7.0 63.6 (14.0) NM 45.4% 6.0x NMChinaCache International China 8.01 -75% 193.2 128.7 65.4 0.9 89.6 14.1 15.7% 63.1% 1.4x 9.1xC aCac e e a o a C a 8 0 5% 93 8 65 0 9 89 6 15.7% 63.1% 1.4x 9.1xConvio, Inc. United States 15.66 -2% 294.9 243.0 51.9 - 80.4 7.3 9.0% 15.2% 3.0x 33.5xDigital Generation, Inc. United States 10.00 -73% 275.2 1,285.2 83.0 1,093.0 324.3 122.7 37.8% 34.4% 4.0x 10.5xDigital River Inc. United States 17.65 -56% 627.9 261.2 720.5 353.8 398.1 60.7 15.2% 9.6% 0.7x 4.3xInformatica Corporation United States 49.16 -21% 5,278.4 4,675.9 602.4 - 783.8 178.6 22.8% 20.6% 6.0x 26.2xInnerWorkings Inc. United States 11.40 -7% 535.8 581.4 14.3 60.0 633.8 33.7 5.3% 31.4% 0.9x 17.2xInteractive Intelligence, United States 28.00 -33% 527.0 458.0 69.1 - 209.5 28.6 13.6% 26.0% 2.2x 16.0xJDA Software Group Inc. United States 25.06 -28% 1,066.3 1,054.0 285.5 273.2 671.8 164.6 24.5% 8.8% 1.6x 6.4xJive Software, Inc. * United States 21.81 -3% 1,337.1 1,169.6 180.6 13.1 77.3 (38.1) NM 67.0% 15.1x NMKeynote Systems Inc. United States 19.89 -23% 345.6 305.6 40.0 - 111.3 23.2 20.9% 32.5% 2.7x 13.2xMercadolibre, Inc. * Argentina 97.31 -7% 4,295.5 4,157.4 142.3 0.3 298.9 107.0 35.8% 37.9% 13.9x 38.8xNetQin Mobile Inc. China 7.34 -38% 336.3 214.9 121.5 - 34.1 (5.8) NM 0.0% 6.3x NMOpen Text Corp. Canada 61.12 -15% 3,536.9 3,734.6 413.9 611.7 1,157.9 318.0 27.5% 23.5% 3.2x 11.7xPROS Holdings, Inc. United States 17.53 -15% 475.3 406.9 68.5 - 96.6 10.2 10.6% 36.0% 4.2x 39.9xRovi Corporation United States 35.48 -49% 3,806.3 4,381.2 420.2 995.1 690.8 236.7 34.3% 27.6% 6.3x 18.5x

Low 0.7x 4.3x

Mean 4.5x 17.7x



Median 3.6x 14.6x



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


SOFTWARE & INFORMATIONTransactions by Segment and Buyer Type

• Infrastructure Software was the most active segment within Software & Information with 11 transactions. Worth approximately $2.2 billion, HR Software was the highest value segment

• Select acquisitions› Alere’s $270 million acquisition of eScreen, a provider of instrumented drug screening and electronic hiring

program management solutions› SS&C Technologies’ $170 million acquisition of Thomson Reuters’ Portia Investment Operations Platform,

which enables investment managers to track and manage their portfolios› Akamai Technologies’ acquisition of Blaze Software, a provider of cloud-based technology that helps

accelerate the speed of Websites and optimizes load times• Select investments

› The $177 million investment in Fitch Ratings, which provides credit opinions, research, and financial data, from Hearst Communications

› The $30 million investment in Capital Access Network, a provider of financial technology and data services, from Accel Partners

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

Infrastructure Software 11 25% 104.7 1% 1 25.0 0 0.0 10 79.7

Financial Software 5 11% 234.1 3% 2 185.0 0 0.0 3 49.1

HR Software 5 11% 2,191.0 29% 2 2,170.0 0 0.0 3 21.0



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

ERP Software 4 9% 11.5 0% 0 0.0 0 0.0 4 11.5

HC-Providers Software 4 9% 23.3 0% 0 0.0 0 0.0 4 23.3

Market Research 4 9% 40.3 1% 2 38.1 0 0.0 2 2.2

Engineering Software 2 5% 39.1 1% 1 28.1 0 0.0 1 11.0

Financial 2 5% 1,677.0 22% 1 1,500.0 0 0.0 1 177.0

Total 44 100% 7,461 100% 11 3,967 2 3,103 31 391


*Other includes Geo-Demo Software, Credit/Risk Management, HC-BioPharma Software, Marketing Data and Software NEC

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION



Company Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $7.94 -11% $440.4 $324.0 $116.4 - $141.9 $1.9 1.3% 0.0% 2.3x 172.0xActuate Corporation United States 6.05 -11% 294.6 227.2 67.4 - 134.9 27.8 20.6% 2.6% 1.7x 8.2xAcxiom Corporation United States 14.04 -25% 1,097.8 1,237.7 145.9 285.5 1,176.8 237.2 20.2% 5.6% 1.1x 5.2xAdobe Systems Inc. United States 32.89 -9% 16,241.2 14,843.8 2,911.7 1,514.3 4,216.3 1,467.8 34.8% 11.0% 3.5x 10.1xAdvent Software, Inc. United States 25.73 -19% 1,312.6 1,227.1 135.4 50.0 326.2 105.5 32.3% 15.1% 3.8x 11.6xAdvisory Board Co. United States 80.94 -1% 1,349.4 1,295.1 54.3 - 351.8 51.9 14.8% 27.3% 3.7x 25.0xAkamai Technologies, Inc. United States 36.00 -16% 6,400.8 5,551.6 849.2 - 1,158.5 456.1 39.4% 13.2% 4.8x 12.2xAlliance Data Systems Corporation United States 121.36 -1% 6,073.2 12,692.6 216.2 6,835.6 3,173.3 936.1 29.5% 13.7% 4.0x 13.6xAllocate Software plc. United Kingdom 1.35 -6% 85.7 85.6 6.3 6.3 47.6 5.0 10.6% 4.7% 1.8x 17.0xp g 10.6% 4.7% 1.8x 17.0xAllscripts Healthcare Solutions, Inc. United States 19.32 -16% 3,662.6 3,873.0 157.8 368.2 1,449.1 176.9 12.2% 56.9% 2.7x 21.9xArbitron Inc. United States 33.44 -26% 913.3 893.6 19.7 - 422.3 116.1 27.5% 6.8% 2.1x 7.7xathenahealth, Inc. * United States 70.67 -3% 2,505.7 2,385.8 119.9 - 324.1 48.6 15.0% 32.0% 7.4x 49.1xAutomatic Data Processing, Inc. United States 54.32 -5% 26,648.1 25,328.9 1,355.2 36.0 10,349.8 2,199.1 21.2% 11.7% 2.4x 11.5xAveva Group plc United Kingdom 27.30 -5% 1,852.7 1,601.8 246.2 - 282.5 85.4 30.2% 15.1% 5.7x 18.8xAVG Technologies N.V. Netherlands 13.15 -9% 715.1 1,059.0 73.3 225.2 255.5 86.8 34.0% 0.0% 4.1x 12.2xBlackbaud Inc. United States 31.55 -5% 1,366.8 1,314.3 52.5 - 370.9 69.7 18.8% 13.4% 3.5x 18.8xBooz Allen Hamilton Inc. United States 18.41 -11% 2,435.3 3,002.9 405.0 972.7 5,811.6 450.4 7.7% 6.6% 0.5x 6.7xBrainjuicer Group Plc United Kingdom 4.75 -4% 59.4 56.1 3.3 - 29.3 4.0 13.7% 28.7% 1.9x 14.0xBroadridge Financial Solutions Inc. United States 24.34 -2% 3,019.0 3,375.1 238.2 594.3 2,259.4 378.8 16.8% 7.3% 1.5x 8.9xCegedim SA France 32.73 -51% 457.1 1,104.8 106.3 809.8 1,359.6 240.3 17.7% 5.3% 0.8x 4.6xCello Group Plc United Kingdom 0.54 -45% 42.4 61.1 8.2 26.3 203.0 12.5 6.1% -2.6% 0.3x 4.9xCerner Corporation United States 73.83 -2% 12,527.7 11,879.6 774.8 126.5 2,203.2 593.3 26.9% 19.1% 5.4x 20.0xCision AB Sweden 9.21 -3% 136.7 199.3 7.4 67.5 141.2 26.8 19.0% -14.4% 1.4x 7.4xcomScore, Inc. * United States 21.99 -30% 745.8 720.7 38.1 13.0 232.4 10.5 4.5% 32.8% 3.1x 68.7xConcur Technologies, Inc. * United States 58.95 -6% 3,213.9 2,988.2 469.2 242.4 369.6 42.1 11.4% 21.0% 8.1x 70.9xConstant Contact, Inc. United States 30.24 -17% 914.0 773.9 140.1 - 214.4 24.4 11.4% 23.1% 3.6x 31.7xConvio, Inc. United States 15.66 -2% 294.9 243.0 51.9 - 80.4 7.3 9.0% 15.2% 3.0x 33.5xCoreLogic, Inc. United States 15.38 -23% 1,638.6 2,269.1 280.2 908.3 1,338.5 200.9 15.0% -17.5% 1.7x 11.3xCornerstone OnDemand, Inc. * United States 20.74 -12% 1,005.2 923.2 85.4 3.3 75.5 (13.1) NM 72.7% 12.2x NMCorporate Executive Board Co. United States 41.44 -9% 1,380.7 1,243.5 137.2 - 484.7 114.2 23.6% 10.4% 2.6x 10.9xCoStar Group Inc. United States 59.98 -18% 1,526.3 977.5 548.8 - 251.7 50.2 20.0% 11.3% 3.9x 19.5xCRA International Inc. United States 23.81 -20% 253.1 177.0 76.1 - 305.2 35.2 11.5% 14.3% 0.6x NMCraneware plc United Kingdom 6.41 -35% 172.8 148.8 24.2 - 38.1 9.5 25.0% 34.3% 3.9x 15.6xDigital Generation, Inc. United States 10.00 -73% 275.2 675.2 83.0 483.0 324.3 122.7 37.8% 31.0% 2.1x 5.5xDigital River Inc. United States 17.65 -56% 627.9 261.2 720.5 353.8 398.1 60.7 15.2% 9.6% 0.7x 4.3xDun & Bradstreet Corp. United States 82.65 -5% 3,944.2 4,752.8 93.7 893.2 1,758.5 527.7 30.0% 4.9% 2.7x 9.0xEbi it l U it d Ki d 1 37 18% 80 6 95 7 4 5 19 4 76 9 10 6 Ebiquity plc United Kingdom 1.37 -18% 80.6 95.7 4.5 19.4 76.9 10.6 13.7% 46.8% 1.2x 9.1xEbix Inc. United States 23.30 -23% 862.1 873.7 15.6 27.2 160.0 70.3 43.9% 24.6% 5.5x 12.4xEnvestnet, Inc. United States 12.45 -29% 396.0 331.3 64.9 0.2 123.2 18.2 14.8% 25.6% 2.7x 18.2xEPIQ Systems, Inc. United States 11.49 -25% 410.3 671.0 2.8 263.5 283.3 71.0 25.1% 14.6% 2.4x 9.4xEpocrates, Inc. United States 9.30 -69% 224.4 139.2 85.2 - 113.3 3.7 3.2% 9.0% 1.2x 37.8xEquifax Inc. United States 42.04 -2% 5,038.3 5,943.5 127.7 1,013.2 1,959.8 635.9 32.4% 5.4% 3.0x 9.3xExperian plc Ireland 15.07 -2% 15,143.5 17,150.4 484.0 2,300.0 4,527.0 1,443.0 31.9% 13.0% 3.8x 11.9xFactSet Research Systems Inc. United States 87.40 -22% 3,943.0 3,735.4 207.5 - 749.7 281.5 37.6% 13.7% 5.0x 13.3xFair Isaac Corp. United States 40.48 -1% 1,458.6 1,739.0 231.6 512.0 634.1 184.6 29.1% 3.9% 2.7x 9.4xFidelity National Information Services Inc United States 31 73 -6% 9 186 7 13 733 2 415 5 4 813 8 5 745 7 1 660 4 28 9% 9 0% 2 4x 8 3x


Fidelity National Information Services, Inc. United States 31.73 -6% 9,186.7 13,733.2 415.5 4,813.8 5,745.7 1,660.4 28.9% 9.0% 2.4x 8.3xFidessa group plc United Kingdom 26.46 -22% 971.5 858.5 110.3 - 433.1 87.6 20.2% 6.1% 2.0x 9.8xFinancial Engines, Inc. United States 23.05 -21% 1,060.4 915.4 145.0 - 144.1 25.2 17.5% 28.9% 6.4x 36.3xForrester Research Inc. United States 32.23 -19% 730.8 518.1 212.6 - 283.6 44.3 15.6% 13.1% 1.8x 11.7x




Company Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAFTI Consulting, Inc. United States 40.07 -11% 1,611.7 2,144.3 264.4 797.0 1,566.8 262.5 16.8% 11.8% 1.4x 8.2xFX Alliance Inc United States 13.53 -3% 383.1 329.1 54.0 - 114.2 44.2 38.7% 0.0% 2.9x 7.4xGartner Inc. United States 40.26 -7% 3,759.0 3,826.2 142.7 209.9 1,468.6 238.3 16.2% 14.0% 2.6x 16.1xGfK SE Germany 51.93 -2% 1,883.8 2,356.8 198.3 622.7 1,829.7 291.3 15.9% 8.3% 1.3x 8.1xGlobeOp Financial Services S.A United Kingdom 7.30 -3% 778.4 669.0 106.9 - 221.3 62.7 28.3% 16.9% 3.0x 10.7xGreen Dot Corporation United States 31.93 -39% 1,131.7 927.7 246.1 42.2 484.7 95.8 19.8% 28.5% 1.9x 9.7xHarris Interactive Inc. United States 0.87 -40% 48.7 43.3 14.1 8.7 160.7 6.3 3.9% -3.7% 0.3x 6.9xHarte-Hanks Inc. United States 8.74 -36% 549.0 662.2 71.8 185.0 850.8 96.5 11.3% -1.1% 0.8x 6.9xIHS I U i d S 94 57 0% 6 216 4 6 788 3 234 7 806 6 1 325 6 269 8 IHS Inc. United States 94.57 0% 6,216.4 6,788.3 234.7 806.6 1,325.6 269.8 20.4% 25.3% 5.1x 25.2xInforma plc Switzerland 6.91 -7% 4,152.4 5,399.2 38.9 1,259.2 1,985.1 535.1 27.0% 4.0% 2.7x 10.1xInformatica Corporation United States 49.16 -21% 5,278.4 4,675.9 602.4 - 783.8 178.6 22.8% 20.6% 6.0x 26.2xInformation Services Group, Inc. United States 1.31 -47% 47.4 101.3 17.1 71.1 171.4 10.0 5.8% 27.1% 0.6x 10.2xInnerWorkings Inc. United States 11.40 -7% 535.8 581.4 14.3 60.0 633.8 33.7 5.3% 31.4% 0.9x 17.2xInteractive Intelligence, Inc. United States 28.00 -33% 527.0 458.0 69.1 - 209.5 28.6 13.6% 26.0% 2.2x 16.0xInternational Datacasting Corporation Canada 0.25 -47% 15.3 8.0 7.3 0.1 34.7 1.6 4.7% 16.1% 0.2x 5.0xIpsos SA France 36.64 -24% 1,657.3 1,921.9 169.4 441.4 1,699.0 214.4 12.6% 14.2% 1.1x 9.0xIsoftstone Holdings Limited China 9.88 -56% 548.8 472.5 77.9 - 259.4 30.1 11.6% 44.4% 1.8x 15.7xJDA Software Group Inc United States 25 06 28% 1 066 3 1 054 0 285 5 273 2 671 8 164 6 24 5% 8 8% 1 6x 6 4xJDA Software Group Inc. United States 25.06 -28% 1,066.3 1,054.0 285.5 273.2 671.8 164.6 24.5% 8.8% 1.6x 6.4xKenexa Corp. United States 27.79 -16% 753.8 670.0 119.3 30.5 282.9 33.3 11.8% 44.1% 2.4x 20.1xKeynote Systems Inc. United States 19.89 -23% 345.6 305.6 40.0 - 111.3 23.2 20.9% 32.5% 2.7x 13.2xLECG Corporation United States 0.01 -98% 1.1 53.2 7.0 33.1 297.0 (7.8) NM 11.3% 0.2x NMLender Processing Services, Inc. United States 22.04 -37% 1,859.8 2,931.6 77.4 1,149.2 2,090.1 380.6 18.2% -14.9% 1.4x 7.7xMacdonald Dettwiler & Associates Ltd. Canada 44.92 -25% 1,429.0 693.2 802.9 103.6 762.8 154.9 20.3% 237.7% 0.9x 4.5xMedAssets, Inc. United States 14.28 -15% 825.6 1,675.8 62.9 913.2 578.3 171.4 29.6% 47.8% 2.9x 9.8xMediware Information Systems Inc. United States 15.02 -2% 123.0 87.2 35.8 - 60.8 12.2 20.0% 17.4% 1.4x 7.2xMerge Healthcare Incorporated United States 6.53 -10% 593.9 805.2 38.6 249.4 232.4 54.2 23.3% 65.6% 3.5x 14.9xMisys plc United Kingdom 5.19 -24% 1,732.8 1,970.4 98.0 332.5 638.6 125.8 19 7% 17 9% 3 1x 15 7xMisys plc United Kingdom 5.19 24% 1,732.8 1,970.4 98.0 332.5 638.6 125.8 19.7% 17.9% 3.1x 15.7xMoody's Corp. United States 38.61 -8% 8,606.2 9,135.7 774.8 1,243.8 2,280.7 966.4 42.4% 12.2% 4.0x 9.5xMorningstar Inc. United States 59.87 -6% 3,001.5 2,534.6 468.6 - 631.4 184.5 29.2% 13.7% 4.0x 13.7xMSCI Inc. United States 35.38 -13% 4,265.7 5,018.8 364.3 1,117.4 900.9 419.5 46.6% 0.0% 5.6x 12.0xNational Research Corp. United States 38.63 -13% 259.7 253.5 8.1 1.9 75.8 23.8 31.4% 19.5% 3.3x 10.7xNavigant Consulting Inc. United States 13.51 -5% 706.4 835.6 3.0 132.2 784.7 100.9 12.9% 11.5% 1.1x 8.3xNielsen Holdings N.V. Netherlands 29.49 -11% 10,606.0 17,082.0 319.0 6,787.0 5,532.0 1,249.0 22.6% 7.9% 3.1x 13.7xOnvia Inc. United States 4.10 -18% 34.8 23.3 11.5 - 23.2 3.5 14.9% -14.2% 1.0x 6.7xOpen Text Corp. Canada 61.12 -15% 3,536.9 3,734.6 413.9 611.7 1,157.9 318.0 27.5% 23.5% 3.2x 11.7xParametric Technology Corporation United States 26.70 -4% 3,164.9 3,177.6 187.4 200.0 1,218.7 210.0 17.2% 19.7% 2.6x 15.1xPaychex, Inc. United States 31.30 -8% 11,343.7 10,932.6 411.1 - 2,162.8 924.8 42.8% 6.3% 5.1x 11.8xPROS Holdings, Inc. United States 17.53 -15% 475.3 406.9 68.5 - 96.6 10.2 10.6% 36.0% 4.2x 39.9xQlik Technologies, Inc. * United States 30.27 -15% 2,557.1 2,380.1 177.4 0.3 320.6 22.6 7.1% 41.5% 7.4x 105.2xQuality Systems Inc. United States 42.91 -15% 2,531.1 2,401.0 130.1 - 417.9 130.3 31.2% 24.8% 5.7x 18.4xRealPage, Inc. * United States 19.83 -42% 1,442.4 1,441.5 51.3 50.4 258.0 29.2 11.3% 37.0% 5.6x 49.4xReed Elsevier NV Netherlands 12.37 -3% 9,101.7 9,111.0 3.9 13.0 - - NM 0.0% NM NMReis, Inc. United States 10.19 -7% 107.6 92.4 22.3 7.1 29.7 5.3 17.8% 22.9% 3.1x 17.4xSage Group plc United Kingdom 4.95 -1% 6,462.3 6,480.3 285.8 303.5 2,086.0 615.3 29.5% 4.4% 3.1x 10.5xSalesforce.com * United States 143.16 -11% 19,469.8 19,236.7 777.9 544.8 2,266.5 122.2 5.4% 36.8% 8.5x 157.4x


Solera Holdings Inc. United States 48.00 -23% 3,362.6 4,109.8 353.5 1,004.4 751.5 321.5 42.8% 16.6% 5.5x 12.8xSPS Commerce, Inc. * United States 24.85 -12% 301.7 269.7 32.0 - 58.0 3.8 6.5% 30.0% 4.7x 71.3xSS&C Technologies Holdings, Inc. United States 20.72 -6% 1,603.5 1,663.2 40.3 100.0 370.8 136.0 36.7% 12.7% 4.5x 12.2xStreamline Health Solutions, Inc. United States 1.77 -19% 18.3 19.8 0.3 1.8 17.5 0.9 5.1% -7.7% 1.1x 22.2x




Company Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATaleo Corp. * United States 45.82 0% 1,913.9 1,798.0 116.0 0.0 315.4 25.0 7.9% 32.9% 5.7x 72.0xTemenos Group AG Switzerland 19.67 -51% 1,354.7 1,457.0 155.0 253.7 473.5 44.7 9.4% 5.7% 3.1x 32.6xThe Dolan Company United States 8.98 -31% 270.9 473.1 2.1 190.0 293.9 56.3 19.1% -3.4% 1.6x 8.4xThe Hackett Group, Inc. United States 4.82 -8% 197.1 164.1 32.9 - 200.4 20.1 10.0% 10.8% 0.8x 8.2xThe McGraw-Hill Companies, Inc. United States 46.54 -3% 12,938.1 13,239.1 973.0 1,198.0 6,246.0 1,672.0 26.8% 2.9% 2.1x 7.9xThomson Reuters Corporation United States 29.08 -29% 24,086.0 31,723.4 522.0 7,594.0 13,807.0 3,366.0 24.4% 5.6% 2.3x 9.4xTIBCO Software Inc. United States 28.97 -8% 4,717.6 4,478.4 308.4 68.1 920.2 197.5 21.5% 22.0% 4.9x 22.7xThe Ultimate Software Group, Inc. * United States 69.82 -4% 1,817.4 1,768.5 53.7 4.9 269.2 28.1 10.4% 18.2% 6.6x 63.0xV i S I U i d S 27 49 28% 1 068 2 1 844 4 112 4 598 9 757 5 131 8 Verint Systems Inc. United States 27.49 -28% 1,068.2 1,844.4 112.4 598.9 757.5 131.8 17.4% 6.3% 2.4x 14.0xVerisk Analytics, Inc. United States 43.50 -2% 7,168.4 8,077.6 196.7 1,105.9 1,331.8 588.6 44.2% 17.0% 6.1x 13.7xVocus Inc. * United States 13.53 -60% 270.2 164.7 106.6 1.1 110.4 1.4 1.3% 18.9% 1.5x 119.1xWolters Kluwer NV Netherlands 18.66 -18% 5,535.1 8,513.0 383.2 3,253.0 4,357.3 913.3 21.0% -5.7% 2.0x 9.3xYouGov PLC United Kingdom 1.09 -11% 106.0 91.2 15.5 - 92.5 8.6 9.3% 26.9% 1.0x 10.6x

Low 0.2x 4.3x

Mean 3.1x 20.1x

Median 2.7x 12.0x



ed a 0




OOH & SPECIALTY MEDIATransactions by Segment and Buyer Type

• There was one acquisition in the Out-of-Home & Specialty Media segment• Select acquisitions

› Quadrant Private Equity’s $203 million buyout of APN Outdoor, a provider of advertising billboards, advertising posters, bus advertising, tram advertising, airport, rail and retail out-of –home advertising solutions

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

Traditional Outdoor 1 100% 203.2 100% 0 0.0 1 203.2 0 0.0

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $3.53 -57% $232.9 $115.3 $115.5 $0.0 $254.3 $11.9 4.7% 23.4% 0.5x 9.7xAstral Media Inc. Canada 34.72 -14% 1,924.5 2,425.8 22.9 504.4 1,002.0 321.8 32.1% 4.3% 2.4x 7.5xXinhua Sports & China 0.06 -97% 0.4 96.4 13.3 73.4 99.1 (8.4) NM 50.2% 1.0x NMClear Channel Outdoor United States 12.30 -20% 4,378.6 6,519.7 557.4 2,545.9 3,003.9 742.6 24.7% 7.4% 2.2x 8.8xClear Media Ltd. Hong Kong 0.42 -38% 223.7 121.3 125.3 - 191.3 73.0 38.2% 17.8% 0.6x 1.7xFocus Media Holding Ltd. Hong Kong 19.62 -48% 2,622.3 2,034.2 639.9 30.0 695.9 245.6 35.3% 20.9% 2.9x 8.3xJCDecaux SA France 25.08 -24% 5,558.4 5,873.4 406.2 792.9 3,498.2 810.2 23.2% 14.5% 1.7x 7.2xLamar Advertising Co. * United States 29.52 -30% 2,744.1 4,925.8 33.5 2,158.5 1,133.5 494.0 43.6% 3.8% 4.3x 10.0xNational CineMedia, Inc. United States 13.39 -34% 738.8 1,603.4 80.1 864.8 435.4 212.5 48.8% 1.8% 3.7x 7.5xNTN Buzztime Inc. * United States 0.22 -60% 13.4 11.4 2.5 0.5 24.1 0.8 3.4% -5.8% 0.5x 13.9x

OOHMedia Group Ltd.(1) Australia 0.34 -3% 169.6 194.1 0.8 25.6 122.8 23.4 19.0% 15.1% 1.6x 8.3xTom Group Ltd. Hong Kong 0.09 -50% 346.1 517.8 136.5 261.4 301.0 (0.4) NM -5.8% 1.7x NMValassis Communications United States 23.48 -35% 1,050.8 1,570.6 102.0 602.6 2,236.0 284.7 12.7% -4.2% 0.7x 5.5x

Low 0.5x 1.7x

Mean 1.8x 8.0x

Median 1 7x 8 3x



Median 1.7x 8.3x



(1) OOHMedia Group is being acquired by CHAMP Private Equity, 12/13/11


MARKETING SERVICESTransactions by Segment and Buyer Type

• There were seven acquisitions worth approximately $205 million in the Marketing Services segment• Select acquisitions

› Archway Marketing Services’ acquisition of Synq Solutions, which provides in-store marketing and campaign execution services for quick service and fast casual restaurants, retail industry, corporations, franchises, and individual stores

› Quad/Graphics’ acquisition of Williamson Printing, a 128-year-old printer that specializes in short- to medium-run catalogs, books, direct mail and promotional products

› eRecyclingCorps’ acquisition of Zone Impact, a Belgium-based mobile phone recycling and reuse company that allow consumers to get financial credit from retailers for their old phone

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

Printer 4 57% 75.0 37% 4 75.0 0 0.0 0 0.0

Loyalty/Retention 1 14% 10.0 5% 1 10.0 0 0.0 0 0.0

Fulfillment 1 14% 100.0 49% 1 100.0 0 0.0 0 0.0



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Fulfillment 1 14% 100.0 49% 1 100.0 0 0.0 0 0.0

Retail Services 1 14% 20.0 10% 1 20.0 0 0.0 0 0.0

Total 7 100% 205.0 100% 7 205.0 0 0.0 0 0.0


MARKETING SERVICES PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 02/29/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $13.52 -28% $1,058.3 $1,258.7 $145.9 $285.5 $1,176.8 $237.2 20.2% 5.6% 1.1x 5.3xAimia Inc. Canada 12.33 -12% 2,144.9 2,444.5 256.6 577.1 2,081.4 252.0 12.1% 2.9% 1.2x 9.7xAlliance Data Systems * United States 109.90 -2% 5,491.5 12,005.1 216.2 6,835.6 3,173.3 936.1 29.5% 13.7% 3.8x 12.8xAMREP Corp. United States 6.04 -56% 36.2 27.5 31.4 22.7 90.7 8.5 9.4% -14.8% 0.3x 3.2xCenveo Inc. United States 3.41 -50% 215.7 1,481.8 17.8 1,246.3 1,909.2 199.5 10.5% 5.2% 0.8x 7.4xConsolidated Graphics, United States 50.42 -17% 523.4 711.2 7.0 197.3 1,052.8 122.5 11.6% 1.9% 0.7x 5.8xConvergys Corporation United States 13.27 -12% 1,594.5 1,249.4 444.5 127.2 2,262.0 259.8 11.5% 2.7% 0.6x 4.8xDST Systems Inc. United States 48.43 -18% 2,135.8 3,084.5 344.3 1,274.7 2,388.7 398.7 16.7% 2.6% 1.3x 7.7xFair Isaac Corp. * United States 36.50 -8% 1,308.7 1,589.1 231.6 512.0 634.1 184.6 29.1% 3.9% 2.5x 8.6xHarte-Hanks Inc. United States 10.06 -27% 631.9 745.1 71.8 185.0 850.8 96.5 11.3% -1.1% 0.9x 7.7xInnotrac Corp. United States 1.26 -35% 16.4 13.4 3.3 0.3 82.3 2.0 2.4% 6.0% 0.2x 6.8xInsignia Systems Inc. United States 2.19 -72% 29.6 (2.3) 31.9 - 20.3 (3.9) NM -35.7% NM 0.6xPoints International Ltd. * Canada 7.96 -34% 120.0 84.7 34.1 - 117.0 4.2 3.6% 37.3% 0.7x 20.3xQuad/Graphics, Inc. United States 11.78 -74% 552.0 2,210.9 25.6 1,509.2 4,324.6 623.9 14.4% 27.5% 0.5x 3.5xR.R. Donnelley & Sons United States 11.35 -47% 2,131.5 5,722.2 449.7 3,660.5 10,611.0 1,285.1 12.1% 5.9% 0.5x 4.5xStarTek, Inc. United States 3.10 -46% 46.9 35.4 9.7 - 219.5 (1.2) NM -17.3% 0.2x NMSykes Enterprises,

d United States 17.46 -24% 764.7 559.9 211.1 - 1,169.3 128.2 11.0% 0.9% 0.5x 4.4x

Teleperformance France 24 56 -34% 1 389 2 1 425 9 216 4 174 8 2 762 2 323 9 11 7% 3 2% 0 5x 4 4xTeleperformance France 24.56 -34% 1,389.2 1,425.9 216.4 174.8 2,762.2 323.9 11.7% 3.2% 0.5x 4.4xTeleTech Holdings Inc. United States 16.96 -28% 952.7 926.1 156.4 64.0 1,179.4 142.8 12.1% 7.7% 0.8x 6.5xTranscontinental Inc. Canada 12.33 -28% 1,001.6 1,585.7 75.3 566.7 2,052.0 401.8 19.6% 0.8% 0.8x 3.9xValassis Communications United States 23.48 -35% 1,050.8 1,570.6 102.0 602.6 2,236.0 284.7 12.7% -4.2% 0.7x 5.5xViad Corp United States 20.01 -27% 402.7 310.2 104.6 3.6 942.4 46.9 5.0% 11.6% 0.3x 6.6xVistaprint N.V. Netherlands 36.28 -36% 1,338.3 1,417.4 67.5 146.5 924.7 132.8 14.4% 25.8% 1.5x 10.7x

Low 0.2x 0.6x

Mean 0.8x 6.7x


and EBITDA multiples that are 1.0 standard deviations above the mean (10.7x). Mean 0.8x 6.7x

Median 0.7x 6.1x




FEBRUARY SUMMARY TRADING VALUATION INFORMATION

Current Summary Trading Valuation

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 2.4x 1.7x 4.3x 3.2xAgency/Consulting 0 8x 0 7x 1 0x 1 0x

Current Summary Trading Valuation Revenue Multiples

Agency/Consulting 0.8x 0.7x 1.0x 1.0xOOH & Specialty Media 1.8x 1.7x 2.4x 2.1xDigital Media/Commerce 4.0x 2.6x 5.2x 5.0xMarketing Technology 4.5x 3.4x 6.4x 4.6xSoftware & Information 3.1x 2.8x 3.8x 3.4xMarketing Services 0.8x 0.7x 0.9x 0.8x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 15.2x 11.4x 14.8x 14.1x

EBITDA Multiples

Agency/Consulting 7.2x 5.7x 7.9x 7.5xOOH & Specialty Media 8.0x 8.3x 7.9x 8.0xDigital Media/Commerce 29.3x 12.8x 26.9x 16.8xMarketing Technology 18.1x 14.8x 19.5x 16.4xSoftware & Information 2 8 2 0 23 3 3Software & Information 21.8x 12.0x 23.7x 13.3xMarketing Services 6.7x 6.1x 6.3x 6.2x

As of close of business on 02/29/12.


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 2/29/12120

%)

120

%) 130

%)

70

80

90

100

110

Ind

ex P

erfo

rman

ce (

%

70

80

90

100

110

Ind

ex P

erfo

rman

ce (

%

70

90

110

Ind

ex P

erfo

rman

ce (

%

60

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

I

S&P 500 Digital Advertising

60


I

S&P 500 Agency/Consulting

50


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

140

(%)

105

110

(%

)

100

110

e (%

)

80

100

120

Ind

ex P

erfo

rman

ce

85

90

95

100

Ind

ex P

erfo

rman

ce

70

80

90

100

Ind

ex P

erfo

rman

ce

60


S&P 500 Marketing Technology

80


S&P 500 Software & Information

60


S&P 500 Marketing Services

S&P 500 4 5%%)

Out‐of‐Home and Specialty Media, ‐12.2%

Software & Information, +4.8%

Marketing Technology, +1.4%

Digital Media/Commerce, ‐21.4%

Agency/Consutling, ‐3.9%

Digital Advertising, ‐14.3%

S&P 500 +4.5%

ndex

Per

form

ance

(%


Marketing Services, ‐7.9%

‐25.0% ‐20.0% ‐15.0% ‐10.0% ‐5.0% 0.0% 5.0% 10.0%

LTM

I

ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

Taleo Corporation Oracle Corporation $1,900.0Temenos Group AG Misys plc 1,500.0Bol.com b.v. Ahold U.S.A., Inc. 469.4eScreen Alere, Inc. 270.0eScreen Alere, Inc. 270.0Portia Investment Operations Platforms SS&C Technologies 170.0iContact Corporation Vocus, Inc. 169.0Aptara, Inc. iEnergizer Ltd. 150.1Roundarch, Inc. Aegis Group plc 125.0Ntreev Soft NCSoft Corporation 96.3PriceSpective ICON plc 50.0Chomp, Inc. Apple Computer 50.0Navita systems Brady plc 28.1LetsBuy.com Flipkart Online Services Private Limited 25.0Incite Marketing Planning St. Ives, PLC 18.1Mobile Theory, Inc. Opera Software ASA 18.0Ziff Davis Enterprise QuinStreet, Inc. 17.5Moniker and SnapNames KeyDrive S.A. 15.0Noumena Kongzhong Corporation 15.0Rapportive LinkedIn Corporation 15 0Rapportive LinkedIn Corporation 15.0Prima Capital Holding, Inc. Envestnet 13.8Profile Group Centaur Media plc 12.5Casacanda fab.com 11.0Reppler.com TrustedID, Inc. 10.0ttMobiles Tangoe, Inc. 8.64th Screen Advertising Opera Software ASA 8.0iKnowtion TeleTech Holdings 5.8g2ergo Americas SoundBite Communications, Inc. 3.8

StrategicUndisclosed

Adku Groupon, Inc. - Admax Network Komli Media - aiMatch SAS Institute, Inc. - i A d IT H ldi


airconomy Amadeus IT Holding - Altius Marketing CVC Communications Agency - Amplify Clipmarks -


Reported


Value StrategicUndisclosed

Big Sandwich Games Z2Live - Blaze Software Akamai Technologies, Inc. - Blockboard Klout, Inc. - Brighter Option Buddy Media Inc Brighter Option Buddy Media, Inc. - Chili Entertainment HitFox - Chiligaming Bally Technologies, Inc. - ChooseCreditCards.com Warrior Girl Corporation - Circle of Moms Sugar, Inc. - ContentNext Media, Inc. The GigaOM Network - Cove Dropbox - Crowson Stone Printing Company Indexx, Inc. - g p y ,DARE’n’DEAL OTVentures - DermSEO.com TastyPlacement, Inc. - Four Colman Getty Four Communications Group plc - FutureLab Asia Next Digital Group, Pty Ltd - Glamourum JolieBox - Griffin Strategic Advisors Acosta Sales & Marketing, Inc. - Hogue Printing Solutions Rohrer Corporation - H P bli I G I HyperPublic, Inc. Groupon, Inc. - Inedible Software MEDL Mobile - Intuitive Group International, Inc. Parago, Inc. - Kammelna Games Peak Games - Kiala United Parcel Service, Inc. - Kima Labs Groupon, Inc. - Landslide Technologies, Inc. j2 Global Communications, Inc. - Lathian Health D&R Communications - Lathian Health D&R Communications LiftDNA OpenX Technologies, Inc. - Live Matrix OVGuide - Loyalize, Inc. Viggle - Magnivate XM Asia - NetStar-1 Whitney, Bradley and Brown, Inc. - Netvibes Limited Dassault Systemes - Omni Point Nutraceutical Research Innovations, LLC -


OmniCompete Limited InnoCentive, Inc. - OneMethod Bensimon Byrne - OnMark Solutions, Inc. Smart Business Network, Inc. -


Reported


Value StrategicUndisclosed

OOO Jvision Grey Global Group, Inc. - OutStart, Inc. Kenexa Corporation - PhaseOne Communications The SI Organization, Inc. - PlugInCars com Recargo Inc PlugInCars.com Recargo, Inc. - Position2 Brand Monitor thisMoment, Inc. - PT Magnivate Group XM Asia - R2 Financial Technologies Capital IQ - Red Dawn Communications Mulberry Marketing Communications - RedEgg Solutions Thomson Reuters - RevMobile CellTrust Corporation - Sapato.ru Ozon.ru - pSelect Start Studios Shopify - Send the Trend QVC, Inc. - ShopSanity ShopRunner - SitePro Technologies HYDER Industries, Inc. - Social Amp Merkle, Inc. - Social Business Strategies The Karcher Group - Sonia Rykiel Li & Fung Limited - S li Fi i l P i Di ifi d Gl b l G hi G Sterling Financial Print Diversified Global Graphics Group - StrawberryFrog APCO Worldwide - Synq Solutions, Inc. Archway Marketing Services - TeachStreet, Inc. Amazon.com, Inc. - Ultraspeed Six Degrees Technology Group Ltd - UpTake Networks, Inc. Groupon, Inc. - WHI Solutions eBay Incorporated - Williamson Printing Corporation Quad/Graphics Inc - Williamson Printing Corporation Quad/Graphics, Inc. Wisconsin Sports Network TST Media - Wisereach Tenthavenue - Yishiduo E-Commerce Wal Mart Stores, Inc. - Zone Impact eRecyclingCorps -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

TransUnion, LLC Advent International Corporation $3,000.0Parabis Group Duke Street 276.8APN Outdoor Pty, Limited Quadrant Private Equity 203.2China TransInfo Technology Corporation Management Buyout 103.1Brand Addition and Kreyer Promotion Service H.I.G. Capital LLC 35.6

Buyout DealsUndisclosed

Bonmarche Limited Sun Capital Partners, Inc. - BrandMuscle, Inc. The Riverside Company - HHC Marketing, Marketing and Promotions division Management Buyout - YourMembership.com, Inc. The Riverside Company -

VC/Growth Capital/ pValues Disclosed

Fitch Ratings, Ltd. Hearst Communications, Inc. $177.0Nixon, Inc. Trilantic Capital Partners 139.0Yammer, Inc. Draper Fisher Jurvetson 85.0Airbnb, Inc. Axel Springer AG 70.0Capital Access Network, Inc. Accel Partners 30.0Marin Software Temasek Holdings (Pte) Ltd. 30.0Fluid, Inc. Goldman Sachs Asset Management 24.0A I IAC/I t A ti C 20 5Aereo, Inc. IAC/InterActiveCorp 20.5Domo Technologies, Inc. Institutional Venture Partners 20.0Myntra.com Tiger Global Management, LLC 20.0Resonate Networks LLC Revolution Growth 20.0Xero Ltd. (Private Investors) 16.6Appcelerator, Inc. (Unnamed Fund Contibuters) 16.0Manthan Systems Norwest Venture Partners 15.2Conviva, Inc. GGV Capital 15.0July Systems Updata Partners 15 0July Systems Updata Partners 15.0Leads360, LLC Volition Capital LLC 15.0SugarSync, Inc. Coral Group 15.0Brainbees Solutions Pvt. Ltd. IDG Ventures India 14.0PeopleMatter Morgenthaler Ventures 14.0WayIn, Inc. U.S. Venture Partners 14.0Wheelz, Inc. Zipcar, Inc. 13.7Blip Networks, Inc. Bain Capital, LLC 12.0Game Closure Highland Capital Partners 12.0


GeneWeave Biosciences, Inc. Claremont Creek Ventures 12.0Videoplaza AB QUALCOMM Ventures 12.0


Reported



Value VC/Growth CapitalValues Disclosed

Spoken Communications Ignition Capital $11.5Milyoni, Inc. Oak Investment Partners 11.0SpaceClaim Corporation Borealis Ventures 11.0Luminate, Inc. Nokia Growth Partners 10.7Extole, Inc. Norwest Venture Partners 10.0FileTrek Software, Inc. Anthem Venture Partners 10.0Hello Health (Unnamed Fund Contibuters) 10.0Meteor Entertainment, Inc. Benchmark Capital 10.0SHAPE Services GmbH Finam Capital 10.0Spongecell Safeguard Scientifics, Inc. 10.0Truveris New Leaf Venture Partners 10.0Vaultive, Inc. 406 Ventures LLC 10.0Xobni Corporation (Unnamed Fund Contibuters) 10 0Xobni Corporation (Unnamed Fund Contibuters) 10.0TigerText, Inc. Easton Capital Partners, L.P. 8.2flaregames, GmbH Accel Partners 7.9Pinger, Inc. T-Venture Holding GmbH 7.5B5M Oak Investment Partners 7.1Flingo August Capital Management 7.0nScaled, Inc. Almaz Capital Partners 7.0Pearltrees Groupe Accueil Immobilier 6.7Compass Labs, Inc. New Enterprise Associates 6.0p , pParchment, Inc. Salmon River Capital, L.P. 6.0Kontika MK Capital 5.1Acumen Brands, Inc Dillard's Department Stores 5.0Ignite Game Technologies (Private Investors) 5.0Teambuy.ca (Unnamed Fund Contibuters) 5.0WibiData.com NEA 5.0Karma Science Kleiner Perkins Caufield & Byers 4.5tracx Social Media Management System Revel Partners 4.4t S i l M di M t S t Fl b id C it l P t 4 4tracx Social Media Management System Flybridge Capital Partners 4.4Heverest.ru eVenture Capital Partners 4.3Yieldbot, Inc. New Atlantic Ventures 4.2Paddle8, Inc. Founder Collective 4.0Tango Health, Inc. S3 Ventures 4.0The Backplane Sequoia Capital 4.0RentWiki, Inc. (Unnamed Fund Contibuters) 3.6Krossover Intelligence, Inc. Stripes Group 3.5timeRAZOR (Unnamed Fund Contibuters) 3.4


timeRAZOR (Unnamed Fund Contibuters) 3.4Restorando.com Emergence Capital Partners 3.2nFluence Media, Inc. Alliance of Angels 3.0OnShift, Inc. Draper Triangle Ventures 3.0


Reported



Value VC/Growth CapitalValues Disclosed

Little Black Bag GRP Partners $2.8Space Curve, Inc. Reed Elsevier Ventures 2.7Tello, Inc. True Ventures 2.7Sneakpeeq, Inc. Bain Capital, LLC 2.7Lumesis Safeguard Scientifics, Inc. 2.5Halfpenny Technologies, Inc. Vital Finance 2.3LiveClips LLC Advantage Capital Partners 2.2Fight My Monster Ltd. Greycroft LLC 2.1buuteeq, Inc. (Unnamed Fund Contibuters) 2.0Numecent (Unnamed Fund Contibuters) 2.0Scan Menlo Ventures 1.7TiqIQ Contour Venture Partners 1.7DoubleRecall Inc SV Angel LLC 1 6DoubleRecall, Inc. SV Angel, LLC 1.6TerraEchos, Inc. S3 Ventures 1.6Betterfly Lightbank 1.5Mobeam, Inc. DFJ Athena Korea 1.5Nektoon AG (Unnamed Fund Contibuters) 1.5Pops Mangrove Capital Partners 1.5Retickr LLC Lamp Post Group 1.5Skytree, Inc. Javelin Venture Partners 1.5The Claims Network Gossan Resources 1.5Ovelin Ltd. True Ventures 1.4Metaps, Inc. Mitsui Sumitomo Insurance Company Ltd. 1.3Ridejoy Freestyle Capital 1.3CivicScience, Inc. The NPD Group, Inc. 1.2TastemakerX Guggenheim Partners 1.2DocRun Resolute.vc 1.1Memrise, Inc. Audrey Capital 1.1StopTheHacker Runa Capital 1.1L b42 S db I d t i I 1 0Lab42 Sandbox Industries, Inc. 1.0MyCare, LLC Connecticut Innovations, Inc. 1.0Schoology, Inc. Cempaka Schools 1.0Stitch Labs True Ventures 1.0Lumatic Neoteny Company 0.8Votizen Grade-A Investments 0.8Rumgr (Private Investors) 0.5



Reported



Value VC/Growth CapitalUndisclosed

2Parale Affiliate Ltd. (Private Investors) - Baby.com.br Accel Partners - DeviceFidelity, Inc. Datacard Group - Droga5 (Private Investors) - Droga5 (Private Investors) - Evertale Mangrove Capital Partners - Fashion.me and Coquelux Intel Capital - GoPago, Inc. JPMorgan Partners LLC - Maker Studios Greycroft LLC - ResearchGate GmbH Benchmark Capital - Room 77 Concur Technologies, Inc. - VivaReal.com.br (Angel Investors) - Voxer, LLC (Unnamed Fund Contibuters) -


F d d i 1999

Petsky Prunier: Expertise. Commitment. Results.

• Founded in 1999• Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting,

Marketing Services, and Software & Information

• More than 30 focused professionals› Unique combination of investment banking and consulting expertise› New York-based with a West Coast office and a Chicago presence

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

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

STRATEGIC ADVISORYIntelligenceINVESTMENT BANKING ConsultingIntelligence

• Sell-Side Representation• Corporate Divestitures• Capital Raising and Private

PlacementsM&A Ad iso

INVESTMENT BANKING Consulting

• Opportunity Mapping: Strategic Development

• Business Process Engineering/Enhancement

• M&T Transaction Due Diligence Support

• Market Research• Competitive Landscape Analysis• Valuation Analysis• Publishing & Thought Leadership

• M&A Advisory• Fairness Opinions

M&T Transaction Due Diligence Support• Acquisition Strategy/Target Identification


Petsky Prunier was the Most Active Investment Bank in 2011 for Mid-Market Internet & Advertising Transactions

Adviser Rank (Deal Count) Deal CountPetsky Prunier LLC 1 19GCA Savvian Group Corp 2 14GCA Savvian Group Corp 2 14Nomura Holdings Inc 3 13Goldman Sachs & Co 4 12China Renaissance Partners 4 12Jordan Edmiston Group 6 10Sumitomo Mitsui Financial 6 10Sumitomo Mitsui Financial 6 10Deutsche Bank AG 8 9Morgan Stanley 8 9KPMG Corp Finance 8 9*Based on number of deals announced in 2011 valued at $500 million or less

More than 40 transactions closed in the last two years:

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

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


REPRESENTATIVE TRANSACTIONSSelected Recent Transactions

has sold

to

a leading provider of integrated data, technology and analytics

solutions

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has been sold to

a global digital marketing agency

a leading data management and audience optimization platform

(DMP) company

a unit of

a leading market services and BPO company

has sold

to

has sold

and

leading provider of services for domain name registration,

acquisition, brokerage and salesto

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold its

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

services in niche markets

to

Niche Market Media Buying Business

(Nasdaq: PSEC)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

a premier provider of affinity programs for universities and colleges

to

has sold

an integrated digital and promotional marketing agency

in a management-led buyout

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has acquired

(Nasdaq: TREE)has been sold to

(TSX: PTO)

to

a portfolio company of

Vestar Capital Partners has sold

and


Parthenon Capital Partners

has merged with

has acquired

a fast growing compiler of consumer marketing data

has been sold to


KRG Capital Partners

one of North America’s largest mobile marketing and gateway

solution providers

Parthenon Capital Partners g KRG Capital Partners

has been sold to

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

one of Europe’s leading online advertising networks

has partnered with

to form a joint venture

has sold theExperiential Marketing Business of

to

(Nasdaq:GSIC) (Nasdaq: RRD)

to form a joint venture

CentrSource Canada

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry a leading digital content

marketing agency

a leading performance-basedadvertising network

has been sold toa leading national in-store

advertising network and shoppermarketing company

has sold


has been sold to has acquiredhas been acquired by

marketing agency

refinancing of debt facilities

marketing companyto

february 2012 marketing, media, technology, and service...

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