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Software Equity Group

Flash Report

Select M&A Transactions and Valuations and

Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank founded in

LEADERS IN SOFTWARE M&AIndustry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic exit• Growth capital

We Do Deals.

Growth capital• Buyout • Inorganic growth via acquisition• Buy and sell-side mentoring• Fairness opinions and valuationsFairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies• Clients span virtually every software technology, product

category, delivery model and vertical market• Global presence providing advice and guidance to more

th 2 000 i t d bli i th h t USthan 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction, operating, legal and engineering experience

• Unparalleled software industry reputation and track record.

• Highly referenceable base of past clients

Copyright © 2013 by Software Equity Group, LLC

EXTENSIVE GLOBAL REACH

Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France,

Recent Sell-side Representation

Germany, Australia & Saudi Arabia

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

SEG Research Distribution

• SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are q y p y pdistributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc. in 76 countries.


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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and

ABOUT SOFTWARE EQUITY GROUPq y p y g gy , g

advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling We are skilled and accomplished investment bankers with extraordinary software internet and technologyOur value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

P h t i t t th l ti hi ' b ilt d th i d t t ti j S ft E it G i k d t d b bli lPerhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. g

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, [email protected] , 2800-509) 858Beible, Director, Business Development (Kris please contact

CONTACT INFORMATION:

Software Equity Group, L.L.C.12220 El Camino Real, Suite 320San Diego, CA 92130www softwareequity comwww.softwareequity.comp: (858) 509-2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.


This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

CRM Customer Relationship ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationERP Enterprise Resource PlanningEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesNASDAQ National Association of Securities Dealers Automated Quotation System

List of Commonly Used Acronyms

NASDAQ National Association of Securities Dealers Automated Quotation SystemPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Software Industry M&A TransactionsMay 2013


Select May 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-31-2013 ByteGrid Holdings LLC Cleveland Technology Center - - - -May-31-2013 Zayo Group, LLC Core NAP Operations Inc. - $7.3 - -May-31-2013 ASX Limited (ASX:ASX) d-cyphaTrade Limited - $52.8 - -May-31-2013 Lewis PR Inc. Davies Murphy Group, Inc. $9.0 - - -May-31-2013 2361514 Ontario Inc.; CPM Networks Inc.; Winsoft E-Debit International Inc. - - - -May-31-2013 Manheim Auctions Ltd. EVS Online Auctions Ltd. - - - -May-31-2013 Web18 Software Services Limited Fakingnews.com - - - -May-31-2013 Trapeze Software, Inc. Funkwerk Information Technologies York Ltd - - - -May-31-2013 WhitePages.com, Inc. Mr. Number, Inc. - - - -May-31-2013 Managed Gaming Solutions Plc MYMobileSecurity Ltd. - - - -May-31-2013 Star MediaWorks Sdn Bhd; Star Commercial Publications Sdn Bhd Ocision Sdn Bhd - $4.8 - -May-31-2013 Ecritel SARL Oxyd S.A.R.L. - - - -May-31-2013 Sprylogics International Corp (TSXV:SPY) Poynt Inc. - $2.9 - -May-31-2013 Oxzen Media LLC Prime Infographics LLC - - - -May-31-2013 Harris Computer Systems, Inc. Quadramed, Inc. - - - -May-31-2013 Repunomics RemoveMyMugshots.com LLC - - - -May-31-2013 Covenant Eyes Inc. SAAVI LLC - - - -May-31-2013 Jasper Infotech Pvt. Ltd. Shopo Technologies Private Limited - - - -May-31-2013 Teliphone Navigata-Westel Inc. Teliphone Data Centers Inc. - $5.8 - -May-31-2013 Trimble Navigation Limited (NasdaqGS:TRMB) Trade Service Company, LLC - - - -May-31-2013 Zoopla Property Group Limited Vizzihome Limited - - - -May-31-2013 HT Mobile Solutions Ltd Webitude - - - -May-31-2013 Zhong Sen International Tea Company Zhong Sen International Tea Company, Prior to Reverse Merger with Music of Your Life, Inc. - - - -May-30-2013 I Dream Of Space Limited Cozy Dark Emerging Technology - - - -May-30-2013 Revision3 Corporation DeFranco Creative - - - -May-30-2013 Access UK Limited PeoplePlanner Limited - - - -May-30-2013 Uscom Limited (ASX:UCM) Pulsecor Limited - $1.0 - -May-30-2013 BloomReach, Inc. ShopLogic, Inc. - - - -May-30-2013 Tero Marine AS Teomaki AS - - - -May-30-2013 Ocean Media Group Limited The UK Wedding Shows Limited - - - -May-30-2013 Nuance Communications, Inc. (NasdaqGS:NUAN) Tweddle Group Inc., Tweddle Connect Business - $80.0 - -May-29-2013 Dassault Systemes SA (ENXTPA:DSY) Apriso Corporation - $205.0 - -May-29-2013 Jobindex A/S (CPSE:JOBNDX) IDG Danmark A/S - - - -May-29-2013 Cisco Systems, Inc. (NasdaqGS:CSCO) JouleX, Inc. - $107.0 - -May-29-2013 eCommera Limited OrderDynamics Corp. - - - -May-29-2013 WinSun Technologies Bhd (KLSE:WINSUN) Planet Wireless Holdings Limited $2.6 $3.8 1.5x -May-29-2013 YottaMark, Inc. ShopWell Solutions, Inc. - - - -May-29-2013 Sotravo SAS WozaiK SA - - - -May-29-2013 Digimania, Ltd. Zubox Limited - - - -May-28-2013 Emakina Group SA (ENXTBR:ALEMK) boom mobile SA - - - -May-28-2013 ReelTime Media Limited Brilliant Company - - - -May-28-2013 Brandon Systems Jolly Giant Software Inc. - - - -May-28-2013 AS Delfi SIA Calis.lv - - - -May-28-2013 Refinery29, Inc. Socialbomb, Inc. - - - -May-28-2013 Intel Corporation (NasdaqGS:INTC) ST-Ericsson NV, Global Navigation Satellite System (GNSS) Business - - - -May-27-2013 CAD-Quality AB Basepoint Oy $1.5 - - -May-27-2013 Infopro Digital SAS DISTREE Events SARL - - - -May-27-2013 Ulule Octopousse SA - - - -May-26-2013 Panda Technologies Ltd. Polar IO Software Ltd. - - - -May-26-2013 Europe Management SPRL Trendset Inc. - $0.6 - -May-24-2013 Private Investor(s) Beijing Zhiping Network Technology Company Limited - $3.3 - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-24-2013 HidroCo Limited E-tivity Corporation (APAC) Pty Ltd and E-tivity International Private Limited - - - -May-24-2013 Quebecor Inc. (TSX:QBR.B) Gestev Inc. - - - -May-24-2013 Ströer Digital Media GmbH Servtag GmbH, Radcarpet - - - -May-24-2013 1Spatial Plc (AIM:SPA) STAR-APIC SA $10.3 $7.5 0.7x 57.9xMay-24-2013 Answers Corporation WebCollage, Inc. - $37.0 - -May-24-2013 ADTEC Corporation (JASDAQ:6840) X Technology Inc., Web Solution Business $0.7 - - -May-23-2013 Kenyon Fraser Ltd. Concept PR and Edian - - - -May-23-2013 TeraGo Networks Inc. Data Centers Canada Inc. - $9.2 - -May-23-2013 Private Investor(s) Epoxy, Inc. - - - -May-23-2013 BrightBox Solutions, Inc. Help Desk Software, LLC - - - -May-23-2013 LinkedIn Corporation (NYSE:LNKD) Maybe, Inc. - - - -May-23-2013 Yahoo! Inc. (NasdaqGS:YHOO) PlayerScale, Inc. - - - -May-23-2013 Dentsu Media & Holdings India Pvt. Ltd. Webchutney Studio Pvt. Ltd. - - - -May-22-2013 Persephone Capital Partners Global Relief Technologies LLC - - - -May-22-2013 John Paul Mon Chasseur d'Adresses - - - -May-22-2013 The Rimm-Kaufman Group, LLC RKG Seattle - - - -May-22-2013 Adrenaline Amusements Inc Sarbakan Inc. - - - -May-22-2013 Aegis Media Nederland B.V. Social Embassy B.V. - - - -May-22-2013 Behance, Inc. Thumb Labs, LLC - - - -May-22-2013 FreshNeck, LLC TieTry LLC - - - -May-22-2013 GT Analytix, Inc. TRAQ-IT Software, LLC - - - -May-22-2013 Genscape, Inc. vesseltracker.com GmbH - - - -May-22-2013 Recargo, Inc. Xatori, Inc. - - - -May-21-2013 Healthland, Inc. American HealthTech, Inc. - - - -May-21-2013 Drukkerij Buroform nv CROZZ NV - - - -May-21-2013 Whodini, Inc. Grappple, Inc. - - - -May-21-2013 Rubik Financial Limited (ASX:RFL) Macquarie Group Limited, Visor Desktop $3.4 $0.3 0.1x -May-21-2013 Network-1 Security Solutions Inc. (OTCBB:NSSI) Mirror Worlds, LLC, Patent Portfolio - $3.0 - -May-21-2013 AVG Technologies N.V. (NYSE:AVG) PrivacyChoice LLC - - - -May-21-2013 108 Agency, s.r.o. Skladuj.cz - - - -May-21-2013 iTalk Inc. (OTCBB:TALK) Softline Studios, LLC, Certain Assets - $0.3 - -May-21-2013 Blue Coat Systems Inc. Solera Networks, Inc. - - - -May-21-2013 Hubspoke Holdings, Inc. Veramark Technologies Inc. $15.6 $11.7 0.7x 11.6xMay-21-2013 TeamSnap, Inc. Weplay, Inc. - - - -May-20-2013 TOT Group, Inc. Aptito, Inc. - $1.1 - -May-20-2013 Oodrive Group CommonIT SAS - - - -May-20-2013 VASCO Data Security International, GmbH Cronto Limited - $21.9 - -May-20-2013 C-Leveled, LLC FINTEL LLC - - - -May-20-2013 Mobivity Holdings Corp. (OTCPK:MFON) Front Door Insights LLC - $2.7 - -May-20-2013 Seamless North America GrubHub, Inc. - - - -May-20-2013 Private Investor(s) NetShelter Technology Media, Inc. - - - -May-20-2013 Private Investor(s) Online Wireless, Inc. - - - -May-20-2013 Meetic S.A. (ENXTPA:MEET) Pastas Party - - - -May-20-2013 Radius Global Market Research L.L.C. Profile Marketing Research, Inc. - - - -May-20-2013 Private Investor(s) Prosoft Tecnologia S.A. - - - -May-20-2013 Foodpanda Singapore Pte. Ltd. Singapore Dine Pte Ltd - - - -May-20-2013 Genesys Telecommunications Laboratories SoundBite Communications, Inc. $48.2 $76.7 1.6x 250.6xMay-20-2013 Yahoo! Inc. (NasdaqGS:YHOO) Tumblr, Inc. $13.0 $1,100.0 84.6x -May-20-2013 Private Investor(s) WebHost XTC, LLC - - - -May-19-2013 Private Investor(s) Mogreet, Inc. - - - -May-19-2013 Vista Equity Partners Websense, Inc. $359.4 $971.1 2.7x 17.9x

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-18-2013 Private Investor(s) Tinkercad Oy - - - -May-17-2013 IMS Health Incorporated 360 Vantage, LLC - - - -May-17-2013 Accenture Holdings B.V. Acquity Group Limited $140.3 $284.9 2.0x 13.9xMay-17-2013 SolarWinds Worldwide, LLC N-able Technologies International, Inc. - $120.0 - -May-17-2013 Concert Care Healthcare Solutions Novel Infosolutions Pvt Ltd - - - -May-17-2013 Charlie Parsons Creative Ltd. QSoft Consulting Limited - - - -May-17-2013 OnePoll Limited Response Fusion Ltd. - - - -May-17-2013 Private Investor(s) Toyboy Warehouse Limited - - - -May-16-2013 VLT Kuala Lumpur Sdn Bhd BPC Solutions Sdn Bhd - - - -May-16-2013 mi-commsPR Limited CloudTEN Events Limited - - - -May-16-2013 Legend Pictures, LLC FIVE33 Entertainment LLC - - - -May-16-2013 Volume Limited Inovare Learning Ltd - - - -May-16-2013 Upland Software, Inc. Marex Group, Inc. - - - -May-16-2013 Aruba Networks, Inc. (NasdaqGS:ARUN) Meridian Apps, Inc. - - - -May-16-2013 TELUS Corporation (TSX:T) Mobilicity - $374.1 - -May-16-2013 Budco Holdings, Inc. South Shore Venture Enterprises LLC - - - -May-16-2013 Finder411, LLC The Community Corkboard, LLC - - - -May-16-2013 Brand Factory Group AB Vangsgaard A/S $25.8 - - -May-15-2013 DocuSign, Inc. Cartavi, Inc. - - - -May-15-2013 Private Investor(s) Create Digital, Inc. - - - -May-15-2013 Amedia AS Digitale Medier 1881 AS $32.5 - - -May-15-2013 iTalk Inc. (OTCBB:TALK) Global Telelinks, Inc. - - - -May-15-2013 Group Buying Organisation Ltd. Melita Deals Limited - - - -May-15-2013 Microlog Corporation (OTCPK:MLOG) Microlog Corporation, Prior to Reverse Merger with NutraBev Holdings International, Inc. - - - -May-15-2013 Floorplanner BV Mydeco3D Ltd. - - - -May-15-2013 Chime Sports Marketing LLP People Marketing UK Limited - $29.0 - -May-15-2013 NOA Limited PRISM Ltd - - - -May-15-2013 NBS SP Quê Comunicação - - - -May-15-2013 Alternative Energy Partners, Inc. (OTCBB:AEGY) Simple Prepay - - - -May-15-2013 IntegriCell, LLC SyncDog, Inc. - - - -May-15-2013 Niel S.A. Telecel Globe $91.0 - - -May-15-2013 Chime Communications plc (LSE:CHW) Warl Group Ltd $6.5 $19.0 2.9x -May-14-2013 Tech Hollywood Studios Corp. Bitzio, Inc. (OTCPK:BTZO) $0.4 - - -May-14-2013 AnalytixInsight Inc. (TSXV:ALY) CapitalCube Corp - $2.1 - -May-14-2013 8K Miles Software Services Ltd (BSE:512161) FuGen Solutions, Inc. - $7.5 - -May-14-2013 Private Investor(s) Guangzhou Jingyou Computer Technology Co. Ltd - - - -May-14-2013 FreeButton, Inc. (OTCPK:FBTN) Media Rhythm Group Inc. - - - -May-14-2013 petroWEB, Inc. Neuralog Inc., NeuraDB - - - -May-14-2013 @WalmartLabs OneOps Inc. - - - -May-14-2013 Alternative Energy Partners, Inc. (OTCBB:AEGY) PharmaJanes - - - -May-14-2013 MinoMonsters Inc. Playcraft Labs Inc. - - - -May-14-2013 Aly Energy Services, Inc. (OTCPK:ALYE) Preferred Voice Inc. - - - -May-14-2013 Cypress Innovations Inc. Reliable Reconveyance Corp. and Cal-Western Reconveyance and Interface Inc. - $4.4 - -May-14-2013 24/7 Inc. Shopalize, Inc. - - - -May-14-2013 Barracuda Networks, Inc. SignNow, Inc. - - - -May-14-2013 Private Investor(s) Tasty Labs, Inc. - - - -May-14-2013 Private Investor(s) Ten Alps Creative & Media Ltd. $7.6 $0.2 0.0x 7.2xMay-14-2013 RelayRides, Inc. Wheelz, Inc. $0.0 - - -May-13-2013 RichRelevance, Inc. Avail Intelligence AB - - - -May-13-2013 Twitter, Inc. Lucky Sort Inc. - - - -May-13-2013 Incubeta Holdings Net Media Planet Limited - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-13-2013 Platypus Advertising + Design, Inc. NOISE Inc., Milwaukee Office - - - -May-13-2013 CM Telecom B.V. Paratel NV - - - -May-13-2013 Achieve IT Solutions, Inc. Robocom US, LLC, Munics Information Systems SAP Business One Practice - - - -May-13-2013 Unruly Group Limited Shareifyoulike GmbH - - - -May-13-2013 TNS Group Holdings Limited Sinotrust Market Research Co., Ltd. $41.5 - - -May-13-2013 Dyn Inc. Trendslide LLC - - - -May-13-2013 Change SAS Wizee SAS $1.3 - - -May-10-2013 MOCA Systems Inc. L-3 National Security Solutions Inc., Cost Engineering Services Group - - - -May-10-2013 Yahoo! Inc. (NasdaqGS:YHOO) Loki Studios, Inc. - - - -May-10-2013 Guidewire Software, Inc. (NYSE:GWRE) Millbrook, Inc. - - - -May-10-2013 Intelligent Living Inc. Mind360 - $1.0 - -May-10-2013 Core Media Group Shanley Media Solutions Limited - - - -May-10-2013 CellarStone Inc. webKPI LLC - - - -May-09-2013 Box, Inc. crocodoc - - - -May-09-2013 Cloud Nation LLC Early Impact, Inc., Subscription Bridge - - - -May-09-2013 Yahoo! Inc. (NasdaqGS:YHOO) Go Poll Go, Inc. - - - -May-09-2013 Crown Partners LLC Intersect Inc. - - - -May-09-2013 Nielsen Holdings N.V. (NYSE:NLSN) MediaXim NV/SA - - - -May-09-2013 Reverse Mortgage Lenders Direct Inc. myreversemortgagesite.com And reversemortgagerescue.com And yourreversemortgagealternative.com - - - -May-09-2013 A & F Conveyors Limited Pacific Software, Inc. (OTCPK:PFSF) - - - -May-09-2013 Caliber Security Partners LLC Third Defense Inc. - - - -May-09-2013 Twitter, Inc. Ubalo, Inc. - - - -May-09-2013 MobileBits Holdings Corp. (OTCPK:MBIT) ValuText, LLC - - - -May-09-2013 Legacy.com, Inc. Web Announcements Limited - - - -May-08-2013 Plaut IT (Australia) Pty Limited Baseliner Consulting Sdn Bhd - - - -May-08-2013 OMERS Private Equity Civica plc $314.8 $607.8 1.9x 10.3xMay-08-2013 Sylogist Ltd. (TSXV:SYZ) Epic Data International Inc. (TSXV:EKD) $5.0 $7.8 1.5x -May-08-2013 Servion Global Solutions Ltd. JAM IP Limited - - - -May-08-2013 Verlagsgruppe Handelsblatt GmbH & Co. KG MEEDIA GmbH & Co. KG - - - -May-08-2013 Aegis Media Limited NewWorld Group - - - -May-08-2013 Electronics for Imaging, Inc. (NasdaqGS:EFII) printLEADER Software, Inc. - - - -May-08-2013 St. John & Partners Advertising and Public Relations, Inc. SBS Studios, LLC - - - -May-07-2013 Command Alkon Incorporated 323 Solutions, Inc. - - - -May-07-2013 Mimvi, Inc. (OTCBB:MIMV) AndroidRays - - - -May-07-2013 Global Edge Software Ltd. Dearborn Electronics (India) Pvt Ltd - - - -May-07-2013 ReadSoft AB (OM:RSOF B) Expert Systems Development Svenska AB $2.0 $9.2 4.6x -May-07-2013 TripAdvisor Inc. (NasdaqGS:TRIP) Guía de Apartamentos Niumba, S.L. - - - -May-07-2013 Telecity Group plc (LSE:TCY) Hosting Internet Hizmetleri San. Tic. Ltd. Sti. - $44.8 - -May-07-2013 3Q Holdings Limited Intelligent Retail Ltd. - $5.8 - -May-07-2013 About.me LLC Jeff Hodsdon, LLC - - - -May-07-2013 Tomizone Limited Jimojo Pty Ltd - - - -May-07-2013 Trulia, Inc. (NYSE:TRLA) Market Leader, Inc. (NasdaqGS:LEDR) $47.7 $314.3 6.6x -May-07-2013 ECM Equity Capital Management GmbH MediFox GmbH - - - -May-07-2013 Nest Labs, Inc. MyEnergy, Inc. - - - -May-07-2013 Lucent Mobile, Inc. Proxomo Software, Inc. - - - -May-07-2013 Get Found First, LLC Qualityscores.com And 15 Additional Online Marketing Websites - - - -May-07-2013 ISIS Equity Partners LLP Red Box Recorders Ltd. - - - -May-07-2013 All Property Management, LLC Seamus Co., LLC - - - -May-07-2013 Swisscom AG (SWX:SCMN) Tweasy SA - - - -May-07-2013 E-drive Group Universal Graphics Ltd - - - -May-06-2013 Dimension Data Holdings plc AccessKenya Group Limited $22.1 $43.6 1.9x 5.4x

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-06-2013 Daniel J. Edelman, Inc. Baird's Renaissance Pty. Ltd. - - - -May-06-2013 Insight Venture Partners; Bain Capital Private Equity; Golden Gate Private EBMC Software Inc. (NasdaqGS:BMC) $2,201.4 $6,866.4 3.1x 11.2xMay-06-2013 Xiamen 35.Com Technology Co., Ltd. (SZSE:300051) CNFOL.COM Company Limited - $34.0 - -May-06-2013 Dell Inc. (NasdaqGS:DELL) enstratius, Inc. - - - -May-06-2013 EPiServer AB Euroling AB - - - -May-06-2013 VinSolutions, Inc. Haystak Digital Marketing LLC - - - -May-06-2013 Vencor International, Inc. (OTCPK:VCOR) Link My Fan Inc. - - - -May-06-2013 LoanLogics, Inc. NYLX, Inc. - - - -May-06-2013 iQIYI.com, Inc. PPStream, Inc. - $370.0 - -May-06-2013 Oniva Online Group Europe AB (publ) (OM:ONG) Space2u Webhosting AB - - - -May-05-2013 Darby Overseas Investments, Ltd. ALL Rail Technology - $14.9 - -May-05-2013 McAfee, Inc. Stonesoft Oyj (HLSE:SFT1V) $52.7 $375.3 7.0x -May-03-2013 Kim, Man-Ki, Chief Executive Officer of AIM Systems AIM Systems, Inc. $11.4 $0.4 0.0x -May-03-2013 Webdesigner Depot CodeVisually.com - - - -May-03-2013 NetSuite Inc. (NYSE:N) OrderMotion, Inc. - - - -May-03-2013 Constellation HomeBuilder Systems, Inc. Quantitative Medical Systems, Inc - - - -May-03-2013 Quindell Portfolio Plc (AIM:QPP) Quindell Property Services Limited - $54.3 - -May-03-2013 Search2Go Inc. RentSJ.ca - - - -May-03-2013 LX Ventures Inc. (TSXV:LXV) Sosido Networks Inc. - $0.4 - -May-03-2013 Spotify Limited Tunigo AB - - - -May-02-2013 PostNord AB Aditro Financial Management AB and Aditro Financial Processes AB - - - -May-02-2013 Ubiquitous Systems Ltd. Anoto UK $2.6 $3.0 1.1x -May-02-2013 Lighthouse Publications, LLC Aucoot Media, Inc. - - - -May-02-2013 Market Strategies, Inc. Cogent Research LLC - - - -May-02-2013 GemTalk Systems LLC GemStone/S - - - -May-02-2013 LearnCentral GreenStack, Inc. - - - -May-02-2013 Fortified Management Group, LLC Instilend Technologies Inc. - $2.4 - -May-02-2013 The Descartes Systems Group Inc (TSX:DSG) KSD Software Norway AS $9.6 $30.8 3.2x -May-02-2013 PlattForm Advertising, Inc. MJD Media Limited - - - -May-02-2013 Morningstar Europe BV Morningstar Sweden AB - $17.1 - -May-02-2013 Private Investor(s) MyrtleBeachSC.com - - - -May-02-2013 5Touch Solutions, Inc. NK Labs Inc. - - - -May-02-2013 Backstop Solutions Group, LLC PerTrac Financial Solutions, LLC, PerTrac CMS - - - -May-01-2013 Move, Inc. (NasdaqGS:MOVE) ABC Holdings, LLC - $2.3 - -May-01-2013 DreamWorks Animation SKG Inc. (NasdaqGS:DWA) AwesomenessTV, Inc. - $150.5 - -May-01-2013 Intermark Group, Inc. Buzz12 Marketing - - - -May-01-2013 NXP Semiconductors NV (NasdaqGS:NXPI) Code Red Technologies, Ltd. - - - -May-01-2013 Junior Advertising Pty Limited Cru Group Pty Ltd - - - -May-01-2013 SKU Logistics Limited Dawson Marketing Services Ltd. - $0.3 - -May-01-2013 Rennes Foundation; Robin Raina Foundation, Inc., Endowment Arm; Excha Ebix Inc. (NasdaqGS:EBIX) $208.1 $811.6 3.9x 9.3xMay-01-2013 NetWeave Social Networking LLC ELEVATE Social Limited - - - -May-01-2013 Innovative Market Analysis, LLC Equis International LLC - - - -May-01-2013 ALLMYFUNDS Technology Pty Ltd InvestmentLink Pty Ltd. - - - -May-01-2013 Everest Group LLC JangoMail, Inc. - - - -May-01-2013 Rhino Print Solutions Inc. Marcam Cross Media Ltd. - - - -May-01-2013 CompuGroup Medical AG (DB:COP) Neurone R&D SAS $0.6 - - -May-01-2013 iProspect.com, Inc. NVI Solutions - - - -May-01-2013 Fronde Systems Group Limited OnlineOne - - - -May-01-2013 Atlantic DataSystems Inc. THINQ Business Solutions Inc. - - - -May-01-2013 Private Investor(s) TimeGate Studios Inc. - $0.7 - -May-01-2013 Yahoo! Inc. (NasdaqGS:YHOO) Todoroo, Inc. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-01-2013 Perficient Inc. (NasdaqGS:PRFT) TriTek Solutions, Inc. $19.0 $18.5 1.0x -May-01-2013 Pramati Technologies Private Limited WaveMaker Software, Inc. - - - -

Acquirer


SEG Software Index Category Performance


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Software Index $2,155.5 $2,160.7 $586.3 69.4% 19.2% 9.7% 2.8x 12.4x 2.6x 9.6x 7.1% Billing & Service Management $766.0 $667.7 $427.3 58.4% 18.7% 8.9% 1.9x 8.4x 1.4x 7.5x 11.2% Business Intelligence $1,226.5 $974.9 $405.9 73.9% 12.2% 9.7% 2.9x 17.3x 2.8x 12.7x 15.5% Development Platforms $2,682.1 $2,606.8 $1,124.2 77.8% 21.8% 2.0% 2.7x 10.3x 2.8x 8.7x 6.8% Engineering & PLM $3,765.9 $3,466.5 $1,168.7 84.6% 20.1% 7.5% 2.7x 12.5x 2.5x 9.4x 6.8% Enterprise Resource Planning $3,738.9 $3,998.1 $1,353.8 76.0% 22.8% 3.1% 2.6x 11.8x 2.7x 7.6x 4.0% Financial & Accounting $1,807.0 $2,272.4 $703.4 57.7% 23.7% 11.7% 3.4x 11.4x 3.1x 8.5x 5.7% Gaming $2,470.3 $2,294.8 $2,004.4 65.3% 11.9% 15.1% 1.4x 10.4x 1.4x 7.9x 32.9% IT Conglomerates $159,126.0 $145,913.0 $76,012.0 71.6% 33.8% 0.5% 3.1x 8.4x 2.8x 7.6x 6.8% Mobile Solutions/Content $556.3 $494.1 $231.1 54.2% 7.9% 19.4% 2.8x 13.6x 1.7x 18.1x 13.6% Networking & Network Performance Managemen $2,409.7 $2,324.9 $944.5 64.7% 15.0% 5.2% 2.1x 13.0x 2.0x 9.6x -13.0% Security $980.9 $948.1 $359.4 79.6% 15.6% 15.8% 2.8x 11.1x 2.5x 14.7x 5.3% Storage, Data Mgmt & Integration $12,396.0 $8,825.9 $4,643.0 72.3% 21.9% 4.1% 2.4x 9.2x 2.6x 7.5x 6.8% Supply Chain Management & Logistics $1,046.0 $1,215.6 $292.1 67.7% 16.0% 9.3% 3.5x 15.4x 3.7x 14.3x 13.5% Systems Management $9,144.4 $8,264.9 $2,201.4 84.9% 24.7% 15.8% 4.3x 19.0x 3.7x 11.8x -9.8% Vertical - Finance $2,968.3 $3,588.8 $802.2 43.3% 27.3% 7.6% 4.0x 11.2x 4.2x 10.9x 19.6% Vertical - Other $968.7 $827.8 $364.8 54.1% 13.5% 21.7% 3.3x 19.4x 2.5x 14.9x 28.5%

Category Name

TTM Revenue Growth 8.9%TTM EBITDA Growth -16.3%TTM Earnings Growth -30.3%Gross Profit Margin 58.4%EBITDA Margin 18.7%Net Income Margin 0.0%SG&A Expenses as a % of Total Revenue 53.9%R&D Expenses as a % of Total Revenue 16.3%

Current Ratio 1.8Quick Ratio 1.6Cash as Percent of Market Cap 9.7%Avg Days Outstanding: Accounts Receivable 62Avg Days Outstanding: Accounts Payable 28Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 8.8%Cash from Operations Growth (YoY) 22.9%Cash from Investing Growth (YoY) -171.9%Cash from Financing Growth (YoY) 56.1%Levered FCF Growth (YoY) 6.4%

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved June 2013 Monthly Flash Report

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%SEG SW Index Software Stock Market Return: January - April 2013

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAmdocs Limited DOX $5,746.7 $4,768.5 $3,290.3 35.4% 18.6% 1.9% 1.4x 7.8x 1.4x 7.0x 5.6%AsiaInfo Holdings, Inc. ASIA $843.7 $546.7 $567.2 38.0% 11.7% 15.7% 1.0x 8.3x 0.9x 7.4x 4.8%CSG Systems International, Inc. CSGS $688.4 $788.8 $752.5 48.5% 18.6% 2.2% 1.0x 5.6x 1.0x 4.9x 15.8%Evolving Systems, Inc. EVOL $74.5 $63.1 $27.0 70.7% 27.5% 38.2% 2.3x 8.5x 2.2x 7.7x 13.2%MIND C.T.I. Ltd. MNDO $34.7 $14.1 $19.4 58.2% 18.8% -1.6% 0.7x 3.9x n/a n/a 3.9%NeuStar, Inc NSR $3,188.7 $3,434.2 $848.2 77.6% 44.6% 25.9% 4.0x 9.1x 3.7x 7.5x 9.2%Redknee Solutions TSX:RKN $235.7 $220.5 $55.4 66.5% 4.7% -1.4% 4.0x 85.0x 0.9x 10.9x 37.8%Synchronoss Technologies, Inc. SNCR $1,203.1 $1,145.9 $287.4 58.5% 21.8% 19.4% 4.0x 18.3x 3.2x 9.3x 44.8%

Median: $766.0 $667.7 $427.3 58.4% 18.7% 8.9% 1.9x 8.4x 1.4x 7.5x 11.2%

TTM Revenue Growth 8.9%TTM EBITDA Growth 14.9%TTM Earnings Growth 7.5%Gross Profit Margin 58.4%EBITDA Margin 18.7%Net Income Margin 9.9%SG&A Expenses as a % of Total Revenue 19.2%R&D Expenses as a % of Total Revenue 14.9%


Levered FCF Margin 10.6%Cash from Operations Growth (YoY) 8.9%Cash from Investing Growth (YoY) -7.1%Cash from Financing Growth (YoY) 38.5%Levered FCF Growth (YoY) -1.9%





0%

2%

4%

6%

8%

10%

12%

14%

16%

18%Billing and Service Management Software Stock Market Return: January - April 2013

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDActuate Corporation BIRT $319.4 $252.1 $138.9 84.1% 15.2% 0.9% 1.8x 12.0x 1.7x 8.1x 15.5%MicroStrategy Incorporated MSTR $1,033.8 $703.6 $586.5 73.9% 6.9% 1.4% 1.2x 17.3x 1.2x 12.4x -4.2%Pegasystems Inc. PEGA $1,226.5 $1,045.6 $466.8 67.1% 12.2% 9.7% 2.2x 18.3x 2.0x 12.7x 35.8%Progress Software Corporation PRGS $1,296.3 $974.9 $337.3 87.2% 23.2% 7.5% 2.9x 12.4x 2.8x 8.7x 9.9%PROS Holdings PRO $807.6 $725.1 $124.4 70.7% 7.6% 21.7% 5.8x 76.6x 4.8x 29.2x 46.8%Qlik Technologies QLIK $2,676.7 $2,462.1 $405.9 88.1% 2.8% 20.5% 6.1x 213.6x 5.0x 35.7x 34.5%Verisk VRSK $9,905.0 $11,083.0 $1,591.1 59.9% 44.5% 16.5% 7.0x 15.7x 6.3x 13.8x 11.9%

Median: $1,226.5 $974.9 $405.9 73.9% 12.2% 9.7% 2.9x 17.3x 2.8x 12.7x 15.5%

TTM Revenue Growth 9.7%TTM EBITDA Growth -16.5%TTM Earnings Growth 14.9%Gross Profit Margin 73.9%EBITDA Margin 12.2%Net Income Margin 6.8%SG&A Expenses as a % of Total Revenue 53.7%R&D Expenses as a % of Total Revenue 16.8%


Levered FCF Margin 10.1%Cash from Operations Growth (YoY) 11.9%Cash from Investing Growth (YoY) 2.5%Cash from Financing Growth (YoY) -32.1%Levered FCF Growth (YoY) 33.7%





0%

5%

10%

15%

20%

25%Business Intelligence Software Stock Market Return: January - April 2013

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDActuate Corporation BIRT $319.4 $252.1 $138.9 84.1% 15.2% 0.9% 1.8x 12.0x 1.7x 8.1x 15.5%Adobe Systems Incorporated ADBE $21,538.1 $19,408.8 $4,366.3 87.8% 29.7% 3.1% 4.4x 15.0x 4.7x 15.7x 11.1%BSQUARE Corporation BSQR $32.0 $12.6 $96.7 18.2% 1.5% 0.3% 0.1x 8.5x n/a n/a -5.6%Compuware Corporation CPWR $2,396.8 $2,324.9 $944.5 64.7% 14.9% -6.5% 2.5x 16.5x 2.3x 11.4x 3.8%Magic Software Enterprises Ltd. MGIC $197.8 $162.9 $129.8 41.1% 19.2% 10.1% 1.3x 6.5x n/a n/a 11.0%Microsoft Corporation MSFT $291,453.6 $232,430.6 $76,012.0 75.3% 40.1% 4.1% 3.1x 7.6x 2.8x 6.8x 28.2%Oracle Corporation ORCL $159,126.0 $145,913.0 $37,149.0 80.4% 46.5% 0.5% 3.9x 8.4x 3.8x 7.6x -0.8%Progress Software Corporation PRGS $1,296.3 $974.9 $337.3 87.2% 23.2% 7.5% 2.9x 12.4x 2.8x 8.7x 9.9%Red Hat, Inc. RHT $9,144.4 $8,264.9 $1,328.8 84.9% 20.4% 17.3% 6.2x 30.5x 5.4x 19.5x -11.8%Software AG XTRA:SOW $2,967.4 $2,888.6 $1,303.9 65.4% 26.2% -5.8% 2.2x 8.5x n/a n/a -15.8%

Median: $2,682.1 $2,606.8 $1,124.2 77.8% 21.8% 2.0% 2.7x 10.3x 2.8x 8.7x 6.8%



Levered FCF Margin 17.1%Cash from Operations Growth (YoY) 2.1%Cash from Investing Growth (YoY) 28.4%Cash from Financing Growth (YoY) 5.5%Levered FCF Growth (YoY) -5.5%





0%

2%

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6%

8%

10%

12%

14%

16%

18%Development Platforms Software Stock Market Return: January - April 2013

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDANSYS, Inc. ANSS $6,943.9 $6,319.0 $810.4 87.6% 47.1% 12.8% 7.8x 16.6x 7.1x 14.3x 6.4%Autodesk, Inc. ADSK $8,463.7 $7,121.6 $2,294.0 89.2% 20.5% 0.8% 3.1x 15.2x 2.9x 10.2x 0.4%Cadence Design Systems, Inc CDNS $4,281.7 $3,823.1 $1,364.9 85.9% 23.0% 13.8% 2.8x 12.2x 2.6x 8.3x 6.2%Cimatron Ltd. CIMT $61.2 $57.6 $42.6 87.3% 14.7% 2.1% 1.4x 9.2x n/a n/a 61.8%Dassault Systèmes DSY $15,624.7 $13,747.8 $2,628.3 87.1% 31.0% 11.7% 5.2x 16.9x n/a n/a 7.5%GSE Systems Inc. GVP $29.9 $11.2 $51.2 33.0% 3.3% -1.8% 0.2x 6.6x 0.2x n/a -26.9%Mentor Graphics Corp MENT $2,136.9 $2,163.3 $1,067.3 83.4% 17.6% 3.4% 2.0x 11.5x 1.8x 7.4x 7.1%Parametric Technology Corporation PMTC $3,000.2 $3,067.5 $1,270.0 70.8% 18.8% 1.5% 2.4x 12.8x 2.3x 9.4x 6.3%Stratasys, Inc. SSYS $3,250.1 $3,109.9 $267.5 46.5% 19.8% 60.9% 11.6x 58.7x 6.8x 25.1x 7.2%Synopsys Inc SNPS $5,597.4 $5,036.3 $1,872.4 82.7% 22.2% 14.5% 2.7x 12.1x 2.5x 8.3x 11.5%

Median: $3,765.9 $3,466.5 $1,168.7 84.6% 20.1% 7.5% 2.7x 12.5x 2.5x 9.4x 6.8%



Levered FCF Margin 13.8%Cash from Operations Growth (YoY) 15.7%Cash from Investing Growth (YoY) 8.7%Cash from Financing Growth (YoY) -8.5%Levered FCF Growth (YoY) -9.7%





0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%Engineering & PLM Software Stock Market Return: January - April 2013

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAmerican Software, Inc. AMSW.A $231.5 $179.4 $103.2 54.5% 16.0% 3.3% 1.7x 10.9x 1.6x n/a 8.8%Oracle Corporation ORCL $159,126.0 $145,913.0 $37,149.0 80.4% 46.5% 0.5% 3.9x 8.4x 3.8x 7.6x -0.8%QAD Inc. QADA $188.8 $130.7 $250.4 56.2% 4.1% -0.5% 0.5x 12.8x 0.5x 5.3x -8.2%Sage Group plc LSE:SGE $6,431.7 $6,780.5 $2,088.2 93.9% 29.6% 2.9% 3.2x 11.0x n/a n/a 14.7%SAP SAP $89,687.9 $90,264.8 $21,108.3 71.6% 33.8% 13.2% 4.3x 12.6x 3.8x 10.5x -6.8%Unit 4 ENXTAM:UN $1,046.0 $1,215.6 $619.4 92.4% 14.3% 5.4% 2.0x 13.7x n/a n/a 15.4%

Median: $3,738.9 $3,998.1 $1,353.8 76.0% 22.8% 3.1% 2.6x 11.8x 2.7x 7.6x 4.0%



Levered FCF Margin 12.2%Cash from Operations Growth (YoY) 4.8%Cash from Investing Growth (YoY) -96.5%Cash from Financing Growth (YoY) -58.8%Levered FCF Growth (YoY) 0.9%





-5%

0%

5%

10%

15%

20%Enterprise Resource Planning Software Stock Market Return: January - April 2013

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDACI Worldwide, Inc. ACIW $1,853.4 $2,411.4 $691.0 64.2% 21.1% 38.7% 3.5x 16.5x 2.6x 8.6x 3.4%Bottomline Technologies EPAY $993.8 $845.9 $251.1 53.6% 8.8% 15.7% 3.4x 38.1x 3.1x 15.6x 0.2%DST Systems, Inc. DST $2,993.5 $3,577.7 $2,605.8 15.8% 14.7% 6.4% 1.4x 9.4x 1.8x 7.8x 11.7%Fair Isaac Corporation FICO $1,760.6 $2,133.4 $715.9 69.5% 26.2% 11.7% 3.0x 11.4x 2.7x 8.3x 14.7%Fiserv FISV $11,606.5 $15,299.5 $4,537.0 42.1% 29.7% 3.4% 3.4x 11.3x 3.1x 9.5x 8.0%Intuit Inc INTU $17,352.3 $15,856.3 $4,444.0 83.2% 33.7% 10.7% 3.6x 10.6x 3.3x 8.4x -3.8%Model N, Inc MODN $460.8 $356.2 $92.9 55.7% 4.7% n/a 3.8x 82.1x 3.2x n/a 0.0%NetSol Technologies Inc. KASE:NETS $21.9 $25.3 $31.6 59.7% 52.6% 61.5% 0.8x 1.5x n/a n/a 43.0%Sage Group plc LSE:SGE $6,431.7 $6,780.5 $2,088.2 93.9% 29.6% 2.9% 3.2x 11.0x n/a n/a 14.7%

Median: $1,807.0 $2,272.4 $703.4 57.7% 23.7% 11.7% 3.4x 11.4x 3.1x 8.5x 5.7%








0%

2%

4%

6%

8%

10%

12%

14%

16%

18%Financial & Accounting Software Stock Market Return: January - April 2013

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDActivision Blizzard ATVI $16,126.1 $11,508.1 $5,008.0 66.3% 33.3% 11.8% 2.3x 6.9x 2.8x 8.5x 41.4%Electronic Arts Inc. EA $6,957.6 $5,836.6 $3,797.0 64.3% 8.6% -8.4% 1.5x 18.0x 1.5x 8.2x 59.2%GameLoft SA ENXTPA:GF $570.1 $498.0 $274.7 84.6% 15.6% 26.7% 1.8x 11.6x n/a n/a 4.3%Konami Corporation TSE: 9766 $3,412.0 $3,128.2 $2,399.2 32.4% 14.3% -15.0% 1.3x 9.1x 1.3x 7.6x 16.0%Take-Two Interactive TTWO $1,528.7 $1,461.4 $1,214.5 41.1% 1.9% 47.1% 1.2x 63.9x 0.8x 4.6x 43.3%Ubisoft Entertainment ENXTPA:UB $1,253.2 $1,108.9 $1,609.5 72.7% 9.4% 18.4% 0.7x 7.3x n/a n/a 24.4%

Median: $2,470.3 $2,294.8 $2,004.4 65.3% 11.9% 15.1% 1.4x 10.4x 1.4x 7.9x 32.9%








-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%Gaming Software Stock Market Return: January - April 2013

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAccretive Health AH $1,106.9 $910.5 $973.6 20.7% 2.9% 32.2% 0.9x 31.8x 0.9x 11.8x -3.7%Allscripts Healthcare Solutions Inc. MDRX $2,446.8 $2,922.1 $1,428.7 41.3% 7.4% -3.0% 2.0x 27.6x 2.0x 10.5x 45.0%Cerner Corporation CERN $16,871.6 $16,048.9 $2,645.9 80.4% 28.2% 14.7% 6.1x 21.5x 5.2x 16.3x 20.8%Computer Programs and Sys, Inc. CPSI $554.9 $537.4 $188.4 44.3% 24.2% 6.1% 2.9x 11.8x 2.7x 10.1x -0.2%Greenway Medical Technologies, Inc GWAY $357.0 $343.7 $135.7 54.5% 1.4% 15.9% 2.5x 180.8x 2.4x 75.8x -26.0%MedAssets MDAS $999.1 $1,865.9 $663.1 78.6% 31.7% 11.0% 2.8x 8.9x 2.7x 8.5x -4.3%Merge Healthcare MRGE $308.4 $513.8 $251.6 59.3% 11.5% 4.5% 2.0x 17.7x 1.9x 9.4x 18.3%Quality Systems, Inc. QSII $1,064.8 $946.8 $460.2 58.8% 21.9% 7.1% 2.1x 9.4x 2.0x 8.2x 0.9%

Median: $1,032.0 $928.7 $561.6 56.6% 16.7% 9.0% 2.3x 19.6x 2.2x 10.3x 0.3%








0%

2%

4%

6%

8%

10%

12%

14%

16%

18%Healthcare Software Stock Market Return: January - April 2013

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDHewlett Packard HPQ $47,472.9 $61,422.9 $115,569.0 23.6% 12.0% -6.8% 0.5x 4.4x 0.6x 4.3x 69.1%IBM IBM $230,651.3 $252,112.3 $103,242.0 48.3% 25.6% -3.5% 2.4x 9.6x 2.4x 8.7x 6.8%Microsoft Corporation MSFT $291,453.6 $232,430.6 $76,012.0 75.3% 40.1% 4.1% 3.1x 7.6x 2.8x 6.8x 28.2%Oracle Corporation ORCL $159,126.0 $145,913.0 $37,149.0 80.4% 46.5% 0.5% 3.9x 8.4x 3.8x 7.6x -0.8%SAP AG SAP $89,687.9 $90,264.8 $21,108.3 71.6% 33.8% 13.2% 4.3x 12.6x 3.8x 10.5x -6.8%

Median: $159,126.0 $145,913.0 $76,012.0 71.6% 33.8% 0.5% 3.1x 8.4x 2.8x 7.6x 6.8%



Levered FCF Margin 27.0%Cash from Operations Growth (YoY) 1.9%Cash from Investing Growth (YoY) 15.3%Cash from Financing Growth (YoY) 3.3%Levered FCF Growth (YoY) 27.2%





-5%

0%

5%

10%

15%

20%IT Conglomerates Software Stock Market Return: January - April 2013

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBango PLC BGO $135.6 $132.3 $17.6 19.1% -22.1% -34.4% 7.5x n/a n/a n/a -1.0%Glu Mobile, Inc. GLUU $185.6 $164.3 $85.1 90.2% -10.4% 19.3% 1.9x n/a 1.8x n/a 13.6%Gree TSE:3632 $2,322.9 $2,174.5 $1,648.9 85.7% 40.4% 11.5% 1.3x 3.3x n/a n/a -36.6%Millennial Media Inc MM $627.5 $494.1 $194.2 40.9% -0.9% 68.7% 2.5x n/a 1.7x 24.5x -39.0%Myriad Group AG MYRN $159.6 $162.1 $56.3 19.1% -18.6% -7.8% 2.9x n/a n/a n/a -5.0%NQ Mobile Inc. NQ $421.1 $306.4 $109.0 69.9% 5.5% 122.4% 2.8x 51.5x 1.6x 4.8x 32.7%Opera OB:OPERA $909.9 $856.6 $231.1 43.9% 27.2% 35.9% 3.7x 13.6x n/a n/a 26.4%Qihoo 360 Technology Co. Ltd QIHU $5,378.6 $5,077.7 $369.6 89.4% 17.9% 72.6% 13.7x 76.7x 7.7x 28.0x 47.7%Pandora Media P $2,975.1 $2,899.7 $471.9 32.0% -8.2% 55.2% 6.1x n/a 4.3x 118.3x 78.8%Synchronoss Technologies, Inc. SNCR $1,203.1 $1,145.9 $287.4 58.5% 21.8% 19.4% 4.0x 18.3x 3.2x 9.3x 44.8%Tangoe, Inc. TNGO $556.3 $525.9 $165.2 54.2% 8.7% 41.5% 3.2x 36.8x 2.6x 15.8x 15.8%TeleCommunication Systems TSYS $138.3 $239.0 $482.1 33.5% 7.9% 10.8% 0.5x 6.3x 0.5x 5.0x -12.0%TeleNav TNAV $202.0 $14.4 $209.2 68.9% 11.3% 0.4% 0.1x 0.6x 0.1x 3.7x -36.5%Velti Plc VELT $155.6 $186.5 $259.6 51.6% -1.8% 22.8% 0.7x n/a 0.8x 20.3x -62.5%Zynga, Inc ZNGA $2,699.2 $1,530.5 $1,223.9 72.9% 11.7% 0.5% 1.3x 10.6x 1.6x 24.5x 43.1%

Median: $556.3 $494.1 $231.1 54.2% 7.9% 19.4% 2.8x 13.6x 1.7x 18.1x 13.6%

TTM Revenue Growth 19.4%TTM EBITDA Growth 10.9%TTM Earnings Growth -25.6%Gross Profit Margin 54.2%EBITDA Margin 7.9%Net Income Margin -2.7%SG&A Expenses as a % of Total Revenue 35.6%R&D Expenses as a % of Total Revenue 15.2%


Levered FCF Margin 6.5%Cash from Operations Growth (YoY) 3.1%Cash from Investing Growth (YoY) -10.0%Cash from Financing Growth (YoY) -4.7%Levered FCF Growth (YoY) -1.3%





-5%

0%

5%

10%

15%

20%

25%Mobile Solutions/Content Software Stock Market Return: January - April 2013

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAllot Communications Ltd. ALLT $402.5 $267.8 $104.6 70.5% 7.5% 23.4% 2.6x 33.9x 2.3x 10.7x -34.9%Aruba Networks, Inc. ARUN $1,701.2 $1,260.3 $586.2 70.9% 6.1% 19.3% 2.1x 35.3x 2.0x 10.0x -32.8%Brocade Communications Systems, BRCD $2,409.7 $2,244.7 $2,261.2 62.3% 21.9% 4.8% 1.0x 4.5x 1.0x 4.1x -6.8%Cisco Systems, Inc. CSCO $128,878.7 $97,748.7 $47,880.0 60.9% 27.6% 5.1% 2.0x 7.4x 1.9x 6.1x 19.5%Compuware Corporation CPWR $2,396.8 $2,324.9 $944.5 64.7% 14.9% -6.5% 2.5x 16.5x 2.3x 11.4x 3.8%F5 Networks, Inc. FFIV $6,556.9 $6,034.0 $1,430.9 82.9% 32.4% 12.9% 4.2x 13.0x 3.9x 10.3x -17.6%Juniper Networks, Inc. JNPR $8,975.9 $7,318.8 $4,392.1 63.7% 15.0% 0.3% 1.7x 11.1x 1.6x 6.2x -12.5%Keynote Systems, Inc. KEYN $232.5 $174.5 $123.9 46.9% 11.9% 5.2% 1.4x 11.8x 1.4x 9.6x -13.0%Riverbed Technology, Inc. RVBD $2,526.5 $2,642.1 $900.6 74.8% 15.3% 20.8% 2.9x 19.2x 2.4x 8.6x -27.4%

Median: $2,409.7 $2,324.9 $944.5 64.7% 15.0% 5.2% 2.1x 13.0x 2.0x 9.6x -13.0%

TTM Revenue Growth 5.2%TTM EBITDA Growth 6.5%TTM Earnings Growth -23.8%Gross Profit Margin 64.7%EBITDA Margin 15.0%Net Income Margin 4.9%SG&A Expenses as a % of Total Revenue 42.6%R&D Expenses as a % of Total Revenue 17.7%







June 2013 Monthly Flash Report

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Networking/Network Performance Mgmt Software Stock Market Return: January - April 2013

Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAVG Technologies N.V. AVG $985.3 $999.6 $377.7 84.7% 31.4% 28.2% 2.6x 8.4x 2.3x 7.1x 12.0%Check Point Software Tech Ltd. CHKP $9,837.5 $8,452.4 $1,352.3 88.4% 56.4% 5.7% 6.3x 11.1x 6.0x 10.2x 1.4%Commtouch Software Ltd. CTCH $74.5 $69.6 $25.9 80.4% 1.5% 10.9% 2.7x 178.0x 1.9x n/a -11.0%Fortinet Inc. FTNT $3,124.5 $2,664.1 $552.2 71.8% 19.8% 20.7% 4.8x 24.3x 4.3x 19.3x -10.7%Guidance Software, Inc. GUID $259.7 $234.1 $130.4 70.7% 1.6% 21.8% 1.8x 109.3x 1.7x 50.9x -25.8%Imperva IMPV $976.6 $865.5 $111.3 78.8% -7.1% 33.5% 7.8x n/a 6.1x 123.3x 21.6%Palo Alto Networks, Inc PANW $3,354.3 $2,992.6 $359.4 71.9% -1.9% 63.6% 8.3x n/a 6.0x 51.9x 6.9%Proofpoint, Inc. PFPT $688.3 $601.6 $112.4 69.9% -12.4% 28.2% 5.4x n/a 4.5x n/a 55.4%Symantec Corporation SYMC $15,597.7 $13,941.7 $6,906.0 84.0% 27.3% 2.6% 2.0x 7.4x 2.0x 5.8x 17.4%Trend Micro TSE:4704 $4,087.0 $2,906.8 $1,029.7 80.9% 32.8% 2.1% 2.8x 8.6x n/a n/a 3.1%VASCO Data Security International VDSI $324.0 $219.3 $157.1 64.1% 16.0% -4.3% 1.4x 8.7x 1.3x 8.1x 3.7%Websense, Inc. WBSN $910.6 $896.6 $359.4 83.5% 15.1% -1.5% 2.5x 16.5x 2.5x 14.7x 61.0%

Median: $980.9 $948.1 $359.4 79.6% 15.6% 15.8% 2.8x 11.1x 2.5x 14.7x 5.3%








-10%

-5%

0%

5%

10%

15%

20%Security Software Stock Market Return: January - April 2013

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBrocade Communications Systems, BRCD $2,409.7 $2,244.7 $2,261.2 62.3% 21.9% 4.8% 1.0x 4.5x 1.0x 4.1x -6.8%CA, Inc. CA $12,396.0 $11,035.0 $4,643.0 86.3% 36.1% -3.6% 2.4x 6.6x 2.5x 7.0x 21.9%Cisco Systems, Inc. CSCO $128,878.7 $97,748.7 $47,880.0 60.9% 27.6% 5.1% 2.0x n/a 1.9x 6.1x 19.5%CommVault Systems, Inc. CVLT $3,256.2 $2,820.3 $495.9 86.9% 17.3% 21.9% 5.7x 32.9x 4.9x 20.5x -3.1%EMC EMC $52,016.8 $48,362.3 $22,006.9 62.7% 23.8% 7.4% 2.2x 9.2x 2.0x 7.5x -4.8%FalconStor Software, Inc. FALC $64.3 $36.9 $71.3 72.3% -15.1% -14.4% 0.5x n/a n/a n/a -39.4%IBM IBM $230,651.3 $252,112.3 $103,242.0 48.3% 25.6% -3.5% 2.4x 9.6x 2.4x 8.7x 6.8%Informatica Corporation INFA $3,929.7 $3,338.7 $829.9 83.5% 20.4% 2.2% 4.0x 19.7x 3.6x 13.5x 17.5%Microsoft Corporation MSFT $291,453.6 $232,430.6 $76,012.0 75.3% 40.1% 4.1% 3.1x 7.6x 2.8x 6.8x 28.2%NetApp, Inc. NTAP $13,526.1 $8,825.9 $6,332.4 59.4% 15.1% 1.6% 1.4x 9.3x 1.3x 6.1x 10.0%Oracle Corporation ORCL $159,126.0 $145,913.0 $37,149.0 80.4% 46.5% 0.5% 3.9x 8.4x 3.8x 7.6x -0.8%Splunk, Inc. SPLK $4,816.8 $4,485.5 $219.0 89.1% -12.0% 59.2% 20.5x n/a 15.4x n/a 56.8%TIBCO Software Inc. TIBX $3,500.1 $3,257.8 $1,036.7 72.0% 20.3% 7.9% 3.1x 15.5x 3.0x 11.2x -3.8%

Median: $12,396.0 $8,825.9 $4,643.0 72.3% 21.9% 4.1% 2.4x 9.2x 2.6x 7.5x 6.8%









-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%Storage, Data Management & Integration Software Stock Market Return: January - April 2013

Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Supply Chain Management & Logistics


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAmerican Software, Inc. AMSW.A $231.5 $179.4 $103.2 54.5% 16.0% 3.3% 1.7x 10.9x 1.6x n/a 8.8%Aspen Technology, Inc. AZPN $2,869.4 $2,699.8 $292.1 82.7% 13.8% 26.1% 9.2x 67.1x 7.8x 30.8x 10.2%Manhattan Associates, Inc. MANH $1,460.2 $1,351.7 $381.4 56.3% 23.0% 9.3% 3.5x 15.4x 3.2x 12.4x 17.8%The Descartes Systems Group Inc. TSX:DSG $697.1 $653.5 $131.1 67.7% 29.1% 12.2% 5.0x 17.2x 4.2x 14.3x 13.5%Unit 4 ENXTAM:UN $1,046.0 $1,215.6 $619.4 92.4% 14.3% 5.4% 2.0x 13.7x n/a n/a 15.4%

Median: $1,046.0 $1,215.6 $292.1 67.7% 16.0% 9.3% 3.5x 15.4x 3.7x 14.3x 13.5%








0%

2%

4%

6%

8%

10%

12%

14%

16%

18%Supply Chain Management & Logistics Software Stock Market Return: January - April 2013

Supply Chain Management & Logistics S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBMC Software Inc. BMC $6,461.5 $6,292.1 $2,201.4 73.1% 27.8% 1.4% 2.9x 10.3x 2.7x 7.5x 10.2%CA Technologies CA $12,396.0 $11,035.0 $4,643.0 86.3% 36.1% -3.6% 2.4x 6.6x 2.5x 7.0x 21.9%Citrix Systems, Inc. CTXS $12,047.0 $11,389.1 $2,669.5 87.1% 22.5% 15.8% 4.3x 19.0x 3.7x 11.8x -5.8%Netscout Systems, Inc. NTCT $1,007.7 $870.5 $350.6 79.0% 24.2% 13.6% 2.5x 10.3x 2.2x 7.9x -9.8%Red Hat, Inc. RHT $9,144.4 $8,264.9 $1,328.8 84.9% 20.4% 17.3% 6.2x 30.5x 5.4x 19.5x -11.8%SolarWinds, Inc. SWI $3,169.6 $2,903.8 $282.2 93.0% 49.3% 31.2% 10.3x 20.9x 8.1x 15.9x -22.9%VMWare, Inc. VMW $30,452.0 $25,965.3 $4,741.3 84.6% 24.7% 19.2% 5.5x 22.2x 4.8x 11.9x -23.7%

Median: $9,144.4 $8,264.9 $2,201.4 84.9% 24.7% 15.8% 4.3x 19.0x 3.7x 11.8x -9.8%



Levered FCF Margin 19.2%Cash from Operations Growth (YoY) 8.1%Cash from Investing Growth (YoY) -4.9%Cash from Financing Growth (YoY) 12.5%Levered FCF Growth (YoY) -6.6%





-15%

-10%

-5%

0%

5%

10%

15%

20%

Systems Management Software Stock Market Return: January - April 2013

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAdvent Software, Inc. ADVS $1,705.2 $1,612.1 $364.4 69.3% 22.7% 7.9% 4.4x 19.5x 4.2x 14.9x 48.9%Broadridge Financial BR $3,290.0 $3,632.3 $2,366.0 26.9% 15.4% 3.8% 1.5x 10.0x 1.5x 7.9x 17.1%Fidessa LSE:FDSA $1,097.5 $988.2 $452.9 21.3% 20.4% 0.1% 2.2x 10.7x n/a n/a 22.0%Jack Henry & Associates, Inc. JKHY $4,041.2 $3,991.8 $1,097.8 42.0% 31.9% 8.7% 3.6x 11.4x 3.4x 10.1x 14.6%MSCI, Inc. MSCI $4,254.2 $4,820.1 $973.0 69.6% 45.0% 7.3% 5.0x 11.0x 4.7x 10.9x 9.6%SS&C Corporation SSNC $2,646.6 $3,545.3 $631.4 44.5% 38.5% 68.1% 5.6x 14.6x 4.8x 11.9x 36.6%

Median: $2,968.3 $3,588.8 $802.2 43.3% 27.3% 7.6% 4.0x 11.2x 4.2x 10.9x 19.6%









0%

5%

10%

15%

20%

25%Vertical - Finance Software Stock Market Return:January - April 2013

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBlackbaud, Inc. BLKB $1,384.8 $1,588.5 $468.3 54.1% 15.3% 23.6% 3.4x 22.1x 3.1x 15.0x 28.5%Constellation TSX:CSU $3,114.3 $3,175.8 $952.4 32.5% 19.9% 20.4% 3.3x 16.8x 2.8x 14.8x 16.2%EPIQ Systems, Inc. EPIQ $439.8 $664.4 $364.8 54.5% 20.5% 25.9% 1.8x 8.9x 1.7x 6.7x -6.5%Guidewire Software, Inc. GWRE $2,312.2 $2,158.1 $271.3 55.0% 3.6% 25.9% 8.0x 218.5x 6.6x 56.1x 34.6%Micros Systems MCRS $3,319.4 $2,657.2 $1,242.0 52.8% 21.4% 15.1% 2.1x 10.0x 2.0x 9.1x -2.9%PROS Holdings PRO $807.6 $725.1 $124.4 70.7% 7.6% 21.7% 5.8x 76.6x 4.8x 29.2x 46.8%Sapiens International SPNS $200.4 $174.8 $119.4 40.8% 13.5% 44.6% 1.5x 10.8x n/a n/a 36.1%Silver Spring Networks, Inc. SSNI $968.7 $827.8 $195.0 16.3% -51.1% -20.7% 4.2x n/a 2.1x 24.3x -5.7%The Active Network, Inc. ACTV $412.7 $310.1 $430.5 54.7% 2.6% 19.9% 0.7x 28.1x 0.7x 6.3x 29.5%

Median: $968.7 $827.8 $364.8 54.1% 13.5% 21.7% 3.3x 19.4x 2.5x 14.9x 28.5%








0%

5%

10%

15%

20%

25%

30%

35%

40%Vertical - Other Software Stock Market Return: January - April 2013

Vertical - Other S&P NASDAQ SEG SW Index

SEG SaaS Index Category Performance


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG SaaS Index $866.8 $796.2 $170.5 70.0% 7.5% 25.5% 4.8x 35.3x 4.4x 21.6x 12.5% CRM & Marketing $482.8 $377.4 $182.2 70.9% 2.2% 26.7% 2.5x 29.1x 2.3x 22.2x -2.0% ERP & Supply Chain $810.3 $737.7 $84.3 68.9% 3.9% 31.5% 6.9x 132.5x 5.4x 38.4x 24.6% Vertically Focused $1,430.3 $1,415.6 $284.0 66.1% 16.0% 21.5% 4.5x 25.8x 3.7x 15.0x 8.5% Workforce Management $2,074.0 $2,004.7 $131.6 58.5% -15.4% 43.1% 8.5x 62.0x 8.5x 28.1x 17.0%

Category Name








-5%

0%

5%

10%

15%

20%SEG SaaS Index Stock Market Return: January - April 2013

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBazaarvoice, Inc BV $545.2 $439.7 $148.4 65.4% -18.2% 57.9% 3.0x n/a 2.4x n/a -24.8%Constant Contact CTCT $458.2 $360.9 $260.4 70.9% 7.3% 16.1% 1.4x 19.0x 1.2x 7.8x 1.3%ExactTarget, Inc. ET $1,594.1 $1,493.1 $317.1 64.7% -0.2% 39.4% 4.7x n/a 3.8x 235.7x 9.6%LivePerson LPSN $508.9 $414.1 $163.1 76.8% 8.7% 17.0% 2.5x 29.1x 2.3x 19.7x -31.9%Marin Software MRIN $390.7 $281.2 $63.7 57.8% -39.9% n/a 4.4x n/a 3.5x n/a -25.3%Responsys MKTG $482.8 $377.4 $173.3 54.1% 11.2% 21.3% 2.2x 19.4x 1.9x 13.2x 51.8%Salesforce.com CRM $24,971.9 $24,566.5 $3,247.4 77.2% 2.2% 32.1% 7.6x 339.1x 6.0x 32.7x -2.0%Vocus VOCS $184.4 $221.8 $182.2 80.2% 1.4% 48.4% 1.2x 86.8x 1.2x 24.8x -53.0%

Median: $482.8 $377.4 $182.2 70.9% 2.2% 26.7% 2.5x 29.1x 2.3x 22.2x -2.0%

TTM Revenue Growth 26.7%TTM EBITDA Growth -22.2%TTM Earnings Growth -53.3%Gross Profit Margin 70.9%EBITDA Margin 2.2%Net Income Margin -8.8%SG&A Expenses as a % of Total Revenue 54.7%R&D Expenses as a % of Total Revenue 15.2%








-40%

-30%

-20%

-10%

0%

10%

20%CRM & Marketing SaaS Stock Market Return: January - April 2013

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDE2open, Inc EOPN $371.7 $337.6 $74.9 68.9% 0.8% 25.6% 4.5x 580.0x 4.4x n/a 1.9%Fleetmatics FLTX $1,030.5 $952.5 $138.0 73.2% 20.4% 39.6% 6.9x 33.8x 5.4x 19.0x 20.0%Netsuite N $6,463.3 $6,286.6 $331.1 68.5% -6.3% 31.3% 19.0x n/a 14.5x 148.2x 24.6%SciQuest SQI $521.3 $475.2 $72.7 68.8% 3.9% 31.5% 6.5x 166.3x 4.9x 23.4x 43.1%SPS Commerce SPSC $810.3 $737.7 $84.3 70.8% 8.9% 36.3% 8.7x 98.7x 7.0x 53.4x 34.8%

Median: $810.3 $737.7 $84.3 68.9% 3.9% 31.5% 6.9x 132.5x 5.4x 38.4x 24.6%









-5%

0%

5%

10%

15%

20%

25%

30%ERP & Supply Chain SaaS Stock Market Return: January - April 2013

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAthenahealth, Inc ATHN $3,106.5 $3,163.6 $451.3 59.8% 9.6% 28.7% 7.0x 72.7x 4.9x 26.0x 12.8%DealerTrack TRAK $1,402.1 $1,395.5 $406.3 43.2% 13.8% 10.5% 3.4x 25.0x 3.0x 11.6x 4.2%Ebix Inc. EBIX $737.5 $771.2 $208.1 81.3% 41.8% 20.5% 3.7x 8.9x 3.5x n/a 21.5%Ellie Mae ELLI $589.1 $528.6 $111.8 77.2% 24.8% 69.9% 4.7x 19.0x 3.8x 11.1x -20.5%Medidata Solutions MDSO $1,835.2 $1,714.9 $231.2 71.8% 16.0% 19.2% 7.4x 46.4x 6.0x 26.1x 64.1%RealPage RP $1,458.4 $1,435.7 $336.7 60.4% 16.0% 22.5% 4.3x 26.7x 3.6x 15.0x -12.1%

Median: $1,430.3 $1,415.6 $284.0 66.1% 16.0% 21.5% 4.5x 25.8x 3.7x 15.0x 8.5%









-5%

0%

5%

10%

15%

20%Vertically Focused SaaS Stock Market Return: January - April 2013

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Workforce Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDCallidus Software Inc. CALD $225.7 $265.3 $98.5 48.1% -15.4% 14.5% 2.7x n/a 2.4x 23.6x 17.0%Cornerstone OnDemand CSOD $2,074.0 $2,004.7 $131.6 70.4% -21.5% 61.9% 15.2x n/a 10.0x n/a 33.0%Halogen Software, Inc. TSX:HGN $267.5 $306.1 $40.8 73.4% -9.6% n/a 7.5x n/a n/a n/a -2.1%The Ultimate Software Group, Inc. ULTI $3,077.0 $3,008.6 $351.9 57.3% 13.8% 24.4% 8.5x 62.0x 7.0x 32.6x 12.8%Workday, Inc. WDAY $10,699.7 $9,915.3 $308.5 58.5% -31.9% 88.3% 32.1x n/a 20.3x n/a 23.0%

Median: $2,074.0 $2,004.7 $131.6 58.5% -15.4% 43.1% 8.5x 62.0x 8.5x 28.1x 17.0%

TTM Revenue Growth 43.1%TTM EBITDA Growth -36.5%TTM Earnings Growth -36.0%Gross Profit Margin 58.5%EBITDA Margin -15.4%Net Income Margin -27.7%SG&A Expenses as a % of Total Revenue 58.8%R&D Expenses as a % of Total Revenue 17.4%








-5%

0%

5%

10%

15%

20%

25%Workforce Management SaaS Stock Market Return: January - April 2013

Workforce Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDConcur CNQR $4,507.2 $4,299.0 $481.2 71.7% 7.7% 22.3% 8.9x 116.5x 7.1x 31.6x 13.1%Demandware, Inc. DWRE $923.3 $821.2 $83.9 69.7% -10.7% 37.5% 9.8x n/a 7.7x n/a 13.1%inContact, Inc. SAAS $387.4 $346.5 $116.4 46.8% 1.4% 25.5% 3.0x 218.5x 2.4x 75.3x 31.3%IntraLinks Holdings IL $337.6 $338.8 $220.9 71.7% 2.3% 4.6% 1.5x 66.1x 1.5x 9.4x -4.7%J2 Global JCOM $1,878.1 $1,828.8 $398.4 82.1% 46.1% 16.0% 4.6x 10.0x 3.4x 7.8x 27.3%Jive Software, Inc JIVE $1,126.2 $992.6 $122.2 61.4% -35.4% 41.2% 8.1x n/a 6.2x n/a 12.5%OpenTable, Inc. OPEN $1,519.6 $1,423.1 $167.8 74.5% 29.2% 15.6% 8.5x 29.1x 7.3x 16.4x 30.1%Qualys, Inc. QLYS $443.4 $352.4 $95.1 78.9% 11.1% 19.3% 3.7x 33.3x 3.2x 19.3x -10.8%Service-now.com NOW $4,936.9 $4,598.0 $282.2 59.8% -9.4% 87.8% 16.3x n/a 10.5x 127.6x 21.6%Tangoe TNGO $556.3 $525.9 $165.2 54.2% 8.7% 41.5% 3.2x 36.8x 2.6x 15.8x 15.8%Zix Corporation ZIXI $246.9 $222.7 $44.8 82.8% 22.2% 14.4% 5.0x 22.3x 4.4x 14.9x 29.3%

Median: $923.3 $821.2 $165.2 71.7% 7.7% 22.3% 5.0x 35.1x 4.4x 16.4x 15.8%









-5%

0%

5%

10%

15%

20%

25%Other Public SaaS Companies SaaS Stock Market Return: January - April 2013

Other SaaS S&P NASDAQ SEG SaaS

SEG Internet Index Category Performance


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Internet Index $1,363.1 $1,271.9 $430.6 67.0% 13.3% 19.6% 2.4x 15.1x 2.1x 11.3x 17.1% Ad Tech & Lead Generation $1,720.3 $1,748.2 $511.1 65.1% 14.3% 24.3% 2.0x 14.7x 1.8x 10.8x 13.2% Commerce $588.9 $422.0 $414.0 41.4% 9.0% 17.4% 1.0x 15.2x 1.2x 11.4x 18.8% Content & Media $2,135.7 $1,906.0 $473.8 54.2% 16.0% 7.3% 2.1x 14.1x 2.6x 13.6x 22.8% Gaming $2,576.78 $1,826.1 $932.4 71.3% 38.6% 21.9% 2.7x 6.8x 1.8x 6.4x 36.3% Infrastructure $606.36 $434.7 $255.5 61.2% 7.5% 8.8% 1.5x 13.3x 1.4x 9.9x 8.1% Services $1,363.11 $1,315.1 $300.9 67.7% 7.1% 40.4% 2.5x 27.7x 2.1x 12.7x 27.2% Social $1,921.00 $1,826.5 $305.8 67.0% 20.0% 47.2% 8.2x 39.4x 7.3x 32.0x -9.5%


Current Ratio 2.4Quick Ratio 2.0Cash as Percent of Market Cap 17.4%Avg Days Outstanding: Accounts Receivable 37Avg Days Outstanding: Accounts Payable 54Working Capital to TTM Operating Expense Ratio 0.5






0%

5%

10%

15%

20%

25%

30%SEG Internet Index Stock Market Return: January - April 2013

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech and Lead Generation


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAngie's List, Inc. ANGI $1,363.1 $1,315.1 $176.9 72.3% -24.3% 70.9% 7.4x n/a 4.9x n/a 94.6%Baidu.com, Inc. BIDU $33,796.0 $30,465.6 $3,863.1 76.7% 53.5% 47.1% 7.9x 14.7x 5.8x 12.5x -7.3%Bankrate, Inc. RATE $1,431.7 $1,536.5 $440.6 67.7% 23.8% -2.1% 3.5x 14.6x 3.3x 12.7x 2.8%Digital Generation, Inc. DGIT $194.1 $549.9 $385.7 64.3% 26.1% 9.1% 1.4x 5.5x 1.4x 4.9x -37.6%eHealth, Inc. EHTH $479.3 $365.7 $161.6 96.7% 13.1% 6.9% 2.3x 17.3x 2.1x 15.0x -12.2%Google Inc. GOOG $289,040.6 $246,318.6 $53,499.0 57.7% 31.4% 33.8% 4.6x 14.7x 3.9x 10.8x 20.1%Groupon GRPN $5,086.7 $3,918.7 $2,376.6 65.4% 6.0% 26.8% 1.6x 27.5x 1.5x 12.6x 49.4%InterActiveCorp IACI $4,058.8 $4,068.4 $2,902.6 64.7% 15.5% 29.6% 1.4x 9.0x 1.2x 6.2x 6.4%Marchex Inc. MCHX $217.2 $200.1 $139.0 41.1% 1.6% -9.2% 1.4x 87.9x 1.3x 12.0x 40.7%QuinStreet QNST $331.9 $315.4 $315.1 18.4% 12.1% -16.8% 1.0x 8.3x 1.0x 6.8x 15.4%ReachLocal, Inc. RLOC $394.4 $306.2 $473.2 50.0% 1.9% 19.7% 0.6x 33.3x 0.6x 9.5x 7.8%SINA Corporation SINA $3,851.7 $3,177.3 $549.1 54.1% 5.7% 12.3% 5.8x 101.3x 5.0x 40.3x 11.0%Sohu.com Inc. SOHU $2,454.4 $2,096.6 $1,148.2 67.0% 32.1% 27.0% 1.8x 5.7x 1.5x 6.6x 33.2%Tree.Com, Inc. TREE $221.8 $148.4 $92.3 94.7% 1.9% 71.1% 1.6x 83.8x 1.3x 8.3x 6.4%ValueClick, Inc. VCLK $2,009.0 $1,959.9 $679.9 62.2% 31.1% 21.7% 2.9x 9.3x 2.6x 7.7x 34.5%Yandex YNDX $8,935.1 $8,586.7 $995.0 75.2% 43.8% 40.3% 8.6x 19.7x 6.7x 14.6x 17.1%

Median: $1,720.3 $1,748.2 $511.1 65.1% 14.3% 24.3% 2.0x 14.7x 1.8x 10.8x 13.2%


Current Ratio 2.4xQuick Ratio 2.0xCash as Percent of Market Cap 17.3%Avg Days Outstanding: Accounts Receivable 40.1xAvg Days Outstanding: Accounts Payable 61.5xWorking Capital to TTM Operating Expense Ratio 0.4x






-10%

-5%

0%

5%

10%

15%

20%

25%

30%Internet Ad Tech and Lead Generation Stock Market Return: January - April 2013

Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTD1-800-FLOWERS.COM, Inc. FLWS $388.8 $389.8 $746.1 41.4% 6.0% 3.8% 0.5x 8.7x 0.5x 7.9x 65.1%Amazon.com, Inc. AMZN $122,551.4 $117,696.4 $63,978.0 25.4% 4.2% 24.5% 1.8x 43.4x 1.5x 22.4x 3.2%Bitauto Holdings Limited BITA $405.7 $318.8 $179.9 72.7% 17.0% 51.5% 1.8x 10.5x 1.3x 7.3x 37.0%BlueNile NILE $440.7 $400.8 $414.0 18.7% 3.5% 18.0% 1.0x 27.7x 0.9x 16.4x -8.8%DangDang DANG $514.7 $422.0 $875.9 14.7% -7.7% 35.6% 0.5x n/a 0.4x n/a 37.4%Digital River Inc. DRIV $616.1 $279.3 $397.5 81.6% 9.0% -1.2% 0.7x 7.8x 0.7x 6.0x 16.2%eBay Inc. EBAY $70,210.4 $65,324.4 $14,543.0 69.8% 29.6% 17.4% 4.5x 15.2x 3.9x 11.4x 2.7%Liquidity Services, Inc. LQDT $1,265.3 $1,208.1 $496.1 44.0% 19.3% 25.8% 2.4x 12.6x 2.2x 9.5x -5.8%Mecox Lane Limited MCOX $31.3 $9.8 $135.7 35.6% -14.2% -34.4% 0.1x n/a n/a n/a -5.0%Mercadolibre, Inc. MELI $5,060.8 $4,867.3 $392.6 78.8% 36.4% 22.2% 12.4x 34.1x 9.6x 26.7x 43.7%Overstock.com, Inc. OSTK $613.0 $531.1 $1,148.9 18.3% 2.8% 9.3% 0.5x 16.4x 0.4x 11.7x 78.4%PetMed Express, Inc. PETS $265.8 $232.1 $227.8 33.9% 12.3% -4.4% 1.0x 8.3x 1.0x 8.1x 18.8%Stamps.com STMP $588.9 $541.7 $119.5 76.4% 24.7% 11.6% 4.5x 18.4x 4.2x 15.5x 39.3%

Median: $588.9 $422.0 $414.0 41.4% 9.0% 17.4% 1.0x 15.2x 1.2x 11.4x 18.8%








-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Internet Commerce Internet Stock Market Return: January - April 2013

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAOL, Inc. AOL $2,684.5 $2,332.1 $2,200.6 30.8% 21.9% 0.9% 1.1x 4.8x 1.0x 5.3x 12.7%DemandMedia DMD $742.3 $632.9 $395.0 52.4% 17.9% 19.1% 1.6x 8.9x 1.4x 5.4x -9.3%InterActiveCorp IACI $4,058.8 $4,068.4 $2,902.6 64.7% 15.5% 29.6% 1.4x 9.0x 1.2x 6.2x 6.4%Netflix NFLX $13,223.3 $12,897.5 $3,763.5 27.5% 3.5% 12.1% 3.4x 99.3x 2.8x 37.1x 134.0%Pandora P $2,975.1 $2,899.7 $471.9 32.0% -8.2% 55.2% 6.1x n/a 4.3x 118.3x 78.8%Shutterstock, Inc. SSTK $1,587.0 $1,480.0 $183.2 61.8% 21.0% 38.4% 8.1x 38.4x 6.3x 28.1x 80.0%TheStreet.com, Inc. TST $67.1 $20.2 $50.5 51.1% -2.6% -10.6% 0.4x n/a n/a n/a 17.2%WebMD Health Corp. WBMD $1,449.3 $1,250.0 $475.7 55.9% 8.5% -10.9% 2.6x 31.1x 2.6x 13.6x 93.6%XO Group XOXO $254.3 $179.3 $129.6 82.7% 16.5% 2.5% 1.4x 8.4x 1.3x 6.5x 7.5%Yahoo! Inc. YHOO $28,473.3 $25,542.2 $4,905.7 68.1% 27.1% -1.7% 5.2x 19.2x 5.6x 15.4x 28.5%

Median: $2,135.7 $1,906.0 $473.8 54.2% 16.0% 7.3% 2.1x 14.1x 2.6x 13.6x 22.8%









0%

5%

10%

15%

20%

25%

30%

35%Internet Content & Media Stock Market Return: January - April 2013

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDChangYou.com CYOU $1,630.2 $1,511.0 $664.2 83.0% 63.0% 28.6% 2.3x 3.6x 2.0x 3.6x 11.8%Giant Interactive GA $2,025.3 $1,555.6 $356.5 90.1% 64.4% 16.8% 4.4x 6.8x 3.8x 6.1x 46.6%Netease NTES $8,300.8 $5,827.9 $1,349.5 69.6% 47.4% 8.1% 4.3x 9.1x 3.8x 7.5x 51.3%NCSoft KOSE:A036 $2,758.7 $2,254.6 $716.6 69.5% n/a 34.1% 3.1x n/a n/a n/a -1.3%Perfect World PWRD $747.7 $496.8 $430.6 79.8% 24.6% -10.3% 1.2x 4.7x 1.1x 5.8x 39.5%Sohu.com Inc. SOHU $2,454.4 $2,096.6 $1,148.2 67.0% 32.1% 27.0% 1.8x 5.7x 1.5x 6.6x 33.2%Tencent Holdings SEHK:700 $72,649.0 $69,554.2 $7,689.4 57.5% 38.6% 50.3% 9.0x 23.5x n/a n/a 18.2%Zynga, Inc. ZNGA $2,699.2 $1,530.5 $1,223.9 72.9% 11.7% 0.5% 1.3x 10.6x 1.6x 24.5x 43.1%

Median: $2,576.8 $1,826.1 $932.4 71.3% 38.6% 21.9% 2.7x 6.8x 1.8x 6.4x 36.3%








0%

5%

10%

15%

20%

25%

30%

35%

40%

45%Internet Gaming Stock Market Return: January - April 2013

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTD8x8, Inc. EGHT $596.6 $544.3 $107.6 68.4% 13.5% 25.4% 5.1x 37.4x 4.3x 24.1x 4.1%Akamai Technologies, Inc. AKAM $8,195.5 $7,682.5 $1,422.5 70.9% 36.6% 18.3% 5.4x 14.7x 4.8x 11.1x 10.0%Brightcove Inc. BCOV $210.4 $183.4 $92.8 68.3% -9.9% 31.7% 2.0x n/a 1.7x 47.6x -22.4%BroadSoft, Inc. BSFT $776.3 $697.5 $166.1 79.4% 13.8% 13.2% 4.2x 30.5x 3.6x 16.5x -24.0%Digital River Inc. DRIV $616.1 $279.3 $397.5 81.6% 9.0% -1.2% 0.7x 7.8x 0.7x 6.0x 16.2%Envivio, Inc. ENVI $45.8 -$4.0 $33.1 62.0% -50.1% -38.8% n/a 0.2x n/a n/a -6.6%Harmonic Inc HLIT $690.9 $462.6 $515.7 45.1% 5.9% -3.2% 0.9x 15.2x 1.0x 9.7x 17.8%Interactive Intelligence, Inc. ININ $996.9 $928.2 $257.8 65.8% 5.8% 20.2% 3.6x 62.5x 3.0x 43.3x 44.3%Limelight Networks, Inc. LLNW $227.9 $109.4 $181.7 53.1% -1.9% 4.3% 0.6x n/a 0.6x 8.4x -5.6%Mitel Networks Corp. MITL $192.7 $406.8 $583.6 55.4% 13.9% -3.8% 0.7x 5.0x 0.7x 4.2x 7.8%Polycom, Inc. PLCM $1,954.7 $1,271.9 $1,385.7 58.9% 8.0% -2.9% 0.9x 11.5x 0.9x 5.5x -0.6%Rovi Corporation ROVI $2,598.9 $3,247.1 $633.6 81.7% 34.1% -9.5% 5.1x 15.0x 4.9x 10.7x 59.3%SeaChange International Inc. SEAC $352.3 $239.5 $157.2 53.7% 8.1% -4.6% 1.5x 18.7x 1.4x 9.4x 8.4%ShoreTel, Inc. SHOR $237.8 $221.1 $306.4 60.4% -3.1% 36.4% 0.7x n/a 0.7x 12.4x -5.3%Sonus Networks, Inc SONS $906.0 $683.1 $253.1 54.8% -9.8% -1.4% 2.7x n/a 2.5x n/a 48.2%Synacor, Inc SYNC $102.9 $66.0 $120.5 45.5% 7.0% 16.9% 0.5x 7.8x 0.5x 7.6x -36.8%Tucows Inc. TCX $72.5 $76.3 $117.2 22.7% 5.5% 14.8% 0.7x 11.9x 0.6x 8.5x 24.1%VeriSign VRSN $7,091.0 $6,234.7 $904.3 80.8% 60.7% 13.6% 6.9x 11.4x 6.4x 10.1x 16.4%

Median: $606.4 $434.7 $255.5 61.2% 7.5% 8.8% 1.5x 13.3x 1.4x 9.9x 8.1%








-5%

0%

5%

10%

15%

20%

25%

30%

Internet Infrastructure Stock Market Return: January - April 2013

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAngie's List, Inc. ANGI $1,363.1 $1,315.1 $176.9 72.3% -24.3% 70.9% 7.4x n/a 4.9x n/a 94.6%Bankrate RATE $1,431.7 $1,536.5 $440.6 67.7% 23.8% -2.1% 3.5x 14.6x 3.3x 12.7x 2.8%Carbonite, Inc. CARB $274.5 $218.0 $90.0 65.4% -6.0% 35.9% 2.4x n/a 2.0x 62.0x 7.4%LifeLock, Inc. LOCK $897.2 $751.9 $300.9 71.8% 7.1% 44.9% 2.5x 35.3x 2.0x 17.2x 27.2%Monster Worldwide, Inc. MWW $644.5 $682.6 $868.6 54.7% 15.6% -10.1% 0.8x 5.0x 0.8x 4.3x -8.4%Qihoo QIHU $5,378.6 $5,077.7 $369.6 89.4% 17.9% 72.6% 13.7x 76.7x 7.7x 28.0x 47.7%Shutterfly SFLY $1,850.8 $1,686.3 $666.0 54.0% 12.5% 31.3% 2.5x 20.2x 2.1x 11.3x 55.4%Tree.Com, Inc. TREE $221.8 $148.4 $92.3 94.7% 1.9% 71.1% 1.6x 83.8x 1.3x 8.3x 6.4%VistaPrint VPRT $1,500.0 $1,687.2 $1,137.8 65.7% 9.5% 16.3% 1.5x 15.6x 1.3x 10.4x 35.3%Zillow Z $1,938.6 $1,759.6 $133.0 88.9% 6.1% 71.3% 13.2x 216.7x 8.8x 64.7x 93.8%Xoom XOOM $613.5 $502.9 $87.4 67.0% -2.3% n/a 5.8x n/a 4.4x n/a -26.8%

Median: $1,363.1 $1,315.1 $300.9 67.7% 7.1% 40.4% 2.5x 27.7x 2.1x 12.7x 27.2%








0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Internet Services Stock Market Return: January - April 2013

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDFacebook FB $58,871.2 $51,660.2 $5,489.0 72.7% 23.9% 35.9% 9.4x 39.4x 7.3x 13.9x -16.7%FriendFinder Networks Inc FFN $11.1 $483.7 $305.8 67.0% 25.5% -6.8% 1.6x 6.2x n/a n/a -42.9%LinkedIn LNKD $18,489.3 $17,659.0 $1,108.6 87.1% 13.5% 79.8% 15.9x 118.1x 10.7x 44.1x 49.2%Mail.ru Group LSE:MAIL $5,838.2 $4,889.7 $680.8 55.1% 42.8% 40.2% 7.2x 16.8x n/a n/a -9.5%Renren Inc RENN $1,197.0 $342.5 $190.6 62.9% -42.3% 47.2% 1.8x n/a 1.3x n/a -13.2%Yelp, Inc. YELP $1,921.0 $1,826.5 $156.3 92.9% -2.8% 66.0% 11.7x n/a 7.6x 63.7x 52.7%YY, Inc. YY $1,558.0 $1,315.8 $160.6 53.6% 20.0% 151.5% 8.2x 40.9x 5.0x 19.8x 91.1%

Median: $1,921.0 $1,826.5 $305.8 67.0% 20.0% 47.2% 8.2x 39.4x 7.3x 32.0x -9.5%



Levered FCF Margin 15.6%Cash from Operations Growth (YoY) 24.8%Cash from Investing Growth (YoY) -25.5%Cash from Financing Growth (YoY) -76.2%Levered FCF Growth (YoY) n/a






-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%Internet Social Stock Market Return: January - April 2013

Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDCtrip CTRP $4,042.3 $3,454.4 $709.3 74.7% 16.7% 21.0% 4.9x 29.2x 4.0x 16.6x 37.3%Expedia EXPE $7,772.0 $7,398.4 $4,226.2 77.5% 15.2% 19.5% 1.8x 11.5x 1.5x 8.1x -8.8%HomeAway AWAY $2,597.4 $2,283.0 $295.8 83.7% 19.1% 22.0% 7.7x 40.4x 6.4x 22.1x 34.9%MakeMyTrip MMYT $475.3 $393.6 $228.8 23.4% -5.9% 16.4% 1.7x n/a 3.8x n/a -3.6%Orbitz OWW $796.2 $1,026.4 $791.9 80.7% 13.4% 2.6% 1.3x 9.6x 1.2x 7.0x 151.7%Priceline PCLN $41,466.7 $37,938.2 $5,525.7 78.7% 35.9% 20.6% 6.9x 19.1x 5.6x 14.9x 24.1%Travelzoo TZOO $441.5 $376.0 $154.0 89.8% 19.2% 2.2% 2.4x 12.7x 2.3x 11.7x 46.4%

Median: $2,597.4 $2,283.0 $709.3 78.7% 16.7% 19.5% 2.4x 15.9x 3.8x 13.3x 34.9%








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45%Internet Travel Stock Market Return: January - April 2013

Travel S&P NASDAQ SEG Internet Index

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