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June 2015 M&A and Investment Summary

Expertise. Commitment. Results.

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2 | M&A and Investment Summary June 2015

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

Monthly M&A and Investment Activity by Industry Segment 9 2

Additional Monthly M&A and Investment Activity Data 39 3

About Petsky Prunier 52 4

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

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

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M&A and Investment Summary for All Segments

Transaction Distribution

A total of 466 deals were announced in June 2015, of which 296 were worth $18.3 billion in aggregate reported value

Software was the most active reported segment with 126 deals announced — 72 of these transactions reported at $2 billion in aggregate value

The Marketing Technology was the highest value segment with 88 transactions, of which 66 were reported worth $6 billion

Strategic buyers announced 181 deals (38 reported $7.3 billion of value)

VC/Growth Capital investors announced 265 transactions (254 reported $8.6 billion of value)

Buyout investors announced 20 deals during the month (four reported $2.4 billion of value)

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

Software 126 27% $1,952.0 11% 48 $794.0 7 - 71 $1,158.0

Digital Media/Commerce 95 20% 5,586.0 31% 16 288.5 2 650.1 77 4,647.4

Marketing Technology 88 19% 6,044.4 33% 25 4,614.2 3 720.0 60 710.2

Business Services 53 11% 2,083.0 11% 24 365.4 6 1,050.0 23 667.6

Digital Advertising 42 9% 1,336.9 7% 18 326.6 0 - 24 1,010.3

Agency & Marketing Services 25 5% 49.9 0% 24 49.9 1 - 0 -

Traditional Media 24 5% 931.0 5% 23 871.0 0 - 1 60.0

Information 13 3% 307.8 2% 3 - 1 - 9 307.8

Total 466 100% 18,290.9 100% 181 7,309.5 20 2,420.1 265 8,561.3

June 2015

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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M&A and Investment Summary for All Segments

Transaction Distribution

Aggregate reported transaction value in June was flat from May 2015 and down 43 percent from June 2014

Strategic activity accounted for 40 percent of reported deal value during the month and included significant transactions:

• Cox Automotive’s pending $4.3 billion acquisition of automotive retail industry solutions provider Dealertrack Technologies

• The $635 million acquisition of domain registration and cloud security company OpenDNS by Cisco

• Martha Stewart Omnimedia’s $353 million purchase by Sequential Brands

• Bluefocus Communications’ $180 million acquisition of China-based mobile internet advertising services company Domob

• Microsoft’s reported $150 million acquisition of cloud productivity applications developer 6 Wunderkinder

*Note, Charter Communications’ $78.8 billion acquisition of Time Warner and $10.4 billion acquisition of Bright House Networks are

excluded to limit comparative distortions.

$31.3

$22.4

$108.4

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Time Warner/ Charter

Bright House/ Charter

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Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

Hip Digital Media, Inc. Promotion Agency Snipp Interactive, Inc. 8.7 5.8 - 1.5x NA

Business Services

PowerSchool Corporate Training Vista Equity Partners 350.0 97.0 - 3.6x NA

SystemsUp Limited IT Consulting/Systems Integration iomart Group 19.0 5.9 - 3.2x NA

nSense ApS Credit/Risk Consulting F-Secure Corporation 16.5 8.5 - 1.9x NA

Digital Advertising

Marmar Media Ltd. 1 Mobile Marketing XLMedia PLC 13.6 11.0 2.2 1.2x 6.2x

Digital Media/Commerce

China Mobile Games and Entertainment Group Limited Gaming Pegasus Investment Holdings 650.1 240.6 51.1 2.7x 12.7x

Geeknet, Inc. Niche Content GameStop, Inc. 96.7 137.1 - 0.7x NA

Marketing Technology

DealerTrack Technologies, Inc. CRM Cox Automotive, Inc. 4,267.4 948.4 123.7 4.5x 34.5x

Acision AB 2 Email/Messaging Software Comverse, Inc. 367.2 191.0 - 1.9x NA

Software Innovation Content Management Tieto Oyj 77.8 48.8 - 1.6x NA

Track Holdings BV Mobile Technology Crowd Mobile Limited 29.8 20.1 10.6 1.5x 2.8x

Software

Indatus ICIM Corp., Select Assets ERP Software RealPage, Inc. 49.0 11.5 2.4 4.3x 20.4x

Orga Systems GmbH Financial Software Redknee Solutions, Inc. 43.0 72.9 - 0.6x NA

IdMlogic Ltd. Security Software CA Technologies 25.0 4.0 - 6.3x NA

ProSoft Technology Group, Inc. Enterprise Mobility Kellton Tech Solutions Ltd. 14.0 40.0 - 0.4x NA

Traditional Media

Martha Stewart Living Omnimedia, Inc. Broadcast Television Sequential Brands Group, Inc. 299.9 125.7 8.8 2.4x 34.2x

1 52 percent stake acquisition2 57 percent stake acquisition

Selected Transactions With Multiples Information

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Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Jun-15 NEP Group, Inc. United States Traditional Media 100.0$ 39.9$ NA

Jun-15 Rapid7, Inc. United States Software 80.0 93.7 NA

Jun-15 Teladoc, Inc. United States Software 100.0 50.6 NA

Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA

Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1

Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA

May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA

Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3

Mar-14 Globoforce Group plc Ireland Software NA NA NA

LTM

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LTM IPO Performance (1/2)

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 30, 2015 1st Trading Day

Jun-15 NasdaqGM:APPF AppFol io, Inc. United States $12.00-$14.00 $12.00 $14.10, up 17% $14.10 0.0%

Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 8.59 (1.3%)

Jun-15 NYSE:FIT Fi tbi t Inc. United States 17.00-19.00 20.00 29.68, up 48% 38.23 28.8%

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 13.83 19.6%

Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 19.50 3.4%

May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 33.95 19.9%

May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 10.77 3.2%

May-15 NYSE:PGND Press Ganey Holdings , Inc. United States 22.00-24.00 25.00 27.50, up 10 % 28.67 4.3%

Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 9.93 (6.3%)

Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 14.05 (53.2%)

Apr-15 NasdaqGM:WOWO JM WOWO China 9.00-11.00 10.00 10.29, up 3% 8.01 (22.2%)

Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 28.19 7.8%

Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 8.08 (23.8%)

Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 18.64 (19.8%)

Dec-14 NYSE:NEWR New Rel ic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 35.19 13.2%

Dec-14 NYSE:ONDK On Deck Capita l , Inc. United States 16.00-18.00 20.00 27.98, up 40% 11.58 (58.6%)

Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 16.10 (5.4%)

Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 10.56 20.0%

Dec-14 NasdaqGS:HDP Hortonworks , Inc. United States 14.00-16.00 16.00 26.38, up 65% 25.32 (4.0%)

Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 13.83 (1.1%)

Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 14.75 (36.8%)

Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 5.53 (22.7%)

Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 9.22 (5.4%)

Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 49.58 64.7%

Oct-14 NYSE:W Wayfa ir Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.64 (0.2%)

Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States 11.00-13.00 12.00 13.44, up 12% 14.44 7.4%

Sep-14 NYSE:BABA Al ibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 82.27 (12.4%)

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LTM IPO Performance (2/2)

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 30, 2015 1st Trading Day

Sep-14 NYSE:CIVI Civi tas Solutions , Inc. United States $20.00-$23.00 $17.00 $16.61, down 2% $21.33 28.4%

Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Is rael 13.00-15.00 16.00 29.93, up 87% 62.82 109.9%

Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 13.78 (16.0%)

Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00-14.00 15.00 19.05, up 27% 12.53 (34.2%)

Aug-14 NYSE:MBLY Mobi leye N.V. Is rael 21.00-23.00 25.00 37.00, up 48% 53.17 43.7%

Jul -14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up 26% 32.05 82.1%

Jul -14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 13.58 32.5%

Jul -14 NasdaqGS:TUBE TubeMogul , Inc. United States 7.00-8.00 7.00 11.50, up 64% 14.29 24.3%

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Digital Media/Commerce

Of the total $5.6 billion in value reported in the Digital Media/Commerce segment, $4.6 billion in Venture/Growth Capital investments

were announced, while an additional $650 million of Buyout transactions were made

eCommerce was the most active subsegment across all segments with 39 transactions announced, of which 34 were reported for $2.3

billion. Select investments from the subsegment include:

• The $142 million raise by recipe and ingredient delivery service Blue Apron from FMR

Select Digital Media/Commerce transactions include:

• The Tiger Global Management led $1.5 billion investment in Airbnb at a reported valuation exceeding $25 billion

• Pegasus Investment’s $689 million take-private of China Mobile Games and Entertainment Group

• The $526 million round of funding raised by Spotify from Goldman Sachs and TeliaSonera at a reported valuation of more than $8.5 billion

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

eCommerce 39 41% $2,334.0 42% 4 $38.0 1 - 34 $2,296.0

Mobile Content/Apps 16 17% 243.8 4% 6 150.0 0 - 10 93.8

Classifieds/Auctions/P-to-P 11 12% 1,924.2 34% 0 - 0 - 11 1,924.2

Gaming 10 11% 673.8 12% 2 3.8 1 650.1 7 19.9

Niche Content 10 11% 142.4 3% 4 96.7 0 - 6 45.7

Social Media/Apps 7 7% 54.8 1% 0 - 0 - 7 54.8

Web Search/Portals 2 2% 213.0 4% 0 - 0 - 2 213.0

Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 -

Total 95 100% 5,586.0 100% 16 288.5 2 650.1 77 4,647.4

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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Digital Media/Commerce Public Company Valuation (1/3)

($ in Millions, except stock price data)

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

Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

1-800-Flowers.com Inc. United States $10.46 -22% $ 682.6 $ 767.6 $ 1,080.6 $ 94.7 8.8% 45.6% 0.7x 8.1x

58.com Inc. * China 64.06 -23% 7,401.0 6,968.5 303.8 (47.0) NM 78.4% 22.9x NM

Alibaba Group Holding Limited * China 82.27 -31% 206,697.4 196,788.2 12,292.0 4,465.0 36.3% 45.1% 16.0x 44.1x

Amazon.com Inc. * United States 434.09 -4% 202,147.5 205,397.5 91,964.0 4,871.0 5.3% 17.7% 2.2x 42.2x

Analizy Online S.A. Poland 4.20 -12% 5.0 4.5 1.5 0.4 26.1% 7.1% 3.0x 11.3x

Baidu, Inc. China 199.08 -21% 69,922.9 65,170.4 8,433.0 2,726.3 32.3% 47.4% 7.7x 23.9x

Blucora, Inc. United States 16.15 -15% 660.7 590.3 539.4 84.4 15.7% -13.7% 1.1x 7.0x

Blue Nile Inc. United States 30.39 -19% 360.7 321.5 476.2 16.1 3.4% 4.3% 0.7x 20.0x

CafePress Inc. * United States 4.50 -17% 79.1 29.0 149.7 (5.2) NM -0.3% 0.2x NM

Care.com, Inc. * United States 5.92 -54% 189.2 126.4 126.6 (29.3) NM 42.9% 1.0x NM

CDW Corporation United States 34.28 -13% 5,848.6 8,897.2 12,177.4 897.2 7.4% 10.6% 0.7x 9.9x

Changyou.com Limited China 29.83 -15% 1,550.5 1,520.8 783.2 163.9 20.9% 5.7% 1.9x 9.3x

Chegg, Inc. United States 7.84 -11% 674.6 595.7 315.3 17.0 5.4% 17.2% 1.9x 35.1x

Cnova N.V. * Netherlands 5.53 -36% 2,440.4 2,368.1 3,880.2 51.8 1.3% 19.3% 0.6x 45.8x

Copart, Inc. United States 35.48 -8% 4,489.0 4,476.0 1,151.2 416.2 36.2% 1.0% 3.9x 10.8x

CyberAgent Inc. Japan 47.51 -19% 2,976.4 2,805.5 1,942.1 314.6 16.2% 32.1% 1.4x 8.9x

Demand Media, Inc. United States 6.36 -77% 126.0 78.6 160.6 4.4 2.7% 4.4% 0.5x 17.9x

DeNA Co., Ltd. Japan 19.67 -11% 2,550.8 2,148.8 1,186.9 296.5 25.0% -21.5% 1.8x 7.2x

eBay Inc. United States 60.24 -5% 73,180.9 71,164.9 18,088.0 5,098.0 28.2% 9.2% 3.9x 14.0x

E-Commerce China Dangdang Inc. * China 8.99 -45% 726.5 461.5 1,361.2 5.5 0.4% 25.4% 0.3x 83.2x

eLong Inc. * China 16.92 -38% 621.5 374.4 169.7 (82.9) NM 1.3% 2.2x NM

Etsy, Inc. * United States 14.05 -61% 1,570.6 1,566.2 213.6 0.1 0.1% 53.9% 7.3x NM

Everyday Health, Inc. United States 12.78 -34% 404.8 469.0 188.0 16.4 8.7% 15.4% 2.5x 28.6x

Expedia Inc. United States 109.35 -5% 13,948.9 14,368.0 5,936.5 734.9 12.4% 19.7% 2.4x 19.6x

Facebook, Inc. * United States 85.77 -4% 240,848.4 228,621.4 13,507.0 6,288.0 46.6% 51.5% 16.9x 36.4x

Forgame Holdings Limited * China 2.87 -23% 419.7 251.4 103.8 1.3 1.2% -45.6% 2.4x NM

Fitbit Inc. United States 38.23 -10% 7,864.7 7,786.5 973.4 241.6 24.8% 0.0% 8.0x 32.2x

G5 Entertainment AB (publ) Sweden 3.90 -11% 34.3 30.4 23.3 1.7 7.2% 82.1% 1.3x 18.0x

GameLoft SE France 4.28 -42% 363.9 306.9 275.1 13.9 5.1% -2.6% 1.1x 22.0x

Geeknet, Inc. * United States 19.94 0% 128.4 91.4 137.1 (8.2) NM -3.0% 0.7x NM

Glu Mobile, Inc. * United States 6.21 -18% 747.3 681.6 248.0 16.5 6.7% 97.5% 2.7x 41.2x

Google Inc. United States 540.04 -11% 361,855.1 304,121.1 67,839.0 21,898.0 32.3% 17.0% 4.5x 13.9x

Gree, Inc. Japan 5.85 -20% 1,364.9 772.0 817.7 247.6 30.3% -27.9% 0.9x 3.1x

GrubHub Inc. United States 34.07 -29% 2,859.5 2,561.2 283.5 77.7 27.4% 66.8% 9.0x 33.0x

Hollywood Media Corp. * United States 0.70 -50% 15.8 (7.1) 0.4 (4.8) NM -31.1% NM 1.5x

HSN, Inc. United States 70.19 -12% 3,683.0 4,281.1 3,652.5 329.0 9.0% 7.1% 1.2x 13.0x

IAC/InterActiveCorp United States 79.66 -3% 6,543.3 6,774.4 3,141.8 442.2 14.1% 4.0% 2.2x 15.3x

iDreamSky Technology Limited * China 12.53 -52% 544.8 416.6 190.6 3.7 1.9% 196.5% 2.2x NM

International Game Technology PLC United Kingdom 17.76 -16% 3,527.1 6,641.9 3,326.1 1,114.5 33.5% 1.6% 2.0x 6.0x

iProperty Group Limited * Malaysia 1.85 -36% 346.7 336.8 17.9 0.0 0.2% 14.6% 18.8x NM

j2 Global, Inc. United States 67.94 -6% 3,275.2 3,393.2 626.2 256.3 40.9% 15.7% 5.4x 13.2x

JD.com, Inc. * China 34.10 -10% 46,631.1 42,379.1 20,805.8 (126.4) NM 64.8% 2.0x NM

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Jiayuan.com International Ltd. * China 7.30 -23% $ 217.15 $ 143.58 $ 104.69 $ 3.49 3.3% 25.9% 1.4x 41.1x

JobStreet Corp. Bhd. Malaysia 0.52 -87% 72.7 44.9 5.9 3.6 60.8% NM 7.6x 12.4x

Jumei International Holding Limited China 22.84 -42% 3,316.3 2,738.8 728.7 59.8 8.2% 38.3% 3.8x 45.8x

King Digital Entertainment plc Ireland 14.25 -39% 4,429.3 3,768.0 2,233.3 786.4 35.2% -2.3% 1.7x 4.8x

Kongzhong Corp. China 7.34 -21% 345.4 227.3 229.2 38.4 16.7% 29.8% 1.0x 5.9x

LifeLock, Inc. United States 16.40 -14% 1,547.7 1,254.3 502.8 32.3 6.4% 27.3% 2.5x 38.8x

Liberty Interactive Corporation United States 27.75 -9% 13,150.0 17,956.0 10,279.0 1,751.0 17.0% 2.9% 1.7x 10.3x

LightInTheBox Holding Co., Ltd. * China 4.60 -46% 220.1 154.4 388.5 (39.1) NM 29.2% 0.4x NM

LinkedIn Corporation * United States 206.63 -25% 26,028.0 23,596.4 2,383.3 240.2 10.1% 42.1% 9.9x 98.3x

Liquidity Services, Inc. United States 9.63 -39% 289.0 202.8 473.5 40.5 8.6% -6.0% 0.4x 5.0x

MeetMe, Inc. United States 1.70 -40% 76.3 64.9 46.9 5.1 10.9% 11.6% 1.4x 12.7x

Mercadolibre, Inc. Argentina $141.70 -8% 6,256.8 6,176.7 589.3 196.3 33.3% 21.4% 10.5x 31.5x

Mixi, Inc. Japan 49.71 -12% 4,136.3 3,710.7 941.1 443.1 47.1% 829.0% 3.9x 8.4x

NCsoft Corporation South Korea 177.50 -13% 3,542.7 2,862.2 766.0 282.4 36.9% 13.2% 3.7x 10.1x

Naver Corporation South Korea 566.93 -25% 16,705.6 15,846.0 2,593.2 817.9 31.5% 21.3% 6.1x 19.4x

NetEase, Inc. China 144.87 -6% 18,936.9 15,330.2 2,098.2 824.5 39.3% 38.2% 7.3x 18.6x

Netflix, Inc. * United States 656.94 -7% 39,825.8 39,268.1 5,807.7 459.3 7.9% 25.7% 6.8x 85.5x

NEXON Co., Ltd. Japan 13.77 -6% 5,904.9 5,251.4 1,478.5 644.2 43.6% 12.0% 3.6x 8.2x

Orbitz Worldwide, Inc. United States 11.42 -3% 1,275.9 1,390.3 942.0 116.9 12.4% 10.2% 1.5x 11.9x

Overstock.com Inc. United States 22.54 -17% 548.3 426.0 1,554.2 23.6 1.5% 16.6% 0.3x 18.0x

Pacific Online Ltd. China 0.44 -34% 493.9 430.2 159.2 47.0 29.5% 16.5% 2.7x 9.2x

Pandora Media, Inc. * United States 15.54 -49% 3,285.6 2,904.1 957.3 (34.2) NM 30.4% 3.0x NM

PChome Online Inc. Taiwan 16.49 -5% 1,431.3 1,294.4 665.2 34.6 5.2% 21.1% 1.9x 37.5x

PetMed Express, Inc. United States 17.27 -4% 349.9 298.7 229.4 30.0 13.1% -1.7% 1.3x 9.9x

Phoenix New Media Limited China 7.92 -30% 561.7 362.1 265.5 38.7 14.6% 9.7% 1.4x 9.4x

The Priceline Group Inc. United States 1,151.37 -13% 59,683.6 60,352.2 8,640.9 3,293.5 38.1% 21.1% 7.0x 18.3x

Rakuten, Inc. Japan 16.17 -17% 22,820.3 24,485.7 5,159.8 1,211.3 23.5% 13.9% 4.7x 20.2x

RealNetworks Inc. * United States 5.41 -35% 195.3 60.9 141.1 (62.7) NM -27.7% 0.4x NM

Rediff.com India Limited * India 1.80 -43% 49.7 37.1 15.3 (8.6) NM -4.9% 2.4x NM

Renren Inc. * China 3.79 -15% 1,284.5 871.1 73.4 (92.4) NM -43.5% 11.9x NM

Shanda Games Limited China 6.88 -1% 1,860.0 1,825.2 599.4 231.9 38.7% -14.4% 3.0x 7.9x

Shutterfly, Inc. United States 47.81 -13% 1,796.9 1,847.3 944.5 87.3 9.2% 17.5% 2.0x 21.2x

Shutterstock, Inc. United States 58.64 -32% 2,103.0 1,857.5 352.7 47.3 13.4% 37.2% 5.3x 39.3x

Sky-mobi Limited China 5.21 -51% 145.3 59.8 126.0 4.9 3.9% 0.0% 0.5x 12.3x

SNAP Interactive, Inc. * United States 0.17 -54% 6.7 5.3 13.5 (1.4) NM 8.2% 0.4x NM

Spark Networks, Inc. United States 3.07 -51% 77.4 63.9 58.5 8.4 14.3% -14.9% 1.1x 7.6x

Sportsman's Warehouse Holdings,

Inc. United States 11.37 -6% 477.6 696.7 672.1 54.1 8.0% 5.2% 1.0x 12.9x

Stamps.com Inc. United States 73.57 -2% 1,203.8 1,134.6 158.0 40.5 25.6% 22.5% 7.2x 28.0x

Taomee Holdings Ltd. * China 3.22 -42% 113.8 42.1 39.5 (3.3) NM -21.7% 1.1x NM

TheStreet, Inc. * United States 1.81 -30% 63.1 29.4 63.6 0.0 0.1% 13.0% 0.5x NM

Tomorrow Focus AG Germany 4.76 -23% 277.7 316.1 180.5 18.9 10.5% 16.5% 1.8x 16.7x

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*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value




Twitter, Inc. * United States 36.22 -35% 24,325.15 22,368.70 1,588.45 (335.23) NM 98.3% 14.1x NM

U.S. Auto Parts Network, Inc. United States 2.20 -46% 74.69 88.36 291.87 4.48 1.5% 13.4% 0.3x 19.7x

United Online, Inc. United States 15.67 -14% 229.99 150.47 211.78 26.85 12.7% NA 0.7x 5.6x

EVINE Live Inc. United States 2.69 -62% 153.5 196.6 673.4 15.4 2.3% 3.8% 0.3x 12.8x

Vipshop Holdings Limited * China 22.25 -28% 12,869.5 12,289.6 4,468.3 236.3 5.3% 114.4% 2.8x 52.0x

Wayfair Inc. * United States 37.64 -5% 3,192.17 2,911.88 1,464.62 (131.43) NM 44.3% 2.0x NM

WebMD Health Corp. United States 44.28 -16% 1,633.5 1,850.4 590.0 120.2 20.4% 10.0% 3.1x 15.4x

Weibo Corporation * China 17.14 -34% 3,541.9 3,090.4 363.0 5.9 1.6% 57.8% 8.5x NM

WeMade Entertainment Co., Ltd. * South Korea 32.28 -28% 538.3 521.5 143.1 (13.5) NM -23.7% 3.6x NM

Wowo Limited * China 8.01 -38% 297.9 424.4 32.2 (39.2) NM -8.5% 13.2x NM

XO Group Inc. United States 16.35 -12% 432.5 349.8 143.8 18.5 12.9% 5.8% 2.4x 18.9x

Yahoo! Inc. United States 39.29 -25% 36,871.4 6,599.5 4,711.4 598.7 12.7% 0.8% 1.4x 11.0x

Yandex N.V. Netherlands 15.22 -57% 4,919.6 4,907.5 897.9 326.6 36.4% 23.2% 5.5x 15.0x

YY Inc. China 69.52 -28% 3,742.9 3,512.6 671.4 194.6 29.0% 91.4% 5.2x 18.1x

zulily, Inc. United States 13.04 -69% 1,610.1 1,295.3 1,268.8 29.3 2.3% 57.3% 1.0x 44.3x

Zynga, Inc. * United States 2.86 -13% 2,631.0 1,680.6 705.7 (83.4) NM -9.3% 2.4x NM

Average 3.5x 17.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (40.3x)

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Digital Advertising

There was a total of 42 transactions announced in the Digital Advertising segment worth a total of $1.3 billion in aggregate reported

value

The Online Lead Generation was the most active subsegment, announcing seven transactions of which four reported $193 million in

aggregate reported value

Select Transactions:

• Silver Lake Capital’s $500 million equity investment in online travel booking platform Qunar

• Credit Karma’s $175 million round of funding at a reported valuation of $3.5 billion from The Tiger Global Management, Valinor Management, and Viking Global

• The majority stake acquisition of mobile advertising services company Madhouse at a valuation $130 million by Bluefocus Communications

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

Online Lead Generation 7 17% $193.4 14% 3 - 0 - 4 $193.4

Comparison Shopping 6 14% 640.3 48% 3 - 0 - 3 640.3

Mobile Marketing 6 14% 310.6 23% 4 276.6 0 - 2 34.0

Digital Video 5 12% 71.0 5% 0 - 0 - 5 71.0

Vertical Search 5 12% 75.5 6% 2 50.0 0 - 3 25.5

Ad Networks/Exchanges 4 10% 4.4 0% 3 - 0 - 1 4.4

Local Search 4 10% 21.4 2% 1 - 0 - 3 21.4

Other* 5 12% 20.3 2% 2 - 0 - 3 20.3

Total 42 100% 1,336.9 100% 18 326.6 0 0.0 24 1,010.3

*Other includes Digital Promotion/Coupon, Email Services, and Game Advertising

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Digital Advertising Public Company Valuation (1/2)




Adgorithms LTD Israel $2.06 -6% $ 127.1 $ 125.1 $ 20.2 $ 4.6 22.7% 405.3% 6.2x 27.3x

Alliance Data Systems Corporation United States $291.94 -6% $ 18,114.6 $ 31,754.0 $ 5,671.2 $ 1,559.6 27.5% 26.1% 5.6x 20.4x

Angie's List, Inc. * United States $6.16 -51% 360.5 341.9 325.9 4.1 1.3% 22.5% 1.0x 83.5x

Autobytel Inc. United States 15.99 -12% 167.6 165.6 105.6 8.8 8.3% 21.3% 1.6x 18.9x

Bankrate, Inc. United States 10.49 -42% 1,089.9 1,233.0 550.2 99.9 18.2% 13.5% 2.2x 12.3x

Blinkx plc United States 0.42 -40% 170.8 69.5 215.0 (4.9) NM -13.0% 0.3x NM

Blucora, Inc. United States 16.15 -15% 660.7 590.3 539.4 84.4 15.7% -13.7% 1.1x 7.0x

Constant Contact, Inc. United States 28.76 -33% 924.9 745.8 343.2 40.6 11.8% 15.9% 2.2x 18.4x

Coupons.com Incorporated United States 10.79 -58% 894.0 699.1 225.8 (13.6) NM 23.5% 3.1x NM

Criteo SA France 47.67 -7% 2,935.5 2,638.7 917.5 77.9 8.5% 70.3% 2.9x 33.9x

Ctrip.com International Ltd. China 72.62 -17% 10,342.1 10,516.8 1,303.3 (33.5) NM 39.1% 8.1x NM

Demand Media, Inc. United States 6.36 -77% 126.0 78.6 160.6 4.4 2.7% 4.4% 0.5x 17.9x

DHI Group, Inc. United States 8.89 -23% 489.1 566.0 265.7 74.0 27.9% 18.8% 2.1x 7.6x

Digital Globe Services Inc. United States 0.79 -74% 23.8 24.0 39.6 2.6 6.6% 23.3% 0.6x 9.2x

Facebook, Inc. * United States 85.77 -4% 240,848.4 228,621.4 13,507.0 6,288.0 46.6% 51.5% 16.9x 36.4x

Google Inc. United States 540.04 -11% 361,855.1 304,121.1 67,839.0 21,898.0 32.3% 17.0% 4.5x 13.9x

Groupon, Inc. United States 5.03 -40% 3,403.7 2,466.2 3,213.6 103.6 3.2% 19.0% 0.8x 23.8x

HomeAway, Inc. United States 31.12 -16% 2,954.1 2,434.1 460.1 63.2 13.7% 23.5% 5.3x 38.5x

IAC/InterActiveCorp United States 79.66 -3% 6,543.3 6,774.4 3,141.8 442.2 14.1% 4.0% 2.2x 15.3x

InternetQ PLC United Kingdom 4.11 -29% 164.3 164.9 160.3 15.9 9.9% 26.8% 1.0x 10.3x

Just Dial Limited * India 19.94 -33% 1,405.4 1,277.5 94.3 25.1 26.6% 27.9% 13.5x 51.0x

LeGuide.com S.A. France 35.09 -2% 127.2 92.6 47.2 4.4 9.4% -14.5% 2.0x 20.9x

MakeMyTrip Limited India 19.68 -41% 826.3 684.9 299.7 (10.3) NM 17.3% 2.3x NM

Marimedia Ltd. Israel 0.99 -64% 65.8 40.4 63.1 9.4 15.0% 45.7% 0.6x 4.3x

Matomy Media Group Ltd. Israel 1.72 -57% 159.4 165.3 237.4 18.6 7.8% 22.7% 0.7x 8.9x

Millennial Media Inc. United States 1.62 -64% 226.9 194.5 286.7 (41.7) NM 1.5% 0.7x NM

Monster Worldwide, Inc. United States 6.54 -7% 595.2 750.6 755.6 72.8 9.6% -4.8% 1.0x 10.3x

Opera Software ASA Norway 8.58 -35% 1,246.5 1,264.1 520.6 93.1 17.9% 60.1% 2.4x 13.6x

Pacific Online Ltd. China 0.44 -34% 493.9 430.2 159.2 47.0 29.5% 16.5% 2.7x 9.2x

QuinStreet, Inc. United States 6.45 -6% 287.4 237.8 278.8 (3.9) NM -4.1% 0.9x NM

ReachLocal, Inc. United States 3.15 -58% 92.4 60.1 449.7 (37.2) NM -13.0% 0.1x NM

RetailMeNot, Inc. United States 17.83 -33% 950.8 750.5 263.8 64.6 24.5% 14.4% 2.8x 11.6x

Rightmove plc * United Kingdom 51.53 -4% 4,937.4 4,919.8 260.3 191.5 73.6% 19.3% 18.9x 25.7x

Rocket Fuel Inc. United States 8.20 -72% 345.9 338.3 438.6 (54.6) NM 58.5% 0.8x NM

Rovi Corporation United States 15.95 -40% 1,466.4 2,289.7 533.9 176.0 33.0% -2.4% 4.3x 13.0x

Septeni Holdings Co., Ltd. Japan 11.20 -6% 290.2 226.2 475.8 19.7 4.1% 13.5% 0.5x 11.5x

The Rubicon Project, Inc. United States 14.96 -27% 636.7 516.4 139.5 (10.1) NM 54.5% 3.7x NM

TiVo Inc. United States 10.14 -29% 986.57 654.37 459.15 82.84 18.0% 6.6% 1.4x 7.9x

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Digital Advertising Public Company Valuation (2/2)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)




TradeDoubler AB Sweden 0.85 -42% $ 35.79 $ 21.40 $ 199.33 $ (1.95) NM -10.4% 0.1x NM

Travelzoo Inc. United States 11.28 -43% 166.2 111.6 138.4 12.7 9.2% -11.4% 0.8x 8.8x

LendingTree, Inc. * United States 78.61 -1% 900.3 811.8 178.2 15.3 8.6% 17.9% 4.6x 53.2x

Tremor Video, Inc. United States 2.91 -37% 149.5 74.9 165.2 (16.0) NM 16.4% 0.5x NM

TripAdvisor Inc. United States 87.14 -20% 12,505.4 12,212.4 1,328.0 373.0 28.1% 33.3% 9.2x 32.7x

TrueCar, Inc. United States 11.99 -52% 982.5 866.0 221.3 (42.3) NM 44.8% 3.9x NM

TubeMogul, Inc. United States 14.29 -40% 482.6 446.8 122.5 (6.1) NM 75.9% 3.6x NM

Twitter, Inc. * United States 36.22 -35% 24,325.2 22,368.7 1,588.4 (335.2) NM 98.3% 14.1x NM

Voltari Corporation United States 5.65 -74% 51.2 79.4 12.0 (13.8) NM 31.8% 6.6x NM

Web.com Group, Inc. United States 24.22 -18% 1,249.0 1,724.8 542.7 104.4 19.2% 6.3% 3.2x 16.5x

XLMedia PLC Channel Islands 0.87 -28% 174.9 131.2 50.7 15.4 30.3% 47.0% 2.6x 8.5x

Yahoo! Inc. United States 39.29 -25% 36,871.4 6,599.5 4,711.4 598.7 12.7% 0.8% 1.4x 11.0x

Yelp Inc. * United States 43.03 -50% 3,219.3 2,888.0 419.6 28.4 6.8% 59.4% 6.9x 101.6x

Yandex N.V. Netherlands 15.22 -57% 4,919.6 4,907.5 897.9 326.6 36.4% 23.2% 5.5x 15.0x

Youku Tudou Inc. * China 24.53 -22% 4,758.6 3,781.9 740.1 67.2 9.1% 37.9% 5.1x 56.3x

YuMe, Inc. United States 5.42 -17% 181.4 136.3 180.6 (4.9) NM 11.6% 0.8x NM

Zhaopin Ltd. China 15.38 -18% 786.8 571.9 196.4 47.2 24.0% 19.8% 2.9x 12.1x

Zillow Group, Inc. United States 86.74 -47% 5,072.1 4,673.6 386.9 (5.1) NM 72.1% 12.1x NM

Average 3.0x 18.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (44.5x)

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Marketing Technology

The Marketing Technology segment announced 88 transactions worth a total of $6 billion in aggregate value

Analytics & Targeting was the most active subsegment with 21 transactions announced, worth a total of $154 million in aggregate

reported value

MRM/Workflow was the highest value segment with five transactions announcing $780 million in aggregate reported value

Select acquisitions:

• Advertising software developer Mediaocean’s acquisition by Vista Equity Partners in a transaction that values the company at a reported $720 million

• The $200 million majority acquisition of messaging and engagement solutions provider Acision by Comverse

• Salesforce document generation and reporting application Conga’s $70 million investment from Insight Venture Partners

Select investments:

• Social media analysis software developer Banjo’s $100 million investment from SoftBank and BlueRun Ventures

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

Analytics & Targeting 21 24% $154.3 3% 4 $6.0 0 - 17 $148.3

Content Management 15 17% 215.8 4% 3 96.8 1 - 11 119.0

Mobile Technology 11 13% 105.3 2% 6 29.8 0 - 5 75.5

BI Tools 8 9% 51.4 1% 3 4.0 0 - 5 47.4

MRM/Workflow Management 5 6% 780.0 13% 2 - 1 720.0 2 60.0

SFA/Lead Management 5 6% 105.0 2% 1 - 1 - 3 105.0

Commerce Management 4 5% 23.0 0% 1 - 0 - 3 23.0

Other* 19 22% 4,609.6 76% 5 4,477.6 0 - 14 108.0

Total 88 100% 6,044.4 100% 25 4,614.2 3 720.0 60 710.2

*Other includes Ad Serving, CRM, Email/Messaging Software, Market Research, Media Management System, SEM/SEO Tools, and Social Technology

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated * United States 81.01 -4% 40,314.2 38,805.3 4,350.1 920.6 21.2% 6.0% 8.9x 42.2x

AppFolio, Inc. United States 14.10 -5% 455.8 453.3 53.7 (8.0) NM 0.0% 8.4x NM

Baozun Inc. China 10.77 -27% 523.5 495.2 289.2 (6.4) NM 0.0% 1.7x NM

Bazaarvoice, Inc. United States 5.89 -37% 472.1 422.3 191.2 (21.6) NM 13.7% 2.2x NM

Bitauto Holdings Limited China 51.05 -48% 3,134.6 2,198.0 452.7 84.6 18.7% 80.7% 4.9x 26.0x

Blackbaud Inc. * United States 56.95 -5% 2,623.2 2,896.7 583.8 94.8 16.2% 13.2% 5.0x 30.5x

Borderfree, Inc. United States 14.00 -21% 448.9 356.2 123.8 (3.9) NM 11.3% 2.9x NM

Brightcove Inc. United States 6.86 -37% 223.1 202.2 126.8 (3.1) NM 9.0% 1.6x NM

ChannelAdvisor Corporation United States 11.95 -55% 298.6 237.4 88.2 (27.5) NM 21.7% 2.7x NM

ChinaCache International Holdings

Ltd. China 12.52 -27% 324.4 235.9 229.7 13.8 6.0% 19.0% 1.0x 17.0x

Constant Contact, Inc. United States 28.76 -33% 924.9 745.8 343.2 40.6 11.8% 15.9% 2.2x 18.4x

Covisint Corporation United States 3.27 -39% 127.6 77.6 88.5 (26.9) NM -8.9% 0.9x NM

Cvent, Inc. United States 25.78 -13% 1,071.4 894.9 152.0 2.2 1.5% 28.6% 5.9x NM

Dealertrack Technologies, Inc. * United States 62.79 -1% 3,444.6 4,246.4 948.4 115.2 12.1% 78.5% 4.5x 36.9x

Demandware, Inc. * United States 71.08 -3% 2,660.2 2,471.2 178.3 (20.5) NM 50.2% 13.9x NM

eBay Inc. United States 60.24 -5% 73,180.9 71,164.9 18,088.0 5,098.0 28.2% 9.2% 3.9x 14.0x

Endurance International Group

Holdings, Inc. United States 20.66 -12% 2,735.6 3,766.4 661.4 171.3 25.9% 21.7% 5.7x 22.0x

Five9, Inc. United States 5.23 -34% 260.6 236.8 109.1 (27.3) NM 22.2% 2.2x NM

GoDaddy Inc. * United States 28.19 -15% 1,830.5 3,050.6 1,443.4 100.1 6.9% 21.5% 2.1x 30.5x

HubSpot, Inc. * United States 49.58 -10% 1,640.2 1,504.2 129.9 (48.7) NM 52.7% 11.6x NM

Informatica Corporation United States 48.47 -1% 5,075.3 4,576.6 1,055.4 191.0 18.1% 8.0% 4.3x 24.0x

Infosystems S.A. Poland 0.19 -80% 0.8 1.0 1.9 1.2 60.4% 0.0% 0.5x 0.8x

Interactive Intell igence Group Inc. United States 44.47 -21% 958.2 897.7 351.3 0.9 0.3% 8.3% 2.6x NM

IBM Corporation United States 162.66 -17% 160,176.8 190,342.8 90,147.0 23,608.0 26.2% -7.3% 2.1x 8.1x

Jive Software, Inc. United States 5.25 -39% 392.8 278.8 184.8 (31.8) NM 20.8% 1.5x NM

LivePerson Inc. * United States 9.81 -33% 559.7 518.8 221.9 11.1 5.0% 21.2% 2.3x 46.9x

Marin Software Incorporated United States 6.74 -42% 243.8 194.4 103.0 (27.1) NM 24.1% 1.9x NM

Marketo, Inc. United States 28.06 -21% 1,185.3 1,088.0 163.7 (52.1) NM 50.9% 6.6x NM

MaxPoint Interactive, Inc. United States 8.08 -28% 209.4 172.4 119.8 (11.7) NM 70.2% 1.4x NM

Mercadolibre, Inc. * Argentina 141.70 -8% 6,256.8 6,176.7 589.3 196.3 33.3% 21.4% 10.5x 31.5x

MicroStrategy Inc. United States 170.08 -14% 1,926.3 1,534.5 565.8 69.9 12.4% -3.1% 2.7x 22.0x

MINDBODY, Inc. United States 13.83 -15% 541.0 707.2 76.6 (23.3) NM 0.0% 9.2x NM

NetSuite Inc. * United States 91.75 -19% 7,213.2 7,030.6 598.1 (49.6) NM 34.2% 11.8x NM

Nuance Communications, Inc. * United States 17.51 -8% 5,495.1 7,100.0 1,926.9 209.8 10.9% 2.1% 3.7x 33.8x

Open Text Corporation Canada 40.53 -34% 4,953.3 5,919.4 1,863.2 538.4 28.9% 26.1% 3.2x 11.0x

Opera Software ASA Norway 8.58 -35% 1,246.5 1,264.1 520.6 93.1 17.9% 60.1% 2.4x 13.6x

Oracle Corporation United States 40.30 -14% 174,743.9 162,768.9 38,226.0 16,065.0 42.0% -0.1% 4.3x 10.1x

Press Ganey Holdings, Inc. United States 28.67 -3% 1,497.0 1,901.0 291.1 93.9 32.2% 0.0% 6.5x 20.3x

PROS Holdings, Inc. United States 21.11 -31% 623.2 580.9 188.6 (9.9) NM 24.0% 3.1x NM

PTC Inc. United States 41.02 -4% 4,716.8 4,979.6 1,342.9 272.9 20.3% 2.2% 3.7x 18.2x

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Marketing Technology Public Company Valuation (2/2)




Qlik Technologies, Inc. United States 34.96 -8% $ 3,193.00 $ 2,911.95 $ 565.95 $ 3.06 0.5% 16.7% 5.1x NM

Rightside Group, Ltd. United States 6.77 -60% 127.0 106.1 197.7 (5.6) NM 7.5% 0.5x NM

Rovi Corporation United States 15.95 -40% 1,466.43 2,289.75 533.89 176.00 33.0% -2.4% 4.3x 13.0x

The Rubicon Project, Inc. United States 14.96 -27% 636.7 516.4 139.5 (10.1) NM 54.5% 3.7x NM

Sage Group plc United Kingdom 8.06 -12% 8,686.59 9,488.44 2,004.87 568.85 28.4% 1.9% 4.7x 16.7x

salesforce.com, inc. * United States 69.63 -11% 45,646.4 46,666.1 5,658.0 241.0 4.3% 28.4% 8.2x 193.6x

SAP SE Germany 70.00 -11% 83,669.7 89,993.3 19,722.8 6,488.7 32.9% 8.6% 4.6x 13.9x

Shopify Inc. * Canada 33.95 -19% 2,566.4 2,594.3 123.6 (14.6) NM 0.0% 21.0x NM

Sizmek Inc. United States 7.10 -30% 209.8 126.6 169.2 17.3 10.2% 2.3% 0.7x 7.3x

Sky-mobi Limited China 5.21 -51% 145.3 59.8 126.0 4.9 3.9% 0.0% 0.5x 12.3x

Sungy Mobile Limited China 4.78 -66% 149.5 50.1 59.5 (9.5) NM 12.3% 0.8x NM

Synchronoss Technologies, Inc. United States 45.73 -15% 1,979.2 2,015.8 491.8 133.1 27.1% 33.2% 4.1x 15.1x

Tableau Software, Inc. * United States 115.30 -7% 8,203.5 7,487.8 468.2 10.2 2.2% 75.4% 16.0x NM

Teradata Corporation United States 37.00 -21% 5,481.8 5,200.8 2,686.0 540.0 20.1% -1.7% 1.9x 9.6x

Verint Systems Inc. United States 60.75 -9% 3,727.2 4,084.9 1,140.6 163.6 14.3% 18.8% 3.6x 25.0x

Weborama France 8.80 -7% 30.3 29.1 32.3 1.6 5.1% -4.8% 0.9x 17.8x

Wix.com ltd Israel 23.62 -9% 912.9 828.1 157.5 (55.2) NM 67.9% 5.3x NM

Xactly Corporation United States 8.59 -15% 238.0 249.5 63.7 (12.5) NM 0.0% 3.9x NM

Zendesk, Inc. United States 22.21 -21% 1,912.1 1,609.3 144.2 (67.1) NM 73.3% 11.2x NM

Adjusted Weighted Average 4.4x 14.1x


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Agency & Marketing Services

There were 25 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active

subsegment with 11 transactions announced

Select acquisitions:

• Brand engagement solutions provider Valid’s $41 million purchase of database marketing services firm Marketing Software Company

• Google’s acquisition of technology and design consultancy Control Group

• The purchases of integrated marketing agency HY Connect and public relations firm Dodge Communications by Myelin Communications

• The CHR Group’s purchase of Hispanic advertising agency Orci

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

Digital Agency 11 44% - 0% 11 - 0 - 0 -

Experiential Marketing 2 8% - 0% 2 - 0 - 0 -

General Agency 2 8% - 0% 2 - 0 - 0 -

Healthcare Agency 2 8% - 0% 1 - 1 - 0 -

Database/Analytics 1 4% 41.2 83% 1 41.2 0 - 0 -

DM Agency 1 4% - 0% 1 - 0 - 0 -

Ethnic/Multicultural Agency 1 4% - 0% 1 - 0 - 0 -

Promotion Agency 1 4% 8.7 17% 1 8.7 0 - 0 -

Other* 3 12% 0.0 0% 3 0.0 0 0.0 0 0.0

Total 25 100% 49.9 100% 24 49.9 1 0.0 0 0.0

*Other includes Loyalty/Retention, Marketing Consulting, Public Relations, and Specialty Agency

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Agency Public Company Valuation




Cello Group Plc United Kingdom $1.60 -4% $ 135.8 $ 147.2 $ 264.7 $ 13.0 4.9% 6.4% 0.6x 11.3x

Chime Communications plc United Kingdom 4.09 -31% 407.7 495.8 608.4 44.2 7.3% 30.5% 0.8x 11.2x

Creston plc United Kingdom 2.15 -4% 126.0 113.1 114.2 17.1 14.9% 2.7% 1.0x 6.6x

Dentsu Inc. Japan 51.84 -3% 14,909.3 15,522.1 6,072.4 1,439.2 23.7% -68.4% 2.6x 10.8x

Enero Group Limited Australia 0.60 -39% 51.4 35.7 166.9 7.0 4.2% -10.0% 0.2x 5.1x

Globant S.A. * Luxembourg 30.43 -8% 1,028.4 959.6 211.0 29.8 14.1% 26.3% 4.5x 32.2x

Havas France 8.33 -11% 3,477.9 3,445.6 2,257.5 359.5 15.9% 5.2% 1.5x 9.6x

Huntsworth plc United Kingdom 0.75 -16% 239.6 295.6 258.3 35.4 13.7% -3.9% 1.1x 8.3x

M&C Saatchi plc United Kingdom 4.63 -25% 332.9 330.4 264.0 23.6 8.9% 4.5% 1.3x 14.0x

MDC Partners Inc. United States 19.77 -32% 985.9 2,031.8 1,250.9 148.7 11.9% 16.7% 1.6x 13.7x

Next Fifteen Communications Group plc United Kingdom 2.99 -3% 195.4 207.7 158.7 17.9 11.3% 0.0% 1.3x 11.6x

Omnicom Group Inc. United States 69.49 -14% 16,977.2 20,669.1 15,284.8 2,245.6 14.7% 4.1% 1.4x 9.2x

OPT Holding, Inc. Japan 5.50 -18% 142.2 134.3 531.5 10.6 2.0% -1.7% 0.3x 12.7x

Porta Communications Plc * United Kingdom 0.14 -24% 38.2 50.4 36.3 1.7 4.6% -4.8% 1.4x 30.5x

Publicis Groupe SA France 73.87 -16% 15,629.5 14,566.8 8,781.7 1,643.8 18.7% 4.3% 1.7x 8.9x

The Interpublic Group of Companies, Inc. United States 19.27 -15% 7,957.3 9,249.2 7,575.6 969.2 12.8% 5.0% 1.2x 9.5x

WPP plc United Kingdom 22.42 -11% 28,565.3 32,657.3 17,967.6 3,145.5 17.5% 4.6% 1.8x 10.4x

1.7x 9.9xAdjusted Weighted Average


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Marketing Services Public Company Valuation




Acxiom Corporation United States $17.58 -19% $ 1,374.3 $ 1,520.9 $ 1,020.1 $ 147.9 14.5% -4.0% 1.5x 10.3x

Aimia Inc. Canada 10.90 -31% 1,775.1 1,786.1 1,990.2 130.0 6.5% 50.6% 0.9x 13.7x

Alliance Data Systems Corporation * United States 291.94 -6% 18,114.6 27,397.1 5,671.2 1,559.6 27.5% 26.1% 4.8x 17.6x

CSG Systems International Inc. United States 31.66 -3% 1,036.9 1,152.4 748.9 122.1 16.3% -0.8% 1.5x 9.4x

Data Group Ltd. Canada 0.36 -48% 8.5 78.3 245.8 16.0 6.5% -0.2% 0.3x 4.9x

DST Systems Inc. United States 125.98 -2% 4,623.2 5,024.0 2,767.8 434.8 15.7% 4.1% 1.8x 11.6x

Fair Isaac Corporation * United States 90.78 -6% 2,818.9 3,390.1 815.8 181.9 22.3% 9.7% 4.2x 18.6x

Harte-Hanks Inc. United States 5.96 -28% 369.5 414.4 542.1 53.7 9.9% -3.2% 0.8x 7.7x

High Co. SA France 5.63 -9% 58.5 23.7 157.1 13.2 8.4% -2.5% 0.2x 1.8x

Insignia Systems Inc. United States 2.73 -39% 33.3 15.3 26.4 1.7 6.3% -1.2% 0.6x 9.2x

Multiplus SA Brazil 12.06 -12% 1,956.4 1,687.2 597.9 127.5 21.3% 11.4% 2.8x 13.2x

PDI, Inc. United States 1.43 -68% 23.2 33.1 126.4 (10.9) NM -6.7% 0.3x NM

Pitney Bowes Inc. United States 20.81 -27% 4,197.0 6,655.7 3,774.7 857.9 22.7% -1.2% 1.8x 7.8x

Points International Ltd. Canada 12.42 -41% 194.1 147.3 263.8 10.5 4.0% 17.9% 0.6x 14.0x

Viad Corp United States 27.11 -6% 543.7 635.9 1,043.7 69.8 6.7% 9.4% 0.6x 9.1x

2.1x 10.6xAdjusted Weighted Average


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Traditional Media

There were 24 transactions announced in the Traditional Media segment in June worth a total of $931 million in aggregate reported

value; all but one transaction reported this month were acquisitions

Select Transactions:

• China-based private equity fund Beijing Longde’s 75 percent majority purchase in the Advertising Business of in AirMedia Group at a valuation of $450 million

• ITV’s $87 million majority purchase of broadcasting company TwoFour Group

• The $65 million purchase of South American publisher Grupo Expansion by Nacer Group

• Google’s acquisition of out-of-home advertising services company Titan Outdoor

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

B-to-B Media 7 29% $26.0 3% 7 $26.0 0 - 0 -

Broadcast Television 5 21% 394.7 42% 5 394.7 0 - 0 -

Entertainment 3 13% 125.0 13% 2 65.0 0 - 1 60.0

Newspaper Publishing 3 13% 47.0 5% 3 47.0 0 - 0 -

Consumer Book Publishing 2 8% - 0% 2 - 0 - 0 -

Consumer Magazine Publishing 1 4% - 0% 1 - 0 - 0 -

Other* 3 17% 338.3 73% 3 338.3 0 0.0 0 0.0

Total 24 100% 931.0 100% 23 871.0 0 0.0 1 60.0

*Other includes Digital Place-Based Media, Traditional Outdoor, and Yellow Pages

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $55.50 -15% $ 27,385.8 $ 34,768.8 $ 13,736.0 $ 3,163.0 23.0% -0.6% 2.5x 11.0x

Discovery Communications, Inc. United States 33.26 -26% 21,401.1 29,173.1 6,391.0 2,539.0 39.7% 10.4% 4.6x 11.5x

Time Warner Inc. United States 87.41 -2% 72,078.5 92,289.5 27,683.0 7,613.0 27.5% 2.3% 3.3x 12.1x

Twenty-First Century Fox, Inc. United States 32.55 -17% 66,700.5 78,140.5 31,206.0 6,859.0 22.0% 1.8% 2.5x 11.4x

Viacom, Inc. United States 64.64 -28% 25,671.5 38,808.5 13,834.0 4,268.0 30.9% 0.9% 2.8x 9.1x

The Walt Disney Company * United States 114.14 -1% 193,668.3 208,579.3 50,707.0 14,531.0 28.7% 7.6% 4.1x 14.4x


B-to-B Media



Euromoney Institutional Investor PLC United Kingdom $19.14 -4% $ 2,419.7 $ 2,446.4 $ 606.8 $ 190.1 31.3% -1.1% 4.0x 12.9x

Global Sources Ltd. Hong Kong 6.95 -16% 210.1 119.4 179.0 32.4 18.1% -8.0% 0.7x 3.7x

Informa plc United Kingdom 8.59 -9% 5,570.7 6,951.0 1,772.0 531.1 30.0% 0.6% 3.9x 13.1x

TechTarget, Inc. * United States 8.93 -29% 295.4 274.0 106.9 13.2 12.3% 16.3% 2.6x 20.8x

UBM plc United Kingdom 8.41 -21% 3,717.7 4,627.6 1,163.1 276.5 23.8% -6.0% 4.0x 16.7x


Radio Broadcasting



Beasley Broadcast Group Inc. * United States $4.63 -38% $ 107.6 $ 191.5 $ 70.0 $ 12.4 17.7% 58.2% 2.7x 15.5x

Cumulus Media Inc. United States 2.03 -69% 474.9 2,938.3 1,242.5 266.1 21.4% 12.9% 2.4x 11.0x

Emmis Communications Corp. United States 1.00 -67% 43.9 347.9 237.9 38.5 16.2% 16.0% 1.5x 9.0x

Entercom Communications Corp. United States 11.42 -14% 434.3 867.0 380.0 93.0 24.5% 0.7% 2.3x 9.3x

Pandora Media, Inc. United States 15.54 -49% 3,285.6 2,904.1 957.3 (34.2) NM 30.4% 3.0x NM

Radio One Inc. United States 3.17 -37% 151.1 1,123.9 436.1 121.9 27.9% -5.3% 2.6x 9.2x

Salem Media Group, Inc. United States 6.33 -42% 160.9 435.9 266.0 46.8 17.6% 9.2% 1.6x 9.3x

Sirius XM Holdings Inc. * United States 3.73 -8% 20,413.5 25,040.9 4,264.4 1,449.3 34.0% 9.4% 5.9x 17.3x

Spanish Broadcasting System Inc. United States 6.75 -3% 49.1 432.6 145.6 38.4 26.3% -1.2% 3.0x 11.3x

Townsquare Media, Inc. United States 13.58 -5% 235.9 737.1 375.8 93.9 25.0% 27.7% 2.0x 7.9x


Large Cap Diversified Media




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Broadcast, Cable, and Satellite Television



AMC Networks Inc. United States $81.85 -2% $ 5,916.3 $ 8,762.7 $ 2,319.8 $ 763.1 32.9% 33.7% 3.8x 11.5x

Sky plc United Kingdom 16.31 -6% 27,750.8 38,216.3 12,873.1 2,580.8 20.0% 12.0% 3.0x 14.8x

Cablevision Systems Corporation United States 23.94 -10% 6,597.5 15,441.7 6,500.1 1,809.0 27.8% 3.2% 2.4x 8.5x

CBS Corporation United States 55.50 -15% 27,385.8 34,768.8 13,736.0 3,163.0 23.0% -0.6% 2.5x 11.0x

Charter Communications, Inc. United States 171.25 -14% 19,180.0 40,145.0 9,268.0 3,182.0 34.3% 9.8% 4.3x 12.6x

Comcast Corporation United States 60.14 -3% 151,088.2 195,565.2 69,220.0 23,660.0 34.2% 3.7% 2.8x 8.3x

Crown Media Holdings Inc. United States 4.52 -3% 1,625.7 1,931.3 425.4 326.2 76.7% 11.1% 4.5x 5.9x

DIRECTV United States 92.79 -2% 46,793.3 62,289.3 33,548.0 7,949.0 23.7% 4.7% 1.9x 7.8x

Discovery Communications, Inc. United States 33.26 -26% 21,401.1 29,173.1 6,391.0 2,539.0 39.7% 10.4% 4.6x 11.5x

Dish Network Corp. United States 67.71 -16% 31,339.9 44,610.4 14,773.4 2,942.9 19.9% 4.6% 3.0x 15.2x

Entravision Communications Corporation United States 8.23 -5% 722.5 1,017.3 248.9 77.1 31.0% 9.4% 4.1x 13.2x

General Communication Inc. United States 17.01 -3% 688.1 2,080.5 925.0 313.6 33.9% 9.9% 2.2x 6.6x

Gray Television, Inc. United States 15.68 -6% 1,134.4 2,146.0 550.1 218.2 39.7% 53.1% 3.9x 9.8x

Grupo Televisa, S.A.B. Mexico 38.82 -3% - - 5,450.3 2,096.9 38.5% 10.5%

Liberty Global plc United Kingdom 54.07 -8% 45,577.4 90,140.6 18,231.5 8,155.7 44.7% 11.6% 4.9x 11.1x

Media General, Inc. * United States 16.52 -30% 2,154.2 4,525.7 827.8 261.2 31.6% 127.5% 5.5x 17.3x

Nexstar Broadcasting Group, Inc. United States 56.00 -7% 1,752.3 3,257.7 700.9 254.3 36.3% 33.8% 4.6x 12.8x

Scripps Networks Interactive, Inc. United States 65.37 -24% 8,396.0 10,432.8 2,680.0 1,175.8 43.9% 3.9% 3.9x 8.9x

Sinclair Broadcast Group, Inc. United States 27.91 -23% 2,663.9 6,492.3 2,068.7 711.8 34.4% 38.5% 3.1x 9.1x

The E. W. Scripps Company * United States 22.85 -20% 1,923.6 1,963.3 879.8 89.7 10.2% 7.0% 2.2x 21.9x

Time Warner Cable Inc. United States 178.17 -4% 50,378.0 73,172.0 23,007.0 7,927.0 34.5% 3.5% 3.2x 9.2x

Time Warner Inc. United States 87.41 -2% 72,078.5 92,289.5 27,683.0 7,613.0 27.5% 2.3% 3.3x 12.1x

Ziggo N.V. * Netherlands 43.39 -10% 8,678.0 12,545.2 2,014.2 1,078.7 53.6% 2.7% 6.2x 11.6x


Entertainment Media



DreamWorks Animation SKG Inc. * United States $26.38 -11% $ 2,261.7 $ 2,787.2 $ 703.9 $ 19.5 2.8% -2.2% 4.0x 142.8x

Eros International Plc United Kingdom 25.12 -3% 1,395.1 1,631.0 284.2 79.9 28.1% 20.7% 5.7x 20.4x

Lions Gate Entertainment Corp. United States 37.05 -3% 5,471.1 6,683.5 2,399.6 255.3 10.6% -8.8% 2.8x 26.2x

Live Nation Entertainment, Inc. United States 27.49 -6% 5,541.8 6,327.5 6,860.0 503.4 7.3% 2.7% 0.9x 12.6x

SFX Entertainment Inc. United States 4.49 -42% 423.3 680.3 373.3 (83.3) NM 92.8% 1.8x NM

Twenty-First Century Fox, Inc. United States 32.55 -17% 66,700.5 78,140.5 31,206.0 6,859.0 22.0% 1.8% 2.5x 11.4x

Liberty Media Corporation United States 36.04 -28% 12,265.3 25,823.3 4,520.0 1,284.0 28.4% 7.0% 5.7x 20.1x

Village Roadshow Limited Australia 4.88 -22% 781.8 1,106.4 776.6 126.9 16.3% 2.9% 1.4x 8.7x

World Wrestling Entertainment Inc. United States 16.50 -8% 1,246.3 1,157.5 593.2 19.1 3.2% 16.4% 2.0x 60.5x




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Out-of-Home Media



AirMedia Group Inc. China $4.86 -37% $ 291.5 $ 257.7 $ 249.7 $ (22.8) NM -8.1% 1.0x NM

APG|SGA SA Switzerland 408.49 -6% 1,223.2 1,065.3 315.4 74.8 23.7% 2.2% 3.4x 14.2x

Clear Channel Outdoor Holdings Inc. United States 10.13 -13% 3,652.8 8,580.6 2,941.1 712.7 24.2% 0.3% 2.9x 12.0x

Clear Media Ltd. Hong Kong 1.17 -10% 635.9 511.0 227.1 92.9 40.9% 6.9% 2.3x 5.5x

JCDecaux SA France 41.69 -4% 9,337.2 9,214.0 3,004.5 610.2 20.3% 6.3% 3.1x 15.1x

Lamar Advertising Co. United States 57.48 -7% 5,536.5 7,457.2 1,304.6 548.1 42.0% 4.0% 5.7x 13.6x

Mood Media Corporation United States 0.51 -23% 93.4 704.7 485.3 85.6 17.6% -4.3% 1.5x 8.2x

National CineMedia, Inc. United States 15.96 -9% 981.0 2,087.6 400.7 189.2 47.2% -11.1% 5.2x 11.0x

NTN Buzztime Inc. United States 0.23 -61% 21.5 19.2 25.4 (3.8) NM 5.4% 0.8x NM

Tom Group Ltd. * Hong Kong 0.23 -39% 913.3 1,202.3 194.9 5.8 3.0% -21.6% 6.2x 206.6x


Publishing



A. H. Belo Corporation United States $5.60 -58% $ 121.8 $ 43.9 $ 273.8 $ 5.6 2.0% -0.2% 0.2x 7.9x

Daily Mail and General Trust plc United Kingdom 14.61 -5% 4,991.0 6,408.8 2,728.7 434.3 15.9% 7.9% 2.3x 14.8x

Emmis Communications Corp. United States 1.00 -67% 43.9 347.9 237.9 38.5 16.2% 16.0% 1.5x 9.0x

Gannett Co., Inc. United States 13.99 -5% 1,862.8 1,789.2 3,100.1 443.0 14.3% 0.0% 0.6x 4.0x

Glacier Media, Inc. Canada 0.93 -31% 83.0 183.6 192.4 17.3 9.0% -3.3% 1.0x 10.6x

John Wiley & Sons Inc. United States 54.37 -17% 3,198.7 3,508.1 1,822.4 337.7 18.5% 2.7% 1.9x 10.4x

Martha Stewart Living Omnimedia Inc. * United States 6.24 -12% 358.5 305.5 125.7 8.8 7.0% -19.8% 2.4x 34.9x

Meredith Corporation United States 52.15 -9% 2,324.2 3,133.9 1,559.1 305.3 19.6% 6.4% 2.0x 10.3x

News Corporation United States 14.59 -21% 8,483.9 6,633.9 8,678.0 652.0 7.5% 2.4% 0.8x 10.2x

Scholastic Corporation United States 44.13 -5% 1,446.3 1,517.2 1,880.8 131.5 7.0% 5.7% 0.8x 11.5x

The E. W. Scripps Company * United States 22.85 -20% 1,923.6 1,963.3 879.8 89.7 10.2% 7.0% 2.2x 21.9x

The McClatchy Company United States 1.08 -81% 94.3 1,050.6 1,127.6 188.2 16.7% -6.2% 0.9x 5.6x

The New York Times Company United States 13.65 -13% 2,266.5 2,031.5 1,582.4 222.1 14.0% -0.3% 1.3x 9.1x

Time Inc. United States 23.01 -11% 2,520.1 3,436.1 3,177.0 425.0 13.4% -5.3% 1.1x 8.1x



*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mea

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