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Real Estate Technology Ecosystem (Abbreviated)

Company Acquired

Public Company

Construction

Payments

Home Services Lead Gen

Data/Information Services

Broker CRM/Marketing Mortgage Orig. / Finance Property Search/Lead Gen

Property Mgmt Investment Mgmt

Commercial Construction Residential Construction Facilities Design/AEC IWMS & Facilities Mgmt

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R. Allen Cinzori, Managing Director Software Equity Group, LLC

858 509-2800 www.softwareequity.com

Fall 2013 Real Estate Software Market Update

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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.

Disclaimer

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Overview

• Introduction to Software Equity Group (SEG)

• Public SaaS Company Financial and Valuation Performance

• SaaS Mergers & Acquisitions

• Real Estate Software Landscape and M&A Trends

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SOFTWARE EQUITY GROUP, LLC

INTRODUCTION

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• Twenty-one year, exclusive focus on software advisory services to lower middle market (i.e., client revenue $10 - $50M) representing companies seeking:

• Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Fairness opinions and valuations • Board advisory services

• Clients span virtually every technology, product

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

more than 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 real estate software industry reputation and track record

• Highly referenceable base of past clients and buyers / investors

Leaders in Software & Technology Advisory Services

Focus on Advice

Multi-service

Multi- Industry

Focus on Software

Advisory Boutiques

Bulge Bracket Firms IPO Boutiques

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Select Real Estate Experience

Vendor Screening & Compliance

Management SaaS Provider of subscription-based vendor screening and risk

management solutions to the multifamily housing industry

Property Management SaaS Provider of property and resident management software to long-term industry

Property Management On-premise Complete property management for affordable housing (resold tenant screening solution)

Real Estate Investment Management Hybrid

Provider of real estate investment budgeting and forecasting solutions to property managers, REITs & PE firms

Facilities Management SaaS Provider of facilities management solutions to the global corporate and commercial property market

Commercial Construction SaaS Provider of project management, collaboration and bid

management solutions for retail store design and construction

Facilities Design On-premise Provider of plant and facility design and engineering software

IWMS On-premise Provider of Integrated Workplace solutions (IWMS)

Buyer Business Description Client Category Delivery Model

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Recent SaaS Experience

Commercial Real Estate

Provider of SaaS facilities management solutions to the global corporate and commercial property market

Commercial Real Estate

Provider of SaaS project management, collaboration and bid management solutions for retail store design and construction

Multifamily Real Estate

Provider of subscription-based vendor risk management and compliance services to the multifamily housing industry

Vertical Real Estate Provider of SaaS resident, community and facility management solutions for long-term care properties

Nonprofit Provider of SaaS multi-channel (web, mobile and social) fundraising solutions for nonprofits and charities around the world

Education Provider of subscription-based workflow management systems for authoring, evaluating and publishing scholarly research

Insurance Provider of SaaS-based healthcare benefits administration and insurance claims management software

HR / Talent Management

Provider of on-demand employee talent recruitment and performance management solutions

HR / Workforce Management Provider of subscription-based workforce management solutions

Expense Management Provider of cloud-based shipping and expense management solutions

Higher-Ed / Talent Management

Provider of SaaS solutions to automate scheduling, evaluation and reporting at undergraduate and graduate healthcare programs

Buyer Business Description Client Category

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Recent PE Experience

With approximately $70 billion in capital commitments, Apax Partners is an independent global partnership focused solely on long-term investment in growth companies.

With approximately $7 billion in capital commitments, Vista Equity Partners is a leading private equity firm focused on investing in software and technology-enabled businesses.

With approximately $4 billion in capital commitments, Thoma Bravo invests in many industries and has particular expertise in software, business and financial services, and education.

With approximately $1.7 billion in capital commitments, Arsenal Capital Partners invests in middle-market companies with revenues ranging from $30 to $400 million.

With over 9 billion in capital commitments, New Mountain is a generalist firm that pursues attractive investment opportunities across a full spectrum of industries and styles.

dmg :: information comprises a portfolio of high growth, innovative, must-have information media businesses in the property, education, energy and commodity and structured finance sectors. -

With over $2.6 billion in capital commitments, Marlin Equity Partners is a leading private equity firm focused on investments in technology, healthcare services, business services and several other industries.

Pequot Capital Management was a multi-billion dollar hedge fund sponsor founded in 1998 that announced it was closing in 2009.

Pender is a Canadian investment group focused across a number of asset classes, including early stage technology investments.

-

The Carlyle Group is a global alternative asset manager with more than $180 billion in assets under management across 118 funds and 81 fund of funds vehicles.

Business Description Client(s) PE Firm

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PUBLIC SaaS COMPANY FINANCIAL AND VALUATION PERFORMANCE:

THE SEG SaaS INDEX

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• The SEG SaaS Index tracks public companies that primarily offer hosted, on-demand software under a subscription and/or transaction based pricing model

• The SEG SaaS Index is currently comprised of 40 public pure-play SaaS companies

SEG SaaS INDEX

Measure 2Q12 3Q12 4Q12 1Q13 2Q13EV/Revenue 4.9x 5.4x 4.6x 5.0x 5.3xEV/EBITDA 29.9x 37.9x 41.7x 35.4x 31.5xEV/Earnings 32.1x 34.5x 36.8x 63.2x 95.3xGross Profit Margin 70.2% 70.2% 70.9% 70.7% 70.6%EBITDA Margin 8.9% 8.0% 8.0% 6.0% 3.1%Net Income Margin -1.0% -0.7% 0.5% -1.4% -2.6%TTM Revenue Growth 30.9% 28.0% 26.8% 25.1% 25.5%TTM Total Revenue ($M) $119.7 $132.4 $145.6 $156.0 $164.2TTM EBITDA Growth 28.2% 23.2% 10.4% 5.7% -1.5%TTM Total EBITDA ($M) $7.2 $6.8 $6.7 $7.5 $6.3Cash & Eq ($M) $62.6 $68.5 $68.6 $75.9 $77.6Current Ratio 1.8 1.6 1.7 1.8 1.6Debt / Equity Ratio 9.4% 11.0% 6.7% 6.0% 7.1%

SEG - SaaS: Median Metrics

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THE SEG SaaS INDEX: MARKET MULTIPLES

EV/Revenue Multiples vs. TTM EBITDA Margins EV/Revenue Multiples vs. TTM Revenue Growth Rates

• There is a clear and direct correlation between the median TTM revenue growth rate and median EV/Revenue multiple of public SaaS companies.

• Public SaaS companies growing TTM revenue in excess of 50% achieved a median EV/Revenue multiple of 11.5x.

• The premium EV/Rev market multiples awarded rapidly growing public SaaS companies, which is driving their increased spending on sales & marketing.

• There is an inverse correlation between EBITDA margins and median EV/Revenue multiples.

• In the current market, SaaS profitability is penalized, as investors perceive profitability to be at the expense of growth, which they deem all important.

• As proof, public SaaS companies with no profitability boasted a remarkable 8.8x median EV/Revenue multiple in 2Q13.

0.0x

1.7x

3.4x4.4x

7.4x

2.8x

11.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

<= 0% > 0%<= 10%

> 10%<= 20%

> 20%<= 30%

> 30%<= 40%

> 40%<= 50%

> 50%

Med

ian

EV/R

even

ue

TTM Revenue Growth

8.8x

4.5x

3.4x

5.3x

4.1x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

<= 0% > 0%<= 10%

> 10%<= 20%

> 20%<= 30%

> 30%

Med

ian

EV/R

even

ue

TTM EBITDA Margin

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SaaS MERGERS & ACQUISITIONS

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SaaS M&A: DEAL VOLUME AND EXIT MULTIPLES

• There were 104 SaaS M&A transactions in 2Q13. At the half-year mark, there have been 190 SaaS M&A transactions, on pace to exceed SEG’s 2013 projection of 344, and 2012’s record breaking total of 311.

• After a steady rise from 2009 – 2012, the median TTM EV/Revenue exit multiple of SaaS transactions has held relatively steady over the past five quarters, closing 2Q13 at 4.0x.

• The median SaaS exit multiple was 120% greater than the median on-premise exit multiple in 1Q13 (4.0x vs.1.8x), the second highest valuation disparity on record.

Median SaaS EV/Revenue Exit Multiples SaaS M&A Volume

3039

2639

45 48

68 6559

94 9486

104

0%

5%

10%

15%

20%

25%

30%

0

20

40

60

80

100

120

SaaS

M&

A De

als

as a

% o

f Tot

al

Soft

war

e M

&A

Deal

s

# of

Saa

S M

&A

Deal

s

SaaS M&A Deals SaaS as % of Software

4.0x

3.9x

4.1x

4.0x 4.0x

2Q12 3Q12 4Q12 1Q13 2Q13

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SaaS M&A BY PRODUCT CATEGORY

• CRM, Marketing & Sales was the most active SaaS product category, accounting for 12.0% of all M&A transactions in the second quarter.

• Buyers are seeking targets that will help them capitalize on the rapid growth in spending on marketing technology. According to Gartner, by 2017 the CMO will purchase more IT than the CIO.

• After two years of claiming almost 20% of all SaaS transactions, the HR & Workforce Mgmt product category had its second consecutive lackluster quarter, closing 2Q13 with only 6% of SaaS transactions. After a period of rapid consolidation by the large HR software providers, the M&A window for many smaller HR providers is rapidly closing.

• The Systems Management (10%) and BI, Risk and Compliance (9%) product categories also exhibited strength in 2Q13. Both categories are benefiting from adoption of SaaS deployed solutions, which should continue for the foreseeable future.

Content & Document Mgmt6%

CRM, Marketing & Sales12%

Data Mgmt & Integration2%

eCommerce4%

Engineering, PLM & CAD1%

HR & Workforce Mgmt6%

Messaging, Conferencing & Communications

4%

Multimedia, Graphics & Communications

2%

Network Performance Mgmt1%

Security3%

Systems Mgmt10%Supply Chain Mgmt & Logistics

6%

Automotive2%

Construction2%

Education8%

Financial Services6%

Healthcare2%

Insurance4%

Real Estate4%

Telecommunications1%

Other Verticals8%

Billing & Service Provisioning1%

BI, Risk & Compliance9%

Vert

ical

s

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SaaS M&A (Last 2 Years)

2.5x

3.5x4.2x

5.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Revenue <$10M

$10M <Revenue<

$20M

$21M <Revenue<

$49M

Revenue >$50M

SaaS Exit Multiple by Company Size (Last 2 Years) SaaS Exit Multiple by Distribution (Last 2 Years)

4.8% 4.8%

11.9%

19.0%16.7%

7.1% 7.1% 7.1%

21.4%

<1x 1-1.9x 2-2.9x 3-3.9x 4-4.9x 5-5.9x 6-6.9x 7-7.9x >8x

Distribution chart omits sellers with revenue less than $5M Public or private buyer chart includes only transactions w/ ascertainable multiples

16.4%

83.6%

Private Buyer Public Buyer

SaaS Exits – Sold to Public or Private Buyer

• Public Buyer: 4.5x Median Revenue Multiple • Private Buyer: 2.6x Median Revenue Multiple

SaaS Exit Multiple – Top Ten

Date Buyer Seller

Enteprise Value (mm)

Seller Revenue

(mm) EV/Rev05/02/12 Zillow (NasdaqGS:Z) RentJuice Corporation $37.4 $0.4 102.4x

02/13/12 Juniper Netw orks (NYSE:JNPR) Mykonos Softw are, Inc.* $80.0 $1.0 80.0x

06/15/12 Microsoft (NasdaqGS:MSFT) Yammer, Inc.* $1,200.0 $30.0 40.0x

04/07/13 Fujitsu (TSE:6702) RunMyProcess SAS $20.2 $1.0 20.0x

07/09/12 salesforce.com (NYSE:CRM) GoInstant Inc.* $70.0 $5.0 15.0x

12/02/11 SAP (DB:SAP) SuccessFactors (NYSE:SFSF) $3,516.1 $291.8 12.1x

11/18/12 Cisco Systems (NasdaqGS:CSCO) Meraki, Inc.* $1,200.0 $100.0 12.0x

04/27/12 Intuit (NasdaqGS:INTU) Demandforce, Inc. $423.5 $37.5 11.3x

06/27/13 Adobe (NasdaqGS:ADBE) Neolane SA $600.0 $58.1 10.3x

10/09/12 ExactTarget (NYSE:ET) Pardot LLC* $95.2 $9.5 10.0x

• Highest multiples most often paid by largest public software companies

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REAL ESTATE SOFTWARE

LANDSCAPE AND M&A TRENDS

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Real Estate Technology Ecosystem (Abbreviated)

Company Acquired

Public Company

Construction

Payments

Home Services Lead Gen

Data/Information Services

Broker CRM/Marketing Mortgage Orig. / Finance Property Search/Lead Gen

Property Mgmt Investment Mgmt

Commercial Construction Residential Construction Facilities Design/AEC IWMS & Facilities Mgmt

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Real Estate Property Management Vendor Ecosystem Accounting

Property Mgmt

Applicant Screening

Insurance

CRM

Web Portals & Marketing

Internet Listings

Utility / Energy

Revenue Mgmt

Market Research

Spend Mgmt

Payment Processing

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0.00x1.00x2.00x3.00x4.00x5.00x6.00x7.00x8.00x9.00x

-100.00%

-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

Real Estate (Market Cap) - Index Value NASDAQ Composite Index (^COMP) - Index Value

Real Estate: Public Market Performance Stock Performance

Trading Multiples (EV/Rev)

Real estate significantly outperforming Nasdaq

Real estate significantly outperforming Nasdaq

Real Estate Index Ellie Mae, Inc. (NYSE:ELLI) RealPage, Inc. (NasdaqGS:RP) CoStar Group Inc. (NasdaqGS:CSGP) Experian plc (LSE:EXPN) Zillow, Inc. (NasdaqGS:Z) Trulia, Inc. (NYSE:TRLA)

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Enterprise Value /EBITDA

0.0x 0.0x

28.3x

58.8x

8.1x

33.6x

23.6x

Enterprise Value /Revenue

22.5x

14.8x

4.5x

10.3x

1.9x 2.6x

5.7x

EBITDA Margin

-1.6% -0.7%

15.8%17.8%

21.3%

7.0%

23.6%

Revenue Growth

69.9%

81.1%

20.7%

44.1%

14.1% 12.1%

57.2%

Public Company Comparables: Real Estate Financial Performance

Trading Multiples

No multiple since they are

unproftiable

Median: 15.8% Average: 11.9%

Median: 5.7x Average: 8.9x

Median: 28.3x Average: 30.5x

Median: 44.1% Average: 42.7%

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5/2/2012 $37.4 102.4x - RentJuice Corporation provides online Rental Relationship Management (RRM) software for real estate professionals.

7/23/2012 $15.5 10.3x - Rent Mine Online Inc. provides resident referral programs online.

4/27/2011 $654.2 5.5x 20.3x LoopNet, Inc. operates an online marketplace for commercial real estate in the United States.

5/5/2011 - 5.5x - Compliance Depot provides vendor risk and compliance management solutions to property managers in the multi-family housing sector.

8/22/2011 $74.9 4.5x - MyNewPlaceoffers operates an apartment and home rentals Web site.

5/8/2013 $314.3 4.4x Market Leader, Inc., provides SaaS CRM and marketing solutions for real estate professionals in the United States and Canada.

7/29/2011 $14.8 3.5x - Senior-Living.com, Inc. provides search and information services to the senior care community in the United States.

1/11/2011 $266.3 3.2x 7.9x RP Data Ltd provides property information, analytics, and risk management services primarily in Australia and New Zealand.

4/2/2012 $18.7 3.2x Top Rural S.L. operates as a rural accommodation search engine in Europe.

Select Real Estate M&A Activity

Business Description Buyer Target Date EV (mm) EV/ Rev

EV/ EBTIDA

*Applied 33% public to private discount to Marketleader, LoopNet & RP Data Multiples

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11/3/2010 $62.0 2.7x - Level One Inc. provides outsourced contact solutions for the multi-family apartment industry.

5/15/2011 $526.8 2.3x 7.8x Primedia operates real estate Websites and mobile applications for consumers to find apartments, houses for rent, or new homes for sale.

12/1/2009 $128.0 1.7x - MRI Software LLC provides business management software solutions for the multifamily and commercial property industry worldwide.

Business Description Buyer Target Date EV (mm) EV/ Rev

EV/ EBTIDA

*Applied 33% public to private discount to

Select Real Estate M&A Activity

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To discuss the real estate software sector, M&A transactions and/or your business, please contact me at:

P: 858.509.2800

Email: acinzori@softwareequity.com

R. Allen Cinzori

Managing Director

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Appendix

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Public Real Estate Company Snapshot: CoStar COSTAR GROUP INC. (NASDAQGS:CSGP)COMPANY INFORMATIONCoStar Group, Inc. provides information, analytics, and marketing services to the commercial real estate industry in the United States, the United Kingdom, and France. Its services include CoStar PropertyProfessional service that offers inventory of office, industrial, retail, and multifamily properties and land; CoStar COMPS Professional, which provides coverage of comparable sales information; CoStar Tenant, an onlinebusiness-to-business prospecting and analytical tool; CoStarGo, an iPad application that integrates its property, tenant, and comparable sales information; and CoStar Advertising to market a space for lease or a propertyfor sale. The company’s services also comprise PPR Portal, a delivery platform for research, forecasts, analytics, and granular data; PPR COMPASS, a commercial real estate risk management tool; Resolve PortfolioMaximizer, a real estate portfolio management software solution; Resolve Request, a business intelligence software solution; VP Corporate Edition and VP Retail Edition, which are real estate management softwaresolutions. In addition, its services include LoopNet Premium Lister designed for commercial real estate professionals and other customers; LoopNet Premium Searcher designed for members searching for commercial real estate;LoopLink LoopLink, an online real estate marketing and database services suite; LandsofAmerica and LandAndFarm, which are online marketplaces for rural land for sale; BizBuySell and BizQuest that are onlinemarketplaces for operating businesses for sale; FOCUS, a digital online service; and Observatoire Immobilier D’ Entreprise, which provides commercial property availability. The company serves commercial real estatebrokers, as well as owners, landlords, financial institutions, retailers, vendors, appraisers, investment banks, governmental agencies, and other parties involved in commercial real estate. CoStar Group, Inc. was foundedin 1987 and is headquartered in Washington, District of Columbia.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2012 Primary Industry Internet Software and ServicNext Earnings Date n/aWebsite http://www.costar.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 1,965 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking B-Current Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Aug 29 2013) 150.78 Dividend Yield #VALUE! 52 Week High (Aug 08, 2013) 164.63 5 Year Beta 1.20 52 Week Low (Oct 23, 2012) 76.41 Float 27.4Total Basic Common Shares 28.6 Float % 95.7%Market Capitalization 4,316.1 Short Int. as a % of S/O 2.3%Plus: Total Debt 161.9 Shares Sold Short 0.7Plus: Preferred Stock n/a Days Cover Short 5.7Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (190.1) Last Week 8/22/13 0.1Enterprise Value 4,287.9 Last Month 7/29/13 0.1Relative Performance Last 3 Months 5/29/13 0.1csgp YTD 68.7% 12/31/12 Last 6 Months 2/28/13 0.1S&P 500 Index YTD 14.9% Last Year 8/29/12 0.1

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014ERevolving Credit 0.0 Unamortized Discount n/a Term Loans 170.6 Adjustments n/aSnr. Bonds and Notes n/a Total Debt 170.6 Revenue 226.3 251.7 349.9 409.1 442.1 497.4Sub Bonds and Notes n/a EBITDA 40.5 49.0 65.3 72.9 125.7 154.2Trust Preferred n/a Undrawn Revolver 50.0 Margin (%) 17.9% 19.5% 18.7% 17.8% 28.4% 31.0%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 26.9 36.3 32.7 31.6 bility Needed)bility Needed)Other n/a Undrawn Term Loans n/a Margin (%) 11.9% 14.4% 9.4% 7.7% NA NATotal Principal Due 170.6 Other Available Credit n/a Net Income 13.3 14.7 9.9 17.4 bility Needed)bility Needed)

Total Undrawn Credit 50.0 Margin (%) 5.9% 5.8% 2.8% 4.2% NA NA

998 999 1000 2000 1001 1002 Diluted EPS 0.64 0.62 0.37 0.62 2.35 2.93VALUATION MULTIPLES

Fiscal Year Ending, LTM Fiscal Year Ending,12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations 39.3 25.7 86.1 97.1 bility Needed)bility Needed)

TEV / Revenue 4.5x 4.7x 8.1x 9.6x 9.6x 8.6x Cash from Investing (40.5) 58.4 (640.4) (12.7)TEV / EBITDA 25.6x 27.4x 41.0x 61.7x 33.9x 27.6x Cash from Finaning 2.0 254.8 164.9 2.2TEV / EBIT 40.5x 39.9x 68.6x 181.2x NA NA Change in Cash 0.6 338.9 (389.3) 86.8P / E 89.7x 113.7x 229.5x NM 63.8x 51.2xP / BV 3.2x 2.6x 3.1x 4.3x NA NA Balance Sheet Latest1 Year GrowthTotal Revenue 7.9% 11.3% 39.0% 44.1% 26.3% 12.5% Total Assets 439.6 771.0 1,165.1 1,197.0EBITDA (12.9%) 21.0% 33.1% 42.1% 92.6% 22.7% Total Liabilities 58.1 111.9 338.8 330.4EBIT (15.6%) 35.0% (9.8%) (6.3%) NA NA Total Equity 381.5 659.2 826.3 866.6Net Income (28.9%) 10.3% (32.3%) 194.1% NA NAEPS (31.9%) (3.1%) (40.3%) 169.8% 535.5% 24.5%

VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART

NA

NA

Income Statement

Cash Flow Statement

7.9%11.3%

39.0%

26.3%

12.5%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%

2010 2011 2012 2013E 2014E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

0

100

200

300

400

500

600

2010 2011 2012 2013E 2014E

(in $

mill

ions

)

Valuation

Revenue TEV / Revenue

0.00.10.10.20.20.30.30.40.40.5

150.00

152.00

154.00

156.00

158.00

160.00

162.00

164.00

8/12

Volu

me(

in m

illio

ns)

Pric

e

Volume csgp Price

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Public Real Estate Company Snapshot: RealPage REALPAGE, INC. (NASDAQGS:RP)COMPANY INFORMATIONRealPage, Inc. provides on demand software solutions for the rental housing industry in North America. It offers property management systems, including OneSite to serve the specific needs of conventionalmulti-family, affordable housing and urban development (HUD), affordable tax credit, rural housing, privatized military housing, student housing, and commercial sectors; and Propertyware for accounting, maintenance and workorder management, marketing spend management, and portal services, as well as screening, renter’s insurance, and payment solutions. The company also provides on premise property management systems that include TenantPro to serve the needs of small conventional properties; Spectra, a conventional apartment and commercial modular property management system; and i-CAM and Management Plus property management software to automate andstreamline rental activities. In addition, it offers software-enabled value-added services, such as LeaseStar, a multichannel managed marketing system that manages marketing and leasing operations and enablesowners and managers to originate, capture, track, manage, and close leads; YieldStar, a scientific yield management solution, which enables owners and managers to optimize rents; LeasingDesk, a risk mitigation solutionto reduce delinquency, liability, and property damage risk; Velocity that offers billing and utility management services; OpsTechnology that offers spend management solutions that enable owners and managers tocontrol costs; shared cloud services, which are integrated with property management systems and software-enabled valued added services; and RealPage Senior Living, an integrated care management, community management, anmarketing management platform. Further, the company offers consulting and implementation services; and training programs. RealPage, Inc. sells its software and services directly through its sales force. The companyis headquartered in Carrollton, Texas.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2012 Primary Industry Application Software Next Earnings Date n/aWebsite http://www.realpage.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 2,893 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Aug 29 2013) 20.86 Dividend Yield #VALUE! 52 Week High (Sep 13, 2012) 26.99 5 Year Beta 1.55 52 Week Low (Jun 11, 2013) 16.88 Float 49.5Total Basic Common Shares 77.0 Float % 64.2%Market Capitalization 1,607.0 Short Int. as a % of S/O 5.8%Plus: Total Debt 0.0 Shares Sold Short 4.5Plus: Preferred Stock n/a Days Cover Short 12.6Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (34.3) Last Week 8/22/13 0.3Enterprise Value 1,572.7 Last Month 7/29/13 0.4Relative Performance Last 3 Months 5/29/13 0.4rp YTD (3.3%) 12/31/12 Last 6 Months 2/28/13 0.3S&P 500 Index YTD 14.9% Last Year 8/29/12 0.3

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014ERevolving Credit 10.0 Unamortized Discount n/a Term Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 10.0 Revenue 188.3 258.0 322.2 352.4 387.1 458.2Sub Bonds and Notes n/a EBITDA 25.9 30.5 52.9 55.5 90.2 112.8Trust Preferred n/a Undrawn Revolver 140.0 Margin (%) 13.8% 11.8% 16.4% 15.8% 23.3% 24.6%Capital Leases 0.0 Undrawn Commercial Paper n/a EBIT 6.3 3.1 21.6 24.8 bility Needed)bility Needed)Other n/a Undrawn Term Loans n/a Margin (%) 3.3% 1.2% 6.7% 7.0% NA NATotal Principal Due 10.0 Other Available Credit n/a Net Income 0.1 (1.2) 5.2 11.5 bility Needed)bility Needed)

Total Undrawn Credit 140.0 Margin (%) 0.0% (0.5%) 1.6% 3.3% NA NA

998 999 1000 2000 1001 1002 Diluted EPS (0.07) (0.02) 0.07 0.15 0.59 0.75VALUATION MULTIPLES

Fiscal Year Ending, LTM Fiscal Year Ending,12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations 27.7 49.2 58.4 60.8 bility Needed)bility Needed)

TEV / Revenue 12.1x 7.6x 5.3x 4.1x 4.0x 3.4x Cash from Investing (83.1) (107.7) (32.8) (42.4)TEV / EBITDA 86.5x 63.3x 37.2x 25.7x 17.4x 13.9x Cash from Finaning 169.0 (8.2) (43.1) (29.9)TEV / EBIT NM NM 116.3x 61.1x NA NA Change in Cash 113.6 (66.7) (17.5) (11.5)P / E 122.6x NM NM NM 35.2x 27.8xP / BV 28.0x 8.5x 6.6x 5.3x NA NA Balance Sheet Latest1 Year GrowthTotal Revenue 33.6% 37.0% 24.9% 20.7% 20.2% 18.4% Total Assets 342.8 400.1 402.2 421.8EBITDA 27.2% 17.4% 73.6% 39.6% 70.7% 25.0% Total Liabilities 170.2 177.2 147.1 144.0EBIT (9.3%) (50.6%) 595.2% 131.5% NA NA Total Equity 172.6 222.9 255.1 277.8Net Income (99.8%) NM NM NM NA NAEPS NM NM NM NM 743.7% 26.3%

VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART

Advance Capital Management, LLC, Apax Partners LLP, BAMCO Inc., Camden Partners Holdings, LLC, Conversus Capital, L.P., Seren Capital, Ltd.

NA

Income Statement

Cash Flow Statement

33.6%37.0%

24.9%20.2% 18.4%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%

2010 2011 2012 2013E 2014E

YOY Growth

Total Revenue

0.0x2.0x4.0x6.0x8.0x10.0x12.0x14.0x

0

100

200

300

400

500

2010 2011 2012 2013E 2014E

(in $

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Revenue TEV / Revenue

0.00.20.40.60.81.01.21.41.61.82.0

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170.00

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Public Real Estate Company Snapshot: Trulia TRULIA, INC. (NYSE:TRLA)COMPANY INFORMATIONTrulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications. The company, through its tools, also enables real estate professionals to market their listings. Itprovides subscription and free products for real estate professionals, as well as sells display media advertising. In addition, the company offers information on schools, crime, neighborhood amenities, home values,and other communities. It serves buyers, sellers, and renters. The company was formerly known Realwide, Inc. and changed its name to Trulia, Inc. in September 2005. Trulia, Inc. was founded in 2005 and isheadquartered in San Francisco, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2012 Primary Industry Internet Software and ServicNext Earnings Date n/aWebsite http://www.trulia.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 519 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Aug 29 2013) 41.67 Dividend Yield #VALUE! 52 Week High (Aug 05, 2013) 48.40 5 Year Beta n/a 52 Week Low (Nov 16, 2012) 14.69 Float 29.0Total Basic Common Shares 32.5 Float % 89.3%Market Capitalization 1,355.6 Short Int. as a % of S/O 20.6%Plus: Total Debt 9.0 Shares Sold Short 6.7Plus: Preferred Stock n/a Days Cover Short 9.9Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (215.7) Last Week 8/22/13 0.6Enterprise Value 1,148.8 Last Month 7/29/13 1.0Relative Performance Last 3 Months 5/29/13 0.7trla YTD 156.6% 12/31/12 Last 6 Months 2/28/13 0.7S&P 500 Index YTD 14.9% Last Year 8/29/12 0.5

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014ERevolving Credit n/a Unamortized Discount (0.2) Term Loans 10.0 Adjustments n/aSnr. Bonds and Notes n/a Total Debt 10.0 Revenue 19.8 38.5 68.1 92.8 125.2 189.9Sub Bonds and Notes n/a EBITDA (3.1) (4.0) (7.0) (0.7) 14.0 40.4Trust Preferred n/a Undrawn Revolver n/a Margin (%) (15.5%) (10.3%) (10.3%) (0.7%) 11.2% 21.3%Capital Leases 0.2 Undrawn Commercial Paper n/a EBIT (3.7) (5.8) (9.5) (4.4)bility Needed)bility Needed)Other n/a Undrawn Term Loans n/a Margin (%) (18.5%) (15.0%) (14.0%) (4.7%) NA NATotal Principal Due 10.2 Other Available Credit n/a Net Income (3.8) (6.2) (10.9) (7.7)bility Needed)bility Needed)

Total Undrawn Credit n/a Margin (%) (19.4%) (16.0%) (16.0%) (8.3%) NA NA

998 999 1000 2000 1001 1002 Diluted EPS (0.64) (0.92) (0.87) (0.32) 0.20 0.77VALUATION MULTIPLES

Fiscal Year Ending, LTM Fiscal Year Ending,12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations (1.1) 1.1 4.2 8.5 bility Needed)bility Needed)

TEV / Revenue n/a n/a 5.9x 10.0x 8.9x 5.8x Cash from Investing (3.5) (6.6) (2.0) (7.5)TEV / EBITDA n/a n/a NM NM 79.1x 27.5x Cash from Finaning 1.4 8.2 90.8 205.3TEV / EBIT n/a n/a NM NM NA NA Change in Cash (3.2) 2.6 93.0 206.3P / E n/a n/a NM NM 199.0x 52.5xP / BV n/a n/a 5.1x 5.0x NA NA Balance Sheet Latest1 Year GrowthTotal Revenue 91.4% 94.7% 76.8% 81.1% 83.9% 51.6% Total Assets 15.7 24.2 119.0 240.4EBITDA NM NM NM NM NM 187.7% Total Liabilities 8.6 21.2 32.4 39.5EBIT NM NM NM NM NA NA Total Equity 7.1 3.0 86.5 201.0Net Income NM NM NM NM NA NAEPS NM NM NM NM NM 279.2%

VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART

Accel Management Co, Inc., Caledonia (Private) Investments Pty Limited, Deep Fork Capital, Fayez Sarofim & Co., Polaris Partners, Sequoia Capital

NA

Income Statement

Cash Flow Statement

91.4% 94.7%

76.8%83.9%

51.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2010 2011 2012 2013E 2014E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

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Public Real Estate Company Snapshot: Zillow ZILLOW, INC. (NASDAQGS:Z)COMPANY INFORMATIONZillow, Inc. engages in the operation of a real estate and home-related information marketplace on mobile and the Web in the United States. The company owns and operates Zillow.com; Zillow Mobile, a suite ofhome-related mobile applications; Zillow Mortgage marketplace, where borrowers connect with lenders to find loans and get mortgage rates; Zillow Digs, a home improvement marketplace for consumers to find visual inspirationand local cost estimates; and Zillow Rentals, a marketplace and suite of tools for rental professionals, Postlets, Solutions, Buyfolio, Mortech, and HotPads. It also offers current home value and rental priceestimates; and for sale and rental listings. In addition, the company provides Premier Agent program, which offers a suite of marketing and business technology solutions for real estate agents; and display advertisingservices, including graphical mobile and Web advertising services on its home page and on individual Web pages, as well as information products and services to make decisions about homes. Further, it offers consumerswith ratings and contact information for the listing agent and local buyer’s agents alongside home profiles and listings for homes for evaluating and selecting the real estate agent suited for them; and home-relatedadvice and discussions through Zillow Advice section of its Zillow.com Website that captures questions and discussion topics from users, including consumers and real estate, mortgage, and rental professionals. Thecompany’s customers include advertisers primarily in the real estate industry, including real estate brokerages, home builders, mortgage lenders, and home services providers; and advertising customers comprisingtelecommunications, automotive, insurance, and consumer products companies. Zillow, Inc. was incorporated in 2004 and is headquartered in Seattle, Washington.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2012 Primary Industry Internet Software and ServicNext Earnings Date n/aWebsite http://www.zillow.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 560 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Aug 29 2013) 95.62 Dividend Yield #VALUE! 52 Week High (Aug 29, 2013) 98.40 5 Year Beta 1.91 52 Week Low (Nov 16, 2012) 23.00 Float 28.6Total Basic Common Shares 37.6 Float % 76.3%Market Capitalization 3,590.6 Short Int. as a % of S/O 13.4%Plus: Total Debt 0.0 Shares Sold Short 5.0Plus: Preferred Stock n/a Days Cover Short 5.7Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (169.7) Last Week 8/22/13 1.0Enterprise Value 3,420.9 Last Month 7/29/13 1.4Relative Performance Last 3 Months 5/29/13 0.9z YTD 244.6% 12/31/12 Last 6 Months 2/28/13 0.8S&P 500 Index YTD 14.9% Last Year 8/29/12 0.9

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014ERevolving Credit 0.0 Unamortized Discount n/a Term Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 0.0 Revenue 30.5 66.1 116.9 152.1 189.0 264.5Sub Bonds and Notes n/a EBITDA (5.2) 5.8 12.4 (2.4) 21.4 47.2Trust Preferred n/a Undrawn Revolver 26.5 Margin (%) (17.0%) 8.8% 10.6% (1.6%) 11.3% 17.8%Capital Leases n/a Undrawn Commercial Paper n/a EBIT (6.8) 2.7 7.0 (10.1)bility Needed)bility Needed)Other n/a Undrawn Term Loans n/a Margin (%) (22.4%) 4.1% 6.0% (6.7%) NA NATotal Principal Due 0.0 Other Available Credit n/a Net Income (6.8) 1.1 5.9 (11.1)bility Needed)bility Needed)

Total Undrawn Credit 26.5 Margin (%) (22.2%) 1.7% 5.1% (7.3%) NA NA

998 999 1000 2000 1001 1002 Diluted EPS (0.53) n/a 0.18 (0.34) 0.00 0.56VALUATION MULTIPLES

Fiscal Year Ending, LTM Fiscal Year Ending,12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations 2.3 14.8 32.3 23.8 bility Needed)bility Needed)

TEV / Revenue n/a 9.4x 6.6x 13.1x 16.8x 12.0x Cash from Investing 4.6 (58.4) (94.4) (86.3)TEV / EBITDA n/a 121.1x 56.4x 214.7x 148.3x 67.2x Cash from Finaning 1.0 79.2 164.2 168.3TEV / EBIT n/a NM 93.9x NM NA NA Change in Cash 7.8 35.6 102.1 105.8P / E n/a NM 159.4x NM NA 157.7xP / BV n/a 6.3x 3.0x 6.7x NA NA Balance Sheet Latest1 Year GrowthTotal Revenue 74.2% 116.8% 76.9% 69.9% 61.7% 39.9% Total Assets 24.0 116.7 304.2 317.5EBITDA NM NM 112.4% NM 72.9% 120.6% Total Liabilities 6.6 15.5 23.9 25.9EBIT NM NM 155.9% NM NA NA Total Equity 17.4 101.2 280.3 291.6Net Income NM NM 438.9% NM NA NAEPS NM NM NM NM (97.3%) 11298.8%

VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART

Legg Mason Capital Management LLC, PAR Capital Management, Inc., Technology Crossover Ventures

NA

Income Statement

Cash Flow Statement

74.2%

116.8%

76.9%61.7%

39.9%

0.0%20.0%40.0%60.0%80.0%

100.0%120.0%140.0%

2010 2011 2012 2013E 2014E

YOY Growth

Total Revenue

0.0x2.0x4.0x6.0x8.0x10.0x12.0x14.0x16.0x18.0x

0

50

100

150

200

250

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Valuation

Revenue TEV / Revenue

0.01.02.03.04.05.06.07.08.09.0

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Additional Real Estate M&A Activity

Date Buyer SellerEV

(mm)EV/ REV

EV/ EBITDA

02/03/12 - CallSource, Inc., Multifamily Housing Division - - -09/14/11 - LPS Real Estate Group Inc., Assets (nka:Real Estate Digital) - - -05/18/11 - FIO SYSTEMS AG - - -04/01/11 - Orion Softw are Inc. - - -04/02/12 Alere Inc. (NYSE:ALR) eScreen $340.0 2.8x -06/06/10 Altegrity, Inc. Kroll, Inc. $1,130.0 1.7x -08/19/11 California Regional Multiple Listing Service, Inc. SoCalMLS Inc. - - -02/06/07 Consumer Source Holdings, Inc. RentalHouses.com, Inc. - - -04/24/13 CoreLogic, Inc. Fiserv, Inc., Case-Shiller $6.0 - -01/11/11 CoreLogic, Inc. RP Data Pty Ltd. $266.3 3.2x 11.8x11/04/10 CoreLogic, Inc. RealtyBid International, Inc. $19.0 - -04/27/11 CoStar Group Inc. LoopNet, Inc. $654.2 5.5x 20.3x05/14/12 Documotive Limited Fusion Information Systems Ltd - - -05/15/13 DocuSign, Inc. Cartavi, Inc. - - -08/01/07 Domin-8 Enterprise Solutions, LLC Spectra Computer Services Ltd. - - -03/21/07 Dominion Enterprises, Inc. eNeighborhoods, LLC - - -06/24/10 Experian plc RentBureau, LLC - - -01/03/13 Hanley Wood Market Intelligence, LLC (nka:Metrostudy Inc.) Metrostudy Inc. - - -07/09/12 Haufe-Lexw are GmbH & Co. KG ESS EDV-Softw are-Service AG - - -04/08/13 HomeAdvisor, Inc. Werkspot B.V. - - -04/02/12 HomeAw ay Spain S.L. Top Rural S.L. $18.7 3.2x -05/11/11 HomeAw ay, Inc. Second Porch Inc. $3.0 - -04/04/11 HomeAw ay, Inc. REA Group Ltd., realholidays.com.au $2.1 - -10/20/10 HomeAw ay, Inc. Escapia, Inc. $10.3 - -10/05/10 HomeAw ay, Inc. Instant, Inc. $27.2 - -02/21/06 Homestore, Inc. (nka:Move, Inc.) Moving.com, Inc. $8.9 - -11/05/07 Housevalues Inc. (nka:Market Leader, Inc.) Realty Generator, LLC $12.2 - -10/31/05 Housevalues Inc. (nka:Market Leader, Inc.) The Loan Page, Inc. $7.1 - -05/21/07 Immonet GmbH FIO SYSTEMS AG - - -06/11/13 Immow are24 GmbH AWImmow are GmbH - - -08/23/12 ImovelWeb Imóvel PRO - - -06/04/02 Intuit Inc. Intuit Real Estate Solutions, Inc. (nka:MRI Softw are LLC) $92.0 - -11/08/12 Lasso Data Systems Inc. UFollow Up LLC - - -03/31/10 LoopNet, Inc. Reaction Web, Inc. - - -04/08/08 LoopNet, Inc. REApplications, Inc. $9.2 - -08/02/07 LoopNet, Inc. Cityfeet.com, Inc. $18.0 - -

30

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Additional Real Estate M&A Activity (Cont.)

Date Buyer SellerEV

(mm)EV/ REV

EV/ EBITDA

09/21/11 Market Leader, Inc. RealEstate.com, Inc. $8.3 - -08/04/11 Market Leader, Inc. SharperAgent Inc. $2.0 0.6x -01/20/11 Market Leader, Inc. kw kly, LLC $1.3 - -10/28/10 Market Leader, Inc. ActiveRain Corp. $2.5 - -09/07/10 MediFAX-EDI Holding Company, Inc. Chamberlin Edw ards & Assoc. $254.1 2.9x 11.7x09/04/12 Move Sales, Inc. TigerLead Solutions, LLC $22.0 - -09/21/10 Move Sales, Inc. Threew ide Corporation $13.1 - -05/02/13 Move, Inc. ABC Holdings, LLC $2.3 - -10/11/12 Moving.com, Inc. Relocation.com LLC $11.5 - -12/21/11 MRI Softw are LLC Realty DataTrust Corporation - - -10/03/11 MRI Softw are LLC Bostonpost Technology - - -06/27/11 MRI Softw are LLC Workspeed Management, LLC - - -06/04/11 Onthehouse Holdings Limited Console Australia Pty. Ltd. $37.6 - -03/22/12 PRIMEDIA Inc. (nka:RentPath Inc.) Viva Group, Inc. $145.0 - -01/31/06 PRIMEDIA's Consumer Guides Group Rentals, Inc. - - -02/17/12 Private Equity Consortium Transunion $3,202.6 3.1x 9.1x11/14/12 Qube Global Softw are Ltd. SPA Microsystems Ltd - - -03/31/07 RE FormsNet, LLC (nka:zipLogix, Inc.) Real Estate Business Technologies, LLC - - -07/23/12 RealPage, Inc. Rent Mine Online Inc. $15.5 10.3x -01/04/12 RealPage, Inc. Vigilan Incorporated $5.0 - -08/22/11 RealPage, Inc. Multifamily Technology Solutions, Inc. $74.9 4.5x -07/29/11 RealPage, Inc. Senior-Living.com, Inc. $14.8 3.5x -05/05/11 RealPage, Inc. Compliance Depot LLC - 5.5x -11/03/10 RealPage, Inc. Level One Inc. $62.0 2.7x -02/01/10 RealPage, Inc. Domin-8 Enterprise Solutions, LLC $12.9 - -11/10/09 RealPage, Inc. Propertyw are, Inc. $12.5 - -09/23/09 RealPage, Inc. EverGreen Solutions, Inc. $0.9 - -09/21/09 RealPage, Inc. A.L. Wizard, Inc. $2.8 - -10/14/08 RealPage, Inc. OpsTechnology, Inc. $23.0 - -01/07/05 RentPayment.com, Inc. eRentPayer, Inc. - - -05/12/08 re-plus Inc. Visual Research Co. Ltd. $8.0 0.7x -02/03/13 Reply! Inc. HomeGain.com, Inc. - - -05/31/12 Reply! Inc. QualitySmith, Inc. - - -01/25/11 Reply! Inc. FastRoofingBids.com and FastRoofingLeads.com and Agitantis LLC - - -06/07/10 Reply! Inc. Contractors.Com, Certain Assets - - -09/14/10 RETransform PropertyView Solutions, Inc. - - -

31

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Additional Real Estate M&A Activity (Cont.)

Date Buyer SellerEV

(mm)EV/ REV

EV/ EBITDA

12/05/11 Sterling Infosystems Acxiom ISS, Inc. $74.0 1.5x -02/05/07 Stew art Transaction Solutions, Inc. Reveal Systems, Inc. - - -07/02/12 The Corporate Executive Board Company (UK) Ltd. SHL Group Ltd. $660.0 3.2x 11.6x01/20/12 The Home Depot, Inc. Red Beacon, Inc. - - -05/15/11 TPG Capital PRIMEDIA Inc. (nka:RentPath Inc.) $526.8 2.3x 7.8x05/08/13 Trulia, Inc. Market Leader, Inc. $314.3 4.4x -12/21/10 Trulia, Inc. Movity.com - - -12/01/09 Vista Equity Partners, Vista Equity Fund III, L.P. Intuit Real Estate Solutions, Inc. (nka:MRI Softw are LLC) $128.0 1.7x -05/10/12 Xceligent, Inc. ePropertyData.com LLC - - -09/19/11 YapStone, Inc. PropertyBridge, Inc. - - -04/30/01 YapStone, Inc. RentPayment.com, Inc. - - -07/03/13 Yardi Systems, Inc. Pierce-Eislen, Inc. - - -05/17/12 Yardi Systems, Inc. ista North America, Inc., Multifamily Services Group - - -04/03/12 Yardi Systems, Inc. Lead Tracking Solutions Corporation - - -01/05/12 Yardi Systems, Inc. ALMSA Corporation - - -08/16/11 Yardi Systems, Inc. Peak Insurance Advisors, LLC - - -02/01/11 Yardi Systems, Inc. Real Estate Electronic Publishing Company Inc. - - -09/30/10 Yardi Systems, Inc. Point2 Technologies Inc. - - -08/04/10 Yardi Systems, Inc. Information Systems & Services, Inc. - - -05/05/10 Yardi Systems, Inc. DIY Real Estate Solutions Inc. - - -03/30/10 Yardi Systems, Inc. Property Research Partners LLC - - -02/16/10 Yardi Systems, Inc. RentGrow , Inc. - - -12/07/09 Yardi Systems, Inc. Commercial Property Executive and Multi-Housing New s - - -10/01/09 Yardi Systems, Inc. Energy Billing Systems, Inc. - - -04/28/08 Yardi Systems, Inc. ARGUS Softw are, ARGUS Property Management and ARGUS INSIGHT Reporting - - -07/09/07 Yardi Systems, Inc. SiteStuff, Inc. - - -04/05/06 Yardi Systems, Inc. rCash, Inc. - - -04/23/03 Yardi Systems, Inc. Realm Business Solutions Inc., Realm Enterprise and BJ Murray Product Lines - - -11/26/12 Zillow , Inc. HotPads, Inc. $15.9 - -11/05/12 Zillow , Inc. Mortech Inc. $17.4 - -10/31/12 Zillow , Inc. Buyfolio, Inc. - - -05/02/12 Zillow , Inc. RentJuice Corporation $37.4 102.4x -11/02/11 Zillow , Inc. Diverse Solutions, Inc. $7.5 - -04/11/11 Zillow , Inc. Postlets, Inc. - - -08/01/11 zipLogix, Inc. Realfast, Inc. - - -06/26/09 Zoopla Ltd. Propertyfinder Holdings Limited - - -