Median Ebitda Margin Trends – Mobile 115

Home , Fleksy, Mobile game, Mobile local search

MOBILE M&A AND VALUATION UPDATE Q1 2017

BOSTON  CHICAGO  LONDON  LOS ANGELES  NEW YORK  ORANGE COUNTY  PHILADELPHIA  SAN DIEGO  SILICON VALLEY  TAMPA CONTENTS

Section Page

Introduction . Research Coverage: Mobile 3 . Key Takeaways 4-5 M&A Activity & Multiples . M&A Dollar Volume 7 . M&A Transaction Volume 8-10 . LTM Revenue Multiples 11-12 . Revenue Multiples by Segment 13 . Highest Revenue Multiple Transaction for LTM 14 . Notable M&A Transactions 15 . Most Active Buyers 16 Public Company Valuation & Operating Metrics . Mobile 115 Public Company Universe 18-20 . Recent IPOs 21 . Stock Price Performance 22 . LTM Revenue, EBITDA & P/E Multiples 23-25 . Revenue, EBITDA & EPS Growth 26-28 . Margin Analysis 29-30 . Best / Worst Performers 31-32 Notable Transaction Profiles 33-43

Public Company Trading & Operating Metrics 41-46

Technology & Telecom Team 47

1 INTRODUCTION RESEARCH COVERAGE: MOBILE

 Capstone’s Technology & Telecom Group focuses its research efforts on the follow market segments:

MOBILE & WIRELESS SAAS & CLOUD CONSUMER INTERNET

• App Stores & Content Aggregators • Carrier Back Office • Games / Virtual Goods • M-Commerce Enablement • Messaging & VoIP • Mobile / Local Marketing • Mobile Devices CONSUMER IT & E-COMMERCE • Mobile OS & Utility SW TELECOM HARDWARE • Mobility & Monitoring • Portals & Social Networks • Search & Referral - Diversified • Travel & Entertainment • Vertical Market • Video, Music & eBooks

3 KEY TAKEAWAYS – M&A ACTIVITY & MULTIPLES

 2016 M&A dollar volume increased to $53.3B, representing a 5 year high » Q4’16 M&A transaction dollar volume fell to just $802M compared to $8.3B and $41.7B in Q3’16 and Q2’16, respectively » A lack of $1B+ deals drove the fall off with the largest transaction at $303M, one of only two $100M+ deals in Q4’16  2016 M&A transaction volume of 436 deals is in line with most recent years but down 22% from 2015  2016 transaction volume for private targets slipped to 428 deals, representing a 21% decrease from 2015 » 2016 transaction size decreased compared to 2015, dropping the median down to $13M compared to $19M in 2015  2016 public transaction volume dropped to 8 deals from 18 deals in 2015  Median 2016 revenue multiple paid for private companies improved to 3.1x  Notable M&A transactions in Q4’16: . Pacific Special Acquisitions Corp / BORQS ($303M) . Xurpas / Art of Click ($45M) . Providence Equity / PaySimple ($115M) . Mail.Ru Group / Pixonic ($30M) . Modern Avenue Group / Pinssible Labs ($72M) . Thundersoft / Rightware ($68M) . Glu Mobile / CrowdStar ($46M)

 The most active buyers included Alphabet, Microsoft, Apple, Snap, and Pinterest (sorted by most active)  Capstone expects M&A activity and exit valuations to remain strong in 2016, though likely not quite up to the levels we saw at the end of 2015 as the market remains relatively flat with volatility concerns » In the longer term, there is increasing risk that a market correction could negatively impact activity levels and valuation multiples

4 KEY TAKEAWAYS – PUBLIC COMPANY METRICS

 1 recent IPO company was added to the Mobile 115 » Meitu’s stock traded below its opening price at the end of Q4’16  Q4’16 stock performance was poor as the Mobile 115 fell a median of 9.7% versus a small gain of 1.3% for the NASDAQ » Q4’16 was quite volatile for the technology sector and despite an overall weak quarter, after a big drop in late Oct/early Nov the NASDAQ performed well  Median LTM revenue multiples fell to 3.0x, near the five year low of 2.9x  Median LTM EBITDA multiples continued to decrease after a 5 year high in 2013, currently standing at 12.9x  Poor stock performance in Q4’16 decreased the median LTM P/E multiple to 21.9x » Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale  Median revenue growth increased to 14.3% versus 12.8% in 2015  Median EBITDA growth rates dropped sharply in 2016 to 1.1% despite the 14.3% revenue growth, indicating that companies were reinvesting to drive continued growth  Median EPS growth has fluctuated significantly over the past five years with 2016 slipping to a 5 year low of 8.2%  Median gross margins have steadily decreased over the last five years to 59.3% as competition in the mobile segment has increased » Vertical Market Apps segment commanded the highest median gross margin of 80.8%  The Median EBITDA margin continued to decrease in Q4’16, hitting a 5 year low of 16.6%

5 M&A ACTIVITY & MULTIPLES 2016 M&A DOLLAR VOLUME

 2016 M&A dollar volume increased to $53.3B, representing a 5 year high  Q4’16 M&A transaction dollar volume fell to just $802M compared to $8.3B and $41.7B in Q3’16 and Q2’16, respectively » A lack of $1B+ deals drove the fall off with the largest transaction at $303M, one of only two $100M+ deals in Q4’16

$60,000

$50,000

$5,537 $40,000 $32,467

$30,000 $34,465 $2,726 $20,000 $40,439

Total Transaction Value Transaction Total $13,671

$10,000 $2,871 $21,500 $20,793 $11,498 $8,269 $9,256 $0 2011 2012 2013 2014 2015 2016

Total Private $ Total Public $

7 2016 M&A TRANSACTION VOLUME BY SEGMENT

 2016 M&A transaction volume of 436 deals is in line with most recent years but down 22% from 2015 » The Mobile OS & Utility Software and Mobile / Local Marketing segments saw the largest pullbacks, combining for 73 fewer transactions compared to 2015 » Q4’16 transaction volume fell to just 89 deals, well below transaction volume of recent quarters

600

18 18 16 500 26 10 8 9 50 12 20 17 4 4 13 14 5 31 32 56 21 400 30 14 34 42 66 24 10 5 7 33 17 42 63 105 300 38 52 99 79 38 6 70 66 9 16 100

Transactions 60 200 15 4 83 66 6 57 67 42 28 25 18 26 29 28 100 34 40 41 66 54 48 49 45 31 30 46 35 36 27 22 20 24 16 0 11 12 11 10 3 14 2011 2012 2013 2014 2015 2016 Apps Stores & Content Aggregators Carrier Back Office Mobile Games / Virtual Goods m-Commerce Enablement Messaging & VoIP Mobile / Local Marketing Mobile Devices Mobile OS & Utility Software Mobility & Monitoring Portals & Social Networks Search & Referral - Diversified Travel & Entertainment Vertical Market Apps Video, Music & eBooks

8 2016 M&A TRANSACTION VOLUME BY DEAL SIZE – PRIVATE TARGETS

 2016 transaction volume for private targets slipped to 428 deals, representing a 21% decrease from 2015 » 2016 $500M+ deals outpaced 2015, with all but one of those deals coming in Q2’16 and Q3’16  2016 transaction size decreased compared to 2015, dropping the median down to $13M compared to $19M in 2015

100% 5 1 6 5 1 4 4 3 5 6 7 3 90% 12 6 4 4 14 7 4 80% 14 14 19 9 9 15 70% 19 11 13 10 10 60% 15 15 7 26 20 50% 9 16 19 24 40% 29

30% 71 44 20% 44 28 42 40 10%

0% 2011 2012 2013 2014 2015 2016 Total Deals 434 355 444 472 544 428 Deals w/ Value 151 77 122 137 114 93 Median ($M) $12 $20 $20 $24 $19 $13 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

9 2016 M&A TRANSACTION VOLUME BY DEAL SIZE – PUBLIC TARGETS

 2016 public transaction volume dropped to 8 deals from 18 deals in 2015

 2016 public transactions were spread across a wide range of deal values, dropping the median to a 5 year low of $100M

100%

90% 1 1 3 2 2 80% 3

70% 1 1 5 1 1 60% 1 1 50% 1 1 1 1 1 40% 3 1 1 30% 1 1 2 3 1 20% 1 1 10% 1 1 1 1 1 1 1 0% 2011 2012 2013 2014 2015 2016 Total Deals 5 5 8 7 18 8 Median ($M) $332 $396 $265 $178 $370 $100 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

10 MEDIAN LTM REVENUE MULTIPLES – PRIVATE TARGETS

 Median 2016 revenue multiple paid for private companies improved to 3.1x » Q4’16 had the lowest revenue multiple for the year at 2.3x, compared to 3.0x, 3.5x, and 2.8x in Q3’16, Q2’16, and Q1’16, respectively

4.5x 4.3x

4.0x

3.5x 3.4x 3.1x 3.0x 2.5x 2.5x 2.3x

2.0x 1.6x 1.5x

1.0x Median Revenue Multiple 0.5x

0.0x 2011 2012 2013 2014 2015 2016 25th % 1.8x 1.7x 0.8x 1.4x 1.1x 1.0x 75th % 8.9x 4.7x 5.9x 8.5x 3.8x 4.1x

11 MEDIAN 2016 REVENUE MULTIPLES – PUBLIC TARGETS

 Median 2016 revenue multiple paid for private companies decreased to 1.0x, representing a 5 year low » 2016 revenue multiples ranged from 0.9x to 8.1x, with Q2’16 posting the highest multiple at 8.1x  With just 8 public deals in 2016 it is difficult to draw broad conclusions on valuation implications given the small sample set

3.0x 2.7x

2.5x

2.0x 2.0x 2.0x

1.5x 1.4x 1.4x

1.0x 1.0x

Median Revenue Multiple 0.5x

0.0x 2011 2012 2013 2014 2015 2016 25th % 1.0x 1.0x 1.6x 1.9x 1.1x 1.0x 75th % 1.8x 2.7x 2.5x 5.7x 3.5x 4.1x

12 MEDIAN LTM REVENUE MULTIPLES BY SEGMENT – LAST 5 YEARS

 Median LTM revenue multiples for Mobile segments ranged from 0.7x to 4.9x » Travel & Entertainment garners the highest multiple as their customers represent high dollar purchase opportunities and users aren’t quite as fickle as other consumer segments » Mobile OS & Utility Software has also seen high multiples as enterprises increasing their mobile focus represent large dollar opportunities with lower churn relative to consumer apps

6.0x

4.9x 5.0x 4.8x

3.8x 4.0x 3.4x 3.1x 3.0x 2.7x 2.6x 2.6x 2.5x 2.1x 2.0x 2.0x 1.1x 0.9x 1.0x 0.7x Median Revenue Multiple 0.0x

13 HIGHEST REVENUE MULTIPLE TRANSACTIONS FOR LTM

LTM Multiple Premium Enterprise Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior

Mobile OS & 5/23/16 A mobile Internet company, develops search systems for mobile devices. $381M 21.9x 7.7x NA Utility SW

Vertical Market Provides a tele-health patient engagement and healthcare management 6/30/16 $156M 15.6x 5.2x NA Apps mobile application.

Provides Visual Studio enterprise mobile application development software- Mobile OS & 2/24/16 as-a-service (SaaS), add-on tools and extensions for software developers $400M 10.7x 4.9x NA Utility SW and businesses.

Portals & Social Provides a social networking website for professionals and businesses 6/13/16 $26.2B 8.1x NA 54.3% Networks globally through www.linkedin.com.

Mobile Games / 3/3/16 $285M NA Virtual Goods Develops wireless and mobile games, and operates mobile gaming platform. 7.8x NA

Provides customer billing, analytics, and reporting software and SaaS for the 9/14/16 Carrier Back Office $95M 7.3x 25.8x NA mobile and fixed telecommunications sector globally.

Mobility & SaaS mobile workforce solution for small and medium-sized businesses 8/1/16 $2.2B 7.0x NA 38.6% Monitoring worldwide.

Provides enterprise GPS-based fleet tracking, dispatch management, driver Mobility & 6/21/16 monitoring, mobile workforce management, route mapping and mobile $900M 6.9x 7.1x NA Monitoring navigation SaaS for auto manufacturers and the transportation sectors. Offers betting on various sports events, including football matches; and Mobile Games / 4/24/16 operates a digital multichannel offering with online and mobile portals, as $2.8B 5.0x NA NA Virtual Goods well as betting shops.

Mobile Games / 10/3/16 Develops, publishes, and markets mobile and social games. $30M 4.1x 5.0x NA Virtual Goods

Excludes deals with Target company revenue less than $2M

14 NOTABLE M&A TRANSACTIONS FOR Q4’16

LTM Multiple Premium Enterprise Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior

Pacific Special Operates as a holding company whose subsidiaries manufacture and sell 12/27/16 Acquisitions Mobile Devices Android-based mobile devices such as smart phones, tablets and smart $303M NA 6.1x NA Corp. watches, to device providers. Also provides related software and services. Provides online, mobile, and on-site POS credit card, check processing and M-Commerce 10/20/16 billing management SaaS for merchants and small-to-medium sized $115M NA 5.1x NA Enablement businesses.

Modern Avenue Portals & Social 10/28/16 Pinssible Labs Develops social networking mobile applications. $72M NA NA NA Group Networking

Designs and develops graphical user interfaces (GUI) for mobile phones and Mobile OS & 12/19/16 automotive displays, to automotive and other embedded display $68M 9.1x 7.2x NA Utility manufacturers. Designs and develops fashion styling games for women worldwide. Its Mobile Games / 11/3/16 games are found across platforms, including Apple's iOS, Google Play, $46M NA 0.9x NA Virtual Goods Amazon, and Microsoft. Provides mobile marketing solutions for operators, advertisement networks, Mobile / Local 10/6/16 advertisers (interactive agencies and brands), publishers, and application $45M 4.0x 84.9x NA Marketing developers in Singapore and internationally.

Mobile Games / 10/3/16 Develops, publishes, and markets mobile and social games. $30M 4.1x 5.0x NA Virtual Goods

15 MOST ACTIVE MOBILE BUYERS – LAST 2 YEARS

# of Deals Mobile Transactions Company Mobile Total Date Company Value Date Company Value 12/12/16 Cronologics NA 9/30/15 Jibe Mobile NA 9/12/16 Urban Engines NA 7/21/15 Pixate NA 7/27/16 Cluster Labs NA 6/18/15 Agawi NA 7/12/16 FortyTwo NA 5/28/15 Pulse.io NA 7/7/16 Anvato Inc. NA 19 45 5/4/15 Timeful NA 7/6/16 Moodstocks NA 2/24/15 Red Hot Labs NA 2/19/16 Joyride NA 2/23/15 JVL Ventures NA 2/18/16 Pie.co NA 2/8/15 Odysee NA 1/6/16 Circus Ponies NA 2/5/15 Launchpad Toys NA 11/6/15 Fly Labs NA 8/22/16 Genee NA 11/5/15 Mobile Data Labs NA 6/16/16 Wand Labs NA 9/12/15 Double Labs NA 6/13/16 LinkedIn $26.2B 7/16/15 FieldOne Systems NA 13 31 2/24/16 Xamarin $400M 6/2/15 6Wunderkinder $150M 2/9/16 Zikera NA 4/14/15 Datazen Software NA 2/3/16 TouchType $250M 2/4/15 Sunrise Atelier $100M 12/21/15 Talko NA

1/29/16 FlyBy Media NA 9/17/15 Mapsense NA 6 16 1/29/16 FlyByMedia NA 5/29/15 Metaio NA 10/5/15 Perceptio NA 5/17/15 Coherent Navigation NA

12/25/16 Cimagine NA 3/28/16 Bitstrips $100M 5 5 8/15/16 Verbify NA 9/15/15 Looksery NA 6/3/16 Obvious Engineering NA

7/14/16 Math Camp NA 12/8/15 OMG Labs NA 5 7 6/15/16 Fleksy NA 12/8/15 ShopTAP NA 5/3/16 AdLast NA

16 PUBLIC COMPANY VALUATION & OPERATING MULTIPLES MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 1

Apps Stores & Content Aggregation

Carrier Back Office

Games / Virtual Goods

M-Commerce Enablement

Messaging & VoIP

18 MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 2

Mobile / Local Marketing

Mobile Devices

Mobile OS & Utility SW

Mobility & Monitoring

Portals & Social Networks

19 MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 3

Search & Referral - Diversified

Travel & Entertainment

Vertical Market Apps

Video, Music & eBooks

20 RECENT IPOS – MEITU

IPO Details Business Description Offering Date: 12/14/16 Market Cap: $4.6B Develops and delivers mobile video and photography Offering Price: $1.10 Offering Size: $629M applications and solutions in China and internationally. Its products include MeiPai, a photo editing app; BeautyPlus, a Original Range: $1.10 - $1.24 % of Company: 13.6% photo editing tool; and MakeupPlus, a facial recognition and AR solution that allows users to try-on new makeup looks. IPO Performance HQ: Xiamen, China Ticker: SEHK: 1357 Open: $1.13 12/30 $/share: $1.08 % Change to Offer: 3.2% % Change to Offer: (1.2)% Stock Performance thru End of Q4’16 Close: $1.10 % Change to Open: (4.3)% % Change to Offer: (0.1)% $1.90

% Change to Open: (3.2)% $1.70

Financial & Valuation Metrics $1.50

LTM Revenue: $173M LTM Rev Growth: 99.6% $1.30 LTM EBITDA: $(106.9M) Gross Margin: 11.9% $1.10 LTM Net Income: $(472M) EBITDA Margin: (62.0)% Mkt Cap / $ Invested: NA Rev Multiple: 253.0x $0.90

Investors $0.70 12/15/16 12/16/16 12/19/16 12/20/16 12/21/16 12/22/16 12/23/16 12/28/16 12/29/16 12/30/16

NA IPO $0.50 Open

Offer Range Price-Open Gap $/Sh are

21 MEDIAN STOCK PERFORMANCE – MOBILE 115

 Q4’16 stock performance was poor as the Mobile 115 fell a median of 9.7% versus a small gain of 1.3% for the NASDAQ » Q4’16 was quite volatile for the technology sector and despite an overall weak quarter, after a big drop in late Oct/early Nov the NASDAQ performed well  Only two segments managed slight gains while the majority fell more than 5%

Stock Performance Stock Performance - 9/30-12/31 120% 106.6 Mobile Devices 0.7 Carrier Back Office 0.7 100% Vertical Market Apps (1.6) Mobility & Monitoring (3.9) 80% Apps Stores & Content Aggregation (5.8) Travel & Entertainment (5.9) 60% 52.2 Search & Referral - Diversified (8.6) Mobile OS & Utility Software (8.7) 40% 28.9 Video, Music & eBooks (9.0) Mobile 115 (9.7) 20% M-Commerce Enablement 7.5 (9.8) 3.8 1.3 Mobile / Local Marketing (10.4) 0% Portals & Social Networks (11.7) (5.6) Messaging & VoIP (17.9) (9.7) (20)% Games / Virtual Goods (18.2) Last 5 Years Last 3 Years LTM 9/30-12/31 (30.0)% (10.0)% 10.0% Mobile 115 NASDAQ

22 MEDIAN LTM REVENUE MULTIPLES – MOBILE 115

 Median LTM revenue multiples fell to 3.0x, near the five year low of 2.9x  Highest trading LTM revenue multiple segments include Messaging & VoIP, App Stores & Content Aggregation, and Travel & Entertainment » The high LTM revenue multiple in the Messaging & VoIP segment is driven by Tencent and Twilio with multiples of 11.0x and 9.2x, respectively

LTM Enterprise Value / Revenue LTM Enterprise Value / Revenue

4.5x Messaging & VoIP 5.4 4.1 Apps Stores & Content Aggregation 4.2 4.0x 3.9 Travel & Entertainment 4.2 3.5 3.5x Portals & Social Networks 4.0 2.9 3.0 Search & Referral - Diversified 4.0 3.0x Vertical Market Apps 3.4 2.5x Video, Music & eBooks 3.2 Mobile OS & Utility Software 3.2 2.0x Mobile 115 3.0 M-Commerce Enablement 2.9 1.5x Mobile Devices 2.4 1.0x Carrier Back Office 2.1 Mobile / Local Marketing 2.1 0.5x Mobility & Monitoring 1.8

0.0x Games / Virtual Goods 1.7 2012 2013 2014 2015 2016 0x 2x 4x 6x Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16

23 MEDIAN LTM EBITDA MULTIPLES – MOBILE 115

 Median LTM EBITDA multiples continued to decrease after a 5 year high in 2013, currently standing at 12.9x

 Messaging & VoIP segment trades at a premium LTM EBITDA multiple of 29.2x

 Only two out of the fourteen segments trade at medians below 10x LTM EBITDA

LTM Enterprise Value / EBITDA LTM Enterprise Value / EBITDA

18x 16.7 Messaging & VoIP 29.2 Portals & Social Networks 21.1 16x 14.9 Mobility & Monitoring 19.2 13.4 14x 12.9 Search & Referral - Diversified 16.3 Travel & Entertainment 15.5 12x 10.5 Apps Stores & Content Aggregation 14.8 10x Vertical Market Apps 14.0 Mobile / Local Marketing 13.7 8x Mobile 115 12.9

6x Video, Music & eBooks 11.8 Mobile OS & Utility Software 11.0 4x Mobile Devices 10.5 M-Commerce Enablement 10.1 2x Games / Virtual Goods 9.1 0x Carrier Back Office 9.0 2012 2013 2014 2015 2016 0x 10x 20x 30x 40x Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16 Com panies wit h EBITDA Margin <7.5% and EBITDA m ultiple above 20x deem ed NA Com panies wit h EBITDA Margin <7.5% and EBITDA m ultiple above 20x deem ed NA

24 MEDIAN LTM P/E MULTIPLES – MOBILE 115

 Poor stock performance in Q4’16 decreased the median LTM P/E multiple to 21.9x

 Only two companies in the Mobility & Monitoring segment meet the required P/E measurement parameters so the segment multiple is not very meaningful

 Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale

LTM P/E LTM P/E

30x Mobility & Monitoring 228.6 26.7 Messaging & VoIP 44.8 24.0 Search & Referral - Diversified 30.7 25x 23.1 21.9 Portals & Social Networks 30.2 Travel & Entertainment 27.6 20x 18.0 Vertical Market Apps 25.5 Games / Virtual Goods 23.7 15x Mobile 115 21.9 Mobile / Local Marketing 21.3 Mobile OS & Utility Software 10x 20.1 M-Commerce Enablement 19.7 Apps Stores & Content Aggregation 18.8 5x Carrier Back Office 16.3 Mobile Devices 15.5 0x Video, Music & eBooks 14.0 2012 2013 2014 2015 2016 0x 50x 100x 150x 200x 250x Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16 Com panies wit h Net Margin <5.0% and P/E above 40x deem ed NA Com panies wit h Net Margin <5.0% and P/E above 40x deem ed NA

25 MEDIAN REVENUE GROWTH – MOBILE 115

 Median revenue growth increased to 14.3% versus 12.8% in 2015  Revenue growth is expected to slow to 9.6% over the next twelve months

Revenue Growth vs Prior 12 Mos NTM / LTM Revenue Growth Projection

25% 23.4 Messaging & VoIP 22.2 Portals & Social Networks 19.3 20% Video, Music & eBooks 16.9 17.5 17.0 Apps Stores & Content Aggregation 16.6 14.3 Travel & Entertainment 16.3 15% 12.8 Search & Referral - Diversified 15.4 Mobile OS & Utility Software 11.1 9.6 10% Mobile 115 9.6 Vertical Market Apps 8.5 M-Commerce Enablement 5.2 5% Carrier Back Office 4.2 Mobile / Local Marketing 4.2 0% Games / Virtual Goods 4.1 Mobility & Monitoring 3.1 Mobile Devices 1.2

0% 10% 20% 30% Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16

26 MEDIAN EBITDA GROWTH – MOBILE 115

 Median EBITDA growth rates dropped sharply in 2016 to 1.1% despite the 14.3% revenue growth, indicating that companies were reinvesting to drive continued growth  Median EBITDA growth rates are forecasted to significantly improve in the next twelve months, increasing to 17.7%

EBITDA Growth vs Prior 12 Mos NTM / LTM EBITDA Growth Projection

20% 17.7 Messaging & VoIP 77.9 18% 16.1 16.0 Portals & Social Networks 52.9 16% Video, Music & eBooks 51.2 14% 13.4 Search & Referral - Diversified 30.7 Apps Stores & Content Aggregation 30.7 12% 10.9 Travel & Entertainment 23.8 10% Mobility & Monitoring 21.1 8% Mobile / Local Marketing 18.3 6% Mobile 115 17.7 Vertical Market Apps 17.7 4% M-Commerce Enablement 7.0 1.1 2% Carrier Back Office 4.7 0% Mobile OS & Utility Software (2.0) Games / Virtual Goods (5.6) Mobile Devices (5.8)

(35)%(10)% 15% 40% 65% 90% Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16 Com panies wit h EBI T DA M ar gin bet ween -5.0% and 5.0% deem ed NA Com panies wit h EBI T DA M ar gin bet ween -5.0% and 5.0% deem ed NA

27 MEDIAN EPS GROWTH – MOBILE 115

 Median EPS growth has fluctuated significantly over the past five years with 2016 slipping to a 5 year low of 8.2%

 Improved median EPS growth is expected in the next twelve months, reaching 10.8%

EPS Growth vs Prior 12 Mos NTM / LTM EPS Growth Projection

20% 18.6 Mobility & Monitoring 74.6 18% 15.9 Messaging & VoIP 44.3 16% Travel & Entertainment 37.7 14% Portals & Social Networks 32.7 Search & Referral - Diversified 17.8 12% 10.8 10.8 Video, Music & eBooks 9.6 17.1 10% 8.2 Apps Stores & Content Aggregation 13.1 8% Mobile / Local Marketing 12.9 Mobile 115 10.8 6% M-Commerce Enablement 9.5 4% Vertical Market Apps 4.9 2% Mobile OS & Utility Software 4.4 Mobile Devices 3.7 0% Carrier Back Office (1.4) Games / Virtual Goods (11.2)

(45)% (15)% 15% 45% 75% 105%

Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16 Com panies wit h Net Margin bet ween -5.0% and 5.0% deem ed NA Com panies wit h Net Margin bet ween -5.0% and 5.0% deem ed NA

28 MEDIAN GROSS MARGIN TRENDS – MOBILE 115

 Median gross margins have steadily decreased over the last five years to 59.3% as competition in the mobile segment has increased » Vertical Market Apps segment commanded the highest median gross margin of 80.8%  More commoditized segments such as Carrier Back Office and Video, Music & eBooks lag behind with gross margins below 40% as vendors face pricing pressure

Gross Margins Gross Margins by Segment

80% Vertical Market Apps 80.8 67.1 Travel & Entertainment 74.4 70% 64.8 62.4 62.1 Search & Referral - Diversified 71.7 59.3 60% M-Commerce Enablement 67.3 Portals & Social Networks 64.1 50% Mobile / Local Marketing 64.1 Games / Virtual Goods 61.0 40% Mobile OS & Utility Software 60.9 Mobile 115 59.3 30% Messaging & VoIP 53.8 Mobility & Monitoring 49.0 20% Mobile Devices 45.9 Apps Stores & Content Aggregation 42.2 10% Video, Music & eBooks 38.7 0% Carrier Back Office 36.8 2012 2013 2014 2015 2016 0% 20% 40% 60% 80% 100% Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16

29 MEDIAN EBITDA MARGIN TRENDS – MOBILE 115

 The Median EBITDA margin continued to decrease in Q4’16, hitting a 5 year low of 16.6% » Weakened gross margins and companies reinvesting capital to drive growth drove the decrease  The majority of companies in the bottom 4 segments continue to invest heavily in sales and marketing, delaying profitability in an effort to increase market share

EBITDA Margins EBITDA Margins by Segment

25% 23.1 M-Commerce Enablement 24.8 Search & Referral - Diversified 24.7 20.4 Mobile OS & Utility Software 24.6 20% 19.0 19.3 Apps Stores & Content Aggregation 22.9 16.6 Mobile Devices 20.4 Carrier Back Office 19.6 15% Mobile / Local Marketing 19.6 Portals & Social Networks 19.1

10% Games / Virtual Goods 18.3 Mobile 115 16.6 Vertical Market Apps 15.2 5% Travel & Entertainment 14.1 Video, Music & eBooks 11.8 Messaging & VoIP 8.6 0% Mobility & Monitoring 5.2 2012 2013 2014 2015 2016 0% 10% 20% 30% Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16

30 BEST & WORST PERFORMERS – MOBILE 115

High/Low LTM EV/Rev Multiples High/Low Revenue Growth

45x 41.1 140% 121.0 36.2 35.0 40x 32.6 120% 35x 100% 30x 80% 25x 20.4 49.7 20x 60% 41.5 40.8 38.5 15x 40% 9.2 10x 3.0 20% 5x 0.6 0.5 0.4 0.4 0.4 0% 0x (20)% (40)% (31.7) (35.0) (36.2) (37.4) (60)% (46.0)

Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16

High/Low LTM EV/EBITDA Multiples High/Low EBITDA Growth 150.0x 139.1 750% 594.5 125.0x 436.5 92.8 86.7 86.4 500% 100.0x 319.3 263.3 75.0x 61.6 200.5 250% 50.0x 18.0 12.9 25.0x 2.8 2.7 2.4 1.7 1.0 0% 0.0x (50.9) (54.3) (64.0) (64.2) (67.9) (250)%

Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16 Com panies wit h EBITDA Margin <7.5% and EBITDA m ultiple above 20x deem ed NA Com panies wit h EBI T DA M ar gin bet ween -5.0% and 5.0% deem ed NA

31 BEST & WORST PERFORMERS – MOBILE 115 (CONTINUED)

High/Low LTM P/E Multiples High/Low EPS Growth 450x 418.6 500% 384.5 375x 272.3 171.4 156.9 144.4 249.8 300x 8.2 225x 0% 113.8 113.4 150x 102.6 (67.9) (74.3) (83.3) 75x 21.9 7.7 7.2 5.6 5.5 4.9 (203.1) 0x (500)% (368.4)

Based on dat a available as of 12/31/16 Based on dat a available as of 12/31/16 Com panies wit h Net Margin <5.0% and P/E above 40x deem ed NA Com panies wit h Net Margin bet ween -5.0% and 5.0% deem ed NA

Stock Performance - 9/30-12/31 High/Low EBITDA Margin 50% 36.4 32.4 30.3 28.9 67.2 25.6 80% 52.8 50.5 47.6 47.5 25% 40% 16.6 0% 0% (25)% (9.7) (40)% (28.2) (34.6) (80)% (66.1) (50)% (39.4) (45.0) (50.7) (50.8) (55.2) (120)% (113.9) (75)% (160)% (126.3)

32 NOTABLE TRANSACTION PROFILES M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary Pacific Special Headquartered in Beijing, China with research and development centers Acquisition Corp. in Bangalore, India, and Beijing, Borqs is a global leader in software and products for IoT. Borqs provides customizable, differentiated, and Deal Summary scalable Android-based smart connected devices and cloud service solutions for their global customer base. Date: 12/27/2016 Transaction Value: $303 million Pacific Special Acquisition Corporation (Pacific) is a blank check company sponsored by Zhengqi International Holding Limited, a subsidiary of Enterprise Value: $303 million Pacific Securities. % Sought: 100% Yaqi Feng, COO of Pacific commented, “Our team looked at many Common equity Consideration: opportunities in a variety of industry sectors and determined that the transaction with Borqs would provide the greatest value to our shareholders. Borqs is a leading IoT company backed by some of the Valuation Metrics world’s leading investors, all of whom will become shareholders in the new company.” With this acquisition, Pat Chan, founder, Chairman, and LTM Revenue Multiple: NA CEO of Borqs commented, “We believe that as a company with its shares LTM EBITDA Multiple: NA listing on Nasdaq, Borqs can achieve its goals faster within the IoT Multiple on $ Invested: 6.1 x industry; taking advantage of the resources from the public capital markets to bring innovations to commercially viable products and services quickly, motivate our workforce and grow together with our customers and partners to new and higher levels.” Investors Under the terms of the merger agreement, shareholders of Borqs will receive ordinary shares of Pacific. Asset Horizon International, GSR Ventures, Intel Capital, Keytone Ventures, Mayfield, Norwest Venture Partners, Partners for Growth, SBI & TH Venture Capital Enterprise, SK Telecom

34 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Founded in 2005 and headquartered in Denver, Colorado, PaySimple develops cloud-based receivables automation technology for small businesses. The company is a leading service commerce platform that Deal Summary provides their customers with a point-of-sale software, sales and order reporting, recurring billing for products or services, and electronic Date: 10/20/2016 invoicing services. PaySimple boasts over 17,000 customers across the Transaction Value: $115 million country, ranging in industries such as, non-profit and education, fitness Enterprise Value: $115 million and wellness, and home and professional services. % Sought: NA Headquartered in Providence, Rhode Island, Providence Equity Consideration: Not disclosed (providence) is a premier, global asset management firm with $50 billion assets under management. Providence focuses on investments in the media, communications, education, and information industries.

Valuation Metrics Mark Hastings, Managing Director and head of Providence Strategic Growth commented, “Legacy paper-based cash and check processes, and LTM Revenue Multiple: NA even terminal point-of-sale solutions, don’t fit the needs of relationship- LTM EBITDA Multiple: NA oriented verticals, and limit their growth. That gap affects a great number Multiple on $ Invested: 5.1 x of SMBs across the country and PaySimple is uniquely positioned to meet the needs of this market with the platform they’ve built. We're very excited to work with Eric and the team at PaySimple to provide business- changing technology and vertically-focused offerings in this underserved and rapidly growing space.” Investors Providence acquired an undisclosed majority stake in PaySimple. aurionPro Solutions Limited, Escalate Capital Partners, PaySimple will use the funds to accelerate its strategy to market services Legend Ventures, Susquehanna Growth Equity, Tandem online, automate payment acceptance, and deliver one end-to-end Entrepreneurs Management Services solution to its customers.

35 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary Modern Avenue Pinssible Labs Based in Wuhan, China, Pinssible Labs is a developer of social networking Group mobile applications. Its most successful app, Padgram, a popular cross- platform Instagram client and viewer, boasts over three million users on Deal Summary iOS. The company also made a foray into developing an iOS-specific keyboard, known as FancyKey, which allows users to personalize a Date: 10/28/2016 device’s keyboard with a library of fancy fonts, emojis, and themes. Transaction Value: $72 million FancyLand, formerly the user chat forum in the FancyKey app was made Enterprise Value: $72 million into a standalone app for people to directly engage with one another. % Sought: 100% Founded in 1997 and headquartered in Guangzhou, China, Modern Consideration: Cash, Stock Avenue Group operates as a specialty retailer of men’s clothing in China under the Canudilo brand name.

Consideration was comprised of approximately $29 million in cash and Valuation Metrics 20.76 million Modern Avenue Group shares at $2.02 per share. LTM Revenue Multiple: 24.3 x LTM EBITDA Multiple: NA Multiple on $ Invested: NA

Investors Wuhan Pinssible Investment Management Center

36 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Founded in 2009, Rightware is a market leader in advanced user interface (UI) technology primarily in the mobile, automotive, and other embedded industries. The company’s product, Kanzi, enables rapid design and Deal Summary development of UIs through its agile workflow and modular architecture. Date: 12/19/2016 Headquartered in Beijing, China, Thundersoft provides smart device Transaction Value: $68 million operating systems and platform technologies. The company’s products include both software and hardware integrated solutions for Enterprise Value: $68 million smartphones and tablet computers; smart vehicle based OS solutions, % Sought: 100% software and hardware integrated core technology modules for smart Consideration: Cash hardware and IoT devices; mobile security OS; and mobile device management systems.

With this acquisition, Thundersoft will be able to create more complete Valuation Metrics solutions for their customers. Larry Geng, CEO of Thundersoft commented, “Rightware has the best user experience design technology, LTM Revenue Multiple: 9.1 x which will be featured in more connected cars in the market. In LTM EBITDA Multiple: NA combination with Rightware’s unique technology, design knowhow and Multiple on $ Invested: 7.2 x world-class talent, we can bring more value to our customers and transform the automotive industry with our innovations.”

Post-close, Rightware will remain an independent company with the current Rightware management team and more than 50 employees Investors continuing to manage operations. Finnish Industry Investment, Inventure, Nexit Ventures

37 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Headquartered in Burlingame, California, Crowdstar is a premier interactive entertainment company for women. The company creates fashion styling games on multiple platforms including iOS, Google Play, Deal Summary Amazon, and Microsoft. Additionally, Crowdstar boasts global strategic partnerships with Tencent, NHN, and Facebook. Date: 11/3/2016 Transaction Value: $46 million Founded in 2001, Glu Mobile is a leading global developer and publisher of free-to-play games for smart phones and tablet devices and is listed Enterprise Value: $46 million on NASDAQ. Glu focuses on creating original IP games that are available % Sought: 100% on multiple platforms, such as, the App Store, Google Play, Amazon Consideration: Cash Appstore, Facebook, Mac App Store, and Windows Phone. With the acquisition of Crowdstar, Glu is able to diversity its portfolio to appeal more to female users as well as enable Glu to access transaction Valuation Metrics revenue with brand tie-ins. Niccolo de Masi, Glu’s Executive Chairman, commented, “…the Crowdstar acquisition brings to Glu a leadership LTM Revenue Multiple: NA position in the fashion category and a potential long-term annuity in LTM EBITDA Multiple: NA Covet: Fashion. In addition, Design Home is exhibiting promising Multiple on $ Invested: 0.9 x potential in early beta results as a platform, and we are optimistic that it can be a significant growth driver for the company in 2017.”

Glu believes the deal will result in significant user acquisition, advertising revenue, and celebrity partnership synergies. Investors Intel Capital, NV Investments, The9, Time Warner, Time Warner Investments, YouWeb

38 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Founded in 2011, Art of Click develops a digital mobile marketing platform that enables advertisers to promote content and services to their audience on mobile sites and applications. The company is one of Deal Summary the fastest growing mobile affiliate marketing platforms in the Asia Pacific, with over four billion monthly ad impressions in their key markets Date: of Korea, Japan, Hong Kong, Taiwan, and South East Asia. Transaction Value: $45 million Headquartered in Makati, Philippines, Xurpas is one of the largest Enterprise Value: $45 million consumer technology companies in the Philippines. The company creates % Sought: 100% and develops digital products and services for mobile end users by Consideration: Cash providing mobile consumer content, online casual games, info-on- demand services, and other content.

With the acquisition of Art of Click, Xurpas will be able to enhance their Valuation Metrics content offerings for their customers. Raymond Racaza, President and Chief Operating Officer of Xurpas, commented, “We love the fact that Art LTM Revenue Multiple: 4.0 x of Click has the capability to tremendously enhance this core business LTM EBITDA Multiple: NA unit. Right now, we are developing revolutionary mobile consumer Multiple on $ Invested: 84.9 x platforms that integrates our various investments. Our investment in Art of Click couldn’t have come at a more perfect time.”

Xurpas expects that with the acquisition of Art of Click will boost their revenues and accelerate their development and expansion of Xurpas’ Investors existing business. National Research Foundation, Wavemaker Partners

39 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Headquartered in Moscow, Russia with offices in Berlin and Belgorod, Pixonic develops, publishes, and markets mobile and social games. The company initially focused on developing and publishing social network Deal Summary games, but has since redirected their efforts to the development of long- term mobile projects, with their first success being the mobile game, Date: 10/3/2016 Robinson, followed by War Robots. Transaction Value: $30 million Founded in 1998, Mail.Ru Group, is one of the largest internet companies Enterprise Value: $30 million in the Russian-speaking internet market. The company operates search % Sought: 100% engines, email services, chat rooms, online games, and other online Consideration: Cash, Earn Out/Contingent Payments portals. Dmitry Grishin, Mail.Ru Group Chairman and CEO, commented, “We are very pleased to be adding one of the world’s most talented teams of Valuation Metrics mobile games developers. There is a clear strategic fit here and we look forward to working together to strengthen our international mobile LTM Revenue Multiple: 4.1 x games development and publishing and take the company’s games to LTM EBITDA Multiple: NA even further success.” Multiple on $ Invested: 5.0 x The consideration is comprised of $20 million in cash with a maximum potential earn out of up to $10 million based on sustaining ongoing KPI’s.

Investors AddVenture, Guard Capital, Kite Ventures, QIWI Ventures, TA Ventures, Ventech

40 PUBLIC COMPANY TRADING & OPERATING METRICS TRADING & OPERATING METRICS

($ in millions, except per share data) $/Share Market Enterprise % Change Ent. Value/Rev. Ent. Value/EBITDA Price/EPS NTM / LTM Growth LTM Margin Company Name 12/31/16 Cap Value Cash Debt LTM LQ LTM NTM LTM NTM LTM NTM Revenue EBITDA EPS Gross EBITDA Net

Mobile 115 Mean 31,185 29,037 4,716 2,568 1.2 % (8.8)% 5.2 x 3.2 x 19.6 x 12.8 x 36.0 x 23.9 x 10.0% 40.9% 22.4% 59.2 % 15.0 % 4.9 % Mobile 115 Median 1,829 1,872 266 63 3.8 % (9.7)% 3.0 x 2.6 x 12.9 x 11.1 x 21.9 x 20.2 x 9.6% 17.7% 10.8% 59.3 % 16.6 % 9.5 %

Carrier Back Office Amdocs 58.25 8,550 7,655 1,096 200 6.7 % 0.7 % 2.1 x 2.0 x 10.5 x 10.0 x 16.3 x 15.3 x 4.2% 4.7% 6.8% 35.2 % 19.6 % 14.4 % Convergys 24.56 2,342 2,501 141 300 (1.3)% (19.3)% 0.9 x 0.8 x 6.7 x 6.6 x 12.9 x 13.1 x 2.7% 0.6% (1.4)% 36.8 % 12.9 % 6.8 % CSG Systems 48.40 1,562 1,702 266 405 34.5 % 17.1 % 2.2 x 2.2 x 9.0 x 9.2 x 16.2 x 18.3 x 1.8% (2.5)% (11.7)% 51.4 % 24.8 % 13.0 % NeuStar 33.40 1,829 2,696 56 923 39.3 % 25.6 % 2.3 x 2.1 x 5.8 x 4.7 x 5.6 x 6.3 x 9.0% 22.6% (11.1)% 68.9 % 40.2 % 28.2 % Synchronoss 38.30 1,736 1,872 140 277 8.7 % (7.0)% 3.0 x 2.6 x 8.1 x 8.1 x 16.3 x 20.1 x 14.9% (0.5)% (18.7)% 55.2 % 36.5 % 16.5 % Teleperformance 100.60 5,696 7,569 317 2,191 19.5 % (5.7)% 1.9 x 1.8 x 14.8 x 10.5 x 25.3 x 17.4 x 8.2% 40.2% 45.5% 32.6 % 12.9 % 5.8 % TeleTech 30.50 1,418 1,486 61 129 9.3 % 5.2 % 1.2 x 1.1 x 9.0 x 8.0 x 21.9 x 18.7 x 3.0% 13.0% 17.6% 26.3 % 12.9 % 5.3 % Mean 3,305 3,640 297 632 16.7 % 2.4 % 1.9 x 1.8 x 9.1 x 8.2 x 16.4 x 15.6 x 6.3% 11.1% 3.9% 43.8 % 22.8 % 12.9 % Median 1,829 2,501 141 300 9.3 % 0.7 % 2.1 x 2.0 x 9.0 x 8.1 x 16.3 x 17.4 x 4.2% 4.7% (1.4)% 36.8 % 19.6 % 13.0 %

Mobile OS & Utility Software Alphabet 792.45 539,070 459,952 83,056 3,938 1.9 % (1.4)% 5.4 x 4.6 x 14.8 x 11.4 x 23.5 x 20.1 x 16.6% 30.7% 17.2% 61.8 % 36.2 % 27.5 % Apple 115.82 617,588 636,744 67,883 87,039 10.0 % 2.5 % 3.0 x 2.8 x 8.1 x 8.6 x 14.0 x 12.8 x 6.1% (5.8)% 9.0% 39.1 % 36.4 % 21.1 % BlackBerry 6.88 3,646 2,964 1,289 607 (25.7)% (13.7)% 2.0 x 2.9 x 7.8 x 21.6 x NA NA (31.7)% (64.0)% NA 45.6 % 25.7 % (0.4)% Cheetah Mobile 9.56 1,362 1,243 192 73 (40.3)% (23.3)% 1.9 x 1.7 x 11.9 x 14.9 x 33.2 x 26.8 x 12.5% (19.9)% 24.0% 68.8 % 15.8 % 6.0 % Enea 10.58 168 147 21 0 (13.7)% (0.4)% 2.6 x 2.2 x 10.4 x 9.7 x 14.8 x 16.3 x 18.5% 7.8% (9.3)% 69.4 % 24.6 % 19.7 % G-treeBNT 13.83 297 293 18 14 21.5 % (14.1)% 19.3 x NA NA NA NA NA NA NA NA 25.4 % (16.4)% (36.1)% Microsoft 62.14 483,160 422,303 136,789 75,932 12.0 % 7.9 % 4.9 x 4.5 x 16.3 x 11.5 x 21.8 x 20.9 x 11.1% 41.8% 4.4% 60.9 % 30.4 % 26.6 % MobileIron 3.75 330 250 80 0 3.9 % 36.4 % 1.5 x 1.4 x NA NA NA NA 10.6% 64.3% 46.7% 81.1 % (28.2)% (21.3)% Monotype Imaging 19.85 775 788 98 110 (16.0)% (10.2)% 3.9 x 3.4 x 11.0 x 14.1 x 20.1 x 26.6 x 14.0% (21.6)% (24.7)% 83.9 % 35.5 % 19.5 % Myriad Group 2.38 266 264 10 8 (7.2)% (18.1)% 4.7 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)% NQ Mobile 3.22 310 161 327 179 (11.5)% (15.7)% 0.4 x NA NA NA 5.5 x NA NA NA NA 24.4 % (0.8)% 15.1 % Nuance 14.90 4,340 6,192 580 2,433 (25.1)% 2.8 % 3.2 x 3.0 x 9.9 x 9.7 x 9.7 x 9.4 x 4.7% 1.8% 3.5% 60.7 % 32.1 % 22.9 % Opera Softw are 4.33 640 851 74 285 (24.1)% (37.6)% 1.2 x 1.4 x 8.3 x 12.6 x 16.2 x NA (12.8)% (33.9)% (87.6)% 30.2 % 14.5 % 5.5 % OPTiM 46.00 306 287 19 0 26.1 % (8.7)% 9.8 x 8.2 x 61.6 x NA 113.4 x NA 19.1% NA NA 81.9 % 15.9 % 9.5 % Seamless Distribution 5.24 1,157 1,117 41 0 NA 28.9 % 35.0 x NA 92.8 x NA 249.8 x NA NA NA NA 64.6 % 37.7 % 10.9 % Mean 110,228 102,237 19,365 11,375 (6.3)% (4.3)% 6.6 x 3.3 x 23.0 x 12.7 x 47.5 x 19.0 x 6.2% 0.1% (1.9)% 55.4 % 15.8 % 3.6 % Median 775 851 98 110 (9.4)% (8.7)% 3.2 x 2.9 x 11.0 x 11.5 x 20.1 x 20.1 x 11.1% (2.0)% 4.4% 60.9 % 24.6 % 10.9 %

Messaging & VoIP LINE 34.35 7,475 6,191 1,286 3 NA (28.4)% 4.6 x 4.4 x NA 16.6 x 95.4 x NA 4.8% 319.3% NA 33.8 % 6.6 % 5.9 % Mail.Ru Group 18.35 3,828 3,741 89 2 (18.6)% 4.6 % 6.0 x 5.2 x 17.7 x 11.6 x 21.5 x 19.0 x 16.3% 53.2% 12.7% 51.6 % 33.8 % 29.4 % Myriad Group 2.38 266 264 10 8 (7.2)% (18.1)% 4.7 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)% SINA 60.79 4,309 2,981 2,209 881 23.1 % (17.7)% 3.1 x 2.5 x 29.2 x 12.4 x 53.3 x 32.3 x 22.2% 136.6% 65.2% 64.1 % 10.5 % 8.7 % Tencent 24.46 229,521 229,078 14,233 13,790 24.3 % (10.9)% 11.0 x 8.7 x 30.3 x 20.4 x 36.2 x 29.4 x 27.1% 48.7% 23.3% 56.8 % 36.4 % 30.8 % Tw ilio 28.85 2,514 2,261 252 0 NA (55.2)% 9.2 x 6.9 x NA NA NA NA 32.3% 77.9% 82.7% 55.9 % (11.5)% (35.7)% Mean 41,319 40,753 3,013 2,447 5.4 % (20.9)% 6.4 x 5.5 x 25.8 x 15.2 x 51.6 x 26.9 x 20.5% 127.1% 46.0% 49.4 % 8.9 % (5.6)% Median 4,068 3,361 769 5 7.9 % (17.9)% 5.4 x 5.2 x 29.2 x 14.5 x 44.8 x 29.4 x 22.2% 77.9% 44.3% 53.8 % 8.6 % 7.3 %

42 TRADING & OPERATING METRICS

Portals & Social Networks Facebook 115.05 331,594 305,454 26,140 0 9.9 % (10.3)% 12.4 x 8.9 x 24.5 x 14.4 x 31.8 x 23.1 x 38.5% 70.8% 37.4% 85.5 % 50.5 % 42.5 % Gree 5.28 1,239 433 806 0 10.3 % (5.3)% 0.7 x 0.8 x 2.7 x 4.9 x 7.7 x NA (18.1)% (46.2)% NA 72.3 % 25.2 % 24.9 % Kakao 63.96 4,325 4,549 682 906 (35.0)% (14.0)% 4.0 x 3.2 x 35.3 x 29.1 x 63.4 x 39.5 x 25.6% 21.1% 60.4% 79.4 % 11.3 % 5.9 % Mail.Ru Group 18.35 3,828 3,741 89 2 (18.6)% 4.6 % 6.0 x 5.2 x 17.7 x 11.6 x 21.5 x 19.0 x 16.3% 53.2% 12.7% 51.6 % 33.8 % 29.4 % MeetMe 4.93 290 245 46 0 37.7 % (20.5)% 3.7 x 2.4 x 11.7 x 6.4 x 13.1 x 10.2 x 49.7% 82.4% 27.9% 100.0 % 31.2 % 32.4 % Meitu 1.08 4,579 5,628 252 1,301 NA NA 32.6 x NA NA NA NA NA NA NA NA 11.9 % (66.1)% (331.6)% Mono Technology 0.08 254 294 5 45 40.1 % (6.5)% 4.6 x 4.1 x 51.7 x 9.6 x NA 66.7 x 12.1% 436.5% 188.8% 24.1 % 8.9 % (6.6)% Shutterfly 50.18 1,703 2,012 93 401 12.6 % 12.4 % 1.8 x 1.7 x 10.6 x 8.6 x NA NA 8.3% 22.3% NA 49.6 % 17.0 % 3.8 % SINA 60.79 4,309 2,981 2,209 881 23.1 % (17.7)% 3.1 x 2.5 x 29.2 x 12.4 x 53.3 x 32.3 x 22.2% 136.6% 65.2% 64.1 % 10.5 % 8.7 % Tencent 24.46 229,521 229,078 14,233 13,790 24.3 % (10.9)% 11.0 x 8.7 x 30.3 x 20.4 x 36.2 x 29.4 x 27.1% 48.7% 23.3% 56.8 % 36.4 % 30.8 % Tian Ge Interactive 0.62 795 581 214 0 48.5 % (12.4)% 5.6 x 4.8 x 39.5 x 10.9 x 113.8 x 21.9 x 16.1% 263.3% 420.2% 77.7 % 14.1 % 6.8 % Tw itter 16.30 11,563 9,553 3,664 1,654 (29.6)% (29.3)% 3.8 x 3.5 x 15.1 x 12.4 x 28.6 x 29.4 x 7.3% 21.4% (2.6)% 66.5 % 25.1 % 15.7 % YY 39.42 2,182 1,925 656 399 (36.9)% (26.0)% 1.7 x 1.4 x 8.8 x 5.8 x 10.9 x 9.3 x 22.4% 52.7% 17.1% 38.5 % 19.1 % 19.0 % Mean 45,860 43,575 3,776 1,491 7.2 % (11.3)% 7.0 x 3.9 x 23.1 x 12.2 x 38.0 x 28.1 x 19.0% 96.9% 85.1% 59.9 % 16.7 % (9.1)% Median 3,828 2,981 656 399 11.4 % (11.7)% 4.0 x 3.4 x 21.1 x 11.2 x 30.2 x 26.2 x 19.3% 52.9% 32.7% 64.1 % 19.1 % 15.7 %

Search & Referral - Diversified Alphabet 792.45 539,070 459,952 83,056 3,938 1.9 % (1.4)% 5.4 x 4.6 x 14.8 x 11.4 x 23.5 x 20.1 x 16.6% 30.7% 17.2% 61.8 % 36.2 % 27.5 % Angie's List 8.23 487 507 38 58 (12.0)% (17.0)% 1.5 x 1.6 x NA 15.9 x 31.5 x 35.0 x (4.0)% 32.4% NA 71.7 % 7.3 % 4.6 % Baidu 164.41 57,036 51,239 11,750 5,953 (13.0)% (9.7)% 4.8 x 4.4 x 19.5 x 18.6 x 11.1 x 32.4 x 8.5% 4.4% (65.8)% 59.2 % 24.7 % 48.4 % DigitalGlobe 28.65 1,783 2,805 88 1,110 83.0 % 4.2 % 3.9 x 3.5 x 7.4 x 7.2 x 37.0 x NA 12.1% 3.2% (45.1)% 79.5 % 52.8 % 7.1 % Info Edge 13.24 1,604 1,413 191 0 2.5 % 3.8 % 10.0 x 7.2 x NA 50.6 x NA 59.2 x 37.7% 157.0% NA 8.1 % (34.6)% (26.8)% Just Dial 4.99 347 236 111 0 (60.8)% (22.8)% 2.3 x 2.0 x 8.9 x 12.4 x 17.9 x 25.0 x 15.4% (28.2)% (28.2)% 43.6 % 25.5 % 19.0 % Kakao 63.96 4,325 4,549 682 906 (35.0)% (14.0)% 4.0 x 3.2 x 35.3 x 29.1 x 63.4 x 39.5 x 25.6% 21.1% 60.4% 79.4 % 11.3 % 5.9 % Naver 643.75 18,545 15,608 3,076 139 15.1 % (19.8)% 4.5 x 4.1 x 17.9 x 11.9 x 36.0 x 24.0 x 8.3% 50.2% 50.1% 77.7 % 25.0 % 15.0 % Yahoo Japan 3.85 21,893 18,015 4,483 605 (6.4)% (3.1)% 2.2 x 2.4 x 8.4 x 8.5 x 20.3 x NA (6.9)% (1.0)% NA 55.6 % 26.7 % 13.4 % Yandex 20.13 6,478 5,788 1,052 362 28.1 % (4.4)% 5.1 x 4.2 x 16.3 x 12.3 x 29.9 x 25.2 x 20.7% 32.7% 18.5% 73.7 % 31.2 % 19.2 % Yelp 38.13 2,992 2,559 432 0 32.4 % (8.6)% 3.8 x 3.0 x 38.9 x 16.5 x 66.9 x 37.5 x 26.3% 136.0% 78.2% 91.1 % 9.8 % 6.5 % Mean 59,505 51,152 9,542 1,188 3.2 % (8.4)% 4.3 x 3.7 x 18.6 x 17.7 x 33.8 x 33.1 x 14.6% 39.9% 10.7% 63.8 % 19.6 % 12.7 % Median 4,325 4,549 682 362 1.9 % (8.6)% 4.0 x 3.5 x 16.3 x 12.4 x 30.7 x 32.4 x 15.4% 30.7% 17.8% 71.7 % 25.0 % 13.4 %

Travel & Entertainment Ctrip.com 40.00 19,920 20,613 5,543 6,236 (13.7)% (14.1)% 8.1 x 5.7 x NA 28.1 x 102.6 x 44.2 x 41.5% 594.5% 132.1% 74.4 % (5.8)% 6.7 % Expedia 113.28 16,995 18,314 1,890 3,209 (8.9)% (2.9)% 2.2 x 1.9 x 15.5 x 9.6 x 27.6 x 18.7 x 16.5% 61.7% 47.7% 81.3 % 14.1 % 7.4 % GrubHub 37.62 3,220 2,923 297 0 55.5 % (12.5)% 6.4 x 4.9 x 26.8 x 16.8 x 49.7 x 34.6 x 29.8% 59.4% 43.8% 57.6 % 23.9 % 14.3 % Live Nation 26.60 5,412 6,403 1,040 2,031 8.3 % (3.2)% 0.8 x 0.7 x 11.0 x 9.4 x NA NA 5.5% 17.2% NA 27.2 % 7.0 % (0.3)% MakeMy Tr ip 22.20 925 965 147 187 29.4 % (5.9)% 2.5 x 3.9 x NA NA NA NA (35.0)% (39.8)% 31.6% 39.9 % (10.3)% (27.5)% Priceline 1,466.06 72,343 75,310 4,378 7,345 15.0 % (0.4)% 7.2 x 6.2 x 19.5 x 15.7 x 21.5 x 19.4 x 16.3% 23.8% 10.8% 95.4 % 37.2 % 33.0 % TripAdvisor 46.37 6,756 6,125 727 96 (45.6)% (26.6)% 4.2 x 3.8 x 14.4 x 16.1 x 27.6 x 29.9 x 10.0% (10.4)% (7.6)% 95.5 % 28.9 % 16.8 % Mean 17,939 18,665 2,003 2,729 5.7 % (9.4)% 4.5 x 3.9 x 17.4 x 16.0 x 45.8 x 29.3 x 12.1% 100.9% 43.1% 67.3 % 13.6 % 7.2 % Median 6,756 6,403 1,040 2,031 8.3 % (5.9)% 4.2 x 3.9 x 15.5 x 15.9 x 27.6 x 29.9 x 16.3% 23.8% 37.7% 74.4 % 14.1 % 7.4 %

43 TRADING & OPERATING METRICS

Vertical Market Apps 51job 33.80 2,026 1,363 845 182 14.7 % 1.3 % 4.0 x 3.6 x 14.0 x 10.5 x 18.6 x 18.7 x 11.3% 32.5% (0.1)% 71.9 % 28.9 % 31.9 % Auto Trader Group 5.05 4,959 5,416 24 481 (22.9)% (4.4)% 14.1 x 13.6 x 20.9 x NA 25.5 x 24.7 x 3.2% 5.9% 3.0% 99.9 % 67.2 % 51.5 % Autohome 25.28 2,881 2,250 631 0 (27.6)% 4.2 % 3.0 x 2.6 x 10.2 x 9.4 x 14.9 x 14.2 x 14.3% 8.7% 4.9% 71.9 % 29.3 % 26.1 % Bitauto 18.94 1,285 1,306 268 288 (33.0)% (34.9)% 1.7 x 1.3 x NA 10.5 x 28.1 x 13.7 x 31.7% NA 105.4% 66.8 % 1.1 % 5.5 % DHI Group 6.25 311 372 29 91 (31.8)% (20.8)% 1.6 x 1.7 x 5.3 x 7.3 x 15.6 x 19.4 x (7.8)% (26.7)% (19.7)% 85.5 % 29.5 % 8.3 % Everyday Netw ork 4.16 799 701 98 0 (45.5)% (10.6)% 7.1 x 6.7 x 48.2 x NA 40.7 x 40.1 x 5.7% NA 1.5% 93.3 % 14.8 % 19.8 % IAC/InterActiveCorp 64.79 5,137 5,411 1,368 1,641 7.9 % 3.7 % 1.7 x 1.7 x 10.9 x 9.3 x 27.9 x 20.2 x 2.6% 17.7% 38.1% 76.2 % 15.6 % 5.9 % SouFun 3.28 1,562 1,531 893 862 (55.6)% (26.9)% 1.5 x 1.6 x NA NA NA NA (9.3)% 133.8% 105.5% 21.7 % (12.4)% (23.0)% TrueCar 12.50 1,068 994 103 29 31.0 % 32.4 % 3.7 x 3.3 x NA NA NA NA 12.6% NA 38.4% 90.7 % 1.6 % (6.0)% Zillow 36.45 6,528 6,313 445 230 40.0 % 5.8 % 8.0 x 6.4 x 86.7 x 28.9 x NA 69.4 x 25.0% 200.5% NA 91.5 % 9.2 % 0.9 % Mean 2,656 2,566 470 380 (12.3)% (5.0)% 4.6 x 4.3 x 28.0 x 12.6 x 24.5 x 27.5 x 8.9% 53.2% 30.8% 76.9 % 18.5 % 12.1 % Median 1,794 1,447 356 206 (25.2)% (1.6)% 3.4 x 3.0 x 14.0 x 9.9 x 25.5 x 19.8 x 8.5% 17.7% 4.9% 80.8 % 15.2 % 7.1 %

Mobile / Local Marketing Amdocs 58.25 8,550 7,655 1,096 200 6.7 % 0.7 % 2.1 x 2.0 x 10.5 x 10.0 x 16.3 x 15.3 x 4.2% 4.7% 6.8% 35.2 % 19.6 % 14.4 % comScore 31.58 1,806 1,692 147 33 (23.3)% 3.0 % 4.6 x 3.3 x 16.7 x 14.1 x 16.4 x 21.1 x 40.8% 18.3% (22.1)% 68.5 % 27.4 % 19.7 % Criteo 41.08 2,619 2,221 407 9 3.7 % 17.0 % 1.4 x 2.5 x 13.7 x 8.4 x 21.3 x 17.9 x (46.0)% 63.1% 19.0% 36.0 % 9.9 % 7.7 % CyberAgent 24.74 3,109 2,608 511 9 18.2 % (16.3)% 0.9 x 0.9 x 7.2 x 7.3 x 25.9 x NA (0.6)% (1.4)% NA 36.4 % 11.7 % 3.9 % Nasmedia 32.81 287 265 23 0 (22.8)% (15.5)% 5.2 x 4.1 x 23.1 x 15.4 x 27.3 x 21.9 x 24.7% 50.5% 24.6% 100.0 % 22.3 % 19.3 % Rubicon Project 7.42 364 171 193 0 (54.9)% (10.4)% 0.6 x 0.7 x 2.4 x 3.1 x 4.9 x 14.6 x (17.7)% (22.4)% (66.6)% 75.7 % 23.6 % 26.5 % SINA 60.79 4,309 2,981 2,209 881 23.1 % (17.7)% 3.1 x 2.5 x 29.2 x 12.4 x 53.3 x 32.3 x 22.2% 136.6% 65.2% 64.1 % 10.5 % 8.7 % Mean 3,006 2,513 655 162 (7.0)% (5.6)% 2.5 x 2.3 x 14.7 x 10.1 x 23.6 x 20.5 x 3.9% 35.6% 4.5% 59.4 % 17.9 % 14.3 % Median 2,619 2,221 407 9 3.7 % (10.4)% 2.1 x 2.5 x 13.7 x 10.0 x 21.3 x 19.5 x 4.2% 18.3% 12.9% 64.1 % 19.6 % 14.4 %

Mobility & Monitoring iPas s 1.65 109 92 17 0 65.0 % 1.2 % 1.5 x 1.3 x NA NA NA NA 10.8% 128.9% 78.5% 36.3 % (11.3)% (11.8)% Mobile Create 3.18 74 66 22 14 (18.2)% 11.0 % 1.1 x 1.1 x 19.2 x NA 38.6 x NA (0.1)% NA NA 30.8 % 5.6 % 3.1 % Numerex 7.40 145 152 10 17 15.3 % (4.9)% 2.1 x 2.1 x 19.3 x 18.3 x NA NA 3.1% 5.4% 70.7% 52.2 % 11.0 % (7.4)% ORBCOMM 8.27 587 717 21 151 14.2 % (19.3)% 3.9 x 3.5 x 16.3 x 13.5 x NA NA 10.5% 21.1% NA 50.4 % 23.8 % (3.9)% Silver Spring Netw orks 13.31 691 577 113 0 (7.6)% (6.1)% 1.3 x 1.8 x NA NA NA NA (28.5)% NA NA 47.6 % 4.7 % 2.9 % Tianze Information 3.58 1,047 950 97 0 (9.8)% (2.9)% 36.2 x NA NA NA 418.6 x NA NA NA NA 58.3 % 3.5 % 8.6 % Mean 442 426 47 30 9.8 % (3.5)% 7.7 x 2.0 x 18.3 x 15.9 x 228.6 x NM (0.8)% 51.8% 74.6% 45.9 % 6.2 % (1.4)% Median 366 365 21 7 3.3 % (3.9)% 1.8 x 1.8 x 19.2 x 15.9 x 228.6 x NM 3.1% 21.1% 74.6% 49.0 % 5.2 % (0.5)%

44 TRADING & OPERATING METRICS

M-Commerce Enablement Alibaba Group 87.81 219,525 216,089 16,645 13,209 8.0 % (17.0)% 11.5 x 8.5 x 26.7 x 18.4 x 29.7 x 24.4 x 35.9% 45.0% 21.7% 63.7 % 43.2 % 40.3 % Amdocs 58.25 8,550 7,655 1,096 200 6.7 % 0.7 % 2.1 x 2.0 x 10.5 x 10.0 x 16.3 x 15.3 x 4.2% 4.7% 6.8% 35.2 % 19.6 % 14.4 % Bango 0.83 54 47 7 0 (41.1)% (34.7)% 10.1 x NA NA NA NA NA NA NA NA 57.7 % (108.5)% (138.1)% Bankrate 11.05 996 1,155 136 295 (16.9)% 30.3 % 2.8 x 2.4 x 10.1 x 9.4 x 17.5 x 15.9 x 17.4% 8.0% 9.9% 49.4 % 27.6 % 13.9 % Danal 4.45 202 198 77 72 (5.0)% (16.4)% 2.2 x NA NA NA NA NA NA NA NA 99.9 % 0.8 % 1.8 % E*TRA DE 34.65 9,485 6,732 4,287 1,534 16.9 % 19.0 % 3.2 x 3.2 x 8.7 x NA 20.1 x 19.9 x 0.7% NA 1.2% 90.8 % 37.2 % 23.4 % eBay 29.69 33,191 34,177 8,045 9,031 8.0 % (9.8)% 3.8 x 3.7 x 8.3 x 9.6 x 16.0 x 14.7 x 4.0% (13.9)% 9.5% 78.0 % 46.5 % 24.2 % eServGlobal 0.08 49 49 8 9 48.9 % (9.9)% 3.0 x 2.6 x NA NA NA NA 14.5% 100.0% NA 28.2 % (113.9)% (110.6)% Groupon 3.32 1,904 1,445 690 230 8.1 % (35.5)% 0.5 x 0.5 x 6.7 x 6.9 x NA 38.2 x 1.7% (3.5)% NA 43.5 % 6.9 % 0.2 % LendingTree 101.35 1,195 1,018 177 0 13.5 % 4.6 % 2.8 x 2.1 x 21.3 x 11.7 x 19.6 x 24.9 x 31.6% 82.4% (21.2)% 96.3 % 13.2 % 18.3 % Mercadolibre 156.14 6,895 6,729 472 306 36.6 % (15.6)% 8.8 x 6.6 x 39.9 x 24.8 x 48.9 x 39.2 x 32.9% 61.2% 24.9% 70.8 % 21.9 % 18.3 % Moneysupermarket.com 3.63 1,991 1,933 58 0 (32.9)% (7.1)% 4.9 x 4.8 x 12.4 x 12.2 x 19.9 x 18.1 x 1.0% 1.4% 9.7% 76.4 % 39.1 % 25.1 % Pay Pal 39.47 47,626 42,538 5,088 0 9.0 % (3.7)% 4.1 x 3.5 x 16.3 x 14.0 x 27.4 x 23.9 x 16.1% 16.0% 14.9% 47.0 % 25.1 % 16.9 % Qiw i 12.77 772 478 293 0 (28.9)% (12.8)% 1.7 x 2.7 x 5.6 x 5.9 x 11.3 x 13.1 x (37.4)% (5.9)% (13.6)% 52.6 % 30.3 % 24.2 % Rakuten 9.81 13,993 13,715 7,157 6,879 (15.9)% (24.2)% 1.8 x 1.8 x 11.2 x 9.2 x 32.4 x NA (0.4)% 21.7% NA 14.1 % 16.3 % 5.8 % RetailMeNot 9.30 451 279 235 63 (6.2)% (6.0)% 1.0 x 1.0 x 4.3 x 4.8 x 13.5 x 16.2 x 9.2% (10.6)% (17.0)% 83.8 % 24.6 % 12.9 % TD Ameritrade 43.60 22,936 13,759 10,994 1,817 25.6 % 23.7 % 4.2 x 4.0 x 8.8 x 8.3 x 28.9 x 26.0 x 6.2% 7.0% 11.1% 91.7 % 47.5 % 24.6 % Touchcorp 0.79 104 83 21 0 (56.9)% (50.8)% 2.6 x 2.9 x 6.1 x 13.4 x 8.4 x 37.2 x (11.4)% (54.3)% (77.4)% 76.9 % 42.7 % 35.1 % Mean 20,551 19,338 3,082 1,869 (1.2)% (9.2)% 3.9 x 3.3 x 13.1 x 11.3 x 22.1 x 23.4 x 7.9% 17.3% (1.5)% 64.2 % 12.2 % 2.8 % Median 1,948 1,689 383 136 7.4 % (9.8)% 2.9 x 2.8 x 10.1 x 9.8 x 19.7 x 21.9 x 5.2% 7.0% 9.5% 67.3 % 24.8 % 17.6 %

Apps Stores & Content Aggregation Alphabet 792.45 539,070 459,952 83,056 3,938 1.9 % (1.4)% 5.4 x 4.6 x 14.8 x 11.4 x 23.5 x 20.1 x 16.6% 30.7% 17.2% 61.8 % 36.2 % 27.5 % Amazon.com 749.87 356,313 356,954 18,347 18,988 10.9 % (10.4)% 2.8 x 2.3 x 29.4 x 19.4 x NA NA 23.9% 51.2% NA 34.6 % 9.5 % 1.6 % Apple 115.82 617,588 636,744 67,883 87,039 10.0 % 2.5 % 3.0 x 2.8 x 8.1 x 8.6 x 14.0 x 12.8 x 6.1% (5.8)% 9.0% 39.1 % 36.4 % 21.1 % Bew inner 2.75 702 643 60 0 (21.9)% (10.1)% 20.4 x NA NA NA NA NA NA NA NA 45.4 % (15.2)% (11.4)% Mean 378,418 363,573 42,336 27,491 0.2 % (4.9)% 7.9 x 3.2 x 17.4 x 13.1 x 18.8 x 16.5 x 15.6% 25.4% 13.1% 45.2 % 16.7 % 9.7 % Median 447,691 408,453 43,115 11,463 5.9 % (5.8)% 4.2 x 2.8 x 14.8 x 11.4 x 18.8 x 16.5 x 16.6% 30.7% 13.1% 42.2 % 22.9 % 11.4 %

45 TRADING & OPERATING METRICS

Games / Virtual Goods Ateam 19.73 373 351 32 10 33.9 % (15.1)% 1.4 x 1.1 x 18.9 x NA 34.3 x NA 29.1% NA NA 84.5 % 7.7 % 4.5 % Changyou.com 21.22 1,078 230 848 0 (14.5)% (22.1)% 0.4 x 0.4 x 1.0 x 1.0 x 7.2 x 7.3 x 4.1% (5.6)% (1.8)% 69.9 % 42.5 % 28.2 % Colopl 8.50 1,058 539 519 0 (57.4)% (45.0)% 0.6 x 1.0 x 1.7 x 3.4 x NA NA (36.2)% (50.9)% NA 55.8 % 38.5 % 24.4 % CyberAgent 24.74 3,109 2,608 511 9 18.2 % (16.3)% 0.9 x 0.9 x 7.2 x 7.3 x 25.9 x NA (0.6)% (1.4)% NA 36.4 % 11.7 % 3.9 % DeNA 21.88 3,174 2,391 782 0 38.5 % (39.4)% 1.7 x 1.9 x 9.1 x 5.9 x 21.2 x NA (10.9)% 54.9% NA 60.1 % 18.3 % 10.4 % GAMEVIL 40.45 264 274 31 41 (38.6)% (28.7)% 1.8 x 1.7 x NA NA 8.3 x 10.4 x 7.5% (67.9)% (20.7)% 61.8 % 5.6 % 21.2 % Gumi 7.07 212 139 108 36 9.9 % (6.1)% 0.7 x NA NA NA NA NA NA NA NA 23.6 % (8.2)% (4.3)% Mail.Ru Group 18.35 3,828 3,741 89 2 (18.6)% 4.6 % 6.0 x 5.2 x 17.7 x 11.6 x 21.5 x 19.0 x 16.3% 53.2% 12.7% 51.6 % 33.8 % 29.4 % MobileFactory 24.51 116 103 13 0 220.5 % (20.1)% 5.2 x NA NA NA 35.0 x NA NA NA NA 62.8 % NA 16.9 % Shengxunda 16.34 1,525 1,418 114 7 NA (12.9)% 41.1 x NA 86.4 x NA 79.3 x NA NA NA NA 84.9 % 47.6 % 45.2 % Sohu.com 33.89 1,312 (44) 1,356 0 (40.7)% (23.4)% NA NA NA NA NA NA (2.4)% (64.2)% (57.6)% 51.3 % 20.2 % (9.5)% Zynga 2.57 2,292 1,421 871 0 (4.1)% (11.7)% 1.9 x 1.7 x NA 15.2 x NA 36.6 x 10.3% NA NA 67.7 % 3.5 % 2.4 % Mean 1,528 1,098 440 9 13.4 % (19.7)% 5.6 x 1.7 x 20.3 x 7.4 x 29.1 x 18.3 x 1.9% (11.7)% (16.8)% 59.2 % 20.1 % 14.4 % Median 1,195 445 312 1 (4.1)% (18.2)% 1.7 x 1.4 x 9.1 x 6.6 x 23.7 x 14.7 x 4.1% (5.6)% (11.2)% 61.0 % 18.3 % 13.7 %

Video, Music & eBooks Alphabet 792.45 539,070 459,952 83,056 3,938 1.9 % (1.4)% 5.4 x 4.6 x 14.8 x 11.4 x 23.5 x 20.1 x 16.6% 30.7% 17.2% 61.8 % 36.2 % 27.5 % Amazon.com 749.87 356,313 356,954 18,347 18,988 10.9 % (10.4)% 2.8 x 2.3 x 29.4 x 19.4 x NA NA 23.9% 51.2% NA 34.6 % 9.5 % 1.6 % Apple 115.82 617,588 636,744 67,883 87,039 10.0 % 2.5 % 3.0 x 2.8 x 8.1 x 8.6 x 14.0 x 12.8 x 6.1% (5.8)% 9.0% 39.1 % 36.4 % 21.1 % Leshi 5.16 10,217 11,155 841 1,779 (43.1)% (22.3)% 3.5 x 2.6 x NA 19.0 x NA NA 35.2% NA NA 16.0 % 2.9 % 3.7 % Meitu 1.08 4,579 5,628 252 1,301 NA NA 32.6 x NA NA NA NA NA NA NA NA 11.9 % (66.1)% (331.6)% MTI 6.22 337 213 125 0 9.6 % 1.4 % 0.7 x 0.8 x 4.0 x 4.3 x 11.3 x NA (15.6)% (6.7)% NA 83.7 % 16.2 % 9.6 % Netflix 123.80 53,129 54,159 1,343 2,374 8.2 % 25.6 % 6.6 x 5.1 x NA 58.2 x NA NA 29.6% 102.4% NA 31.2 % 5.6 % 1.8 % Pandora Media 13.04 3,043 3,122 258 337 (2.8)% (9.0)% 2.4 x 2.0 x NA NA NA NA 16.9% NA (99.4)% 38.9 % 1.3 % (6.0)% Tian Ge Interactive 0.62 795 581 214 0 48.5 % (12.4)% 5.6 x 4.8 x 39.5 x 10.9 x 113.8 x 21.9 x 16.1% 263.3% 420.2% 77.7 % 14.1 % 6.8 % YY 39.42 2,182 1,925 656 399 (36.9)% (26.0)% 1.7 x 1.4 x 8.8 x 5.8 x 10.9 x 9.3 x 22.4% 52.7% 17.1% 38.5 % 19.1 % 19.0 % Mean 158,725 153,043 17,298 11,616 0.7 % (5.8)% 6.4 x 2.9 x 17.4 x 17.2 x 34.7 x 16.0 x 16.8% 69.7% 72.8% 43.3 % 7.5 % (24.7)% Median 7,398 8,392 749 1,540 8.2 % (9.0)% 3.2 x 2.6 x 11.8 x 11.1 x 14.0 x 16.5 x 16.9% 51.2% 17.1% 38.7 % 11.8 % 5.3 %

Mobile Devices Apple 115.82 617,588 636,744 67,883 87,039 10.0 % 2.5 % 3.0 x 2.8 x 8.1 x 8.6 x 14.0 x 12.8 x 6.1% (5.8)% 9.0% 39.1 % 36.4 % 21.1 % BDStar Navigation 4.59 2,326 2,282 76 32 (14.3)% 0.6 % 13.4 x NA 139.1 x NA 49.2 x NA NA NA NA 30.7 % 9.6 % 21.9 % BlackBerry 6.88 3,646 2,964 1,289 607 (25.7)% (13.7)% 2.0 x 2.9 x 7.8 x 21.6 x NA NA (31.7)% (64.0)% NA 45.6 % 25.7 % (0.4)% Fitbit 7.32 1,638 966 672 0 (75.3)% (50.7)% 0.4 x 0.4 x 2.8 x 4.0 x 9.6 x 13.8 x 1.5% (28.7)% (30.1)% 46.3 % 14.8 % 8.0 % Gar min 48.49 9,138 8,024 1,114 0 30.5 % 0.8 % 2.7 x 2.7 x 12.9 x 11.8 x 17.0 x 18.9 x 1.2% 9.4% (10.0)% 55.2 % 21.1 % 18.4 % Samsung 1,496.82 206,591 143,702 74,671 11,782 39.8 % 3.0 % 0.8 x 0.8 x 3.4 x 3.0 x 12.1 x 10.6 x (6.4)% 12.7% 13.7% 38.9 % 22.8 % 8.8 % TomTom 9.02 2,096 2,004 145 53 (28.4)% (5.8)% 1.8 x 1.9 x 14.1 x 11.7 x 29.1 x 29.6 x (5.5)% 20.5% (1.6)% 56.1 % 12.6 % 6.5 % Trimble Navigation 30.15 7,555 7,949 276 670 40.6 % 5.6 % 3.4 x 3.3 x 17.3 x 19.0 x 26.4 x 23.4 x 3.8% (8.8)% 13.0% 56.2 % 19.6 % 12.4 % Mean 106,322 100,579 18,266 12,523 (2.8)% (7.2)% 3.4 x 2.1 x 25.7 x 11.4 x 22.5 x 18.2 x (4.4)% (9.2)% (1.0)% 46.0 % 20.3 % 12.1 % Median 5,600 5,457 893 330 (2.1)% 0.7 % 2.4 x 2.7 x 10.5 x 11.7 x 17.0 x 16.3 x 1.2% (5.8)% 3.7% 45.9 % 20.4 % 10.6 %

46 TECHNOLOGY & TELECOM TEAM TECHNOLOGY & TELECOM TEAM

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